The Muscat Stock Exchange witnessed a significant rise last week, with the main index closing at 4,746 points after a series of declines in previous weeks. The increase was attributed to the rise in shares of leading companies, improved trading volumes, and values, along with a surge in the number of weekly transactions executed. This positive trend led to a sense of optimism among investors, with 35 shares seeing an increase in prices, 18 shares witnessing a decline, and 26 securities remaining unchanged.
Sectoral indices at the Muscat Stock Exchange also recorded positive movements, with the financial sector index increasing by 123 points, the industrial sector index rising by 9 points, and the services sector index seeing a 4-point rise. The Sharia index also climbed to 444 points, showing an increase of 2 points for the week. Market capitalization of the exchange reached OMR24.55 billion by the end of the week, marking a historic high.
Trading activity saw a significant increase, with the trading volume rising to 98.2 million securities and the trading value jumping by 65 percent to about OMR15.8 million. The number of deals executed also saw a significant rise, indicating a higher level of market activity. Individual investors were actively participating in trading, with sales accounting for 31.6 percent of the total trading value, driven by the improving stock prices and the anticipation of upcoming IPOs.
Several stocks saw positive movements during the week, with notable increases in the share prices of OQ Gas Networks, Musandam Power, Oman Financial Services, Shell Oman Marketing, and National Finance. On the other hand, National Gas, Oman Chlorine, Oman Fisheries, Majan College, and Safa Foods shares experienced declines. Sohar International Bank emerged as the most traded company in terms of trading value, followed by OQ Gas Networks and Bank Muscat.
In corporate news, Galfar Engineering and Contracting Company announced a lucrative contract awarded by Nama Water Services Company for the construction of water distribution networks in Al Dhahirah Governorate. The OMR117 million project is set to enhance Galfar’s projects portfolio and maintain its market share in the water sector. Overall, the week was characterized by positive movements in the Muscat Stock Exchange, signaling a sense of optimism among investors and stakeholders.
