Trading at Muscat Stock Exchange Rises to RO 252.1 Million

Muscat: The value of trading on Muscat Stock Exchange (MSX) rose last week to RO 252.1 million, compared to approximately RO 246.1 million in the preceding week, registering a growth of 2.4 percent. This uptick was driven by investor appetite for diversifying their investment portfolios, coinciding with expectations that a number of companies will distribute dividends to their shareholders over the coming weeks. According to Oman News Agency, Muscat Stock Exchange witnessed multiple gains last week, with executed transactions increasing by 2.2 percent to exceed 42,000 trades. The market capitalization of listed securities rose to RO 38.33 billion, recording weekly gains of RO 140.3 million. The main index advanced by 14 points to close at 7,522 points. Sectoral indices posted mixed gains, with the financial sector index recording the highest increase, rising 93 points to close at 13,248 points, buoyed by gains in banking shares and a number of investment companies. The services sector index climbed 8 points , supported by gains in shares of OQ Gas Networks, Al Jazeera Services, OQ Exploration and Production, Abraj Energy Services, and several other companies. The Sharia-compliant index rose by 3 points. In contrast, the industrial sector index recorded a decline of over 100 points, weighed down by losses in shares of various industrial companies, including Salalah Mills, Galfar Engineering and Contracting, Al Anwar Ceramic Tiles, Al Maha Ceramics, OQ Basic Industries, and Voltamp Energy. During last week's trading, investors targeted a number of blue-chip companies. OQ Basic Industries shares recorded trades valued at RO 47.5 million, accounting for approximately 19 percent of the total trading value. The company announced in recent days its intention to distribute performance-linked cash dividends estimated at 2.6 baisa per share, based on the financial performance achieved in the first half of the current year. The company stated that these distributions will be in addition to the base distributions announce d in the offer prospectus amounting to 5.2 baisa per share, bringing total distributions to 7.8 baisa per share. Bank Muscat shares saw trades last week valued at RO 45.8 million, representing 18.1 percent of the total trading value. Sohar International attracted investor interest, with trades amounting to RO 40.6 million, accounting for 16.1 percent of the total trading value. OQ Exploration and Production shares captured 14.4 percent of the total trading value, with trades valued at RO 36.4 million. The share price closed the week at 481 baisa, up 11 baisa over the week, while the company's market capitalization rose to RO 3.848 billion, recording weekly gains of RO 88 million. OQ Gas Networks ranked fifth among the most actively traded companies by value, with trades amounting to RO 28.4 million, representing 11.2 percent of the total trading value. Omantel came in sixth place with trades totaling RO 17.3 million, with the share price closing at RO 1.398. Last week, prices of 39 securities rose, compare d to 40 securities whose prices declined, while 17 securities stabilized at their previous levels.