Muscat: The financial sector index on the Muscat Stock Exchange (MSX) strengthened its gains, rising for the third week in a row, benefiting from the rises recorded by the shares of banks and investment companies.
The financial sector index rose by about 98 points after rising by 300 points in the previous two weeks, and ended Thursday’s trading at 13,034 points. Gains were recorded by shares of Bank Sohar International, Oman Arab Bank, Ahli Bank, Bank Nizwa, Al Sharqiyah Investment Holding, Ominvest, Al Madina Takaful, United Finance and a number of other companies.
The Muscat Stock Exchange witnessed mixed performance during the week as investors awaited the initial public offering (IPO) of Oman India Fertilizer Company shares. The exchange’s main index ended the week’s trading at 7,634 points, recording a weekly decline of 23 points. The industrial sector index fell by 83 points, the services sector index dropped by 37 points, and the Sharia index recorded a decline of one point, closing at 611 points.
The Muscat Stock Exchange recorded losses in its market capitalisation estimated at OMR86 million during the week, concluding the week’s trading at OMR36.65 billion, affected by the declines recorded by many stocks, with the prices of 55 securities falling, compared to 21 securities whose prices rose and 14 securities that remained unchanged at their previous levels.
Trading value rose by 9.3 percent to reach OMR191.4 million, compared to about OMR175 million in the week before. The number of transactions executed increased by 65 percent from 25,000 to about 41,700, with investors focusing on the shares of OQ Basic Industries, OQ Gas Networks, Bank Sohar International, Asyad Shipping, and Bank Muscat.
Bank Muscat topped the list of most traded companies in terms of trading value of OMR46 million, representing 24 percent of the total trading value. Bank Sohar International came in second with trading value of OMR33.7 million, OQ Basic Industries came in third with trading value of 32.5 million, OQ Exploration and Production came in fourth with trading value of OMR18.1 million, while OQ Gas Networks came in fifth with trades amounting to OMR17.5 million, representing 9.1 percent of the total trading value.
As for the winning stocks, Oman Arab Bank’s stock recorded the highest gains, rising by 6.7 percent and closing at 238 baisa. Al Maha Ceramics’ stock rose by 4.7 percent and closed at 263 baisa. Al Sharqiyah Investment’s stock rose by 3.9 percent and closed at 105 baisa. Ahli Bank’s stock rose by 3 percent and closed at 200 baisa. OQ Exploration and Production’s stock recorded an increase of 2.8 percent and closed at 470 baisa.
In contrast, Salalah Port Services shares led the losing stocks, declining by about 19 percent and closing at 462 baisa. Salalah Mills shares fell by 16.5 percent and closed at 560 baisa, and Al Hassan Engineering (under liquidation) shares declined by 12.5 percent and closed at 7 baisa.
Company news: Al Anwar Investments announced that the company’s board of directors has recommended distributing cash dividends to shareholders at a rate of 5 baisa per share and bonus shares equivalent to 3 shares for every 100 shares. This recommendation will be presented at the company’s annual general meeting to be held on June 30.
The company recorded net profits of OMR765,000 in its fiscal year ending March 31, compared to net profits of OMR2.3 million in its previous fiscal year. The share price closed at 169 baisa at the end of last week, down 10 baisa during the week.
