MSX index gains 46 points in weekly trading

Muscat: The main index of the Muscat Stock Exchange (MSX) closed at the end of trading on Thursday at 4,539 points, up 46 points, bringing it back to the psychological barrier of 4,500 points that it abandoned at the beginning of this month. The financial sector index recorded gains of 80 points, the Sharia index rose 6 points, and in contrast, the industrial sector index declined 29 points. The services sector index lost about 7 points.

Purchases by local investment institutions accounted for 74.4 percent of the total trading value, compared to sales of 45.8 percent of the total trading value, so that local investment institutions could absorb the excess liquidity from Omani individuals who turned to selling, so that their sales constituted 26.4 percent of the total trading value compared to purchases of about 17.5 percent. percent of the total trading value. Trading data issued by the MSX showed that Gulf investors tended to sell, with their sales accounting for 20.1 percent of the total trading value, compared to purchases of 2.9 percent of trades.

Trading on the MSX declined last week to about OMR22.8 million, compared to OMR32.9 million in the previous week, with a decline in the trading value of OQ Gas Networks shares, which last week ranked third among the most traded companies, at OMR4.8 million, compared to trades worth OMR19.9. million in the previous week. Last week Bank Muscat topped the most traded companies in terms of trading value with OMR7.3 million, representing 32.3 percent of the total trading value, and Omantel came second with trading value of OMR6.2 million.

Ominvest said last week that it had obtained approval from the Central Bank of Oman CBO to increase its stake in Bank Muscat to 15 percent, but it did not indicate the target date for reaching this percentage. According to Bank Muscat’s financial statements until last September, the Royal Court Affairs owns 23.6 percent of the total. The capital of Bank Muscat, while Dubai Financial Group owns an 11.7 percent stake in the bank’s capital, but in recent weeks the group has sold part of its stake in the bank.

Last week, the Muscat Stock Exchange recorded gains in its market capitalisation amounting to OMR25 million, rising at the end of Thursday’s trading to OMR23.64 billion.

Last week, MSX witnessed the execution of 7,146 transactions compared to 12,197 transactions in the previous week, recording a decline of 41 percent. This decline came in conjunction with a decline in the number of transactions executed on OQ Gas Networks shares from 10,576 transactions to 5,267 transactions, and the share price closed at 149 baisas, an increase of one baisa.

Last week, the prices of 21 securities rose compared to 28 securities whose prices declined, and 22 securities maintained their previous levels. National AluminIum Products shares recorded the highest increase, rising by 45 percent and closing at 58 baisas. Ooredoo shares rose by 9.6 percent and closed at 340 baisas. The stock rose. Al Jazeera Services rose to 208 baisas, up 9.4 percent.

Al Madina Investment’s stock recorded the highest losses, falling by 7.8 percent and closing at 35 baisas, Al Jazira Steel Products’ stock fell by 7.6 percent and closing at 230 baisas, and Sembcorp Salalah’s stock fell to 90 baisas, recording a decline of 6.2 percent.

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