MSX 30 Index closes week higher by 22.3 points

MUSCAT: The MSX30 index closed last week at 4681.05 points, up by 22.3 points and 0.48% high from the previous trading session, which stood at 4658.73 points. All major sector indices fell, except for the Financial sector index, which rose by 0.87%. The Industry Index decreased by 0.01%, The Service Sector Index was down by 0.09%, and the Sharia index fell by 0.80%.

Oman Cement announced that the board of directors has studied the offer document and appointed United Securities LLC to prepare an independent advice report on Abra Holdings. Early this month, Abra Holdings made an offer to acquire an additional 15.42% of the issued capital which would increase the total shareholding from 59.8% to 75% of the issued capital. The offer opens on June 14 and closes on June 25. The cash-only offer price is RO 0.379 per share, which is the price Abra paid to acquire 59.58% stake from Investment Authority SPC on April 6, 2023.

Data issued by the National Centre for Statistics and Information (NCSI) indicated that the domestic production of natural gas in April, including imports, increased by 7.73% to reach 4.590 billion cubic metres, compared to 4.261 cubic metres during the period in 2022.

The revenue of 3-5 star hotels in Oman recorded a rise of 56.3 % at April 2023 to reach OMR 17.7 mn compared to 11.3 mn during the corresponding period in 2022, according to the latest data issued by NCSI. The number of 3-5 star hotel guests stood at 133 thousand an increase of 137.4 % in April 2023 compared to 56 thousand guests during the same period in 2022. The occupancy rate stood at 39.2% in April 2023.

Oman’s budget surplus increased to RO520mn during the first four months of 2023, compared to a surplus of RO468mn during the same period of last year, the Ministry of Finance announced last week. The government will continue utilising the surplus for stimulating economic recovery, enhancing social spending and reducing public debt, the ministry said in its Fiscal Performance bulletin. The rise in surplus was mainly due to a 12% increase in Oman’s net oil revenue, amounting to RO2.308bn in the January-April period of this year compared to RO2.059bn in the corresponding period of 2022. Higher oil revenue was driven by increased oil prices and higher production, the ministry noted.

In a new development, the Central Bank of Oman (CBO) has granted permission for finance and leasing companies to engage in new business activities within Oman. According to the CBO’s decision, finance and leasing companies are now authorised to engage in additional lending activities such as real estate financing, working capital facilities, personal loans, and lending against their own deposits. Furthermore, the CBO has extended relaxations to finance and leasing companies regarding their ability to accept corporate deposits and make investments. (Courtesy: U-Capital)