MSX30 Index closes higher by 6.5 points

The Muscat Stock Exchange 30 Index closed last week at 4,796.66 points, up by 6.5 points and 0.14% low from the previous trading session, which stood at 4,790.15 points. All major sector indices dropped, except for the Service Industry Index, which rose by 1%.

The Sultanate of Oman's gross domestic product (GDP) at constant prices at the end of Q1 2023 increased by 4.7 per cent to reach RO 8.700 billion, compared to RO 8.306 billion at the end of Q1 2022, according to the preliminary data issued by NCSI. This increase is mainly attributed to the growth of non-oil activities by 4.6 per cent, as it increased from RO 5.807 billion at the end of Q1 2022 to RO 6.761 billion at the end of Q1 2023. The total service activities recorded a growth of 4.5 per cent to reach RO 4.124 billion, compared to RO 3.947 billion at the end of Q1 2022. Agriculture, forestry, fishing, and industrial activities also increased by 10.1 per cent and 4.4 per cent, respectively. Oil activities recorded a growth of 3.5 per cent at the end of Q1 2023, recording RO 2.829 billion compared to RO 2.732 billion at the end of Q1 2022.

Barka Water and Power has invited shareholders to attend an OGM on July 19, 2023 to consider and approve the entering into related party transaction with ACWA Power Barka Services 1 (Mauritius) Limited and ACWA Power Barka Services 2 (Mauritius) Limited to provide certain advisory and support services related to the operations, maintenance, and administrative requirements of the power and water generating facility near Barka.

At the AGM of Bank Dhofar on July 5, 2023, the following resolutions were made: The proposal to increase the Bank's authorized share capital from RO 500 million to RO 750 million. The proposal to increasing the Bank's issued share capital from RO 299,635,144 up to a maximum of RO 470 million (the New Issued Capital), and approve the allocation of the New Issued Capital in favor of the shareholders of Ahli Bank SAOG who have elected to receive shares in the Bank as a result of the takeover (the Takeover) and amending Article 5 of the Articles of Association of the Bank following the completion of the Takeover to reflect the New Issued Capital.

Dhofar Foods and Investment Company SAOG received on July 5, 2023 the CMA Decision approving the prospectus of the Company's share capital increase through right issue and offering (116,826,923) shares to Dhofar International Development and Investment SAOG and Dhofar Insurance SAOG through private placement at a share price of (80) Baisa per share.

The total value of real estate deals in the Sultanate of Oman in May 2023 reached RO 272.7 million, compared to RO 151.5 million during the same period in 2022, according to the latest data issued by the National Centre for Statistics and Information (NCSI). The figures revealed that the traded value of sales contracts increased by 73% YoY to stand at RO 117.3 million. The statistics indicated a rise in the traded value of mortgage contracts by 87%, to reach RO 154 million compared to RO 82 million during the same period in 2022 (2,524 contracts). Meanwhile, the number of properties issued reached 23,514 properties.

Moody’s on Tuesday affirmed ratings of Sohar International positive but downgraded the ratings of HSBC Oman. ‘Sohar International Bank SAOG’s (Sohar International) Ba2/NP long- and short-term deposit ratings, ba3 Baseline Credit Assessment (BCA) and Adjusted BCA, and maintained the outlook on the bank’s long-term deposit ratings at positive, in line with the positive outlook assigned to the Government of Oman’s Ba2 issuer rating,’ Moody’s Investors Service stated. [Courtesy: U-Capital]