MSX30 Index ends week higher by 0.03%

MUSCAT: The MSX 30 Index closed the past week at 4676.84 points, up by 1.288 points and 0.03% higher from the previous trading session, which stood at 4678.13 points. All major sector indices increased, the Sharia index increased by 0.48% , the Financial Index by 0.74%, The Services Index by 2.08% & the Industrial Index decreased by -0.35%.

National Life Insurance announced the successful introduction of its new brand name and the approval of the Extraordinary General Meeting to amend the trade name from "National Life & General Insurance Company SAOG" which has been rebranded as "Liva Group SAOG" and its wholly owned subsidiary "Al Ahlia Insurance SAOC" which has been rebranded as "Liva Insurance SAOC". Following the required regulatory and Board of Directors approvals from both entities and in line with their previously disclosed strategy, Liva Group will transfer its entire insurance portfolio in Oman from Liva Group to Liva Insurance, thereby combining the strength of both entities into one operating entity, effective from October 15, 2023.

Fitch Ratings upgraded Oman's credit rating to BB+ on Monday from BB, on the back of a decline in the Gulf state's debt-to-GDP ratio and more disciplined government spending, plus higher oil prices, the agency said in a statement. "The upgrade reflects the use of high oil revenues to pay down debt and spread its maturity, spending restraint reducing external risks, and an increase in Fitch's oil price forecast," Fitch said. Gross debt fell to about 40% of GDP in 2022 from around 60% the previous year and Fitch projects this to be at 36% of GDP in 2023, before stabilising at around 35% in 2024 and 2025.

In a sign of robust economic growth and growing demand for bank loans, bank credit growth in Oman jumped to 8.7% in the first seven months of 2023, compared to the below five % credit growth recorded in 2022, according to the Central Bank of Oman data. Total outstanding credit extended by the banking sector (both conventional and Islamic banks) reached RO30.3bn at the end of July 2023, compared to the same month in the previous year, as reported in the CBO’s monthly statistical bulletin.

The total production of electricity in Oman increased by 13.61% in July 2023 to reach 4,725 GW per hour compared to 3,978 GW during the corresponding period in 2022, according to the latest data issued NCSI.

Oman’s net production of electricity in July 2023 reached 4,600 GW per hour. The net figures are inclusive of purchases by Oman Power and Water Procurement Company (OPWP) and the Rural Areas Electricity Company (RAEC). On the other hand, water production in Oman recorded a rise of 2.93% to reach 45,767 mn cubic meters in July 2023 compared to 44,463 mn cubic meters during the corresponding period in 2022.

The Omani economy showed a growth of 30 percent in nominal terms during 2022 as against a growth of 16.2 per cent in 2021, said the Central Bank of Oman (CBO) in its annual report. The surge in 2022 was attributed to both hydrocarbon and non-hydrocarbon sectors which showed growth rates of 61.6 per cent and 16.9 per cent, respectively. The growth in the hydrocarbon sector was mainly driven by the rise in oil price by 48.4 per cent, whereas the increase in production of oil was relatively moderate at 9.6 per cent during the year. (Courtesy: U-Capital)