MSX 30 Index close week lower by 2.19%

MUSCAT: The Muscat Stock Exchange 30 Index closed last week at 4,681.31 points, down by 104.666 points and 2.19% down from the previous trading session, which stood at 4,785.98 points. All Financial and Services sectors indices decreased, the financial index decreased by 2.79%, the Services Index by 2.47%, The Sharia Index by 2.37% and by 0.86% the Industrial Index decreased as well.

Sohar International Bank announced that it has received a no-objection letter from the Saudi Central Bank (SAMA) to the Omani lender’s plans to set up a branch in Riyadh.

OAB announced the issuance of the Subordinated Perpetual Additional Tier 1 capital Instruments (Bonds) on a private placement basis amounting RO 50 million has been successfully completed (including the exercise of the green shoe option of RO 10 million). The Bonds will carry a coupon rate of 7.00% p.a. for the first 5 years. The Bonds will be listed on the MSX.

Oman Arab Bank (OAB) successfully closed a new Subordinated Perpetual Additional Tier 1 Bond issuance of RO 40 million with a green shoe option of OMR 10 million to meet strong investor demand. The bond attracted an overwhelming response from and was oversubscribed by 60 per cent. The bonds will carry a coupon rate of 7.00 per cent p.a. for the first five years and will be listed on the MSX.

The total number of vehicles registered in Oman reached 1.6 mn by the end of August 2023, increased by 3.904 compared to the same period in 2022. according to the latest data issued by NCSI. Vehicles with private registration constituted 80.4% of the total vehicles registered in Oman, to stand at 1.305 mn while the number of vehicles with commercial registration reached 240 thousand, constituting 14.8% of the total number of vehicles. Meanwhile, rental vehicles reached 31 thousand, comprising 1.7%, The number of government vehicles (military vehicles excluded) stood at 11 thousand and motorbikes stood at 6 thousand.

The revenue of 3-to-5-star hotels in Oman increased by 21.9 % in August 2023 in comparison to last year. According to data from the National Centre for Statistics & Information (NCSI), 3-to-5-star hotels reported a revenue of RO 15,850 mn, marking a 26.8% increase from last month figure of RO 12,499 mn. The spike was a result of 17.9% increase in total guest numbers, and a 47.5 % increase in occupancy rate. The total number of guests during July 2023 reached 184,806 thousand guests

Oman's commercial banks have posted a remarkable surge in profits for the first three quarters of 2023, driven by rising interest rates, accelerated economic growth, and enhanced operational efficiency. The cumulative profit of RO 177.3 million for Oman's commercial banks in the first nine months of 2023 represents a significant 44.2% increase from the corresponding period in 2022.

The Capital Market Authority (CMA) has introduced new regulations governing the marketing of insurance products through banks. These regulations establish a robust framework to manage the relationship between insurance companies and financial institutions, while also safeguarding the interests of policyholders. The new rules outline clear and effective channels for marketing insurance products, with the aim of enhancing transparency and ensuring that policyholders have a comprehensive understanding of the terms and conditions of their insurance coverage.