MSX30 Index closes week lower by 2.19%

MUSCAT: The Muscat Stock Exchange MSX30 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.

OQ Gas Networks (OQGN) successfully listed on MSX and became Oman’s largest-ever initial public offering (IPO). Investors began trading the shares of OQGN on last Tuesday after 49 % of the company’s shares were listed on MSX. OQGN’s market value upon listing reached RO 606 million, thus becoming the third biggest company listed on MSX. The listing price was 140 baisas per share.

The stock saw a great turnout from investors in Oman and beyond. OQGN successfully raised gross proceeds of RO 288 million ($748 million).

Oman Telecommunications Co has postponed its Sukuk issuance to a later date. Furthermore, Omantel has obtained a bridge loan facility for a term not exceeding 6 months from an international bank to settle its outstanding bonds of $457 million maturing on October 24, 2023.

Bank Muscat announced that Dubai Financial Group (DFG), one of the shareholders in the bank, has recently sold a parcel of Bank Muscat shareholding as part of their current investment plan.

Oman’s production of crude oil and condensate oil decreased by 5% YoY to reach 32.270 million barrels in August 2023 compared to August 2022, which amounted to 33.858 million barrels, according to NCSI data.

Crude oil production alone decreased by 9%, while oil condensate production increased by 13 % in August 2023 compared to the same period in 2022. The average price of Omani crude oil decreased by 34 % in August 2023, to reach $75 per barrel, compared to $113 per barrel in August 2022. At the same time, the average daily oil production of the Sultanate of Oman decreased by 5% in August, compared to the same period in 2022.

The rate of job seekers increased in August by 4.0% compared to 3.8% in July this year. The rate of female job seekers reached 12.1%, surpassing the male, which reached 2.1% by a large margin, according to the National Centre for Statistics and Information (NCSI).

According to the data, the age group between 15-24 years is the most active among job seekers, at a rate of 17.2%, followed by the group between 25-29 years, at a rate of 7.3%. On the other hand, holders of higher education diploma and its equivalent a the highest category of job seekers in terms of academic qualifications at 11.9%, followed by holders of a bachelor’s degree at 9.3%, and a at general education diploma and its equivalent represent 6.7%.

The total deposits with traditional commercial banks in Oman increased by 5.1 % to reach RO 22.4 billion rials at the end of August 2023. Government’s deposits with commercial banks increased by 5.5 % to reach RO 25.3 billion.

Private sector deposits increased by 7.3 % to reach RO 15.3 billion at the end of August 2023, constituting 68.1 % of the total deposits with traditional commercial banks.

Oman’s gross domestic product at current prices reached RO 20.4 billion at the end of the second quarter of this year compared to about RO 20.9 billion at the end of the second quarter of 2022, a decrease of 2.4 per cent. (Courtesy: U-Capital)