Muscat, December 2- Bank stocks attracted investors on the Muscat Stock Exchange last week amid expectations of further improvement in financial results for 2023, following third-quarter financial results showing an increase in the profits of listed banks.
The trading value of bank stocks last week amounted to 12.3 million Omani rials, constituting 47.9 per cent of the total trading value witnessed by the exchange last week, which amounted to 25.6 million Omani rials. Banks also accounted for 67.5 per cent of the total number of traded securities, with 94.9 million shares traded. Banks also captured 20.7 per cent of the total number of executed transactions, with 1,096 transactions out of a total of 5,283 transactions on the Muscat Stock Exchange last week.
Investors in the past week focused on the shares of Bank Sohar International, Bank Muscat, and Bank Nizwa. The trading value of Bank Sohar's shares exceeded 7 million Omani rials, while Bank Muscat witnessed trading of around 4.3 million Omani rials, and Bank Nizwa saw trading with a value of 792,000 Omani rials.
The share of Bank Nizwa increased by 4.1 per cent last week and closed at 100 baisas. The share of Bank Sohar rose by 3 per cent and closed at 102 baisas, while the share of Bank Muscat recorded a decline from 277 baisas to 272 baisas. Bank Sohar International and Bank Nizwa stated in separate statements last week that they have suspended merger negotiations between the two banks without providing any details.
Investors in the past week also focused on the shares of Omantel and OQ Gas Networks. Omantel's shares witnessed trading with a value of 5.9 million Omani rials, representing 23.2 per cent of the total trading value. OQ Gas Networks shares witnessed trading with a value of 3.3 million Omani rials, representing 12.8 per cent of the total trading value. The share also executed 2,769 transactions and rose during the week to 155 baisas but closed at 153 baisas, up 3 baisas from its previous closing.
The Muscat Stock Exchange recorded several positive indicators last week, as the main index rose by 37 points and closed at 4,658 points, continuing its series of gains that began three weeks ago. Sectoral indices also recorded an increase, led by the financial sector index, which rose by about 70 points, the industry sector index rose by 44 points, the services sector index rose by 12 points, and the Sharia index recorded an increase of 12 points.
The Muscat Stock Exchange witnessed an increase in the trading value, which rose to 25.6 million Omani rials, compared to 13.7 million Omani rials in the previous week. The number of executed transactions increased from 2,827 transactions to 5,283 transactions.
Last week, the prices of 31 financial instruments rose, led by Jazeera Iron Products, whose share rose by 13.5 per cent and closed at 260 baisas, followed by Dhofar Insurance, whose share rose by 10.5 per cent and closed at 230 baisas, and Oman United Insurance, whose share rose by 10 per cent and closed at 165 baisas.
On the other hand, the prices of 25 financial instruments declined last week, led by the Oman Real Estate Fund, Oman and UAE Holding Company, Oman Chlorine, Dhofar Beverages and Foodstuff, and Oman United Insurance.
/Oman News Agency/
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