MUSCAT: The Muscat Stock Exchange (MSX) experienced a collective decline last week, with stock prices dropping and the number of executed transactions decreasing. Investors are eagerly awaiting new incentives or disclosures to support daily trading activities.
The main index of the MSX fell by 40 points, closing at 4,656 points, marking a second consecutive week of decline. The financial sector index recorded the most substantial drop, losing 92 points. The industrial sector index fell by approximately 16 points, the services sector index declined to 1,818 points (a decrease of 7 points), and the Sharia index fell by 6 points.
The market value of securities listed on the MSX last week saw a loss of RO 50.7 million, decreasing to RO 24.434 billion by the end of the week’s trading.
Although the number of executed transactions dropped to 2,778 from 3,144 the previous week, the trading value rose to RO 14.7 million from RO 8.8 million. This increase was driven by heightened trading in the shares of Ahli Bank, Bank Muscat, and Abraj Energy Services, which together accounted for more than 53 per cent of the total trading value. Ahli Bank’s shares saw trading worth RO 2.9 million, representing 19.6 per cent of the total trading value. Bank Muscat’s shares traded at RO 2.5 million, while Abraj's shares accounted for 16.8 per cent of the total trading value, with trading worth RO 2.488 million.
Last week, the prices of 16 securities rose, while 37 securities saw declines, and 22 securities remained stable. Oman Free Financing Bonds 2022 recorded the highest increase, rising by 25.7 per cent to close at 88 baisas. Salalah Mills shares increased by 9.9 percent, closing at 531 baisas, and Oman Mills shares increased by 7.7 per cent to close at 527 baisas.
On the losing side, Oman Fisheries shares dropped by 11.1 per cent to close at 40 baisas. Oman Qatar Insurance shares fell by 9 per cent to close at 170 baisas, and Oman Packaging shares also fell by 9 per cent to close at 200 baisas.
In corporate news, the Oman Real Estate Fund announced that its board of directors decided in its meeting on July 25 to distribute interim cash dividends of 1.4 baisas per unit to all unit holders, with the due date set for August 8. The fund also acquired seven warehouses in Rusayl Industrial City for RO 5.9 million. This acquisition aligns with the fund’s strategy to ensure stability in future returns and diversify the portfolio's weighted average unexpired lease period. The newly acquired assets, leased by well-known commercial tenants, boast an unexpired lease period exceeding four years.
A’Saffa Foods Company reported the commencement of operations at a solar power plant with a production capacity of 7 megawatts at A'Saffa Farm in the Wilayat of Thumrait on July 16. The project is expected to reduce electricity costs by 12.5 per cent, highlighting the company’s commitment to environmentally friendly and emission-free operations.
Salalah Mills Company’s board of directors approved a proposal to increase the company’s capital through a private subscription to an international company, amounting to 12.5 million shares, equivalent to RO 12.5 million, with each share priced at one Omani riyal. This proposal is subject to the approval of the Extraordinary General Assembly and the Financial Services Authority. — ONA
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