MUSCAT: Local investment institutions significantly increased their purchases on the Muscat Stock Exchange (MSX) last week, boosting the main index and leading to a rise in stock prices, trading volumes, and values.
The trading value increased to approximately RO 16.2 million from RO 14.7 million the previous week, marking a 9.5 per cent rise. The number of executed deals also grew from 2,778 to 3,521.
Local investment institutions' purchases accounted for 73 per cent of the total trading value, with sales making up 63.8 per cent of trades. This buying activity pushed stock prices higher, resulting in gains for the main index and sectoral indices after previous declines.
The main index rose by about 11 points to close at 4667 points. The financial sector index saw the most significant increase, rising by 61 points, followed by the Shariah index with a 3-point rise, the industrial sector with a 1-point increase, and a marginal gain in the services sector index.
Trading last week reflected a mix of optimism and caution amid adverse political events affecting global and regional markets. Twenty-nine securities saw price increases, while 23 declined.
The market value of the stock markets (regular, parallel, and monitored) gained RO 13.4 million, closing Thursday at RO 9.178 billion. The closed market's value rose to RO 10.8 billion, with weekly gains of RO 65.9 million. However, the bonds and sukuk market's value fell from RO 4.497 billion to RO 4.402 billion, leading to a total market value decline to RO 24.419 billion, with weekly losses of RO 15.2 million.
Al Madina Investment Company experienced the best rise, increasing by 18 per cent to close at 59 baisas. The National Gas Company rose by 7.7 per cent to 111 baisas, and Oman Arab Bank increased by 6.4 per cent to 148 baisas.
Barka Water and Power Company was the biggest loser, dropping by 12.6 per cent to 270 baisas. Packaging Limited fell by 11.7 per cent to 1,950 baisas, and Gulf International Chemicals Company declined by 8.7 per cent to 73 baisas.
Ahli Bank topped trading values, with transactions worth RO 2,289,000, representing 14.1 per cent of the total trading value. Sohar International Bank and Bank Muscat followed, with trading values of RO 1,630,000 and RO 1,613,000, respectively.
In corporate news, Al Madina Investment Holding Company announced the Financial Services Authority's approval to convert from a public joint stock company to a closed joint stock company. Eleven investors have committed to purchasing shares from small shareholders at 60.5 baisas per share, based on a valuation conducted by an auditor licensed by the Authority. The share purchase process will commence on August 13 and continue until August 27.
Galfar Engineering and Contracting Company also announced that it has been awarded a project by Nama Services Company to expand the sewage treatment plants in Raysut - Phase III. The project is valued at RO 35 million and has an implementation period of 36 months. Galfar stated that this project will enhance its order book and maintain its market share within the sewage sector projects.
Oman Observer is now on the WhatsApp channel. Click here
