Saturday 21 / December / 2024
Muscat: The market value of securities listed on the Muscat Stock Exchange (MSX) recorded gains of OMR165 million, benefiting from the rise in stock prices and new listings in the closed market, to OMR24.47 billion by the end of May 2024.
This includes OMR10.7 billion market value of closed companies, OMR9.4 billion market value of public joint-stock companies listed on the stock exchange and OMR4.3 billion market value of the bonds and sukuk market.
In May, the main index of the Muscat Stock Exchange recorded gains of 61 points and closed at 4,845 points, and the financial sector index rose to 8,015 points, registering an increase of more than 251 points, benefiting from the rise in banking stocks, led by the stock of Oman Arab Bank (OAB), which recorded a remarkable rise of 20 percent and closed at 156 baisas. Bank Nizwa shares rose from 99 baisas to 112 baisas, recording an increase of 13.1 percent, and the shares of the National Bank of Oman (NBO) rose by about 9 percent and closed at 280 baisas, while shares of Sohar International Bank rose by 3.7 percent and closed at 140 baisas.
The industrial sector index rose to 5,915 points, recording an increase of 58 points, the Sharia index rose by about 4 points, and the services sector index recorded a decline of 31 points, affected by the decline in the shares of energy companies.
The trading value in May amounted to OMR93.7 million, down by 21 percent from its level in April, which amounted to OMR119 million. The number of transactions executed also declined from 23,000 deals to about 17,000 deals, registering a decrease of 26 percent.
Trading data issued by the Muscat Stock Exchange showed that investors focused on a number of selected stocks and investment units, with Aman Real Estate Investment Fund ranking first among the most traded securities in terms of trading value, after witnessing trades worth OMR12.3 million. Bank Muscat came next with a trading value of OMR10 million, followed by Liva Group, which witnessed trades worth OMR8.5 million, OQ Gas Networks and Sohar International Bank ranked next with trades exceeding OMR6.9 million each.
In the month of May, the prices of 31 securities rose, most notably the Oman Free Finance Bonds 2024 and 2022, Oman Arab Bank shares, Oman Cable Industry shares, and Sohar International Bank shares. Also in May, the stock market witnessed a decline in the prices of 54 securities, and 13 securities maintained their previous prices.
Al Hassan Engineering shares recorded the highest declines in terms of the percentage of share decline, falling from 25 baisas to 20 baisas, recording a decline of 20 percent. This decline came in light of the company heading towards liquidation after the extraordinary general assembly held on May 21 approved the Board of Directors’ proposal to dissolve the company. The company was liquidated after its capital amounting to OMR7.5 million was completely eroded, while the company’s accumulated losses rose at the end of March to more than OMR77 million.
Other top decliners included Ominvest's mandatory convertible bonds issued in 2024, which fell to 82 baisas, recording a decline of 18 percent. Dhofar Beverages and Foodstuffs shares declined by 10.7 percent and closed at 207 baisas, and Dhofar Electricity Generation shares fell to 72 baisas, recording a 10 percent decline. Muscat Gases shares also declined by 9.5 percent and closed at 132 baisas.
