MSX extends gains in weekly trading

Muscat: The main index of the Muscat Stock Exchange (MSX) increased its gains during the week for the second consecutive week and closed at 4,760 points, up 14 points.

The index was able to rise to 4,781 points in Wednesday’s trading, recording its best level in three months, but it reduced its weekly gains on Thursday as selling pressures increased.

The market capitalisation of the Muscat Stock Exchange rose at the end of Thursday’s trading to OMR24.57 billion, recording weekly gains of OMR18.5 million.

The trading value also increased last week by 17 percent to reach OMR18.5 million compared to about OMR15.8 million. Also the number of deals executed increased by 3.4 percent from 4,115 to 4,255.

This rise came with the increase in purchases by local investment institutions, which accounted for 59.5 percent of the total trading value, compared to sales at 55.7 percent of trading. Individual investors turned to selling to benefit from the increases achieved by the stocks, so their sales constituted 32.1 percent of the total trading value, compared to purchases at 22.1 percent of trading.

Investors focused on OQ Gas Networks, which pushed the stock up to 150 baisas, but selling pressures reduced its gains to close at 148 baisas after executing 1,051 transactions. The stock accounted for about 20 percent of the total trading value at OMR3.6 million. Bank Muscat witnessed trading worth OMR2.2 million, representing 11.8 percent of the total trading value. Abraj Energy Services came in third place with trading at OMR2.07 million, while Ominvest came in fourth place with OMR1.5 million, followed by Bank Sohar International in fifth place with trading at OMR 1.4 million, representing 7.7 percent of the total trading value.

The week also witnessed an increase in the prices of 32 shares, compared to 24 shares whose prices declined and 24 other shares that remained unchanged at their previous levels. Al Batinah Development and Investment Company recorded the highest increase by 28.5 percent and closed at 90 baisas. Oman Qatar Insurance Company rose by 20.4 percent and closed at 200 baisas. Barka Water and Power Company recorded an increase of 11.8 percent and closed at 264 baisas.

Oman Chrome stock was the leading loser, declining by 13.6 percent and closing at OMR3.627. Oman Packaging stock fell to 175 baisas, recording a decline of 12.5 percent, and National Finance stock fell to 135 baisas, recording a decline of 10 percent.

In corporate news, Al Madina Investment Holding Company said that it has submitted a letter to the Financial Services Authority regarding its decision to reverse its conversion from a public joint stock company to a closed joint stock company.

Commenting on this, the Financial Services Authority said that it is proceeding with taking appropriate measures regarding this matter, stressing the importance of adhering to the laws and regulations regulating all sectors supervised by the Authority.

The company’s share fell by 9 percent last week and closed at 50 baisas after witnessing the execution of 46 deals that were made through the trading of 445,000 shares.