Saturday 01 / February / 2025
Muscat: The industrial sector index increased its gains during the week, rising for the second week in a row, approaching the level of 5,410 points. On the other hand, the main index of the Muscat Stock Exchange and other sectoral indices recorded a decline.
The gains of the industrial sector index were supported by Voltamp Energy, Gulf International Chemicals, Building Materials Industry, Oman Flour Mills, Al Jazeera Steel Products and Oman Cement, which recorded significant increases despite the wave of decline that hit the Muscat Stock Exchange during the week, The prices of 38 securities declined, compared to 18 securities whose prices rose and 22 securities remained unchanged at their previous levels.
The industrial sector index during the week rose by one point after rising by 55 points during the earlier the week. The main index of the stock exchange fell by 60 points and closed at 4,543 points. The financial sector index fell by 79 points, the services sector index lost 16 points, and the Sharia index fell by 5 points.
This performance came at a time when public joint stock companies whose fiscal year ended in December began disclosing their distributions for the current year. Bank Muscat recommended distributing cash dividends of 16.5 percent, or 16.5 baisas per share, while National Bank of Oman (NBO) recommended distributing cash dividends of 9.4 percent, or 9.4 baisas per share. Bank Dhofar recommended distributing cash dividends of 8 baisas per share, and Bank Sohar also recommended distributing cash dividends of 8 baisas.
In the banking sector, Ahli Bank also recommended distributing a dividend of 10 baisas, consisting of 5 baisas in cash dividends and 5 baisas in mandatory convertible bonds. The bank said that the mandatory convertible bonds carry an interest rate of 6 percent per annum and upon maturity will be converted into ordinary shares at a base price of 145 baisas per share. These bonds are due two years after their issuance date. Bank Nizwa also recommended distributing cash dividends and sukuk at a rate of 7.03 percent of the paid-up capital, consisting of 2.49 percent in cash dividends and 4.54 percent in mandatory convertible bonds.
Oman Cables Industry Company recommended distributing cash dividends of 91.5 baisas per share, Gulf Mushroom Production Company recommended distributing cash dividends of 20 percent, equivalent to 20 baisas per share, and Desert Hospitality Company recommended distributing cash dividends of 25 percent.
However, these recommendations did not have a positive impact on the Muscat Stock Exchange, as the market value of the exchange recorded losses of OMR266 million, declining during the end of weekly trading to OMR27.53 billion.
The week’s trading was limited to 4 days due to the Isra and Mi’raj holiday, which fell on Thursday. During the week, the stock exchange witnessed trading worth OMR10.5 million, compared to about OMR17 million Omani riyals in the previous week. The number of deals executed decreased from 4,898 deals to 4,447 deals.
Bank Muscat topped the most traded companies in terms of trading value with OMR2.3 million, followed by OQ Exploration and Production in second place at OMR1.9 million, OQ Basic Industries, came third at OMR1.7 million.
The share of the Financial Centre "Fincorp" recorded the best rise, rising by 17.1 percent and closing at 41 baisas, the share of the Eastern Desalination Company rose by 9.3 percent and closed at 140 baisas, and the share of Al Batinah Energy recorded a rise of 4.5 percent and closed at 69 baisas.
Oman Fisheries stock was the top loser, declining by 15.7 percent and closing at 32 baisas. Al Madina Investment stock fell by 8 percent and closed at 46 baisas, while Taajeer Finance stock fell to 107 baisas, recording a decline of 6.1 percent.
In corporate news, BankDhofar said that on January 27, a business transfer agreement was signed with Bank of Baroda India, representing Bank of Baroda – Oman Branch, after BankDhofar obtained final approval from the Central Bank of Oman to acquire the banking business of Bank of Baroda Branch in the Sultanate of Oman.
