MSX closes the week lower
Published: 01:03 PM,Mar 26,2022 | EDITED : 05:03 PM,Mar 26,2022
MSX30 index ended the week lower by 0.80 per cent. The financial index closed lower by 1.77 per cent. Service index ended lower by 0.09 per cent. Industrial index was up for the week by 0.74 per cent. The MSX Shariah index closed lower by 0.11 per cent.
During the week, Raysut Cement Company (S.A.O.G) informed the Capital Market Authority, Muscat Securities Exchange and Shareholders that there was a price hike of raw materials in international market which interrupted operations of Sohar Cement Factory and Pioneer Cement Industries LLC (100 per cent owned subsidiaries of Raysut Cement Company (SAOG) for the period of 23 days. During these period RCC's Salalah and Duqm operations were normal. There will be no material financial impact on annual performance of Raysut Cement Group due to preponement of routine plant maintenance shut down which was originally planned during the month of Ramadhan. Raysut Cement Group said it has the ability to provide Raw material (Clinker) from Salalah Plant Dhofar Governate to North Al Batinah Governate, if the rates of electricity, gas and transportation reduced. However, they said that they have managed the challenges, Pioneer Plant and Sohar Cement Plants are reinstated now with 100 per cent capacity and selling Cement to meet local demands in the region now.
For conventional banks, CBO data reveals that the weighted average RO interest rate spread (calculated as lending rate minus deposit rate) rose by about 3.3bps MoM in Dec’21 to 3.592 per cent, as lending rate expanded by 5bps while deposit rate expanded by 1.6bps. On YoY basis, spread has improved by 9.5bps on a 5.8bps expansion in lending rate while deposit rate contracted by about 3.7bps. Weighted average interest rate on private sector RO time deposits contracted about 10bps on MoM basis at 3.908 per cent. On YoY basis, weighted average interest rate on private sector RO time deposits contracted about 20bps. Interest rate on all private sector deposits (RO) was 1.463 per cent, down by 2.7bps MoM and 3.4bps YoY.
About 43.1 per cent of total deposits (in RO) of conventional banks are at zero interest rate. As per our records, this figure has somewhat declined over the last few months. The largest chunk of total credit of conventional banks (in RO, at about 62 per cent lies in the 5 per cent-7 per cent interest rate bracket.
The total number of guests in hotel properties of the 3 to 5-star category in the Sultanate of Oman increased 52.5 per cent to 263,508 YTD, compared to 172,751 guests for the same period of 2021. The occupancy rate increased to 47.1 per cent, according to the latest monthly statistics released by the National Centre for Statistics and Information (NCSI) compared to 33.3 per cent last year. Total revenues of these hotels rose by 120.4 per cent to RO 28.72m YTD, compared to RO 13.03m during the same period of the previous year.
The total number of Small and Medium Enterprises (SMEs) registered in the Authority for Small and Medium Enterprises Development increased by 37.5 per cent in February 2022 compared to the same period 2021 to reach 69,521 compared to 50,558 in February 2021, according to the data released by the National Centre for Statistics and Information (NCSI). Among the governorates, the Governorate of Muscat topped the list by reaching 23,515 enterprises, comprising a rise of 38.3 per cent, followed by the Governorate of North Al Batinah with 10,879, comprising an increase by 36.4 per cent, the Governorate of Al Dakhiliyah with 8,178, going up 28.7 per cent and the Governorate of Dhofar by 6,330, constituting a surge by 50.6 per cent compared to the same period in 2021.
GCC recorded net foreign inflows of $3.44 bn in February 2022 with YTD net inflows at $6.14 bn. Countries with positive foreign inflows in February were led by Saudi Arabia followed by Qatar, Abu Dhabi and Kuwait respectively. Overall in the YTD, Saudi Arabia led with net foreign inflows of $3.52 bn followed by $1.10 bn by Qatar and $0.903 bn by Abu Dhabi.
(Courtesy: U-Capital)
During the week, Raysut Cement Company (S.A.O.G) informed the Capital Market Authority, Muscat Securities Exchange and Shareholders that there was a price hike of raw materials in international market which interrupted operations of Sohar Cement Factory and Pioneer Cement Industries LLC (100 per cent owned subsidiaries of Raysut Cement Company (SAOG) for the period of 23 days. During these period RCC's Salalah and Duqm operations were normal. There will be no material financial impact on annual performance of Raysut Cement Group due to preponement of routine plant maintenance shut down which was originally planned during the month of Ramadhan. Raysut Cement Group said it has the ability to provide Raw material (Clinker) from Salalah Plant Dhofar Governate to North Al Batinah Governate, if the rates of electricity, gas and transportation reduced. However, they said that they have managed the challenges, Pioneer Plant and Sohar Cement Plants are reinstated now with 100 per cent capacity and selling Cement to meet local demands in the region now.
For conventional banks, CBO data reveals that the weighted average RO interest rate spread (calculated as lending rate minus deposit rate) rose by about 3.3bps MoM in Dec’21 to 3.592 per cent, as lending rate expanded by 5bps while deposit rate expanded by 1.6bps. On YoY basis, spread has improved by 9.5bps on a 5.8bps expansion in lending rate while deposit rate contracted by about 3.7bps. Weighted average interest rate on private sector RO time deposits contracted about 10bps on MoM basis at 3.908 per cent. On YoY basis, weighted average interest rate on private sector RO time deposits contracted about 20bps. Interest rate on all private sector deposits (RO) was 1.463 per cent, down by 2.7bps MoM and 3.4bps YoY.
About 43.1 per cent of total deposits (in RO) of conventional banks are at zero interest rate. As per our records, this figure has somewhat declined over the last few months. The largest chunk of total credit of conventional banks (in RO, at about 62 per cent lies in the 5 per cent-7 per cent interest rate bracket.
The total number of guests in hotel properties of the 3 to 5-star category in the Sultanate of Oman increased 52.5 per cent to 263,508 YTD, compared to 172,751 guests for the same period of 2021. The occupancy rate increased to 47.1 per cent, according to the latest monthly statistics released by the National Centre for Statistics and Information (NCSI) compared to 33.3 per cent last year. Total revenues of these hotels rose by 120.4 per cent to RO 28.72m YTD, compared to RO 13.03m during the same period of the previous year.
The total number of Small and Medium Enterprises (SMEs) registered in the Authority for Small and Medium Enterprises Development increased by 37.5 per cent in February 2022 compared to the same period 2021 to reach 69,521 compared to 50,558 in February 2021, according to the data released by the National Centre for Statistics and Information (NCSI). Among the governorates, the Governorate of Muscat topped the list by reaching 23,515 enterprises, comprising a rise of 38.3 per cent, followed by the Governorate of North Al Batinah with 10,879, comprising an increase by 36.4 per cent, the Governorate of Al Dakhiliyah with 8,178, going up 28.7 per cent and the Governorate of Dhofar by 6,330, constituting a surge by 50.6 per cent compared to the same period in 2021.
GCC recorded net foreign inflows of $3.44 bn in February 2022 with YTD net inflows at $6.14 bn. Countries with positive foreign inflows in February were led by Saudi Arabia followed by Qatar, Abu Dhabi and Kuwait respectively. Overall in the YTD, Saudi Arabia led with net foreign inflows of $3.52 bn followed by $1.10 bn by Qatar and $0.903 bn by Abu Dhabi.
(Courtesy: U-Capital)