MSX closes week lower
Published: 02:12 PM,Dec 24,2022 | EDITED : 06:12 PM,Dec 24,2022
MUSCAT: The MSX 30 Index closed lower by 0.37% W-o-W. GCC and foreigners were net buyers of about $0.8 million worth of securities. Within the sub-indices, the Financial Index dropped the most by 0.56% while the Industrial Index also closed down by 0.11%. The Services Index, however, closed up by 1.27%. The MSX Shariah Index also climbed 1.13% W-o-W.
Oman’s government announced an expansionary budget for the year 2023, with main consideration given to increasing the level of spending. The Government expects to earn a revenue of RO 11.65 billion in 2023 which is 10% higher than the budgeted revenue of 2022 and 18% lower than the actual revenue estimated to have been achieved in 2022.
The Government has budgeted an 11.2% increase in its oil production, which at a higher budgeted price of $55/bbl (2022: Budgeted oil price: $0/bbl), is expected to increase the revenue. The Government has budgeted spending of RO 12.95 billion for 2022 compared to RO 12.13 billion in 2022, higher by 6.7% when compared to last year’s budgeted numbers and about 1% lower than the preliminary actual expenditure numbers of 2022. The budget deficit for 2023 is estimated at RO 1.30 billion vs. RO 1.55 billion deficit budgeted for 2022 and an actual surplus estimated at RO 1.15 billion for 2022.
In terms of last year’s preliminary performance, actual total revenue is projected to have reached RO 14.2 billion compared with the budgeted figure of RO 10.58 billion, higher by 34.5%. Public spending is estimated to have grown to RO 13.09 billion, higher by 7.9% as compared with 2022 Budget. However, instead of a budgeted deficit of RO 1.55 billion for 2022, the country is on track to post a budget surplus of RO 1.15 billion.
This is a direct result of oil prices averaging at $94 per barrel against an assumed price of $50 per barrel, leading to an oil revenue increase of RO 7.46 billion, while gas revenue increased to RO 3.56 billion and non-oil revenue increased to RO 3.22 billion.
National Life & General Insurance Company announced the offer acceptance from shareholders of Al Ahlia Insurance Company SAOG, with reference to the offer announcement dated 20th Nov 2022 regarding the offer made by NLGIC to acquire 47.5% of the issued share capital of Al Ahlia Insurance. The status of the offer acceptance is: Total number of shares amounting to 47.5% of issued share capital of Al Ahlia Insurance is 47.5 million. Total number of shares for which the acceptance has been received is 45.4 million. Acceptance rate of the offer is 95.6%.
Pearl REIF announced that its fund management body meeting was held on Dec 19, 2022 that approved the financial statements ending 9M22and payment of an interim dividend of RO 0.002 per unit for 9M22.
The inflation rate of Oman stood at 2.06% during Nov 2022, according to the latest data issued by NCSI. The data indicated a rise in the prices of main groups in Nov 2022 compared to Nov 2021, such as food and non-alcoholic beverages by 5.01%, restaurants and hotels by 4.02%, health by 3.82%, furniture, household equipment and routine household maintenance by 2.14%, miscellaneous goods and services by 1.65%, clothing and footwear by 1.48%, recreation and culture by 1.26%, housing, water, electricity, gas and other fuels by 0.84%, transport by 0.55% and education by 0.05%.
Latest data from NCSI lso indicates that Oman’s GDP at fixed prices increased by 4.5% YoY by the end of Sep 2022 to hit RO 26.3 billion compared to RO 25.2 billion during 9M21. Statistics indicated that this rise is attributed to the growth in oil activities at the end of Sept 2022 by 12% YoY to stand at RO 9,404.6 million. Among oil activities, crude oil activities constituted the largest growth at 13.4% YoY. Natural gas activities increased by 4.7% YoY from to RO 1,364.1 million.
Oman’s government announced an expansionary budget for the year 2023, with main consideration given to increasing the level of spending. The Government expects to earn a revenue of RO 11.65 billion in 2023 which is 10% higher than the budgeted revenue of 2022 and 18% lower than the actual revenue estimated to have been achieved in 2022.
The Government has budgeted an 11.2% increase in its oil production, which at a higher budgeted price of $55/bbl (2022: Budgeted oil price: $0/bbl), is expected to increase the revenue. The Government has budgeted spending of RO 12.95 billion for 2022 compared to RO 12.13 billion in 2022, higher by 6.7% when compared to last year’s budgeted numbers and about 1% lower than the preliminary actual expenditure numbers of 2022. The budget deficit for 2023 is estimated at RO 1.30 billion vs. RO 1.55 billion deficit budgeted for 2022 and an actual surplus estimated at RO 1.15 billion for 2022.
In terms of last year’s preliminary performance, actual total revenue is projected to have reached RO 14.2 billion compared with the budgeted figure of RO 10.58 billion, higher by 34.5%. Public spending is estimated to have grown to RO 13.09 billion, higher by 7.9% as compared with 2022 Budget. However, instead of a budgeted deficit of RO 1.55 billion for 2022, the country is on track to post a budget surplus of RO 1.15 billion.
This is a direct result of oil prices averaging at $94 per barrel against an assumed price of $50 per barrel, leading to an oil revenue increase of RO 7.46 billion, while gas revenue increased to RO 3.56 billion and non-oil revenue increased to RO 3.22 billion.
National Life & General Insurance Company announced the offer acceptance from shareholders of Al Ahlia Insurance Company SAOG, with reference to the offer announcement dated 20th Nov 2022 regarding the offer made by NLGIC to acquire 47.5% of the issued share capital of Al Ahlia Insurance. The status of the offer acceptance is: Total number of shares amounting to 47.5% of issued share capital of Al Ahlia Insurance is 47.5 million. Total number of shares for which the acceptance has been received is 45.4 million. Acceptance rate of the offer is 95.6%.
Pearl REIF announced that its fund management body meeting was held on Dec 19, 2022 that approved the financial statements ending 9M22and payment of an interim dividend of RO 0.002 per unit for 9M22.
The inflation rate of Oman stood at 2.06% during Nov 2022, according to the latest data issued by NCSI. The data indicated a rise in the prices of main groups in Nov 2022 compared to Nov 2021, such as food and non-alcoholic beverages by 5.01%, restaurants and hotels by 4.02%, health by 3.82%, furniture, household equipment and routine household maintenance by 2.14%, miscellaneous goods and services by 1.65%, clothing and footwear by 1.48%, recreation and culture by 1.26%, housing, water, electricity, gas and other fuels by 0.84%, transport by 0.55% and education by 0.05%.
Latest data from NCSI lso indicates that Oman’s GDP at fixed prices increased by 4.5% YoY by the end of Sep 2022 to hit RO 26.3 billion compared to RO 25.2 billion during 9M21. Statistics indicated that this rise is attributed to the growth in oil activities at the end of Sept 2022 by 12% YoY to stand at RO 9,404.6 million. Among oil activities, crude oil activities constituted the largest growth at 13.4% YoY. Natural gas activities increased by 4.7% YoY from to RO 1,364.1 million.