Muscat Stock Exchange reaches 29-month high

MUSCAT: The Muscat Stock Exchange’s main index closed last week at its highest level in 29 months, buoyed by strong buying from local funds, institutions, and investors.
The index climbed 68 points to 4,849, its best since March 30, 2023. All sector indices advanced, led by the industrial sector, which gained 150 points. The services sector rose 28 points, the financial sector 18 points, and the Shariah index 3 points to 469.
Trading activity was robust, with turnover rising 31.3 per cent to RO 129.8 million, compared with RO 98.8 million the week before. Transactions increased 3 per cent to over 10,700. Market capitalisation grew by RO 269 million to RO 29.40 billion.
Prices rose for 42 securities, fell for 21, and remained unchanged for 29. United Finance Bonds and Oman Refreshments led the gainers with 11.1 per cent increases, while Muscat Insurance topped the losers, dropping 18.9 per cent.
Bank Muscat was the most traded stock by value, with RO 35.2 million in transactions, followed by OQ Base Industries (RO 29.8 million), Bank International (RO 16.8 million), OQ Gas Networks (RO 16.1 million), and OQ Exploration and Production (RO 11.3 million).
In corporate news, Omantel and Ooredoo announced that the Telecommunications Regulatory Authority has standardised the royalty rate for mobile and fixed services at 10 per cent of revenue, effective fiscal year 2025. Omantel expects this to boost net profits by RO 1.7 million after tax in the first half of 2025, while Ooredoo forecasts a RO 2.5 million post-tax benefit for the year. — ONA