MSX rebounds as market capitalisation gains RO 327 million

MUSCAT: The Muscat Stock Exchange (MSX) staged a strong recovery last week, with its benchmark index rising 143 points to close at 7,775 points after four consecutive weeks of decline.
The rebound was driven by renewed investor buying following the market's recent correction, while all sectoral indices ended the week in positive territory.
The financial sector led the advance, gaining 217 points on the back of stronger bank and investment company shares. The services sector rose 68 points, supported by energy stocks and several other listed companies, while the industrial sector index climbed 42 points. The Sharia-compliant index also posted gains, rising around 10 points to close at 622 points.
Market sentiment improved significantly, with 50 stocks recording gains, compared with 14 decliners and 20 unchanged securities. As a result, total market capitalisation increased by approximately RO 327 million to reach RO 37.12 billion.
Trading activity was concentrated into two sessions due to the Eid al-Adha holiday. Despite the shortened week, total turnover reached RO 103.2 million across 12,683 transactions.
OQ Base Industries emerged as the most actively traded stock by value, accounting for R O28.05 million, or 27 per cent of total trading. Sohar International followed with RO 14.68 million, while Bank Muscat recorded trades worth RO 14.05 million. OQ Exploration and Production and OQ Gas Networks completed the top five, generating RO 12.25 million and RO 12.09 million respectively.
National Gas posted the week's strongest gain, rising 7.5 per cent to close at 115 baisas. Al Anwar Investments advanced 7.4 per cent to 173 baisas, while Al Anqa Energy added 6.5 per cent to finish at 245 baisas.
Among the decliners, Al Hassan Engineering fell 27 per cent to 8 baisas. Oman Fisheries lost 8 per cent to close at 23 baisas, while Building Materials Industries dropped 5 per cent to 76 baisas.
In corporate developments, Sohar International completed the issuance and allocation of 259.5 million mandatory convertible bonds worth RO 25.9 million. The bonds, listed on the MSX on May 24, carry an annual coupon rate of 5.25 per cent.
Meanwhile, National Oman Engineering and Investment Company announced the award of two operation and maintenance contracts from a government entity valued at RO8.5 million over three years, beginning on July 1.
Oman Fisheries reported a reduction in first-quarter losses to RO 475,000, compared with RO 629,000 during the same period last year. However, accumulated losses increased to RO 22.6 million at the end of March, up from RO 20.2 million a year earlier. — ONA