MSX trading value rises 2.4 per cent to RO 252.1 million

MUSCAT: Trading value on the Muscat Stock Exchange (MSX) rose 2.4 per cent last week to RO 252.1 million, compared with RO 246.1 million in the previous week, as investors diversified their portfolios ahead of expected dividend distributions by several companies in the coming weeks.
The exchange recorded gains across several indicators, with the number of executed transactions increasing 2.2% to more than 42,000. The market value of listed securities also rose by RO 140.3 million during the week to reach RO 38.33 billion.
The MSX main index gained 14 points to close at 7,522 points.
Among sectoral indices, the financial sector recorded the strongest gain, rising 93 points to 13,248 points, supported by gains in bank stocks and several investment companies. The services sector advanced eight points, driven by gains in OQ Gas Networks, Al Jazeera Services, OQ Exploration and Production, Abraj Energy Services and other companies. The Sharia index gained three points.
In contrast, the industrial sector index fell by more than 100 points, weighed down by declines in several industrial stocks, including Salalah Mills, Galfar Engineering and Contracting, Al Anwar Ceramic Tiles, Al Maha Ceramics, OQ Basic Industries and Voltamp Energy.
OQ Basic Industries was the most actively traded company during the week, with trading value reaching RO 47.5 million, accounting for around 19 per cent of total trading activity. The company recently announced plans to distribute performance-linked cash dividends estimated at 2.6 baisas per share, following strong financial results in the first half of the year.
The company said the performance-linked distribution would be in addition to the basic dividend of 5.2 baisas per share announced in its prospectus, bringing the total proposed distribution to 7.8 baisas per share.
Bank Muscat followed with trading value of RO 45.8 million, representing 18.1 per cent of total trading activity, while Bank Sohar International attracted RO 40.6 million in trading, accounting for 16.1 per cent of the total. — ONA