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MSX closes higher supported by Industrial Index

MSX 2 Oct
MSX 2 Oct

MUSCAT: The MSX30 Index ended the week higher by 0.39 per cent. All sub-indices ended higher except financial index, which was down by 0.08 per cent. Services & Industrial Index closed higher by 1.33 per cent and 3.95 per cent, respectively. MSX Shariah Index closed lower by 0.04 per cent.

ACWA Power believes Company is now of the view that it is very unlikely that it will receive an extension to its PPA before the expiry of its current PPA on December 31. In addition, the Company, up until the date of this disclosure, has not received any further notification regarding the Power 2022 tendering process, therefore the Company would like to inform its shareholders that, in its opinion, this process for extending the PPA is unlikely to continue. The Company is in discussion with management and other stakeholders to determine how best to proceed, following receipt of this information.

Vodafone Oman, the Sultanate’s third telecom operator, is set to commence operations in the very near future — a development that promises to further intensify competition in the retail and business segments of the telecom market, as well as accelerate the country’s digital transformation.

A top official affirmed that Oman’s newest telecom player is gearing up to go live shortly, after nearly a year’s delay, attributable primarily to the global economic slowdown and compounded by the pandemic. We at U-Capital believe it will be a challenging time for existing operators once the third telecom operator starts operations in Oman as the competition will heat-up.

The Ministry of Commerce, Industry and Investment Promotions (MOCIIP) last week launched a programme for granting long-term residency to expat investors in the Sultanate.

Aimed at enhancing the investment quality in Oman and create more job opportunities, the 'Investor Residence' programme offers foreign investors and retirees the right to long-term stay in the Sultanate. Applications will begin from October 3 through an online system of MOCIIP. Criteria for obtaining residency in the first category for up to 10 years: An investment of at least RO 500,000 in a limited liability company, closed joint-stock company or government bonds; Establishing a company that employs at least 50 Omanis without specifying the capital; and Buy a unit or housing units with a value of no less than RO 500,000.

As for category 2, the term is up to 5 years, and obtaining residency: An investment with a total value of not less than 250 thousand Omani riyals in or government bonds; Buy a housing unit(s) of the same value; Or retired after working in the Sultanate for a specified period, with a fixed income of not less than RO 4,000, and with a permanent place of residence.

The total number of guests in hotel properties of the 3 to 5-star category in the Sultanate increased 41 per cent to 731,570 in August 2021, compared to 518,869 guests for the same period of 2020. The occupancy rate increased by 23.6 per cent, according to the latest monthly statistics released by the National Centre for Statistics and Information (NCSI). Total revenues of these hotels fell by 17.4 per cent to RO 51.536 million in August 2021, compared to RO 62.414 million during the same period of the previous year.

The Oman Bond Price fell last week after witnessing a good rally following upbeat IMF report. The price of 10 year $ Bond dropped and hence the yields picked up again. At the time of writing this report, the yield on 10 year bond is at 5.29 per cent after hitting a low of 4.88 per cent in mid-September. However, the yields are still lower compared to the high of 5.72 per cent recorded in early months of 2021.

(Courtesy: U-Capital]

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