MSX 30 Index ends week lower by 1.17%

MUSCAT: MSX30 Index ended the week down by 1.17%. The Financial Index ended the week lower by 0.97%. The Services Index and industrial index ended the week down by 0.99% and 1.70% respectively. The MSX Shariah Index declined by 2.53%.

Bank Muscat informed the market that they signed the necessary agreements to sell its 27.29% stake in SICO Capital, based in the Kingdom of Saudi Arabia (KSA) to SICO BSC , Bahrain. All the necessary regulatory approvals for the transaction are now received and that the transfer of the 27.29% shares in SICO Capital has been completed on October23, 2022. They received around RO 1.95 million as sale consideration. Bank Muscat also acquired a further 2.76% shareholding in SICO BSC for RO 1.95 million and for which the necessary regulatory approvals have been obtained. Subsequent to these transaction, Bank Muscat has now fully exited its shareholding interest in SICO Capital and increased its stake in SICO BSC to 13.14%, which is designated as an associate in the Bank’s financial statements.

Bank Dhofar has announced the successful issuance of RO 115,500,000 Additional Tier 1 perpetual capital securities (the "AT1 Bonds") by way of private placement to investors. The issuance of the AT1 Bonds has received the approvals of both the Capital Market Authority and the Central Bank of Oman. The AT1 Bonds are listed on Bond and Sukuk Market of the Muscat Stock Exchange.

The inflation rate the in the Sultanate of Oman was 2.4% at the end of last September, according to the National Center for Statistics and Information (NCSI). The data showed an increase in the prices of the main commodity groups in September 2022 compared to the same month in 2021 — education group by 5.1 per cent, the food and non-alcoholic beverages group by five percent, the health group by 3.5 per cent, the transportation group by 3.1 per cent, and the furniture, fixtures and equipment group household and regular household maintenance by 1.7 per cent, restaurants, and hotels group by 1.7 per cent, culture, and entertainment group by 1.6 per cent, miscellaneous goods, and services group by 1.6 per cent, clothing, and footwear group by 1.2 per cent, housing, water, electricity, gas, and other fuels group by 0.3 per cent. The communications group decreased by 0.1 per cent.

Value of traded property in Oman declined by 21% in September 2022 to RO 246.5million compared to RO 311 million in September 2021. Traded value of mortgage contracts went up by 32% to RO 154 million compared to RO 116 million in same period last year. Traded value of sale contracts declined by 53% to RO 92 million compared to RO 193 million YoY. Number of properties issued in September decreased by 9% to 21,353 compared to 23,499 in September 2021.

The Small and Medium Enterprises Development Authority signed a memorandum of cooperation with the Muscat Stock Exchange regarding the listing of small and medium enterprises in the third and then secondary market, according to the regulations in force and providing the necessary qualification, data and information related to enterprises for listing in the stock exchange. The memorandum aims to empower small and medium enterprises and push them to be eligible for listing on the Muscat Stock Exchange for trading, buying and selling securities and financial instruments, in addition to spreading and raising awareness among entrepreneurs of the importance of putting their enterprises in the stock market and introducing them to potential opportunities. [Courtesy: U-Capital]