MUSCAT: The market value of the Muscat Stock Exchange (MSX) rose at the end of last week to about RO 23.7 billion, recording weekly gains of RO 27.5 million, benefiting from the return of the leading shares to rise after their decline during the previous two weeks.
Trading statistics issued by the MSX showed an increase in the prices of 23 stocks, most of which are among the leading stocks, such as: Bank Muscat, Omantel, Dhofar International Development and Investment, Oman Cement, Renaissance Services, Al Jazeera Steel Products, Al Anwar Ceramic Tiles, and Galfar Engineering and Contracting.
The main MSX 30 index resumed its rise after two weeks of decline, rising by 28 points and closed at 4,658 points. The industrial sector index recorded the best rise, up 106 points. The financial sector index rose 31 points. The Shariah index recorded gains of more than two points, while the services sector index recorded the only decline between the sectoral indices were affected by the decline in the shares of energy companies, to end the weekly trading at 1681 points, recording a weekly decline of about 26 points.
The trading value during the past week amounted to RO 14.5 million, compared to RO 16.1 million in the previous week, recording a decline of 9.8 per cent, with the number of transactions falling by 24 per cent to 2153, down from 2833 transactions. Trading focused on the shares of Omantel and Bank Muscat, which acquired about 24 per cent of the total trading value. Omantel's share witnessed transactions worth RO 2.1 million, representing 14.6 per cent of the total trading value. Bank Muscat's share witnessed transactions worth RO 1.3 million.
The bonds and sukuk market recorded trades of more than RO 7 million, accounting for 48.1 per cent of the total trading value witnessed by the Muscat Stock Exchange last week The second issue of Meethaq’s sukuk witnessed transactions of about RO 1.5 million, and Sohar International Bank’s permanent bonds in 2019 witnessed transactions of RO 1.3 million, representing 8.9 per cent of the total trading value.
During the past week, Oman Investment and Finance Company announced the approval of its board of directors of the proposal to merge with Dhofar International Development and Investment Holding Company by way of consolidation. The authorised capital of the company is from RO 75 million to RO 100 million, and the company’s issued capital is increased from RO 54.4 million to RO 79.6 million, and the shares of the increase amounting to 86.8 million are allotted to the shareholders of Oman Investment and Finance in accordance with the terms of the merger.
According to the merger proposal, the value of Oman Investment and Finance Company was determined at RO 25.2 million. Oman Investment and Finance Company said that its board of directors believes that the merger is in the interest of the company’s shareholders, and the board has agreed to call for an extraordinary general meeting of the company’s shareholders to study the merger with the Board’s recommendation to vote in favour of the merger, and the items of the Extraordinary General Assembly meeting of Oman Investment and Finance Company, which will be held on June 21, include approval of the proposal to dissolve Oman Investment and Finance Company and its merger by consolidation into Dhofar International Development and Investment Company, and to authorize the company’s board of directors to complete all merger procedures with the concerned authorities. — ONA
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