MSX30 Index close week lower by 1.35%

MUSCAT: The Muscat Stock Exchange 30 index closed last week at 4,492.34 points, down by 61.365 points and 1.35 per cent down from the previous trading session, which stood at 4,553.70 points. All Financial and Services sectors indices decreased, the financial index decreased by 1.33 per cent, the Services Index by 1.71 per cent, the Sharia Index by 3.22 per cent and the Industrial Index decreased by 1.17 per cent as well.

Raysut Cement Company informed the CMA normal operations have resumed at its Salalah plant, following a temporary closure of plant production and sales operations during October 22 — 24, 2023, in response to the Cyclone Tej alert issued for Dhofar Governorate.

The total volume of Oman’s oil exported as of the end of September 2023 stood at 230,292,300 barrels. The average oil price was calculated at $79.9 per barrel. Exports comprised 80.2 per cent of total oil production, which stood at 287,037,500 barrels, according to the data issued by the National Centre for Statistics and Information (NCSI). Total crude oil production dropped by 3.3 per cent to reach 223,555,200 barrels. The total condensate production rose by 8.1 per cent to reach 63,482,300 barrels.

The total production of electricity in Oman increased by 10.58 per cent in August 2023 to reach 4,720 GW per hour compared to 4,269 GW during the corresponding period in 2022, according to the latest data issued NCSI. Oman’s net production of electricity in August 2023 reached 4,596 GW per hour. The net figures are inclusive of purchases by Oman Power and Water Procurement Company (OPWP) and the Rural Areas Electricity Company (RAEC). On the other hand, water production in Oman recorded a rise of 2.23 per cent to reach 45,603m cubic metres in August 2023 compared to 44,608m cubic metres during the corresponding period in 2022.

A joint seminar between the Capital Market Authority of the Sultanate of Oman and the Supervisory Authority of Insurance and Social Welfare (ACAPS) of the Kingdom of Morocco on ‘Inclusive Insurance and Digitalisation’ commenced in Rabat, Kingdom of Morocco in collaboration with the International Association of Insurance Supervisors (IAIS), Access to Insurance Initiative (A2ii), Financial Sector Deepening Program in Africa and Insurance Fintech Association. The two-day seminar comprised several working papers on inclusive insurance and digitalisation.

Oman Arab Bank, in collaboration with Arab Bank and the Central Bank of Oman, conducted an awareness session for financial institutions operating in Oman, showcasing best practices within the sector. The collaboration is a proactive step aimed at ensuring that Oman is well-prepared for the upcoming FATF assessment in 2024 and is set to help the country meet international standards for Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT).

The broad money supply in Oman witnessed a growth of 5.1 per cent on an annual basis to reach RO 21.6 billion by end of August 2023. Despite the decrease in cash in its narrow sense by 5.5 per cent, the increase witnessed in cash in its broad sense is due to the increase in quasi-cash by 9.4 per cent, which consists of the sum of savings and term deposits in Omani rials plus certificates of deposit issued by banks.

Oman Electricity Transmission Company (OETC), which owns and operates the country’s transmission system, says it has successfully completed the first phase of its North-South Interconnection Project (Rabt), a landmark initiative to link Oman’s two standalone grids into one integrated national network. The majority state-owned utility, part of Nama Group, announced in a post on last Monday that the first phase – encompassing five major grid stations linked by overhead transmission lines spanning a total distance of 670 km.

[Courtesy: U-Capital]