MUSCAT: Industrial companies outperformed other sectors on the Muscat Stock Exchange (MSX) last week, with the industrial sector index rising by 55 points. This was in contrast to declines in the main index, which fell by 18 points to close at 4,603, as well as drops in the financial (-32 points), services (-24 points), and Sharia (-8 points) indices.
Despite overall market losses, industrial stocks demonstrated resilience. Among the 37 securities that declined, 21 securities recorded gains, driving the industrial sector’s strong performance. Building Materials Industry shares saw the most significant growth, surging 36% to close at 67 baisas.
Al Anwar Ceramic Tiles followed with a 10% increase to 107 baisas, while Galfar Engineering & Contracting rose by 6.7% to 79 baisas. Gulf Mushroom Production and Al Maha Ceramics posted gains of 2.5% and 2.3%, closing at 245 and 130 baisas, respectively.
The MSX’s market value dropped by RO 290 million to RO 27.81 billion, reflecting last week’s bearish trend. However, the number of deals rose to 4,898 from the previous week’s 4,289. Trading value remained steady at RO 16.9 million.
OQ Exploration and Production led trading activity with a value of RO 3 million, representing 18.1% of total trading.
Bank Muscat followed with RO 2.5 million, while OQ Basic Industries recorded RO 2.2 million, accounting for 13% of total trading.
Top gainers included Building Materials Industry, Majan Glass, Oman Free Financing Bonds, and Al Anwar Ceramic Tiles. Conversely, Oman Chrome stock suffered the steepest decline, dropping 14.8% to RO 3.15. Oman Investment & Finance and Salalah Port Services also declined, falling 11.5% and 10% to close at 84 baisas and 252 baisas, respectively. — ONA
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