MUSCAT: Omani individual investors increased their stock purchases on the Muscat Stock Exchange (MSX) last week as they positioned themselves for upcoming dividend distributions, set to be discussed at annual general meetings in March. Local investors accounted for 22.6% of total trading activity, acquiring shares worth RO 16.3 million, while their sales made up 17.1%. This heightened interest reflects investor confidence in benefiting from dividend payouts, further supported by positive corporate earnings.
Several companies have already announced dividend proposals. Al Jazeera Steel Products approved its annual financial results and recommended a cash dividend of 43 baisas per share, subject to approval at its March 23 AGM. The company’s net profit surged to RO 7.7 million in 2024, up from RO 4.024 million in 2023. Following the announcement, Al Jazeera Steel’s stock price jumped by 20.6%, closing at 380 baisas, making it the top gainer for the week.
The industrial sector led market gains, with several stocks performing well. Voltamp Energy climbed 8.6% to close at 555 baisas, while Oman Cement rose by 10 baisas, settling at 405 baisas. Building Materials Industry increased 6 baisas to 82 baisas, and other industrial stocks such as Al Anwar Ceramic Tiles, Oman Chrome, and Gulf Mushroom Production also saw gains. As a result, the industrial sector index rose by 172 points, closing at 5,614 points, making it the only index to record gains. Meanwhile, the MSX main index declined by 86 points to 4,478, while the financial sector index dropped 89 points, and the services sector index lost 27 points. The Sharia index also saw a slight decline of two points, closing at 416 points.
Market performance remained mixed, with 38 stocks declining, 24 gaining, and 24 remaining unchanged. The overall market capitalization fell to RO 27.344 billion, reflecting weekly losses of RO 164.2 million.
Among the top-performing stocks were Al Jazeera Steel, Al Maha Petroleum, and Voltamp Energy, while Ooredoo, Muscat Gases, and Dhofar International Development & Investment recorded the steepest declines.
Trading activity was particularly strong in OQ Exploration & Production, which saw a total trading volume of RO 5.063 million, representing 31% of the total market turnover. Omantel followed with RO 1.8 million in trades, while OQ Gas Networks recorded RO 1.5 million.
With dividends and strong earnings driving market sentiment, investors remain focused on stocks with high payout potential as they prepare for the upcoming general meetings in March. — ONA
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