MUSCAT: Trading activity on the Muscat Stock Exchange (MSX) surged last week, reaching RO 20.6 million, a 26.3-per cent increase from RO 16.3 million in the previous week. The spike was primarily driven by the eighth issue of sovereign Sukuk, which alone accounted for RO 10.3 million, representing 50.2 per cent of total trading value.
The latest sovereign Sukuk issue, listed on the MSX on January 5, has a total volume of RO 282 million and an annual profit rate of 4.8 per cent. Last week saw the execution of a major transaction involving 100,000 bonds, with each bond trading at RO 103.560. This marks the first trading activity for this issue since its listing.
As a result, trading in the bonds and Sukuk market soared to RO 11.363 million, up from RO 1.131 million the previous week. In contrast, stock market trading declined from RO 15.1 million to RO 9.2 million. Among equities, OQ Exploration and Production led the activity with RO 2.1 million in trades, followed by OQ Basic Industries at RO 916,000 and Bank Muscat at RO 896,000.
Investor sentiment remained cautious following the announcement of Asyad Shipping Company’s public offering approval. The company is set to offer 1.417 billion shares for public subscription from February 20 to 27, as part of its transformation into a public joint stock company. The retail share price is set at 123 baisas, while institutional investors will participate within a price range of 117-123 baisas per share. The offering size represents 20 per cent of Asyad’s total capital of 5.208 billion shares.
Last week, the MSX saw declines in 35 securities, while 17 securities advanced and 25 remained unchanged. This downward trend pushed the MSX main index down by 34 points to close at 4443. Sectoral indices also recorded losses, with the financial sector shedding 58 points, the services sector down by 28 points, and the Sharia index dropping by 3 points. However, the industrial sector gained 10 points, closing at 5624, buoyed by gains in Voltamp Energy, Oman Cement, and Galfar Engineering and Contracting.
The overall market capitalisation of MSX declined by RO 57.1 million, closing Thursday’s session at RO 27.287 billion.
Among gainers, Gulf Hotels – Oman led the pack with a 10-per cent increase, closing at RO 3.850. Voltamp Energy climbed 4.5 per cent to 580 baisas, while Galfar Engineering and Contracting gained 4 per cent to reach 79 baisas.
On the losing side, Al Jazeera Services fell by 11 per cent to 170 baisas, Fincorp Financial Center dropped 9.6 per cent to 47 baisas, and Al Maha Petroleum Products Marketing declined 8.7 per cent to RO 1.340. — ONA
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