MUSCAT: The market value of public joint-stock companies listed on the Muscat Stock Exchange (MSX) climbed to RO 12.4 billion by the end of last week, marking a weekly gain of RO 537.4 million. This increase was primarily driven by the listing of Asyad Shipping Company, which debuted on the exchange following its successful initial public offering (IPO) of 20 per cent of its capital.
The total market value of the MSX reached RO 27.6 billion, with public joint-stock companies accounting for 44.9 per cent of this figure. Meanwhile, closed companies—those not traded on the exchange—had a market value of RO 10.7 billion, while bonds and sukuk contributed approximately RO 4.5 billion.
Asyad Shipping's first trading session saw 287 transactions worth RO 2.7 million, making up 10.8 per cent of the total trading value. The stock remained steady at its IPO price of 123 baisas, with a market capitalization of RO 640.6 million. This positioned the company as the fourth-largest by market capitalization on the exchange, following OQ Exploration and Production (RO 2.5 billion), Bank Muscat (RO 1.9 billion), and Bank Sohar International (RO 820.5 million).
Investor interest was heavily concentrated in the banking sector, driven by anticipation of upcoming dividend distributions. National Bank of Oman (NBO) led in trading value with RO 9.9 million, accounting for 39 per cent of total trades. Bank Sohar International and Bank Muscat followed, recording trading volumes of RO 1.6 million and RO 1.5 million, respectively.
Overall, the seven listed banks contributed 51.5 per cent of the total trading value, which surged 36 per cent from the previous week, reaching RO 25.3 million.
Several banking stocks saw gains as investors positioned themselves ahead of general assemblies set to approve dividend payouts. NBO’s stock rose 7.1 per cent to close at 300 baisas, while Ahli Bank climbed 5.3 per cent to 176 baisas, and Oman Arab Bank edged up 1.4 per cent to 137 baisas.
Dividend announcements include: National Bank of Oman (March 18): Cash dividend of 9.4 baisas per share. Bank Dhofar (March 23): Cash dividend of 6.55 per cent, bonus shares of 1.45 per cent. Ahli Bank (March 25): Cash dividend of 5 per cent, 5 per cent convertible bond. Bank Muscat (March 26): Cash dividend of 16.5 per cent. Bank Sohar International (March 26): Cash dividend of 8 per cent.
The financial sector index gained 38 points, making it the only sector to end the week in positive territory. However, the MSX main index fell by 8 points to close at 4,387. Other sectoral indices also declined, with the industrial index dropping 154 points, the services index down 16 points, and the Shariah index slipping by 7 points to 395.
Among individual stocks, Muscat Insurance recorded the highest gains, surging 46 per cent to close at 467 baisas. Voltamp Energy rose 7.8 per cent to 620 baisas, while NBO advanced 7.1 per cent to 300 baisas.
On the losing side, Shell Oman Marketing led with a 15.2 per cent decline, closing at 500 baisas. Oman Cables Industry fell 10.7 per cent to 2.174 baisas, while Oman Fisheries dropped 10 per cent to 27 baisas.
Last week, 43 securities recorded price declines, while only 15 stocks advanced, and 24 remained unchanged. The total number of transactions executed rose from 3,489 to 4,064, reflecting increased market activity. — ONA
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