MUSCAT: The Muscat Stock Exchange (MSX) main index resumed its upward trajectory last week after a one-week decline, supported by gains in banking, energy and industrial shares as local funds and institutional investors moved towards buying.
By the end of last week’s trading, the main index closed at 5,123 points, up by 41 points. The industrial sector index posted the highest increase, rising by 34 points, while the services sector index gained 18 points and the financial sector index added 17 points. In contrast, the Sharia index dipped slightly, closing just under one point lower at 471 points.
Several stock gains helped push the main index back above the 5,100-point level after it had slipped below it in the previous week. Investors focused on leading shares such as Bank Muscat, Sohar International Bank, National Bank of Oman, Al Safwah Foods, Salalah Mills, OQ Gas Networks, Asyad Shipping and OQ Basic Industries, alongside energy firms including Al Anwar Energy, Al Batinah Power and Al Suwadi Power.
The rise in share prices lifted the MSX’s market capitalisation back to the RO 30 billion mark, ending the week at RO 30.143 billion, representing weekly gains of more than RO 200 million.
Local institutional funds and investment firms shifted towards buying, absorbing a wave of selling by individual investors. Trading data showed that Omani individual investors’ sales accounted for 23.4% of the total value of trades, against purchases of 17.8%. Local institutional investors, meanwhile, accounted for 76.5% of purchases, cutting their sales to 71.1% of the total, which further bolstered market gains in recent weeks.
Weekly trading value stood at RO 79.779 million compared with about RO 82 million the week before. The number of executed transactions increased to 16,427 from 16,328 in the previous week.
OQ Exploration and Production (OQEP) topped the list of most traded companies by value with RO 16.5 million, representing 20.6% of the total. Sohar International Bank ranked second with RO 14.9 million, followed by OQ Basic Industries with RO 12 million, or 15.1% of the total traded value.
During the week, 33 securities advanced, 34 declined and 24 remained unchanged. Oman Packaging led the gainers, rising 10.4% to close at 158 baisas. Al Maha Petroleum Products Marketing ranked second with an 8% gain to 990 baisas, while Al Anwar Energy climbed 6.4% to 115 baisas.
On the losing side, Dhofar Food and Investment recorded the steepest drop, down 10% to 63 baisas. Fincorp fell 8.7% to 42 baisas and Raysut Cement retreated 7.6% to 85 baisas.
In the bonds and sukuk market, Liva mandatory convertible bonds (issued in 2024) led the gainers, up 1.4% to close at 71 baisas. Ominvest mandatory convertible bonds (issued in 2024) saw the biggest decline, falling 10.5% to 76 baisas. Total trading in the bonds and sukuk market was limited at RO 30,000, down from about RO 87,000 in the previous week.
On the corporate front, OQ Gas Networks announced that its Board of Directors has proposed distributing interim cash dividends of 5.6 baisas per share for the first half of the current year, with the proposal to be presented at the ordinary general meeting scheduled for October.
Earlier in March, OQ Gas Networks distributed cash dividends of 4.92 baisas per share. Its share closed last week at 162 baisas, up 4 baisas, with a market capitalisation of RO 701.5 million. — ONA
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