MUSCAT: The Muscat Stock Exchange (MSX) main index slipped by 66 points last week, closing at 5,544 points, as local investment funds and institutions engaged in profit-taking after five consecutive weeks of gains exceeding 500 points. The downturn affected most sector indices, with the financial sector index leading the losses, dropping 153 points amidst declines in banking and major investment stocks. The industrial and services sector indices also fell by 23 and 13 points respectively, while the Sharia-compliant index edged up by 4 points to end at 475 points.
Trading activity weakened notably, with total trading value falling by 34 per cent to RO 178.8 million, compared to RO 271.1 million in the previous week. The number of executed transactions also decreased by 16.8 per cent to 32,628. Local institutional and fund investors were net sellers, accounting for 75.1 per cent of total sales, while Omani individuals turned net buyers, representing 21.1 per cent of total purchases.
Trading remained concentrated in a handful of major stocks — Bank Muscat, Bank Sohar International, OQ Base Industries, OQ Exploration and Production; and Asyad Shipping — which together accounted for RO 137.8 million, or 77 per cent of total trading value.
Despite the overall decline in share prices, with 40 securities falling and 26 gaining, the MSX’s total market capitalisation held steady at RO 31.327 billion, supported by the listing of the 77th Government Development Bond issue worth RO 100 million.
The week also marked a milestone for the exchange with the launch of the new Promising Companies Market, where Bawariq Nizwa became the first company to list, debuting with a capital of RO 1.956 million and a share price of 141 baisa.
Among the top gainers, Financial Centre Company (Fincorp) surged 16.6 per cent to close at 42 baisa, followed by Al Maha Ceramics, up 9 per cent to 290 baisa and Oman Refreshments, which gained 8.9 per cent to RO 1.492. Meanwhile, International Financial Investments Holding led the decliners, dropping 10.8 per cent to 156 baisa, while Barka Desalination and Al Anwar Investments slipped 4.7 per cent and 4.5 per cent respectively. — ONA
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