MUSCAT: Purchases by Omani investors rose above RO 154.00 million on the Muscat Stock Exchange last week as buyers took advantage of falling share prices and stronger first-half corporate earnings.
Local purchases increased from about RO 125.00 million in the previous week and accounted for 84.7 per cent of total market turnover.
The value of shares traded rose by 33 per cent to approximately RO 182.70 million from RO 137.00 million a week earlier. Local investors accounted for 74.7 per cent of total sales.
Despite the rise in buying by Omani individuals, funds and investment institutions, selling pressure continued across much of the market.
Prices of 65 securities declined during the week, while 13 advanced and 22 closed unchanged.
The MSX main index fell by 363 points to end Thursday at 7,117 points, extending a 163-point decline in the previous week.
The financial sector index recorded the largest decline, losing 412 points. The industrial index fell by 275 points and the services index dropped by 155 points.
The Sharia index declined by 23 points to close at 572.
Market capitalisation fell by RO 877.90 million during the week to RO 37.17 billion, reflecting the decline in share prices.
Bank Muscat was the most actively traded stock by value, with turnover of RO 40.20 million, equivalent to 22 per cent of total market trading.
Its shares fell as low as 369 baisa before recovering to close at 383 baisa, down nine baisa over the week. The stock had traded above 500 baisa at its highest level earlier in the year.
Sohar International attracted turnover of RO 27.90 million, or 15.2 per cent of the market total, as the bank launched a rights issue of about 1.06 billion shares at 141 baisa each.
More than 20 million rights were traded through 456 transactions, with prices ranging between six and 20 baisa. The rights closed at 14 baisa.
The offering is intended to increase Sohar International’s capital to RO 849.60 million from RO 702.50 million. Its ordinary shares ended the week at 172 baisa, down 10 baisa.
OQ Base Industries was the third-most actively traded company, with turnover of RO 25.50 million, representing about 14 per cent of total trading.
Omantel followed with RO 17.00 million, while OQ Gas Networks recorded RO 16.20 million, or 8.8 per cent of the market total.
SMN Power Holding led the gainers, rising 6.3 per cent to 202 baisa. Shell Oman Marketing gained 2.5 per cent to 800 baisa and Ahli Bank advanced 1.9 per cent to 214 baisa.
Oman Chlorine rose 1.8 per cent to 163 baisa, while Oman Arab Bank increased 1.6 per cent to 242 baisa.
Oman and Emirates Investment Holding led the decliners, falling 21.6 per cent to 112 baisa. Al Batinah Power dropped 11.1 per cent to 160 baisa, while Asyad Shipping fell about 11 per cent to 243 baisa. — ONA
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