Tuesday, March 19, 2024 | Ramadan 8, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

MSM gains 28 points in second rise this year

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MUSCAT: The main index of Muscat Securities Market (MSM) rose 28 points to close at 5.052 points in August, its second rise this year after rising by 4 points in February 2017. The index has been under intense pressure this year, falling in most of the previous months except in February and August. The index lost 730 points this year due to fluctuating oil prices and their impact on the national economy and companies listed in the market.


Trading value rose in August to RO 77.3 million, the best volume since March 2017. In February and March, the market witnessed trading of more than RO 116 million and RO 107 million respectively; the best trading volumes recorded by the market during the current year. The value of trading in June fell to RO 41 million, recording the lowest levels this year.


The number of transactions executed last month rose to 13,175 transactions against 10,255 transactions in July 2017. The market value recorded gains that worth RO 122.4 million to reach RO 17.635 billion at the end of August.


Bank Sohar topped the most traded companies in terms of turnover of RO 14.9 million representing 19.3 per cent of the total value of trading. Omantel came second with RO 13.1 million, followed by Bank Muscat with RO 9.9 million. The share of Al Ahlia Insurance Company, which was listed on the market on 17th August, attracted investors. The share witnessed 1,890 deals with a trade value of RO 9.3 million, representing 12.1 per cent of the total value. The share rose during trading to 330 baisas, but settled at 312 baisas at the end of the month, up 12 baisas of the Initial Public Offering (IPO) price of 300 baisas.


The shares of 16 companies rose in August against 32 companies whose prices fell and 29 companies maintained their previous levels. Voltamp Energy was the best performer, closing at 562 baisas, up 16.1 per cent. The share of the National Aluminum Products Company rose to 149 baisas, up 13.7 per cent. Omantel rose to 250 baisas, up 10.6 per cent.


The shares of the Oman Fisheries Company recorded the highest decline and closed at 105 baisas, down 17.3 per cent. Renaissance Services plummeted to 170 baisas, down 12.8 per cent. The Port Services Corporation dropped 10.9 per cent after the company distributed dividends at the beginning of August by 10 per cent. Its share closed at the end of the month at 179 baisas. — ONA


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