MUSCAT: The volume of trading in Muscat Securities Market (MSM) during October rose to RO 89.5 million compared to RO 71.1 million in September, registering a 25.5-per cent increase.
The increase was supported by active trading in the shares of a number of listed companies in the banking and telecommunications sectors.
Bank Sohar acquired more than 33 per cent of the total trading value of RO 30.3 million while Oman Telecommunications Company (Omantel) recorded a turnover of RO 11 million, representing 12.2 per cent of the total value of trading. BankMuscat witnessed a turnover of RO 6.6 million and Omani-Qatari Telecommunications Company “Ooredoo” witnessed a turnover of RO 6.4 million.
In October, MSM witnessed a rise in the number of executed transactions, jumping to 15,087 transactions from 11,293 transactions in September.
The first three trading days of October showed an optimistic outlook from investors that pushed the benchmark index up by 98 points, surpassing the 5225 points level and recording the best level in 4 months.
However, it was unable to maintain this level after preliminary financial results showed a decline in corporate profits, which pushed the benchmark index to retreat at the end of October to 5,010 points, down by 126 points during the month.
The Financial Sector index led the decline, shedding 364 points, the Industrial Sector index retreated about 295 points and the Sharia Market Index fell by 18 points and the Services Sector index recorded the lowest decline and closed at 2,545 points, down by 5 points.
The decline in the trading reflected the decline of investor sentiment after the emergence of financial results. 44 companies retreated in October, compared to 12 companies whose prices rose, and 14 companies maintained their previous levels.
MSM listed on 19th October shares of Oman Qatar Insurance Company in the parallel market to become the third insurance company to become a public shareholding company during the current year, but its trading was limited to RO 323,000 and closed the stock at 151 baisas, down from 160 baisas.
The market capitalisation of listed companies at the end of October fell to RO 17.762 billion. — ONA
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