The stocks of industrial companies listed on the Muscat Stock Exchange (MSX) faced a new increase over the past week, with the industrial sector index reaching 9730 points, indicating a weekly increase of 17 points. This sector benefited from the rise in stocks of Oman Cement, Al Safa Food Products, Al Maha Ceramics, Anwar Tiles, and several other industrial companies.
Fluctuating Performance of the Muscat Stock Exchange
The Muscat Stock Exchange witnessed fluctuations over the week, leading to a decline of about 70 points in the main stock index, marking the fourth consecutive week of decline, closing at 7276 points at the end of the week’s trading. The financial sector index experienced the largest decrease, dropping by 92 points, while the services sector index fell by 29 points. In contrast, the Sharia index increased by 2 points, closing at 611 points.
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Decrease in Trading Value and Volume
The trading value decreased to 180.1 million Omani Rials, a 43% drop compared to last week’s 318.9 million Omani Rials. The number of executed transactions also fell to 72,000, compared to over 75,000 transactions last week. Additionally, the market value of listed securities on the exchange decreased to 38.49 billion Omani Rials, recording weekly losses of about 95 million Omani Rials.
This week, the Muscat Stock Exchange listed the twelfth issuance of government Islamic bonds valued at 150 million Omani Rials in the bond and sukuk market, with each sukuk valued at 1000 Omani Rials and an annual interest rate of 4.85%. This listing led to an increase in the market value of bonds and sukuk to 5.5 billion Omani Rials, although the recorded declines in stocks caused an overall drop in the market value of the Muscat Stock Exchange.
In the past week, the prices of 44 securities decreased, while the prices of 28 other securities increased, and 21 securities remained unchanged. The stock of Oman Cement saw the highest increase of 8.1% to reach 730 baisa. This company is set to hold an ordinary general meeting on November 18 to consider a proposal for a temporary cash dividend of 30 baisa per share from retained earnings until December 2025.
The stock of Renaissance Services increased by 3.7% to reach 275 baisa, and the stock of Al Anwar Investments reached 202 baisa with a 3% increase. Additionally, units of Oman Real Estate Fund rose by 2.8% to 107 baisa, and the stock of Dhofar Generating increased by 2.6% to 77 baisa.
On the other hand, the stock of Musandam Power decreased by 12.5% to 299 baisa, and the stock price of Salalah Port Services fell by 9.8% to 475 baisa. The stock of Sembcorp Salalah also dropped to 255 baisa with an 8.6% decrease.
The stock of Omantel accounted for 23% of the total trading value, including transactions worth 41.5 million Omani Rials. OQ Gas Networks ranked second with transactions worth 26.9 million Omani Rials, while OQ Basic Industries ranked third with 23.6 million Omani Rials, and Bank Muscat ranked fourth with 18.4 million Omani Rials.
Companies Al Suwadi Power and Al Batinah Power announced that they have received the necessary approval from the Public Services Regulatory Authority for the refinancing process, as stated in two separate announcements.
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