MSX index ends higher
Muscat: The MSX index closed at 4,565.23 points, up by 0.09% from previous close. The Sharia Index ended up by 0.50% at 447.81 points. Muscat Gases, up 10.00%, was the top gainer while, Barka Water & Power Company, down 10.00%, was the top loser. Shares of Sohar International Bank were the most active in terms of number of shares traded as well as in terms of turnover.
A total number of 2498 trades were executed during the day's trading session, generating turnover of OMR9.91 million, with more than 60.05 million shares changing hands. Out of 65 traded securities, 26 advanced, 18 declined, and 21 remained unchanged. At the session close, GCC & Arab investors were net sellers for OMR474,000 while domestic investors were net buyers for OMR445,000, followed by foreign investors for OMR29,000 worth of shares.
Financial Index closed at 7,957.61 points, up 0.2%. Prices of Muscat Insurance, Oman United Insurance, Financial Corporation, Global Financial Investments, Muscat Finance were up by 8.11%, 3.56%, 3.33%, 2.02%, 1.89% respectively. Prices of Dhofar Insurance, Al Madina Investments, Oman & Emirates Investment, Oman Arab Bank, Bank Muscat were down by 2.50%, 2.17%, 1.35%, 0.68%, 0.37% respectively.
Industrial Index closed at 6,649.50 points, up 1.28%. Prices of Galfar Engineering, Al Maha Ceramics, Oman Cement, Al Anwar Ceramics, Gulf Mushroom Products were up by 9.09%, 5.23%, 2.87%, 2.53%, 0.45% respectively. Prices of Oman Cables Industry, A'Saffa Foods, Raysut Cement, Voltamp Energy were down by 2.08%, 1.54%, 0.94%, 0.75% respectively.
Services Index was down by 0.37% before closing at 1,619.08 points. Prices of Muscat Gases, OIFC, Al Jazeera Services, National Gas, Ooredoo were up by 10.00%, 6.94%, 4.10%, 2.53%, 2.38% respectively. Prices of Barka Water & Power Company, Shell Oman Marketing, Musandam Power, Abraj Energy, Al Suwadi Power were down by 10.00%, 5.98%, 1.96%, 1.95%, 1.41% respectively.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
7 hours ago
- Times of Oman
Oman bans government contracts for firms failing Omanisation targets
MUSCAT: In a sweeping move to tighten enforcement of its national employment policy, the Sultanate of Oman's Tender Board has made it mandatory for all private sector companies to comply with approved Omanisation rates in order to be eligible for government contracts. The directive, issued under Circular No. 2025/2, instructs all ministries and government entities governed by the Tender Law to refrain from awarding contracts to companies that fail to meet the stipulated Omanisation levels, marking a significant shift toward safeguarding jobs for Omani nationals. The circular, issued by the General Secretariat of the Tender Board, aims to ensure that the employment of Omani citizens becomes a non-negotiable requirement in public sector contracting. It instructs government bodies to include a clause related to Omanisation compliance in all tender documents before the tender is floated. This clause is to be inserted in accordance with the official format provided and must make clear that non-compliance with national workforce targets will result in disqualification from the bidding process. In a move that streamlines compliance and enhances transparency, the circular also mandates that government entities verify a company's adherence to Omanisation targets through the Esnad electronic tendering system. This verification is to be carried out prior to awarding any contract, with Esnad drawing real-time employment data directly from the Ministry of Labour. The integration of this digital system ensures that non-compliant companies are screened out at an early stage, minimising the possibility of circumvention. Further, the new rules extend to international companies and institutions that are not registered within the Sultanate but participate in tenders for large-scale or strategic government projects. While such companies may not be immediately subject to pre-award Omanisation verification, their compliance will be closely monitored post-award and during contract implementation. This oversight forms part of the broader local content strategy, which includes evaluating how effectively these companies contribute to Oman's workforce development and national economic goals throughout the lifecycle of a project. The Tender Board has called on all ministries and public sector units to fully comply with the provisions of the circular 'in the public interest,' underlining the importance of the directive in advancing national priorities. The move is aligned with the goals of Oman Vision 2040, which places a strong emphasis on empowering the national workforce, enhancing economic sustainability, and reducing dependence on expat labour in key sectors. The policy is expected to significantly impact the way private and foreign companies approach public tenders in Oman, compelling them to prioritise the recruitment, training, and retention of Omani nationals as part of their operational strategy. Industry analysts believe the move will not only create more job opportunities for Omanis but also push companies to invest in long-term human capital development within the country.
Times of Oman
7 hours ago
- Times of Oman
Trump's Tariffs are back
A US Federal Court has blocked President Donald Trump's tariff, a major setback to his trade policies. The Manhattan-based three-judge court of International Trade said the US Constitution gave Congress exclusive powers to regulate commerce with other nations, but did not give the President unilateral authority to impose tariffs on all countries. However, the US Court of Appeals granted a temporary stay of the order. Speaking to The Times of Oman, R. Madhusoodanan, a former SBI Official and a financial expert based in Muscat, said, the court ruling has cheered the financial markets; however, with the temporary stay, the tariffs are back now. Typically, such vital decisions like changes in tariffs need to be approved by the Congress, but were bypassed by the President, according to the petitioners. After taking office as President in January 2025, Trump announced his tariff plan against most countries of the world, citing that the US is being treated unfairly in global trade, creating an imbalance in tariffs. His stance was that if they charge us, we charge them. He said, the higher tariffs announcement has caused several economic, political, and strategic impacts on both Advanced Economies (AEs) and Emerging Market (EM) Economies of the world. It has disrupted the established supply chains and slowed economic growth. Despite the 90 days pause on the tariffs announced on 9th April 2025 for countries excepting China and China on 11th of May 2025, after the de-escalation of the trade tension meeting held in Geneva between the two countries, the Trump administration continued to fuel global economic uncertainty with its unpredictable trade policies. This was evidenced by the announcement of a 50% tariff on the European Union(EU) effective from June 1st and later shifted to July 9th 2025. Reports also indicated that he threatened a 25% tariff on Apple if it continued to manufacture iPhones overseas. R. Madhusoodanan said, no countries are insulated from the adverse impacts of the tariff threat. The global economy has been affected due to the tariffs and retaliatory tariffs announcements. There are signs of economic slowdown in the US, China, among other countries. The US is well aware of the long-term impact of the tariffs, i.e. a possible downturn in the GDP growth along with a slowdown in the US exports and consumption. If continued, it will push up inflation and hurt employment in the US. The Chinese economy has also been affected by the tariff war. Its export to US fell sharply, impacting the country's enormous manufacturing sector. China had to roll out fresh economic stimulus to the affected sectors. Large-scale incentives and subsidies were given to companies to make their products and services more competitive in the global markets. China also had to introduce many austerity measures to tide it over the situation arising out of this. The Emerging Market(EM) Economies are also affected, but have taken steps to reduce their dependency on the US and have formed new trading blocs, he said. Earlier, the US has made it clear that the tariff rates will soon return to a 'reciprocal ' level if countries don't reach trade agreements during the 90-day pause. The disruptive trade agenda will not help any country, for that matter. Now with the ruling of the US Court, I believe there remains a possibility of a mutually beneficial long-lasting resolution that can restore the stability of global trade, R. Madhusoodanan said.
Times of Oman
7 hours ago
- Times of Oman
Eid staycation deals: Up to 50% off at top resorts across Oman
MUSCAT: Haven't made plans for Eid Al Adha yet? Don't worry — a range of last-minute staycation deals are still up for grabs across Oman, with discounts of up to 50 per cent at some of the country's top hotels and resorts. Whether you're craving a luxury retreat or a mountain escape in the cooler climes of Jabal Shams or Jabal Akhdar, there's something to suit every preference this holiday. On the occasion of Eid Al Adha 1446 AH, and following the Royal directives of His Majesty Sultan Haitham bin Tarik, holidays for employees in the State's Administrative Apparatus, other legal entities, and private sector establishments in Oman have been officially announced. The holiday will run from Thursday, June 5, 2025, to Monday, June 9, 2025, with work resuming on Tuesday, June 10. With the dates confirmed, hotels and tour operators across the Sultanate are reporting a surge in bookings, particularly from residents and visitors from the UAE. 'We are geared up for the Eid holidays and we are seeing a lot of bookings from the UAE and Oman,' said Akbar Abbas, Resort Manager at The View Oman, situated at Al Hamra Among the most sought-after destinations this Eid are Jabal Akhdar and Jabal Shams, which offer a refreshing escape from the region's summer heat. These mountain getaways transform into lush oases during the warmer months, offering cultural experiences and a cooler climate rarely found elsewhere in the GCC. The View Oman –A highland haven As temperatures climb across the region, The View Oman, a luxury eco-resort near the historic village of Al Hamra, offers a tranquil mountain retreat. Nestled in a scenic valley and accessible via a 7.5 km stretch of winding mountain road (four-wheel drive required), the resort promises breathtaking views and unmatched hospitality. 'And on reaching there you are greeted with stunning panoramas of the surrounding valley, which is sure to take your breath away. The View combines spectacular views of nature and excellent amenities with unparalleled hospitality making it one of the best luxury resorts in Oman,' said Abbas. Guests can relax in comfortable sit-out areas, and dine outdoors under the stars. The location is perfect for exploring nearby attractions such as Jabal Shams, Al Hoota Caves, Nizwa Fort, Misfat Al Abriyyin, and the ancient town of Al Hamra. The resort also caters to adventure seekers with options for trekking, biking, and hiking. For those seeking relaxation, spa therapies and a swim in the mountaintop infinity pool offer a serene experience with panoramic valley views. At 1,400 metres above sea level, The View Oman provides stunning sunsets and a cool climate — ideal for dining at the terrace of the in-house restaurant. The hotel is giving a special Eid offer with up to 50% off on all website bookings. DusitD2 Naseem Resort– A family favourite Another star attraction is dusitD2 Naseem Resort Jabal Akhdar, a favourite among families, especially those travelling with children. Jagdeip Thakral, General Manager of DusitD2 Naseem Resort Jabal Akhdar, noted a sharp increase in bookings by local residents. He said: 'Staycations are now a norm in the country during Eid breaks, and we already have a lot of local residents booking their stay during the upcoming Eid break. 'We are all geared up to welcome them and have curated various offers and experiences to ensure they have the best stay at our property, which is popular with families.' The resort is well known for its Adventure Park, the only one in the area, which continues to be a major draw for younger guests. The hotel also has Kids Club that features mini cinema sessions. 'The only Adventure Park in the area is a big hit among youngsters and is a major draw along with our other facilities at the property,' Thakral added. He also highlighted that the property is currently enjoying a blooming season with flowers in full display, and confirmed high occupancy for the upcoming Eid holidays. Guests can book their Eid stay from OMR85++ per night that includes buffet breakfast and unlimited Adventure Park access. Arabian Nights Resort & Spa – A desert escape Located in the heart of the Sharqiyah Sands, Arabian Nights Resort & Spa offers a luxury eco-experience amid the vast, rolling dunes. Accessible only by 4WD vehicles through a 27 km stretch of desert from Bidiyah, the resort is a sanctuary of seclusion and style. Arabian Nights Resort and Spa offers a spectacular dune view of nature and excellent amenities with unparalleled hospitality, making it one of the best luxury desert resorts in Oman. Guests can enjoy sit-out areas, and open-air dining, or explore nearby attractions like Wadi Bani Khalid and Wadi Tiwi. For those looking to get active, the resort offers desert trekking, fat bike riding, sandboarding, dune bashing, and visits to Bedouin homes. The resort also features an inviting swimming pool with a poolside bar, offering a leisurely day of comfort amid the dunes. 'Special Eid offer includes upto 30% off on all bookings,' said Ganga Bahadur, Resort Manager, Arabian Nights Resort & Spa. Hotel Indigo Jabal Akhdar– A cool mountain retreat Set at a lofty 2,000 metres above sea level, Hotel Indigo Jabal Akhdar Resort & Spa provides a naturally air-conditioned escape from the summer heat, with temperatures around 15 degrees cooler than in coastal regions. The resort invites guests to experience Oman's 'Green Mountain' through its exclusive summer package, starting from just OMR 85++ per night including breakfast. In addition to breathtaking views, guests receive up to OMR 20 in credit for dining and wellness experiences, making it an ideal getaway for rejuvenation and adventure alike. This Eid Al Adha, whether you're heading to the mountains or the desert, Oman's resorts have something exceptional to offer — and with special discounts in place, now is the perfect time to book your dream staycation.
