Muscat Stock Exchange records fresh gains in weekly trading
Several companies announced positive developments and promising future plans during the week, boosting confidence in their performance and maintaining the gains the Muscat Stock Exchange has been recording for several weeks.
The services sector index rose 82 points to close at 1,919 points, the financial sector index rose 32 points, and the Sharia index rose to 477 points, up by 7 points. Meanwhile, the industrial sector index fell 39 points, affected by the decline in shares of several industrial companies, most notably Oman Cables Industry Company, Voltamp Energy, Al Jazeera Steel Products Company, Oman Flour Mills, Gulf International Chemicals Company, and OQ Basic Industries.
Muscat Stock Exchange also saw gains in market capitalisation of OMR208.4 million in the week, reaching OMR29.61 billion by the end of Thursday's trading session, benefiting from the rise in shares of several companies. During the week high levels of trading was witnessed reaching OMR121.2 million with transactions executed recording a 28 percent increase and exceeding 13,700 transactions. Bank Muscat topped the most traded companies with OMR37.9 million, capturing 31.3 percent of the total trading value. OQ Exploration and Production came in second place with OMR19.2 million, and Sohar International Bank came in third with trades of OMR18.6 million, representing 15.4 percent of the total trading value.
During the week, prices of 32 securities rose, while 32 declined, and 23 securities remained unchanged. Muscat Insurance recorded the highest increase, rising 20.7 percent to close at 855 baisas. Sembcorp Salalah rose by 16.1 percent to close at 180 baisas and SMN Power Holding rose 15.5 percent to close at 231 baisas.
Gulf International Chemicals was the biggest loser, falling 5.2 percent to close at 72 baisas. Salalah Mills fell 4.6 percent to close at 410 baisas, and Dhofar International Development and Investment declined 3.3 percent to close at 290 baisas.
In corporate news, OQ Exploration and Production (OQEP) announced that it intends to distribute interim cash dividends and performance-related dividends totaling 19.94 baisas per share, to be distributed in two phases in September and November.
The company invited its shareholders to attend the ordinary general meeting scheduled for August 28 to approve this recommendation.
This disclosure led to the company's share price rising last week to 360 baisas, exceeding the subscription price for the first time in several months. Omantel also announced its financial results for the first half of this year last week, recording net profits of OMR161.1 million for the group and OMR 35.1 million locally. The company's stock rose by 77 baisas closing the weekly trading at 975 baisas.
Sohar International Bank said it has approached the Central Bank of Oman (CBO) for preliminary approval to submit a non-binding offer to acquire a 100 percent stake in Bait Insurance Company (known as Beema), the first integrated digital insurance platform.
Bank Nizwa said its board of directors has approved a plan to increase its capital by OMR60 million across several tranches, through an initial public offering (IPO) or a private placement. The bank noted that the aim is to enhance its ability to meet the growing demand for Sharia-compliant financing across the retail, corporate, and international banking sectors.
Oman Arab Bank said its board of directors had set the price of the rights issue shares at 151 baisas per share, including one baisa for issuance expenses. The bank's board of directors had decided last June to increase the bank's capital by OMR50 million through the issuance of rights issue. The share rose by one baisa closing the week at 149 baisas.
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