Stronger trading drives weekly gains on MSX
MUSCAT: Trading activity on the Muscat Stock Exchange (MSX) picked up pace last week, with average daily volumes rising 19.2 per cent to RO 13.1 million, compared to RO 11 million the previous week. This increase came despite a shorter trading week due to the Eid al Adha holiday.
The uptick was fuelled by robust investor interest in companies affiliated with the Oman Investment Authority, which reported strong financial results. Local institutional investors and funds were also active net buyers, accounting for 69.3 per cent of total trading value.
The combined trading value for the week reached RO 39.3 million. Notable contributors included OQ Basic Industries (RO 7.69 million), OQ Gas Networks (RO 6.1 million), OQ Exploration and Production (RO 6.07 million), and Asyad Shipping (RO 4.69 million). Together, these four companies accounted for 62.4 per cent of total trading.
Despite the increased activity, the MSE's main index slipped by 35 points to close at 4,543 points, ending a six-week streak of gains amid profit-taking in key stocks. The industrial index fell 94 points, financials were down 44 points, services dropped by 12 points, and the Shariah index edged down 3 points to 441.
Market capitalisation rose by RO 82 million, closing at RO 28.88 billion. This was largely driven by gains in OQ Exploration and Production, whose market cap increased by RO 136 million after shares climbed by 17 baisas to 312 baisas.
The company has scheduled an extraordinary general assembly for June 24 to consider amending its articles of association, including a proposal to allow share buybacks.
Elsewhere, Al Anwar Investments invited shareholders to its AGM on June 30 to discuss a 4 baisa-per-share dividend and 4 per cent bonus shares. The company's shares ended the week at 85 baisas.
Meanwhile, Fincorp Financial Services announced plans to exit the brokerage sector and transition into investment activities, pending approval from the Financial Services Authority and shareholder consent at an EGM on June 29.
In the education sector, the Omani Education and Training Investment Company reported a net profit of RO 7.2 million for the first nine months of its fiscal year ending 31 August—up from RO 6.5 million in the same period last year. — ONA
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