2 days ago
MSX posts fresh gains as main index tops 4,930 points
The Muscat Stock Exchange (MSX) recorded fresh gains last week, buoyed by strong liquidity flows and new corporate disclosures that reinforced investor confidence. The benchmark index climbed above 4,930 points, adding 80 points on a weekly basis.
Company announcements on positive results and forward-looking strategies helped sustain the upward trend that has characterised the market in recent weeks. The services index rose 82 points to close at 1,919, the financial index added 32 points, and the Sharia-compliant index gained 7 points to reach 477.
In contrast, the industrial index slipped 39 points, dragged down by declines in several key stocks, including Oman Cables, Voltamp Energy, Al Jazeera Steel, Oman Flour Mills, Gulf International Chemicals and OQ Basic Industries.
Market capitalisation increased by RO 208.4 million to RO 29.61 billion by the close of Thursday's session, supported by rising share prices. Weekly trading activity was robust at RO 121.2 million, with transactions surging 28 per cent to over 13,700. Bank Muscat dominated turnover at RO 37.9 million, accounting for 31.3 per cent of the total. OQ Exploration and Production ranked second with RO 19.2 million, followed by Sohar International Bank with RO 18.6 million, or 15.4 per cent of total trades.
Share performance was mixed: 32 securities advanced, 32 declined and 23 remained unchanged. Muscat Insurance led gainers with a 20.7-per cent jump to 855 baisas, followed by Sembcorp Salalah, up 16.1 per cent at 180 baisas, and SMN Power Holding, which climbed 15.5 per cent to 231 baisas. Gulf International Chemicals was the top loser, falling 5.2 per cent to 72 baisas, while Salalah Mills slid 4.6 per cent to 410 baisas, and Dhofar International Development & Investment dropped 3.3 per cent to 290 baisas.
Corporate updates also supported trading momentum. OQ Exploration and Production announced interim and performance-linked dividends totalling 19.94 baisas per share, payable in September and November, lifting its stock to 360 baisas. Omantel posted first-half net profits of RO 161.1 million for the group and RO 35.1 million domestically, boosting its shares by 77 baisas to close at 975 baisas. Sohar International said it sought initial Central Bank approval to acquire 100 per cent of digital insurer Bima. Meanwhile, Bank Nizwa approved a RO 60 million capital increase, and Oman Arab Bank set the price of its rights issue at 151 baisas. - ONA
