Latest news with #SoharInternationalBank
Times of Oman
3 days ago
- Business
- Times of Oman
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.
Zawya
28-04-2025
- Business
- Zawya
Omani bourse witnesses decline in weekly trading
Muscat: The Omani stock market experienced a decline this week, with the main index falling by 0.73%, according to an industry expert. ' The market reversed gains from the previous week and continued its recent downtrend, contrasting with the stronger performances observed in other markets in the region,' said Abdullah Mahfoodh Al Wahaibi, Coach and analyst in global financial markets. 'Globally, market sentiment saw some improvement due to easing trade tensions between the US and China. However, the impact was more limited on the Omani stock market, although local sentiment could improve if trade risks subside,' he added. Simultaneously, oil prices retreated this week following some gains. Uncertainty lingered due to persistent oversupply concerns and ongoing US-China trade tensions. Additionally, potential progress towards peace in Ukraine and anticipated Opec+ output increases scheduled for May contributed to market caution. 'This decline in oil prices weighed on the Omani market, particularly given the relatively low price levels at which oil is currently trading,' said Abdullah Mahfoodh Al Wahaibi. 'Within the Omani market, the value and volume of shares traded decreased significantly, roughly halving compared to the previous week. While several companies released earnings last week, anticipation is building for further earnings reports next week. Strong results could potentially provide support and boost the market,' he further added. Sector performance within the Omani market was mixed during the week. The Financial sector faced the most significant decline, retreating by 0.95%. The sector index was affected by losses in major constituents, including Bank Muscat, which decreased by 0.79%, Sohar International Bank, which fell 1.52%, and Ominvest, which saw a steeper decline of 4.35%. Similarly, the Services sector also ended the week in negative territory, registering a loss of 0.71%. Several key companies within the sector contributed to this performance, with Abraj Energy Services down 0.44%, OQ Gas Networks lower by 0.78%, and Oman Telecom shedding 0.25%. In contrast to the declines in the financial and services sectors, the Industrial sector managed a marginal gain, edging up by 0.05%. This slight positive performance was supported by gains in stocks such as Al Anwar Ceramic Tiles, which rose 3.25%, and Oman Flour Mills, advancing 4.10%. However, not all industrial stocks gained, as exemplified by Voltamp Energy, which declined by 1.04%. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
26-04-2025
- Business
- Times of Oman
Omani bourse witnesses decline in weekly trading
Muscat: The Omani stock market experienced a decline this week, with the main index falling by 0.73%, according to an industry expert. ' The market reversed gains from the previous week and continued its recent downtrend, contrasting with the stronger performances observed in other markets in the region,' said Abdullah Mahfoodh Al Wahaibi, Coach and analyst in global financial markets. 'Globally, market sentiment saw some improvement due to easing trade tensions between the US and China. However, the impact was more limited on the Omani stock market, although local sentiment could improve if trade risks subside,' he added. Simultaneously, oil prices retreated this week following some gains. Uncertainty lingered due to persistent oversupply concerns and ongoing US-China trade tensions. Additionally, potential progress towards peace in Ukraine and anticipated Opec+ output increases scheduled for May contributed to market caution. 'This decline in oil prices weighed on the Omani market, particularly given the relatively low price levels at which oil is currently trading,' said Abdullah Mahfoodh Al Wahaibi. 'Within the Omani market, the value and volume of shares traded decreased significantly, roughly halving compared to the previous week. While several companies released earnings last week, anticipation is building for further earnings reports next week. Strong results could potentially provide support and boost the market,' he further added. Sector performance within the Omani market was mixed during the week. The Financial sector faced the most significant decline, retreating by 0.95%. The sector index was affected by losses in major constituents, including Bank Muscat, which decreased by 0.79%, Sohar International Bank, which fell 1.52%, and Ominvest, which saw a steeper decline of 4.35%. Similarly, the Services sector also ended the week in negative territory, registering a loss of 0.71%. Several key companies within the sector contributed to this performance, with Abraj Energy Services down 0.44%, OQ Gas Networks lower by 0.78%, and Oman Telecom shedding 0.25%. In contrast to the declines in the financial and services sectors, the Industrial sector managed a marginal gain, edging up by 0.05%. This slight positive performance was supported by gains in stocks such as Al Anwar Ceramic Tiles, which rose 3.25%, and Oman Flour Mills, advancing 4.10%. However, not all industrial stocks gained, as exemplified by Voltamp Energy, which declined by 1.04%.
Zawya
08-04-2025
- Business
- Zawya
Sohar International eyes merger with Ahlibank
Muscat: Sohar International Bank on Monday announced its intention to explore a potential merger with Ahlibank. In a meeting held by its board of directors, Sohar International resolved to send a letter of intent to the board of Ahlibank, proposing a merger between the two banks. The letter of intent outlines a proposed merger by incorporation, whereby all assets and liabilities of Ahlibank would be transferred to Sohar International upon completion of the transaction, according to a disclosure submitted to the Muscat Stock Exchange. As per the disclosure, shareholders of Ahlibank would receive share consideration in Sohar International, based on a proposed share swap ratio determined by the respective book values of Ahlibank and Sohar International, as reported in the audited financial statements for the financial year ended December 31, 2024. The board of Sohar International believes that the merger 'represents a compelling opportunity for the shareholders, employees, customers and broader stakeholders of both banks, through the creation of a larger, more diversified and fully scaled institution'. Sohar International added that its board considers the proposed merger with Ahlibank as beneficial in several respects: (i) Enhancing the domestic competitive positioning of the combined entity; (ii) Expanding the product and service offerings of both banks; (iii) Creating opportunities for realising revenue, cost, and growth synergies; and (iv) Improving liquidity and market presence for shareholders of both institutions. 'The board of directors of Sohar International is confident that the proposed combination presents a unique opportunity to create a larger, more diverse and competitive bank by integrating the existing successful standalone franchises of both entities. This would enable the merged institution to compete more effectively and pursue business opportunities for clients both in Oman and internationally,' the bank said. The proposed merger and its terms, as outlined in the letter of intent, are subject to satisfactory due diligence, necessary corporate approvals from the boards and shareholders of both banks, and regulatory consent. Sohar International affirmed that it will make timely market disclosures regarding any material developments in line with regulatory requirements. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
26-02-2025
- Business
Sohar International appoints Murshidi as new CEO
Muscat – The Board of Directors of Sohar International Bank on Wednesday announced the appointment of Abdul Wahid Mohamed al Murshidi as new Chief Executive Officer, effective immediately. Murshidi has been serving as Acting Chief Executive Officer of Sohar International since January 1, 2025, during which he has demonstrated exceptional leadership and strategic vision, the bank said in a press release. Said Mohamed al Aufi, Chairman of Sohar International, said, 'Today marks an important milestone for Sohar International. Abdul Wahid's proven track record, exceptional expertise, and unwavering dedication make him the ideal leader to steer our bank into its next chapter. We are confident that under his guidance, Sohar International will continue to thrive and reinforce its position as a leading financial institution in the region.' In his new role, Murshidi will spearhead the bank's initiatives aimed at achieving exponential and sustainable growth. 'We are pleased to have a leader of Abdul Wahid's caliber to guide the management team toward further success and excellence. With his diverse experience in the banking industry, we believe he will build on the bank's achievements and strengthen its capabilities as a market leader,' Aufi added. Murshidi brings over 18 years of extensive experience in various banking functions, including audit, finance, investment, and Islamic banking. He joined Sohar International in July 2019 and previously served as Deputy General Manager at a prominent local Islamic bank.
