Muscat: In a week marked by nuanced market movements, the Muscat Stock Exchange witnessed a blend of gains and losses across various sectors. The main index experienced a modest 5-point uptick, closing at 4,791 points. Notably, the financial sector index surged by 22 points, while the services sector followed suit with a 17-point increase. However, the industrial sector index faced a setback with a decline of approximately 36 points, accompanied by a 5-point dip in the Sharia index.

Amidst these fluctuations, several companies received shareholder nods for their recommended dividends, influencing market dynamics. Consequently, shares of approved dividend distributors saw declines, while companies gearing up for dividend distribution in the upcoming week observed limited gains.

Key players like Oman Cable Industry, OQ Gas Networks, Ooredoo, and Al Khaleejiah for mushroom production saw approval for their dividend recommendations. This week, the spotlight shifts to about 30 public joint-stock companies, including industry giants like Oman Cement, Omantel, and Al Maha Petroleum Products Marketing, as they delve into dividend discussions during their annual general assemblies.

Trading activity witnessed a slight slowdown, with the trading value dipping to RO 17 million compared to last week’s RO 19.8 million. The number of transactions executed also decreased by 19.2 per cent.

Reflecting on market capitalization, the total market value of securities listed on the exchange decreased slightly, marking weekly losses of RO 29 million.

Regarding individual securities, Barka Water and Power shares emerged as the top gainers, rising by 56.8 per cent. The energy sector displayed positive momentum, fueled by optimistic industry outlooks.

While energy companies flourished, banking sector stalwarts like Oman Arab Bank and Bank Muscat also saw notable increases in their share prices. However, some companies, like Oman Investment and Finance, faced declines due to legal developments, exemplified by a court’s rejection of a lawsuit related to the company’s general assembly decisions.