Muscat: The MSX’s main index experienced a 3-point decline, settling at 4,769 points, reflecting a resistance trend against selling pressures across multiple stocks. Notably, local investment institutions saw a decrease in purchasing activity, with last week’s purchases amounting to RO 6.2 million, down from over RO 11.3 million in the previous week. This decline in liquidity coincided with expectations of forthcoming local and international incentives after the release of first-quarter financial results.

While the overall market saw a dip, industrial companies emerged as a beacon, attracting investor attention and driving the industrial sector index to a notable rise. Companies like Galfar Engineering and Contracting, Oman Cables Industry, Oman Mills, Voltamp Energy, and Al Anwar Ceramic Tiles contributed significantly to this upward trajectory.

Despite this sectoral positivity, the services sector index experienced a 22-point fall, while the financial sector index and Sharia index declined by 14 points and two points, respectively.

The trading volume also took a hit for the third consecutive week, dropping to RO 14.5 million from RO 22.6 million and RO 36.9 million in the preceding two weeks. The number of transactions executed mirrored this decrease, falling by approximately 28 per cent from 6,044 deals to 4,353 deals.

Investor focus centred on Galfar Engineering and Contracting stocks, Sohar International Bank, Bank Muscat, OQ Gas Networks, and Omantel. Notably, Galfar Engineering and Contracting witnessed substantial trades, accounting for 21.7 per cent of the total trading value.

The trading value of bonds and sukuk rose to RO 1 million and 52 thousand from RO 409 thousand the previous week.

Despite the overall downturn, the market value of securities listed on the MSX increased to RO 24 billion and 394 million, recording weekly gains of RO 69.4 million. The stock market saw 23 securities rise, 34 decline, and 18 remain stable.