Muscat: The decline followed a series of gains that had pushed the index to its highest level in 14 months.

The downturn was marked by widespread losses, particularly in the financial sector, which fell by 141 points. The services sector also dipped by 13 points. In comparison, the industrial sector managed a modest rise of 19 points, buoyed by gains in Oman Cables Industry, Voltamp Energy, and Galfar Engineering and Contracting. The Sharia index saw a slight increase of 3 points.

Banking shares, which had enjoyed significant increases in previous weeks, recorded notable losses. National Bank shares dropped by 6.1%, Bank Dhofar by 2.5%, and Bank Muscat by 2.3%. Energy stocks were also hit hard, with Al Suwadi Power and Al Batinah Power falling by 5% and 5.2%, respectively, as the deadline for cash dividends approached.

The market’s total value declined by RO 95 million, falling to RO 24.383 billion. Investor caution was evident, with local individual investors selling more than they bought and the overall trading value dropping from RO 30.3 million to RO 14.3 million. The number of executed deals also fell by 23%, from 4,066 to 3,118.

Despite the general downturn, trading was concentrated in shares of Bank Muscat, Galfar Engineering, and Voltamp Energy, which were the most traded companies by value.

In corporate news, several companies announced their annual general meetings. National Biscuit Manufacturing Company will meet on June 24 to discuss financial reports and potential dividends, Al Anwar Investments will meet on June 26 to consider dividends and bonus shares, and Al Madina Investment Holding Company will meet on June 27 to review its financial position and discuss its conversion to a closed joint stock company.