Muscat: The Muscat Stock Exchange (MSX) rebounded last week, adding 48 points to its main index and closing at 4,693 points, reversing the previous week’s decline. Investors showed renewed interest in top-tier companies, including the National Bank of Oman, Bank Muscat, Bank Dhofar, Ahli Bank, Renaissance Services, and Al Anwar Ceramic Tiles.
The financial sector led the charge, surging by 95 points, while the industrial and services sectors also posted gains of 19 and 15 points, respectively. However, the Sharia index saw a slight dip of 3 points.
The market saw an upswing in stock prices, with 22 securities rising, compared to 15 the previous week. Conversely, declining stocks fell to 22, down from 39 in the previous week. This positive momentum came as the MSX shrugged off global political and economic challenges recently impacting other markets.
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Trading value for the week increased by 2.4%, reaching RO 8.5 million, up from RO 8.3 million the week before. Despite this, the number of executed deals dropped to 2,463, down from 2,744.
Market value gains were also notable, with the MSX adding RO 6.5 million, bringing the total to RO 24.39 billion. Public joint stock companies saw a substantial boost, with their market value rising by over RO 58 million to RO 9.2 billion. However, the closed market faced challenges, recording a loss of RO 49 million, bringing its value down to RO 10.79 billion.
Among the top performers, Gulf International Chemicals led the pack with a 6% gain, closing at 70 baisas. Al Anwar Ceramic Tiles and Al Anwar Investments also performed strongly, rising by 5.9% and 5.5% respectively. On the flip side, Dhofar Power Generation Company saw the steepest decline, falling by 7.1% to 65 baisas, followed by Muscat Finance and Muscat Gases.
Bank Muscat emerged as the most traded company, with transactions totalling RO 2.04 million, making up 24% of the week’s trading value. Bank Sohar International and Omantel followed, with trades of RO 1.18 million and 885 thousand, respectively.
In corporate news, Salalah Mills Company has announced an Extraordinary General Assembly meeting on September 1st. The agenda includes a proposal to increase the company’s issued capital from RO 4.996 million to RO 17.496 million through a private subscription by an international company, which will subsequently hold a 20% stake in Salalah Mills.
