Muscat: Fueled by renewed investor interest in top-performing stocks, the main index closed the month at 4,746 points, marking its highest since early June.
Despite a cautious start, trading volume picked up towards the end of August. Local investment institutions injected vitality into the market, pushing trading to over RO 4 million in the last two days, a notable increase from earlier in the month.
The financial sector was the standout performer, climbing 98 points, while the services sector edged up by 4 points. Conversely, the industrial sector faced a slight downturn, dropping 57 points, and the Sharia index saw a minor dip of one point. The month saw a decrease in trading value to RO 45 million, down from RO 152.3 million in July, which had been bolstered by significant transactions in Abraj Energy Services.
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Notable movers included Bank Muscat, leading in trading value with RO 8.2 million, followed by OQ Gas Networks and Bank Sohar International. In contrast, the market experienced volatility with 35 securities rising, 40 declining, and 22 remaining stable. Musandam Power led the gainers with a 20.3% increase, while Financial Centre shares saw the most significant drop, falling by 21.6%.
The overall market value climbed to RO 24.558 billion, up by RO 201.8 million, driven by gains in both closed and public joint stock companies. Bond and Sukuk markets, however, struggled, trading down 24.4% to RO 2.69 million, and Bank Muscat’s perpetual Tier 1 bonds recorded the highest rise in the sector.
