Muscat: The main index closed at 4,760 points, a 14-point increase, despite some setbacks in the final trading session on Thursday.
On Wednesday, the index climbed to 4,781 points, its highest level in three months, before easing off as selling pressures mounted. Despite this, the financial sector outperformed others, with its index gaining 74 points, driven by the robust performance of Ominvest, Bank Muscat, Oman Arab Bank, and Al Anwar Investments. The financial sector index closed at 7,769 points by Thursday, while the services sector saw a 35-point rise, primarily supported by energy stocks. Meanwhile, the industrial sector and Sharia index faced declines of 18 points and 6 points, respectively.
The market value of the MSX rose to RO 24.577 billion by the end of Thursday’s session, recording weekly gains of RO 18.5 million. Trading activity saw a 17 per cent increase in value, reaching RO 18.5 million from RO 15.8 million. The number of executed deals also rose by 3.4 per cent, totalling 4,255 transactions.
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Local investment institutions were the main buyers, accounting for 59.5 percent of the total trading value, while individual investors turned to selling, making up 32.1 percent of the total value.
Among the most traded stocks, OQ Gas Networks led the pack, accounting for nearly 20 per cent of the total trading value at RO 3.6 million. Bank Muscat and Abraj Energy Services followed with trades worth RO 2.2 million and RO 2.076 million, respectively.
Price movements were mixed, with 32 securities gaining, 24 declining, and 24 remaining unchanged. Al Batinah Development and Investment Company posted the highest increase of 28.5 per cent, closing at 90 baisas, while Oman Qatar Insurance rose by 20.4 per cent, closing at 200 baisas. On the losing side, Oman Chrome dropped 13.6 per cent to RO 3.627, and Oman Packaging fell 12.5 per cent to 175 baisas.
In corporate news, Al Madina Investment Holding Company announced that it is in communication with the Financial Services Authority regarding its reversal from a public to a closed joint stock company. The company’s stock dropped by 9 per cent, closing at 50 baisas after trading 445,000 shares across 46 deals.
