Muscat: This follows OQ Exploration and Production’s announcement of a public subscription offering for 25% of its shares. However, the company has not specified the offering date or subscription price, which is pending approvals from the Financial Services Authority.

OQ Exploration and Production Company was recently listed on the MSX’s third market for closed companies, with a hefty capital of RO 80 million, equivalent to 8 billion shares. However, individual investors leaned heavily toward selling, contributing to 21.8% of the total trading value while purchases lagged at just 11.7%. Meanwhile, local and Gulf investment institutions seized the opportunity to buy.

The market felt the brunt of these selling trends, with 37 securities declining compared to just 11 that rose, and 21 remaining stable. The main index dropped 20 points, closing at 4725, while the industrial sector bore the most significant losses at 76 points. The financial and services sectors also dipped by 6 and 5 points, respectively, and the Sharia index fell by 2 points.

Last week’s trading value saw a significant slump of 31%, amounting to just RO 9.3 million compared to RO 15.6 million the week prior. The trading rate averaged RO 2 million daily, down from RO 3 million, and the number of executed deals plummeted from 3169 to 1606. The total market value of securities dipped to RO 24 billion and 514 million, reflecting a weekly loss of RO 39.3 million.

Among the gainers, Dhofar International Development and Investment Company led with a 4.3% rise, closing at 238 baisas. Muscat City Desalination Company also climbed 2.8%, while Dhofar Beverages and Foodstuff Company recorded a 2.5% increase to close at 205 baisas. Conversely, Dhofar Food and Investment Company saw the steepest drop, declining by 10% to 63 baisas, followed closely by Shell Oman Marketing and Oman Fisheries, which fell by 9% and 6.2%, respectively.

In trading highlights, Sohar International Bank dominated with a trading value of RO 2.3 million, representing 24.5% of the total. OQ Gas Networks and Dhofar International Development and Investment followed suit with RO 1.8 million and RO 892 thousand, respectively.

On the corporate front, Sohar Power Company is gearing up for an Extraordinary General Assembly on October 3rd. At this meeting, shareholders will consider proposals to withdraw the company’s bankruptcy petition and restructure its capital to mitigate accumulated losses. This meeting coincides with the Ordinary General Assembly, which will discuss the company’s next steps post-bankruptcy withdrawal.

In academic news, Majan University College reported a surge in net profits from RO 500,000 to about RO 918,000 for the fiscal year ending August 31. Desert Hospitality Company also celebrated growth, announcing net profits of RO 1,974,000 for the nine months ending August 31, up from RO 1,785,000 in the same period last year.