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Muscat Stock Exchange rises 77 points amid optimism as Q3 earnings roll in

The Muscat Stock Exchange (MSX) saw a notable uptick last week, with the main index rising by 77 points to close at 4,750 points

TAS News Service

info@thearabianstories.com

Saturday, October 12, 2024

Muscat: This surge comes as selling pressures eased following weeks of volatility after the OQ Exploration and Production subscription announcement, which closed for individual investors on October 9 and institutions on October 10.

Sectoral indices reflected a positive trend, with the financial sector index leading the charge, gaining 125 points—the highest among all sectors. The services sector index rose by 20 points, the industry sector index added around 12 points, and the Sharia index increased by 6 points, contributing to a buoyant market atmosphere.

Last week marked the commencement of public joint stock companies announcing their preliminary financial results for the third quarter, further fueling investor optimism. Oman Cement reported a significant rise in net profits to RO 8.8 million for the first nine months of this year, up from RO 7.3 million in the same period last year. Other companies, such as Oman Cables Industry and Al Suwadi Energy, also posted impressive profit increases, highlighting an overall trend of improved performance across the board. Banks and other major companies are expected to unveil their results next week, potentially sustaining the market’s momentum.

The market capitalization of securities listed on the MSX increased to RO 24.602 billion, with weekly gains of approximately RO 167.8 million. The trading value also saw a boost, rising to RO 11.7 million, an 8.3% increase from the previous week. However, the number of executed deals fell from 3,545 to 2,849, as investors shifted their focus toward high-value stocks and bonds, such as Omantel and Bank Muscat.

Bank Sohar emerged as the most traded company with a trading value of RO 2.764 million, making up 23.5% of the total trading value. Following closely were OQ Gas Networks, Bank Muscat, and Abraj Energy Services.

In market movements, 39 securities saw their prices rise, while 20 declined, and 10 remained stable. Notably, Barka Water and Power Company recorded the highest increase, soaring by 17.6% to close at 267 baisas. Conversely, the Financial Centre stock was the top loser, dropping 8.5% to close at 43 baisas.

In a significant corporate development, Oman Chromium Company announced the signing of a mining concession agreement with the Ministry of Energy and Minerals. The agreement covers an area of approximately 1,438 square kilometers and involves an exploratory investment valued at RO 4.5 million.

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