MUSCAT : Trading activity on the Muscat Stock Exchange soared last week, reaching an impressive RO 149.3 million, a significant leap from RO 14 million the previous week. This surge was largely propelled by the recent listing of OQ Exploration and Production Company, which transitioned into a public joint stock company, issuing 8 billion shares valued at 10 baisas each.

In a week marked by robust trading, OQ Exploration and Production accounted for a staggering 92.6 percent of the total trading value, with 373.2 million shares traded worth RO 138.3 million. The stock was a dominant force on the exchange, involved in 18,161 deals, which comprised 85 percent of all executed transactions totaling 21,278 deals.

The company’s shares debuted on October 28 at 390 baisas per share but struggled to maintain momentum as individual investors, notably those benefiting from bank financing, opted to sell. The stock opened lower at 375 baisas, raising concerns among investors, which led to further reductions in offers. As a result, OQ Exploration’s shares dipped to 355 baisas before slightly recovering to close the week at 365 baisas, down 25 baisas from its initial listing price, reflecting a 6.4 percent decline. Notably, large-volume private deals were executed at the listing price of 390 baisas.

The impact of OQ Exploration’s listing was evident in the overall market dynamics, with the Muscat Stock Exchange’s total market value climbing to RO 27.42 billion, up from RO 24.74 billion the prior week. OQ Exploration and Production’s market value reached RO 2.92 billion, positioning it as the highest-valued public joint-stock company, surpassing Bank Muscat at RO 1.9 billion, followed by Bank Sohar International at RO 764 million.

Amid this trading frenzy, OQ Gas Networks emerged as the second most-traded company with a value of RO 2.37 million, while Bank Muscat followed closely at RO 1.8 million. Bank Nizwa and the National Bank of Oman rounded out the top five with trading values of RO 1.43 million and RO 939,000, respectively.

Despite the trading highs, the Muscat Stock Exchange’s main index faced a setback, declining by 76 points to close at 4,749 points after three weeks of gains. The industrial sector index suffered the most, losing about 160 points, while the financial sector index fell by 94 points, the services sector index by 13 points, and the Sharia index by 6 points.

Last week also saw a mixed performance among securities, with 39 stocks declining, 16 rising, and 24 remaining stable. Barka Water and Power Company led the gainers with a 5.5 percent increase, closing at 285 baisas, while Ahli Bank and Oman Oil Marketing Company also recorded gains of 3.3 percent and 2.5 percent, respectively. Conversely, Oman Flour Mills faced the largest decline at 10.2 percent, closing at 431 baisas, while Oman Refreshments and Al Jazeera Services followed suit with declines of 10 percent and 9.8 percent, respectively.

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