Muscat: Driving this spike was heightened investor interest in OQ Exploration and Production shares, which alone accounted for 2,990 transactions.

Despite the buzz, OQ Exploration and Production shares fell by 9.4%, closing at 316 baisas—a 35-baisa drop from the offering price for individual Omani investors and a 74-baisa drop for institutional and foreign investors. This decline, however, has made the stock increasingly attractive to investment funds and institutions. The company’s ordinary general assembly further approved cash dividends of 7.21 baisas per share.

Trading last week totaled RO 17.7 million, down from RO 21.2 million the week prior. OQ Exploration and Production dominated trading, accounting for 53.1% of the value with transactions worth RO 9.4 million. Jabal Real Estate Investment Fund followed with RO 1.9 million, and OQ Gas Networks took third with RO 1.6 million, representing 9.2% of the total trading value.

Local investment institutions played a significant role, making 70% of purchases compared to selling 37% of the total trading value. Individual Omani investors also made up 37.3% of the market’s total sales.

The MSE’s market value dropped to OMR 27.1 billion, losing OMR 260 million over the week. This decline was largely influenced by OQ Exploration and Production, which saw its market value dip to RO 2.53 billion, shedding RO 264 million. Sectoral indices showed collective declines, with the main index losing 25 points to close at 4,545.

Looking ahead, the market is gearing up for the debut of OQ Basic Industries shares tomorrow. With 49% of its capital offered for public subscription at 111 baisas per share, the new listing is expected to spark further trading interest.