Muscat: Despite this performance, MSX indices slipped, dragged down by declines in shares of major players in banking, telecommunications, services, and industrial sectors.

The total market value of listed securities rose by RO 172 million to reach RO 27.32 billion, bolstered by gains from companies like Majan Glass, Muscat Gases, Oman Oil Marketing, and Oman United Insurance. The market also benefited from the listing of OQ Basic Industries on the parallel market, following a successful public subscription of 49% of its capital at 111 baisas per share. The company’s market value closed at RO 384 million, with its shares trading at RO 16.5 million, accounting for 57% of total trading value.

OQ Exploration and Production followed with trades worth RO 6.1 million, while Bank Muscat ranked third at RO 1.05 million. Overall, trading value on MSX surged to RO 29 million, nearly doubling the previous week’s RO 17.7 million, with transactions jumping from 5,613 to 11,223.

However, index performance remained subdued. The main index fell by 37 points to 4,508, while sector indices in financial, industrial, and services posted declines. The Shariah index was the lone positive performer, inching up by less than a point to 413.

BankDhofar announced preliminary approval from the Central Bank of Oman to acquire the Oman branch operations of Bank of Baroda. Final approval is contingent upon completing specified procedures, marking a significant step in local banking consolidation.