MUSCAT: The downturn coincided with a decline in the number of executed deals, which fell to 21,945, compared to over 32,000 in December.

Market indicators reflected the slump, with the MSE’s market value dropping by RO 56.1 million to settle at RO 27.538 billion. Despite the announcement of financial results by public joint stock companies, investor sentiment remained subdued, with the MSE 30 Index losing 33 points, closing at 4,543 points, reversing the 13-point gain from December.

Local investment institutions focused heavily on OQ shares. OQ Exploration and Production led the trading charts, accounting for 23.1% of total trading value after executing 3,940 deals worth OMR 17.455 million. OQ Basic Industries followed with RO 13.328 million (17.7%), while Bank Muscat, OQ Gas Networks, and Bank Sohar International rounded out the top five traded stocks.

The industrial sector emerged as a bright spot, gaining 138 points, while the financial sector rose by 98 points. However, the services sector dipped 50 points, and the Shariah index declined by 10 points.

Among individual stocks, Building Materials Manufacturing Company topped the gainers’ list, surging 51% to close at 68 baisas. Majan Glass climbed 28%, while Fincorp Financial Center gained 24%. On the losing side, Oman Chrome tumbled 21% to RO 3, while National Finance and Oman Real Estate Fund both saw 14% declines.

The bonds and sukuk market recorded OMR 4 million in trades, down from RO 6.9 million in December. Leasing finance bonds led trading with RO 1.5 million, followed by government development bonds at RO 1 million. The market value of the bonds and sukuk segment, however, rose by RO 293.4 million to RO 4.602 billion, aided by the listing of the eighth sovereign sukuk issue (RO 282 million).

Computer Stationery Manufacturing Company shareholders approved the company’s transition from a public joint stock company to a closed joint stock company with a capital of RO 1 million.