Muscat: The market maintained upward momentum for the fifth consecutive week, supported by strong performances from leading service sector stocks and investor interest in key equities.

The MSX’s main index climbed 17 points to end the week at 4,578, bolstered by a surge in service sector shares including Ooredoo, Omantel, and OQ Gas Networks. The services index edged up by 5 points, while the industrial sector fell 17 points, the financial index slipped 10 points, and the Shariah index recorded a marginal decline.

Despite the trading week being shortened to four days due to the Eid al-Adha holiday, activity remained robust. Daily trading volumes rose to RO 11 million, up from RO 10 million the week before. The average number of daily transactions increased to 2,149 from 1,787.

OQ Basic Industries dominated the trading floor, with transactions totaling RO 10.58 million—24% of the week’s overall trading value of RO 44 million. Its share price rose 4 baisas to close at 122 baisas. Bank Muscat followed with trades worth RO 5.48 million, while OQ Gas Networks, Bank Sohar International, and OQ Exploration and Production rounded out the top five.

A total of 34 securities posted gains, 30 declined, and 17 remained unchanged. Muscat Gases led the gainers with an 18% rise to 118 baisas. Galfar Engineering jumped 9% to 72 baisas, and National Gas gained 8.8% to close at 86 baisas.

National Gas also made headlines after acquiring an 80% stake in Samharam Gas Company, a move aimed at enhancing its footprint in the LPG market in Dhofar and boosting overall group profitability.

In corporate updates, Al Anwar Investments reported a near fivefold increase in annual net profits—from RO 532,000 to approximately RO 2.4 million for the fiscal year ending March 31, 2025. The company’s board proposed a 4% cash dividend and a 4% bonus share issue, subject to shareholder approval at the annual general meeting on June 25. Al Anwar’s share price ended the week at 83 baisas, down two baisas.