Muscat: Trading in bank shares reached RO 82.6 million, accounting for 46.9 per cent of the total weekly trading value of RO 175.9 million on the exchange. Bank Muscat led the banking activity with trades worth RO 46.6 million, followed by Bank Sohar International at RO 30.8 million and Bank Dhofar at RO 2.3 million.
The renewed appetite for banking stocks lifted the financial sector index by 249 points, closing the week at 9,962 points, up 2.5 per cent. National Bank of Oman posted the highest gain among the seven listed banks, rising 9.4 per cent to 186 baisa, while Oman Arab Bank climbed 5.9 per cent to 178 baisa. Bank Muscat advanced by 3 baisa to 341 baisa, while Bank Sohar International, National Bank of Oman, and Bank Nizwa each added one baisa. Bank Dhofar closed unchanged at 148 baisa.
Overall market performance was mixed, with 35 securities gaining, 37 declining, and 21 remaining unchanged. Weekly trading value fell by 16.3 per cent to RO 175.9 million, compared to RO 210.8 million the previous week, while executed transactions declined to 17,222 from more than 19,000.
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At the index level, the main MSM index edged up 15 points to 5,956, the industrial index gained 4 points, and the Sharia index added one point. In contrast, the services sector index fell 14 points to 2,429, pressured by declines in shares of Ooredoo, Omantel, Asyad Shipping, OQ Exploration and Production, and other stocks.
Shares of OQ Group recorded heavy trading volumes, with OQ Basic Industries at RO 21.4 million, OQ Gas Networks at RO 19.4 million, and OQ Exploration and Production at RO 18.6 million, together accounting for 33.8 per cent of total market turnover for the week.
Market capitalisation of the Muscat Stock Exchange rose to RO 32.216 billion, marking weekly gains of RO 72.7 million, supported by advances in several leading stocks.
Among the top gainers, Omani Free Finance Bonds (2023) surged 14 per cent to 57 baisa, Al Anwar Investments rose 11.5 per cent to 116 baisa, Dhofar Food and Investment climbed 9.4 per cent to 81 baisa, Ahli Bank advanced 9.4 per cent to 186 baisa, and Salalah Port Services gained 9 per cent to 360 baisa.
On the downside, Financial Services led losses, falling 20 per cent to 60 baisa, followed by Majan Glass, down 10 per cent to 18 baisa, Raysut Cement, which slipped 5 per cent to 95 baisa, International Financial Investments Holding, down 3.2 per cent to 207 baisa, and Oman Qatar Insurance, which declined 3.1 per cent to 185 baisa.
