MUSCAT : The rally was supported by notable gains in Renaissance Services, Omantel, Abraj Energy Services, Al Suwadi Power, OQ Exploration and Production, Asyad Shipping and SMN Power Holding. Their upward momentum also pushed the services sector index up by 45 points to close at 2,807.
In contrast, other sector indices recorded declines. The financial sector index fell by 47 points, while the Sharia index shed around three points. The industrial sector index closed marginally lower by one point, reflecting pressure on several leading stocks.
Market activity saw a slowdown toward the end of the week as local investment funds and institutions reduced their purchases on Wednesday and Thursday. This followed a sharp rise earlier in the week that saw the main index surpass 7,300 points. Investors moved to lock in profits, leading to a decline in trading value after record trading of RO 158 million was recorded on Tuesday.
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Total trading value for the week reached RO 360.8 million, compared to RO 377.2 million in the previous week, marking a decline of 4.3 per cent. The number of executed transactions also dropped significantly by 22 per cent to 30,650 transactions, down from more than 39,000 in the preceding week.
Despite lower trading activity, the market capitalization of listed securities increased by RO 179.5 million, closing the week at RO 35.93 billion.
Leva Group dominated trading activity, accounting for 18.4 per cent of the total trading value with transactions worth RO 66.4 million. OQ Exploration and Production followed with RO 62.1 million in trades, while Bank Sohar International recorded RO 57 million. OQ Basic Industries ranked fourth with OMR 38.8 million, and Bank Muscat came fifth with trades valued at RO 38 million, representing 10.5 per cent of the total trading value.
Stock performance during the week was mixed. Prices of 35 securities advanced, while 41 declined and 22 remained unchanged. National Aluminium Products Company recorded the highest gain, surging 69.7 per cent to close at 326 baisa. Raysut Cement rose by 24.4 per cent to 117 baisa, Al Jazeera Services climbed 20.5 per cent to 246 baisa, Al Sharqiyah Desalination increased 20 per cent to 180 baisa, and Financial Services Company advanced 19.1 per cent to 118 baisa.
On the downside, Galfar Engineering and Contracting led the losers, falling 12.5 per cent to close at 98 baisa. Salalah Mills declined 9.3 per cent to 468 baisa, Al Madina Investment Holding dropped 6.8 per cent to 41 baisa, Al Anwar Ceramic Tiles fell 6 per cent to 188 baisa, and Muscat Gases slipped 4.6 per cent to 124 baisa.
In corporate developments, Ominvest announced that its board of directors approved the sale of 80 per cent of its stake in Jabreen Investment Projects, along with certain international investments, to a strategic investor. The company expects the transaction to generate net cash flows of RO 134 million and an estimated profit of RO 17 million. The deal remains subject to regulatory approvals and the completion and signing of final transaction documents, including the share purchase and sale agreement.
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