MUSCAT : Total trading value rose to approximately RO 182.7 million, up 33 percent from RO 137 million in the previous week. Local purchases accounted for 84.7 percent of the total trading value, while local sales represented 74.7 percent.

The increase in buying came amid positive expectations for the coming period, particularly after several listed companies reported higher net profits for the first half of the year.

Despite stronger local demand, selling pressure continued across the market. Prices declined for 65 securities, while 13 recorded gains and 22 remained unchanged.

The MSX main index fell by 363 points during the week, following a decline of 163 points in the previous week, to close Thursday’s session at 7,117 points.

The financial sector index recorded the biggest loss, declining by 412 points. The industrial sector index fell by 275 points, while the services sector index dropped by 155 points. The Sharia index declined by 23 points to close at 572 points.

The market’s total value was also affected by the selling pressure, falling by RO 877.9 million during the week to RO 37.17 billion.

Bank Muscat attracted the highest trading activity, with transactions worth RO 40.2 million, accounting for 22 percent of the total trading value. Its share price fell to 369 baisa during the week before recovering to close at 383 baisa, down nine baisa.

The share had exceeded 500 baisa at its highest point this year, but selling pressure over recent months has reduced much of those gains.

Sohar International Bank also attracted strong investor interest as it offered 1.0587 billion shares through a rights issue from July 21 to 26 at a price of 141 baisa per share.

Trading in the bank’s shares reached RO 27.9 million, representing 15.2 percent of total market trading.

The newly listed rights also recorded strong demand, with 456 transactions involving more than 20 million rights. Prices ranged between six and 20 baisa before closing at 14 baisa.

The bank aims to increase its capital from RO 702.5 million to RO 849.6 million through the offering. Sohar International’s share price closed at 172 baisa, down 10 baisa for the week.

OQ Basic Industries ranked third among the most actively traded companies, with transactions worth RO 25.5 million, representing around 14 percent of total trading.

Omantel followed with RO 17 million in trades, while OQ Gas Networks ranked fifth with transactions worth RO 16.2 million, accounting for 8.8 percent of total trading value.

Among the gainers, SMN Power Holding led the market after rising 6.3 percent to close at 202 baisa. Shell Oman Marketing gained 2.5 percent to close at 800 baisa, while Ahli Bank rose 1.9 percent to 214 baisa.

Oman Chlorine increased by 1.8 percent to 163 baisa, and Oman Arab Bank gained 1.6 percent to close at 242 baisa.

Oman and Emirates Investment Holding recorded the biggest decline, falling 21.6 percent to close at 112 baisa.

Al Batinah Power dropped 11.1 percent to 160 baisa, while Asyad Shipping declined by approximately 11 percent to close at 243 baisa.

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