MUSCAT : The latest rise follows a 160-point gain in the previous week, reflecting continued momentum in the market. Among the stocks supporting the index were Al Anqa Energy, OQ Gas Networks, Al Anwar Investments, Voltamp Energy, Omantel, Bank Muscat, Sohar International Bank and Bank Nizwa.

43 securities advance

Market breadth remained positive during the week, with 43 securities recording gains, 25 remaining unchanged and 27 declining.

The services sector recorded the strongest performance among sectoral indices, gaining 2.1 per cent, or 61 points, to close at 2,951 points. The financial sector index rose by 42 points, while the Sharia index gained around eight points.

The industrial sector, however, declined by 24 points, weighed down by losses in OQ Basic Industries, Al Maha Ceramics, Al Anwar Ceramic Tiles, Salalah Mills and several other industrial companies.

The MSX added an estimated RO 246.5 million in market value during the week, taking its total market capitalisation to RO 37.829 billion at the close of trading.

Trading value also increased by 3.3 per cent to RO 264.5 million, compared with RO 255.9 million in the previous week. More than 44,000 transactions were executed during the period.

Banking stocks accounted for a significant share of market activity. Bank Muscat topped the list of the most actively traded stocks, with transactions worth RO 51.3 million, representing 19.3 per cent of the total trading value.

Sohar International Bank followed with more than RO 39 million, accounting for 14.7 per cent of total turnover.

OQ Exploration and Production ranked third with trading worth approximately RO 32.8 million, followed by OQ Basic Industries at RO 29.3 million.

Omantel ranked fifth with trading exceeding RO 28 million, representing 10.6 per cent of total market turnover.

Al Batinah Development jumps 25%

Al Batinah Development and Investment led the week’s gainers, surging 25 per cent to close at 75 baisa.

Al Anqa Energy rose 7.5 per cent to 270 baisa, while OQ Gas Networks gained 6 per cent to close at 212 baisa. National Finance increased 5.6 per cent to 224 baisa, and Oman Qatar Insurance advanced 5.2 per cent to 180 baisa.

On the other hand, National Aluminium Products led the decliners, falling 50 per cent to 149 baisa.

Building Materials Industries dropped 13.3 per cent to 65 baisa, National Detergents fell 10 per cent to 621 baisa, Salalah Mills declined 9.9 per cent to 604 baisa, while Muscat Gases slipped 7.9 per cent to 139 baisa.

In corporate developments, the MSX listed shares related to Sohar International Bank’s capital increase during the week.

The bank offered the shares through a rights issue aimed at increasing its capital from RO 702.5 million to RO 849.6 million. Its share closed the week at 182 baisa, gaining four baisa during the period.

Meanwhile, Asyad Shipping announced the delivery of Manah, the first of two medium-class chemical tankers being built at a shipyard in China.

The company expects to receive the second tanker, Mirbat, next month. Both vessels are set to operate under a three-year charter agreement with a Tier 1 customer.

Asyad Shipping shares ended the week unchanged at 235 baisa after reaching 244 baisa during trading sessions. A total of 4,660 transactions involving the stock were executed, with a combined value of RO 10.1 million.

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