MUSCAT: Trading value on the Muscat Stock Exchange rose 2.4% last week to RO252.1 million, from RO246.1 million in the previous week, as investors diversified their portfolios ahead of dividend distributions expected from several companies in the coming weeks.
The number of executed transactions increased 2.2% to more than 42,000, while the market value of listed securities rose by RO140.3 million to RO38.33 billion.
The exchange’s main index gained 14 points to close at 7,522 points. The financial sector index led the gains, rising 93 points to 13,248, supported by gains in bank stocks and investment companies.
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The services sector index advanced eight points, while the Sharia index gained three points. The industrial index, however, fell by more than 100 points, weighed down by declines in several industrial stocks.
OQ Basic Industries was the most actively traded stock, with turnover of RO47.5 million, accounting for about 19% of total market trading. The company recently announced plans for an additional performance-linked cash dividend of 2.6 baisa per share, taking its total proposed distribution to 7.8 baisa per share.
Bank Muscat followed with trading worth RO45.8 million, or 18.1% of total turnover, while Bank Sohar International recorded RO40.6 million, accounting for 16.1%.
OQ Exploration and Production accounted for 14.4% of total trading value, with turnover of RO36.4 million. Its share price rose 11 baisa during the week to 481 baisa, lifting its market capitalisation by RO88 million to RO3.848 billion.
OQ Gas Networks ranked fifth among the most traded companies with turnover of RO28.4 million, followed by Omantel with RO17.3 million.
Across the market, 39 securities gained, 40 declined and 17 remained unchanged.
Omani Free Finance Bonds 2022 recorded the strongest gain, rising 13.7% to 99 baisa, followed by International Financial Investments, which gained 11.5% to 339 baisa.
Among the biggest decliners, Al Jazeera Services’ premium shares fell about 20% to 629 baisa. Salalah Mills declined 10% to 531 baisa, while Ominvest fell 5.6% to 401 baisa. Galfar Engineering and Contracting dropped 5% to 150 baisa, and Muscat Gases declined 4.1% to 139 baisa.
