Muscat: The sector’s performance was supported by improved financial results for the first half of the year and growing investor optimism over further growth opportunities.

The financial index had first crossed the 13,000-point mark in April, reaching its strongest level since August 26, 2008. Gains remained relatively modest in the following months before the index climbed above 13,300 points on August 24.

The index had previously peaked at more than 16,200 points on June 8, 2008, before entering a prolonged period of decline.

Last week’s gains were driven by advances in shares including Bank Muscat, National Bank of Oman, Bank Dhofar, Bank Nizwa, International Financial Investments, Muscat Finance and Oman & Emirates Investment Holding Company.

Meanwhile, the MSX main index gained nine points to end the week at 7,532 points. The industrial sector index climbed 70 points and the Sharia index advanced by around four points, while the services sector index declined three points to close at 3,014 points.

The total market capitalisation of securities listed on the MSX fell marginally by RO 8.7 million during the week to RO 38.321 billion.

Trading activity also slowed during the four-day trading week. Total trading value dropped to RO 113.2 million from RO 252.1 million in the previous week, while the number of executed transactions fell by 27 per cent from more than 42,000 to 31,095 deals.

Sohar International Bank topped the list of most actively traded companies by value, recording RO 22 million in transactions and accounting for 19.4 per cent of total market turnover.

OQ Base Industries followed with RO 21.9 million, while OQ Gas Networks recorded RO 16.8 million. Bank Muscat ranked fourth with RO 15.5 million in trades, followed by Omantel with around RO 11.3 million, representing 10 per cent of total trading value.

During the week, prices of 30 securities increased, 36 declined and another 36 remained unchanged.

Oman Finance Free Bonds 2024 recorded the strongest gain, rising 13.3 per cent to 85 baisa. Oman Chromite advanced 10 per cent to RO 3.630, while Muscat Finance climbed eight per cent to 67 baisa.

Al Madina Investment Holding rose 6.5 per cent to 65 baisa, while Gulf International Chemicals gained 4.4 per cent to close at 71 baisa.

On the losing side, Salalah Port Services recorded the sharpest decline, falling 9.8 per cent to 476 baisa. United Finance bonds dropped by around seven per cent to 80 baisa, while Ahli Bank’s free 2026 bonds declined 4.7 per cent to 100 baisa.

Oman Refreshment Company shares fell 4.3 per cent to RO 1.100, while Leva Group declined 2.7 per cent to close at 350 baisa.