Muscat: The initial financial reports from most public joint stock companies showcased robust performance, bolstering gains in the stock exchange and driving the market value to exceed RO 24 billion and 158 million by the end of last week’s trading. This surge marked a weekly increase of approximately RO 74.1 million.

During the week, the Muscat Stock Exchange’s main index climbed by 20 points, reaching a closing point of 4,717 points and marking the third consecutive week of gains. Notably, the financial sector index surged by 47 points, although the industrial sector index faced a minor decline of 112 points due to decreases in specific shares such as Al Maha Ceramics, Al Anwar Ceramic Tiles, Oman Cables Industry, and Galfar Engineering and Contracting. The services sector index also experienced a 25-point decrease, while the Sharia index dipped by 9 points.

Transaction activity saw a notable increase, with 6,372 transactions executed during the week, returning to pre-Eid al-Fitr holiday levels after a previous week with only two trading days and 2,097 transactions. However, the total trading value decreased to around RO 19.4 million compared to RO 32.9 million in the preceding week, which witnessed significant trading in National Bank shares.

Bank Muscat led in trading value, with transactions totalling RO 3 million and 176 thousand, accounting for 16.3 per cent of the total trading value. Sohar International Bank and Barka Water and Power followed closely in second and third place, respectively.

Stock price movements saw 22 securities rising, 31 declining, and 22 stabilizing at their previous levels. Notably, Muscat Thread Factories Company’s stock recorded the highest increase, climbing by 42.6 per cent following an announcement of increased net profits in the first quarter.

In corporate news, the International Development and Investment Company “Ominvest” announced plans to hold an extraordinary general assembly meeting and an annual ordinary general assembly on April 30. The company intends to issue mandatory convertible bonds worth RO 13.3 million, to be distributed as dividends to shareholders, with one bond for every 5 shares held. These bonds, listed later on the Muscat Stock Exchange, will convert into ordinary shares after 3 years. Additionally, the company proposed a cash dividend of 20 baisas per share.