Muscat: The Muscat Stock Exchange experienced a slight rebound last week, with the main index climbing 8 points to close at 4,687. This recovery follows a tough period where the index fell by 74 points and 91 points in the preceding two weeks.
Investors showed cautious behaviour in their trading activities, anticipating potential positive news on public shareholding companies’ second-quarter performance and analysts’ forecasts for the third quarter.
Sector-wise, the industrial sector faced the highest losses, dropping by 61 points. The financial sector declined by 11 points, while the services sector showed a positive movement, gaining 10 points. The Sharia index remained relatively stable, with a slight decline of less than half a point.
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Despite the overall index gain, the market witnessed declines in several other indicators. The total market value of listed securities decreased to RO 24.242 billion, marking weekly losses of RO 38.3 million. Additionally, the trading value dropped from RO 14.2 million to RO 10.6 million. However, the number of executed deals increased by 2.5%, from 4,260 to 4,370 deals.
Top traded shares included Bank Muscat, Bank Sohar International, OQ Gas Networks, Galfar Engineering and Contracting, Bank Nizwa, Oman Cable Industry, and Omantel. Bank Muscat led in trading value with RO 1.9 million, accounting for 17.8% of the total trading value. Oman Cable Industry and Sohar International Bank followed, with trades exceeding RO 1.2 million and RO 1.124 million, respectively.
Among the gainers, Raysut Cement saw the highest rise of 8.9%, closing at 146 baisas and peaking at 150 baisas during the week. This surge followed a judicial ruling by the Court of Appeal in Muscat, convicting the former CEO and other executives, resulting in penalties and a requirement to repay the company RO 50.1 million.
In contrast, Barka Water and Energy recorded the highest losses, closing at 253 baisas, a decline of 12.4%. Other significant decliners included Dhofar Beverages and Foodstuffs, Al Anwar Investments, Muscat Gases, and Oman and Emirates Holding, with respective declines of 9.6%, 7.9%, 7.8%, and 4.7%.
Al Anwar Investments saw a 7.9% drop, closing at 81 baisas, after the annual general assembly approved a 5% cash dividend and 3% free shares distribution.
