Muscat: Last week, the main index of the Muscat Stock Exchange dropped by 40 points, closing at 4656 points, marking its second consecutive week of decline. The financial sector index faced the steepest drop, losing 92 points, while the industrial sector index fell by 16 points. The services sector index decreased to 1818 points, down by 7 points, and the Sharia index declined by 6 points.

The market value of securities listed on the Muscat Stock Exchange saw a loss of RO 50.7 million, ending the week at RO 24 billion and 434 million. The number of executed transactions also fell from 3,144 the previous week to 2,778 last week. However, the trading value rose significantly to RO 14.7 million, up from RO 8.8 million the previous week. This increase was driven by higher trading in shares of Ahli Bank, Bank Muscat, and Abraj Energy Services, which together accounted for over 53 per cent of the total trading value.

Ahli Bank’s shares saw trading worth RO 2.9 million, representing 19.6 percent of the total trading value. Bank Muscat’s shares witnessed trading worth RO 2.5 million, while Abraj’s shares accounted for 16.8 per cent of the total trading value, with trading worth RO 2 million and 488 thousand.

In terms of stock performance, the prices of 16 securities rose, while 37 securities saw declines, and 22 remained stable. Oman Free Financing Bonds 2022 recorded the highest increase, rising by 25.7 per cent to close at 88 baisas. Salalah Mills shares increased by 9.9 per cent, closing at 531 baisas, and Oman Mills shares rose by 7.7 per cent to 527 baisas.

Conversely, Oman Fisheries stock was the biggest loser, declining by 11.1 per cent to close at 40 baisas. Oman Qatar Insurance stock fell by 9 per cent to 170 baisas, and Oman Packaging stock also declined by 9 per cent, closing at 200 baisas.

In corporate news, the Oman Real Estate Fund announced that its board of directors decided on July 25 to distribute interim cash dividends of 1.4 baisas per unit to all unit holders, with a due date of August 8. The fund also acquired seven warehouses in Rusayl Industrial City for RO 5.9 million, aligning with its strategy to ensure stable future returns and diversify its portfolio. These new assets, leased by well-known commercial tenants, have an unexpired lease period exceeding four years.

Al Safa Foods Company announced the operation of a new solar power plant with a production capacity of 7 megawatts at Al Safa Farm in Thumrait, starting from July 16. This project is expected to reduce electricity costs by 12.5 per cent and aligns with the company’s commitment to environmentally friendly and emission-free operations.

Salalah Mills Company revealed that its board had approved a proposal to increase the company’s capital through a private subscription to an international company, involving 12.5 million shares worth RO 1. This would result in the new company owning 20 percent of Salalah Mills’ capital, pending approval from the Extraordinary General Assembly and the Financial Services Authority.