Muscat: Last week, the bond and sukuk market notably rose, recording over RO 775 thousand, a sharp increase from RO 169 thousand in the prior week. Investors showed particular interest in the shares of top companies like Bank Muscat, OQ Gas Networks, Bank Nizwa, Omantel, and Abraj Energy Services. These companies dominated trading, collectively accounting for 68% of the total trading value. Bank Muscat led the pack with trades valued at RO 1.6 million, followed closely by OQ Gas Networks at RO 1.5 million and Bank Nizwa at RO 1.2 million. Omantel and Abraj Communications Services rounded out the top five, with trading values of RO 1.1 million and 963 thousand, respectively.
The number of transactions also saw a healthy increase of 7.1%, rising from 2,463 to 2,639. This was largely driven by heightened activity in shares from companies like OQ Gas Networks, Renaissance Services, and Galfar Engineering & Contracting, which collectively accounted for 60.3% of the week’s total transactions.
The MSE’s market value climbed to RO 24.421 billion, marking weekly gains of RO 27.2 million. The industrial sector shone brightest among the sector indices, with a 12-point rise to close at 5,872 points, bolstered by gains in companies such as Al Maha Ceramics and Oman Mills. The services sector index increased slightly, while the Sharia index remained steady at 441 points. In contrast, the financial sector index dropped 80 points due to declines in banking and investment stocks. The main index also dipped by 18 points, closing at 4,674 points.
Read More
- Honourable Lady visits Omani Women’s Association in Salalah
- Oman Foreign Minister holds talks with Tunisia, Brunei on bilateral ties and global developments
- Oman, Kazakhstan review bilateral ties and regional developments
- Oman’s Health Ministry urges public to act on suspected unsafe food
- Low clouds, fog expected over Muscat and Al Batinah
In the broader market, 37 securities saw price declines, while 22 experienced gains and 24 remained stable. Dhofar Power Generation Company led the gainers by a 9.2% increase, while Barka Water and Power Company topped the losers by plunging by 9.8%.
In corporate news, Al Jazeera Services Company announced an extraordinary general assembly meeting set for September 11 to discuss a proposed capital reduction from RO 11.171 million to RO 7.82 million. The company plans to distribute the reduced capital of RO 3.351 million to shareholders, pending approval from the Financial Services Authority. Al Jazeera’s shares remained stable at 215 baisas, with a trading value of approximately RO 30,000 across 33 transactions.
