Muscat: This increase comes as investors show renewed interest in bank shares and other leading companies that have recently become more attractive following a period of declining prices.

As anticipation builds for the upcoming third-quarter financial results, set to be announced within the next two weeks, investors are also gearing up for the launch of the public subscription for OQ Exploration and Production on September 30. The company will offer two billion shares, representing 25% of its capital, with shares priced at 351 baisas for Omani individuals, 390 baisas for foreigners, and between 370 and 390 baisas for local and foreign institutions.

Leading the trading activity were the National Bank of Oman, Bank Sohar International, OQ Gas Networks, and Bank Muscat, which collectively accounted for 76% of the week’s trading value. The National Bank of Oman saw a significant trading volume of RO 5.6 million, constituting 26.3% of the total. Bank Sohar followed with RO 4.7 million, while OQ Gas Networks recorded RO 4 million, and Bank Muscat logged RO 1.8 million.

In addition to the trading value surge, the number of executed deals on the MSX rose by 90%, reaching 3,064 compared to 1,606 the previous week. OQ Gas Networks led in executed deals, with 1,057 transactions. The company’s share price closed at 144 baisas, remaining stable despite fluctuations between 146 and 142 baisas throughout the week.

Market capitalization also saw a boost, gaining around RO 20 million, bringing the total value of listed securities to RO 24.534 billion. While the closed market companies saw their market value rise to RO 10.923 billion, public joint-stock companies experienced declines due to falling stock prices. Of the 74 securities traded, 36 saw price drops, 19 increased, and 19 remained stable.

The overall indices on the Muscat Stock Exchange recorded declines, with the main index falling by 23 points to close at 4,701. The industrial sector index experienced the steepest drop, losing 76 points, while the financial sector index and Shariah index decreased by 26 and 3 points, respectively. The services sector index recorded the smallest decline of about 2 points, aided by gains in energy company shares.

Among the notable gainers, Muscat Thread Factories rose by 6.7%, closing at 111 baisas, while Gulf International Chemicals and Al Anwar Investments increased by 4.4% and 4%, closing at 71 baisas and 78 baisas, respectively. Conversely, Shell Oman Marketing Company faced the largest decline, dropping 10% to close at 720 baisas, while Leva convertible bonds plummeted by 29.2%, closing at 70 baisas.