Muscat: The main index rose by 24 points, closing at 4,597 points, marking its second consecutive week of growth.
The financial sector led the rally with a 74-point increase, while the industrial and services sectors added 18 and 12 points, respectively. The Sharia index also posted a modest gain, rising by two points to reach 425. Midweek trading saw the index briefly surpass the 4,600-point mark before settling lower by the week’s close.
Optimism surrounding the upcoming financial results of public joint-stock companies buoyed investor confidence, leading to price increases for 35 securities. Shares of Oman Cement, Bank Muscat, Al Anwar Investments, and energy firms such as Al Suwadi Energy and Al Batinah Energy played a pivotal role in boosting the index. Meanwhile, telecom stocks showed a declining trend.
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Local investment institutions were significant players in last week’s trading, accounting for 70.1 percent of purchases against 55.2 percent of sales. Despite the overall positive trend, the trading value dropped 5 percent from the previous week, totaling RO 23.4 million across approximately 6,100 deals.
The market value of the MSE climbed by over RO 373 million, ending the week at RO 27.96 billion. Notable trades included OQ Basic Industries, which accounted for 22.4 percent of the total trading value with RO 5.2 million in trades. OQ Exploration and Production followed with RO 4.2 million, while Bank Muscat saw RO 3.4 million in trades.
Among the top performers, Oman Fisheries saw its share price rise by 11.7 percent, while Fincorp Financial Centre and Al Suwadi Energy gained 9 percent and 8.9 percent, respectively. On the losing side, Oman United Insurance dropped by 11.2 percent, with Muscat Gas and Al Madina Investment Holding also posting declines.
In corporate updates, Oman International Development and Investment Company (Ominvest) signed a US$500 million, five-year facility agreement to support its growth plans. The company emphasized the strategic importance of this financing for its treasury management operations.
Meanwhile, the global hotel management company behind the Chedi Hotel announced a surge in net profits to RO 212,000 in 2024, compared to RO 83,000 the previous year. Revenues rose by 3.9 percent to reach RO 7.8 million.
