Muscat: The growing interest in dividend distributions helped propel several industrial stocks. Al Jazeera Steel Products soared by 20.6% to 380 baisas, boosted by a board recommendation of 43 baisas per share in cash dividends, subject to approval at the March 23 AGM. The company’s net profits last year rose to RO 7.7 million, up from RO 4 million in 2023, while group profits increased from RO 4.1 million to RO 7.09 million. Other strong performers included Voltamp Energy, up 8.6% to 555 baisas, and Oman Cement Company, which added 10 baisas to close at 405 baisas.

These gains lifted the Industrial Sector Index by 172 points to 5,614 points, making it the only rising index. The MSX Main Index slid by 86 points to 4,478, while the Financial Sector dipped by 89 points, the Services Sector by 27 points, and the Sharia Index by 2 points to 416.

Overall, 38 securities declined, 24 advanced, and 24 remained unchanged, shrinking the MSE’s total market value to RO 27.344 billion, a weekly loss of RO 164.2 million. Al Jazeera Steel Products, Al Maha Petroleum Products Marketing, and Voltamp Energy topped the gainers list, while Ooredoo, Muscat Gases, and Dhofar International Development and Investment were among the major losers.

Trading centered on OQ Exploration and Production, which attracted RO 5.063 million—around 31% of total turnover—followed by Omantel at RO 1.8 million and OQ Gas Networks at RO 1.5 million.

In a key corporate development, Oman Investment and Finance Company announced that the Court of Appeal rejected a lawsuit challenging its Extraordinary General Assembly decisions on dissolution and merger with Dhofar International Development and Investment Holding Company.