Muscat: The surge came as investors positioned themselves ahead of the upcoming third-quarter financial results, boosting confidence in the market.
Omani individual investors drove much of the activity, with purchases climbing 66.2 percent to RO 23.6 million from RO 14.2 million in the prior week. Local investment funds and institutions also added weight, raising their purchases to RO 93.8 million, up 53.7 percent from RO 61 million. Analysts said the rebound reflected investor appetite to seize opportunities after recent stock declines, amid optimism about listed companies’ results due in the next two weeks.
Trading volume also expanded, with 18,293 transactions executed, an 11.3 percent increase over the previous week. Activity centered on OQ Basic Industries, Bank Muscat, Bank Sohar International, OQ Exploration and Production, and OQ Gas Networks, which together accounted for 75 percent of the week’s trading value.
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Despite the surge in liquidity, indices showed mixed performance. The main index slipped 15 points to close at 5,123, while sectoral indices reflected similar trends: the financial sector fell 42 points, the industrial sector lost 7, and the Shariah index edged down 4. The services sector index, however, inched higher, buoyed by a 4.9 percent gain in Omantel shares to RO 1.81.
Prices of 35 securities advanced, 31 declined, and 26 remained unchanged. Oman Refreshments led the gainers, rising 10 percent to 122 baisas, followed by Dhofar Food and Investment (up 9.5 percent to 69 baisas) and Oman National Engineering and Investment (up 7.2 percent to 134 baisas). Other notable risers included Ahli Bank’s 2024 mandatory convertible bonds (+6.3 percent) and Muscat Thread Mills (+5 percent).
On the downside, Muscat Insurance led the decliners with a 10 percent fall to 837 baisas, followed by Dhofar Power Generation (–5.6 percent to 83 baisas), Ominvest (–4.6 percent to 245 baisas), Majan College (–4.2 percent to 114 baisas), and Al Maha Petroleum Products Marketing (–4 percent to 950 baisas).
Despite the surge in trading, the decline in leading stocks dragged the overall market capitalization down by RO 18.1 million to RO 30.125 billion.
OQ Gas Networks has called for an Ordinary General Assembly meeting on October 9 to review financial statements and approve a proposed cash dividend of 5.6 baisas per share. OQ Basic Industries will hold its own meeting on October 19 to consider a 5-baisa interim dividend for the first half of the year.
