Muscat: The MSX main index ended last week’s trading at 5647 points, reversing part of the strong performance recorded earlier this year. Despite the setback, the index has achieved several record highs in 2024, supported by rising stock prices and robust buying from local investment funds and institutional investors.

Sectoral indices mirrored the downward trend.

• Financial sector index: down 103 points
• Industrial sector index: down 20 points
• Services sector index: down 28 points
• Meanwhile, the Sharia index bucked the broader decline, inching up 3 points, helped by gains in companies such as Ooredoo, Al Anwar Ceramic Tiles, and Pearl Real Estate Investment Fund.

Across the market, declines dominated trading activity: 47 securities fell in price, while only 15 gained and 21 remained unchanged. The sell-off dragged the MSX’s total market value down by RO 386.4 million, closing the week at RO 31.384 billion.

Trading activity also slowed noticeably. Total trading value plunged 37.5% to RO 134.6 million, compared with RO 215.4 million in the previous week. The number of executed transactions dropped from 35,000 to 24,556, marking a 30.8% decline.

Trading was heavily concentrated in major financial and energy stocks:

• Bank Muscat topped the list with trades worth RO 25.4 million (18.8% of market turnover).
• Bank Sohar International followed with RO 20.3 million.
• OQ Exploration & Production registered RO 17.6 million.
• OQ Basic Industries posted RO 14.8 million.
• Abraj Energy Services recorded RO 14.1 million (10.5% of turnover).

Among individual performers, Dhofar Insurance led the gainers with a 10% jump to 220 baisa. Ooredoo advanced 8.3% to 285 baisa, while Al Sharqiyah Investment Holding added 4.7% to close at 88 baisa.

On the losing side, Financial Services fell the most, dropping 18.4% to 128 baisa. Salalah Port Services declined 9% to 300 baisa, and Muscat City Desalination slipped 8.4% to 76 baisa.

In corporate developments, the National Bank of Oman (NBO) announced the completion of its USD 450 million Tier 1 perpetual capital securities issuance. The offering attracted strong demand—more than five times the reference size, across local, regional and international markets. The securities, carrying a 6.6% interest rate, are listed on Euronext Dublin. NBO stated that the proceeds would strengthen its capital base and support general corporate purposes, including refinancing existing instruments.

In another key update, Raysut Cement Company held an extraordinary general meeting to address its capital erosion. The board was authorized to take necessary steps to restore capital after financial statements revealed accumulated losses of RO 54.4 million as of the end of September, against a capital of RO 20 million.