MUSCAT : Trading activity gathered strong momentum after several banks and listed companies disclosed their dividend distribution proposals ahead of Annual General Meetings scheduled for March. Oman Cables Industry recommended a cash dividend of 95.5 baisa per share, while Gulf Mushroom Production proposed a cash dividend of 25 baisa per share along with a 10% bonus share distribution.
Among banks, Bank Muscat recommended a cash dividend of 18 baisa per share, National Bank of Oman announced 10.5 baisa per share, Bank Dhofar proposed 7.5 baisa per share, while Bank Nizwa recommended a cash dividend of 2.7 baisa per share in addition to mandatory convertible Sukuk at 4.54% of paid-up capital. Ahli Bank and Bank Sohar International opted for a mix of cash dividends and bonds.
Trading value surged to RO 235.1 million last week, compared with RO 130.1 million in the previous week, marking an 80% increase. The number of executed transactions rose by 24.7% to more than 25,000 trades.
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Data from the Muscat Stock Exchange showed that local investment institutions accounted for RO 170.7 million in purchases, representing 72.6% of total trading value, against sales of RO 146.5 million or 62.3%. Meanwhile, local individual investors leaned towards selling to capitalise on recent gains, with sales making up 17.5% of trading value, compared to purchases of 14.4%.
The market posted broad-based gains, with the main index rising 116 points to close at 6,330 points. The industrial sector led the advance, gaining 263 points on the back of higher shares in Voltamp Energy, Al Jazeera Steel Products, Oman Chrome and other industrial firms. The financial sector index climbed 149 points, while the services sector added 17 points. The Sharia index rose by six points to close at 589.
Market capitalisation increased to RO 33.5 billion by the end of the week, recording gains of RO 247.9 million.
In terms of trading value, Bank Muscat topped the list with RO 48.1 million, accounting for 20.4% of total trades, followed by Omantel with RO 32.1 million. Bank Sohar International ranked third with RO 30.9 million, followed by OQ Exploration and Production at RO 29.9 million and OQ Basic Industries at RO 21.8 million.
Price movements were largely positive, with 48 securities gaining, 31 declining and 20 remaining unchanged. Gulfar Engineering and Contracting led the gainers, surging 25% to close at 105 baisa, followed by Voltamp Energy, which rose 17.6% to RO 1.700. National Finance gained around 14% to close at 204 baisa.
On the downside, Majan Glass topped the losers, falling 29.4% to 12 baisa. Gulf Hotels – Oman declined 10% to RO 3.555, while Al Anwar Ceramic Tiles slipped 6.4% to 188 baisa.
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