MUSCAT : The benchmark index rose 4.5 per cent during August, closing above 7,600 points, while all major sectoral indices also recorded gains.

The financial sector index advanced by 463 points to 13,385 points, while the services sector gained 147 points to close at 3,060 points. The industrial sector index also rose by 147 points to 9,613 points, while the Shariah index added around 32 points to close near 611 points.

The total market value of securities listed on the exchange climbed to RO 38.64 billion by the end of August, an increase of more than RO 1.05 billion compared with July.

Trading activity also continued to strengthen for the third consecutive month. The value of trades rose to RO 976.4 million, compared with RO 920.9 million in July and RO 776.1 million in June.

The volume of securities traded increased by 2.8 per cent to 3.472 billion securities, although the number of executed transactions fell to around 178,000, compared with more than 200,000 deals in July.

Adel Waleed, Director of Brokerage at United Securities Company, attributed the market’s performance to a combination of technical and fundamental factors, including higher oil prices, renewed buying by Gulf investors and strong corporate results announced in July.

Speaking to the Oman News Agency, he said the declines seen during May, June and July had also pushed several stocks back to attractive investment levels, encouraging the return of local and international investors and speculators.

He expects the MSX to record further gains towards the end of the third quarter, supported by expectations of a potential upgrade in the FTSE index, which could attract additional foreign investment into the Omani market.

Bank Sohar topped the list of most actively traded companies by value, with transactions worth RO 173.7 million, accounting for 17.8 per cent of total trading value.

OQ Basic Industries followed with RO 167.4 million, while Bank Muscat recorded RO 164.3 million in trades. OQ Exploration and Production ranked fourth with trading worth RO 115.7 million, followed by OQ Gas Networks with RO 104 million, equivalent to around 10.6 per cent of total trading value.

August saw the prices of 55 securities rise, while 44 declined and 17 remained unchanged.

Al Batinah Development and Investment was among the biggest gainers, rising 23.3 per cent to 74 baisa. Omani bonds for free financing 2022 gained 17.6 per cent to 100 baisa, while Abraaj Energy Services advanced 16.4 per cent to 410 baisa.

Oman Chromite rose 15.2 per cent to RO 3.630, while International Financial Investments gained 13.7 per cent to 339 baisa.

Among the major decliners, National Aluminium Products fell 50.5 per cent to 149 baisa, while Al Jazira Services preferred shares dropped by around 20 per cent to 629 baisa.

Salalah Mills declined 10.5 per cent to 600 baisa, United Finance bonds fell 10.3 per cent to 78 baisa, and Salalah Port Services dropped 9.8 per cent to 476 baisa.

The month also witnessed the listing of Sohar International Bank’s capital increase shares, offered through a rights issue aimed at raising the bank’s capital from RO 702.5 million to RO 849.6 million.

Meanwhile, shareholders of OQ Exploration and Production approved a cash dividend of 7.23 baisa per share for the second quarter, along with a further cash distribution of 4.8 baisa per share. The board was also authorised to approve and distribute a third-quarter dividend of 7.23 baisa per share.

Pearl Real Estate Investment Fund announced an interim cash dividend of 5.5 baisa per unit for unitholders registered as of August 31.

Jabal Real Estate Investment Fund also announced that its board had approved an interim cash dividend of 1.825 baisa per unit for the second quarter.

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