MSX Trading Value Rises 18.7% to RO 920.9 Million in July

Muscat: The trading value on the Muscat Stock Exchange (MSX) increased to RO 920.9 million in July, compared to RO 776.1 million in June, supported by renewed investor activity as market participants sought to benefit from attractive buying opportunities following previous declines in share prices and improved financial results announced by listed public joint-stock companies.

Despite recording several gains during the month, the MSX 30 Index declined for the third consecutive month, closing at 7,277 points, down 230 points, amid selling pressure influenced by regional geopolitical developments and profit-taking after gains in several leading stocks.

All sector indices closed lower in July. The Industrial Index recorded the largest decline, falling 290 points to 9,466 points, while the Financial Index dropped 163 points to 12,921 points. The Services Index declined 159 points to 2,890 points, and the Sharia Index fell by approximately 18 points to close at 578 points.

The number of executed transactions rose by 29 percent, exceeding 200,000 transactions compared to 159,000 transactions in June.

The Muscat Stock Exchange’s market capitalisation increased by approximately RO 853 million during July to reach RO 37.58 billion, supported by gains in a number of leading stocks and the listing of Oman India Fertiliser Company on 8 July.

At the end of July, Oman India Fertiliser Company’s market capitalisation stood at RO 1.264 billion, making it the fourth-largest listed company on the exchange by market value, following OQ Exploration and Production, Bank Muscat, and Bank Sohar International.

The newly listed company’s shares recorded more than 27,000 transactions with a trading value of RO 107.9 million, ranking fourth among the most actively traded companies by value.

Bank Muscat topped the list with trades worth RO 148.3 million, representing 16.1 percent of total trading value, followed by OQ Basic Industries with RO 146.8 million, Bank Sohar International with RO 116.8 million, and Omantel with RO 93.7 million, accounting for 10.1 percent of total trading.

A total of 33 securities recorded price gains during July, led by Oman India Fertiliser Company, whose shares rose 21.1 percent, gaining 33 baisas above the subscription price of 156 baisas. Oman Arab Bank shares increased 14.9 percent, while Oman Oil Marketing Company advanced 11.2 percent. Al Anwar Investments also recorded a 9.5 percent increase.

Meanwhile, 64 securities closed lower during the month. Sohar Power Company posted the biggest decline, with its share price falling 28.8 percent to 242 baisas, followed by Oman and Emirates Investment Holding Company, down 18.2 percent to 130 baisas, and Asyad Shipping Company, which declined 16.6 percent to 235 baisas.