Bank Stocks Lift Financial Index on Muscat Stock Exchange

Banking Stocks Boost Financial Sector Index on Muscat Stock Exchange

Muscat:  Banking stocks recorded positive performance on the Muscat Stock Exchange (MSX) during the past week, contributing to gains in the financial sector index despite a decline in the market’s main index.

The financial sector index rose by 83 points to close at 12,936 points, supported by gains in shares of the National Bank of Oman, Oman Arab Bank and Ahli Bank, in addition to advances recorded by several investment and finance companies.

Shares of the National Bank of Oman increased by 10 percent to close at 495 baisa, while Oman Arab Bank rose by 3.2 percent to 223 baisa. Shares of Ahli Bank also gained around 3.2 percent to close at 194 baisa.

The financial sector index also benefited from gains in the shares of Al Anwar Investments, United Finance and International Financial Investments.

Meanwhile, the MSX main index declined by 117 points to close at 7,657 points. The industrial sector index fell by 47 points, the services sector index declined by 42 points, and the Sharia Index dropped by 9 points.

Market performance was influenced by increased selling activity, particularly following the announcement by Oman India Fertiliser Company (OMIFCO) of plans to offer 25 percent of its shares for public subscription, subject to approval by the Financial Services Authority.

During the week, share prices of 50 listed securities declined, compared to gains in 21 securities, while 20 securities remained unchanged.

Non-Omani investors accounted for 16 percent of total sales during the week, compared to 12.2 percent of total purchases.

The market capitalisation of the Muscat Stock Exchange declined to approximately RO 36.743 billion, recording weekly losses of about RO 378.5 million.

Trading data showed that average daily trading value stood at around RO 35 million, compared to RO 51.6 million in the previous week. Total trading value reached RO 174.9 million, compared to RO 103.2 million in the preceding week, which included only two trading sessions due to the Eid Al Adha holiday.

More than 25,000 transactions were executed during the week, including 5,667 transactions in OQ Basic Industries shares, 4,379 transactions in OQ Gas Networks shares, 3,582 transactions in Bank Sohar International shares and 3,391 transactions in Bank Muscat shares.

OQ Basic Industries topped the list of most traded companies by value at RO 49.2 million, representing 28.1 percent of total trading value. It was followed by Bank Muscat at RO 24.4 million, Bank Sohar International at RO 22.2 million, OQ Exploration and Production at RO 21.8 million, and OQ Gas Networks at RO 20.8 million.

In corporate developments, Majan Glass Company was delisted from the Muscat Stock Exchange after its conversion into a single-person company with a capital of RO 4.2 million, following approval by its Extraordinary General Meeting.

Meanwhile, National Biscuit Manufacturing Company announced that its board approved the audited financial results for the fiscal year ending 31 March 2026 and recommended a cash dividend of 600 baisa per share, subject to shareholder approval at the upcoming Annual General Meeting.