Gulf Investment Institutions Increase Purchases on Muscat Stock Exchange

Muscat:  Gulf investment institutions increased their purchases on the Muscat Stock Exchange (MSX) during last week’s trading, accounting for 13.5% of total trading value, compared with sales representing 8.4%.

The increase came as several leading stocks declined over the previous two weeks, amid heightened geopolitical tensions in the region and lower share prices reaching levels targeted by investment institutions.

Trading data issued by the Muscat Stock Exchange showed that individual investors increased their selling activity, with sales accounting for 22.3% of total trading value, compared with purchases of 19%.

Local investment institutions also leaned towards selling, with their sales representing about 65% of total trading value, compared with purchases of 63.5%.

Total trading value increased last week to RO 202.9 million, compared with RO 196.9 million in the previous week, with investors focusing on shares of OQ Group, banks and Omantel.

The market capitalisation of the Muscat Stock Exchange declined by about RO 49 million, closing the week at RO 39.397 billion.

A total of 49 securities declined during the week, compared with 29 that advanced and 23 that remained unchanged.

The performance put pressure on the MSX main index, which recorded its first weekly decline after seven consecutive weeks of gains. The index closed Thursday’s session at 7,603 points, down 44 points.

The Industrial Sector Index declined by 54 points, while the Services Sector Index fell by 47 points. In contrast, the Financial Sector Index gained about 60 points, while the Sharia Index rose slightly by less than one point to close at 623 points.

OQ Basic Industries was the most actively traded stock, with transactions worth RO 51.5 million, representing 25.4% of total trading value. The stock recorded 7,273 transactions during the week and closed at 257 baisa, down one baisa.

Bank Sohar International attracted trading worth more than RO 47 million, accounting for 23.2% of total trading value.

Bank Muscat recorded trades worth RO 21.2 million, while OQ Gas Networks recorded more than RO 18 million. Omantel recorded trading worth RO 17.8 million, representing 8.7% of total trading value.

Al Sharqiyah Desalination recorded the strongest gain across the regular and parallel markets, rising 9.3% to close at 175 baisa.

Gulf Mushroom Production gained 9% to close at 480 baisa, while Muscat City Desalination also rose 9% to 96 baisa.

Financial Corporation gained 7.4% to close at 101 baisa, while Bank Nizwa increased by 6.1% to 156 baisa.

Oman India Fertiliser shares rose 6% to 229 baisa, with trading value exceeding RO 14.4 million.

Salalah Mills led the decliners, falling 8.3% to close at 550 baisa. Oman Refreshments declined 8.1% to RO 1.10, while Barka Water and Power fell 5% to 150 baisa.

National Aluminium Products declined 4.7% to 100 baisa, while National Oman Engineering and Investment fell 4.5% to 147 baisa.

In company news, the Omani Company for Educational and Training Investments announced preliminary financial results for the financial year ended Aug. 31. The company said its net profit rose to RO 12.5 million, compared with RO 10.3 million in the previous financial year.

Majan College also announced that the parent company’s net profit for the financial year ended last August increased to RO 1.068 million, compared with RO 735,000 in the previous year.

The group’s net profit rose from RO 742,000 to RO 1.041 million.