MSX market value rises to RO 23.8 billion

MSX
MSX

Muscat: The market value of the Muscat Stock Exchange rose last week to RO 23.8 billion, recording gains of RO 85.9 million, benefiting from the rise in the market value of closed companies.

Last week, the Muscat Stock Exchange recorded an increase in the market value of the closed market and the bond and sukuk market. The market value of the closed market rose to 10.4 billion Omani riyals, recording weekly gains of 153.4 million Omani riyals, and the market value of the bond and sukuk market rose to 4.4 billion Omani riyals, recording weekly gains of 15 million Omani riyals, while the market value of public joint-stock companies declined to 9 billion and 44 million Omani riyals, recording weekly losses in their market value amounting to about 82.5 million Omani riyals, affected by the decline in stock prices.

Last week, the Muscat Stock Exchange witnessed a decline in the prices of 31 securities, compared to 16 securities whose prices rose, and 23 securities that stabilized at their previous levels. The recorded declines led to a decline in the main index and sectoral indices, with the main index losing 63 points, concluding the weekly trading at 4594 points, and the financial sector index recorded The highest declines were 95 points, the industrial sector index lost 44 points, the services sector index declined 12 points, and the Sharia index recorded a decline of two points.

Last week, trading value recorded a 40 percent decline, falling to 15.3 million Omani riyals, compared to 25.6 million Omani riyals in the previous week. The number of executed transactions decreased from 5,283 deals to 4,925 deals. Investors focused in last week’s trading on the shares of Bank Muscat and Omantel, which acquired shares of… About 60 percent of the total trading value. The trading value of Bank Muscat shares amounted to 4.6 million Omani riyals, representing 30.4 percent of the total trading value. Omantel shares witnessed trading worth 4.4 million Omani riyals, representing 28.9 percent of the total trading. OQ Gas Networks ranked ranked Third with 1.8 million Omani riyals, Sohar International Bank came fourth with transactions at 1.63 million Omani riyals, while National Bank came in fifth place with 781 thousand Omani riyals.

Muscat Desalination City shares topped the winning stocks, rising by 12.8 percent and closing at 88 baisas, Barka Water and Power shares rose by 4.8 percent and closing at 43 baisas, and Al Jazeera Services shares rose to 241 baisas, recording an increase of 4.7 percent. Omani Fish stock came at the top of the losing stocks, declining by 10 percent and closing at 45 baisas, Salalah Port Services stock fell to 350 baisas, a decline of 9.7 percent, and units of the Pearl Real Estate Investment Fund fell to 122 baisas, recording a decline of 7.5 percent. In corporate news, Voltamp Energy Company announced its qualification in the field of power transformers with the Saudi Electricity Company, and said in a disclosure on the Muscat Stock Exchange website that this qualification represents a major step towards achieving its future vision and providing it with the opportunity to enter into tenders to supply transformers for projects in the Kingdom of Saudi Arabia. Pointing out that this qualification reflects the volume of demand for the company’s products, which operates in the sector of manufacturing transformers and various technical products.

Sohar Power Company said that it had submitted a request to the Court of Appeal in Seeb to declare bankruptcy after the court of first instance rejected the company’s request to declare bankruptcy. Last week, the company issued a tender and an invitation to submit bids to sell the electric power generation and water desalination plant, either as a complete station or separate packages, and the capital amounts to… The company’s losses amounted to 22.1 million Omani riyals, and its accumulated losses until last March amounted to about 57.3 million Omani riyals. Since March, the company has not issued any financial reports. Sohar Power Company owns an electricity production plant with a capacity of 585 megawatts and a water desalination plant with a capacity of 33 million gallons per day, and it has been selling its products to the company. Oman to purchase power and water according to a long-term 15-year agreement that expired in May 2022.

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.