Muscat Stock Exchange index consolidates gains and rises 50 points

Muscat: The main index of the Muscat Stock Exchange strengthened its gains last week, benefiting from the initial indicators of the financial results for the third quarter of the current year, which indicated growth in the profits of most leading companies.

Last week, the main index rose by 50 points and closed at 4,785 points, rising for the third week in a row.

All sectoral indices recorded an increase except for the industrial sector index, which fell by 33 points, while the financial sector index recorded a strong rise, rising by 115 points, and the services sector index rose by 21 points, and recorded The Sharia index increased by 4 points.

The preliminary financial results announced by public joint stock companies last week showed a good performance for most of the leading companies. Bank Sohar’s net profits rose in the first nine months of this year to 45.6 million Omani riyals, compared to 28 million Omani riyals in the same period last year, and profits rose. The net profits of the National Bank of Oman rose from 35.5 million Omani riyals to 43.3 million Omani riyals, the net profits of Bank Dhofar rose from about 26.1 million Omani riyals to 31 million Omani riyals, and the net profits of Bank Nizwa rose from 10.7 million Omani riyals to 11.6 million Omani riyals.

In other sectors, the Oman Cable Industry Company announced that the group’s net profits increased to 14.6 million Omani riyals, compared to 7.9 million Omani riyals in the same period last year. The net profits of the Oman Cement Company increased from 4.6 million Omani riyals to 7.3 million Omani riyals, and the profits of Al Anwar Tiles increased. Ceramics from 1.5 million Omani riyals to 3.9 million Omani riyals, and it is expected that most public joint stock companies listed on the Muscat Stock Exchange will complete the announcement of their financial results during the current week. Last week, the Muscat Stock Exchange recorded a number of gains in its market value, the number of executed transactions, and the trading value. The market value rose to 23 billion and 684.8 million Omani riyals, recording weekly gains of 96.7 million Omani riyals. Last week, the trading value increased by 47.5 percent, exceeding 11.9 million. Omani riyals, compared to 8.1 million Omani riyals in the previous week, and the number of executed deals increased by 11.5 percent from 1983 deals to 2211 deals.

In last week’s trading, investors focused on Omantel stock, which witnessed trades worth 3 million and 896 thousand Omani riyals, accounting for 33.5 percent of the total trading value. Bank Muscat came in second place with 1.9 million Omani riyals, then Ooredoo with trades worth 870 thousand Omani riyals, representing… 7.2 percent of the total trading value. Last week, the Muscat Stock Exchange witnessed an increase in the prices of 32 securities, compared to 18 securities whose prices declined, and 17 securities that stabilized at their previous levels.

The Oman Cables Industry share recorded the best rise, rising by 9.8 percent and closing at two riyals and 140 baisas, and Voltamp Energy shares rose by 9.5 percent and closed at 126 baisas, and Al Batinah Power’s stock rose to 24 baisas, rising by 9 percent. Al Suwadi Power’s stock also recorded an increase of 9 percent and closed at 24 baisas, and Oman Arab Bank’s stock rose by 7.2 percent and closed at 148 baisas.

Oman Chlorine stock topped the losing stocks, falling by 10 percent and closing at 486 baisas, Dhofar Beverages and Foodstuffs stock fell by 8.2 percent and closing at 200 baisas, Oman Financial Services stock fell to 150 baisas, recording a decline of 6.2 percent, and Al Maha Ceramics stock fell to 250 baisas. Recording a decline of 5.6 percent, Oman Mills shares declined by 4.4 percent and closed at 540 baisas.