Muscat Stock Exchange recorded its best closing level since last March

Muscat: The Muscat Stock Exchange recorded the best closing level since last March, after the main index of the stock exchange rose close to the level of 4,800 points, recording a monthly rise of 22 points, rising for the third month in a row.

The index closed in March at 4,863 points, but it declined in April to 4,718 points and continued its losses in May, falling to 4,626 points. However, it was able to rise by more than 141 points in June and continued its rise in July, rising by about 8 points to 4,776 points, and doubling its gains. Last month, August trading ended at about 4799 points.

These gains came in conjunction with the improvement witnessed by the national economy, the rise in the Sultanate of Oman’s ranking in international indicators, the decline in public debt, the rise in gross domestic product, and the state’s general budget achieving a surplus of 656 million Omani riyals in the first half of the current year. These indicators are expected to be reflected in the performance of companies. Public shareholding listed on the stock exchange.

The sectoral indicators witnessed a variation in their performance, while the Sharia index recorded an increase of 11 points, the financial sector index witnessed an increase of 4 points, and the performance of the industrial and services indexes was negative, as the industry sector index declined by 107 points, and the services sector index recorded a decline of 9 points.

Trading data for August issued by the Muscat Stock Exchange showed a 3.9 percent increase in the number of executed deals, which rose to 11,347 deals compared to 10,914 deals in July, benefiting from investors’ interest in buying shares of Bank Muscat, Abraaj Energy Services, Ooredoo, Bank Nizwa, and Omantel, which came at the top of the companies in the number of transactions. Executed transactions. The value of shares traded last month recorded an increase of 15.6 percent to reach 55.5 million Omani riyals, compared to 48 million Omani riyals in July, while trading in the bond and sukuk market witnessed a decline from 18.9 million Omani riyals to 8 million Omani riyals, and the total value of trading last month reached 63.6 million. Omani riyals, compared to 66.9 million Omani riyals in July and 52.8 million Omani riyals in June.

Omantel topped the most traded companies in terms of trading value with 14.8 million Omani riyals, representing 23.3 percent of the total trading value. Last August, the company distributed interim cash dividends amounting to 5 baisas per share to shareholders registered in the records of the Muscat Clearing and Depository Company on August 31, and the price closed. The stock is at 1 riyal and 30 baisas, up 35 baisas during the month.

Bank Muscat’s share attracted investors to witness the execution of 1,919 transactions worth 12 million and 889 thousand Omani riyals, representing 20.2 percent of the total trading value.

The share price closed at 285 baisas, up 5 baisas. Ooredoo’s share witnessed the execution of 962 deals worth 7 million and 788 thousand Omani riyals, representing 12.2 percent of the share.

The total trading value, and the share price closed at 386 baisas, up 19 baisas. The stock of Bank Sohar International witnessed good demand from investors, witnessing the implementation of 619 transactions worth 3 million and 231 thousand Omani riyals, representing 8 percent of the total trading value. The share price rose by one baisa and closed at 107 baisas. The month of August witnessed the completion of the merger between Bank Sohar International and HS Bank. BC Oman, which merged through annexation with Bank Sohar, causing HSBC Bank Oman to leave the trading screens.

After the merger, Bank Sohar, with a capital of 561.5 million Omani riyals, became the third largest company listed on the Muscat Stock Exchange in terms of market value with 585 million Omani riyals after… Bank Muscat, which came in the lead with more than one billion and 139 million Omani riyals, and Omantel, which ranked second with a market value of 772 million Omani riyals, while Bank Dhofar ranked fourth with 524.3 million Omani riyals, and the National Bank of Oman ranked fifth with 481.2 million Omani riyals. During last August, the National Bank announced that Ominvest and Bank Dhofar had separately withdrawn the offer to acquire the shares of the National Bank after neither of them had obtained the approval of the Central Bank of Oman to do so.

Also during the month of August, the National Bank offered 400 million shares to exercise the preferential right at a price of 126 million. One baisa per share, including one baisa for issuance expenses, in a step by which the bank aims to raise its capital by 50 million Omani riyals from 194.9 million Omani riyals to 244.9 million Omani riyals. The share price closed at the end of last month at 175 baisas, down 25 baisas from its closing price in July 2023. .