Muscat Stock Exchange records best trading value in 8 weeks

Muscat: The Muscat Stock Exchange recorded last week the best trading value in 8 weeks, benefiting from investors’ interest in the shares of a number of leading companies and the increase in trading in the bond and sukuk market. Last week’s trading jumped to RO 19.3 million, recording the best level of weekly trading since the week ending July 6, which witnessed transactions worth RO 21.6 million.

Trading volumes on the Muscat Stock Exchange returned to an increase during the past two weeks, with investors focusing on the shares of a number of leading companies in various sectors, to increase trading from 9.8 million Omani riyals in the week ending on August 10 to 11.8 million Omani riyals in the following week, and continued its rise last week to 19.3 million Omani riyals, an increase of about 64 percent.

Last week also witnessed an increase in the number of executed deals, which jumped above the 3000 level for the first time since last July 13, and the number of executed deals last week reached 3096 deals, compared to 2289 deals, 1598 deals, and 1881 deals in the previous three weeks. In last week’s trading, investors focused on the shares of Bank Muscat, Ooredoo, Omantel, Bank Sohar International, Bank Nizwa, Abraaj Energy Services and Ominvest.

In the bond and sukuk market, Omvest Perpetual Bonds 2023 attracted investors to witness transactions worth RO 4.8 million, representing 25 percent of the total trading value.

The past week witnessed a slight outperformance of the gainers over the losers, with the prices of 27 securities rising compared to 25 securities whose prices declined, while 17 securities maintained their previous levels, and preference rights in the National Bank recorded the best rise, rising by 11.4 percent and closing at 39 baisas. In the period from August 16 to August 30, 400 million shares were sold to exercise the right of preference at a price of 126 baizas per share, including one baisa as the issuance expenses.

Last week, the National Bank’s share witnessed the execution of one transaction of 100 shares at a price of 175 baizas per share, which pushed the stock down by 4%. .3 percent, down 8 baisas from its previous level, while preference rights witnessed the execution of 66 deals at a price ranging between 35 baisas and 44 baisas, and rights were listed during the period from 10 to 23 August, while August 3 was set as a date for acquiring the right, and preference rights qualify buyers To subscribe to the shares offered to exercise the right of preference, and the bank aims, through issuing these shares, to raise its capital at a value of OMR 50 million, from OMR 194.9 million to OMR 244.9 million.

The shares of Muscat Desalination City, Al Maha Ceramics, Omani fish and Oman Arab Bank were at the forefront of the top gainers, while the shares of Shell Oman Marketing, Salalah Mills, Dhofar Insurance, Al Suwadi Energy and Al Batinah Energy were at the forefront of the losers.

The shares of banks and investment companies supported the financial sector index to rise last week by 5 points, recording the only rise among the stock exchange indices, while the main index of the stock exchange declined by 9 points and closed at 4775 points, the services sector index decreased by 9 points, the industrial sector index recorded a decline of 5 points, and the index retreated legitimate by about 4 points. Among the companies’ news, the Muscat Stock Exchange listed on August 20 the shares of Sohar International Bank’s capital increase, after completing the merger procedures by way of consolidation with HSBC Bank Oman, so that the latter left the trading screens on the Muscat Stock Exchange, with a market value of RO 334 million.

The market value of the Muscat Stock Exchange was affected by the merger, to decline to 23 billion and 825 million Omani riyals, compared to 23 billion and 956 million Omani riyals a week ago, and the market value of Bank Sohar rose by the end of last week’s trading to 585 million Omani riyals, making the bank the third highest company listed on the Muscat Stock Exchange in terms of value.

After Bank Muscat, which has a market value of RO 2.1 billion, and Omantel, which has a market value of RO 765 million, the market value of Bank Sohar increased last week by RO 89.3 million, while the share price fell from 108 baisas to 107 baisas, after witnessing the execution of 327 deals. With a trading value of one million and 70 thousand Omani riyals.