Muscat Stock Exchange records lowest trading value in 12 weeks

Muscat: The Muscat Stock Exchange recorded the lowest value of weekly trading in 12 weeks, declining to 9.3 million Omani riyals, compared to 10.8 million Omani riyals and 16.4 million Omani riyals in the previous two weeks.

Last week’s trading was characterized by a state of anticipation and waiting for more disclosures about the trends of major investment funds and institutions regarding pumping more liquidity into the stock exchange, at a time when the financial results for the first half of this year showed volatile performance.

Trading focused on Omvest perpetual bonds 2023, which witnessed transactions with a value of two million and 52 thousand Omani riyals, representing 21.9 percent of the total trading value, and the share of Abraaj Energy Services witnessed interest from investors to witness transactions worth one million and 388 thousand Omani riyals.

Engineering and Contracting attracted interest from investors, and the trading value of the share amounted to 941 thousand Omani riyals, representing 10 percent of the total trading value. One thousand Omani riyals, occupying the fourth place in the most traded securities in terms of trading value, and the Oman Real Estate Fund came in the fifth place with 616 thousand Omani riyals.2 baizas per unit, indicating that the maturity date will be on August 8, and the fund’s units declined last week by 4 baizas, and closed at 90 baizas.

Last week, stock prices recorded clear declines that led the main index of the Stock Exchange and the sectoral indices to decline. The prices of 36 securities declined compared to 17 securities whose prices increased, and 16 securities maintained their previous levels, and the declines included many of the leading companies, which prompted the main index of the Stock Exchange to decline by 25 points and closed at 4,780 points, abandoning the 4,800 points barrier that it rose to about two weeks ago, the financial sector index fell 34 points, the industry sector index lost 38 points, the service sector index fell 17 points, and the Sharia index closed at 473 points, down 3 points.

The declines included the shares of Oman Cement, Bank Muscat, National Bank of Oman, Bank Dhofar, Omantel, Ooredoo, Al Anwar Ceramic Tiles, Al Maha Ceramics, Al Nahda Services, Raysut Cement and many of the leading companies included in the sample of the main index and sectoral indices.

Oman Investment and Finance recorded the highest decline, down by 14%.9 percent and closed at 74 baizas, and the company announced during the past two weeks the extension of two collection contracts, one of which is related to the collection of electricity bills for Namaa Dhofar Services Company, so that the contract will be extended from July 1, 2023 to June 30, 2026, and the second is a contract for collecting water bills for Namaa Water Services Company to be completed Extending the contract from July 1, 2023 to December 31, 2023, and the company said in its disclosures that it expects a reasonable return from this extension, and the company is facing a lawsuit from a number of shareholders to invalidate the decisions of the extraordinary general assembly approving the merger with Dhofar International Development and Investment Holding Company by consolidation .

The building materials industry declined by 9.5 percent and closed at 57 baizas, Al-Madina Investment Holding fell by 8.8 percent and closed at 41 baizas, Barka Water and Energy declined by 8.1 percent and closed at 45 baizas, and Al-Batinah Development and Investment fell by 6.3 percent and closed at 89. baisa.

The share of Omani Packaging recorded the highest increase, up by 9.9 percent, and closed at 200 baisas, and the share of the National Biscuit Industry rose by 9.8 percent and closed at 4 riyals and 240 baisas. 4.5 percent and closed at 162 baisas, and Takaful Oman Insurance rose by 3.9 percent and closed at 53 baisas. The market value of the securities listed on the Muscat Stock Exchange last week was affected by the drop in the prices of many stocks, dropping to RO 23 billion and 875 million, recording weekly losses estimated at RO 33.8 million.