Muscat Stock Exchange trading jumps to OMR 21.2 million

Muscat: The value of trading on the Muscat Stock Exchange (MSE) rose last week to OMR 21.2 million compared to OMR 9.3 million in the previous week, recording a 126 percent increase, benefiting from investors’ interest in bank shares and a number of other leading companies whose shares declined during the past weeks and became more attractive to investors.

This comes at a time when investors are awaiting the financial results for the third quarter of this year, which are expected to be announced within the next two weeks, and the launch of the subscription in OQ Exploration and Production on September 30.

OQ Exploration and Production announced the subscription dates last week after the issuance prospectus was approved by the Financial Services Authority. The company is offering two billion shares for public subscription, representing 25 percent of the company’s capital.

Subscription will start on September 30 at a price of 351 baisas per share for Omani individuals, 390 baisas per share for foreigners, and between 370 baisas and 390 baisas per share for local and foreign institutions. National Bank of Oman, Bank Sohar International, OQ Gas Networks and Bank Muscat accounted for 76 percent of the total trading value during the past week.

The National Bank of Oman share witnessed trading worth OMR 5.6 million, representing 26.3 percent of the total trading value, Bank Sohar witnessed trading worth OMR 4.7 million, OQ Gas Networks came in third with OMR 4 million, while Bank Muscat’s trading amounted to OMR 1.8 million. Muscat Stock Exchange witnessed a 90 percent increase in the number of executed deals last week, which rose to 3,064 deals compared to 1,606 deals in the previous week.

OQ Gas Networks topped the companies in the number of executed deals after witnessing the execution of 1,057 deals. The share price closed at its previous level of 144 baisas, despite its movement during trading between 146 and 142 baisas.

The market value of securities listed on the stock exchange last week recorded gains of about 20 million Omani riyals, rising by the end of Thursday’s trading to 24 billion and 534 million Omani riyals.

This rise came as a result of the rise in the market value of companies listed on the closed market, which rose by the end of last week’s trading to 10 billion and 923 million Omani riyals, while public joint-stock companies recorded a decline in their market value, affected by the decline in stock prices, with the prices of 36 securities falling, compared to 19 securities whose prices rose, and 19 other securities that remained stable at their previous levels.

These declines affected the Muscat Stock Exchange indices, all of which declined. The main index declined by 23 points and closed at 4,701 points.

The industrial sector index recorded the highest declines at 76 points, the financial sector index declined by 26 points, the Shariah index lost about 3 points, and the services sector index recorded the lowest declines at about 2 points, benefiting from the support provided by the shares of a number of energy companies that closed higher. Muscat Thread Factories topped the gainers, rising by 6.7 percent and closing at 111 baisas.

Gulf International Chemicals rose by 4.4 percent and closed at 71 baisas. Al Anwar Investments rose by 4 percent and closed at 78 baisas. Al Suwadi Energy rose by 4 percent and closed at 78 baisas as well. National Bank of Oman rose by 3.9 percent and closed at 290 baisas.

Shell Oman Marketing Company recorded the highest declines in the stock market, falling by 10 percent and closing at 720 baisas, while Leva convertible bonds recorded the highest declines in the bonds and sukuk market, falling by 29.2 percent and the bond price closed at 70 baisas.