Telecom stocks attracted investors in last week’s trading on MSX

Muscat: Telecom stocks attracted investors in last week’s trading on the Muscat Stock Exchange, accounting for 45 percent of the total trading value witnessed by the stock exchange during the week. This turnout came in conjunction with Omantel’s announcement on Thursday of its preliminary financial results for the first half of this year, which indicated the stability of its profits in the local market at the levels of the same period last year.

Omantel said that the net profits of local operations for the first half of this year amounted to 39.8 million riyals. RO 40.2 million in the same period last year, explaining that despite the intense competition in both the mobile and fixed sectors, the company maintained the level of net profit at levels similar to the previous year as a result of the continuous growth in revenues from postpaid and fixed broadband services.

In addition to lower financing costs. The trading value of Omantel shares last week amounted to 3 million and 327 thousand Omani riyals, representing 33.9 percent of the total trading value, and the share rose in Thursday’s trading to 1 riyal and 11 baisas, but it reduced its gains at the end of the session and concluded the weekly trading at one riyal, up by one baisa during the week.

On Thursday, Omantel said that its board of directors decided to distribute interim dividends of 5 baisas per share to shareholders as of August 31, as mandated by the annual ordinary general meeting held in late March. Ooredoo share witnessed transactions worth one million and 109 thousand Omani riyals, representing 11.1 percent of the total value of trading witnessed by the stock exchange last week. RO 9.7 million in the same period last year, and the company attributed this decline to higher costs related to hardware sales and IT sales.

Last week’s trading was marked by the focus of investors on the shares of Omantel, Ooredoo, Bank Muscat, Abraaj Energy Services, and Bank Muscat’s first-class permanent bonds. The five securities accounted for 79 percent of the total trading value witnessed by the stock exchange last week. The weekly trading data issued by the Muscat Stock Exchange showed a 35 percent decline in the value of trading last week, to fall to OMR 9.8 million, compared to OMR 15.1 million in the previous week, and the number of executed transactions decreased by 15 percent from 1881 transactions to 1598 transactions.

These declines came at a time when local investment institutions reduced their purchases during the past week to RO 7.4 million, compared to purchases worth RO 12.2 million in the previous week. Last week, the main index of the Stock Exchange recorded a decline of 26 points and closed at 4757 points, the financial sector index recorded the highest losses, declining by about 94 points, the industrial sector index declined 27 points, while the services sector index was able to rise by 7 points, and the Sharia index recorded an increase of 5 points. .

The past week witnessed an increase in the prices of 14 securities, led by Shell Oman Marketing, Al Suwadi Energy and Oman Chrome, and 26 securities recorded a decline, most notably Majan College, Al Ahli Bank and Taajeer Finance, while 17 securities maintained their previous levels. Last week, the Muscat Stock Exchange recorded gains in its market value of 29.5 million Omani riyals, benefiting from the increase in the market value of the companies listed in the parallel market, which recorded remarkable increases. Omani.