With its main index dropping 62 points to settle at 4,643 points last week, the Muscat Stock Exchange (MSX) resumed its negative trend for the third week in a row.
Muscat: The industrial sector bore the brunt of the downturn, losing 123 points, while the financial sector fell by 86 points. The services and Sharia indices both recorded a drop of 10 points.
Market pressures pushed down the prices of 50 securities, while only 15 saw gains, and 19 remained stable. Consequently, the market value of the exchange declined to RO 27.436 billion by Thursday’s close, registering weekly losses of RO 115.6 million.
Despite the overall decline, trading value saw a 10% increase to RO 42.8 million, driven largely by heightened activity in OQ Exploration and Production shares. The company accounted for over 77% of the total trading value, with trades worth RO 33.1 million. However, OQ shares fell for the third consecutive week, closing at 353 baisas, down 6 baisas.
Investor interest also surged in the Jabal Real Estate Investment Fund, which recorded trades worth RO 1.555 million, accounting for 3.6% of total trading. SMN Power Holding followed with trades worth RO 1.463 million, while OQ Gas Networks and Bank Muscat rounded out the top five.
Oman Education and Training Investment Company emerged as the week’s top performer, surging 21% to 992 baisas ahead of its annual general meeting scheduled for November 26 to discuss a 60-baisa dividend. SMN Power Holding rose 7.5% to 340 baisas, while Dhofar International Development and Investment climbed 5.2% to 219 baisas.
Conversely, Al Madina Investment Holding Company led the losers, tumbling 17.6% to 42 baisas. Oman Arab Bank’s mandatory convertible bonds dropped 9.3%, and Galfar Engineering and Contracting Company declined by 9.1%.
Bank Sohar’s pre-emptive rights began trading last week, closing at 5 baisas after 87 transactions worth RO 111,000. The subscription period for its 1.040 billion shares at 127 baisas per share will end on November 24. Meanwhile, Omantel reported a 31% drop in group net profits for the first nine months, falling to RO 187.5 million. Local profits also dipped to RO 54.7 million compared to RO 58.6 million in the same period last year.
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