As stock prices declined last week, local investment firms increased their presence at the Muscat Stock Exchange (MSX), absorbing both individual and foreign sales.
Muscat: The move comes as 41 securities, spanning banking, telecommunications, energy, and leading industrial companies, recorded declines ahead of the fiscal year-end for most public joint-stock companies.
Purchases by local investment institutions reached RO 17.9 million, making up 65.1% of the total trading value. Sales by these institutions stood at RO 6.7 million, representing 24.6% of the total. The MSX main index fell by 46 points to close at 4,563 points, while sectoral indices also declined, with the financial, industrial, services, and Sharia indices all seeing drops.
Despite the broader market decline, 21 securities saw gains, including Dhofar Food and Investment, Al Madina Investment Holding, Oman Fisheries, Aman Real Estate Investment Fund, and Bank Sohar International rading activity surged to RO 27.5 million, nearly double the previous week’s RO 11.4 million, with executed deals rising to 7,829 from 4,382. OQ Exploration and Production led trading, contributing RO 12.6 million (46% of the total trading value), followed by OQ Gas Networks and Ominvest’s mudaraba sukuk.
OQ Exploration and Production shares, attracting significant attention due to their decline to investment-friendly levels, closed at 352 baisas, nearing the subscription price for individual Omani investors at 351 baisas.
The MSX’s market value rose to RO 27.393 billion, gaining RO 16.7 million by week’s end. This was driven by the increase in the value of closed companies, which rose to RO 10.93 billion, offsetting the decline in market value for public joint-stock companies.
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