Muscat Stock Exchange hits two-year low

Muscat: Pressured by declining support from leading companies, 37 securities saw price drops, while only 18 recorded gains.

The MSX has faced a downward trend in recent weeks, weighed down by concentrated trading in select stocks. Despite strong financial results in the first half of the year, the index has struggled to maintain momentum. The May 30 peak of 4,845 points marked a high point before the market succumbed to pressures from announcements of OQ Exploration and Production and OQ Basic Industries subscriptions.

Sectoral indices mirrored the main index’s decline, with the financial sector index leading losses, dropping 72 points to dip below 7,500. The industrial sector fell 50 points, the services sector lost 9 points, and the Shariah index closed down 7 points at 406.
Last week’s trading value dropped 7.6 percent to RO 26.8 million, with the number of executed deals plunging 30 percent to 7,799. Local investment institutions were net buyers, accounting for 80.1 percent of the trading value, while Omani individual investors leaned toward selling.

OQ Group affiliates dominated trading activity, capturing 71.7 percent of the total trading value. OQ Basic Industries led with RO 13.3 million in trades, followed by OQ Exploration and Production (RO 4.7 million) and OQ Gas Networks (RO 1.2 million).

The market value of MSX-listed securities edged up slightly by RO 2.3 million to reach RO 27.322 billion, bolstered by gains in the parallel and closed markets.

Among the week’s top gainers, Majan Glass surged 40 percent to 14 baisas, while Dhofar International Development and Investment rose 10 percent to 230 baisas. On the losing side, Barka Water and Power Company dropped 11.1 percent to close at 280 baisas.