Muscat Stock Exchange rises past RO 28 billion on strong earnings outlook

Muscat: The market capitalization of MSX-listed securities reached RO 28.095 billion by the end of last week, marking a weekly increase of RO 132.2 million. OQ Exploration and Production led the market in terms of value, reaching RO 2.72 billion, followed by Bank Muscat at RO 1.951 billion and Sohar International Bank at RO 933 million.

Investors were buoyed by optimistic expectations of favorable dividend distributions, leading to a recovery in stock prices. The main MSX index rose by 24 points to close at 4621, with sector indices showing mixed performances. The financial sector rose by 72 points, the industrial sector by 70 points, and the Shariah index by 4 points. However, the services sector faced a decline of 15 points, primarily due to a drop in energy shares.

Among the top gainers, Voltamp Energy led with an 18% increase, closing at 479 baisas. National Detergents followed with a 9.8% rise to 780 baisas, and Ahli Bank saw a 9.7% gain to close at 181 baisas. On the losing end, Gulf Hotels – Oman dropped by 9.9% to RO 3.510, Al Anwar Ceramic Tiles fell 9.3% to 97 baisas, and Oman and Emirates Investment Holding Company declined 6.7% to 69 baisas.
Despite the gains, trading activity slowed. The trading value fell 27% to RO 16.9 million, and the number of executed deals dropped 29% to 4,289. OQ Exploration and Production led trading value at RO 6.5 million, representing 38.3% of the total. OQ Basic Industries and Sohar International followed with RO 1.3 million and RO 1.218 million, respectively.

Related ARTICLES

POPULAR ARTICLES