Muscat: The main index of the Muscat Stock Exchange (MSX) strengthened its gains last week, benefiting from the initial indicators of the financial results for the third quarter of the current year, which indicated growth in the profits of most leading companies.

During the week, the main index rose by 50 points and closed at 4,785 points, rising for the third week in a row. All sectoral indices recorded an increase except for the industrial sector index, which fell by 33 points, while the financial sector index recorded a strong rise, rising by 115 points, and the services sector index rose by 21 points, and recorded The Sharia index increased by 4 points.

The preliminary financial results announced by public joint stock companies last week showed a good performance for most of the leading companies. Bank Sohar’s net profits rose in the first nine months of this year to OMR45.6 million compared to OMR28 million in the same period last year. The net profits of the National Bank of Oman (NBO) rose from OMR35.5 million to OMR43.3 million, the net profits of Bank Dhofar rose from about OMR26.1 million to OMR31 million, and the net profits of Bank Nizwa rose from OMR10.7 million to OMR11.6 million.

In other sectors, the Oman Cable Industry Company announced that the group’s net profits increased to OMR14.6 million, compared to OMR7.9 million in the same period last year. The net profits of the Oman Cement Company increased from OMR4.6 million to OMR7.3 million, and the profits of Al Anwar Tiles also increased.

Last week, the Muscat Stock Exchange recorded a number of gains in its market value, the number of transactions executed and the trading value. The market capitalisation rose to OMR23.68 billion, recording weekly gains of OMR96.7 million. Last week, the trading value increased by 47.5 percent, exceeding OMR11.9 million compared to OMR8.1 million in the previous week, and the number of deals executed increased by 11.5 percent from 1983 deals to 2211 deals.

In last week’s trading, investors focused on Omantel stock, which witnessed trades worth OMR3.89 million, accounting for 33.5 percent of the total trading value. Bank Muscat came next at OMR1.9 million and Ooredoo with trades worth OMR870,000.

Last week, the Muscat Stock Exchange witnessed an increase in the prices of 32 securities, compared to 18 securities whose prices declined, and 17 securities that stabilised at their previous levels. The Oman Cables Industry share recorded the best rise, rising by 9.8 percent and closing at OMR2.140, Voltamp Energy shares rose by 9.5 percent and closed at 126 baisas, and Al Batinah Power’s stock rose to 24 baisas, rising by 9 percent. Al Suwadi Power’s stock also recorded an increase of 9 percent and closed at 24 baisas, and Oman Arab Bank’s stock rose by 7.2 percent and closed at 148 baisas.

Oman Chlorine stock topped the losing stocks, falling by 10 percent and closing at 486 baisas, Dhofar Beverages and Foodstuffs stock fell by 8.2 percent and closing at 200 baisas, Oman Financial Services stock fell to 150 baisas, recording a decline of 6.2 percent, and Al Maha Ceramics stock fell to 250 baisas. Recording a decline of 5.6 percent, Oman Mills shares declined by 4.4 percent and closed at 540 baisas.

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