Muscat: The value of trading at Muscat Stock Exchange (MSE) rose during the week to OMR9.5 million compared to OMR8.5 million in the previous week, recording a rise of 12.4 percent, benefiting from investors’ interest in shares of leading companies and the bonds and sukuk market.

During the week, the bond and sukuk market recorded a remarkable rise, exceeding OMR775,000, compared to OMR169,000 in the previous week.

The week’s trading also showed investors’ interest in the shares of a number of leading companies, such as Bank Muscat, OQ Gas Networks, Bank Nizwa, Omantel, and Abraj Energy Services, which came at the forefront of the most traded companies in terms of trading value, accounting for 68 percent of the total trading value.

Bank Muscat came next with a trading value of OMR1.6 million, OQ Gas Networks trading was valed at OMR1.5 million, Bank Nizwa OMR1.2 million, Omantel OMR1.1 million and Abraj Communications Services came next with trading valued at OMR963,000.

The number of executed transactions during the week increased by 7.1 percent from 2,463 to 2,639. This rise was supported by investors’ interest in the shares of OQ Gas Networks, Renaissance Services, Galfar Engineering & Contracting, Abraj Energy Services, Bank Muscat, Omantel and Bank Sohar International, which together witnessed the execution of 1,593 transactions, representing 60.3 percent of the total number of transactions executed during the past week.

The market value of the Muscat Stock Exchange rose by the end of the week to OMR24.42 billion, recording weekly gains of OMR27.2 million.

At the level of indices, the industrial sector index recorded the best performance, rising by 12 points and closing at 5,872 points, benefiting from the rise in the shares of Al Maha Ceramics, Oman Mills, Voltamp Energy, Building Materials Industry, and Al Anwar Ceramic Tiles.

The services sector index also recorded a positive performance, rising by less than one point, benefiting from the rise in the share of Al Nahda Services, which recorded the best rise in the regular market.

The Sharia index also recorded a positive performance, maintaining its previous level of 441 points, while the financial sector index suffered losses of 80 points, affected by the decline in the shares of many banks and investment companies. The main index recorded a decline of 18 points and closed at 4,674 points.

MSX also witnessed a decline in the prices of 37 securities, compared to 22 securities whose prices rose and 24 securities remained unchanged at their previous levels. Dhofar Power Generation Company recorded the best rise, rising by 9.2 percent and closing at 71 baisas. Al Maha Ceramics Company rose by 4.6 percent and closed at 157 baisas. Oman Flour Mills Company rose to 499 baisas, rising by 3.9 percent. Al Nahda Services Company recorded a rise of 3.6 percent and closed at 399 baisas. Voltamp Energy Company rose by 2.3 percent and closed at 354 baisas.
Barka Water and Power Company was the top loser, declining by 9.8 percent and closing at 230 baisas. Fincorp Financial Centre Company fell by 9.6 percent and closed at 47 baisas, while Shell Oman Marketing Company fell to 740 baisas, recording a decline of 9.3 percent.

In corporate news, Al Jazeera Services Company has invited its shareholders to attend the extraordinary general assembly meeting scheduled to be held on September 11. The meeting will consider reducing the company’s capital from OMR 11,171,000 to OMR 7,820,000.

Earlier this month, the company said it wanted to reduce its capital by 30 percent, with the reduced capital of OMR3,351,000 to be distributed to shareholders after obtaining the approval of the Financial Services Authority.
The company’s share stabilised during the week’s trading at its previous level of 215 baisas after witnessing the execution of 33 transactions.

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