Muscat: The trading activity decreased with the value dropping by 15.4 percent to OMR15.6 million last week compared to OMR18.5 million in the previous week.

The number of deals executed also declined by 25.5 percent from 4,255 deals to 3,169 deals while the market value recorded a weekly loss of OMR23.5 million Omani to decline by the end of Thursday’s trading to OMR24.55 billion.

Shell Oman Marketing Company’s share registered the highest increase among the traded shares, rising by 17.3 percent and closing at 880 baisas. Al Madina Investment Holding Company’s share rose by 10 percent and closed at 55 baisas. Muscat Insurance Company’s share rose by 6.6 percent and closed at 320 baisas. National Bank of Oman’s share recorded a rise of 4.8 percent and closed at 283 baisas. Ominvest’s share rose by 3.7 percent and closed at 363 baisas.

Oman Fisheries share led the losing stocks, declining by 13.5 percent and closing at 32 baisas. Salalah Mills share fell by 6.7 percent and closed at 495 baisas, while Musandam Power share fell to 270 baisas, recording a decline of 5.9 percent.

In the bonds and sukuk market, the Oman Finance Free Bonds 2020 recorded the highest increase, rising by 27.2 percent, with the bond closing at 70 baisas, while the unsecured secondary speculation sukuk of Ominvest recorded a slight decline of one baisa and closed at 989 baisas. OQ Gas Networks topped the most traded companies in terms of trading value at OMR2.9 million, accounting for 18.6 percent of the total trading value. Voltamp Energy came next at OMR2.5 million, while Bank Muscat followed with trading valued at OMR1.6 million. The three companies accounted for about 45 percent of the total trading value witnessed by the Muscat Stock Exchange last week.

In corporate news, Packaging Company Limited invited its shareholders to attend the Extraordinary General Assembly meeting on September 30 to study the Board of Directors’ proposal to convert the company from a public joint stock company to a closed joint stock company.

The company said earlier that it had obtained initial approval from the Financial Services Authority (FSA) for the conversion proposal, noting that a foreign investor will purchase all the shares at a price of OMR1.950 per share. The company recorded net profits of OMR52,000 in the first half of this year, compared to OMR180,000 during the same period last year.

The company’s capital amounts to OMR3 million, while its market value at the end of trading last week amounted to OMR5.8 million.

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