Muscat: The Muscat Stock Exchange (MSX) saw a decline in its main indices during the week, as selling pressures continued after OQ Exploration and Production announced that it would offer 25 percent of its shares for public subscription. However, since it did not specify the offering date or the subscription price, indicating that it would offer the shares for subscription after obtaining the required approvals from the Financial Services Authority (FSA).

Trading statistics issued by the MSX showed that individual investors were keen to sell, with their sales accounting for 21.8 percent of the total trading value, compared to purchases at 11.7 percent, while local and Gulf investment institutions tended to buy.

The selling pressures led to a decline in the prices of 37 securities, compared to 11 securities whose prices rose and 21 securities remained unchanged at their previous levels. The main index of the stock exchange lost 20 points and closed at 4725 points.

MSX witnessed a 31 percent decline in trading value and a 40 percent decline in the number of deals executed, with the trading value falling during the week to OMR9.3 million compared to OMR15.6 million in the previous week. The number of deals executed declined from 3,169 deals to 1,606 deals.

The market capitalisation of MSX fell at the end of the week’s trading to OMR24.51 billion, recording weekly losses of OMR39.3 million.

Dhofar International Development and Investment Company topped the gainers, rising by 4.3 percent and closing at 238 baisas. Muscat City Desalination Company rose by 2.8 percent and closed at 73 baisas, while Dhofar Beverages and Foodstuff Company rose to 205 baisas, recording a 2.5 percent increase.

Dhofar Food and Investment Company stock was the top loser, declining by 10 percent and closing at 63 baisas. Shell Oman Marketing stock fell to 800 baisas, recording a decline of 9 percent, while Oman Fisheries stock recorded a decline of 6.2 percent and closed at 30 baisas.

Sohar International Bank topped the most traded companies in terms of trading value at OMR2.3 million, accounting for 24.5 percent of the total trading value. OQ Gas Networks came in second place at OMR1.8 million while Dhofar International Development and Investment came in third place with trading valued at OMR892,000, representing 9.5 percent of the total trading value.

In corporate news, Sohar Power Company has invited its shareholders to attend the Extraordinary General Assembly meeting scheduled to be held on October 3rd to study the proposal to withdraw the company’s bankruptcy petition before the Court of First Instance and authorise the Board of Directors to conclude agreements related to debt restructuring on behalf of the company, take all measures, sign all documents, deposit and register them with any competent authority, and obtain approvals on behalf of the company and shareholders whenever such measures or documents are appropriate or necessary.

Last week, Majan University College announced its preliminary financial results for the fiscal year ending on August 31, which indicated an increase in net profits from OMR500,000 to about OMR918,000.

Desert Hospitality Company also announced its financial results for the nine months ending on August 31, indicating that net profits rose to OMR1,974,000 compared to profits of OMR1,785,000 in the same period of its previous fiscal year.

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