MSM trading volume reaches OMR53.6mn

MUSCAT: The total volume of trading on the Muscat Securities Market (MSM) in January reached OMR53.60 million, registering a slight increase of 3.1 per cent from its level in January last year of OMR52.9 million. While it recorded a decline of 13.8 per cent from the level of last December, amounting to OMR62.2 million.

Last month’s trading was cautious by investors despite the good financial results announced by leading companies listed in the market, especially banks that showed growth in a number of their financial indicators.

In January, Bank Muscat and Al Jazeera Steel were the most heavily traded companies with 23.7% of the total traded value of RO12.7 million for Bank Muscat and 16.1% of the total value of shares traded at a value of RO8.6 million for Al Jazeera. Al Ahlia Insurance and Omantel ranked third and fourth among the most traded companies in terms of turnover.

The MSM Index fell due to the cautiousness of investors. The services sector index fell by 6.4 per cent and closed at 2142 points after losing 147 points. The Sharia index fell by 5 per cent and closed at 562 points, down about 30 points. The industrial sector index also fell by about 3.9 per cent and closed at 4796 points, down by 194 points. The main index of the market fell by 3.6 per cent and closed at 4166 points, down 157 points. The financial sector index fell by 1.9 per cent, and closed at 6697 points, down by 130 points.

In January, the prices of 14 shares rose, 42 shares declined and 21 shares maintained their previous levels. Oman Chlorine recorded its best rise among public shareholding companies. It closed at 320 baisas, up by 10.3 per cent. Muscat Finance rose by 9.8 per cent, 89 baisas, and Oman Investment and Finance shares rose to 83 baisas, up by 7.8 per cent.

SMN Power was the top loser, closing at 239 baisa, down by 35 per cent. Gulf Investment Services fell to 58 baisas, down by 19.4 per cent. Al-Madina Investment fell by 17 per cent to 29 baisas.

The market value of securities listed on the MSM declined by OMR18 billion and 47 million at the end of January, recording a loss of OMR128.40 million from last year’s level.

Purchase by non-Omani investors were valued at OMR5 million, representing 7.8 per cent of the total value of the sale, while their sale amounted to OMR7 million representing 12.5 per cent of the total value of trading.