MSX trading value rises to OMR22 million
MUSCAT: Omani individual investors tended to buy in the current week’s trading on the Muscat Stock Exchange (MSX), accounting for 38.5 percent of the total trading value witnessed in the stock exchange last week, amounting to OMR22.6 million.
The shares of Sohar International Bank, National Bank, Galfar Engineering and Contracting, OQ Gas Networks, and Raysut Cement attracted investors, topping the most traded companies in terms of the number of shares traded.
Sohar International Bank topped the most traded companies in terms of trading value after witnessing trades worth OMR5.6 million, representing 24.8 percent. Out of the total trading value, the National Bank came in second place with 3.1 million Omani rials, Galfar Engineering and Contracting ranked third with 2.5 million Omani rials, Bank Muscat came fourth with 1.3 million Omani rials, then Abraj Energy Services ranked fifth with trades amounting to about 1.2 million Omani rials. One million Omani rials represents 5.2 percent of the total trading value.
The strong interest received by leading stocks prompted the main index of the Muscat Stock
Exchange to resume its rise, rising by about 60 points and closing at 4,773 points. The financial sector index rose by 140 points, the industrial sector index recorded an increase of 92 points, the Sharia index rose by about 6 points, while the services sector index recorded an increase of 92 points. Decreased by 11 points.
The prices of 32 securities rose during the week, compared to 27 securities whose prices declined and 22 securities that remained unchanged at their previous levels. Al Madina Investment Holdings stock recorded the highest increase, rising by 27.2 percent and closing at 70 baisas, and Bank Sohar International’s stock rose by 14.2 percent and closing at 137 baisas. Oman Packaging shares rose to 209 baisas, recording an increase of 10 percent, and National Mineral Water shares rose by 9.5 percent and closed at 46 baisas.
The rise in Al Madina Investment Holding shares came at a time when one of its sister companies, Al Madina Real Estate Company, signed a partnership and development agreement with the Ministry of Housing and Urban Planning within the ‘Integrated Residential Plans and Neighbourhoods
Project.’ According to this agreement, Al Madina Real Estate Company will establish Al Ahed neighbourhood in the Wilayat of Al Amerat with an investment value worth OMR52 million. The project includes 965 residential units that will be built in phases.
The market value of securities listed on the MSX rose during the end of trading on Thursday to OMR24.32 billion, recording weekly gains of OMR192.7 million. These gains came after the Muscat Stock Exchange listed on April 30 the 70th issue of Government Development
Bonds (GDBs) on the exchange
The market value also benefited from the increases recorded by stocks during the week and reflected positively on the regular market, whose market value rose by OMR71 million, to top OMR5.47 billion.