Muscat Stock Exchange Records Strong Weekly Gains
Muscat – The Muscat Stock Exchange Records Strong Weekly Gains as local investment funds and institutions increased trading activity last week. The surge reflects optimism following financial results and dividend announcements by public shareholding companies.
Several companies proposed dividends that supported market confidence. Oman Cables Industry recommended a cash dividend of 95.5 baisa per share, while Gulf Mushroom Production proposed a 25-baisa cash dividend along with a 10 percent bonus share distribution.
The banking sector also contributed to gains. Bank Muscat proposed 18 baisa per share, National Bank of Oman 10.5 baisa, Bank Dhofar 7.5 baisa, and Bank Nizwa 2.7 baisa per share with mandatory convertible sukuk. Ahli Bank and Bank Sohar International offered a combination of cash dividends and bonds. These proposals will be presented at Annual General Meetings scheduled in March.
Trading value on the Muscat Stock Exchange surged to RO 235.1 million, compared to RO 130.1 million the previous week, marking an increase of nearly 80 percent. Executed transactions rose from 20,000 to over 25,000, supporting the trend as the Muscat Stock Exchange Records Strong Weekly Gains.
Local investment institutions accounted for RO 170.7 million in purchases, representing 72.6 percent of total trading value, while local individual investors sold shares to realize profits.
The main index rose by 116 points to close at 6,330, led by industrial sector gains of 263 points from Voltamp Energy, Al Jazeera Steel Products, Oman Chrome, and other industrial stocks. The financial sector index gained 149 points, the services sector index rose 17 points, and the Sharia index added 6 points to reach 589.
Market capitalization increased to RO 33.5 billion, recording weekly gains of RO 247.9 million. Bank Muscat led trading by value with RO 48.1 million, followed by Omantel, Bank Sohar International, OQ Exploration and Production, and OQ Basic Industries.
Among individual securities, 48 rose, 31 declined, and 20 remained unchanged. Gulfar Engineering and Contracting gained 25 percent to 105 baisa, Voltamp Energy rose 17.6 percent to RO 1.700, and National Finance increased nearly 14 percent to 204 baisa. Majan Glass dropped 29.4 percent to 12 baisa, Gulf Hotels fell 10 percent to RO 3.555, and Al Anwar Ceramic Tiles declined 6.4 percent to 188 baisa.
The active trading and positive results highlight why the Muscat Stock Exchange Records Strong Weekly Gains, marking a notable week for investors and market participants.
