MSX trading value rises in July to OMR920.9mn

Muscat: Muscat Stock Exchange (MSX) trading value rose in July to OMR920.9 million compared to OMR776.1 million in June. This was driven by investors’ eagerness to buy in order to take advantage of the opportunities available after the declines recorded by stocks in previous months as well as the improvement in the financial results of public shareholding companies listed on the stock exchange.

The Muscat Stock Exchange recorded several gains last month, but the main index declined for the third consecutive month, affected by selling pressures as Gulf stock exchanges were impacted by the unstable geopolitical situation in the region. Last month also witnessed a number of profit-taking sales after the rises recorded by many leading stocks. The main index closed at the end of July trading at 7,277 points, down 230 points.

The sectoral indices recorded a collective decline, led by the industrial sector index, which fell by 290 points and closed at 9,466 points. The financial sector index fell by 163 points and closed at 12,921 points. The services sector index fell to 2,890 points, declining by 159 points. The Sharia index recorded a decline of about 18 points and closed at 578 points.

The number of transactions executed in July increased by 29 percent, exceeding 200,000 transactions compared to 159,000 transactions in June. The Muscat Stock Exchange recorded gains in its market capitalisation in July, estimated at OMR853 million rising to OMR37.58 billion. This was due to the rise in the shares of a number of leading companies and the listing of the Oman India Fertiliser Company on July 8. The company's market capitalisation at the end of trading July reached OMR1.26 billion, ranking fourth among the highest public shareholding companies in terms of market capitalisation, after OQ Exploration and Production, which ranked first with a market capitalisation exceeding OMR3.5 billion, Bank Muscat at OMR2.9 billion, and Bank Sohar International at OMR1.3 billion.

In July, the Oman India Fertiliser Company's stock witnessed the execution of more than 27,000 transactions with a trading value of OMR107.9 million, placing the company fourth among the most traded companies in terms of trading value, after Bank Muscat, which attracted investors trades amounting to OMR148.3 million, representing 16.1 percent of the total trading value. OQ Basic Industries came in second place with trades of OMR146.8 million and Bank Sohar International came in third place with trades of OMR116.8 million, while Omantel came in fifth place with trades of about OMR93.7 million, representing 10.1 percent of the total trading value.

Last month saw the rise in the prices of 33 securities, most notably the Oman India Fertiliser Company, whose shares rose by 21.1 percent, recording gains of 33 baisa over the subscription price of 156 baisa. The shares of Oman Arab Bank rose by 14.9 percent from 234 baisa to 269 baisa, and the shares of Oman Oil Marketing Company rose to OMR1.201, an increase of 11.2 percent. The shares of Al Anwar Investments recorded an increase of 9.5 percent from 167 baisa to 183 baisa.

In July, the prices of 64 securities declined, most notably Sohar Power Company, whose share price fell by 28.8 percent and closed at 242 baisa, Oman and Emirates Investment Holding Company, whose share price fell by 18.2 percent and closed at 130 baisa, and Asyad Shipping Company, whose share price fell by 16.6 percent and closed at 235 baisa.