Daily trading volume on MSX rose by 19.2% during the week
Muscat: Daily trading volume at the Muscat Stock Exchange (MSX) rose by 19.2 percent during the week, as investors bought shares of companies affiliated with the Oman Investment Authority (OIA), following improved financial results.
Local investment funds and institutions were also active in buying shares.
The daily trading average last week reached OMR13.1 million, compared to OMR11 million the week before. The week witnessed three trading days, compared to four trading days the week before, coinciding with the Eid Al Adha holiday.
Trading data released by the Muscat Stock Exchange (MSX) showed an increase in trading on OQ Basic Industries shares, which witnessed trades worth OMR7,694,000, representing 19.5 percent of the total trading value.
OQ Gas Networks witnessed trades worth OMR6,107,000, while OQ Exploration and Production shares traded at OMR6,073,000. Asyad Shipping Company's shares witnessed trades worth OMR4,694,000. The four companies accounted for 62.4 percent of the total trading value witnessed by the MSX during the week, which amounted to OMR39.3 million.
Local investment institutions were net buyers, accounting for 69.3 percent of the total trading value, while sales accounted for 65.1 percent of the total trading value. At the indices level, the Muscat Stock Exchange's main index fell 35 points last week, closing at 4,543 points, breaking a six-week upward trend amid profit-taking following gains in the shares of several leading companies over the past weeks.
The industrial sector index recorded losses of 94 points, the financial sector index declined by 44 points, the services sector index lost 12 points, and the Sharia index recorded a decline of approximately 3 points, closing at 441 points.
The market capitalisation of the MSX rose to OMR28.88 billion at the end of trading on Thursday, recording weekly gains of OMR82 million. This rise was supported by the share of OQ Exploration and Production, the largest company listed on the MSX in terms of market capitaliation at OMR2.496 billion.
During the week, its market capitalisation gained OMR136 million after its share rose by 17 baisas during the week, closing at 312 baisas. During the week, the company invited its shareholders to attend the extraordinary general assembly meeting scheduled for June 24 to discuss amending the company's articles of association by adding a new article related to the company's purchase of its own shares, which supported the share and pushed it upward.
In corporate news, Al Anwar Investments has invited its shareholders to attend the annual general assembly meeting scheduled for June 30th. The meeting will review the company's performance reports for the fiscal year ending March 31st. The meeting will also consider distributing cash dividends to shareholders at 4 baisas per share and bonus shares at a rate of 4 percent, equivalent to 4 shares for every 100 shares. The company's shares closed at the end of last week's trading at 85 baisas, up by 2 baisas during the week, and witnessed the execution of 206 transactions worth OMR1,185,000.
Fincorp, one of the oldest publicly listed companies in the financial brokerage sector on the MSX, said its board of directors has decided to approach the Financial Services Authority (FSA) for approval to cancel all licenses issued by the authority and related activities, and to change the company's activity to investment. The company has invited its shareholders to attend the extraordinary general assembly meeting scheduled for June 29 to approve this proposal before approaching the FSA.
During the week, the Omani Education and Training Investment Company announced its preliminary financial results for the third quarter of its current fiscal year, which ends on August 31. The company reported net profits of OMR7.2 million through May, compared to OMR6.5 million in the same period of the previous fiscal year.
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