MUSCAT : Market capitalization on the Muscat Stock Exchange remained stable at more than RO 36.28 billion at the end of last week’s trading, sustaining the gains achieved in previous weeks. Since the beginning of the year, the exchange has added over RO 4.2 billion in market value compared to its closing level of RO 32 billion at the end of last year.
The performance of shares from OQ Group and other leading companies helped the MSX recover during the latter half of the week. After the market recorded a sharp decline on Tuesday amid rising geopolitical tensions in the region, the main index rebounded on Wednesday and Thursday.
The exchange also benefited from rising global oil prices and positive expectations that listed companies would remain resilient despite current regional developments. By the end of the week, the MSX main index closed at 7,378 points, down by only 14 points overall after briefly dropping to 7,256 points during Tuesday’s trading.
Sector indices recorded mixed performance during the week. The industrial sector index saw the biggest decline, falling by 238 points, while the financial sector index dropped by 78 points. The services sector index declined by 21 points, and the Sharia index fell by 14 points.
Several leading stocks posted gains during the week, with 21 securities recording increases. Shares of OQ Exploration and Production rose by 9 baisa to close at 477 baisa, raising the company’s market capitalization to RO 3.816 billion, marking a weekly gain of RO 72 million.
Similarly, OQ Basic Industries shares increased by 11 baisa to close at 240 baisa, pushing the company’s market value to RO 830.2 million, a weekly gain of RO 38 million.
Shares of Asyad Shipping also advanced by 7 baisa to close at 246 baisa, bringing the company’s market capitalization to approximately RO 1.28 billion, reflecting a weekly gain of RO 36.4 million. In a disclosure issued last week, the company stated that the impact of regional developments on its financial results is limited as its vessels operate under lease agreements. It added that it is closely monitoring developments in the Middle East and ensuring ships remain in safe locations.
Other stocks that recorded gains included National Bank of Oman, Muscat Insurance, Musandam Power, International Financial Investments Holding, Oman International Development and Investment Company (Ominvest), and Al Safa Foods, among others.
Total trading value during the past week reached RO 277.2 million, representing a decline of 18 percent compared to RO 339.7 million recorded in the previous week. However, the number of executed transactions remained above 27,400 deals, indicating continued trading activity.
Bank Muscat led the list of most actively traded companies in terms of trading value, recording RO 57.8 million, accounting for 20.8 percent of total trading value. Bank Sohar International followed with RO 53.8 million, while OQ Exploration and Production ranked third with RO 49.3 million. OQ Basic Industries came fourth with RO 33.4 million, and OQ Gas Networks secured fifth place with RO 23.5 million, representing 8.5 percent of the total trading value.
Meanwhile, prices of 50 securities declined during the week, with the most notable drops seen in Raysut Cement, Shell Oman Marketing, Galfar Engineering and Contracting, Al Jazeera Steel Products, and Building Materials Industry Company.
In the bond and sukuk market, Ominvest’s mandatory convertible bonds issued in 2024 recorded the highest increase, rising 8.5 percent to close at 114 baisa. Ahli Bank’s mandatory convertible bonds issued in 2024 gained 7.4 percent, closing at 115 baisa, while Mohammed Al Barwani’s new sukuk rose 1.4 percent to end the week at RO 1.65.
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