MUSCAT : The benchmark index ended last week’s trading at 7,765 points, marking a gain of 26 points, supported largely by strong performances in the services and industrial sectors, even as financial stocks weighed on the broader market.
The services sector emerged as the top performer, climbing 78 points (2.6%) to close at 3,040 points, driven by gains in Omantel, energy firms, and other key players. Meanwhile, the industrial sector rose by 58 points, ending at 9,747 points, backed by positive movements in shares of Al Jazeera Steel Products, Oman Cement, and Oman Flour Mills.
In contrast, the financial sector index declined by 76 points, impacted by weaker bank stock performance, while the Sharia index slipped by 4 points to close at 647 points.
Market activity was notably influenced by a series of annual general meetings (AGMs), where several listed companies approved dividend distributions. Among key highlights, Bank Muscat approved a cash dividend of 18 baisa per share and greenlit an increase in its authorized capital from RO 800 million to RO 1.2 billion. The bank reported a net profit of RO 255.5 million, up from RO 225.5 million the previous year.
Other companies also announced dividends, including Al Sharqiyah Desalination Company (15 baisa/share), Muscat Thread Mills (12.5 baisa/share plus 5% bonus shares), Ooredoo (11.53 baisa/share), OQ Basic Industries (4.93 baisa/share for H2), and Salalah Port Services (15 baisa/share). Public shareholding firms are expected to resume AGMs following the Eid Al Fitr holiday.
Trading activity, however, slowed compared to the previous week, with 18,000 transactions valued at RO 246.9 million, down from 34,000 transactions worth over RO 415 million. Despite this, the market capitalization remained stable at RO 37.2 billion.
In terms of trading value, Ominvest led the market with RO 66.6 million, accounting for 27% of total trading value, followed by Bank Muscat (RO 50.7 million) and Bank Sohar International (RO 31.3 million). OQ Gas Networks and OQ Exploration and Production rounded out the top five.
On the stock performance front, 36 securities recorded gains, while 39 declined and 18 remained unchanged. The Financial Services Company posted the highest increase, rising 31.3% to 176 baisa, followed by Al Anqa Energy (+15.7%) and Al Suwadi Energy (+12.8%).
On the downside, Muscat Insurance led losses with a 10% drop, closing at 558 baisa, followed by Raysut Cement (-7%) and Oman Finance Services (-6.7%).
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