Trading value on MSX reaches OMR17mn

Muscat: The trading value on the Muscat Securities Exchange (MSX) declined during the week to OMR17 million compared to about OMR19.8 million in the previous week. The number of transactions executed during the week recorded a decline of 19.2 percent from 6,148 deals to 4,967 deals.

The market value of securities listed on the stock exchange also declined at the end of the current week to OMR24.13 billion recording weekly losses of OMR29 million.

During the week, the prices of 23 securities rose, compared to 30 securities whose prices declined, and 18 securities that remained unchanged at their previous levels. Barka Water and Power shares recorded the highest gains, rising by 56.8 percent and closing at 138 baisas. This rise came amid a general rise in energy company stocks for several weeks with Optimistic expectations for the sector’s performance during the current year.

Barka Water and Power Company said that Nama Power and Water Purchase Company has extended the current water purchase agreements for a period of 3 months until next June 30 for the two reverse osmosis plants (first phase and second phase). SMN Power Holding Company said that one of its subsidiaries, SMN Barka Power received a letter of support from Nama Power and Water Purchase Company to conclude a new water purchase agreement for a period of nine years. SMN Power Holding Company shares rose during the week by 19.2 percent and closed at 297 baisas.

In the banking sector, the share of Oman Arab Bank (OAB) recorded the best increase, rising by 7.2 percent and closing at 118 baisas, and share of Bank Muscat rose by 2.2 percent and closing at 277 baisas.

Oman Investment and Finance Company (OIFC) shares topped the losing stocks, declining by 11.8 percent and closing at 82 baisas. The company said during the week that the competent court issued its ruling rejecting the lawsuit filed by a number of shareholders in order to invalidate the decisions of the company’s extraordinary general assembly held on June 21, 2023, related to approving the dissolution of the company. The company’s shares rose last week by 5 percent and closed at 210 baisas.

The list of the five companies that declined during the current week also included Omani Chrome, Salalah Port Services, Voltamp Energy, and Al Hassan Engineering.