Financial sector index gains on MSX for third week in a row

The financial sector index on the Muscat Stock Exchange (MSX) continued its upward trend, marking its third consecutive week of gains. This rise was primarily fueled by strong performance in the shares of banks and investment companies, with the index adding approximately 98 points to close at 13,034 points.

Despite the positive momentum in the financial sector, the overall performance of the Muscat Stock Exchange was mixed. The main index experienced a weekly decline of 23 points, closing at 7,634 points. This dip was partly attributed to investors awaiting the initial public offering (IPO) of Oman India Fertilizer Company shares. The industrial and services sector indices also recorded declines.

Market capitalization saw a decrease of OMR86 million, settling at OMR36.65 billion, as 55 securities fell in price compared to 21 that rose. However, trading activity surged, with the trading value increasing by 9.3 percent to OMR191.4 million and the number of transactions jumping by 65 percent to approximately 41,700. Bank Muscat dominated trading value, accounting for 24 percent of the total.

Among the top performers, Oman Arab Bank's stock saw the highest gain, rising 6.7 percent. Al Maha Ceramics and Al Sharqiyah Investment also posted notable gains. Conversely, Salalah Port Services shares led the decliners, dropping about 19 percent.