Muscat Stock Exchange Index Extends Gains for Second Week

The Muscat Stock Exchange (MSX) main index concluded the week with a notable gain, marking its second consecutive week of positive performance. The index climbed 90 points, building on the previous week's 160-point increase, to settle at 7,367 points. This upward trend was fueled by strong performances from several leading stocks across different sectors.

Leading the advance was the services sector index, which surged by 2.1 percent, equivalent to 61 points, to close at 2,951 points. The financial sector index also contributed positively, adding 42 points, while the Sharia index rose by approximately 8 points. Conversely, the industrial sector index experienced a decline of 24 points, impacted by the performance of companies like OQ Basic Industries and Salalah Mills.

Overall market capitalization saw a significant boost, increasing by OMR246.5 million to reach OMR37.82 billion. Trading activity also intensified, with the trading value rising by 3.3 percent to OMR264.5 million from OMR255.9 million in the prior week. The number of transactions executed surpassed 44,000. Bank stocks were particularly active, with Bank Muscat accounting for 19.3 percent of the total trading value, followed by Bank Sohar International and OQ Exploration and Production.

Among individual stocks, Al Batinah Development and Investment shares led the gainers with a 25 percent rise. Al Anqa Energy and OQ Gas Networks also posted strong gains of 7.5 percent and 6 percent, respectively. On the decliners' side, National Aluminum Products shares fell by 50 percent, and Building Materials Industries shares dropped by 13.3 percent.