Post by : Shakul
The Muscat Stock Exchange experienced a notable upturn in its industrial segment last week, spurred by a surge in share prices coinciding with the kick-off of first-quarter financial results releases. The industrial index surpassed 10,100 points, gaining 187 points within the week.
However, the overall market displayed varied outcomes. The main index faced a drop of 73 points but maintained its peak level over the last 18 years, closing at 8,162 points. Other indices exhibited mixed signals, with the financial sector climbing 24 points and the Sharia index gaining 16 points, while the services sector suffered due to declines in key telecom and energy equities.
Several industrial firms showcased impressive gains. Al Anwar Ceramic Tiles saw its shares soar by 19%, while both Al Maha Ceramics and Oman Cables Industry experienced rises of around 6%. Al Safa Foods also reported a nearly 4.7% increase, indicative of strong investor enthusiasm within the sector.
As companies began revealing their preliminary Q1 financial outcomes, Gulf Mushroom Production announced a 40% profit rise, with International Hotel Management posting a 30% increase. Conversely, the Pearl Real Estate Investment Fund indicated a slight profit decline despite an uptick in net assets.
Market activities slowed throughout the week, evidenced by a 21% decrease in total trading value to 309.1 million Omani riyals and a slight dip in the number of transactions, totaling 32,316 trades. The market capitalization fell by 123 million Omani riyals, settling at roughly 37.97 billion riyals.
In trading activities, Bank Sohar International topped the market with trades amounting to 76.5 million riyals, followed closely by OQ Basic Industries and Bank Muscat. Other active stocks included OQ Exploration and Production and OQ Gas Networks.
A total of 38 securities noted gains over the week, with Oman and Emirates Investment Holding Company leading the way at a 23% rise. Analysts predict that market dynamics will persist positively as additional companies disclose their financial results in the upcoming weeks.
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