MSX trading value jumps 44% to top OMR90mn in February

Business Saturday 02/March/2024 16:38 PM
MSX trading value jumps 44% to top OMR90mn in February

Muscat: Trading value on the Muscat Stock Exchange (MSX) increased in February to OMR129.8 million, compared to about OMR90.1 million in January 2024, recording an increase of 44 percent.

Benefiting from the increase in trading in Bank Sohar, government development bonds (GDBs), and energy companies, which attracted investors to it amid positive expectations regarding its financial performance during the current year.

The Muscat Stock Exchange also witnessed a 132 percent increase in the total number of securities traded, which rose to about 866.1 million securities in February, compared to 373 million securities in January on the back of investors’ focus on stocks with low market value. The number of transactions executed declined to 18,940 deals in February from 21,265 deals in January.

In February, the stock market's main index recorded a decline of 7 points and closed at 4,554 points. The financial sector index declined by 275 points and closed at 7,094 points, while the services sector index was able to rise by 163 points, registering an increase of 10.4 percent and closing at 1,733 points. The Sharia index rose by 6 points. It closed at 446 points.

Bank Sohar topped the most traded securities in terms of trading value after witnessing trades worth OMR54.7 million, representing 42.1 percent of the total trading value. The 64th issuance of government development bonds (GDBs) came in second place with trades amounting to about OMR9.2 million, and OQ Networks came ranked third with transactions at OMR8.7 million, representing 6.7 percent of the total trading value.

In the month of February, the prices of 42 securities declined, compared to 36 securities whose prices rose, and 16 securities that stabilised at their previous levels. Al Batinah Power’s stock recorded the highest increase after it rose from 19 baisas to 75 baisas, recording an increase of about 295 percent, and Al Suwadi Power’s stock rose from 21 baisas to 75 baisas, recording an increase of 271 percent.

This exceptional rise came after the two companies announced that they were able to refinance the commercial loan, which allowed them to return to distributing profits to shareholders. The Board of Directors of Al Suwadi Power recommended distributing cash dividends of 14 percent, while the Board of Directors of Al Batinah Power Company recommended distributing cash dividends of 12 percent.

SMN Power Holding shares rose by 57 percent from 77 baisas to 121 baisas, and Barka Water and Power shares rose by about 21 percent from 43 baisas to 52 baisas.

Ominvest shares recorded the highest declines after falling by 13.3 percent and closed at 390 baisas, National Aluminum Products shares fell by 11.1 percent and closed at 40 baisas, and Dhofar International Development and Investment shares fell by 9 percent and closed at 110 baisas.