Post by : Shakul

The Muscat Stock Exchange witnessed a strong performance in its industrial sector last week, driven by rising share prices and the start of first-quarter financial results announcements. The industrial index climbed above 10,100 points, gaining 187 points over the week.

Despite this positive trend, the overall market showed mixed performance. The main index declined by 73 points but remained at its highest level in 18 years, closing at 8,162 points. Other indices showed varied movement, with the financial sector rising by 24 points and the Sharia index gaining 16 points, while the services sector fell due to declines in major telecom and energy stocks.

Several industrial companies posted notable gains. Shares of Al Anwar Ceramic Tiles surged by 19%, while Al Maha Ceramics and Oman Cables Industry each rose by around 6%. Al Safa Foods also recorded an increase of nearly 4.7%, reflecting strong investor interest in the sector.

At the same time, companies began announcing their preliminary Q1 financial results. Gulf Mushroom Production reported a 40% rise in profits, while International Hotel Management posted a 30% increase. However, the Pearl Real Estate Investment Fund reported a slight decline in profits despite growth in net assets.

Market activity saw some slowdown during the week. The total trading value dropped by 21% to 309.1 million Omani riyals, and the number of transactions slightly decreased to 32,316 trades. The market capitalization also declined by 123 million Omani riyals, reaching approximately 37.97 billion riyals.

In terms of trading activity, Bank Sohar International led the market with trades worth 76.5 million riyals, followed by OQ Basic Industries and Bank Muscat. Other active stocks included OQ Exploration and Production and OQ Gas Networks.

Overall, 38 securities recorded gains during the week, led by Oman and Emirates Investment Holding Company with a 23% rise. Analysts expect market momentum to continue as more companies release their financial results in the coming weeks.

#Asia News #Oman News #Economy #Business #Finance