Muscat [Oman], March 1: The market capitalisation of the Muscat Stock Exchange (MSX) recorded gains of OMR2.77 billion to OMR36.28 billion in February after achieving gains of more than OMR1.50 billion in January.
The market cap benefited from the gains recorded by stocks, with increased purchases by local investment funds and institutions, at a time when public shareholding companies announced improved financial results during the past year.
In February, the Muscat Stock Exchange recorded a positive performance in most of its indices. The main index of the exchange rose by 16.7 percent and closed at 7,393 points, recording an increase of 1,063 points. The financial sector index rose above 12,000 points and closed at 12,404 points, an increase of 1,486 points. The industrial sector index rose by 636 points and closed at 9,645 points. The services sector index recorded an increase of 349 points and closed at 2,882 points. The Sharia index rose by 59 points and closed at 648 points, recording an increase of 10 percent.
Trading value in February increased by 54.7 percent, exceeding OMR1.294 billion, compared to trades worth OMR836.8 million in January. The number of transactions executed increased by 26 percent from 96,000 transactions to more than 122,000 transactions.
In February trading, investors targeted shares of banks, telecommunications and OQ Group. Bank Sohar International topped the list of most traded companies in terms of trading value, with trades worth OMR241.2 million, representing 18.6 percent of the total trading value. The stock recorded a rise of 36.5 percent during February, rising from 164 baisa to 224 baisa, and climbed during trading to 230 baisa before reducing its gains. The stock witnessed the execution of more than 18,000 transactions.
OQ Exploration and Production saw trading worth OMR191 million, ranking second among the most traded companies in terms of trading value, accounting for 14.7 percent of the total trading value. The company's stock saw a rise of 17.8 percent in February, from 397 baisa to 468 baisa, and the company's market value rose to OMR3.74 billion, recording gains of OMR568 million.
OQ Basic Industries recorded a 152 percent increase in its trading value in February, rising from OMR74.2 million in January to OMR187.4 million in February, accounting for 14.4 percent of the total trading value. The stock closed at 229 baisa, registering a rise of 19.8 percent. Bank Muscat ranked fourth among the most traded companies in terms of trading value, after witnessing trades worth OMR186.3 million. The bank's stock rose from 361 baisa to 426 baisa, registering an increase of 18 percent. Omantel ranked fifth with trades at OMR140.8 million, accounting for 10.8 percent of the total trading value. The stock rose by 18.5 percent from OMR1.103 to OMR1.308.
February also saw prices of 70 securities rise, compared to 26 securities whose prices declined and 13 securities that remained unchanged at their previous levels. National Aluminium Products, Raysut Cement, Bank Sohar International, Al Jazeera Services and International Financial Investments Holding led the winning stocks, while Al Batinah Development and Investment, Al Madina Investment Holding, Takaful Oman Insurance, Salalah Port Services and Oman Chlorine led the losing stocks, recording declines ranging between 15.5 percent and 6.3 percent.
Source: Times of Oman
