Muscat: The Muscat Stock Exchange's financial sector index reached its highest level in 18 years last week, closing at 13,383 points at the end of trading, amid strong investor demand for bank and investment company stocks.
According to Yemen News Agency, the sector index climbed to 13,000 points in April, its highest level since August 26, 2008. Gains remained limited in the following months until it surpassed 13,300 points on August 24. The sector index had reached its peak on June 8, 2008, exceeding 16,200 points, but subsequently experienced a decline that caused it to relinquish many of the record highs it had previously achieved.
The financial sector index gained ground, driven by increases in shares of Bank Muscat, National Bank of Oman, Bank Dhofar, Bank Nizwa, International Financial Investments, Muscat Finance, and Oman and Emirates Investment Company, while the index sample saw limited declines.
At the level of other indices, the Muscat Securities Market's main index rose by nine points, closing the week at 7,532 points. The industrial sector index climbed 70 points, and the Sharia-compliant index increased by approximately four points, while the services sector index fell by three points, closing at 3,014 points.
The market capitalization of securities listed on the Muscat Securities Market recorded a slight decrease of 8.7 million Omani rials last week, closing at 38.3214 billion Omani rials.
Trading value declined during the past week, which had 4 trading days, to 113.2 million Omani riyals, compared to 252.1 million Omani riyals in the week before it, and the number of executed deals decreased by 27 percent from more than 42,000 deals to 31,095 deals.