Muscat: The Muscat Stock Exchange (MSE) extended its gains in September, with the main index rising 151 points to close at 5,181 points, marking its third consecutive monthly increase after gains of 248 points in August and 280 points in July.
According to Yemen News Agency, the MSM has been witnessing high trading levels since May, with local investment funds and institutions buying amid positive disclosures. This activity has had a positive impact on stock prices, stock market indices, and market capitalization.
Sectoral indices recorded a collective rise, except for the Shariah index, which declined by approximately 10 points to close at 465 points. The financial sector index recorded the highest gains in terms of points, rising 152 points to close at 8,524 points. Meanwhile, the industrial sector index rose 21 points to close at 7,031 points. The services sector index recorded the highest gains in terms of percentage gain, rising 6.2 percent, benefiting from rising energy and telecommunications stocks, and closed at 2,080 points, up 122 points.
Trading value in September remained at OMR 500 million for the second consecutive month, recording approximately OMR 511.1 million in transactions, compared to OMR 524.8 million in August and OMR 467.8 million in July. Transactions executed last month recorded the highest level this year, exceeding 81,600 transactions, compared to 49,517 in August.
This increase was driven by investor focus on several companies, including OQ Basic Industries with 11,270 transactions, Bank Muscat with 10,588, OQ Gas Networks with 9,747, OQ Exploration and Production with 9,519, and Bank Sohar International and Asyad Shipping with over 7,000 transactions each.
OQ Exploration and Production topped the most traded companies in terms of trading value, with OMR 90.2 million, representing 17.6 percent of the total trading value. Bank Muscat came in second with OMR 86.4 million, followed by OQ Basic Industries with OMR 82.9 million, Bank Sohar International with OMR 69.6 million, and Omantel with OMR 52.6 million. These companies' trades accounted for 74.7 percent of the total trading value.
The market capitalization of securities listed on the Muscat Stock Exchange rose to OMR 30 billion and 534.9 million by the end of last September, recording gains of approximately OMR 720 million. September saw price increases for 46 securities, most notably Al Suwadi Power, Al Batinah Power, and Phoenix Power, which registered a rise of more than 30 percent amid improved results and strong performance.
Al Suwadi Power's share closed at the end of last month at 139 baisas, Al Batinah Power rose to 138 baisas, and Phoenix Power rose to 131 baisas. The list of the five highest-gaining companies included Oman Refreshments, whose share rose to OMR 234, a 23 percent increase, and Dhofar Generating Company's share rose by 16.2 percent to close at 93 baisas.
The number of securities whose prices declined last month reached 34, led by Majan Glass, Oman Arab Bank bonds, Ooredoo, Dhofar International Development and Investment Company, and Fincorp Financial Center, which recorded declines ranging from 8.7 percent to 21.4 percent.
Last month, Asyad Shipping Company held its Ordinary General Assembly meeting, during which a cash dividend of 5.560 baisas per share was approved for the six months ending June 30. OQ Gas Networks Company is expected to distribute a cash dividend of 5.6 baisas per share to shareholders for the first half of the year this month. OQ Basic Industries Company also invited its shareholders to attend the Ordinary General Assembly meeting scheduled for October 19 to consider a proposal to distribute a cash dividend of 5 baisas per share for the first half of the year. These disclosures contributed to stimulating trading in the shares of these companies.