Muscat Stock Exchange Index Rises After 4-Week Decline

Muscat: The Muscat Stock Exchange's main index resumed its upward trend last week, rising 258 points after a four-week decline during which it lost 458 points. According to Yemen News Agency, the main index closed last week at 7,575 points, benefiting from a rebound in share prices following the closing of the initial public offering (IPO) of Oman India Fertilizer Company (OMIFCO). The return of liquidity to the exchange and the easing of selling pressure that had persisted for several weeks also contributed to the market's recovery. Furthermore, the Muscat Stock Exchange benefited from positive expectations regarding the financial results for the first half of the year, which are expected to be announced in the coming days. Sector indices recorded positive performance, with 50 securities rising in price, including banks, investment companies, numerous industrial companies, and energy, telecommunications, and insurance firms. The financial sector index closed last week at 13,207 points, up 441 points. The industrial sector index rose 177 points to close at 9,712 points, while the services sector index climbed 75 points to 3,054 points. The Sharia-compliant index also rose, gaining 17 points to close at 601 points. Trading data released by the Muscat Stock Exchange showed a return of liquidity to the market, with trading value increasing by 52 percent to OMR 247.8 million, compared to OMR 162.6 million the previous week. The number of executed transactions also rose by 25.2 percent to approximately 48,000, compared to 38,000 transactions the previous week.