Muscat: The Muscat Stock Exchange witnessed gains in the shares of several industrial companies last week, pushing the industrial sector index up by 216 points. This was driven by increases in the shares of Oman Cement, Al Anwar Ceramic Tiles, Oman Cables Industry, OQ Basic Industries, Voltamp Energy, and several other stocks.
According to Yemen News Agency, cement sector shares saw strong demand from investors last week amid optimistic expectations of a recovery in the construction sector this year and its positive impact on cement companies listed on the exchange. While Sultan Haitham City and the integrated residential communities within the “Sorouh” initiative, along with other real estate development projects, are witnessing progress in numerous construction works.
Raysut Cement’s stock rose by 29 percent last week amid expectations that the company will overcome the challenges it has faced for several years and improve its financial performance. The stock saw strong buying interest, pushing it up from
117 baisa to 151 baisa. A total of 194 transactions were executed on the stock, with a volume of 2.9 million shares and a value exceeding 400,000 Omani rials.
During the past week, investors showed increased interest in Oman Cement Company’s stock, which rose by 50 baisa from 502 baisa to 552 baisa amid high buying demand. Trading volume reached 1.1 million shares, valued at 617,000 Omani rials. The company announced its intention to distribute cash dividends of 46.54 baisa per share, a proposal that will be presented at the Annual General Meeting on March 28.