Muscat Stock Exchange Market Capitalization Rises to OMR 38.3 Billion

Muscat: The total market capitalization of securities listed on the Muscat Stock Exchange rose to OMR 38.3 billion at the end of last week's trading, registering weekly gains of more than OMR 1.458 billion. According to Yemen News Agency, this increase comes after the Muscat Stock Exchange benefited from the listing of the Oman India Fertilizer Company (OMIFCO) and the rise in shares of several companies coinciding with the start of the announcement of preliminary financial results for the first half of this year. The Muscat Stock Exchange indices recorded collective gains last week. The main index closed at 7,644 points, up 69 points. The industrial sector index rose by 107 points, the services sector index by 26 points, the financial sector index by 14 points, and the Sharia-compliant index by 9 points. The Muscat Stock Exchange benefited from the positive sentiment following the listing of the Oman India Fertilizer Company on July 8th. Trading data from the exchange indicated a surge in institutional bu ying of the stock by local and Gulf investment funds and institutions. This support propelled the stock above 200 baisa before it closed at 193 baisa, marking a 37 baisa increase over the initial public offering price of 156 baisa. The stock saw 16,499 transactions executed, totaling 74,621,000 Omani rials, representing 30.1% of the total trading value. The company's capital is 107 million Omani rials, and its market capitalization reached 1.291 billion Omani rials, ranking it fourth among publicly traded companies with the highest market capitalization, after OQ Exploration and Production (3.8 billion Omani rials), Bank Muscat (2.9 billion Omani rials), and Asyad Shipping (1.4 billion Omani rials). Bank Sohar International ranked fifth with a market capitalization of 1.263 billion Omani rials. Trading value remained stable last week at 247.8 million Omani rials for the second consecutive week, while the number of executed transactions increased by 21.7 percent, from approximately 48,000 to over 58,000. O Q Basic Industries ranked second among the most traded companies in terms of trading value after (OMIFCO) with trades of 27.1 million Omani riyals, representing 10.9 percent of the total trading value. Omantel came in third with 25.8 million Omani riyals, Bank Muscat in fourth place with 25.3 million Omani riyals, while Bank Sohar International came in fifth with trades of 24.6 million Omani riyals, representing 9.9 percent of the total trading value.