MSM rises for second consecutive month

Muscat: The main index of the Muscat Securities Market (MSM) in September 2019 added 12 points, benefiting from the rise in the shares of many leading companies included in the index. The index closed at 4017 points.
It had raised in August by 244 points, and the index saw this year only these two increases, while it suffered seven monthly declines.
Last month witnessed a rise in the prices of 35 companies, along with the fall in prices of 30 companies, whereas 20 companies maintained their previous levels. Oman Gas recorded the best rise by 36.1 percent to close at 207 Baisas, Oman United Insurance rose to 229 baisas up 34.7 percent and United Financing rose 25 percent to close at 75 baisas.
Financial Services topped the list of losers after falling 68.5 percent to close at 55 baisas. National Aluminum Products fell 15.3 percent to close at 182 baisas, and SMN Power Holdings slipped to 70 baisas, down by 14.6 percent.
The value of trading during the last month amounted to OMR44.9 million compared to OMR165 million in August, including OMR137.2 million worth of trading on the shares of Omani-Qatari Telecommunications Company "Ooredoo". At that time the company said that its main shareholder, Ooredoo QPSC, had transferred its 55 per cent stake in Ooredoo Oman from MENA Investcom to Liquidity International Investment Company, registered in Qatar, as part of an internal reorganisation, explaining that both companies are owned by Ooredoo QPSC.
Last month, Bank Muscat accounted for 13.3 per cent of the total trading value, with a trading value of OMR6 million. Galfar Engineering and Contracting came second with OMR4.3 million, followed by Omnivest permanent bonds worth OMR2.9 million representing 6.5 per cent of the total trading value.
Trading in September showed an increase in purchases of Omani investors to reach OMR37.6 million compared to sales worth OMR35.8 million, as local purchases accounted for 83.5 per cent of the total turnover against sales of 79.7 per cent.
The value of non-Omanis purchases amounted to about OMR7.4 million, or 16.4 per cent of the total trading value. Sales amounted to OMR9.1 million, representing 20.2 per cent of the total value of trading.
The market value of companies listed on the Muscat Securities Market at the end of September rose to OMR18,764.0 million, posting a monthly gain of OMR21.5 million. Bank Muscat leads the public companies with a market value of OMR1.3 billion, Omantel with OMR439.5 million, Bank Dhofar in third place with OMR407.5 million, Ooredoo with OMR341 million, and Oman National Bank in fifth place with OMR304 million.
Last month, the Capital Market Authority issued a decision to dissolve the board of directors of Al Hassan Engineering Company and appointing an interim board of directors until a new board is chosen. The new board shall take all necessary measures and steps to organise and restructure the company to ensure the stability of the financial position of the company and remove the causes of the risk to the company and its shareholders.
In September also, the shareholders of Al-Mashaheer National Financial Services decided to dissolve the company and authorise the Board of Directors to take all necessary measures to carry out the liquidation process.