Muscat: Abraaj Energy Services Company led the Muscat Stock Exchange (MSX) last week to record the best weekly trading value during the current year at OMR40 million, compared to OMR18.5 million, and OMR14.9 million in the previous two weeks.
Last week's trading represented 88.1 per cent of the total trading value witnessed by the Muscat Stock Exchange in February, which amounted to about OMR45.4 million.
The company was listed for trading last Tuesday after the end of the subscription in about 377.4 million shares that it offered for public subscription between February 20 and March 2, and the trading value of the share amounted to OMR25.80 million, and the share witnessed the execution of 15,977 transactions, thus accounting for 64.6 percent of the total value of trading, and 92.10 percent of the total number of transactions executed during the week, amounting to 17,337 transactions. The number of transactions executed on the shares of Abraaj Energy Services Company is equivalent to the total number of transactions executed on the MSX during the past January and February.
During the past three trading days, the stock witnessed selling pressure on the part of investors from the second category, who were looking to obtain a good return from the subscription that was offered to them for 224 baisas per share. Thursday's session closed at 298 baisas, up 49 baisas from the listing price of 249 baisas, and achieving gains of 74 baisas over the offering price for subscribers of the second category, and the stock was able to rise in Thursday's trading to 302 baisas.
Abraaj Energy Services pushed the market value of the securities listed on the Muscat Stock Exchange to rise at the end of Thursday’s trading to OMR23.93 billion, recording weekly gains at OMR166.50.
Last week, the Muscat Stock Exchange witnessed a number of positive news. The Oman Cement Company announced that the Omani Investment Authority has begun the procedures for exiting the company in which the majority is owned by a strategic foreign investor, Huaxin Cement Company Limited, which is one of the 10 largest cement manufacturers in the world, and is listed on the Shanghai and Hong Kong stock exchanges. The Omani Investment Authority in Oman Cement Company holds 59.5 percent of the company’s total capital, which amounts to OMR33.10 million.
This disclosure prompted the share of Oman Cement Company to rise last week to 332 baisas, achieving weekly gains of 33 baisas, after witnessing the execution of 69 transactions with a trading value of OMR551,000.
Last week, the Muscat Stock Exchange recorded a positive performance for the main index of the Stock Exchange, which rose by 38 points and closed at 4,887 points. The financial sector index recorded gains of more than 53 points, while the industry sector index declined by 40 points, the service sector index lost 28 points, and the Sharia index recorded a decline of . 5 points.
During the past week, the prices of 18 companies increased, most notably Abraaj Energy Services, Omani Qatari Insurance, Oman Cement, Al Batinah Energy, and Oman Beverages. Last week, the stock exchange witnessed a decline in the prices of 33 securities, led by Dhofar Electricity Generation, Oman Flour Mills, Raysut Cement, Oman Fisheries, and Eastern Investments.