Gulf investors increase their purchases on MSX

Muscat: Gulf investors have increased their purchases on the Muscat Stock Exchange (MSX) during the week's trading, accounting for 13.5 percent of the total trading value, compared to sales of 8.4 percent of trading. These investors benefited from the declines witnessed by many leading stocks during the past two weeks, with the increase in geopolitical tensions in the region and the decline of many stocks to the levels targeted by investment institutions.Trading data issued by the Muscat Stock Exchange indicated that individual investors' sales rose by 22.3 percent of the total trading value, compared to purchases of 19 percent. Local investment institutions also turned to selling, with their sales accounting for about 65 percent of the total trading value, compared to purchases of 63.5 percent. Trading value during the week to reached OMR202.9 million, compared to OMR196.9 million during the previous week, with investors focusing on shares of OQ Group, banks, and Omantel. The market capitalisation of the Muscat Stock Exchange recorded losses of about OMR49 million concluding the week's trading at OMR39.39 billion.The week saw the prices of 49 securities decline, compared to 29 securities whose prices rose while 23 securities remained unchanged at their previous levels. This put pressure on the main index, which recorded its first weekly decline after 7 weeks of continuous rise and closed at the end of Thursday's trading session at 7,603 points, down 44 points.During the week, investors targeted OQ Basic Industries stock, which saw trading worth OMR51.5 million, representing 25.4 percent of the total trading value. The stock witnessed 7,273 transactions and closed at 257 baisa, declining by one baisa during the week.Bank Sohar International’s stock attracted investors with trades exceeding OMR47 million, representing 23.2 percent of the total trading value. Bank Muscat saw trades worth OMR21.2 million, OQ Gas Networks’ stock saw trades worth more than OMR18 million, while Omantel saw trades worth OMR17.8 million, representing 8.7 percent of the total trading value.The share of Al Sharqiyah Desalination recorded the best rise in the regular and parallel markets, rising by 9.3 percent and closing at 175 baisa. The share of Gulf Mushroom Production rose by 9 percent and closed at 480 baisa. The share of Muscat City Desalination also rose by 9 percent and closed at 96 baisa. The share of Financial Centre rose by 7.4 percent and closed at 101 baisa. The share of Bank Nizwa rose by 6.1 percent and closed at 156 baisa. The share of Oman India Fertiliser Company (Omifco) recorded a rise of 6 percent and closed at 229 baisa in trading that exceeded OMR14.4 million.Salalah Mills shares led the decliners, falling by 8.3 percent to close at 550 baisa. Oman Refreshments shares dropped to OMR1.10, a decline of 8.1 percent. Barka Water and Power shares fell to 150 baisa, a drop of 5 percent. National Aluminium Products shares declined by 4.7 percent to close at 100 baisa, and National Oman Engineering and Investment shares fell by 4.5 percent to close at 147 baisa.Company newsThe Omani Company for Educational and Training Investments announced its preliminary financial results for the fiscal year ending August 31. The company clarified that its net profits rose to OMR12.5 million, compared to profits of OMR10.3 million in its previous fiscal year.Majan College announced that the parent company’s net profits for the fiscal year ending August rose to OMR1.068 million, compared to profits of OMR735,000 in the previous fiscal year. The group’s net profits rose from OMR742,000 to OMR1.041 million.