Muscat index slips a fourth week to 7,276 as turnover sinks 43%

Summary

• Muscat Securities Exchange's main index fell about 70 points to 7,276, its fourth consecutive weekly decline.
• Weekly turnover dropped 43% to 180.1 million Omani rials, with market capitalization down roughly 95 million rials.
• Falling liquidity alongside a 150-million-rial sovereign sukuk listing points to investor appetite shifting toward fixed income.

The latest

Muscat's main index closed last week at 7,276 points, down roughly 70 points and extending its losing run to a fourth straight week, according to the Oman News Agency. Trading value fell 43% to 180.1 million Omani rials from 318.9 million a week earlier, while the market value of listed securities slipped to 38.494 billion rials, a weekly loss of about 95 million.

Details

• The sector split: The financial sector index was the heaviest drag, shedding 92 points, and the services index fell 29 points. The industrial index moved the other way, rising 17 points to 9,730, while the Sharia index added 2 points to close at 611, per the Oman News Agency.
• Breadth: Declines outnumbered advances across the board: 44 securities fell, 28 rose and 21 closed unchanged. Executed trades slipped to 72,000 from more than 75,000 the previous week, a thinner tape that accompanied the sharp drop in turnover.
• The sukuk listing: The exchange listed the twelfth issue of sovereign sukuk on its bond and sukuk market at 150 million Omani rials, priced at 1,000 rials per sukuk with an annual profit rate of 4.85%. The listing lifted that market's capitalization to 5.5 billion rials.
• Top gainers: Oman Cement led the market, up 8.1% to 730 baisa. Al Nahda Services rose 3.7% to 275 baisa, Al Anwar Investments 3% to 202 baisa, Oman Real Estate Fund units 2.8% to 107 baisa, and Dhofar Power Generation 2.6% to 77 baisa.
• The cement catalyst: Oman Cement is holding an ordinary general meeting on 18 November to consider an interim cash dividend of 30 baisa per share from retained earnings through December 2025. The company has not disclosed when any approved payment would be distributed.
• Top losers: Musandam Power posted the steepest fall, down 12.5% to 299 baisa. Salalah Port Services dropped 9.8% to 475 baisa, Sembcorp Salalah 8.6% to 255 baisa, Oman Refreshments 7.5% to 1 rial and 60 baisa, and Raysut Cement 6.7% to 153 baisa.
• Where money moved: Omantel absorbed 23% of total trading value with 41.5 million rials. OQ Gas Networks followed with 26.9 million, OQ Base Industries with 23.6 million, Bank Muscat with 18.4 million, and Voltamp Energy with 16.2 million, or 9% of the total.
• Corporate news: Al Suwadi Power and Al Batinah Power said they had received approval from the Authority for Public Services Regulation for a refinancing transaction, adding that the clearance satisfies one of the conditions subsequent set out in their new financing documents.
• Also: Financials led losses while industrials gained, signaling a selective rather than broad-based retreat.

Between the lines

The retreat is concentrated, not general. Financials and services carried the losses while the industrial index advanced on cement, food and ceramics names, and a single stock, Oman Cement, posted the week's biggest gain on a pending dividend decision. With turnover down 43% and a 4.85% sovereign sukuk arriving on the bond market, the week's pattern suggests cash rotating toward yield rather than exiting the market.

What's next

Oman Cement's general meeting on 18 November decides the 30-baisa interim dividend. Watch whether the main index breaks its four-week losing streak and whether turnover recovers from 180.1 million rials after the sukuk listing.

Source: Oman News Agency