Muscat: Trading activity witnessed a notable decline, with the value dropping by 15.4 percent to reach OMR15.6 million last week, a significant decrease from the OMR18.5 million recorded in the preceding week.
The volume of transactions also saw a 25.5 percent reduction, from 4,255 deals to 3,169 deals, while the market value experienced a weekly loss of OMR23.5 million, falling to OMR24.55 billion by the conclusion of Thursday's trading session.
Among the shares traded, Shell Oman Marketing Company's share saw the highest increase, rising by 17.3 percent and closing at 880 baisas. Al Madina Investment Holding Company's share experienced a 10 percent increase, closing at 55 baisas. Muscat Insurance Company's share saw a 6.6 percent increase, closing at 320 baisas. National Bank of Oman's share recorded a 4.8 percent increase, closing at 283 baisas. Ominvest's share rose by 3.7 percent, closing at 363 baisas.
Conversely, Oman Fisheries share led the decline, experiencing a 13.5 percent decrease to close at 32 baisas. Salalah Mills share fell by 6.7 percent, closing at 495 baisas, while Musandam Power share decreased by 5.9 percent to close at 270 baisas.
In the realm of bonds and sukuk, the Oman Finance Free Bonds 2020 emerged as the top performer, witnessing a 27.2 percent increase, with the bond closing at 70 baisas. Meanwhile, the unsecured secondary speculation sukuk of Ominvest recorded a minor decline, closing at 989 baisas.
In terms of trading value, OQ Gas Networks emerged as the most traded company, recording OMR2.9 million, representing 18.6 percent of the total trading value. Voltamp Energy followed closely at OMR2.5 million, while Bank Muscat accounted for OMR1.6 million in trading value. Collectively, these three entities accounted for approximately 45 percent of the total trading value observed by the Muscat Stock Exchange last week.
In corporate news, Packaging Company Limited has extended an invitation to its shareholders to participate in the Extraordinary General Assembly meeting scheduled for September 30. The purpose of the meeting is to deliberate on the Board of Directors' proposal to transition the company from a public joint stock company to a closed joint stock company.
The company has previously announced that it has received initial approval from the Financial Services Authority (FSA) for the proposed conversion. It has also mentioned that a foreign investor will acquire all shares at a price of OMR1.950 per share. The company reported net profits of OMR52,000 for the first half of the year, a significant decrease from the OMR180,000 recorded in the same period last year.
The company's capital stands at OMR3 million, with its market value reaching OMR5.8 million at the conclusion of last week's trading session.
