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Muscat bourse recovered in August with a gain of 28 points in MSM 30 index to close at 5,052 points, its second rise this year after rising by 4 points in February 2017.
The index has been under intense pressure this year, falling in most of the previous months except in February and August. The index lost 730 points this year due to fluctuating oil prices and their impact on the national economy and companies listed in the market.
Trading value rose in August to OMR77.3 million, the highest volume since March 2017. In February and March, the market witnessed trading of more than OMR116 million and OMR107 million respectively; the best trading volumes recorded by the market during the current year. The value of trading in June fell to OMR41 million, recording the lowest levels this year.
The number of transactions executed last month rose to 13,175 transactions against 10,255 transactions in July 2017. The market value recorded gains that worth OMR122.40 million to reach OMR17.63 billion at the end of August.
Bank Sohar topped the most traded companies in terms of turnover of OMR14.9 million, constituting 19.3 per cent of the total value of trading. Oman Telecommunications Company came second with OMR13.1 million, followed by Bank Muscat with OMR9.9 million. The share of Al Ahlia Insurance Company, which was listed on the market on August 17, attracted investors. The share witnessed 1890 deals with a trade value of OMR9.3 million, constituting 12.1 per cent of the total value. The share rose during trading to as high as 330 baisas, but settled at 312 baisas at the end of the month, up by 12 baisas compared to the IPO offer price of 300 baisas.
The shares of 16 companies rose in August against 32 companies whose prices fell and 29 companies maintained their previous levels. Voltamp Energy was the best performer, closing at 562 baisas, up by 16.1 per cent. The share of the National Aluminum Products Company rose to 149 baisas, up by 13.7 per cent. Omantel rose to 250 baisas, up by 10.6 per cent.
The shares of the Oman Fisheries Company recorded the highest decline and closed at 105 baisas, down by 17.3 per cent. Renaissance Services receded to 170 baisas, down by 12.8 per cent. The Port Services Corporation dropped by 10.9 per cent after the company distributed a 10 per cent dividend at the beginning of August. Shares of the company closed at the end of the month at 179 baisas.
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