Muscat: Local investment institutions during the week targeted the Aman Fund for Real Estate Investment in light of the interest witnessed in the real estate sector in the Sultanate of Oman after the announcement of the start of construction work in Sultan Haitham City.

Also, the announcement of the launch of a group of integrated residential neighbourhoods in a number of governorates, as part of the initiatives being implemented by the Ministry of Housing and Urban Planning, also helped in generating investors' interest. Purchases by local investment institutions during the week amounted to OMR21.3 million, accounting for 78.6 percent of the total trading value witnessed by the Muscat Stock Exchange during the week. The weekly trading on the MSX recorded an increase of 86 percent compared to the previous week’s trading, which amounted to OMR14.5 million.

This rise came in light of the focus of local investment institutions on the Aman Real Estate Investment Fund, which witnessed trades of about OMR12.3 million, representing 45.3 percent of the total trading value. OQ Gas Networks came next with trading valued at OMR2.8 million, followed by the National Bank of Oman, which witnessed trades worth OMR1.6 million.

The fund said in its report for the first quarter of the current year that the value of assets remained constant during the past year at OMR20.8 million, elaborating further that the strategic reorganisation process implemented by the fund last year did not affect the fund’s income from rents or operational efficiency, stressing that this The operation is consistent with the long-term objectives of the fund and serves as a catalyst for sustainable growth in the commercial real estate market.

In its report, the fund noted the increase in the credit rating of the Sultanate of Oman with various international credit rating agencies, stressing that the improvement of the credit rating of the Sultanate of Oman enhances investor confidence and will lead to reducing borrowing costs and improving liquidity.

The market capitalisation of securities listed on the Muscat Stock Exchange rose at the end of the week to OMR24.40 billion, recording weekly gains of more than OMR14 million, benefiting from the rise in the shares of a number of public joint-stock companies listed on the stock exchange.

During the week, the Muscat Stock Exchange recorded an increase in the prices of 20 securities, compared to 28 securities whose prices declined, and 24 securities that stabilised at their previous levels. The National Aluminum Products share recorded the highest increase, rising by 8 percent and closing at 54 baisas, and Raysut Cement shares rose by 5.9 percent and closed at 125 baisas. Shell Oman Marketing shares rose to 840 baisas, rising by 5 percent. A’Saffa Foods shares rose by 5 percent as well and closed at 399 baisas. Bank Nizwa shares rose by 5 percent and closed at 105 baisas.

Al Hassan Engineering stock came at the top of the losing stocks, declining by 16.6 percent and closing at 20 baisas, Dhofar International Development and Investment stock fell by 6.6 percent and closing at 210 baisas, and Takaful Oman Insurance stock fell to 50 baisas, recording a decline of 5.6 percent.

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