Dividend announcements attract more investors on MSX

Dividend announcements attract more investors on MSX

Muscat: The dividends announced by public joint stock companies listed on the Muscat Stock Exchange (MSX) during the week attracted more investors which pushed the main index and sectoral indices to record new gains. It also saw an increase in traded shares and transactions executed as well as a rise in value. The stock market saw gains of OMR89 million to OMR23.85 billion at the end of the week’s trading session.

The past few days of the week also witnessed more than 20 public joint-stock companies listed on the MSX announcing their recommendations for distributing profits. Most notably Oman Cable Industry Company announced a cash dividend of 85 percent, or 85 baisas per share, Shell Oman Marketing announced a dividend of 36 percent, Sahara Hospitality announced a 25 percent dividend, Al Anwar Ceramic Tiles announced a 20 percent dividend.

Also, several companies have moved to distributing bonds convertible into shares, such as the Oman Arab Bank, National Bank of Oman (NBO) and Bank Nizwa, that are expected to distribute and pay dividends to its shareholders in the coming days after the boards of directors approve the financial results for the year ending December.

The past week witnessed an increase in the number of