MSX ends lower by 109 points in weekly trading

MSX ends lower by 109 points in weekly trading

Muscat: Share prices fell in last week's trading on the Muscat Stock Exchange (MSX) after the announcement that the IPO of OQ Gas Networks Company would take place at the end of this month. The company said in a press conference held early last week that it intends to offer 49 percent of its capital, equivalent to OMR212 million, for public subscription during September and list the company on the MSX in October. However, it did not specify the target dates for the subscription and listing and the offering price, only indicating that it sent the draft prospectus to the Capital Market Authority (CMA) for review and approval. The main index of the stock market declined by about 109 points and closed at 4, 690 points. The industrial sector index recorded the highest decline at 215 points, the financial sector index lost 160 points, the services sector index declined 35 points, and the Sharia index recorded a decline of 13 points. OQ Gas Networks is the exclusive operator of the gas transportation system in the Sultanate of Oman, and its subscription is the largest IPO witnessed by the Muscat Stock Exchange in terms of volume. Investors expect the new initial