MSX closes the week down by 1.36%

MSX30 Index ended the week down by 1.36 per cent. All indices closed red for the week. The financial index ended lower by 1.22 per cent. Services index and industrial index ended down by 0.77 per cent and 1.08 per cent, respectively. The MSX Shariah Index closed down by 1.58 per cent.

National Gas company announced that in line with their overall strategy, they have been in discussions with their joint venture partner, Unigaz International in their JV entity, Unigaz LLC to buy out their share in the joint venture. They have agreed on a mutually acceptable transfer price and on February 22, they have received a confirmation that they are proceeding with the transfer documents. Further to their disclosure on divestment from Joint Venture Company, it is intimated to the shareholders that Unigaz LLC has agreed to buy out their entire 51 per cent share in the joint venture at a transfer price of R0 407,000.

Al Mouj Muscat, has entered into a new partnership with United Finance giving residents the option of preferred financing rates. The new agreement and attractive rates, residents benefit from having a premium and personalised service through a fast and convenient process for securing finance. The preferred rates United Finance have introduced to Al Mouj Muscat require only a 20 per cent down payment for up to three years credit which applies to owners as well as tenants at Al Mouj Muscat who meet the eligibility criteria.

Shell Oman Marketing Company has launched its first electric vehicle (EV) charging hub in Oman, located at Al Bandar Service Station in Seeb. It has supplemented the existing fuel station with a fast electric charging point, catering to the EV owners in the capital. The new Shell Recharge service will enable customers to charge their EVs speedily and to enjoy seamless drives within and around the city. Already featuring an environmentally sustainable design with built-in solar panels on the Shell Select store, the service station is now also equipped with a 50kW electric charging point.

Value of traded property in Oman went down by 3.5 per cent YoY to RO 216.3 million compared to RO 224.1 million January 2021. Traded value of mortgage contracts during the same period fell by 28.1 per cent to RO 80.2 million compared to RO 111.7 million in same period last year. Traded value of sale contracts rose by 23.1 per cent to RO 134.2 million in January 2022 compared to RO 109.0 million January 2021. Number of properties issued in January 2022 declined by 25.6 per cent to 20,613 compared to 27,700 in January 2021.

Oman recorded net outflows of $5.0 million in the month of January 2022 . Oman’s highest positive inflow YoY came in the month of June 2021 when net inflows during the month were recorded at $75 million. [Courtesy: U-Capital]