MUSCAT, 24 April 2005 — The trading value on the Muscat Securities Market (MSM) rose by 56.3 percent during the first quarter of this year to 291.62 million rials ($758 million) from 186.59 million rials ($483 million)a year before.
According to the figures released by the state news agency ONA, the number of shares traded was 113.5 million rials, up by 28.6 percent from 88.2 million in March 2004.
The number of bonds traded during the period under review fell by 67.4 percent to 1.5 million from 4.6 million. A total of 85,573 transactions were carried out against 59,757.
The MSM index rose by 26.7 percent during the first quarter of this year to 4275,43 points from 3375.05 points .
Last week MSM, established in 1989, signed a landmark agreement with French firm AtosEuronext to introduce an ultra-modern trading system.
Meanwhile, MSM has canceled all trades excecuted in the shares of United Finance Company (UFC), saying: “ The MSM management believes that some have taken undue advantage from the material information pertaining to the company’s board decision taken on April 20. The company did not comply with Capital Market Authority( the watchdog) and MSM transparency and disclosure norms.’’
The UFS board of directors decided on April 20 to sell a non-performing portfolio of 7.5 million rials to First Debt Factoring Company at a price of 5.250 million rials. The day was marked by 23,000 shares changing hands and the scrip gained 8.96 percent at 3.040 rials as against the previous close of 2.790 rials.
