Muscat Stock Exchange Index Rebounds After Two Weeks of Decline

Muscat Stock Exchange Trading Surges 40% in Weekly Rally

Muscat: The Muscat Stock Exchange (MSX) 30 Index resumed its upward trend last week, gaining approximately 160 points to close at 7,277 points, supported by increased buying activity from individual investors and higher purchases by local and Gulf investment institutions and funds.

All sector indices recorded gains, driven by advances in the shares of several leading companies, including Bank Muscat, Omantel, Bank Sohar International, OQ Basic Industries, OQ Exploration and Production, as well as a number of industrial, investment and energy firms.

The Financial Index posted the strongest performance, rising 257 points, while the Industrial Index gained more than 100 points. The Services Index advanced 49 points, and the Sharia Index increased by 6 points to close at 578 points.

A total of 45 securities recorded gains during the week, while 25 securities declined, reflecting improved investor sentiment following stronger first-half financial results announced by listed companies.

Trading value increased by 40 percent to exceed RO 255 million, compared to approximately RO 182.7 million in the previous week. The number of executed transactions also rose by 15.8 percent, increasing from 39,000 to more than 46,000 transactions.

Trading data issued by the Muscat Stock Exchange showed higher buying activity by Omani individual investors, who accounted for 19.3 percent of total trading value, compared to 16.7 percent in sales. Purchases by Gulf investment institutions also increased, representing 7.5 percent of total trading value, compared to 4.5 percent in sales, while local investment funds and institutions continued to diversify their investment portfolios.

The increase in demand followed recent declines in share prices, positive corporate disclosures and optimistic expectations regarding companies’ financial performance this year. As a result, the market capitalisation of the Muscat Stock Exchange rose to RO 37.58 billion by the end of Thursday’s trading, recording weekly gains of approximately RO 412 million.

OQ Basic Industries led the market in trading value, recording transactions worth RO 55.4 million, representing 21.6 percent of total trading value. Bank Muscat ranked second with RO 45.7 million, followed by Bank Sohar International with RO 33.4 million, Omantel with RO 25.9 million, and OQ Gas Networks with RO 25.7 million, accounting for 10 percent of total trading value.

Among the week’s top gainers, Oman and Emirates Investment Holding Company rose 16 percent to close at 130 baisas, while Al Batinah Power Company and Al Suwadi Power Company each gained 13.7 percent, closing at 182 baisas.

On the downside, SMN Power Holding recorded the largest decline, falling 5.4 percent to 191 baisas. Al Sharqiyah Desalination Company dropped 5.2 percent to 161 baisas, while Takaful Oman Insurance declined 4.6 percent to close at 62 baisas.

In the bonds and sukuk market, Oman Arab Bank’s Mandatory Convertible Bonds 2024 rose 27 percent to RO 1.906, Ahli Bank Bonds 2025 gained 12.5 percent to 135 baisas, and Ominvest Perpetual Bonds 2023 advanced 4.7 percent to 875 baisas. Trading in the bonds and sukuk market reached RO 255,000, with no declines recorded during the week.