Muscat: The Muscat Stock Exchange (MSX) recorded the best trading value during 2023 at RO 1.132 billion, recording a growth of 20.4 percent from its level in 2022, which amounted to RO 940.2 million.
The trading of the Muscat Stock Exchange amounted to more than RO 1.389 billion in 2015, while it declined below RO 1 billion level and fell in 2020 during pandemic to RO 441 million. It witnessed a rise again, exceeding RO 818 million in 2021 and RO 940 million in 2022.
The Muscat Stock Exchange was able to attract more investors in 2023, benefiting from the listing of Abraaj for energy services in March and OQ for gas networks in October, after the two companies offered part of their shares for public subscription and thus transformed into public joint stock companies.
OQ for gas networks in 2023 witnessed trades worth RO 97.3 million, ranking third among the most traded companies in terms of trading value, accounting for about 8.6 percent of total trades, while Abraaj Energy Services ranked fifth with RO 67.7 million, and Bank Muscat topped the most traded companies after witnessing trades worth RO 357.6 million.
Omantel came second with RO 111.8 million, and Oman Cement came in fourth place with RO 77.2 million. Special deals within an exit plan for local and international companies contributed to an increase in the trading value of Bank Muscat and Oman Cement shares.
In 2023, the Muscat Stock Exchange recorded an increase in the number of executed deals, which jumped to 184,266 deals, compared to 134,475 deals in 2022, recording a growth of 37 percent, including more than 50,000 deals on OQ Gas Networks shares and 33,664 deals on Abraaj Energy Services, 16,556 deals on Bank Muscat shares, 6,917 deals on Omantel shares, and 5,378 deals on Ooredoo shares.
The market value of the Stock Exchange rose by the end of 2023 to RO 23.802 billion recording gains estimated at RO 65.5 million, and the market value of public joint-stock companies reached RO 8.9 billion Omani riyals, while the market value of the bonds and sukuk market reached RO 4.4 billion, and the value reached RO 8.9 billion.
The market value of closed companies is 10.4 billion Omani riyals, and the market value of public joint stock companies represents 37.6 percent of the total market value of securities listed on the stock exchange.
Bank Muscat topped the companies with the highest market value with more than one billion and RO 981 million, Omantel came second with RO 795 million, OQ Gas Networks came in third place with RO 662.5 million, and Bank Sohar International came in fourth place with RO 535.8 million and the Bank Dhofar with RO 479.4 million.
Despite the increase in trading value, market value, and executed transactions, the main index of the Stock Exchange was unable to achieve positive performance, declining by the end of December to 4,514 points, a decline of 343 points, or 7 percent.
All sectoral indices also recorded a decline, as the industrial sector index declined by 952 points, and The financial sector index decreased by 510 points, the Sharia index decreased by 58 points, and the services sector index decreased by 51 points. In 2023, the Muscat Stock Exchange witnessed a decline in the prices of 78 securities, compared to 34 securities whose prices rose and 13 securities that stabilized at their previous levels.
Oman Chrome stock recorded the highest rise, rising by 118 percent and closing at 4 riyals and 799 baisas, and Al Madina Investment stock rose by 100 percent and closed. At 50 baisas, Al Batinah Development and Investment shares also rose by 100 percent and closed at 88 baisas.
On the other hand, Dhofar Poultry shares topped the losing stocks, declining by 88.8 percent and closing at 50 baisas, Majan Glass shares declined by 85.8 percent and closing at 23 baisas, and Barka Water and Energy shares fell to 44 baisas, declining by 81 percent.
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