The Muscat Stock Exchange (MSX) saw a rise in market value of securities listed on the exchange, with gains of OMR165 million, reaching OMR24.47 billion by the end of May 2024. This value includes closed companies, public joint-stock companies, and the bonds and sukuk market. In May, the main index of the MSX increased by 61 points, closing at 4,845 points. The financial sector index also saw a significant increase, with banking stocks leading the way.
The rise in stock prices benefited companies such as Oman Arab Bank (OAB), which saw a 20 percent increase, and Bank Nizwa, which rose by 13.1 percent. The National Bank of Oman (NBO) and Sohar International Bank also experienced positive growth in their stock prices. The industrial sector index rose by 58 points, while the Sharia index increased by 4 points. However, the services sector index saw a decline due to a decrease in the shares of energy companies.
Despite the positive performance in the market, trading value in May decreased by 21 percent compared to April, reaching OMR93.7 million. The number of transactions executed also decreased by 26 percent. Among the most traded securities in terms of trading value were Aman Real Estate Investment Fund, Bank Muscat, Liva Group, OQ Gas Networks, and Sohar International Bank. The month saw a rise in the prices of 31 securities, with notable increases in Oman Free Finance Bonds, Oman Arab Bank shares, Oman Cable Industry shares, and Sohar International Bank shares.
On the other hand, the prices of 54 securities declined in May, with top decliners including Al Hassan Engineering, Ominvest’s mandatory convertible bonds, Dhofar Beverages and Foodstuffs shares, Dhofar Electricity Generation shares, and Muscat Gases shares. Al Hassan Engineering saw the highest percentage of decline at 20 percent, following a decision to liquidate the company after incurring significant losses. Other securities experienced declines ranging from 10 to 18 percent, reflecting the challenges faced by certain companies in the market.
Overall, despite some fluctuations in stock prices and trading values, the Muscat Stock Exchange demonstrated resilience and growth in the market value of listed securities. Sectors such as banking and industry showed positive performance, while others faced challenges resulting in declines. The focus on selected stocks and investment units contributed to the overall trading activity on the exchange. Investors will continue to monitor market trends and stock performance in the coming months to make informed investment decisions.
