In August 2024, Oman’s MSX 30 index saw a 1.8 percent gain, closing at 4,746.4 points. The Financial Index led the gains with a 1.3 percent uptick, while the Services Index recorded a marginal gain of 0.2 percent. However, the Industrial Index witnessed a 1 percent fall, closing at 5,881.4 points. Sohar Bank led the Financial Indices’ gain with a 6.7 percent share price increase, while some utility companies such as Muscat Gases Company and National Gases Company saw a decline in share prices.
Musandam Power Co topped the monthly stock performance chart with a 20 percent gain, followed by Dhofar Insurance Co and Al Anwar Ceramic Tiles Co with gains of 9.5 percent and 7.6 percent, respectively. On the decliner’s side, the Financial Corporation Company saw a decline of 21.7 percent. Trading activity decreased significantly during the month, with total volume of shares traded at 260 million shares, down from 697.6 million shares in July 2024. The total value traded on the exchange also fell by 71.6 percent to reach OMR42.3 million.
The Sultanate’s Ministry of Economy reported that Oman’s Manufacturing sector saw rapid growth of 9.2 percent in Q1 2024, underscoring progress towards economic diversification. Moody’s upgraded Oman’s ratings outlook to Positive, citing improved fiscal performance and supportive oil prices. The Sultanate managed to reduce its debt by 27 percent in nominal terms between 2022 and 2023, with a further 5.6 percent reduction in the first seven months of 2024.
In August 2024, GCC equity markets showed mixed performance, with the MSCI GCC Index recording a marginal gain of 0.2 percent. Oman emerged as the best-performing market in the region with a gain of 1.8 percent. Dubai, Qatar, and Saudi Arabia also saw minimal gains. The sector performance chart for the month indicated most sectors in the green, with the F&B and Material sectors being the only noticeable decliners. The Pharma & Biotech index reported the biggest gains at 14.5 percent, followed by Telecom and Retailing sectors with gains of 8.1 percent and 4.6 percent, respectively.
Overall, Oman’s stock market showed positive performance in August 2024, with gains in the Financial and Services sectors. The decline in share prices of some utility companies and the Industrial Index offset some of these gains. The trading activity also decreased during the month, with lower volume and value traded. Additionally, the Sultanate’s Manufacturing sector witnessed rapid growth in Q1 2024, reflecting progress towards economic diversification. Oman’s fiscal performance improved, leading to an upgrade in its ratings outlook by Moody’s. GCC markets saw mixed performance, with Oman leading in gains for the month.
