Oman’s MSX 30 index witnessed a decline of 3.3 percent in June 2024, closing the month at 4,687.23 points. While the Financial Index recorded a 4.1 percent decline, the Industrial Index saw a 2.6 percent gain and the Services Index had a 1 percent gain. National Gas Company, Construction Material Industries, and Shell Oman Marketing were the top gainers, while Al Madina Investment Holding Company, Oman Refreshment Company, and Renaissance Services Company were among the top decliners.
Trading activity on the exchange decreased significantly in June 2024, with total volume and value traded declining by 63.2 percent and 54.2 percent, respectively. Bank Muscat led the monthly value traded chart, while Bank Muscat, Galfar Engineering and Contracting, and Sohar Bank were the top three in terms of monthly volume traded. The World Bank’s Spring 2024 Gulf Economic Update report highlighted Oman’s favorable economic outlook with expected GDP growth of 1.5 percent in 2024, driven by increased gas production and diversification efforts.
Oman’s real GDP reached OMR10.4 billion in the first quarter of 2024, with a 3.8 percent decline in oil-related activities and a 3.9 percent growth in the non-petroleum sector. Global demand recovery and increased investment in non-hydrocarbons and renewable energy are expected to support Oman’s economic growth. In June 2024, the GCC index saw its first monthly gain after three consecutive months of decline, with gains in Qatar and Abu Dhabi benchmarks leading the way.
The MSCI GCC index was up by 3.4 percent in June 2024, driven by gains in Qatar and Abu Dhabi benchmarks. While Qatar saw a relief rally after consecutive declines, Kuwait and Bahrain markets experienced declines. The Insurance index showed a double-digit monthly gain, while the Utilities index led the decliners with a 4.8 percent decline. Overall, Oman, Bahrain, and Kuwait remained in the green during the first half of 2024, although with low-single-digit gains.
