The Muscat Stock Exchange (MSX) saw an increase in trading value in April, reaching OMR119 million, up from OMR84.4 million in March, marking a 41 percent increase. This surge was fueled by trading in bank shares and companies that announced improved financial results for the quarter. National Bank of Oman (NBO) accounted for 23.3 percent of the total trading value, with trades worth OMR27.73 million. Other leading companies in trading value included Sohar International Bank, Bank Muscat, Omantel, and OQ Gas Networks (OHQN). The positive financial results announced by public joint-stock companies led to an increase in stock prices, with 46 shares experiencing price increases, compared to 32 securities with declining prices and 17 securities remaining unchanged.
The main index and sectoral indices also saw gains, except for the services sector index, which lost 14 points. The financial sector index recorded the highest increase, rising by 404 points, followed by the industrial sector index with a rise of 198 points, the Sharia index with 13 points, and the main stock index reaching 4,784 points, up by 148 points. Moreover, the market capitalization of securities listed on the Muscat Stock Exchange increased in April to OMR24.31 billion, recording a growth of OMR390 million. Despite witnessing a lower number of transactions in April, with 22,953 compared to 26,625 in March, the market remained dynamic with significant gains in trading value and market capitalization.
During the month of April, Al Hassan Engineering shares recorded the highest increase, rising by 92 percent, followed by Voltamp Energy, Muscat Thread Factories, and Al Madina Investment Holding shares. On the other hand, Dhofar Electricity Generation’s shares experienced the most significant decline by 24 percent, along with Oman United Insurance and Gulf Hotels (Oman) Company’s stocks. Additionally, the Muscat Stock Exchange announced the transformation of Al Batinah Hotels Company from a public to a closed joint-stock company, effective April 4, 2024. This transformation followed the approval of the extraordinary general assembly to change the legal form of the company, moving its listing to the third market for closed companies.
In April, the Muscat Stock Exchange welcomed the listing of government development bonds (GDBs) issue No. 70 in the bond and sukuk market. The issue, totaling OMR125 million divided into 1,250,000 bonds, saw a positive response from investors. This listing contributed to an increase in the market value of the bond and sukuk market, reaching OMR4.37 billion by the end of April, a rise of OMR157.5 million compared to the previous month. Overall, the Muscat Stock Exchange experienced a successful month in April, with notable gains in trading value, market capitalization, and positive transformations within listed companies, signaling a robust and resilient market performance.
