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MSX records smallest decline in GCC during September 2022

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In comparison with the other GCC markets, Oman’s stock exchange witnessed a decline during September 2022, according to the latest monthly report by Kamco Invest. However, the decline in the MSX30 index was the smallest in the GCC at 1.2% to close at 4,528.3 points. Similarly, the MSX Shariah index, showed a marginally stronger monthly decline of 1.58% during September 2022. Consistent gains over the previous three months prior to September-2022 pushed the MSX 30 Index at the number two position in the GCC in terms of YTD-2022 returns that reached at 9.7% at the end of September 2022. In terms of sectoral performance, all the three reported segments closed in the red during September-2022. The Industrial Index, the previous months largest monthly gainer, registered the largest decline during the month at 4.6% followed by Services and Financial indices with monthly declines of 3% and 1.8%, respectively.

In terms of company performance, SMN Power Holding topped the gainers list with a gain of 21.4%. Dhofar International Development and Al Ahlia Insurance followed as the second and third largest gainer with 12.7% and 9.8% share price increases, respectively. Al Ahlia Insurance has recently appointed a new CEO which has received necessary regulatory approvals. On the decliners side, Al Hassan Engineering Company reported a decline of 45.5% followed by Dhofar Generating Company and Raysut Cement Company with declines of 20% and 16.7%, respectively.

Trading activity showed steep decline during September 2022 after witnessing gains in August 2022. Monthly value of shares traded reached the lowest level since the start of the year to reach RO 44.4 million vs RO 77.7 million during August 2022, a fall of 42.8%. Monthly volume of shares traded also reached their lowest level since the start of the year at 184.7 recording a decline of 41.2% as compared to 314.3 million shares during August 2022. Bank Muscat topped the monthly value traded chart for the second consecutive month with trades at RO 25.2 million followed by Galfar Engineering and Bank Dhofar with total trades at RO 17.5 million and RO 14.4 million, respectively. In terms of volume of trades, Bank Muscat again topped with 14.7 million shares followed by OmanTel and Galfar Engineering with volume at 3.3 million shares and 2.9 million shares, respectively. In terms of investor participation, the value of shares bought by non-Omani investors reached RO 8 million recording 17.4% growth. Comparatively, the value of shares bought by Omanis reached RO 40 million recording an increase of 82.6%.

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