Friday, February 03, 2023 | Rajab 11, 1444 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oman’s bourse emerges as best performing market in GCC

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2183845

After witnessing a decline for two consecutive months, the Muscat Stock Exchange — the only bourse of the Sultanate of Oman — has emerged as the best performing market in the Gulf Cooperation Council (GCC) for November 2022 as it jumped 5.7 per cent closing at 4,613.719 points.


In terms of sectoral index performance, all three sector indices in the exchange recorded a growth during November 2022. The Financial Index recorded the largest monthly increase among the sectors to close the month at 7,490 with 7.2 per cent growth.


The Industrial index followed with a monthly growth of 2.4 per cent while the Services Index recorded a 1.4 per cent rise in comparison. The reversal of the index performance during the month improved the exchange’s overall year-to date return which stood at 11.7 per cent at the end of November 2022, according to Kamco Invest.


In terms of company performance, Al Hassan Engineering Company led the top gainers table recording 25 per cent share price jump during the month, followed by Ominvest which registered 18.8 per cent share price increase during the similar period.


Comparatively, Sohar Power topped the decliners table recording 20 per cent share price fall during November 2022 while Raysut Cement witnessed 18.8 per cent fall in share price during the similar period.


Monthly trading activity on the exchange increased during the month recovering from a slight dip in the previous month. Total volume of shares traded during November 2022 increased by 58.6 per cent to reach 276.2 million shares as compared to 174.1 million shares during October 2022.


On the other hand, the total value traded on the exchange witnessed an increase of 23.2 per cent to reach RO 53.3 million. Bank Muscat topped the monthly volume traded chart witnessing 52.3 million of its shares change hands during the month, followed by HSBC Bank of Oman and United Finance with 34.4 million and 19.9 million of shares traded during the month.


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