MSX Index crosses 4,800-point mark

MUSCAT, DEC 11

The MSX30 Index of Muscat Stock Exchange continued its rise to break the 4,800-point barrier as trading levels soared to new highs on Sunday, December 11, 2022.

The MSX30 Index gained 25.5 points to close at 4809.65 points, up from 4784.15 points from the previous trading session. According to MSX figures, the total market value increased 0.208 per cent to RO 23.74 billion. The value of share purchases by non-Omani investors on the stock exchange amounted to RO 437,000 or 19.29 per cent of the total, while the value of share sales amounted to RO 76,000 or 3.34 per cent. Net non-Omani investment increased by RO 361,000 or 15.95 percent.

According to Amor Ahmad, Head of Brokerage at Ahlibank, the continued growth of the MSX30 Index makes the Omani bourse the second best performing market in the Gulf this year.

“With the improvement of the international classification of the Sultanate of Oman, as well as the recovery witnessed by the economic sector, it may be one of the most important reasons for investor confidence in trading,” Ahmad said, noting that the telecommunications and banking sectors witnessed the largest share of trading.

The outlook for the MSX will continue to remain bright, the official stressed. “It is likely that the positive market performance will continue with the approach to the end of the year and the expectations of positive results for the fiscal year 2022,” said Ahmad.

“The performance of the Muscat Stock Exchange is likely to be positive during the next year 2023, supported by the performance of the listed companies and the possibility of raising the credit rating of the Sultanate to investment levels. This is in addition to expectations that oil prices will remain within the safe limits of the budget, supported by inflation for the coming periods,” he stated.

In comments to the Observer, Ahmad added that the regional markets are expected to perform better next year. “If we look at their performance this year, they did not actually reflect the huge revenues and financial surpluses as a result of high oil prices. This is particularly so with the Saudi and Dubai markets, whose performance we expect to be better next year.”