BUSINESS REPORTER
The MSX 30 Index closed 2022 up by 17.63 per cent year-on-year (YoY) at 4857.44, while the MSX Total Return Index was up by 23.38 per cent to close the year at 6194.67.
The Index has closed a year in the positive territory for the second consecutive year since 2016.
Amongst the sub-indices, the Financial Index gained the most, closing higher YoY by 20.15 per cent. The Industrial Index rose 5.77 per cent and the Services Index closed down by 0.26 per cent.
The MSX Shariah Index ended down by 4.99 per cent.
“The MSX30 Index started the year on a positive note on announcement of State Budget 2022 as well as corporate’s Earnings Announcements for 2021.
The first quarter, however, saw a mixed performance, with the Index hitting the lowest level seen in 2022 at 3,547.962 in February 2022, largely due to Russia-Ukraine conflict and its ramifications. Nevertheless, the market ended 1Q22 up by 1.8 per cent on quarter-on-quarter (QoQ) basis,” said leading investment firm U-Capital in a report on the market’s performance.
The second quarter witnessed muted performance of the Index, losing about 2 per cent QoQ, on fewer working hours during the Holy Month of Ramadhan as well as many companies going ex-dividend.
The third quarter was the best performing quarter of the year, with the MSX30 Index gaining about 9.8 per cent QoQ on the back of excellent 1H22 corporate financial results as well as credit rating upgrades for the country.
The fourth quarter saw an increase of about 7.3 per cent in the index, mostly on lots of positive news like Government’s macroeconomic indicators as well as rating agencies improving Oman’s outlook. The Index reached its highest level seen at 4,898.86 on December 13, 2022.
U Capital analysis shows that 19 companies have had share capital increases in 2022 with the total increase equal to about RO 590mn. Out of these companies, 11 belong to the financial sector (5 banks, 3 leasing companies, 2 insurance companies and 2 Investment and holding companies), 7 to the industrial sector and 1 to the services sector.
Two companies have had capital decreases during 2022.
During the year, there were no Government Development Bonds listed. However, there was the issuance of a Government Sukuk (Series 6), worth RO 150mn, offering coupon rate of 4.85 per cent.
The total issuance value of corporate bonds and Sukuk that got listed on the Muscat Stock Exchange in 2022 stood at RO 581mn, up by about 2184 per cent compared to total issuance value of bonds in 2021. Bank Muscat PER.B1 formed the highest share at 56.7 per cent of the total value.
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