MUSCAT: Trading activity at the Muscat Stock Exchange (MSX) witnessed a substantial surge in the first nine months of 2024, with the total value of transactions reaching RO 826.1 million. This marks a significant 35.8% increase compared to RO 608.1 million during the same period last year, driven by rising investor confidence and strong corporate performance.
The positive sentiment among investors has been bolstered by several factors, including the distribution of cash dividends and free shares by public joint-stock companies listed on the exchange. Additionally, many companies reported strong financial results and announced new developments, further strengthening investor optimism.
Alongside the rise in trading value, other key indicators of the stock exchange also showed impressive growth. The number of traded securities more than doubled, rising from 2.2 billion in the first nine months of 2023 to 4.7 billion in the same period this year. Similarly, the number of executed transactions increased by 45.9%, from 109,000 to over 159,000. The market value of the MSX also recorded gains, growing by over RO 1.16 billion to reach RO 24.5 billion by the end of September, a 4.3% increase from last year.
Non-Omani ownership of shares in companies listed on the exchange accounted for 19.1% by the end of September, demonstrating the continued interest of foreign investors in Oman’s stock market.
July 2024 was a standout month for trading, with a total value of RO 152.4 million, making it the highest month for trading during the period. February followed with RO 129.8 million, while April saw transactions worth RO 119 million. On the lower end, June recorded the smallest trading value at RO 42 million.
In terms of the number of executed transactions, March led the way with over 26,000 deals, followed by April with approximately 23,000 and January with 21,000. August recorded the fewest transactions, with 12,517.
Several companies led the market in trading value, with Energy Services Towers topping the list at RO 130.6 million. Sohar International Bank came in second with RO 109.9 million, and Bank Muscat followed with RO 75.4 million.
At the sector level, the services sector was the most active, accounting for 42.6% of the total trading value with transactions worth RO 352.5 million. The financial sector was second, contributing RO 313.8 million, while the industrial sector recorded RO 73.7 million in trading.
The growth in trading activity was reflected in the MSX’s main index, which increased by 196 points during the first nine months of 2024, closing at 4,710 points. This contrasts with a decline of 179 points during the same period in 2023. The sectoral indices also saw gains, with the financial sector index rising by 333 points to close at 7,726 points, while the services and industry sector indices climbed by 265 and 211 points, respectively. However, the Sharia index recorded a small decline, closing at 434 points.
The bonds and sukuk market also saw significant activity, with trades totaling RO 68.3 million, representing 8.2% of the total trading value. The number of transactions executed in this segment reached 2,029. Bank Muscat’s perpetual bonds led the sukuk market, with trading worth RO 16.5 million, followed by the sixth issue of sovereign sukuk at RO 11 million, and the 64th issue of government development bonds at RO 9.1 million.
As Oman’s capital market continues to grow, the MSX’s robust performance in 2024 reflects the improving business climate and growing investor confidence in the Sultanate’s economy.
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