MUSCAT: The Muscat Stock Exchange (MSX) ended March on a strong note in terms of market capitalisation, which climbed to RO 27.638 billion. This marks a gain of RO 328.6 million compared to the end of February, primarily driven by the listing of Asyad Shipping Company on the parallel market. Asyad entered the exchange with a capital of RO 130.2 million, divided into 5.2 billion shares. By the end of March, the company's market capitalisation had reached RO 645.8 million, with its shares closing at 124 baisas, slightly above the 123 baisas subscription price.
Despite the overall rise in capitalisation, the MSX faced a volatile month, as public joint-stock companies announced dividend distributions for the fiscal year ending December 31. The main index dropped for the third consecutive month, closing at 4,367 points—a decline of 68 points from February. Sector indices also reflected this downward trend: the industrial index fell by 284 points, the financial sector by 49 points, the services sector by 33 points, and the Shariah-compliant index by 23 points.
Trading activity also slowed in March. The total trading value dropped to RO 124.2 million from RO 234.5 million in February. The previous month had seen unusually high trading due to a significant private transaction involving Ahli Bank shares—valued at RO 162.7 million—after Ahli United Bank of Bahrain sold its 35% stake to Oman’s Royal Court Affairs and other local investors.
March’s trading activity was led by the banking sector. The National Bank of Oman topped the list, contributing 15.3% of the total trading value with RO 19.029 million in trades. OQ Exploration and Production followed closely with RO 18.661 million, then Bank Sohar International (RO 14.136 million), Bank Muscat (RO 12.893 million), and Asyad Shipping (RO 10.073 million), which accounted for 8.1% of the month's total trading value.
The number of executed transactions saw a slight decline of 2.8%, totaling 17,347 in March compared to 17,843 in February. The most actively traded stock was OQ Exploration and Production with 2,504 transactions. Other heavily traded stocks included OQ Gas Networks (1,852), OQ Basic Industries (1,350), Abraj Energy Services (1,165), and Bank Sohar International (985).
In terms of stock performance, 24 securities posted gains while 61 declined and 17 remained unchanged. Muscat Insurance recorded the highest increase, surging 60.3% to close at 513 baisas. Liva 2024 mandatory convertible bonds rose 53.8% to reach 100 baisas, while Voltamp Energy increased by 13.5% to close at 680 baisas. Al Anwar Investments and Muscat Gases also posted notable gains of 10.3% and 5.5%, respectively.
On the downside, the Financial Centre stock saw the steepest drop, falling 32% to 32 baisas. Oman Cement declined by 18.9% to 398 baisas, followed by SMN Power Holding (down 17.7% to 288 baisas), Liva Group (down 15.6% to 270 baisas), and Shell Oman Marketing (down 14.7% to 503 baisas). — ONA
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