MUSCAT: Oman’s stock market was the best performer in the Gulf last month, even as most regional markets lost ground due to weaker oil prices, a new report by KAMCO Invest showed.
The Muscat Stock Exchange rose 5.2% in August, lifting its overall gains this year to 9.9% — the highest among all GCC markets. The index closed the month at 5,029.9 points, with the market valued at $36.4 billion. Investors traded about $1.3 billion worth of shares.
Other Gulf markets did not fare as well. Saudi Arabia fell 2.0% in August and is down 11.2% since the start of the year. Abu Dhabi also dropped 2.7%, while Dubai, Kuwait, Qatar and Bahrain each posted small declines. Overall, the MSCI GCC index, which tracks the region, lost 2.3% in August.
Some sectors continued to do well despite the downturn. Basic materials gained 6.0%, petrochemicals rose 4.0% and energy stocks added 2.0%. But banks and financials (−2.9%), healthcare (−3.9%) and consumer companies (−2.7%) dragged markets lower.
The pressure came mainly from oil. Brent crude fell 6.1% in August, reversing gains from July as investors worried about weaker demand.
KAMCO Invest said Oman’s strong showing reflects “solid fundamentals and reforms under Oman Vision 2040”, adding that Muscat remains one of the most resilient markets in the region.
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