MUSCAT: The Muscat Stock Exchange (MSX) main index reached its highest level in a decade last week, closing above 6,100 points for the first time since 2015, driven by stronger buying from local investment funds and institutions amidst expectations of improved corporate earnings.
Trading activity reflected rising investor confidence at the start of 2026, as markets awaited preliminary financial results from listed companies. On January 5, the index crossed the 6,000-point threshold, its highest since May 2016, before extending gains to close the week at 6,126 points, the strongest level since August 2015. Weekly gains more than doubled to 230 points, supported by broad-based strength across investment, banking, industrial and services stocks.
The financial sector led the rally, with its index climbing 588 points to close at 10,572 points. The industrial index rose 284 points, the services index added 76 points and the Sharia-compliant index gained 27 points to end at 556 points.
Key contributors to the gains included Bank Muscat, Bank Dhofar, National Bank of Oman, OQ Gas Networks, Ominvest, Voltamp Energy, Al Safa Foods, Al Jazeera Steel Products, Omantel and Ooredoo, alongside several finance, energy and industrial firms.
During the week, 61 securities advanced, 14 declined and 15 remained unchanged. Market capitalisation rose by RO 815.2 million to RO 32.9323 billion by Thursday’s close, supported by higher share prices and new bond, sukuk and closed-end listings.
The exchange listed its tenth sovereign sukuk issue worth RO 200 million and recorded Sembcorp’s capital increase on the closed market, raising its capital to RO 48.4 million.
Trading value surged 65 per cent to more than RO 266 million, compared with RO 160.5 million the previous week, while executed transactions rose 22 per cent to 26,686. Sohar International led trading with RO 66.6 million, or 25 per cent of total value, followed by OQ Exploration and Production, Bank Muscat, OQ Base Industries and Asyad Shipping.
Liva’s mandatory convertible bonds due in 2024 posted the strongest gains, rising 36 per cent. Al Sharqiyah Investment, Dhofar Food and Investment, Ominvest and Bank Nizwa also recorded double-digit gains. Majan Glass led declines, followed by Muscat Insurance, Oman Cables Industry, Musandam Power and Oman Cement. — ONA
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