MSM trading approaches RO 1 billion in 2017

MUSCAT: The value of trading in the Muscat Securities Market (MSM) last year approached RO 1 billion and amounted to RO 992.7 million, recording an increase of 3.5 per cent from its level in 2016 of RO 958.8 million. This increase was supported by higher turnover in the bond and Sukuk market, which rose to RO 76.1 million, compared to RO 13.4 million in 2016. The value of trading in the stock market declined by 3 per cent to RO 916.6 million, compared to RO 945.4 million in 2016. The market last year recorded a decline in the number of executed transactions, which amounted to about 164,000 transactions, compared to more than 200 thousand transactions in 2016.
Muscat Securities Market in 2017 witnessed a number of domestic and regional pressures that pushed stocks to decline, such as the impact of oil prices on the Gulf economies, the decline in the profits of a number of listed companies in the market and the decline of investor confidence with the continued decline in stock prices, which led the main index to lose 683 points and closed at 5,099 points, down 11.8 per cent.
All the sectoral indices recorded a decline. The industry sector index declined by 573 points, the services sector index shed 415 points, the financial sector index dropped 197 points and the Sharia’s index declined by 155 points.
During the past year, prices of 75 securities declined compared to 22 securities which rose in prices and 22 others remained their previous levels. Oman Fisheries was the top gainer, closing at 147 baisas, up 141 per cent from its 2016 level of 61 baisas. Oman Textile Holding rose up 83.8 per cent and closed at 570 baisas. Oman Oryx Leasing rose to 175 baisas, up 40 per cent.
In contrast, National Securities Company recorded the highest losses and closed at 40 baisas, down about 60 per cent from its 2016 level of 98 baisas. Muscat Insurance was second among the most losers and closed at 856 baisas, down 52.1 per cent from 2016 of 1 riyal and 790 baisas. National gas shares fell to 285 baisas, down 50.1 per cent from the end of 2016 to 572 baisas.
Banks and telecoms led the way in terms of turnover. Bank Sohar came first with RO 105.1 million representing 10.6 per cent of total turnover. Bank Muscat was second with RO 101 million representing 10.1 per cent of the total value of trading.
Ominvest ranked third with RO 87.2 million, Omantel with RO 78.3 million and Ooredoo with RO 59.1 million.
The market value of listed companies at the end of last year witnessed an increase of 3.8 per cent to reach RO 17.9 billion, compared to RO 17.3 billion at the end of 2016.
This increase was due to the increase in the market value of closed companies which jumped to RO 1.7 billion, compared to RO 6.3 billion in 2016.
The market value of bonds and Sukuk rose from RO 1.9 billion to RO 2.6 billion. The market value of public shareholding companies declined to RO 8.4 billion, compared to RO 8.9 billion at the end of 2016. — ONA