MSX’S 2023 performance the best since 2015: CEO
Despite a 7% slide in its benchmark index at the end of 2023, Muscat Stock Exchange (MSX) delivered its best annual performance last year in comparison with the preceding eight years, with significant gains in trading value, market capitalisation, and number of executed deals.
MSX CEO Haitham al Salmi attributed this performance to a number of factors, notably measures undertaken by the Omani government to diversify the economy, enhance national competitiveness, boost hydrocarbon and non-oil revenues, and fuel GDP growth.
These efforts were complemented by the stock market’s own initiatives to drive stock market activity, strengthen liquidity, and bolster engagement with regional and international bourses.
“In 2023, the Muscat Stock Exchange (MSX) continued strengthening its communication and participation regionally and globally and working efficiently and effectively.
As a result, it recorded the best annual performance since 2015 with a trading value of RO 1.132 billion. It also witnessed a noticeable rise in the number of executed deals, recording a growth of 37%.
In addition, the market capitalisation rose to RO 23.802 billion, recording gains of RO 65.5 million,” said Al Salmi in the newly published 2023 Annual Report of the MSX.
“There has been remarkable progress in achieving high levels of growth in various economic sectors, an improvement in credit ratings by major international rating institutions, an increase in gross domestic product and oil and non-oil revenues, and control of inflation at safe levels. The performance of listed companies also played a major role in improving performance indicators.
The profits of most listed companies, especially in the financial sector, increased, which was reflected positively on the
Stock Exchange,” he further stated.
At the end of last year, the MSX30 Index declined 343.37 points (-7.07%) to close at 4,514.07 points, down from the previous year’s closing of 4,857.44 points.
The Index hit a high of 5,177.56 points on April 12, 2023, only to slump to its lowest at 4,248.04 points barely three weeks later on May 1, 2023.
An estimated 184.266 million deals were executed during the year, which was up 37.03% from the previous year’s total of 134.475 million deals.
Shares traded during year totalled around 4.377 billion, up from 4.228 billion a year earlier. The number of bonds traded during the year reached 139.63 million bonds, compared to 54 million bonds during the past year, an increase of 157.59%.
Following successful IPOS by Abraj Energy Services an OQ Gas Networks, and their subsequent listing on the stock market, the total number of publicly traded companies listed on the MSX climbed to 106 by the end of 2023, alongside three real estate funds.
Proceeds from the two IPOS amounted to about RO 408 million, according to the Annual Report.