Muscat Stock Exchange trading value rises to OMR119mn in April

In April, the market capitalisation of securities listed on the Muscat Stock Exchange recorded gains of OMR390 million to OMR24.31 billion

The value of trading on the Muscat Stock Exchange (MSX) increased in April to OMR119 million, compared to OMR84.4 million in March, recording a 41 percent increase. The trading value benefitted from the increase in trading in bank shares and a number of companies that announced improved financial results in the quarter.

National Bank of Oman (NBO) accounted for 23.3 percent of the total trading value after witnessing trades worth OMR27.73 million. Sohar International Bank saw trades amounting to OMR12.12 million, Bank Muscat witnessed trades amounting to OMR11.72 million. Omantel saw trading value amounting to OMR9.48 million while OQ Gas Networks (OHQN) saw trades amounting to OMR6.59 million.

The financial results announced by public joint-stock companies in the first quarter had a positive impact on stock prices, with the stock market witnessing an increase in the prices of 46 shares, compared to 32 securities whose prices declined and 17 securities that remained unchanged at their previous levels. These increases pushed the main index and sectoral indices to rise higher, with the exception of the services sector index, which lost 14 points and closed at 1,833 points. The financial sector index recorded the best increase, rising 404 points, the industrial sector index rose 198 points, the Sharia index rose 13 points, and the main stock index rose to 4,784 points, recording an increase of 148 points.

In April, the market capitalisation of securities listed on the Muscat Stock Exchange recorded gains of OMR390 million to OMR24.31 billion.

In April, the Muscat Stock Exchange witnessed the execution of 22,953 transactions compared to 26,625 transactions in March, recording a decline of 13.7 percent.

Al Hassan Engineering shares recorded the highest increase, rising 92 percent from 13 baisas to 25 baisas, Voltamp Energy shares rose 48 percent and closed at 262 baisas, Muscat Thread Factories shares rose 42 percent and closed at 94 baisas, and Al Madina Investment Holding shares rose 33 percent and closed at 68 baisas. National Aluminum Products shares rose to 50 baisas, recording an increase of 31 percent.

Dhofar Electricity Generation’s shares was at the top of the losing stocks, declining by 24 percent and closing at 80 baisas, Oman United Insurance’s stock fell 12.7 percent to close at 240 baisas and Gulf Hotels (Oman) Company’s stock fell 10.8 percent and closed at OMR3.80.

In April, the Muscat Stock Exchange officially announced the transformation of Al Batinah Hotels Company from a public joint stock company to a closed joint stock company, as of April 4, 2024. The decision issued by the Muscat Stock Exchange indicated the transfer of the listing of Al Batinah Hotels Company from the followup market to the third market, where closed companies are listed based on the decision of the extraordinary general assembly of the company on June 13, 2023 approving the transformation of the legal form of the company from a public Omani joint stock company to a closed Omani joint stock company with a capital of OMR2.74 million.

April also witnessed the listing of issue No. 70 of government development bonds (GDBs) in the bond and sukuk market. The size of the issue was OMR125 million divided into 1,250,000 bonds.

The nominal value of each bond is OMR100, bringing the market value of the bond and sukuk market by the end of April to OMR4.37 billion, an increase of OMR157.5 million from its level at the end of March 2024.