Muscat Stock Exchange bounces back in October

Muscat: The main index of the Muscat Stock Exchange (MSX) recorded positive performance in October, resuming its rise after a one-month decline.

On October 14, it was able to break the 4,800-point barrier amidst local investment institutions’ interest in buying. However, investors rushed to sell in the last week of October to reap profits, reducing the index’s gains to 39 points and closing October trading at 4,749 points.

The financial sector index was able to achieve strong gains by rising to 7726 points, up 188 points, benefiting from the rise in banking stocks and a number of investment companies. However, other sector indices recorded a decline in conjunction with investors’ tendency to sell. The industrial sector index recorded the highest losses, falling 282 points, the services sector index fell by 3 points, and the Sharia index witnessed a decline of 3 points as well.

The trading value rose in October to OMR198.4 million compared to OMR69.6 million in September and OMR 45 million in August. Last month, the Muscat Stock Exchange recorded the best trading value during the current year, benefiting from the listing of OQ Exploration and Production, which witnessed trading worth OMR138.3 million, representing 69.7 percent of the total trading value. Bank Muscat came in second with trading worth OMR9.4 million, then OQ Gas Networks in third place with OMR 9.3 million, and Sohar International Bank came in fourth place with about OMR6.1 million, and Oman Arab Bank Perpetual Bonds 2023 came in fifth place with trading worth OMR 5 million.

Muscat Stock Exchange witnessed the highest number of deals executed in October, reaching 32,835, compared to 13,520 in September and 12,517 in August. OQ Exploration and Production accounted for 55.3 percent of the total number of executed deals, after witnessing the execution of 18,161 deals.

In October, the prices of 37 securities rose, while 42 securities declined and 20 securities remained stable at their previous levels. Al Jazeera Services recorded the highest gains, rising by 33.5 percent and closing at 255 baisas. Oman Education and Training Investments rose by 20.7 percent and closed at 657 baisas. Muscat Thread Factories rose to 148 baisas, recording a 19.3 percent increase. National Detergents rose by 16.6 percent and closed at 700 baisas. Dhofar Food and Investments recorded a 13.3 percent increase and closed at 68 baisas.

The Financial Centre stock topped the losing stocks, declining by 29.7 percent and closing at 33 baisas. Al Anwar Ceramic Tiles stock fell by 26.4 percent and closed at 128 baisas. Oman Finance’s free bonds issued in 2020 recorded a decline of 21.4 percent and closed at 55 baisas per bond. Muscat Gases stock fell by 16.6 percent and closed at 100 baisas. Oman Flour Mills stock fell to 431 baisas, recording a decline of 11.8 percent.