MSX registers biggest and only gain in GCC index for April

MUSCAT: The GCC index witnessed a decline for the second consecutive month in April 2024, with most global indices experiencing a broad-based decrease that impacted the performance of regional markets, Kuwait-based Kamco Invest reported.

Despite this trend, Oman's Muscat Stock Exchange (MSX) index emerged as a standout performer, registering the biggest and only monthly gain in the GCC during the month at 3.2%, closing at 4,784.2 points. This positive performance amidst the overall decline highlights the resilience and strength of the Oman MSX market.

The Financial Index on the Oman exchange recorded a significant 5.5% increase during April-2024, closing the month at 7,763.1 points. This gain was mainly driven by increases in shares of companies such as Sohar International Bank (+22.7%) and Global Investment Holding Company (+18.0%). In comparison, the Industrial Index in Oman saw a 3.5% monthly gain while the Services Index experienced a slight monthly drop of 0.8%.

In terms of company performance on the MSX, Al Hassan Engineering topped the gainers list with a share price increase of 92.3%, followed by Voltamp Energy and Muscat Thread Mills with monthly gains of 152.9% and 130.4% respectively. On the decliner’s side, National Mineral Water Company led the chart with an 18.2% share price decrease, followed by Sharqiyah Desalination Company and Musandam Power Company which witnessed share price drops of 15.4% and 10.3% respectively.

Trading activity on the Oman exchange saw a moderate decline during March-2024. Total volume of shares traded increased by 6.6% to 696.3 million shares in April-2024 compared to 653.4 million in March-2024.

Similarly, the total value traded in the exchange increased by 43.9% to RO 116.2 million against RO 80.7 million in March-2024. Ahli Bank led the monthly value traded chart with trades at RO 27.7 million, followed by Sohar International Bank and Bank Muscat with total value traded at RO 12.1 million and RO 11.7 million respectively. For monthly volume traded, Ahli Bank topped the list with 191.2 million shares, followed by Sohar International Bank and OQ Gas Networks with volumes of 98.7 million shares and 45.5 million shares respectively.