MUSCAT: Gulf investors made significant moves on the Muscat Stock Exchange (MSX) last week, accounting for 23.7% of total trading value, while foreign investors leaned towards selling, making up 20% of the total trading value.
The market experienced three trading days due to the National Day holiday, with the main index dropping by 34 points. Sectoral performance varied: the industrial sector gained 9 points, while the financial and services sectors declined by 46 and 17 points, respectively. The Sharia index also fell by 3 points.
The trading value reached RO 11.4 million, with OQ Exploration and Production leading the list of most traded companies, contributing 33% of the total value.
The stock witnessed a surge in demand after the company announced its share allocation ratio, following its successful initial public offering.
Other actively traded stocks included Bank Muscat, National Bank of Oman, and Oman Telecommunications Company (Omantel). OQ Gas Networks, which recently listed on the MSX, also attracted investor interest, signaling robust market confidence in Oman’s energy and infrastructure sectors.
Despite a short trading week, the market saw increased activity from institutional investors, particularly from the GCC region, as they took advantage of opportunities in Oman’s energy, banking, and industrial stocks. Analysts attributed the GCC investors’ interest to the country’s favorable macroeconomic outlook, supported by rising oil prices and growing private sector participation in key sectors.
Market experts have noted that foreign investors’ selling activity might be temporary, as Oman continues to attract international attention through its Vision 2040 initiatives and a series of high-profile IPOs. The introduction of more public offerings and government-backed projects is expected to enhance liquidity and attract a broader range of investors in the coming months.
Despite the main index’s slight decline, several companies recorded gains. Al Maha Ceramics posted notable growth, driven by improved quarterly earnings and increased exports to neighboring countries. In the financial sector, Oman Qatar Insurance achieved modest gains, buoyed by its strategic focus on digitalization and customer retention. — ONA
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