Muscat – The Muscat Stock Exchange (MSM) marked a significant milestone in 2023, soaring to its highest trading value since 2015 at OMR 132 million, signifying a remarkable 20.4 per cent surge amounting to OMR 940.2 million.

Following a fluctuating trajectory, the stock exchange experienced a notable increase, especially in 2021 and 2022, bouncing back from the pandemic-induced slump in 2020 when it dipped to OMR 441 million. The resurgence witnessed a robust ascent, surpassing OMR 818 million in 2021 and escalating further to OMR 940 million in 2022.

The surge in trading activities was fueled by increased investor interest in 2023, notably with the listing of Abraj Services Power and OQ Gas Networks as public joint stock companies. OQ Gas Networks emerged as the third most traded company, with transactions worth OMR 97.3 million, while Abraaj Energy Services secured the fifth position with OMR 67.7 million. Bank Muscat dominated the trading landscape, accounting for 31.5 per cent of the total turnover at OMR 357.6 million, followed by Omantel, Oman Cement, and others contributing significantly to the market growth.

Despite the remarkable surge in trading value and market capitalization, the stock exchange’s main index observed a decline, closing at 4514 points by the end of December, marking a 7 per cent decrease. Sectoral indices, including industry, finance, Sharia, and services, all recorded declines, reflecting the market’s nuanced performance despite the vibrant trading activities. Amidst this, various securities saw considerable fluctuations, with Oman Chrome and Al Batinah Development experiencing significant surges, while Dhofar Poultry, Majan Glass, and Barka Water and Energy faced notable declines.