Muscat: The Muscat Stock Exchange (MSX) achieved a trading value of RO 152.3 million in July, marking its best month in 2024. This notable increase is primarily driven by special deals on Abraj Energy Services shares, which accounted for RO 103.8 million, representing 68 per cent of the total trading value.
The stock market also saw significant activity in banking shares, with Sohar International Bank emerging as the second most traded company, contributing RO 6.2 million, or 4 per cent of the total trading value. Following closely were Bank Muscat with RO 6 million, Ahli Bank with RO 5.2 million, and OQ Gas Networks with RO 5.059 million, representing 3.3 per cent of the total trading value.
The bonds and sukuk market experienced a substantial uptick, with trading values rising to RO 3.5 million in July, compared to RO 974 thousand in June 2024.
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July’s highest trading volume since November 2023 included 13,862 deals, up 8.8 per cent from the 12,733 deals in June 2024. The market value of listed securities also saw gains, increasing by RO 76.6 million to reach RO 24.357 billion by the end of July.
Despite positive trading activity, investors showed some caution, which was reflected in stock prices and indices. The main index closed at 4661 points, down by 25 points, marking its second consecutive monthly decline. Sector indices also saw declines, with the industrial sector down 127 points, the financial sector down 87 points, the Shariah index down 16 points, and the services sector experiencing a slight drop of one point.
Among the top gainers, Oman Flour Mills rose by 17.9 per cent to close at 519 baisas, Voltamp Energy increased by 13.2 per cent to 351 baisas, and Salalah Mills climbed by 9.9 per cent to 531 baisas. In the bonds and sukuk market, “Oman Finance Free 2020” bonds rose by 11.6 per cent, National Bank’s 2024 mandatory convertible bonds increased by 11.1 per cent, and the new “Mohammed Al Barwani” sukuks rose by 2 per cent.
Conversely, Gulf International Chemicals Company led the decliners, dropping by 24.4 per cent to 71 baisas. Other notable decliners included Al Batinah Development and Investment Company, Oman Fisheries Company, Al Maha Ceramics Company, and Raysut Cement Company.
