MUSCAT : The Muscat Stock Exchange (MSX) staged a strong comeback in October, with the main index breaking the 4,800-point mark on October 14 after a month-long downturn. Local investment institutions showed renewed interest, fueling the rally. However, as the month drew to a close, many investors cashed in on their gains, leading the index to settle at 4,749 points—up by a modest 39 points overall.
Financial Sector Outperforms, Industrial Takes a Hit
While the MSX’s financial sector index surged by 188 points, closing at 7,726 points on the back of robust banking stock performance, other sectors fared less favourably. The industrial sector faced the largest losses, shedding 282 points, while the services and Sharia indices dipped slightly, each losing 3 points amid broad profit-taking.
October trading volumes soared, reaching RO 198.4 million—a remarkable rise from RO 69.6 million in September and RO 45 million in August. This was the MSX’s highest trading value this year, largely driven by OQ Exploration and Production’s debut, which accounted for RO 138.3 million, or 69.7% of the month’s total trading. Bank Muscat, OQ Gas Networks, Sohar International Bank, and Oman Arab Bank Perpetual Bonds 2023 followed, each contributing significantly to the trading volume.
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The MSX also recorded its highest monthly deal count of 32,835 transactions, more than doubling September’s 13,520 deals. OQ Exploration and Production played a pivotal role, contributing 18,161 deals, or 55.3% of the total.
In October, 37 securities gained, 42 declined, and 20 remained unchanged. Al Jazeera Services emerged as the top gainer, climbing 33.5% to 255 baisas. Oman Education and Training Investments, Muscat Thread Factories, National Detergents, and Dhofar Food and Investments also made strong gains.
On the flip side, Financial Centre took the steepest hit, dropping 29.7% to close at 33 baisas. Al Anwar Ceramic Tiles, Oman Finance’s 2020 bonds, Muscat Gases, and Oman Flour Mills also saw substantial declines.
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