Muscat Stock Exchange Hits OMR39.44 Billion Market Cap Amid Seventh Week of Gains

The Muscat Stock Exchange (MSX) main index concluded its seventh consecutive week of gains, demonstrating a sustained positive trend in the market. The main index closed at 7,647 points, having risen by 19 points during the recent trading period. This consistent upward movement shows a period of strong performance for the exchange. The total market capitalisation of the Muscat Stock Exchange rose to OMR39.44 billion, marking weekly gains of OMR530.6 million. This increase reflects the overall growth in the value of listed companies on the exchange.

Sector Performance and Index Movements

The industrial sector index on the Muscat Stock Exchange experienced a notable rise, increasing by 130 points and closing above 9,940 points. This performance notes strength within the industrial segment of the market. Concurrently, the financial sector index also showed significant growth, increasing by 123 points and reaching approximately 13,560 points. The services sector index also saw an uptick, rising by 17 points during the week, indicating broad-based positive sentiment across different economic sectors. Meanwhile, the Sharia index, which tracks Sharia-compliant securities, recorded a 5-point increase, concluding at 622 points. This rise suggests positive activity within the ethical investment segment.

Over the past seven weeks, the MSX main index has demonstrated significant growth, accumulating an increase of more than 530 points. This extended period of gains signifies a strong bullish trend. During the recent week, market activity showed a majority of securities gaining value. A total of 45 securities recorded an increase in their prices, reflecting widespread positive investor sentiment. In contrast, 29 securities experienced a decline in their prices, while the remaining 24 securities maintained their previous levels, showing no change in value. This distribution indicates a generally positive market, despite some individual stock corrections.

Trading Activity and Top Companies

Approximately 47,000 transactions were executed on the Muscat Stock Exchange during the past week, representing a 6 percent increase compared to the preceding week. This rise in transaction volume suggests heightened investor engagement and market participation. Despite the increased number of transactions, the value of trading declined by 19 percent, falling from OMR244.7 million to OMR196.9 million. This indicates that while more trades occurred, the average value per transaction decreased, possibly due to a shift towards smaller-cap stocks or increased retail investor activity.

Bank Sohar International led the list of most traded companies by value, recording trades worth OMR51.4 million. This substantial figure accounted for 26.1 percent of the total trading value on the exchange, showing its prominence in market activity. OQ Basic Industries secured the second position with trades valued at OMR37.3 million, demonstrating strong investor interest in the basic industries sector. Following closely, OQ Gas Networks ranked third, with its trades amounting to OMR21.4 million, reflecting attention on energy infrastructure. Bank Muscat was the fourth most traded company, registering OMR20 million in trading value, maintaining its position as a key financial player. OQ Exploration and Production completed the top five, with its trades worth OMR19.5 million, representing 9.9 percent of the total trading value, noting continued focus on the exploration and production segment.

Notable Stock Performances

The stock of the building materials manufacturing company recorded the highest gains, rising by 15.4 percent and closing at 82 baisa. This significant increase points to strong demand or positive outlook for the construction sector. Al Madina Investment's stock rose by 13.7 percent, closing at 83 baisa, indicating investor confidence in the company's prospects. The stock of Al Anwar Investments increased to 216 baisa, marking a 13.6 percent rise, reflecting positive sentiment for its operations. Al Anwar Ceramic Tiles' stock also advanced by 7.4 percent, closing at 158 baisa, showing a healthy performance within the ceramics industry. Oman Arab Bank's stock rose to 280 baisa, demonstrating growth in the banking sector.

Conversely, Al Hassan Engineering (under liquidation) led the losing shares, declining by 16.6 percent and closing at 5 baisa. This sharp decline is typical for companies undergoing liquidation. The National Bank of Oman's free bonds 2026 declined by 9.8 percent, closing at 101 baisa, indicating a dip in bond market sentiment. The share of the Financial Center decreased by 6 percent, closing at 94 baisa, reflecting some pressure on the financial services sector. Al Batinah Development and Investment's share fell to 70 baisa, a decline of 5.4 percent, suggesting challenges in the development and investment sphere. Bank Dhofar's share recorded a decline of 4.6 percent, closing at 207 baisa, indicating a slight downturn for the banking institution.

Omifco's Dividend Proposal and Market Impact

The Oman India Fertiliser Company (Omifco) invited its shareholders to attend the Ordinary General Meeting on September 30. During this meeting, Omifco's Board of Directors proposed distributing cash dividends of 6.763 baisa per share, a move that is often viewed positively by investors.

The Oman India Fertiliser Company (Omifco) saw its stock rise by 7 baisa, closing the week at 216 baisa. The company's stock reached 219 baisa during the period, marking its highest level since listing on the Muscat Stock Exchange (MSX) in July. This peak performance shows significant investor interest and confidence in Omifco. Trading activity for Omifco's stock amounted to OMR9.5 million over the week, indicating substantial market engagement. Consequently, Omifco's market value increased to OMR1.4449 billion, reflecting its growing stature on the exchange. The company's market value recorded weekly gains of OMR46.8 million, contributing significantly to the overall market capitalisation increase.