Muscat Stock Exchange gains RO 3.8 billion in 2024

Muscat : The year witnessed the inclusion of prominent companies like OQ Exploration and Production and OQ Basic Industries, alongside notable increases in share prices and capital expansions by listed firms.

The market value of securities listed on MSX surged to RO 27.6 billion, with public joint stock companies contributing RO 12.3 billion, marking an impressive gain of RO 3.4 billion. The closed market also posted a rise of RO 550 million, reaching RO 10.95 billion, while bonds and sukuk markets faced a dip, losing RO 122.3 million to close at RO 4.31 billion.

OQ Exploration and Production led the market with a valuation of RO 2.7 billion, followed by Bank Muscat at RO 1.9 billion, Bank Sohar at RO 893.3 million, and Omantel at RO 705 million. OQ Gas Networks rounded out the top five with RO 597.6 million.
Trading value hit RO 1.26 billion, an 11% growth compared to 2023, with transactions soaring by 39% to over 257,000. OQ Exploration and Production topped the trading charts with RO 253 million, accounting for 20.1% of the total trading value. Abraj Energy Services followed with RO 139.7 million, while Bank Sohar International secured third place at RO 123.7 million.

The MSX main index rose by 62 points, closing at 4,576 points. Gains were notable in the financial sector, which added 333 points, and the services sector, which recorded an 11.3% rise. The industrial sector and Sharia index, however, posted declines of 204 points and 21 points, respectively.

Energy stocks were the year’s biggest winners, with Barka Water and Power Company’s stock skyrocketing by 630% and SMN Power Holding Company rising 356%. Industrial companies faced challenges, with Galfar Engineering and Contracting seeing a 55% decline, the steepest drop among all securities.

The Gulf Indians

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