Muscat Stock Exchange records steepest decline of the year amid investor sales and weak demand

Muscat : Pressures from foreign institutional and Omani individual investors’ sales, coupled with weak demand and an increase in supply, eroded most of the gains made earlier in the year.

The slide follows a peak in May 2024 when the index climbed above 4,840 points, but the month’s downturn saw a collective dip across all sectoral indices. The financial sector bore the brunt, shedding 232 points to close at 7,681. The industrial and services sector indices lost 202 points and 84 points, respectively, while the Sharia index fell by 22 points.
The slump impacted 61 securities, while only 18 showed gains and 14 remained stable. Notable losers included Majan Glass, whose share price tumbled by 83 percent to 5 baisas, following its announcement to convert into a closed joint-stock company. Al Anwar Ceramic Tiles dropped 23 percent, closing at 98 baisas, and Galfar Engineering and Contracting saw a 15 percent decline, ending at 92 baisas.
On the trading front, November saw a trading value of RO 120.5 million, a sharp 39 percent decline compared to October. OQ Exploration and Production dominated trading, accounting for 67 percent of the total value at RO 81.6 million.

Oman Education and Training Investments Company led the gainers with a 64 percent rise, closing at 1.80 riyals. Its annual general assembly approved a 60 baisa-per-share cash dividend, reflecting strong financial results, including net profits of RO 7.7 million.

The market’s total value fell by RO 29.2 million to settle at RO 27.393 billion, highlighting investor caution amidst increased volatility.