MUSCAT: The Muscat Stock Exchange (MSX) has been under pressure, with 37 securities recording price drops compared to only 18 showing gains. Despite strong financial performances earlier in the year, the index has struggled to sustain its momentum. The peak on May 30 at 4,845 points marked a brief high before the market faced challenges from the announcement of subscriptions by OQ Exploration and Production and OQ Basic Industries, creating a drag on the overall performance.
Sectoral indices reflected the broader decline. The financial sector index led the losses, dropping by 72 points to fall below 7,500. The industrial sector was down by 50 points, while the services sector and Shariah index fell by 9 points and 7 points, respectively. These declines underline the challenges faced across various market segments amid shifting investment patterns and market sentiment.
The past week saw trading activity contract significantly. The total trading value decreased by 7.6 percent to RO 26.8 million, with the number of executed deals falling by 30 percent to 7,799. Local investment institutions emerged as net buyers, making up 80.1 percent of the trading value, whereas Omani individual investors inclined towards selling. Despite these challenges, OQ Group affiliates dominated market activity, accounting for 71.7 percent of the total trading value, led by OQ Basic Industries, OQ Exploration and Production, and OQ Gas Networks.
The overall market value of MSX-listed securities saw a modest rise, edging up by RO 2.3 million to reach RO 27.322 billion. This increase was driven by gains in the parallel and closed markets. Among individual stocks, Majan Glass emerged as a standout performer, surging by 40 percent to 14 baisas, while Dhofar International Development and Investment rose 10 percent to 230 baisas. Conversely, Barka Water and Power Company experienced a significant decline, falling by 11.1 percent to close at 280 baisas, highlighting the mixed performance among listed securities.
