Thursday 02 / May / 2024
Muscat: Muscat Stock Exchange (MSX) recorded active trading amid investors’ desire to diversify their investment portfolios during the first quarter of this year.
The exchange received interest from investors for banks, investment companies, telecommunications and energy companies, in addition to the bond and sukuk market as well as companies that transformed into public joint stock companies last year.
The value of trading in the first quarter of this year amounted to OMR304.3 million, compared to about OMR191.4 million in the same period last year, recording an increase of 58.8 percent. The number of deals executed increased from 44,000 to more than 66,000 and the number of securities traded on the exchange increased from 755.9 million to 1.89 billion.
February recorded the highest trading value at about OMR129.8 million, January came in second place at OMR90 million, while March came in third place at OMR84.4 million.
Trading statistics issued by the Muscat Stock Exchange showed an increase in the trading value of Bank Sohar International shares, witnessing trading worth OMR65.3 million, accounting for 21.4 percent of the total trading value in the first quarter of this year.
In the first quarter of this year, OQ Gas Networks witnessed trading worth OMR32.8 million, representing about 11 percent of the total trading value. The company was listed on the Muscat Stock Exchange last October after offering part of its capital for public subscription. Abraaj Telecommunications Services, which turned into a public joint-stock company last year, witnessed good demand from investors, seeing trades worth OMR9.2 million in the first quarter of this year.
Bank Muscat and Omantel maintained their high level of attractiveness to investors, with Bank Muscat witnessing trades of about OMR23 million, while the trading value of Omantel shares reached OMR15.7 million.
In February and March, energy company shares were able to attract investors after many positive disclosures regarding improved financial results. SMN Power Holding shares witnessing trades worth OMR9.7 million. Investors also focused on the shares of Al Suwadi Power, Al Batinah Power, Barka Water and Power, Sembcorp Salalah, Phoenix Energy and other energy companies.
In the bond and sukuk market, the trading value reached OMR51.5 million, representing 16.9 percent of the total trading value. The sixth issuance of sovereign sukuks topped the most traded securities in the bond and sukuk market at OMR10.7 million. The 64th issuance of government development bonds (GDBs) came in second place with trades worth OMR9.1 million, and the third issuance of sovereign sukuks witnessed trading of about OMR8.1 million.
In the first quarter of this year, the market capitalisation of securities listed on the Muscat Stock Exchange recorded gains of about OMR122 million, rising to OMR23.92 billion by the end of March 2024.
