MSX comfortably the best performer compared to other GCC markets

The Muscat Stock Exchange (MSX) stands out as the top performer among Gulf Cooperation Council (GCC) markets, boasting a 24% gain year-to-date.

“

Every other major GCC index sits in negative territory for 2026: Saudi Arabia's Tadawul at 0.9%, Qatar's QE 20 down 7.8%, Bahrain down 5.3%, and Dubai's DFM down 4.2%

This strong performance continues a trend from 2025, when MSX also led the region. According to Shahneel Syed, Chief Operating and Transformation Officer at Graystone Capital, other major GCC indices are currently in negative territory. Saudi Arabia's Tadawul is down 0.9%, Qatar's QE 20 has fallen 7.8%, Bahrain is down 5.3%, and Dubai's DFM has declined 4.2%.

Beyond its headline returns, MSX has shown remarkable stability amidst regional tensions. During the peak of recent conflict, the MSX 30 index experienced a drawdown of approximately 15%, significantly less than the 22% drawdown seen on Dubai's DFM index over the same period. This resilience is particularly noteworthy given the market's valuation.

“

This is a continuation, not a one-off, MSX also led the region for the whole of 2025, up 28% against Kuwait's 21%, Dubai's 17.2% and Saudi's 12.8% decline, the only GCC market to close that year lower

MSX trades at a price-to-earnings ratio of roughly 10.7x, making it one of the cheapest markets in the GCC, second only to Dubai's 9.9x. This combination of strong returns, minimal drawdowns, and attractive valuation is drawing attention from regional and international investors.

“

During the sharpest phase of the regional conflict, the MSX 30 fell around 15% peak-to-trough, compared with a 22% drawdown on Dubai's DFM index over the same period

Looking ahead, the Oman India Fertiliser Company's (Omifco) recent listing on July 8 was a major event, attracting investor orders worth approximately $12.2 billion against a raise of about $261 million, resulting in an 18-fold oversubscription. Shares opened 18.6% above the offer price and showed resilience even as other Gulf indices declined. Minerals Development Oman (MDO) is another anticipated IPO, with its Mazoon Copper project nearing production.

“

Strongest returns, smallest drawdown, and still one of the cheapest markets in the region, that combination is unusual, and it's a big part of why regional and international allocators keep circling back to Muscat