MSX market capitalization rises by OMR600 million to OMR38.9 billion

The Muscat Stock Exchange added about OMR600 million in market value during the week, closing Thursday at OMR38.9 billion as share prices, trading volumes and investor optimism rose.

The market’s main index climbed 95 points to 7,628. Trading value increased by more than 116%, while the number of executed transactions rose 42%. The market value of bonds and sukuk reached OMR5.52 billion, up OMR101.1 million for the week. Public shareholding companies added OMR242.6 million, taking their market capitalization to OMR22.98 billion. The closed market ended at OMR11.28 billion after gaining OMR250 million.

The exchange also listed the 84th issue of government development bonds, worth OMR100 million. The issue consists of one million bonds valued at OMR100 each and carries an annual interest rate of 4.5%.

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These gains were supported by a number of technical and fundamental factors.

Adel Walid, brokerage manager at United Securities Company, told the Oman News Agency that higher oil prices, renewed Gulf and foreign buying, and company results announced in July supported the gains. He also pointed to the market’s declines in May, June and July, which brought shares back to attractive investment levels and encouraged local and international speculators to return.

Walid expects further gains by the end of the third quarter, partly because the exchange is expected to receive an upgrade in the FTSE index. He said that could attract regional foreign investment. The report also noted Bank Sohar International’s recent share listing as part of a capital increase, and a future dividend decision by OQ Exploration and Production.

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The stocks returned to very attractive investment levels.