Muscat Stock Exchange Sees Highest Transaction Volume of the Year in June

The Muscat Stock Exchange (MSX) experienced its busiest month for transactions this year in June, with over 159,600 trades executed. This surge in activity occurred as investors took advantage of falling share prices, snapping up stocks that had seen declines in May and June. Several key companies, including OQ Gas Networks, OQ Basic Industries, and Bank Sohar International, saw significant increases in transaction numbers, mirroring drops in their respective share values.

These stock price declines contributed to a fall in the main index, which lost 249 points in June, erasing gains made earlier in the year. However, the financial sector index bucked the trend, rising by 189 points due to strong performance from banks and investment companies. This sector had previously seen a decline in May but recovered as investor confidence returned.

Despite the high volume of transactions, the total trading value on the MSX in June was the lowest of the year, at OMR776.1 million. This dip is partly attributed to investors diverting funds to subscribe to shares of the Oman India Fertilizer Company (Omifco), which offered 25 percent of its capital. Trading value is expected to rebound once Omifco lists on July 8 and subscription funds are reinvested.