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Muscat Stock Exchange tops GCC markets with highest November gain

3 Dec 2022 By GULAM ALI KHAN

Muscat – The Muscat Stock Exchange (MSX) was the best performing stock market in the GCC in November with a gain of nearly six per cent as the region’s biggest market Saudi Arabia, Dubai and Qatar recorded declines during the month.

The main index of Oman’s stock market recorded the biggest monthly rise in the GCC during November 2022. The index jumped 5.7 per cent after witnessing a decline for the past two consecutive months closing at 4,613.7 points.

‘Oman was the best performing market during November with a gain of 5.7 per cent followed by Kuwait and Abu Dhabi with gains of 3.6 per cent and 1.3 per cent, respectively,’ Kuwait-based Kamco Investment said in its GCC Markets Report.

The reversal of the MSX performance during November improved the Omani exchange’s overall year-to-date 2022 return which stood at 11.7 per cent at the end of November.

In terms of sectoral performance, all three sector indices of the MSX recorded a growth during November. Financial index recorded 7.2 per cent monthly growth during November. Industrial index followed witnessing a monthly rise of 2.4 per cent while services index recorded a 1.4 per cent uptick in comparison.

As per Kamco Investment’s report, Al Hassan Engineering Company led the top gainers table recording 25 per cent share price jump during the month, followed by Ominvest which registered 18.8 per cent share price increase during the similar period. Comparatively, Sohar Power Company topped the decliners table recording 20 per cent share price fall during November while Raysut Cement witnessed 18.8 per cent fall in share price during the similar period.

Monthly trading activity on the MSX increased during November recovering from a slight dip in the previous month. Total volume of shares traded during November increased by 58.6 per cent to reach 276.2mn shares as compared to 174.1mn shares during October. Similarly, the total value traded on the MSX witnessed an increase of 23.2 per cent to reach RO53.3mn in November.

GCC markets

The performance of the GCC equity markets once again remained mixed during November with three out of seven stock exchanges witnessing declines during the month.

Saudi Arabian stocks witnessed the biggest decline during the month with a broad-based decline in the TASI benchmark that declined by 6.6 per cent. Qatar and Dubai benchmarks also declined by low-single-digits during November that more than offset gains reported by the rest of the exchanges resulting in a 4.2 per cent decline for the MSCI GCC Index during the month.

The declines in Saudi Arabia and Qatar also affected the year-to-date 2022 performance of the GCC markets with the index closing the month in the red for the fourth time this year.

Saudi Arabia was the only market in the GCC that closed November with a year-to-date 2022 decline of 3.4 per cent. On the other hand, Abu Dhabi continued to lead in the region with a year-to-date gain of 24.3 per cent followed by Oman and Kuwait with healthy gains of 11.7 per cent and 7.7 per cent, respectively.

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