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Trading activity at MSX falls sharply in January

2 Feb 2025 MSX board of directors holds first meet of 2022 By OUR CORRESPONDENT

Muscat – Trading activity on the Muscat Stock Exchange (MSX) showed a marked decline in January 2025, with both volume and value of trades falling over 30% compared to the previous month.

The total volume of shares traded on the exchange plummeted by 33.4%, reaching 424.8mn shares in January, down from 638.1mn in December 2024. Similarly, the total value of trades dropped by 32.3%, falling to RO71.3mn from RO105.2mn in the preceding month, according to a research report from Kamco Investment.

OQ Exploration & Production topped the value traded chart, with RO17.5mn in trades, followed by OQ Base Industries (OQBI) and Bank Muscat at RO13.3mn and RO9.3mn, respectively. In terms of volume, OQBI led the way with 45.6mn shares traded, followed by OQ Exploration & Production with 54.4mn shares and OQ Gas Networks at 40.1mn.

The MSX 30 Index ended January with a marginal decline of 0.7%, closing the month at 4,543.21 points. After early gains in the month, the index was offset by losses in the final week of January.

Sectoral performance was mixed, with only one out of the three MSX sector indices showing a decline. The Services Index fell by 2.9%, closing at 1,692.3 points, primarily due to significant drops in shares of larger companies in the sector, including Salalah Port Services (-10.8%) and Al Jazeira Services Co (-8.3%).

Conversely, the Financial Index rose by 1.3%, closing the month at 7,824.03 points, while the Industrial Index recorded a stronger 2.6% gain, finishing at 5,409.3 points.

Construction Material Industries Company topped the list of gainers, with a 51.1% surge in its share price, following a 97% reduction in its annual loss to RO4,230 in 2024, down from RO145,720 in 2023. Majan Glass Company and Financial Corporation Company followed, with gains of 28.6% and 24.2%, respectively.

On the downside, Oman Chromite Company saw the largest decline, with a 21.9% fall in its share price, followed by National Finance Company and Oman Investment & Finance Company, whose shares dropped by 14.3% and 13.7%, respectively.

Equity markets across the GCC region started the year on a positive note, reversing the losses experienced in December 2024. Kuwait’s Boursa saw the strongest performance, posting a 5.7% gain, its largest monthly rise in a year. Saudi Arabia followed with a 3.1% gain, while UAE markets also saw modest increases, with Abu Dhabi gaining 1.8% and Dubai up 0.4%.

Bahrain, however, experienced a decline of 5.4%, the largest fall in the GCC, as the Bahrain All Share Index dropped to its lowest level in over 25 months. This was largely due to an 18.5% fall in shares of Aluminum Bahrain, following the end of merger talks with Saudi Arabia’s Maaden.

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