Muscat – The total market capitalisation of the Muscat Stock Exchange (MSX) has approached RO30bn, as the bourse’s benchmark index last week reached its highest level in nearly eight years.

The MSX30 index gained 101.9 points, or 2.05%, during the last week to close at 5,062.79 points, its highest level since February 2018. The rally was supported by rising share prices in banks, energy companies, several industrial and investment firms, and petroleum product marketing companies.

Recent weeks have seen the MSX’s performance bolstered by increased investor confidence, higher transaction volumes, and rising trading values.

Sector indices recorded broad-based gains on weekly basis, led by the financial sector index, which rose by more than 200 points. The services sector index advanced by 71 points, the industrial sector index gained 67 points, and the Shariah index climbed to around 475 points, recording a weekly increase of four points.

The weekly gains coincided with price rises in 44 securities, compared with 20 that declined and 23 that remained unchanged. These movements contributed to a rise in the MSX’s market capitalisation, which increased by RO291mn last week to close weekly trading at RO29.944bn, approaching the RO30bn milestone. Total market capitalisation of the MSX has increased by 8.51% so far this year.

The gains were supported by higher stock prices and the listing of the 76th issue of Government Development Bonds worth RO90mn.

Trading value rose to RO136.9mn last week, up from RO125mn the previous week, marking a 9.5% increase. The number of transactions executed climbed from 10,210 to 11,800, up 15.6%.

Sohar International Bank’s shares recorded the highest trading value at RO32.3mn, representing 23.5% of total trading value on the bourse. Bank Muscat followed with RO18.2mn, OQ Basic Industries with RO15.1mn, National Bank of Oman with approximately RO14.4mn, and OQ Gas Networks with RO13.6mn, around 10% of the total trading value.

Among the gainers, Sembcorp Salalah rose 16.7% to close at 195bz, Phoenix Energy increased 11.3% to 98bz, Al Anwar Investments gained 10.8% to 92bz, National Bank of Oman rose 7.1% to 330bz, Oman Oil Marketing Company advanced 6.6% to 800bz, and Al Maha Ceramics also gained 6.6% to 320bz.

On the decliners’ side, Aman Real Estate Investment Fund units fell 7.7% to 83bz, United Finance Bonds dropped 7.4% to 75bz, Dhofar International Development and Investment shares declined 2.7% to 280bz, Oman Cables Industries fell 2.7% to RO2.140, and National Finance lost 2.2% to 131bz.

In corporate developments, OQ Exploration and Production announced the commencement of operations at the advanced processing plant expansion project in the Bisat field. The company said this expansion will enhance Oman’s crude oil production and processing capacity, raising the plant’s total capacity to 777,000 barrels of liquids per day, including 67,000 barrels of oil per day.