Muscat – The benchmark index of the Muscat Stock Exchange (MSX) recorded a 7.9% gain in January, closing the month at 6,330.27 points. This marked the MSX30 Index’s seventh consecutive monthly increase, making the bourse the second-best performing market in the GCC region, according to a report released by Kamco Investment.

All three sector indices on the exchange posted gains during January. The Industrial Index registered the strongest sectoral performance, rising 14.8% to close at 9,009.4 points. The gains were primarily driven by share price increases in some of the sector’s larger-cap companies, including OQ Exploration & Production, which rose 10.3%, and Asyad Shipping Company, up 6.7%.

The Financial Index climbed 10.2% month-on-month to 10,918.3 points, while the Services Index advanced 5.3% to close at 2,533.7 points.

In terms of individual stock performance, Dhofar Foods and Investment topped the gainers’ list in January, with its share price surging 78.3%. It was followed by Galfar Engineering & Contracting Co and Voltamp Energy Co, which recorded gains of 61.5% and 58.9%, respectively.

On the decliners’ side, Majan Glass Co led with a 33.3% fall in its share price, followed by Muscat Insurance Co and Gulf Hotels Co, which declined by 12.7% and 10.3%, respectively.

Meanwhile, shares of Voltamp Energy received a boost after a subsidiary of the company announced the signing of a purchase agreement to supply 345 kV power transformers to a customer in the United States.

Trading activity eases

Trading activity on the Muscat Stock Exchange moderated during January. The total volume of shares traded declined by 11.5% to 3.4bn shares, compared with 3.8bn in December 2025. Similarly, total trading value fell by 8.8% to RO814.2mn, down from RO893mn in the previous month.

Bank Muscat topped the monthly value-traded chart, with transactions amounting to RO147.5mn. It was followed by Sohar International Bank and OQ Exploration & Production, with traded values of RO143.5mn and RO133.6mn, respectively.

In terms of trading volume, Sohar International Bank led with 887.5mn shares, followed by Bank Muscat and OQ Base Industries, which recorded volumes of 424.4mn shares and 393.2mn shares, respectively.

GCC markets outperform global peers

According to the Kamco Investment report, GCC equity markets outperformed most global markets during January, supported by a strong start to the year and sustained momentum, particularly in the second half of the month.

The rally was in line with broader gains in global emerging market indices, led by double-digit advances in South Korea, Taiwan and Brazil, reflecting strong buying interest in technology stocks.

The positive sentiment was also underpinned by a solid start to the fourth-quarter 2025 earnings season, with most major banks reporting higher year-on-year profit growth, the report noted.

Rising crude oil prices, which traded above the $70 per barrel mark for the first time in four months, further boosted investor sentiment towards GCC markets. However, gains were partially capped by ongoing geopolitical tensions in the Middle East.

The MSCI GCC Index posted one of the strongest monthly performances globally, rising 7.8% in January 2026 – its biggest monthly gain in almost six years since April 2020. The index closed the month at 791.8 points, its highest monthly close in nearly three-and-a-half years.

At the country level, Saudi Arabia led gains with an 8.5% rise – its strongest monthly performance in five years – followed by the Oman and Dubai exchanges, which gained 7.9% and 6.4%, respectively.

On the downside, Boursa Kuwait recorded the steepest decline, falling 3.8% amid profit-taking, followed by Bahrain, which slipped 1.1% during January 2026.