Muscat – The market capitalisation of the Muscat Stock Exchange (MSX) rose to RO36.282bn in February, recording gains of more than RO2.77bn, following an increase of over RO1.5bn in January, amid the continuing rally at the local bourse.

The rise in market capitalisation was driven by higher share prices, supported by increased buying from local investment funds and institutions, alongside improved financial results announced by listed companies for the past financial year.

The MSX recorded positive performance across most of its indices in February. The main index climbed 16.7% to close at 7,393 points, up 1,063 points. The financial sector index surpassed the 12,000-point mark, ending at 12,404 points, an increase of 1,486 points. The industrial sector index rose by 636 points to 9,645 points, while the services sector index gained 349 points to close at 2,882 points. The Sharia-compliant index advanced by 59 points to 648 points, marking a 10% increase.

Trading value in February surged by 54.7% to exceed RO1.294bn, compared with RO836.8mn in January. The number of executed transactions also rose by 26%, increasing from 96,000 to more than 122,000.

During the month, investors focused on banking, telecommunications and OQ Group stocks. Sohar International Bank topped the list of most actively traded companies by value, with transactions totalling RO241.2mn, representing 18.6% of total trading value. The bank’s share price rose 36.5% during February.

OQ Exploration and Production Company (OQEP) recorded transactions worth RO191mn, ranking second among the most actively traded companies by value and accounting for 14.7% of total trading value. The company’s share price increased by 17.8% in February.

OQ Base Industries saw its trading value jump by 152% in February, rising from RO74.2mn in January to RO187.4mn, accounting for 14.4% of total trading value. The share closed at 229 baisa, up 19.8%. Bank Muscat ranked fourth among the most actively traded companies by value, with trades amounting to RO186.3mn.

In total, 70 securities advanced in February, while 26 declined and 13 remained unchanged. National Aluminium Products, Raysut Cement, Sohar International Bank, Al Jazeera Services and International Financial Investments Holding were among the top gainers. Meanwhile, Al Batinah Development and Investment, Al Madina Investment Holding, Takaful Oman Insurance, Salalah Port Services and Oman Chlorine were the biggest losers, posting declines ranging from 6.3% to 15.5%.