Muscat Stock Index Hits 5-Month High
The Muscat Stock Exchange index rose last week by 233 points, reaching 7,832 points, marking its best level in five months. The increase was driven by strong interest from both local and foreign investors, especially with the announcement of preliminary financial results for the first quarter of the year and anticipation of a possible upgrade of the market from a frontier market to an emerging market. Additionally, the market capitalization increased by 640.6 million Omani Rials, reaching approximately 39.9 billion Rials, with trading values and the number of transactions growing by 58% and 27%, respectively. Banks led the trading activity, with Bank Muscat recording trades worth 84 million Rials. Companies such as OQ and Omantel attracted significant interest, and the prices of many stocks rose, while Bank of Oman and others experienced substantial declines. Several companies also announced profits and capital adjustments to strengthen their financial positions and support growth strategies within the Omani market.
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