MSX expected to witness improved performance in December

Business Saturday 02/December/2023 18:24 PM
MSX expected to witness improved performance in December

Muscat: The performance of the Muscat Stock Exchange (MSX during November was very positive, as the general index rose by 2.48 percent and trading volumes increased by more than 73 percent compared to October 2023, said Mustafa Ahmed Salman, Chairman of the Board of Directors and CEO of United Securities Company.

In a statement to the Oman News Agency, he further said that this increase is due to record high trading volumes on Bank Muscat, as the month witnessed the trading of more than 10 percent of the bank’s shares with the exit of Dubai Financial Group and the entry of strategic local institutions into the bank.

He added that the Muscat Stock Exchange in general witnessed collective increases, as more than 40 securities recorded an increase compared to the previous month, coinciding with the return of geopolitical calm to the region and the rise of neighbouring stock exchanges, in addition to the global stock exchanges achieving strong increases that were reflected positively on the local stock exchange.

He further expects MSX to continue achieving positive results in December with the start of the annual closing season and investor optimism with the start of the implementation of the financial sustainability programme early next year. The programme focuses in large part on supporting the local financial sector by including into the stock exchange and more government companies offering as part of the exit plan adopted by the Oman Investment Authority (OIA) and the government.

Mustafa Ahmed Salman also expected the performance of the MSX to improve during December due to the continued state of optimism in the stock exchange, the stability of oil prices, the positive results of public debt indicators, the start of the Social Protection Fund to invest in the MSX after the end of the process of merging the funds, and the positive results of the Omani banks.