Omani bourse shrugs off war with market cap rise of 39%
- March surge despite conflict worries
- MSM index increases 11 percent
- Sohar International Bank was most traded
The total market capitalisation of listed companies on the Omani bourse rose 39 percent month on month in March to OMR5.93 billion ($15 billion) despite the regional uncertainties caused by the Iran war.
The index of the Muscat Securities Market (MSM) rose 11 percent month on month to 8,168 points, the bourse said in a report.
Total turnover was OMR1.426 billion, up 22 percent month-on-month.
The bourse said the surge was mainly driven by higher trading in the finance and energy sectors, but it did not give the reason.
Sohar International Bank posted the most traded shares in March with OMR272 million, followed by Bank Muscat with OMR242 million and Oman’s state-controlled OQ Base Industries with OMR211 million.
“This clearly shows investor confidence in the bourse even during the regional uncertainties which are prevalent now,” MSM CEO Haitham Al Salmi said.
The MSM is planning three initial public offerings this year. The government is working to offer privately owned companies incentives to list, including tax waivers, preference in government tenders and other concessions.
Oman, which sits outside the strategic Strait of Hormuz, has been less exposed in the US-Israel war with Iran, experiencing fewer attacks from Iran than its GCC neighbours.
There have still been several attacks in the country though. The industrial area in Sohar, the southern port of Salalah and the central town of Duqm were all hit.
Further reading:
- Rattled Emirati investors push up Oman property market
- Gulf stocks steady but sentiment fragile
- Oman’s first listed mutual fund raises $70m in IPO
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