Gulf purchases increase amidst instability on the Muscat Stock Exchange.

Gulf investors dominated last week’s trading on the Muscat Stock Exchange (MSX), contributing 23.7% of the overall trading value, while sales were only 1.6%.

Muscat: Gulf investors made a significant push on the Muscat Stock Exchange (MSX) last week, with purchases accounting for 23.7% of the total trading value. This surge came at the expense of foreign investors, who turned to selling, representing 20% of the trading value. The week, however, was marked by limited trading—just three days due to the National Day holiday—and faced mounting pressures, leading to declines in most traded stocks.

Despite these challenges, the industrial sector stood out, with its sector index rising 9 points, while the main index dropped by 34 points. The financial sector lost 46 points, the services sector lost 17 points, and the Sharia index slipped by 3 points. The trading value last week totalled RO 11.4 million, with RO 6.7 million of that concentrated on the OQ Exploration and Production stock.

In corporate news, OQ Basic Industries received approval for its public offering of 1.7 billion shares, representing 49% of its capital. Subscription for individual investors opens on November 24 and will run for five days, while institutional investors will have an eight-day window. The shares will be priced at 111 baisas for individuals and within a range of 106–111 baisas for institutions. This IPO, set to be listed on the MSX on December 12, is expected to add pressure to the exchange, as local investment institutions may shift focus to secure their stakes.

Last week also saw notable market movements. Oman’s government bonds from 2020 saw a 45% rise, while shares of Oman Flour Mills and Oman Education and Training Investment rose by 9.5% and 8.8%, respectively. However, Muscat Thread Factories, Galfar Engineering, and Oman Chromite were among the biggest losers, each showing significant declines.

Adding to the financial news, Oman Arab Bank announced that Alizz Islamic Bank has received the necessary approvals for a new RO 20 million sukuk offering, with the potential to raise up to RO 30 million. The offering, which began on November 17 and will close on December 4, will be listed on the MSX after final approval.

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