16/03/2026 06:57 AST
The Muscat Stock Exchange's (MSX) main index posted gains of 4.9% last week despite ongoing regional tensions stemming from the US-Israel war against Iran, which has significantly impacted markets across the region.
The MSX30 Index resumed its upward trend last week, gaining 360 points to close at 7,739 points. The rise in the main index was largely driven by gains in several leading stocks as the annual dividend distribution season got underway.
Sectoral indices also recorded positive performance during the week. The industrial sector index rose 3.0%, or 283 points, while the financial sector index increased by 1.6%, or 193 points. The services sector index climbed 3.5%, or 100 points, and the Sharia-compliant index advanced 2.9%, or 18 points, to close the week at 651 points.
According to an Oman News Agency report, the MSX last week benefited from gains in several leading stocks, including Bank Muscat, Salalah Mills, Asyad Shipping, Voltamp Energy, A'Safa Foods, OQ Gas Networks, Ooredoo, Omantel and Abraj Energy Services, among others. Many of these stocks recorded notable increases ahead of annual general meetings of listed companies whose fiscal year ended on December 31.
Bank Muscat will hold its annual general meeting on March 17, where shareholders will discuss a proposed cash dividend of 18 baisa per share. The bank's share price rose by 54 baisa last week to close at 480 baisa, with trading value exceeding RO70mn.
Salalah Port Services' share price also increased by 40 baisa to close at 440 baisa. The company will hold its annual general meeting on March 15, where a cash dividend of 15 baisa per share will be discussed. Salalah Mills recorded a sharp rise in its share price from 440 baisa to 634 baisa, representing an increase of 44%. The surge followed the company's announcement of its intention to distribute a cash dividend of 60 baisa per share, a proposal to be presented at its annual general meeting scheduled for March 31.
This week, several other companies will hold their annual general meetings (AGMs) to discuss and approve dividend distributions recommended by their boards of directors. These include Ooredoo, OQ Base Industries, Al Sharqiyah Desalination, Muscat Thread Mills and National Detergents.
Last week, OQ Exploration and Production's (OQEP) AGM approved a cash dividend of 7.23 baisa per share and authorised the board of directors to determine and distribute cash dividends to shareholders for the first quarter of 2026, with a record date set for May 24.
OQEP's share price surged to 533 baisa last week, its highest level since listing on the Muscat Stock Exchange, but pared gains towards the end of the week to close at 490 baisa, representing a weekly increase of 13 baisa.
The surge in oil prices amid Iran conflict also supported stock market gains. The average price of Omani crude rose above $120 per barrel at the start of last week's trading and climbed to around $134 per barrel by Thursday.
Sharp gains in major stocks, supported by dividend announcements and rising oil prices, lifted the Muscat Stock Exchange's market capitalisation by RO944mn during the week to RO37.225bn.
Trading activity also strengthened significantly. Last week, 45 securities advanced, while 26 declined and 23 remained unchanged.
The total trading value rose to RO415.9mn last week, compared with RO277.2mn the previous week, representing an increase of 50%. The number of executed transactions also rose by 23.8%, from 27,000 to around 34,000.
OQ Exploration and Production topped the list of most actively traded companies by value, with RO88.7mn, accounting for 21.3% of total trading value. Sohar International ranked second with RO79.9mn, followed by Bank Muscat in third place with RO70.3mn. OQ Base Industries came fourth with RO60.2mn, while OQ Gas Networks ranked fifth with RO56.3mn.
Muscat Daily
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