The Muscat Securities Market (MSM) has started 2022 with a positive trading, with the support of government spending and economic reforms.
The Omani government said that it will spend 12.1 billion Omani riyals ($31.4 billion) this year in a number of sectors, especially productivity.
The market value of the securities listed on MSM, at the end of last week, rose to 22.193 million Omani riyals ($57.6 billion). It recorded weekly gains of 102.4 million Omani riyals ($265 million).
Muscat Securities Market
The main index of MSM was able to add 58 points, and closed at 4,188 points.
The financial sector index recorded the best rise, up 90 points, and closed at 6,668 points.
The services sector index witnessed an increase of 16 points. And the industrial sector index decreased by 52 points. The Sharia market index lost 7 points.
MSM also witnessed a slight increase in the number of executed deals, which rose to 2,051 deals, an increase of 3 deals from the previous week, while the trading value amounted to 12.4 million Omani riyals ($32.2 million).
Investors in Muscat started their trading in the stock market at the beginning of the year with positive and optimistic indicators represented in the government’s tendency to spend 12.1 billion Omani riyals this year to maintain spending in basic services.
Productive projects
It also includes giving priority to the implementation of projects related to the productive sectors, and continuing to raise the contribution of non-oil revenues to total government revenues, with a focus on maintaining safe and sustainable levels of government spending, improving the credit rating, and continuing to support training and rehabilitation programs and creating new job opportunities.
The MSM concluded trading in 2021 on the rise, benefiting from the rise in investor confidence, which was strengthened month after month.
On December 28, the main index of the stock exchange managed to record its best level during the year, the best in 23 months. Last month’s trading was marked by an increase in most of the stock market indices.
In a previous statement, Ayman bin Ahmed Al Shanfari, Director General of the Omani Securities Association, said that the transformation of the Muscat Securities Market into a new legal entity in the form of a closed joint stock company in the name of the Stock Exchange Company, is a qualitative leap.
