Monday 02 / June / 2025
Muscat: Oman’s Muscat Stock Exchange (MSX) 30 Index recorded its first monthly gain following four consecutive declines, posting a 5.7% increase in May-2025 and closing the month at 4,561.0 points, according to a new report.
“In terms of sectoral performance, all three sectors on the exchange recorded gains during the month, led by the Industrial Index, which posted a 10.1% rise,” the Kuwait-based Kamco Invest said in its latest GCC Markets Monthly Report May 2025. “This was followed by the Services Index, which registered a gain of 5.7%, while the Financial Index recorded a moderate growth of 3.9%, closing the month at 7,942.0 points,” the report further added.
Double-digit share price gains among Financial Index constituent companies such as Muscat Finance (+12.8%) and Global Financial Investment Company (+23.8%) supported the overall performance of the Financial Index during the month. Similarly, strong double-digit share price increases by several companies in the Industrial Sector, including Oman Cement Company (+26.8%) and Oman Cables Industry (+16.5%), fueled the notable rise in the Industrial Index during May-2025.
The monthly stock performance chart was led by Al Maha Ceramics Co, which recorded a gain of 53.0%, followed by Oman Chromite Co. and Oman Cement Co., which posted gains of 30.2% and 26.8%, respectively. On the decliners’ side, Majan Glass Co. registered the largest drop, falling by 33.3%, followed by Salalah Mills and Barka Water and Power, which recorded declines of 16.6% and 15.4%, respectively.
Trading activity on the exchange witnessed a significant increase during May-2025. The total volume of shares traded surged by 42.2% to reach 941.9 million in May-2025, compared to 662.1 million in April-2025.
Similarly, the total value traded rose by 47% to OMR148.4 million, up from OMR100.9 million recorded in April-2025. OQ Exploration & Production topped the monthly value traded chart with OMR22.9 million worth of shares changing hands, followed by OQ Base Industries and Bank Muscat with values traded at OMR21.6 million and OMR20 million, respectively. In terms of monthly volume traded, OQ Base Industries led with 239.7 million shares, followed by Sohar Bank and OQ Gas Networks, which recorded volumes of 128.1 million shares and 110.3 million shares, respectively.
In economic news, Oman’s Q1-2025 public revenues declined by 7% to reach OMR2.6 billion, compared to OMR2.8 billion during the same period in 2024, according to data released by the Sultanate’s Ministry of Finance. The decline in revenue was primarily attributed to a reduction in hydrocarbon receipts, as net oil revenue fell by 13% year-on-year to OMR1.4 billion, down from OMR1.7 billion in Q1-2024.
Additionally, net gas revenue registered a 2% decline, amounting to OMR725 million in Q1-2025, compared to OMR744 million in Q1-2024. On the expenditure side, Oman’s public spending increased by 4% in Q1-2025 to reach OMR2.8 billion, compared to OMR2.7 billion during Q1-2024. The increase was largely driven by higher development expenditures compared to the corresponding period in 2024.
Overall, Oman’s current spending amounted to OMR2 billion in Q1-2025, against current revenues of OMR725 million during the quarter. Development spending by the Sultanate’s ministries and government entities reached OMR254 million by the end of Q1-2025, representing approximately 28% of the total development budget of OMR900 million allocated for the full year 2025. Meanwhile, subsidies allocated to Oman’s social protection system and petroleum products amounted to OMR144 million and OMR27 million, respectively, as of the end of Q1-2025.
GCC markets
Equity markets in the GCC region remained volatile during May-2025 replicating the trend in the broader global financial markets, Kamco Invest said in its latest report. Almost all markets in the region witnessed gains during the month, but a 5.8% decline in the TASI dragged the MSCI GCC index into the red with a decline of 2.6% during the month.
Dubai and Kuwait benchmarks ended with gains of 3.3% and 1.9%, respectively, followed Abu Dhabi with a gain of 1.6%. Gains in Kuwait were mainly led by gains in the BK Premier Market index that more than offset a decline in the Main Market index. In terms of YTD-2025 performance, Kuwait continues to lead in the region with the only market with a double-digit gain of 10.2% followed by Dubai and Abu Dhabi with gains of 6.2% and 2.8%, respectively. The rest of the GCC markets show a YTD decline with Saudi Arabia leading with a fall of 8.7% as was the MSCI GCC Index with a fall of 1.6%.
In terms of sector performance, most large-cap sectors registered declines during the month. The Utilities index witnessed the biggest decline of 9.6% followed by Healthcare and F&B with declines of 5.2% and 5.0%, respectively. Sectors like Materials, Real Estate and Banks also registered declines. Gainers were few and was topped by Capital Goods index with an increase of 2.6% followed by Diversified Financials and Transportation indices with gains of 2.2% and 1.1%, respectively. Global markets continued to witness volatility especially given the tariff threats followed by postponements. The MSCI World index witnessed a gain of 5.5% during May-2025 led by gains across key global equity markets. Nasdaq Comp index was the best performing market with a gain of 9.6%.
