Expert expects MSX index to recover in 2024

Expert expects MSX index to recover in 2024

Muscat: The Muscat Stock Exchange (MSX) is likely to record the best performance in 2024 compared to the performance in 2023, and that the general index of the stock exchange would rise by about 15 percent, according to industry watchers.

Mustafa Ahmed Salman, Chairman of the Board of Directors and CEO of United Securities Company, explained that the expected recovery of the stock exchange is due to the expected initial public offerings (IPOs) and the transformation made by the Oman Investment Authority (OIA), represented by offering more of its subsidiaries for public subscription and implementing the financial sustainability programme to stimulate the local economy and support the stock exchange and optimism.

He pointed out to the Oman News Agency that the Muscat Stock Exchange has launched several initiatives, most notably the 'liquidity provider' and the 'market maker,' in addition to a project in its final stages, which is lending and borrowing stocks.'

The Chairman and CEO of United Securities Company said that in 2023, the stock market witnessed fluctuations between highs and lows, recording losses approaching 7 percent at the end of the year, driven by a decline in all sectors, led by the industry, which declined by 17 percent, then the banking