MSX continues to maintain stronger profile than its GCC counterparts

MSX continues to maintain stronger profile than its GCC counterparts

Muscat: Oman’s benchmark Muscat Securities Exchange (MSX) continued to maintain a stronger profile than its regional counterparts, according to an industry expert.

“Thanks to the exchange’s exposure to both oil and natural gas markets as well as the strong profits published by local companies, MSX index has performed with gains,” Wael Makarem, Senior Market Strategist – Mena at Exness, said in an exclusive interview with Times of Oman.

“Apart from the Abu Dhabi stock market, the Muscat Securities Exchange was the only stock market in the Gulf Cooperation Council (GCC) region to remain near this year’s peak,” he further added.

The benchmark MSX index ended the week on September 15, at 4,478.67, while the MSX Sharia Index on the other hand ended the week’s trading session at 485.43. The total turnover of the MSX index at the end of the week on September 15 was OMR9.64 billion while the total market capitalisation reached OMR23.21 billion.

When asked about the short-term and long-term risks that financial markets in Oman and other neighbouring GCC countries face, Wael Makarem said,” Among the main risks threatening the Omani stock markets as well as others in the region is the volatility in energy prices.”

“Crude oil prices could drop as