MSX remains top-performing GCC market as 5-month rally continues

02/12/2025 02:57 AST

Oman's Muscat Stock Exchange (MSX) emerged as the GCC region's top-performing market for the second consecutive month, as the bourse recorded its fifth straight monthly gain in November.

The benchmark MSX30 Index rose 1.7% in November, following an 8.3% increase in October, to close the month at 5,705.72 points. The Services Index led the upturn with a notable 3.9% gain in November, while the Financials Index declined 0.2% to 9,212.1 points. Growth in the Services Index was primarily driven by share price rises in key constituents, including Ooredoo Oman (+26.5%) and Salalah Port Services (+8.2%).

Similarly, the Industrial Index recorded gains, supported by strong performances from several constituents such as National Gas (+7.6%) and Oman Refreshment (+8.9%), according to a research report by Kamco Investment.

Ooredoo Oman led monthly stock performance with a 26.5% advance in November. The Financial Corporation followed with a 16.7% increase, while Majan College rose 14.0%. On the decliners' side, Financial Services Company saw the steepest fall, with shares down 33.1%, followed by Al Anwar Investment (-11.8%) and Oman Fisheries (-6.9%).

Trading activity on the Muscat Stock Exchange eased in November from one of the highest monthly levels seen in October. Total volume traded almost halved to 2.8bn shares, compared with 5.4bn shares in October, the Kamco Investment report showed.

The total value of shares traded also fell 38.9%, reaching around RO0.6bn in November versus RO1.1bn in the previous month. By trading value, Bank Muscat ranked first with RO135mn worth of shares exchanged, followed by OQ Exploration & Production (RO104.2mn) and Sohar International Bank (RO100.8mn).

Oman bucks GCC market trend
After two consecutive months of gains, the GCC equity index fell in November, led by broad-based weakness across most GCC markets. The MSCI GCC Index declined 6.9% during the month, marking its largest fall in over three years, since September 2022.

Of the seven GCC exchanges, only the Omani bourse recorded a gain, rising 1.7%, while the rest of the benchmarks fell. Kamco Investment noted that the decline reflected pressure on global emerging market indices, even as the US market rebounded sharply from a mid-November slump caused by concerns over high valuations in the technology sector.

"The recovery in the final week of the month reflected hopes of a December 2025 rate cut. GCC market performance was also affected by the continuous fall in crude oil prices, which declined for the fourth consecutive month in November to reach $63.2 per barrel," the report said.

Saudi Arabia suffered the largest decline in November, down 9.1%, after all sector indices fell, pushing the benchmark index to its lowest level since mid-September 2025. Dubai and Abu Dhabi followed with declines of 3.7% and 3.5%, respectively, while Qatar slid 3.1%.

Year-to-date 2025, the MSCI GCC Index is effectively flat, reflecting a sharp decline in the Saudi market of -12.0%.

The monthly sector performance chart for the GCC also showed broad-based declines, with all sectors in the red. Consumer durables and apparel suffered the steepest drop of 13.7%, followed by double-digit declines of over 10% in healthcare, hotels & leisure, and insurance. Large-cap sectors such as banks and materials posted mid-single-digit losses, while the energy index fell 4.0%.