Muscat: The recently renamed Muscat Stock Exchange (MSX) has announced a positive performance in the first quarter of this year, closing at 3708.71 points.

The main index posted a growth of 50 points, breaking the trend of negative scores that was plaguing the stock exchange since, Q1 of 2017. The value of trade securities ballooned by 143% to reach a valuation of RO 85.79 Million.

The total number of companies that published their results stood at 95% of the listed companies. The total profits stood at RO 154 Million, with as many as 70 firms posting profits.

The growth can be attributed to the stabilisation of oil prices, earlier this year in March, around the $ 60/ barrel mark. In addition, the Economic Stimulus Plan and COVID – 19 vaccination roll outplayed a major role in shift the trend to the positive side.

Hafeedh Al Ghazali, a financial analyst with Ubar Capital Company, commented that the Q-o-Q growth grew by 34% compared to Q1 in 2020. Talal al-Qadhi, Assistant Head of Stock Markets’ Investment Sector, At Tanmia Company, said that the industries expected to witness growth are construction companies, which benefitted from the international supply situation and import curbs. This led to the sector closing at 4621.4 points, a growth of 7.5% by the end of the quarter.

In addition, he stated that the aim of the MSX is to step up direct foreign investment by highlighting the Sultanate to be a viable investment destination by means of promotions and incentives thus, establishing the right economic climate.