Period: Q4 2024 (October-December)
Market Performance Summary
| Indicator | Value |
|---|---|
| MSX 30 Index performance | +4.2% |
| Average oil price | $78.50/barrel |
| GDP tracker | Full-year 2024 GDP growth estimated at 3.1% |
| OMR/USD peg | Stable at 0.385 |
| Inflation rate | 1.2-1.8% |
| Interbank rate | 5.2-5.5% |
Quarter Highlights
Record IPO activity with two new listings, sovereign credit outlook upgrade by Fitch, Duqm refinery commissioning milestone.
Equity Market Review
The Muscat Securities Market recorded +4.2% total return during Q4 2024 (October-December). Trading volumes averaged OMR 11-13 million daily, with institutional activity driving price discovery in large-cap names. Sectoral performance was led by financials and industrials, while utilities provided stable dividend income.
Foreign investor participation remained steady, with net flows reflecting continued interest in Oman’s valuation discount to GCC peers. IPO market activity supported broader market engagement and liquidity improvement.
Fixed Income Review
Omani sovereign Eurobonds traded within a tight range, with spreads reflecting stable credit fundamentals. Domestic sukuk and bond issuances saw strong demand from local institutional investors. The government’s fiscal position continued to benefit from disciplined expenditure management and above-budget oil revenues.
Sector Developments
Key sectoral developments during the quarter included progress across the privatisation pipeline, infrastructure project milestones, and regulatory reforms supporting foreign investment. The non-oil economy continued to demonstrate resilience, with tourism, manufacturing, and logistics sectors recording positive growth.
Outlook
Positive momentum entering 2025, supported by fiscal surplus, strong oil prices, and continued reform execution. Investors should monitor oil price trajectories, fiscal policy developments, and the privatisation calendar for near-term catalysts.