Muscat, Oman Chamber of Commerce and
Industry (OCCI) organized its first Ramadan Nights entitled “The World
Financial Markets and its Impact on the Muscat Securities Market”
under the patronage of Sultan bin Salim Al-Habsi, Deputy Chairman of
the Board of Governors of the Central Bank of Oman.
Dr. Salah Abdul Rahman, an economist and financial marketer at
the Muscat Securities Market, presented a working paper on the
performance of the international financial markets and their impact on
the MSM. He presented the performance of the global economy and its
impact on the financial markets and the emergence of a range of
phenomena. Regarding the performance of the Muscat Securities
Market, he showed that the index witnessed a decline in 2017 and
2018 by 11.08 percent and 15.21 percent respectively, while trading
volumes declined by 23 percent in 2018 compared to 2017.
He explained in his paper that the main factor of the negative
movement of the index was due to the decline in the prices of shares of
banking, telecom, cement, construction and energy companies’
For his part, Ahmed bin Saleh al Marhoon, Director General of
Muscat Securities Market said, The market needs large companies
with high capital, where there is a large liquidity to attract investors and
speculators. There are also other factors for the decline of the market,
including oil prices and credit evaluation of the Sultanate, in addition to
the tax imposed on foreign investor, which had a negative impact
compared to the size of the return.
On his turn, Mustafa bin Ahmed Salman, CEO of United Securities
said that there are opportunities in the stock market to turn to growth
and good financial performance through cooperation between the
competent authorities, pointing out that the reforms and solutions
required to restore confidence in the Muscat Securities Market should
come as one integrated package and cannot be treated individually.
Source: Oman News Agency