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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 MUSCAT SECURITIES MARKET Ahmed Saleh Al-Marhoon Director General We are consciously working on developing and operating an efficient and transparent securities market to the best standard expected by our local and foreign investors. We believe that exchanges that adhere to good governance, greater transparency and greater accountability, are able to foster investors` confidence as well as creating attractive investment environment. We at Muscat Securities Market (MSM), however, have devised a comprehensive road map that enables us to build capacity and promote sustainable capital market development strategy specifically aimed at HISTORY AND DEVELOPMENT The Muscat Securities Market (MSM) was established by Royal Decree issued on 21 June 1988 to regulate and control the Omani securities market and to participate, effectively, with other organizations for the setting up of the infrastructure of the Sultanate’s financial sector. After ten years of continuous growth there was a need for a better functioning of the market. The MSM has been restructured by two Royal Decrees (80/98) and (82/98). Royal Decree (80/98) dated 9 November 1998, which promulgated the new Capital Market Law, provides for the establishment of two separate entities: an exchange – the Muscat Securities Market (MSM) – where all listed securities will be traded, and the Capital Market Authority (CMA) – the regulatory body. The exchange is a governmental entity, financially and administratively independent from the regulatory body but subject to its supervision. Thus the securities industry in Oman is well established to enhance investors’ confidence by developing and improving all the processes pertaining to the stock market. PAGE 106 We believe that exchanges that adhere to good governance, greater transparency and greater accountability, are able to foster investors` confidence as well as creating attractive investment environment. improving access to the regional and international capital markets. In view of the above, MSM recently revised its legislation with respect to listing, trading and clearance and settlement regulations to enable MSM to cater for our market demand. One of our eminent projects is to replace the MSM existing trading system with Aots- Euronext Trading System that is used by some western and other emerging stock markets. There are recent amendments to the Capital Market Law and its executive regulation, which aim at enhancing the efficiency and transparency as well as securing the integrity of the market. The recent enactment of the code of corporate governance and other rules and regulations, during the current year, has a clear effect on the investors’ confidence on the market and is positively reflected in the market index movement. We expect that the new trading system will be implemented at the end of 2005 and will, inevitably, enhance the capability of MSM and make it the first exchange in the GCC countries that uses this advanced trading system. We are in the process of upgrading MSM website to improve the navigation, content and overall value of the website for users. FUTURE OUTLOOK In 2005 MSM plans to: • develop policies and strategies to provide both domestic and foreign investors with reasonably reliable savings and investment opportunities; • revise the legislations of the market with regard to the listing, trading and clearance and settlement mechanisms. In order to ensure a sustainable stock market development strategy, aimed at improving access to the regional and international capital markets, we are in the process of implementing a comprehensive Growth- Plan; • replace the existing MSM trading system with Aots–Euronext Trading System, which is in place in some of the Western and other Emerging Stock Markets; and • make the information dissemination more efficient, we are also in the process of upgrading the MSM website.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 MUSCAT SECURITIES MARKET OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks July-04 155.9 7.1 25.3 1.2 Aug-04 135.5 5.9 26.0 1.1 Sep-04 219.7 10.0 44.4 2.0 Oct-04 170.6 8.1 27.1 1.3 Nov-04 77.2 5.1 14.6 1.0 Dec-04 106.1 4.8 17.7 0.80 TOTAL 865.0 6.8 155.0 1.2 Bonds July-04 0.53 0.02 0.14 0.01 Aug-04 0.40 0.02 0.12 0.01 Sep-04 2.50 0.11 0.83 0.04 Oct-04 0.44 0.02 0.08 0.00 Nov-04 0.68 0.05 0.19 0.01 Dec-04 0.95 0.04 0.12 0.01 TOTAL 5.5 0.04 1.5 0.01 Other July-04 1.0 0.07 0.25 0.02 Aug-04 2.6 0.17 0.79 0.05 Sep-04 6.6 0.44 1.40 0.10 Oct-04 3.4 0.23 0.41 0.03 Nov-04 1.9 0.13 0.40 0.03 Dec-04 3.8 0.25 0.98 0.07 TOTAL 19.4 0.22 4.3 0.05 Market Capitalization US$ Millions Index July-04 9,327.7 3,440.5 Aug-04 9,079.3 3,414.3 Sep-04 8,442.9 3,492.8 Oct-04 9,640.6 3,444.9 Nov-04 9,420.8 3,370.2 Dec-04 9,317.9 3,375.1 CONTACT INFORMATION MONTHLY STOCK VOLUME VS INDEX (US$ Millions) 250 200 150 100 50 0 Stocks Index July Aug Sep Oct Nov Dec Contact Name Mr. Talal H. Al Nasseb E-mail talal21@msm.gov.om Website www.msm.gov.om 3,500 3,000 2,500 2,000 1,500 1,000 500 0 MONTHLY MARKET CAPITALIZATION (US$ Millions) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 July Aug Sep Oct Nov Dec PAGE 107
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