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Omani bourse eyes FTSE and MSCI emerging market status

Muscat Stock Exchange
MSX CEO Haitham Al Salmi says that exchange is seeking a listing on the Omani market in the next five years.

The Muscat Stock Exchange (MSX) is working on upgrading to the ‘Emerging Market’ stock exchange status as part of a five-year strategy to go private in five years through a listing, the Oman Daily Observer reported, citing CEO Haitham Al Salmi.

He added that the bourse is currently focusing on reclassifying the market to enter global indices such as FTSE, MSCI, and others, which require minimum liquidity, minimum market cap and major technical requirements to upgrade from the current ‘Frontier Market’ status.

According to the newspaper, MSX has met the 12 conditions of the FTSE upgrade by concentrating on liquidity and market cap.

MSX hopes to secure a place on the watch-list of FTSE and MSCI,  with an upgrade taking another year, Al Salmi said, adding regular broker meetings are taking place to achieve the target.

The CEO stated that MSX is seeking a listing on the Omani stock market within five years.