MSX sees strong performance in weekly trading

Muscat: The Omani stock market exhibited a strong performance this week, with the main index closing up by 1.83 percent, rebounding significantly compared to the previous few weeks, according to an analyst.

“This uplift was observed across all sectors, effectively reversing the decline witnessed in the previous four weeks,” said Hani Abuagla, Senior Market Analyst at XTB.

“Despite the ongoing volatile trading of the last three months, indicating some level of uncertainty, the market's outlook remains cautiously optimistic as the market remains above the lows recorded late last year,” he added. Trading volumes saw a significant increase this week although the value traded remained unchanged.

The services sector demonstrated the strongest performance in the market, recording a 2.10 percent increase. Ooredoo saw a 3.61 percent rise, marking its third consecutive week of gains, buoyed by the announcement of its dividend. Al Suwadi Power and Al Batinah Power also continued their strong performance, with gains of 31.43 percent and 40 percent, respectively, continuously buoyed by optimism toward the last announcement of a successful refinancing of their commercial loans and anticipation of future dividend distributions. These factors helped both companies rebound from a prolonged decline, making them the top performers over the past two weeks.

The financial sector also performed well, with a 1.95 percent increase after two weeks of declines, led by Sohar International Bank, which saw a 0.91 percent gain and accounted for the majority of the sector's traded volume. Alanwar Investment also saw a notable increase of 2.68 percent. National Bank of Oman (NBO) recorded an 11 percent increase while Oman Arab Bank (OAB) rose 9 percent on thin volumes.

The Industrial sector reported positive results, with a 1.51 percent improvement. Al Anwar Ceramic was among the top performers, with a 17.90 percent increase following the announcement of a 20 percent cash dividend, contributing to the highest trade volume in the sector. Voltamp Energy also experienced a significant uptick, with a 10 percent increase.

“Regionally, other stock markets also had a strong week, as traders reacted to corporate earnings and dividend distribution announcements,” said Hani Abuagla. “However, Geopolitical tensions remain a source of risks and could affect sentiment in addition to the fluctuating oil markets,” he further added.