Omani stock market posted positive gains in weekly trading

Muscat: The Omani stock market posted positive gains for the third consecutive week, with the main index rising by 0.43 percent, according to an industry expert.

“Despite geopolitical tensions and falling oil prices, the market managed to maintain its upward trajectory, bolstered by the ongoing first-quarter earnings results for this year,” Daniel Takieddine, CEO MENA at BDSwiss, said.

This week, the financial sector experienced positive momentum, advancing by 0.62 percent following several upbeat earnings announcements from banks, which indicated robust activity in the sector for the quarter. Sohar International was a standout, its stock climbing by 9.82 percent after reporting an 89 percent increase in first-quarter profits, making it one of the most actively traded stocks. Additionally, Global Financial Investment Holding saw a significant rise of 10.94 percent after posting a more than 80 percent profit increase for the quarter. Oman Emirates Holding also contributed to the sector’s gains with a 2.35 percent increase following a 107 percent profit surge in the first quarter.

Conversely, the industrial sector faced challenges, declining by 1.91 percent. Al Anwar Ceramic fell by 9 percent after reporting an 81 percent decline in net profits for the quarter, while Al Maha Ceramic dropped by 8.88 percent after recording a net loss. Galfar Engineering and Contracting also suffered, decreasing by 11.84 percent after a 54 percent decline in net profits.

The services sector also experienced a downturn, dropping by 1.38 percent. Ooredoo’s shares declined by 2.61 percent after only a marginal profit increase of one percent for the quarter. Oman Telecom was down by 1.04 percent. Both Al Suwadi Power and Al Batinah Power saw declines of 1.20 percent and 2.50 percent, respectively, following announcements of continued quarterly losses. Renaissance Services was similarly in the red, with a 34 percent decrease in profits for the quarter.