Thursday 09 / May / 2024
Muscat: The Omani stock market concluded the week nearly unchanged, with a marginal decline of 0.07 percent, according to an analyst.
“This contrasts with other regional markets, which all ended the week in the red. Geopolitical tensions and cautious investors’ sentiment ahead of first-quarter earnings reports contributed to the subdued market activity,” said Joseph Dahrieh, Managing Principal at Tickmill.
The financial sector exerted the most significant drag on market performance, registering a 1.03 percent loss. This downturn follows a prior week of gains fuelled by improved first-quarter profits among some financial institutions, particularly in banking.
Conversely, the industry index saw an increase, rising by 0.64 percent. Leading the gains was Galfar Engineering and Contracting. Jazeera Steel Products and Oman Cement also reported gains of 6.27 percent and 2.22 percent, respectively.
The services sector also experienced growth, improving by 0.28 percent. This was led by the telecommunications industry, with Oman Telecom and Ooredoo advancing by 0.57 percent and 1.68 percent, respectively. Renaissance Services also posted a notable increase of 3.73 percent, contributing to the sector’s positive performance.
“In another significant development, the announcement of $35.12 billion in investment deals between the UAE and Oman marks a substantial boost for the Omani economy,” Joseph Dahrieh.
“These investments, spanning sectors such as renewable energy, green metals, and technology, are expected to drive growth, enhance infrastructural development, and attract further international interest in Oman’s stock market,” he added.
“This influx of capital is anticipated to bolster investor confidence and economic stability in the region,” he further said.
