Omani bourse ends week slightly lower

Business Saturday 02/March/2024 16:39 PM
By: Times News Service
Omani bourse ends week slightly lower

Muscat: The Omani stock market experienced a decline this week, with the main index closing down 0.35 percent and concluding the month with a slight decrease of 0.15 percent, according to an analyst.

“The market saw a significant jump in both value and the number of shares traded but continued to trend downwards and could be heading toward the support levels established in early November and late December,” said Daniel Takieddine, CEO MENA at BDSwiss.

The services sector rose by 2.23 percent and saw OQ Gas Networks climb by 2.78 percent, following the announcement of dividend distribution. Al Batinah Power and Al Suwadi Power stood out with extraordinary gains of 275 percent and 290 percent over one month and 15 percent and 20 percent over one week respectively. Oman Telecom and Abraj Energy also recorded some gains.

The industrial sector also saw some gains this week and was up by 1.48 percent, but continued to be volatile over the last few weeks compared to the services sector. Galfar Engineering and Contracting rose by 2.67 percent, Al Anwar Ceramics by 0.55 percent, and Raysut Cement by 6.61 percent.

Conversely, the financial sector declined by 1.33 percent and remained in the red for the second week in a row, weighing on the market. Banking stocks were mostly down as Bank Dhofar fell by 3.33 percent, Bank Muscat declined by 1.13 percent, National Bank of Oman (NBO) lost 0.79 percent, and Ahli Bank retreated by 3.75 percent. Meanwhile, Sohar International Bank, which accounted for most of this week's trading volume, ended the week without change in its performance after experiencing some volatility.

“At the same time, stock markets in the other GCC countries displayed mixed results this week,” said Daniel.
“Geopolitical tensions continued to influence market sentiment, while fluctuations in energy prices and uncertainties about oil prospects limited some markets' performances in the region. Any easing of geopolitical tensions could markedly support market dynamics in the region,” he further added.