Friday 26 / July / 2024
Muscat: The Omani stock market concluded the week on a positive note, with the leading index increasing 0.81 percent.
This marks the fourth consecutive week in the green, as the market ends the month of November with an overall gain of 2.48 percent, according and an analyst.
“Thanks to this month’s performance, the market was able to recover halfway through its decline in October to return above the previous lows recorded during this year,” said George Khoury, Global Head of Education and Research, CFI.
Trading volumes rebounded this week following a significant drop in the previous week but remained below the peak recorded in November and October. All sectors were in positive territory this week, extending the gains recorded during the previous two weeks in some sectors.
The financial sector saw the biggest increase, posting a 0.93 percent gain. Sohar International Bank recorded a 3 percent increase and secured the highest traded volume across the entire market. Bank Nizwa also achieved a positive performance of over 4 percent. Ominvest rose 9.30 percent while Bank Dhofar and Bank Muscat fell 3.57 percent and 1.81 percent respectively.
The industrial sector recorded a 0.84 percent increase in its weekly performance. Al Anwar Ceramic’s stock achieved a positive performance of 2.94 percent. The services sector also ended positively with a weekly performance of 0.97 percent, led by OQ Gas Networks, the second most traded stock in terms of volume while Oman Telecom climbed 2.86 percent.
“In contrast, the Gulf Cooperation Council (GCC) market ended the week with mixed performances, with some markets trading sideways and others declining,” said George Khoury, Global Head of Education and Research, CFI.
“Traders were attentive to the performance in oil markets which weighed heavily on the stock markets in the region. The negative impact of oil prices on regional stock markets could persist and could affect the Omani stock market as well,” he further added.
“Crude prices could remain under pressure after OPEC’s decision wasn’t successful in supporting the market,” said George Khoury, Global Head of Education and Research, CFI.
