Oman’s stock market falls in weekly trading

Muscat: The Omani stock market returned to the downside this week after two weeks of positive performances and recorded a 0.43 percent loss, according to an analyst.

“While the market started the year with a rebound, it remains on a downtrend overall and continues to see some volatility. As a result, the main index could continue to see some downward pressures and could be exposed to new price corrections,” Daniel Takieddine, CEO MENA BDSwiss, said.

The stock market declined despite an increase in trading volumes. The number of shares traded on the market rose by 76 percent while the total value traded increased by 78 percent compared to the previous week. This week also saw several companies release their earnings results for last year which affected stock performances.

The market’s sectors recorded widely different performances this week. In this regard, the services sector was the worst performer, ending the week down by 1.40 percent. Ooredoo’s decline affected the sector’s performance. The company reported a 43 percent drop in yearly profits. OQ Gas Networks’ stock performance remained stable while the company reported a 21 percent increase in net profits.

The Financial sector saw a smaller decline, losing 0.91 percent this week. The sector’s stocks recorded mixed performances. Al Ahli Bank’s stock decreased by 4.24 percent despite a 10 percent increase in its yearly net profits. National Bank of Oman fell by 5.59 percent, despite reporting a 20 percent increase in yearly net profits while revenue was lower than expected.

In contrast, Sohar International Bank rose 7 percent after reporting a 101 percent increase in its net profits.

The Industrial sector however was positive this week, recording a 0.93 percent increase.

Al Jazeera Steel Products witnessed strong gains and soared by 18.33 percent after it reported a 31 percent jump in yearly net profit. Voltamp Energy was another strong performer, up by 8.57 percent, following the release of its earnings results where net profits shifted to positive territory compared to the previous year’s losses despite a decrease in revenue.