Omani stock market rises by 4.87% in weekly trading

Muscat: The Omani stock market experienced a strong weekly performance, rebounding after two weeks of declines, according to an industry expert.

The main index was able to go above its trading range of the last few months to close the week with a 4.87 percent increase, driving prices to levels last seen in October last year,” said Abdullah Mahfoodh Al Wahaibi, Coach and analyst in global financial markets.

“However, it could find some resistance near current levels and could remain exposed to price corrections if traders move to secure their gains although a breach above the 4,800 level could lead to new increases,” he further added.
In contrast to the mostly negative performance of the other Gulf Cooperation Council (GCC) stock markets this week, the Omani stock market stood out, performing significantly better. “It was able to rebound despite the ongoing geopolitical tensions and uncertainty in the oil market and their impact on sentiment,” Abdullah Mahfoodh said.

All the sectors on the Omani stock market ended the week positively, with the Industrial sector achieving the highest gains at 8.93 percent, reaching levels not seen since last August. Oman Cement led the sector’s gains, rising more than 67 percent to extend its strong performance from last week. Al Anwar Ceramic was also up by 9.34 percent, while Galfar Engineering and Contracting saw a 1.95 percent increase.

The services sector rose as well, accelerating its series of weekly gains, closing with a 5.7 percent performance. SMN Power Holding led the performance with gains of 59.50 percent and became one of the top 5 traded securities based on value. Additionally, the stock continued its 7th consecutive weekly gain. Sembcorp also saw an increase this week with gains reaching 16.49 percent, while Phoenix Power gained more than 11 percent, also becoming one of the most traded stocks based on volume. OQ Gas Networks was also higher by 0.68 percent.

The financial sector was up by 4.01%, with most securities experiencing gains led by banking stocks, all of which ended with gains. Al Anwar Investment was up by 12.68 percent, and Sohar International Bank was positive by 3.67 percent, both being among the most traded stocks this week. Bank Muscat ended with gains of 3.44 percent, while Bank Nizwa was also higher by 4.12 percent.