Another positive week for Oman stock market amid modest gains

Business Saturday 16/March/2024 16:32 PM
By: Times News Service
Another positive week for Oman stock market amid modest gains

Muscat: The Oman stock market sustained its upward trajectory from the previous week although it registered modest gains as the market stabilised, according to an analyst.

“The main index increased by 0.18 percent, revisiting the resistance level of around 4,800 from last October,” said Ahmed Negm, Head of Market Research MENA at

“As a result, the market could remain exposed to some price corrections although a breach above this threshold could see the main index accumulate more gains,” he further added.

In the broader Gulf Cooperation Council (GCC) region, stock markets exhibited a predominantly positive outlook, with the exception of the Abu Dhabi market. “This optimism was buoyed by improving oil market fundamentals and increasing crude prices. At the same time, persistent geopolitical tensions remained a source of risks,” said Ahmed Negm.

At the sector level, performances were mixed. The financial and services sectors experienced growth, whereas the industrial sector faced a downturn.

The financial sector ended the week with some gains, climbing 0.45 percent, building on the momentum from the previous week. Notably, Alanwar Investment emerged as the sector's standout, soaring by 6.25 percent and ranking among the most traded stocks in terms of value and volume. Additionally, the National Bank of Oman and Global Financial Investment witnessed gains of 5.77 percent and 3.28 percent, respectively.

The services sector also concluded the week positively, registering a 1.20 percent increase. The sector extended its gains as it remained on the positive side for over two months. Utilities saw strong performances, with SMN Power Holding extending its robust performance into the third week with a remarkable 29 percent gain, making it the most traded stock based on value. Other contributors to the sector's success included Al Suwadi and Albatinah Power, which rose by 2.6 percent and 1.69 percent, respectively.

Conversely, the industrial sector encountered challenges, closing the week 2.42 percent lower after a significant climb during the previous week. A significant portion of the stocks in this sector declined, with Oman Cement facing the steepest drop at -11.93 percent, followed by Raysut Cement and Galfar Engineering and Contracting, which decreased by -3.20 percent and -1.91 percent, respectively. Oman Cables also saw a modest decline of -0.45 percent.