Omani stock market marks third consecutive week of gains

Muscat: The Omani stock market ended the week slightly positively, marking the third consecutive week of gains, according to an analyst.

“The main index remained near the peak levels of August, hovering close to the 4,800 points level, with a modest increase of 0.12 percent. The market could remain exposed to some price corrections as the momentum slows,” said Joseph Dahrieh, Managing Principal, at Tickmill.

In the broader Gulf Cooperation Council (GCC) region, market performances varied, influenced by a week full of central bank meetings. The US Federal Reserve's dovish stance positively impacted market sentiment towards the week's end while a decrease in oil prices weighed on markets to a certain extent.

Sector-wise, performance was mixed on the Omani stock market, echoing the previous week's trends. The financial and services sectors saw improvements, whereas the industrial sector declined. The financial sector closed with a 0.3 percent gain, led by Bank Muscat which increased 2.21 percent and was the week's most traded stock by value. Oman United Insurance also ended positively, with a 1.42 percent increase.

The services sector experienced a 0.93 percent rise, maintaining its bullish trend since the year's start. SMN Power Holding, with a significant 19.28 percent gain, continued its strong performance for the ninth consecutive week, standing out as one of the market's top performers and most traded stocks. Additionally, Abraj Energy, Dhofar Generating, and Oman Telecom reported gains of 0.63 percent, 8.77 percent, and 0.46 percent, respectively.
Conversely, the industrial sector faced a decline of -0.61 percent. Gulf Mushroom Products, Voltamp Energy, Galfar Engineering and Contracting, and Oman Chromite experienced declines of -8.44 percent, -9.60 percent, -0.65 percent, and -10.35 percent, respectively.

“The stock market could find more support as attention turns to Oman's sovereign wealth fund as it is considering an initial public offering (IPO) for its logistics firm,” said Joseph Dahrieh.

“This initiative could help attract more local and international investors to the stock market and to the rest of the economy,” he further added.