Omani stock market shows resilience during shortened week

Business Saturday 13/April/2024 16:50 PM
By: Times News Service
Omani stock market shows resilience during shortened week

Muscat: The Omani stock market experienced a shortened trading period this week due to the holiday season, according to an industry analyst.

The market displayed a slightly positive performance, with the major index gaining 0.34 percent, continuing the positive trend from the previous week,” said Saif Khamis Abdallah Al Maqbali, CEO, Smart Trading Institute.

“The bullish momentum in the oil market likely contributed to positive general market sentiment. However, geopolitical tensions and shifts in monetary policy projections in the US could negatively impact the market,” he further added.

Sector performance was mixed with the industrial sector led the market with a gain of 3.11 percent. Notable performers included Oman Cables Industry, which rose by 8.87 percent, Al Anwar Ceramic, up by 5.26 percent, and Asaffa Foods, which increased by 11.43 percent. The Oman Cables Industry was among the most traded stocks by value.

The services sector also saw gains, increasing by 0.84 percent. OQ Gas Networks was up by 0.69 percent, Abraj Energy Services by 0.98 percent, and Phoenix Power by 1.67 percent.

Conversely, the financial sector faced a slight downturn, declining by 0.16 percent. Ominvest dropped by 4.52 percent, and Al Madina Investment Holding decreased by 6.56 percent. Al Ahli Bank, despite maintaining an unchanged price, dominated the trading volume for the week.

Oman's gross domestic product (GDP) in 2023 grew by 1.3 percent, reaching a total of OMR38.2 billion. This growth was fuelled by a 2.4 percent increase in non-oil activities to OMR27.3 billion and a modest 0.4 percent growth in oil activities.

These figures reflect Oman's ongoing focus on economic diversification and sustainability under Vision 2040. “These developments will have a positive impact on the Omani Financial Market by boosting investor confidence,” Al Maqbali said.