Saturday 05 / October / 2024
Muscat: The Omani stock market exhibited a nearly neutral performance during the week, registering a modest gain of 0.02 percent following the previous week's subdued activity as the market remains uncertain about its future direction, said an analyst.
“The week was characterised by a significant increase in both the number and value of shares traded, although the ongoing developments in oil prices did not lend much support to the market overall,” said Ahmed Negm, Head of Market Research MENA at XS.com.
“Additionally, cautious market sentiment had a dampening effect on the markets in the region, influenced by the anticipation of US labour market data. The latter was expected to affect the likelihood of a rate cut by the Fed in September, impacting regional interest rates subsequently,” he further added.
The performance across various sectors was mixed. The financial sector continued its downward trajectory, recording additional losses of 1.08 percent. Ominvest fell by 5.56 percent, Oman Arab Bank declined by 5.48 percent, and Al Sharqiyah Investment dropped by 1.27 percent. However, banking stocks showed signs of recovery this week after a period of decline.
The industrial sector, on the other hand, posted a gain of 1.10 percent. Oman Cables rose by 2.61 percent, Asaffa Foods increased by 3.61 percent, and Oman Cement improved by 2.89 percent.
In the services sector, the energy segment led with a positive performance, achieving a 1.38 percent increase. Al Suwadi Power and Al Batinah Power saw notable gains of 5.56 percent and 4.23 percent, respectively, and Oman Telecom was up by 1.40 percent. Abraj Energy Services experienced a substantial surge in trading volume and dominated the market.
“The market could see increased interest from investors as Asyad Group plans to list its subsidiary, Asyad Shipping, on the stock market by the end of the year. The initial public offering (IPO) could have a considerable impact on the Omani stock market,” said Ahmed Negm.
