Omani stock market ends positively boosted by financial sector performance

Muscat: The Omani stock market ended the week positively, increasing by 1.54 percent, and also closed the month with gains after two months of losses, according to an industry expert.

“Anticipation of a potential Fed rate cut next month has supported regional market sentiment, despite mixed performances in GCC stock markets caused by declining oil prices and geopolitical tensions,” said George Khoury, Global Head of Education and Research at CFI.

“Increased trading volume and strong financial sector performance drove the market upward, although it remains within a two-year price range,” he further added.

During The week, all sectors in the Omani market demonstrated positive trends. The financial sector was the standout performer, driving the market’s upward momentum. Key contributions came from Al Omaniya Financial Services, which surged by 9.93 percent, making it one of the top performers. Global Financial Investment Holding also showed strong performance with a 5.41 percent increase, while Al Sharqiya Investment Holding and Bank Nizwa rose by 1.37 percent and 1.92 percent, respectively.

The services sector posted a modest gain of 0.23 percent, highlighted by Musandam Power’s impressive 23.73 percent increase, which marked it as the best performer in the entire market. Additionally, OQ Gas Networks advanced by 4.96 percent, and Oman Telecom increased by 0.90 percent, contributing to the sector’s overall positive outcome.

In the industrial sector, progress was more subdued, with an overall gain of 0.15 percent. Oman Flour Mills continued its upward trajectory from the previous week, rising by 1 percent. Muscat Thread Mills showed a solid performance with a 2.02 percent increase, and Oman Cement added 0.5 percent to its value.

Building on the positive market performance, Moody’s upgrade of Oman’s outlook from stable to positive, while maintaining the Ba1 credit rating, is significant for the Omani economy. “This change, due to declining public debt levels and improved oil revenues, could enhance investor confidence. With potential Fed rate cuts and possible GCC central bank follow-ups, this news may bolster market sentiment,” said George Khoury. “Nonetheless, global economic uncertainties and oil price volatility remain critical factors affecting Oman’s economic path,” he further added.