Omani stock market continues to record gains in weekly trading

Omani stock market continues to record gains in weekly trading

Muscat: The Omani stock market continued to record gains this week, extending its rebound to almost a month of increases, according to an analyst. In the process, the main index approached the top of its previous trading range where it could find some resistance. "The surge could also come under pressure if traders move to secure their gains as global concerns could affect sentiment," Khaldoun Hilal, Chief Executive Officer KAMA Capital, said. The main index improved despite another decrease in trading volumes which have been declining week over week for a month after a peak in the second half of September. Value traded remained resilient however thanks to the market's performance and remained relatively stable compared to previous weeks. The financial sector recorded another strong increase, closing its third week in a row to the upside and continued to lift the market. The services sector was also able to climb this week, seeing a better performance than the previous week. The industrial sector continued to retreat, losing ground compared to the rest of the market. Among financial stocks, the Oman Arab Bank recorded a strong performance, increasing more than 7 percent. Other banks saw mixed performances while they remained on