Omani stock market rebounds but remains within horizontal trading range

Omani stock market rebounds but remains within horizontal trading range

Muscat: The Omani stock market recorded a slightly positive week but remained within a horizontal trading range since the beginning of July, according to an industry expert.

“In this regard, it contrasted with some other markets in the region and other major global markets which have been declining lately,” Hani Abuagla Senior Market Analyst at XTB, said.

“Although the main Omani index was able to record some increases, it could not return near its latest peaks which could fuel some pressures if traders move to secure their gains in particular as global uncertainties remain,” he further added.

Last week, the main index of the MSX resumed its rise, up 28 points and closed at 4,785 points. The financial sector index rose 27 points and the Sharia index recorded a slight increase, while the industrial sector index declined 110 points.

The market was mostly supported by the positive performance of the financial sector which recorded particularly strong gains from Ominvest, Oman United Insurance, National Bank of Oman, and Sohar International Bank, Hani Abuagla said. Ominvest released second-quarter earnings which were higher than in the same period of last year although lower than in the previous quarter.

Overall, increasing trading volumes compared to the previous week have