Omani stock market rebounds near key level

Omani stock market rebounds near key level

Muscat: The Omani stock market exhibited a positive weekly performance, increasing by 0.47 percent and attempting to break the 4,800-point resistance level, according to an analyst.

“Trading volume recovered after a decline in both the number and value of shares traded last week. However, the uncertain direction of the oil market could temper the stock market’s performance,” said Hani Abuagla, Senior Market Analyst at XTB.

Sector-wise, both the financial and services sectors saw gains this week, while the industrial sector experienced losses. The financial sector rose by 0.37 percent, led by Bank Nizwa and Ahli Bank, which increased by 5 percent and 1.23 percent respectively; Ahli Bank was also among the most traded stocks.

The services sector also performed well, gaining 0.29 percent. Telecommunications stocks recorded a positive performance overall, with both Oman Telecom and Ooredoo seeing increases of 0.19 percent and 1.69 percent respectively. Oman Telecom announced a drop in its first-quarter profits. Conversely, the industrial sector declined by 0.30 percent. Galfar Engineering & Contracting faced a 3.47 percent loss. Similarly, Oman Flour Mills saw a decrease of 4.66 percent.

“At the same time, the Muscat Stock Exchange (MSX) could see more interest from investors with the introduction of a new secondary market