Omani stock market shows resilience during shortened week

Omani stock market shows resilience during shortened week

Muscat: The Omani stock market experienced a shortened trading period this week due to the holiday season, according to an industry analyst.

The market displayed a slightly positive performance, with the major index gaining 0.34 percent, continuing the positive trend from the previous week,” said Saif Khamis Abdallah Al Maqbali, CEO, Smart Trading Institute.

“The bullish momentum in the oil market likely contributed to positive general market sentiment. However, geopolitical tensions and shifts in monetary policy projections in the US could negatively impact the market,” he further added.

Sector performance was mixed with the industrial sector led the market with a gain of 3.11 percent. Notable performers included Oman Cables Industry, which rose by 8.87 percent, Al Anwar Ceramic, up by 5.26 percent, and Asaffa Foods, which increased by 11.43 percent. The Oman Cables Industry was among the most traded stocks by value.

The services sector also saw gains, increasing by 0.84 percent. OQ Gas Networks was up by 0.69 percent, Abraj Energy Services by 0.98 percent, and Phoenix Power by 1.67 percent.

Conversely, the financial sector faced a slight downturn, declining by 0.16 percent. Ominvest dropped by 4.52 percent, and Al Madina Investment Holding decreased by 6.56 percent. Al Ahli Bank, despite maintaining an