Oman’s stock market falls in weekly trading

Oman’s stock market falls in weekly trading

Muscat: The Omani stock market returned to the downside this week after two weeks of positive performances and recorded a 0.43 percent loss, according to an analyst.

“While the market started the year with a rebound, it remains on a downtrend overall and continues to see some volatility. As a result, the main index could continue to see some downward pressures and could be exposed to new price corrections,” Daniel Takieddine, CEO MENA BDSwiss, said.

The stock market declined despite an increase in trading volumes. The number of shares traded on the market rose by 76 percent while the total value traded increased by 78 percent compared to the previous week. This week also saw several companies release their earnings results for last year which affected stock performances.

The market’s sectors recorded widely different performances this week. In this regard, the services sector was the worst performer, ending the week down by 1.40 percent. Ooredoo’s decline affected the sector’s performance. The company reported a 43 percent drop in yearly profits. OQ Gas Networks’ stock performance remained stable while the company reported a 21 percent increase in net profits.

The Financial sector saw a smaller decline, losing 0.91 percent this week. The sector’s stocks recorded