Oman’s stock market reverses course after rebound

Oman’s stock market reverses course after rebound

Muscat: Oman's stock market concluded this week with a negative performance, breaking a four-week streak of positive results, according to an analyst.

“The main index declined by 1.37 percent, and both the volume and values of shares traded saw a decrease compared to the previous week,” said Ahmed Negm, Head of Market Research Mena at XS.com.

“This year's price movements exhibited continuous uncertainty, lacking a clear direction, a contrast to the movements observed over the past two years, while the yearly performance remains in negative territory,” he added.

The downturn affected all three key sectors of the market. The financial sector experienced a 1.26 percent loss. Leading this decline were National Bank Oman, down by 3.51 percent, Ominvest, which fell by 2.13 percent, and Bank Muscat, the most traded stock in terms of value and volume, decreasing by 0.37 percent.

The industrial sector index recorded the second-worst performance with a 0.83 percent fall. Oman Fisheries stood out as the worst performer in the sector and across the entire market, plunging by 10 percent, while Raysut Cement decreased by 4.35 percent. The services sector followed suit as well, declining by 0.76 percent, with Salalah Port Services and Sembcorp Salalah dropping by 9.79 percent and 5.26