Oman’s stock market stabilises in weekly trading

Oman’s stock market stabilises in weekly trading

Muscat: The Oman stock market stabilised to a certain extent this week compared to the negative performance it recorded during the previous week, according to an analyst.

“However, it witnessed significant volatility on most days although it remained without a clear direction,” Muatasim Alfudhaili, Technical Analyst and Coach at Smart Trading Company, said. “Overall, the main index saw a 0.12 percent decline, despite a significant increase in trading volume, with a surge of over 90 percent in shares traded and over 30 percent in the value traded compared to the previous week,” he added.

The lack of a clear direction could leave the market exposed to downside risks and to a new round of price corrections. However, improving sentiment on a global scale, after the Federal Reserve signalled a softer stance on monetary policy, could nurture optimism among investors and could fuel a more risk-on sentiment. “The latter could boost stocks on a global scale including in Oman although falling energy prices could remain a source of risks,” Muatasim said.

Performances were mixed on the sector level, with the industrial sector being the only one closing positively. Industrial stocks were a bright spot in the market and rose by 0.97 percent. Galfar Engineering