The Omani stock market has seen a slight increase for the second consecutive week, with a 0.22 percent gain. This positive trend is in contrast to other markets in the region that closed negatively due to external pressures such as geopolitical developments and declining oil prices. Sector performance in Oman was mixed, with the financial sector experiencing notable gains of 1.5 percent. Banking stocks led the trading volume, with Sohar International Bank and Bank Nizwa among the top performers. Oman Arab Bank also saw significant gains, rising by 11.54 percent. On the other hand, the Industrial sector declined by 0.09 percent, with Galfar Engineering & Contracting and Jazeera Steel Products contributing to this downturn. The Services sector recorded the largest losses, falling by 1 percent, with Sembcorp Salalah and Dhofar Generating experiencing declines.
According to Joseph Dahrieh, Managing Principal at Tickmill, Oman’s trade surplus reached OMR1.69 billion by the end of February 2024, indicating a healthy economic performance driven by strong oil and non-oil exports. This surplus not only supports GDP growth but also provides essential funds for economic diversification initiatives under Oman’s Vision 2040. In addition, the planned inauguration of six new airports by 2028-2029, with the aim to handle 50 million passengers by 2040, could significantly boost the tourism sector and enhance global connectivity. These developments are expected to attract foreign investment and bolster the growth of the logistics and tourism sectors, positively impacting the Omani financial market’s growth.
The financial sector in Oman saw notable gains this week, with the banking sector leading the way. Sohar International Bank and Bank Nizwa were among the top performers, while Oman Arab Bank also achieved significant gains. Conversely, the Industrial sector experienced a slight decline, with Galfar Engineering & Contracting and Jazeera Steel Products contributing to this downturn. The Services sector recorded the largest losses, with Sembcorp Salalah and Dhofar Generating experiencing declines. Despite these mixed performances, Oman’s trade surplus and the planned inauguration of new airports are expected to have a positive impact on the country’s economic development and financial market growth.
Joseph Dahrieh, Managing Principal at Tickmill, highlighted that Oman’s trade surplus reaching OMR1.69 billion by the end of February 2024 is a sign of healthy economic performance driven by strong oil and non-oil exports. This surplus not only supports GDP growth but also provides essential funds for economic diversification initiatives under Oman’s Vision 2040. Additionally, the planned inauguration of six new airports by 2028-2029 with the aim to handle 50 million passengers by 2040 is expected to significantly boost the tourism sector and enhance global connectivity. These developments are likely to attract foreign investment and bolster the growth of the logistics and tourism sectors, positively impacting the Omani financial market.
In conclusion, the Omani stock market has experienced a slight uptick for the second consecutive week, with a 0.22 percent gain. While other markets in the region closed negatively due to external pressures, Oman stood out as an exception. The financial sector in Oman saw notable gains, driven by banking stocks, while the Industrial and Services sectors experienced declines. With Oman’s trade surplus reaching OMR1.69 billion and the planned inauguration of new airports, the country’s economic development and financial market growth are expected to be positively impacted. Overall, the outlook for the Omani financial market remains optimistic despite external challenges.
