The Omani stock market has shown positive performance for the third consecutive week, with a 0.53 percent gain fueled by promising Q3 earnings results, according to industry expert George Pavel. Despite some regional geopolitical risks, the market remained resilient near the upper boundary of its trading range. This growth has raised expectations for a possible breakout above the long-term range, especially with the upcoming listing of OQEP, expected to enhance market valuation, liquidity, and growth.
The potential listing of OQ’s methanol and liquefied petroleum gas unit through an additional IPO, expected to raise between $1 to $1.5 billion, indicates a growing momentum in the government’s privatisation strategy. This development could have a significant impact on the market, with the influx of new listings and capital potentially leading to increased market activity and driving the market to new heights. George Pavel believes that these upcoming listings could be crucial in shaping the market’s future trajectory.
In terms of sector-wise performance, the financial sector led the gains with a 0.96 percent increase for the week. National Bank Oman, Ominvest, Sohar International Bank, and Global Financial Investment were among the top performers contributing to the sector’s growth. The Industrial sector also posted a modest gain of 0.24 percent, with Galfar Engineering and Contracting and Jazeera Steel Products leading the way. The Services sector experienced a slight uptick of 0.02 percent, with Oman Telecom, Abraj Energy Services, and Al Batinah Power contributing to the sector’s growth.
Overall, the Omani stock market’s positive performance and resilience in the face of regional risks highlight its potential for continued growth and a possible breakout above its long-term range. The upcoming listings of OQEP and potential future IPOs from OQ indicate a positive trajectory for the market, with the potential for increased market activity and growth in the coming weeks. Investors are keeping a close eye on these developments to capitalize on potential opportunities in the Omani stock market.
