By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Despite mixed performances, Oman’s stock market remains resilient.
Share
Notification Show More
Latest News
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Despite mixed performances, Oman’s stock market remains resilient.
Business

Despite mixed performances, Oman’s stock market remains resilient.

News Room
Last updated: 2024/06/29 at 2:38 PM
News Room
Share
3 Min Read
SHARE

The Omani stock market showed a slight gain of 0.18 percent after two weeks of decline, with support coming from the recent increase in oil prices. However, ongoing geopolitical tensions and concerns surrounding US inflation data continue to put pressure on the market. The industrial sector was the weakest performer, while the financial sector also struggled. On the other hand, the services sector posted a gain of 0.59 percent, driven by companies such as Sembcorp Salalah and Ooredoo.

According to Daniel Takieddine, the CEO of BDSwiss Mena, Oman’s GDP growth in the first quarter of 2024 showed promise due to the growth in non-petroleum sectors. This indicates progress in economic diversification efforts, which could boost investor confidence and make the market more resilient to oil market fluctuations. The market could also benefit from OPEC gradually phasing out oil production cuts and if crude prices continue to recover in the coming months.

Despite the overall modest gain in the market, the industrial sector experienced a decline of 1.02 percent, with companies like Galfar Engineering and Contracting and Oman Cables Industries contributing to this downturn. The financial sector continued its negative trend, with banking industry giants like Bank Muscat and Sohar International Bank experiencing declines. Al Anwar Investment saw a significant drop of 7.95 percent, further dragging down sector performance.

The services sector, on the other hand, provided a positive outlook with a gain of 0.59 percent. Companies like Sembcorp Salalah and Ooredoo drove this growth, with the former surging by 8.25 percent. This positive performance in the services sector, combined with promising signs in Oman’s GDP growth, could potentially boost investor confidence and improve the market’s resilience in the face of external factors like fluctuating oil prices and geopolitical tensions.

Looking ahead, the market could find support as OPEC gradually increases oil production cuts. Additionally, if crude prices continue to recover, sentiment in the market could improve over the next few months. These factors, combined with the progress in Oman’s economic diversification efforts and strong performance in the services sector, could contribute to a more positive outlook for the Omani stock market in the near future.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room June 29, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Summer 2024 in Saudi Arabia: Asir will showcase concerts, cultural events, and more
Next Article Oman makes a significant advancement in digital transformation
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto May 22, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
Business

Smpl Fund I Invests $250,000 in Qora71, Supporting AI and Tech Entrepreneurs in MENA

February 4, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?