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Gulf Press > Business > Despite mixed performances, Oman’s stock market remains resilient.
Business

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

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Last updated: 2024/06/29 at 2:38 PM
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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.

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News Room June 29, 2024
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