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Reading: Omani stock market makes a strong comeback, approaching a significant level
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Gulf Press > Business > Omani stock market makes a strong comeback, approaching a significant level
Business

Omani stock market makes a strong comeback, approaching a significant level

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Last updated: 2024/05/18 at 1:50 PM
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The Omani stock market showed a positive weekly performance, increasing by 0.47 percent and aiming to break the 4,800-point resistance level. However, the uncertain direction of the oil market may impact the stock market’s performance in the future. Senior Market Analyst Hani Abuagla noted that trading volume rebounded after a decline last week, with the financial and services sectors seeing gains while the industrial sector experienced losses. The financial sector rose by 0.37 percent, led by Bank Nizwa and Ahli Bank, while the services sector saw a gain of 0.29 percent with positive performances from telecommunications stocks such as Oman Telecom and Ooredoo. On the other hand, the industrial sector declined by 0.30 percent, with companies like Galfar Engineering & Contracting and Oman Flour Mills facing losses.

Abuagla also mentioned that the Muscat Stock Exchange (MSX) could see increased interest from investors with the introduction of a new secondary market that could attract smaller companies. Additionally, a Liquidity Development Fund worth $126 million has been launched to improve the liquidity of listed company shares, which could boost investor confidence and bring in more investments to the Omani market. These initiatives are expected to have a positive impact on the market and encourage growth in the coming weeks.

Investors are keeping a close eye on the developments in the oil market, as the direction of oil prices could have a significant impact on the performance of the Omani stock market. Despite the positive gains seen in the financial and services sectors, the uncertain nature of the oil market may pose a challenge to the stock market’s upward trajectory. The recent increases in trading volume are a positive sign, but it remains to be seen how the market will react to future developments in the oil sector.

It is important for investors to stay informed about the latest market trends and news in order to make informed decisions about their investments. With the introduction of a new secondary market and the launch of a Liquidity Development Fund, there are opportunities for growth and expansion in the Omani stock market. By staying up to date on these developments and trends, investors can position themselves to take advantage of potential opportunities for growth and profitability in the market.

Overall, the Omani stock market has shown positive signs of growth in recent weeks, with gains in the financial and services sectors outweighing losses in the industrial sector. The introduction of new initiatives such as a secondary market and a Liquidity Development Fund are expected to boost investor confidence and attract more investments to the market. While the uncertain direction of the oil market remains a key factor to watch, there are opportunities for growth and expansion in the Omani stock market that investors can capitalize on by staying informed and making well-informed decisions.

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News Room May 18, 2024
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