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Gulf Press > Business > Omani stock market remains unchanged in weekly trading
Business

Omani stock market remains unchanged in weekly trading

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Last updated: 2024/05/11 at 2:01 PM
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The Omani stock market had a relatively flat performance during the week, with the major index closing down by 0.07 percent, hovering close to the 48,00 level. Ahmed Negm, Head of Market Research MENA at XS.com, stated that the quiet market environment resulted in a decrease in the number and value of shares being traded, with no significant news influencing market direction. He also mentioned that the market could be affected by volatility in oil markets and geopolitical conditions in the near future.

In terms of sector performance, the services and financial sectors recorded losses, while the industrial sector saw gains. The services sector was the weakest performer, declining by 1.21 percent. OQ Gas Networks, Oman Telecom, and Ooredoo were among the companies that experienced losses in this sector. Meanwhile, the financial sector decreased by 0.18 percent, with Sohar International Bank and Global Financial Investment among those reporting losses. On the other hand, the industrial sector showed a positive performance, led by Galfar Engineering and Contracting with a 7.45 percent rise.

Despite the overall market performance, Ahmed Negm mentioned that expectations of a stronger tourism sector in Oman could benefit the stock market. He highlighted the potential for solid growth in the travel and tourism sector, which could contribute significantly to GDP and job creation. This surge in the tourism sector may positively impact stocks in the hospitality, transportation, and retail sectors, as well as boost international spending, thereby supporting the broader economy.

In conclusion, the Omani stock market experienced a relatively flat performance for the week, with the major index closing down slightly. While the services and financial sectors recorded losses, the industrial sector showed positive gains. Ahmed Negm highlighted the potential for growth in the tourism sector to benefit the stock market, with increased international spending and job creation. It remains to be seen how the market will react to future geopolitical conditions and oil market volatility in the coming weeks. Investors should continue to monitor these factors to make informed decisions.

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News Room May 11, 2024
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