The Omani stock market saw a decline for the second consecutive week, dropping by 1.93 percent due to selling pressure from investors. This downward trend was driven by profit-taking and external factors such as investor caution ahead of the Federal Reserve meeting and inflation data. After a break for the Eid holidays, the market is expected to resume trading with a focus on finding new support levels, especially if oil prices continue to rebound.
The financial sector, led by banking stocks, performed the worst this week with a decline of 2.05 percent. Banks like Bank Muscat, Sohar International Bank, and Bank Nizwa all saw decreases in their stock prices. The Services Index also experienced a decline of 0.11 percent, with significant losses in telecommunication stocks. However, the National Gas stock stood out with a gain of 45.57 percent, despite no significant news concerning the company.
On the positive side, the Industrial sector showed positive momentum, increasing by 1.59 percent. Companies like Al Anwar Ceramics, Almaha Ceramics, and Galfar Engineering and Contracting all saw gains in their stock prices. In light of Oman’s Vision 2040, the Muscat Stock Exchange announced its technical readiness to join global indices and emerging markets by 2025. Efforts to enhance market capitalisation, free float, and liquidity are expected to position the exchange on global watch lists within the next two years.
To attract increased interest in undervalued Omani stocks, the exchange has introduced initiatives such as dual listings with Saudi Tadawul and the launch of a streamlined trading app. These efforts, along with the exchange’s support for private sector funding and foreign direct investment, are likely to stimulate market growth and boost trading volumes in the future.
