Saturday 26 / October / 2024
Muscat: The Omani stock market continued its upward trajectory, posting a 0.53 percent gain in its third consecutive week of positive performance, according to an industry expert.
“This growth was fuelled by the release of Q3 earnings, which showed promising results. The market remained near the upper boundary of last week’s trading range and demonstrated resilience in the face of geopolitical risks that weighed on regional markets,” said George Pavel General Manager at Capex.com Middle East.
“Most ended the week in negative territory despite also reporting positive third quarter (Q3) earnings,” he further said.
“The market's potential for continued growth and a possible breakout above its long-term range is bolstered by the upcoming listing of OQEP, which successfully raised $2.03 billion in its initial public offering and is expected to commence trading next week on October 28th, potentially enhancing market valuation, liquidity, and growth,” said George Pavel.
“Furthermore, rumours of an additional IPO from OQ, specifically for its methanol and liquefied petroleum gas unit, expected to raise between $1 to $1.5 billion, suggest that the government's privatisation strategy is gaining momentum,” he further added. “This development could have a profound impact on the market, as the influx of new listings and capital could lead to increased market activity and potentially drive the market to new heights.”
Sector-wise, the financial sector led the gains, rising 0.96 percent for the week. National Bank Oman was among the top performers, advancing 1.69 percent, while Ominvest surged 5.35 percent and Sohar International Bank climbed 1.38 percent. Global Financial Investment also contributed to the sector's growth, gaining 3.70 percent.
The Industrial sector posted a modest gain of 0.24 percent, with Galfar Engineering and Contracting leading the way with a 5.77 percent increase. Jazeera Steel Products also performed well, rising 1.37 percent.
The Services sector experienced a slight uptick, gaining 0.02 percent for the week. Oman Telecom was among the top performers, advancing 0.61 percent, while Abraj Energy Services rose 1.02 percent. Al Batinah Power also contributed to the sector's growth, gaining 2.53 percent. However, OQ Gas Networks was lower, declining 4.08 percent and weighing on the sector's overall performance due to its significant size.
