Omani stock market posts weekly gain
Muscat: The Omani stock market experienced a positive week, concluding with a gain of 0.81%, breaking a two-week losing streak, according to an industry expert. 'Despite this welcome weekly improvement, the market continues to navigate a broader downtrend, actively seeking potential support levels that could pave the way for a more sustainable recovery,' said George Pavel, General Manager at Naga.com Middle East.
Several key factors influenced market performance and investor sentiment during the week. US-Japan trade talks eased concerns to a certain extent, although the persistent trade tensions, especially between the United States and China, remain a noteworthy risk for the global economic outlook and market stability. Additionally, comments from Federal Reserve Chair Jerome Powell introduced a degree of uncertainty into the market landscape.
'Domestically, the start of the first-quarter earnings reporting season emerged as a critical development. While the initial results released by several companies were mixed, they provided some positive impetus overall,' he said. 'Investor focus will remain on the upcoming earnings reports in the following weeks, as broadly favourable results could provide substantial support for a market recovery,' he added.
Furthermore, a rebound in oil prices provided another positive signal, crucial for the Omani economy and regional sentiment, given the reliance on oil revenues.
The Industry sector spearheaded the market's advance, climbing 3.35%. Leading this charge was Voltamp Energy and Power, which surged over 13.00%, propelled by a remarkable 473% increase in net profit. Oman Flour Mills also delivered strong results, gaining 9.79% on the back of a solid 22% profit increase. Demonstrating resilience in contrast, Al Anwar Ceramic Tiles Co added 4.24% even while reporting a 28% year-on-year decline in quarterly profit. Further contributing to the sector's positive performance, OQ Gas Industries rose 1.00%, supported by a healthy 71% rise in its net profit.
The Services sector also contributed positively, finishing the week 0.74% higher. Notably, Abraj Energy Services led the sector's gains with a 6.02% increase, achieved despite an 18% decrease reported in its Q1 net profit. In a similar vein, OQ Gas Networks posted a 0.78% gain even as its quarterly results revealed a 7% drop in profits. Oman Teleco rounded out the sector's positive contributors with a 0.62% rise.
Activity in the Financial sector resulted in a more modest overall gain of 0.32%, reflecting a mix of company performances tied to earnings reports. Several banks advanced on positive profit news: National Bank of Oman climbed 3.57%, buoyed by a 10% increase in net profit, while Ominvest gained 2.22%, supported by a 3% profit rise. Likewise, Bank Dhofar added 1.39% following its announcement of a 12% profit increase, and Bank Muscat rose 1.20%, after reporting an 8% rise in Q1 net profit. Bucking the trend of positive earnings driving gains, Sohar International Bank managed a 0.76% advance despite reporting a 14% decline in net profit; its stock drew significant attention, as one of the most actively traded during the week.
'Looking ahead, the prospects for a sustained recovery in the Omani stock market appear linked to several ongoing developments,' said George Pavel. 'Continued moderation in global trade tensions, a durable recovery in oil prices, and a generally positive trend in the unfolding Q1 earnings season could collectively provide strong support.' he said.
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