Latest news with #GeorgePavel
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Oil Rises Amid Positive Market Sentiment
0011 GMT — Oil rises amid positive market sentiment after a federal trade court on Wednesday struck down President Trump's tariffs. The Court of International Trade ruled that Trump didn't have the authority to impose sweeping tariffs on virtually every country, voiding the levies that have triggered a global trade war. 'However, expectations that OPEC+ will press ahead with plans to raise output, potentially by 411,000 barrels per day in July, could continue to weigh on the market,' says George Pavel, general manager at Middle East, in an email. Front-month WTI crude oil futures are 0.8% higher at $62.32/bbl; front-month Brent crude oil futures are 0.7% higher at $65.33/bbl. (
Zawya
21-04-2025
- Business
- Zawya
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 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. © Muscat Media Group Provided by SyndiGate Media Inc. ( Times of Oman
Times of Oman
19-04-2025
- Business
- Times of Oman
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 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.
Zawya
17-04-2025
- Business
- Zawya
Mideast Stocks: Gulf markets end mixed on tariff concerns
Stock markets in the Gulf ended mixed on Thursday as uncertainties around U.S. tariff policies and fears of an economic slowdown remained top concerns for investors. Traders are waiting for signs of progress on negotiations between U.S. President Donald Trump's administration and its trading partners, including the ongoing trade talks with Japan. The direction of any potential discussions with China remains the biggest overhang. Saudi Arabia's benchmark index declined 0.7%, hit by a 0.5% fall in Al Rajhi Bank and a 2.1% decline in Saudi Arabian Mining Company. The market could remain vulnerable to developments related to external factors, especially trade tensions, said George Pavel General Manager at Middle East. "However, the upcoming first-quarter earnings releases could potentially act as a catalyst, influencing market direction and possibly providing support." Dubai's main share index reversed early losses to finish 0.2% higher, helped by a 6.8% jump in Parkin Company . Investors were also digesting comments from Federal Reserve Chair Jerome Powell, who warned of the risk of slowing growth and rising prices due to tariffs. In Abu Dhabi, the index concluded flat. According to Pavel, despite oil prices stabilizing somewhat after their recent decline, they remained at lower levels and provided only limited support to the market. Oil prices rose to the highest in two weeks amid low liquidity ahead of the Easter holidays after the United States imposed new sanctions to curb Iranian oil exports, elevating supply concerns. The Qatari index dropped 0.6%, with Qatar Islamic Bank losing 2.8%. Outside the Gulf, Egypt's blue-chip index edged 0.1% higher, with Commercial International Bank rising 0.9%. SAUDI ARABIA declined 0.7% to 11,553 Abu Dhabi was flat at 9,259 Dubai added 0.2% to 5,062 QATAR dropped 0.6% to 10,136 EGYPT gained 0.1% to 31,063 BAHRAIN was down 0.4% to 1,902 OMAN finished flat at 4,305 KUWAIT increased 0.6% to 8,420 (Reporting by Ateeq Shariff in Bengaluru; Editing by Andrew Cawthorne)
Reuters
17-04-2025
- Business
- Reuters
Gulf markets end mixed on tariff concerns
April 17 (Reuters) - Stock markets in the Gulf ended mixed on Thursday as uncertainties around U.S. tariff policies and fears of an economic slowdown remained top concerns for investors. Traders are waiting for signs of progress on negotiations between U.S. President Donald Trump's administration and its trading partners, including the ongoing trade talks with Japan. The direction of any potential discussions with China remains the biggest overhang. Saudi Arabia's benchmark index (.TASI), opens new tab declined 0.7%, hit by a 0.5% fall in Al Rajhi Bank ( opens new tab and a 2.1% decline in Saudi Arabian Mining Company ( opens new tab. The market could remain vulnerable to developments related to external factors, especially trade tensions, said George Pavel General Manager at Middle East. "However, the upcoming first-quarter earnings releases could potentially act as a catalyst, influencing market direction and possibly providing support." Dubai's main share index (.DFMGI), opens new tab reversed early losses to finish 0.2% higher, helped by a 6.8% jump in Parkin Company ( opens new tab. Investors were also digesting comments from Federal Reserve Chair Jerome Powell, who warned of the risk of slowing growth and rising prices due to tariffs. In Abu Dhabi, the index (.FTFADGI), opens new tab concluded flat. According to Pavel, despite oil prices stabilizing somewhat after their recent decline, they remained at lower levels and provided only limited support to the market. Oil prices rose to the highest in two weeks amid low liquidity ahead of the Easter holidays after the United States imposed new sanctions to curb Iranian oil exports, elevating supply concerns. The Qatari index (.QSI), opens new tab dropped 0.6%, with Qatar Islamic Bank ( opens new tab losing 2.8%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% higher, with Commercial International Bank ( opens new tab rising 0.9%.
