Latest news with #Naga.comMiddleEast
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)
Hi Dubai
28-03-2025
- Business
- Hi Dubai
UAE: Will Petrol Prices Drop in April as Global Oil Markets Shift?
Petrol prices in the UAE are expected to decline in April as global crude prices remained subdued in March. Brent crude averaged $70.93 per barrel in March, down from $75 in February, influencing domestic fuel price adjustments. The UAE government, which announces revised fuel prices at the end of each month, is anticipated to reduce rates accordingly. In March, petrol prices stood at Dh2.73 per litre for Super 98, Dh2.61 for Special 95, and Dh2.54 for E-Plus 91. With oil prices stabilizing at lower levels, consumers may see relief at the pump in the coming month. Global Factors Influencing Prices Oil markets have been navigating volatility driven by geopolitical developments and economic uncertainty. Joseph Dahrieh, managing principal at Tickmill, highlighted the impact of recent US tariffs on Venezuelan oil buyers and ongoing trade tensions, which have clouded demand outlooks. Meanwhile, OPEC+ is expected to increase crude production, which could further weigh on prices. However, the group's efforts to manage overproduction may prevent a steep decline. Geopolitical Uncertainty Adds to Market Volatility Escalating tensions in the Middle East have provided temporary support for oil prices. US military strikes against Houthi rebels in the Red Sea, Israeli operations in Gaza, and the ongoing Russia-Ukraine conflict have heightened market concerns. According to George Pavel, general manager at Middle East, potential peace talks in Ukraine could offset some of these risks. Despite recent rebounds, the market remains unpredictable. With new US tariffs on Venezuelan oil set to take effect on April 2, global crude prices could see further fluctuations. Month Super 98 Special 95 E-Plus 91 Jan-24 2.82 2.71 2.64 February 2.88 2.76 2.69 March 3.03 2.92 2.85 April 3.15 3.03 2.96 May 3.34 3.22 3.15 June 3.14 3.02 2.95 July 2.99 2.88 2.8 August 3.05 2.93 2.86 September 2.9 2.78 2.71 October 2.66 2.54 2.47 November 2.74 2.63 2.55 December 2.61 2.5 2.43 Jan-25 2.61 2.5 2.43 February 2.74 2.63 2.55 March 2.73 2.61 2.54 News Source: Khaleej Times
Khaleej Times
28-03-2025
- Business
- Khaleej Times
UAE petrol prices: Will fuel rates drop in April?
Petrol prices in the UAE are likely to drop for the month of April as global prices stayed on the lower side in March. Brent price averaged around $70.93 in March compared to $75 in February. Petrol prices in the UAE are expected to be revised down when new prices are announced for the next month in the coming days. The UAE government usually announces revised rates on the last day of every month. In March, Super 98 was priced at Dh2.73 per litre, Special 95 at Dh2.61 and E-Plus at Dh2.54. Globally, Brent was trading at $74.11 per barrel and WTI at $70.01 a barrel in early trade on Friday. Joseph Dahrieh, managing principal at Tickmill, said crude oil might see increased volatility as market participants navigate the uncertainty surrounding recent global developments. 'The market reacted to the announcement of US tariffs on countries buying Venezuelan oil and to the mounting concerns over the broader economic impact of escalating trade tensions, which threaten to weaken global demand. 'In this regard, the uncertainty surrounding the potential reduction in Venezuelan oil exports could tighten supply in the short term to a certain extent. Similarly, sanctions on Iranian oil could contribute to a potentially tighter market. However, economic slowdown fears due to tariff-induced costs could continue to pressure crude prices,' said Dahrieh. Meanwhile, changes in Opec+ crude production could affect the market. The organisation is expected to increase oil output, which could further weigh on prices. However, the group's efforts to address overproduction from certain members could provide a floor for prices. After weeks of downward pressure, oil prices rebounded to a certain extent over the past two weeks. The recovery marked a notable shift in market sentiment, with both benchmarks recording weekly gains. George Pavel, general manager at Middle East, said escalating tensions in the region have supported oil prices. 'Recent US military strikes against Houthi rebels in the Red Sea and ongoing Israeli operations in Gaza have heightened concerns about the region. However, developments in the Russia-Ukraine conflict could act as a counterbalance if peace talks succeed, creating more volatility,' he said, adding that in addition to the market's volatility, the US' announcement of new tariffs on Venezuelan oil buyers, set to take effect on April 2, 2025, has created ripples through the global oil markets. 'This policy shift, coupled with existing sanctions on Russian and Iranian oil producers, has raised concerns among traders,' he added. Month Super 98 Special 95 E-Plus 91 Jan-24 2.82 2.71 2.64 February 2.88 2.76 2.69 March 3.03 2.92 2.85 April 3.15 3.03 2.96 May 3.34 3.22 3.15 June 3.14 3.02 2.95 July 2.99 2.88 2.8 August 3.05 2.93 2.86 September 2.9 2.78 2.71 October 2.66 2.54 2.47 November 2.74 2.63 2.55 December 2.61 2.5 2.43 Jan-25 2.61 2.5 2.43 February 2.74 2.63 2.55 March 2.73 2.61 2.54
