Latest news with #Tickmill
Zawya
4 days ago
- Business
- Zawya
Omani stock market demonstrates resilience amidst regional uncertainty
Muscat: The Omani stock market recorded its fifth consecutive day of positive performance this week, continuing its upward trajectory and further recovering recent losses. This sustained rally indicates strong underlying demand within the market, according to an industry watcher. 'This performance contrasts with broader regional trends, where markets largely continued to grapple with uncertainty, consistent with the previous week. Profit-taking was evident in some regional markets as external factors weighed on general sentiment,' said Joseph Dahrieh Managing Principal at Tickmill. 'However, the Omani stock market appeared more focused on positive internal developments, which have been bolstering investor confidence,' he further added. While potential risks associated with lower oil prices and global economic uncertainty remain, these factors have seemingly had a less pronounced impact on the Omani market lately, said Joseph Dahrieh. Given recent positive developments and current momentum, the market appears well-positioned to potentially continue its upward trend in the near term. 'Reinforcing this positive sentiment are key national economic initiatives unveiled this week. The landmark UAE-Oman agreement to develop the Al Rawdah Special Economic Zone in Al Buraimi signals a substantial long-term boost,' said Joseph Dahrieh. 'This joint venture is anticipated to attract considerable investment, stimulate cross-border trade and diverse economic sectors, thereby offering a sustained positive outlook for both the wider economy and the stock market,' he added further. The Industrial sector led the gains, continuing its strong performance for a second consecutive week with a 5.89% increase. Within this sector, Al Anwar Ceramic was higher by 4.21% and Al Maha Ceramics by 13.75%, both maintaining their upward momentum. Oman Cables Industry surged by 16.50%. OQ Base Industries contributed to the positive trend with a gain of 1.75% and was the most traded stock in terms of both value and volume. The Services sector also achieved a solid advance, rising by 2.29%. Key contributors included OQ Gas Networks, which gained 2.78%, and OQ Exploration and Production, which rose by 3.11%. In telecommunications, Oman Telecom edged higher by 0.60%, while Ooredoo recorded a strong performance, climbing 12.30%. National Gas also saw a significant increase of 8.22%. The Financial sector posted a more modest gain of 0.42%. Sohar International Bank rose by 0.71%, and Al Anwar Investment climbed by 2.41%. Muscat Finance also performed well, increasing by 3.92%, while Al Sharqiyah Investment Holding registered a gain of 1.25%. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
6 days ago
- Business
- Times of Oman
Omani stock market demonstrates resilience amidst regional uncertainty
Muscat: The Omani stock market recorded its fifth consecutive day of positive performance this week, continuing its upward trajectory and further recovering recent losses. This sustained rally indicates strong underlying demand within the market, according to an industry watcher. 'This performance contrasts with broader regional trends, where markets largely continued to grapple with uncertainty, consistent with the previous week. Profit-taking was evident in some regional markets as external factors weighed on general sentiment,' said Joseph Dahrieh Managing Principal at Tickmill. 'However, the Omani stock market appeared more focused on positive internal developments, which have been bolstering investor confidence,' he further added. While potential risks associated with lower oil prices and global economic uncertainty remain, these factors have seemingly had a less pronounced impact on the Omani market lately, said Joseph Dahrieh. Given recent positive developments and current momentum, the market appears well-positioned to potentially continue its upward trend in the near term. 'Reinforcing this positive sentiment are key national economic initiatives unveiled this week. The landmark UAE-Oman agreement to develop the Al Rawdah Special Economic Zone in Al Buraimi signals a substantial long-term boost,' said Joseph Dahrieh. 'This joint venture is anticipated to attract considerable investment, stimulate cross-border trade and diverse economic sectors, thereby offering a sustained positive outlook for both the wider economy and the stock market,' he added further. The Industrial sector led the gains, continuing its strong performance for a second consecutive week with a 5.89% increase. Within this sector, Al Anwar Ceramic was higher by 4.21% and Al Maha Ceramics by 13.75%, both maintaining their upward momentum. Oman Cables Industry surged by 16.50%. OQ Base Industries contributed to the positive trend with a gain of 1.75% and was the most traded stock in terms of both value and volume. The Services sector also achieved a solid advance, rising by 2.29%. Key contributors included OQ Gas Networks, which gained 2.78%, and OQ Exploration and Production, which rose by 3.11%. In telecommunications, Oman Telecom edged higher by 0.60%, while Ooredoo recorded a strong performance, climbing 12.30%. National Gas also saw a significant increase of 8.22%. The Financial sector posted a more modest gain of 0.42%. Sohar International Bank rose by 0.71%, and Al Anwar Investment climbed by 2.41%. Muscat Finance also performed well, increasing by 3.92%, while Al Sharqiyah Investment Holding registered a gain of 1.25%.
Zawya
21-05-2025
- Business
- Zawya
Mideast Stocks: Saudi Arabia's stock index sees worst session in six weeks
Saudi Arabia's benchmark stock index logged its worst session in six weeks, ending the day 1.2% lower, while most other major Gulf markets also closed in the red, as investors worried about mounting fiscal pressures in major economies. Moody's recent downgrade of the U.S. credit rating has shaken investor confidence, especially amid concerns that President Donald Trump's proposed tax cuts could add $3 trillion–$5 trillion to the existing $36 trillion debt. Persistent trade deadlocks and pressure from key partners to ease tariffs have only deepened the unease. External pressures dampened regional market sentiment, with investors closely monitoring talks surrounding Trump's proposed tax cut bill, Joseph Dahrieh, Managing Principal at Tickmill said in a note. Meanwhile, official data showed that Saudi Arabia's crude exports in March fell to 5.754 million barrels per day (bpd) from 6.547 million bpd in February. Oil prices rose more than 1% on Wednesday. Both stock markets in UAE also settled lower, with Dubai's main share index down 0.53% and Abu Dhabi's benchmark index 0.42% lower. Outside the Gulf, Egypt's blue-chip index extended gains to a second session, closing up 0.66%. Egypt's central bank is expected to lower overnight interest rates by a median of 175 basis points on Thursday, a Reuters poll showed. Market sentiment is being bolstered by growing optimism that the central bank may cut rates at its upcoming meeting, Dahrieh added. SAUDI ARABIA down 1.18% to 11,303.68 ABU DHABI down 0.42% to 9,666.47 DUBAI down 0.53% to 5,438.42 QATAR up 0.08% to 10,772.36 EGYPT up 0.66% to 31,836.63 BAHRAIN down 0.06% to 1,920.84 OMAN up 0.31% 4,471.13 KUWAIT up 0.39% to 8,735.4 (Reporting by Chandini Monnappa and Rishab Shaju in Bengaluru; Editing by Sahal Muhammed)
Reuters
21-05-2025
- Business
- Reuters
Saudi Arabia's stock index sees worst session in six weeks
May 21 (Reuters) - Saudi Arabia's benchmark stock index (.TASI), opens new tab logged its worst session in six weeks, ending the day 1.2% lower, while most other major Gulf markets also closed in the red, as investors worried about mounting fiscal pressures in major economies. Moody's recent downgrade of the U.S. credit rating has shaken investor confidence, especially amid concerns that President Donald Trump's proposed tax cuts could add $3 trillion–$5 trillion to the existing $36 trillion debt. Persistent trade deadlocks and pressure from key partners to ease tariffs have only deepened the unease. External pressures dampened regional market sentiment, with investors closely monitoring talks surrounding Trump's proposed tax cut bill, Joseph Dahrieh, Managing Principal at Tickmill said in a note. Meanwhile, official data showed that Saudi Arabia's crude exports in March fell to 5.754 million barrels per day (bpd) from 6.547 million bpd in February. Oil prices rose more than 1% on Wednesday . Both stock markets in UAE also settled lower, with Dubai's main share index (.DFMGI), opens new tab down 0.53% and Abu Dhabi's benchmark index (.FTFADGI), opens new tab 0.42% lower. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended gains to a second session, closing up 0.66%. Egypt's central bank is expected to lower overnight interest rates by a median of 175 basis points on Thursday, a Reuters poll showed. Market sentiment is being bolstered by growing optimism that the central bank may cut rates at its upcoming meeting, Dahrieh added.
IOL News
14-05-2025
- Business
- IOL News
Fuel price decrease still possible for June, despite recent uptick in oil prices
Another fuel price cut is looking likely for June. International oil prices have stabilised following a surge early this week, however modest fuel price reductions are still looking likely for June. The latest data from the Central Energy Fund is pointing to possible price cuts of around 40 cents for petrol and 75 cents for diesel. However, if oil prices remain at current levels, this could be eroded by month-end, possibly to around 15 cents for petrol and 40 cents for diesel. On Wednesday, Brent Crude oil prices hovered near two-week highs, at around US $66 per barrel (R1,207). This remains slightly below the $66.40 average for the previous review period, which determined the current fuel price structure. While oil prices are having a negligible effect on the fuel price outlook for June, the rand is coming to the rescue, trading at an average of R18.38 to the US dollar this month so far, which is significantly stronger than the previous review period's average of R18.83. Why have oil prices risen? Oil was trading around the $61 mark earlier in May, but started rising late last week on optimism fuelled by the easing tariff tensions between China and the US. Although the 90-day trade truce is seen as positive, its expiration could bring renewed market instability, warns Joseph Dahrieh, Managing Principal at Tickmill. However, any further oil price hikes could be mitigated by higher supply levels, with oil cartel OPEC+ indicating that it is set to maintain its elevated output levels. 'Geopolitical tensions could also affect the market as traders monitor the developments in talks in various regions, including Iran, where a positive outcome could see additional oil volumes hitting the market,' Dahrieh added. Stable year for fuel prices South Africans currently pay R21.29 for a litre of 93 Unleaded petrol in Gauteng, with 95 ULP retailing at R21.40 inland and R20.60 at the coast. This follows price reductions of 22 cents per litre for 95 ULP and 21 cents for 93 UPL at the beginning of the month, while diesel fell by between 41 cents (50ppm) and 42 cents (500ppm). This followed petrol price cuts of between 58 cents and 72 cents in April and seven cents in March. 93 ULP is currently just 17 cents more expensive than it was in January. IOL
