Monday 02 / December / 2024
Muscat: The Omani stock market continued its bearish momentum for the fifth consecutive week, registering a decline of 0.99%, according to an industry expert.
“Market sentiment was influenced by the downturn in oil prices, as speculation around a potential ceasefire between Hezbollah in Lebanon and Israel led to a reduction in the oil risk premium,” said Ahmed Negm, Head of Market Research MENA at XS.com.
“However, the situation remained volatile as the ceasefire agreement showed signs of a breach during the final days of the week,” he further added.
Market attention is now focused on the upcoming Opec+ meeting, which is expected to be a crucial catalyst for both oil prices and regional markets, particularly given the ongoing discussions about maintaining current production cuts.
The market’s monthly performance concluded on a negative note, with prices approaching support levels last seen in December 2023.
The sector’s performances this week were all negative, starting with the services sector as the worst performer with 1.13% Abraj energy services recorded a 0.72% loss and Oman Telecom saw a 4.21% decline, while Al Suwadi Power was negative by 2.47%. Albatinah power was also down by 3.70%.
The Industrial sector was also on the negative side, sliding by 0.89%, Galfar Engineering and contracting was lower by 2.13%, also Al Anwar ceramic was also in the red, falling by 10.91% and Almaha Ceramic by 7.91%.
The financial sector was on the same track, retreating 0.40% led by the banking sector. Bank Muscat was lower by 1.18%, while National Bank of Oman was down by 4.14% and Bank Nizwa by 2.02%.
“At the same time, the market could find support in OQ Base Industries’ $490 million IPO,” said Ahmed Negm. “The new listing saw strong institutional demand, and was oversubscribed multiple times at the maximum price of 111 baisas per share,” he further added.
