Saturday 18 / January / 2025
Muscat: The Omani stock market extended its positive performance for the third consecutive week, rising by 0.52% and continuing the rebound that began at the start of this year, according to an industry expert.
“Several key events influenced market movements this week, primarily driven by Q4 earnings announcements from numerous companies,” said Zakariya Al Julandani, Founder of Sumou.
“Additionally, higher oil prices contributed positively to market sentiment, while easing geopolitical tensions in the region following the ceasefire between Israel and Hamas could further support the upward trend,” he further added.
While these combined factors propelled the market higher, earnings results played the most significant role in maintaining the upward momentum, the analyst said.
“The upcoming week may bring increased market volatility due to Donald Trump's inauguration as US president, potentially affecting general market sentiment. Furthermore, additional earnings releases are expected to impact various sector performances in the market,” he added.
In the industrial sector, strong earnings results drove significant gains across major companies. Leading the sector's 1.34% advance, Voltamp Energy emerged as the standout performer with an 18.27% surge, following the announcement of a 530% profit increase for 2024. Jazeera Steel Products demonstrated robust performance, climbing 6.16% on the back of a 73% profit growth. Despite reporting annual losses, Galfar Engineering & Contracting showed resilience with a 2.78% increase.
The financial sector maintained positive momentum, advancing 0.92% as major banking institutions reported strong annual results. Global Financial Investment led the sector's gains with a 4.60% increase, supported by an outstanding 105% profit growth in 2024. Bank Muscat contributed to the sector's strength, rising 1.17% following a 6.2% improvement in annual profits. Sohar International Bank added to the positive sentiment, gaining 0.71% after reporting a substantial 42% profit increase for the year.
The services sector faced headwinds, declining 0.87% as companies reported mixed results. Abraj Energy Services experienced the steepest decline of 4.49%, despite posting a modest 1.8% profit increase, as fourth-quarter performance fell short of previous quarters. Renaissance Services struggled with a 3.23% decrease after reporting a 22.4% drop in annual profits. Al Suwadi Power's shares retreated 2.74%, pressured by weaker fourth-quarter results despite achieving a marginal 0.5% yearly profit growth
