The Omani stock market maintained its upward trajectory at the start of 2025, recording a 0.52% increase during the third week. Experts attribute this rise to the earnings announcements from numerous companies for the fourth quarter, along with higher oil prices.
Zakariya Al Julandani, Founder of Sumou, said, "One of the main drivers behind the market movement this week was the announcement of fourth-quarter results from several companies. Additionally, the rise in oil prices and the ceasefire between Israel and Hamas positively influenced market sentiment." Al Julandani also noted that increased market volatility could be expected in the upcoming week with Donald Trump's presidential inauguration, which may affect overall market sentiment. Furthermore, new earnings reports are expected to impact the performance of various sectors.
In the industrial sector, strong earnings results led to significant gains for major companies. Voltamp Energy posted an 18.27% rise, following a 530% increase in profits. Jazeera Steel Products saw a 6.16% gain due to a 73% profit growth. Despite reporting annual losses, Galfar Engineering & Contracting showed resilience with a 2.78% increase.
The financial sector continued its positive momentum, rising 0.92% as major banking institutions reported strong annual results. Global Financial Investment saw a 4.60% increase with a remarkable 105% profit growth. Bank Muscat rose 1.17% after a 6.2% improvement in annual profits. Sohar International Bank also contributed to the positive sentiment with a 0.71% gain, following a 42% profit increase.
The services sector faced mixed results, declining 0.87%. Abraj Energy Services experienced the sharpest drop of 4.49%, as its fourth-quarter performance underperformed expectations. Renaissance Services fell 3.23% after reporting a 22.4% decrease in annual profits. Al Suwadi Power retreated 2.74%, impacted by weaker fourth-quarter results despite a slight 0.5% increase in annual profits.
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