News about Oman

The Omani stock market closed lower for the week, with the MSX 30 index falling 1.97% to 7,678.05 points. Shares traded dropped 33.05% in volume and 34.42% in value, while total market capitalisation slipped 1.01%. Pressure came from intensifying tanker incidents in the Strait of Hormuz and regional geopolitical uncertainty, as negotiations dragged on and fears of renewed escalation grew. In the US, consumer prices rose 3.7% year on year, above the 3.6% forecast, and producer prices surged 6.3%, the fastest pace since December 2022, supporting the case for future rate increases. Sector-wise, the services index fell 3.21% (Phoenix Power down 21.37%) and the financial index dropped 1.57%, with Madina Takaful down 7.89% after its net profit declined 81.98%. Tickmill's Joseph Dahrieh noted the economy is still expected to grow 4.1% this year, which could support sentiment.