Electric power and telecom companies spark Muscat Stock Exchange surge

Electric power and telecom companies spark Muscat Stock Exchange surge

The Muscat Stock Exchange saw a dynamic landscape as energy and communications firms surged, propelling the services sector index to a notable 2.2 per cent rise.

The post Electric power and telecom companies spark Muscat Stock Exchange surge appeared first on The Arabian Stories News.Muscat – The services sector index emerged as the week’s standout performer, witnessing a robust rise of 35 points, closing at 1,627 points, amidst a positive momentum driven by electric power and water production companies. Conversely, the main index experienced a modest decline of 16 points, closing at 4,546 points, while the financial sector index bore the brunt of losses, shedding 144 points. Similarly, the industrial sector index dipped by 42 points, with the Sharia index also registering a minor decline of 3 points.

Significant developments underscored the buoyancy in electric power and water production companies. Al Suwadi Power Company and Al Batinah Power Company announced the successful refinancing of commercial loans, leading to the cancellation of survey charters and paving the way for future dividend distributions. Consequently, investor interest surged, with Al Suwadi Energy shares soaring by 52.1 per cent and Al Batinah Energy shares rising by 50 per cent, prompting an adjustment in the stock