MSX index witnesses marginal decline in February trading

MSX index witnesses marginal decline in February trading

Muscat: The MSX 30 index registered a marginal decline of 0.2 percent during February-2024 to close the month at 4,554.8 points as compared to a gain of 1.1 percent in January-2024, according to a new report.

“The index traded in a tight range during the month mainly led by minimal catalysts in the market, the Kuwait-based Kamco Invest said in its latest GCC Markets Monthly Report for February 2024.

“In terms of sectoral performance, two out of the three sector indices on the exchange recorded gains during February-2024 while one declined,” it further added.

The Financial Index recorded a decline of 3.7 percent during February-2024 to close the month at 7,094.12 points mainly driven by a decline in shares of more than half of the companies in the sector such as Oman Arab Bank (-6.7 percent) and OMINVEST (-11.1 percent).

In comparison, the Services Index registered a 10.4 percent monthly gain during February-2024 to close the month at 1,733.2 points, while the Industrial Index witnessed a gain of 2.2 percent closing the month at 5,535.0 points.

In terms of company performance, Al Batinah Power Company topped the gainers list with a share price gain of 294.7 percent followed by Al Suwadi Power and SMN Power