MSX sees investors’ interest in energy and communications shares

MSX sees investors’ interest in energy and communications shares

Muscat: Energy and communications companies listed on the Muscat Stock Exchange (MSX) recorded new gains during the week that pushed the services sector index higher by 2.2 percent.

The shares of banks, financial and industrial companies declined, which pushed the benchmark index of the stock exchange and other sectoral indices to a decline.

During the week, the services sector index rose by 35 points and closed at 1,627 points, recording the only increase among stock market indices, while the main index fell by 16 points and closed at 4,546 points. The financial sector index recorded the highest declines, losing 144 points while the industrial sector index declined by 42 points and the Sharia index recorded a fall of 3 points.

The positive news for electric power and water production companies spread an atmosphere of optimism about the companies’ improved performance during the current year and their ability to continue distributing profits to their shareholders. Al Suwadi Power Company and Al Batinah Power Company said in two separate disclosures that they were able to refinance the commercial loan, and accordingly they will be able to distribute future dividends.

Al Batinah Energy shares and Al Suwadi Energy shares witnessed daily purchase orders with the maximum allowable