MSX sees positive performance in weekly trading

MSX sees positive performance in weekly trading

Muscat: The Omani stock market exhibited a modestly positive performance during the week, following last week's significant decline, with the main index gaining 0.16 percent, according to an analyst.

“In terms of sector performance, results were mixed. The financial and industrial sectors experienced gains, unlike the service sector, which saw a negative performance,” said Ahmed Negm, Head of Market Research MENA at XS.com.

“The market could find support in climbing oil prices. However, increased geopolitical tensions and changing monetary policy expectations in the US, could contribute to further volatility,” he further added.

The financial sector recorded the most gains, increasing by 3.73 percent where Oman Emirates Holding was at the forefront with a 30.30 percent increase, followed by Al Madina Investment Holding with a 22 percent gain. Al Anwar Investment also saw a notable rise of 4.65 percent, making it one of the most traded stocks in terms of value and volume this week.

The industrial sector saw a rise of 2.15 percent, led by Al Anwar Ceramics, which increased by 4.97 percent. Galfar Engineering and Contracting also saw significant gains, up by 4.70 percent, and Asaffa Foods experienced a 2.94 percent increase.

Conversely, the service sector declined by 0.94 percent, primarily due to a