MSX sees strong performance in weekly trading

MSX sees strong performance in weekly trading

Muscat: The Omani stock market exhibited a strong performance this week, with the main index closing up by 1.83 percent, rebounding significantly compared to the previous few weeks, according to an analyst.

“This uplift was observed across all sectors, effectively reversing the decline witnessed in the previous four weeks,” said Hani Abuagla, Senior Market Analyst at XTB.

“Despite the ongoing volatile trading of the last three months, indicating some level of uncertainty, the market's outlook remains cautiously optimistic as the market remains above the lows recorded late last year,” he added. Trading volumes saw a significant increase this week although the value traded remained unchanged.

The services sector demonstrated the strongest performance in the market, recording a 2.10 percent increase. Ooredoo saw a 3.61 percent rise, marking its third consecutive week of gains, buoyed by the announcement of its dividend. Al Suwadi Power and Al Batinah Power also continued their strong performance, with gains of 31.43 percent and 40 percent, respectively, continuously buoyed by optimism toward the last announcement of a successful refinancing of their commercial loans and anticipation of future dividend distributions. These factors helped both companies rebound from a prolonged decline, making them the top performers over the past two weeks.