MSX service sector index rises in weekly trading

MSX service sector index rises in weekly trading

Muscat: The shares of energy, oil and telecommunications companies listed on the Muscat Stock Exchange (MSX), which rose last week, pushed the service sector index to rise, at a time when the main index of the stock exchange and other sectoral indices declined.

During the past two weeks, the public joint-stock companies listed on the Muscat Stock Exchange announced their initial financial results, which indicated an improvement in results. However, investors are still waiting for the companies' boards of directors to approve the financial results and announce the dividends that will be discussed by the annual general assemblies that will be held next March.

Last week, the shares of Phoenix Energy, Sembcorp Salalah, Muscat Desalination City, Al Maha for Marketing Petroleum Products and Omantel rose, prompting the services sector index to rise 24 points, concluding last week’s trading at 1,635 points, while the main index of the Stock Exchange declined by about 81 points and closed at 4,798 points, recording the first decline during the year. The current trend after its rise in the past two weeks by 10 points and 11 points, respectively, the industrial sector index recorded the highest decline at 305 points, the financial sector index declined by 154