MSM 30 Index slips below 5,000-mark

Muscat: Shares on the Muscat Securities Market continued its decline with the MSM 30 Index – the general barometer of market sentiment – slipping below its psychological mark of 5,000 points on Thursday.
The market sentiment remained weak on announcements of lower than expected corporate profits, which aided the fall on the Muscat bourse. Majority of companies, including financial institutions and telecom firms that came out with their first half results, have announced lower profit compared to the first half of last year. The corporate performance, according to market sources, was affected by a higher corporate income tax, an increase in natural gas price, removal of subsidies on petroleum products and increase in charges of government services.
MSM 30 Index fell by 43.63 points to 4,999.37 points, below the psychological level of 5,000 points, amid 40.27 million shares changing hands.
The major losers on the bourse include Renaissance Services, Port Services Corporation, Phoenix Power and Galfar Engineering and Contracting Company.