Muscat, November 22 (QNA) - The main index of the Muscat Stock Exchange declined last week by 76 points amid selling pressure on a number of stocks that had recorded consecutive gains in recent weeks.

By the end of last week’s trading, the main index closed at 5,647 points, thus relinquishing the 5,700-point level it had reached during the Nov. 12 session, its highest level in more than eight years.

During the current year, the main index posted several record levels, supported by rising share prices and increased buying activity by local funds and institutional investors.

Sector indices followed the same trend as the main index: the financial sector index fell by 103 points, the industrial sector index dropped by 20 points, and the services sector index lost 28 points. Meanwhile, the Sharia-compliant index managed to rise by 3 points, benefiting from gains in the shares of several companies included in the index sample.

The pressures experienced by shares last week led to price declines in 47 companies, compared to price increases in 15 companies, while 21 companies maintained their previous levels. The market downturn drove the total market capitalization of the Muscat Stock Exchange to record losses of 386.4 million Omani riyals, closing last week’s trading at 31 billion and 384.7 million Omani riyals.

Trading value last week decreased to 134.6 million Omani riyals, compared with 215.4 million Omani riyals in the previous week, marking a drop of 37.5 percent. The number of executed transactions also fell by 30.8 percent, from 35,000 transactions to 24,556 transactions. (QNA)