Muscat, October 24 (QNA) - The Muscat Stock Exchange (MSX) benchmark index tumbled nearly 300 points last week to close at 7,379, its lowest level since early August.

Trading value on the MSX fell 21.5% last week to OMR 214.7 million (USD 557.4 million), down from OMR 273.8 million the previous week, even as the number of transactions rose 4.2% from 72,000 to 75,660, with individual investors turning to selling.

MSX's total market capitalization shed about OMR 684 million over the week, falling to OMR 38.685 billion as declines in leading stocks weighed on the market.

All sectoral indices fell, led by a 328-point drop in the financial index and a 184-point decline in the industrial index. The services index lost about 80 points, while the Sharia index fell 18 points to close at 608.

Mounting selling pressure drove individual investors to offload shares, with their sales accounting for 21.6% of total trading value, compared with 14% for their purchases. Gulf and foreign investment institutions also turned net sellers, with sales representing 14.3% of total trading value, against 8.2% for purchases.

Selling pressure dragged down share prices, with 54 securities declining over the week, compared with 24 that advanced and 16 that closed unchanged. (QNA)