Muscat, October 31 (QNA) - Trading value on the Muscat Stock Exchange (MSX) surged to OMR 1.2913 billion in October, up from OMR 914 million in September, marking the highest monthly level since April.

The increase was driven by market-making funds, the Liquidity Development Fund, and strong buying interest from domestic investment institutions, coinciding with improved financial results for publicly listed joint-stock companies and higher net profits in the third quarter of this year, with these factors instrumental in supporting trading activity.

The exchange recorded its highest monthly number of transactions this year, with the total exceeding 294,000, up from 199,000 in September. The number of securities traded also climbed to approximately 4.2 billion, compared with 3.3 billion the previous month.

In contrast, the exchange experienced a market correction in October that weighed on the shares of most leading companies, pushing the benchmark index and sectoral indices lower. Total market capitalization fell to OMR 38.589 billion, representing a loss of OMR 640.3 million from the end of September.

The benchmark index closed at 7,346 points, down 220 points, following a 37-point decline in September. The Financial Sector Index shed 235 points to close at 13,371, while the Industrial Sector Index fell 99 points to 9,713 and the Services Sector Index dropped 58 points to 2,950. The Sharia Index also declined nine points, closing at 609.

Trading in the bond and sukuk market totaled OMR 24.4 million, compared with OMR 779,000 in September. The 83rd issue of Government Development Bonds topped the securities traded by value, with transactions reaching OMR 12 million.

It was followed by the sixth issue of sovereign sukuk, valued at OMR 5 million, and the 80th issue of Government Development Bonds, which recorded OMR 2.4 million in trading. (QNA)