Muscat:Trading on the Muscat Stock Exchange (MSX) reached a remarkable OMR 1.2913 billion in October, significantly higher than the OMR 914 million recorded in September, marking the highest trading value since April.

According to Qatar News Agency, the surge in trading was driven by market-making funds, the Liquidity Development Fund, and robust buying interest from domestic investment institutions. These factors, along with improved financial results and higher net profits for publicly listed joint-stock companies in the third quarter, were pivotal in bolstering trading activity.

The exchange also saw the highest monthly number of transactions this year, surpassing 294,000, up from 199,000 in September. The volume of securities traded increased to approximately 4.2 billion from 3.3 billion in the previous month.

Despite the trading surge, MSX experienced a market correction in October that affected shares of most leading companies, resulting in a decline of the benchmark index and sectoral indices. The total market capitalization decreased to OMR 38.589 billion, reflecting a loss of OMR 640.3 million from the end of September.

The benchmark index concluded at 7,346 points, a reduction of 220 points following a 37-point drop in September. The Financial Sector Index decreased by 235 points to 13,371, the Industrial Sector Index by 99 points to 9,713, and the Services Sector Index by 58 points to 2,950. The Sharia Index also saw a decline of nine points, ending at 609.

In the bond and sukuk market, trading amounted to OMR 24.4 million, a significant increase compared to the OMR 779,000 in September. The 83rd issue of Government Development Bonds led the securities traded by value, with transactions reaching OMR 12 million, followed by the sixth issue of sovereign sukuk at OMR 5 million, and the 80th issue of Government Development Bonds at OMR 2.4 million.