Muscat: The market capitalization of the Muscat Stock Exchange rose to 28.088 billion Omani riyals at the close of last week’s trading, posting weekly gains of 82 million riyals.

According to Qatar News Agency, the daily trading average also increased by 19.2% last week, driven by strong investor demand for shares of companies owned by Oman Investment Authority, supported by improved financial results and active participation from local institutional and investment funds.

The average daily trading volume reached 13.1 million riyals, up from 11 million the previous week, despite the shorter trading week of three days due to the Eid Al-Adha holiday, compared to four trading days the week before.

Despite the uptick in trading activity, Muscat Stock Exchange’s main index dropped 35 points last week, closing at 4,543 points, ending a six-week rally, as investors engaged in profit-taking following gains in several leading stocks in recent weeks.

The Industrial Sector Index recorded the biggest loss, falling by 94 points, followed by the Financial Sector Index, which dropped 44 points. The Services Sector Index declined by 12 points, while the Sharia-compliant Index slipped by 3 points to close at 441 points.