Bank Muscat hits 11-week high, Oman edges up

Bank Muscat reaches an 11-week closing high, helping Oman's index edge higher as other bluechips stumble. Bank Muscat climbs 1 per cent to 0.846 rials. The stock is ascendant since breaking above resistance at 0.84 riyals, while the lender's fundamental outlook is also encouraging for some analysts. Global Investment House this week gave Bank Muscat a fair value of 0.986 a share and a 'hold' rating. Port Services ends flat as 3.2 million shares change hands - a 30-fold increase from the day before - after saying the Port of Salalah chief executive had resigned. Oman Telecommunications Co (Omantel) falls 0.7 per cent, Bank Dhofar dips 1.4 per cent and Galfar Engineering loses 1.1 per cent. The index edges up 0.02 per cent to 6,350 points.