Bank Muscat weighs as Oman falls again

Oman's index ends lower for the fourth session in six, with Bank Muscat the biggest drag. The lender, Oman's largest by market capitalisation, ends 1.6 per cent lower after warning it would write off a 'significant part' of its $61 million investment in Pakistan's Silkbank in the fourth quarter.

Oman Telecommunications Co (Omantel) also declines, falling 0.5 per cent to reverse the previous day's gains. Galfar Engineering is another in retreat, dropping 2.8 per cent to take its losses to 10.6 per cent since it reported a 64 per cent decline in third-quarter profit, which was markedly worse than two analysts' forecasts. The index falls 0.3 per cent to 6,297 points.