Foreigners lift Bank Muscat, Oman index up

Foreign investors lift Bank Muscat to a 13-week high, helping Oman's index end higher for a first day in three. Bank Muscat climbs 1.9 per cent to 0.865 rials, its highest finish since May 13. "Foreigners are interested in Bank Muscat," says Gunjan Gupta, head of research at Oman Arab Bank. "The light volume theme continues as the service sector's major results are still pending." Oman Telecommunications Co (Omantel), which is forecast to report a slight decline in quarterly profit, falls 1.3 per cent, while Raysut Cement loses 1.5 per cent. The index edges up 0.05 per cent to 6,350 points, with resistance seen at 6,367 points.