Oman Leads Gulf Gains as Omantel Net Tops Estimate; Qatar Rises

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Oman shares rose to a month-high, among the Gulf’s best performers, as Oman Telecommunications Co.’s profit beat expectations and global stocks advanced after Germany signaled it may help support Greece’s finances.

Omantel, the sultanate’s biggest telephone company, jumped the most in more than a month. Bank Muscat SAOG, the country’s largest bank, increased the most in a week. Oman’s Muscat Securities Market 30 Index advanced 0.8 percent to 6,561.66, the highest since Jan. 13. The measure has climbed 3 percent this year, while the MSCI Emerging Market Index has lost 7.7 percent. Qatar’s Doha Securities Market Index advanced 0.9 percent.

“U.S. markets yesterday and Asia today were higher, reflecting a better global backdrop, which is pushing local markets up,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd.