Oman shares advanced to the highest level in almost six months led by Bank Muscat SAOG on speculation the lender’s full-year results will beat estimates after third-quarter profit climbed. Oil gained.
Bank Muscat, Oman’s biggest bank by assets, rose 1.1 percent and National Bank of Oman jumped to the highest since January 2009. The Muscat Securities Market Index advanced 0.6 percent to 6,620.55, the highest since May 16 at the 1 p.m. close in the capital. The Bloomberg GCC 200 Index lost 0.2 percent at 1:34 p.m. in Dubai, with three Gulf markets gaining and three declining before the Muslim Eid holiday. Dubai’s index fell 1.3 percent.
“Investors are building up positions on expectations of improved performance of banking majors, namely Bank Muscat and National Bank of Oman during this quarter,” said Kanaga Sundar, senior manager of research at Gulf Baader Capital Markets SAOC.
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