Shares in Renaissance up 6.4 per cent to their highest since December
Oman's Renaissance Services made sharp gains after reporting better than expected full-year earnings, while Qatar's bourse resumes trade after Tuesday's public holiday.
Shares in Renaissance surged 6.4 percent to their highest since December. It reported a 93 percent drop in its annual profit for 2011 after taking a writedown from subsidiary Topaz and as operating expenses rose.
"The market was expecting Renaissance to post losses and are now buying -- the overhang of provisions is behind them," said Vickneswaran Gowribalan, an Oman-based portfolio manager.
Muscat's index rose 0.3 percent to 5,624 points, trimming 2012 losses to 1.2 percent.
In Doha, Industries Qatar, the second largest stock by market value, rose 0.6 percent. On Monday, it posted a full-year profit of 7.8bn riyals, up from 5.5bn riyals a year-earlier.
Doha's benchmark traded near-flat, slipping 0.09 percent to 8,687 points as losers outnumber gainers nine to five.
Earlier in the day Dubai's Emaar Properties gave back early-session gains in the wake of its estimate-beating quarterly results as UAE markets traded near-flat.
Kuwait's index hit a fresh five-month high after a new cabinet was appointed on Tuesday.
Shares in Emaar slipped 0.3 percent, down from the six-month intra-day highs hit in the previous session. It more than doubled fourth quarter profit thanks to sharply lower provisions and gains in hospitality and retail units.
Dubai's index eases 0.2 percent to 1,536 points, down from Tuesday's six-month closing higher.
"The market looks like it may stabilize around these levels," said Sebastien Henin, portfolio manager at The National Investor.