UPDATE 2: Traders cash in gains from Tuesday's fleeting rally; index drops 0.5 percent
Dubai's index DFM ended lower for a third day in four as traders cashed in gains from Tuesday's fleeting rally.
Emaar Properties fell 1.3 percent, while Arabtec and Dubai Financial Market each dropping 2.5 percent.
"I think the market is going into a range and consolidating around these levels," said Mohammed Yasin, CAPM Investment chief investment officer.
"We're getting close to the Eid holidays and so speculators and institutions that like to short-term trade don't want to hold open positions and you can see that in the volumes of the past few sessions."
The index dropped 0.5 percent to 1,706 points.
"In general, there was nothing in the Q3 numbers to justify continuing the uptrend in the short term, but we are in a longer term uptrend channel," said Yasin.
Abu Dhabi National Energy Co (Taqa) climbed 2.1 percent after reporting a third-quarter net profit of AED537m ($146.2m), up from AED90m in the year-earlier period.
Aldar Properties climbed 2.2 percent, rising for a second day since reporting a much larger than expected third-quarter loss. The stock was down 53 percent this year.
"Aldar ended at the low of the day and I think everybody believes that most of the buying is either technical or it's more of a strategic holding by local entities, either directly or indirectly," added Yasin.
Abu Dhabi's benchmark ADI rose 0.2 percent to 2,762 points.
Oman's Renaissance Services reached a 25-month high after reporting a quarter-on-quarter increase in profit, helping Muscat's index MSI end higher for a sixth session.
Renaissance climbed 1.8 percent to its highest finish since October 6, 2008.
"Renaissance Services posted a 51.5 percent quarter-on-quarter increase in net profit for the third quarter to OR7.7m," says Osama Ibrahim al-Qinna, head of Brokerage Division at Oman Arab Bank.
Oman's index climbed 0.2 percent to 6,579 points.
Qatar National Bank was the main support, rising 1.3 percent, as Doha's index QSI hit a new two-year high.
The benchmark rose 0.5 percent to 8,041 points, its highest finish since October 21, 2008.
Telecoms operator Zain ended at a new 14-month high after major shareholder, the Kharafi group, said a bid by Abu Dhabi's Etisalat to buy a 46 percent stake in its Kuwait rival was serious.
Zain climbed 1.4 percent to KD1.5 its highest finish since September 6, 2009.
In a dispute playing out in rival Kuwaiti newspaper advertisements, the Kharafi Group's Al Khair National for Stocks and Real Estate posted an ad in the al-Jarida daily on Wednesday saying Etisalat was an international company and its offer was beyond doubt.
A day earlier on Tuesday, Al Fawares Holding - which is estimated to own less than five percent of Zain - accused Zain's management of failing to gauge the seriousness of Etisalat and threatened to take the matter to court.
Fawares's move follows Securities Group's October attempt to build up a 5 percent holding in Zain, offering to buy minor shareholders' stakes in Zain at KD1.65 per share as a protest agains the Kharafi-led stake sale.
Kuwait's index KWSE climbed 0.2 percent to 6,996 points.