By Andy Sambidge and Reuters
UPDATE 4: After record gains, region's bourses are brought back down to earth with losses.
Stock markets in the Gulf fell back on Wednesday, after a two-day recovery that had seen record rises in the region.
Emaar Properties tumbled 9.88 percent after a two-day surge, pulling Dubai's main index to a lower close.
Emaar erased some of the gains it has made over the past two days, during which it surged 29.93 percent. The benchmark slid 7.44 percent to 3,427 points.
Abu Dhabi's index fell 2.13 percent to 3,525 points as Emirates Telecommuncations Co. (Etisalat) and Sorouh Real Estate declined 2.49 percent and 5.57 percent respectively.
The Abu Dhabi Securities Exchange (ADX) may act to curb foreign "hot money" - short term stock market plays - if it causes market instability, the bourse's deputy chief executive said on Wednesday.
Foreign holdings in ADX amount to about 10 percent but foreigners account for about 30 percent of total trading.
Saudi Basic Industries Corp. (SABIC) ended up 2.43 percent, helping the main index close higher, making it the only gainer among Gulf Arab benchmarks on Wednesday.
The benchmark extended its rise into a fourth day, ending up 0.5 percent at 6,863 points. It gained 17.6 percent in the past four sessions.
Oman's index edged down 0.35 percent to 7,690 points, led by Oman Oil Co and Oman Flour Mills, which declined 3.6 percent and 6.73 percent respectively.
Kuwait's benchmark closed 0.64 percent lower at 11,719 points, led by Commercial Bank of Kuwait and Ahli United Bank while Bahrain's Gulf Finance House and Bahrain Telecommunications Co slipped 4.56 percent and 4 percent respectively as the index fell 1.05 percent to 2,346 points.
Qatar's index fell 3.32 percent to 8,098 points, led by Qatar Islamic Bank which slid 4.58 percent.
Bahrain's Gulf Finance House and Bahrain Telecommunications Co. (Batelco) slipped 4.56 percent and 4 percent respectively. The index slid 1.05 percent to 2,346 points.