Saudi’s index dropped for a second day in a row, ending at a near three week low, as investors looked to global markets due to the lack of a regional catalyst.
Heavyweight Saudi Basic Industries was flat, giving up early gains, and the petrochemical index slipped 0.2 percent.
“There is no catalyst in the market and investors are still playing safe,” said Hesham Tuffaha, head of research, Bakheet Investment Group.
The benchmark dropped 0.3 percent ending at 6,362 points.
Dubai’s index ended higher, as property stocks gain over reports of fresh injection of government funds into Dubai Holding.
Mohammed al Shaibani, the vice chairman of Dubai’s top fiscal body told the Financial Times on Tuesday that the government had already pumped in $2bn to Dubai Holding.
“The Dubai Holding news helped the construction and real estate sector as a whole,” said Marwan Shurrab, vice president and chief trader at Gulfmena Alternative Investments.
Dubai builder Arabtec climbed 3.2 percent and Emaar Properties rose 1.9 percent. The benchmark gained 0.9 percent, ending at 1,703 points.
However, volumes remained low as investors stayed on the sidelines with no catalyst for the local markets.
“The volumes are low as most investors will wait to see how global markets perform,” Shurrab said.
Aramex rose 5.1 percent but on low volumes.
Abu Dhabi’s index dropped 0.2 percent, ending at 2,743 points.
Bank stocks led a rally as Qatar’s index closed at its highest in over two years.
The index climbed 1.3 percent, ending at 8,190 points, its highest close since October 2008.
Qatar National Bank, the gulf state’s biggest lender by market value, climbed 3.9 percent and Masraf Al Rayan gained 1.3 percent.
“The earnings have been good for banks and provisions came down, which boosts investor confidence,” said Robert Pramberger, acting head of asset management at Doha based investment company The First Investor.
“Qatar’s economy is growing and being a lower risk market, most people prefer to invest here,” he added.
Kuwait’s Zain gained 1.4 percent which helped the broader Kuwaiti index.
The Kuwait Stock Exchange halted trading in 24 companies that failed to submit their results for the third quarter on time.
The benchmark added 0.3 percent ending at 6,968 points.
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