Fall in UAE stocks a 'reflection of what is happening in global markets'
Petrochemicals stocks lead a late rally as Saudi Arabia's index closed slightly higher in a day of lacklustre trading.
Saudi Basic Industries (SABIC) gained 0.5 percent and the petrochemicals index added 0.4 percent.
The benchmark edged higher by 0.2 percent to end at 6,310 points, its highest close since Tuesday.
Dubai's index touched a 10 week low amid falling volumes, as uncertainties in global markets kept most investors on the sidelines.
The benchmark dropped 1.4 percent, closing at 1,660 points, its lowest close since Sept 16.
Dubai builder Arabtec was one of the biggest losers, dropping 2.2 percent to its lowest close since Sept 6. Courier firm Aramex lost 4.3 percent.
"Very low volumes are traded as investors are worried about the performance of international markets,"said Rami Sidani, head of investment at Schroders Middle East.
"The fall in UAE stocks is a reflection of what is happening in global markets," he added.
Developer Aldar Properties led the decline in Abu Dhabi as it drops 2.7 percent. The index ended lower by 0.3 percent at 2,750 points.
Telecoms operator Zain was the main drag as Kuwait's index slumped to a two month closing low.
Zain dropped 1.4 percent, having earlier slipped to a one week intraday low.
HSBC pulled out of the arranging group for Zain's proposed $1.5bn loan, leaving six banks to arrange the financing, sources said on Friday.
The benchmark fell 0.9 percent ending at 6,869 points, its lowest finish since Sept 28.
Qatar's dropped 0.8 percent at 8,111 points, a two week low, as losers outnumbered gainers 18 to zero.
Doha Bank fell 1.4 percent and Commercial Bank of Qatar slid 1.5 percent.
Oman's Bank Muscat climbed to its highest level in more than two years as gains in its London listed global depository receipts (GDR) spurred foreign investors to buy the lender's shares on the local bourse.
Bank Muscat rose three percent, touching its highest since September 2008.
"Bank Muscat is rising primarily because of the GDR prices," said Adel Nasr, United Securities brokerage manager.
"However, I do not expect it to go much higher," he added.
The Oman index gained 0.5 percent, reaching 6,582 points.