By Neeraj Gangal
UPDATE 1: Qatar's index QSI declines 1.48 percent to 6,407 points, after two days of gains.
Shares in Vodafone Qatar slumped 6.14 percent to 10.7 riyals on their second day of trading on the Qatar Exchange.
The stock closed 8 percent above their IPO price on their debut on Wednesday, ending the day at 10.8 riyals after hitting an intraday high of 13 riyals.
The IPO price in the second-biggest share sale in the country's history was 10 riyals.
Commercial Bank of Qatar fell 4.61 percent in early trading leading Qatar's bourse lower by more than one percent.
The country's index QSI declined 1.48 percent to 6,407 points, after two days of gains.
Bourses in the UAE were mixed with Abu Dhabi trading slightly higher and Dubai easing.
"All eyes are on Emaar and Aldar. Until they come up with their earnings, I doubt we'll see major moves," says Haissam Arabi, chief executive at Dubai-based Gulfmena Alternative investments."
"With the long summer vacation and Ramadan coming up, there won't be an internal catalyst for the markets."
Oman's benchmark MSI rose, clawing back earlier losses.Aabar Investments led early gains in Abu Dhabi and continued to climb after it said on Tuesday it planned a joint venture with Austria's Berndorf to invest in technology firms and property in Europe.
The stock advanced 4.65 percent as the emirate's index ADI edged 0.03 percent higher to 2,711 points.
Arabtec eased 1.16 percent after HSBC cut its price target to 2.3 dirhams from 2.4 dirhams.
Dubai's index DFM was off 0.4 percent at 1,731 points, declining for a third trading day.