Gulf bourses mostly flat on falling oil prices; Saudi edges up

Gulf stock markets fell on Wednesday on falling oil prices, while Saudi Arabia’s shares edged up following two consecutive declines. Saudi Arabia’s benchmark stock index edged up 0.1% after previous session decline, supported by over 1% hike in Elm Company and a 1.2% lift in telecoms firm Etihad Atheeb Telecommunication.

Shares in insurer Saudi Enaya also surged 6.7% after saying its shareholders disapproved a take-over offer submitted by another rival United Cooperative Assurance , which was top loser on the index.

Separately, Saudi Arabia said on Tuesday it will offer tax incentives for foreign companies that locate their regional headquarters in the kingdom, including a 30-year exemption for corporate income tax. Dubai’s main share index fell 0.1%, in a fifth days of losing streak, led by losses in property and financial stocks, with blue-chip developer Emaar Properties decreasig 1.2% and Dubai Islamic Bank easing 0.4%.

In Abu Dhabi, the benchmark index was down 0.6%, extending losses to second consecutive session, led by a 0.7% drop in First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, and a 1.6% fall in Emirates Telecommunications Group.

Qatar’s benchmark also fell 0.6%, its fourth negative day in a row, with most of its individual stocks in negative territory led by financial stocks. Qatar National Bank , the Gulf’s largest lender, and Qatar Islamic Bank was down 1% and 0.8% respectively.