DUBAI: Zain ended unchanged after a volatile trading session in Kuwait on Wednesday, after the telecom group’s shareholders agreed to sell a 46 percent stake at two dinars per share in a $13.7 billion deal.

Shares in Zain closed at 1.38 dinars, while the Kuwaiti benchmark edged 0.2 percent lower at 7,783 points.

Questions remain, however, about the funding sources and the identity of certain buyers, analysts said. In addition, Zain’s strategy is in disarray as the new shareholders signaled they don’t want to sell the company’s African operations anymore.

“It looks like it’s back to the old strategy for Zain after all,” a local broker in Dubai said.

Saudi Arabia’s benchmark TASI closed 0.7 percent lower at 5,713 points.

Four sectors closed with gains. Media, building, multi-investment and agriculture, which were up 0.07 percent, 0.10 percent, 0.25 percent and 0.58 percent respectively. On the other hand, sector losses were seen in 11 ther sectors, that ranged from 0.01 percent in telecom & IT to 1.46 percent in hotel & tourism. Overall market breadth was negative, with 70 decliners beating out 35 advancers, giving an AD ratio of 0.5. “Liquidity has managed a reasonable level of upkeep, at SR3.3 billion. However, the market’s inability to maintain a consistency does signal continued caution.” the Jeddah-based Financial Transaction House (FTH) said in its daily market commentary.

Dubai’s index ended 0.7 percent higher at 2,011 points, driven by property stocks and Air Arabia.

The low-cost air carrier said it is launching a new budget airline with an Egyptian partner.