DUBAI: Kuwait’s stock index posted the biggest decline in the Gulf Arab region on Wednesday as concerns over the outlook of heavyweight Zain clouded investor sentiment.

Dubai led gains closing above the psychologically important 2,200-point level and reaching a two-week high.

Stocks in Saudi Arabia edged higher with TASI gaining 0.2 percent to 6,254 points. Gains were seen in nine out of the 15 sectors with surge ranging from 0.11 percent by the building and construction sector to 1.43 percent by the multi-investment sector. The losses ranged from 0.06 percent by the energy and utilities sector to 0.80 percent by the insurance sector.

“TASI today opened with a weak note and dipped below the 6,200 level but toward the end of the day, it managed to close with meager profit bringing the week to a positive close. The liquidity levels however dropped to SR4.08 billion and the RSI continued to be stagnant at 45 levels. Market awaits some external news to spark a momentum in TASI,” said Financial Trading House (FTH) in its daily market report.

In Dubai, heavyweight Emaar Properties and telecom firm du were the main drivers, each gaining around 3 percent to help lift the index by 1.7 percent to 2,205 points, its highest close since Oct. 28. Kuwait’s Zain fell 3.8 percent, partly because of lingering doubts about a takeover deal announced in September and a possible decline in revenue. “It looks like there is a down trend in the market and the main concern is Zain,” said Talal Al-Loghani, vice-president for Gulf equity markets at Kuwait Finance and Investment Co.

Agility, the biggest logistics firm in the Gulf, also weighed on sentiment in Kuwait. The stock fell 3.3 percent, after posting a 15-percent rise in third-quarter net profit. “The results are neutral at best, they will need a strong fourth-quarter to match consensus for the whole year,” said Ali Khan, managing director and head of brokerage at Arqaam Capital.

In Egypt, Pioneers Holding extended its gains on an impending merger deal with Beltone Financial. It jumped 5.1 percent while the main stock index edged down 0.03 percent as traders awaited direction from US markets. “Investors are just waiting to see what happens in the United States. We have become followers blindly of US markets,” said Ashraf Akhnoukh of CIBC brokerage.

Omani index advanced 0.4 percent to 6,313 points, while Qatar’s benchmark fell 1 percent to 6,987 points and Bahrain’s 0.2 percent to 1,485 points.

— With input from agencies