DUBAI: Major Gulf markets finished lower on Thursday, while the Egyptian bourse saw its worst day in nearly two months, as stocks in the region struggled to sustain the momentum of recent gains fuelled by COVID-19 vaccine rollouts.

Saudi Arabia’s benchmark index edged down 0.1%, dragged by with retailer Fawaz Abdulaziz Alhokair, which fell nearly 2%, leading the declines.

The benchmark, however, posted its first weekly gain in three, putting on 0.8% for the week.

Saudi Arabia’s economy shrank more slowly in the third quarter as the government eased some coronavirus restrictions but the pandemic-hit oil sector continued to weigh on the broader economy, official data showed on Thursday.

The Abu Dhabi benchmark index retreated 0.4%, dragged by a 1% loss in First Abu Dhabi Bank and a 3.2% decline in real estate stock Aldar Properties.

But the Abu Dhabi index eked out a second straight weekly gain, adding 0.5%.

The Qatari index finished the session little changed, with Qatar Islamic Bank rising 2% to become the top gainer. Among losers, Qatar National Bank shed 1.4%.

Dubai’s main share index firmed 0.4%, with Emirates NBD Bank gaining nearly 1% to end as the top gainer. The index managed to add 0.1% for the week.

Among other gainers, logistics firm Aramex and real estate company Dubai Investments added 1.4% each.

Outside the Gulf, Egypt’s blue-chip index declined 1.3%, its worst session since Oct. 25, and fell 1.3% for the week.

Commercial International Bank and Eastern Company led losses, slipping nearly 2% and 1.2%, respectively.

Casual wear retailer Dice Sport and Casual Wear fell 3.7% after Egyptian Saudi Insurance House Reduced Stake In Co To 6.92%.

The Bahrain market was closed on Wednesday and Thursday for National Day holidays.—Reuters