Most major stock markets in the Gulf gave up early gains to end lower on Wednesday due to concerns over surging number of Omicron coronavirus variant cases around the world.

Governments globally have tightened social mobility restrictions and made urgent pleas for citizens to get vaccinated as Omicron emerges as the dominant strain of the coronavirus, upending reopening plans that many hoped would herald the start of a post-pandemic era in 2022.

Israel is to offer a fourth dose of a COVID-19 vaccine to people older than 60 or with compromised immune systems, and to health workers, as part of a drive to ramp up the shots and outpace the spread of the variant.

Most Gulf indexes end lower as Omicron fears grip markets

Saudi Arabia's benchmark index dropped 0.5%, ending two sessions of gains, with Al Rajhi Bank retreating 1.3%, while Sahara International Petrochemical Co slipped 3.5%, a day after it traded ex-dividend.

However, Saudi Investment Bank surged 9.1%, to become the top gainer on the index, following its proposal to increase capital and a dividend of 0.70 riyal per share for 2021.

Dubai's main share index fell 0.8%, dragged down by a 2.6% drop in top lender Emirates NBD and a 1.3% decrease in sharia-compliant lender Dubai Islamic Bank .

"The market is continuing its price correction after failing to break above its recent peak last week. A globally cautious sentiment is pulling the main index down," said Wael Makarem, senior market strategist at Exness.

In Abu Dhabi, the index lost 0.7%, hit by a 4.1% decline in Emirates Telecommunications Group.

The Qatari index gained 0.3%, supported by a 0.6% rise in the Gulf's biggest lender Qatar National Bank.

Outside the Gulf, Egypt's blue-chip index added 0.9%, with Commercial International Bank closing 0.7% higher.

Investors return to the market after this week's price corrections. However, the market direction remains clouded by the rising impact of Omicron and stagnating oil prices, said Makarem.

SAUDI ARABIA fell 0.5% to 11,204

ABU DHABI dropped 0.7% to 8,399

DUBAI down 0.8% to 3,126

QATAR added 0.3% to 11,684

EGYPT rose 0.9% to 11,631

BAHRAIN was up 0.5% to 1,778

OMAN rose 0.9% to 4,110

KUWAIT gained 0.6% to 7,632