DUBAI: 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.

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.

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