DUBAI: Most stock markets in the Gulf ended lower on Wednesday in line with global shares, as investors positioned their portfolios for the new year and grappled with increasing Omicron coronavirus cases globally.

Saudi Arabia’s benchmark index dropped more than 1%, dragged down by a 1.4% fall in Al Rajhi Bank and a 1.7% decrease in Saudi Basic Industries - SABIC.

The Saudi stock market was volatile on Wednesday since investors remained uncertain as the rise in oil prices provided strong support while the increasing COVID-19 cases raised new doubts over the sanitary situation, said Farah Mourad, senior market analyst of XTB MENA.

Crude prices, a key catalyst for the Gulf’s financial markets, edged higher as optimism refused to be beaten down by concerns around the impact of Omicron on global economies.