Saudi Arabia’s shares fell on Wednesday, extending losses from the previous session as investors booked profits following recent multi-year highs, while the Qatari index edged higher ending five consecutive days of declines.

The Kingdom’s benchmark index fell 1%, a day after it saw its biggest fall in over five months, with petrochemical maker Saudi Basic Industries Corp losing 2.5%.

The Saudi index on Monday reached its highest level since 2006.

Dubai’s main share index declined 1.9%, dragged down by a 3.5% drop in top lender Emirates NBD and a 1.8% decrease in blue-chip developer Emaar Properties.

The Dubai stock market continued to record price corrections, said Daniel Takieddine, CEO of MENA BDSwiss.

“However, the market could find some support from the discussions about a possible initial (offer) of the Emirate’s airline company in the future.”

Most Gulf bourses in red in line with global shares

In Abu Dhabi, the index dropped 1.2%, hit by a 3.8% slide in the United Arab Emirates’ largest lender First Abu Dhabi Bank.

Oil market volatility is linked to factors outside the control of the OPEC+ producers group, such as moves by some buyers to boycott certain suppliers, the United Arab Emirates’ energy minister said on Tuesday, alluding to Western curbs on Russia.

The Qatari index added 0.2%, snapping five sessions of losses, helped by a 1.4% gain in Qatar Islamic Bank.

Outside the Gulf, Egypt’s blue-chip index rose 0.4%.

Investors returned to the market wit international investors in particular increasing their participation after retreating in the last few days, said Takieddine.

SAUDI ARABIA dropped 1% to 13,379

ABU DHABI 1.2% to 9,795

DUBAI down 1.9% to 3,529

QATAR gained 0.2% to 13,471

EGYPT rose 0.4% to 10,856

BAHRAIN was up 1.2% to 2,012

OMAN rose 0.1% to 4,159

KUWAIT declined 2.1% to 9,043