Saudi Arabia’s stock market extended losses on Wednesday as profit booking continued after the index hit a nine-month high last week, while the Dubai bourse traded at an eight-year high.

Saudi Arabia’s benchmark index dropped 0.8%, on track to extend losses for a fourth session, weighed down by a 1.5% fall in Al Rajhi Bank.

Among other losers, Saudi National Bank retreated 1.9%, as the kingdom’s biggest lender traded ex-dividend. Dubai’s main share index rose 0.2%, with blue-chip developer Emaar Properties advancing 1.1%.

In Qatar, the index fell 0.8%, on course to snap a 15-day winning streak, as most of the stocks on the index were in negative territory including Qatar National Bank, which was down 0.6%.

Saudi market extends losses on profit-taking; Qatar advances

The Abu Dhabi index added 0.3%, with Emirates Telecommunications Group Company e& rising 0.6% after reporting an increase in second-quarter profit.

Also, Czech PPF Group said on Tuesday that e& would pay 2.2 billion euros up front to acquire a controlling stake in its telecoms assets in Bulgaria, Hungary, Serbia and Slovakia.

Oil prices - a key catalyst for the Gulf’s financial markets - surged by almost 1%, trading near their highest since April, as crude and fuel product inventory data showing robust demand from the world’s biggest fuel consumer, the United States, offsetting demand concerns elsewhere.