JEDDAH/DUBAI: Dubai’s index fell to a five-week low on Wednesday after Standard and Poor’s cut its ratings on four Dubai banks, while most other Gulf Arab markets retreated as oil prices fell for a sixth day.

Qatar’s benchmark dropped 3.6 percent, its largest one-day loss for three weeks, Saudi Arabia lost 0.8 percent and Abu Dhabi, Kuwait and Oman also declined. Egypt’s measure lost 4.4 percent, its biggest reverse since Feb. 5. Bahrain edged up 0.2 percent.

Dubai Islamic fell 3.4 percent, Emirates NBD lost 4 percent and the rarely traded Mashreq was unchanged. These declines dragged Dubai’s index 3.4 percent lower, taking its losses to 22.7 percent since hitting an eight-month closing high on June 14. Gulf stocks are in similar retreat.

Saudi Basic Industries Corp. (SABIC) fell 4.3 percent, hit by oil’s decline and a row between China and petrochemical-exporting countries over pricing. The Kuwaiti index fell 0.3 percent to 7,612 points.

In Saudi Arabia, the Tadawul All-Share Index (TASI) closed at 5,413 points. The sector activity was broadly negative with only 3 out of 15 sectors closing with gains namely Telecommunication & Information Technology, Hotel & Tourism, Agriculture & Food Industries with 0.60 percent, 1.33 percent and 1.68 percent gains respectively. Losses were felt widely across the sectors ranging from 0.17 percent by Retail to 3.76 percent by Media and Publishing Sector. Overall market breadth was negative with only 22 advancers against 96 decliners giving an AD ratio of 0.23, the Jeddah-based Financial Transaction House (FYH) said yesterday. The market liquidity also remained weak at SR3.7 billion as market players are waiting for signs of a defined short-term trend and a way from the range bound which is currently dominating TASI, the FTH said in its market commentary.

The Dubai stock index dropped 3.4 percent to 1,699 points and the Abu Dhabi index fell 1.4 percent to 2,581 points, its fourth straight loss. The Qatari index dropped to 5,892 points. The Omani index fell 2.2 percent to 5,488 points, a five-week closing low.

— With input from agencies