Market heavyweight Saudi Basic Industries Corp (SABIC) had its biggest drop in six weeks, dragging the index 0.4 percent lower.

The Tadawul All-Share Index (TASI) closed with a loss of 29.43 points at 6692.61 points. The sector activity for the day was mostly negative with 10 out of 15 sectors closing with losses ranging from 0.02 points down by the multi-investment sector to 0.84 percent loss by cement sector.

The overall market breadth was widely negative with 39 advancers against 79 decliners giving an AD ratio of 0.49, the Financial Transaction House (FTH) said in its daily market commentary.

“The Tadawul edged lower in a knee-jerk reaction, factoring in weakness in most of Asian markets due to renewed concerns over Greece’s debt problems ahead of a euro zone summit and on news of an India interest rate hike,” said Mohammed Ishaq Ali, a fund manager at Al-Rajhi Capital.

“The weakness in oil prices and worries over debt restructuring plan of Dubai World also pushed investors into cautious mode...,” he said.

Oil fell about 1 percent to around $80 a barrel during the Saudi bourse’s trading hours, dropping for a third session, weighed down by a firmer dollar, worries over Greece’s debt and ample oil supplies.

Dubai’s market fell for the first session in three as investors sold bellwether stocks following a rally on Sunday.

Developer Emaar Properties fell 2.1 percent, while bourse operator Dubai Financial Market lost 2.2 percent. The index fell 0.6 percent to 1,763 points.

Qatar’s index rose 1.2 percent as investors continued to buy into Qatar Real Estate Co. and Barwa Real Estate following a regulatory approval for their merger. The shares gained 3.9 percent and 3.8 percent respectively.

Last week, the central bank allowed banks in Qatar to trade stocks again, a move widely seen by analysts as adding to liquidity in Qatar markets.

Oman, which has lagged behind other regional markets recently, made its largest gain for five weeks, led by a 3.1 percent rally in Bank Muscat. The index rose 0.9 percent to 6,740 points.

Kuwait’s index, which traded flat for most of the day, closed up 0.1 percent, helped by late buying in telecom operator Zain’s shares. Zain, which is planning to sell its African assets to India’s Bharti, rose 1.5 percent.

— With input from agencies