European stocks edged lower on Thursday, with Wall Street also set for modest losses. All eyes were set on Seoul where leaders of the Group of 20 meeting, where plans to talk about rebuilding the global economy were overshadowed by worsening borrowing conditions in Ireland.  Dubai’s index ended on a six-week low as property stocks weighed on markets in the United Arab Emirates.

Shares of Union Properties, the third largest developer in Dubai, dropped 4 percent after its third-quarter net losses tripled on low revenues and losses on valuation of properties.

“There is a negative sentiment in the market based on the poor earnings reports from the real estate sector,” said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.

“In the UAE, the poor third-quarter earnings are overshadowing the positive sentiments from high oil prices. Besides, there is the G20 and other global factors. So traders do not want to hold stocks over the weekend.”  Dubai builder Arabtec fell 2.6 percent and bellwether Emaar Properties dropped 1.3 percent. The broader index ended lower by 0.9 percent.

Abu Dhabi’s benchmark also dropped, led by developer Aldar Properties that fell 3.4 percent. The firm posted its fourth straight quarter loss on Tuesday and said it is in final stages of talks with the government on its cash requirements.

“There is still a lack of clarity on Aldar,” said Arabi. “After reports that they may have found a solution for their funding gap there has been no information from the company.”

In Egypt, blue-chip Commercial International Bank dragged the market, slipping 1.4 percent after posting disappointing financial results.

“CIB and other blue-chips are mirroring Europe lower today,” said Karim Hosny of Pharos Securities.

“There is also selling pressure as investors dump stocks ahead of the Eid holidays,” Hosny adds. Egypt’s benchmark index falls 1.1 percent.

Kuwait’s Zain dropped 6.7 percent as investors react to mixed signals on the firm’s deal with UAE telco Etisalat. A dispute over Etisalat’s $12 billion bid to buy a 46-percent stake in Zain escalated after a Zain board member threatened legal action to block the deal.

The Kuwait index ends lower by 0.7 percent.  Markets in Oman and Qatar were the only gainers in the regional bourses. Oman’s index bucked the trend, rising to a six-month high, helped by Bank Muscat that gained 1.1 percent.  Industries Qatar and Qatar Islamic Bank led a late rally lifting the Qatar market. Industries Qatar gained 1.4 percent and Qatar Islamic Bank added 1.8 percent. The benchmark ended higher by 0.4 percent.