Office supplies and electronics retailer Jarir's shares gained 2.9 percent

Some analysts expect the liquidity-thin Saudi market to see fresh funds as positive corporate results are announced. 

"Funds will come (back) to the market, especially in the petrochemical sector, because they will report good earnings," said Youssef Kassantini, a Saudi-based financial analyst.

The Kingdom's Tadawul All-Share Index (TASI) ended 0.62 percent higher at 6,002.09 points, rising from Tuesday's six-week low.

In Qatar, the index eased 0.02 percent to 8,156 points. The country is the best performing in the Gulf region, down 6.1 percent in 2011, with investors confident in its fundamentals and economic growth.

Egypt's index sank 1.8 percent to 3,952 points — a fresh 30-month low on the last day of trade before a long weekend, hit by talk of more protests and a possible strike by brokerage employees.

"The problem is there is no stability and if we go into elections in this state the market will drop even further," said Mohamed Shalaby of Cairo Capital Securities.

EFG-Hermes Holding dropped 4 percent. Traders said the investment bank was hit by criticism in the media of its ties with the son of ousted President Hosni Mubarak.

In Dubai, the index fell 0.2 percent to 1,385 points — a fresh seven-month low, as Emaar Properties slipped 1.2 percent and Air Arabia shed 0.8 percent.

Investors await third-quarter earnings but are focused more on developments in Europe's debt crisis.

"If earnings are healthy and better than expected, the markets will notice that," said Shakeel Sarwar, asset management head at investment bank SICO. "But on the other hand if they are not good, in this environment where sentiment is low, you may have a pronounced drop - magnified on the downside."

Abu Dhabi's benchmark dipped 0.3 percent to 2,488 points — its lowest close since August 2010. Aldar Properties shed 0.9 percent, accounting for a third of all shares traded.

In Kuwait, logistics firm Agility jumped 4.6 percent in heavy volumes. The stock hit its highest intraday level since June 6. Traders cited talk about a settlement in its US court case as a driver for the move. There was no news from the company.

"It's difficult for me to sit here and say things are looking good for Agility, because it's the contrary," said a Kuwait-based trader, who declined to be named. "I don't think they will reach a settlement."

The benchmark climbed 0.3 percent to 5,820 points, lifting from Tuesday's five-week low.

In Oman, the index slipped 0.3 percent to 5,542 points — a fresh six-week low and sixth consecutive loss.