Cairo's main index inched down 0.6 percent to 4,320 points, slipping from Tuesday's five-week high. 

Heavyweight Orascom Construction Industries was the main drag on the index, down 1.9 percent and Commercial International Bank fell 1.7 percent. Decliners outnumbered gainers 16 to 11.  

"I think the market will stay in its sideways trend with a decline on the medium term," said Ashraf Salman, chief executive of Cairo Financial Holding. "Volumes should play a vital role and the election will have to confirm stability."  

Egypt's first parliamentary elections since the overthrow of Hosni Mubarak will commence on Nov. 28.   

In Abu Dhabi, heavyweight lender ADCB climbed 3.2 percent after its quarterly earnings nearly doubled and beat forecasts.

"At some point, loan demand and supply will even out and people will borrow more, then banks will do better," said an Abu Dhabi-based trader who declined to be named, adding that it would be reflected in stock prices but not in the short-term.  

"As we look forward to the fourth-quarter numbers and as the global background improves, you will see UAE shares come back," the trader added. 

Abu Dhabi's gained 0.2 percent to 2,455 points, up for a third-day since Sunday's 30-month low. 

Dubai's Emaar Properties and Deyaar rose 0.4 and 1.8 percent respectively after a report that Investment Corporation of Dubai and Brookfield Asset Management would seek up to $1 billion for a joint investment fund eyeing opportunities in the emirate's battered property market.

The Dubai index edges up 0.01 percent to 1,354 points. 

In Saudi Arabia, petrochemical stocks, one of the two market heavyweight sectors, dragged down the index as dampened sentiment in world markets and a drop in oil prices weighed. The Tadawul All-Share Index (TASI) slipped 0.1 percent to 6,148 points. 

Saudi Basic Industries Corp. (SABIC) and Saudi Arabian Fertilizer slipped 0.8 percent each. 

Meanwhile, insurance stocks hit a fresh 18-month high, dominating trade with nearly half of the total shares exchanged. 

"It's not a surprise that with global uncertainty and a week-long holiday coming up we're seeing more trading in speculative stocks," said Paul Gamble, head of research at Jadwa Investment. 

Investors are winding down positions ahead of Eid Al-Adha. 

SAAB Takaful rose 1.6 percent and Sagr Insurance gained 4.1 percent.

In Qatar, the index edged higher 0.1 percent to 8,464 points, up for three of last six sessions. Banks were the main support, with Qatar National Bank and Commercial Bank of Qatar rising 0.3 and 0.4 percent respectively.    

Dubai, Kuwait and Oman's markets also ended little changed.  

The Kuwaiti index edged up 0.06 percent to 5,905 points.