JEDDAH: Most stock markets in the Gulf fell on Thursday as investors sold off cyclical sectors and some shares went ex-dividend, while Egypt’s bourse jumped 3 percent in robust volume after the central bank acted to improve dollar supplies to the economy.

Riyadh’s Tadawul All-Share Index fell back 0.3 percent, giving up early gains, as the petrochemical and retail sectors dragged the market lower. Trading volume was the lowest this week.

The index had rallied 14 percent since mid-February, buoyed by a belief that oil prices have bottomed out. Investors’ selling of sectors vulnerable to downturns in the global and domestic economies may indicate investors are focusing on earnings outlooks once more, rather than oil.

Saudi Basic Industries, the largest listed petrochemical producer, fell 0.7 percent. But PetroRabigh added 0.9 percent after the company said it would book around SR750 million ($200 million) in revenue this year with the full start-up of its expanded ethane cracker.

After an initial climb, the retail sector dropped for a second day. Late on Tuesday, electronics retailer Jarir Marketing warned that its sales would plunge as much as 30 percent year-on-year in the first quarter. Jarir, which sank 9.1 percent on Wednesday, fell a further 2.7 percent on Thursday.

But Mouwasat Medical Services rose 3.5 percent after it signed an agreement with Saudi Aramco to provide health care services for another two years. According to a bourse statement, the new contract’s revenue will rise by at least 10 percent. Over the past five years, yearly revenue from Aramco averaged about 184 million riyals.

Cairo’s main index added 3.0 percent in this year’s heaviest trading volume; the index’s break above the February peak this week has left it technically bullish.

Investors welcomed the central bank’s move to remove caps on foreign exchange deposits and withdrawals for companies importing essential goods, to boost liquidity in a dollar-starved economy — although it is still unclear how authorities can cope in the long term with an endemic hard currency shortage and pressure for a devaluation.

Bourse data showed foreign and local institutional investors were net buyers on the exchange on Thursday.

“When you see institutional buyers coming back to the markets, this is a positive sign that, at least for now, the market is in good shape,” said a Cairo-based trader.

Shares favored by foreign investors rose sharply. Global Telecom and Commercial International Bank, added 3.5 and 5.6 percent respectively.

Orascom Telecom climbed 1.6 percent and was the most heavily traded stock.

But its affiliate Beltone Financial, which had more than quadrupled in price over the past three weeks on its buyout of CI Capital, nosedived its 10 percent daily limit for a second day in a row.

Abu Dhabi’s largest listed stock by market value, Eisalat, tumbled 4.0 percent as the market reopened after being closed on Wednesday because of poor weather.

The telecommunications giant proposed a cash dividend of AED0.4 per share for the second half of 2015, bringing its total payout for last year to AED0.8.

For all of 2014, Etisalat paid a cash dividend of AED0.70 plus 10 percent in bonus shares.

It also announced on Thursday the appointment of an acting chief executive, Hatem Dowidar, until the group restructures by end-June.

Other market heavyweights also fell back, with First Gulf Bank retreating 1.9 percent and Union National Bank, which went ex-dividend on Wednesday, tumbling 7.0 percent. The index dropped 1.9 percent.

In Dubai, the index dropped 0.7 percent; it is now up 6.5 percent in 2016. Dubai Islamic Bank tumbled 6.6 percent as it went ex-dividend. National Central Cooling (Tabreed), which also went ex-dividend, fell 3.4 percent.

But the most heavily traded stock on the bourse, Arabtec, climbed 0.6 percent.

The builder announced it had been awarded a contract to build a AED1.1 billion ($300 million) twin-towers project in central Dubai.

Qatar’s main index added 0.1 percent in modest volume with most trades concentrated in the real estate sector.

Ezdan Holding added 1.0 percent but Barwa Real Estate pulled back 0.8 percent.