JEDDAH: Gulf stock markets were mixed on Wednesday as retail investors bought shares on dips but concern about the Greek debt crisis and weak oil prices prevented any major gains. Abu Dhabi National Energy Co. surged on merger hopes.

The Saudi Arabian index fell in early trade but closed 0.2 percent higher at 9,104 points. Telecommunications operator Zain KSA added 5.3 percent, while Atheeb Telecom rose 1.7 percent in unusually heavy trade.

Zain has been strong since Sunday, when rival Etihad Etisalat (Mobily), whose shares remain suspended, said it had decided to increase provisions for "Zain account receivables" by SR800 million ($213 million).

Saudi Ground Services, which listed last Thursday after an initial public offer at a price of SR50 per share, climbed a further 1.4 percent to SR74.00 and was once more the most heavily traded stock.

It came well off its intra-day high of SR80.25, however, after passing levels which analysts see as fair value; SICO, for example, has a target price of SR74.

Salama Cooperative Insurance plunged 35 percent to SR19.00 after announcing plans for a rights issue between July 1 and 28. Shareholders will be entitled to buy 1.5 new shares for every share held, at a price of 10 riyals.

Kingdom Holding fell 1.0 percent in thin trade.

Dubai's market also dropped in early trade but closed 0.1 percent higher as Amlak Finance, the most heavily traded stock, climbed 0.4 percent.

Abu Dhabi slid 0.6 percent as blue chips First Gulf Bank and Etisalat lost 1.0 percent and 0.7 percent respectively.

But TAQA closed 5.7 percent higher at 0.74 dirham, off a high of 0.80 dirham, after sources familiar with the matter told Reuters that Abu Dhabi might merge the company into another state-owned business to make its debt more manageable and try to turn around its performance. TAQA declined to comment. The stock has declined from 1.58 dirhams in December 2013.

Qatar's index fell 1.3 percent as banks came under profit-taking; Qatar National Bank lost 2.1 percent and Masraf Al Rayan slid 1.8 percent.