JEDDAH: Saudi Arabia’s main Tadawul All-Share Index rose in line with oil initially on Wednesday, but gave up all gains by the end of the day and closed 0.3 percent lower.

The cement sector fell 0.6 percent after local investment firm NCB Capital said in a report that cement sales could fall 5 percent next year due to government spending cuts.

Meanwhile, Etihad Etisalat (Mobily) jumped 3.3 percent after Bloomberg reported that it planned to sell its towers for at least $1.7 billion in the first quarter of 2016.

The company has not made any official announcements on the report.

It said in July it was still studying a potential sale.

Most Gulf stock markets rose, moving in line with oil prices and global equities.

Dubai’s index climbed 1.8 percent and property developer DAMAC was the most traded stock, jumping 2.0 percent after its shareholders approved the firm’s first cash dividend since it listed in Dubai in January.

DAMAC will pay investors AED0.1 per share in cash and make a 10 percent bonus share issue.

Abu Dhabi’s index rose 0.7 percent with most stocks positive. Energy firms Dana Gas and Abu Dhabi National Energy Co. jumped 6.0 and 2.0 percent respectively after oil prices rose on an unexpected US stockpile draw.

Qatar’s bourse added 0.5 percent and leading lender Qatar National Bank (QNB) was the main support, rising 1.8 percent to 190.00 riyals.