JEDDAH: Weak oil prices and global equities kept most Gulf stock markets jittery on Wednesday, although a glut of upbeat news lifted Qatar’s bourse to an eight-week high.

Saudi Arabia’s bourse eked out a 0.1 gain after flitting between black and red zones throughout the day. The petrochemical sector index slipped 0.4 percent.

“Unless oil prices find a floor, the Saudi market will remain jittery,” said Shakeel Sarwar, head of asset management at Securities & Investment Co. (SICO) in Bahrain.

“It may continue for some time,” he said, adding that as the region’s biggest market Saudi Arabia affects other Gulf bourses.

Shares were down in Europe and Asia and crude prices remained near 4-year lows on signs of disagreement between OPEC members before a meeting next week.

Dubai’s index erased early-session gains to end 0.9 percent lower as most stocks declined. Low-cost carrier Air Arabia was one of a few gainers, jumping 2.1 percent after it announced a $230 million deal with Dubai Islamic Bank to finance the purchase of six new Airbus A320 aircraft in 2015.

Local and regional investors were net sellers, according to bourse data.

Abu Dhabi’s benchmark, up 0.6 percent at one stage, closed 0.1 percent lower as telecom operator Etisalat fell 0.9 percent.

Qatar’s bourse was resilient, rising 0.7 percent to an eight-week closing high of 13,901 points in a broad rally following a string of positive news.

A week after world soccer body FIFA said Qatar would keep the right to host the 2022 World Cup, Doha was selected as host city for the 2019 IAAF World Athletics Championships on Tuesday, a move certain to encourage more government spending on infrastructure.

Elsewhere in the region, Egypt’s main index rose 0.5 percent as the market further recovered from a profit-taking bout and some stocks displayed a delayed reaction to third-quarter earnings.

Carpet maker Oriental Weavers was one of the main supports, surging 6.1 percent to 52.00 pounds. It reported a 5.8 percent rise in third-quarter profit last week.

According to NBK Capital, which rated the stock as a “buy” with a target price of 56.00 pounds, excluding the impact of provisions and foreign exchange losses, net income would have increased by around 60 percent.