Saudi Basic Industries Corp. (SABIC) hit a five-week high as the Saudi bourse rose for a second day and Abu Dhabi gained, but other regional markets fell in muted trading. SABIC rose 0.8 percent.
EFG jumped 7 percent after it said it was opening an office in Syria, while rumors also boosted the stock.
"There is market talk of a possible distribution of special dividends related to (the) Audi bank deal," said Mohamed Kotb of Naeem Holding.
EFG sold its 28 percent stake in Lebanon's Bank Audi for $913.4 million earlier this year.
"All the money that has been outflowing from the stock on the Algerian issue is coming back," Kotb added.
Disappointing earnings condemned Dubai's market to its second straight decline. Arabtec fell 1.9 percent after reporting its first ever quarterly loss, having taken about $80 million in provisions.
"That should be seen by educated fundamental investors as a step in the right direction, but the majority of active investors are day traders and speculators and so they won't be too happy," said Ayman el-Saheb, Darahem Financial Brokerage director of operations.
The Tadawul All-Share Index (TASI) rose 0.5 percent to 6,479 points, with losses in four sectors, namely the Media & Publishing, Industrial Investment, Real Estate Development and Multi-Investment sectors, which were down by 0.07 percent, 0.13 percent, 0.49 percent and 1.01 percent respectively. The Transport sector saw no change on Wednesday. Otherwise, all sectors closed with gains which ranged from 0.23 percent in the Insurance sector to a gain of 1.63 percent in the Cement sector. Overall market breadth was positive, with 66 advancers and 46 decliners registering an AD ratio of 1.43, the Jeddah-based Financial Transaction House (FTH) said in its daily market commentary.
Dubai Financial Market slipped 1.4 percent to 1,573 points after proposing a reduced dividend as full-year net profit fell by nearly half.
"The DFM news was to be expected because trading turnover has been very low compared to previous years, but cutting dividends is usually taken negatively by retail investors," said Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments.
Volumes were light as investors await news on Dubai World's restructuring.
"Company financials haven't had much effect on the market - Dubai World and the lack of liquidity is really controlling the attitude of investors," said Samer Al-Jaouni, general manager of Middle East Financial Brokerage Co.
Qatar's index fell 1 percent to 6,782 points.
"Qatar has been an enigma for everybody - the macro picture is robust and corporate results are quite decent," said Shahid Hameed, Global Investment House head of Gulf asset management.
"But the market remains lackluster and there's a lack of investor interest. The market is illiquid and so the focus has shifted away to more liquid markets such as Saudi Arabia and more recently Kuwait."
The Kuwaiti measure fell 0.1 percent to 7,399 points
In Kuwait, National Mobile Telecommunications Co. dropped 3.7 percent. It is down 4.8 percent since reporting a 23 percent drop in quarterly profit.
- With input from agencies
