"European markets fell ..., oil is trading very low, this is all giving a bearish sentiment," said Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments.
"Volumes are also low and international investors are unwilling to take high risks due to the global markets," he said.
In Saudi Arabia, the Tadawul All-Share Index (TASI) fell 0.2 percent to 6,526.45 points. The sector activity for the day was more or less equally split with 8 gaining sectors against 7 losing sectors. The gaining sectors ranged from 0.03 percent by the Energy & Utilities to 0.75 percent by the Insurance sector. The losing sectors on the other hand ranged from 0.23 percent by the Transport sector to 0.71 percent by the Media and Publishing sector. The overall market breadth for the day was positive with 79 advancers against 35 decliners giving it an AD ratio of 2.25, the Financial Transaction House (FTH) said in its daily market commentary.
In Kuwait, logistics firm Agility fell 3.5 percent to its lowest close since April 22, after posting a 52 percent drop in first-quarter net profit. The Kuwaiti index fell 0.6 percent to 7,110 points.
In Oman, Galfar Engineering fell 6.4 percent after posting a loss for the first quarter.
"These results are clearly disappointing as we had expected a net profit," said Shuaa Securities in a research note.
Property stocks were particularly hard hit, leading indexes in Dubai and Abu Dhabi lower.
Emaar Properties fell 2.1 percent. The Dubai index declined 1.5 percent to 1,692 points and the Abu Dhabi index dropped 0.6 percent to 2,787 points.
Bucking the trend, Abu Dhabi's Aabar Investments posted a leap in net profit, mainly due to derivative income, sending shares 1.5 percent higher.
In Doha, Vodafone Qatar was the worst performer, falling 2.8 percent after posting a $185 million annual net loss. The index dropped 1.8 percent to 7,211 points.
- With input from agencies
