1315 GMT - Saudi Basic Industries (SABIC) leads a
rally, rebounding from Tuesday's six-month low, as oil prices
steady, lifting Saudi Arabia's benchmark.
SABIC gains 1.1 percent. The petrochemical producer's shares
have loosely tracked recent declines in oil prices.
Advanced Petrochemicals drops 0.8 percent.
The kingdom's index ends 0.3 percent higher at 6,745 points.
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1015 GMT - Kuwait's benchmark ends at a 4-month low
as political uncertainty following the resignation of a second
minister in less than a month weighs on investor sentiment.
The index drops 1.7 percent to 5,916 points, its lowest
close since Feb. 12. This trims the benchmark's 2012 gains to
1.8 percent.
Kuwait brought in its fourth government in six years after a
snap parliamentary election in February, but tensions between
the cabinet and chamber escalated quickly, hindering economic
policy-making and planning in the oil-rich Gulf state.
Social Affairs and Labour Minister Ahmed al-Rujaib resigned
on Tuesday, the second cabinet minister to quit in less than a
month.
"There has been some panic selling today but the volumes
have been low," says Naser al-Nafisi, general manager for Al
Joman Center for Economic Consultancy in Kuwait.
"The reason is mainly political. The government's future is
not clear at this stage and there is concern about it."
Kuwait Finance House and logistics firm Agility
each drop 1.4 percent. Burgan Bank percent. Telecoms operator Zain bucks the trend, gaining 1.5 percent following a last-minute rally. In Dubai, the benchmark ends higher for a third day in four this week, rising 0.6 percent to 1,478 points. Heavyweight Emaar Properties is the main support, climbing 1.4 percent. Abu Dhabi's index is near-flat at 2,448 points. Qatar's index slips 0.2 percent to 8,261 points, a new eight-month low. ---------------------------------------------------------------- 0830 GMT - Saudi Basic Industries Corp (SABIC) rebounds from Tuesday's six-month low as oil prices steady, lifting Saudi Arabia's benchmark. SABIC climbs 1 percent. The petrochemical producer's shares have loosely tracked declines in oil prices, with crude seen as a key indicator both for petrochemical product prices and likely demand. Brent crude is steady above $97 ahead of a meeting of the producer group OPEC this week. Advanced Petrochemicals gains 0.4 percent, helping the petrochemicals index add 0.5 percent. "The market is recovering losses from yesterday - oil prices are steady today, which is helping," says Naser al-Nafisi, general manager for Al Joman Center for Economic Consultancy in Kuwait. Saudi's main index rises 0.3 percent to 6,749 points. Al Rajhi bank climbs 1 percent and Kingdom Holding adds 2.1 percent. ---------------------------------------------------------------- 0725 GMT - Kuwait's benchmark hits a four month low as political uncertainties weigh. The index drops 1.3 percent to 5,942 points, slumping to its lowest level since Feb 16. The benchmark has fallen 8.5 percent since May 7's 12-month peak. Kuwait's minister for social affairs and labour has resigned, the second cabinet member to quit in less than a month, a departure that increases the likelihood of a full cabinet reshuffle or the resignation of the government. Kuwait Finance House drops 2.8 percent and Burgan Bank sheds 1.2 percent. In Abu Dhabi, Aldar Properties and Sorouh Real Estate each rise 1 percent ahead of a potential merger of the emirate's top two developers. Abu Dhabi's benchmark climbs 0.3 percent to 2,454 points. Dana Gas supports, adding 2.6 percent. Dubai index recoups some of Tuesday's losses, rising 0.4 percent to 1,474 points. Emaar Properties climbs 0.4 percent and Deyaar adds 1.3 percent. Qatar's index slips 0.2 percent to 8,268 points. ---------------------------------------------------------------- 0555 GMT - Trading on Gulf Arab bourses may be muted on Wednesday, with investors staying on the sidelines as uncertainty on global markets and slumping oil prices weigh. Asian shares have trimmed early gains in choppy trade. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1 percent to 396.76, after earlier climbing as much as 0.4 percent. "I expect the markets to hold ground today....there is no fundamental local news that could move markets here," says Marwan Shurrab, vice-president and chief trader at Gulfmena Investments. "Gulf markets continue to be highly correlated to international markets." Saudi Arabia's benchmark will be in focus as slipping oil prices add pressure on petrochemical stocks. Heavyweight Saudi Basic Industries (SABIC), the Gulf's largest listed company, hit a six-month low on Tuesday. Brent crude slipped below $97 ahead of a meeting of producer group OPEC this week, and as uncertainty over Europe's ability to tackle its debt crisis intensified fears of a slowdown in oil demand growth. ""The only affect on Saudi will be from what happens in the international markets and that will drive the regional stocks," adds Shurrab. Dubai's index is expected to be subdued after it ended a six-session advance on Tuesday. (Reporting by Praveen Menon; Editing by Matt Smith)