DUBAI, Oct. 5 (Xinhua) -- Share price indexes from Kuwait to Dubai lost ground on Thursday following a roller coaster-week in the energy market and in the corporate sector.
In Kuwait, the KSE Price Index fell 0.45 percent to 6,662.11 amid lackluster trading. Kuwait derives 95 percent of its national revenues from oil.
The price of oil stabilized on Thursday above 50 dollars per barrel (159 liters) after it fell sharply when the September rally was abruptly halted at 53.08 dollars per barrel earlier this week.
The Dubai Financial Market (DFM) General Index slipped 0.21 percent to 3,591.10 after early gains melted again, pushing the gains into the red.
Construction giant Arabtec fell the most, ending off two percent at 2.94 dirham (0.80 dollar).
Dubai-based energy, building maintenance and plumbing firm Drake and Scull International or DSI advanced 2.40 percent to hit 1.71 dirham (0.46 dollar), representing a four-month high.
DSI posted strong gains during the week after the financially distressed company said earlier in the week in a filing to the DFM that it completed a capital restructuring program which it implemented at the start of the current fiscal year.
The firm also received 500 million dirham (136 million dollars) from investment firm Tabarak. The Dubai-based investment firm became in April this year DSI's majority owner.
In Riyadh, the Tadawul All-Share Index which measures the performance of listed Saudi Arabian companies declined by 0.36 percent to reach 7,259.22 points.
Earlier in the week, Dr. Fahad Al-Turki, Chief Economist at Jadwa Research in Riyadh said "Economic data for August continued to show mild improvements in activity."
In addition, "Doubts over TASI's inclusion into the FTSE Russell emerging markets index (...) were realized as Saudi Arabia was denied admission to the index over the last weekend, although it is expected to meet the criteria in March 2018," said Al-Turki.
Earlier in the day in Moscow, Saudi Minister of Energy Khalid Al-Falih said during Saudi King Salman's historic visit to Russia that the world's most valuable energy firm Saudi Aramco was "on track" to list five percent of its capital "in the second half of 2018."
The listing of the state-run oil and gas firm could be valued at around 100 billion dollars, analysts estimate and is part of the government's Saudi Vision 2030 masterplan to spur the privatization of the economy.
The Doha-based Qatar Exchange finished the trading week (which ends in the Islamic world on Thursday as Friday marks the weekend) 1.59 percent lower at a multi-year low at 8,152.98.
Since the Saudi-led Arab Quartet and its allies severed diplomatic ties with Qatar and imposed air, sea and land boycott against the gas-rich Gulf state in June this year, the Qatari gauge retreated by 17.84 percent.
