Most Gulf bourses ended lower on Wednesday, in line with global peers as rising inflation fears around the globe deepened worries over growth prospects, with Dubai bucking the trend.

Soaring food and energy costs drove euro zone inflation to a record high of 8.1% in May, figures on Tuesday showed, stoking concern about interest rate rises not just in Europe but globally.

In Abu Dhabi, the index closed 1.7% lower, ending a three-day rally, dragged down by a 3.8% fall in the United Arab Emirates’ largest lender First Abu Dhabi Bank.

Saudi Arabia’s benchmark index dropped 1.2%, with the country’s biggest Islamic lender Al Rajhi Bank falling 2.3% and oil giant Saudi Aramco retreating 2%.

The Saudi stock market recorded a decrease as investors moved to secure their gains. The market had been impacted by the uncertainty around inflation and the volatility in oil prices, said Eman AlAyyaf, CEO of EA Trading.

The Qatari index edged down 0.7%, hit by a 2.8% drop in Qatar Islamic Bank.

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Dubai’s main share index, however, advanced 1.8%, boosted by a 4.2% surge in top lender Emirates NBD and a 2.4% increase in Sharia-compliant lender Dubai Islamic Bank.

According to AlAyyaf, investors in Dubai continue to look for buying opportunities after large price corrections recorded during the last couple of weeks.

“The banking sector could see additional increases as monetary policy tightening takes place,” AlAyyaf added.

Israel signed a free trade agreement with the United Arab Emirates on Tuesday, its first with an Arab state and one which eliminates most tariffs and aims to lift their annual bilateral trade to more than $10 billion.

Outside the Gulf, Egypt’s blue-chip index fell 0.7%, with Commercial International Bank Egypt slipping 0.5%.

SAUDI ARABIA dipped 1.2% to 12,766

ABU DHABI 1.7% to 9,872

DUBAI rose 1.8% to 3,407

QATAR fell 0.7% to 12,833

EGYPT lost 0.7% to 10,084

BAHRAIN dipped 0.7% to 1,908

OMAN added 0.3% to 4,129

KUWAIT 0.2% to 8,656