Saudi Arabian shares ended lower on Wednesday following a slew of disappointing corporate results, with uncertainty around energy markets weighing on investor sentiment.

Crude prices, a key catalyst for the Gulf’s financial markets, were broadly stable moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected last week, though supply concerns and a weaker dollar gave support.

Rising stockpiles reinforce fears of a global recession that would further cut demand, weakness in which has also been apparent in softer Chinese crude import data.

The benchmark index in Saudi Arabia declined 1.5%, dragged down by a 4% fall in Retal Urban Development Co despite the company reporting a higher quarterly profit.

Yanbu Petrochemicals Company slid 4.6% as the petrochemical firm swung to a quarterly loss.

Among other losers, oil giant Saudi Aramco lost 1.8% and the Saudi energy index was down 1.8%.

Most Gulf markets retreat on falling oil prices

In Qatar, the index retreated 1.6%, extending losses for a third session, as most of the stocks were in negative territory including Islamic lender Masraf Al Rayan, which tumbled 6.7%.

The bank reported a more than 20% drop in nine-month net profit at 1.36 billion Qatari riyals ($373.63 million).

Elsewhere, petrochemical maker Industries Qatar dropped 2.1%, ahead of its earnings announcement.

The Qatari market continued to decline under the effect of uncertainty in natural gas markets as well as lower returns in the banking sector, said Daniel Takieddine, chief executive of MENA BDSwiss.

“The market could also be affected by the more cautious atmosphere globally.”

Dubai’s main share index finished 0.9% lower, hit by a 1.6% fall in blue-chip developer Emaar Properties and a 1.5% decrease in sharia-compliant lender Dubai Islamic Bank.

The Abu Dhabi index added 0.3%, snapping three sessions of losses, helped by a 1.1% rise in conglomerate International Holding Co.

Outside the Gulf, Egypt’s blue-chip index added 0.8%, extending gains for a second sessions.

Egypt aims to give income tax breaks to companies that can reach up to 55% for some, Prime Minister Mostafa Madbouly said on Tuesday.

Shares in Sixth of October Development and Investment Co (SODIC), which is not part of the index, leapt 5.7% following a strong rise in nine-month earnings.

========================================= SAUDI ARABIA     fell 1.5% to 11,799 ABU DHABI        up 0.3% to 10,088 DUBAI            lost 0.9% to 3,346 QATAR            dropped 1.6% to 12,208 EGYPT            rose 0.8% to 10,553 BAHRAIN          eased 0.1% to 1,860 OMAN             down 0.2% to 4,403 KUWAIT           was flat at 8,103=========================================