Most Gulf bourses ended lower Wednesday with investors cutting risk amid doubts the European leaders will find new measures to tackle the bloc's debt crisis, while Egypt's market gained on the first day of presidential elections. Saudi Arabia's stock benchmark Tadawul All Share Index index slipped 0.6 percent to 7,061 points, with heavyweight sectors banking and petrochemicals weighing. Al Rajhi Bank lost 1 percent and National Industrialization (Tasnee) slipped 0.9 percent. Developer Dar Al Arkan, the most traded stock, rose 1.4 percent, bucking the market trend after it said it would sell part of a residential project to chemicals giant Saudi Basic Industries Corp. (Sabic). Dar Al Arkan, which has $1 billion Islamic bond maturing in July, said it will book gains of SR741.7 million ($197.8 million) from the Sabic land sale in the second quarter of 2012. “Dar Al Arkan is on track to pay off its sukuk in the summer - that was the biggest overhang on the stock,” said Amer Khan, a Shuaa Asset Management fund manager. Shares in Sabic slipped 0.3 percent amid selling pressure across the petrochemical sector. Lower oil prices also weighed on Saudi investor sentiment. Petrochemical stocks tend to track oil prices. Oil drops below $90 Benchmark US crude fell by $1.95 to end at $89.90 per barrel. Oil has tumbled more than 15 percent this month and is at its lowest level since Oct. 21. Brent crude, meanwhile, dropped to a new low for the year but remained above $100 a barrel. It lost $2.85 to end at $105.56 per barrel in London. Analysts say oil is in an extended slump that should lead to cheaper gasoline and other petroleum-based fuels this summer. Concern about the strength of the global economy contributed to Wednesday's decline. Europe's leaders gathered in Bruss In Dubai, the index fell 1.1 percent, down for a second session in five since hitting a 15-week low on May 16. Abu Dhabi's measure bucked the regional downtrend, rising 0.2 percent. In Qatar, the benchmark reversed most of Tuesday's gains, closing 0.4 percent lower. Kuwait measure dipped 0.2 percent to 6,367 points. Oman index eased 0.5 percent to 5,721 points.
