Gulf stock markets ended mixed on Wednesday as stocks in Europe and China fell the first time this week, damping investor appetite for riskier assets. Crude oil fell to a more than one-month low. Saudi Arabia's benchmark Tadawul All Share Index slipped 0.66 percent to 6,121.06, the lowest in four weeks. Saudi Basic Industries Corp., the world's largest petrochemicals maker, lost 1.7 percent to SR85.50. Bahrain All Share Index slipped 0.1 percent, while Kuwait's gauge fell less than 0.1 percent. Qatar's QE Index gained 0.2 percent, Oman's benchmark stock index increased 0.3 percent and Abu Dhabi's ADX General Index advanced less than 0.1 percent. Dubai shares declined for a second time this week as stocks in Europe and China retreated, damping investor appetite for riskier assets and after oil declined. About 40 million shares traded in Dubai Wednesday, compared with a six-month daily average of 160 million. Emaar dropped 0.9 percent to AED3.19 and Dubai Investments retreated the most since Aug. 12 to 84.5 fils. Emaar Properties PJSC, builder of the world's tallest skyscraper in Dubai, dropped the most in a week. Dubai Investments PJSC, the owner of stakes in more than 40 companies, lost 1.2 percent. The DFM General Index decreased 0.4 percent to 1,481.52. “We're still tracking international markets,” said Marwan Shurrab, assistant fund manager and chief trader at Gulfmena Alternative Investments Dubai. “Ramadan is usually slow, but this year it's coming during a global general lack of interest in equity markets.” Oil prices fell below $75 a barrel Wednesday as the government said US crude supplies shrank less than analysts expected and stock markets retreated from Tuesday's rally. Benchmark crude lost $1.01 at $74.76 a barrel in midday trading on the New York Mercantile Exchange. The contract rose 53 cents to settle at $75.77 on Tuesday. In London, Brent crude was down 93 cents at $76 a barrel on the ICE Futures exchange. Oil traders keep an eye on stock prices as a broad indicator of which way the economy may be heading. In other Nymex trading in September contracts, heating oil fell 1.18 cents to $2.0141 a gallon and gasoline fell 1.16 cents to $1.9416. Natural gas added 0.1 cent at $4.268 per 1,000 cubic feet. In its weekly report the Energy Department's Energy Information Administration said crude supplies fell last week by 800,000 barrels, considerably less than the drop of 2.25 million barrels that analysts forecast in a survey by Platts, the energy information arm of McGraw-Hill Cos. Gasoline stocks were virtually unchanged and supplies of distillate fuels _ like diesel and heating oil – rose by 1.1 million barrels, about as much as expected. US refineries ran at a surprising 90 percent of total capacity, a rise of 1.9 percentage points from the prior week. US stocks rose moderately Wednesday as investors found some positive news in the day's retail earnings reports. The Dow rose 44.50, or 0.4 percent, to 10,450.43. The Standard and Poor's 500 index rose 5.08, or 0.5 percent, to 1,097.62. The Nasdaq composite index rose 14.75, or 0.7 percent, to 2,224.19 Gainers were ahead of losers by 2 to 1 on the New York Stock Exchange.
