Dubai: Saudi stocks fell 1 per cent on Thursday led the losses in the region, falling below the critical 6,000 level as lower oil prices weighed on sentiment.

Saudi Arabia’s Tadawul index closed 0.85 per cent lower at 5,976.89, after hitting a low of 5,910.55.

“Saudi’s index has witnessed below the critical level of 6,065, and may fall further towards the previous low,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.

Middle East Healthcare ended more than 7 per cent higher at 52 Saudi riyals, while Filing and Packing Materials closed more than 6 per cent lower at 36.30 Saudi riyals.

However in Dubai, traders resorted to bargain buying at support levels.

“Since traders didn’t find any reason that substantiated the fall, so they started placing buy orders at lower levels. The trend still remains bullish for Dubai index over the medium term, as the 50-day moving average at 3,450 holds strong,” Prakash said.

The Dubai Financial Market General Index closed 0.34 per cent higher at 3,492.22. Gulf Finance House closed 3.04 per cent higher at Dh0.948, and was the most actively traded stock.

GFH continues to remain bullish as it failed to breach the support level of Dh0.918. The stock will continue to move higher towards 0.973/1.03 in the short-term, said Prakash.

Emaar Properties closed flat at Dh7.04, as traders, who had sold at higher levels, bought the stock back. Dubai Islamic Bank’s recovery proves that undercurrent still remains strong, and the stock may recover to Dh5.63, said Prakash.

DIB closed 0.36 per cent higher at Dh5.50. Out of a total of 34 stocks traded on the bourse, shares of 19 firms rose, while 11 fell. The rest remained steady.

The Abu Dhabi Securities Exchange general index closed 0.23 per cent lower at 4,502.57. “Abu Dhabi index would continue to trade in the range of 4,500-4,580,” Prakash said. Eshraq Properties closed more than 1 per cent lower at Dh0.76.

Elsewhere in the Gulf, Qatar exchange index closed 0.46 per cent lower at 11,134.81. Kuwait Stock Exchange index closed 0.12 per cent lower at 5,428.91.