Dubai: Saudi Arabia’s Tadawul index tumbled more than one per cent on Wednesday following a more than 5 per cent fall in oil prices as traders ignored the record budget for 2019.

The Tadawul index was 1.05 per cent weaker at 7,860.03 after oil, from which it derives majority of its revenues, witnessed its sharpest fall in 2018.

“Budget is in line with expectations. There is no surprise in the budget. Market participants are reluctant to take big positions as we head into the year end internationally even oil prices are under pressure,” Muhammad Shabbir, Head of Funds and Portfolios at Saudi Kuwaiti Finance House told Gulf News.

The energy index, which was the biggest loser, fell 1,69 per cent to be at 4,880.32. Saudi Basic Industries Corp. closed 2.6 per cent lower at 120 riyals. Al Rajhi Bank was 1.38 per cent lower at 86 riyals. Saudi Ceramic Co. closed 3.33 per cent lower at 20.28 riyals. Amana Cooperative Insurance Co. was 4.45 per cent higher at 27 riyals.

“There has been absence of fresh investors in the market,” Shabbir said.

Dubai markets recovered after falling in the previous session, but the index traded in familiar range with no signs of further recovery. The Dubai Financial Market general index closed at 2,544.12, up 1.32 per cent.

The Dubai index has been on a losing streak due to weakness in Emaar Properties. Traders have been unwilling to place fresh positions even in beaten down shares. “Traders would look at geopolitical developments before taking any positions,” Shabbir said.

The Abu Dhabi Securities Exchange general index closed 0.64 per cent higher at 4,859.62. Aldar Properties, First Abu Dhabi Bank and Etisalat shares rose. First Abu Dhabi Bank closed 1.30 per cent higher at Dh13.98. Etisalat closed 0.24 per cent higher at Dh17.02. Aldar Properties 1.95 per cent higher at Dh1.57.

The Muscat MSM 30 index closed at 4,336.79, down 0.97 per cent.