Dubai's index slipped to a six-week closing low on Thursday and other Gulf bourses also fell as investors cut positions ahead of the weekend amid uncertainty in global markets.
Selling pressure in small-cap stocks led Dubai's benchmark to a fifth straight decline, down 0.3 percent to its lowest finish since March 3. Late buying helped the index recoup some intraday losses.
"The downward pressure came from expectations of a sell-off in international markets on concerns over Spain's bond auction," said Marwan Shurrab, vice-president and chief trader at Gulfmena Investments. "But when they saw it went well, some late buyers came in to pick up securities that were sold-off heavily during the day."
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