Oil prices - a catalyst for the Gulf's financial markets - fell nearly 1%, weighed down by oversupply in the market, while expectations that an end to the longest-ever U.S. government shutdown could boost oil demand curbed losses.
Analysts have previously highlighted that crude oversupply is curbing price gains. Earlier this month OPEC+ agreed to a pause in increasing its output in the first quarter of next year, after having unwound its cuts to production since August this year.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.1%, hit by a 0.9% drop Al Rajhi Bank (1120.SE), opens new tab and a 1% decline in Saudi Telecom Company (7010.SE), opens new tab.
Dubai's main share index (.DFMGI), opens new tab declined 0.5%, dragged down by a 2% slide in toll operator Salik (SALIK.DU), opens new tab and a 1.1% fall in top lender Emirates NBD (ENBD.DU), opens new tab.
However, Dubai Electricity and Water Authority (DEWAA.DU), opens new tab rose 0.4%, after reporting a rise in quarterly profit.
In Abu Dhabi, the index (.FTFADGI), opens new tab was down 0.4%, with Aldar Properties (ALDAR.AD), opens new tab retreating 1.6%.
On the other hand, Dana Gas (DANA.AD), opens new tab closed 0.7% higher. The energy firm said on Wednesday it had signed a preliminary deal with Syria's state oil company to assess redeveloping natural gas fields crippled in the 13-year civil war that made Syria reliant on imports from Iran.
The Qatari index (.QSI), opens new tab was down 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 0.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% lower, pulling further back from record highs hit on sunday, with tobacco monopoly Eastern Company (EAST.CA), opens new tab losing 3.5%.
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