Saudi Arabia's stock market fell in early trade on Thursday, tracking oil prices, and Egypt's market was also soft under pressure from regional investors.
The main Saudi stock index edged down 0.5 percent. Petrochemicals giant Saudi Basic Industries, whose profit has taken a hit from cheaper oil, fell 1.7 percent to a fresh four-month low of 89.25 riyals.
Brent oil touched a six-month low of $48.45 per barrel on Friday and posted a sixth straight week of losses, as the approaching end of the U.S. summer driving season suggested a growing surplus in gasoline supply.
Other petrochemicals and most banks were also down.
According to Riyadh-based Albilad Capital, the aggregate net profit of companies listed on the Saudi stock exchange tumbled 8 percent year-on-year in the second quarter, largely because of petrochemicals.
Telecommunications operator Etihad Etisalat (Mobily) fell 1.7 percent, extending losses since the firm revised earnings for more than two years and posted a second-quarter loss this month.
Egypt's benchmark fell 1.1 percent with most stocks in the red and bourse data showed non-Egyptian Arab institutional investors were heavy net sellers.
One of the few gainers was Global Telecom, which climbed 0.4 percent after it swung to a quarterly profit of $28 million, compared with a loss of $175 million a year earlier.
