The Egyptian index fell sharply on Wednesday, pressured by its banks amid weak global sentiment, while most major Gulf markets rose marginally.

Egypt's blue-chip index  dropped 1.3 percent, with 23 of thirty stocks declining.

The country's largest lender Commercial International Bank fell 2.8 percent and Ezz Steel dropped 3.5 percent.

But Juhayna Food Industries outperformed the market, jumping 8.6 percent. HSBC raised its rating on the stock to 'hold' from 'reduce', at a price target of 9.5 Egyptian pounds ($0.532).

Saudi Arabia's index inched up 0.1 percent, with Banque Saudi Fransi adding 1.9 percent and Medgulf gaining 5.7 percent.

Tourism Enterprises Co rose 4.1 percent. Saudi Arabia launched the Wadi Al Disah Development project to boost sustainable tourism-related job opportunities on Tuesday. 

Saudi Industrial Export dived 9.9 percent. It has been plunging for the past six days, after a speculative bubble in the stock pushed it up over 200 percent since early October.

The Dubai index was up 0.2 percent. Dubai Investments added 2.8 percent, snapping a five-day losing streak.

Construction firm Arabtec rose 1.8 percent after saying it was progressing with the refinancing of its debt.

Nasdaq-Dubai listed DP World lost 2.9 percent. India's antitrust regulator has ordered a probe into alleged anti-competitive practices by the firm and Denmark's A.P. Moller-Maersk at the terminals they operate in Mumbai, Reuters reported, citing sources familiar with the matter.

Abu Dhabi's index lost 0.4 percent, as bank stocks continued to weigh on it.

Abu Dhabi Commercial Bank dropped 1.5 percent, while Ras Al Khaimah Cement  dived 8.9 percent.

But Abu Dhabi National Hotels surged 14.7 percent.

The Qatar index which suffered its biggest fall since August in the last session, also added 0.2 percent.

Qatar National Bank climbed 1.9 percent and Masraf Al Raya rose 1 percent.

In Kuwait, Combined Group Contracting Co plunged 10.7 percent, hitting a more than nine and a half year low. The company has been excluded from current and future tenders of the Public Authority for Housing, Reuters reported, citing Al-Qabas newspaper. 

SAUDI * The index was up 0.1 percent at 7,514 points

DUBAI

* The index added 0.2 percent at 2,757 points

QATAR

* The index inched up 0.2 percent at 10,293 points.

ABU DHABI

* The index fell 0.4 percent to 4,971 points

EGYPT

* The index slid 1.3 percent to 13,731 points.

KUWAIT

* The index was down 0.1 percent at 5,266 points.

BAHRAIN

* The index was up 0.6 percent at 1,314 points.

Oman was closed for a public holiday

($1 = 17.8600 Egyptian pounds)

(Reporting by Shakeel Ahmad and Abinaya Vijayaraghavan in Bengaluru Editing by Matthew Mpoke Bigg) ((abinaya.vijayaraghavan@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 2733; Reuters Messaging: abinaya.vijayaraghavan.thomsonreuters.com@reuters.net))