The MSCI Tadawul 30 Index (MT30) was down 0.2 percent. The index of the 30 largest securities listed on the Saudi Arabian Equity Market went live on Wednesday.
The index's top two heavyweights Al Rajhi Bank and Saudi Basic Industries 2010.SE fell 1.2 percent and 0.5 percent respectively.
Separately, Saudi Arabia is set to join the emerging-market indexes of MSCI and FTSE Russell later this year. That is expected to attract $15 billion of "passive" benchmark-linked funds and billions more in active funds, regardless of low oil prices or geopolitical tensions.
Saudi's economy grew at a pace of 2.21 percent in 2018, buoyed by strong oil sector growth. The government did not break down the fourth-quarter data, but full-year growth figures suggested economic growth accelerated in the last quarter.
In Dubai, the index rose 1.1 percent, boosted by a 1.5 percent increase in the emirate's biggest lender Emirates NBD, and a 1.4 percent gain in Dubai Islamic Bank (DISB).
DISB, which fell in the last session after declaring a lower dividend, was upgraded by Arqaam Capital, with a target price of 7.6 dirhams, up from 7.2 dirhams.
The brokerage said it welcomed the improved allocation of capital, retaining about 60 percent of its earnings rather than paying out 60 percent as it had in the past.
Deyaar Development increased 3.3 percent after reporting a 7.4 percent rise in its full-year profit to 140.1 million dirhams($38.15 million).
The Abu Dhabi index rose 0.8 percent with First Abu Dhabi Bank gaining 1.1 percent. After market closed, the firm reported a 3.9 percent gain its fourth-quarter profit of 2.93 billion dirhams and raised its foreign ownership limit to 40 percent from 25 percent.
Abu Dhabi Commercial Bank (ADCB) gained 3.7 percent. ADCB, Union National Bank (UNB) and Al Hilal Bank agreed a merger to create the third-largest bank in the United Arab Emirates, with $114 billion of assets. UNB traded flat.
Egypt's blue-chip index was up 0.2 percent. Ezz Steel increased 4.8 percent, rising for a third session after HC Research upgraded the stock to "overweight" with price target of 27 Egyptian pounds.
index was flat with Vodafone Qatar rising 3.3 percent.
The index fell 0.3 pct to 8,560 points ARABIA
The index rose 1.1 pct to 2,568 points
The index was flat at 10,720 points
The index rose 0.8 pct to 5,045 points
The index rose 0.2 pct to 14,127 points
The index fell 0.2 pct to 5,430 points
The index fell 1.2 pct to 4,166 points
The index was down 0.1 pct at 1,391 points
($1 = 3.6728 UAE dirham)
(Reporting by Shakeel Ahmad and Abinaya Vijayaraghavan in Bengaluru; Editing by Alison Williams) ((email@example.com;))