OREANDA-NEWS. February 05, 2015. Stock markets in Saudi Arabia and Dubai paused their advance on Wednesday after oil prices began to pull back after a strong rally.

Brent crude fell 1.0 percent to \\$57.35 per barrel by 0915 GMT on renewed concern over global demand and high stock levels. It had surged 19 percent in the previous four sessions.

Saudi Arabia's equities index was nearly flat in early trade as most stocks pulled back, including some petrochemicals such as National Industrialisation Co (Tasnee) , down 0.4 percent.

However Saudi Basic Industries, the biggest firm in the petrochemicals sector, rose 1.2 percent.

Investment firm Kingdom Holding edged down 0.4 percent after it said it had sold most of its stake in media giant News Corp.

Dubai's index, which had also rallied along with oil this week, gave up earlier gains and was flat as Dubai Islamic Bank fell 0.6 percent and Dubai Investments lost 0.4 percent.

Meanwhile, Egypt's index rallied further ahead of corporate earnings reports, adding 0.9 percent. Property firm Medinet Nasr Housing, whose shareholders will review fourth-quarter results and dividends on Thursday, jumped 2.0 percent.