(Reuters) – Most Middle East stock markets fell on Wednesday, with Saudi Arabia’s benchmark reversing early gains and breaking a nine-day rally.

The index fell 0.2% and Saudi Telecom and Banque Saudi Fransi led the losses, down 2.2% and 2.6%, respectively.

Inflation in Saudi Arabia hit 5.7% in January from 5.3% the month before, continuing a rise fueled by a tripling of the value-added tax last year, according to government data.

The economy of the world’s largest oil exporter contracted last year, but data suggests the rate of decline slowed in the third quarter as some COVID-19 restrictions were lifted, and GDP is expected to resume with growth this year.

The Qatari index lost the most among the major indices, ending the session down 1.1%. The index recorded its biggest drop in almost three months.

The National Bank of Qatar, the biggest lender in the Gulf and Africa, fell 2.4%, its third consecutive session of losses.

Trade and travel restrictions continue to put pressure on the energy-rich region, said Daniel Takieddine, market analyst at FXPrimus.com.

Dubai’s main stock index ended 0.6% lower, hit by a 1.5% drop in the Dubai Islamic Bank (DIB).

In the previous session, DIB, the UAE’s largest Sharia-compliant lender, slipped 2.6% after reporting a sharp drop in full-year profits.

Among others, logistics company Aramex fell 3.5% to become the biggest drop in the index.

In Abu Dhabi, the index fell 0.5% in its biggest daily percentage loss so far this month, with financial services and communications stocks weighing on sentiment.

Telecommunications company Etisalat finished down 0.8%.

Outside the Gulf, the Egyptian blue chip index fell 1%, with 27 of its 30 stocks down. Commercial International Bank, the country’s largest lender, fell 1%.

SAUDI ARABIA fell 0.2% to 9,084

ABU DHABI lost 0.5% to 5,636

DUBAI fell 0.6% to 2,594

QATAR fell 1.1% to 10,343

EGYPT drops 0.1% to 11,413

BAHRAIN rose 0.3% to 1,478

OMAN added 0.1% to 3,558

KUWAIT is up 0.1% to 6,257