Most Gulf stock markets finished down on Sunday as profit-taking continued, but the Egyptian index defied the trend and closed at a record high.

The Saudi benchmark index (.TASI) fell 0.5%, led by a 1.1% dip in Al Rajhi Bank (1120.SE) and a 1.7% drop in Alinma Bank (1150.SE).

Following its decision to extend crude output curbs, the kingdom faces the danger of an economic downturn this year, showing its continued reliance on oil while diversification measures move slowly.

Separately, oil and gas driller ADES Holding is expected to price its initial public offering (IPO) at the top of a range announced this week, one of the banks on the deal said on Thursday.

ADES is set to raise as much as 4.57 billion riyals ($1.22 billion) from the sale of a 30% stake in the company through the public share sale.

In Qatar, the index (.QSI) extended losses for a third session.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) gained 0.6%, hitting its record high, led by a 5.5% rise in Beltone Financial Holding (BTFH.CA).

UAE’s Global Investment Holding Co. has agreed to buy a 30% stake in Eastern Co. (EAST.CA), Egypt’s main tobacco products maker, for $625 million, a measure that will widen private participation in the economy, Egypt’s cabinet said earlier this month.