* Dubai closes down, ending two-day rally
* Jabal Omar pulls Saudi down
* Abu Dhabi, Qatar close higher but volumes remain weak
By Marwa Rashad
RIYADH, May 23 (Reuters) - The Dubai market closed lower on Wednesday, ending a two-day rally as investors took profit on a select number of stocks, while blue chips led by Jabal Omar pushed the Saudi market into weaker territory.
Other markets were slightly higher, but volumes were generally low during the Muslim fasting month of Ramadan.
The Saudi index was down 0.1 percent, with 98 declining stocks out of 181 stocks traded during the session.
Real estate developer Jabal Omar dropped 3.7 percent. The stock jumped 6.1 percent on Sunday, after announcing an agreement with Albilad Capital to sell 90 housing units for 1.1 billion riyals ($293 million).
Al Rajhi Bank slipped 0.6 percent to 82.8 riyals ($22.1). Morgan Stanley cut the bank's price target to 90.5 riyals from 92 riyals, keeping its overweight rating.
Petrochemical giant SABIC lost 0.6 percent, following Tuesday's gain of close to 3 percent, as oil prices dropped on the possibility of higher OPEC output.
National Commercial Bank, the largest bank in the kingdom by assets, jumped 1.6 percent and Dar Al Arkan gained 1.8 percent after it said on Monday it had repaid a 1.7 billion riyal ($450 million) sukuk issue, which is due on Thursday.
Shares in Saudi Arabian appliance maker and distributor Shaker climbed 3.6 percent to 11.1 riyals. Its trading volume was the highest since March 2017.
The company said its energy efficiency solutions subsidiary Energy Services Co signed a memorandum of understanding with Signify, formerly known as Philips Lighting, to conduct efficiency studies and retrofitting across Saudi Arabia, with a focus on LED lighting.
The Dubai index lost 0.9 percent, as profit taking ended a two-day rally that had been supported by a government decision to grant residency visas of up to 10 years to investors and specialists.
Emaar Properties fell 1.5 percent to 5.2 dirhams. Property stocks had enjoyed a particular boost from the decision on residency visas.
Emirates NBD lost 1.9 percent, following nearly 7 percent gains a day earlier after announcing it had agreed to buy Turkish lender Denizbank for $3.2 billion.
In Abu Dhabi, the index rose 1.3 percent on a 4.3 percent jump by First Abu Dhabi Bank and a 2.2 percent increase by Abu Dhabi Commercial Bank.
Emirates Telecom and Aldar Properties lost 0.9 percent and 1.4 percent respectively.
In Qatar, the index was flat. Qatar Islamic Bank rose 1.5 percent and Industries Qatar added 0.2 percent.
Egypt's main index closed flat to high, after wide declines on Monday. The Index has lost 9.3 percent since hitting a record high on April 26.
* The index shed 0.1 percent to 8,039 points.
* The index lost 0.9 percent to 2,947 points.
* The index rose 1.3 percent to 4,586 points.
* The index inched up 0.1 percent to 9,000 points.
* The index was down 0.7 percent to 4,718 points.
* The index was up 0.1 to 1,267 points.
* The index was down 0.5 percent to 4,557 points.
* The index was flat closing at 16,663 points.
$1 = 3.6728 UAE dirham $1 = 3.75 Saudi riyals Reporting by Marwa Rashad; Editing by Davide Barbuscia and David Stamp