Jan 23 (Reuters) - Most stock markets in the Gulf ended lower on Sunday, with the Saudi index snapping a 10-day winning streak, in response to Friday"s fall in oil prices and global shares. Risk aversion dominated on Friday as stocks slumped on Wall Street and in Europe, and bond prices surged with investors seeking the relative safety of government debt. Saudi Arabia"s benchmark index (.TASI) dropped 1.2%, off from its highest in more than 15 years, dragged down by a 0.7% fall in Al Rajhi Bank (1120.SE) and a 1% decline in oil giant Saudi Aramco (2222.SE). Among other losers, Almarai (2280.SE) finished 2.4% lower, after the Gulf"s largest dairy company reported a 14.7% fall in fourth-quarter profit. Almarai said subsidy reductions, imported-feed costs and inflation for farm and dairy commodities were behind the fall. The Qatari index (.QSI) eased 0.2%, with Qatar Islamic Bank (QISB.QA) down 1% and Commercial Bank (COMB.QA) closing 1.2% lower. In the previous session, the lender dropped more than 6% after reporting a rise in annual profit but took a hit on its investments in Turkey which was impacted by continued volatility and the depreciation of the Turkish lira. Outside the Gulf, Egypt"s blue-chip index (.EGX30) fell 0.6%, with almost all stocks on the index were in negative territory including tobacco monopoly Eastern Company (EAST.CA). The market volume suggests that the current move is a correction to the December rally and should not exceed the zone around 11,600 points, investment bank EFG Hermes said in a note. SAUDI ARABIA (.TASI) fell 1.2% to 12,140 QATAR (.QSI) down 0.2% to 12,488 EGYPT (.EGX30) lost 0.6% to 11,656 BAHRAIN (.BAX) up 0.1% to 1,815 OMAN (.MSX30) down 0.3% to 4,224 KUWAIT (.BKP) dropped 0.2% to 8,015