Early on Tuesday, the Gulf stock markets declined along with falling oil prices as investors exercised caution ahead of the publication of U.S. inflation statistics.
The region’s growth-supporting commodity, oil, fell, with Brent crude down 0.5% to $86.18 a barrel by 7:30 GMT.
When the critical U.S. consumer price index (CPI) figures for January are announced later in the day, traders will be looking for hints.
The U.S. Federal Reserve has been raising interest rates to rein in inflation, leading to concerns that the move would slow economic activity and demand for oil.
In Abu Dhabi, the benchmark stock index (.FTFADGI) eased 0.2%, hit by a 1% loss in Alpha Dhabi (ALPHADHABI.AD) and 0.4% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank fell 0.6%.
However, Fertiglobe jumped 2.4% after it posted a 75% rise in 2022 net profit.
Dubai’s benchmark stock index (.DFMGI) began lower, down 0.3%, due to declines in the utilities, industry, and real estate sectors. Low cost airline Air Arabia and Emirates Central Cooling Systems both saw losses of 1.3% and 2.5%, respectively.
The benchmark stock index for Saudi Arabia (.TASI) declined 0.1%, weighed down by declines in the financial and healthcare industries. Riyad Bank and Saudi National Bank saw declines of 1.4% and 0.8%, respectively.