Riyadh city, the capital of Saudi Arabia. (Credit: AFP)
Major stock markets in the Gulf were mixed in early trading on Tuesday as crude oil prices fell and caution prevailed ahead of the release of US inflation data.
Crude prices — a key factor for the Gulf's financial markets — slipped as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries.
Crude prices hit their highest since August on Monday amid speculation leaders in top crude importer China were weighing an exit from the country's strict COVID-19 restrictions.
Chinese health authorities doused that speculation on Saturday, reaffirming the country's commitment to its strict zero-COVID policy.
Saudi Arabia's benchmark stock index (.TASI) dropped 0.7 percent, hit by a 1.5 percent fall in Saudi National Bank (1180.SE), the country's biggest lender, and a 0.6 percent decline in oil giant Saudi Aramco (2222.SE).
Dubai's main share index (.DFMGI) added 0.2 percent, with Commercial Bank Of Dubai (CBD.DU) jumping 4.3 percent to recoup some of the previous session's losses.
State developer Nakheel secured 17 billion dirhams ($4.63 billion) in financing from local banks for new projects, including Dubai Islands and other waterfront developments.
The transaction comprises 11 billion dirhams in refinancing and additional funds of 6 billion dirhams through a syndicate of three local lenders.
In Abu Dhabi, the index (.FTFADGI) fell 0.2 percent, easing from a record high hit in the previous session.
The United Arab Emirates will be a responsible supplier of oil and gas for as long as the world needs, its President Sheikh Mohammed bin Zayed al-Nahyan said on Monday at the start of two weeks of climate talks in Egypt.
Qatari stocks (.QSI) climbed 0.4 percent, bolstered by a 5.1 percent jump in telecoms firm Ooredoo (ORDS.QA) following a report that Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) would consider bidding for Ooredoo's tower unit.
($1 = 3.6729 UAE dirham)