Gulf bourses down, #Dubai loses as much as 1% | Reuters

Gulf bourses down, Dubai loses as much as 1% | Reuters

Stock markets in the Middle East fell on Tuesday, with Dubai's main index losing as much as 1%, reflecting risk-off sentiment seen globally as Russia-Ukraine peace talks made scant progress.

Oil prices see-sawed with Brent crude futures trading 10% below a 14-year high struck in the last session, on relief that European allies were not planning to join a possible U.S. ban on Russian oil imports.

Keeping a lid on oil price gains, officials said late on Monday that the United States was willing to move ahead with a ban alone, and Germany, the biggest buyer of Russian crude, rejected plans for an energy embargo.

Meanwhile, Russia's offensive in Ukraine continued but at a much slower pace and a second senior Russian commander had been killed, Ukrainian military and intelligence said, as frightened residents fled bombed-out cities. read more

Dubai's main stock index (.DFMGI) lost as much as 1%, before recouping some of the losses to trade down 0.5% down.

Financials weighed. Emirates NBD Bank (ENBD.DU) was the top drag, down 1.7%, followed by Emaar Properties (EMAR.DU), which shed 0.8%.

Abu Dhabi's index (.FTFADGI) was flat, with Aldar Properties (ALDAR.AD) down 0.1% after the company proposed annual cash dividend.

S&P Global Ratings said on Monday the UAE's inclusion in FATF's gray list was unlikely to significantly disrupt the economy in the short term, but could raise financial transaction costs.

Saudi Arabia's benchmark share index (.TASI) was down 0.4%, falling for the first time in four sessions.

Oil giant Saudi Aramco (2222.SE) fell marginally, after hitting a record high of 46 riyals in the previous session.

Shares of Acwa Power (2082.SE) rose more than 1% after the company signed a power purchase agreement for a solar plant in Al Qassim province.

The Qatari index (.QSI) was down 0.6%.

Qatar International Islamic Bank fell nearly 4%, while Industries Qatar (IQCD.QA) was down 1%.