Most markets in the Middle East ended lower on Tuesday, in tandem with global markets, while sentiment in Saudi Arabia and Egypt was boosted amid higher oil prices.
World stocks slipped and the dollar held firm with data expected to show annual U.S. inflation rising at its fastest pace in 40 years.
Oil prices edged higher after concerns over Chinese demand eased once Shanghai said that more than 7,000 residential units had been classified as lower-risk areas with no new infections reported for 14 days. read more
Shares of Dubai Electricity and Water Authority (DEWA) closed at 2.87 dirhams, up from the issue price of 2.48 dirhams per share in its $6.1 billion initial public offering (IPO), the region's biggest since Saudi Aramco (2222.SE). read more
Investors had been flocking to Dubai since the subscription began last month, but DEWA's stellar debut was not able to lift sentiment on Tuesday, with Dubai's main share index (.DFMGI) down 0.5%.
"Investors are reacting to the falls in international markets on one side and the enthusiasm for DEWA's trading debut on the other. In this regard, DEWA is recording double-digit growth," said Farah Mourad, senior market analyst of XTB MENA.
The Qatari index (.QSI) fell 2.6% after rising for the previous six sessions. The index posted its biggest daily percentage fall since Nov. 28.
Saudi Arabia's benchmark index (.TASI) ended up nearly 1% with state-run Saudi Aramco (2222.SE) up 0.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.6%, breaking its six-day streak of losses.
In Abu Dhabi, the index (.FTFADGI) closed 1.6% lower.
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