Middle Eastern stock markets ended lower on Tuesday, tracking global shares, as rising inflation and a looming economic slowdown dampened investor sentiment.
The MSCI's benchmark for global stocks (.MIWD00000PUS) fell 0.3% to 650 points by 0843 GMT, weighed by morning losses in Europe and earlier weakness across Asian markets.
The main stock index in Saudi Arabia (.TASI) retreated 1.2%, falling most among Gulf peers, with Al Rajhi Bank (1120.SE) sliding 1.9% and the kingdom's largest lender Saudi National Bank (1180.SE) dropping 2.1%.
The Saudi stock market remains exposed to selling pressure and followed other markets into the red, said Eman AlAyyaf, CEO of EA Trading, adding that the market could see new price corrections like last month.
Dubai's main share index (.DFMGI) dipped 0.5%, as top lender Emirates NBD (ENBD.DU) fell 1.4% and Emirates Integrated Telecommunications (DU.DU) slipped 1.2%.
"The Dubai stock market fell as investors returned to selling after the latest rebound," added AlAyyaf.
In Abu Dhabi, the index (.FTFADGI) lost 0.3%, extending the losses to fifth straight session.
Petrochemical maker Borouge (BOROUGE.AD) dropped 1.9% and lender Abu Dhabi Commercial Bank (ADCB.AD) decreased 2%.
Separately, Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer with enterprise value of roughly 2.8 billion euros. read more
The Qatari index (.QSI) eased 0.1%, pressured by a 3% fall in the Gulf's biggest lender Qatar National Bank (QNBK.QA) and a 1.5% drop in Commercial Bank (COMB.QA).
Whereas, Gulf International Services (GISS.QA) surged 10% after the company announced an interim agreement with Manaya Holding Group for potential merger of its unit Amwaj with Shaqab.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.6%, with Commercial International Bank Egypt (COMI.CA) adding 0.6%.
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