Most stock markets in the Gulf ended lower on Tuesday, following a sharp decline in oil prices and worries about a potential global recession.
Crude prices, a key catalyst for the Gulf's financial markets, fell by over $3 a barrel on fears an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes.
Brent crude futures for October settlement fell $3.81, or 3.63%, to $101.28 a barrel by 1156 GMT, after hitting a session low of $100.90 a barrel.
Inflation is near double-digit territory in many of the world's biggest economies, a level not seen in close to half a century. This could prompt central banks in the United States and Europe to resort to more aggressive interest rate hikes that could curtail economic growth and weigh on fuel demand. read more
Saudi Arabia's benchmark index (.TASI) declined 0.6%, weighed down by a 2.9% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.6% decrease in Al Rajhi Bank (1120.SE).
The Qatari index (.QSI) eased 0.1%, with Qatar Islamic Bank (QISB.QA) losing 1.3%.
In Abu Dhabi, the index (.FTFADGI) closed flat after a more than 1% decline in the previous session, with the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD) edging 0.2% higher.
Dubai's main share index (.DFMGI), however, bucked the trend to close 0.8%, buoyed by a 2.7% jump in blue-chip developer Emaar Properties (EMAR.DU).
Outside the Gulf, Egypt's blue-chip index (.EGX30) firmed 0.1%, ending two sessions of losses, helped by a 2.7% rise in Abu Qir Fertilizers (ABUK.CA).
The index, which is down more than 15% so far this year, has come under pressure because of a sharp slide in foreign portfolio investor holdings and rising costs of key commodity imports, especially since Russia's invasion of Ukraine.
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