Gulf bourses track oil prices lower; U.S. CPI data in focus | Reuters

Gulf bourses track oil prices lower; U.S. CPI data in focus | Reuters

Gulf stock markets fell in early trade on Tuesday, tracking weaker oil prices, while investors were cautious ahead of the release of U.S. inflation data.

Oil, which fuels the region's growth, declined, with Brent crude losing 0.5% to $86.18 a barrel by 0730 GMT.

Traders will be looking for clues from the crucial U.S. consumer price index (CPI) data for January scheduled to be released later in the day.

The U.S. Federal Reserve has been raising interest rates to rein in inflation, leading to concerns that the move would slow economic activity and demand for oil.

In Abu Dhabi, the benchmark stock index (.FTFADGI) eased 0.2%, hit by a 1% loss in Alpha Dhabi (ALPHADHABI.AD) and 0.4% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank fell 0.6%.

However, Fertiglobe jumped 2.4% after it posted a 75% rise in 2022 net profit.

Dubai's benchmark stock index (.DFMGI) opened in the red, trading 0.3% lower, weighed down by losses in utilities, industry and real estate sectors, with Emirates Central Cooling Systems falling 1.3% and low cost flyer Air Arabia losing 2.5%.

Saudi Arabia's benchmark stock index (.TASI) eased 0.1%, dragged down by losses in financial and health care sectors, with Riyad Bank and Saudi National Bank dropped 1.4% and 0.8%, respectively.

However, luxury real estate developer Retal Urban surged 3.7%.

The Qatar stock market was closed for a public holiday.