Most Gulf stock markets ended lower on Tuesday, mirroring a decline in its global peers as volatile energy prices and an impasse over US debt ceiling weighed on sentiment.
Oil prices — a key catalyst for gulf's financial markets — rose in choppy trade on optimism the U.S. would avoid a debt default, a tighter market outlook and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ cuts to support the market. Brent crude was up 89 cents, or 1.2%, at $76.88 a barrel by 1218 GMT.
GCC stock markets reacted to the developments and risks on the global and local stages as U.S. debt ceiling negotiations and energy price uncertainty continued to weigh on traders' sentiment, said Gabi Dahduh, senior manager at CAPEX.com MENA.
Saudi Arabia's benchmark index fell 0.5%, extending losses for a third straight session, with almost all the financial stocks in negative territory including Riyad Bank and Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, dropping 3.4% and 0.5%, respectively. Abdulmohsen Al-Hokair Group dropped 1.8%, after its quarterly losses widened to 34.34 million riyals ($9.16 million), while revenue from almost all the segments decreased.
Dubai's main share index was down 0.5% on declines in property and banking stocks, with blue-chip developer Emaar Properties decreasing 2.2% and Dubai Islamic Bank , dropping more than 1%. Abu Dhabi's benchmark index closed 0.4% lower, on First Abu Dhabi Bank, the United Arab Emirates' biggest lender, sliding 1.2% and conglomerate Alpha Dhabi dropping 3%.
Qatar shares ended lower for a second straight session, easing 0.3%, with index heavyweight Qatar Islamic Bank shedding 1.4% and Qatar National Bank, the Gulf's biggest lender, declining 1.1%.
Outside the Gulf, Egypt's blue-chip index edged up 0.1%, led by a 1.5% rise in electronic payments provider Fawry and 4.7% surge in Oriental Weavers Carpet Co.
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