Major Gulf markets edge higher; oil slips | Reuters

Major Gulf markets edge higher; oil slips | Reuters

Major stock markets in the Gulf edged higher in early trade on Tuesday ahead of U.S. labour and manufacturing data due later in the week, while volatile energy prices limited gains.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.4%, as did Japan's Nikkei (.N225).

Saudi Arabia's benchmark index (.TASI) added 0.1%, helped by a 2.8% jump in Jabal Omar Development Co (4250.SE) after the company obtained a licence from the Ministry of Tourism to operate the first tower of Jabal Omar Jumeirah Hotels.

On the other hand, oil giant Saudi Aramco (2222.SE) dropped 0.7%.

Oil prices - a key catalyst for the Gulf's financial markets - slipped as worries that further possible U.S. interest rate hikes could pull down demand outweighed concerns that a tropical storm off the U.S. Gulf Coast may impact supply.

Dubai's main share index (.DFMGI) gained 0.1%, with toll operator Salik Co (SALIK.DU) putting on 0.9%.

In Abu Dhabi, the index (.FTFADGI) added 0.2%.

Separately, insurer Centene (CNC.N) said on Monday it would sell British hospital operator Circle Health Group to United Arab Emirates-based PureHealth for about $1.2 billion including debt, as the U.S. health insurer refocuses on its core business.

PureHealth is majority-owned by Abu Dhabi investment fund ADQ, with International Holding Company (IHC) (IHC.AD) also holding a stake. Shares of IHC were flat.

The Qatari benchmark (.QSI) was up 0.1%, with Qatar Islamic Bank (QISB.QA) gaining 0.5%.