Most stock markets in the Gulf ended lower on Wednesday after faltering growth in China and Europe heightened concerns about broader economic momentum, while falling oil prices added to worries.
China's exports likely contracted at a slower pace in August, a Reuters poll showed on Tuesday, highlighting that manufacturers remain under pressure after outbound shipments recorded their worst performance since February 2020 last month.
German industrial orders fell more than expected in July, the federal statistics office said.
Saudi Arabia's benchmark index (.TASI) dropped 1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) losing 2.4% and Riyad Bank (1010.SE) declining 2%.
The International Monetary Fund (IMF) projects Saudi Arabia to swing to a fiscal deficit of 1.2% of GDP in 2023, from a surplus of 2.5% in 2022, it said in its latest assessment report on Wednesday.
Elsewhere, Saudi Telecom Company (STC) (7010.SE) retreated. Spain is analysing STC's purchase of a 9.9% stake in Telefonica (TEF.MC) to ensure its strategic interests are defended, acting economy minister Nadia Calvino said on Wednesday, signalling a potential hurdle.
Dubai's main share index (.DFMGI) finished 0.4% lower, hit by a 1.4% fall in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) lost 0.4%.
Oil prices - which fuel the Gulf economy - reversed course after rising over 1% in the previous session, on a firmer dollar and as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia.
The Qatari benchmark (.QSI), however, bucked the trend to close 0.7% higher, led by a 3.4% rise in petrochemical maker Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1%, driven by a 3.4% jump in Commercial International Bank Egypt (COMI.CA).
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