Stock markets in the Gulf declined on Tuesday, led by the Dubai index, as investors assessed the likely path of interest rates from the U.S. Federal Reserve ahead of key inflation data due later in the week.
Dubai's benchmark index (.DFMGI), opens new tab was down 0.8%, after gaining for three straight sessions, with most of its constituents posting losses.
Blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropped 1.6% and Dubai Islamic Bank (DISB.DU), opens new tab slid 1.2%, while Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, lost 0.9%.
The Qatari benchmark index (.QSI), opens new tab ended 0.7% lower, down for the second consecutive session, with all sectors in the red.
Qatar Gas Transport (QGTS.QA), opens new tab and Qatar's Commercial Bank (COMB.QA), opens new tab slid 1.5% each, while Masraf Al Rayan (MARK.QA), opens new tab fell 5.3%.
But Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, gained 0.6%.
Saudi Arabia's benchmark index (.TASI), opens new tab slipped 0.6%, extending its losses to a third straight session.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, and Saudi National Bank (1180.SE), opens new tab, the kingdom' largest lender, dropped 0.7% and 1.1%, respectively.
Middle East Pharmaceutical Industries (4016.SE), opens new tab and Saudi Arabian Mining (1211.SE), opens new tab, down 3.8% and 1.2%, respectively, were among other losers.
The healthcare services provider Mouwasat Medical Services (4002.SE), opens new tab, however, gained 8.2%, the sharpest intraday rise in a year.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was little changed, with Aldar Properties (ALDAR.AD), opens new tab slipping 1% and conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab down 0.3%, while Abu Dhabi Islamic Bank (ADIB.AD), opens new tab gained 1.1%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab snapped its three-session winning streak and ended 1% lower, with all sectors in the negative territory.
Commercial International Bank (COMI.CA), opens new tab slipped 1.3% and El Sewedy Electric (SWDY.CA), opens new tab lost 4%.
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