Major stock markets in the Gulf were subdued in early trading on Tuesday amid volatile oil prices, while investors looked forward to inflation data later this week for clues on the path of U.S. interest rate cuts.
Oil prices, a catalyst for the Gulf's financial markets, flitted between gains and losses as markets waited for an OPEC+ meeting on June 2. Brent edged up to $83.18 a barrel by 0800 GMT.
The Federal Reserve's preferred measure of inflation, core personal consumption expenditures, due on Friday, will be closely watched by investors for clues on the U.S. central bank's monetary easing plan.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab fell 0.4%, after declining for the last five sessions. Conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab slid 2.6% and Aldar Properties (ALDAR.AD), opens new tab, the emirate's biggest developer, fell 2.3%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.3%, weighed down by losses in most sectors. ACWA Power (2082.SE), opens new tab slipped 1.4% and Mouwasat Medical (4002.SE), opens new tab dropped 3.8%.
The Qatari benchmark index (.QSI), opens new tab slid 0.1%, pressured by a 1.4% drop in Qatar Fuel Co (QFLS.QA), opens new tab and a 1.1% loss in Commercial Bank (COMB.QA), opens new tab.
Dubai's benchmark stock index (.DFMGI), opens new tab rose 0.1%, helped by gains in most sectors. Blue-chip developer Emaar Properties (EMAR.DU), opens new tab advanced 1% and tolls operator Salik Company (SALIK.DU), opens new tab added 1.3%. However, Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, and Ajman Bank (AJBNK.DU), opens new tab lost 0.6% and 1.7% respectively.
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