Most stock markets in the Gulf were subdued in early trading on Tuesday, as investors were cautious ahead of the U.S. inflation data for clues on the Federal Reserve's interest rate cut strategy.
Dubai's benchmark stock index (.DFMGI), opens new tab slipped 0.4%, dragged down by industry and real estate sectors, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab sliding 1.1% and Air Arabia (AIRA.DU), opens new tab dropping 3.4%.
The low-cost flyer Air Arabia reported a 22% decline in its quarterly profit on Monday.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was down 0.2%, with conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab falling 1.6% and First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender, dropping 1%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was little changed in early trading, with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gaining 1.1% and Elm Company (7203.SE), opens new tab adding 1.7%. Emaar Economic City(4220.SE), opens new tab, however, dropped 4.7%, after the developer's quarterly loss widened.
The Qatari benchmark index (.QSI), opens new tab edged up 0.2%, helped by a 0.7% gain in Masraf Al Rayan (MARK.QA), opens new tab and a 0.4% rise in Qatar National Bank(QNBK.QA), opens new tab, the region's biggest lender.
Investors are watching the U.S. Consumer Price Index data due on Wednesday for clues to when the Fed will consider cutting interest rates.
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.
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