Major Gulf stock markets opened lower in a choppy trade on Thursday, in line with Asian shares, as global investors struggled to find their footing in a wild week for markets.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.5%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab losing 3.2% and ACWA Power Company (2082.SE), opens new tab was down 1.3%.
On the other hand, oil giant Saudi Aramco (2222.SE), opens new tab gained 0.5%.
Aramco will buy from Japan's Sumitomo Chemical (4005.T), opens new tab a 22.5% stake in their petrochemical joint venture Petro Rabigh (2380.SE), opens new tab for $702 million, the companies said on Wednesday, outlining a turnaround strategy for the loss-making venture.
Petro Rabigh shares were up 5.5%.
Dubai's main share index (.DFMGI), opens new tab eased 0.1%, with toll operator Salik Co (SALIK.DU), opens new tab dropping 0.9%.
However, the index's losses were limited by a 0.7% increase in blue-chip developer Emaar Properties (EMAR.DU), opens new tab after reporting a rise in first-half net profit.
In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.2%.
Meanwhile, weekly U.S. jobless claims data due later in the day could prove market moving, following soft monthly payrolls figures on Friday that exacerbated fears of a U.S. economic downturn.
Traders are currently pricing in 111 basis points of cuts to the Fed funds rate over the remaining three meetings this year, which many analysts see as overdone.
The Qatari benchmark (.QSI), opens new tab declined 0.3%, with Qatar Islamic Bank (QISB.QA), opens new tab falling 0.9%.
Oil prices - a catalyst for the Gulf's financial markets - fell in choppy trade, and looked set to snap a two-session streak during which they gained about 3% due to growing supply risks amid simmering tensions in the Middle East.
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