Saudi Arabia's benchmark stock index (.TASI), opens new tab ended slightly lower on Thursday, weighed down by a fall in oil prices on expectations for a U.S.-Iran nuclear deal, while a surprise build in U.S. crude oil inventories last week heightened investor concerns about oversupply.
Oil prices are a catalyst for the Gulf's financial markets. Brent crude futures were down $1.98, or 3%, to $64.11 a barrel at 1217 GMT.
Earlier this week, investors were met with a wave of optimistic developments — from a breakthrough in the U.S.-China trade tensions to a series of high-profile investment agreements in the Middle East during U.S. President Donald Trump's Gulf visit.
But the enthusiasm faded on Thursday, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab inching 0.15% lower and Wall Street futures 0.5% weaker.
However, performance across Gulf stocks varied on Thursday. A 10% drop in construction material maker Zamil Industrial (2240.SE), opens new tab dragged Saudi Arabia's benchmark index lower by 0.41%.
Dubai's main share index (.DFMGI), opens new tab closed up 0.73%, supported by a 4.6% jump in toll gates operator Salik Company (SALIK.DU), opens new tab.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab settled up 0.04%, while Qatar's benchmark stock index (.QSI), opens new tab closed down 0.18%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab, extended gains to a fourth straight session, closing up 0.36%.
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