Oil, a key driver for Gulf financial markets, fell on oversupply concerns, though U.S. sanctions on major Russian producers helped limit losses. Brent crude was down 2.5% at $63.3 a barrel by 1300 GMT.
Dubai's benchmark stock index was down 0.6%, pressured by broad-based losses. Emaar Properties fell 1.1% and Dubai Electricity and Water Authority slipped 2.6%.
The Abu Dhabi benchmark index fell 0.2%, extending losses into a sixth session and hitting a near five-month low. First Abu Dhabi Bank, the UAE's largest lender, lost 1.2% and Abu Dhabi Islamic Bank declined 1.5%, while Presight AI Holding added 2.2%.
Separately, South Korea agreed to work with the United Arab Emirates on the U.S.-backed Stargate project to build a large artificial intelligence data campus in the Gulf state, Seoul said on Tuesday.
Saudi Arabia's benchmark stock index was down 0.9%, with almost all sectors in negative territory, led by healthcare, real estate and information technology. Al Rajhi Bank declined 1.6% and Arabian Internet and Communications Services Co lost 1.7%.
"GCC markets mostly trended lower as investors stayed cautious ahead of Nvidia's earnings after the U.S. close," said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, adding that the report is seen as a key gauge for the AI sector amid worries over stretched valuations and heavy capital flows into artificial intelligence.
The Qatari benchmark index snapped a five-session losing streak, rising 0.6%, with almost all stocks advancing. Industries Qatar gained 3%, while Ooredoo added 1.9%.
The Abu Dhabi benchmark index fell 0.2%, extending losses into a sixth session and hitting a near five-month low. First Abu Dhabi Bank, the UAE's largest lender, lost 1.2% and Abu Dhabi Islamic Bank declined 1.5%, while Presight AI Holding added 2.2%.
Separately, South Korea agreed to work with the United Arab Emirates on the U.S.-backed Stargate project to build a large artificial intelligence data campus in the Gulf state, Seoul said on Tuesday.
Saudi Arabia's benchmark stock index was down 0.9%, with almost all sectors in negative territory, led by healthcare, real estate and information technology. Al Rajhi Bank declined 1.6% and Arabian Internet and Communications Services Co lost 1.7%.
"GCC markets mostly trended lower as investors stayed cautious ahead of Nvidia's earnings after the U.S. close," said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, adding that the report is seen as a key gauge for the AI sector amid worries over stretched valuations and heavy capital flows into artificial intelligence.
The Qatari benchmark index snapped a five-session losing streak, rising 0.6%, with almost all stocks advancing. Industries Qatar gained 3%, while Ooredoo added 1.9%.
Markets are now awaiting Thursday's delayed September non-farm payrolls report, with traders pricing about a 42% chance of a 25-basis-point Federal Reserve rate cut in December, down from near certainty a month ago. U.S. monetary policy moves are closely followed in the Gulf, where most currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index ended little changed, supported by a 6.1% gain in Misr Cement and a 2.3% rise in E-Finance For Digital And Financial Investments , which said it was formulating a new three-year investment strategy.
Outside the Gulf, Egypt's blue-chip index ended little changed, supported by a 6.1% gain in Misr Cement and a 2.3% rise in E-Finance For Digital And Financial Investments , which said it was formulating a new three-year investment strategy.
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