Most Gulf stock markets ended mostly lower on Thursday, led by Saudi Arabia, as oil prices slid more than $2 a barrel after the United States and Iran agreed to hold talks in Oman.
Crude prices, a key driver for Gulf financial markets, tumbled 2.2% with Brent trading at $67.93 per barrel by 1300 GMT.
The talks between the two sides come as the U.S. builds up forces in the Middle East, and regional players seek to avoid a military confrontation that many fear could escalate into a wider war.
Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 1.3%, snapping a three-session winning streak, with all constituents in negative territory. Declines were led by materials, IT and real estate. Saudi Arabian Mining (1211.SE), opens new tab dropped 5.4% and Saudi National Bank (1180.SE), opens new tab, the kingdom's largest lender by assets, slid 2.7%. Bank Albilad (1140.SE), opens new tab rose 0.8% after posting higher full-year net profit on Wednesday.
The Saudi index also logged a weekly loss of 1.8%, as profit-taking set in after three consecutive weekly gains.
"Market sentiment shifted to a risk-off mode, influenced by the mood in the U.S. and other global markets, as well as a decline in commodities, including oil prices," said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.
"While investors await further fourth-quarter earnings releases to potentially reignite the upward trend, external factors ranging from geopolitics to global market caution have temporarily dampened sentiment," he added.
The Qatari benchmark index (.QSI), opens new tab eased 0.3%, with most stocks lower. Qatar National Bank (QNBK.QA), opens new tab , the region's largest lender, fell 0.6% and Gulf International Services (GISS.QA), opens new tab dropped 1.2%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab was marginally higher, as losses in utilities, healthcare and consumer staples outweighed gains elsewhere. National Bank of Umm al-Qaiwain (NBQ.AD), opens new tab rose 3.2% after reporting a 15% increase in full-year net profit, while Abu Dhabi National Energy Company (TAQA.AD), opens new tab fell 1%.
Dubai's benchmark stock index (.DFMGI), opens new tab extended gains for a fourth straight session, adding 0.1% to 6,675 — a fresh record high since 2006. Emirates NBD (ENBD.DU), opens new tab, Dubai's biggest lender, gained 1.5% and Emaar Development (EMAARDEV.DU), opens new tab advanced 2.8%.
In separate data, the UAE's non-oil private sector logged the fastest growth in new business in nearly two years in January, driven by a sharp rise in new orders, a survey showed on Wednesday.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.2%, supported by an 8.1% jump in Ibnsina Pharma (ISPH.CA), opens new tab and a 2.2% gain in Fawry for Banking Technology (FWRY.CA), opens new tab.
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