Most stock markets in the Gulf closed lower yesterday, tracking global shares, while Abu Dhabi bucked the trend.
Post trading hours in the region, data showed US consumer prices increased by the most in more than a year in August.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.17 per cen t, while Tokyo’s Nikkei eased 0.21pc.
Saudi Arabia’s benchmark index declined 0.3pc, hitting a three-month low, dragged lower by a 3.5pc fall in petrochemicals maker Saudi Basic Industries Corp as the stock was trading ex-dividend.
Saudi Fisheries Co surged 5.8pc as the company reported a 30pc growth in second-quarter revenue to 16 million riyals ($4.27m).
Dubai’s main index eased 0.3pc as most sectors were in the red, including blue-chip developer Emaar Properties, which declined 1pc, while toll operator Salik Co lost 0.9pc.
The Dubai market could see some pressure as growth in the non-oil sector slows down, even though it remains positive overall, Hani Abuagla, senior market analyst at XTB Mena, said.
The Qatari index closed 0.2pc lower, with petrochemicals maker Industries Qatar slumping 1.1pc and Qatar Islamic Bank slipping 0.4pc.
However, bucking the trend, Abu Dhabi’s benchmark index closed marginally higher, amid volatility, supported by a 1.3pc gain in First Abu Dhabi Bank and 0.5pc rise in investment firm Multiply Group.
Crude prices, a key contributor to Gulf economy, also extended gains on supply concerns over Libyan output hit and Opec+ production cut.
Brent crude was up 0.4pc, or $0.34, to $92.40 a barrel yesterday.
Outside the Gulf, Egypt’s blue-chip index finished 1.1pc higher as Ezz Steel Co jumped 5.1pc.