Most Gulf stock markets were subdued in early trade on Thursday amid falling oil prices and following US Federal Reserve Chair Jerome Powell's hawkish tone on rates, reports Reuters.
Powell in his remarks to lawmakers in Washington on Wednesday said the outlook for two further 25-basis-point (bps) rate increases are "a pretty good guess" of where the central bank is heading if the economy continues in its current direction.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
In Qatar, the benchmark index slumped 1.1 per cent, with most sectors trading in the red, with region's largest lender Qatar National Bank dropping 2.1 per cent and Masraf Al Rayan sliding 1.1 per cent.
Dubai's benchmark stock index eased 0.1 per cent, with Emaar Properties falling 0.3 per cent and National Central Cooling shedding 1 per cent.
Saudi Arabia's benchmark stock index slipped 0.1 per cent, dragged down by losses in finance and energy sectors, with National Shipping Company dropping 2 per cent and Jabal Omar falling 0.8 per cent.
The world's largest Islamic bank by assets, Al Rajhi Bank and oil company Saudi Aramco lost 0.4 per cent and 0.3 per cent respectively.
Elsewhere, shares of First Milling Co shot up as much as 30 per cent to 78 riyals per share in its market debut from an offer price of 60 riyals per share.
Crude oil prices - a key catalyst for the Gulf's financial markets - dipped on Thursday with Brent crude down 0.4 per cent at $76.780 a barrel at 0800 GMT.
In Abu Dhabi, the benchmark stock index gained only marginally, helped by a 2.8 per cent rise in Alpha Dhabi Holding and 0.9 per cent gain in Q Holding.
But the United Arab Emirates largest lender First Abu Dhabi Bank lost 0.7 per cent.
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