Most major Gulf stock markets were subdued in early trade on Monday amid falling oil prices and mixed signals from the US Federal Reserve, coupled with geopolitical tensions over the Israel-Hamas war, reports Reuters.
Markets were wary of potential US policy tightening after Fed Chair Jerome Powell said last week that it could raise interest rates again if progress on curbing inflation stalls.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the US dollar.
Saudi Arabia's benchmark index eased 0.1 per cent, hit by a 9.7 per cent slide in Fawaz Abdulaziz AlHokair, on course to extend losses for a third session.
Last week, the Saudi-based apparel and accessories retailer posted a net loss after zakat and tax at 202.9 million riyals ($54.10 million) compared to a profit of 21.1 million riyals year ago.
Separately, foreign investors pulled a record amount of money from US equity funds tracking Saudi Arabia in October as the Middle East's worst violence in decades shook the region's business-friendly narrative.
Dubai's benchmark index added 0.2 per cent, helped by a 0.7 per cent gain in blue-chip developer Emaar Properties.
Two more major hospitals in Gaza closed to new patients on Sunday, with staff saying that the continued Israeli bombardment plus lack of fuel and medicine meant more babies and others could die.
In Abu Dhabi, the index was flat.
Oil prices, a key catalyst for the Gulf's financial market, fell, as demand worries trumped supply concerns, amid slowing growth in the United States and China.
The Qatari benchmark edged 0.1 per cent higher, with Qatar Islamic Bank gaining 1.1 per cent.
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