Gulf stock markets fell on Wednesday, in a reflection of global markets' concern about the Federal Reserve (the US central bank) imposing another significant increase in US interest rates.
Sentiment in stock markets fell after August's U.S. inflation report dashed hopes that the U.S. central bank would ease tightening its interest rate hike policy in the coming months.
Investor sentiment in the GCC also fell, after the report boosted expectations that interest rates may have to be raised to higher levels and longer. Most GCC countries peg their currencies to the U.S. dollar and widely track the Fed's policy moves.
Meanwhile, oil prices fell 0.4% to $92.79 a barrel by 04:07 GMT, despite OPEC's strong outlook for oil demand growth.
Saudi Arabia's main index fell 1.3 percent, with financial and real estate sector shares leading the losses, Retal Urban Development down more than 2 percent, and Al Rajhi Bank down 1.9 percent.
Oil giant Saudi Aramco also fell 0.7 percent.
A day after recording its biggest increase of the day in nearly three months on the back of Salik's IPO plan, Dubai's index fell 0.9%, weighed down by a decline in financial and real estate stocks.
Emirates NBD, the emirate's largest bank, and leading Emaar Properties fell 2.3% and 1.8%, respectively.
Bank stocks also sent Abu Dhabi's index down 0.2 percent, ending a five-day winning streak, with First Abu Dhabi Bank, the UAE's largest bank, losing 1.4 percent.
Shares of Abu Dhabi National Energy Company (TAQA) rose 12.4 percent after Multiplay acquired a 7.3 percent stake in the group in a deal worth 10 billion dirhams ($2.72 billion), and Multiplay rose 1.6 percent.
In Qatar, the main index fell 1.7% with almost all of its listed shares falling, with bank shares falling the most with Qatar National Bank, the Gulf's largest bank, losing 2.5%.
