Most stock markets in the Gulf were subdued in early trade on Wednesday on falling oil prices and amid caution ahead of the release of U.S. inflation data.
Crude prices - a key catalyst for the Gulf's financial markets - edged lower as industry data showed U.S. crude stockpiles rose more than expected and on worries a rebound in COVID-19 cases in top importer China would hurt fuel demand.
COVID-19 cases in Guangzhou and other Chinese cities have surged, with millions of residents of the global manufacturing hub being required to have COVID-19 tests on Wednesday. Saudi Arabia's benchmark index (.TASI) dropped 0.8%, extending losses from the previous session, hit by a 2.4% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.6% decrease in Retal Urban Development Co (4322.SE).
Elsewhere, oil giant Saudi Aramco (2222.SE) retreated 1.3%, as the stock traded ex-dividend.
Dubai's main share index (.DFMGI) fell 0.3%, with utility firm Dubai Electricity and Water Authority (DEWAA.DU) advancing 1.2% and Emirates NBD (ENBD.DU) losing 0.8%. In Abu Dhabi, the index (.FTFADGI) eased 0.1%, on course to extend losses from the previous session, weighed down by a 0.7% drop in the country's biggest lender First Abu Dhabi Bank (FAB.AD).
But conglomerate International Holding (IHC.AD) rose more than 1% in morning trade following a sharp surge in its quarterly earnings.
Separately, United Arab Emirates' Mubadala Capital in talks to buy 20% of Brazilian soccer league LIBRA for $971 million. read more
Qatari stocks (.QSI) added 0.1%, helped by a 2% jump in Ooredoo (ORDS.QA). In the previous session, the telecoms firm gained 3% following a report that Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) would consider bidding for Ooredoo's tower unit.
