Major stock markets in the Gulf were in negative territory early on Thursday, tracking Asian shares lower, with the Saudi index on course to post its third weekly loss.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.2%, before the big test of a U.S. consumer inflation report, while market sentiment took a dive as the likely collapse of a major crypto exchange spooked investors.
The U.S. consumer price index (CPI) data for October is due at 1330 GMT, with economists polled by Reuters forecasting a decline in both monthly and yearly core numbers to 0.5% and 6.5%, respectively.
Saudi Arabia's benchmark index (.TASI) dropped 1%, extending losses for a second session, weighed down by a 0.9% fall in Al Rajhi Bank (1120.SE) and a 1.3% decline in Dr Sulaiman Al-Habib Medical Services (4013.SE).
However, Prince Alwaleed Bin Talal's Kingdom Holding (4280.SE) jumped 3.2%, after reporting a sharp surge in quarterly earnings. Dubai's main share index (.DFMGI) fell 0.3%, with blue-chip developer Emaar Properties (EMAR.DU) losing 0.6% and top lender Emirates NBD (ENBD.DU) falling 0.4%.
On the other hand, budget airliner Air Arabia (AIRA.DU) gained 1.9% following a steep rise in third-quarter profit.
Dubai schools operator Taaleem Holdings announced a price range of between 2.95 dirhams and 3 dirhams per share for its upcoming initial public offering.
The company plans to raise 750 million dirhams ($204.21 million) from the IPO to expand its premium schools network. In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
Crude prices - a key catalyst for the Gulf's financial markets - extended losses for a fourth consecutive session, as renewed COVID curbs in China, the world's biggest crude importer, weighed on the market and traders await U.S. inflation data for clues on further interest rate increases.
Prices were also under pressure after a big buildup in U.S. crude inventories reported on Wednesday.
The Qatari index (.QSI) retreated 0.7%, as most of the stocks on the index were in negative territory.
