Major Gulf stock markets fell in early trade on Tuesday on a decline in oil prices as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears.
Dubai's main share index fell 0.5%, hitting its lowest since late January, as Dubai Electricity And Water Authority dropped 1.2% and Emirates Integrated Telecommunication slipped 1%.
Shares of Tecom Group, which is owned by the investment vehicle of Dubai's ruler, declined 6.4% in their stock market debut.
The company had raised 1.7 billion dirhams ($462.87 million) from investors by offering 625 million ordinary shares in its IPO at 2.67 dirhams a share.
However, Dar Al Takaful surged 6.1% a day after the firm announced completion of legal procedures to merge with National Takaful Company.
The Qatari index lost 0.4%, with Gulf's largest lender falling 1.2%.
Separately, Qatar's economy grew 2.5% in the first quarter from a year earlier, although the growth fell slightly from the previous quarter, official estimates showed on Tuesday.
Saudi Arabia's benchmark index dropped 0.2%, on course to extend losses to straight fourth session, hit by a 1.5% fall in Riyad Bank and a 0.8% decrease in Retal Urban Development Company.
Separately, the Saudi king has ordered the allocation of 20 billion riyals ($5.33 billion) to tackle the effects of rising global prices, state news agency SPA reported on Monday.
In Abu Dhabi, the equities index edged up 0.1%, boosted by a 0.7% gain in conglomerate International Holding Company and a 1.5% rise in Abu Dhabi Islamic Bank .
($1 = 3.6727 UAE dirham) ($1 = 3.7527 riyals)
(Reporting by Mohd Edrees in Bengaluru; editing by David Evans)