Major stock markets in the Gulf were subdued in early trade on Tuesday, on falling oil prices as the world's biggest crude importer China's economic reforms underwhelmed investors.

Oil prices - a catalyst for the Gulf's financial markets - fell for a second day as pledges by China to transform its economy amid stuttering growth since the COVID-19 pandemic failed to impress investors concerned about slower consumption.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday extended their voluntary oil output cuts of 2.2 million barrels per day (bpd) into the second quarter to support prices amid global growth concerns and rising output outside the group.

Saudi Arabia's benchmark index was down 0.1%, hit by a 1.2% fall in the country's biggest lender Saudi National Bank .

However, oil giant Saudi Aramco added 0.6%.

Singapore's Temasek Holdings has shortlisted Aramco among a handful of companies to purchase most of the assets of liquefied natural gas trading firm Pavilion Energy, Reuters reported on Tuesday, citing sources with knowledge of the matter.

In Abu Dhabi, the index eased 0.1%.

Dubai's main share index declined 1.1%, weighed down by a 1% fall in blue-chip developer Emaar Properties and a 2% slide in toll operator Salik CO.

Meanwhile, non-oil business activity in the United Arab Emirates accelerated in February after a slowdown the previous month, helped by a rise in output and business confidence, a survey showed on Tuesday.

Separately, the Qatari benchmark lost 0.7%, as most of its constituents were in negative territory, including the Gulf's biggest lender Qatar National Bank, which was down 1.7%.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Mrigank Dhaniwala)