Major Gulf bourses fell on Thursday and Abu Dhabi’s share index slipped more than 1%, after First Abu Dhabi Bank (FAB) withdrew its offer for a stake in Egypt’s EFG Hermes.

Global sentiment remained upbeat after recent U.S. data raised hopes that inflation may be close to peaking, though several major central banks raised rates aggressively.

Meanwhile, oil prices slipped amid thin trading volumes ahead of a public holiday.

Abu Dhabi’s index traded lower for the second consecutive session and was last down 1%.

Shares of FAB fell 1.7% after UAE’s biggest lender said it has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes.

Shares of Dewa Water and Electrical Authority fell 2.1%. Earlier this week, the stock jumped 20% in the region’s biggest initial public offering since Saudi Aramco in 2019.

Saudi Arabia’s benchmark index fell 0.6%, with state-run Saudi Aramco down 0.5%.

The region is expected to report March inflation data later in the day.

Dubai’s main share index edged lower marginally, with gains in real estate stocks offset by losses in industrials.

The Qatari index was flat.