Most stock markets in the Gulf fell on Tuesday, tracking a pullback in global peers on fears of slowing economic growth, although the Saudi index bucked the trend to trade higher.

Asian and European equities were sharply lower and futures pointed to a weaker open for Wall Street after an earnings warning from Snap Inc dampened the positive sentiment of the last few trading days.

In Abu Dhabi, the index dropped 1.2%, hit by a 1.3% fall in United Arab Emirates-based telecoms company e&.

Separately, Abu Dhabi-headquartered petrochemicals firm Borouge said on Monday it secured seven cornerstone investors, including India’s wealthy Adani family for its $2 billion initial public offering.

Most Gulf indexes track decline in global shares

Gulf oil producers are following in the footsteps of Abu Dhabi with plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.

Dubai’s main share index retreated 1.6%, dragged down by a 2.9% fall in sharia-compliant lender Dubai Islamic Bank and a 2.5% decrease in blue-chip developer Emaar Properties.

The Qatari index eased 0.3%, with petrochemical maker Industries Qatar losing 0.5% and Qatar Islamic Bank dropping 0.4%.

Oil prices were caught between worries over a possible global downturn and the prospect of higher fuel demand from the US summer driving season and Shanghai’s plans to reopen after a two-month coronavirus lockdown.

Bucking the trend, Saudi Arabia’s benchmark index gained 0.6%, on track to end three sessions of losses, thanks to a 0.7% increase in Al Rajhi Bank.