Major Gulf stock markets moved sideways early on Tuesday, with financials and energy stocks weighing on Saudi Arabia and real estate shares underpinning Dubai's index. Saudi's benchmark index dropped 0.4% with state-owned Saudi Aramco shedding 0.6% and Al Rajhi Bank losing 0.3%.

On Sunday, Al Rajhi Capital Research rated Aramco "neutral", in line with most other brokerages, and set a target price of 37.5 riyals per share. The International Monetary Fund trimmed its forecast for Saudi Arabia's economic growth to 1.9% this year due to oil output cuts agreed with oil exporters, having previously forecast the kingdom's gross domestic product would grow 2.2%.

Riyadh led an agreement last month that committed the OPEC+ group of oil producers to some of the deepest output cuts in a decade, to avert oversupply and support prices. Amongst others, National Shipping Company Of Saudi Arabia fell 0.9%, despite the firm receiving letter from interior ministry on Monday, extending its contract.

In Dubai, the index edged up 0.1% as Emaar Properties gained 0.5%, while its unit Emaar Malls added 1.1%. The Qatari index was up 0.1% driven by a 2.4% leap in lender Masraf Al Rayan after the bank reported a higher annual profit.

However, the gains were capped by losses elsewhere including Qatar Gas Transport, which opened 1.2% down. Abu Dhabi's index eased 0.1%. Emirates Telecommunications retreated 0.5% and Abu Dhabi Islamic Bank was down 0.3%.