The UAE and other Gulf markets were trading mixed on Wednesday morning.
Abu Dhabi Securities Exchange fell 1.5 percent while the Dubai bourse was down by over half a percent.
The Abu Dhabi bourse was driven down by First Abu Dhabi Bank, Aldar Properties and Abu Dhabi Commercial Bank, while Dubai Financial Market fell due to decline in DXB Entertainment, Ajman Bank, Tabreed, Gulf Navigation and Air Arabia.
Saudi Arabia's Tadawul was 1.5 per cent within a few minutes of opening the trade on Wednesday.
The regional markets were impacted by China-US trade tension, volatility in oil prices as well, US stock futures as well as developments taking place at the regional level related to coronavirus pandemic.
Oil prices reversed course to edge lower on Wednesday as a higher than expected rise in US inventories refocused investors on the risk of oversupply amid a coronavirus-driven slump in fuel demand. US West Texas Intermediate (WTI) crude futures fell 27 cents, or 1.1per cent, to $24.29 a barrel by 0436 GMT, snapping a five-day winning streak. Brent crude futures dipped 20 cents, or 0.7 per cent, to $30.77 a barrel, ending a six-day rise.
Boursa Kuwait was also trading 0.87 percent higher at 5,319.6 points while Bahrain Bourse and Oman's Muscat Securities Market were trading negative. Bahrain Bourse was down by 0.20 per cent while Muscat Securities Market was down slightly by 0.06 per cent to 3,491 points.
