Most Gulf bourses muted as lower oil, Fed rate uncertainty weigh

Most Gulf stock markets fell in early trade on Monday, tracking weaker oil prices, as investors awaited a raft of US economic data following the end of the government shutdown. Oil, a key driver for Gulf financial markets, slipped as loadings resumed at the key Russian export hub of Novorossiysk after a two-day suspension at the Black Sea port that had been hit by a Ukrainian attack. Brent was trading at $63.91 a barrel by 0810 GMT. The Qatari benchmark index dropped 0.6%, weighed by broad-based declines. Industries Qatar fell 1.4%, while Qatar National Bank, the region’s largest lender, eased 1%. Dubai’s benchmark stock index shed 0.3%, pressured by consumer staples, real estate and communications stocks.