Major Gulf markets ease on weak oil, lackluster earnings

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Major stock markets in the Gulf were subdued on Monday on soft oil prices and disappointing corporate earnings.Saudi Arabia's benchmark index TADAWUL:TASI dropped 0.3%, hit by a 1.2% fall in Al Rajhi Bank TADAWUL:1120 and a 0.6% decrease in Saudi National Bank TADAWUL:1180, the country's biggest lender by assets.Elsewhere, Al Khaleej Training and Education Co TADAWUL:4290 plunged 10%, following a decrease in third-quarter profit.Crude prices - a catalyst for the Gulf's financial markets - rose on optimism that the U.S. government shutdown could end soon and lift demand in the world's top oil consumer, offsetting concerns about rising supplies globally.Dubai's main share index DFM:DFMGI eased 0.1%, with blue-chip developer Emaar Properties DFM:EMAAR losing 0.7%.In Abu Dhabi, the index ADX:FADGI was down 0.1%, pressured by a 0.6% decline in Aldar Properties ADX:ALDAR.However, Fertiglobe ADX:FERTIGLB - the largest producer of nitrogen fertilisers in the Middle East and North Africa - advanced 1.7%, after the firm turned to quarterly profit.The Qatari index QSE:GNRI added 0.2%, helped by a 0.5% increase in Qatar Islamic Bank QSE:QIBK.

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