DUBAI: Most stock markets in the Gulf dropped or stayed steady on Sunday as investors weighed the interest rate outlook ahead of next week’s Federal Reserve meeting, while the Saudi equities index bucked the trend.

Trading was cautious as investors eye the Fed’s meeting next week, where the central bank is widely expected to hold rates steady and will release updated economic projections.

The Qatari benchmark index was up marginally, with gains in industrials, utilities, real estate and energy offsetting losses in the finance, materials, consumer staples and communications sectors

Qatar National Bank, the region’s largest lender, and Qatar Islamic Bank both lost 0.6%, while Qatar Navigation climbed 3.6%.

Saudi Arabia’s benchmark index was up 0.3%, extending its rally to a fourth straight session with most sectors in the green. ACWA Power surged 8.6% and Ades Holding rose 3.5%.