oct 24 reuters  most stock markets in the gulf fell on monday with lower oil prices although the saudi index erased early losses to close higher crude prices a key catalyst for gulf markets slid after chinese data showed that demand from the worlds largest crude importer remained lacklustre in september as strict covid19 policies and fuel export curbs depressed consumption in abu dhabi the index  dropped 05 with the countrys biggest lender first abu dhabi bank  down 06 dubais main share index  fell 06 with a 1 drop in shariacompliant lender dubai islamic bank  and a 08 drop in bluechip developer emaar properties  the dubai stock market is seeing some volatility while global sentiment remains uncertain said wael makarem senior market strategist at exness at the same time the market could see some support from the initial public offering of empower which could draw liquidity and investors interest in the market dubais emirates central cooling systems corporation empower plans to launch its initial public offering next week company executives said on monday empower is the fourth statelinked entity to seek a listing this year in dubai in a programme aimed at boosting investor interest in the domestic stock exchange the benchmark index  in qatar closed down 08 as islamic lender masraf al rayan  fell 28 and commercial bank  which is scheduled to report its ninemonth earnings retreated 27 saudi arabias benchmark index  reversed early losses to close 06 higher extending gains for a second session with al rajhi bank  adding 07 elsewhere shares of saudi dairy and foodstuff co  soared 10 in their biggest intraday gain since august on a 60 jump in the companys quarterly net profit shares of saudi kayan petrochemical co  dropped 38 after the company swung to a quarterly loss of 81227 million riyals 21614 million saudi arabias crown prince on sunday launched an initiative to attract investments in supply chains to and from the kingdom with an aim of raising an initial 40 billion riyals 1064 billion outside the gulf egypts bluechip index  gained 06 led by a 25 rise in commercial international bank egypt  according to makarem the egyptian market remains exposed to a reversal as international investors continue to sell reporting by ateeq shariff in bengaluru editing by kirsten donovan