Sept 27 Reuters Most major stock markets in the Gulf extended losses on Wednesday as concerns over interest rate hikes checked investor enthusiasm, although higher oil prices gave the Saudi Arabian bourse its biggest boost in nearly four months.

The Fed last week held its policy rate steady in a range of 5.255.50, but most policymakers signalled one more interestrate hike by the end of the year would likely be appropriate.

Monetary policy in the sixmember Gulf Cooperation Council GCC is usually guided by Fed policy decisions because most regional currencies are pegged to the U.S. dollar.

Oil prices a catalyst for Gulf39;s financial markets rose by more than 1 on Wednesday, with Brent crude futures broaching 95, up 1.14 to 95.10 a barrel by 1112 GMT.

The Qatari benchmark stock index fell 0.6, with financial and industrial stocks were among the top losers on the index. Qatar Islamic Bank dropped more than 1.4, while chemical makers Industries Qatar was down 1.3.

Among other banking stocks, heavyweight Commercial Bank and Qatar National Bank, the Gulf39;s biggest lender, fell 2 and 0.3, respectively.

Dubai39;s main share index slipped 0.7, as losses in finance and utilities stocks were capped by gains in industrial sectors.

Emirates NBD Bank, Dubai39;s largest lender, and bluechip developer Emaar Properties fell 1.7 and 2.3, respectively, but Gulf Navigation Holding was up 3.4.

In Abu Dhabi, the benchmark index, finished in the red, led by a 0.1 decrease in First…