Gulf Markets Close Higher as Oil Prices Recover

Most Gulf stock markets closed higher on Thursday, recovering from early losses as oil prices bounced back, although the Federal Reserve's decision to raise interest rates limited gains. The Saudi index rose by 0.4% boosted by a 1.4% increase in shares of Dr. Suleiman Al Habib Medical Services Group. The Saudi stock market stabilized somewhat with the recovery in oil prices. In Dubai, the main index climbed 0.4% supported by a 3.2% jump in shares of Air Arabia, a low-cost airline. In Abu Dhabi, the index increased by 0.3%. The Qatari index surged by 1.5%, with most stocks on the index in the green, including shares of Commercial Bank, which closed 5.3% higher. The Egyptian stock market is closed for a public holiday.