Most stock markets in the Gulf region closed higher today, Monday, amid optimism that the Federal Reserve (the U.S. central bank) will halt interest rate hikes this month. The rise in oil prices also improved investor sentiment. The Saudi index rose by 0.6% with shares of Dr. Sulaiman Al Habib Medical Services Group increasing by 2% and shares of oil giant Saudi Aramco rising by 1.2%.
Crude oil prices increased by more than a dollar per barrel after Saudi Arabia committed to reducing production by another one million barrels per day starting from July. The Dubai index closed up by 1.4% after shares of the Dubai Electricity and Water Authority surged by 6.4%. The Qatari index rose by 0.4% with shares of Qatar Islamic Bank up by 1.4%, while the Abu Dhabi index declined by 0.3%.
