Qatar Stocks Surge 4.6% in Eight-Year High as Regional Markets Slide
Qatar's stock exchange surged 4.6% in its largest daily gain in over eight years, defying regional market drops amid US-Iran tensions. Meanwhile, S&P affirmed Qatar's credit rating at AA/A-1+ with a stable outlook.
The Qatari stock market surged by 4.6%, registering its sharpest daily gain in over eight years, bucking a regional trend of declines driven by fears of renewed US-Iran tensions. Meanwhile, QatarEnergy is working to secure long-term supplies of liquefied natural gas from the United States and other producers to safeguard revenues against potential export disruptions through the Strait of Hormuz.
The rallies in Doha were led by major equities, with Qatar National Bank rising by 3% and Industries Qatar surging by 7.9%. Concurrently, S&P Global Ratings affirmed Qatar's credit rating at AA/A-1+ with a stable outlook, highlighting the state's substantial liquid assets and fiscal buffers despite regional security risks.
In contrast, Saudi Arabia's benchmark index dropped by 0.8%, with nearly all listed stocks finishing in negative territory. The Saudi Arabian Mining Company fell by 2.6%, and Jabal Omar Development plunged by 7.3% after reporting a net loss of 261.61 million riyals ($69.76 million) for the third quarter. Conversely, Elm Company stood out with a 9% surge following a 39% increase in quarterly net profit.
Regional markets remain weighed down by concerns over potential US military action against Iran, while Tehran has repeatedly warned that new strikes will provoke retaliation against American and Israeli interests in neighboring states. In Egypt, the EGX30 index lost 1.7% following the central bank's decision to raise its key interest rate by 100 basis points, marking the first hike since March 2024.
