Qatar's stock market surged 4.6%, marking its largest intraday gain in eight years, as its energy supply strategy eased concerns over the Iran conflict.
Qatar's benchmark index rose to 9,575 points on Sunday, recording its largest intraday gain in over eight years. Investor sentiment was bolstered by QatarEnergy's strategy to secure long-term liquefied natural gas (LNG) supplies from the U.S. and other producers, aiming to protect revenue in case of disruptions to exports through the Strait of Hormuz. Meanwhile, Gulf markets including Saudi Arabia, Kuwait, Oman, and Bahrain generally declined amid concerns about potential military action against Iran after the U.S. midterm elections. Iranian officials and Qatari mediators held a third day of talks in Doha aimed at reaching a deal to end the war.
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