Mideast Stocks: Qatar bourse outperforms Gulf peers, Abu Dhabi nears record

Mideast Stocks: Qatar bourse outperforms Gulf peers, Abu Dhabi nears record

Qatar's stock market outperformed Gulf peers on Wednesday amid rising natural gas prices, while the Abu Dhabi index edged closer to a record closing high set on Aug. 11.

U.S. natural gas futures climbed about 3% to a 14-year high on Wednesday, on a drop in daily output, hotter than normal weather on the West Coast and in Texas, and near-record global prices.

The Qatari benchmark index advanced 1.8%, with most of the stocks in the index in positive territory including Qatar Islamic Bank, which jumped 3.8%. The Qatari stock market continues to find support amid surging natural gas prices, for which demand is still elevated due to high temperatures this summer, said Ahmed Fouad, head of sales at Emporium Capital.

In Abu Dhabi, the index finished 0.7% higher, edging closer to last Thursday's record, led by conglomerate International Holding Co (IHC). Shares of IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, have risen more than 120% so far this year. IHC, which straddles sectors from healthcare to real estate to IT and utilities, made 70 acquisitions worth 10 billion dirhams ($2.7 billion) this year.

Saudi Arabia's benchmark index gained 0.8%, with Retal Urban