Qatar’s shares fell to the lowest level in more than a week on speculation optimism over economic and earnings growth related to the Persian Gulf country’s win to host the soccer World Cup in 2022 may have been overdone.
Barwa Real Estate Co., Qatar’s biggest publicly traded property developer by assets, declined to the lowest level since Dec. 6. Commercial Bank of Qatar, the country’s second-biggest lender, lost the most this month. The QE Index slid 0.5 percent to 8,733.16, the lowest since Dec. 7, at the 12:30 p.m close in Doha. The measure has lost 0.2 percent this week, trimming the gain since winning the rights on Dec. 2 to host the tournament to 6.7 percent. The Bloomberg GCC 200 Index of 200 companies in the Persian Gulf gained less than 0.1 percent.
“Following the euphoria of the World Cup, the market did well,” said Ahmed Talhaoui, Abu Dhabi-based head of investment at Royal Capital. “Now we see some profit-taking. The rally is overdone.”
No comments:
Post a Comment