Qatar Shares Decline Most Globally as World Cup Concern Grows - Bloomberg

Qatar Shares Decline Most Globally as World Cup Concern Grows - Bloomberg:



"Qatar’s stocks dropped the most in the world and bonds fell as concern deepened that the nation may lose the right to host the 2022 soccer World Cup, threatening as much as $200 billion of tournament-related investment.



The benchmark QE Index tumbled 2.4 percent, the most among more than 90 benchmarks tracked by Bloomberg globally, to close at 13,221.29. The yield on Qatar’s 5.25 percent bond due January 2020 rose four basis points, the most since March, to 2.41 percent at 4:19 p.m. in Doha. A panel looking into the awarding of the tournament said yesterday it will issue a report in July into the possibility of corruption in the process.



“There might be re-voting and that’s all very negative news,” Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, said by telephone. “Everyone is worried about it and everybody is reducing their positions.”



Britain’s Sunday Times reported two days ago that payments were made to soccer officials in return for support for Qatar’s bid to stage the 2022 tournament. The country’s World Cup Bid Committee denied the allegations and said it won on merit."



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