Qatar’s World Cup-Stoked Rout Attracting Bargain Hunters - Bloomberg

Qatar’s World Cup-Stoked Rout Attracting Bargain Hunters - Bloomberg:



"The worst Qatar stock rout in nine months is creating a buying opportunity for some of the biggest Middle East investors, who say they’re undaunted by speculation the country will lose the right to host the 2022 World Cup.



Emirates NBD PJSC, whose wealth management division oversaw about $2.1 billion at the end of 2013, says it’s looking to add stocks because any impact on corporate earnings from the loss of the World Cup would be minor. Doha’s Al Rayan Investment LLC is also boosting equity holdings while Qatar National Bank Financial Services, the country’s second-biggest brokerage, is recommending investors buy shares of “fundamentally strong” companies.



For all the focus on the World Cup probe, the investors say the nation’s economic expansion and natural gas reserves will help rekindle the rally in one of the world’s top-performing markets this year. The QE Index has sunk 4.1 percent, wiping out $5.1 billion in stock market value, after Britain’s Sunday Times reported June 1 that officials got more than $5 million to help Qatar win the rights. The nation’s bidding committee denies wrongdoing."



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