Embargo Pain Soothed for Qatar as Stock-Market Rout Evaporates - Bloomberg

Embargo Pain Soothed for Qatar as Stock-Market Rout Evaporates - Bloomberg:

Qatari stocks made a breakthrough, recouping their losses from the trade and travel embargo imposed on the nation 14 months ago by its neighbors.

After trailing all the other major stock indexes except Pakistan’s in 2017, Qatar is among the world’s biggest gainers this year. The QE Index advanced 1.5 percent on Wednesday, bringing its increase in 2018 to 17 percent. While the country’s dollar bonds haven’t fared as well, the yield on debt due 2026 narrowed about 40 basis points since reaching a peak in May.

The gas-rich nation has offset the blow on its economy by finding ways around the sanctions, prompting Moody’s Investors Service to reverse last year’s downgrade in Qatar’s rating outlook. It said Qatar, which is hosting the 2022 soccer World Cup, is likely to withstand the boycott “in its current form or even with further restrictions for an extended period without a deterioration of its credit profile.”