Qatar stocks dip on Fifa World Cup worries

Qatar’s stocks yesterday fell as much as 3.3 per cent before closing 2.4 per cent lower as concern deepened the nation may lose the right to host the 2022 Fifa World Cup.

Qatar Islamic Bank led the decline, retreating 7.6 per cent. A panel looking into the awarding of the tournament said on Monday it would 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,” said Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp Financial Services. “Everyone is worried about it and everybody is reducing their positions.”

UAE markets also dipped yesterday, with the Dubai index falling 1.5 per cent to 5,072.9 points and Abu Dhabi’s by 1.4 per cent to 5,064.

The property sector led the decline in Dubai, with Union Properties losing 2.1 per cent to Dh2.33 each. Emaar’s stock also fell by 3.4 per cent to Dh10.05 each, while Arabtec stock dropped by 2.4 per cent to Dh6.42 each.

In Abu Dhabi, Aldar Properties stock lost 3 per cent to Dh4.27 each.

Shares of Union National Bank fell 2.9 per cent to Dh6.31 each, while FGB also dropped by 2.9 per cent to Dh16.8 a share.

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