Qatar stock market shrugs off 2022 World Cup concerns
DOHA - Qatar's stock market shrugged off 2022 World Cup concerns on Wednesday, the first day of trading since FIFA president Sepp Blatter's resignation, to recover almost all early losses.
The Qatar Exchange index closed just 0.02 percent down at 12,182 points. That was just two points down on the previous day's trading.
Earlier on Wednesday it had dived more than three percent to 11,800 points, prompting fears that concerns over the World Cup could result in further losses.
The index is the second largest Arab stock exchange.
Analysts said doubts over the Qatar World Cup could play themselves out in the market.
"The resignation of Blatter has created some uncertainty over the football World Cup 2022," said Sebastien Henin, head of asset management at the Abu Dhabi-based The National Investor.
"There are fears that Blatter's resignation could open a Pandora's box over the organisation of the World Cup," Henin said.
Qatar's controversial bid to win the right to host football's biggest tournament has been hit by corruption allegations, but the tiny Gulf state insists it acted properly and was cleared of wrongdoing by an international probe into the awarding of the 2018 and 2022 World Cups.
Blatter announced his resignation on Tuesday just days after being re-elected for a fifth term at the helm of the global football body.
Gas-rich Qatar is investing some $200 billion (180 billion euros) in infrastructure projects in preparation for the World Cup, and its companies, mostly listed on the stock exchange, are deeply involved in the investment programme.