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UPDATE 1-MIDEAST STOCKS-Qatar extends losses after FIFA probe; MSCI picks support UAE
May 28, 2015 / 7:03 AM / 2 years ago

UPDATE 1-MIDEAST STOCKS-Qatar extends losses after FIFA probe; MSCI picks support UAE

(Updates with markets open)

DUBAI, May 28 (Reuters) - Qatar’s bourse fell in early trade on Thursday, extending losses following the launch of criminal investigations against senior FIFA officials, while stocks upgraded by index compiler MSCI supported markets in the United Arab Emirates.

Seven powerful soccer figures were arrested on U.S. corruption charges on Wednesday and face extradition from Switzerland, whose authorities also announced a criminal investigation into the awarding of the next two World Cups, including the 2022 one which went to Qatar.

The Doha index lost 1.0 percent on Thursday morning as most stocks fell, including Ezdan Holding, which had surged earlier this month on its inclusion in MSCI’s emerging markets index.

But Qatar Insurance, which is also joining that benchmark at the end of May, climbed 1.3 percent.

Another MSCI pick, Dubai-listed Emaar Malls, jumped 2.4 percent, helping Dubai’s index climb 0.9 percent.

Abu Dhabi’s benchmark edged up 0.3 percent as Abu Dhabi Commercial Bank, whose weighting in the emerging markets index is set to increase, climbed 0.8 percent.

Oman’s market edged up 0.2 percent and Kuwait slipped 0.3 percent. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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