Qatar shares rose for the sixth time in seven days

Qatar shares rose for the sixth time in seven days on optimism the government spending on infrastructure will boost economic growth after the country won the right to host the World Cup. Egypt's benchmark advanced [bn: WBTKR = QGTS: QD].

Qatar Gas Transport Company Ltd. [], a carrier of liquefied natural gas known as Nakilat, rose the most in a week and Doha Bank QSC, the third largest bank in Qatar, won up to 2 percent. QE Index advanced 0.4 percent to 8781.29 at 12:01 am in Doha, went to the highest close since September 2008.
"The positive sentiment after Qatar won the bid for the World Cup is the persistence of the volumes to improve and restore international investors to the market," said Ahmed A. Hadi, CEO of stock brokerage Dlala Brokerage '& Investment Holding Co. in Doha. "The massive infrastructure spending in 2011 is expected to boost the economy."

Qatar, designed by the International Monetary Fund that the fastest growing economy in the world this year, plans to more than double the number of hotel rooms, build new stadiums and renovate three others, and the construction of a railway network and underground for the tournament. Moody's Investors Service estimates that the country will spend about 57 billion U.S. dollars over the next decade for the development of infrastructure related to the World Cup.

Qatar's benchmark index has soared by 7.3 percent since the country won the World Cup in 2022 on 2 December.

The expense of World Cup

About 22 million shares traded in Qatar to date, more than double the 12-month daily average of 8 million dollars.

The country plans to spend $ 4 billion in stadium construction and renovation. With summer temperatures nearly 50 degrees Celsius (122 Fahrenheit), each facility will be designed with an air conditioning system with solar energy. A new city of 200,000 people called Lusail, north of the capital, is scheduled to be built in the next decade and the stadium will host the World Cup final.

Qatar Gas rose 5.4 percent, the most since Dec. 5 to 21.6 riyals. Doha Bank rose to 62.7 as far as materials, the highest since September 2008, and was quoted at 62 riyals.

ADX Abu Dhabi General Index rose 0.2 percent, while the benchmark stock index in Dubai fell 0.8 percent, the lowest since Dec. 1. Bahrain Share Index fell 0.1 percent, an indicator of Kuwait fell 0.3 percent and Oman MSM30 index fell to less than 0.1 percent. Saudi Arabia's Tadawul All Share Index retreated 0.2 percent.

The TA-25 rose 0.1 percent to 1,299.49. Israel bonds fell, with the yield of 5 percent bonds due in January 2020 Shiklit Mimshal increased 5 basis points to 4.72 percent. It was 4.73 percent on June 15.