Qatar outlook trumps World Cup risk as stocks pare sell-off

Dubai

QATARI shares nearly erased the biggest drop in two months as investors shrugged off concern the Gulf nation may lose the right to host soccer's World Cup following the resignation of Fifa's president.

The QE Index closed little changed after sinking as much as 3.2 per cent, the most since March. Fifa president Sepp Blatter resigned on Tuesday, a week after US prosecutors indicted officials in soccer's world governing body and Swiss authorities started a probe into allegations of corruption in the awarding of the 2018 and 2022 tournaments to Russia and Qatar, respectively.