Telcos, real-estate big winners of World Cup

November 18, 2022

Many of the companies listed on the Qatar Stock Exchange are set to benefit from the start of the FIFA World Cup Qatar 2022 on November 20.

Financial analyst Ramzy Qasmieh told Qatar News Agency (QNA) that the recent weekly decline that saw the index lost 2.74 percent was led by financials, which retreated for the third consecutive week.

Industrials also played a part in the decline, as a result of a retreat in the stock prices of Industries Qatar, Gulf International Services Company, and Mesaieed Petrochemicals.

He noted however that the telecommunications, retail, and real estate sectors will be the biggest stock market winners of the World Cup.

He added that the 12,100 level on the index (113 points below the current level) will represent a good support level, especially with an improvement in the macro set to kick in thanks to the budget surplus achieved this year.

He also said that fundamentals are attractive as well, with earnings multiples contracting from 17.5 times at the start of the year to 13.5 times.

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