Qatar stock market: Big black bubble

Some central bankers claim they can’t identify a stock market bubble until it pops. Perhaps they haven’t looked at the Gulf States. Excess capital from high oil and gas prices has set these illiquid markets alight with speculative fever. Take Qatar. The country sits atop one of the world’s largest natural gas fields. Its development has led to an economic boom, with GDP growing about 9% last year. Yet the country only has 32 listed stocks, which limits investment alternatives. As a result, st...