Qatar stock exchange

1. Page 1 of 9
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 11,604.6. Losses were led by the Banks and Real
Estate indices, falling 0.9% and 0.7%, respectively. Top losers were Zad Holding Co. and
Islamic Holding Group, falling 3.2% and 2.1%, respectively. Among the top gainers, Dlala
Brokerage & Investments Holding Co. gained 3.1%, while Ooredoo was up 2.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 7,124.8. Gains were led by the Hotel
& Tourism and Media & Publish. indices, rising 2.6% and 2.2%, respectively. Saudi
Printing & Packaging Co. rose 9.7%, while City Cement was up 6.9%.
Dubai: The DFM Index gained 0.5% to close at 3,503.8. The Industrial index rose 8.9%,
while the Consumer Staples index gained 0.8%. National Cement rose 8.9%, while
Takaful Al-Emarat Insurance was up 7.1%.
Abu Dhabi: The ADX benchmark index rose marginally to close at 4,322.0. The
Consumer index gained 3.4%, while the Energy index rose 2.2%. Green Crescent
Insurance Co. gained 8.6%, while Methaq Takaful Insurance Co. was up 6.4%.
Kuwait: The KSE Index gained 0.1% to close at 5,775.4. The Telecommunication and
Consumer Services indices rose 0.6% each. Kuwait Cable Vision and KGL Logistics Co.
gained 9.1% each.
Oman: The MSM Index fell 0.1% to close at 5,928.2. Losses were led by the Financial
and Services indices, falling 0.1% each. United Power fell 7.5%, while Muscat Finance
was down 6.7%.
Bahrain: The BHB Index gained 0.1% to close at 1,250.4. The Investment index rose
1.7%, while the other indices ended flat or in red. United Gulf Bank rose 10.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Dlala' Brokerage & Inv Holding Co. 21.65 3.1 304.5 (35.3)
Ooredoo 77.80 2.4 372.7 (37.2)
Gulf Warehousing Co. 62.60 2.1 36.2 21.6
Aamal Co. 14.50 2.1 196.3 0.2
Medicare Group 164.80 1.7 20.3 40.9
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 14.45 (1.6) 805.9 (12.2)
Ezdan Holding Group 19.50 (1.3) 723.2 30.7
Gulf International Services 64.10 0.5 624.4 (34.0)
Barwa Real Estate Co. 44.90 (0.1) 624.3 7.2
Qatar Gas Transport Co. 24.64 0.6 416.3 6.7
Market Indicators 29 Oct 15 28 Oct 15 %Chg.
Value Traded (QR mn) 282.9 206.7 36.9
Exch. Market Cap. (QR mn) 608,041.4 609,460.8 (0.2)
Volume (mn) 6.4 5.5 17.6
Number of Transactions 4,138 3,229 28.2
Companies Traded 41 41 0.0
Market Breadth 22:18 11:30 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,037.66 (0.3) 0.2 (1.6) 12.0
All Share Index 3,087.42 (0.2) 0.2 (2.0) 12.1
Banks 3,088.01 (0.9) (0.4) (3.6) 12.6
Industrials 3,475.55 0.7 (0.6) (14.0) 13.3
Transportation 2,565.39 0.4 0.9 10.6 12.2
Real Estate 2,784.08 (0.7) 2.4 24.0 9.0
Insurance 4,510.21 (0.0) (1.0) 13.9 12.5
Telecoms 1,050.01 1.2 (0.4) (29.3) 22.4
Consumer 6,811.47 0.8 0.7 (1.4) 14.5
Al Rayan Islamic Index 4,419.04 (0.1) 0.1 7.7 12.9
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Printing & Pack Saudi Arabia 17.19 9.7 3,121.5 (8.1)
City Cement Co. Saudi Arabia 17.74 6.9 4,454.2 (22.0)
NBQ Abu Dhabi 3.10 4.7 100.0 (9.1)
Mouwasat Med. Serv. Saudi Arabia 116.00 3.8 35.1 (6.0)
Al Tayyar Travel Saudi Arabia 65.29 3.5 1,113.4 (26.8)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 4.50 (7.6) 2.1 (34.8)
Nat. Bank of Abu Dhabi Abu Dhabi 8.70 (3.3) 805.7 (31.6)
Ithmaar Bank Bahrain 0.16 (3.1) 210.0 (3.1)
Alabdullatif Industrial Saudi Arabia 30.58 (2.8) 53.4 (8.3)
Al Ahli Bank of Kuwait Kuwait 0.37 (2.6) 0.0 (9.8)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 91.00 (3.2) 0.5 8.3
Islamic Holding Group 102.60 (2.1) 13.9 (17.6)
Vodafone Qatar 14.45 (1.6) 805.9 (12.2)
Al Meera Consumer Goods Co. 234.40 (1.5) 28.3 17.2
QNB Group 182.50 (1.3) 95.5 (14.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 64.10 0.5 40,283.8 (34.0)
Industries Qatar 123.00 1.2 34,738.8 (26.8)
Ooredoo 77.80 2.4 29,084.3 (37.2)
Barwa Real Estate Co. 44.90 (0.1) 28,069.6 7.2
QNB Group 182.50 (1.3) 17,487.3 (14.3)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,604.59 (0.3) 0.2 1.2 (5.5) 77.76 166,968.2 12.0 1.4 4.4
Dubai 3,503.75 0.5 (2.4) (2.5) (7.2) 72.50 93,531.4 11.9 1.3 7.1
Abu Dhabi 4,322.04 0.0 (3.6) (4.0) (4.6) 58.21 119,588.2 11.9 1.3 5.2
Saudi Arabia 7,124.80 0.1 (3.5) (3.8) (15.3) 1,155.64 434,282.7 16.0 1.7 3.6
Kuwait 5,775.36 0.1 (0.1) 0.9 (11.6) 29.91 88,842.1 14.4 1.0 4.5
Oman 5,928.15 (0.1) 0.4 2.4 (6.7) 16.25 23,930.1 11.3 1.3 4.4
Bahrain 1,250.37 0.1 (0.3) (2.0) (12.4) 3.87 19,602.4 7.8 0.8 5.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,550
11,600
11,650
11,700
11,750
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 9
Qatar Market Commentary
 The QSE Index declined 0.3% to close at 11,604.6. The Banks and Real
Estate indices led the losses. The index fell on the back of selling pressure
from non-Qatari shareholders despite buying support from Qatari and GCC
shareholders.
 Zad Holding Co. and Islamic Holding Group were the top losers, falling 3.2%
and 2.1%, respectively. Among the top gainers, Dlala Brokerage &
Investments Holding Co. gained 3.1%, while Ooredoo was up 2.4%.
 Volume of shares traded on Thursday rose by 17.6% to 6.4mn from 5.5mn
on Wednesday. However, as compared to the 30-day moving average of
7.3mn, volume for the day was 12.1% lower. Vodafone Qatar and Ezdan
Holding Group were the most active stocks, contributing 12.6% and 11.3%
to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2015
% Change
YoY
Operating Profit
(mn) 3Q2015
% Change
YoY
Net Profit (mn)
3Q2015
% Change
YoY
National Central Cooling Co.
(Tabreed)
Dubai AED 335.6 -2.5% 112.8 -0.2% 100.4 4.7%
Orient Insurance* Dubai AED 138.0 25.0% 30.0 -16.4% 48.6 2.2%
Abu Dhabi Aviation (ADA)* Abu Dhabi AED 1,646.5 41.7% 387.3 16.8% 210.5 17.5%
Ras Al Khaimah National
Insurance Co. (RAKNIC)*
Abu Dhabi AED 75.9 69.2% 13.6 -1.4% 11.4 -20.3%
Ooredoo Oman Oman OMR 65.0 12.3% – – 10.2 -5.6%
Seef Propoerties* Bahrain BHD 3.8 20.5% 3.3 19.4% 2.5 40.6%
BMMI* Bahrain BHD 21.7 -11.5% 2.1 24.8% 2.2 -7.7%
Source: Company data, DFM, ADX, MSM (*9M2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/29 US Department of Labor Initial Jobless Claims 24-October 260k 265k 259k
10/29 US Bureau of Economic Analysis GDP Annualized QoQ 3Q2015 1.50% 1.60% 3.90%
10/29 US Bureau of Economic Analysis Personal Consumption 3Q2015 3.20% 3.30% 3.60%
10/29 US Bloomberg Bloomberg Consumer Comfort 25-October 42.8 – 43.5
10/29 US National Assoc. of Realtors Pending Home Sales MoM September -2.30% 1.00% -1.40%
10/29 US National Assoc. of Realtors Pending Home Sales NSA YoY September 2.50% 7.30% 6.60%
10/30 US Bureau of Labor Statistics Employment Cost Index 3Q2015 0.60% 0.60% 0.20%
10/30 US Bureau of Economic Analysis Personal Income September 0.10% 0.20% 0.40%
10/30 US Bureau of Economic Analysis Personal Spending September 0.10% 0.20% 0.40%
10/30 US Bureau of Economic Analysis Real Personal Spending September 0.20% 0.20% 0.40%
10/30 US Bureau of Economic Analysis PCE Core MoM September 0.10% 0.20% 0.10%
10/30 US Bureau of Economic Analysis PCE Core YoY September 1.30% 1.40% 1.30%
10/29 EU European Commission Economic Confidence October 105.9 105.1 105.6
10/29 EU European Commission Business Climate Indicator October 0.4 0.3 0.4
10/29 EU European Commission Industrial Confidence October -2.0 -2.7 -2.3
10/29 EU European Commission Services Confidence October 11.9 12.0 12.4
10/30 EU Eurostat Unemployment Rate September 10.80% 11.00% 10.90%
10/30 EU Eurostat CPI Estimate YoY October 0.00% 0.00% -0.10%
10/30 EU Eurostat CPI Core YoY October 1.00% 0.90% 0.90%
10/30 France INSEE PPI MoM September 0.10% – -1.00%
10/30 France INSEE PPI YoY September -2.60% – -2.10%
10/30 France INSEE Consumer Spending MoM September 0.00% 0.30% 0.10%
10/30 France INSEE Consumer Spending YoY September 2.60% 2.60% 1.80%
10/30 Germany Destatis Retail Sales MoM September 0.00% 0.40% -0.70%
10/30 Germany Destatis Retail Sales YoY September 3.40% 4.10% 2.10%
10/29 Germany Destatis CPI MoM October 0.00% -0.10% -0.20%
10/29 Germany Destatis CPI YoY October 0.30% 0.20% 0.00%
10/29 Germany Deutsche Bundesbank Unemployment Change (000's) October -5k -4k 2k
Overall Activity Buy %* Sell %* Net (QR)
Qatari 65.92% 56.07% 27,856,405.91
GCC 8.95% 5.26% 10,460,611.90
Non-Qatari 25.13% 38.68% (38,317,017.81)

3. Page 3 of 9
10/29 Germany Deutsche Bundesbank Unemployment Claims Rate SA October 6.40% 6.40% 6.40%
10/30 UK Lloyds Bank Commercial Banking Lloyds Business Barometer October 50.0 – 42.0
10/29 UK Bank of England Net Consumer Credit September 1.3b 1.1b 1.3b
10/29 UK Bank of England Net Lending Sec. on Dwellings September 3.6b 3.3b 3.4b
10/29 UK Bank of England Mortgage Approvals September 68.9k 72.4k 70.7k
10/29 UK Bank of England Money Supply M4 MoM September -1.00% -- -0.50%
10/29 UK Bank of England M4 Money Supply YoY September -0.60% -- -0.20%
10/29 UK Bank of England M4 Ex IOFCs 3M Annualised September 4.00% 2.70% 1.90%
10/29 UK Confederation of British Indus CBI Reported Sales October 19.0 35.0 49.0
10/30 UK GfK NOP (UK) GfK Consumer Confidence October 2.0 4.0 3.0
10/29 Spain INE CPI MoM October 0.70% 0.70% -0.30%
10/29 Spain INE CPI YoY October -0.70% -0.60% -0.90%
10/30 Spain INE GDP QoQ 3Q2015 0.80% 0.80% 1.00%
10/30 Spain INE GDP YoY 3Q2015 3.40% 3.40% 3.10%
10/30 Spain Bank of Spain Current Account Balance August 1.7b – 3.0b
10/29 Spain INE Retail Sales YoY September 4.40% – 3.10%
10/30 Italy ISTAT Unemployment Rate September 11.80% 11.90% 11.90%
10/30 Italy ISTAT CPI EU Harmonized MoM October 0.50% 0.30% 1.60%
10/30 Italy ISTAT CPI EU Harmonized YoY October 0.30% 0.10% 0.20%
10/30 Italy ISTAT PPI MoM September -0.20% – -0.60%
10/30 Italy ISTAT PPI YoY September -3.80% – -3.50%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earning Calendar
Tickers Company Name Date of reporting 3Q2015 results No. of days remaining Status
QNBK QNB Group 7-Oct-15 - Reported
QIBK Qatar Islamic Bank 13-Oct-15 - Reported
ABQK Al Ahli Bank 14-Oct-15 - Reported
MRDS Mazaya Qatar 14-Oct-15 - Reported
MCCS Mannai Corp. 16-Oct-15 - Reported
CBQK Commercial Bank 18-Oct-15 - Reported
QIGD Qatari Investors Group 19-Oct-15 - Reported
DBIS Dlala Brokerage & Investment Holding Company 19-Oct-15 - Reported
KCBK Al Khaliji 20-Oct-15 - Reported
DOHI Doha Insurance 20-Oct-15 - Reported
QEWS Qatar Electricity & Water Company 20-Oct-15 - Reported
SIIS Salam International Investment 20-Oct-15 - Reported
AKHI Al Khaleej Takaful Insurance 20-Oct-15 - Reported
IHGS Islamic Holding Group 20-Oct-15 - Reported
QIIK Qatar International Islamic Bank 20-Oct-15 - Reported
GWCS Gulf Warehousing Company 21-Oct-15 - Reported
QGTS Qatar Gas Transport Company (Nakilat) 21-Oct-15 - Reported
QNCD Qatar National Cement Company 21-Oct-15 - Reported
QCFS Qatar Cinema & Film Distribution Company 21-Oct-15 - Reported
QIMD Qatar Industrial Manufacturing Company 22-Oct-15 - Reported
WDAM Widam Food Company 22-Oct-15 - Reported
QNNS Qatar Navigation (Milaha) 24-Oct-15 - Reported
QATI Qatar Insurance Company 25-Oct-15 - Reported
MARK Masraf Al Rayan 25-Oct-15 - Reported
DHBK Doha Bank 25-Oct-15 - Reported
QISI Qatar Islamic Insurance 25-Oct-15 - Reported
QGRI Qatar General Insurance & Reinsurance 25-Oct-15 - Reported
QOIS Qatar & Oman Investment 25-Oct-15 - Reported
MCGS Medicare Group 25-Oct-15 - Reported
GISS Gulf International Services 25-Oct-15 - Reported
QGMD Qatar German Company for Medical Devices 25-Oct-15 - Reported
UDCD United Development Company 26-Oct-15 - Reported
QFLS Qatar Fuel Company 26-Oct-15 - Reported
ERES Ezdan Real Estate Company 26-Oct-15 - Reported
MERS Al Meera Consumer Goods Company 27-Oct-15 - Reported
MPHC Mesaieed Petrochemical Holding Company 27-Oct-15 - Reported

4. Page 4 of 9
BRES Barwa Real Estate Company 27-Oct-15 - Reported
ORDS Ooredoo 28-Oct-15 - Reported
IQCD Industries Qatar 28-Oct-15 - Reported
AHCS Aamal Company 29-Oct-15 - Reported
NLCS National Leasing (Alijarah) 29-Oct-15 - Reported
ZHCD Zad Holding Company 29-Oct-15 - Reported
VFQS Vodafone Qatar 12-Nov-15 11 Due
Source: QSE

5. Page 5 of 9
News
Qatar
 ZHCD bottom-line drops 69.6% in 3Q2015 – Zad Holding
Company’s (ZHCD) bottom-line dropped by 69.6% QoQ (down
4.6% YoY) in 3Q2015 to QR17.0mn. ZHCD’s other income dropped
68.9% from 2Q2015 to QR11.6mn, while its top-line fell 7.3% QoQ
to QR263.2mn, which majorly dented the company’s net profit.
(QSE, QNBFS Research)
 AHCS net income slips in 3Q2015 on higher direct costs – Aamal
Company (AHCS) recorded a decline of 10.9% QoQ in 3Q2015 net
profit to QR105.0mn. Revenue edged up 1.7% QoQ to QR725.4mn.
However, a 5.0% quarterly increase in direct costs to QR574.4mn
offset the improvement in revenue, impacting the bottom-line
negatively. EPS fell to QR0.17 in 3Q2015 from QR0.19 in 2Q2015.
(QSE, QNBFS Research)
 NLCS reports lower net loss in 3Q2015 – Alijarah Holding (NLCS)
recorded over 50% reduction in its net loss to QR14.7mn in
3Q2015 vs. a net loss of QR33.5mn in 2Q2015, as its total income
climbed 36.8% QoQ to QR41.7mn. Loss per share amounted to
QR0.30 in 3Q2015 vs. QR0.68 in 2Q2015. (QSE, QNBFS Research)
 QCB to issue T-bills worth QR4bn on Nov 3 – The Qatar Central
Bank (QCB) will issue new three-month treasury bills worth
QR2bn, along with six-month and nine-month T-bills worth QR1bn
each on November 3, 2015. (QCB)
 MDPS: Qatar trade surplus drops to QR12.1bn in Sept 2015 –
According to figures released by the Ministry of Development
Planning & Statistics (MDPS), Qatar’s trade surplus more than
halved YoY to QR12.1bn in September 2015, mainly on
substantially lower exports of crude and non-crude as well as
natural gas. Qatar’s trade surplus fell 11.2% as compared to
August 2015 mainly due to shrinkage in exports of crude, non-
crude and natural gas as well as increased imports of turbojets and
motor cars. The country’s total exports (valued free-on-board)
plunged 39.5% YoY to QR21.19bn and tanked 10.6% MoM, while
total exports of domestic products sunk 42.1% to QR19.94bn in
September 2015, down 12.9% against August 2015. Japan, South
Korea, India, the UAE and Singapore were the top destinations for
Qatar’s exports but shipments to most Asian countries witnessed a
substantial double-digit drop YoY in September 2015. Total
imports (valued at cost insurance and freight) shrunk 7.9% YoY to
QR9.08bn in September 2015 on lower shipments from the US and
Germany. Imports fell faster at 9.9% as compared to those in
August 2015. China, the US, the UAE, Germany and Japan were
among the top five destinations, from where Qatar imported
merchandise goods. Meanwhile, MDPS said that the population in
Qatar during September 2015 was 2.347mn people, reflecting a
7.3% increase as compared to September 2014. Visitors from
outside the GCC were up 7.7% in 9M2015, while visitors from the
GCC were up 45.2%. (Gulftimes.com, Peninsula Qatar)
 MERS opens 46th branch in Al Thumama – Al Meera Consumer
Goods Company (MERS) has opened its Al Thumama branch,
marking the 46th addition to its growing supermarket chain. MERS
deputy CEO Dr. Mohamed Nasser al-Qahtani said the opening of
the new branch came as a response to the needs of Al Thumama
and its surrounding communities, and also as part of MERS’s aim
to serve all areas in Qatar. The Al Thumama branch spans 3,770
square meters with two entrances for convenient access to
shoppers, in addition to a huge parking space. In the near future,
the branch will feature five shops that are set to open soon to
provide customers with a variety of services. (Gulf-Times.com)
 Kafala replaced by job contract system – The Ministry of Interior’s
Department of Border, Passport and Expatriates Affairs Assistant
Director General Brigadier Mohammed Ahmed Al Atiq has said
that the new law regulating entry, exit and residency of expatriates
in Qatar has transformed the Kafala (sponsorship) system in the
country into one controlled by employment contracts. To leave the
country, he said, an employee needs to apply to the departments
concerned at the Ministry of Interior through Metrash 2 system
and inform his employer three days in advance. (Peninsula Qatar)
 WPS comes into force from Nov 2 – The new Wage Protection
System (WPS) will come into force from November 2, 2015
making it mandatory for employers to transfer employees’ salaries
to a bank or a financial institution. The new system is being
implemented based on amendments in the labor law no. 14/2004.
The ministerial decision on the WPS says employees’ salaries must
be transferred to their bank accounts by the seventh day of every
month. (Peninsula Qatar)
 ORDS launches medical referral management program – Ooredoo
(ORDS) launched a new service to provide a 24x7 concierge
medical referral management program that customers can access
using their mobile phones. The service, ‘You Click, We Care’, is
accessible from anywhere in the world and is designed to give
patients access to speak to Western-trained healthcare
professionals. Doctors will refer them to the best hospital, clinic,
nutritionist or wellness service according to their needs in the
neighboring area, wherever they are in the world. (Peninsula
Qatar)
 Qatar offers growth potential for affordable hotels – Qatar’s
hospitality sector offers huge growth potential for affordable
hotels — mainly 2-star and 3-star hotels. Currently the country’s
hospitality market is dominated by 4- and 5-star hotels. The sector
in Qatar now provides approximately 17,900 keys, of which 84%
are either 4-star or 5-star hotels. (Peninsula Qatar)
 RasGas: Buyer-seller tie-up key to maintaining balance in LNG
market – RasGas Chief Executive Officer, Hamad Mubarak al-
Muhannadi has said that the recent decline in liquefied natural gas
(LNG) prices and the introduction of new players to the “LNG
Club” will require a collaborative effort from both suppliers and
buyers to adopt a long-term view for maintaining a sustainable
LNG market. Speaking on the growing positive role LNG will play
in the global fuel mix, Al Muhannadi pointed out that the ‘voice of
gas’ is increasingly being heard supporting further penetration of
natural gas in the energy supply mix. (Gulf-Times.com, Peninsula
Qatar)
International
 US GDP growth slows in 3Q2015 – The Commerce Department said
that US economic growth braked sharply in 3Q2015 as businesses
cut back on restocking warehouses to work off an inventory glut,
but solid domestic demand could encourage the Federal Reserve
to raise interest rates in December 2015. GDP increased at a 1.5%
annual rate after expanding at a 3.9% clip in 2Q2015. The
inventory drag, however, is likely to be temporary and economists
expect growth to pick up in 4Q2015 given strong domestic
fundamentals. (Reuters)
 Eurozone inflation zero in October, pressure on for more ECB
easing – According to the European Union's statistics (Eurostat)
estimate, Eurozone prices were flat YoY in October 2015 as
expected, maintaining pressure on the European Central Bank
(ECB) to further ease monetary policy despite some signs of more
inflationary pressure. Eurostat estimated that consumer prices in
the Eurozone were unchanged in October 2015 against October
2014 levels, after falling 0.1% YoY in September. Separately,
Eurostat said unemployment in the Eurozone fell to 10.8% of the
workforce in September from a downwardly revised 10.9% in
August. (Reuters)
 BoJ holds rates despite overseas headwinds, stagnant inflation –
The Bank of Japan (BoJ) held off on expanding its massive stimulus

6. Page 6 of 9
program, preferring to preserve its dwindling policy options in the
hope that the economy can overcome the drag from China's
slowdown without additional monetary support. However, the
central bank is likely to remain under pressure to expand its
already massive asset-buying program as slumping energy costs,
weak exports, and a fragile recovery in household spending keep
inflation well short of its 2% target. In a twice-yearly outlook
report, the BoJ cut its rosy price forecasts and pushed back by
around six months the expected timing for hitting its 2% inflation
target. The report also warned that overseas headwinds, such as
China's slowdown and sluggish emerging market demand, posed
"strong downside risks" to Japan's economic outlook. BoJ
Governor Haruhiko Kuroda, however, maintained his optimism
that the economy will sustain a moderate recovery as exports and
output pick up. (Reuters)
 China official factory PMI unchanged at 49.8 in October, shrinks for
third month – According to the official survey, activity in Chinese
manufacturing sector unexpectedly shrank for a third straight
month in October 2015, fuelling fears that the economy may be
cooling further in 4Q2015 despite a raft of stimulus measures. The
official Purchasing Managers' Index (PMI) was at 49.8 in October,
the same pace as in September and lagging market expectations of
50.0. Recent data showed the world's second-largest economy
grew 6.9% YoY between July and September, dipping below 7%
for the first time since the global financial crisis, though some
market watchers believe current growth is much weaker than
government figures suggest. To shore up growth, the government
has cut interest rates six times since November and lowered the
amount of cash that banks must hold as reserves four times in
2015. The latest cut in interest rates and banks' reserve
requirement came in late October. Beijing has also ramped up
infrastructure spending and eased restrictions on home purchases
to revive the flagging property market. (Reuters)
 Russian central bank holds rates as high inflation trumps weak
growth – Russia's central bank left its main lending rate on hold for
the second time in a row, stressing inflation risks above worries
about a stagnant economy. The decision leaves the bank's
benchmark rate, the one-week minimum auction repo rate,
unchanged at 11%. Russia faces painful policy dilemmas as it
simultaneously grapples with inflation running above 15% and an
economy set to slump by 4% in 2015 with only meager recovery
prospects in sight. Low oil prices and Western sanctions over
Russia's actions in Ukraine have hit the economy, causing a slide in
the rouble that has stoked inflation while cutting household
incomes and spending. Explaining its decision, the bank said that it
was "in recognition of persistent substantial inflation risks". A
majority of Reuters analysts had expected the bank to hold rates,
although a significant minority believed the bank would make a
half-point cut. (Reuters)
Regional
 Ventures: GCC interior design market to top $7.9bn – According to a
report by Ventures, demand for new hotels, retail spaces as well as
schools and hospitals, will drive the GCC interior design projects to
reach a record breaking $7.98bn in 2015 as against $7.35bn in
2014. (GulfBase.com)
 Reuters: OPEC output falls in October led by Saudi, Iraq – According
to a survey by Reuters, the Organization of the Petroleum
Exporting Countries’ (OPEC) oil output had fallen in October 2015
to 31.64mn barrels per day (bpd) from a revised 31.76mn bpd in
September 2015, as declines in top producers Saudi Arabia and
Iraq had outweighed higher supply from African members. As per
the survey, the drops are not indicative of deliberate supply cuts to
prop up prices. OPEC is still pumping close to a record high as
major producers focus on defending market share.
(Gulftimes.com)
 MFME: GCC fire safety market expected to touch $3.15bn by 2020 –
Messe Frankfurt Middle East (MFME), quoting a study by Frost
and Sullivan, has said that the Gulf Cooperation Council’s (GCC)
fire safety market is expected to grow at an average of 15% to
touch $3.15bn by 2020. The growth is predominantly driven by
industrial and commercial investments, while segments such as
retail, institutional buildings, and public infrastructure are also
contributing to new demand. Saudi Arabia and the UAE are
spearheading a GCC-wide surge in demand for fire detection and
suppression equipment, as economic growth and increased
construction activities put the region’s fire safety market on a
double-digit growth path. (Zawya)
 Apple opens first Middle East outlets in UAE – Apple, a US-based
technology giant, has launched its first two stores in the Middle
East, with hundreds flocking to their openings in the Gulf emirates
of Dubai and Abu Dhabi. Apple products were previously available
in the UAE but not in one of Apple’s own retail outlets. (Peninsula
Qatar)
 ITC: Demand for halal products rising – According to International
Trade Centre’s (ITC) ‘Halal Goes Global’ report, the GCC countries
are set to play a crucial role in the fast growing halal market in the
coming years. The halal food and beverage market, spread across
various countries and cultures, was estimated to be around
$1.37tn at the end of 2014. As per the report, the global Muslim
population exceeds 1.6bn, and is expected to reach 2.2bn by 2030.
It is, therefore, not surprising that the market for halal products
and services is attracting more attention. (Peninsula Qatar)
 SPA: Saudi advisory council may discuss land tax, MSCI inclusion –
The Saudi Press Agency (SPA) reported that the Saudi Shura
Council may meet on November 2, 2015 to discuss imposing a tax
on undeveloped land. Earlier, in October 2015, the cabinet had
submitted a proposal to the council to impose a fee of no more
than SR100 per square meter on undeveloped land. The council
was expected to complete its study of the proposal within 30 days.
The SPA said the council would discuss a report by the stock
market regulator on trying to have the Saudi market join MSCI’s
emerging markets index. The council’s financial committee has
recommended expediting and finalizing the necessary
requirements to list Saudi stocks in MSCI’s emerging markets
index. MSCI has indicated that any entry into its index, if it
happens, would not occur before 2017. (Gulfbusiness)
 Saudi CMA approves Anfaal capital increase request – Saudi Capital
Market Authority (CMA) has approved Anfaal Capital Company’s
request to increase its capital from SR50mn to SR61.5mn.
(Tadawul)
 Sipchem announces scheduled periodic maintenance shutdown of
IMC plant – Saudi International Petrochemicals Company
(Sipchem) is planning to shut down the International Methanol
Company (IMC) plant for scheduled preventive maintenance in
accordance with necessary standards in addition to performing
significant turnaround and development in some essential parts of
the plant. This shutdown, which was already listed in as part of the
company business plan for the year of 2015, is expected to last for
six weeks starting from November 1, 2015. The financial impact of
the shutdown will be announced, along with the conclusion of the
activity when it is completed, which will also be reflected in
4Q2015 results. The company has taken all necessary precautions
to ensure its commitment toward its customers and without
interruption of all of its supply agreements during this period.
Sipchem owns 65% of IMC's capital, whereas a group of Japanese
companies owns the remaining 35%. (Tadawul)

7. Page 7 of 9
 City Cement BoD recommends SR189.2mn dividend – The City
Cement Company board of directors (BoD) has recommended the
distribution of 10% dividend (SR1 per share) amounting to
SR189.2mn for the three quarters of 2015. Shareholders, who are
registered in the registers of the Securities Depository Center
(Tadawul) on November 1, 2015, will be eligible to receive the
dividend. The dividend will be distributed on November 11, 2015.
(Tadawul)
 BCIC gets SAMA approval for electronic sales of insurance products
– Buruj Cooperative Insurance Company (BCIC) has obtained the
Saudi Arabian Monetary Agency’s (SAMA) approval for electronic
sales of insurance products via the company's website. The
products include motor insurance (third party, comprehensive),
individual medical insurance, travel insurance, medical
malpractice insurance, householders insurance (fire, theft) and
marine cargo insurance. (Tadawul)
 Wala’a discloses use of rights issue proceeds – Saudi United
Cooperative Insurance Company (Wala’a) has said that gross
proceeds from its rights issue, which had happened in May 2015,
amounted to SR240mn and net SR230.1mn, after deducting direct
and indirect expenses of SR9.9mn. An amount of SR20mn has been
added to the statutory deposit consequent to the capital increase,
while the remaining proceeds of SR210.1mn have been invested in
short-term deposits. (Tadawul)
 Bahri announces expiry of MoU with Saudi Aramco, Sembcorp – The
National Shipping Company of Saudi Arabia (Bahri) has said that
the MoU with Saudi Arabian Oil Company (Saudi Aramco) and
Singapore-based Sembcorp Marine has expired on October 29,
2015, without any financial commitments. The MoU was to
develop an international maritime yard for shipbuilding and
offshore manufacturing. The parties intend to continue their
discussion and sign a new MoU or extend the expired MoU. Bahri
will make an announcement when it signs the MoU or if any
material development takes place. (Tadawul)
 S&P downgrades Saudi Arabia on oil price slide – Standard & Poor's
(S&P) has lowered its rating on Saudi Arabia’s long-term foreign
and local currency sovereign credit to ‘A plus/A-1' from 'AA
minus/A-1 plus’ after the Kingdom’s deficit rose sharply because
of low oil prices. The ratings agency maintained its negative
outlook on Saudi, saying that the decision reflected the challenges
of reversing the marked deterioration in the Saudi fiscal balance.
S&P said it could further lower the ratings within the next two
years if Riyadh fails to achieve a sizable and sustained reduction in
the general government deficit. It said Saudi had seen its deficit
climb to 16% of GDP in 2015 as compared to 1.5% in 2014,
because of the plunge in the price of crude oil, Riyadh’s main
source of revenues. S&P said government could cut back on key
investments and cut subsidies on power, water & fuel that could
strengthen government finances in the coming years. But it also
made reference to political risk, saying that intrafamily issues
around succession could make the Kingdom’s policy decisions
more challenging and difficult to predict. Meanwhile, the Saudi
Ministry of Finance said that the decision by S&P to cut Saudi’s
credit ratings is unjustified and ignores the strength of the
Kingdom’s economy. The ministry added that the kingdom’s
economy remained fundamentally strong, with the government’s
net assets exceeding 100% of GDP, backed by large foreign
exchange reserves. (Economic Times, Reuters)
 Saudi Aramco awards SR19.3mn EPC contract to ZSCC – Zamil Steel
Construction Company (ZSCC), a subsidiary of Zamil Industrial
Investment Company (Zamil Industrial), has been awarded an
engineering, procurement & construction (EPC) contract worth
around SR19.3mn by Saudi Arabian Oil Company (Saudi Aramco).
The contract is for the construction of Saudi Aramco’s new
exhibition pavilion at Al-Janadriyah Village located on the outskirts
of Riyadh in the central region of Saudi Arabia. (GulfBase.com)
 Saudi cabinet defers decision on 40-hour work week – The Saudi
Arabian Labour Ministry has said that the cabinet has deferred, for
further study, a decision on limiting the private sector work week
to 40 hours. It is part of proposals designed to push more Saudis
into private employment. The ministry said the cabinet had
delayed its decision in light of feedback from business owners.
(Gulftimes.com)
 UAB CEO steps down – According to sources, United Arab Bank
(UAB) Chief Executive Officer (CEO) Paul Trowbridge has left the
lender. Deputy CEO Samer Tamimi has taken the reins as acting
CEO of UAB, which is a majority-owned by the Commercial Bank of
Qatar. Reportedly, Mr. Paul was asked by the board recently to
step down. (Reuters)
 CBD 9M2015 net profit grows 2.8% YoY to AED915.3mn –
Commercial Bank of Dubai (CBD) reported a net profit of
AED915.34mn in 9M2015, up 2.8% YoY as compared to
AED890.11mn in 9M2014. Operating income for 9M2015 was 9%
YoY higher at AED1.77bn as compared to AED1.62bn for 9M2014,
driven by higher fees & commission income. Operating profit had
increased by 3.8% YoY in 9M2015 to AED1.14bn as compared to
AED1.09bn for 9M2014. The bank’s total assets had stood at
AED53.31bn at the end of September 30, 2015 as compared to
AED46.88bn on December 31, 2014. Net Loans & advances &
Islamic financing reached AED38.99bn, while customers’ deposits
& Islamic deposits stood at AED37.41bn. Capital adequacy ratio
had continued to be robust at 18.1. EPS had amounted to AED0.33
in 9M2015 versus AED0.32 in 9M2014. (DFM)
 Aramex targets $150mn worth acquisitions – Aramex CEO Hussein
Hachem has said that the company has several acquisitions in the
pipeline and is expecting to close deals worth around $150mn in
the next two quarters. He said Aramex wanted to raise its market
share in the competitive logistics and transportation sector.
Hussein said Aramex had secured a $150mn credit line from a
consortium of banks and could easily increase that amount, if
needed. The acquisition will help Aramex to increase its presence
in growth markets. (GulfBase.com)
 DIC management team plans Doncasters buyout – According to
sources, Dubai International Capital’s (DIC) management team is
in talks to buy out Doncasters Group Limited with financial
backing from Blackstone Group LP and Goldman Sachs Group. DIC,
which is controlled by Dubai Holding, may sell the engineering
aerospace group to a group of investors led by the DIC executives
for as much as $2bn. The investment units of Blackstone and
Goldman as well as AlpInvest Partners, an arm of Carlyle Group LP,
are backing the transaction. Reportedly, the backers will partner
with the DIC management team, led by Chief Executive Officer
David Smoot, and hold an interest in a vehicle that will contain
Doncasters, which is DIC’s largest remaining asset. They may also
provide capital for future investments. The managers plan to work
on splitting Doncasters, which operates in the US, Europe and Asia,
and sell the operations piecemeal rather than as a whole after the
transaction. The group has owned Doncasters since a 2005 buyout
from Royal Bank of Scotland Group, which valued the company at
$1.1bn. (Bloomberg)
 CBK assets drop 5.7% in August – The Central Bank of Kuwait’s
(CBK) Economic Research Department, in its Monthly Monetary
Statistics, reported that total private sector dinar deposits in local
banks in August 2015 had dipped by 2.2% to KD28.92bn. Deposits
in foreign currency had also shed 2.2% of their value to KD4.04bn,
bringing the total value of the private sector’s deposits to
KD32.97bn. The net value of foreign currency assets with local
banks had inched down by 0.2% in August 2015 to a total of

8. Page 8 of 9
KD8.18bn. Moreover, the value of the CBK’s assets had dropped by
5.7% in August to KD8.27bn while the net value of bank’s foreign
assets declined by 12.8% to KD8.18bn. (GulfBase.com)
 Bank Dhofar, Bank Sohar appoint consultants for merger process –
Bank Dhofar and Bank Sohar have announced that they have
appointed legal and financial consultants for due diligence in the
process of their merger. This is in accordance with the non-binding
MoU signed between both banks earlier in 2015. (MSM)
 Moody’s assigns definitive A1 rating to Oman’s maiden Sukuk –
Oman’s maiden sovereign Sukuk issuance has been assigned a
definitive rating of A1 by Moody’s Investors Service. The rating for
these debt obligations follows the provisional rating assigned on
October 5, 2015. Moody's noted that its Sukuk rating does not
express an opinion on the structure's compliance with Shari’ah
law. (GulfBase.com)
 BPCL, OOC in talks to sell 24% stake in Bina refinery – Bharat
Petroleum Corporation Limited (BPCL) Chairman S. Varadarajan
has said that foreign companies are in talks to buy a stake of up to
24% in the Bina refinery in India’s Madhya Pradesh state, which is
jointly owned by BPCL and Oman Oil Company (OOC). He said, the
expansion of the refinery, which has started to make money after
quarters of losses, could cost $460mn and would be completed by
2018. The two owners want to boost the refinery’s capacity by
around 30% from 120,00 barrels per day (bpd). BPCL and OOC
could make a public share offer next year if a deal is not sealed.
(Reuters)
 BisB reduces paid-up capital – Bahrain Islamic Bank (BisB) has
reduced its paid-up capital by approximately 15.34% from
BHD94.91mn to BHD80.35mn. Following the reduction,
outstanding shares will be reduced to 803,472,454 from
949,070,234. This change was effective from October 29, 2015.
(Bahrain Bourse)

9. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
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Page 9 of 9
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Sep-11 Sep-12 Sep-13 Sep-14 Sep-15
QSE Inde x S&P Pa n Ara b S&P GCC
0.1%
(0.3%)
0.1% 0.1%
(0.1%)
0.0%
0.5%
(0.4%)
(0.2%)
0.0%
0.2%
0.4%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,142.16 (0.3) (1.9) (3.6) MSCI World Index 1,705.80 (0.0) (0.0) (0.2)
Silver/Ounce 15.55 (0.3) (1.8) (1.0) DJ Industrial 17,663.54 (0.5) 0.1 (0.9)
Crude Oil (Brent)/Barrel (FM Future) 49.56 1.6 3.3 (13.6) S&P 500 2,079.36 (0.5) 0.2 1.0
Crude Oil (WTI)/Barrel (FM Future) 46.59 1.2 4.5 (12.5) NASDAQ 100 5,053.75 (0.4) 0.4 6.7
Natural Gas (Henry Hub)/MMBtu 1.94 (7.9) (14.4) (35.3) STOXX 600 375.47 0.4 (0.5) (0.2)
LPG Propane (Arab Gulf)/Ton 45.00 2.3 5.6 (8.2) DAX 10,850.14 0.9 0.5 0.3
LPG Butane (Arab Gulf)/Ton 62.50 2.3 5.9 (4.6) FTSE 100 6,361.09 0.4 (0.6) (4.0)
Euro 1.10 0.3 (0.1) (9.0) CAC 40 4,897.66 0.7 (0.5) 4.4
Yen 120.62 (0.4) (0.7) 0.7 Nikkei 19,083.10 1.1 1.8 8.2
GBP 1.54 0.8 0.7 (1.0) MSCI EM 847.84 0.2 (2.4) (11.3)
CHF 1.01 0.2 (0.9) 0.7 SHANGHAI SE Composite 3,382.56 0.4 (0.4) 2.8
AUD 0.71 0.9 (1.1) (12.7) HANG SENG 22,640.04 (0.8) (2.2) (4.0)
USD Index 96.95 (0.3) (0.2) 7.4 BSE SENSEX 26,656.83 (0.9) (3.5) (6.3)
RUB 63.95 (0.7) 2.5 5.3 Bovespa 45,868.82 0.5 (2.7) (37.2)
BRL 0.26 (0.2) 0.6 (31.3) RTS 845.54 0.7 (3.1) 6.9
138.9
111.6
108.1