Qatar stock exchange

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.4% to close at 11,938.4. Gains were led by the Real
Estate and Insurance indices, rising 2.2% and 0.8%, respectively. Top gainers
were Qatar Cinema & Film Distribution Co. and Ezdan Holding Group, rising
8.9% and 3.5%, respectively. Among the top losers, Ahli Bank fell 2.1%, while
QNB Group was down 1.1%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 9,269.8. Gains were led
by the Telecommunication & IT and Insurance indices, rising 1.8% and 1.0%,
respectively. National Agr. Dev. rose 7.2%, while Amana Insur. was up 5.2%.
Dubai: The DFM Index gained 0.9% to close at 4,053.0. The Financial &
Invest. Services index rose 1.7%, while the Consumer Staples index gained
1.5%. Gulf Navigation surged 15%, while Takaful Al-Emarat Ins. was up 5.0%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,757.7. The
Telecom. index gained 1.8%, while the Industrial index rose 1.2%. Umm Al
Qaiwain Cement Ind. surged 14.6%, while Abu Dhabi Ship Build. was up 7.8%.
Kuwait: The KSE Index gained 0.5% to close at 6,202.8. The Health Care
index rose 3.1%, while the Consumer Services index gained 1.0%. Safwan
Trading & Contracting Co. rose 7.4%, while ACICO industries was up 6.7%.
Oman: The MSM Index rose 0.3% to close at 6,479.0. Gains were led by the
Financial and Industrial indices, rising 1.1% and 0.8%, respectively. Gulf
International Chemicals rose 9.4%, while Voltamp Energy was up 8.8%.
Bahrain: The BHB Index gained 0.3% to close at 1,334.9. The Commercial
Bank index rose 0.6%, while the Services index gained 0.1%. Esterad
Investment Co. rose 3.1%, while Nass Corporation was up 2.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distrib. Co. 45.75 8.9 0.5 14.4
Ezdan Holding Group 18.21 3.5 2,220.0 22.1
Al Meera Consumer Goods Co. 260.00 3.0 16.1 30.0
Qatar Navigation 97.40 1.5 5.6 (2.1)
Al Khaleej Takaful Group 42.90 1.4 0.4 (2.9)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.21 3.5 2,220.0 22.1
Barwa Real Estate Co. 50.80 0.4 590.6 21.2
Vodafone Qatar 16.38 (0.1) 516.5 (0.4)
Gulf International Services 76.00 (0.8) 260.2 (21.7)
Mazaya Qatar Real Estate Dev. 18.45 0.7 140.2 1.2
Market Indicators 13 July 15 12 July 15 %Chg.
Value Traded (QR mn) 192.2 113.1 69.9
Exch. Market Cap. (QR mn) 633,304.1 632,784.6 0.1
Volume (mn) 5.2 2.4 114.1
Number of Transactions 2,694 1,908 41.2
Companies Traded 41 41 0.0
Market Breadth 26:14 22:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,556.56 0.4 0.5 1.3 N/A
All Share Index 3,192.32 0.3 0.4 1.3 13.4
Banks 3,130.42 (0.4) (0.5) (2.3) 14.0
Industrials 3,821.47 (0.3) (0.0) (5.4) 13.5
Transportation 2,437.53 0.4 0.7 5.1 13.5
Real Estate 2,760.91 2.2 2.7 23.0 9.8
Insurance 4,780.52 0.8 0.5 20.8 22.4
Telecoms 1,154.79 0.2 (0.5) (22.3) 23.2
Consumer 7,363.14 0.8 0.9 6.6 28.6
Al Rayan Islamic Index 4,639.76 0.6 0.8 13.1 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Pharmaceutical Ind. Abu Dhabi 2.62 3.6 150.0 (4.8)
Ezdan Holding Group Qatar 18.21 3.5 2,220.0 22.1
Zamil Industrial Inv. Saudi Arabia 60.80 3.3 241.7 29.3
Al Meera Cons. Goods Qatar 260.00 3.0 16.1 30.0
Saudi Telecom Co. Saudi Arabia 68.08 2.8 872.0 3.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Energy Abu Dhabi 0.67 (6.9) 733.0 (16.2)
Saudi Arabian Fertilizer Saudi Arabia 118.04 (3.0) 253.2 4.8
Ahli Bank Qatar 46.00 (2.1) 0.1 (7.3)
Ajman Bank Dubai 1.95 (2.0) 100.0 (26.9)
Gulf Cable & Elect. Ind. Kuwait 0.53 (1.9) 34.0 (23.2)
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%
Ahli Bank 46.00 (2.1) 0.1 (7.3)
QNB Group 184.30 (1.1) 72.8 (13.4)
Mannai Corp. 109.40 (1.0) 7.2 0.4
Gulf International Services 76.00 (0.8) 260.2 (21.7)
Industries Qatar 134.50 (0.7) 82.6 (19.9)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 18.21 3.5 40,153.3 22.1
Barwa Real Estate Co. 50.80 0.4 29,878.4 21.2
Gulf International Services 76.00 (0.8) 19,844.9 (21.7)
QNB Group 184.30 (1.1) 13,475.4 (13.4)
Industries Qatar 134.50 (0.7) 11,145.6 (19.9)
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* 11,938.42 0.4 0.5 (2.2) (2.8) 52.78 173,905.3 12.6 1.9 4.2
Dubai 4,052.97 0.9 0.9 (0.8) 7.4 120.04 103,357.8 12.1 1.3 6.4
Abu Dhabi 4,757.74 0.6 1.1 0.7 5.1 40.27 128,310.3 12.0 1.5 4.6
Saudi Arabia 9,269.78 0.2 (0.1) 2.0 11.2 937.30 549,006.7 19.2 2.2 2.9
Kuwait 6,202.84 0.5 1.0 (0.0) (5.1) 30.26 95,935.1 16.0 1.0 4.2
Oman 6,479.00 0.3 0.7 0.8 2.1 22.09 25,502.6 10.0 1.5 3.9
Bahrain 1,334.89 0.3 0.0 (2.4) (6.4) 1.22 20,878.0 8.6 0.9 5.3
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)
11,880
11,900
11,920
11,940
11,960
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index gained 0.4% to close at 11,938.4. The Real
Estate and Insurance indices led the gains. The index rose on
the back of buying support from non-Qatari and GCC
shareholders despite selling pressure from Qatari shareholders.
 Qatar Cinema & Film Distribution Co. and Ezdan Holding Group
were the top gainers, rising 8.9% and 3.5%, respectively. Among
the top losers, Ahli Bank fell 2.1%, while QNB Group was down
1.1%.
 Volume of shares traded on Monday rose by 114.1% to 5.2mn
from 2.4mn on Sunday. However, as compared to the 30-day
moving average of 6.6mn, volume for the day was 20.7% lower.
Ezdan Holding Group and Barwa Real Estate Co. were the most
active stocks, contributing 42.7% and 11.4% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
Taiba Holding Co. (Taiba) Saudi Arabia SR – – 54.0 13.0% 57.0 -3.7%
Saudia Dairy and Foodstuff
Co. (SADAFCO)
Saudi Arabia SR – – 62.2 62.6% 58.5 71.5%
Aseer Trading, Tourism &
Manufacturing Co. (Aseer)
Saudi Arabia SR – – 102.6 -1.1% 64.9 0.8%
Alahli Takaful Co. (ATC) Saudi Arabia SR 13.7 30.0% 0.0 NA 8.7 32.2%
The National Shipping Co. of
Saudi Arabia (Bahri)
Saudi Arabia SR – – 411.9 245.3% 342.5 162.6%
Nama Chemicals Co. (Nama
Chemicals)
Saudi Arabia SR – – -9.0 NA 6.5 NA
The National Co. for Glass
Industries (Zoujaj)
Saudi Arabia SR – – 5.5 77.4% 16.6 17.7%
Saudi Marketing Co. (Farm
Superstores)
Saudi Arabia SR – – 34.2 16.5% 32.8 12.7%
Saudi Cement Co. (SCC) Saudi Arabia SR – – 258.0 -12.8% 254.0 -11.8%
Saudi Industrial Services Co.
(SISCO)
Saudi Arabia SR – – 50.4 23.0% 25.2 16.1%
Herfy Food Services Co.
(Herfy Food)
Saudi Arabia SR – – 49.3 -7.4% 46.3 -11.7%
Saudi Company for
Hardware (SACO)
Saudi Arabia SR – – 38.4 -1.0% 35.9 -4.8%
Advanced Petrochemical
Co. (APC)
Saudi Arabia SR – – 253.5 38.4% 243.2 31.7%
Deyaar Development Dubai AED – – – – 85.8 37.5%
Al Madina Investment Co.** Oman OMR 0.1 114.2% – – -0.6 NA
Financial Services Co.
(FSC)*
Oman OMR 0.3 -44.0% – – 0.0 NA
Oman International
Development and
Investment Co. (Ominvest)*
Oman OMR 44.5 12.8% – – 10.5 11.7%
National Detergent Co. Oman OMR 12.0 -5.3% – – 0.3 -37.2%
Source: Company data, DFM, ADX, MSM (*IH2015 results,**1Q2015-16 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/13 China General Admin. of Cust. Exports YoY CNY June 2.10% 1.20% -2.80%
07/13 China General Admin. of Cust. Imports YoY CNY June -6.70% -16.20% -18.10%
07/13 China General Admin. of Cust. Trade Balance CNY June 284.20B 355.00B 366.80B
07/13 China National Bureau of Stat. Trade Balance June $46.54B $56.70B $59.49B
07/13 China National Bureau of Stat. Exports YoY June 2.80% 1.00% -2.50%
07/13 China National Bureau of Stat. Imports YoY June -6.10% -15.50% -17.60%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 50.53% 61.23% (20,553,420.45)
GCC 11.31% 4.24% 13,564,820.26
Non-Qatari 38.15% 34.52% 6,988,600.19

3. Page 3 of 6
News
Qatar
 MARK posts weak 2Q2015 bottom-line – Masraf Al Rayan
(MARK) reported a net profit of QR487.6mn in 2Q2015 short of
our expectation of QR528.3mn (BBG: QR510mn, Reuters:
QR513mn), declining 4.5% QoQ (+ 3.4% YoY). The miss was
due to higher than expected operating expenses. MARK
reported opex of QR165.1mn vs. our estimate of QR129.0mn.
On the other hand, net interest income & investment income
(QR546.4mn) was in-line with our estimate of QR547.4mn (-
0.2% variation). The bank’s net interest income & investment
income increased by 2.6% QoQ (+7.6% YoY) to QR546.4mn
while net fees & commissions were flat QoQ (-27.8% YoY) at
QR49.5mn in 2Q2015. Surprisingly, operating expenses surged
by 36.8% QoQ and 39.1% YoY to QR165.1mn. Thus, MARK’s
cost-to-income jumped to 26.2% vs. 19.7% in 1Q2015 (20.0% in
2Q2014). It should be mentioned that the YoY growth in the
bottom-line was primarily driven by QR46.5mn, which is a partial
gain from its sale of 50% stake in Seef Lusail Real Estate
Development Co. Without this gain, net income would have
dropped by 6.4% YoY. Net loans exhibited weakness, declining
by 5.3% QoQ (+2.8% YTD) to QR59.5bn. Moreover, deposits
followed suit and receded by 4.1% QoQ (down 6.7% YTD).
Hence, the LDR remained flattish at 102% vs. 1Q2015 (93% in
2014). Mark’s capital adequacy ratio stood at 18.34%. Asset
quality remained superior as the NPL ratio stood at 0.08%.
(Company Financials, QNBFS Research)
 QIBK net income jumps YoY in 2Q2015 – Qatar Islamic
Bank’s (QIBK) net income gained by 23.6% QoQ and 26.9%
YoY to QR494.7mn in 2Q2015, beating our estimate of
QR428.3mn and Reuters consensus estimate of 427.2mn.
(Company Financials, QNBFS Research)
 QOIS to disclose financials on August 10 – Qatar Oman
Investment Company (QOIS) will announce the financial reports
for the period ending June 30, 2015 on August 10, 2015. (QSE)
 MCCS to announce financials on August 12 – Mannai
Corporation (MCCS) will disclose the financial reports for the
period ending June 30, 2015 on August 12, 2015. (QSE)
 Qatargas, ConocoPhillips sign Incident Assistance
agreement – Qatargas and ConocoPhillips have signed an
Incident Assistance agreement that will further enhance the
Qatargas Response Management System. The agreement will
facilitate Qatargas to improve technical expertise to respond
effectively in an emergency. (QNA)
 Manateq awards $459m contract to build first economic
zone – Manateq has awarded a $459mn contract for the
development of Qatar’s first economic zone, which will focus on
logistics and advanced technologies. A consortium formed by
Spain's Sacyr and Qatari firm Urbacon Trading & Contracting
(UCC) has been hired to design and construct QEZ-1 in Ras
Bufontas. The Ras Bufontas project, near the new Hamad
International Airport, will specialize in companies in the
communications, infotech, energy, logistics, construction,
transportation and other sectors. (Bloomberg)
 MDPS: Qatar gross income, savings drop in 1Q2015 –
According to the statistics released by the Ministry of
Development Planning & Statistics (MDPS), Qatar’s gross
national income (GNI) fell 12% YoY and 3.5% QoQ to
QR169.53bn in 1Q2015. The country’s gross national savings
declined 23% YoY and 9% QoQ to QR94.49bn. The gross
saving ratio to nominal GDP in 1Q2015 has been estimated at
54.6% compared to 61.1% in 1Q2014. The comparative figure
for 4Q2014 was 56.6%. The MDPS said rising population and
the price rise of consumer items in the country have led the
household final consumption expenditure (HFCE) to increase
13% YoY to QR31.53bn in 1Q2015. It had risen 7% QoQ. The
share of HFCE in the nominal GDP in 1Q2015 is estimated at
18.2%. The corresponding figures for 1Q2014 and 4Q2014 are
13.8% and 16.1% respectively. The increase in sovereign
spending is in line with the rise in production of public goods and
services to cater to the growing population. It led the
government final consumption expenditure (GFCE) to expand
9% YoY and 5% QoQ to QR29bn in 1Q2015. The proportion of
GFCE in nominal GDP during 1Q2015 has been estimated at
16.8%. The corresponding shares for 1Q2014 and 4Q2014 have
been 13.2% and 15.1% respectively. The ministry said major
investments in the construction sector, especially in the
infrastructure-related projects, has resulted in the gross capital
formation (GCF) to increase 18% YoY to QR61.09bn in 1Q2015.
It registered a 10% QoQ jump. The GCF accounted for 41.8% of
nominal GDP during 1Q2015 against 30.4% in 1Q2014. The
corresponding share for 4Q2014 has been estimated at 35.9%.
Qatar’s total exports (valued at free on board) plunged 35% YoY
to QR94.05bn in 1Q2015 mainly due to lower shipments of
mineral fuels, lubricants and related materials. Exports had
fallen 19% QoQ. Exports constituted 54.4% of nominal GDP in
1Q2015 compared to 72.1% in 1Q2014. The corresponding
share for 4Q2014 was 63.5%. Total imports (valued at cost
insurance freight) showed a 9% YoY fall to QR53.82bn in
1Q2015 on lower intake of miscellaneous manufactured articles,
transport and communication service. It had declined 4% QoQ.
Imports accounted for 31.1% of nominal GDP in 1Q2015 against
29.5% in 1Q2014. Its share was 30.6% in 4Q2014. (Gulf-
Times.com)
 New road to link Hamad Port and truck route – A new link
road has been opened between Hamad Port and the Temporary
Truck Route (TTR), also known as Route 55. According to the
Public Works Authority (Ashghal), the new road will help ease
the flow of heavy vehicles from the Hamad Port being developed
on the southern side of Doha to Route 55 ahead of its full-scale
commercial operations. The road, known as Mesaieed Road 1,
is approximately 4 kilometers long and has two lanes in each
direction, one of which is dedicated for heavy vehicles, similar to
the existing Route 55. The road is considered a vital addition to
the country's road network as it will form a free-flowing traffic
route without entering Doha city, helping to alleviate congestion
and manage the heavy vehicle movement better. (Gulf-
Times.com)
 CBQK ties up with Credit Bureau Office for faster loans,
credit cards – Commercial Bank (CBQK) has forged ties with
the Credit Bureau Office making it the first bank in Qatar to use
a live link to approve and process loans and credit card
applications within minutes. CBQK CEO Abdulla Saleh al-Raisi
said all CBQK customers will now enjoy “enhanced banking
experience” and “the fastest approval times” for personal and
vehicle loans, as well as credit cards in Qatar. (Gulf-Times.com)
 Beema net profit touches QR32mn in 1H2015 – Damaan
Islamic Insurance Company (Beema) has reported a net profit of
QR32mn for 1H2015. The company recorded a gross
contribution of QR172mn and surplus of QR9mn from insurance
operations in 1H2015, rising 21% and 14% YoY, respectively.
(Peninsula Qatar)
International
 US annual budget deficit drops on June budget surplus –
The US Treasury Department has said that the budget deficit
remained near its lowest level in seven years in June amidst a

4. Page 4 of 6
brightening economic outlook that has boosted revenues. The
US reported a $52bn surplus in June, a month in which the
government in recent decades has typically generated a surplus
on account of corporate and individual taxes collected at
month’s end. The monthly surplus brought the budget deficit
over the past 12 months to $431bn, down nearly 20% YoY. It
represents the second lowest 12-month deficit since August
2008. The budget picture has improved this year amidst higher
revenues and better economic growth, even though federal
spending has also ticked higher. Revenue for the 12-month
period ended June is nearly 9% over the year-earlier level, while
spending is up 4%. (WSJ)
 Greece secures rescue deal, Tsipras faces party revolt –
Greece reached a rescue deal on Monday morning after a
weekend of often-acrimonious negotiations among eurozone
leaders and finance ministers. This gives the debt-stricken
country a fighting chance to hold on to the euro as its currency.
But its success depends on Greeks swallowing an even-tougher
austerity plan than the one they rejected overwhelmingly in a
referendum on July 5. The terms imposed by international
lenders led by Germany, require Tsipras to pass legislation to
cut pensions, increase value added tax, clamp down on
collective bargaining agreements and put in place quasi-
automatic spending constraints. In addition, he must set €50bn
of public sector assets aside to be sold off under the supervision
of foreign lenders and get the whole package through parliament
by Wednesday. However, as a result of the deal, Tsipras faces a
showdown with rebels in his own party furious at his capitulation
to German demands for one of the most sweeping austerity
packages ever demanded of a eurozone government. Left-wing
rebels in the ruling Syriza party, and his junior coalition partner,
the right-wing Independent Greeks party, indicated they would
not tear up election pledges that brought them to power in
January. (WSJ, Reuters)
 China June exports gain signal stabilizing economy –
According to China’s Customs Department, overseas shipments
rose 2.1% YoY in Yuan value. Exports rose for the first time in
four months in June, providing fresh evidence that growth is
stabilizing ahead of the gross domestic product data due this
week. On the other hand, imports dropped 6.7%, narrowing from
the fall of 18.1% previously reported in May, leaving a trade
surplus of Yuan 284.2bn. Demand from the US continues to
underpin China’s shipments, with exports to the world’s biggest
economy climbing 12% YoY in June. The improvement in
exports provides a cushion for an economy weighed by a slump
in investment growth that is putting Premier Li Keqiang’s 2015
growth target of about 7% at risk. (Bloomberg)
 India inflation rises in June, reduces room for rate cuts –
According to data released by the Statistics Ministry, India’s
consumer prices rose 5.4% YoY in June after a 5.01% increase
in May. The increase in inflation exceeded a 5.1% estimate,
decreasing room for central bank Governor Raghuram Rajan to
cut interest rates again to boost investment. Food prices rose
5.48% YoY in June after a 4.8% gain in May, led by a 22%
surge in pulses. Food accounts for about 50% of India’s CPI
basket. A reduction in one of Asia’s highest borrowing costs may
help spur new investment from a one-year low. (Bloomberg)
 Singapore economy contracts QoQ, hit by shrinking
manufacturing – Singapore’s Trade Ministry has reported that
the GDP fell an annualized 4.6% in 2Q2015 from 1Q2015. The
contraction in economy underscores the weakening outlook for
Asian nations amidst sluggish global growth. Manufacturing
shrank an annualized 14% in 2Q2015 from 1Q2015.
Construction contracted 0.2%, while services fell 2.6% in the
same period. Singapore’s economy expanded 1.7% in 2Q2015
on a YoY basis after growing a revised 2.8% in 1Q2015.
According to data compiled by Bloomberg, the economy’s
contraction is the worst since 3Q2012. A commodities slump,
China’s slowdown and uneven recoveries in the US and Europe
have damped exports that power many Asian economies.
(Bloomberg)
Regional
 GOIC: GCC food industries’ investments expanded to
$24bn in 2014 – Gulf Organization for Industrial Consulting
(GOIC) in its latest report ‘GCC Food Industries’ Directory 2015’
said that the number of factories operating in the GCC food
industries sector increased from 1,606 in 2010 to 1,965 in 2014,
reflecting a CAGR of 5.2%. Investments jumped from $13.69bn
to $23.76bn over the same period, at a five-year CAGR of
14.8%, while the labor force increased from 159,613 workers to
238,825 workers, at a CAGR of 10.6%. GOIC Secretary
General, Abdulaziz Bin Hamad Al-Ageel said that the sector
represents approximately 12.1% of the total manufacturing
industries, about 6.2% of the total investments and 15.6% of the
total manufacturing labor force. (GulfBase.com)
 Saudi Total achieves ISO 14001 certification – Saudi Total
has achieved the Environmental Management System certificate
ISO 14001 for its plant in King Abdullah Economic City. The
plant has been awarded this certificate on the basis of
recommendations of the ISO International Commission in less
than two years of startup. (GulfBase.com)
 UNIKAI raises GCC ownership limit – The Dubai Financial
Market (DFM) announced that United Kaipara Dairies Company
(UNIKAI) has raised the ownership limit of its stocks to GCC
citizens to 49%, effective July 12, 2015.
 Asteco: Abu Dhabi residential market witnesses uptick –
According to Asteco’s UAE Property Review report, apartment
rental rates for prime buildings are on the increase in Abu Dhabi.
The report highlighted average rise of 6% (1Q-2Q2015) and 4%
(YoY) respectively for apartment rental rates and sales prices
and said the new legislation is set to reinforce market credibility
with prime supply to grow significantly from 2018. The majority
of prime, high and mid-quality developments increased by 4-6%
upon contract renewal, whereas new leases were on an
average, 8% higher than what it was in 1Q2015. Abu Dhabi’s
most popular prime developments, such as the Eastern
Mangroves and St Regis Residences by TDIC, recorded rent
renewal increases of 12% and 10% respectively, with long
prospective tenant waiting lists, indicating the continued lack of
prime quality supply in the capital. Sales prices for apartments
and villas remained steady, continuing the trend of the last 12
months, although the YoY figures showed an average positive
growth of 4% in apartment sales prices. (GulfBase.com)
 SCAD: Abu Dhabi inflation rises 1.2% QoQ in 2Q2015 –
According to the Statistics Centre Abu Dhabi (SCAD), the
average consumer prices in Abu Dhabi rose 1.2% QoQ in
2Q2015. The highest rises in 2Q2015 were observed in the
restaurants and hotels group, which was up 3.0%. SCAD said in
its report that average consumer prices rose 1.1% MoM in June
2015. The housing, water, electricity, gas, and other fuels
category recorded a 2% increase during June, posting the
largest rise, followed by food and beverages with a 1.2% gain.
The growth in June 2015 pushed consumer prices up 1% for
citizen households, 1.2% for non-citizen households and 1.1%
for share households. (GulfBase.com)
 Boubyan Bank net profit surges 28% YoY in 1H2015 –
Boubyan Bank reported a net profit of KD16mn in 1H2015 as
compared to KD12.6mn in 1H2014, reflecting an increase of

5. Page 5 of 6
28% on a YoY basis. The bank’s total assets rose 19% to
KD2.9bn and operating income climbed 12% to KD43.8mn.
Customer deposits stood at KD2.3bn, showing an increase of
25% and the financing portfolio rose to KD2mn, up by 21%. EPS
amounted to 7.78 fils in 1H2015 versus 6.1 fils in 1H2014.
(GulfBase.com)
 Bank Sohar reports 14.12% YoY decrease in net profit in
2Q2015 – Bank Sohar reported a net profit of OMR13.87mn in
2Q2015, reflecting a decrease of 14.12% YoY. The bank’s
operating income reached OMR34.3mn in 2Q2015 as compared
to OMR35.27mn in 2Q2014. Total assets stood at OMR2.1bn at
the end of June 30, 2014 as compared to OMR1.9bn at the end
of June 30, 2014. Bank Sohar’s net loans & advances reached
OMR1.58bn, showing an increase of 15.51% YoY, while its
customer deposits stood at OMR1.57bn. (MSM)
 Orpic, Pörner sign deal for bitumen unit – Oman Daily
Observer reported that Oman Oil Refineries and Petroleum
Industries Company (Orpic) has signed a deal with Austria-
based Pörner Group, a leading engineering contractor, to
provide proprietary Biturox technology for a bitumen production
unit planned in Sohar. The bitumen production unit will be a part
of the multi-billion dollar Sohar Refinery Improvement Project
(SRIP) and will enable Oman to produce bitumen in the
sultanate for the first time. The country has completely
depended on imports from Iran and the UAE for its bitumen
requirements in order to carry out projects such as asphalting of
roads, and various other infrastructure-related works. It further
reported that Pörner Group said it will support the construction
of a bitumen unit featuring a pair of reactors each with a
capacity to produce 516 tons per day (tpd) of bitumen. In
addition to supplying the license and basic engineering, the
group will also undertake the detailed engineering, pilot testing
and commissioning of the new Biturox unit. (Bloomberg)

6. 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 Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is
not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically
engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report
has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any
representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis,
expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical
technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment
decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
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
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
QSE Index S&P Pan Arab S&P GCC
0.2%
0.4%
0.5%
0.3% 0.3%
0.6%
0.9%
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,157.97 (0.5) (0.5) (2.3) MSCI World Index 1,758.69 0.9 0.9 2.9
Silver/Ounce 15.51 (0.5) (0.5) (1.2) DJ Industrial 17,977.68 1.2 1.2 0.9
Crude Oil (Brent)/Barrel (FM
Future)
57.85 (1.5) (1.5) 0.9 S&P 500 2,099.60 1.1 1.1 2.0
Crude Oil (WTI)/Barrel (FM
Future)
52.20 (1.0) (1.0) (2.0) NASDAQ 100 5,071.51 1.5 1.5 7.1
Natural Gas (Henry
Hub)/MMBtu
2.88 4.8 4.8 (3.9) STOXX 600 396.46 1.0 1.0 5.4
LPG Propane (Arab Gulf)/Ton 41.00 (2.4) (2.4) (16.3) DAX 11,484.38 0.5 0.5 6.2
LPG Butane (Arab Gulf)/Ton 54.25 (1.4) (1.4) (13.5) FTSE 100 6,737.95 1.2 1.2 2.1
Euro 1.10 (1.4) (1.4) (9.1) CAC 40 4,998.10 0.9 0.9 6.5
Yen 123.43 0.5 0.5 3.0 Nikkei 20,089.77 1.1 1.1 11.5
GBP 1.55 (0.2) (0.2) (0.6) MSCI EM 943.01 1.1 1.1 (1.4)
CHF 1.05 (1.2) (1.2) 4.6 SHANGHAI SE Composite 3,970.39 2.5 2.5 22.7
AUD 0.74 (0.5) (0.5) (9.4) HANG SENG 25,224.01 1.3 1.3 6.9
USD Index 96.86 0.9 0.9 7.3 BSE SENSEX 27,961.19 0.9 0.9 1.3
RUB 56.55 0.2 0.2 (6.9) Bovespa 53,119.47 2.4 2.4 (10.6)
BRL 0.32 0.8 0.8 (15.4) RTS 915.47 1.1 1.1 15.8
143.4
122.4
116.6