The QE Index rose 0.3% to close at 10,189.6. Gains were led by the Insurance and Transportation indices, gaining 2.5% and 1.8%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.3% to close at 10,189.6. Gains were led by the Insurance and
Transportation indices, gaining 2.5% and 1.8%, respectively. Top gainers were
Islamic Holding Group and Qatar Gas Transport Company Limited, rising 5.5% and
4.5%, respectively. Among the top losers, Qatar Cinema & Film Distribution
Company fell 9.9%, while Qatari German Co. for Medical Devices was down 3.1%.
GCC Commentary
Saudi Arabia: The TASI Index gained 0.9% to close at 9,063.9. Gains were led by the
Banks and Food & Beverages indices, rising 1.6% and 1.4%, respectively. Al Jouf
Agriculture Development rose 5.2%, while Al Rajhi Bank was up 3.1%.
Dubai: The DFM Index gained 0.6% to close at 2,776.3. The Services index rose
3.2%, while the Banks index gained 2.1%. Amanat Holdings rose 4.6%, while Aan
Digital Services Holding Co. was up 4.2%.
Abu Dhabi: The ADX General Index fell 0.3% to close at 5,032.2. The Investment &
Financial Services index declined 1.6%, while the Consumer Staples index fell 1.4%.
Abu Dhabi Aviation Co. declined 7.1%, while Gulf Cement Co. was down 5.7%.
Kuwait: Market was closed on April 4, 2019.
Oman: Market was closed on April 4, 2019.
Bahrain: The BHB Index gained 0.1% to close at 1,419.3. The Insurance index rose
1.4%, while the Investment index gained 0.1%. Arab Insurance Group rose 8.6%,
while Bahrain Duty Free Complex was up 4.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 25.15 5.5 281.2 15.1
Qatar Gas Transport Company Ltd. 22.05 4.5 1,383.6 23.0
Qatar Insurance Company 39.88 2.8 142.7 11.1
Doha Insurance Group 11.86 2.6 1.7 (9.4)
Al Khaleej Takaful Insurance Co. 13.80 2.2 70.1 60.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Company Ltd. 22.05 4.5 1,383.6 23.0
Ezdan Holding Group 9.68 0.6 1,069.9 (25.4)
Qatar First Bank 4.32 0.5 1,011.8 5.9
Vodafone Qatar 7.66 0.0 878.7 (1.9)
United Development Company 14.24 0.2 834.5 (3.5)
Market Indicators 04 April 19 03 April 19 %Chg.
Value Traded (QR mn) 238.2 244.7 (2.6)
Exch. Market Cap. (QR mn) 566,915.5 564,907.7 0.4
Volume (mn) 9.6 10.8 (10.9)
Number of Transactions 5,021 5,555 (9.6)
Companies Traded 44 44 0.0
Market Breadth 21:17 14:28 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,749.66 0.3 0.5 3.3 14.2
All Share Index 3,075.39 0.3 0.1 (0.1) 14.6
Banks 3,786.14 (0.1) (0.7) (1.2) 13.4
Industrials 3,330.06 0.3 0.1 3.6 15.3
Transportation 2,466.74 1.8 4.4 19.8 13.6
Real Estate 1,819.99 0.3 (1.8) (16.8) 15.8
Insurance 3,431.42 2.5 9.8 14.1 20.7
Telecoms 927.03 0.1 (2.3) (6.2) 18.9
Consumer 7,920.37 0.8 2.2 17.3 15.4
Al Rayan Islamic Index 4,054.83 0.0 0.0 4.4 13.5
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. Qatar 22.05 4.5 1,383.6 23.0
Al Rajhi Bank Saudi Arabia 74.00 3.1 9,766.3 30.1
Qatar Insurance Co. Qatar 39.88 2.8 142.7 11.1
GFH Financial Group Dubai 0.98 2.6 92,212.2 8.4
Nat. Commercial Bank Saudi Arabia 57.90 2.3 1,666.2 21.0
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Abu Dhabi Comm. Bank Abu Dhabi 8.90 (3.2) 1,890.8 9.1
Qatar Islamic Bank Qatar 155.41 (2.3) 28.5 2.2
The Commercial Bank Qatar 46.10 (1.9) 38.1 17.0
Rabigh Refining & Petro. Saudi Arabia 21.20 (1.9) 2,906.7 11.1
Emaar Malls Dubai 1.78 (1.7) 885.9 (0.6)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 19.83 (9.9) 1.5 4.3
Qatari German Co for Med. Dev. 5.71 (3.1) 5.7 0.9
Qatar Islamic Bank 155.41 (2.3) 28.5 2.2
Gulf International Services 15.57 (2.1) 313.5 (8.4)
The Commercial Bank 46.10 (1.9) 38.1 17.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Company 201.50 1.7 31,736.7 21.4
Qatar Gas Transport Co. Ltd. 22.05 4.5 30,467.7 23.0
Qatar International Islamic Bank 71.40 2.0 22,582.8 8.0
QNB Group 177.00 0.8 15,823.2 (9.2)
United Development Company 14.24 0.2 11,933.5 (3.5)
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* 10,189.56 0.3 0.4 0.8 (1.1) 65.18 155,731.7 14.2 1.5 4.3
Dubai 2,776.29 0.6 5.5 5.4 9.7 97.97 98,917.2 9.9 1.0 4.9
Abu Dhabi 5,032.19 (0.3) (1.3) (0.8) 2.4 51.79 137,502.3 14.1 1.4 4.9
Saudi Arabia 9,063.88 0.9 3.1 2.8 15.8 976.83 570,856.6 20.4 2.0 3.1
Kuwait##
4,956.33 0.0 1.7 0.8 4.6 151.94 34,047.4 14.8 0.9 4.0
Oman#
3,939.54 (0.5) (1.6) (1.1) (8.9) 2.11 17,287.0 8.3 0.8 7.9
Bahrain 1,419.30 0.1 0.4 0.4 6.1 8.73 21,742.6 9.3 0.9 5.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, MSM Market and DFM (** TTM; * Value traded ($ mn) do not include special trades, if any; #Data as of April 2, 2019, ##Data as of April 3, 2019)
10,100
10,150
10,200
10,250
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QE Index rose 0.3% to close at 10,189.6. The Insurance and
Transportation indices led the gains. The index rose on the back of
buying support from Qatari shareholders despite selling pressure from
GCC and non-Qatari shareholders.
 Islamic Holding Group and Qatar Gas Transport Company Limited were
the top gainers, rising 5.5% and 4.5%, respectively. Among the top
losers, Qatar Cinema & Film Distribution Company fell 9.9%, while
Qatari German Company for Medical Devices was down 3.1%.
 Volume of shares traded on Thursday fell by 10.9% to 9.6mn from
10.8mn on Wednesday. Further, as compared to the 30-day moving
average of 11.4mn, volume for the day was 15.7% lower. Qatar Gas
Transport Company Limited and Ezdan Holding Group were the most
active stocks, contributing 14.3% and 11.1% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data and Earnings Calendar
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/04 US Department of Labor Initial Jobless Claims 30-March 202k 215k 212k
04/04 US Department of Labor Continuing Claims 23-March 1,717k 1,752k 1,755k
04/04 US Bloomberg Bloomberg Consumer Comfort 31-March 58.9 – 60.0
04/05 US Bureau of Labor Statistics Unemployment Rate March 3.8% 3.8% 3.8%
04/05 Germany Deutsche Bundesbank Industrial Production SA MoM February 0.7% 0.5% 0.0%
04/05 Germany Bundesministerium fur Wirtscha Industrial Production WDA YoY February -0.4% -1.4% -2.7%
04/04 India Markit Nikkei India PMI Services March 52.0 – 52.5
04/04 India Markit Nikkei India PMI Composite March 52.7 – 53.8
04/04 India Reserve Bank of India RBI Repurchase Rate 4-April 6.0% 6.0% 6.3%
04/04 India Reserve Bank of India RBI Reverse Repo Rate 4-April 5.8% 5.8% 6.0%
04/04 India Reserve Bank of India RBI Cash Reserve Ratio 4-April 4.0% 4.0% 4.0%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 4Q2018 results No. of days remaining Status
QNBK QNB Group 9-Apr-19 2 Due
ERES Ezdan Holding Group 11-Apr-19 4 Due
QEWS Qatar Electricity & Water Company 14-Apr-19 7 Due
IHGS Islamic Holding Group 15-Apr-19 8 Due
MARK Masraf Al Rayan 17-Apr-19 10 Due
QIBK Qatar Islamic Bank 17-Apr-19 10 Due
CBQK The Commercial Bank 17-Apr-19 10 Due
ABQK Ahli Bank 18-Apr-19 11 Due
NLCS Alijarah Holding 18-Apr-19 11 Due
GWCS Gulf Warehousing Company 21-Apr-19 14 Due
QGTS Qatar Gas Transport Company Limited (Nakilat) 21-Apr-19 14 Due
QIGD Qatari Investors Group 23-Apr-19 16 Due
UDCD United Development Company 24-Apr-19 17 Due
MERS Al Meera Consumer Goods Company 28-Apr-19 21 Due
KCBK Al Khalij Commercial Bank 29-Apr-19 22 Due
DHBK Doha Bank 30-Apr-19 23 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 38.38% 45.16% (16,174,663.60)
Qatari Institutions 31.87% 21.60% 24,457,732.94
Qatari 70.25% 66.76% 8,283,069.34
GCC Individuals 1.07% 1.05% 36,818.03
GCC Institutions 0.21% 1.57% (3,217,621.63)
GCC 1.28% 2.62% (3,180,803.60)
Non-Qatari Individuals 11.11% 13.54% (5,776,322.18)
Non-Qatari Institutions 17.36% 17.08% 674,056.44
Non-Qatari 28.47% 30.62% (5,102,265.74)

3. Page 3 of 7
News
Qatar
 ABQK to disclose 1Q2019 financial statements on April 18 –
Ahli Bank (ABQK) announced its intent to disclose 1Q2019
financial statements for the period ending March 31, 2019, on
April 18, 2019. (QSE)
 GWCS to disclose 1Q2019 financial statements on April 21 –
Gulf Warehousing Company (GWCS) announced its intent to
disclose 1Q2019 financial statements for the period ending
March 31, 2019, on April 21, 2019. (QSE)
 MERS to disclose 1Q2019 financial statements on April 28 – Al
Meera Consumer Goods Company (MERS) announced its intent
to disclose 1Q2019 financial statements for the period ending
March 31, 2019, on April 28, 2019. (QSE)
 QGTS to disclose 1Q2019 financial statements on April 21 –
Qatar Gas Transport Company Ltd. (QGTS) announced its
intent to disclose 1Q2019 financial statements for the period
ending March 31, 2019, on April 21, 2019. (QSE)
 KCBK to disclose 1Q2019 financial statements on April 29 – Al
Khalij Commercial Bank (KCBK) announced its intent to
disclose 1Q2019 financial statements for the period ending
March 31, 2019, on April 29, 2019. (QSE)
 QCFS’ AGM and EGM endorses items on its agenda and
approves the distribution of 15% cash dividend – Qatar Cinema
& Film Distribution Company (QCFS) announced that Annual
General Meeting (AGM) and Extraordinary General Assembly
Meeting (EGM) were held on April 3, 2019. AGM approved the
board’s recommendation for a dividend payment of QR1.50 per
share, representing 15% of the nominal share value. Following
resolutions are passed in the EGM: (i) Approved the amendment
of article No (5) of the memorandum of association of the
company, by dividing the share value, to become the nominal
share value QR1, instead of QR10, (ii) Approved to add a new
article to the memorandum of association, by increasing the
maximum cap of the non-Qatari possession of the company
shares, to be 49%, and (iii) Approved the amendment of article
No (9) of the memorandum of association of the company, by
increasing the shareholder possession of the company shares,
to be 10% instead of 5%. (QSE)
 Ooredoo highlights tech, innovations from around the world at
roadshow – Ooredoo stated it elevated Qatar’s standing as a
burgeoning global hub for innovation, technology and
entrepreneurship after the recent success of its second Ooredoo
Innovation roadshow in Doha. The event attracted hundreds of
innovators from around the world, including department heads
from the Government of Qatar, entrepreneurs, business leaders,
technology experts and futurists, the company stated. Global
companies such as Ericsson, Google, Microsoft and many others
also took part in the event to showcase their innovations.
Ooredoo’s ecosystem of startup incubators, accelerators,
channel partners and customers exchanged best practices and
shared knowledge with their global counterparts. (Gulf-
Times.com)
 UDCD launches final sales phase of Al Mutahidah Towers –
United Development Company (UDCD) has launched the fourth
and final phase of sales at Al Mutahidah Towers – Viva Bahriya
28, its luxurious project in the relaxed beachfront precinct of
Viva Bahriya. The development, which consists of high-end
connected towers offering 480 accommodation units of various
dimensions including studios, lofts, and townhouses, as well as
high-level penthouses, features panoramic sea views and direct
access to the beach. Comprising 480 apartments, the project has
attracted strong interest from visitors and investors as
evidenced by the successful conclusion of the third sales phase
in record time following the completion of the construction of
Al Mutahidah Towers’ connecting bridge. The most complex
structure of the project, the connecting bridge is a unique
feature among towers at The Pearl-Qatar. (Gulf-Times.com)
 Nakilat participates in LNG2019 Conference and Exhibition –
Nakilat participated in the LNG2019 Conference and Exhibition
that took place in Shanghai from April 1 to 5. In its 19th edition,
the international conference and exhibition on liquefied natural
gas (LNG) is among the largest LNG-centric events globally,
attracting more than 11,000 professionals from the energy
industry. Being hosted in China, one of the leading importers of
LNG worldwide, the event provides a strategic platform to
discuss current industry topics and display the latest
technological innovations. As the world’s leading transporter of
clean energy, Nakilat was proud to be participating at LNG2019
and to showcase its shipping and maritime expertise at the
event. In addition to its shipping services, Nakilat also provides
integrated maritime solutions through its local joint ventures,
offering ship repair, offshore repair and fabrication, as well as
ship building at its world-class Erhama Bin Jaber Al Jalahma
Shipyard located at Ras Laffan Industrial City, as well as
towage, shipping agency, logistics and other maritime services.
(Gulf-Times.com)
 GECF chief: Natural gas key to achieving lower carbon energy
system – Natural gas will be the only hydrocarbon resource to
increase its share in the global energy mix, from the current
22% to 26% in 2040, Dr Yury Sentyurin, Gas Exporting
Countries Forum (GECF) secretary general Dr Yury Sentyurin,
said at the African Petroleum Producers Organisation congress
and expo in Equatorial Guinea. “Natural gas is a destination fuel
that will prove to be key to achieving a lower carbon energy
system,” Sentyurin said in his opening address at the African
Petroleum Producers Organisation (APPO) CAPE VII Congress
and Exhibition in Malabo, Equatorial Guinea yesterday. Africa’s
progress in natural gas development will be a triumph against
energy poverty, where approximately 80% of people still rely
on biomass and waste to meet their energy needs, he said.
Given the numerous health and air quality concerns associated
with biomass burning, improving energy accessibility on the
continent is not only a necessity for fighting energy poverty,
but for fulfilling climate change objectives, and UN Sustainable
Development Goal 7: access to affordable, reliable, sustainable
and modern energy for all, Sentyurin noted. (Gulf-Times.com)
 QTerminals handles its heaviest cargo at Hamad Port –
QTerminals, which is jointly established by Mwani Qatar (51%)
and Milaha (49%), handled the heaviest cargo since start of its
operations at Hamad Port. The cargo unit was handled with two
mobile harbor cranes discharging the unit in a synchronized
tandem move. QTerminals provides container, general cargo,
RORO, livestock and off shore supply services in Phase 1 of
Hamad Port, Qatar’s gateway to world trade. (Gulf-Times.com)

4. Page 4 of 7
 US import from Qatar surges by 153% – The Qatar-US trade
balance in goods, which is often in favor of the US, was skewed
towards Qatar in January 2019. The world’s largest economy
reported a rare trade deficit of $143.2mn (QR521.46mn) against
Qatar for the first month of this year, latest official data show.
Before January 2019, the US, over a period of the last five years,
witnessed a monthly trade deficit (against Qatar) only on two
occasions—once in July 2018 (with a small deficit of $3.2mn)
and other in January 2015 ($11.7mn). This was due to an
unprecedented change in the usual trade pattern between the
two countries. There was a significant increase in US import
from Qatar and a sharp decline in US export to the Gulf nation
in January 2019 as compared to the previous month (December)
as well as the corresponding month last year. The bilateral
trade volume (in goods) between Qatar and the US reached
$435.4mn (QR1.58bn) in January 2019, up nearly 27% (year-on-
year) as compared to $343.1mn (QR1.24bn) registered in
January last year, according to online data released by the US
Census Bureau. The US exported goods worth $146.1m to Qatar
in January 2019, while its import from Qatar surged to $289.3m,
registering a triple digit growth of about 103% compared to
$142.6mn in January 2018. When compared with the previous
month ($114mn in December 2018) it increased by over 153%.
(Peninsula Qatar)
 Project Qatar 2019 to begin on April 29 – Project Qatar 2019, the
nation’s biggest and longest-established construction event,
will take place between April 29 and May 1. The event’s impact
and contribution to the construction industry in Qatar has
grown consistently since its launch in 2004, and it is now a
mainstay of the international construction industry calendar.
The 2019 edition has been carefully tailored to be aligned with
the journey towards the realization of the Qatar National Vision
2030. It will provide a unique platform for global industry
players to learn how best to tap into the nations array of
construction-related opportunities, as Qatar’s infrastructural
upgrades gain pace. (Peninsula Qatar)
 Four new Monoprix stores to open this year – Four new
Monoprix stores will open in various locations across Qatar,
including a ‘digitally smart store’ at Msheireb Downtown Doha
(MDD), by the end of this year, its regional general manager
Sebastien Farhat has said. The French retail chain was
introduced by Ali Bin Ali Group in Qatar in 2013 and now has
two stores – in West Bay (Palm Tower) and the largest one at
Doha Festival City. Ali Bin Ali Group owns the franchise of
Monoprix in the region. (Gulf-Times.com)
 Kuwari attends WEF on MENA in Jordan – Minister of
Commerce and Industry HE Ali bin Ahmed al Kuwari is leading
Qatar’s delegation to the World Economic Forum (WEF) on the
Middle East and North Africa (MENA), which is taking place at
the Dead Sea, Jordan, on April 6-7. This year’s edition of the
forum, which is being held under the theme “Globalisation 4.0,”
will convene over 1,000 key leaders from government, business
and civil society from over 50 countries, the Ministry of
Commerce and Industry (MoCI) said in a statement. The forum
focuses on providing support for the development of
institutions in the MENA amid efforts to promote intra-trade
and commerce with the GCC, the US, Europe and Asia, in
addition to addressing the ongoing geopolitical transformations
and humanitarian challenges through multi-stakeholder
dialogue. The forum will discuss the women entrepreneurship,
and key intergenerational issues such as transparency,
accountability, sustainability and environmental. (Qatar
Tribune)
International
 US employment report points to growing economy – US
employment growth accelerated from a 17-month low in March,
assuaging fears of an abrupt slowdown in economic activity,
but a moderation in wage gains supported the Federal Reserve’s
decision to suspend further interest rate increases this year.
Milder weather boosted hiring in sectors like construction, but
worsening worker shortages and lingering effects of tighter
financial market conditions at the turn of the year left job
growth below 2018’s brisk pace. The Labor Department’s
closely watched employment report on Friday also showed a
small upward revision to February’s meager job gains. “This
was a Goldilocks report, with a rebound in job growth to calm
fears of an imminent recession, and wage growth that was solid
enough without triggering inflationary concerns,” said Curt
Long, chief economist at the National Association of Federally-
Insured Credit Unions. “The Fed will be pleased, as it supports
their present stance of holding firm on rates.” Nonfarm payrolls
rose by 196,000 jobs in March. Data for February was revised
modestly up to show 33,000 jobs created instead of the
previously reported 20,000. February job gains were the
smallest since September 2017. Economists polled by Reuters
had forecast payrolls increasing by 180,000 jobs last month.
Average hourly earnings increased by 0.1 percent in March
after jumping 0.4 percent in February. That lowered the annual
increase in wages to 3.2 percent from 3.4 percent in February,
which was the biggest gain since April 2009. (Reuters)
 US jobless claims hit 49-year low; labor market resilient – The
number of Americans filing applications for unemployment
benefits fell to a nearly half-century low last week, pointing to
sustained labor market strength despite slowing economic
growth. Initial claims for state unemployment benefits declined
10,000 to a seasonally adjusted 202,000 for the week ended
March 30, the lowest level since early December 1969, the Labor
Department said. Economists polled by Reuters had forecast
claims rising to 216,000 in the latest week. The claims data
have shown no significant pickup in layoffs and there have
been reports of companies reluctant to let go of workers amid a
growing shortage of skilled labor. The scarcity of workers
contributed to a recent slowdown in hiring. (Reuters)
 UK loses GBP 6.6bn a quarter since referendum: S&P –The
United Kingdom has lost GBP 6.6bn in economic activity every
quarter since it voted to leave the European Union, according to
S&P Global Ratings, the latest company to estimate the damage
from Brexit. In a report published on Thursday, the ratings
agency’s senior economist, Boris Glass, said the world’s fifth-
biggest economy would have been about 3 percent larger by the
end of 2018 if the country had not voted in a June 2016
referendum to leave the EU. Quarterly growth rates would have
averaged about 0.7 percent, rather than 0.43 percent, he said.
“Immediately after the referendum, the pound fell by about 18
percent. This was the single most pertinent indicator of the
impact of the vote and the drag it created, via inflation, has

5. Page 5 of 7
been spreading through the economy,” he said. As imports
became more expensive, inflation started to rise, curbing
household spending. S&P estimated inflation was 1.8 percent
higher than it would otherwise have been by the third quarter
2017. The S&P report was based on the Doppelganger approach,
an econometric technique that used a synthetic UK economy
based on the performance of other economies to estimate how
the UK would have performed had it not decided to leave the
EU. (Reuters)
 UK house price growth cools in early 2019, outlook subdued:
Halifax – British house price growth cooled in the first three
months of 2019 in annual terms and the outlook is likely to
remain subdued, given Brexit uncertainty and high property
prices, mortgage lender Halifax said. Compared with the same
period of last year, prices rose by 2.6%, slower than a rise of
2.8% in the three months to February. A Reuters poll of
economists had pointed to an annual rise of 2.3 percent for the
first quarter. (Reuters)
 German industrial output rises on construction surge – German
industrial output rose by 0.7% in February as mild weather
helped a surge in construction activity but manufacturing
production dipped, doing little to boost spirits in Europe’s
largest economy after a run of negative news. The rise in output
exceeded expectations for a 0.5% increase on the month.
January’s reading was revised up to show no change from a
previously reported contraction of 0.8%, Statistics Office
figures showed. (Reuters)
 ECB rate hike timing pushed further back again: Reuters poll –
The European Central Bank will delay any interest rate hikes
further into next year than previously thought as euro zone
economic growth and inflation prospects have dimmed, a
Reuters poll of economists showed. That change comes only a
few months after the central bank shut its monthly asset
purchases, known as quantitative easing (QE), and March’s
offer of new long-term loans, or TLTROs, to start in September.
The ECB is already on its longest break from changing rates and
this week’s poll of more than 80 economists showed the central
bank will delay any tightening even further. (Reuters)
 China March new bank loans seen rebounding, further easing
expected: Reuters poll – New bank loans in China likely
rebounded in March from a drop the previous month, a Reuters
poll showed, as policymakers push the country’s banks to keep
lending to struggling smaller companies even if it risks more
bad loans. Chinese banks likely extended 1.2 trillion yuan
($178.78 billion) in net new loans in March, up about 7 percent
from the same period a year earlier, a median estimate in a
Reuters survey of 20 economists showed. After a record credit
pulse in January into the slowing economy, new lending
dropped sharply to 885.8 billion yuan in February, which
analysts attributed to seasonal factors and regulators’ concerns
about a flare-up in some types of shadow bank financing. But if
the March reading is in line with forecasts, total bank lending in
the first three months of the year would reach a record
quarterly tally of 5.32 trillion yuan ($792.60 billion), suggesting
months of policy loosening by the central bank are starting to
bear fruit. (Reuters)
 Japan's coincident index improves, government maintains
economic view – Japan’s coincident indicator index improved
for the first time in four months in February and the
government kept its view to say the economy is at “a turning
point”, government data showed. The index of coincident
indicators rose a preliminary 0.7 point in February from the
previous month, the Cabinet Office said. The government kept
its assessment intact to say the economy was at “a turning
point towards a downgrade”, meaning the economy may have
peaked a few months earlier. (Reuters)
Regional
 IIF: MENA asset accumulation continues – The portfolio debt
inflows is expected to increase from $48bn in 2018 to $60bn in
2019 as five GCC states are now in JP Morgan’s EMBI index.
During the first quarter of this year, Qatar and Saudi Arabia
issued a combined $19.5bn in sovereign Eurobonds, according
to Institute of International Finance (IIF). “With an improving
EM investment outlook in recent months, we expect healthy
equity inflows to continue through the first half of 2019.
Resident capital outflows will remain large at $235bn, far
exceeding non-resident capital inflows. As a result, the stock of
gross foreign assets is projected to increase to $3.1tn by 2020,
about 70% of which is managed by SWFs with diversified
equity and fixed income portfolios. The other 30% is in official
reserves”, the IIF’s ‘capital flows’ report noted. The IIF
forecasts Brent oil spot prices to average $65 per barrel in 2019
and $60 per barrel in 2020. With modestly lower oil prices, the
aggregate current account surplus of the six GCC oil exporters
will narrow from $147bn in 2018 to $91bn in 2019. Non-resident
capital inflows are set to rise modestly to $145bn in 2019,
equivalent to 9% of GDP. (Peninsula Qatar)
 Saudi Arabia raises May Arab Light crude OSP to Northwest
Europe – Saudi Aramco has raised the May price for its Arab
Light grade to Northwest Europe by $1.10 a barrel versus April
to a discount of $0.80 a barrel to ICE Brent, it stated. The
company raised its Arab Light OSP for Asian customers by 20
cents for May from the previous month to a premium of $1.40 a
barrel to the Oman/Dubai average. The Arab Light OSP to the
US was raised 10 cents a barrel to a premium of $3.15 a barrel to
the Argus Sour Crude Index (ASCI) for May. (Reuters)
 Dubai realty downturn to get much worse from here, says Mark
Mobius – Three years ago, Mark Mobius saw his luxury
apartments in Dubai go up in flames. While the suites have by
now been restored, the investor has something else to worry
about: the frenzy of construction that’s adding to the existing
glut in real estate. The downturn will get much worse from
here, said Mobius, a pioneer in emerging-market investing,
adding he’d hold off on buying more property. “I would probably
want to wait until there’s a real slump when all this new
building comes in and people are really hurting,” he added.
Prices and rents have already dropped by as much as a third in
the past five years during what S&P Global Ratings has called
the property market’s long decline. The slump will run for
another 12 to 18 months because government measures to
stimulate the economy - including granting long-term visas
which benefit the affluent and people with specialized expertise
– will not be enough to revive demand, said Lahlou Meksaoui, a
Dubai-based analyst at Moody’s Investors Service. (Gulf-
Times.com)

6. Page 6 of 7
 ADNOC weighs secondary listing overseas for distribution
business – Abu Dhabi National Oil Company (ADNOC) is
considering a secondary listing for its subsidiary ADNOC
Distribution overseas, according to sources. In 2017 ADNOC
listed 10% of ADNOC Distribution, the largest operator of petrol
stations and convenience stores in the UAE, on the Abu Dhabi
Securities Exchange. Reuters reported last June that ADNOC
was considering selling another 10% stake in its fuel
distribution business. ADNOC Distribution was seeking a
minimum free float of 15% to improve its chances of joining the
MSCI Emerging Markets Index and attract more international
investors, a source told Reuters at the time. (Reuters)
 First Abu Dhabi Bank, Abu Dhabi Islamic Bank deny merger
talks – Abu Dhabi Islamic Bank and First Abu Dhabi Bank
denied they were in merger talks after a news report stated the
Emirate was considering combining them. Citing sources,
Bloomberg reported that Abu Dhabi was considering merging
the two lenders to create the Gulf region’s largest lender. First
Abu Dhabi Bank, the largest lender in the UAE, in a bourse filing
stated it “strongly denies the report issued by Bloomberg on the
potential merger”. (Reuters)
 Fitch revises Kuwait Energy's rating watch to Positive on
Acquisition – Fitch Ratings has revised the rating watch on
Kuwait Energy’s Long-Term Issuer Default Rating (IDR) of
‘CCC’ to Positive from Evolving following the completion of the
acquisition of the company by Hong Kong-listed United Energy
Group Ltd (UEG). The rating watch on the company's $250mn
bond due in 2019 rated ‘CCC’/Recovery Rating ‘RR4’ has also
been revised to Positive from Evolving. The ‘CCC’ rating of
Kuwait Energy is primarily driven by its weak liquidity position.
The completion of the acquisition is the first milestone towards
the redemption of the group's $250mn notes falling due in
August 2019. The RWP reflects our view that the enhanced
scale and conservative financial profile of the combined entity
is likely to support a positive resolution of Kuwait Energy's
immediate liquidity issues. (Bloomberg)
 Kuwait Investment Authority-455 buys 1.1% of Hibernia REIT
– Kuwait Investment Authority-455 took a position in Hibernia
REIT, buying 1.1% of the company's outstanding stock. Kuwait
Investment Authority-455 is a mutual fund under Kuwait
Investment Authority, part of Kuwait Investment Authority.
(Bloomberg)

7. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS is
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (*Data as of April 3, 2019, **Data as of April 2, 2019)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns, #
Market was closed on April 5, 2019)
45.0
70.0
95.0
120.0
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
QSE Index S&P Pan Arab S&P GCC
0.9%
0.3%
0.0% 0.1%
(0.5%)
(0.3%)
0.6%
(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 1,291.75 (0.0) (0.0) 0.7 MSCI World Index 2,149.85 0.3 2.0 14.1
Silver/Ounce 15.11 (0.3) (0.1) (2.5) DJ Industrial 26,424.99 0.2 1.9 13.3
Crude Oil (Brent)/Barrel (FM Future) 70.34 1.4 2.9 30.7 S&P 500 2,892.74 0.5 2.1 15.4
Crude Oil (WTI)/Barrel (FM Future) 63.08 1.6 4.9 38.9 NASDAQ 100 7,938.69 0.6 2.7 19.6
Natural Gas (Henry Hub)/MMBtu 2.61 (2.6) (4.4) (18.1) STOXX 600 388.23 0.1 2.4 12.6
LPG Propane (Arab Gulf)/Ton 61.75 (0.4) (9.2) (2.8) DAX 12,009.75 0.1 4.1 11.5
LPG Butane (Arab Gulf)/Ton 60.25 (2.8) (13.0) (13.9) FTSE 100 7,446.87 0.1 2.5 13.0
Euro 1.12 (0.0) (0.0) (2.2) CAC 40 5,476.20 0.2 2.3 13.4
Yen 111.73 0.1 0.8 1.9 Nikkei 21,807.50 0.2 2.0 7.7
GBP 1.30 (0.3) 0.0 2.2 MSCI EM 1,085.14 0.4 2.6 12.4
CHF 1.00 (0.0) (0.5) (1.9) SHANGHAI SE Composite# 3,246.57 0.0 5.0 33.3
AUD 0.71 (0.1) 0.1 0.8 HANG SENG# 29,936.32 0.0 3.1 15.6
USD Index 97.40 0.1 0.1 1.3 BSE SENSEX 38,862.23 0.1 0.7 8.5
RUB 65.36 (0.2) (0.4) (6.3) Bovespa 97,108.17 0.6 2.7 10.7
BRL 0.26 (0.4) 1.2 0.2 RTS 1,225.84 0.5 2.3 14.7
101.5
94.9
81.9