The QE Index rose marginally to close at 10,192.2. Gains were led by the Real Estate and Banks & Financial Services indices, gaining 5.9% and 0.4%, respectively.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose marginally to close at 10,192.2. Gains were led by the Real Estate
and Banks & Financial Services indices, gaining 5.9% and 0.4%, respectively. Top
gainers were Mazaya Qatar Real Estate Development and Ezdan Holding Group,
rising 10.0% and 9.9%, respectively. Among the top losers, Qatar Cinema & Film
Distribution Co. fell 9.2%, while Al Khaleej Takaful Insurance Co. was down 4.3%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.6% to close at 9,011.1. Losses were led by the
Media & Ent. and Telecomm. Serv. indices, falling 2.4% and 1.5%, respectively.
Saudi Research and Marketing, and Yanbu Nat. Petrochem. were down 2.6% each.
Dubai: The DFM Index gained 0.2% to close at 2,781.0. The Banks index rose 0.8%,
while the Insurance index gained 0.5%. Gulf Navigation Holding rose 8.5%, while
SHUAA Capital was up 4.3%.
Abu Dhabi: The ADX General Index gained 0.4% to close at 5,052.5. The Energy
index rose 2.9%, while the Telecom index gained 1.5%. Abu Dhabi National Oil Co.
For Dist. rose 8.0%, while Sudatel Telecomm. Group Co. Ltd was up 6.3%.
Kuwait: The Kuwait Main Market Index gained 0.4% to close at 4,978.0. The Banks
index rose 1.6%, while the Real Estate index gained 1.3%. Kuwaiti Syrian Holding
Co. rose 14.9%, while First Takaful Insurance Co. was up 10.0%.
Oman: The MSM 30 Index gained 0.8% to close at 3,970.5. Gains were led by the
Industrial and Financial indices, rising 1.2% and 0.7%, respectively. Al Anwar
Ceramic Tiles and Raysut Cement were up 4.8% each.
Bahrain: The BHB Index gained 1.5% to close at 1,440.3. The Industrial index rose
2.7%, while the Commercial Banks index gained 2.0%. Khaleeji Commercial Bank
rose 8.5%, while Seef Properties was up 5.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 9.04 10.0 3,105.2 15.9
Ezdan Holding Group 10.64 9.9 2,336.9 (18.0)
Alijarah Holding 8.58 4.9 648.7 (2.4)
Qatar First Bank 4.45 3.0 1,968.4 9.1
Al Khalij Commercial Bank 11.86 3.0 88.9 2.8
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 9.04 10.0 3,105.2 15.9
Ezdan Holding Group 10.64 9.9 2,336.9 (18.0)
Qatar First Bank 4.45 3.0 1,968.4 9.1
Vodafone Qatar 7.70 0.5 1,603.9 (1.4)
Qatar Aluminium Manufacturing 11.11 (1.6) 1,314.7 (16.8)
Market Indicators 07 April 19 04 April 19 %Chg.
Value Traded (QR mn) 236.8 238.2 (0.6)
Exch. Market Cap. (QR mn) 571,055.5 566,915.5 0.7
Volume (mn) 15.1 9.6 56.8
Number of Transactions 5,364 5,021 6.8
Companies Traded 46 44 4.5
Market Breadth 22:21 21:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,754.50 0.0 0.0 3.4 14.2
All Share Index 3,102.69 0.9 0.9 0.8 14.7
Banks 3,802.00 0.4 0.4 (0.8) 13.5
Industrials 3,335.13 0.2 0.2 3.7 15.3
Transportation 2,474.90 0.3 0.3 20.2 13.6
Real Estate 1,927.97 5.9 5.9 (11.8) 16.8
Insurance 3,355.96 (2.2) (2.2) 11.6 20.2
Telecoms 928.93 0.2 0.2 (6.0) 18.9
Consumer 7,907.38 (0.2) (0.2) 17.1 15.4
Al Rayan Islamic Index 4,051.67 (0.1) (0.1) 4.3 13.5
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
DP World Dubai 17.10 5.2 219.7 0.0
GFH Financial Group Dubai 1.01 3.3 37,856.0 12.0
Mabanee Co. Kuwait 0.65 3.2 2,237.6 7.3
Ahli United Bank Kuwait 0.36 2.8 2,411.2 22.2
Aluminium Bahrain Bahrain 0.44 2.8 190.4 (26.3)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Aldar Properties Abu Dhabi 1.74 (2.8) 7,649.3 8.7
Yanbu National Petro. Co. Saudi Arabia 72.20 (2.6) 564.5 13.2
Alawwal Bank Saudi Arabia 18.26 (2.4) 368.8 20.9
Qatar Insurance Co. Qatar 38.97 (2.3) 121.6 8.6
VIVA Kuwait Telecom Co. Kuwait 0.88 (2.0) 6.6 10.0
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 18.00 (9.2) 33.2 (5.4)
Al Khaleej Takaful Insurance Co. 13.20 (4.3) 104.3 53.7
Qatari German Co for Med. Dev. 5.49 (3.9) 59.4 (3.0)
Islamic Holding Group 24.50 (2.6) 108.7 12.1
Doha Insurance Group 11.56 (2.5) 1.0 (11.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 9.04 10.0 27,645.6 15.9
Ezdan Holding Group 10.64 9.9 24,487.9 (18.0)
Qatar Islamic Bank 155.56 0.1 24,427.2 2.3
Qatar Aluminium Manufacturing 11.11 (1.6) 14,660.0 (16.8)
Mesaieed Petrochemical Holding 21.86 (1.1) 14,011.5 45.4
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* 10,192.19 0.0 0.0 0.8 (1.0) 64.72 156,868.9 14.2 1.5 4.3
Dubai 2,780.95 0.2 0.2 5.5 9.9 63.92 99,119.3 9.9 1.0 4.9
Abu Dhabi 5,052.49 0.4 0.4 (0.4) 2.8 24.93 138,726.0 14.2 1.4 4.8
Saudi Arabia 9,011.11 (0.6) (0.6) 2.2 15.1 786.41 566,897.4 20.3 2.0 3.1
Kuwait 4,977.97 0.4 0.4 1.2 5.1 141.02 34,124.5 14.9 0.9 4.0
Oman 3,970.49 0.8 0.8 (0.3) (8.2) 4.37 17,391.3 8.4 0.8 7.8
Bahrain 1,440.32 1.5 1.5 1.9 7.7 16.60 22,069.1 9.5 0.9 5.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,180
10,200
10,220
10,240
10,260
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 QE Index rose marginally to close at 10,192.2. The Real Estate and
Banks & Financial Services indices led the gains. The index rose on the
back of buying support from GCC and non-Qatari shareholders despite
selling pressure from Qatari shareholders.
 Mazaya Qatar Real Estate Development and Ezdan Holding Group were
the top gainers, rising 10.0% and 9.9%, respectively. Among the top
losers, Qatar Cinema & Film Distribution Company fell 9.2%, while Al
Khaleej Takaful Insurance Company was down 4.3%.
 Volume of shares traded on Sunday rose by 56.8% to 15.1mn from 9.6mn
on Thursday. Further, as compared to the 30-day moving average of
11.5mn, volume for the day was 31.9% higher. Mazaya Qatar Real Estate
Development and Ezdan Holding Group were the most active stocks,
contributing 20.5% and 15.5% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2019
% Change
YoY
Operating Profit
(mn) 1Q2019
% Change
YoY
Net Profit
(mn) 1Q2019
% Change
YoY
Almarai Company Saudi Arabia SR 3,354.1 3.8% 480.8 -0.9% 336.0 -2.6%
Oman Refreshment Oman OMR 16.3 -2.3% 0.0 – 1.9 5.5%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
QNBK QNB Group 9-Apr-19 1 Due
ERES Ezdan Holding Group 11-Apr-19 3 Due
QEWS Qatar Electricity & Water Company 14-Apr-19 6 Due
IHGS Islamic Holding Group 15-Apr-19 7 Due
MARK Masraf Al Rayan 17-Apr-19 9 Due
QIBK Qatar Islamic Bank 17-Apr-19 9 Due
CBQK The Commercial Bank 17-Apr-19 9 Due
ABQK Ahli Bank 18-Apr-19 10 Due
NLCS Alijarah Holding 18-Apr-19 10 Due
QISI Qatar Islamic Insurance Company 21-Apr-19 13 Due
GWCS Gulf Warehousing Company 21-Apr-19 13 Due
QGTS Qatar Gas Transport Company Limited (Nakilat) 21-Apr-19 13 Due
QIGD Qatari Investors Group 23-Apr-19 15 Due
UDCD United Development Company 24-Apr-19 16 Due
MERS Al Meera Consumer Goods Company 28-Apr-19 20 Due
KCBK Al Khalij Commercial Bank 29-Apr-19 21 Due
DHBK Doha Bank 30-Apr-19 22 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 53.34% 58.21% (11,533,098.28)
Qatari Institutions 12.99% 14.61% (3,837,854.56)
Qatari 66.33% 72.82% (15,370,952.84)
GCC Individuals 1.50% 1.12% 909,925.42
GCC Institutions 8.20% 5.30% 6,870,755.87
GCC 9.70% 6.42% 7,780,681.29
Non-Qatari Individuals 16.29% 15.87% 1,001,436.14
Non-Qatari Institutions 7.68% 4.89% 6,588,835.41
Non-Qatari 23.97% 20.76% 7,590,271.55

3. Page 3 of 6
News
Qatar
 QISI to disclose 1Q2019 financial statements on April 21 –
Qatar Islamic Insurance Company (QISI) announced its intent
to disclose 1Q2019 financial statements for the period ended
March 31, 2019, on April 21, 2019. (QSE)
 QNB FS: Qatari stocks to exhibit decent growth in 1Q2019 –
Qatari stocks are expected to exhibit decent YoY earnings
growth in 1Q2019, QNB Financial Services (QNB FS) has stated
in its latest report. “We expect Qatari stocks under coverage to
exhibit decent YoY earnings growth in first quarter for the most
part, barring some exceptions. Sequentially, earnings are
expected to grow 9.5% in aggregate aided primarily by banks
that bounce off lower provisions. Qatar Islamic Bank, The
Commercial Bank and Vodafone Qatar are estimated to
contribute positively to the YoY net income growth of stocks
under our coverage. The QSE Index has declined so far in 2019
as dividend season has come to an end. Cash dividend for banks
under coverage excluding QNB Group dropped by 8%, which is
in-line with our expectations as banks shored up cash which
was a positive in our view. However, dividends were short of
what the street was expecting.” This trend was persistent
across the non-banks as well with companies such as Industries
Qatar reporting lower-than-expected dividend, the report
stated. Increased foreign ownership limits and the resultant
foreign flows were the primary catalysts driving the index to be
the top GCC performer in 2018. Going forward an important
catalyst is the up-coming stock split which should increase the
overall liquidity of the market. “Longer-term, we remain bullish
on the Qatari stock market given attractive fundamental
drivers and a significant spending program that should provide
tailwinds for growth,” the report stated. (Qatar Tribune)
 The Pearl-Qatar, West Bay remain top searched area for
property buyers – The Pearl-Qatar has remained as the top
searched area when it comes to finding properties, be it villas or
apartments in Qatar, according to the latest TRENDS Qatar Real
Estate Market Report by Property Finder. In its 2H2018 report,
the study has found that in between July 2018-December 2018,
searches for apartments for sale in The Pearl-Qatar totaled
42.6%, while searches for villas at the luxury development
amounted to 13.9% of all sale searches for that time frame.
Price reductions and special offers available in The Pearl-Qatar
have rejuvenated interest in the area. However, the number of
leads dropped slightly in the last quarter of the year, but still
remains higher than in 2017, the report added. Also, as Qatar
continues to expand in terms of new neighborhoods and
locations, emerging areas such as Al Sakhama and Umm Salal
have gained popularity with both nationals and residents, as
they offer new homes with affordable price tags. However, the
top searched areas in the country remain somewhat
unchanged, with The Pearl-Qatar, Al Saad, and West Bay
remaining the most popular areas when it comes to finding
apartments for rent. (Peninsula Qatar)
 The Commercial Bank scores double win at Asian Banker’s
awards – The Commercial Bank has won two awards at The
Asian Banker’s Transaction Banking Awards 2018, Middle East
and Africa. The Bank took home the award for ‘Best Cash
Management Bank in Qatar’ for the third year in a row and won
the ‘Best Transaction Banking service in Qatar’ for the first
time. The awards demonstrate The Commercial Bank’s strength
in cash management and strategy of investing in Transaction
Banking service solutions. The Asian Banker’s Transaction
Banking Awards is the ‘most rigorous, prestigious and
transparent’ annual awards program in the region. It recognizes
leadership in the cash management, trade finance and
payments industries amongst international financial
institutions in the Asia Pacific as well as the Middle East and
Africa. Judged by an international board of advisers, applicants
were subject to a stringent assessment process. (Gulf-
Times.com)
 QISI’s EGM endorses items on its agenda – Qatar Islamic
Insurance Company (QISI) announced the results of its EGM
which was held on April 7, 2019, and the following has been
approved: (i) Approved the company validity for farther 25
years as from 2019 in accordance with the Article (137) of the
Commercial Companies Law and Article (4) of the Articles of
Association of the company, (ii) Approved the recommendation
of the board of directors to amend the nominal value of the
share to become QR1 per share instead of QR10 per share and
amend Article (5) of the Articles of Association of the company
to become determine the company's authorized capital of
QR150mn, the issued share capital is QR150mn divided into
150mn shares and nominal value of QR1 per share, (iii)
Approved the recommendation of the board of directors to raise
the maximum percentage of foreigner’s ownership from 25% to
49% and amend Article (6) of the Articles of Association of the
company and to become (allow non-Qatari ownership of not
more than 49% from company shares), in line with Law No. 9 of
2014 issued by HH the Amir on the regulation of the investment
of non-Qatari capital in economic activity, and (iv) Approved to
authorize the Chairman of the board of directors or his Deputy
to adopt the above amendments in the Articles of Association
and document it with the competent authorities. (QSE)
 MCGS’ EGM endorses items on its agenda – Medicare Group
(MCGS) announced the results of its EGM which was held on
April 7, 2019, and the following has been approved: (i)
Approved the recommendation of the board of directors to
extend the duration of the company for a period of 50 years
commencing from the end of the current period of the company
on February 2, 2020, (ii) Approved the subdivision of the
nominal share value from QR10 to QR1 to comply with the
decision of the board of directors of Qatar Financial Market
Authority (QFMA) issued on December 16, 2018 and amend the
relevant articles in the company's Article of Association to
reflect this amendment, and (iii) The EGM delegated the
Chairman of the Board of Directors and/or the Vice-Chairman of
the board of directors to singly sign the amended Articles of
Association of the company, certifying it and to take all
necessary proceedings to implement the decisions of the EGM
and to complete the procedures of publishing of the
amendments in the official gazette. (QSE)
International
 Spot deals make up more of global LNG market as sellers get
flexible – Spot trades and other short-term deals are making up
more of the transactions in the global liquefied natural gas

4. Page 4 of 6
(LNG) market as producers in the US and Russia offer more
flexible volumes and traders increasingly handle cargoes. Spot
and short-term LNG trades, defined as cargoes delivered
through contracts of four years or less, made up 32% of overall
import volumes in 2018, up from 27% of imports in 2017, the
Paris-based International Group of LNG Importers (GIIGNL)
stated. Cargoes delivered in less than three months from the
transaction date increased to 25% of the market in 2018,
compared with 20% in 2017, the GIIGNL stated. “For LNG
importers, long-term partnerships, destination and volume
flexibility as well as the ability to optimize or arbitrage between
Asian and European markets remain key,” GIIGNL’s President,
Jean-Marie Dauger said. (Gulf-Times.com)
 Bank of Japan’s Governor sticks to view Japan's economy
expanding moderately – Bank of Japan’s Governor, Haruhiko
Kuroda said the country’s economy was expected to continue
expanding moderately, although exports and output could feel
the pinch from slowing overseas demand. He also said Japan’s
financial system remained stable. Kuroda said, “Core consumer
inflation is expected to gradually accelerate toward 2% as the
output gap remains positive and medium- to long-term inflation
expectations heighten.” Under a policy dubbed yield curve
control, the Bank of Japan guides short-term interest rates at
minus 0.1% and the 10-year government bond yield around zero
percent in an effort to achieve its 2% inflation target. (Reuters)
 China’s March foreign exchange reserves rise to seven-month
high – China’s foreign exchange reserves rose for a fifth straight
month in March, with the increase exceeding expectations, as
growing optimism about the prospects for a US-China trade
deal offset concerns over slowing economic growth. Chinese
reserves, world’s largest, rose by nearly $9bn in March to
$3.099tn, its highest since August last year, central bank data
showed. Economists polled by Reuters had expected reserves
would rise $5bn to $3.095tn. “The US dollar index strengthened
slightly in March due to China-US trade talks, the revised policy
outlooks of central banks in Europe and America as well as
uncertainty over Brexit China’s foreign exchange reserves
expanded marginally,” China’s foreign exchange regulator
stated. The State Administration of Foreign Exchange (SAFE)
added that with the economy expected to maintain reasonable
growth and improved flexibility in the Yuan exchange rate, the
country’s foreign exchange reserves will remain stable. (Qatar
Tribune)
Regional
 MENA startup ecosystem sees huge rise in deals –
Entrepreneurship is booming across the Middle East and North
Africa (MENA). In 2018, $900mn was invested across the region
in 386 deals, an increase of 31% in total funding in 2017,
according to a report released ahead of the World Economic
Forum (WEF) on the MENA region, which concluded in Jordan,
yesterday. From camel milk antibodies and the region’s first
unicorn to glasses that help visually impaired people live an
independent life and an app that predicts traffic accidents, Arab
startups are helping to shape the Fourth Industrial Revolution
in the region, and beyond, the report ‘The start-up ecosystem in
the Arab world 2019’, noted. The year 2018 saw a record
number of deals and funding. In all, 156 funding institutions
invested in Arab start-ups in 2018, 30% from outside the region.
The year saw a 5% increase in the number of institutions
investing in Arab start-ups, of which 47% had not previously
invested in the region. Female-founded start-ups accounted for
8% of all investments since 2008, with mixed gender and male-
founded start-ups accounting for 10% and 82%, respectively
(Peninsula Qatar)
 Saudi Arabia’s 4Q2018 real GDP rises 4.46% QoQ – General
Authority for Statistics in Riyadh published data series for GDP,
which showed that the GDP came in at SR682.5bn in 4Q2018
compared to SR653.4bn in 3Q2018, representing a rise of 4.46%
QoQ. The GDP came in at SR640.2bn in 2Q2018 as compared to
SR649.4bn in 1Q2018. (Bloomberg)
 Samba’s CEO: Saudi Arabian banks to see double-digit asset
growth by early 2020 – Samba Financial Group, Saudi Arabia’s
third-largest bank by assets, expects Saudi Arabian banks to
see double-digit asset growth by early 2020, supported by
government plans to diversify its oil-based economy, its CEO
said. Saudi Arabia plans to increase state spending to an all-
time high of SR1.11tn this year, from SR1.03tn in 2018, in an
effort to spur economic growth that has been hurt by relatively
low oil prices. Exemplifying the investment spree is the multi-
billion Dollar Qiddiya entertainment resort near Riyadh, whose
construction was begun in April last year and which promises
more than 300 recreational and educational facilities. (Reuters)
 Saudi Arabia’s central bank revokes license of Abdulaziz
Abdullah Al-Zamil at company's request – Saudi Arabia’s
central bank has revoked foreign exchange firm Abdulaziz
Abdullah Al-Zamil Company’s license for exchange services.
The regulator issued a resolution to cancel the company’s
license to carry out money exchange and cash transfers, it said.
The license has been revoked at the company’s request, the
central bank’s statement stated. (Reuters)
 Saudi Aramco's $10bn bond draws $30bn demand – Early
investor interest for Saudi Aramco’s bond indicates nearly
$30bn demand for an expected $10bn bond issue, Financial
Times (FT) reported, citing sources. Some investors expect the
deal to increase in size, FT reported. Bankers are pushing for the
bond to come with cheap borrowing cost for Saudi Aramco
compared to Saudi Arabian government bonds. (Bloomberg)
 Saudi Arabian private sector keeps momentum, but
employment shrinks – Saudi Arabia’s non-oil private sector
continued to grow in March, while employment contracted for
the first time in five years, a monthly survey of companies
showed. The seasonally adjusted Emirates NBD Saudi Arabia
Purchasing Managers’ Index (PMI) rose to 56.8 in March from
56.6 in February. A reading above 50 indicates expansion and
below that contraction. The Saudi Arabian private sector
struggled last year because of fuel price hikes, the introduction
of a 5% value-added tax and higher fees for hiring foreign
workers. However, private sector growth picked up pace this
year. It rose to a 13-month high in January and continued to
gain momentum — though only marginally — through
February and March. The improvement in March was led by a
continued rise in new business, the highest since April 2015, the
PMI showed. The new orders sub-index rose to 65.5 in March,
an almost four-year high, while the output sub-index rose to a
seven-month high of 59.6, up marginally from 59.2 in January.
(Reuters)

5. Page 5 of 6
 UAE’s March whole economy PMI rises 55.7 vs. 53.4 in
February – In a release by Emirates NBD and IHS Markit,
Purchasing Managers’ Index (PMI) for UAE’s whole economy
rose to 55.7 in March 2019 from 53.4 in February 2019; 54.8 in
March 2018. This is the highest reading since January 2019.
(Bloomberg)
 Dubai says foreign direct investment increased 41% in 2018 –
Foreign direct investment (FDI) in Dubai rose 41% in 2018
compared to one year earlier, the government stated. Dubai
received $10.5bn in FDI capital flows in 2018, it stated. The US,
India, Spain, China and the UK accounted for 70% of that
figure. (Reuters)
 Dubai Islamic Bank in talks to buy Noor Bank – UAE’s largest
Shari’ah-compliant bank, Dubai Islamic Bank is in talks to
acquire Dubai-based Noor Bank, Bloomberg reported. Lender
Dubai Islamic Bank has had held preliminary discussions which
are still at an early stage with smaller rival Noor Bank’s
shareholders which may not lead to a deal, Bloomberg reported.
The potential deal comes among a wave of mergers in the
Middle East’s financial sector and if completed, would create a
lender with $75bn in assets, Bloomberg added. Last week, Abu
Dhabi Islamic Bank and First Abu Dhabi Bank denied reports of
being in merger talks after a news report stated the emirate was
considering combining them. (Reuters)
 Abu Dhabi orders prompt payments to construction contractors
and suppliers – Abu Dhabi, the capital of the UAE, has
instructed government departments and state-owned
companies to pay construction contractors and suppliers within
30 days of receipt of invoices, a document seen by Reuters
showed. Contractors in the UAE have been bruised over the
past few years after a drop in oil prices slowed economic
growth. In a circular from the Executive Council dated March
26, Abu Dhabi also asked to amend contracts so to oblige
contractors and suppliers to pay subcontractors within 30 days
of receipt of government payments. “The government is always
keen on encouraging the private sector and paying its financial
dues,” the document stated. (Reuters)
 Carlyle Group agrees to buy 30% stake in Spain's Cepsa –
Private equity firm Carlyle Group LP has agreed to buy a 30%
stake in Spanish oil and gas company Cepsa from an Abu Dhabi
sovereign wealth fund in a $3.6bn deal including debt, the
Financial Times reported. The sale gives the business a total
enterprise value of $12bn, roughly the same price tag that
Cepsa’s owner Abu Dhabi wealth fund Mubadala Investment
Company sought ahead of a failed attempt at a stock market
listing last year, the FT reported. Carlyle will have at least two
board seats, and Musabbeh Al Kaabi, a Senior Executive at
Mubadala, will remain as Chairman, the newspaper stated,
citing sources. As part of the agreement, Carlyle reserves the
right to buy up to 40% of Cepsa, which is one of the largest
privately-owned oil companies in Europe and has been under
Mubadala ownership for the last three decades, the FT reported.
(Reuters)
 Kuwait’s February bank claims on private sector rise to
KD38,940.8mn – The Central Bank of Kuwait published data on
bank assets as at end of February which showed that in
February, bank claims on private sector rose to KD38,940.8mn
as compared to KD38,797.7mn in January and KD38,718.7mn in
December. Bank foreign assets fell to KD13,402.8mn in
February from KD13,515.1mn in January. (Bloomberg)
 Kuwait’s February M2 money supply rises 4.7% from year ago –
The Central Bank of Kuwait published data on monetary
aggregates for February which showed that M2 money supply
rose 4.7% YoY and rose 0.2% MoM. M1 money supply fell 0.1%
YoY; rose 1.6% MoM. (Bloomberg)

6. 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
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNB FS 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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
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
(0.6%)
0.0%
0.4%
1.5%
0.8%
0.4%
0.2%
(1.0%)
0.0%
1.0%
2.0%
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
101.4
94.8
81.9