The QSE Index rose 0.1% to close at 9,015.2. Gains were led by the Banks & Financial Services and Industrials indices, gaining 0.4% and 0.1%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.1% to close at 9,015.2. Gains were led by the Banks & Financial
Services and Industrials indices, gaining 0.4% and 0.1%, respectively. Top gainers
were The Commercial Bank and Gulf International Services, rising 2.5% and 2.4%,
respectively. Among the top losers, Qatar Cinema & Film Distribution Company fell
9.3%, while Ahli Bank was down 4.7%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.9% to close at 7,802.7. Losses were led by the
Consumer Dur. & Apparel and Media indices, falling 3.9% and 3.3%, respectively.
Alinma Tokio Marine Co. declined 7.2%, while Saudi Paper Manu. was down 6.1%.
Dubai: The DFM General Index gained 1.4% to close at 3,133.0. The Services index
rose 2.6%, while the Real Estate & Const. index gained 2.5%. Al Ramz Corporation
Investment and Dev. rose 9.6%, while Gulf General Investments Co. was up 8.1%.
Abu Dhabi: The ADX General Index fell 0.5% to close at 4,689.7. The Insurance
index declined 1.1%, while the Banks index fell 0.7%. Emirates Insurance Co.
declined 10.0%, while Commercial Bank International was down 9.7%.
Kuwait: The Kuwait Main Market Index rose marginally to close at 4,865.7. The
Basic Material and Consumer services indices gained 0.7% each. Wethaq Takaful
Insurance Company and Kuwait Real Estate Holding Company were up 10.0% each.
Oman: The MSM 30 Index rose marginally to close at 4,789.6. The Services index
gained 0.1%, while the other indices ended in red. Oman Edu. & Trin. Inv. rose 5.0%,
while National Aluminium Products was up 3.6%.
Bahrain: The BHB Index gained 0.1% to close at 1,288.8. The Industrial index rose
1.7%, while the Investment index gained 0.2%. Nass Corporation rose 5.0%, while
Aluminum Bahrain was up 1.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
The Commercial Bank 34.85 2.5 354.6 20.6
Gulf International Services 20.59 2.4 492.6 16.3
Qatar Islamic Insurance Company 49.20 1.4 3.1 (10.5)
Qatar Oman Investment Company 7.31 1.2 1.0 (7.5)
Barwa Real Estate Company 33.88 1.0 336.6 5.9
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 16.24 (1.0) 1,304.8 29.0
Vodafone Qatar 8.92 (0.3) 1,190.8 11.2
Mazaya Qatar Real Estate Dev. 7.40 (0.1) 867.1 (17.8)
Doha Bank 25.55 (0.8) 723.4 (10.4)
Industries Qatar 114.29 (0.2) 702.1 17.8
Market Indicators 11 April 18 10 April 18 %Chg.
Value Traded (QR mn) 313.9 416.5 (24.6)
Exch. Market Cap. (QR mn) 497,074.9 497,213.3 (0.0)
Volume (mn) 10.2 12.5 (18.7)
Number of Transactions 3,693 4,151 (11.0)
Companies Traded 45 42 7.1
Market Breadth 13:32 18:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,883.69 0.1 2.5 11.1 13.4
All Share Index 2,641.62 0.0 2.0 7.7 13.3
Banks 3,015.28 0.4 3.2 12.4 12.6
Industrials 3,073.65 0.1 4.1 17.3 15.4
Transportation 1,737.55 (1.2) (1.6) (1.7) 11.4
Real Estate 1,825.52 (0.0) (0.7) (4.7) 12.1
Insurance 3,081.84 (1.1) (0.7) (11.4) 23.3
Telecoms 1,113.76 (0.3) (0.3) 1.4 30.5
Consumer 5,586.18 (0.6) (0.2) 12.6 12.7
Al Rayan Islamic Index 3,644.16 0.0 1.3 6.5 14.9
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Emaar Properties Dubai 5.93 4.8 9,268.0 (9.3)
Abu Dhabi Comm. Bank Abu Dhabi 7.18 3.6 5,183.4 5.6
Boubyan Bank Kuwait 0.46 3.3 1,480.0 11.5
Emaar Malls Dubai 2.18 3.3 2,948.0 2.3
Ooredoo Oman Oman 0.50 2.9 183.8 (5.7)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
VIVA Kuwait Telecom Co. Kuwait 0.73 (5.6) 18.4 (9.1)
Savola Group Saudi Arabia 41.35 (4.1) 419.4 4.7
Saudi Industrial Inv. Gr. Saudi Arabia 22.24 (4.1) 1,390.5 16.1
Etihad Etisalat Co. Saudi Arabia 15.04 (4.0) 4,028.3 1.4
Alinma Bank Saudi Arabia 20.64 (3.7) 28,085.1 7.9
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 25.00 (9.3) 0.3 0.0
Ahli Bank 30.31 (4.7) 4.1 (18.4)
Doha Insurance Group 12.20 (2.5) 0.4 (12.9)
Investment Holding Group 5.61 (1.9) 200.8 (8.0)
United Development Company 14.36 (1.9) 478.7 (0.1)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 114.29 (0.2) 80,329.4 17.8
QNB Group 143.99 0.6 42,817.6 14.3
Mesaieed Petrochemical Holding 16.24 (1.0) 21,578.6 29.0
Doha Bank 25.55 (0.8) 18,676.6 (10.4)
The Commercial Bank 34.85 2.5 12,181.4 20.6
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* 9,015.15 0.1 2.5 5.1 5.8 89.20 136,546.5 13.4 1.3 4.9
Dubai 3,132.97 1.4 1.6 0.8 (7.0) 57.22 105,797.4 11.0 1.1 5.8
Abu Dhabi 4,689.74 (0.5) 0.0 2.3 6.6 37.81 129,659.9 12.0 1.3 5.0
Saudi Arabia 7,802.74 (1.9) (1.9) (0.9) 8.0 1,565.84 495,680.6 17.2 1.7 3.3
Kuwait 4,865.70 0.0 (0.0) (2.7) (2.7) 60.85 34,255.3 15.0 0.9 6.1
Oman 4,789.63 0.0 (0.2) 0.3 (6.1) 4.98 20,064.9 12.3 1.0 5.0
Bahrain 1,288.82 0.1 0.5 (2.2) (3.2) 4.01 19,529.1 8.7 0.8 6.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
8,900
8,950
9,000
9,050
9,100
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 QSE Index rose 0.1% to close at 9,015.2. The Banks & Financial
Services and Industrials 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.
 The Commercial Bank and Gulf International Services were the top
gainers, rising 2.5% and 2.4%, respectively. Among the top losers, Qatar
Cinema & Film Distribution Company fell 9.3%, while Ahli Bank was
down 4.7%.
 Volume of shares traded on Wednesday fell by 18.7% to 10.2mn from
12.5mn on Tuesday. Further, as compared to the 30-day moving average
of 12.4mn, volume for the day was 17.5% lower. Mesaieed
Petrochemical Holding Company and Vodafone Qatar were the most
active stocks, contributing 12.8% and 11.7% 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)
1Q2018
% Change
YoY
Operating Profit
(mn) 1Q2018
% Change
YoY
Net Profit
(mn) 1Q2018
% Change
YoY
Majan Glass Oman OMR 1.7 -5.8% – – -0.6 N/A
SMN Power Holding Oman OMR 18.4 6.9% 3.5 -22.7% 1.1 N/A
Dhofar Cattle Feed Oman OMR 8.6 0.7% -0.4 N/A -0.1 N/A
Renaissance Services Oman OMR 51.5 10.6% 8.5 15.5% 0.2 N/A
Oman Chromite Oman OMR 0.4 -26.6% – – 0.1 40.1%
National Finance Oman OMR 10.4 N/A – – 2.6 N/A
Al Batinah Hotels Oman OMR 0.3 12.5% – – -0.1 N/A
Financial Services#
Oman OMR 143.2 -30.0% – – 30.3 -64.1%
Dhofar Int. Dev. & Inv. Hold. Oman OMR 10.0 0.3% – – 2.1 -81.4%
Dhofar Poultry Oman OMR 2.6 -0.6% 0.1 0.7% 0.1 -5.5%
Gulf Hotels Oman OMR 2.6 9.9% – – 0.9 45.3%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (
#
Values in ‘000)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/11 US Mortgage Bankers Association MBA Mortgage Applications 6-April -1.9% – -3.3%
04/11 US Bureau of Labor Statistics CPI MoM March -0.1% 0.0% 0.2%
04/11 US Bureau of Labor Statistics CPI YoY March 2.4% 2.4% 2.2%
04/11 UK UK Office for National Statistics Trade Balance February -£965 -£2,600 -£2,949
04/11 UK UK Office for National Statistics Industrial Production MoM February 0.1% 0.4% 1.3%
04/11 UK UK Office for National Statistics Industrial Production YoY February 2.2% 2.9% 1.2%
04/11 UK UK Office for National Statistics Manufacturing Production MoM February -0.2% 0.2% 0.0%
04/11 UK UK Office for National Statistics Manufacturing Production YoY February 2.5% 3.3% 2.2%
04/11 Japan Bank of Japan PPI YoY March 2.1% 2.0% 2.6%
04/11 Japan Bank of Japan PPI MoM March -0.1% -0.1% 0.1%
04/11 China National Bureau of Statistics PPI YoY March 3.1% 3.3% 3.7%
04/11 China National Bureau of Statistics CPI YoY March 2.1% 2.6% 2.9%
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 1Q2018 results No. of days remaining Status
NLCS Alijarah Holding 12-Apr-18 0 Due
QIIK Qatar International Islamic Bank 15-Apr-18 3 Due
QIBK Qatar Islamic Bank 15-Apr-18 3 Due
QISI Qatar Islamic Insurance Company 16-Apr-18 4 Due
MCGS Medicare Group 16-Apr-18 4 Due
GWCS Gulf Warehousing Company 16-Apr-18 4 Due
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 29.13% 29.09% 118,050.20
Qatari Institutions 23.56% 31.71% (25,571,142.03)
Qatari 52.69% 60.80% (25,453,091.83)
GCC Individuals 1.11% 0.84% 820,459.01
GCC Institutions 2.40% 2.35% 133,130.00
GCC 3.51% 3.19% 953,589.01
Non-Qatari Individuals 8.38% 9.37% (3,101,137.77)
Non-Qatari Institutions 35.43% 26.63% 27,600,640.59
Non-Qatari 43.81% 36.00% 24,499,502.82

3. Page 3 of 7
MARK Masraf Al Rayan 16-Apr-18 4 Due
CBQK The Commercial Bank 17-Apr-18 5 Due
QNCD Qatar National Cement Company 18-Apr-18 6 Due
QEWS Qatar Electricity & Water Company 18-Apr-18 6 Due
DOHI Doha Insurance Group 18-Apr-18 6 Due
KCBK Al Khalij Commercial Bank 19-Apr-18 7 Due
ABQK Ahli Bank 19-Apr-18 7 Due
DHBK Doha Bank 22-Apr-18 10 Due
SIIS Salam International Investment Limited 23-Apr-18 11 Due
BRES Barwa Real Estate Company 24-Apr-18 12 Due
QATI Qatar Insurance Company 24-Apr-18 12 Due
QGTS Qatar Gas Transport Company Limited (Nakilat) 24-Apr-18 12 Due
QGRI Qatar General Insurance & Reinsurance Company 25-Apr-18 13 Due
QIMD Qatar Industrial Manufacturing Company 25-Apr-18 13 Due
ORDS Ooredoo 25-Apr-18 13 Due
ZHCD Zad Holding Company 26-Apr-18 14 Due
UDCD United Development Company 29-Apr-18 17 Due
MERS Al Meera Consumer Goods Company 29-Apr-18 17 Due
QOIS Qatar Oman Investment Company 29-Apr-18 17 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-18 17 Due
QFLS Qatar Fuel Company 29-Apr-18 17 Due
ERES Ezdan Holding Group 30-Apr-18 18 Due
Source: QSE
News
Qatar
 Qatar aims to double trade volume with the US – Emir HH
Sheikh Tamim Bin Hamad Al Thani said that there are more
than 650 US companies operating in Qatar and the volume of
trade cooperation between the State of Qatar and the US
reached $125bn, and the plan is to double these figures in the
near future. HH the Emir pointed out that Qatar is the fastest
growing economy in the Middle East region and expressed the
hope to work hand in hand with the US. (Peninsula Qatar)
 Qatar economy more accessible to world post-illegal blockade,
says Sheikh Ahmed – The illegal blockade on Qatar since June
2017 has presented the country with an opportunity to make its
economy more accessible to the world, and bolster its trade
relations, particularly with the US, according to the Minister of
Economy and Commerce, HE Sheikh Ahmed Bin Jassim Bin
Mohamed Al Thani. “The illegal blockade was with the aim of
undermining Qatar’s position as an economically independent
and sovereign state, but we have emerged stronger and more
independent than ever before,” Sheikh Ahmed said in his
address to a reception organized by the US Chamber of
Commerce in cooperation with the Qatar-US Business Council
and the Embassy of Qatar in Washington. Qatar, he said, has
successfully established direct commercial routes with a
number of strategic hubs around the world, diverting trade to
its major trading partners. Through these agreements, Qatar
aims to expand its trade activities by establishing a sea fleet
that connects Qatar with its major trading partners in the
world, targeting a market of 400mn population in its first stage,
Sheikh Ahmed added. (Gulf-Times.com)
 Qatar-US Forum sees signing of MoUs to boost SMEs – Qatar
and the US signed a slew of memoranda of understanding
(MoUs) on the sidelines of the ongoing Qatari-US Economic
Forum in Washington, DC, in the US. Minister of Economy and
Commerce, HE Sheikh Ahmed Bin Jassim Bin Mohammed Al
Thani witnessed the signing of two MoUs between Qatar
Development Bank (QDB), and SBDC; and the Venture City. The
first MoU aims to share best practices and innovative solutions
between the two sides to support small and medium enterprises
(SMEs) and to introduce unique and diversified initiatives
aimed at assisting Qatari entrepreneurs and qualifying them for
the labor market as well as increasing the number of joint
research on the growing role played by SMEs in stimulating
domestic economic growth, besides assisting in the
development and promotion of exports to SMEs in both
countries, and providing access to investment and incubation
centers for further cooperation and development. The second
MoU aims to share best practices and innovative solutions
between the two parties in the field of investment services to
help promote Qatari companies’ exports to the US market, in
addition to cooperation in business development and
strengthening services for SMEs, and creating a platform for
networking between SMEs in Qatar and the US to share ideas
and expertise to enhance the joint cooperation. (Peninsula
Qatar)
 ASTAD signs MoU with US firm on Qatar aviation project –
Qatar’s project management consultancy ASTAD signed a
memorandum of understanding (MoU) with AECOM, an
American infrastructure firm, to identify mutual business
opportunities and promote collaboration on an aviation project
in Qatar. Elaborating on the MoU signing, ASTAD’s CEO, Ali Al
Khalifa said, “We look forward to working with American firm
AECOM with the aim of forming a strategic joint venture,
combining our expertise in engineering consultancy,
construction management, design and project management
fields to support the development of a landmark airport and
aviation facility in Qatar.” (Gulf-Times.com)
 Qatar-Oman joint investments reach more than QR5.5bn – Joint
investments between Qatar and Oman have reached more than

4. Page 4 of 7
QR5.5bn and Qatar will soon see the establishment of a water
bottling plant in a joint venture. “The joint investments
between Qatar and Oman have increased over time, so did trade
exchange. In fact, the value of joint investments was estimated
at more than QR5.5bn, including Omani investments in Qatar
worth QR427mn,” Youssef Al Emadi, Director of the Industrial
Zones Department at the Ministry of Energy. These
investments included import of food products and construction
materials to Qatar. Highlighting that the Qatari investments in
Oman were in the fields of telecommunications, electricity, cars
assembly, food products and tourism, he projected an increase
in trade value between the two countries with the increasing
imports from Oman. (Gulf-Times.com)
 Growing trade links to open opportunities for Omani companies
– The strengthened air and maritime links between Qatar and
Oman has opened up more business opportunities for Omani
companies, especially in the industry, transport and food
security, which could aid the growth and development of both
the economies, according to Manateq’s CEO, Fahad Rashid Al
Kaabi. “Especially after blockade, lots of trading has been
happening between Oman and Qatar. We hope to see even
bigger cooperation in various areas such as investments in the
sectors of industry, transport, food security and more,” Al Kaabi
told reporters on the sidelines of the Qatar-Oman Joint
Entrepreneurs Meeting, organized by the Gulf Organization for
Industrial Consulting. (Gulf-Times.com)
 Qatar showcases 15 industrial investment opportunities for
Oman corporate sector – Qatar showcased 15 industrial
investment opportunities before Omani corporate sector as part
of efforts to scale up the economic, business and investment
relations between the two countries. The investment
opportunities, spread across various sectors such as inorganic
compounds, pharmaceuticals and medical supplies, plastic and
rubber, manufactured products and machinery and equipment,
were unveiled by the Gulf Organization for Industrial
Consulting (GOIC) at the Qatar-Oman Joint Entrepreneurs
Meeting, organized by GOIC in association with Modern Talent,
a Omani-based company. Out of the 15 investment prospects;
as many as five in the areas of plastic, manufactured metals
and inorganic compounds. Remaining investment opportunities
are in the field of medical supplies. (Gulf-Times.com)
 QFC to embark on major Europe roadshow – Qatar Financial
Centre (QFC) is set to embark on an extensive Investment
roadshow in Europe. The two-phase roadshow will offer
exclusive consultation opportunities to the potential investors
on how to expand their businesses to Qatar and beyond in the
region, according to Sheikha Alanoud Hamad Al Thani,
Managing Director, Business Development at Qatar Financial
Centre. The first phase of the European roadshow will cover
Spain and France. The event will offer unique opportunities for
the participants to meet and network with QFC’s leading
investment experts. The second phase will start during 4Q2018,
she said on the sidelines of a workshop on bilateral investments
and investment opportunities in Qatar and Spain. “Our 2022
target was 1000 firms. Recently, we have already met the half
mark by bringing 500 companies under the QFC platform. These
companies range from financial institutions to professional
services,” Sheikha Alanoud said. (Peninsula Qatar)
 Qatar Petroleum’s investment to generate 45,000 US jobs –
Qatar Petroleum’s $10bn investment in a liquefied natural gas
(LNG) plant in Texas will contribute to generating 45,000 jobs
in the US, according to the Minister of Economy and Commerce,
HE Sheikh Ahmed Bin Jassim Bin Mohamed Al Thani. During
the last five years, Sheikh Ahmed said the volume of trade
between Qatar and the US reached about $24bn, noting that
84% of the trade balance between the two countries, equivalent
to $20bn, was in the favor of the US. In 2017, the US topped as
the source of imports for Qatar. Last year, the US accounted for
16% of total Qatari imports. (Gulf-Times.com)
 Local production during blockade reaches 300% – Minister of
Municipality and Environment, HE Mohamed Bin Abdullah Al
Rumaihi said that the local production during the blockade
period increased 300%. He said that the Ministry is seeking to
provide all means and forms of support to various owners of
productive farms and halal breeders in order to achieve the
desired goal. “The Ministry has allocated QR105mn for 2018 of
the budget for support to the agricultural, fish and livestock
sector with a view to achieving food security, in addition,
QR70mn allocated for the next five years,” the Minister added.
(Peninsula Qatar)
 Ezdan Holding Group to disclose its 1Q2018 financial results on
April 30 – Ezdan Holding Group announced its intention to
disclose its 1Q2018 financial results on April 30, 2018. (QSE)
 BRES to disclose its 1Q2018 financial results on April 24 –
Barwa Real Estate Company (BRES) announced its intention to
disclose its 1Q2018 financial results on April 24, 2018. (QSE)
 Zad Holding Company to disclose its 1Q2018 financial results
on April 26 – Zad Holding Company announced its intention to
disclose its 1Q2018 financial results on April 26, 2018. (QSE)
 Aamal Company to disclose its 1Q2018 financial results on
April 30 – Aamal Company announced its intention to disclose
its 1Q2018 financial results on April 30, 2018. (QSE)
 Vodafone Qatar to disclose its 1Q2018 financial results on April
30 – Vodafone Qatar announced its intention to disclose its
1Q2018 financial results on April 30, 2018. (QSE)
 QCFS to disclose its 1Q2018 financial results on April 29 – Qatar
Cinema & Film Distribution Company (QCFS) announced its
intention to disclose its 1Q2018 financial results on April 29,
2018. (QSE)
 Notice to shareholders of Zad Holding Company – Zad Holding
Company announced dividends for the financial year ending
December 31, 2017, will be distributed as follows: 1)
Shareholders who have registered their bank account
information with Qatar Exchange, direct deposits has been
done to their accounts on April 10, 2018. 2) Shareholders who
have not registered may collect their dividends directly from
Masraf Al Rayan Branches from April 11, 2018. Shareholders,
whose shares are not listed on Qatar Stock Exchange or pledge,
may collect dividend cheque from the company’s address. (QSE)
International
 US consumer prices drop, but core inflation firming – US
consumer prices fell for the first time in ten months in March,
weighed down by a decline in the cost of gasoline, but
underlying inflation continued to firm amid rising prices for
healthcare and rental accommodation. The drop in the headline

5. Page 5 of 7
monthly inflation reading reported by the Labor Department is
likely temporary as producer prices increased solidly in March.
In addition, the tightening labor market is expected to start
generating significant wage inflation in the second half of the
year. As such, many economists believe the Federal Reserve
will raise interest rates three more times this year. The
Consumer Price Index slipped 0.1% last month, the first and
largest drop since May 2017, after climbing 0.2% in February,
the Labor Department stated. In the 12 months through March,
the CPI increased 2.4%. That was the largest annual gain in a
year and followed February’s 2.2% increase. Annual inflation is
rising as the big price declines from last year drop from the
calculation. Excluding the volatile food and energy
components, the CPI climbed 0.2%, matching February’s
increase. The core CPI is now well above the 1.8% annual
average increase over the past ten years. Economists polled by
Reuters had forecast the CPI unchanged in March and the core
CPI rising 0.2% from the prior month. (Reuters)
 US government posts $209bn deficit in March – The US
government ran $209bn budget deficit in March as outlays grew
and receipts fell, the Treasury Department stated. That
compared with a budget deficit of $176bn in the same month
last year, according to Treasury’s monthly budget statement.
Economists polled by Reuters had forecast the Treasury
recording $194bn shortfall last month. When accounting for
calendar adjustments, the deficit last month was $165bn
compared with an adjusted deficit of $134bn in the same month
in the prior year. The deficit for the fiscal year, which began in
October, was $600bn, compared to a deficit of $527bn in the
same period of fiscal 2017. Unadjusted receipts last month
totaled $211bn, down 3% from March 2017, while unadjusted
outlays grew to $420bn, up 7% from the same month a year
earlier. (Reuters)
 US mortgage applications fall to seven-week low – The volume
of US mortgage applications fell to a seven-week low even as
most home borrowing costs declined last week, the Mortgage
Bankers Association (MBA) stated. MBA stated its seasonally
adjusted index on mortgage applications fell 1.9% to 380.6 in
the week ended April 6. This was the lowest level since 372.9 in
week of February 16. (Reuters)
 Bad weather cut UK’s GDP growth to 0.2% in 1Q2018 – Heavy
snow in late February and early March is likely to have caused
British economic growth to halve in the first three months of
the year to 0.2%, the National Institute of Economic and Social
Research (NIESR) stated. Official figures showed the economy
grew 0.4% in the last three months of 2017. February factory
and construction data released earlier were weak, and first-
quarter gross domestic product data is due on April 27.
(Reuters)
 Bank of France trims first quarter’s GDP growth estimate to
0.3% – France’s economy grew less quickly in the first quarter
than previously thought, the Bank of France stated, largely due
to a slowdown in manufacturing activity. The central bank cut
its growth estimate to 0.3% from 0.4%. Bank of France’s
business sentiment indicator for the manufacturing industry
fell to 103 points in March from 105 in the previous month, with
a sharp decline in orders as deliveries slowed. (Reuters)
Regional
 Moody’s: GCC Islamic banks to maintain improved asset quality
– The credit fundamentals of Islamic banks operating in the
GCC countries converged with those of their conventional peers
and they should maintain their improved asset quality and
profitability in the coming year, Moody’s Investors Service
noted in a report. However, the Islamic banks’ still high loan
concentration to real estate-related sector and higher asset
growth remain key moderating factors in Moody’s assessment
of their standalone profiles, noted the report. Nitish
Bhojnagarwala, Senior Analyst and Author of the report said,
“Islamic banks operating in the GCC countries have benefited
from sustained growth in their franchises in recent years. Their
solvency has improved, supported by their efforts to reduce the
stock of problem loans, and by their sound profitability.”
(Peninsula Qatar)
 SAICO signs auto insurance agreement with Al Rajhi Bank –
Saudi Arabian Cooperative Insurance Company (SAICO) signed
insurance agreement with Al Rajhi Bank to provide insurance
coverage for vehicles sold by bank under financial leasing
program. SAICO is expecting annual premiums from one year
contract to exceed 5% of its revenue. (Reuters)
 Saudi Aramco’s IPO in 2018 or 2019 depends on market – The
hotly-awaited stock market debut of Saudi Aramco will be
launched in 2018 if market conditions permit, otherwise in
2019, the Kingdom’s Finance Minister, Mohammad Al Jadaan
said. “If the market is ready in 2018, we will go in 2018. If not,
we will wait until 2019. We are not desperate for listing. We
will only list when the market is right,” Al Jadaan said.
(GulfBase.com)
 UAE’s economy returning to growth – The UAE has been
resilient to the impact of the prolonged oil price slump.
Following the recent rise in oil prices to over $60 per barrel,
there is a sense that the worst is behind the UAE’s economy and
confidence is gradually returning, according to Institute of
International Finance (IIF). IIF MENA’s Chief Economist, Garbis
Iradian said, “We expect non-oil growth to pickup to 2.7% in
2018 and 3% in 2019, driven by private consumption and non-
oil exports, as fiscal consolidation eases and global trade
improves. The deceleration in headline growth last year was
due to the oil production decline.” (GulfBase.com)
 DAMAC Properties launches $400mn five-year Sukuk – Dubai
real estate developer, DAMAC Properties launched a $400mn,
five-year Sukuk with a 6.625% yield, a document from one of
the banks leading the Islamic bond issue showed. The Sukuk
was marketed with initial price guidance in the 6% area. Orders
rose to about $850mn, including from the banks arranging the
transaction, the document showed. (Reuters)
 Hamdan Centre for the Future of Investment launched – Dubai
Investment Development Agency (Dubai FDI) announced the
launch of Hamdan Centre for the Future of Investment (HCFI),
a global initiative that aims to channel foreign direct
investment (FDI) to sustainable development activities to help
economies to benefit from. The HCFI’s aim is to present a global
partnership model in providing a thriving investment
ecosystem that keeps pace with global shifts towards
sustainable investment and new forms of investment.
(GulfBase.com)

6. Page 6 of 7
 ADNOC mulls downstream opportunities abroad with Saudi
Aramco – Abu Dhabi National Oil Co. (ADNOC) is in talks with
several partners, including Saudi Aramco, for possible
downstream joint ventures abroad, particularly in Asia, sources
said. ADNOC wants to increase its crude refining capacity by
60% and boost petrochemical production. It is planning to
spend more than AED400bn in the next five years, which will
include boosting gas output and investing in international
downstream activities, the company had said in November.
ADNOC wants to expand its downstream portfolio in markets
where demand for oil is still growing, such as China and India,
securing a new outlet for its crude. (Reuters)
 Sharjah Islamic Bank launches $500mn Sukuk – Sharjah Islamic
Bank launched $500mn Sukuk with a spread set at 150 basis
points over mid-swaps, a document from one of the banks
leading the deal showed. Initial price guidance for the deal was
in the area of 160 basis points over mid-swaps. The planned
Islamic bonds issue attracted around $950mn in orders, the
document showed. Sharjah Islamic Bank has appointed HSBC
and Standard Chartered Bank as global coordinators and Bank
ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu
Dhabi Bank, HSBC, Noor Bank, and Standard Chartered Bank as
joint lead managers and bookrunners for the issue. (Reuters)
 Seef Properties awards KMC Holding for mixed-use project
contract – Seef Properties appointed Kuwaiti Manager Holding
Company (KMC Holding) as the main contractor for its
BHD50.2mn mixed-use development project ‘Liwan.’ KMC
Holding is a fully-owned subsidiary of Kuwaiti Finance House
which was established in 1996 to manage real estate projects
and contracting. Liwan project, which is expected to be
completed by 4Q2019, will elevate the Kingdom’s real estate
sector, bringing in a new destination for residents and visitors.
(GulfBase.com)

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
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS 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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
160.0
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
QSE Index S&P Pan Arab S&P GCC
(1.9%)
0.1% 0.0% 0.1% 0.0%
(0.5%)
1.4%
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,353.35 1.0 1.5 3.9 MSCI World Index 2,082.57 (0.4) 1.5 (1.0)
Silver/Ounce 16.67 0.6 1.7 (1.6) DJ Industrial 24,189.45 (0.9) 1.1 (2.1)
Crude Oil (Brent)/Barrel (FM Future) 72.06 1.4 7.4 7.8 S&P 500 2,642.19 (0.6) 1.4 (1.2)
Crude Oil (WTI)/Barrel (FM Future) 66.82 2.0 7.7 10.6 NASDAQ 100 7,069.03 (0.4) 2.2 2.4
Natural Gas (Henry Hub)/MMBtu 2.74 1.8 0.4 (22.6) STOXX 600 376.18 (0.3) 1.2 (0.5)
LPG Propane (Arab Gulf)/Ton 80.50 2.2 8.1 (18.7) DAX 12,293.97 (0.6) 1.2 (2.0)
LPG Butane (Arab Gulf)/Ton 80.50 1.3 5.2 (25.8) FTSE 100 7,257.14 0.1 1.7 (1.1)
Euro 1.24 0.1 0.7 3.0 CAC 40 5,277.94 (0.3) 1.2 2.3
Yen 106.79 (0.4) (0.1) (5.2) Nikkei 21,687.10 (0.2) 0.8 0.4
GBP 1.42 0.0 0.6 4.9 MSCI EM 1,175.53 0.0 1.2 1.5
CHF 1.04 (0.1) 0.2 1.8 SHANGHAI SE Composite 3,208.08 1.1 3.3 0.8
AUD 0.78 (0.1) 0.9 (0.7) HANG SENG 30,897.71 0.5 3.5 2.8
USD Index 89.57 (0.0) (0.6) (2.8) BSE SENSEX 33,940.44 (0.2) 0.5 (2.4)
RUB 62.60 (0.7) 7.6 8.6 Bovespa 85,245.59 2.0 (0.1) 8.9
BRL 0.30 1.1 (0.1) (1.8) RTS 1,083.53 (0.7) (12.4) (6.1)
85.0
84.4
76.6