The QSE Index rose 0.3% to close at 10,364.5

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.3% to close at 10,364.5. Gains were led by the Telecoms and
Transportation indices, gaining 2.6% and 0.6%, respectively. Top gainers were Salam
International Investment Limited and Ooredoo, rising 3.9% and 3.6%, respectively.
Among the top losers, Qatar Cinema & Film Distribution Company fell 9.9%, while
Alijarah Holding was down 2.7%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.9% to close at 7,703.0. The Food & Staples
Retailing and Banks indices, gained 1.6% each. Al Hammadi Co. for Development
and Investment rose 10.0%, while Samba Financial Group was up 4.7%.
Dubai: The DFM General Index declined 0.6% to close at 2,668.7. The Consumer
Staples and Discretionary index fell 4.9%, while the Services index declined 3.5%.
Amlak Finance fell 9.9%, while Dubai Islamic Ins. and Reins. Co. was down 8.4%.
Abu Dhabi: The ADX General index fell 2.3% to close at 4,770.1. The
Telecommunication index declined 2.9%, while the Energy index fell 2.7%. Abu
Dhabi Nat. Energy declined 7.1%, while Ras Al Khaimah Cement was down 4.8%.
Kuwait: The Kuwait Main Market Index declined 0.2% to close at 4,730.0. The
Industrials and Banks indices fell 0.5% each. Credit Rating & Collection fell 7.6%,
while MENA Real Estate Company was down 7.3%.
Oman: The MSM 30 Index rose 0.4% to close at 4,412.1. The Financial index gained
0.4%, while the Services index rose marginally. Muscat City Desalination rose
3.2%, while Bank Dhofar was up 2.5%.
Bahrain: The BHB Index gained 0.3% to close at 1,328.8. The Commercial Banks and
Services indices gained 0.4% each. Arab Banking Corporation rose 1.3%, while Al
Salam Bank - Bahrain was up 1.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Salam International Inv. Ltd. 4.57 3.9 75.6 (33.7)
Ooredoo 78.99 3.6 318.8 (13.0)
The Commercial Bank 42.20 1.9 625.6 46.0
Mannai Corporation 57.98 1.7 0.2 (2.6)
Al Meera Consumer Goods Co. 149.00 1.5 5.9 2.8
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Doha Bank 21.41 1.4 13,590.1 (24.9)
Barwa Real Estate Company 38.22 (2.4) 8,369.7 19.4
Masraf Al Rayan 40.09 0.0 2,666.2 6.2
Qatar First Bank 4.29 (2.7) 2,175.1 (34.3)
Ezdan Holding Group 12.73 0.2 2,137.6 5.4
Market Indicators 29 Nov 18 28 Nov 18 %Chg.
Value Traded (QR mn) 1,160.1 243.5 376.3
Exch. Market Cap. (QR mn) 588,404.7 585,731.5 0.5
Volume (mn) 34.3 7.6 352.2
Number of Transactions 11,185 6,986 60.1
Companies Traded 43 42 2.4
Market Breadth 22:18 15:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,261.17 0.3 0.3 27.8 15.3
All Share Index 3,100.23 0.4 1.0 26.4 15.7
Banks 3,860.93 0.6 0.8 43.9 14.5
Industrials 3,264.89 0.0 (0.4) 24.6 15.5
Transportation 2,118.93 0.6 1.0 19.8 12.3
Real Estate 2,126.38 (0.5) 3.2 11.0 19.2
Insurance 3,012.71 (0.0) 0.3 (13.4) 17.9
Telecoms 1,042.86 2.6 3.4 (5.1) 42.3
Consumer 6,779.35 0.5 (0.2) 36.6 13.9
Al Rayan Islamic Index 3,884.50 (0.2) (0.2) 13.5 15.2
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Hammadi Dev. & Inv. Saudi Arabia 25.30 10.0 25,901.0 (31.8)
Samba Financial Group Saudi Arabia 30.95 4.7 2,270.6 31.7
Riyad Bank Saudi Arabia 17.50 3.7 1,201.5 40.0
Ooredoo Qatar 78.99 3.6 318.8 (13.0)
Co. for Cooperative Ins. Saudi Arabia 59.90 3.3 291.6 (36.5)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
DP World Dubai 16.36 (5.4) 272.6 (34.6)
DAMAC Properties Dubai 1.87 (3.6) 4,141.8 (43.3)
Emaar Malls Dubai 1.80 (3.2) 8,176.3 (15.5)
First Abu Dhabi Bank Abu Dhabi 13.60 (3.0) 57,920.7 32.7
Arab National Bank Saudi Arabia 29.80 (2.9) 1,818.7 20.6
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 21.56 (9.9) 0.0 (13.8)
Alijarah Holding 8.56 (2.7) 295.9 (20.1)
Qatar First Bank 4.29 (2.7) 2,175.1 (34.3)
Barwa Real Estate Company 38.22 (2.4) 8,369.7 19.4
Qatar National Cement Company 57.00 (1.7) 9.7 (9.4)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Company 38.22 (2.4) 321,267.9 19.4
Doha Bank 21.41 1.4 289,852.6 (24.9)
QNB Group 199.50 0.8 167,593.0 58.3
Masraf Al Rayan 40.09 0.0 106,854.2 6.2
Qatar Islamic Bank 151.90 0.0 55,848.9 56.6
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* 10,364.54 0.3 0.3 0.6 21.6 317.58 161,634.8 15.3 1.5 4.2
Dubai 2,668.66 (0.6) (3.1) (4.2) (20.8) 118.40 96,843.3 9.0 1.0 6.6
Abu Dhabi 4,770.08 (2.3) (4.3) (2.7) 8.4 312.47 130,767.3 12.9 1.4 5.1
Saudi Arabia 7,702.99 0.9 1.3 (2.6) 6.6 1,138.19 485,801.4 16.6 1.7 3.6
Kuwait 4,730.00 (0.2) (0.4) 0.8 (2.0) 71.96 32,353.2 16.8 0.9 4.4
Oman 4,412.06 0.4 (0.9) (0.2) (13.5) 4.98 19,197.3 10.4 0.8 5.9
Bahrain 1,328.81 0.3 0.4 1.1 (0.2) 13.04 20,245.4 9.0 0.8 6.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,280
10,300
10,320
10,340
10,360
10,380
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QSE Index rose 0.3% to close at 10,364.5. The Telecoms and
Transportation 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.
 Salam International Investment Limited and Ooredoo were the top
gainers, rising 3.9% and 3.6%, respectively. Among the top losers, Qatar
Cinema & Film Distribution Company fell 9.9%, while Alijarah Holding
was down 2.7%.
 Volume of shares traded on Thursday rose by 352.2% to 34.3mn from
7.6mn on Wednesday. Further, as compared to the 30-day moving
average of 6.8mn, volume for the day was 407.0% higher. Doha Bank
and Barwa Real Estate Company were the most active stocks,
contributing 39.6% and 24.4% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
11/29 US Department of Labor Initial Jobless Claims 24-November 234k 220k 224k
11/29 US Department of Labor Continuing Claims 17-November 1,710k 1,663k 1,660k
11/29 US Bloomberg Bloomberg Consumer Comfort 25-November 60.6 – 61.3
11/29 UK Bank of England Mortgage Approvals October 67.1k 64.6k 65.7k
11/29 UK Bank of England Money Supply M4 MoM October 0.7% – -0.3%
11/29 UK Bank of England M4 Money Supply YoY October 1.0% – 0.9%
11/29 UK GfK NOP (UK) GfK Consumer Confidence November -13 -11 -10
11/29 EU European Commission Economic Confidence November 109.5 109.1 109.7
11/29 EU European Commission Business Climate Indicator November 1.09 0.96 1.01
11/29 EU European Commission Industrial Confidence November 3.4 2.5 3
11/29 EU European Commission Services Confidence November 13.3 13.1 13.3
11/29 EU European Commission Consumer Confidence November -3.9 -3.9 -3.9
11/30 EU Eurostat Unemployment Rate October 8.1% 8.0% 8.1%
11/30 EU Eurostat CPI Core YoY November 1.0% 1.1% 1.1%
11/30 EU Eurostat CPI Estimate YoY November 2.0% 2.0% 2.2%
11/29 Germany Deutsche Bundesbank Unemployment Claims Rate SA November 5.0% 5.1% 5.1%
11/29 Germany German Federal Statistical Office CPI MoM November 0.1% 0.2% 0.2%
11/29 Germany German Federal Statistical Office CPI YoY November 2.3% 2.4% 2.5%
11/29 France INSEE GDP QoQ 3Q2018 0.4% 0.4% 0.4%
11/29 France INSEE GDP YoY 3Q2018 1.4% 1.5% 1.5%
11/30 France INSEE PPI MoM October 0.4% – 0.4%
11/30 France INSEE PPI YoY October 3.9% – 3.7%
11/30 France INSEE CPI MoM November -0.2% -0.2% 0.1%
11/30 France INSEE CPI YoY November 1.9% 2.0% 2.2%
11/30 Japan Ministry of Internal Affairs & Comm. Jobless Rate October 2.4% 2.3% 2.3%
11/30 Japan Economic and Social Research Ins. Consumer Confidence Index November 42.9 43.2 43
11/30 China China Federation of Logistics Non-manufacturing PMI November 53.4 53.8 53.9
11/30 China China Federation of Logistics Manufacturing PMI November 50 50.2 50.2
11/30 China China Fed. of Logistic & Purchasing Composite PMI November 52.8 – 53.1
11/30 India India Central Statistical Org. GDP YoY 3Q2018 7.1% 7.5% 8.2%
11/30 India India Central Statistical Org. Eight Infrastructure Industries October 4.80% – 4.30%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 7.94% 17.21% (107,569,145.61)
Qatari Institutions 9.85% 6.91% 34,101,730.56
Qatari 17.79% 24.12% (73,467,415.05)
GCC Individuals 0.36% 0.17% 2,165,789.57
GCC Institutions 1.49% 1.38% 1,241,639.34
GCC 1.85% 1.55% 3,407,428.91
Non-Qatari Individuals 2.75% 2.60% 1,799,884.82
Non-Qatari Institutions 77.62% 71.74% 68,260,101.32
Non-Qatari 80.37% 74.34% 70,059,986.14

3. Page 3 of 8
News
Qatar
 Qatar’s central bank’s total reserves rise to QR102.9bn in
October – Qatar’s central bank’s total reserves increased to
QR102.9bn in October 2018 as compared to QR62.2bn in the
year ago period, according to data on its website. (Bloomberg)
 Qatar’s non-oil exports up 16.2% YoY in October 2018 – Qatar’s
non-oil exports registered strong growth in October 2018, with
a combined value reaching QR1.98bn or a 16.2% YoY increase,
and QR1.7bn higher MoM, according to figures released by
Qatar Chamber. The report was issued by the Chamber’s
Department of Research, Studies and Management of Member
Affairs based on the 3,213 certificates of origin issued in
October, including 2,859 general model certificates, 153 unified
certificates for the GCC countries (industrial), 178 unified Arab
certificates of origin, 21 certificates of origin for preferences,
and two unified certificates of Singapore. The report also
recorded 61 countries importing non-oil products from Qatar in
October, as opposed to the 60 importing countries registered in
the previous month. (Gulf-Times.com)
 Qatar’s fiscal surpluses to continue, says Fitch Solutions report
– Qatar’s budget balance “re-entered positive territory” in the
first half of this year, Fitch Solutions stated and noted it
expects “persistent surpluses” over the quarters ahead, as a
result of higher hydrocarbon prices. Hydrocarbons still account
for the vast majority of Qatar’s fiscal revenues, an estimated
82.7% of the total in 2017, Fitch Solutions stated. Fitch
Solutions analysts have revised down their forecast for
hydrocarbon prices on the back of the recent market volatility
and the US’ softening approach to sanctions on Iran, expecting
the Brent to average $73 a barrel in 2018 and $75 in 2019. This
compares to $74.5 and $81 previously. We note that the impact
of hydrocarbon price fluctuations on Qatari revenues takes
some time to register, as the hydrocarbon investment income is
transferred with some lag, and given that Qatari gas exports are
priced against a Brent average of up to six months,” Fitch
Solutions stated. According to Fitch Solutions, Qatar “looks set
to move ahead with selected measures” to diversify its
revenues away from hydrocarbons in the coming quarters.
(Gulf-Times.com)
 Qatar offers e-commerce market worth almost $1.5bn in 2019,
notes Fitch Solutions – Qatar offers e-commerce market worth
almost $1.5bn in 2019, Fitch Solutions noted in a report. The
Middle East and North Africa (MENA) region is projected to
record e-commerce sales growth of 21.4% to reach $28.5bn next
year, it stated. This growth rate, Fitch Solutions noted, “marks
a slight pickup” from the 20% in 2018, and the region is
projected to have the fastest e-commerce sales growth globally,
projected to average 18% annually over the medium term
(2018-2022). “This robust growth can largely be attributed to e-
commerce sales growing from a low base. For example, the
growth outperformer in the region, with an annual increase of
22% in its e-commerce sales for 2019 is Morocco, which we
project will reach an e-commerce sales value of $522mn for the
year,” Fitch Solutions stated. (Gulf-Times.com)
 QFMA presents unified listing rules, new governance code for
QSE-listed funds – The Qatar Financial Markets Authority
(QFMA) has presented "unified listing rules and a new
governance code" for funds listed on Qatar Stock Exchange
(QSE) for consultation to all concerned parties via its official
website. QFMA’s CEO, Nasser Ahmad Al-Shaibi said, "We
continue to strengthen our regulations to meet investors’ needs
along with adopting the best international practices and their
local needs in respect of investment funds and their
governance. “This step is of great importance to the capital
market sector in the country, where the QFMA seeks to develop
the Qatari capital market and strengthen the elements that
attract local and international funds to be listed on the QSE."
Al-Shaibi added, "The review of listing rules and governance
code will provide a clear framework for local and international
fund management companies to be listed on QSE and encourage
the development of asset management in the State of Qatar."
(Gulf-Times.com)
 Al Jaida: Qatar reaffirmed its economic resilience in 2018 –
Developing a strong business hub for Qatar Financial Centre
(QFC) firms is crucial for QFC Authority. It not only creates an
invaluable sense of community, but a solid network, which is
fundamental to taking business to newer heights, QFC
Authority’s CEO, Yousuf Mohamed Al Jaida said. Addressing
QFC’s 17th business and networking event and the inaugural
Qatar Business Awards, Al Jaida said the year 2018 has seen
Qatar reaffirming its economic resilience repeatedly. Across all
industries, local and international indicators point to Qatar’s
remarkable stability, and to its impressive projected
development. Citing the IMF’s latest reports, Al Jaida added
that Qatar’s GDP is projected to grow by 2.4% in 2018. That
comes alongside the 2018 United Nations report that noted a
27% increase in FDI inflows to Qatar between 2016 and 2017.
These figures are undeniable proof of Qatar’s economic strength
and why it is certainly one of the world’s most dynamic
economies. (Peninsula Qatar)
 Finance Minister, QCB’s Governor to address Euromoney Qatar
Conference – The Euromoney Qatar Conference in Doha on
December 9 and 10 will focus on Qatar’s post blockade strategy
and its development as a sustainable economy. The event will
be held under the patronage of HE the Prime Minister and
Minister of Interior, Sheikh Abdullah bin Nasser bin Khalifa Al-
Thani. Co-hosted by the Qatar Central Bank (QCB), the
conference’s keynote speakers include HE the Minister of
Finance, Ali Sherif Al-Emadi, and HE the QCB’s Governor,
Sheikh Abdulla bin Saoud Al-Thani. The two-day conference
will provide a vast and detailed overview on strategy and
finances in a series of workshops, talks, interviews and panel
discussions. (Gulf-Times.com)
 Qatar takes part in GCC transport ministers' meeting – Qatar
took part in the 21st meeting of the Ministers of Transport in
the Gulf Co-operation Council (GCC), held in Kuwait. HE the
Minister of Transport and Communications, Jassim bin Seif Al-
Sulaiti headed the Qatari delegation to the meeting. During the
meeting, the ministers discussed a number of key topics
including the GCC railway project, the memorandum of
understanding on the Joint Data Center for the Remote Ship
Tracking System and the latest updates regarding the Manual
on Uniform Traffic Control Devices. The meeting raised the
recommendations necessary for the implementation of the

4. Page 4 of 8
decisions of the Supreme Council on the mechanism of work for
the completion of studies and strategic projects for the
transport and communications sector, which will deepen the
economic integration between the GCC States. (Gulf-
Times.com)
 QP announces petrol prices reduction of over 12% this month –
Qatar Petroleum (QP) announced the diesel and petrol prices for
the month of December 2018. Price of super grade petrol has
been set at QR1.85 per liter, which is 12.2% lower than the
November price of QR2.10 per liter. The price of premium grade
petrol has been set at QR1.80 per liter in December compared to
QR2.05 per liter in November, a decline of about 12.2%. QP set
the diesel price at QR2 per liter for December compared to
QR2.05 per liter in November, a decline of 2.4%. (Peninsula
Qatar)
 MCCS’ board to meet on December 17, 2018 to discuss progress
of the company’s business – Mannai Corporation (MCCS)
announced that its board of directors will meet on December 17,
2018. The meeting will discuss progress of the business of the
company. (QSE)
 QIMD participates in the ‘Gulf Glass Factory’ as a founding
partner with a participation of 50% of its capital – Qatar
Industrial Manufacturing Company (QIMD) announced that the
company will participate in the ‘Gulf Glass Factory’ as a
founding partner with a participation of 50% of its capital. The
project is specialized in the production of various glass
containers. The design capacity of the project in the first phase
will be 200 tons per day and in the second phase, 450 tons per
day. The project uses locally washed sand, as the main raw
material and natural gas as energy source for melting raw
materials. The total cost of the first phase of the project is
estimated at QR238mn. It will be financed by a local bank. It is
estimated that the profitability of the project will be about 14%
(IRR), and the payback period will be about six and a half years
from the start of production. (QSE)
International
 US, China agree trade war ceasefire after Trump, Xi summit –
China and the US agreed to a ceasefire in their bitter trade war
after high-stakes talks in Argentina between the US President,
Donald Trump and Chinese President, Xi Jinping, including no
escalated tariffs on January 1, 2019. Trump will leave tariffs on
$200bn worth of Chinese imports at 10% at the beginning of the
new year, agreeing to not raise them to 25% at this time, the
White House stated in a statement. “China will agree to
purchase a not yet agreed upon, but very substantial, amount of
agricultural, energy, industrial, and other products from the US
to reduce the trade imbalance between our two countries. China
has agreed to start purchasing agricultural product from our
farmers immediately,” it stated. The two leaders also agreed to
immediately start talks on structural changes with respect to
forced technology transfers, intellectual property protection,
non-tariff barriers, cyber intrusions and cyber theft, services
and agriculture, the White House stated. (Reuters)
 US consumer spending rises strongly, inflation moderates – US
consumer spending increased by the most in seven months in
October, but underlying price pressures slowed, with an
inflation measure tracked by the Federal Reserve posting its
smallest annual increase since February. The strong consumer
spending reported by the Commerce Department probably
keeps the US’ central bank on track to raise interest rates next
month for the fourth time this year. However moderating
inflation, if sustained, could temper expectations on the pace of
rate hikes in 2019. Consumer spending, which accounts for
more than two-thirds of US economic activity, jumped 0.6%
last month as households spent more on prescription
medication and utilities, among other goods and services. Data
for September was revised down to show spending rising 0.2%
instead of the previously reported 0.4% gain. Economists polled
by Reuters had forecast consumer spending increasing 0.4% in
October. (Reuters)
 UK’s consumer lending growth slows to new three-year low,
mortgage approvals jump – Lending to British consumers
slowed again last month to its weakest rate in more than three
years, but there was a pick-up in the housing market with a
jump in mortgage approvals, Bank of England’s (BoE) data
showed. The BoE figures showed the annual growth rate in
unsecured consumer lending fell to 7.5% in October, its weakest
since May 2015 from 7.9% in September, when there was a
sharp drop in new car purchases. Other economic data in recent
months have mostly shown slower consumer demand since an
unexpectedly robust summer, as shoppers rein in purchases and
express concern about how leaving the European Union in
March next year will affect them. (Reuters)
 UK’s consumer confidence slides to 11-month low ahead of
Brexit – British consumers’ confidence fell to its lowest level in
almost a year as their view of the economic outlook for the next
12 months sank to its weakest since shortly after 2016’s Brexit
vote, a survey showed. The GfK consumer sentiment index fell
to -13 in November from -10 in October, the lowest reading
since December 2017 and below economists’ average forecast in
a Reuters poll. (Reuters)
 Eurozone’s inflation falls back, core figures below expectations
– Eurozone’s inflation slowed as expected in November, as food
and energy price hikes eased, while core inflation readings were
below market expectations. Consumer prices in the 19 countries
sharing the Euro rose by 2.0% YOY in November after a six-year
high of 2.2% in October, the EU’s statistics agency Eurostat
stated. The decline matched the average expectation in a
Reuters poll of economists. Eurostat stated that energy prices
rose by 9.1% YoY, from 10.7% in October, while unprocessed
food prices were up 1.8%, compared to a 2.1% increase last
month. Inflation excluding those two volatile components - the
core indicator that the European Central Bank watches in its
policy decisions - also fell to 1.1%, against expectations of a
slight increase. Another core inflation reading often watched by
economists, which removes all food, energy, alcohol and
tobacco prices, also dropped to 1.0%. Forecasts were for it to be
unchanged at 1.1%. (Reuters)
 Eurozone’s sentiment eases in November, but less than
expected – Eurozone’s economic sentiment continued to
deteriorate in November but less than predicted, thanks to an
unexpected rise in optimism in industry, data showed.
Economic sentiment in the 19 countries sharing the Euro eased
to 109.5 in November from 109.7 in October, the European
Commission stated, continuing a trend of falls every month this
year. Economists polled by Reuters had expected a deeper fall to

5. Page 5 of 8
109.0, but a surge of optimism in industry, which took the index
to 3.4 in November from 3.0 in October against expectations of
a decline to 2.5, cushioned the fall. Sentiment in services, a
sector which produces two thirds of the Eurozone’s GDP, was
unchanged at 13.3 in November against October while
optimism among consumers fell to -3.9 from -2.7. A separate
business climate indicator, which helps point to the phase of
the business cycle, rebounded slightly in November to 1.09
from 1.01 in October after falling from 1.21 in September and
August. (Reuters)
 Germany’s inflation remains above ECB target in November –
Germany’s annual inflation accelerated at a slower pace in
November but stayed above the European Central Bank’s (ECB)
target, supporting the central bank’s case for gradually rolling
back its massive stimulus in the Eurozone. Germany’s
consumer prices, harmonized to make them comparable with
inflation data from other European Union countries, rose by
2.2% YoY after an increase of 2.4% in the previous month, the
Federal Statistics Office stated. The ECB targets inflation of
close to but below 2% for the single-currency bloc as a whole.
(Reuters)
 Germany’s retail sales rise at strongest rate in almost 1-1/2
years – Germany’s annual retail sales rose at their strongest
rate in almost 1-1/2 years in October but monthly sales dropped
for the fourth consecutive month, sending mixed signals about
the state of household spending in Europe’s largest economy.
Spending by German shoppers rose by 5.0% on the year in real
terms in October, data from the Federal Statistics Office
showed. That was the highest rise since May 2017 and
compared with a Reuters consensus forecast for an increase of
2.7%. On the month, retail sales decreased by 0.3%,
confounding the Reuters consensus forecast for a 0.3%
increase. Retail sales are a volatile indicator often subject to
revision. The data comes after a GfK survey showed the mood
among German shoppers deteriorated more than expected
heading into December. (Reuters)
 Germany's BDI slashing 2018 growth forecast to 1.5% from 2%
– Germany’s BDI industry association is cutting its 2018 growth
forecast for Europe’s largest economy to around 1.5% from
roughly 2%, a newspaper reported. A BDI spokeswoman
confirmed the newspaper report, but declined to give any
details. (Reuters)
 France’s inflation slips to seven-month low of 2.2% in
November – France’s inflation eased in November to a seven-
month low in line with expectations, according to preliminary
EU-harmonized data from the INSEE statistics agency. INSEE
stated consumer prices fell 0.2% in November from October,
giving a 12-month rate of 2.2%, the lowest rise since April and
spot on economists’ average expectation in a Reuters poll.
Inflation was lower across the board, with price growth slowing
for energy, food and services while prices of manufactured
goods fell marginally less than the previous month. Separately,
INSEE stated that producer prices rose 0.4% in October from
September, which translated into a 12-month rate of 3.9%.
(Reuters)
 Greece’s September retail sales rise 3.3% – Greece’s reek retail
sales by volume rose 3.3% in September compared to the same
month last year after an upwardly-revised 3.6% increase in
August, statistics service ELSTAT stated. Retail sales were led
higher by supermarkets, books, apparel and footwear, the data
showed. Greece's economy expanded for a sixth straight quarter
in the April-June period but at a slower pace than the quarter
before, mainly because of weak investment spending. Gross
domestic product grew 0.2% in the second quarter compared
with an upwardly revised 0.9% in January-to-March. (Reuters)
 Japan’s factory output expands the most since 2015 – Japan’s
factory output grew the most in October since 2015, rebounding
from a fall in the prior month caused by natural disasters,
though manufacturers face a tough road ahead in the face of
increasing risks from global trade frictions. The 2.9% rise in
output handily beat a median market forecast of 1.2% increase,
led by items such as factory conveyors, smartphone parts and
cars. It followed a revised 0.4% drop in the previous month,
posting the fastest MoM gain since January 2015.
Manufacturers surveyed by the Ministry of Economy, Trade
and Industry (METI) expect output to rise 0.6% in November
and increase 2.2% in December, data showed. Economists
expect factory output to rebound this quarter as supply
constraints caused by natural disasters that crimped production
and physical distribution taper off, paving the way for a
recovery from a contraction in the third-quarter. (Reuters)
 China reports weakest factory growth in over two years on eve
of US trade talks – Growth in China’s vast manufacturing sector
stalled for the first time in over two years in November as new
orders slowed, piling pressure on Beijing ahead of crucial trade
talks between Presidents Xi Jinping and Donald Trump. The
official Purchasing Managers’ Index (PMI), released by the
National Bureau of Statistics (NBS), fell to 50 in November,
missing market expectations and down from 50.2 in October. It
was the weakest reading in 28 months. Analysts surveyed by
Reuters had forecast little change from October’s already
marginal growth levels. The 50-point mark is considered
neutral territory, indicating no expansion in activity or
contraction on a monthly basis. (Reuters)
 India's April-October fiscal deficit crosses full year target –
India’s April-October fiscal deficit stood at INR6.49tn or 103.9%
of the budgeted target for current fiscal year, government data
showed. Net tax receipts in the first seven months of the fiscal
year that ends in March 2019 were INR6.61tn. The government
has stated it was confident of meeting its fiscal deficit target of
3.3% of GDP in the 2018-19 fiscal year. India’s economic growth
fell to a worse-than-expected 7.1% in the July-September
quarter, dragged down by a slower consumer spending and farm
growth, in a setback for Prime Minister Narendra Modi who
faces a national election by May. India’s growth is still faster
than China’s 6.5% in the same quarter, but the figures were a
come-down from the more than two-year high of 8.2% set in
the June quarter. A Reuters poll of economists had forecasted
growth of 7.4% for the quarter. (Reuters)
Regional
 Saudi Arabia and UAE cover most of Iran oil loss, a Reuters
survey showed – OPEC oil supply fell in November from a two-
year high due to US sanctions on Iran, a Reuters survey found,
although most of the output gap left by Iran was plugged by
Saudi Arabia and the UAE in response to calls from the US
President, Donald Trump. The 15-member OPEC pumped

6. Page 6 of 8
33.11mn bpd last month, the survey found, down 160,000 bpd
from October, which was the highest by OPEC as a group since
December 2016. The survey adds to indications that OPEC
output remains ample despite US sanctions imposed on Iran
this month. Oil prices have slid 30% since early October on
worries a new glut may emerge. OPEC and its allies including
Russia meet on December 6-7 to discuss cutting supply. (Gulf-
Times.com)
 OPEC advisory committee said to recommend oil production cut
– OPEC needs to cut oil production to avoid an oversupplied
market in 2019, according to the group’s main advisory board.
OPEC’s board told ministers that they need to trim output by
1.3mn barrels a day from the October 2018 level to bring supply
and demand into balance next year, a delegate said. The board’s
recommendations are only advisory and the OPEC ministers,
who will meet on December 6, often choose a different path. Yet
the view that the oil market is oversupplied is a signal the cartel
is laying the groundwork for an output cut. (Bloomberg)
 Russia accepts need for oil cuts, ‘bargains with Saudi Arabia on
timing, volume’ – Russia is becoming increasingly convinced it
needs to reduce oil output in tandem with OPEC but is still
bargaining with the producer group’s leader, Saudi Arabia, over
the timing and volume of any reduction, sources told Reuters.
The Russian Energy Ministry held a meeting with the heads of
domestic oil producers, ahead of a gathering in Vienna of the
OPEC and its allies on December 6-7. “The idea at the meeting
was that Russia needs to reduce. The key question is how
quickly and by how much. Most people agreed that we cannot
reduce immediately, it needs to be a gradual process like last
time,” sources said. OPEC and its allies led by Russia have been
restraining production under a pact reached in late 2016 to prop
up oil prices. Moscow agreed to curb output by 300,000 bpd, or
one sixth of the overall cut of 1.8mn bpd, but Russian
companies took several months to reach that level of reduction.
Now, Saudi Arabia has suggested that OPEC and its allies
reduce output by 1mn bpd from January 2019 to arrest a price
decline as Brent crude fell below $59 a barrel last week from as
high as $85 in October due to concerns about a possible glut.
(Gulf-Times.com)
 Reuters: Eni is in talks to grow presence in Oman and UAE –
Italy’s Eni is in talks to expand its footprint in Oman and the
UAE in an effort to build its asset base in the Gulf region and
taper its dependence on Africa, Reuter’s reported. “Eni is in
talks with Oman for various opportunities,” sources told
Reuters, adding that recent geopolitical tensions in the area had
not curbed its interest. Eni submitted an expression of interest
for a minority stake in ADNOC’s refinery business. “Eni is also
interested in other downstream opportunities,” sources said.
(Bloomberg)
 Saudi Fransi Capital announce dividend distribution to Bonyan
REIT Fund’s unit holders – Saudi Fransi Capital announced the
distribution of a cash dividend to Bonyan REIT Fund’s unit
holders for the period from 19 Shawl 1439 H corresponding to
July 3, 2018 (Fund Inception date) to 22 Safar 1440 H
corresponding to October 31, 2018 as follows: Total dividends of
SR39,905,869.50. Cash distributions will be based on the
162,881,100 existing units. Distributed dividends amount is
SR0.245 per unit, and its ratio to the initial price of the unit is
2.45%, equivalent to 7.35% annual return. The distribution
ratio amounts to 2.45% of net asset value as of the fund
inception date. (GulfBase.com)
 Saudi contractor said to have defaulted on almost $2bn of debt
– One of Saudi Arabia’s major contractors defaulted on almost
$2bn after a falling out among its owners and delays in
payments from the government, according to sources. Saudi
Arabia’s unit of Cyprus-based Joannou & Paraskevaides Group
defaulted on about $1.9bn in bank loans about two months ago.
The defaults are largely the result of problems with getting paid
by the Ministry of Interior. Lenders, which include Arab
National Bank, Alawwal Bank, Banque Saudi Fransi, Emirates
NBD, Saudi British Bank and Samba Financial Group, don’t
expect to recover much of the money, sources added. (Gulf-
Times.com)
 UAE’s inflation eases to 1.6% in October – The UAE’s annual
inflation rate eased to 1.6% in October of 2018 from 3.1% in
September 2018. It was the lowest inflation rate since October
2017. On a monthly basis, consumer prices went down 0.5% in
October 2018, after 0.6% fall in September 2018. Drop in prices
were driven by drop in housing costs, transport and household
goods figures from the National Bureau of Statistics showed.
Prices fell 5.2% for housing & utilities in October, compared to
4.4% drop in September, while prices for food & beverages fell
2.1% in October from 3.2% in September; cost of transport fell
9.3% from 12.9% in September; cost of education fell 2.4% from
4.3% in September. (GulfBase.com)
 ADNOC moving ahead with plans to expand CO2 capture – Abu
Dhabi National Oil Company (ADNOC) announced that it is
moving ahead with plans to expand the capture, storage and
utilization of carbon dioxide (CO2), produced from either the
Habshan-Bab gas processing facilities or the Shah gas plant. A
decision on which plant to capture the CO2 from first will be
taken in 2019. The project will be engineered so as not to
interrupt ongoing production from either facility. The
additional CO2 capture will reduce ADNOC’s carbon footprint -
which is among the lowest in the industry - and liberate natural
gas, previously used for oil field injection, for other more
valuable purposes, while simultaneously addressing growing
global demand for oil by boosting recovery from its maturing
reservoirs. (GulfBase.com)
 Moody's affirms ‘A3’ insurance financial strength rating of
Kuwait Insurance Company with a ‘Stable’ outlook – Moody's
Investors Service (Moody's) affirmed the ‘A3’ insurance
financial strength rating (IFSR) of Kuwait Insurance Company.
The outlook for KIC remains ‘Stable’. Kuwait Insurance
Company's strong position in the domestic market with an
established brand and a good reputation for service and its good
and strengthening capitalization with a gross underwriting
leverage (GUL) of 1.4x as at 2017 from 1.7x as at 2016 and its
sustained strong underwriting profitability with the five year
average combined ratio (COR) of 86.5% at 2017, albeit overall
profitability remains exposed to volatility from the high risk
investment portfolio as seen in 2016 results. These strengths
are partially constrained by the investment strategy that
introduces income statement volatility with high risk assets
(HRA), mostly equity, equating to 95.3% of shareholders'
equity as at YE 2017. Furthermore, Kuwait Insurance Company

7. Page 7 of 8
remains exposed to the high levels of price competition in the
Kuwaiti property and casualty (P&C) insurance market which
pressures profitable growth. (Moody’s)
 Kuwait Petroleum Corporation renews contract to supply
Lebanon with gas oil – Kuwait Petroleum Corporation (KPC)
renewed its contract with Lebanon’s Energy Ministry to supply
Lebanon’s state electricity company with gas oil for a year at
international market prices, Kuwait News Agency (KUNA)
reported. KPC has supplied Lebanon’s power stations with gas
oil since 2005 under an official deal, which is renewed annually.
(Reuters)
 Bahrain’s long-term foreign currency debt rating affirmed at
‘B+’ by S&P – Bahrain's long-term foreign currency debt rating
was affirmed at ‘B+’ by Standard & Poor’s (S&P). The outlook
for the long term foreign currency debt rating remains ‘Stable’.
(Bloomberg)
 Bahrain to roll out VAT system in stages before official launch –
Bahrain wants large companies to register for the 5% value
added tax (VAT) ahead of its official rollout in January.
Companies with an annual turnover exceeding $13.26mn are
being asked to register for the VAT on all goods and services
before the system is officially launched at the beginning of the
year, according to Bahrain’s finance ministry. Bahrain will be
the third GCC country after the UAE and Saudi Arabia to
introduce the tax. Oman, Kuwait and Qatar are expected to
follow shortly. (Bloomberg)

8. 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
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
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
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Oct-14 Oct-15 Oct-16 Oct-17 Oct-18
QSE Index S&P Pan Arab S&P GCC
0.9%
0.3%
(0.2%)
0.3% 0.4%
(2.3%)
(0.6%)
(3.0%)
(2.0%)
(1.0%)
0.0%
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 1,222.50 (0.1) (0.1) (6.2) MSCI World Index 2,041.36 0.3 3.4 (3.0)
Silver/Ounce 14.18 (0.9) (0.7) (16.3) DJ Industrial 25,538.46 0.8 5.2 3.3
Crude Oil (Brent)/Barrel (FM Future) 58.71 (1.3) (0.2) (12.2) S&P 500 2,760.17 0.8 4.8 3.2
Crude Oil (WTI)/Barrel (FM Future) 50.93 (1.0) 1.0 (15.7) NASDAQ 100 7,330.54 0.8 5.6 6.2
Natural Gas (Henry Hub)/MMBtu 4.61 2.4 (1.9) 30.2 STOXX 600 357.49 (0.7) 0.8 (13.5)
LPG Propane (Arab Gulf)/Ton 68.50 (2.1) (6.0) (29.9) DAX 11,257.24 (0.9) 0.4 (18.0)
LPG Butane (Arab Gulf)/Ton 64.75 (3.0) (17.4) (38.7) FTSE 100 6,980.24 (1.0) (0.0) (14.4)
Euro 1.13 (0.7) (0.2) (5.7) CAC 40 5,003.92 (0.6) 1.0 (11.3)
Yen 113.57 0.1 0.5 0.8 Nikkei 22,351.06 0.2 2.6 (2.7)
GBP 1.27 (0.3) (0.5) (5.7) MSCI EM 994.72 (0.3) 2.6 (14.1)
CHF 1.00 (0.3) (0.1) (2.4) SHANGHAI SE Composite 2,588.19 0.6 0.2 (26.8)
AUD 0.73 (0.2) 1.0 (6.4) HANG SENG 26,506.75 0.2 2.2 (11.5)
USD Index 97.27 0.5 0.4 5.6 BSE SENSEX 36,194.30 0.1 5.3 (2.7)
RUB 66.98 1.1 1.1 16.2 Bovespa 89,504.03 (0.4) 2.4 0.1
BRL 0.26 (0.4) (1.0) (14.3) RTS 1,126.14 (1.3) 1.1 (2.5)
76.4
75.3
73.6