The QSE Index rose 0.1% to close at 10,598.4

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.1% to close at 10,598.4. Gains were led by the Telecoms and
Real Estate indices, gaining 1.4% and 0.9%, respectively. Top gainers were Qatari
German Company for Medical Devices and Salam International Investment Limited,
rising 9.9% and 7.9%, respectively. Among the top losers, Qatar Cinema & Film
Distribution Company fell 7.0%, while Doha Bank was down 2.2%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 7,849.0. Losses were led by the
Food & Staples and Capital Goods indices, falling 1.6% and 1.3%, respectively.
Saudi Cable Co. declined 2.9%, while Saudi Ind. Export Co. was down 2.7%.
Dubai: The DFM General Index declined 2.0% to close at 2,580.3. The Consumer
Staples and Discretionary index fell 5.5%, while the Invest. & Fin. Services index
declined 5.4%. Dar Al Takaful and Union Properties both fell 9.9% each.
Abu Dhabi: The ADX General Index rose 1.0% to close at 4,876.7. The Banks index
gained 1.8%, while the Energy index rose 1.4%. The National Bank of Ras Al
Khaimah gained 3.2%, while First Abu Dhabi Bank was up 2.5%.
Kuwait: The Kuwait Main Market Index rose 0.2% to close at 4,734.2. The Insurance
index gained 3.2%, while Consumer Services index rose 2.3%. IFA Hotels & Resorts
Co. gained 27.5%, while Injazzat Real Estate Development Co. was up 9.0%.
Oman: The MSM 30 Index fell 0.1% to close at 4,548.7. Losses were led by the
Services and Financial indices, falling 0.5% and 0.3%, respectively. Oman National
Engine. Invt. fell 4.9%, while Muscat City Desalination was down 3.9%.
Bahrain: The BHB Index fell 0.2% to close at 1,320.0. The Industrial index fell 0.8%
and while the Investment index fell 0.4%. Al Salam Bank - Bahrain declined 4.4%,
while Al Baraka Banking Group was down 1.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari German Co for Med. Devices 5.11 9.9 210.0 (20.9)
Salam International Inv. Ltd. 4.80 7.9 554.9 (30.3)
Ahli Bank 28.60 4.8 0.1 (23.0)
Al Khaleej Takaful Insurance Co. 8.65 4.2 31.2 (34.7)
Alijarah Holding 9.10 3.3 253.5 (15.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 8.21 2.0 2,572.0 (8.8)
Qatar First Bank 4.43 0.7 1,288.3 (32.2)
Vodafone Qatar 8.60 0.8 1,032.2 7.2
Doha Bank 22.75 (2.2) 874.5 (20.2)
Salam International Inv. Ltd. 4.80 7.9 554.9 (30.3)
Market Indicators 06 Dec 18 05 Dec 18 %Chg.
Value Traded (QR mn) 219.2 288.2 (23.9)
Exch. Market Cap. (QR mn) 595,351.0 592,779.8 0.4
Volume (mn) 10.4 10.0 3.5
Number of Transactions 5,386 5,601 (3.8)
Companies Traded 43 39 10.3
Market Breadth 23:16 24:11 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,673.21 0.1 2.3 30.6 15.7
All Share Index 3,149.64 0.3 1.6 28.4 15.9
Banks 3,896.45 0.6 0.9 45.3 14.6
Industrials 3,338.09 (0.7) 2.2 27.4 15.9
Transportation 2,151.72 0.2 1.5 21.7 12.5
Real Estate 2,172.77 0.9 2.2 13.4 19.6
Insurance 3,056.63 0.3 1.5 (12.2) 18.2
Telecoms 1,078.61 1.4 3.4 (1.8) 43.7
Consumer 6,913.05 0.0 2.0 39.3 14.1
Al Rayan Islamic Index 4,010.67 (0.0) 3.2 17.2 15.7
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Mobile Telecom. Co. Saudi Arabia 7.04 6.3 15,343.8 (3.7)
Oman Cement Co. Oman 0.32 3.9 37.6 (21.5)
First Abu Dhabi Bank Abu Dhabi 14.12 2.5 2,722.4 37.8
Boubyan Bank Kuwait 0.58 2.3 1,537.8 39.2
Yanbu Cement Co. Saudi Arabia 24.84 2.1 158.8 (26.6)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Dubai Investments Dubai 1.23 (6.8) 18,000.3 (49.0)
Al Salam Bank-Bahrain Bahrain 0.09 (4.4) 254.0 (24.6)
Emaar Properties Dubai 4.25 (4.3) 13,202.5 (35.0)
Phoenix Power Co. Oman 0.10 (3.7) 194.3 (25.4)
Emaar Malls Dubai 1.70 (3.4) 5,107.4 (20.2)
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 20.05 (7.0) 0.0 (19.8)
Doha Bank 22.75 (2.2) 874.5 (20.2)
The Commercial Bank 41.00 (1.8) 334.3 41.9
Industries Qatar 137.35 (1.5) 57.8 41.6
Aamal Company 9.58 (0.9) 281.3 10.4
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 196.80 1.4 30,942.1 56.2
Mazaya Qatar Real Estate Dev. 8.21 2.0 21,250.0 (8.8)
Doha Bank 22.75 (2.2) 19,960.9 (20.2)
The Commercial Bank 41.00 (1.8) 13,722.5 41.9
Barwa Real Estate Company 40.45 0.8 13,663.1 26.4
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* 10,598.40 0.1 2.3 2.3 24.3 60.04 163,542.9 15.7 1.6 4.1
Dubai 2,580.27 (2.0) (3.3) (3.3) (23.4) 64.07 94,649.3 8.7 0.9 6.8
Abu Dhabi 4,876.68 1.0 2.2 2.2 10.9 111.97 133,450.6 13.2 1.4 4.9
Saudi Arabia 7,848.98 (0.4) 1.9 1.9 8.6 870.49 496,486.0 16.9 1.8 3.5
Kuwait 4,734.24 0.2 0.1 0.1 (1.9) 100.16 32,497.5 16.8 0.9 4.4
Oman 4,548.72 (0.1) 3.1 3.1 (10.8) 2.07 19,554.6 10.7 0.8 5.7
Bahrain 1,320.04 (0.2) (0.7) (0.7) (0.9) 9.89 20,101.4 8.9 0.8 6.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,560
10,580
10,600
10,620
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
 The QSE Index rose 0.1% to close at 10,598.4. The Telecoms and Real
Estate indices led the gains. The index rose on the back of buying
support from non-Qatari shareholders despite selling pressure from
Qatari and GCC shareholders.
 Qatari German Company for Medical Devices and Salam International
Investment Limited were the top gainers, rising 9.9% and 7.9%,
respectively. Among the top losers, Qatar Cinema & Film Distribution
Company fell 7.0%, while Doha Bank was down 2.2%.
 Volume of shares traded on Thursday rose by 3.5% to 10.4mn from
10mn on Wednesday. Further, as compared to the 30-day moving
average of 7.1mn, volume for the day was 45.9% higher. Mazaya Qatar
Real Estate Development and Qatar First Bank were the most active
stocks, contributing 24.8% and 12.4% 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
12/6 US Automatic Data Processing, Inc ADP Employment Change Nov 179k 195k 227k
12/6 US US Census Bureau Trade Balance Oct -$55.5b -$55.0b -$54.0b
12/6 US Markit Markit US Services PMI Nov F 54.7 54.4 54.4
12/6 US Markit Markit US Composite PMI Nov F 54.7 -- 54.4
12/6 US Institute for Supply Manag. ISM Non-Manufacturing Index Nov 60.7 59 60.3
12/6 US US Census Bureau Factory Orders Oct -0.021 -0.02 0.007
12/6 US Bureau of Labor Statistics Unemployment Rate Nov 0.037 0.037 0.037
12/6 US Bureau of Labor Statistics Underemployment Rate Nov 0.076 -- 0.074
12/6 US Deutsche Bundesbank Factory Orders MoM Oct 0.003 -0.004 0.003
12/6 Germany Germany Manufacturing Orders Factory Orders WDA YoY Oct -0.027 -0.031 -0.022
12/6 Germany Markit Germany Cons. PMI Markit Germany Construction PMI Nov 51.3 -- 49.8
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 S&P revises Qatar’s outlook to ‘Stable’ from ‘Negative’, affirms
‘AA-/A-1+’ ratings – S&P Global Ratings announced that it has
revised its outlook on Qatar to ‘Stable’ from ‘Negative’. “At the
same time, we affirmed our ‘AA-/A-1+’ long-and-short-term
sovereign credit ratings. The transfer and convertibility (T&C)
assessment is unchanged at ‘AA’,” the rating agency noted in a
report. “The Stable outlook primarily reflects our view that
Qatar will continue to effectively mitigate the economic and
financial fallout of the boycott imposed on the country in June
2017, and that Qatar will continue to pursue prudent
macroeconomic policies that support large recurrent fiscal and
external surpluses over 2018-2021,” the report stated. (Qatar-
Tribune.com)
 IIF: Qatar’s OPEC exit represents a message that Doha wants to
chart its own course – Qatar’s exit from OPEC (Organisation of
the Petroleum Exporting Countries) represents a symbolic
message that Doha wants to chart its own course, according to
an US economic think-tank. "Yet this move does not actually
lift constraints on Qatar’s natural gas activities, since OPEC
does not regulate natural gas," the Institute of International
Finance (IIF) stated in a report. However, the move sends a
message that the country remains committed to pursuing an
independent path and focusing on a sector where it is already
vying for position as the world’s largest producer, rather than
remaining in an organization that it sees as irrelevant to its
growth plan; Qatar is one of the smaller crude producers in the
bloc (0.6mn barrels per day), and its production has been falling
for a decade. HE Minister of State for Energy Affairs, Saad bin
Sherida Al-Kaabi had announced that Qatar will opt out of the
oil grouping from January 1, 2019. Qatar is seeking to cement its
position as the world’s largest producer of liquefied natural gas
(LNG), given its massive reserves and surging global demand.
Following three years of small decline in hydrocarbon
production, work is expected to start next year to increase
production capacity from 77mn tons to 110mn tons over the
next five to seven years. (Gulf-Times.com)
 IIF: External pressure for a resolve to embargo on Qatar
mounting – The external pressure for a resolve to the ongoing
embargo on Qatar by Saudi-led quartet has been “mounting”,
particularly from the US, as the crisis has damaged the GCC
growth initiatives to boost regional trade and infrastructure,
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 31.50% 44.41% (28,287,462.55)
Qatari Institutions 11.06% 7.61% 7,562,450.59
Qatari 42.56% 52.02% (20,725,011.96)
GCC Individuals 1.53% 0.68% 1,861,938.35
GCC Institutions 2.28% 6.26% (8,744,005.31)
GCC 3.81% 6.94% (6,882,066.96)
Non-Qatari Individuals 12.64% 14.53% (4,142,368.63)
Non-Qatari Institutions 41.00% 26.52% 31,749,447.55
Non-Qatari 53.64% 41.05% 27,607,078.92

3. Page 3 of 7
according to the Institute of International Finance (IIF), a
Washington-based economic think-tank. “The external
pressure for a resolution, particularly from the USA, is
mounting, given the cost it has imposed across the GCC,” IIF
said, adding the rift has damaged GCC growth initiatives to
boost regional trade and infrastructure, and has hindered
capital and financial market development. The rift has given
the government additional motivation to put into action its
long-term commitment to structural reform and diversification
even while oil prices remain high, it said. Highlighting that
Qatar’s fiscal footing is sound and has displayed strong trade
performance despite the embargo; IIF said the country has
sufficient fiscal space to continue with gradual fiscal
consolidation even if oil prices decline below $60 per barrel.
(Gulf-Times.com)
 Al Kaabi leads Qatar’s delegation to its last OPEC meeting – HE
Saad bin Sherida Al Kaabi, the Minister of State for Energy
Affairs, led Qatar’s last delegation to the meetings of the
Organisation of the Petroleum Exporting Countries (OPEC), in
the aftermath of the State of Qatar’s announcement on
withdrawing its membership in the organization. The Minister
took part in the 175th meeting of the OPEC ministerial
conference, which was held in Vienna to discuss a number of
developments related to the oil markets and production levels.
The meetings also reviewed a number of reports including the
report of the Secretary General on oil market outlook, and the
report of the 130th meeting of the Economic Commission Board.
Al Kaabi also held a series of talks with OPEC oil ministers on
the sidelines of the organization’s meetings. (Peninsula Qatar)
 Qatar’s real estate deal value in October jumps by 33.2% –
Qatar’s real estate market witnessed a remarkable double-digit
growth in October 2018 compared to the value of transactions
in the previous month. The combined value of real estate deals
signed during the month touched QR1.74bn, registering a sharp
jump of 33.2% compared to QR1.30bn recorded in the previous
month (September). When compared on YoY basis, the October
transaction value (of QR1.74bn) was down 73.2% against
QR6.52bn in the same months last year, due to several big
valued transactions signed during the month, latest official
statistics showed. According to the November monthly bulletin
released by the Ministry of Development Planning and
Statistics, there were 332 real estate transactions inked during
the month of October against 349 deals in September 2018. The
number of total transactions signed in October 2017 stood at
580. (Peninsula Qatar)
 QNB Group ‘Strategy Conference’ dwells on expansion plans –
QNB Group has recently held its ‘Strategy Conference’ in Qatar
with the attendance of its executive management, general
managers, and CEOs from across the Group’s international
network. During the two-day event, the attendees discussed a
number of major topics, including the group’s business plans,
remarkable performance, and the progress achieved throughout
the year. Additionally, the conference also discoursed
strategies to be implemented across the group’s international
network to increase and sustain growth to achieve its vision of
becoming a leading bank in the Middle East, Africa, and South
East Asia by 2020. The conference showcased the group’s key
strategic priorities, as well as the identification of potential
opportunities available for QNB Group across its growing
network. (Gulf-Times.com)
 The Commercial Bank closes $750mn syndicated senior
unsecured term loan facility – The Commercial Bank has
successfully closed a three-year $750mn syndicated senior
unsecured term loan facility. The mandate was led by Bank of
America Merrill Lynch and Mizuho Bank as joint coordinators
and mandated lead arrangers. The syndication was launched at
an initial value of $750mn. The transaction received strong
interest from the market and closed significantly
oversubscribed at a value of $975mn, demonstrating investor
confidence in The Commercial Bank’s financial performance
and management, as well the strength of the Qatari economy.
Ultimately, the bank decided to close the facility at its original
value of $750mn, reflecting its strong liquidity position. The
proceeds from the facility paid a margin of 100 basis points over
Libor and will be used to replace a pre-existing facility and used
for The Commercial Bank’s general funding requirements.
(Gulf-Times.com)
 QAMCO shares to start trading on the QSE from December 16 –
Qatar Aluminium Manufacturing Company (QAMCO), whose
QR2.73bn initial public offering (IPO) recently concluded with a
2.5 times oversubscription, will start trading on the Qatar Stock
Exchange (QSE) from December 16 (Sunday), thus taking the
total number of listed entities to 46. The decision to list QAMCO
on the QSE is based on the approval of the Qatar Financial
Markets Authority after the company has fulfilled all necessary
administrative and technical requirements. Highlighting that
the QAMCO will be listed within the industrial sector with a
symbol QAMC; a QSE spokesman said as usual, price floatation
will be permitted only for the first day of listing but from the
subsequent days price fluctuation will be 10% up/down as is
the case with other listed companies. The industrial sector will
thus have 10 constituents. “On the first day of trading, the
standard procedures of IPOs will apply. Brokerage companies
will be permitted to enter any buy/sell orders for QAMCO
shares in the pre-open session at 8:45 am for the listing morning
day only,” the spokesman said, adding the pre-opening session
for all other listed companies will remain as business usual at
9.00am. (Gulf-Times.com)
 Amwaj signs QR141mn, five-year contract with Qatargas –
Amwaj, a leading Qatari hospitality and facility management
service provider and subsidiary of Gulf International Services,
has been awarded a QR141mn, five year contract by Qatargas
“for the provision of office waiters, cleaning and pest control
services.” This project entails the deployment of almost 600
personnel at various Qatargas locations in Ras Laffan, Al Khor
and Doha. (Gulf-Times.com)
 Qatar Petroleum signs exploration deal marking its first entry
into Mozambique – Qatar Petroleum entered into an agreement
with an ExxonMobil affiliate to acquire a 10% stake in three
offshore exploration blocks in the Angoche and Zambezi basins
in Mozambique. The consortium will be made up of ExxonMobil
(operator) with a 50% participating interest, Empresa Nacional
de Hidrocarbonetos (ENH) with a 20% participating interest,
Rosneft with a 20% participating interest and Qatar Petroleum
with a 10% participating interest. Commenting on this
occasion, HE Saad Sherida Al-Kaabi, the Minister of State for

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Energy Affairs, and President & CEO of Qatar Petroleum, said,
“We are pleased to sign this agreement, with our long-time
partner ExxonMobil to participate in exploring these frontier
offshore basins in the Republic of Mozambique. This is a
milestone for Qatar Petroleum as it marks its first foray into
Mozambique’s promising offshore basins”. (Peninsula Qatar)
 Qatar’s Itlaq and Oman’s Tsaheel sign MoU - The second
edition of ‘Made in Qatar’ exhibition to be held outside the
country, witnessed the signing of a MoU between the Doha-
based Itlaq Business Management Company (Itlaq) and the
Omani Center for Businessmen Services (Tsaheel) in Muscat.
The agreement was signed by the CEO of Itlq Dr Latifa Ali Al
Darwish and Tsaheel’s CEO Mohamed Fadl Al Baloushi, on the
sidelines of the four-day expo. The cooperation agreement aims
to help both sides’ companies willing to set up SMEs in Qatar
and Oman. (Peninsula Qatar)
 Ooredoo announces date to pay interest to bondholders –
Ooredoo announced that Ooredoo International Finance
Limited (OIFL), its wholly-owned subsidiary, pursuant to the
Terms and Conditions of the Notes and the Final Terms. It will
pay Note-holders $23,625,000.00 on the interest payment date
falling due on December 10, 2018, and will pay Note-holders
$9,375,000.00 on the interest payment date falling due on
December 24, 2018. (QSE)
International
 G20 ‘ever more important’ for global economic governance,
says QNB Group – As large emerging market (EM) economies
catch up and continue to grow faster than major advanced
economies, the G20 dynamics evolve, making it an ever more
important arrangement for global economic governance, QNB
Group has said in an economic commentary. The recent detente
in bilateral trade between the US and China, agreed last week
during the G20 Summit in Buenos Aires, is just the latest
expression of both the new dynamics and overall importance of
the forum. “The G20 has indeed gone a long way from its origins
in the late 1990s and is set to become even more central as
global economic convergence takes place. Our analysis focuses
on the underlying economic factors behind the G20 growing
influence,” QNB Group stated. The G20 is an international
forum for the governments and central bank governors of some
of the largest economies in the world, deemed of systemic
significance for the international financial system. Membership
includes 19 countries and one bloc, the European Union,
represented by the European Commission and the European
Central Bank. Member countries are comprised of the
traditional G7 countries (Canada, France, Germany, Italy,
Japan, the UK, and the US), Brics countries (Brazil, Russia,
India, China, and South Africa), MIST countries (Mexico,
Indonesia, South Korea, and Turkey), Argentina, Australia as
well as Saudi Arabia. (Gulf-Times.com)
 US job growth slows in November; monthly wage gains modest
– US job growth slowed in November and monthly wages
increased less than forecast, suggesting some moderation in
economic activity that could support expectations of fewer
interest rate increases from the Federal Reserve in 2019. The
slowdown in hiring reported by the Labor Department is likely
the result of worker shortages. The Fed in its “Beige Book”
report this week stated most business contacts in its 12 districts
said “that employment growth leaned to the slower side of a
modest to moderate pace” because of labor shortages. The labor
market is considered near or at full employment. Non-farm
payrolls increased by 155,000 jobs last month, with
construction companies hiring the fewest workers in eight
months, likely because of unseasonably chilly temperatures.
The moderation in job gains in November also fits in with other
data showing a rise in layoffs in recent weeks and a decline in a
measure of services sector employment last month. Data for
September and October were revised to show 12,000 fewer jobs
added than previously reported. Economists polled by Reuters
had forecast payrolls increasing by 200,000 jobs in November.
The unemployment rate was unchanged at near a 49-year low
of 3.7% as 133,000 people entered the labor force. Average
hourly earnings rose six cents or 0.2% in November. October
wage gains were revised down to 0.1% from the previously
reported 0.2%. In the 12 months through November, wages
increased 3.1%, matching October’s jump, which was the
biggest gain since April 2009. (Reuters)
 US trade deficit hits 10-year high; job growth slowing – The US
trade deficit jumped to a 10-year high in October as soybean
exports dropped further and imports of consumer goods rose to
a record high, suggesting the Trump administration’s tariff-
related measures to shrink the trade gap likely have been
ineffective. Other data showed private employers hired fewer
workers than expected in November, pointing to a moderation
in the pace of job growth. That was reinforced by another report
showing a small decline in the number of Americans filing
claims for unemployment benefits last week. The reports added
to weak housing and business spending on equipment data in
signaling a slowdown in economic growth. Concerns over the
health of the economy have roiled financial markets in recent
days. The Commerce Department stated the trade deficit
increased 1.7% to $55.5bn, the highest level since October 2008.
The trade gap has now widened for five straight months. Data
for September was revised to show the deficit rising to $54.6bn
instead of the previously reported $54.0bn. (Reuters)
 US factory orders post largest drop in more than a year – New
orders for US-made goods recorded their biggest drop in more
than a year in October and business spending on equipment
appeared to be softening, suggesting a slowdown in activity in
the manufacturing sector. Factory goods orders fell 2.1% amid a
decline in demand for a range of goods, the Commerce
Department stated. That was the largest decrease in orders
since July 2017. Data for September was revised lower to show
factory orders rising only 0.2% instead of the previously
reported 0.7% increase. Economists polled by Reuters had
forecast factory orders declining 2.0% in October. Orders
increased 8.3% on a YoY basis in October. An Institute for
Supply Management survey of manufacturers published
showed an improvement in business conditions in November.
Manufacturers across nearly all industries, however,
complained that worker shortages and the Trump
administration’s import tariffs were disrupting operations.
(Reuters)
 Eurostat confirms Eurozone GDP, employment growth slows in
third quarter – The Eurozone economy grew at its slowest pace
in four years in the third quarter of 2018, while employment

5. Page 5 of 7
growth also eased during the period, data released by the
European Union statistics agency showed, confirming earlier
estimates. Eurozone GDP rose by 0.2% in the July-September
period, Eurostat reported, confirming its earlier preliminary
estimates. This was the slowest rate of economic growth since
the second quarter of 2014 and a marked slowdown from 0.4%
growth in the second quarter. On the year, the GDP growth rate
in the 19-country currency bloc was 1.6%, Eurostat said,
revising down its earlier estimate of a 1.7% expansion. The
economy of Germany, the Eurozone’s largest, contracted by
0.2% on the quarter, France’s was 0.4% stronger, while Italy’s
GDP shrunk by 0.1%. In a separate release on Friday, Eurostat
confirmed its previous estimates on employment growth in the
Eurozone. The number of people employed in the Eurozone
increased by 0.2% QoQ and by 1.3% YoY, compared with rates
of 0.4% and 1.5% respectively in the second quarter. (Reuters)
 German industry output falls unexpectedly in October –
German industrial output fell unexpectedly in October, data
showed, adding to signs that a cooling trend in Europe’s largest
economy will continue in the fourth quarter. Data from the
Statistics Office showed industrial output fell by 0.5%,
confounding a Reuters forecast for an increase of 0.3%. The
figure for September was revised down to a rise of 0.1% from a
previously reported increase of 0.2%. A breakdown of the data
showed that activity in the manufacturing, energy and
construction sectors had contracted. (Reuters)
 Japan firms see trade war, sales tax pressuring economy in 2019
– Most Japanese firms expect flat or weaker domestic growth
next year and are even more pessimistic about global growth
amid concerns over the impact of the US-China trade war and a
planned sales tax hike at home, a Reuters poll showed. Japan’s
export-driven economy, which hit a rough patch in the most
recent quarter, has generally been chugging along. And Tokyo
stocks are set to notch a seventh straight year of gains since
Prime Minister Shinzo Abe came to office in late 2012. But in a
sign that growth may be leveling off, the Reuters Corporate
Survey found 55% of companies predicted that Japan’s
economic growth would remain about the same as this year’s
1% projection, while 31% see it slowing. Only 14% believe it
will accelerate. The Sino-US trade war and a planned sales tax
increase in October to 10% from 8% currently were considered
two major risks to their growth outlook. Others saw Japan-US
trade negotiations, capital flight in emerging markets and
geopolitical issues in the Middle East, as risks to growth.
(Reuters)
 China's November export, import growth shrinks, showing
weak demand – China reported far weaker than expected
November exports and imports, showing slower global and
domestic demand and raising the possibility authorities will
take more measures to keep the country’s growth rate from
slipping too much. November exports only rose 5.4% from a
year earlier, Chinese customs data showed, the weakest
performance since a 3% contraction in March, and well short of
the 10% forecast in a Reuters poll. Analysts say the export data
showed that the “front-loading” impact as firms rushed out
shipments to beat planned US tariff hikes faded, and that
export growth is likely to slow further as demand cools. The
customs data showed that annual growth for exports to all of
China’s major partners slowed significantly. Exports to the US
rose 9.8% in November from a year earlier, compared with
13.2% in October. (Reuters)
Regional
 OPEC, Russia agree to slash oil output despite Trump pressure –
OPEC and its Russia-led allies agreed to slash oil production by
more than the market had expected despite pressure from US
President Donald Trump to reduce the price of crude. The
producer club will curb output from January by 0.8mn bpd
versus October levels while non-OPEC allies contribute an
additional 0.4mn bpd of cuts, in a move to be reviewed at a
meeting in April. Oil prices jumped about 5% to more than $63 a
barrel as the combined cut of 1.2mn bpd was larger than the
minimum 1mn bpd that the market had expected. Saudi Arabia
has faced demands from Donald Trump to help the global
economy by refraining from paring supplies. An output
curtailment also would provide support to Iran by increasing
the price of oil amid attempts by Washington to squeeze the
economy of OPEC’s third-largest producer. (Reuters)
 OPEC yet to agree final deal as Iran seeks exemptions – Iran
appears to be the main obstacle for an OPEC oil output deal as
the group’s leader Saudi Arabia is yet to agree exemptions for
sanctions-hit Tehran, OPEC sources said. On December 6, OPEC
failed to agree concrete parameters for a deal to restrict output.
(Reuters)
 GCC fiscal reforms seen progressing at a measured pace in 2019
– Fiscal reforms are expected to progress at a ‘measured’ pace in
the Gulf Co-operation Council (GCC) in 2019, having slowed this
year, according to Fitch, an international rating agency. The
recovery of oil prices has lessened some of the pressure, and
socio-political considerations will continue to weigh on
implementation of the reforms, the rating agency stated in a
report. “Given our forecast for lower oil prices, we expect that
fiscal authorities will need to continue efforts to introduce or
boost taxation and to enact other measures such as public-
sector pay reforms,’ it suggested. (Gulf-Times.com)
 Fitch forecasts ‘Stable’ outlook for GCC Islamic banks in 2019 –
Stronger economic growth, led by higher oil prices, and its
expected contribution to credit fundamentals have encouraged
Fitch, a global credit rating agency, to forecast a ‘Stable’
outlook for the Gulf Cooperation Council (GCC) Islamic banks in
2019. “Credit growth will remain weak at about 5% – still above
financing growth at conventional banks – and will increase
from 2018 levels in most countries,” Fitch stated, expecting
liquidity to remain strong. “We expect capital levels to remain
mostly unchanged in 2019. Earnings will remain high,
benefiting from increasing interest rates in most countries,” it
added. (Gulf-times.com)
 IATA: Middle East carriers see 4.4% demand rise in Oct – Middle
East carriers experienced a 4.4% rise in demand in October
compared to last year, International Air Transport Association
(IATA) stated in its passenger traffic data for October.
Although lowest among the regions for the seventh time in the
last one year, it was, however seen an increase over the 3.3%
increase in September. The capacity of the region’s carriers
increased 6.4%, and load factor slid 1.3 percentage points to
69.8%, lowest among regions. “Carriers have been buffeted by
policy measures and geopolitical tensions in recent years,

6. Page 6 of 7
including the ban on portable electronic devices and travel
restrictions. However, volatile passenger volumes are trending
up solidly in seasonally-adjusted terms,” IATA noted. (Gulf-
Times.com)
 Saudi Arabia’s Saad Group and creditors select advisors in bid to
resolve debt dispute – Saad Group and bank creditors of the
Saudi Arabian conglomerate have both selected advisors in a
bid to try to reach a deal that could help end the Kingdom’s
largest and longest running debt dispute, financial sources said.
The appointments of the London-based Orchard Corporate
Strategy by Saad and Ernst & Young (EY) by creditors, is the
latest attempt to reach an agreement that will be complicated
by an ongoing auction of the company’s assets. Creditors were
seeking to engage with the court overseeing an auction process
to try to avoid a fire sale of assets and disorderly liquidation of
the company in order to secure a better deal for creditors,
sources said. (Gulf-Times.com)
 Saudi Arabia November Whole Economy PMI 55.2 vs 53.8 in
October – In a release by Emirates NBD and IHS Markit, the
purchasing managers’ index (PMI) for Saudi Arabia’s whole
economy rose to 55.2 in November 2018 from 53.8 in October
2018 and 57.5 in November 2017. This is the highest reading
since December 2017. (Bloomberg)
 Saudi Arabia eyes lower duties to boost exports – Saudi Arabia
is looking at reducing customs duties on value added products
to boost exports, Al-Eqtisadiah reported, citing Fahad Al-Skeet,
head of the local content and private sector development unit
Namaa. The discussions are underway between the unit and
exports development authority. The initiatives to boost Saudi
Arabia’s exports are expected to be launched by the end of the
year. (Bloomberg)
 Saudi Arabia’s oil exports at 7.7mn bpd in December – Saudi
Arabia’s oil exports may be around 7.7mn bpd in December,
down from 8.3mn bpd in November, the Kingdom’s Oil Minister
Khalid Al-Falih said. The Kingdom proposed a moderate oil-
production cut from OPEC and its allies; “We in the kingdom are
going to be advocating something adequate to balance the
market,” Al-Falih said. Saudi Arabia’s November oil output was
11.1mn bpd and the supply to the market was 11.3mn bpd, he
said. (Bloomberg)
 Saudi Arabia’s oil premium drops to 15-year low as fuel profits
crash – Saudi Arabia’s crude pricing in the world’s biggest oil
market is reflecting tumbling profits from making cleaner fuels
in Asia. State-run Saudi Aramco slashed the premium of its
Extra Light grade to its Heavy crude to the lowest since 2003,
data compiled by Bloomberg showed. When lighter varieties of
oil are refined, they typically yield more of relatively clean
products such as gasoline and petrochemical ingredient
naphtha. The market for such fuels has been mired in a glut
over the past two months. While the world’s biggest oil
exporter cut pricing on all its grades for January sales to Asia in
a bid to take back market share lost to the likes of Russia and
the US, the significant reduction in the premium for its lighter
varieties shows that the Kingdom is probably taking into
account the shrinking margins in the region for cleaner fuels as
well as focusing on tackling competition from other sellers.
(Gulf-Times.com)
 UAE November Whole Economy PMI 55.8 vs 55 in October – In
a release by Emirates NBD and IHS Markit, the purchasing
managers’ index (PMI) for UAE’s whole economy rose to 55.8 in
November 2018 from 55 in October 2018 and 57 in November
2017. This is the highest reading since July 2018. (Bloomberg)
 Abu Dhabi meets bond investors in non-deal roadshow – Abu
Dhabi held meetings with international bond investors in a so-
called non-deal roadshow before a potential bond issue next
year, sources said, as a recent drop in oil prices might prompt
Gulf countries to borrow soon. Governments in the GCC region
have raised billions of Dollars in the international debt markets
over the past few years to offset budget deficits caused by
lower oil prices. Representatives of the Abu Dhabi government
met investors in Frankfurt, London, Boston and New York
about a week ago, sources said. Abu Dhabi, which raised $10bn
last year in bonds, has been in talks with investors at various
stages this year, banking sources previously said, but a rise in
oil prices meant that the Emirate felt no urgency to borrow.
(Reuters)
 Kuwait to be added to S&P Dow Jones Indices’ Global
Benchmark Indices with EM classification – Kuwait’s stock
market will be added to S&P Dow Jones Indices’ Global
Benchmark Indices with an emerging market classification,
Kuwait’s market regulator stated citing the index provider. This
comes ahead of MSCI’s decision next year on whether to
reclassify its Kuwait index from the current frontier-market
status to its widely used emerging-market benchmark. In a
statement, cited by the Capital Markets Authority, S&P DJI
stated that it has recognized the progress Kuwait had made in
trade clearing and settlement, including changing to a T+3
settlement cycle, meaning trades are settled within three days
of execution, and establishing a delivery versus payment
system. It stated that the move will be effective before the
market opens on September 23, 2019. (Reuters)
 Kuwait cancels Wataniya Airways operating license – Kuwait’s
aviation regulator has canceled Wataniya Airways operating
license after the carrier failed to improve its business following
a series of flight disruptions, Al-Jarida newspaper reported. The
license was suspended in September for three months to
revamp the business, a spokesman for Kuwait’s Directorate
General of Civil Aviation told Al-Jarida. (Bloomberg)

7. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Nov-14 Nov-15 Nov-16 Nov-17 Nov-18
QSEIndex S&P Pan Arab S&P GCC
(0.4%)
0.1% 0.2%
(0.2%) (0.1%)
1.0%
(2.0%)(2.5%)
(1.5%)
(0.5%)
0.5%
1.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,248.35 0.9 2.1 (4.2) MSCI World Index 1,965.24 (1.3) (3.7) (6.6)
Silver/Ounce 14.62 1.0 3.0 (13.7) DJ Industrial 24,388.95 (2.2) (4.5) (1.3)
Crude Oil (Brent)/Barrel (FM Future) 61.67 2.7 5.0 (7.8) S&P 500 2,633.08 (2.3) (4.6) (1.5)
Crude Oil (WTI)/Barrel (FM Future) 52.61 2.2 3.3 (12.9) NASDAQ 100 6,969.25 (3.0) (4.9) 1.0
Natural Gas (Henry Hub)/MMBtu 4.51 1.6 (2.2) 27.4 STOXX 600 345.45 0.7 (2.7) (15.9)
LPG Propane (Arab Gulf)/Ton 73.50 3.2 7.3 (24.8) DAX 10,788.09 (0.1) (3.5) (20.8)
LPG Butane (Arab Gulf)/Ton 74.25 3.5 14.7 (29.7) FTSE 100 6,778.11 0.6 (3.1) (17.0)
Euro 1.14 0.0 0.5 (5.2) CAC 40 4,813.13 0.8 (3.1) (14.1)
Yen 112.69 0.0 (0.8) 0.0 Nikkei 21,678.68 0.7 (2.2) (4.9)
GBP 1.27 (0.4) (0.2) (5.8) MSCI EM 981.37 0.2 (1.3) (15.3)
CHF 1.01 0.2 0.7 (1.7) SHANGHAI SE Composite 2,605.89 0.1 1.9 (25.4)
AUD 0.72 (0.4) (1.3) (7.7) HANG SENG 26,063.76 (0.4) (1.5) (12.9)
USD Index 96.51 (0.3) (0.8) 4.8 BSE SENSEX 35,673.25 0.0 (3.6) (6.2)
RUB 66.40 (0.7) (0.9) 15.2 Bovespa 88,115.07 (0.5) (1.8) (1.7)
BRL 0.26 (0.7) (1.0) (15.2) RTS 1,157.94 2.1 2.8 0.3
83.3
79.6
78.5