The QSE Index rose 2.0% to close at 9,469.9. Gains were led by the Industrials and Banks & Financial Services indices, gaining 2.6% and 2.5%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 2.0% to close at 9,469.9. Gains were led by the Industrials and
Banks & Financial Services indices, gaining 2.6% and 2.5%, respectively. Top gainers
were Qatar Electricity & Water Co. and Vodafone Qatar, rising 5.6% and 4.9%,
respectively. Among the top losers, Qatar Navigation fell 1.7%, while Gulf
Warehousing Co. was down 1.1%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 7,313.4. Gains were led by the
Media and Commercial & Professional indices, rising 9.1% and 2.2%, respectively.
Saudi Res. & Mark. Group rose 9.9%, while Trade Union Coop. Ins. Co. was up 7.1%.
Dubai: The DFM Index gained 1.2% to close at 3,537.4. The Financial & Investment
Services index rose 2.8%, while the Real Estate & Construction index gained 1.8%.
Damac Properties Dubai Co. rose 5.0%, while Al Salam Sudan was up 4.6%.
Abu Dhabi: The ADX benchmark index rose 2.5% to close at 4,518.1. The Banks
index gained 3.2%, while the Telecommunication index rose 2.5%. Abu Dhabi
Aviation Co. gained 14.8%, while Abu Dhabi Shipbuilding Co. was up 5.9%.
Kuwait: The KSE Index declined 0.1% to close at 6,788.5. The Technology index fell
3.3%, while the Insurance index declined 1.9%. Warba Insurance Company fell
16.7%, while Arabi Holding Group Co. was down 10.6%.
Oman: The MSM Index fell 0.9% to close at 5,121.4. Losses were led by the
Financial and Industrial indices, falling 1.5% and 1.4%, respectively. National
Securities fell 18.4%, while Oman Fisheries was down 9.5%.
Bahrain: The BHB Index gained marginally to close at 1,317.4. The Industrial index
rose 0.4%, while the Investment index gained 0.2%. GFH Financial Group rose
0.9%, while National Bank of Bahrain was up 0.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Electricity & Water Co. 206.00 5.6 107.7 (9.3)
Vodafone Qatar 8.60 4.9 7,104.1 (8.2)
Qatar Oman Investment Co. 8.60 4.2 215.0 (13.6)
QNB Group 136.70 4.2 371.6 (7.7)
Doha Insurance Co. 14.73 3.0 8.3 (19.1)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.60 4.9 7,104.1 (8.2)
Masraf Al Rayan 42.10 0.8 1,070.1 12.0
Qatar First Bank 7.80 0.6 1,054.4 (24.3)
Gulf International Services 21.90 1.1 823.9 (29.6)
Dlala Brokerage & Inv. Holding Co 19.09 0.0 785.7 (11.2)
Market Indicators 13 Jul 17 12 Jul 17 %Chg.
Value Traded (QR mn) 433.0 413.5 4.7
Exch. Market Cap. (QR mn) 510,679.8 499,704.4 2.2
Volume (mn) 17.5 12.8 36.9
Number of Transactions 5,289 5,114 3.4
Companies Traded 43 43 0.0
Market Breadth 31:8 41:1 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,880.52 2.0 6.1 (6.0) 15.6
All Share Index 2,685.62 1.9 6.0 (6.4) 13.9
Banks 2,870.92 2.5 7.4 (1.4) 12.4
Industrials 2,933.45 2.6 7.0 (11.3) 17.6
Transportation 2,111.50 (0.0) 1.2 (17.1) 12.5
Real Estate 2,041.90 1.7 4.6 (9.0) 12.9
Insurance 4,191.88 1.2 5.1 (5.5) 17.7
Telecoms 1,145.60 1.2 2.8 (5.0) 21.6
Consumer 5,538.64 (0.4) 4.9 (6.1) 12.3
Al Rayan Islamic Index 3,732.36 1.4 5.9 (3.9) 16.8
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Research & Mark. Saudi Arabia 48.65 9.9 2,347.1 43.6
Saudi Print. & Pack. Co. Saudi Arabia 17.17 6.9 4,483.5 (14.6)
Qatar Elec. & Water Co. Qatar 206.00 5.6 107.7 (9.3)
Tihama Adv. & Public Saudi Arabia 35.70 5.2 1,059.1 (47.4)
Vodafone Qatar Qatar 8.60 4.9 7,104.1 (8.2)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ithmaar Holding Bahrain 0.14 (6.7) 1,264.3 12.0
Nama Chemicals Co. Saudi Arabia 14.58 (2.7) 273.7 (57.0)
Southern Prov. Cement Saudi Arabia 50.00 (2.4) 121.5 (39.2)
Bank Nizwa Oman 0.09 (2.1) 813.0 12.0
Nat. Mobile Telecom. Kuwait 1.12 (1.9) 3.2 (6.8)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Navigation 73.70 (1.7) 44.2 (22.9)
Gulf Warehousing Co. 47.00 (1.1) 25.5 (16.1)
Qatar Fuel 112.00 (0.9) 46.4 (16.0)
Salam International Inv. Ltd 9.22 (0.8) 48.5 (16.6)
Qatar German Co. for Med. Dev. 7.80 (0.6) 88.9 (22.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Vodafone Qatar 8.60 4.9 60,800.6 (8.2)
QNB Group 136.70 4.2 50,498.0 (7.7)
Masraf Al Rayan 42.10 0.8 45,184.3 12.0
Al Meera Consumer Goods Co. 136.30 1.0 36,176.9 (22.3)
Qatar Electricity & Water Co. 206.00 5.6 21,608.0 (9.3)
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* 9,469.93 2.0 6.1 4.9 (9.3) 118.94 140,283.7 15.6 1.6 3.6
Dubai 3,537.42 1.2 4.0 4.3 0.2 140.55 99,178.8 16.2 1.3 4.0
Abu Dhabi 4,518.07 2.5 2.8 2.1 (0.6) 68.70 118,698.5 16.3 1.3 4.5
Saudi Arabia 7,313.42 0.1 1.5 (1.5) 1.4 951.92 461,513.0 17.3 1.7 3.1
Kuwait 6,788.48 (0.1) 1.6 0.4 18.1 29.96 91,807.0 18.5 1.2 5.3
Oman 5,121.38 (0.9) 0.0 0.1 (11.4) 6.46 20,743.6 12.9 1.1 5.7
Bahrain 1,317.38 0.0 0.5 0.6 7.9 2.92 21,005.0 8.1 0.8 5.9
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,200
9,300
9,400
9,500
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 2.0% to close at 9,469.9. The Industrials and Banks
& Financial Services 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.
 Qatar Electricity & Water Co. and Vodafone Qatar were the top gainers,
rising 5.6% and 4.9%, respectively. Among the top losers, Qatar
Navigation fell 1.7%, while Gulf Warehousing Co. was down 1.1%.
 Volume of shares traded on Thursday rose by 36.9% to 17.5mn from
12.8mn on Wednesday. Further, as compared to the 30-day moving
average of 13.6mn, volume for the day was 28.9% higher. Vodafone
Qatar and Masraf Al Rayan were the most active stocks, contributing
40.6% and 6.1% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Doha Bank Moody’s Qatar DR/BCA A2/baa3 A2/baa3 – – –
Mashreqbank Fitch Dubai
LT-IDR/ST-
IDR/SR/SRF/VR
A/F1/1/A/bb+ A/F1/1/A/bbb– – Stable –
Dubai Islamic
Bank
Fitch Dubai
LT-IDR/ST-
IDR/SR/SRF/VR
A/F1/1/A/bb A/F1/1/A/bb+ – Stable –
Abu Dhabi Islamic
Bank
Fitch
Abu
Dhabi
LT-IDR/ST-
IDR/SR/SRF/VR
A+/F1/1/A+/bb A+/F1/1/A+/bb – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, DR- Deposit Rating, BCA - baseline credit assessment , SRF- Support Rating Floor, VR- Viability Rating)
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2017
% Change
YoY
Operating Profit
(mn) 2Q2017
% Change
YoY
Net Profit
(mn) 2Q2017
% Change
YoY
Jarir Marketing Co. Saudi Arabia SR – – 133.2 14.6% 147.8 16.8%
Oman Ceramic Company* Oman OMR 1.8 -7.2% – – 0.1 -8.4%
Gulf Stones* Oman OMR 1.8 -29.7% – – 0.0 -77.3%
Sembcorp Salalah* Oman OMR 40.8 3.7% – – 5.4 -31.5%
Oman Refreshment* Oman OMR 34.8 -3.4% – – 3.8 -8.1%
Majan Glass Oman OMR 3.8 -8.2% – – -0.5 N/A
United Power* Oman OMR 4.1 -21.3% – – 1.0 186.9%
Oman Hotels and Tourism* Oman OMR 1.7 -13.5% – – 0.5 -91.1%
Muscat Thread Mills#
* Oman OMR 1,369.0 13.2% – – 46.9 76.5%
Sohar Power* Oman OMR 31.4 -3.4% – – -1.4 N/A
Phoenix Power* Oman OMR 62.1 22.4% 17.1 -9.7% 4.0 -10.1%
Muscat National Holding* Oman OMR 11.2 26.8% – – 0.8 19.1%
Al Batinah Dev. Inv. Holding#
* Oman OMR 138.5 0.0% – – 19.2 -93.0%
Sharqiyah Desalination#
* Oman OMR 6,489.7 36.7% – – -43.4 N/A
Salalah Port Services* Oman OMR 25.8 -7.8% – – 0.3 -88.7%
Oman Fisheries Oman OMR 3.7 -29.5% – – -0.2 N/A
Oman Cement* Oman OMR 30.4 -3.5% – – 5.0 -26.2%
Financial Services#
* Oman OMR 293.5 -18.7% – – 5.8 -86.8%
Al Omaniya Financial Ser. Oman OMR 9.8 0.3% – – 2.7 -14.6%
Shell Oman Marketing* Oman OMR 225.8 23.1% – – 6.6 -25.6%
Oman Packaging* Oman OMR 6.2 -8.9% – – 555.5 -22.3%
Raysut Cement* Oman OMR 37.4 -25.1% 6.2 -55.1% 4.6 -64.2%
Ooredoo Oman OMR 67.2 0.7% – – 6.8 -44.7%
Muscat Gases* Oman OMR 5.0 7.3% – – 0.3 -40.6%
Salalah Mills* Oman OMR 31.1 20.2% – – 2.4 19.2%
Gulf Mushroom Products* Oman OMR 3.2 4.6% – – 0.1 -24.1%
Asaffa Foods* Oman OMR 14.4 -9.4% – – 1.6 -44.3%
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 44.02% 57.29% (57,503,719.17)
Qatari Institutions 18.60% 17.93% 2,881,781.02
Qatari 62.62% 75.22% (54,621,938.15)
GCC Individuals 0.78% 1.39% (2,622,241.81)
GCC Institutions 0.84% 1.05% (929,822.07)
GCC 1.62% 2.44% (3,552,063.88)
Non-Qatari Individuals 10.30% 12.30% (8,677,997.80)
Non-Qatari Institutions 25.47% 10.03% 66,851,999.83
Non-Qatari 35.77% 22.33% 58,174,002.03

3. Page 3 of 7
Dhofar Cattle Feed Oman OMR 19.1 -2.7% 0.5 33.2% 0.2 -72.5%
Global Financial Investment Oman OMR 8.2 215.4% – – 0.0 -96.5%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (
#
Values in ‘000; *for the period 1H2017)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/13 US Department of Labor Initial Jobless Claims 8-July 247k 245k 250k
07/13 US Department of Labor Continuing Claims 1-July 1,945k 1,950k 1,965k
07/14 US Bureau of Labor Statistics CPI MoM June 0.0% 0.1% -0.1%
07/14 US Bureau of Labor Statistics CPI YoY June 1.6% 1.7% 1.9%
07/14 US Federal Reserve Industrial Production MoM June 0.4% 0.3% 0.1%
07/13 Germany German Federal Statistical Office CPI MoM June 0.2% 0.2% 0.2%
07/13 Germany German Federal Statistical Office CPI YoY June 1.6% 1.6% 1.6%
07/13 France INSEE National Statistics Office CPI MoM June 0.0% 0.0% 0.0%
07/13 France INSEE National Statistics Office CPI YoY June 0.7% 0.7% 0.7%
07/14 Japan METI Industrial Production MoM May -3.6% – -3.3%
07/14 Japan METI Industrial Production YoY May 6.5% – 6.8%
07/14 Japan METI Capacity Utilization MoM May -4.1% – 4.3%
07/13 China National Bureau of Statistics Exports YoY June 11.3% 8.9% 8.7%
07/13 China National Bureau of Statistics Imports YoY June 17.2% 14.5% 14.8%
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 2Q2017 results No. of days remaining Status
MARK Masraf Al Rayan 17-Jul-17 1 Due
KCBK Al Khalij Commercial Bank 17-Jul-17 1 Due
CBQK Commercial Bank of Qatar 18-Jul-17 2 Due
WDAM Widam Food Company 18-Jul-17 2 Due
QIBK Qatar Islamic Bank 18-Jul-17 2 Due
ABQK Ahli Bank 18-Jul-17 2 Due
UDCD United Development Company 18-Jul-17 2 Due
DHBK Doha Bank 19-Jul-17 3 Due
GWCS Gulf Warehousing Company 20-Jul-17 4 Due
QNCD Qatar National Cement Company 23-Jul-17 7 Due
QIIK Qatar International Islamic Bank 23-Jul-17 7 Due
QGTS Qatar Gas Transport Company (Nakilat) 24-Jul-17 8 Due
QIGD Qatari Investors Group 25-Jul-17 9 Due
BRES Barwa Real Estate Company 25-Jul-17 9 Due
QATI Qatar Insurance Company 25-Jul-17 9 Due
QIMD Qatar Industrial Manufacturing Company 25-Jul-17 9 Due
QEWS Qatar Electricity & Water Company 26-Jul-17 10 Due
DBIS Dlala Brokerage & Investment Holding Company 26-Jul-17 10 Due
QFBQ Qatar First Bank 26-Jul-17 10 Due
ERES Ezdan Real Estate Company 26-Jul-17 10 Due
ORDS Ooredoo 26-Jul-17 10 Due
VFQS Vodafone Qatar* 27-Jul-17 11 Due
NLCS National Leasing (Alijarah) 27-Jul-17 11 Due
QOIS Qatar & Oman Investment 30-Jul-17 14 Due
AHCS Aamal Company 30-Jul-17 14 Due
QNNS Qatar Navigation (Milaha) 1-Aug-17 16 Due
QISI Qatar Islamic Insurance 2-Aug-17 17 Due
AKHI Al Khaleej Takaful Insurance 3-Aug-17 18 Due
SIIS Salam International Investment 6-Aug-17 21 Due
Source: QSE (* Results for 1Q2017-18)

4. Page 4 of 7
News
Qatar
 QNB Group: Qatar retains its global LNG dominance – A recent
data from BP provided a summary of the state of the global
liquefied natural gas (LNG) market in 2016. The market
remained oversupplied, but the extent of oversupply increased,
QNB Group said in its latest report. QNB Group said global LNG
supply rose by 6.5% compared to virtually zero growth over
2011-2015. Demand growth increased by 4.2%, its fastest rate
in the past five years. Amidst these market shifts, Qatar
maintained its position as the world’s largest and most cost-
efficient producer, accounting for 30.1% of global supply and
capturing part of the new demand growth. The commitment to
boosting long-term production will solidify its position as the
global LNG leader, QNB Group said. (Gulf-Times.com)
 Construction sector unaffected by blockade, affirm industry
insiders – Qatar will continue to meet its target dates for major
infrastructure projects despite the economic blockade, which
failed to make a dent on the country’s construction sector,
Ismail Bin Ali (IBA) Group’s CEO, Hamad Mohamed Esmael al-
Emadi said. Further, he added the main materials needed in the
construction sector “are available in Qatar.” Al-Emadi said
Saudi Arabia and the UAE “are not the only sources for building
materials,” as he cited China as a major supplier of wood and
tiles. “There are also other countries where we can get a wide
range of building materials,” Al-Emadi said, who recently
signed a QR550mn housing and recreation project with
Manateq. He noted that IBA’s agreement with Manateq,
including the company’s other ongoing infrastructure projects
with the government “will continue” and were not affected by
the Gulf crisis. Aside from steel and concrete, Al-Emadi also
said many building materials are already being produced in
Qatar. (Gulf-Times.com)
 QFLS to disclose its semi-annual financials on August 10 –
Qatar Fuel Company (QFLS) announced it would disclose its
semi-annual financial reports for the period ending June 30,
2017 on August 10, 2017. (QSE)
 Moody’s affirms Doha Bank rating at ‘A2’ – International credit
rating agency Moody’s has affirmed Doha Bank’s ‘A2’ deposit
ratings and its ‘baa3’ baseline credit assessment (BCA). Doha
Bank said its ‘A2’ deposits rating incorporated the bank’s
importance to the local financial system with a market share of
around 8% in deposits, the demonstrated willingness and
ability of the Qatari government to provide support to local
banks, through capital injections and the purchase of real-
estate and equity investment portfolios from banks and the
government’s 16.7% shareholding in Doha Bank. The bank’s
capitalization levels are expected to strengthen as it recently
completed a QR1.3bn rights issue, Doha Bank said. As a result,
tangible common equity-to-risk weighted assets are expected
to increase to 12.4% from 10.8% as of March 2017. (Gulf-
Times.com)
 American Airlines stake still a goal for Qatar Airways, says Al-
Baker – Qatar Airways Chief Executive Officer (CEO) Akbar al-
Baker said the national carrier is determined to purchase a stake
in American Airlines Group as planned, undeterred by its
alliance partner’s decision to scrap a marketing deal amid an
escalating feud. Qatar Airways refiled its stock purchase to
clarify queries from US regulators and will forge ahead with its
proposal, Al-Baker said. The US carrier ended the codeshare
agreement with Qatar Airways, in a decision communicated
through private notification on June 29. “Once we get the OK
from the regulator, we will buy the stock that we said we are
going to buy,” Al-Baker said. (Gulf-Times.com)
 Mwani Qatar to buy two ships from Malaysia – Mwani Qatar
(Qatar Ports Management Company) signed an agreement to
buy two ships for containers and general cargo transport from a
group of Malaysian companies. The agreement to this effect
was signed in the presence of Qatar's Minister of Transport and
Communications HE Jassim Saif Ahmed al-Sulaiti and other
senior officials of Mwani Qatar and representatives of some of
the Malaysian companies in Kuala Lumpur. The 68 and 64
meters long vessels will be handed over to Qatar over the next
few months. (Gulf-Times.com)
 Qatar-Turkey trade volume reached QR9bn for 2015 and 2016 –
The volume of trade exchange between Qatar and Turkey
reached QR9bn for the years 2015 and 2016, the official Qatar
News Agency said. The two sides recently discussed the means
of further developing economic and trade relations between the
two countries and also reviewed trade opportunities for Qatari
and Turkish companies, besides ways of enhancing cooperation
and increasing trade exchange and investment flows. During
his visit to Turkey, HE the Minister of Economy and Commerce
Sheikh Ahmed bin Jassim bin Mohamed al-Thani said there are
great opportunities for companies in both Turkey and Qatar to
increase the volume of trade and flow of investments across all
sectors, and not just in terms of food and consumer goods. The
Qatari economy is strong, solid and diversified, and enjoys an
attractive investment climate, he stressed. (Gulf-Times.com)
 Qatar Chamber and Pakistan plan to set up joint factories –
Business leaders from Qatar and Pakistan are mulling the
establishment of joint factories in Qatar to provide various
commodities to the local market and export the surplus, Qatar
Chamber (QC) said. The plan was discussed recently by officials
of Qatar Chamber during a series of business meetings with the
Federation of Pakistan Chambers of Commerce & Industry in
Pakistan’s capital, Islamabad. During the meetings, QC also
discussed ways to increase Qatar’s imports of Pakistani goods,
Qatar Chamber said. The deliberations, held from July 11 to 14,
focused on enhancing cooperation ties between both parties in
economic and trade sectors, including construction, building
materials, foodstuff, textiles and furniture. (Gulf-Times.com)
International
 US industrial output rises for fifth straight month – US
industrial production rose for a fifth straight month in June,
helped by gains in mining, while the manufacturing sector
rebounded. Overall industrial production rose 0.4% in June after
being up a revised 0.1% in May. Mining output increased 1.6%,
with advances in oil and gas extraction, in coal mining and in
drilling and support activities. Utilities output was unchanged.
Economists had expected industrial output to increase 0.3%
from the previously reported flat reading in May.
Manufacturing rebounded 0.2%, in line with economist
expectations, after an unrevised 0.4% fall in May. Activity in
the manufacturing sector, which makes up about 12% of the US

5. Page 5 of 7
economy, has been slowing amid a moderation in oil prices and
declining motor vehicle sales. Capacity utilization, which
measures how fully companies are deploying their resources,
rose to 76.6% in June from 76.4% in May. Economists had
forecasted a 76.7% rate in June. (Reuters)
 US retail sales fall for second straight month – US retail sales
unexpectedly fell in June for a second straight month, which
could temper expectations of strong acceleration in economic
growth in the second quarter. The Commerce Department said
retail sales fell 0.2% last month, weighed down by declines in
receipts at service stations, clothing stores and supermarkets.
Americans also cut back on spending at restaurants and bars, as
well as on hobbies. May's retail sales were revised to show a
0.1% dip instead of the previously reported 0.3% drop. Retail
sales rose 2.8% YoY in June. Excluding automobiles, gasoline,
building materials and food services, retail sales slipped 0.1%
last month after being unchanged in May. These so-called core
retail sales correspond most closely with the consumer
spending component of gross domestic product. (Reuters)
 Eurozone’s trade booms in May, EU-Russia commerce rises –
Eurozone's trade boomed in May with both exports and imports
of goods to the rest of the world growing markedly, in a new
sign that global commerce was in good health. The European
Union (EU), the world's main trader, also saw its trade increase
with all its main partners, with an increase of exchanges with
Russia despite economic sanctions on Moscow. The European
Union statistics office Eurostat said the 19-country currency
area in May exported goods worth 189.6bn Euros to the rest of
the world, an increase by 12.9% on the year. Imports also grew
yearly by 16.4% for a total volume of 168.1bn Euros, according
to data not adjusted for seasonal factors. Both figures were the
second highest ever-recorded for the Eurozone after the peak
reached in March when exports were above 200bn Euros and
imports stood at 176bn Euros. The faster growth of imports
compared to exports slightly reduced the bloc's trade surplus
which stood at 21.4bn Euros in May, lower than the 23.4bn
surplus recorded in May 2016. (Reuters)
 German economy to grow at accelerated pace in 2Q2017 – The
German economy will continue to enjoy solid growth in the
second quarter, driven by high private consumption and higher
construction activity while net foreign trade is unlikely to add
to the expansion, the Economy Ministry said. Europe's biggest
economy grew by 0.6% in the first quarter, faster than in the
prior quarters and analysts expect gross domestic product
(GDP) to grow at least by the same rate in the April-June period.
(Reuters)
 Japan raises FY 2017 forecasts for consumption, capital
expenditure, and housing – Japan's government raised its
growth forecasts for private consumption, capital expenditure,
and housing investment for the current fiscal year, as domestic
demand gathers strength. The government left its overall
forecast for gross domestic product growth unchanged in fiscal
2017, which started in April, due to an expected decline in
inventories and slightly slower growth in fiscal spending. The
government also expects consumer prices to rise 1.1% this
fiscal year and 1.3% in fiscal 2018, highlighting a very slow
build up in inflationary pressure. Consumer spending is
forecasted to rise 0.9% in fiscal 2017, according to forecasts
that the government's top advisory panel approved after a
meeting. That is more than the previous forecast for 0.8%
growth released in January. Housing investment is expected to
rise 0.8% this fiscal year, well above the previous estimate of
0.1% growth as the Bank of Japan's quantitative easing sparks a
revival in property development. The government expects
capital expenditure to rise 3.6% in fiscal 2017, more than its
previous estimate for a 3.4% increase. (Reuters)
 Japan's June exports seen extending solid gains – Japan's
exports are expected to have risen for a seventh straight month
in June, according to a Reuters poll, indicating that a recent
revival in global demand will continue to support a moderate
recovery in the world's third-biggest economy. Enjoying a tail
wind from a weaker Yen, exports are predicted to have risen
9.5% YoY last month, the same poll showed, after a 14.9% jump
in May, the fastest growth rate in more than two years. Imports
are forecast for a 14.6% rise from a year ago, up for a sixth
straight month, boosted by higher oil prices and solid domestic
demand. The poll tipped a resulting surplus at 484.7bn Yen,
versus a trade deficit of 203.4bn Yen in May. (Reuters)
 Fitch affirms China's ‘A+’ rating with ‘Stable’ outlook – Fitch
Ratings maintained its ‘A+’ rating on China with a ‘Stable’
outlook, citing the strength of the country's external finances
and macroeconomic record. Short-term growth prospects
remain favorable, and economic policies have been effective in
responding to an array of domestic and external pressures in
the past year, Fitch said. In a Reuters poll of 65 economists,
China's economic growth is expected to reach 6.6% this year,
topping the government's target of around 6.5%. (Reuters)
Regional
 Saudi Arabia curbs oil shipments to the US – Saudi Arabia is
trying to support oil prices by reducing its crude shipments to
the US in a bid to cut the amount of oil in commercial storage.
US crude imports from Saudi Arabia averaged less than 900,000
barrels per day (bpd) in the four weeks ending on July 7,
according to the US Energy Information Administration (EIA).
(Reuters)
 Jeddah’s real estate sector stays ‘relatively subdued’ – Jeddah’s
retail sector is experiencing some improvements, but overall
the city’s real estate sector has remained ‘relatively subdued’ in
2Q2017 with further declines in performance recorded, JLL’s
Real Estate Market Overview revealed. Sentiment in the retail
sector has been boosted by the reinstatement of benefits to
public sector staff, according to JLL’s report. (GulfBase.com)
 Britain seeks looser IPO rules to lure Saudi Aramco, worries
investors – Britain wants to loosen rules on listing state
companies in a move that could help London win the lucrative
Initial Public Offering (IPO) of Saudi Aramco but which has
raised fears for minority investors. The Financial Conduct
Authority's proposals would create a new listing category for
companies controlled by sovereign states and come as
exchanges vie to win the Saudi Aramco’s IPO. (Reuters.com)
 Government’s fish farming company signed deals with four
local companies worth SR800mn – An official of the Ministry of
Environment, Water and Agriculture said the recently
established government fish farming company has signed deals
with four local companies to inject SR800mn into fish farming
projects. Ahmad Al-Eyada, the Ministry’s Undersecretary for

6. Page 6 of 7
fish farming said that studies are being carried out to determine
locations for these projects. He said that the projects will be
established between the Makkah region and Jazan. The
ministry had issued licenses to six local companies to build fish
floating cages in the Red Sea. Foreign companies are also likely
to invest in such projects, Al-Eyada added. (GulfBase.com)
 IMF expects UAE’s growth to recover over the next few years –
The International Monetary Fund (IMF) sees the UAE economic
activity to strengthen gradually in the coming years with
firming oil prices and an easing pace of fiscal consolidation.
Non-oil growth is projected to rise to 3.3% in 2017 from 2.7% in
2016. Over medium term, non-oil growth expected to remain
above 3%. (Bloomberg)
 Ajman Bank’s net profit narrows to AED29.3mn in 2Q2017 –
Ajman Bank recorded net profit of AED29.3mn in 2Q2017 as
compared to AED32.7mn in 2Q2016. Income from Islamic
financing and investing assets rose to AED169.7mn in 2Q2017
from AED139.3mn in 2Q2016. Accordingly, net operating
income rose to AED129.0mn in 2Q2017 as compared to
AED122.0mn in 2Q2016. However, impairment charge on
Islamic financing and investing assets rose to AED38.0mn in
2Q2017 from AED28.4mn in 2Q2016. Total assets stood at
AED18.35bn at the end of June 30, 2017 as compared to
AED16.0bn at the end of December 31, 2016. Islamic financing
and investing assets (net) stood at AED14.20bn, while Islamic
customers’ deposits stood at AED13.14bn at the end of June 30,
2017. EPS decreased to AED0.017 in 2Q2017 from AED0.023 in
2Q2016. (DFM)
 Fitch affirms Mashreqbank at ‘A’; upgrades VR to ‘bbb-’ – Fitch
Ratings (Fitch) affirmed Mashreqbank’s Long-Term Issuer
Default Rating (IDR) at ‘A’, Short-Term IDR at ‘F1’, Support
Rating at ‘1’ and Support Rating Floor at ‘A’. Its Viability Rating
(VR) has been upgraded to ‘bbb-’ from ‘bb+’. (Reuters)
 Fitch affirms Dubai Islamic Bank at ‘A’; upgrades VR to ‘bb+’ –
Fitch Ratings upgraded Dubai Islamic Bank's (DIB) Viability
Rating (VR) to ‘bb+’ from ‘bb’. Its Long-Term Issuer Default
Rating (IDR) has been affirmed at ‘A’ with a ‘Stable’ outlook.
The upgrade of the VR reflects DIB's improved asset quality
metrics, supported by the recovery in the real estate sector, and
repayments write-offs of and successful restructuring. DIB has
also tightened its underwriting standards for real estate
financing and its impaired financing ratio (NPF) has been
falling consistently since 2011 to 3.7% at end-2016. The VR
upgrade also takes into account the bank's diversification away
from the real estate sector. (Reuters)
 Fitch maintains Commercial Bank International on rating
watch Negative – Fitch Ratings maintained UAE-based
Commercial Bank International's Long-Term Issuer Default
Rating (IDR) of ‘A-’, Short-Term IDR of ‘F1’, and Support Rating
(SR) of ‘1’ on Rating Watch Negative (RWN). The Viability
Rating (VR) has been affirmed at ‘b+’. (Reuters)
 UAB’s net profit rises to AED27.3mn in 2Q2017 – United Arab
Bank (UAB) recorded net profit of AED27.3mn in 2Q2017 as
compared to AED25.7mn in 2Q2016. Net interest income
declined to AED126.1mn in 2Q2017 from AED158.6mn in
2Q2016. Operating income fell to AED174.9mn from
AED226.7mn in 2Q2016. However, the net impairment loss
narrowed sharply to AED60.0mn from AED117.2mn in 2Q2016.
Total assets stood at AED21.16bn at the end of June 30, 2017 as
compared to AED21.25bn at the end of December 31, 2016.
Loans and advances stood at AED13.40bn, while customers’
deposits stood at AED13.88bn at the end of June 30, 2017. EPS
came in flat YoY at AED0.02 in 2Q2017. (ADX)
 Fitch affirms Abu Dhabi Islamic Bank at 'A+'; outlook ‘Stable’ –
Fitch Ratings has affirmed Abu Dhabi Islamic Bank's Long-
Term Issuer Default Rating (IDR) at ‘A+’, Short-term IDR at ‘F1’,
Viability Rating at ‘bb’, Support Rating at ‘1’ and Support
Rating Floor at ‘A+’. (Reuters)
 Kuwait sees oil inventories falling faster – Crude oil inventories
will decline at a faster pace worldwide in 2H2017 as demand
increases and Organization of Petroleum Exporting Countries
(OPEC) members comply better with a global agreement to cut
output, Kuwait’s OPEC Governor, Haitham al-Ghais said. (Gulf-
Times.com)
 BKMB’s net profit falls 6.8% YoY to OMR84.3mn in 1H2017 –
Bank Muscat (BKMB) recorded 6.8% YoY decline net profit to
OMR84.3mn in 1H2017. Net interest income and income from
Islamic financing came in at OMR138.0mn in 1H2017 as
compared to OMR136.2mn in 1H2016. Operating profit came in
at OMR117.2mn as compared to OMR124.7mn in 1H2016. Net
loans and advances stood at OMR7.18bn (+4.8% YoY), while
customers’ deposits stood at OMR6.57bn (-4.9% YoY) at the end
of June 30, 2017. (MSM)
 HBMO’s net profit rises 3.8% YoY to OMR8.2mn in 1H2017 –
HSBC Bank Oman (HBMO) recorded 3.8% YoY rise in net profit
to OMR8.2mn in 1H2017. Operating income fell 4.3% YoY to
OMR35.8mn in 1H2017. Total assets stood at OMR2.37bn at the
end of June 30, 2017 as compared to OMR2.24bn at the end of
June 30, 2016. Net loans and advances to customers stood at
OMR1.33bn (-4.9% YoY), whereas customers’ deposits stood at
OMR1.96bn (+6.8% YoY) at the end of June 30, 2017. (MSM)
 BKDB’s net profit falls 13.3% YoY to OMR22.7mn in 1H2017 –
Bank Dhofar (BKDB) reported 13.3% YoY decline in net profit to
OMR22.7mn in 1H2017. Profit from operations fell 17.1% YoY to
OMR33.0mn in 1H2017. Total assets stood at OMR3.98bn at the
end of June 30, 2017 as compared to OMR3.80bn at the end of
June 30, 2016. Net Loans and Advances to customers stood at
OMR3.11bn (+9.6% YoY), while deposits from customers stood
at OMR2.98bn (+8.5% YoY) at the end of June 30, 2017. (MSM)
 NBOB’s net profit falls 11.2% YoY to OMR26.1mn in 1H2017 –
National Bank of Oman’s (NBOB) net profit decreased 11.2%
YoY to OMR26.1mn in 1H2017. Operating Profit fell 9.5% YoY
to OMR35.2mn in 1H2017. Total assets stood at OMR3.61bn at
the end of June 30, 2017 as compared to OMR3.56bn at the end
of June 30, 2016. Loans, advances and financing activities for
customers (net) stood at OMR2.78bn (-0.4% YoY), while
customers’ deposits and unrestricted investment accounts
stood at OMR2.59bn (+6.0% YoY) at the end of June 30, 2017.
(MSM)
 Investcorp sells Spain-based Esmalglass to Lone Star – Bahrain-
based asset manager Investcorp agreed to sell Spain-based
Esmalglass, a supplier of intermediate products for the ceramic
industry, to US buyout firm Lone Star Fund X for an enterprise
value of $693mn. (Reuters)

7. Contacts
Saugata Sarkar 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
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 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
70.0
90.0
110.0
130.0
150.0
170.0
Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
QSEIndex S&P Pan Arab S&P GCC
0.1%
2.0%
(0.1%)
0.0%
(0.9%)
2.5%
1.2%
(1.0%)
0.0%
1.0%
2.0%
3.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,228.70 0.9 1.3 6.6 MSCI World Index 1,948.07 0.6 1.8 11.2
Silver/Ounce 15.99 1.9 2.4 0.5 DJ Industrial 21,637.74 0.4 1.0 9.5
Crude Oil (Brent)/Barrel (FM Future) 48.91 1.0 4.7 (13.9) S&P 500 2,459.27 0.5 1.4 9.8
Crude Oil (WTI)/Barrel (FM Future) 46.54 1.0 5.2 (13.4) NASDAQ 100 6,312.47 0.6 2.6 17.3
Natural Gas (Henry Hub)/MMBtu 2.93 (0.3) 1.4 (20.5) STOXX 600 386.84 0.8 2.2 16.3
LPG Propane (Arab Gulf)/Ton 64.25 0.6 7.5 (10.9) DAX 12,631.72 0.5 2.4 19.5
LPG Butane (Arab Gulf)/Ton 71.38 0.7 4.0 (38.9) FTSE 100 7,378.39 0.7 1.9 9.4
Euro 1.15 0.6 0.6 9.1 CAC 40 5,235.31 0.6 2.2 17.0
Yen 112.53 (0.7) (1.2) (3.8) Nikkei 20,118.86 0.7 2.3 9.0
GBP 1.31 1.2 1.6 6.1 MSCI EM 1,047.05 0.6 4.4 21.4
CHF 1.04 0.4 0.1 5.8 SHANGHAI SE Composite 3,222.42 0.4 0.6 6.5
AUD 0.78 1.3 3.0 8.7 HANG SENG 26,389.23 0.2 4.2 19.1
USD Index 95.15 (0.6) (0.9) (6.9) BSE SENSEX 32,020.75 0.2 2.7 27.2
RUB 59.01 (1.3) (2.3) (4.1) Bovespa 65,436.18 1.1 8.2 10.9
BRL 0.31 1.0 3.1 2.3 RTS 1,044.27 1.4 4.9 (9.4)
102.5
98.2
96.7