The QSE Index rose 0.8% to close at 10,485.5.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.8% to close at 10,485.5. Gains were led by the Telecoms and
Banks & Financial Services indices, gaining 2.0% and 0.8%, respectively. Top gainers
were Qatar Cinema & Film Distribution Co. and Qatar Industrial Manufacturing Co.,
rising 9.9% and 8.7%, respectively. Among the top losers Qatar Oman Investment
Co. fell 1.0%, while Medicare Group was down 0.8%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.1% to close at 6,912.8. Losses were led by the
Media and Utilities indices, falling 3.0% and 1.6%, respectively. Saudi Indian Co. for
Cooperative Ins. fell 9.7%, while United Cooperative Assurance Co. was down 5.9%.
Dubai: The DFM Index gained 0.5% to close at 3,494.9. The Financial & Investment
Services index rose 2.0%, while the Telecommunication index gained 1.5%. Int.
Financial Advisors rose 7.8%, while National Central Cooling Co. was up 4.3%.
Abu Dhabi: The ADX benchmark index rose 1.2% to close at 4,512.8. The Banks and
Telecommunication indices rose 1.4% each. Invest Bank gained 15.0%, while
Emirates Driving Co. was up 8.8%.
Kuwait: The KSE Index rose 0.2% to close at 6,881.2. The Technology index gained
1.8%, while the Consumer Goods index rose 1.2%. Sanam Real Estate Co. gained
9.3%, while Automated Systems Co. was up 9.1%.
Oman: The MSM Index fell 0.7% to close at 5,629.9. Losses were led by the Services
and Financial indices, falling 1.2% and 0.2%, respectively. Almaha Petroleum
Products fell 7.0%, while Ooredoo was down 6.8%.
Bahrain: The BHB Index fell 0.6% to close at 1,365.8. The Investment index
declined 1.1%, while the Industrial index fell 1.0%. United Gulf Bank declined 6.9%,
while BMMI was down 3.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 29.45 9.9 0.3 7.3
Qatar Industrial Manufacturing 46.40 8.7 13.2 4.3
Doha Insurance Co. 17.01 4.4 2.2 (6.5)
Commercial Bank 33.65 3.9 401.7 3.5
Mazaya Qatar Real Estate Dev. 13.80 3.5 263.1 (4.1)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.06 0.3 1,914.5 (3.3)
Masraf Al Rayan 42.60 2.4 1,430.5 13.3
Ezdan Holding Group 15.51 0.2 1,375.3 2.6
Barwa Real Estate Co. 35.10 1.0 1,239.3 5.6
Qatar International Islamic Bank 68.10 (0.4) 1,147.8 8.4
Market Indicators 21 Mar 17 20 Mar 17 %Chg.
Value Traded (QR mn) 502.9 371.4 35.4
Exch. Market Cap. (QR mn) 562,663.0 559,437.9 0.6
Volume (mn) 13.5 10.4 30.3
Number of Transactions 6,094 4,293 42.0
Companies Traded 42 44 (4.5)
Market Breadth 27:10 28:11 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,348.37 0.8 1.2 2.7 15.5
All Share Index 2,944.93 0.7 1.2 2.6 15.2
Banks 3,020.74 0.8 1.1 3.7 13.4
Industrials 3,378.60 0.7 1.5 2.2 20.6
Transportation 2,350.62 0.3 0.7 (7.7) 13.3
Real Estate 2,343.85 0.5 1.4 4.4 15.5
Insurance 4,364.69 0.1 (1.3) (1.6) 17.5
Telecoms 1,233.91 2.0 3.7 2.3 21.9
Consumer 6,441.84 (0.0) 1.0 9.2 14.4
Al Rayan Islamic Index 4,160.55 0.8 1.6 7.1 17.1
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Invest Bank Abu Dhabi 2.38 15.0 1,044.9 5.3
United Electronics Co. Saudi Arabia 37.80 9.8 1,210.0 43.3
Qatar Industrial Man. Qatar 46.40 8.7 13.2 4.3
Savola Saudi Arabia 41.21 6.2 1,374.9 2.7
Commercial Bank Qatar 33.65 3.9 401.7 3.5
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ooredoo Oman 0.55 (6.8) 213.5 (17.0)
Solidarity Saudi Takaful Saudi Arabia 18.70 (4.5) 1,333.6 (1.5)
Saudi Enaya Coop. Ins. Saudi Arabia 16.33 (4.2) 499.4 0.7
Sharjah Islamic Bank Abu Dhabi 1.47 (3.9) 225.4 5.0
Com. Real Estate Co. Kuwait 0.08 (3.6) 954.2 1.3
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 Oman Investment Co. 9.80 (1.0) 18.4 (1.5)
Medicare Group 101.50 (0.8) 99.9 61.4
Ahli Bank 33.05 (0.8) 2.1 (11.0)
Widam Food Co. 64.20 (0.6) 21.1 (5.6)
Al Khaleej Takaful Group 19.30 (0.5) 1.0 (8.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar International Islamic Bank 68.10 (0.4) 78,540.3 8.4
Masraf Al Rayan 42.60 2.4 60,507.1 13.3
Ooredoo 105.30 2.3 45,730.4 3.4
Barwa Real Estate Co. 35.10 1.0 43,416.5 5.6
Industries Qatar 114.00 (0.3) 38,101.7 (3.0)
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* 10,485.53 0.8 1.2 (2.0) 0.5 138.11 154,563.5 15.5 1.6 3.7
Dubai 3,494.87 0.5 (0.8) (3.7) (1.0) 81.19 107,154.2 14.9 1.2 3.9
Abu Dhabi 4,512.82 1.2 2.0 (0.9) (0.7) 51.35 118,415.1 12.9 1.4 5.3
Saudi Arabia 6,912.78 (0.1) (0.1) (0.9) (4.1) 820.44 431,721.4 17.1 1.6 3.5
Kuwait 6,881.20 0.2 1.0 1.4 19.7 110.65 96,385.8 22.9 1.3 3.4
Oman 5,629.93 (0.7) (0.7) (2.6) (2.6) 25.72 22,618.0 11.0 1.1 5.2
Bahrain 1,365.78 (0.6) (0.6) 1.2 11.9 6.37 21,826.4 8.9 0.8 4.7
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)
10,350
10,400
10,450
10,500
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QSE Index rose 0.8% to close at 10,485.5. The Telecoms 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 Cinema & Film Distribution Co. and Qatar Industrial
Manufacturing Co. were the top gainers, rising 9.9% and 8.7%,
respectively. Among the top losers Qatar Oman Investment Co. fell
1.0%, while Medicare Group was down 0.8%.
 Volume of shares traded on Tuesday rose by 30.3% to 13.5mn from
10.4mn on Monday. Further, as compared to the 30-day moving average
of 12.6mn, volume for the day was 7.8% higher. Vodafone Qatar and
Masraf Al Rayan were the most active stocks, contributing 14.1% and
10.6% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
QNB Group
Capital
Intelligence
Qatar
LT-FCR/ST-
FCR/FSR/SR
AA-/A1+/AA-/1 AA-/A1+/AA-/1 – 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)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/21 UK UK Office for National Statistics CPI MoM February 0.7% 0.5% -0.5%
03/21 UK UK Office for National Statistics CPI YoY February 2.3% 2.1% 1.8%
03/21 UK UK Office for National Statistics CPI Core YoY February 2.0% 1.7% 1.6%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QSE announces trading suspension in the shares of MCCS on
March 22 – Qatar Stock Exchange (QSE) announced trading
suspension of the shares of Mannai Corporation (MCCS) on
March 22, 2017 due to its AGM being held on the day. (QSE)
 QSE announces trading suspension in the shares of ORDS on
March 22 – Qatar Stock Exchange (QSE) announced trading
suspension of the shares of Ooredoo (ORDS) on March 22, 2017
due to its AGM being held on the day. (QSE)
 CI affirms QNB Group ratings on par with Qatar’s sovereign and
a stable outlook – Capital Intelligence (CI), a global credit rating
agency, affirmed QNB Group long and short-term foreign
currency ratings (FCRs) at ‘AA-’ and ‘A1+’ respectively, at the
same level as the sovereign ratings for Qatar. The bank’s
support rating of ‘1’ (affirmed) reflects the ownership by the
Qatar Investment Authority and its role as the financial arm of
the government. The outlook on the long-term FCR is restored
to ‘stable’ from ‘negative’. Asset quality and capitalization of
QNB Group, which has already achieved a high degree of
diversification of its assets, funding sources and profits with its
presence in more than 30 countries - are expected to remain
good with capital adequacy ratio to be maintained at around
16% through additional Tier 1 or Tier 2 capital, if necessary, it
said. (Gulf-Times.com)
 ERES to meet fixed income investors ahead of dollar Sukuk –
Qatari real estate developer Ezdan Holding Group (ERES) will
meet fixed income investors in Hong Kong ahead of a potential
US dollar-denominated Sukuk issue. The company will hold
meetings in Singapore on March 24, in Dubai and Abu Dhabi on
March 26 and in London on March 27, 2017. A benchmark
regulation senior unsecured Sukuk with a maturity ranging
between five and seven years may follow. HSBC and
Mashreqbank are the joint global coordinators, and Dubai
Islamic Bank, Emirates NBD Capital, HSBC, Mashreq, Natixis
and Standard Chartered are joint lead managers and book-
runners. The Islamic bond would be part of a $2bn trust
certificate issuance program. Ezdan Holding Group is rated
BBB- by S&P and Ba1 by Moody's. (Peninsula Qatar)
 Qatar's fiscal deficit projected to shrink further – Qatar’s fiscal
deficit is projected to fall to 5% of GDP or $8.7bn in 2017. The
deficit is expected to shrink further through 2019 due to
increasing hydrocarbon receipts and the ongoing consolidation
of current spending. Citing Qatar Central Bank (QCB) data, the
Samba Financial Group noted in its ‘economic monitor’ that
Qatar’s deficit for first three quarters of 2016 came in at $9.2bn,
or 8.2% of GDP. Qatar’s government debt rose sharply in 2016
as the authorities took advantage of low rates to fund the 2016
budget deficit, and also to secure early financing for 2017. The
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 29.09% 29.79% (3,500,220.29)
Qatari Institutions 12.62% 35.12% (113,151,960.86)
Qatari 41.71% 64.91% (116,652,181.15)
GCC Individuals 0.67% 1.14% (2,362,283.14)
GCC Institutions 5.52% 13.45% (39,867,341.65)
GCC 6.19% 14.59% (42,229,624.79)
Non-Qatari Individuals 6.01% 6.89% (4,416,023.71)
Non-Qatari Institutions 46.08% 13.61% 163,297,829.65
Non-Qatari 52.09% 20.50% 158,881,805.94

3. Page 3 of 5
government’s gross debt holdings are now 47.8% of GDP. The
authorities already had a significant debt pile from financing
the development of the LNG industry, and last year they added
to it by raising a $5.5bn syndicated loan and $9bn of bonds
abroad, whilst issuing a further $2.6bn in domestic debt.
(Peninsula Qatar)
 QGRI growth strategy: Focus on core businesses, realty projects
– Qatar General Insurance and Reinsurance Company (QGRI)
will not only strengthen its core businesses on exponentially
growing demand for risk cover, especially for large
infrastructure projects, but also focus more on real estate
projects. “Our main objective is to expand in the insurance
areas, focus on the real estate projects currently executed by
the company, enhance the capabilities and increase the
financial efficiency in compliance with international standards
and criteria,” QGRI Chairman and Managing Director Sheikh
Nasser bin Ali bin Saud al-Thani said shareholders at the AGM.
While international and local markets were affected by the
prevailing conditions of oil prices, which consequently had its
impact on the insurance industry, QGRI managed to achieve a
42% jump in net profit from previous year after excluding the
revaluation gains of investment properties, he highlighted.
(Gulf-Times.com)
 Manateq invites applications from potential investors –
Manateq, the leading provider of special economic zones,
Logistics Parks and Industrial Zones in Qatar, is inviting
applications from potential investors eager to capitalize on
opportunities in its Mesaieed Industrial Zone, a thriving hub for
business just 40 kilometers south of the capital Doha. The
opportunity for the immediate handover of land plots, ranging
from 1,500 to 300,000 square meter, and an option to move in
now and start paying rent next year, and the possibility of
extending the lease up to 25 years, makes Mesaieed Industrial
Zone, which is located within Mesaieed Industrial City (MIC),
attractive to all companies. The move is in line with Manateq’s
vision to promote economic diversification in investments that
add value to Qatar and underlines its mission to create a world-
class business environment for local and overseas investors, to
help meet the Qatar National Vision 2030. Manateq also
develops and operates special economic zones, logistics parks
and warehousing parks. (Peninsula Qatar)
International
 US current account deficit shrinks in 4Q2016 – The US current
account deficit unexpectedly fell in the 4Q2016, hitting its
lowest level in more than a year, as an increase in the primary
income surplus offset a soybean-driven drop in exports. The
Commerce Department said the current account deficit, which
measures the flow of goods, services and investments into and
out of the country, fell 3.1% to $112.4bn, the lowest since the
2Q2015.The current account deficit for 3Q2016 was revised up
to $116.0bn from the previously reported $113.0bn. Economists
polled by Reuters had forecast the deficit rising to $128.2bn in
4Q2016. The 4Q2016 current account deficit represented 2.4%
of GDP, down from 2.5% in 3Q2016. For all of 2016 the current
account deficit totaled $481.2bn, a 3.9% increase from 2015.
That represented 2.6% of GDP, unchanged from 2015. (Reuters)
 UK inflation shoots above two percent, adding to Bank of
England conundrum – British inflation shot past the Bank of
England's 2% target last month, potentially adding to
uneasiness among some officials at the central bank about
keeping interest rates near zero. Consumer prices rose by a
stronger-than-expected 2.3%, the biggest annual increase in
nearly three-and-a-half years, pushed up by an increase in
global oil prices and the impact of the Brexit vote on sterling.
Last week, one of the BoE's policymakers voted to raise record-
low borrowing costs because of growing inflation pressures and
the economy's resilient response so far to Britain's decision last
June to leave the European Union. Other policymakers said they
could soon follow suit, depending on inflation and growth data.
February's rise represented the first time in more than three
years that inflation topped the BoE's target, but Governor Mark
Carney said it was important not to overreact to a single
month's data. (Reuters)
 Japan February exports jump, surplus with US raises fears of
trade tensions – Japan's exports grew the most in more than
two years in February, rebounding from a Lunar New Year
slowdown in January, as a widening trade surplus with the US
potentially raises tensions in the face of rising US
protectionism. Annual export growth of 11.3% topped a 10.6%
increase expected by economists in a Reuters poll and followed
a 1.3% gain in January, marking the biggest gain since January
2015, Ministry of Finance data showed. Exports to the US rose
0.4% in February from a year ago, largely from bigger
shipments of cars and auto parts. Any rise in Japan's trade
surplus with the US could be a cause of concern for Japanese
policymakers; given that US President Donald Trump has
singled out Japan, China and Germany for their high net exports
into the US market. (Reuters)
 China business confidence index rises in 1Q2017 – Business
confidence among entrepreneurs in China improved in 1Q2017
from 4Q2016, according to a survey by the People's Bank of
China published. Another central bank survey showed bankers'
confidence also rose in 1Q2017, though 20.3% of bankers
believe monetary policy was relatively tight in the January-
March period, up 14.6 percentage point from 4Q2016. In another
central bank survey, 52.2% of urban households believed
housing prices were unacceptably high in 1Q2017, and 27.2% of
households expect housing prices to rise in 2Q2017. (Reuters)
Regional
 GCC’s wealthy prefer to keep assets closer to home – According
to the Emirates Investment Bank (EIBank), a vast majority of
high net worth individuals (HNWIs) from the GCC think the
current economic conditions are worse or unchanged compared
to last year but that to improve over the next two to three
years. HNWIs are defined as individuals with $2mn or more in
investment assets. On the economic outlook for global and
regional economies, most HNWIs feel the current situation is
worse or unchanged (85%), with investors’ primary concerns
being political instability, conflict and threat of terrorism, along
with a possible oil price decline. However, over the next 3-5
years, there is a positive outlook, with a strong majority of
HNWIs optimistic for the global economy (76%) and the Gulf
economy (75%). (GulfBase.com)
 Saudi Arabia leads GCC petrochemical industry growth in 2016
– According to the Gulf Petrochemicals and Chemicals
Association (GPCA), Saudi Arabia led GCC petrochemical

4. Page 4 of 5
industry growth in 2016, expanding by 5.8%. The Kingdom
outpaced regional growth of 3.7% across the GCC last year,
which in total reached 150mn tons of capacity. The figures
show that the Gulf region’s petrochemicals industry grew
quicker than global average in 2016, of 2.2%. The growth is
largely due to new capacity added in Saudi Arabia, the region’s
largest petrochemical producer and the only country to add
production capacity in the GCC last year. The Kingdom’s
99.1mn tons of capacity, is equivalent to a 66% share of
regional capacity. (GulfBase.com)
 Saudi Aramco said to plan $2bn debut bond ahead of IPO –
According to sources, Saudi Aramco plans to raise about $2bn in
its debut bond sale, the first step of a plan by the energy giant
to tap markets for $10bn. Saudi Aramco will sell riyal-
denominated Islamic bonds, or Sukuk, as early as in 2Q2017.
The Sukuk may be privately placed with investors. Saudi
Aramco is preparing to sell bonds ahead of an IPO in 2018 and
will add to a string of sales in the Middle East and North Africa
where countries raised almost $80bn in bonds last year, the
most since Bloomberg started compiling data in 1999. The Saudi
Arabian government’s debut offering in October raised $17.5bn
in the biggest-ever emerging-market sale. (Gulf-Times.com)
 Fitch: No impact on Etisalat Group's ratings from EMTS missed
interest payment – Fitch Ratings said that UAE-based state-
owned Emirates Telecommunications Group Company (Etisalat
Group) faces minimal risk after its Nigerian affiliate missed an
interest payment. Emerging Markets Telecommunication
Services (EMTS), trading as Etisalat Nigeria, is an affiliate of
Etisalat. It has missed an interest payment on its $1.2bn
medium-term facility, signed in 2013 with various Nigerian
banks. EMTS's debt obligations are not guaranteed by Etisalat
Group and the loan default does not trigger a cross default event
under Etisalat Group's debt obligations. EMTS is not fully
consolidated by Etisalat Group. Fitch also expect no further
significant impairments on Etisalat Group's investment in
EMTS since the carrying value in Etisalat Group's accounts as of
31 December 2016 decreased to $50mn following write-downs
of the investment during 2016 to reflect the depreciation of the
Nigerian naira. In February 2017, Etisalat Group's voting rights
were reduced to 25% while its economic interest increased to
45%. (Reuters)
 EGA plans IPO, banks pitch for role – According to sources,
Emirates Global Aluminium (EGA) has invited banks to pitch for
a role in its planned initial public offering. The IPO could take
place later in 2017, on either the Dubai or Abu Dhabi stock
exchange, but the size of the offering has yet to be determined.
EGA was created in 2013 when state-owned companies Dubai
Aluminium (Dubal) and Abu Dhabi's Emirates Aluminium
(Emal) merged. Its enterprise value was put at $15bn at the
time of the merger. (Reuters)
 Etisalat unit achieves ISO 20000 certification – Etisalat has
announced that its ‘Managed Services’ business was
successfully accredited with the prestigious ISO 20000
certification, an acknowledgement to its outstanding
commitment to IT service quality, standards and global best
practices in service management. The certification reiterates
that Etisalat is the leading telecom services provider in GCC to
independently demonstrate to its customers that it's operating
in strict accordance with the highest international standards
and following industry best practices for their business. ISO
20000 provides a better alignment of IT services and the
business building trust and confidence in customers.
(GulfBase.com)
 Aldar to further develop Yas, Reem – Aldar Properties
announced the further details of its current investment
program. This program will expand Aldar’s asset management
portfolio, driving growth of recurring revenue. The investments
announced comprise mid-market residential, hospitality &
leisure, and retail assets on Yas Island and Reem Island. They
amount to a total of AED1.9bn and follow the AED1.1bn already
invested in the Daman House acquisition, Al Jimi Mall
extension, Al Mamoura school and Repton school.
(GulfBase.com)
 Warba Bank lists its Sukuk on Nasdaq Dubai – Shaheen Al-
Ghanem, Chief Executive of Warba Bank rang the market-
opening bell to celebrate the listing on Nasdaq Dubai of a
$250mn Perpetual Tier 1 Basel III compliant Capital Sukuk.
Warba Bank’s $250mn Sukuk comprises Perpetual Tier 1
Mudaraba Capital Certificates, non-callable before on March 14,
2022, with the initial coupon set at 6.50%. The Sukuk listed on
Nasdaq Dubai on March 15, 2017. The Sukuk instrument will
further strengthen Warba Bank’s capital base and support the
bank’s continued growth and development as well as its
commitment to Islamic finance. Established in 2010, Warba
Bank is expanding its activities in the full range of banking and
investment services in Kuwait in compliance with Shari’ah
principles. (GulfBase.com)
 Kuwait's Al Ahli Bank mandates banks for dollar bond issue –
Al Ahli Bank of Kuwait has mandated Citi, HSBC and National
Bank of Abu Dhabi as joint lead managers and joint book
runners to arrange fixed income investor meetings in Asia, the
Middle East and Europe. A five-year fixed rate US dollar
Regulation S senior unsecured bond offer under the bank's
$1.5bn Euro Medium Term Note Program will follow, subject to
market conditions. (Reuters)
 Central Bank of Oman to raise capital to OMR1bn – Oman’s
Central Bank has decided to raise its capital to OMR1bn from
OMR760mn with effect from April 1, 2017. The board reviewed
the actions taken by the Central Bank of Oman and licensed
banks operating in Oman with regard to the financing of small
and medium enterprises. In addition, the board endorsed the
audited accounts of Central Bank of Oman, Deposit Insurance
Fund and Pension Scheme of Central Bank of Oman as at
December 31, 2016. The board also reviewed the management
letter report of external auditors and annual report of the CBO
Internal Audit Committee. (GulfBase.com)

5. 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
financial advice. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of
the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment
decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be
accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect.
For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a
result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also
express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in
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COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
70.0
92.0
114.0
136.0
158.0
180.0
Feb-13 Feb-14 Feb-15 Feb-16 Feb-17
QSEIndex S&P Pan Arab S&P GCC
(0.1%)
0.8%
0.2%
(0.6%) (0.7%)
1.2%
0.5%
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
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 1,244.57 0.8 1.2 8.0 MSCI World Index 1,846.39 (0.8) (0.9) 5.4
Silver/Ounce 17.54 0.6 0.8 10.2 DJ Industrial 20,668.01 (1.1) (1.2) 4.6
Crude Oil (Brent)/Barrel (FM Future) 50.96 (1.3) (1.5) (10.3) S&P 500 2,344.02 (1.2) (1.4) 4.7
Crude Oil (WTI)/Barrel (FM Future) 47.34 (1.8) (3.0) (11.9) NASDAQ 100 5,793.83 (1.8) (1.8) 7.6
Natural Gas (Henry Hub)/MMBtu 3.06 4.8 8.2 (16.9) STOXX 600 375.67 0.2 (0.1) 6.5
LPG Propane (Arab Gulf)/Ton 61.00 2.3 1.9 (15.0) DAX 11,962.13 (0.0) (0.5) 6.8
LPG Butane (Arab Gulf)/Ton 66.75 (0.4) (1.1) (31.2) FTSE 100 7,378.34 0.4 0.0 4.4
Euro 1.08 0.7 0.7 2.8 CAC 40 5,002.43 0.6 0.1 5.4
Yen 111.71 (0.7) (0.9) (4.5) Nikkei 19,455.88 0.5 0.5 6.3
GBP 1.25 1.0 0.7 1.1 MSCI EM 973.08 0.1 0.8 12.9
CHF 1.01 0.5 0.5 2.5 SHANGHAI SE Composite 3,261.61 0.4 0.8 5.8
AUD 0.77 (0.5) (0.2) 6.7 HANG SENG 24,593.12 0.4 1.1 11.6
USD Index 99.81 (0.6) (0.5) (2.3) BSE SENSEX 29,485.45 (0.4) (0.5) 14.9
RUB 57.69 0.6 0.9 (6.3) Bovespa 62,980.37 (3.3) (1.7) 10.0
BRL 0.32 (0.5) 0.1 5.4 RTS 1,121.63 0.0 0.9 (2.7)
120.2
100.8
99.2