The QE Index declined 1.1% to close at 10,010.2. Losses were led by the Real Estate and Telecoms indices, falling 2.2% and 1.5%, respectively.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 1.1% to close at 10,010.2. Losses were led by the Real Estate
and Telecoms indices, falling 2.2% and 1.5%, respectively. Top losers were Vodafone
Qatar and Ezdan Holding Group, falling 3.2% and 3.1%, respectively. Among the top
gainers, Qatar Cinema & Film Distribution Company gained 4.5%, while Al Khaleej
Takaful Insurance Company was up 4.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell marginally to close at 8,561.4. Losses were led by
the Food & Staples Retail. and Consumer Services indices, falling 0.7% and 0.5%,
respectively. Nat. Medical Care Co. fell 3.3%, while Almarai Co. was down 2.0%.
Dubai: The DFM Index fell 0.3% to close at 2,636.8. The Real Estate & Const. index
declined 0.9%, while the Consumer Staples and Discretionary index fell 0.7%. Arab
Insurance Group declined 7.6%, while Emaar Development was down 3.1%.
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 5,087.3. The Energy
index declined 0.6%, while the Banks index fell 0.4%. Arkan Building Materials
Company declined 5.4%, while Manazel Real Estate was down 2.4%.
Kuwait: The KSE Index rose 0.4% to close at 4,776.6. The Financial Services index
gained 1.2%, while the Basic Materials index rose 0.5%. Tamdeen Investment Co.
gained 15.2%, while Bayan Investment Co. was up 10.0%.
Oman: The MSM Index rose 0.3% to close at 4,166.0. The Financial index gained
0.5%, while the other indices closed in the red. Ahli Bank rose 3.6%, while Oman
Flour Mills was up 1.8%.
Bahrain: The BHB Index gained 0.1% to close at 1,414.3. The Investment index rose
0.3%, while the Commercial Bank index gained 0.1%. GFH Financial Group rose
1.9%, while Al Salam Bank - Bahrain was up 1.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 18.75 4.5 0.1 (1.4)
Al Khaleej Takaful Insurance Co. 9.17 4.1 2.7 6.8
Salam International Inv. Ltd. 4.68 4.0 11.6 8.1
Islamic Holding Group 20.95 3.7 3.1 (4.1)
Qatari German Co for Med. Devices 6.48 1.3 61.7 14.5
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 18.19 1.1 2,226.4 21.0
Qatar Aluminium Manufacturing 11.52 (0.3) 874.3 (13.7)
United Development Company 13.84 (0.4) 591.1 (6.2)
Vodafone Qatar 7.89 (3.2) 537.5 1.0
Qatar Gas Transport Company Ltd. 20.29 (0.8) 419.8 13.2
Market Indicators 05 Mar 19 04 Mar 19 %Chg.
Value Traded (QR mn) 232.2 266.8 (13.0)
Exch. Market Cap. (QR mn) 569,140.0 577,741.7 (1.5)
Volume (mn) 8.1 9.9 (18.3)
Number of Transactions 5,372 6,531 (17.7)
Companies Traded 44 43 2.3
Market Breadth 20:23 21:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,944.45 (1.0) (0.9) (1.1) 14.0
All Share Index 3,035.99 (1.3) (1.4) (1.4) 14.8
Banks 3,734.37 (1.4) (1.3) (2.5) 13.8
Industrials 3,181.87 (1.3) (1.4) (1.0) 15.2
Transportation 2,230.61 (0.7) (0.1) 8.3 12.9
Real Estate 2,135.52 (2.2) (2.1) (2.4) 17.1
Insurance 2,927.68 (0.7) 0.6 (2.7) 17.7
Telecoms 906.45 (1.5) (3.5) (8.2) 19.1
Consumer 7,250.99 0.0 (0.7) 7.4 15.1
Al Rayan Islamic Index 3,922.84 (0.7) (0.6) 1.0 13.9
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Emaar Economic City Saudi Arabia 10.26 5.2 5,778.6 29.7
Ahli Bank Oman 0.15 3.6 250.1 (0.7)
Knowledge Economic City Saudi Arabia 9.84 2.4 1,772.4 8.1
GFH Financial Group Dubai 0.98 1.8 32,659.9 8.1
Dallah Healthcare Co. Saudi Arabia 52.30 1.8 222.1 18.3
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Sembcorp Salalah Power. Oman 0.14 (6.2) 305.5 (23.2)
Emaar Malls Dubai 1.70 (2.9) 1,797.1 (5.0)
QNB Group Qatar 182.00 (2.7) 151.5 (6.7)
Industries Qatar Qatar 128.80 (2.4) 209.7 (3.6)
Ooredoo Qatar 63.53 (2.3) 105.6 (15.3)
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%
Vodafone Qatar 7.89 (3.2) 537.5 1.0
Ezdan Holding Group 12.60 (3.1) 142.7 (2.9)
QNB Group 182.00 (2.7) 151.5 (6.7)
Industries Qatar 128.80 (2.4) 209.7 (3.6)
Ooredoo 63.53 (2.3) 105.6 (15.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Mesaieed Petrochemical Holding 18.19 1.1 40,385.0 21.0
QNB Group 182.00 (2.7) 27,943.6 (6.7)
Industries Qatar 128.80 (2.4) 27,197.2 (3.6)
Qatar International Islamic Bank 70.58 0.8 14,955.2 6.7
Qatar Insurance Company 33.71 (1.2) 13,693.4 (6.1)
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* 10,010.24 (1.1) (1.0) (1.0) (2.8) 63.64 156,342.8 14.0 1.5 4.4
Dubai 2,636.80 (0.3) 0.0 0.0 4.2 36.99 95,129.7 8.4 1.0 5.3
Abu Dhabi 5,087.34 (0.3) (1.0) (1.0) 3.5 27.83 138,803.1 14.3 1.4 4.7
Saudi Arabia 8,561.37 (0.0) 0.8 0.8 9.4 715.29 539,839.2 18.9 1.9 3.3
Kuwait 4,776.62 0.4 0.1 0.1 0.8 69.12 32,852.6 16.0 0.9 4.3
Oman 4,165.98 0.3 0.5 0.5 (3.6) 4.48 18,003.4 8.7 0.8 6.2
Bahrain 1,414.33 0.1 0.1 0.1 5.8 4.78 21,651.5 9.1 0.9 5.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,000
10,050
10,100
10,150
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QE Index declined 1.1% to close at 10,010.2. The Real Estate and
Telecoms indices led the losses. The index fell on the back of selling
pressure from non-Qatari shareholders despite buying support from
Qatari and GCC shareholders.
 Vodafone Qatar and Ezdan Holding Group were the top losers, falling
3.2% and 3.1%, respectively. Among the top gainers, Qatar Cinema &
Film Distribution Company gained 4.5%, while Al Khaleej Takaful
Insurance Company was up 4.1%.
 Volume of shares traded on Tuesday fell by 18.3% to 8.1mn from 9.9mn
on Monday. Further, as compared to the 30-day moving average of
8.7mn, volume for the day was 6.7% lower. Mesaieed Petrochemical
Holding Company and Qatar Aluminium Manufacturing Company were
the most active stocks, contributing 27.4% and 10.8% to the total
volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2018
% Change
YoY
Operating Profit
(mn) 4Q2018
% Change
YoY
Net Profit
(mn) 4Q2018
% Change
YoY
Saudi Pharmaceutical Industries
and Medical Appliances Corp.*
Saudi Arabia SR 1,274.8 -8.0% 131.1 -30.6% 100.8 -32.1%
SICO* Bahrain BHD 12.0 20.3% – – 3.7 11.9%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/05 US Markit Markit US Services PMI February 56.0 56.2 56.2
03/05 US Markit Markit US Composite PMI February 55.5 – 55.8
03/05 US Institute for Supply Managemen ISM Non-Manufacturing Index February 59.7 57.4 56.7
03/05 UK Markit Markit/CIPS UK Services PMI February 51.3 49.9 50.1
03/05 UK Markit Markit/CIPS UK Composite PMI February 51.5 50.1 50.3
03/05 EU Markit Markit Eurozone Services PMI February 52.8 52.3 52.3
03/05 EU Markit Markit Eurozone Composite PMI February 51.9 51.4 51.4
03/05 Germany Markit Markit Germany Services PMI February 55.3 55.1 55.1
03/05 Germany Markit Markit/BME Germany Composite PMI February 52.8 52.7 52.7
03/05 France Markit Markit France Services PMI February 50.2 49.8 49.8
03/05 France Markit Markit France Composite PMI February 50.4 49.9 49.9
03/05 Japan Markit Nikkei Japan PMI Composite February 50.7 – 50.9
03/05 Japan Markit Nikkei Japan PMI Services February 52.3 – 51.6
03/05 China Markit Caixin China PMI Composite February 50.7 – 50.9
03/05 China Markit Caixin China PMI Services February 51.1 53.5 53.6
03/05 India Markit Nikkei India PMI Services February 52.5 – 52.2
03/05 India Markit Nikkei India PMI Composite February 53.8 – 53.6
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 4Q2018 results No. of days remaining Status
SIIS Salam International Investment Limited 6-Mar-19 0 Due
ERES Ezdan Holding Group 10-Mar-19 4 Due
AKHI Al Khaleej Takaful Insurance Company 12-Mar-19 6 Due
IGRD Investment Holding Group 12-Mar-19 6 Due
DBIS Dlala Brokerage & Investment Holding Company 13-Mar-19 7 Due
MRDS Mazaya Qatar Real Estate Development 20-Mar-19 14 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 30.58% 36.62% (14,021,083.04)
Qatari Institutions 34.11% 17.34% 38,934,128.04
Qatari 64.69% 53.96% 24,913,045.00
GCC Individuals 0.80% 0.99% (451,604.06)
GCC Institutions 2.91% 2.47% 1,039,948.57
GCC 3.71% 3.46% 588,344.51
Non-Qatari Individuals 8.36% 9.22% (2,000,669.71)
Non-Qatari Institutions 23.23% 33.35% (23,500,719.80)
Non-Qatari 31.59% 42.57% (25,501,389.51)

3. Page 3 of 6
News
Qatar
 QNB Group announces the closure of the syndication for its
EUR2.0bn, three year senior unsecured term loan facility – QNB
Group announced the successful closing of the syndication for
its EUR2.0bn, three-year senior unsecured term loan facility.
QNB Group’s Acting CEO, Abdulla Mubarak Al-Khalifa stated
that, “QNB Group is very happy at the successful closing of this
syndication, which is a reflection of the strong demand by the
Top Tier Global Banks that want to continue to partner with
QNB Group. This further reflects the international investors’
confidence in the Group’s strategy and the strength of our
financial position particularly following the recent
announcement of our robust 2018 financial results.” Due to
strong demand from the market, QNB Group received
commitments of circa EUR3.5bn resulting in a significant
oversubscription and the syndication was well supported by the
18 participating banks. Despite the excess commitments
received, QNB Group decided to reduce the overall issuance and
closed the transaction successfully at EUR2.0bn. The Group
also announced that it had repaid in full the previous loan of
EUR2.25bn syndicated loan. Crédit Agricole Corporate and
Investment Bank, Intesa Sanpaolo S.p.A., Societe Generale
Corporate & Investment Banking and UniCredit were the initial
mandated lead arrangers and underwriters of the facility, while
ING Bank N.V. was the initial mandated lead arranger. Societe
Generale also acted as the documentation agent and facility
agent. (QNB Group Press Release)
 Qatar sells treasury bills worth QR600mn – Qatar has sold
QR600mn in treasury bills split into maturities of three, six, and
nine months, the central bank stated. The QR300mn in three-
month treasury bills and the QR200mn in six-month treasury
bills both offer a 2.49% yield, while the QR100mn in nine-
month treasury bills offer a 2.6% yield. (Zawya)
 Industries Qatar’s five-year plan focuses on productivity,
efficiency gains; company announces cash dividend of QR6 per
share for FY2018 – Industries Qatar’s (IQCD) base case business
plan for the next five years will continue to focus on market
development, productivity, and efficiency gains via its on-going
cost optimization programs. This, according to the board of
directors’ report announced at IQCD’s Annual General
Assembly, which was presided over by HE the Minister of State
for Energy Affairs, Saad Sherida Al-Kaabi, who is also IQCD’s
Chairman. “Additionally, we will selectively invest in capital
investment projects that we believe will increase our
competitive position and add value to our esteemed
shareholders. Moreover, our efforts on optimization will
continue until the group achieves its full potential,” according
to the report. During the meeting, the General Assembly
approved the proposed total annual dividend distribution of
QR3.6bn, equivalent to a payout of QR6 per share, representing
a payout ratio of 72.2%. In a speech, Al-Kaabi announced that
the group settled almost all of its outstanding debt during 2018,
making it almost a debt-free entity. (Gulf-Times.com)
 Hamad Port’s second container terminal to be operational by
next year – Hamad Port’s second container terminal is expected
to be operational by next year. Works for the development of
the Phase II of Hamad Port has already started. With the works
progressing on schedule, the second container terminal (CT-2),
which is part of the expansion project, is set to become
operational by next year, said a top official of QTerminals,
which has been awarded the contract. QTerminals is a terminal
operating company jointly established by Qatar Ports
Management Company (Mwani) and Qatar Navigation
(Milaha). (Peninsula Qatar)
 QCFS announces the opening of nominations for membership
to the board of directors – Qatar Cinema & Film Distribution
Company (QCFS) announced the opening of nominations for
membership of the board of directors (executive/non-
executive/independent member) to fill seven seats for a period
of three years with effect from April 2019, in accordance with
Commercial Companies Law No. 11 of 2015, and Corporate
Governance System for companies listed in the main market,
No 5 of year 2016. The nomination opened from March 5, 2019,
for a period of ten days ending on March 14, 2019. (QSE)
 MRDS to hold its board meeting on March 20 to discuss the
financial statements – Mazaya Qatar Real Estate Development
(MRDS) announced that its board of directors will meet on
March 20, 2019 to discuss and adopt financial statements of the
company for the period ended December 31, 2018. (QSE)
 QIIK lists $500mn Sukuk on the LSE – London Stock Exchange
(LSE) listed Qatar International Islamic Bank’s (QIIK) $500mn
Sukuk is the first Qatari Sukuk to be listed on the LSE. The LSE
listing followed a highly successful offering that was
oversubscribed nearly seven times with investors bidding for
more than seven times the amount offered, and according to
QIIK, reflects the positive outlook of the Qatari economy and
the strength of its financial position. The offering was
oversubscribed by investors, mostly from outside the Middle
East, with a total of $3.3bn. The issue was priced at a spread of
175 basis points over the 5-year mid swaps carrying a fixed
coupon of 4.264% per year. The participation included investors
from around the world with 30% from the MENA and 70% to
other investors from Europe, Asia, Australia and other
countries. (Gulf-Times.com)
 CEO: QSE to organize Asia tour to attract investments – Qatar
Stock Exchange (QSE) has undertaken a number of measures to
make foreign investments attractive, according to QSE’s CEO,
Rashid Ali Al Mansoori. Mansoori said, “The QSE will organize a
trip to the Asian market to attract capital in the first half of
2019. Asian market has considerable capital, but it does not
have much information on the Qatari market, which includes
very healthy listed companies with strong performances and
attractive cash dividends.” He added this at a press briefing to
announce QSE’s partnership with Ooredoo Ride of Champions,
in Doha. Mansoori said the second tour to the US will be held in
September. QSE will take a group of officials from the listed
Qatari companies to meet investors, answer their queries and
introduce the latest developments in the Qatari market. On
stock splitting, Mansoori said the listed companies have started
working on the approval of the stock split through their general
assemblies, adding that QSE will wait for this to be completed
by all the listed companies and the appropriate time and

4. Page 4 of 6
mechanism will be chosen during the first half of this year to
move in this direction. On the new investment funds, he
pointed out that there were a number of funds under study,
pointing to the existence of two funds, one in the real estate
sector and another in the Islamic sector. (Qatar Tribune)
 Ooredoo, KaiOS Technologies deliver smart feature phones to
Qatar’s industry verticals – Ooredoo announced at Mobile
World Congress 2019 a partnership with global technology
company KaiOS Technologies to drive Qatar’s business growth
and enhance digital experiences for 500,000 feature phone
users. KaiOS Technologies powers an emerging ecosystem of
affordable digital products and services. In the coming months,
Ooredoo plans to pilot launch 5,000 KaiOS’ smart feature
phones in Qatar to provide essential smartphone features on
affordable feature phones. (Gulf-Times.com)
 Qatari-Austrian Business Forum discusses promotion of
investments – HE Ali bin Ahmed Al Kuwari, Minister of
Commerce and Industry, has underscored the importance of
promoting investment and trade cooperation between Qatar
and Austria and praised the friendly relations between the two
countries as evidenced by the exchange of high-ranking official
visits since the 1970s when Qatar opened its embassy in
Austria. In his opening speech, Al Kuwari called on Qatar and
Austria to capitalize on their potential to further bolster
bilateral trade, which was valued at around EUR187mn in 2018.
The Minister emphasized that bilateral trade agreements
represent a strategic advancement that would pave the way for
the establishment and activation of the Austrian-Qatari
Businessmen Council, a move that will strengthen bilateral
cooperation and support the establishment of joint
development projects. Praising the contribution of over 51
Austrian companies that are currently operating in Qatar to the
country’s rapidly expanding economy, Al Kuwari said Qatar
looks forward to welcoming Austrian investors to take
advantage of the promising opportunities that Qatar offers.
(Peninsula Qatar)
International
 US new home sales at seven-month high; services sector picks
up – Sales of new US single-family homes rose to a seven-
month high in December, but November’s outsized jump was
revised lower, pointing to continued weakness in the housing
market. While other data showed a rebound in growth in the
vast services sector in February amid a surge in new orders,
concerns about import tariffs, capacity constraints and labor
shortages lingered. The trade dispute between the US and
China is among the factors that analysts say will contribute to
slower economic growth this year. The Commerce Department
stated new home sales increased 3.7% to a seasonally adjusted
annual rate of 621,000 units, the highest level since May 2018.
November’s sales pace was revised down to 599,000 units from
the previously reported 657,000 units. October’s sales pace was
also revised lower. (Reuters)
 Eurozone’s business growth sped up but stayed weak in
February – Eurozone’s business activity accelerated more than
thought last month but remained lackluster as a pickup in
services growth only partially masked a downturn in the bloc’s
manufacturing industry, a survey showed. The results come
two days before officials at the European Central Bank
announce their latest monetary policy. Having drawn a line
under their more than EUR2.6tn stimulus program at the turn of
the year, they are not expected to change policy but will soon
re-launch their long-term loan offerings, a Reuters poll
suggested last week. IHS Markit’s Eurozone Composite Final
Purchasing Managers’ Index (PMI), considered a good measure
of overall economic health, rose to 51.9 in February from
January’s 51.0. That was higher than an earlier flash reading of
51.4 but was close to the 50 mark separating growth from
contraction. (Reuters)
 Eurozone’s retail January sales stronger than expected –
Eurozone’s retail sales were stronger than expected in January,
data showed, rebounding from a December slump thanks to a
jump in sales through the internet as well as demand for
computers, books and fuel. The European Union’s statistics
office Eurostat stated retail sales in the 19 countries sharing the
Euro rose 1.3% MoM in January after a 1.4% drop in December.
They were 2.2% higher than in January 2018, accelerating from
0.3% YoY rise in December. Economists polled by Reuters had
expected 1.2% monthly increase and 1.9% annual gain. Retail
sales are an indication of domestic demand, but they are often
revised – the data for December was revised from the originally
reported 1.6% monthly fall and 0.8% YoY increase. (Reuters)
 China raises budget deficit to 2.8% of GDP – China set a 2019
budget deficit target that’s higher than last year’s ratio and said
its fiscal policy would be more proactive and effective. The
Ministry of Finance stated that it is targeting a budget deficit of
2.8% of gross domestic product (GDP) for this year, compared
with 2018’s 2.6% target. Investors are watching for signs of
government policy easing to revive slowing growth amid a
trade war with the US. Policymakers have pledged to step up
support for the cooling economy this year, following a raft of
measures in 2018 including fast-tracked infrastructure projects
and cuts in banks’ reserve requirements and taxes. (Reuters)
 India’s services activity accelerates in February as demand
strengthens – Activity in India’s huge service sector accelerated
in February, partly due to an increase in domestic new business
which induced firms to maintain a solid hiring pace, a private
survey showed. This will provide some relief to policymakers
and bolster hopes for a recovery in economic growth this
quarter after Asia’s third-largest economy lost momentum in
the final three months of 2018. The Nikkei/IHS Markit Services
Purchasing Managers’ Index rose to 52.5 in February from
January’s 52.2, staying above the 50-mark that separates
growth from contraction for a ninth straight month. (Reuters)
 CMIE: India's February jobless rate climbed to 7.2% – The
unemployment rate in India rose to 7.2% in February 2019, the
highest since September 2016, and up from 5.9% in February
2018, according to data compiled by the Centre for Monitoring
Indian Economy (CMIE). The unemployment rate has climbed
despite a fall in the number of job seekers, Mahesh Vyas, head
of the Mumbai-based think tank told Reuters, citing an
estimated fall in the labor force participation rate. The number
of employed persons in India was estimated at 400mn in
February compared with 406mn a year ago. The CMIE numbers
are based on a survey of tens of thousands of households across
India. The figures are regarded by many economists as more

5. Page 5 of 6
credible than the jobless data produced by the government.
(Reuters)
Regional
 Saudi Arabia’s February Whole Economy PMI at 56.6 versus
56.2 in January – In a release by Emirates NBD and IHS Markit,
the Purchasing Managers’ Index (PMI) for Saudi Arabia’s whole
economy rose to 56.6 in February 2019 from 56.2 in January
2019 and 53.2 in January 2018. This is the highest reading since
December 2017. New Orders rose to 64 in February 2019 from
62.8 in January 2019. (Bloomberg)
 UAE’s February Whole Economy PMI at 53.4 versus 56.3 in
January – In a release by Emirates NBD and IHS Markit, the
purchasing managers’ index (PMI) for UAE’s whole economy
fell to 53.4 in February 2019 from 56.3 in January 2019 and 55.1
in February 2018. This is the lowest reading since October 2016.
New Orders fell to 55 in February 2019 from 60.9 in January
2019. (Bloomberg)
 Mubadala's Aabar Investments sells 191mn shares of RHB Bank
– Aabar Investments sold 191mn shares of RHB Bank at
MYR5.45 apiece, near the low end of its marketed range,
according to terms for the deal obtained by Bloomberg. The
shares were offered at MYR5.43 to MYR5.54 apiece as per the
earlier terms. The final price represents 4.55% discount to the
last close. The offered shares represent a ~4.8% of RHB share
capital. Aabar, a unit of Abu Dhabi sovereign wealth fund
Mubadala Investment Co., will be subject to 60-day lock-up on
remaining stake; Aabar owned 14.75% of RHB before the sale.
(Bloomberg)
 ADCB seeks approval for $1bn in Tier capital instruments – Abu
Dhabi Commercial Bank (ADCB), is seeking approval to issue
$1bn in bonds to strengthen its capital adequacy ratio. The
bank will seek shareholders permission on March 21 to issue
tier capital instruments (including additional tier 1 capital or
subordinated tier 2 capital) notes/bonds or trust certificates
with an aggregate face amount of up to $1bn, according to a
statement. (Bloomberg)
 Emirate of Sharjah said to seek banks to arrange Dollar Sukuk –
The government of Sharjah is asking banks to help arrange the
sale of Islamic Dollar bonds, according to sources. The third-
biggest sheikhdom in the UAE sent out so-called request for
proposals for the benchmark-sized deal this month, the sources
said. A benchmark sale usually raises at least $500mn. Sharjah
last sold bonds in December when it reopened its 10-year Sukuk
to raise $200mn. It also raised $300mn over three years in
China’s bond market, the first Panda issue from the Middle East.
S&P Global Ratings, which rates Sharjah at the third-lowest
investment grade, expects the economy to gradually recover
through 2021, supported by a pickup in construction, tourism
and manufacturing. Spillover investment from Dubai’s World
Expo 2020 is also expected to support growth. (Bloomberg)
 Oman cut to ‘Junk’ by Moody's citing weakening fiscal metrics –
Oman’s long-term foreign debt rating has been downgraded by
Moody’s to ‘Junk’ and stated that the scope for fiscal
consolidation will remain more significantly constrained by the
government’s economic and social stability objectives. The
long-term issuer and senior unsecured bond ratings of the
Government of Oman lowered to ‘Ba1’, one level below
investment grade, from ‘Baa3’, Moody’s stated. The outlook
remains negative. Oman’s fiscal metrics will weaken to a level
that is consistent with a lower rating in an environment of
moderate oil prices, it stated. Moody’s does not expect scope for
meaningful fiscal consolidation to emerge beyond this year. It
projects Oman’s fiscal deficits to remain high, ranging from 7%
to 11% of GDP in the next three years. (Bloomberg)
 Oman sells OMR20mn 91-day bills at yield 2.523%; bid-cover at
1.75x – Oman sold OMR20mn of bills due on June 5, 2019 on
March 4, 2019. Investors offered to buy 1.75 times the amount
of securities sold. The bills were sold at a price of 99.375, having
a yield of 2.523% and will settle on March 6, 2019. (Bloomberg)

6. 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
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns,
#
Market was closed on March 5, 2019)
45.0
70.0
95.0
120.0
Feb-15 Feb-16 Feb-17 Feb-18 Feb-19
QSEIndex S&P Pan Arab S&P GCC
(0.0%)
(1.1%)
0.4%
0.1%
0.3%
(0.3%) (0.3%)
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,287.99 0.1 (0.4) 0.4 MSCI World Index 2,087.50 (0.1) (0.4) 10.8
Silver/Ounce 15.13 0.3 (0.5) (2.3) DJ Industrial 25,806.63 (0.1) (0.8) 10.6
Crude Oil (Brent)/Barrel (FM Future) 65.86 0.3 1.2 22.4 S&P 500 2,789.65 (0.1) (0.5) 11.3
Crude Oil (WTI)/Barrel (FM Future) 56.56 (0.1) 1.4 24.6 NASDAQ 100 7,576.36 (0.0) (0.3) 14.2
Natural Gas (Henry Hub)/MMBtu 3.18 (25.2) (0.3) (2.2) STOXX 600 375.64 (0.2) (0.2) 9.7
LPG Propane (Arab Gulf)/Ton 68.50 0.9 2.6 7.0 DAX 11,620.74 (0.1) (0.4) 8.7
LPG Butane (Arab Gulf)/Ton 69.75 (2.4) (1.8) 0.4 FTSE 100 7,183.43 0.5 0.7 10.2
Euro 1.13 (0.3) (0.5) (1.4) CAC 40 5,297.52 (0.1) 0.0 10.5
Yen 111.89 0.1 0.0 2.0 Nikkei 21,726.28 (0.6) 0.6 7.1
GBP 1.32 (0.0) (0.2) 3.3 MSCI EM 1,055.12 0.1 0.3 9.3
CHF 1.00 (0.5) (0.5) (2.3) SHANGHAI SE Composite 3,054.25 0.9 2.0 25.6
AUD 0.71 (0.1) 0.1 0.5 HANG SENG 28,961.60 (0.0) 0.5 11.8
USD Index 96.87 0.2 0.4 0.7 BSE SENSEX 36,442.54 1.6 1.6 (0.3)
RUB 65.76 0.0 (0.3) (5.7) Bovespa#
94,603.75 0.0 0.0 10.2
BRL 0.26 (0.0) (0.0) 2.8 RTS 1,180.15 (0.5) (0.6) 10.4
98.3
92.5
83.0