The QSE Index rose 0.8% to close at 10,297.1

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.8% to close at 10,297.1. Gains were led by the Consumer Goods
& Services and Telecoms indices, gaining 4.6% and 2.6%, respectively. Top gainers
were Qatar Fuel Company and Qatar General Insurance & Reinsurance Company,
rising 7.6% and 3.9%, respectively. Among the top losers, Islamic Holding Group fell
4.2%, while Qatari German Company for Medical Devices was down 1.6%.
GCC Commentary
Saudi Arabia: The TASI Index fell 2.2% to close at 7,496.9. Losses were led by the
Capital Goods and Telecommunication Services indices, falling 3.3% and 2.9%,
respectively. Saudi Industrial Export Co. declined 10.0%, while Amana Cooperative
Insurance Co. was down 5.8%.
Dubai: Market was closed on November 18, 2018.
Abu Dhabi: Market was closed on November 18, 2018.
Kuwait: The Kuwait Main Market Index declined 0.3% to close at 4,732.4. The
Consumer Goods index fell 1.4%, while the Oil & Gas index declined 0.9%. Boubyan
International Industries Holding Co fell 14.9%, while ACICO industries Co. was
down 11.8%.
Oman: The MSM 30 Index rose marginally to close at 4,452.1. The Financial index
gained 0.1%, while the Services index rose marginally. Global Financial Investment
rose 1.2%, while Phoenix Power was up 0.9%.
Bahrain: The BHB Index gained 0.1% to close at 1,310.9. The Hotel & Tourism index
rose 1.0%, while the Commercial Banks index gained 0.2%. Gulf Hotel Group rose
1.4%, while Al Salam Bank - Bahrain was up 1.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Fuel Company 176.50 7.6 501.9 72.9
Qatar General Ins. & Reins. Co. 47.98 3.9 0.1 (2.1)
Ooredoo 74.00 2.9 255.7 (18.5)
Vodafone Qatar 7.97 2.2 532.1 (0.6)
Mannai Corporation 58.24 2.2 2.6 (2.1)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Al Khalij Commercial Bank 11.11 (0.1) 538.6 (21.8)
Vodafone Qatar 7.97 2.2 532.1 (0.6)
Qatar Fuel Company 176.50 7.6 501.9 72.9
Qatar First Bank 4.24 (0.5) 482.7 (35.1)
Doha Bank 19.80 (0.5) 448.9 (30.5)
Market Indicators 18 Nov 18 15 Nov 18 %Chg.
Value Traded (QR mn) 211.3 348.7 (39.4)
Exch. Market Cap. (QR mn) 580,351.5 576,629.4 0.6
Volume (mn) 5.1 5.7 (9.8)
Number of Transactions 3,087 4,298 (28.2)
Companies Traded 41 41 0.0
Market Breadth 21:19 16:23 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,142.27 0.8 0.8 26.9 15.2
All Share Index 3,050.94 0.7 0.7 24.4 15.4
Banks 3,789.67 0.2 0.2 41.3 14.2
Industrials 3,287.67 0.5 0.5 25.5 15.6
Transportation 2,088.10 (0.3) (0.3) 18.1 12.1
Real Estate 2,006.76 0.4 0.4 4.8 18.1
Insurance 3,061.89 0.8 0.8 (12.0) 18.2
Telecoms 986.75 2.6 2.6 (10.2) 40.0
Consumer 6,999.86 4.6 4.6 41.0 14.3
Al Rayan Islamic Index 3,886.68 0.7 0.7 13.6 15.2
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ooredoo Qatar 74.00 2.9 255.7 (18.5)
Knowledge Economic City Saudi Arabia 9.75 1.6 1,403.5 (24.0)
Kuwait Projects Co Hold. Kuwait 0.21 1.4 653.0 (32.9)
Al Salam Bank-Bahrain Bahrain 0.09 1.1 135.9 (18.4)
Boubyan Petrochem. Co. Kuwait 1.03 1.1 742.9 53.3
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Mouwasat Med. Serv. Co. Saudi Arabia 71.80 (4.4) 147.3 (5.2)
Yanbu Cement Co. Saudi Arabia 23.70 (4.4) 152.9 (29.9)
Saudi British Bank Saudi Arabia 31.00 (4.0) 292.2 14.8
Saudi Cement Co. Saudi Arabia 45.00 (3.8) 248.9 (5.1)
Dar Al Arkan Real Est Dev Saudi Arabia 8.39 (3.8) 18,920.9 (41.7)
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%
Islamic Holding Group 23.22 (4.2) 34.4 (38.1)
Qatari German Co for Med. Dev. 4.35 (1.6) 12.3 (32.7)
Alijarah Holding 8.72 (1.4) 7.0 (18.6)
Medicare Group 60.19 (1.3) 49.6 (13.8)
Aamal Company 9.14 (1.0) 5.3 5.3
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Company 176.50 7.6 85,373.5 72.9
Ooredoo 74.00 2.9 18,830.0 (18.5)
Barwa Real Estate Company 39.71 0.5 16,434.8 24.1
QNB Group 196.19 0.1 12,792.7 55.7
Masraf Al Rayan 38.70 0.8 8,976.2 2.5
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* 10,297.06 0.8 0.8 (0.0) 20.8 57.92 159,422.6 15.2 1.5 4.2
Dubai#
2,778.76 0.1 (1.7) (0.2) (17.5) 25.04 99,702.2 9.4 1.0 6.3
Abu Dhabi#
5,055.46 0.7 0.5 3.1 14.9 76.70 137,534.1 13.7 1.5 4.8
Saudi Arabia 7,496.91 (2.2) (2.2) (5.2) 3.7 803.05 474,685.4 16.1 1.7 3.7
Kuwait 4,732.37 (0.3) (0.3) 0.8 (2.0) 34.64 32,411.2 16.2 0.9 4.4
Oman 4,452.12 0.0 0.0 0.7 (12.7) 2.91 19,276.8 10.5 0.8 5.8
Bahrain 1,310.88 0.1 0.1 (0.3) (1.6) 1.99 20,280.8 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;
#
Data as of November 15, 2018)
10,150
10,200
10,250
10,300
10,350
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 10,297.1. The Consumer Goods &
Services and Telecoms indices led the gains. The index rose on the back
of buying support from Qatari and non-Qatari shareholders despite
selling pressure from GCC shareholders.
 Qatar Fuel Company and Qatar General Insurance & Reinsurance
Company were the top gainers, rising 7.6% and 3.9%, respectively.
Among the top losers, Islamic Holding Group fell 4.2%, while Qatari
German Company for Medical Devices was down 1.6%.
 Volume of shares traded on Sunday fell by 9.8% to 5.1mn from 5.7mn on
Thursday. Further, as compared to the 30-day moving average of 5.6mn,
volume for the day was 9.0% lower. Al Khalij Commercial Bank and
Vodafone Qatar were the most active stocks, contributing 10.5% and
10.3% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2018
% Change
YoY
Operating Profit
(mn) 3Q2018
% Change
YoY
Net Profit
(mn) 3Q2018
% Change
YoY
Abdullah A. M. Al-Khodari Sons
Co.
Saudi Arabia SR 63.7 -50.0% – – -4.9 N/A
Source: Company data, DFM, ADX, MSM, TASI, BHB.
News
Qatar
 Qatar’s CPI inflation edges down in October – Qatar's consumer
price index (CPI) inflation declined 0.25% YoY in October,
despite higher expenses towards education, transport, health,
clothing and furniture, according to official data. The CPI-based
cost of living was up a marginal 0.07% on a monthly basis,
mainly owing to costlier food and beverage, communication
and restaurants, according to the Ministry of Development
Planning and Statistics. Highlighting that headline inflation
remains subdued; the International Monetary Fund (IMF), after
its officials concluded their visit to Qatar, said the proposed
restructuring in the fiscal space, including taxation, may
slightly lift price levels in the future. The IMF, in its latest
Article IV consultation with Qatar, viewed that inflation is
expected to peak at 3.9% in 2018, before easing to 2.2% in the
medium term. The index of housing, water, electricity and other
fuels, with a weight of 21.89% in the CPI basket, fell 2.97% YoY
in October 2018 and 0.43% on a monthly basis. (Gulf-
Times.com)
 Around 21,000 new firms registered since siege began until
August end – HE the Chairman of Qatar Chamber (QC), Sheikh
Khalifa bin Jassim Al-Thani said the number of new companies
registered with QC since the beginning of the siege until the end
of August 2018 reached about 21,000. In an interview with
Qatar News Agency (QNA), he stressed this shows the
attractive investment climate in Qatar, which has not been
affected by the siege imposed on the country. QC’s Chairman
praised Qatar's flexible and multifaceted economic strategy,
which is in line with the Qatar National Vision 2030, making
the country achieve significant economic development over the
past years. He made special mention of the growth of the oil
and non-oil sectors, where the contribution of the private sector
to the GDP increased significantly, especially with support
given by the wise leadership and the remarkable governance. In
this context, Sheikh Khalifa added that the leadership wants
the private sector to play a greater role in economic
development, and to pave the way for its participation in the
State's projects, the government has issued a number of
decisions. He said the private sector has succeeded in taking a
prominent position in the Qatari economy, especially during the
siege, taking advantage of the government initiatives that
paved the way for it to be a true partner in economic growth.
(Gulf-Times.com)
 Taxes on tobacco products and aerated drinks will go up in
Qatar very soon – Taxes on tobacco products and aerated drinks
will go up in Qatar very soon, according to the Director of Public
Health at Ministry of Public Health, Sheikh Mohamed bin
Hamad Al-Thani. “There is a plan accepted by the Ministry of
Finance to raise the taxes on tobacco to the same levels as in
the neighboring countries. Qatar is waiting for the right time to
implement it and it can happen any time soon. The final
decision on the implementation will be taken by the cabinet and
the Ministry of Finance. They will decide on the timing and
calculate the taxes depending on the prevailing circumstances,”
Sheikh Mohamed said. (Gulf-Times.com)
 Qatar-US trade increases nearly 22% to QR6.48bn in 3Q2018 –
Within the first nine months of this year, Qatar and the US
traded goods worth more than that was exchanged during the
whole year of 2017. The combined value of Qatar-US trade in
goods during the first nine months of 2018 reached QR16.53bn,
which is higher compared to QR15.73bn for the full year in
2017. On quarterly basis, the bilateral trade volume in goods
between Qatar and the world’s largest economy rose to
QR6.48bn in 3Q2018, up 21.9% compared to QR5.31bn recorded
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 49.87% 58.53% (18,301,250.52)
Qatari Institutions 24.88% 15.68% 19,442,980.68
Qatari 74.75% 74.21% 1,141,730.16
GCC Individuals 1.02% 1.51% (1,045,136.11)
GCC Institutions 1.02% 2.84% (3,856,689.19)
GCC 2.04% 4.35% (4,901,825.30)
Non-Qatari Individuals 9.44% 11.55% (4,452,786.64)
Non-Qatari Institutions 13.77% 9.88% 8,212,881.78
Non-Qatari 23.21% 21.43% 3,760,095.14

3. Page 3 of 5
in the previous quarter. When compared with the same quarter
of last year the trade volume in goods increased by 45.9%
against QR4.44bn registered in 3Q2017. The value of total US
exports to Qatar until September 2018 touched QR12.01bn and
imports from Qatar stood at QR4.47bn, latest online data
released by the US Census Bureau showed. (Peninsula Qatar)
International
 UK business morale hits lowest since at least 2009 – Bruised by
uncertainty about Brexit, British businesses are now more
pessimistic about the outlook than at any time since at least
2009, a survey showed. Plans for hiring and investment across
both manufacturing and services firms sagged, according to a
quarterly report from data firm, IHS Markit, which also
compiles the closely watched purchasing managers’ indexes.
The survey, conducted over the second half of October, showed
firms cited political uncertainty as the biggest factor weighing
on confidence. Prime Minister, Theresa May last week
published a draft divorce deal with the European Union (EU)
that has drawn the ire of Eurosceptics in her party, raising
questions about her future as leader and sending the Pound
sharply lower. The net balance of companies expecting
business activity to rise in the next 12 months fell to 32% from
39% in the previous survey, marking the lowest reading since
the IHS Markit Business Outlook Survey started in 2009.
(Reuters)
 Nearly half of German firms expect growing trade strains with
US – Forty-four percent of German firms expect a further
escalation of trade tensions between Europe and the US, which
is likely to continue to dampen new investments, the RND
newspaper chain reported, citing a survey by the IW economic
institute. Thirty-four percent do not see trade ties growing
more strained, RND reported. It stated 41% of firms surveyed
considered it unlikely that the US and the EU would reach an
agreement on a transatlantic trade agreement. US President,
Donald Trump and European Commission’s President, Jean-
Claude Juncker struck an agreement in July that should shield
European firms from US auto tariffs, while the two sides
continue to work on trade issues. (Reuters)
 Japan's exports rebound in October, driven by US car imports –
Japan’s exports rebounded in the year to October, reversing
from the prior month’s surprise drop as US-bound car shipments
grew, although slowing global demand and the intensifying US-
China trade war cloud the outlook for export-reliant Japan.
Ministry of Finance (MoF) data showed exports rose 8.2% in
October from a year before, slightly below a 9.0% gain expected
by economists in a Reuters poll. The export growth followed a
revised 1.3% annual drop in September, which analysts say was
caused by natural disasters that forced a closure of an
international airport and crimped factory output, distribution of
goods and inbound tourism. The November 19 trade news
followed GDP data issued last week that showed Japan’s
economy, the world’s third largest, shrank more than expected
in the third quarter, hit by natural disasters and sluggish
exports. While the economy is expected to return to growth this
quarter as temporary effects from natural disasters fade,
Japanese policymakers remain wary about the overall economic
impact of global trade friction and slowing external demand.
(Reuters)
 Former Finance Minister: China should cut income taxes to spur
growth – China should cut corporate and personal income taxes
to support the slowing economy amid a trade dispute with the
US, former Chinese Finance Minister, Lou Jiwei said. Facing the
nation’s weakest economic growth since the global financial
crisis, Chinese policymakers are fast-tracking road and rail
projects, pushing banks to increase lending, and cutting taxes
to ease strains on businesses. China in October raised the
threshold for collecting individual income tax to CNY5,000 per
month from CNY3,500, hoping to boost consumption. The
government has also been cutting value-added taxes and fees
for companies, but it has yet to lower a corporate income tax
rate of 25%. China should not launch another round of large-
scale infrastructure investment to spur growth given that such
a move could worsen the country’s debt risks, Lou said.
(Reuters)
Regional
 All members to attend Riyadh GCC Summit – Kuwaiti Deputy
Foreign Minister, Khaled Al Jarallah affirmed that the next Gulf
summit will be held in Riyadh, Saudi Arabia, in December and
will be attended by all Gulf countries. “I am optimistic that the
level of representation is expected to be high and reflects the
keenness of GCC leaders to maintain this pioneering
experience,” Al Jarallah said. The Ministerial Committees have
been meeting in Kuwait and thus ensure that the GCC
mechanism is maintained, effective and continuous. He
stressed that this summit represents a ray of hope in reviving
the efforts aimed at containing the Gulf dispute. (Peninsula
Qatar)
 Saudi Arabia plans to build over 19,000 residential units – Saudi
Arabia has announced a major housing development program
under which more than 19,000 residential units will be built in
major areas of the Kingdom for beneficiaries of its Sakani
scheme. The Housing Ministry, represented by the Sakani
program, has already signed five agreements with four real
estate development companies for setting up of these villas and
townhouses, reported Arab News. Under this program, a total of
19,359 housing units will be set up in Riyadh, Jeddah, Buraidah
and Alkhobar for Sakani beneficiaries, the report noted. Of the
five projects, Murooj Jeddah will include 10,000 housing units,
while Luluat Al Bahar in Jeddah will have 8,000 housing units,
Tanal in Riyadh will have around 1,008 housing units, Areen in
Alkhobar will have 273 housing units and Basateen Al Qassim
in Buraidah will have around 78 housing units. The projects will
include dedicated sites for mosques, parks and government
agencies, it added. (GulfBase.com)
 DP World’s Chairman says trade tensions will make 2019
challenging – Global ports operator, DP World believes that
international trade tensions such as those between the US and
China will make 2019 challenging, but not unmanageable, its
Chairman said. The Dubai government-controlled ports
operator cautioned in August about geopolitical risks and
changes in trade policies as first-half profit fell 2.1%. DP
World’s Chairman, Sultan Ahmed bin Sulayem told Reuters
that he believed the psychological impact of trade tensions
involving the US were starting to translate into reality.
Financial institutions were becoming increasingly cautious and

4. Page 4 of 5
taking measures such as tightening lending in reaction to trade
tensions, he said in an interview. (Reuters)
 Kuwait Oil Company in $1.3bn deal to import drilling towers –
Kuwait Oil Company has signed contracts worth over $1.3bn to
import drilling towers, the company’s CEO, Jamal Jaafer told
Kuwait's al-Anba newspaper. The contracts have tenure of
three years and can be renewed for another two years, he said.
(Zawya)

5. 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
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Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
#
Data as of November 15, 2018)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Oct-14 Oct-15 Oct-16 Oct-17 Oct-18
QSE Index S&P Pan Arab S&P GCC
(2.2%)
0.8%
(0.3%)
0.1% 0.0%
0.7%
0.1%
(2.7%)
(1.8%)
(0.9%)
0.0%
0.9%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi#
Dubai#
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,221.50 0.7 1.0 (6.3) MSCI World Index 2,031.76 0.3 (1.5) (3.4)
Silver/Ounce 14.41 0.8 1.8 (14.9) DJ Industrial 25,413.22 0.5 (2.2) 2.8
Crude Oil (Brent)/Barrel (FM Future) 66.76 0.2 (4.9) (0.2) S&P 500 2,736.27 0.2 (1.6) 2.3
Crude Oil (WTI)/Barrel (FM Future) 56.46 0.0 (6.2) (6.6) NASDAQ 100 7,247.87 (0.2) (2.1) 5.0
Natural Gas (Henry Hub)/MMBtu 4.30 (8.3) 12.3 21.5 STOXX 600 357.71 0.7 (1.5) (12.7)
LPG Propane (Arab Gulf)/Ton 80.00 3.6 9.6 (18.2) DAX 11,341.00 0.7 (0.9) (16.7)
LPG Butane (Arab Gulf)/Ton 81.50 6.5 6.2 (22.8) FTSE 100 7,013.88 0.2 (2.5) (13.5)
Euro 1.14 0.8 0.7 (4.9) CAC 40 5,025.20 0.7 (0.9) (10.2)
Yen 112.83 (0.7) (0.9) 0.1 Nikkei 21,680.34 (0.1) (1.7) (5.0)
GBP 1.28 0.5 (1.1) (5.0) MSCI EM 986.30 0.6 1.0 (14.9)
CHF 1.00 0.7 0.6 (2.5) SHANGHAI SE Composite 2,679.11 0.4 3.4 (24.0)
AUD 0.73 0.8 1.5 (6.1) HANG SENG 26,183.53 0.3 2.3 (12.7)
USD Index 96.47 (0.5) (0.5) 4.7 BSE SENSEX 35,457.16 0.6 2.0 (7.4)
RUB 65.98 0.1 (3.1) 14.5 Bovespa 88,515.27 4.3 3.3 2.3
BRL 0.27 1.1 (0.3) (11.5) RTS 1,134.93 0.3 1.2 (1.7)
75.5
74.8
73.2