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QNBFS Daily Market Report November 26, 2018

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The QSE Index declined 0.7% to close at 10,251.6

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QNBFS Daily Market Report November 26, 2018

  1. 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.7% to close at 10,251.6. Losses were led by the Telecoms and Real Estate indices, falling 1.4% and 1.3%, respectively. Top losers were Qatar Islamic Insurance Company and Ezdan Holding Group, falling 2.6% and 2.3%, respectively. Among the top gainers, Qatar Cinema & Film Distribution Company gained 10.0%, while Qatar General Insurance & Reinsurance Company was up 6.5%. GCC Commentary Saudi Arabia: The TASI Index fell 1.2% to close at 7,512.6. Losses were led by the Media & Entertainment and Energy indices, falling 4.2% and 2.0%, respectively. Saudi Industrial Export Co. was down 10.0%, while Yanbu National Petrochemical Co. was down 5.1%. Dubai: The DFM General Index declined 0.6% to close at 2,739.4. The Services index fell 2.1%, while the Insurance index declined 1.9%. Almadina for Finance and Investment Co. fell 5.8%, while DAMAC Properties Dubai Co. was down 4.3%. Abu Dhabi: The ADX General index fell 0.8% to close at 4,946.5. The Investment & Financial Services index declined 4.0%, while the Consumer Staples index fell 2.3%. Waha Capital Company declined 4.3%, while Methaq Takaful Insurance Company was down 3.9%. Kuwait: The Kuwait Main Market Index declined 0.3% to close at 4,732.7. The Basic Materials index fell 0.9%, while the Consumer Services index declined 0.4%. Int. Financial Advisers fell 14.0%, while Umm Al-Qaiwain General Inv. was down 6.9%. Oman: The MSM 30 Index fell 0.6% to close at 4,425.5. Losses were led by the Services and Financial indices, falling 1.0% and 0.3%, respectively. Al Hassan Engineering fell 25.0%, while Al Jazeera Services was down 5.0%. Bahrain: Market was closed on November 25, 2018. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Cinema & Film Distribution 23.94 10.0 2.2 (4.2) Qatar General Ins. & Reins. Co. 46.90 6.5 3.2 (4.3) Doha Bank 20.71 2.0 270.8 (27.3) Dlala Brokerage & Inv. Holding Co. 10.30 2.0 35.5 (29.9) Qatar National Cement Company 57.90 1.6 2.1 (7.9) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Gulf International Services 18.29 0.2 370.5 3.3 Barwa Real Estate Company 39.20 0.3 351.8 22.5 Mazaya Qatar Real Estate Dev. 7.64 0.9 296.1 (15.1) Doha Bank 20.71 2.0 270.8 (27.3) Masraf Al Rayan 39.50 (0.6) 234.5 4.6 Market Indicators 25 Nov 18 22 Nov 18 %Chg. Value Traded (QR mn) 82.1 147.4 (44.3) Exch. Market Cap. (QR mn) 577,932.7 583,821.6 (1.0) Volume (mn) 2.9 4.3 (32.5) Number of Transactions 2,130 3,064 (30.5) Companies Traded 43 40 7.5 Market Breadth 15:24 25:12 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,062.21 (0.7) (0.7) 26.4 15.2 All Share Index 3,043.50 (0.9) (0.9) 24.1 15.4 Banks 3,785.10 (1.2) (1.2) 41.1 14.2 Industrials 3,261.03 (0.5) (0.5) 24.5 15.5 Transportation 2,092.34 (0.3) (0.3) 18.3 12.2 Real Estate 2,034.10 (1.3) (1.3) 6.2 18.3 Insurance 3,035.60 1.0 1.0 (12.8) 18.1 Telecoms 993.78 (1.4) (1.4) (9.6) 40.3 Consumer 6,754.41 (0.6) (0.6) 36.1 13.8 Al Rayan Islamic Index 3,877.74 (0.4) (0.4) 13.3 15.2 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Bupa Arabia for Coop. Ins. Saudi Arabia 72.00 3.0 609.9 16.1 Knowledge Economic City Saudi Arabia 9.92 1.2 930.5 (22.7) Saudi Arabian Fert. Co. Saudi Arabia 76.00 0.8 139.8 16.7 Dubai Investments Dubai 1.45 0.7 1,309.4 (39.8) Emaar Properties Dubai 4.80 0.6 4,070.4 (26.6) GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% Yanbu National Petro. Co. Saudi Arabia 64.50 (5.1) 633.9 9.6 DAMAC Properties Dubai 1.99 (4.3) 190.8 (39.7) National Petrochem. Co. Saudi Arabia 23.98 (4.0) 1,000.2 29.4 Sembcorp Salalah Power. Oman 0.19 (3.6) 20.3 (19.6) Saudi Kayan Petro. Co Saudi Arabia 13.28 (3.6) 8,318.0 24.3 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% Qatar Islamic Insurance Company 53.02 (2.6) 0.5 (3.5) Ezdan Holding Group 11.70 (2.3) 94.2 (3.1) Ooredoo 73.80 (2.0) 80.7 (18.7) QNB Group 194.30 (1.9) 19.8 54.2 Qatar Oman Investment Co. 5.82 (1.9) 0.4 (26.3) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Barwa Real Estate Company 39.20 0.3 13,704.6 22.5 Masraf Al Rayan 39.50 (0.6) 9,279.0 4.6 Gulf International Services 18.29 0.2 6,693.8 3.3 Ooredoo 73.80 (2.0) 5,972.6 (18.7) Qatar Fuel Company 166.20 (0.7) 5,705.0 62.8 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 10,251.62 (0.7) (0.7) (0.5) 20.3 22.51 158,758.1 15.2 1.5 4.3 Dubai 2,739.38 (0.6) (0.6) (1.6) (18.7) 20.70 98,700.7 9.2 1.0 6.4 Abu Dhabi 4,946.48 (0.8) (0.8) 0.9 12.5 31.96 134,643.4 13.4 1.4 4.9 Saudi Arabia 7,512.57 (1.2) (1.2) (5.0) 4.0 596.62 473,572.9 16.2 1.7 3.7 Kuwait 4,732.74 (0.3) (0.3) 0.8 (2.0) 43.27 32,367.4 16.9 0.9 4.4 Oman 4,425.45 (0.6) (0.6) 0.1 (13.2) 13.01 19,214.7 10.4 0.8 5.9 Bahrain# 1,323.21 0.7 1.1 0.6 (0.6) 10.40 20,263.0 9.0 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 22, 2018) 10,240 10,260 10,280 10,300 10,320 10,340 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QSE Index declined 0.7% to close at 10,251.6. The Telecoms and Real Estate indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from GCC and non-Qatari shareholders.  Qatar Islamic Insurance Company and Ezdan Holding Group were the top losers, falling 2.6% and 2.3%, respectively. Among the top gainers, Qatar Cinema & Film Distribution Company gained 10.0%, while Qatar General Insurance & Reinsurance Company was up 6.5%.  Volume of shares traded on Sunday fell by 32.5% to 2.9mn from 4.3mn on Thursday. Further, as compared to the 30-day moving average of 5.7mn, volume for the day was 49.3% lower. Gulf International Services and Barwa Real Estate Company were the most active stocks, contributing 12.8% and 12.1% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) News Qatar  API certification to enable Al Khalij Cement Company to produce Oil Well Cement – Al Khalij Cement Company (AKCC), a subsidiary of Qatari Investors Group (QIGD) has announced that it was awarded the American Petroleum Institute (API) certification, allowing it to produce Oil Well Cement (OWC) Class ‘G’ at Grade (s) HSR at its Umm Bab factory. Al Khalij Cement Company has become the first and only cement producer in Qatar to able to deliver this high-specification grade of cement, the company stated. The certification was attained by Al Khalij Cement Company’s production plant following the API’s stringent audit and review of processes in various departments, including but not limited to procurement, production, laboratories, quality assurance, and quality control, in addition to the complete work cycles. (Gulf-Times.com)  QGRI discloses the ceasing of its branch located in Dubai – Qatar General Insurance and Reinsurance Company (QGRI) disclosed that in complement to its former disclosure related to the company’s decision to exit the insurance market in Dubai via its branch located in Dubai, UAE. The company’s branch in Dubai will cease issuing any new insurance policies as of November 26, 2018 and has initiated accordingly a run off on its branch. Hence, QGRI affirmed the commitment of its branch in Dubai towards fulfilling all of its obligations, particularly with respect to claims, until the expiry of the last policy issued by the branch. (QSE)  QCB holds workshop on regulatory treatment of IFRS9 provisions – Qatar Central Bank (QCB), the banking and financial market regulator, is hosting a specialized workshop involving key stakeholders, including all local banks, on ‘Regulatory Treatment of Accounting Provisions: IFRS9 and Beyond’. The three-day event, which is being organized in collaboration with the Union of Arab Banks, aims to discuss important issues and challenges with regard to advanced and practical implementation of the of ‘impairment’ provisions under the newly-promulgated International Financial Reporting Standard ‘IFRS9’ from 2018. IFRS 9 is a revised financial reporting practice replacing the earlier version of IFRS (IAS 39). After the 2008 financial crisis, the US-based International Accounting Standards Board decided to revise their accounting standards for financial instruments to address perceived deficiencies, which were believed to have contributed to the magnitude of the crisis. (Peninsula Qatar)  Qatar has strong infrastructure for information security in the financial sector, say experts – A number of experts have stressed that Qatar has a strong infrastructure for information security in the financial sector and said the country was able to combine modern technology and human element, which has had the greatest impact in protection from piracy. In exclusive remarks to Qatar News Agency (QNA), they stressed that this infrastructure represents a barrier to electronic piracy attempts, which have cost many countries economic losses estimated to exceed $6tn in 2021, up from about $3tn in 2015. Director of Information Technology Department at the Qatar Central Bank (QCB), Abdulhadi Ahen said that the level of information security in the financial sector in Qatar is high, placing it among countries with high protection systems. He pointed out that the QCB is constantly monitoring international developments regarding information protection and firewalls in order to provide banks with instructions to modernize their work systems. (Gulf-Times.com)  Qatar, Turkey to strengthen their strategic partnership – In the framework of the distinguished partnership and strong relations between Doha and Ankara, the fourth meeting of Qatar-Turkey Supreme Strategic Committee will be held on Monday in Istanbul, under the chairmanship of HH the Amir Sheikh Tamim bin Hamad Al-Thani and Turkish President, Recep Tayyip Erdogan. This session is particularly important because there are many goals that the two countries aspire to achieve in various sectors. HH the Amir will discuss with the Turkish president ways to strengthen and develop the strategic partnership between the two countries in various fields, in addition to a number of regional and international issues of common concern. The two leaders will also witness the signing of a number of cooperation agreements and memorandums of understanding in various fields. (Gulf-Times.com)  QFBA set to offer fintech courses – To keep up with the latest technological trends, Qatar Finance and Business Academy (QFBA) will offer financial technology (fintech) courses, along with hosting fintech-related events, an official said. “The QFBA is keen on keeping up with all new and disruptive technologies, which affect the financial industry,” QFBA’s CEO, Khalid Al- Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 32.75% 46.91% (11,621,848.72) Qatari Institutions 12.45% 27.35% (12,229,915.75) Qatari 45.20% 74.26% (23,851,764.47) GCC Individuals 1.89% 1.15% 605,423.86 GCC Institutions 3.22% 2.98% 199,695.64 GCC 5.11% 4.13% 805,119.50 Non-Qatari Individuals 13.38% 10.80% 2,113,763.70 Non-Qatari Institutions 36.31% 10.81% 20,932,881.27 Non-Qatari 49.69% 21.61% 23,046,644.97
  3. 3. Page 3 of 6 Horr said. He added, “And in line with that direction, we will be offering fintech courses publicly, along with hosting fintech- related events with our partners, in order to raise awareness and stay ahead of the curve.” Asked about the QFBA’s current strategy, development plan, and milestones, Al-Horr said, “Driven by an important mission of raising the financial services sector standards, the QFBA’s strategy is built around the importance of people growth, extensive market researches, creating products that are needed by the market, and sustaining human capital growth locally.” (Gulf-Times.com)  PM chairs first meeting of Tourism Council – HE the Prime Minister (PM) and Minister of Interior, Sheikh Abdullah bin Nasser bin Khalifa Al-Thani, Chairman of the board of directors of National Tourism Council (NTC), chaired yesterday NTC’s first meeting. The meeting reviewed the summary of the National Tourism Sector Strategy 2017-2023 approved by the Supreme Council for Economic Affairs and Investment during its the third meeting of 2017, and what has been achieved since its adoption, in addition to discussing the summary of the governance of the new tourism sector and the functions of NTC’s General Secretariat. Furthermore, the meeting discussed the tourism projects and initiatives, the most important challenges facing them and ways to deal with these challenges. (Gulf-Times.com)  ICC Qatar to hold seminar on innovation opportunities, growth potential in Qatar – The International Chamber of Commerce (ICC) Qatar, in collaboration with Thomson Reuters (now Refinitiv), will host a seminar titled ‘How can Innovation Stimulate Growth in Qatar’, which will take place on November 28 at the Qatar Chamber headquarters. The session will focus on topics such as blockchain, cryptocurrencies, and ICOs (initial coin offerings) to help attendees attain more insight on the state of artificial intelligence and its potential, regulation vs. innovation, banks vs. fintech, and innovation in Islamic finance. (Gulf-Times.com) International  Japan’s November factory activity expands at slowest pace in two years – Japanese manufacturing activity expanded at the slowest pace in two years in November and new orders contracted for the first time since September 2016, a preliminary survey showed, raising doubt about growth prospects for the current quarter. The Flash Markit/Nikkei Japan Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally-adjusted 51.8 in November from a final 52.9 in October. The index remained above the 50 threshold that separates contraction from expansion for the 27th consecutive month. However, the flash reading was the weakest for a month since November 2016, and a significant drop from October’s six-month peak. The index for new orders dropped to 49.6 from 52.6 in October, while that for new export orders showed expansion, though at a slower pace. Output expanded again, according to the flash reading, though it grew less than in October. The index for new export orders, a leading indicator of shipments from Japan, slipped to 50.8 from 51.1 the previous month. (Reuters)  China’s economic growth seen slowing to 6.3% next year – China’s economic growth is expected to hit 6.6% this year and slow to 6.3% in 2019 as the country struggles with challenges relating to trade and structural reform, economists from Beijing’s Renmin University stated in a report. The predictions, published by the news service of the China Academy of Social Sciences, are in line with the median forecast in a poll of 73 economists by Reuters last month, with China under increasing pressure from a trade war with the US. However the economists with Renmin University’s School of Economics warned that China would still face difficulties even if trade tensions with the US were resolved, with the country facing a deteriorating global trade environment, falling export growth and currency depreciation. The report stated next year should also see a rebalancing of China’s foreign trade, with imports likely to soar 16.1%, compared with 6.1% rise in 2018. (Reuters) Regional  MENA’s announced deal value increases 105% in 3Q2018 – The value of announced deals with disclosed value in the MENA region increased by 105% to $10bn in 3Q2018 from $4.9bn in 3Q2017 according to the EY Q3 MENA M&A report. Deal value remained consistent YoY; 107 deals were announced in 3Q2018 compared with 110 deals in 3Q2017, a decrease of 3%. The GCC deals represented 79% ($7.9bn) of the total MENA announced deal value, and 73% of deal volume. While announced cross border (inbound and outbound) activity was on par with 3Q2017, deal value increased fivefold, valued at $9bn in 3Q2018 compared to $1.5bn in 3Q2017. Outbound deals increased from $1.5bn in 3Q2017 to $6.4bn in 3Q2018 and inbound deals grew from $28.6mn to $2.6bn in 3Q2018. In 3Q2018, there was significant cross border activity from sovereign wealth funds with deal value of $2.5bn compared to $0.3bn in 3Q2017 across the sectors. (Peninsula Qatar)  Saudi Arabia’s trade surplus rises MoM to SR58.832bn in September – Saudi Arabia’s General Authority for Statistics published statistics on foreign merchandise trade for September. Saudi Arabia’s trade surplus rose to SR58.832bn in September 2018 as compared to SR58.412bn in August. Oil exports increased to SR79.5bn in September versus SR75.3bn in the previous month. Non-oil exports also rose to SR18.1bn in September as compared to SR16.7bn in previous month and 40.6% YoY. September’s imports stood at SR38.8bn versus SR33.6bn in the previous month; on YoY basis, imports increased 9.5%. (Bloomberg)  Saudi Aramco to sign 30 deals worth about $25bn as part of local content push – Saudi Aramco will sign this week 30 agreements worth about $25bn with local and foreign companies as part of a drive to expand the Kingdom’s industrial base and manufacture a bigger share of products domestically, according to Saudi Aramco’s CEO, Amin Nasser. The agreements will be signed on the sidelines of Saudi Aramco’s In-Kingdom Total Value Add Program (IKTVA), which will take place on Monday and Tuesday. IKTVA is a plan outlined by Saudi Aramco a few years ago, aimed at doubling the percentage of locally produced energy-related goods and services to 70% of the total spend by 2021. (Reuters, Bloomberg)  Saudi Aramco attracts 400 companies to localize supply chain content – Saudi Aramco, the world’s biggest oil producing company, has signed up more than 400 companies for its national supply chain initiative – part of efforts to increase use
  4. 4. Page 4 of 6 of locally produced goods and services. Baker Hughes, part of General Electric, Schlumberger, AZR Technologies and the Arabian Drilling Company are among companies that are part of Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program, the company stated. The initiative aims to locally source Saudi Aramco’s supply chain by incentivizing international and local providers to invest within the Kingdom. (GulfBase.com)  ABB, Siemens CEOs to visit Saudi Arabia for supplier conference – The Chief Executives of ABB and Siemens are traveling to Saudi Arabia to attend a supplier conference, just weeks after they pulled out of an investment event in the country following the death of a journalist. ABB’s CEO, Ulrich Spiesshofer and Joe Kaeser from Siemens will travel to Dammam for an event organized by Saudi Aramco called In- Kingdom Total Value Add (IKTVA). The pair had been among the Executives who boycotted an earlier investment conference following the killing of Jamal Khashoggi. (Reuters)  Saudi Aramco’s CEO sees SABIC’s stake, refining push as keys to growth – Saudi Aramco aims to become a global refiner and chemical maker, seeking to profit from parts of the oil industry where demand is growing the fastest while also underpinning the Kingdom’s economic diversification. The world’s biggest oil exporter is earmarking $500bn to invest over the next 10 years, including $160bn for natural gas developments and $100bn for chemicals projects, Saudi Aramco’s CEO, Amin Nasser said in an interview. The spending would come on top of the company’s planned purchase of a majority stake in SABIC, the Middle East’s largest chemical business, in a deal that could be valued at about $70bn. (Bloomberg)  Union National Bank hires JPMorgan for merger talks – Abu Dhabi-based lender Union National Bank has hired JPMorgan to advise on its merger talks with Abu Dhabi Commercial Bank, according to sources. The merger, which will also involve unlisted Al Hilal Bank, was announced by the banks in September and is the latest consolidation among state-owned companies in the UAE’s capital. (Reuters)  FTA: UAE’s tourist tax refund scheme a great success – The Federal Tax Authority (FTA) asserted that the digital system for the Tax Refunds for Tourists Scheme has achieved notable success in the past few days since it came into effect on November 18, 2018, noting that FTA officials were present at the Abu Dhabi, Dubai, and Sharjah international airports, the ports of entry included in the first phase of the project, to verify that the scheme is running smoothly. FTA’s Director General, Khalid Ali Al Bustani applauded the scheme’s success, evidenced by several indicators such as the high satisfaction rate among tourists with regards to the procedures, where the UAE was the first country in the world to implement a fully integrated, seamless system allowing tourists to recover taxes incurred on purchases made while visiting the UAE, and verify their eligibility for recovering tax using the system’s built-in mechanisms. This, in turn, supports the government’s efforts to implement the tax system and ensure it is in line with international best practices. (GulfBase.com)  UAE agrees long-term visa for investors, special talent – The UAE’s Cabinet has approved long-term visa system for investors, entrepreneurs, specialized talents and researchers in the fields of science, knowledge and outstanding students to facilitate business and create an attractive and encouraging investment environment for the growth of business for investors, entrepreneurs and professional talents. The decision of the Cabinet follows the previous decision approved earlier this year to grant investors 10-year residency visa, as well as to grant residency visas of up to 10 years for specialized specialists in the medical, scientific, research and technical fields, and for scientists and creative talents of culture and arts, including their spouses and children. The decision aims to maintain the position of the UAE as an optimal business environment, reported Emirates new agency Wam. (GulfBase.com)  Relentless pressure remains on Dubai’s rental rates – The pressure on Dubai’s residential rents remains relentless. Just about every community - whether they feature towers, mid- rises or villas - in the city has seen drops in the double-digits in the last 12 months. Rental rates at Downtown and Discovery Gardens have dropped by 12% and 14%, respectively; at Jumeirah Village, the decline has been around 15% in the 12 months up to September end. The only exception to the double- digit drops is at Dubai Marina, where rent declines averaged 8% during this period, according to data from Asteco, the property services firm. (GulfBase.com)  Dubai boosts position as global maritime hub – The Maritime Advisory Council, one of the initiatives of the Dubai Maritime City Authority (DMCA), reaffirmed its commitment towards promoting stronger partnership ties between the public and private sector via the launch of quality initiatives and projects that seek to reinforce Dubai’s leading position in the global maritime and logistics map. During the meeting, council members discussed moves on how to further improve the efficiency and competitiveness of the local maritime segment and how to effectively contribute in the efforts to transform Dubai into a city of sustainable economic growth as envisioned in the Dubai 2021 plan. (GulfBase.com)  Abu Dhabi's building licenses up 23.5% in 2Q2018 – A total of 1,436 building licenses have been issued in Abu Dhabi city during the second quarter, up 23.5% from 1,162 licenses issued last year. According to Statistics Centre - Abu Dhabi, the residential building licenses accounted for 77.1% of the total permits issued during the quarter (1,110) in yet a new evidence of the urban construction uplift in the Emirate. Saadiyat Island was a top performer in terms of residential building activities, followed by Mohamed bin Zayed City, in an indicator of the continuing construction momentum, specially across freehold areas, the data showed. (GulfBase.com)  Warba Bank’s share capital increase subscription started yesterday – Warba Bank announced that the offering period in capital increase for exercising pre-emption right started on November 25 and ends on December 9, 2018. The total shares’ value amounts KD90mn (KD50 par value and KD40 share premium); the subscription share price is 180 fils, including 100 fils par value and 80 fils share premium. The bank asserted that for the first time in Kuwait, an online subscription of 16,500 shares or less could be processed online. The payment could be made through the K-net electronic payment service by following simple steps on the URL http://www.ipo.com.kw, where subscribers will register their civil number/commercial
  5. 5. Page 5 of 6 registration number consequently the system will define their eligibility or ineligibility to the subscription. Then the subscriber will set the number of shares to be subscribed and pay the price amount through the electronic payment service. (GulfBase.com)  Kuwait National Petroleum Company’s CEO says 2035 strategy to cost $25bn – Kuwait National Petroleum Company’s strategic plan to 2035 will cost $25bn, its CEO Mohammed Al Mutairi said. The plan could be self-funded, financed by parent Kuwait Petroleum Company, or by loans from local or foreign banks, he added. (Reuters)  In Oman, Islamic banks provide OMR3.4bn financing as of the end of August 2018 – Islamic banking entities provided financing to the extent of OMR3.4bn as of the end of August 2018, recording an increase of 17.2% over that a year ago, according to the bulletin released by the Central Bank of Oman. The total deposits held with Islamic banks and windows also registered a significant increase to OMR3.1bn in August 2018 from OMR2.8bn as of the end of August 2017. The total assets of Islamic banks and windows combined amounted to OMR4.2bn as of the end of August 2018, increasing their share to 12.7% of the banking system assets. (GulfBase.com)
  6. 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 QNB Financial Services Co. W.L.L. Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is 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 part without permission from QNBFS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg ( # Data as of November 22, 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 (1.2%) (0.7%) (0.3%) 0.7% (0.6%) (0.8%) (0.6%) (2.0%) (1.0%) 0.0% 1.0% SaudiArabia Qatar Kuwait Bahrain# Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,223.19 (0.3) 0.1 (6.1) MSCI World Index 1,975.09 (0.5) (2.8) (6.1) Silver/Ounce 14.28 (1.5) (0.9) (15.7) DJ Industrial 24,285.95 (0.7) (4.4) (1.8) Crude Oil (Brent)/Barrel (FM Future) 58.80 (6.1) (11.9) (12.1) S&P 500 2,632.56 (0.7) (3.8) (1.5) Crude Oil (WTI)/Barrel (FM Future) 50.42 (7.7) (10.7) (16.6) NASDAQ 100 6,938.98 (0.5) (4.3) 0.5 Natural Gas (Henry Hub)/MMBtu 4.70 0.0 9.3 32.8 STOXX 600 353.98 (0.2) (1.7) (14.2) LPG Propane (Arab Gulf)/Ton 72.87 0.0 (8.9) (25.5) DAX 11,192.69 (0.2) (2.0) (18.3) LPG Butane (Arab Gulf)/Ton 78.38 0.0 (3.8) (25.8) FTSE 100 6,952.86 (0.6) (1.0) (14.3) Euro 1.13 (0.6) (0.7) (5.6) CAC 40 4,946.95 (0.5) (2.2) (12.2) Yen 112.96 0.0 0.1 0.2 Nikkei 21,646.55 0.0 (0.3) (5.2) GBP 1.28 (0.5) (0.2) (5.2) MSCI EM 969.17 (0.7) (1.7) (16.3) CHF 1.00 (0.2) 0.2 (2.3) SHANGHAI SE Composite 2,579.48 (2.7) (3.9) (27.0) AUD 0.72 (0.3) (1.4) (7.4) HANG SENG 25,927.68 (0.3) (0.9) (13.5) USD Index 96.92 0.2 0.5 5.2 BSE SENSEX 34,981.02 0.0 (0.2) (7.6) RUB 66.22 0.9 0.4 14.9 Bovespa 86,230.22 (1.6) (4.5) (2.2) BRL 0.26 (0.6) (2.2) (13.5) RTS 1,113.52 (2.2) (1.9) (3.5) 75.4 74.5 72.8

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