The QSE Index declined 1.3% to close at 8,312.4. Losses were led by the Real Estate and Insurance indices, falling 3.0% and 1.9%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.3% to close at 8,312.4. Losses were led by the Real Estate
and Insurance indices, falling 3.0% and 1.9%, respectively. Top losers were Ezdan
Holding Group and Gulf Warehousing Co., falling 5.1% and 3.6%, respectively.
Among the top gainers, Mannai Corporation rose 10.0%, while Zad Holding Co. was
up 8.6%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.7% to close at 7,283.0. Gains were led by the
Materials and Telecom. Services indices, rising 1.3% and 1.0%, respectively. Amana
Cooperative Ins. Co. rose 3.6%, while Abdullah A. M. Al-Khodari Sons was up 2.6%.
Dubai: The DFM Index gained 0.1% to close at 3,564.0. The Transportation index
rose 2.9%, while the Services index gained 1.1%. Al Ramz Corporation Investment
and Development rose 11.1%, while Aramex was up 4.8%.
Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,397.4. The Telecom.
index declined 2.0%, while the Investment & Financial Services index fell 0.4%.
Sharjah Insurance Co. declined 9.4%, while Al Khaleej Inv. Co. was down 7.5%.
Kuwait: The KSE Index declined 1.3% to close at 6,679.7. The Health Care index fell
10.3%, while the Industrials index declined 2.6%. Real Estate Asset Management
Company fell 20.0%, while Nafais Holding Company was down 19.9%.
Oman: The MSM Index fell marginally to close at 5,137.4. The Services index
declined 0.7%, while the other indices ended in green. Almaha Petroleum Products
fell 9.2%, while Oman Telecommunication was down 1.9%.
Bahrain: The BHB Index fell marginally to close at 1,283.5. The Industrial index
declined 0.4%, while the Investment index fell 0.3%. Investcorp Bank declined
5.7%, while Arab Banking Corporation was down 1.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Mannai Corporation 71.15 10.0 17.9 (11.1)
Zad Holding Co. 74.90 8.6 5.9 (16.0)
Investment Holding Group 8.40 1.3 1,769.4 (16.0)
Dlala Brokerage & Inv. Holding Co 17.18 1.2 531.9 (20.1)
Qatar Oman Investment Co. 8.30 1.0 43.9 (16.6)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 7.16 (0.6) 3,053.2 (30.5)
Investment Holding Group 8.40 1.3 1,769.4 (16.0)
Vodafone Qatar 8.50 0.4 1,623.9 (9.3)
Ezdan Holding Group 10.50 (5.1) 1,275.7 (30.5)
Dlala Brokerage & Inv. Holding Co 17.18 1.2 531.9 (20.1)
Market Indicators 28 Sep 17 27 Sep 17 %Chg.
Value Traded (QR mn) 181.7 302.8 (40.0)
Exch. Market Cap. (QR mn) 454,612.2 460,824.0 (1.3)
Volume (mn) 10.4 13.6 (23.5)
Number of Transactions 2,512 3,545 (29.1)
Companies Traded 39 44 (11.4)
Market Breadth 12:27 6:37 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,939.45 (1.3) (0.6) (17.4) 14.3
All Share Index 2,369.22 (1.4) (0.5) (17.4) 12.9
Banks 2,602.85 (1.5) (0.6) (10.6) 11.4
Industrials 2,561.32 (1.1) 0.7 (22.5) 17.1
Transportation 1,737.12 (1.0) (0.6) (31.8) 11.7
Real Estate 1,768.47 (3.0) (0.8) (21.2) 12.0
Insurance 3,355.85 (1.9) (6.0) (24.3) 15.2
Telecoms 1,028.67 (1.1) 1.6 (14.7) 19.8
Consumer 5,097.11 1.6 1.5 (13.6) 12.1
Al Rayan Islamic Index 3,383.56 (1.1) 0.4 (12.9) 16.3
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 10.50 (5.1) 1,275.7 (30.5)
Gulf Warehousing Co. 42.71 (3.6) 41.8 (23.7)
Qatar Insurance Co. 52.34 (2.5) 59.9 (29.0)
Commercial Bank 29.11 (2.2) 178.3 (6.0)
Al Khalij Commercial Bank 12.35 (2.0) 8.0 (27.4)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 122.00 (1.4) 42,672.5 (17.6)
Qatar First Bank 7.16 (0.6) 22,654.3 (30.5)
Investment Holding Group 8.40 1.3 14,909.2 (16.0)
Vodafone Qatar 8.50 0.4 13,735.5 (9.3)
Ezdan Holding Group 10.50 (5.1) 13,732.3 (30.5)
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* 8,312.43 (1.3) (0.6) (5.5) (20.4) 49.90 124,882.0 14.3 1.4 4.1
Dubai 3,563.99 0.1 (1.9) (2.0) 0.9 51.47 103,715.5 23.6 1.3 4.0
Abu Dhabi 4,397.40 (0.2) (1.3) (1.6) (3.3) 46.78 115,335.6 16.2 1.3 4.7
Saudi Arabia 7,283.01 0.7 (0.6) 0.3 1.0 824.70 458,874.6 17.8 1.7 3.3
Kuwait 6,679.73 (1.3) (2.5) (3.1) 16.2 61.39 98,498.2 17.7 1.2 5.3
Oman 5,137.35 (0.0) 0.7 1.7 (11.2) 11.61 21,013.8 11.9 1.1 5.1
Bahrain 1,283.46 (0.0) (1.9) (1.5) 5.2 10.25 20,209.6 7.6 0.8 6.1
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)
8,300
8,350
8,400
8,450
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QSE Index declined 1.3% to close at 8,312.4. The Real Estate and
Insurance 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.
 Ezdan Holding Group and Gulf Warehousing Co. were the top losers,
falling 5.1% and 3.6%, respectively. Among the top gainers, Mannai
Corporation rose 10.0%, while Zad Holding Co. was up 8.6%.
 Volume of shares traded on Thursday fell by 23.5% to 10.4mn from
13.6mn on Wednesday. However, as compared to the 30-day moving
average of 9.5mn, volume for the day was 10.1% higher. Qatar First
Bank and Investment Holding Group were the most active stocks,
contributing 29.3% and 17.0% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
First Abu Dhabi
Bank
Rating and
Investment
Abu
Dhabi
IR A+ A+ – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IR – Issuer Rating, SR – Support Rating, LC – Local
Currency)
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2017
% Change
YoY
Operating Profit
(mn) 2Q2017
% Change
YoY
Net Profit
(mn) 2Q2017
% Change
YoY
Sahara Hospitality#
Oman OMR 9.5 2.1% – – 1.8 -3.7%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
#
Financial Results for 9 months ended August 31, 2017.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/28 US Department of Labor Initial Jobless Claims 23-September 272k 270k 260k
09/28 US Department of Labor Continuing Claims 16-September 1,934k 1,993k 1,979k
09/29 UK GfK NOP (UK) GfK Consumer Confidence September -9 -11 -10
09/29 UK Bank of England Mortgage Approvals August 66.6k 67.3k 68.5k
09/29 UK UK Office for National Statistics GDP QoQ 2Q2017 0.3% 0.3% 0.3%
09/29 UK UK Office for National Statistics GDP YoY 2Q2017 1.5% 1.7% 1.7%
09/28 EU European Commission Economic Confidence September 113.0 112.0 111.9
09/28 EU European Commission Industrial Confidence September 6.6 5.2 5.0
09/28 EU European Commission Services Confidence September 15.3 15.0 15.1
09/28 EU European Commission Consumer Confidence September -1.2 -1.2 -1.2
09/29 EU Eurostat CPI Estimate YoY September 1.5% 1.6% 1.5%
09/29 EU Eurostat CPI Core YoY September 1.1% 1.2% 1.2%
09/28 Germany GfK AG GfK Consumer Confidence October 10.8 11.0 10.9
09/28 Germany German Federal Statistical Office CPI MoM September 0.1% 0.1% 0.1%
09/28 Germany German Federal Statistical Office CPI YoY September 1.8% 1.8% 1.8%
09/29 France INSEE CPI MoM September -0.1% -0.2% 0.5%
09/29 France INSEE CPI YoY September 1.0% 1.0% 0.9%
09/29 France INSEE PPI MoM August 0.4% – 0.1%
09/29 France INSEE PPI YoY August 2.0% – 1.6%
09/29 France INSEE Consumer Spending MoM August -0.3% 0.2% 0.6%
09/29 France INSEE Consumer Spending YoY August 1.2% 1.7% 2.1%
09/29 Japan Ministry of Internal Affairs & Communication Jobless Rate August 2.8% 2.8% 2.8%
09/29 Japan METI Industrial Production MoM August 2.1% 1.8% -0.8%
09/29 Japan METI Industrial Production YoY August 5.4% 5.2% 4.7%
09/30 China China Federation of Logistics Manufacturing PMI September 52.4 51.6 51.7
09/30 China China Federation of Logistics Non-manufacturing PMI September 55.4 – 53.4
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 49.52% 36.67% 23,342,959.69
Qatari Institutions 29.57% 15.04% 26,393,520.20
Qatari 79.09% 51.71% 49,736,479.89
GCC Individuals 0.82% 0.96% (262,742.49)
GCC Institutions 1.44% 0.53% 1,659,028.27
GCC 2.26% 1.49% 1,396,285.78
Non-Qatari Individuals 9.93% 10.24% (557,923.32)
Non-Qatari Institutions 8.72% 36.56% (50,574,842.35)
Non-Qatari 18.65% 46.80% (51,132,765.67)

3. Page 3 of 8
Earnings Calendar
Tickers Company Name Date of reporting 3Q2017 results No. of days remaining Status
MCGS Medicare Group 10-Oct-17 9 Due
QNBK QNB Group 11-Oct-17 10 Due
MARK Masraf Al Rayan 16-Oct-17 15 Due
DBIS Dlala Brokerage & Investment Holding Company 17-Oct-17 16 Due
CBQK Commercial Bank 17-Oct-17 16 Due
ABQK Ahli Bank 18-Oct-17 17 Due
QIBK Qatar Islamic Bank 18-Oct-17 17 Due
DHBK Doha Bank 23-Oct-17 22 Due
KCBK Al Khaliji Commercial Bank 24-Oct-17 23 Due
UDCD United Development Company 25-Oct-17 24 Due
AKHI Al Khaleej Takaful Group 26-Oct-17 25 Due
SIIS Salam International Investment Limited 29-Oct-17 28 Due
Source: QSE
News
Qatar
 MCGS to disclose its third quarter financial statements on
October 10 – Medicare group (MCGS) announced it would
disclose its third quarter financial statements for the period
ending September 30, 2017, on October 10, 2017. (QSE)
 QIBK to disclose its third quarter financial statements on
October 18 – Qatar Islamic Bank (QIBK) announced it would
disclose its third quarter financial statements for the period
ending September 30, 2017, on October 18, 2017. (QSE)
 QSE Index, QSE Al Rayan Islamic Index and QSE All share
constituents will rebalance October 1 – Al Meera Consumer
Goods Company, Qatar First Bank and Mazaya Qatar will join
QSE Index. Aamal Company and Qatar Insurance Company will
be removed from the index. Qatar Islamic Insurance Company
will join QSE Al Rayan Islamic Index. Ahli Bank will be removed
from QSE All share Index and QSE Banks and Financial Services
Index. (QSE)
 Qatar's non-oil exports exceed pre-siege level – The total value
of Qatar's non-oil exports in August 2017 reached QR1.796bn
compared to QR1.328bn in July, recording an increase of 35.2%
and to QR1.493bn in August 2016 recording an increase of
20.3%, according to the monthly report of the Qatar Chamber
on the foreign trade of the private sector. The report, which was
prepared, based on certificates of origin issued by Qatar
Chamber's Research & Studies Department and Member Affairs
Department, pointed out that 2819 certificates of origin were
issued during the same month. The report noted that Qatar's
non-oil exports during August were distributed to about 58
countries compared to 59 last month. (Peninsula Qatar)
 Industrial production index rises by 0.8% – The index of
industrial production rose by 0.8% in July 2017 to 104.1 points,
compared to the previous month (June 2017); however,
decreased by 2.4% compared to the corresponding month in
2016, QNA reported. The industrial production index, released
by the Ministry of Development Planning and Statistics,
consists of three main components including mining with a
relative importance of 83.6%, manufacturing with a relative
importance of 15.2%, electricity with a relative importance of
0.7%, and water with a relative importance of 0.5%. In the
manufacturing sector, a rise of 4.5% was recorded in July 2017
from the previous month, as a result of higher production in
seven groups including the beverage industry by 16.5%, the
base metals industry by 12.6%, the food industry by 9.8%, the
cement industry and other non-metallic mineral products by
6.1%, the refined petroleum products industry by 5.3%, the
chemicals and chemical products industry by 3.4%, the rubber
and plastics products industry by 2.8%, while there was a
decline in production, in one group which is printing and
copying of recorded media by 7.8%. (Peninsula Qatar)
 Qatar sees 10% increase in real estate activities – The real
estate activities increased 10% last week compared to the
previous week, giving a clear indication of firmness of the
sector and strong economy of the country, said the Ministry of
Justice in a report released. The value of real estate transactions
also went up over QR247mn last week from over QR224mn
previous week. A total of 1,916 real estate activities including
property registrations, authentications and other associated
services were recorded during September 17 to 21, 2017 at the
services centers of the Ministry and the Real Estate
Registration and Authentication System, known as SAK. The
activities include 1,474 authentications and 442 property
registrations. (Peninsula Qatar)
 Siege boosts home-based goods production – Encouraged by
host of public initiatives towards supporting SMEs and other
private sector businesses, the home-based micro-enterprises,
including those run by female entrepreneurs, are ramping-up
their scale of production to play a major role in Qatar’s efforts
towards achieving self-sufficiency and economic
diversification. The ongoing siege against Qatar is the major
driving force that has prompted the small businesses, especially
the women entrepreneurs, to come forward and contribute to
the local economy in a big way to express solidarity and silent
protest against the illegal blockade. The economic activities
they were engaged with as part of their hobbies have now
become profession. (Peninsula Qatar)
 Petrol, diesel to cost more in October – Fuel will cost more in
Qatar next month, prices released by Qatar Petroleum (QP)
indicate. Fuel prices in Qatar will go up 10 Dirhams a liter for
petrol and 5 Dirhams a liter for Diesel from October. QP said the
price of 95-octane super gasoline (petrol) will be QR1.70 a liter
in October compared with QR1.60 for this month. The price of
premium petrol (91-octane) will go up to QR1.60 a liter against

4. Page 4 of 8
QR1.50 now. Diesel will be priced QR1.55 a liter next month
instead of QR1.50 now. Fuel prices in Qatar were allowed to
fluctuate in response to changes in the global market from May
1 last year. (Gulf-Times.com)
 Qatar leads the world in government spending on projects –
Qatar has ranked first globally in government spending on
projects and in terms of tax impact on business incentives,
among other rankings that incentivize international
investment, according to Abdulbasit Al Ajji, Director (Business
Development and Investment Promotion) at the Ministry of
Economy & Commerce. He was making a presentation at a
roundtable hosted in honor of HE the Minister of Economy and
Commerce Sheikh Ahmed Bin Jassim Al Thani by the US-Qatar
Business Council (USQBC) and the US Chamber of Commerce in
New York. Abdulbasit Al Ajji’s, presentation emphasized on
Qatar’s economic strengths when stacked against the
international community. In his remarks, Sheikh Ahmed
focused on the strength of the Qatari economy in the face of
current events. Further, he discussed the openness of the Qatari
economy, especially as it pertains to international businesses.
Sheikh Ahmed commended the work of the US-Qatar Business
Council in promoting bilateral business relations between the
US and Qatar. (Gulf-Times.com)
 Qatari and Omani companies, sign ferry transport agreement –
Qatari company Trans Oceans signed an agreement with Omani
maritime transport company Naseera to facilitate the
movement of ferries transporting goods, equipment, cars and
tourists from the Sultanate of Oman to Qatar and vice versa.
The agreement assumes importance as it will boost the trade
between the two countries. Companies from Qatar and Oman
are looking to increase business activities. Large numbers of
Omani companies, including several small and mid-sized
enterprises (SMEs), are negotiating with local businesses and
investors to establish partnerships aiming to set up factories
and production units in Qatar. (Peninsula Qatar)
 Galfar Al Misnad listed among top contributors to GCC
infrastructure growth – Doha-based Galfar Al Misnad
Engineering & Contracting was selected as a finalist in the
Contractor of the Year award. The unprecedented growth of the
infrastructure sector across the GCC over the past six decades
has been one of the most significant achievements of the region
in modern times. Guided by the ambitious national visions set
by the leadership of each GCC state, the world has witnessed
the transformation of the region from humble beginnings into a
vibrant, modern and forward-looking market, where key cities
have grown to become an important global business and
trading hubs. (Peninsula Qatar)
 Al Baker: Qatar Airways to see pre-blockade traffic volumes by
year-end – Qatar Airways, which has triggered expansion plans
following the illegal blockade on the country by four Arab
nations, is hopeful of seeing its traffic volumes at pre-blockade
levels by the end of the current financial year, according to
Group’s Chief Executive, Akbar Al Baker. “We have lost 10% of
our passenger network and that much of our revenue
generation due to the blockade,” Al Baker said at a media event
at the Boeing production facility at Everett, Washington
recently. Asked how the blockade had impacted the national
airline, Al Baker said, “Let me be very honest…yes, we are
affected. However, we have triggered our expansion plans
immediately, which we initially delayed due to the aircraft
delivery issues. And now with this blockade, we have capacity
that has been released and now we have already started our
expansion.” Qatar Airways recently said it has a host of
exciting new destinations planned for the remainder of this
year and 2018, including Canberra (Australia), Chiang Mai
(Thailand) and Mombasa (Kenya). (Gulf-Times.com)
 Qatar Airways widens portfolio with stake in Italy’s Meridiana
– Qatar Airways said it had acquired a 49% stake in AQA
Holding, the new parent company of Italy’s Meridiana, adding
to its growing portfolio of investments in foreign airlines.
Previous sole owner Alisarda retains 51%, Qatar Airways said.
The Sardinia-based Meridiana is Italy’s second largest carrier
behind Alitalia, which is partly owned by Abu Dhabi’s Etihad
Airways. Alitalia filed for administration earlier this year. The
value of the Meridiana acquisition was not given, and the deal
was finalized after protracted negotiations that formally
started more than a year ago. (Gulf-Times.com)
 The First Investor Qatar acquires new asset in Paris – The First
Investor (TFI) Qatar, a subsidiary of Barwa Bank, completed its
acquisition of a commercial asset in Paris. The new acquisition
complements TFI’s European Fund having a diversified and
high-yield income, the Qatari closed shareholding investment
banking firm said. The acquisition consists of a freehold
commercial office building in Pantin, a dynamic banlieue
(suburb) just on the boundaries of Paris and the next centre of
art and culture. High-grade tenants on long lease basis occupy
the property. The asset structure is a Shari’ah-compliant and
tax efficient. In addition, the building has multiple of accesses
to the Central Paris area, and well-connected through metro
and train stations, which are walking distances from the
building. (Gulf-Times.com)
 Al Rayan Poultry plans largest farm – Qatari owned Dar Al
Rayan Investment Company announced the first of its kind
initiative that will revolutionize the poultry sector and boost
local production of poultry products in the country. Committing
to significant investments in excess of QR1.6bn, Al Rayan
Poultry, a subsidiary of Dar Al Rayan Investment Company,
plans to introduce the largest exclusive integrated poultry farm
in the country. “Through Dar Al Rayan Investment Company,
we aim to contribute and be a part of vision 2030 by
undertaking strategic projects that will support Qatar’s food
security program,” Dar Al Rayan Investment Company’s
Chairman, Sheikh Suhaim Bin Khaled Al Thani said. (Peninsula
Qatar)
International
 QNB Group: Low inflation worries continue to challenge Fed
tightening – As structural factors continue to keep inflation
below its 2% target, the Federal Reserve is expected to hike the
rates three times between now and the end of 2018, according
to QNB Group. The US Federal Open Market Committee (FOMC)
surprised markets two weeks ago when it maintained its
projection for another rate hike in 2017 and three additional
hikes in 2018. In contrast, the market was predicting just one
more hike over both the remainder of 2017 and all of 2018. The
discrepancy between the Fed and the market rests on diverging
views of inflation, which has been on a downward trend for

5. Page 5 of 8
most of 2017. The Fed believes weak inflation is temporary and
will to rebound to its 2% target in 2018. On the other hand,
market sceptics view subdued inflation more as a product of
long-term structural trends which are unlikely to be so quickly
overcome. “We expect the Fed to hike three times between now
and the end of 2018 as structural factors continue to keep
inflation below target while the temporary factors currently
suppressing inflation unwind”, QNB Group noted in its weekly
‘economic commentary. (Peninsula Qatar)
 US economy accelerates in second quarter; hurricanes expected
to slow growth – The US economy expanded a bit faster than
previously estimated in the second quarter, recording its
quickest rate of growth in more than two years, but the
momentum likely slowed in the third quarter due to the impact
of Hurricanes Harvey and Irma. Gross domestic product
increased at a 3.1% annual rate in the April-June period, the
Commerce Department noted in its third estimate. The upward
revision from the 3.0% rate of growth reported last month
reflected a rise in inventory investment. (Reuters)
 US jobless claims increase more than expected – The number of
Americans filing for unemployment benefits rose more than
expected last week, reflecting the lingering effects of
Hurricanes Harvey and Irma. Initial claims for state
unemployment benefits increased 12,000 to a seasonally
adjusted 272,000 for the week ended September 23, according to
the Labor Department. Data for the prior week was revised to
show 1,000 more applications received than previously
reported. A Labor Department official said Harvey and Irma
affected claims for Texas, Florida, Georgia, Puerto Rico and the
Virgin Islands. Unadjusted claims for Florida increased by 8,160
last week, while filings in Texas fell by 8,218. Unadjusted
claims for Georgia rose by 3,157 last week. Economists polled by
Reuters had forecast claims rising to 270,000 in the latest week.
The storms have impacted the claims data in recent weeks and
are expected to cut into job growth this month. Still, the labor
market remains strong. (Reuters)
 CBI: UK’s economy cools in three months to September –
Growth across Britain’s private sector cooled slightly in the
three months to September, according to an industry survey,
although companies were mostly upbeat about their prospects
for the next three months. The Confederation of British
Industry’s (CBI) monthly indicator of output for manufacturers,
retailers and services companies slipped to +11, down from +14
for the three months to August. The expansion eased in
factories and fizzled out in business and professional services
firms, the CBI noted. Distribution was the only sector to
experience faster growth, following a strong performance from
retailers. Despite the mixed readings, overall output
expectations for the next three months edged up to +18, up two
points from August. The CBI survey is unlikely to sway Bank of
England rate-setters who have said interest rates are likely to
rise soon, as long as the economy continues growing and prices
keep rising. (Reuters)
 Eurozone’s inflation miss supports case for ECB caution –
Eurozone’s inflation undershot expectations in September,
Eurostat data showed, highlighting that price growth remained
week and supporting the European Central Bank’s (ECB) case
for only gradual removal of stimulus. Inflation in the 19-
member currency bloc held steady at 1.5% this month, missing
expectations for 1.6% and trending well below the ECB’s target
of almost 2%. With inflation heading lower in the coming
months, likely bottoming out below 1% early next year, the
ECB is in a difficult spot: strong economic growth would
warrant policy tightening but weak consumer prices call for
continued stimulus. The likely compromise is a small reduction
in asset buys from next year, accompanied by a pledge to keep
monetary policy easy for even longer. (Reuters)
 Jobless drop, retail sales fall paint mixed picture of German
economy – Germany’s jobless rate fell to a new record low in
September and the number of unemployed people fell far more
than expected but retail sales disappointed, sending mixed
signals about the state of Europe’s largest economy. The
unemployment rate dropped to 5.6%, the lowest level since
reunification in 1990, after 5.7% in August, data from the
Federal Labor Office showed. Economists polled by Reuters had
expected it to hold steady. The jobless total fell by 23,000 to
2.506mn in seasonally adjusted terms. That compared with the
consensus forecast in a Reuters poll for a fall of 5,000 and was a
steeper drop than that projected by even the most optimistic
economist, who had expected a fall of 15,000. (Reuters)
 Japan's inflation, labor demand and factory output signal solid
economic recovery – Japan’s core inflation accelerated in
August, industrial output rose more than expected and demand
for labor remained at its strongest in over 40 years in a further
sign of solid momentum in the world’s third-largest economy.
The flurry of data should bolster optimism about the outlook for
growth, though Prime Minister Shinzo Abe’s decision to call a
snap election has raised some uncertainty over economic
policy. There was also some uneasiness about monetary policy
after a summary of the Bank of Japan’s most recent meeting
showed one board member wanted an expansion of stimulus as
consumer prices remain distant from the central bank’s 2%
inflation target. (Reuters)
 China's factories grow at the fastest pace in over five years as
prices rise – China’s manufacturing activity grew at the fastest
pace since 2012 in September as factories cranked up output to
take advantage of strong demand and high prices, easing
worries of a slowdown before a key political meeting next
month. Production, total new orders and output prices all
improved to the highest level in at least a year, while a pick-up
in a reading for the construction sector indicated a building
boom is undiminished. The official Purchasing Managers’ Index
(PMI) rose to 52.4 in September, from 51.7 in August and well
above the 50-point mark that separates growth from
contraction on a monthly basis. It marked the 14th straight
month of expansion for China’s massive manufacturing
industry and the highest reading since April 2012. Analysts
surveyed by Reuters had forecasted the reading would ease
slightly. (Reuters)
Regional
 FTSE Russell denies Saudi Arabia’s entry to EM list – Saudi
Arabia to be assessed in March; Kuwait added to the same list
Bloomberg Dubai Index provider FTSE Russell refrained from
adding Saudi Arabia to its index of emerging market countries
amid its September country classification annual review.
Kuwait was added to the list. FTSE Russell said Saudi Arabia

6. Page 6 of 8
will soon meet criteria to be promoted from unclassified status
to a secondary emerging market. Saudi Arabia will be assessed
again in March. Capital markets regulators and the stock
exchanges in both countries have introduced infrastructure
reforms in attempts to attract local and international investors.
In Saudi Arabia, the improvements are part of a broad program
to diversify the country’s economy away from oil, its main
export, and ahead of the sale of shares in state-controlled oil
company Saudi Arabian Oil Co. Achieving emerging market
status could trigger increase in passive inflows from funds
tracking Tadawul benchmark around the world. (Gulf-
Times.com)
 OPEC oil output edges higher in September as Iraq, Libya pump
more – OPEC oil output has risen in September by 50,000 barrels
per day (bpd), a Reuters survey found, as Iraqi exports increased
and production edged higher in Libya, one of the producers
exempt from a supply-cutting deal. OPEC’s adherence to its
pledged supply curbs slipped to 86% from August’s 89%. Top
exporter Saudi Arabia continued to shoulder a larger portion of
OPEC’s total cut by pumping below its target. (Reuters)
 MENA’s Competitiveness Index improves – The MENA region
improves its average performance this year, suggesting that
measures to diversify economies away from gas and oil are
starting to meet with success, although much needs to be done
to lift the region’s overall competitiveness, the latest ‘Global
Competitiveness Index 2017-2018 edition’ report by The World
Economic Forum revealed. (GulfBase.com)
 Saudi Arabia’s retail market to top $142bn in 2021 – Saudi
Arabia Vision 2030 will drive the Kingdom’s retail market to
record-high of $142bn by 2021. Due to an increasingly globally-
minded and brand-savvy local population and tourists, the
Kingdom is the GCC’s fastest-growing retail market, growing
28% to reach $142bn by 2021, according to Alpen Capital. As a
result, research firm AT Kearney said that the Kingdom has the
third-highest retail potential among emerging markets in
Europe, the Middle East, and Africa. (GulfBase.com)
 Saudi Arabia to widen foreign investment access again in 2017
– Capital Market Authority’s (CMA) Chairman, Mohammed
Abdullah Elkuwaiz said that Saudi Arabia plans to further open
up its stock market to foreign investors later this year as it
seeks to become an international capital markets hub. Qualified
foreign institutions (QFIs) were allowed to begin investing
directly in Saudi Arabia’s stocks in 2015 and qualification
requirements were eased late last year. Elkuwaiz said, “We are
likely to follow up with a version three (of the QFI program) and
maybe a version four shortly thereafter by continuing to
deregulate foreign investor access. Our expectation is we
continue the same cycle. Thereabouts every year we would
expect a re-release.” (Reuters)
 Saudi Arabia’s August foreign reserves at lowest since early
2011 – Saudi Arabia's foreign reserves fell in August to their
lowest level since April 2011, according to the Saudi Arabian
Monetary Agency (SAMA), drawn down to cover a budget
deficit caused by low oil prices. SAMA's net foreign assets
shrank by $6.9bn from their level in July to $480.0bn. The
assets dropped 13.4% from a year earlier; they peaked at
$737bn in August 2014. The vast majority of the foreign assets
are believed to be denominated in US Dollars. Foreign securities
holdings dropped only slightly in August, edging down by
$264mn from the previous month to $332.6bn, while foreign
bank deposits shrank $6.2bn to $89.2bn. Foreign assets dropped
in August despite the government's issue of $3.5bn of local
currency Islamic bonds during the month to cover part of its
deficit, sign that pressure on its finances remains heavy.
(Reuters)
 Saudi Arabia pays SR525bn of private sector bills – Saudi
Arabia paid the majority of SR525bn worth of invoices from the
private sector received within 60 days of receipt, as the
Kingdom seeks to settle its dues that have caused mayhem for
contractors. The Kingdom's ministry of finance said that total
of 345,000 invoices relating to work for 450 government
entities were paid up to the middle of September as part of the
2017 fiscal year. Ninety-eight percent of all invoices
representing 92% of total dues were paid within 45 days. Only
2% of the number of invoices took longer than 60 days to pay.
The Kingdom began tightening its purse strings in 2016 to help
bring down the fiscal deficit which reached record SR367bn in
2015 because of plunging oil prices. Saudi Arabia expects to
narrow its budget this year to SR198bn this year, which is 7.7%
of GDP (in fixed prices) and down by 33% YoY from SR297bn in
2016. (GulfBase.com)
 Saudi Aramco to finish first shale gas project soon – Saudi
Arabia’s Aramco is expected to finish building facilities soon in
the north of the Kingdom that will allow it to produce shale gas
for the first time, industry sources said. The project, known as
System A, involves gas processing facilities, wellheads and
pipelines in Turaif which will feed the Waad Al Shamal
phosphate mining project in the region. (GulfBase.com)
 Windfall to cascade through insurance, retail and auto sectors
in KSA – Saudi Arabia is set to reap economic windfall as
millions of women are allowed to drive in the Kingdom for the
first time, in a move that is expected to spur spending across a
range of sectors. Retailers, insurers and car hire companies are
among the potential winners from the decision, while
employers will be able to overcome one of the main barriers to
boosting female participation in the workplace. Investors inside
and outside the Kingdom are assessing the likely impact of the
momentous move on the Kingdom’s $650bn economy.
(GulfBase.com)
 Tadawul announces the listing Musharaka Capital Company’s
Musharaka REIT – Saudi Arabia’s Stock Exchange (Tadawul)
announced the listing and trading units of Musharaka Capital
Company’s Real Estate Investment Traded Fund named
‘Musharaka REIT’ as of October 1, 2017. (Tadawul)
 UAE tops Government Spending index – The Ministry of
Finance announced that the UAE was ranked first in the
‘Efficiency of Government Spending’ index, a sub-criteria of the
World Competitiveness Report 2017, issued by the World
Economic Forum (Davos) in Switzerland, having ranked second
for three previous years. Since 2010, the UAE has achieved high
rankings among the top 10 countries in the ‘Efficiency of
Government Spending’ index, where the country rose from the
7th position globally, to 3rd in 2013, and then maintained the
status of 2nd worldwide in 2014, 2015 and 2016 to now first in
2017. (GulfBase.com)

7. Page 7 of 8
 UAE’s consumer electronics sales to fall marginally this year –
The consumer electronics industry in the UAE is expected to
fall by 0.23% to AED11.95bn, compared to AED11.97bn last
year. Ahmad Bakr, research analyst at Euromonitor
International Middle East, said that despite the decrease, sales
are still better than last year. Revenues are down due to
decreases in average selling price. Bakr said, “Volume is
expected to register 1.8% growth but it is lower than last year.
Volume for this year is expected to be 12.65mn compared to
12.4mn units last year. The reason is due to the overall
slowdown in consumer electronics market. Small appliances are
witnessing a negative growth.” (GulfBase.com)
 FTA: UAE is all set to implement tax system – All is set for the
planned Excise Tax which goes into effect at the beginning of
October 2017. This was announced in Dubai by the Federal Tax
Authority (FTA). The new tax will be imposed on carbonated
drinks by 50%, tobacco products by 100% and energy drinks by
100%. The tax affects specific ‘Excise’ goods that are produced
in the UAE, imported into it or stockpiled in the Emirates, as
well as excise goods released from designated zone.
(GulfBase.com)
 GGICO signs debt restructuring with creditors – Dubai-based
Gulf General Investment Company (GGICO) announced that it
has completed $584mn debt restructuring after obtaining
agreement from the majority of its creditors. GGICO’s
Chairman, Abdalla Juma Al Sari believes this is a win-win deal
both for GGICO and the creditors. Al Sari said, “Driven by
market conditions, we have obtained enough time until 2023 to
dispose of our non-core assets in an organized and structured
manner and to retire the debts. Subsequently, the company will
focus on its core assets with very low leverage.” (GulfBase.com)
 Drake & Scull International wins approval for capital reduction
– Drake & Scull International (DSI) won regulatory approval to
reduce its share capital by 75% and also to list 500mn new
shares. The reduction of DSI’s share capital from AED2.28bn to
AED571mn will be effective from October 2, 2017. This
announcement comes close on the heels of the shareholders'
approval for its capital restructuring program at the second
General Assembly meeting in September. (GulfBase.com)
 Emirates NBD issues $156.3mn bond, ANZ is lead manager –
Dubai’s Emirates NBD raised $156.3mn bond with Australia and
New Zealand Banking Group (ANZ) as sole lead manager. The
senior unsecured Australian bond has 10-year maturity and
4.85% annual coupon. The paper is expected to be rated ‘A3’ by
Moody’s and ‘A+’ by Fitch. (GulfBase.com)
 Arab Trade Financing agrees deals worth $387mn – The
directors of the Arab Trade Financing Program (ATFP)
reviewed the funding activity during 2Q2017 and approved 118
requests for the funding of trade deals valued at $387mn. The
total size of funding that it agreed to provide to its national
agencies in all the Arab countries reached $521mn in 1H2017.
(GulfBase.com)
 Kuwait expects to seal new deals to supply oil to Chinese
buyers – Kuwait expects to seal new deals to supply Chinese
buyers with crude amid healthy demand for its exports in Asia.
The country also plans to export new light crude grade by
January, as well as spending $120bn over the next five years on
expanding both its upstream and downstream businesses,
according to Kuwait Petroleum Corporation’s Deputy Managing
Director Marketing, Waleed Al-Bader. (Reuters)
 Bank Muscat joins with Majid Al Futtaim for Mall of Oman
project – Bank Muscat and Majid Al Futtaim Properties signed a
term finance agreement for the Mall of Oman project.
Anticipated to open in 2020, the Mall of Oman will be the
largest shopping mall in the Sultanate. Bank Muscat is offering
exclusive financing facility for development of the Mall of
Oman project. (GulfBase.com)
 UGH listed after acquiring UGB listed shares – Bahrain Bourse
announced the listing of United Gulf Holding Company (UGH)
post reorganization of the activities of United Gulf Bank (UGB)
as approved by the Central Bank of Bahrain, under which UGH
acquired 100% the listed shares of UGB. An agreement was
signed between Bahrain Bourse and UGH to list the shares of
the restructured entity on Bahrain Bourse as of September 28,
2017. (GulfBase.com)

8. Contacts
Saugata Sarkar, CFA 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
part without permission from QNBFS.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
70.0
90.0
110.0
130.0
150.0
170.0
Aug-13 Aug-14 Aug-15 Aug-16 Aug-17
QSE Index S&P Pan Arab S&P GCC
0.7%
(1.3%) (1.3%)
(0.0%) (0.0%)
(0.2%)
0.1%
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
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 1,280.15 (0.6) (1.3) 11.1 MSCI World Index 2,000.55 0.4 0.3 14.2
Silver/Ounce 16.65 (1.2) (2.0) 4.6 DJ Industrial 22,405.09 0.1 0.2 13.4
Crude Oil (Brent)/Barrel (FM Future) 57.54 0.2 1.2 1.3 S&P 500 2,519.36 0.4 0.7 12.5
Crude Oil (WTI)/Barrel (FM Future) 51.67 0.2 2.0 (3.8) NASDAQ 100 6,495.96 0.7 1.1 20.7
Natural Gas (Henry Hub)/MMBtu 2.89 (1.2) (2.0) (21.6) STOXX 600 388.16 0.6 0.1 20.2
LPG Propane (Arab Gulf)/Ton 91.75 (2.1) (1.7) 27.2 DAX 12,828.86 1.1 0.7 25.0
LPG Butane (Arab Gulf)/Ton 102.00 (1.3) (1.0) (12.7) FTSE 100 7,372.76 0.4 (0.2) 12.0
Euro 1.18 0.2 (1.1) 12.3 CAC 40 5,329.81 0.8 (0.3) 22.7
Yen 112.51 0.2 0.5 (3.8) Nikkei 20,356.28 (0.2) (0.2) 10.3
GBP 1.34 (0.3) (0.8) 8.6 MSCI EM 1,081.72 0.9 (1.9) 25.5
CHF 1.03 0.2 0.1 5.2 SHANGHAI SE Composite 3,348.94 0.5 (0.9) 12.9
AUD 0.78 (0.3) (1.6) 8.7 HANG SENG 27,554.30 0.5 (1.2) 24.3
USD Index 93.08 (0.0) 1.0 (8.9) BSE SENSEX 31,283.72 0.1 (2.7) 22.2
RUB 57.55 (0.6) 0.1 (6.5) Bovespa 74,293.51 1.6 (2.6) 26.7
BRL 0.32 0.6 (1.2) 2.9 RTS 1,136.75 1.0 1.2 (1.4)
93.3
92.9
85.6