The QSE Index rose 0.7% to close at 9,889.5

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.7% to close at 9,889.5. Gains were led by the Transportation
and Real Estate indices, gaining 1.8% and 1.1%, respectively. Top gainers were Qatar
Navigation and Gulf Warehousing Company, rising 3.0% and 2.0%, respectively.
Among the top losers, Qatar Cinema & Film Distribution Company fell 8.0%, while
Doha Insurance Group was down 5.5%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.3% to close at 8,008.6. Gains were led by the
Consumer Services and Energy indices, rising 2.0% and 1.8%, respectively. Alahli
Takaful Co. rose 5.0%, while Batic Investments and Logistic Co. was up 4.7%.
Dubai: The DFM General Index declined 0.8% to close at 2,815.0. Consumer Staples
and Discretionary index fell 3.8%, while the Insurance index declined 1.7%.
Commercial Bank of Dubai fell 6.9%, while Takaful Emarat was down 6.1%.
Abu Dhabi: The ADX General Index rose 0.1% to close at 5,001.3. The Consumer
Staples index gained 0.7%, while the Telecommunication index rose 0.4%. Gulf
Cement Co. gained 4.1%, while Wahat Al Zaweya Holding was up 3.9%.
Kuwait: The Kuwait Main Market Index rose 0.1% to close at 4,743.8. Industrials
index gained 0.3%, while Consumer Services index rose 0.2%. Kuwait Finance &
Investment Company gained 9.9%, while Mena Real Estate Company was up 7.0%.
Oman: The MSM 30 Index fell 0.4% to close at 4,515.7. Losses were led by the
Services and Financial indices, falling 0.4% and 0.2%, respectively. Vision
Insurance fell 2.7%, while Ooredoo was down 2.6%.
Bahrain: The BHB Index gained marginally to close at 1,330.4. The Investment
index rose 0.3%, while the Commercial Banks index gained 0.1%. GFH Financial
Group rose 1.4%, while Al Salam Bank-Bahrain was up 1.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Navigation 68.00 3.0 87.3 21.6
Gulf Warehousing Company 41.00 2.0 5.6 (6.8)
Barwa Real Estate Company 35.40 1.9 222.0 10.6
Qatar International Islamic Bank 58.69 1.8 151.3 7.5
Al Khaleej Takaful Insurance Co. 9.34 1.5 2.0 (29.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 20.29 1.5 1,023.0 14.6
Qatar Gas Transport Company Ltd. 17.80 0.9 792.4 10.6
Mesaieed Petrochemical Holding 17.20 0.3 356.8 36.6
Qatar First Bank 4.83 0.2 280.1 (26.0)
Vodafone Qatar 8.66 (0.1) 269.6 8.0
Market Indicators 03 Oct 18 02 Oct 18 %Chg.
Value Traded (QR mn) 178.3 184.2 (3.2)
Exch. Market Cap. (QR mn) 552,715.9 549,290.7 0.6
Volume (mn) 5.2 4.9 6.4
Number of Transactions 2,843 2,609 9.0
Companies Traded 43 42 2.4
Market Breadth 27:10 25:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,424.15 0.7 1.1 21.9 15.3
All Share Index 2,914.65 0.7 0.8 18.8 15.1
Banks 3,549.62 0.9 0.8 32.3 13.7
Industrials 3,258.17 0.4 2.7 24.4 16.1
Transportation 2,090.59 1.8 3.7 18.2 12.4
Real Estate 1,826.52 1.1 (1.6) (4.6) 15.0
Insurance 3,156.77 0.4 (0.4) (9.3) 28.3
Telecoms 963.79 (0.0) (0.8) (12.3) 36.8
Consumer 6,796.88 (0.6) 0.3 36.9 13.8
Al Rayan Islamic Index 3,814.20 0.6 0.7 11.5 15.1
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Middle East Healthcare Saudi Arabia 37.80 3.8 1,363.6 (29.8)
Sahara Petrochemical Co. Saudi Arabia 18.24 3.6 5,489.9 10.6
Al Tayyar Travel Group Saudi Arabia 23.14 3.3 1,714.0 (14.4)
Southern Prov. Cement Saudi Arabia 34.40 3.3 233.2 (28.9)
Samba Financial Group Saudi Arabia 32.25 2.7 899.2 37.2
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ooredoo Oman Oman 0.53 (2.6) 237.9 1.1
DAMAC Properties Dubai 2.02 (2.4) 823.2 (38.8)
Al Hammadi Dev. & Inv. Saudi Arabia 27.00 (1.8) 228.5 (27.2)
National Bank of Oman Oman 0.18 (1.6) 113.3 (5.0)
Almarai Co. Saudi Arabia 48.25 (1.5) 261.9 (10.2)
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 Cinema & Film Distribution 15.03 (8.0) 0.1 (39.9)
Doha Insurance Group 12.81 (5.5) 0.2 (8.5)
Zad Holding Company 98.61 (5.0) 8.6 33.9
Qatar Fuel Company 163.99 (0.6) 49.5 60.7
Alijarah Holding 8.90 (0.6) 44.0 (16.9)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 179.10 0.7 33,713.9 42.1
Industries Qatar 128.50 0.5 30,287.5 32.5
Gulf International Services 20.29 1.5 20,747.2 14.6
Qatar Gas Transport Co. Ltd. 17.80 0.9 14,102.1 10.6
Qatar International Islamic Bank 58.69 1.8 8,793.5 7.5
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* 9,889.47 0.7 1.1 0.8 16.0 48.79 151,831.1 15.3 1.5 4.4
Dubai 2,814.97 (0.8) (0.4) (0.7) (16.5) 78.42 100,131.4 7.5 1.0 6.0
Abu Dhabi 5,001.34 0.1 1.1 1.3 13.7 65.35 135,182.8 13.2 1.5 4.8
Saudi Arabia 8,008.55 0.3 1.4 0.1 10.8 811.93 506,790.2 16.9 1.8 3.5
Kuwait 4,743.82 0.1 (0.4) 0.2 (1.7) 31.83 32,494.0 14.6 0.9 4.4
Oman 4,515.67 (0.4) (0.2) (0.6) (11.4) 3.25 19,432.6 11.1 0.8 6.0
Bahrain 1,330.41 0.0 (1.3) (0.6) (0.1) 18.16 20,456.0 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)
9,800
9,820
9,840
9,860
9,880
9,900
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 0.7% to close at 9,889.5. The Transportation and
Real Estate indices led the gains. The index rose on the back of buying
support from non-Qatari shareholders despite selling pressure from
Qatari and GCC shareholders.
 Qatar Navigation and Gulf Warehousing Company were the top gainers,
rising 3.0% and 2.0%, respectively. Among the top losers, Qatar Cinema
& Film Distribution Company fell 8.0%, while Doha Insurance Group
was down 5.5%.
 Volume of shares traded on Wednesday rose by 6.4% to 5.2mn from
4.9mn on Tuesday. However, as compared to the 30-day moving average
of 6.2mn, volume for the day was 16.5% lower. Gulf International
Services and Qatar Gas Transport Company Limited were the most
active stocks, contributing 19.7% and 15.3% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data and Earnings Calendar
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/03 US Mortgage Bankers Association MBA Mortgage Applications 28-September 0.0% – 2.9%
10/03 US Automatic Data Processing, Inc ADP Employment Change September 230k 184k 168k
10/03 US Markit Markit US Services PMI September 53.5 53.0 52.9
10/03 US Markit Markit US Composite PMI September 53.9 – 53.4
10/03 UK Markit Markit/CIPS UK Services PMI September 53.9 54.0 54.3
10/03 UK Markit Markit/CIPS UK Composite PMI September 54.1 53.9 54.2
10/03 EU Markit Markit Eurozone Services PMI September 54.7 54.7 54.7
10/03 EU Markit Markit Eurozone Composite PMI September 54.1 54.2 54.2
10/03 Germany Markit Markit Germany Services PMI September 55.9 56.5 56.5
10/03 Germany Markit Markit/BME Germany Composite PMI September 55.0 55.3 55.3
10/03 France Markit Markit France Services PMI September 54.8 54.3 54.3
10/03 France Markit Markit France Composite PMI September 54.0 53.6 53.6
10/03 Japan Markit Nikkei Japan PMI Services September 50.2 – 51.5
10/03 Japan Markit Nikkei Japan PMI Composite September 50.7 – 52.0
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 3Q2018 results No. of days remaining Status
QNBK QNB Group 10-Oct-18 6 Due
MARK Masraf Al Rayan 15-Oct-18 11 Due
DBIS Dlala Brokerage & Investment Holding Company 15-Oct-18 11 Due
MCGS Medicare Group 16-Oct-18 12 Due
QNCD Qatar National Cement Company 17-Oct-18 13 Due
QEWS Qatar Electricity & Water Company 17-Oct-18 13 Due
QIBK Qatar Islamic Bank 17-Oct-18 13 Due
DHBK Doha Bank 17-Oct-18 13 Due
UDCD United Development Company 17-Oct-18 13 Due
NLCS Alijarah Holding 18-Oct-18 14 Due
QISI The Group Islamic Insurance Company 21-Oct-18 17 Due
GWCS Gulf Warehousing Company 21-Oct-18 17 Due
ABQK Ahli Bank 21-Oct-18 17 Due
QIGD Qatari Investors Group 21-Oct-18 17 Due
KCBK Al Khalij Commercial Bank 23-Oct-18 19 Due
CBQK The Commercial Bank 23-Oct-18 19 Due
AKHI Al Khaleej Takaful Insurance Company 28-Oct-18 24 Due
DOHI Doha Insurance Group 29-Oct-18 25 Due
ERES Ezdan Holding Group 29-Oct-18 25 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 28.01% 34.51% (11,592,368.80)
Qatari Institutions 16.24% 25.59% (16,677,289.00)
Qatari 44.25% 60.10% (28,269,657.80)
GCC Individuals 0.73% 0.85% (210,815.11)
GCC Institutions 6.76% 12.15% (9,607,556.03)
GCC 7.49% 13.00% (9,818,371.14)
Non-Qatari Individuals 8.99% 10.82% (3,260,481.73)
Non-Qatari Institutions 39.27% 16.08% 41,348,510.67
Non-Qatari 48.26% 26.90% 38,088,028.94

3. Page 3 of 6
News
Qatar
 QISI to disclose 3Q2018 financial statements on October 21 –
The Group Islamic Insurance Company (QISI) announced its
intent to disclose 3Q2018 financial statements for the period
ended September 30, 2018, on October 21, 2018. (QSE)
 DOHI to disclose 3Q2018 financial statements on October 29 –
Doha Insurance Group (DOHI) announced its intent to disclose
3Q2018 financial statements for the period ended September
30, 2018, on October 29, 2018. (QSE)
 QP concludes two 5-year naphtha sale deals with Marubeni –
Qatar Petroleum (QP) has concluded two 5-year sales
agreements to supply Japan’s Marubeni Corporation an annual
total of 1.2mn tons of naphtha starting from this month. The
deals have been made “for and on behalf” of QP for the Sale of
Petroleum Products Company (QPSPP), QP stated. The
agreements are the largest and longest to be concluded with
Marubeni Corporation since both parties started their naphtha
business together over three decades ago. QP’s President and
CEO, Saad Sherida Al-Kaabi said, “This contract will further
enhance the strategic partnership and relationship between QP
and Marubeni Corporation. Both our entities have been working
together for decades and have enjoyed a fruitful partnership.”
(Gulf-Times.com)
 CEO: QIIK yet to decide on nature of proposed Sukuk – Qatar
International Islamic Bank (QIIK) has not yet decided on the
nature of its proposed Sukuk, QIIK’s CEO, Abdulbasit Ahmad
Al-Shaibei said. “We have two options now — either to go for
private placement like a club deal, where you identify your
investors and go to them directly or a public placement. We are
still thinking, which way to go,” Al-Shaibei said on the sidelines
of the opening of the bank’s newest branch at The Mall. Asked
when the proposed Sukuk could be expected, he said, “We have
not yet decided on that. Because we have finished the third
quarter, it is mandatory that we update our figures before going
in for the Sukuk. I believe it will take some time until we update
all the figures and then go to our consultant and legal firms.
Still, we have it (Sukuk) in our mind.” Al-Shaibei said there was
“nothing like the best time” to issue the Sukuk. “Currently, the
market is going up, and it seems to me it will go up in line with
the US Federal Reserve raising rates (by 25 basis points or
0.25%). Indications are that they (the Fed) will raise rates at
least two times in 2019 as well. So the rates are on the higher
side,” Al-Shaibei noted. “If the cost of the funding is high, on
the other side, the banks have to compensate themselves by
finding the right rate, and the right tenor,” he said. Al-Shaibei
said whenever a decision on Sukuk is taken, QIIK would seek
investors in the Far East and Europe, among other places. (Gulf-
Times.com)
 Indonesia to import oil from Qatar soon – Indonesia is set to
import oil from Qatar very soon, said a top diplomat of the
Southeast Asian nation, which is one of the leading gas
exporting countries in the world. The founding OPEC member,
who left the organization of oil exporting countries in 2009, is
now importing large quantities of oil to meet the rising
domestic demand. However, the country is still a net exporter of
natural gas. “The negotiations to import oil from Qatar are
almost at final. We are now expanding our storage capacity,
and the shipments of Qatari oil are expected to reach our shores
very soon,” Indonesian Ambassador to Qatar, Muhammad Basri
Sidehabi said. Sidehabi added, “Our total oil consumption in
2017 was about 1.65mn barrels per day, which is growing fast.
We rely on imports for about 50% of the total consumption,
which we are sourcing from several countries.” (Peninsula
Qatar)
 Alfardan Properties in deal to support Qatar start-ups, SMEs –
The operational costs of start-ups and small and medium
enterprises (SMEs) are set to ease significantly with Alfardan
Properties joining hands with Turkey’s Workinton to cater to
the growing needs for serviced office, co-working, virtual office
and meeting rooms in Qatar. Alfardan Properties launched its
partnership with Workinton, a Turkish international brand, as
part of ongoing efforts to widen its spectrum of offerings to
cover the needs of a new generation of entrepreneurs and
workforce in the country. “This initiative is for supporting new
and start-ups. It will reduce the operational costs for the start-
ups and SMEs,” Alfardan Group’s President and CEO, Omar
Hussain Alfardan said. Turkish Ambassador Fikret Ozer was
present on the occasion. The Alfardan Center at the Bank Street
will have 17 units catering up to 250 customers. It includes one
conference room, two meeting rooms and co-working space for
more than 50, scaleable up to 80. (Gulf-Times.com)
 Qatar Development Bank’s Tasdeer offers global paradigms to
Qatari SME sector – Qatar Development Bank’s (QDB) Export
Development and Promotion Department ‘Tasdeer’, hosted in
recent months several trade missions as well as participated in
a number of exhibitions in lucrative parts of the globe. This is in
continuation to QDB’s vision of expanding scope of Qatari
companies across the globe. Through its activities, Tasdeer
aims to promote exports from Qatar and enhance the expanse of
Qatari SMEs at global platforms. QDB took part in Columbia
Plast, which was held from September 24 to 28, 2018 at Centro
de convenciones, Bogota, Colombia. With around 705 exhibitors
and 37,772 visitors, the event immensely offered one of the best
platforms to companies operating in the plastics and allied
industries. (Peninsula Qatar)
 Woqod opens new petrol station in Fereej Kulaib – Qatar Fuel
Company (Woqod) opened the Fereej Kulaib petrol station,
raising its network of petrol stations to 64 as part of the
company’s ongoing expansion plans to serve every area in
Qatar. (Gulf-Times.com)
 Qatar cements ties with Paraguay – The State of Qatar and the
Republic of Paraguay held a session of official talks chaired by
Amir HH Sheikh Tamim bin Hamad Al Thani and President
Mario Abdo Benitez of the Republic of Paraguay, at the
Presidential Palace in the capital city Asuncion. At the
beginning of the meeting, the President of Paraguay welcomed
HH the Amir and the accompanying delegation. He expressed
his pleasure at HH the Amir’s acceptance of the invitation to
visit Paraguay, especially as it coincides with the 17th
anniversary of the establishment of relations between the two
countries, looking forward to strengthening bilateral relations

4. Page 4 of 6
of friendship and cooperation in the coming years. (Peninsula
Qatar)
International
 US services sector activity hits 21-year high; hiring accelerates
– US services sector activity raced to a 21-year high in
September, and companies boosted hiring, signs of enduring
strength in the economy at the end of the third quarter. The
upbeat reports likely keep the Federal Reserve on track to raise
interest rates again in December. The US central bank increased
rates last week for the third time this year. Fed’s Chairman,
Jerome Powell said on October 2 the economy’s outlook was
“remarkably positive.” The Institute for Supply Management
(ISM) stated its non-manufacturing activity index jumped 3.1
points to 61.6 last month, the highest reading since August
1997. The ISM’s new orders sub-index for the services sector
increased 1.2 points to a reading of 61.6 last month. The
survey’s factory employment measure jumped to 62.4 in
September from 56.7 in August. This suggests September’s
nonfarm payrolls could surprise on the upside when the
government publishes its closely watched employment report.
(Reuters)
 World Bank cuts sub-Saharan Africa's 2018 growth forecast to
2.7% – The World Bank has cut its economic growth forecast
for sub-Saharan Africa this year to 2.7% from an earlier forecast
of 3.1%, mainly because of slower-than-expected growth in the
continent’s bigger economies, the bank said. The region, which
had posted a fairly fast average growth rate in the years leading
up to 2015, suffered a loss of momentum in economic output
after commodity prices crashed in 2015-16. In April, the World
Bank had predicted that the recovery would gather pace this
year, with average growth expected at 3.1%, up from 2.3% last
year. (Reuters)
 PMI: UK’s economy shows steady growth, Brexit concerns
weigh on firms – Britain’s economy appears to have kept up
most of its steady growth in the July-September period, but
uncertainty among companies remained high six months ahead
of Brexit, according to a business survey. The IHS Markit/CIPS
UK Services Purchasing Managers’ Index (PMI) slipped to 53.9
in September from 54.3 in August, a shade weaker than the
median forecast of 54.0 in a Reuters poll of economists. IHS
Markit stated Britain’s economy was on course to grow at a
quarterly rate of just under 0.4% in the three months to
September, the same as its average growth rate since the Brexit
referendum of June 2016. The world’s fifth-largest economy
suffered a slow start to the year, when the country was hit by
unusually cold weather, but grew solidly in the second quarter,
albeit fuelled mostly by consumer spending rather than trade or
manufacturing. (Reuters)
 PMI: Eurozone’s business growth eases in September to a four-
month low – The expansion in Eurozone’s business activity
eased in September to a four-month low, driven by the weakest
factory growth in two years that was only partly offset by a
pick-up among services providers, a survey showed. IHS
Markit’s Eurozone Composite Final Purchasing Managers’ Index
(PMI), seen as a good guide to economic health, eased to a four
month-low in September of 54.1 from August’s 54.5. That was
below an earlier flash estimate of 54.2, but held well above the
50 mark which separates growth from contraction. Optimism
about the future brightened a bit at the end of the third quarter
from a near two-year low. The composite future output PMI
rose to 62.1 from 61.6. But manufacturing activity has dwindled
across the Euro currency bloc this year, in line with evidence of
moderation elsewhere around the globe. That suggests overall
economic growth in the currency bloc is well past its peak and
the pace of business activity is likely to ease further in coming
months. (Reuters)
 Strong German services growth offsets weak manufacturing in
September – Germany’s services growth hit an eight-month
high in September, a survey showed, in a further sign that
strong domestic demand is helping to cushion the effects of a
slowdown in manufacturing. IHS Markit’s final composite
Purchasing Managers’ Index (PMI), which tracks the
manufacturing and services sectors that account for more than
two-thirds of the economy, fell to 55.0 from 55.6 in August. The
reading came in slightly below a preliminary estimate published
last month, but was still well above the 50 line that separates
growth from contraction. In the services sector, business
activity increased to 55.9 in September, up from 55.0 the
previous month, with the rate of job creation hitting its highest
in nearly 11 years and service firms remaining very optimistic
about future business. (Reuters)
Regional
 GCC’s energy sector investments in MENA amount to $171bn –
The GCC’s committed investments in the energy sector
amounts to $171bn, representing about 50% of the total in the
Middle East and North Africa (MENA) region, according to Arab
Petroleum Investments Corporation (Apicorp). The committed
investments in the MENA energy projects currently under
execution are estimated at $345bn for the five-year period. The
oil sector accounts for the largest share of investments at
$131bn, with the majority in upstream projects. Total
committed gas and power investments are approximately
$106bn and $95bn respectively, followed by chemicals at
$14bn. The planned MENA investments in the energy sector are
estimated at $574bn for the next five years. The power sector
accounts for the largest share of investments, at $187bn. The
oil and gas sectors will represent $169bn and $150bn
respectively, with the remaining investments in
petrochemicals. Projects under study represent by far the
largest portion of planned investments, at $251bn, Apicorp
highlighted. (Gulf-Times.com)
 IIF: GCC economic growth seen gaining momentum in 2019 –
The GCC countries are expected to see a pick-up in economic
growth in 2018 and 2019, according to the latest forecasts by
the Institute of International Finance (IIF). Higher oil prices
and improved output, along with some easing in fiscal
consolidation, are driving the growth. “We expect economic
conditions to strengthen in the GCC, with overall growth of
2.3% in 2018 and 2.7% in 2019 after stagnating in 2017.
Domestic demand should strengthen with the easing of fiscal
consolidation,” IIF’s Chief Economist in the MENA region,
Garbis Iradian said. A tighter monetary policy, in the context of
the pegged exchange rates in the GCC, is expected to offset
some of the gains from an expansionary fiscal stance. The IIF
has a slightly more conservative GDP forecast for the UAE at
2.2% in 2018 and 2.6% in 2019. For the GCC as a whole, the IIF

5. Page 5 of 6
expects non hydrocarbon growth to accelerate to 3.2% by 2020.
With higher oil prices and rising output, the fiscal positions of
GCC states are expected to improve. (GulfBase.com)
 Middle East to account for 132 aircraft deliveries in 2018 – The
Middle East will account for 132 aircraft deliveries this year,
International Air Transport Association (IATA) stated, which is
a clear sign of the region’s increasing passenger traffic in both
the domestic and international segments. Out of the 132
aircraft deliveries, 77 will be wide body and 55 narrow body
aircraft. The region registered aircraft deliveries totaling 122
last year and 123 in 2016. In August, Middle Eastern carriers
posted 5.4% traffic increase even as passenger volumes trended
upwards at 8% annualized rate since the start of the year.
Capacity increased 6.3%, with load factor slipping 0.7% to
80.7%. (Gulf-Times.com)
 Chairman: Trade Bank of Iraq in talks to acquire Gulf lender –
Trade Bank of Iraq (TBI) is in talks to buy a Gulf bank with
branches in the UAE and Qatar as part of a strategy to boost
revenues outside its home market, Trade Bank of Iraq’s
Chairman, Faisal al-Haimus said. The talks are underway and
the purchase is expected to be completed in six to eight months.
Al-Haimus did not disclose the name of the bank. The move
comes after TBI stated in August it had put on hold its plans to
buy a commercial bank in Turkey due to the weak Lira. The
bank, owned by the Iraqi government and with assets of around
$20bn, helps fund around 80% of the trade finance business in
Iraq. TBI will open its first overseas branch in Saudi Arabia in
1Q2019, having got the required approvals. The branch will
focus on trade finance but will do some corporate business too,
Al-Haimus said. (Reuters)
 KUNA: Saudi Arabia, UAE, Kuwait to sign agreement providing
financial support to Jordan – The finance ministers of Saudi
Arabia, Kuwait and the UAE will sign an agreement on October
4 to provide credit guarantees and grants to Jordan, state run
Kuwait News Agency (KUNA) reported. The agreement, which
also provides for deposits by the Gulf Arab nations in the
Jordanian central bank, will be signed in Amman. The three
Gulf nations in June pledged $2.5bn to help Jordan implement
austerity measures. (Reuters)
 Saudi Arabia plans oil output hike in November, says Energy
Minister – Saudi Arabia plans to raise oil production in
November from an October output level of 10.7mn barrels per
day (bpd) to meet rising crude demand, Saudi Arabia’s Energy
Minister, Khalid al-Falih said. The Minister told a conference in
Moscow attended by Russian President, Vladimir Putin that the
Kingdom was in weekly communication with Russia to stabilize
global oil markets, which touched a four-year high above $85 a
barrel this week. Oil producers have added a total of about 1mn
bpd output in recent weeks and months and the global market
was well supplied, al-Falih said, adding that Saudi Arabia had
raised its oil output to 10.7mn bpd in October. (Gulf-Times.com)
 Saudi Arabia, Russia agreed in September to lift oil output,
informed US before meeting – Russia and Saudi Arabia struck a
private deal in September to raise oil output to cool rising prices
and informed the US before a meeting in Algiers with other
producers, according to sources. “The Russians and the Saudis
agreed to add barrels to the market quietly with a view to not
look like they are acting on Trump’s order to pump more,” one
source said. “The Saudi Arabian minister told (US Energy
Secretary, Rick) Perry that Saudi Arabia will raise output if its
customers asked for more oil,” another source said. Moreover,
the world needs access to Russian gas, which is amongst the
cheapest on the planet, Saudi Arabia’s Energy Minister, Khalid
al-Falih said. He also said that Saudi Aramco was in active talks
with Russia’s independent gas producer Novatek about
participating in the next phase of the Russian Yamal LNG
project. (Reuters)
 Saudi Arabia’s whole economy PMI falls to 53.4 in September –
Emirates NBD and IHS Markit released the purchasing
managers’ index (PMI) for Saudi Arabia’s whole economy fell to
53.4 in September 2018 from 55.1 in August 2018 and 55.5 in
September 2017. This is the lowest reading since May 2018.
(Bloomberg)
 Saudi Arabia spending injection cannot fix what ails the
economy – Despite announcing bigger than forecast increase in
government spending, Saudi Arabia’s economic growth is set to
average 2.25% through 2021, half the pace seen in the decade
prior to the oil crash, according to a budget draft, Bloomberg
reported. Crude prices have not risen sufficiently to allow a
larger stimulus, while consumers are scarred by subsidy cuts
and new taxes, said Ziad Daoud, Chief Middle East economist at
Bloomberg economics. He also said that concerns over the
Kingdom’s domestic and foreign policies are deterring
investment. (Gulf-Times.com)
 UAE’s whole economy PMI rises to 55.3 in September –
Emirates NBD and IHS Markit’s purchasing managers’ index
(PMI) for UAE’s whole economy rose to 55.3 in September 2018
from 55 in August 2018 and 55.1 in September 2017.
(Bloomberg)
 Dubai's $36bn Al Maktoum airport expansion put on hold – The
expansion of Dubai’s second airport, Al Maktoum International,
to handle 120mn passengers a year by 2025, has been delayed,
according to sources. The airport, which opened to passenger
traffic in 2013, aims to be one of the world’s biggest, but now
only handles a fraction of Dubai’s passenger traffic. (Reuters)
 Rise in Bahrain's foreign exchange reserves offers respite – The
47.3% advance in the Central Bank of Bahrain’s reserves in
August versus July to $1.9bn offers much needed respite,
according to MUFG Bank’s Head of MENA research and
strategy, Ehsan Khoman. Higher oil prices are providing some
support with public debt data suggesting no fresh external
borrowing in August. Bahraini authorities expected to front-
load delivery of fiscal consolidation, spending cuts and non-oil
revenue expansion, pledges in line with financial aid they will
receive. (Bloomberg)

6. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns;
#
Market was closed on October 3, 2018)
45.0
70.0
95.0
120.0
Aug-14 Aug-15 Aug-16 Aug-17 Aug-18
QSEIndex S&P Pan Arab S&P GCC
0.3%
0.7%
0.1% 0.0%
(0.4%)
0.1%
(0.8%)
(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 1,197.35 (0.5) 0.4 (8.1) MSCI World Index 2,183.63 0.0 (0.0) 3.8
Silver/Ounce 14.64 (0.4) (0.4) (13.6) DJ Industrial 26,828.39 0.2 1.4 8.5
Crude Oil (Brent)/Barrel (FM Future) 86.29 1.8 4.3 29.0 S&P 500 2,925.51 0.1 0.4 9.4
Crude Oil (WTI)/Barrel (FM Future) 76.41 1.6 4.3 26.5 NASDAQ 100 8,025.09 0.3 (0.3) 16.2
Natural Gas (Henry Hub)/MMBtu 3.26 3.5 7.2 5.5 STOXX 600 383.84 0.2 (0.7) (5.5)
LPG Propane (Arab Gulf)/Ton 106.00 (1.4) (2.0) 7.1 DAX#
12,287.58 0.0 (0.2) (8.6)
LPG Butane (Arab Gulf)/Ton 125.25 (2.5) 0.8 15.4 FTSE 100 7,510.28 0.5 (0.4) (6.2)
Euro 1.15 (0.6) (1.1) (4.4) CAC 40 5,491.40 0.1 (0.9) (1.0)
Yen 114.53 0.8 0.7 1.6 Nikkei 24,110.96 (1.2) (0.8) 4.3
GBP 1.29 (0.3) (0.7) (4.2) MSCI EM 1,035.04 0.2 (1.2) (10.7)
CHF 1.01 (0.8) (1.1) (1.8) SHANGHAI SE Composite#
2,821.35 0.0 0.0 (19.2)
AUD 0.71 (1.2) (1.7) (9.0) HANG SENG 27,091.26 (0.2) (2.6) (9.7)
USD Index 95.76 0.3 0.7 3.9 BSE SENSEX 35,975.63 (1.9) (1.9) (8.2)
RUB 65.88 0.6 0.5 14.3 Bovespa 83,273.40 2.9 8.6 (7.3)
BRL 0.26 1.0 3.8 (15.1) RTS 1,196.03 1.2 0.3 3.6
76.6
74.4
72.2