The QSE Index declined 1.5% led by losses in the Transportation and Insurance indices. Mannai Corporation and Qatar Gas Transport Co. fell the most, dropping 6.5% and 4.4% respectively. S&P affirmed ratings on Qatari banks including QNB Group, Commercial Bank of Qatar, Doha Bank and Qatar Islamic Bank while removing them from CreditWatch negative. Fitch revised Ooredoo's long term rating from A+ to A and maintained a negative outlook.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.5% to close at 8,532.4. Losses were led by the
Transportation and Insurance indices, falling 2.8% and 2.3%, respectively. Top losers
were Mannai Corporation and Qatar Gas Transport Co. Ltd., falling 6.5% and 4.4%,
respectively. Among the top gainers, Doha Insurance Company and Dlala Brokerage
& Investments Holding Company were up 2.4% each.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.5% to close at 7,411.3. Gains were led by the
Banks and Insurance indices, rising 1.1% and 0.9%, respectively. Amana
Cooperative Insurance Co. rose 9.9%, while Jazan Development Co. was up 5.8%.
Dubai: The DFM Index gained 0.2% to close at 3,654.0. The Telecommunication
index rose 2.2%, while the Consumer Staples index gained 2.0%. Marka rose 14.9%,
while Al Salam Bank -Bahrain was up 2.8%.
Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,438.5. The Energy
index declined 2.0%, while the Banks index fell 0.3%. Fujairah Cement Industries
declined 8.7%, while Sudan Telecommunication Co. was down 3.3%.
Kuwait: The KSE Index rose marginally to close at 6,927.0. The Consumer Goods
index gained 4.1%, while the Telecom. index rose 2.0%. Almadar Fin. & Inv. gained
19.5%, while The Kuwait Co. for Process Plant Const. and Cont. was up 12.7%.
Oman: The MSM Index fell 0.4% to close at 5,038.7. Losses were led by the
Industrial and Financial indices, falling 0.2% each. Vision insurance fell 7.3%, while
Gulf Investment Services was down 3.7%.
Bahrain: The BHB Index fell 0.5% to close at 1,310.6. The Insurance index declined
1.5%, while the Investment index fell 1.0%. Al Ahlia Insurance Company declined
14.8%, while Bahrain Islamic Bank was down 5.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Company 14.34 2.4 0.4 (21.2)
Dlala Brokerage & Inv. Holding Co. 17.60 2.4 601.9 (18.1)
Salam International Inv. Ltd. 8.54 1.5 18.1 (22.7)
Al Khalij Commercial Bank 12.10 0.7 0.7 (28.8)
Qatar National Cement Co. 65.95 0.7 4.2 (15.6)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.38 (0.1) 3,357.2 (10.6)
Investment Holding Group 7.40 (1.3) 2,075.6 (26.0)
Masraf Al Rayan 36.40 (2.1) 868.7 (3.2)
Gulf International Services 17.55 (1.1) 683.4 (43.6)
Doha Bank 29.86 (1.2) 640.4 (11.4)
Market Indicators 11 Sep 17 10 Sep 17 %Chg.
Value Traded (QR mn) 233.5 116.5 100.4
Exch. Market Cap. (QR mn) 464,131.2 470,826.0 (1.4)
Volume (mn) 11.0 9.2 20.4
Number of Transactions 3,110 1,515 105.3
Companies Traded 39 40 (2.5)
Market Breadth 9:27 23:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,308.33 (1.5) (1.6) (15.3) 14.7
All Share Index 2,429.46 (1.5) (1.3) (15.3) 13.2
Banks 2,638.89 (1.5) (1.7) (9.4) 11.5
Industrials 2,594.49 (0.7) (0.7) (21.5) 17.3
Transportation 1,834.07 (2.8) (2.7) (28.0) 12.3
Real Estate 1,818.50 (1.5) (0.5) (19.0) 12.4
Insurance 3,830.26 (2.3) (2.2) (13.6) 17.3
Telecoms 1,050.38 (1.3) (1.7) (12.9) 20.3
Consumer 5,088.94 (1.2) 0.3 (13.7) 12.1
Al Rayan Islamic Index 3,417.47 (0.9) (0.9) (12.0) 16.5
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Mannai Corporation 66.30 (6.5) 15.7 (17.1)
Qatar Gas Transport Co. Ltd. 15.77 (4.4) 131.6 (31.7)
Qatar Insurance Co. 63.06 (3.0) 54.6 (14.5)
Qatari German Co. for Med. Dev. 7.82 (2.3) 71.7 (22.6)
Ezdan Holding Group 11.00 (2.2) 193.5 (27.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 125.50 (2.0) 48,711.6 (15.3)
Masraf Al Rayan 36.40 (2.1) 32,053.2 (3.2)
Vodafone Qatar 8.38 (0.1) 28,080.5 (10.6)
Doha Bank 29.86 (1.2) 19,287.0 (11.4)
Investment Holding Group 7.40 (1.3) 15,639.8 (26.0)
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* 8,532.40 (1.5) (1.6) (3.0) (18.2) 64.11 127,496.8 14.7 1.4 4.0
Dubai 3,654.04 0.2 0.3 0.5 3.5 80.46 103,066.4 24.2 1.4 3.9
Abu Dhabi 4,438.46 (0.2) (0.3) (0.7) (2.4) 43.53 116,288.3 16.4 1.3 4.6
Saudi Arabia 7,411.30 0.5 0.7 2.1 2.8 834.47 466,415.6 18.1 1.7 3.2
Kuwait 6,927.03 0.0 0.4 0.5 20.5 123.96 101,628.0 18.3 1.2 5.3
Oman 5,038.69 (0.4) (0.2) (0.3) (12.9) 6.76 20,662.8 11.7 1.1 5.2
Bahrain 1,310.63 (0.5) (0.4) 0.6 7.4 4.56 21,597.7 7.7 0.8 6.0
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)
8,500
8,550
8,600
8,650
8,700
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QSE Index declined 1.5% to close at 8,532.4. The Transportation 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.
 Mannai Corporation and Qatar Gas Transport Co. Ltd. were the top
losers, falling 6.5% and 4.4%, respectively. Among the top gainers, Doha
Insurance Company and Dlala Brokerage & Investments Holding
Company were up 2.4% each.
 Volume of shares traded on Monday gained by 20.4% to 11.0mn from
9.2mn on Sunday. Further, as compared to the 30-day moving average of
7.1mn, volume for the day was 56.3% higher. Vodafone Qatar and
Investment Holding Group were the most active stocks, contributing
30.4% and 18.8% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
QNB Group S&P Qatar
LT-FIC/ST-FIC/LT-
LIC/ST-LIC
A/A-1/A/A-1 A/A-1/A/A-1 – Negative –
Qatar Islamic
Bank
S&P Qatar
LT-FIC/ST-FIC/LT-
LIC/ST-LIC
A-/A-2/A-/A-2 A-/A-2/A-/A-2 – Negative –
Doha Bank S&P Qatar
LT-FIC/ST-FIC/LT-
LIC/ST-LIC
A-/A-2/A-/A-2 A-/A-2/A-/A-2 – Negative –
Commercial Bank S&P Qatar
LT-FIC/ST-FIC/LT-
LIC/ST-LIC
BBB+/A-
2/BBB+/A-2
BBB+/A-
2/BBB+/A-2
– Negative –
Ooredoo Fitch Qatar LT-IDR A+ A  Negative –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, FIC – Foreign Issuer Credit, LIC – Local Issuer Credit)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/11 Japan Economic and Social Research Institute Japan Machine Orders MoM July 8.0% 4.1% -1.9%
09/11 Japan Economic and Social Research Institute Japan Machine Orders YoY July -7.5% -7.8% -5.2%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 S&P affirms ratings on Qatari banks, revises outlook to
negative – On Aug. 25, 2017, S&P affirmed 'AA-/A-1+' ratings
on Qatar and assigned a negative outlook. The credit ratings
agency is now affirming its ratings on QNB Group, The
Commercial Bank of Qatar, Doha Bank and Qatar Islamic Bank,
while removing them from CreditWatch negative, where S&P
placed them on June 8, 2017. (Bloomberg)
 Hamad Port to emerge as region’s leading trading hub – Citing
the Hamad Port's “great capabilities,” modern facilities, and
advanced systems, an official of Qatar Chamber said the mega
project will increase volume of trade between Qatar and the rest
of the world. With rapid growth expected “in the coming years,”
Qatar Chamber’s Director General, Saleh Hamad Al-Sharqi said
Hamad Port will transform Doha into a regional trade center,
which would promote inter-trade in the Middle East region and
enhance the region’s trade with the world. Al-Sharqi said
Hamad Port provides “a golden opportunity” for the private
sector and Qatari businessmen to activate their business and
promote the import and export of various commodities. He
added, “The port provides great capabilities for receiving all
types and sizes of ships, allowing Qatari traders to import and
export all goods.” (Gulf-Times.com).
 Poland, Qatar sign MoU on maritime business – HE the Minister
of Transport and Communications Jassim Seif Ahmed Al-Sulaiti
took part in the opening of the 19
th
International Exhibition and
Conferences BALTEXPO 2017, in Gdansk, Poland. Addressing
the opening ceremony of the three-day event, he highlighted
the key role the marine transport sector plays in world trade. On
the sidelines of the event, HE Minister Al-Sulaiti and Poland’s
Minister of Marine Economy and Inland Waterways Marek
Gróbarczyk, and Qatar’s Ambassador to Poland Ahmed Bin Saif
Al-Mu’adadi witnessed the signing ceremony of a memorandum
of understanding (MoU) between Qatar Ports Management
Company (Mwani Qatar) and the Port of Gdansk Authority. The
agreement aims to promote mutually beneficial partnership and
cooperation in the maritime business and in maintaining close
bilateral relations in maritime business. (Gulf-Times.com)
 NICC wins Al Wa’ab central district contract – In its quest to
fulfill a vision of delivering a highly connected, mixed
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 47.69% 49.88% (5,108,463.45)
Qatari Institutions 26.43% 16.71% 22,687,686.09
Qatari 74.12% 66.59% 17,579,222.64
GCC Individuals 1.26% 0.88% 877,217.15
GCC Institutions 0.72% 0.94% (506,591.78)
GCC 1.98% 1.82% 370,625.37
Non-Qatari Individuals 4.92% 3.93% 2,303,725.79
Non-Qatari Institutions 18.99% 27.66% (20,253,573.80)
Non-Qatari 23.91% 31.59% (17,949,848.01)

3. Page 3 of 5
community within the existing fabric of Doha, Al Wa’ab City
has commissioned the infrastructure works of its central
district to National Industrial Contracting Company (NICC). Al
Wa’ab City offers diverse products for both Qataris and expats,
including luxury villas, contemporary apartments, retail
destinations, office clusters, and street-front showrooms at
Salwa Road. (Peninsula Qatar)
 Ooredoo notes Fitch Ratings revision – Ooredoo noted Fitch
Ratings’ revision of Ooredoo’s long term corporate credit ratings
from ‘A+’ to ‘A’ and its ‘Negative’ outlook. (QSE)
 Maxus Qatar secures 9% share within one year of entering the
market – Maxus Qatar has secured “a whopping 9% market
share” within one year of its entry into the Qatar market,
authorized distributor Auto Class announced. Auto Class is a
Nasser Bin Khaled subsidiary. The Maxus line-up includes the
V80 and G10 passenger and cargo vans that come in various
options to cater to different customers and business needs.
“The V80 and G10 with their innovative yet classic style are
designed to drive businesses to success as they can
accommodate all business needs,” the company stated. (Gulf-
Times.com)
International
 ECB’s officials pave way for gradual policy tightening – Six
European Central Bank’s (ECB) policymakers prepared the
ground on September 11, for a gradual roll-back of the ECB’s
aggressive monetary stimulus, in light of stronger economic
growth in the Eurozone. After 2-1/2 years of unprecedented
money printing, the ECB is preparing to dial back its 2.3tn Euros
bond-buying program, which has helped boost growth in the
Eurozone, but is also blamed for creating real estate and
financial bubbles. ECB’s board directors, Sabine
Lautenschlaeger, Yves Mersch and Benoit Coeure, and the
central bank’s Governors of the Netherlands, Austria and
Estonia all discussed the prospect on September 11 of a gradual
reduction in ECB support. Eurozone price growth has stabilized
just above 1%, stemming fears of deflation, or a sustained drop
in prices. Yet it is still far from the ECB’s target of almost 2%.
(Reuters)
 China’s central bank relaxes Yuan hedging rules as currency
strengthens, capital outflows ease – China’s central bank
scrapped two measures that were put in place to support the
Yuan when it was under significant selling pressure, suggesting
Beijing is anxious to quash one way bets on the Yuan as
outflows ease and exporters face strain. The move comes as the
Yuan bounced sharply this year to hit a near two-year peak on
the Dollar last week, giving authorities the confidence to relax
their grip on a currency that had stumbled badly in 2016 and
raised risks to economic stability. With China’s economy
humming along at a solid pace and putting to bed concerns of a
sharper slowdown, the central bank is likely to pursue a more
neutral Yuan rate with the potential for increased two-way
volatility, analysts said in the wake of the rules changes. The
People’s Bank of China has scrapped reserve requirements for
financial institutions settling foreign exchange forward Yuan
positions. The PBOC has also stopped requiring foreign banks to
put aside reserves for offshore Yuan deposits in China. Both
changes are effective immediately. (Reuters)
 India’s August inflation seen at 5-month high on rising food
costs – India’s retail inflation is expected to have picked up to a
five-month high in August, largely driven by higher food costs,
a Reuters poll showed, easing pressure on the Reserve Bank of
India (RBI) to cut interest rates again after poor growth data.
Consumer prices were forecasted to be up at 3.20% in August
from a year ago, jumping from July’s 2.36%, according to the
poll taken September 5-8 of nearly 40 economists. Forecasts for
the data, scheduled to be released on September 12, ranged
from 2.50% to 3.55%. If the consensus is met, it would be the
highest since April, but below the RBI’s medium-term target of
4.0% for the tenth consecutive month. (Reuters)
Regional
 BMI: Global oil prices to strengthen through remainder of 2017
– Global oil prices will strengthen from the year-to-date levels
through the remainder of 2017, driven by a rebound in
OPEC/non-OPEC compliance to production cuts and a
continued slowdown in 2017 supply-growth drivers: the US,
Libya and Nigeria, BMI Research has said in a report. In 2018,
BMI expects supply-side additions from the existing global
projects pipeline will keep prices flat at $55 per barrel on
average for the year. (Gulf-Times.com)
 GCC construction projects value hits $2.4tn – The total value of
21,893 active construction projects in the Gulf Cooperation
Council (GCC) reached $2.4tn at the beginning of September
2017, according to a report. Of these, the total value of urban
construction projects reached $1.18tn, according to the BNC
Construction Intelligence report. The urban construction
contracts constitute 80% of the contracts awarded for all
sectors in the GCC and in dollar terms this translates to 49% of
the total contracts awarded. GCC accounts for 85% of all active
projects in the MENA region and in dollar terms, these projects
account for 68% of the total estimated value. (GulfBase.com)
 New investment avenues opening in the GCC’s education
sector – Population growth in the GCC is spurring new
investment opportunities in the region’s education sector,
according to a new report by Strategy&. However, regulatory
transparency coupled with higher demand increases risks. As
the sector matures, new opportunities are expected to crop up
in education support services such as textbook distribution;
education infrastructure; and information technology,
Strategy&, a PwC subsidiary, said. GCC population is projected
to reach 65mn people by 2030, and a third of that number will
be under the age of 25. (GulfBase.com)
 GCC to witness massive wave of digital transformation – The
soon-to-be implemented Valued Added Tax (VAT) in Gulf
Cooperation Council (GCC) countries is expected to initiate a
massive wave of digital transformation as businesses prepare
to ensure compliance with the new tax law, an Oracle and
Harvard Business Review (HBR) study predicts. The study that
is based on a poll of 450 senior company executives from across
GCC reveals that 73% of businesses consider VAT
implementation as a key opportunity to initiate wider digital
transformation projects within their organization. (Peninsula
Qatar)
 Saudi Aramco sees opportunity to use Egypt as a hub for Saudi
oil – Saudi Aramco is looking into opportunities to increase
pumping of Saudi crude through Sumed pipeline, Egypt’s oil

4. Page 4 of 5
ministry said. The company is also considering storing Saudi
crude in Egypt and to market petroleum products in the country
and in the neighboring nations. (Bloomberg)
 Saudi Airlines Catering, Flyadeal ink deal for products sale on
board aircrafts – Saudi Airlines Catering announced signing a
one-year contract with Flyadeal to provide catering services,
retail selling of food, beverages, and other products on board
aircraft. The value of the deal amounts to SR9mn, Saudi
Airlines Catering said in a statement to the Saudi Stock
Exchange. (Tadawul)
 UAE’s AI investments to rise to $9bn this year – UAE’s
investments in Artificial Intelligence have been growing by
70% over the past three years, and are projected to hit $9bn by
the end of this year, according to analysts. The figures drive
home the fact that UAE is ready to embrace AI technologies,
managing in a few years to be a role model for adopting state-
of-the-art technologies across all economic sectors, reported
Wam, the Emirates official news agency. UAE is leading the
adoption of digitization and innovation in the region and comes
at the forefront of introducing smart services, said Ali Salah,
Head of the Economic Studies Section at the Future Centre for
Strategic Studies and Research. (GulfBase.com)
 UAE, China geared for nurturing trade alliances – UAE’s GDP
growth rate outpaced its global equivalent over the past five
years, according to a top executive at the UAE Ministry of
Economy, who attributed the jumbo leaps secured by the
country’s domestic economy to a robust energy sector and an
agile economic diversification program embraced by the wise
leadership of the country. Addressing a roundtable meeting at
the Belt & Road Summit held at the Hong Kong Convention and
Exhibition Centre, Abdullah Ahmed Al Saleh, Undersecretary of
Foreign Trade and Industry at the Ministry of Economy, said
Chinese investments in the UAE reached in excess of $2.3bn in
2015, with the non-oil sectors being the beneficiaries of the
growing relations between the two nations. Al Saleh expected
non-oil industries to grow by 3.3% during 2017, and by 3.4%
next year on the back of significant growth recorded in local
investments and the country’s booming international trade.
(GulfBase.com)
 Deyaar plans to borrow about AED300mn next year – Dubai-
based property developer, Deyaar will borrow AED300mn next
year to fund South Bay project, CEO Saeed Mohammed Al
Qatami said. It plans to build hotels, serviced apartments for
recurring income and expects to see impact of recurring revenue
in 2019. (Bloomberg)
 Union Properties hires Chinese firm to develop Dubai MotorCity
– Union Properties signed an agreement with China State
Construction Engineering Corp. to develop its AED8bn
MotorCity, the Dubai-based property company said. Union
Properties will finance its AED8bn MotorCity project through
bonds or Sukuk, Chairman Nasser Butti Omair Bin Yousef
stated. (Bloomberg)
 Dubai’s non-oil private sector growth robust in August –
Growth of Dubai’s non-oil private sector was sustained at a
robust pace during August, supported by further gains in
output, new orders and employment. The seasonally adjusted
Emirates NBD Dubai Economy Tracker Index, a composite
indicator designed to give an accurate overview of operating
conditions in the non-oil private sector economy, remained
unchanged from July at 56.3 in August. The data pointed to
sharp growth across the three key sectors monitored by the
survey. Wholesale and retail was the best performing category
(index at 56.3), followed by construction (55.8) and travel and
tourism (55.1). (GulfBase.com)
 Al Hilal Bank issues $100mn private placement Sukuk – Aiming
to diversify its funding base and tenors, Al Hilal Bank issued a
$100mn private placement Sukuk. This is the third issuance
under Al Hilal Bank’s $2.5bn Euro Medium Term Note (EMTN)
program. The two-year $100mn RegS floating rate Sukuk was
priced at three-month LIBOR + 90 bps. The deal was settled on
14th August, 2017. The first issuance under the EMTN program
was a five-year senior unsecured $500mn Sukuk, due in October
2018 and registered on the Irish Stock Exchange. The second
issuance was a $225mn, 2.7 year private placement due in
January 2019 and was a landmark deal recognized for being the
first ever issuance of a private placement Sukuk by a UAE
financial institution. (GulfBase.com)
 Bahrain’s real estate sector grows 4.5% in first quarter – The
Bahrain Economic Development Board said the country's real
estate sector grew 4.5% in the first quarter of 2017, adding
$1.7bn to the country's economy, as recent reforms to bolster
investment in property sparked an increase in demand. Khalid
Al Rumaihi, Chief Executive of the economic development
board said, “Recent figures demonstrate the resilience of
Bahrain's real estate sector and highlight the increasing
demand for housing, not only in the Kingdom but across the
wider region.” The Bahrain Economic Board said that real estate
transactions in the country were valued at $770mn in the first
quarter of 2017, an 8.1% increase in the same period last year.
The hotels and restaurants sector grew 12.3% YoY. Demand for
residential units in Bahrain is growing at a rate of 5,000 units a
year, according to the ministry of housing. Visitors to Bahrain
have also been increasing, bolstering demand for tourism and
retail facilities. (GulfBase.com)
 Bahrain expected to offer premiums to issue multi-tranche bond
– The government of Bahrain is expected to offer investors
significant premiums over its outstanding debt when it issues
bonds this week, because of growing concern over its finances
in an era of cheap oil, according to sources. A triple-tranche
issue may follow, including a long seven-year Sukuk issue
maturing in 2025, a 12-year conventional bond and, subject to
investor interest, a 30-year conventional bond. The sources
added that Bahrain’s issuance this week could total $1.5bn-
$2.5bn. (Reuters)

5. 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
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Page 5 of 5
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
QSEIndex S&PPanArab S&PGCC
0.5%
(1.5%)
0.0%
(0.5%) (0.4%)
(0.2%)
0.2%
(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 1,327.46 (1.4) (1.4) 15.2 MSCI World Index 1,981.97 0.9 0.9 13.2
Silver/Ounce 17.80 (0.9) (0.9) 11.8 DJ Industrial 22,057.37 1.2 1.2 11.6
Crude Oil (Brent)/Barrel (FM Future) 53.84 0.1 0.1 (5.2) S&P 500 2,488.11 1.1 1.1 11.1
Crude Oil (WTI)/Barrel (FM Future) 48.07 1.2 1.2 (10.5) NASDAQ 100 6,432.26 1.1 1.1 19.5
Natural Gas (Henry Hub)/MMBtu 2.85 0.7 0.7 (22.7) STOXX 600 379.43 0.6 0.6 19.1
LPG Propane (Arab Gulf)/Ton 84.25 0.7 0.7 17.4 DAX 12,475.24 0.9 0.9 23.3
LPG Butane (Arab Gulf)/Ton 94.00 0.1 0.1 (3.1) FTSE 100 7,413.59 0.4 0.4 10.8
Euro 1.20 (0.7) (0.7) 13.7 CAC 40 5,176.71 0.8 0.8 20.8
Yen 109.39 1.4 1.4 (6.5) Nikkei 19,545.77 0.3 0.3 9.3
GBP 1.32 (0.3) (0.3) 6.7 MSCI EM 1,099.18 0.7 0.7 27.5
CHF 1.05 (1.3) (1.3) 6.5 SHANGHAI SE Composite 3,376.42 (0.3) (0.3) 15.7
AUD 0.80 (0.4) (0.4) 11.4 HANG SENG 27,955.13 1.0 1.0 26.1
USD Index 91.88 0.6 0.6 (10.1) BSE SENSEX 31,882.16 0.6 0.6 27.3
RUB 57.22 (0.3) (0.3) (7.0) Bovespa 74,319.22 1.7 1.7 29.8
BRL 0.32 (0.5) (0.5) 4.8 RTS 1,126.74 0.6 0.6 (2.2)
95.1
94.7
87.9