The QSE Index in Qatar declined slightly by 0.1% while indices in other Gulf markets rose, with Saudi Arabia's TASI up 1.2% and Kuwait's KSE gaining 0.7%. In Qatar, the telecom and real estate sectors saw losses while Mazaya Qatar Real Estate and Qatar General Insurance were top gainers. Trading volume on the QSE increased nearly 50% from the previous day. Earnings releases are provided for several companies trading on Saudi and other Gulf exchanges, with most reporting declines in revenue and profits compared to the previous year.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.1% to close at 11,760.2. Losses were led by the Telecoms and
Real Estate indices, falling 0.7% and 0.2%, respectively. Top losers were Gulf
International Services and Dlala Brokerage & Investments Holding Co., falling 3.5% and
2.4%, respectively. Among the top gainers, Mazaya Qatar Real Estate Development
gained 4.9%, while Qatar General Insurance & Reinsurance Co. was up 3.6%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.2% to close at 7,792.6. Gains were led by the
Telecommunication & IT and Petrochemical Ind. indices, rising 2.7% and 2.4%,
respectively. SABB Takaful rose 9.9%, while Al-Ahsa Development was up 9.7%.
Dubai: The DFM Index gained 0.3% to close at 3,707.8. The Banks index rose 0.4%,
while the Real Estate & Construction index gained 0.3%. Ekttitab Holding Co. rose 6.6%,
while Shuaa Capital was up 4.3%.
Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,563.2. The Banks index
gained 0.9%, while the Industrial index rose 0.7%. Green Crescent Insurance Co. gained
7.3%, while Arkan Building Materials Co. was up 5.8%.
Kuwait: The KSE Index gained 0.7% to close at 5,769.7. The Technology index rose
2.0%, while the Basic Material index gained 1.4%. Mushrif Trading & Contracting Co.
rose 8.3%, while Nafais Holding Co. was up 7.8%.
Oman: The MSM Index rose 0.3% to close at 5,925.1. Gains were led by the Financial
and Services indices, rising 0.6% and 0.2%, respectively. Oman Textile Holding rose
6.2%, while Oman Fisheries was up 5.5%.
Bahrain: The BHB Index declined 0.7% to close at 1,248.9. The Investment index fell
2.1%, while the Industrial index declined 0.8%. Arab Banking Corporation fell 5.8%,
while National Bank of Bahrain was down 1.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 16.95 4.9 7,712.1 (7.1)
Qatar General Insur. & Reins. Co. 58.00 3.6 24.0 13.1
Salam International Investment 13.05 2.4 654.2 (17.7)
Doha Insurance Co. 24.00 2.1 1.7 (17.2)
Qatar Fuel 160.90 1.7 31.7 (21.2)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 16.95 4.9 7,712.1 (7.1)
Vodafone Qatar 15.00 0.7 1,499.3 (8.8)
Gulf International Services 68.00 (3.5) 681.5 (30.0)
Salam International Investment 13.05 2.4 654.2 (17.7)
Barwa Real Estate Co. 45.00 1.1 343.8 7.4
Market Indicators 18 Oct 15 15 Oct 15 %Chg.
Value Traded (QR mn) 301.1 262.5 14.7
Exch. Market Cap. (QR mn) 617,991.6 617,919.9 0.0
Volume (mn) 12.7 8.5 49.5
Number of Transactions 3,532 3,928 (10.1)
Companies Traded 41 42 (2.4)
Market Breadth 22:16 20:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,279.49 (0.1) (0.1) (0.2) 11.9
All Share Index 3,130.01 0.0 0.0 (0.7) 12.2
Banks 3,156.31 (0.2) (0.2) (1.5) 12.8
Industrials 3,542.92 (0.1) (0.1) (12.3) 12.8
Transportation 2,461.94 0.2 0.2 6.2 11.9
Real Estate 2,805.10 (0.2) (0.2) 25.0 9.0
Insurance 4,604.68 1.0 1.0 16.3 12.2
Telecoms 1,058.64 (0.7) (0.7) (28.7) 29.8
Consumer 6,895.69 1.5 1.5 (0.2) 15.3
Al Rayan Islamic Index 4,481.92 0.3 0.3 9.3 13.0
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Public Transport Saudi Arabia 21.04 9.6 6,982.1 (12.3)
Sahara Petrochemical Saudi Arabia 13.06 7.2 11,218.3 (14.2)
Petro Rabigh Saudi Arabia 18.01 5.8 2,015.1 (0.8)
Bank Nizwa Oman 0.08 5.4 11,512.4 (2.5)
Sharjah Islamic Bank Abu Dhabi 1.64 5.1 400.0 (6.8)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Arab Banking Corp. Bahrain 0.49 (5.8) 100.0 (30.0)
Nat. Mobile Telecom. Kuwait 1.02 (3.8) 2.6 (27.1)
Gulf Int. Services Qatar 68.00 (3.5) 681.5 (30.0)
Saudi Chemical Co. Saudi Arabia 60.97 (3.2) 444.3 6.5
Nat. Marine Dredging Abu Dhabi 5.00 (2.9) 148.0 (27.5)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Gulf International Services 68.00 (3.5) 681.5 (30.0)
Dlala Brokerage & Inv Holding Co. 21.80 (2.4) 36.5 (34.8)
National Leasing 18.00 (1.3) 266.5 (10.0)
Ooredoo 77.50 (1.3) 40.6 (37.4)
Ezdan Holding Group 19.70 (1.0) 128.5 32.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 16.95 4.9 127,353.0 (7.1)
Gulf International Services 68.00 (3.5) 46,684.6 (30.0)
Vodafone Qatar 15.00 0.7 22,516.9 (8.8)
Barwa Real Estate Co. 45.00 1.1 15,466.1 7.4
Masraf Al Rayan 43.90 (0.1) 10,812.7 (0.7)
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 11,760.16 (0.1) (0.1) 2.6 (4.3) 82.99 169,700.5 11.9 1.4 4.3
Dubai 3,707.82 0.3 0.3 3.2 (1.8) 57.31 96,182.2 12.8 1.2 6.7
Abu Dhabi 4,563.20 0.5 0.5 1.3 0.8 28.42 124,414.6 12.5 1.4 5.0
Saudi Arabia 7,792.62 1.2 1.2 5.2 (6.5) 1,392.37 470,765.0 16.6 1.9 3.3
Kuwait 5,769.71 0.7 0.7 0.8 (11.7) 43.14 89,167.6 14.7 1.0 4.4
Oman 5,925.05 0.3 0.3 2.4 (6.6) 11.85 23,953.4 11.5 1.3 4.4
Bahrain 1,248.87 (0.7) (0.7) (2.1) (12.5) 0.68 19,579.0 7.9 0.8 5.5
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)
11,740
11,760
11,780
11,800
11,820
11,840
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 0.1% to close at 11,760.2. The Telecoms and Real
Estate indices led the losses. The index fell on the back of selling pressure
from Qatari shareholders despite buying support from non-Qatari and GCC
shareholders.
 Gulf International Services and Dlala Brokerage & Investments Holding Co.
were the top losers, falling 3.5% and 2.4%, respectively. Among the top
gainers, Mazaya Qatar Real Estate Development gained 4.9%, while Qatar
General Insurance & Reinsurance Co. was up 3.6%.
 Volume of shares traded on Sunday rose by 49.5% to 12.7mn from 8.5mn
on Thursday. Further, as compared to the 30-day moving average of 8.0mn,
volume for the day was 59.1% higher. Mazaya Qatar Real Estate
Development and Vodafone Qatar were the most active stocks, contributing
60.9% and 11.8% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2015
% Change
YoY
Operating Profit
(mn) 3Q2015
% Change
YoY
Net Profit (mn)
3Q2015
% Change
YoY
Saudi Basic Industries
Corporation (SABIC)
Saudi Arabia SR – – 8,560.0 -17.8% 5,600.0 -9.4%
Wafrah for Industry &
Development Co.
Saudi Arabia SR – – -4.9 NA -5.5 NA
Saudi Steel Pipe Co. (SSP) Saudi Arabia SR – – 8.3 -15.1% 8.0 21.7%
Saudi Transport &
Investment Co. (Mubarrad)
Saudi Arabia SR – – 19.9 -23.2% 18.0 -45.0%
Taiba Holding Co. Saudi Arabia SR – – 71.2 -18.1% 102.1 -87.5%
Ash-Sharqiyah Development
Co. (SHADCO)
Saudi Arabia SR – – 0.6 NA 0.6 NA
Sahara Petrochemical Co. Saudi Arabia SR – – 150.8 7,836.8% 121.0 607.6%
Advanced Petrochemical Co.
(APC)
Saudi Arabia SR – – 240.6 22.2% 234.2 2.4%
United Wire Factories Co.
(ASLAK)
Saudi Arabia SR – – 23.3 13.7% 21.2 3.9%
Saudi Marketing Co. (Farm
Superstores)
Saudi Arabia SR – – 36.4 36.4% 29.0 17.2%
Nama Chemicals Co. Saudi Arabia SR – – -28.7 NA -24.0 NA
Al Jouf Agricultural
Development Co. (JADCO)
Saudi Arabia SR – – 44.8 17.3% 43.4 16.7%
Herfy Food Services Co. Saudi Arabia SR – – 57.0 29.1% 56.7 -0.1%
Al Hassan Ghazi Ibrahim
Shaker Co. (SHAKER)
Saudi Arabia SR – – 27.6 -29.9% 46.2 5.6%
Al Abdullatif Industrial
Investment Co. (AIIC)
Saudi Arabia SR – – 29.7 -41.9% 27.6 -40.3%
Saudi Orix Leasing Co. Saudi Arabia SR – – 43.0 -7.9% 23.2 -21.6%
National Metal Manufacturing
& Casting Co. (Maadaniyah)
Saudi Arabia SR – – 9.4 0.1% 8.9 4.1%
Al Rajhi Company for
Cooperative Insurance
(ARCCI)
Saudi Arabia SR 262.8 33.7% – – 14.6 250.2%
Trade Union Cooperative
Insurance Co. (Ittihad)
Saudi Arabia SR 239.4 53.7% – – 3.4 NA
Hail Cement Co. Saudi Arabia SR – – 29.8 16.9% 17.5 -30.5%
Al Alamiya for Cooperative
Insurance Co.
Saudi Arabia SR 63.0 60.3% – – 11.2 NA
Saudi Arabian Mining Co.
(Ma’aden)
Saudi Arabia SR – – 263.3 -62.0% 79.9 -83.5%
Alahli Takaful Co. Saudi Arabia SR 24.0 -2.0% – – 6.3 -23.3%
Gulf Union Cooperative
Insurance Co. (GUCIC)
Saudi Arabia SR 13.3 -63.9% – – 7.2 687.9%
United Cooperative
Assurance Co. (UCA)
Saudi Arabia SR 222.4 25.7% – – 12.1 -41.9%
Fitaihi Holding Group Saudi Arabia SR – – 0.4 -95.5% 5.8 -54.7%
Allied Cooperative Insurance
Group (ACIG)
Saudi Arabia SR 84.1 110.7% – – 4.0 105.2%
National Petrochemical Co. Saudi Arabia SR – – 591.9 30.6% 321.1 31.5%
Saudi Public Transport Co.
(SAPTCO)
Saudi Arabia SR – – 81.0 579.6% 81.4 242.2%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 77.56% 81.75% (12,688,966.77)
GCC 3.68% 2.79% 2,653,521.23
Non-Qatari 18.77% 15.45% 10,035,445.54

3. Page 3 of 7
Ace Arabia Cooperative
Insurance Co. (ACE)
Saudi Arabia SR 21.1 49.3% – – -0.7 NA
Dhofar Poultry Co. (DPC) Oman OMR 5.9 124.3% – – 0.4 NA
Oman Investment & Finance
Co. (OIFC) *
Oman OMR 7.7 13.0% – – 3.6 16.6%
National Biscuit Industries
(NABIL)
Oman OMR 8.1 -5.1% – – 0.4 -10.0%
Source: Company data, DFM, ADX, MSM (*6M2015-16 results)
Earning Calendar
Tickers Company Name Date of reporting 3Q2015 results No. of days remaining Status
QNBK QNB Group 7-Oct-15 - Reported
QIBK Qatar Islamic Bank 13-Oct-15 - Reported
ABQK Al Ahli Bank 14-Oct-15 - Reported
MRDS Mazaya Qatar 14-Oct-15 - Reported
MCCS Mannai Corp. 16-Oct-15 - Reported
CBQK Commercial Bank 18-Oct-15 - Reported
QIGD Qatari Investors Group 19-Oct-15 0 Due
DBIS Dlala Brokerage & Investment Holding Company 19-Oct-15 0 Due
KCBK Al Khaliji 20-Oct-15 1 Due
DOHI Doha Insurance 20-Oct-15 1 Due
QEWS Qatar Electricity & Water Company 20-Oct-15 1 Due
SIIS Salam International Investment 20-Oct-15 1 Due
AKHI Al Khaleej Takaful Insurance 20-Oct-15 1 Due
IHGS Islamic Holding Group 20-Oct-15 1 Due
QIIK Qatar International Islamic Bank 20-Oct-15 1 Due
GWCS Gulf Warehousing Company 21-Oct-15 2 Due
QGTS Qatar Gas Transport Company (Nakilat) 21-Oct-15 2 Due
QNCD Qatar National Cement Company 21-Oct-15 2 Due
QIMD Qatar Industrial Manufacturing Company 22-Oct-15 3 Due
QNNS Qatar Navigation (Milaha) 24-Oct-15 5 Due
QATI Qatar Insurance Company 25-Oct-15 6 Due
MARK Masraf Al Rayan 25-Oct-15 6 Due
DHBK Doha Bank 25-Oct-15 6 Due
QISI Qatar Islamic Insurance 25-Oct-15 6 Due
QGRI Qatar General Insurance & Reinsurance 25-Oct-15 6 Due
QOIS Qatar & Oman Investment 25-Oct-15 6 Due
MCGS Medicare Group 25-Oct-15 6 Due
GISS Gulf International Services 25-Oct-15 6 Due
QGMD Qatar German Company for Medical Devices 25-Oct-15 6 Due
UDCD United Development Company 26-Oct-15 7 Due
QFLS Qatar Fuel Company 26-Oct-15 7 Due
ERES Ezdan Real Estate Company 26-Oct-15 7 Due
MERS Al Meera Consumer Goods Company 27-Oct-15 8 Due
MPHC Mesaieed Petrochemical Holding Company 27-Oct-15 8 Due
ORDS Ooredoo 28-Oct-15 9 Due
IQCD Industries Qatar 28-Oct-15 9 Due
AHCS Aamal Company 29-Oct-15 10 Due
NLCS National Leasing (Alijarah) 29-Oct-15 10 Due
ZHCD Zad Holding Company 29-Oct-15 10 Due
BRES Barwa Real Estate Company - - -
QCFS Qatar Cinema & Film Distribution Company - - -
WDAM Widam Food Company - - -
VFQS Vodafone Qatar - - -
Source: QSE

4. Page 4 of 7
News
Qatar
 CBQK Results Adversely Impacted From UAB – 3Q2015 earnings
disappoints on the account of CBQK’s Associate United Arab Bank
(UAB). Commercial Bank of Qatar (CBQK) reported a net profit of
QR275.9mn in 3Q2015, falling short of our expectation of
QR498.9mn (BBG: QR496.25mn). Net income dropped by 51.8%
and 43.3% QoQ and YoY, respectively. The miss was mainly due to
the loss generated by CBQK’s UAE based associate, UAB. UAB
incurred excessive provisions in 3Q2015, reporting a loss of
AED273mn. As such, CBQK experienced a loss from associates of
QR65.0mn vs. our estimate of QR121.0mn profit. Non-interest
income excluding income/(loss) from associates was weak QoQ
but strong YoY. CBQK’s fees and commissions dropped by 15.9%
QoQ (+26.8% YoY) to QR246.3mn, in-line with our estimate
QR237.5mn (+3.7% variation). FX income followed suit and
dropped by 38.4% QoQ (+59.0% YoY) to QR34.3mn. Moreover,
gains from investment securities was also weak, declining by
68.0% and 67.8% QoQ and YoY, respectively. Net interest income
sequentially grew by 3.9% (down 4.5% YoY). CBQK reported net
interest income of 651.3mn in 3Q2015 in-line with our estimate of
QR653.6mn. NIMs remained broadly stable sequentially at 2.57%
vs. 2.52% in 2Q2015 and 2.53% in 1Q2015. Provisions for loan
losses improved QoQ but remained elevated on a YoY basis.
CBQK’s credit costs declined sequentially by 18.6% (+39.9% YoY)
to QR167.6mn. Loans continued to exhibit subdued performance.
Net loans inched up by 1.0% QoQ (+1.1% YTD) to QR73.4bn. On
the other hand, deposits were flat QoQ and +4.2% YTD. Hence, the
LDR ticked up to 114% vs. 113% in 2Q2015 (118% at the end of
2014). Asset quality deteriorated. CBQK’s NPL’s increased by 7.8%
QoQ to 2.7bn vs. 2.5bn in 2Q2015 (down 3.2% YTD). Thus, the NPL
ratio jumped to 3.62% vs. 3.39% in 2Q2015 (3.79% at the end of
2014). Moreover, the coverage ratio decreased to 81% vs. 87% in
2Q2015 (74% at the end of 2014). Recommendation and
valuation: Under review. (QNBFS Research, Company Financials)
 QSE successfully launches rights issue of GWCS – The Qatar Stock
Exchange (QSE) has successfully launched the rights issue of Gulf
Warehousing Company (GWCS). The QSE said that the launch of
rights trading went very smoothly from a technical standpoint and
was a resounding success with QR1.13mn worth of rights
exchanged in 65 trades. As per the Qatar Financial Markets
Authority (QFMA) regulations, the trading of GWCS rights will take
place over 10 trading sessions and will end on October 29, 2015.
QSE CEO, Rashid Al-Mansoori said that the QSE is delighted to
expand its product offerings for investors with trading rights. He
said this successful launch will comfort issuers that the trading of
rights is a viable mechanism to increase their capital. The bourse is
looking forward to the upcoming issues, which are at various
stages of shareholder or regulatory approval. (QSE)
 QNCD to disclose financial statements on October 21 – Qatar
National Cement Company (QNCD) will announce its financial
reports for the period ending September 30, 2015 on October 21,
2015. (QSE)
 BRES to release financial statements on October 27 – Barwa Real
Estate Company (BRES) will announce its financial reports for the
period ending September 30, 2015 on October 27, 2015. (QSE)
 VFQS to announce financials on November 12 – Vodafone Qatar
(VFQS) will disclose the financial statements for the period ending
September 30, 2015 on November 12, 2015. (QSE)
 ORDS: Qatar poised to be global leader in fiber penetration –
Ooredoo (ORDS) Chief Operating Officer Waleed Mohamed al-
Sayed said that Qatar will be number one worldwide in terms of
fiber penetration with the expected completion of Phase 3 of the
Ooredoo fiber roll-out in 2016. Mr. Waleed said two-third of the
country, including 225,000 homes, are already connected to
Ooredoo fiber, which was initially rolled out in 2013. Mr Waleed
also said internet-to-home speeds have reached 100Mbps, but
added that the company has plans to double or triple the speed “in
the very near future.” Meanwhile, ORDS and Qatar Business
Incubation Center (QBIC) in partnership, will launch ‘Digital and
Beyond’ incubator. The incubator will encourage the creation of a
new range of start-ups and technology-focused businesses. After
signing of the partnership agreement, ORDS and QBIC launched a
national contest for new start-up ideas. The incubator will
empower young people to start and grow a diverse range of
companies. It will include three zones designed specifically for
start-ups; a community zone for relaxation & regeneration, a
collaboration zone to encourage communication & teamwork and
private zones for meetings & innovative thinking. (Gulf-Times.com,
Peninsula Qatar)
 Wage Protection System to be enforced on November 2 – HE the
Minister of Labor and Social Affairs, Dr. Abdulla bin Saleh al-
Khulaifi said the amended labor law that has made payment of
workers’ wages through banks mandatory will be enforced on
November 2, 2015. He said that the Labor Inspection Department
is ready to enforce the Wage Protection System (WPS) and follow
up the matter, adding that the staff concerned had already been
trained for executing this task. In addition, companies have been
notified and a webpage has been created on the website of the
Ministry of Labor & Social Affairs (MOLSA) for communication
with different entities. According to the minister, currently
5,50,000 workers are paid their salaries through bank transfer and
many companies have adopted the new system. He said violators
of the law would be dealt with strictly according to the
stipulations, such as administrative closure of the violating
company and other legal procedures and fines. (Gulf-Times.com)
 Qatar tops M&A activities in Middle East – Qatar topped the
Mergers & Acquisitions (M&A) activities in the Middle East during
the first nine months of 2015. Qatar’s overseas acquisitions
accounted for 55% of Middle Eastern outbound M&A activity,
while acquisitions by Saudi Arabian and the UAE companies
accounted for 27% and 11%, respectively. The total value of
outbound deals from the region for 9M2015 stood at $17.2bn and
Qatar’s share was more than half of it. The region’s outbound M&A
activity was up 57% YoY, the highest first nine month total since
2009. Thomson Reuters’ quarterly investment banking analysis for
the Middle East region revealed that China, Germany and UK were
the most targeted nations in terms of M&A deals for 9M2015. With
29%, China was the most targeted nation, followed by Germany
and the UK. (Peninsula Qatar)
 QCB: Private sector credit up by 25.2% in August – According to
Qatar Central Bank’s (QCB) monthly monetary bulletin for August,
Qatar banks’ private sector credit had surged by 25.2% to
QR406bn YoY in August 2015. The private sector deposits had
increased by 9.9% to QR345bn in August 2015. The bulletin
indicated net foreign assets of Qatar banks had declined by a huge
48.1% to QR69bn during August 2015, from QR133bn in August
2014. In contrast, net domestic assets had jumped by 26.5% to
QR451bn from QR356bn in August 2014. The Qatar banking
system’s net domestic credit rose by 31.9% (QR142bn) to
QR589bn from QR446bn a year ago. The data showed the central
bank’s total assets had declined to QR205bn in August 2015 from
QR215bn for the same month in 2014. The net international
reserves also declined to QR147bn from QR156bn a year ago. The
total assets had edged up to QR1.05tn from QR948bn recorded in
August 2014. The total assets had crossed the one trillion
threshold for the first time in December 2014. (Peninsula Qatar)

5. Page 5 of 7
 Ashghal: QCS conference will be held on November 16 – The
Ministry of Environment and Public Works Authority (Ashghal)
has announced that the Qatar Construction Specifications (QCS)
conference will be held on November 16, 2015. The conference
will be associated with the launch of the new edition compiling the
American Society for Testing & Materials (ASTM) code and QCS
code 2014. (Peninsula Qatar)
International
 BOJ Governor: Japanese economy to recover moderately – Bank of
Japan (BOJ) Governor, Haruhiko Kuroda said the country’s
economy was expected to continue recovering moderately even
though the slowdown in emerging markets was weighing on
exports and output. He said the BOJ’s quantitative and qualitative
easing is exerting its intended effects. The BOJ has kept monetary
policy steady since expanding its massive stimulus program in
October 2014. With inflation having ground to a halt on slumping
oil prices, the central bank remains under pressure to ease again
ahead of a rate review next week. (Reuters)
 China GDP expands 6.9% in 3Q2015, beat forecasts – China’s
economy expanded quicker than economists forecasted in 3Q2015
as the services sector propped up the world’s second-largest
economy, suggesting monetary and fiscal stimulus is keeping
Premier Li Keqiang’s 2015 expansion target within reach. The
National Bureau of Statistics said the GDP rose 6.9% in 3Q2015,
beating economists’ estimates of 6.8%. The economic resilience
comes as a stronger services sector and robust consumption help
offset weakness in manufacturing and exports. The pace of growth
in the services sector quickened to 8.4% in 3Q2015, while so-
called secondary industry – which includes manufacturing –
weakened to a 6% expansion. However, this still was the slowest
quarterly expansion since 1Q2009, based off previously
announced data. (Bloomberg)
 Rousseff backs finance minister, austerity drive – Brazilian
President Dilma Rousseff expressed support for Finance Minister
Joaquim Levy and said the government will continue efforts to
push austerity measures through Brazil’s Congress. She said a
proposed tax on financial transactions is crucial that is needed to
boost government revenues that have plummeted in recent years.
Levy, a former banker seeking to introduce austerity measures
needed to rebalance overdrawn government accounts, faces
increasing criticism from ruling party officials who oppose the
measures and support economic stimulus instead. The President’s
backing for the Finance Minister came following a recent flurry of
speculation in Brazilian media that the finance chief was getting
ready to step down. (Reuters)
 Reuters: Sub-Saharan Africa debt issuance down to a third in
9M2015 – According to data from Thomson Reuters, debt issuance
in sub-Saharan Africa fell by nearly a third to $10.3bn in the first
nine months of 2015, as sinking currencies and faltering
economies forced borrowers to take a breather. Africans have
borrowed heavily in international markets in recent years, taking
advantage of historically low yields and strong investor appetite,
with debt sales reaching record highs in 2014. But with the
prospect of a hike in US interest rates, slowing economies at home
and a gloomy outlook for commodity prices, African states and
companies have been more reluctant to tap capital markets this
year. Thomson Reuters’ quarterly investment banking analysis
showed South Africa was the biggest issuing country, accounting
for almost half of the activity, followed by the Ivory Coast with
25%. Equity and equity-linked issuance dropped 16% from the
same period in 2014, to $5.4bn. But investment banking fees for
sub-Saharan African investment banking services inched up 4% to
$306mn. (Reuters)
Regional
 HSBC Saudi Arabia announces rebalancing of HSBC Saudi 20 ETF –
HSBC Saudi Arabia Limited has said that rebalancing of the HSBC
Saudi 20 ETF has been carried out on Oct 18, 2015 in line with the
Index. The revised portfolio composition is available on the HSBC
Saudi website. (Tadawul)
 JODI: Saudi crude stockpiles reach record high in August – Saudi
Arabia, the world’s largest oil exporter, is storing record amounts
of crude in its quest to maintain market share as it cut shipments.
According to data published by the Riyadh-based Joint
Organizations Data Initiative (JODI), commercial crude stockpiles
in August 2015 rose to 326.6mn barrels, the highest since at least
2002, from 320.2mn barrels in July. Crude inventories have been
at record highs since May, a month before Saudi Arabia’s
production hit an all-time high of 10.56mn barrels per day. The
nation has led the Organization of Petroleum Exporting Countries
(OPEC) in boosting production to defend market share,
abandoning its previous role of cutting output to boost prices.
(Bloomberg)
 Allianz SF gets SAMA approval for insurance product – Allianz Saudi
Fransi Cooperative Insurance Company (Allianz SF) has obtained
Saudi Arabian Monetary Agency’s (SAMA) final approval for its
visitor’s insurance product, which is designed to insure individuals
wishing to obtain visit visa to Saudi Arabia. (Tadawul)
 Buruj Cooperative Insurance discloses use of rights issue proceeds –
Buruj Cooperative Insurance Company has said that gross
proceeds from its rights issue, which happened in April 2015,
amounted to SR120mn and net SR115.23mn, after deducting the
direct and indirect costs of SR4.77mn. An amount of SR12mn has
been added to the statutory deposit to align it with the capital
increase, while the remaining of SR103.23mn has been used to
fulfill the solvency margin requirements. The company invested
SR10mn in local funds and SR5mn in Sukuk of a local listed
company, while it deposited SR60mn in a local bank. Balance
SR28.23mn is remaining in a current account. (Tadawul)
 USC reaches full claim settlement with Al Alamiya – United Sugar
Company (USC), a subsidiary of Savola Group, has reached a full
and final settlement agreement with Al Alamiya for Cooperative
Insurance Company regarding its property damage and business
interruption claims caused by fire at its raw sugar warehouse in
Jeddah on June 20, 2013. The amount finally agreed reached
SR548mn, net of the policy excesses. Al Alamiya continued making
payments on account to USC to facilitate the rebuilding of damaged
facilities and these advance payments will be offset against this
final payment. This settlement will have a net positive impact of
around SR94mn on the income statement of the Savola Group for
4Q2015. (Tadawul)
 NBK: KSA resilient but growth slowing amid oil price slump – The
National Bank of Kuwait (NBK), in its latest economic update,
predicts headline growth in the Saudi Arabia economy to remain at
3.5% in 2015, boosted by a record high oil production, before
moderating to 2.4% in 2016. Non-oil growth is projected at 3.7%
over 2015-16, underpinned by firm but more disciplined
government spending, especially in terms of capital spending. As
per the report, despite over 50% decline in oil prices since June
2014 and the knock-on effect that it has had on real output, Saudi’s
economy has, so far, proven quite resilient, growing by 4.0% YoY
in 2Q2015. In the oil sector, which grew by 4.8% YoY in 2Q2015,
production has surged to a record high in excess of 10.0mn barrels
per day on average so far in 2015. The Saudi authorities are
committed to issuing $27bn in sovereign debt by 2015-end to help
finance the deficit and lessen the depletion of the Kingdom’s
foreign reserves. As of August 2015, reserves had declined by 9.4%
YTD to $662.2bn. (GulfBase.com)

6. Page 6 of 7
 SABIC plans more than three ventures in China – Saudi Basic
Industries Corporation (SABIC) acting CEO Yousef Al Benyan has
said that the company is planning more than three joint venture
projects in China. He said SABIC would hopefully be announcing
them in 1Q2016. SABIC is also on track to expand investment in
the US shale gas projects through joint ventures. Al Benyan said
current market conditions place some pressure on some of these
investment opportunities, but in the long-term these investment
are feasible and SABIC is hoping to announce some of these
investments in the US in 2016. (Bloomberg)
 Marka to launch Dinh Van in Nov 2015 – Marka has been appointed
as an exclusive franchisee for the House of Dinh Van. It will be
launching the brand in November 2015 in City Walk in Dubai. The
company has also confirmed its plans to open five Dinh Van
boutiques in the UAE and Qatar by 2020. Founded by Jean Dinh
Van in Paris in 1965, the House of Dinh Van is a French jewelry
brand. (DFM)
 Aramex BoD postpones alliance with OTMT – Aramex’s board of
directors (BoD) has reviewed the proposal of entering into a
strategic partnership with Orascom Telecom Media & Technology
Holding (OTMT) to establish logistics areas in Egypt. Following
further consideration, the board has decided to postpone the
decision on the matter till a later stage. (DFM)
 Aster DM Healthcare buys additional 57% stake in Sanad Hospital –
Aster DM Healthcare has acquired an additional 57% stake in
Saudi-based Sanad Hospital for AED900mn to up the total stake to
97%. With the latest acquisition, Aster now has six hospitals in the
Gulf Arab region. Aster has five greenfield projects underway in
the GCC, including a new hospital in Qatar and three in the UAE.
(Reuters)
 DUSUP to float private tender to buy LNG – According to trade
sources, the Dubai Supply Authority (DUSUP) is floating a private
tender to buy 4-6 liquefied natural gas (LNG) cargoes each in 2016
and 2017, and is nearing the final stages of the process with an
award expected soon. Around 15 companies participated in the
process via bilateral discussions and price offers were extremely
aggressive, sliding below 12% of the price of Brent crude oil.
(GulfBase.com)
 Invest Bank reports AED77.7mn net profit in 3Q2015 – Invest Bank
has reported a net profit of AED77.67mn in 3Q2015 as compared
to AED77.05mn in 3Q2014. The bank posted an operational
income of AED183.95mn, whereas the total net interest income in
3Q2015 reached AED129.96mn. The bank’s total assets had stood
at AED14.95bn as of September 30, 2015 as compared to
AED13.83bn on December 31, 2014. Loans & advances to
customers reached AED10.7bn, while customer’s deposits had
stood at AED11.05bn. EPS amounted to AED0.05 in 3Q2015, same
as in 3Q2014. (ADX)
 ADCB net profit surges 18% YoY in 3Q2015 – Abu Dhabi
Commercial Bank (ADCB) reported a net profit of AED1.2bn in
3Q2015 as compared to AED1.02bn in 3Q2014, representing a YoY
increase of 18%. The bank’s operating income for 3Q2015 was up
8% YoY at AED2.01bn, with total net interest & Islamic financing
income up 10% YoY to AED1.55bn. Non-interest income was down
1% YoY to AED466mn. ADCB’s total assets grew 9% YoY to reach
AED215.33bn as of September 30. Net loans & advances increased
11% YoY to AED150.65bn, while deposits from customers were up
7% YoY at AED130bn. By 3Q2015-end, ADCB’s capital adequacy
ratio was 19.68% and Tier I ratio was 16.14%. (ADX)
 DCRP: Oman faces scarcity of qualified Grade A contractors – The
Distribution Code Review Panel (DCRP) has regretted over the
scarcity of qualified Grade A contractors to undertake vital
electrical infrastructure contracts worth in excess of OMR400mn
annually. DCRP Chairman Eng. Hamad bin Salim al Maghdari said
of the estimated 195 electrical contractors registered with the
DCRP, only around 15 are in the Grade A category, meaning they
are deemed qualified to undertake technically challenging
contracts, involving notably the construction of power stations,
primary substations and 132KV networks. However, in reality,
only five of these contractors are functional and up to the task in
executing Grade A category projects. (GulfBase.com)
 Omani firms urged to invest in India’s textile sector – Indian
ambassador to Oman Indra Mani Pandey has appealed to Omani
companies to invest in India’s textile sector, which is the second
largest employer in India, offering direct employment to around
35mn people. (GulfBase.com)
 Bahrain may tax expat remittances – Bahrain may introduce new
taxes on remittances and other foreign transactions, if parliament
votes in favor of the move this week. The proposal has been
submitted by five MPs led by Mohammed Al Ahmed, who said that
Bahrain urgently needed to find new revenue streams other than
oil. Oil accounts for over 80% of Bahraini government revenue at
present, meaning the recent global price slump has had a serious
adverse effect on the nation's finances. (GulfBase.com)
 ABG unit picks arrangers for capital-boosting Sukuk – According to
sources, Turkish Islamic bank, Albaraka Turk, has picked seven
arrangers for a potential dollar-denominated Sukuk to bolster its
supplementary or Tier 2 capital. The bank has chosen Barwa Bank,
Dubai Islamic Bank, Emirates NBD, Nomura, Noor Bank, Standard
Chartered and QInvest to arrange the Sukuk issue. Albaraka Turk
is a unit of Bahrain-based Al Baraka Banking Group (ABG).
(Reuters)

7. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Sep-11 Sep-12 Sep-13 Sep-14 Sep-15
QSE In dex S&P Pan Arab S&P GCC
1.2%
(0.1%)
0.7%
(0.7%)
0.3%
0.5%
0.3%
(0.8%)
0.0%
0.8%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,177.32 (0.5) 1.7 (0.6) MSCI World Index 1,683.55 0.5 0.6 (1.5)
Silver/Ounce 16.06 (0.4) 1.4 2.3 DJ Industrial 17,215.97 0.4 0.8 (3.4)
Crude Oil (Brent)/Barrel (FM Future) 50.46 3.6 (4.2) (12.0) S&P 500 2,033.11 0.5 0.9 (1.3)
Crude Oil (WTI)/Barrel (FM Future) 47.26 1.9 (4.8) (11.3) NASDAQ 100 4,886.69 0.3 1.2 3.2
Natural Gas (Henry Hub)/MMBtu 2.38 (4.5) 0.6 (20.5) STOXX 600 363.13 0.4 0.1 (0.3)
LPG Propane (Arab Gulf)/Ton 44.25 2.3 (9.7) (9.7) DAX 10,104.43 0.2 0.1 (3.5)
LPG Butane (Arab Gulf)/Ton 60.37 0.2 (7.7) (7.8) FTSE 100 6,378.04 0.3 0.2 (3.7)
Euro 1.13 (0.3) (0.1) (6.2) CAC 40 4,702.79 0.4 0.0 3.5
Yen 119.44 0.5 (0.7) (0.3) Nikkei 18,291.80 0.2 (0.1) 4.9
GBP 1.54 (0.1) 0.8 (0.9) MSCI EM 865.28 0.1 0.7 (9.5)
CHF 1.05 (0.3) 0.9 4.3 SHANGHAI SE Composite 3,391.35 1.4 6.3 2.4
AUD 0.73 (0.9) (1.0) (11.1) HANG SENG 23,067.37 0.8 2.7 (2.2)
USD Index 94.54 0.2 (0.3) 4.7 BSE SENSEX 27,214.60 0.8 0.4 (3.4)
RUB 61.28 (0.2) (0.4) 0.9 Bovespa 47,236.11 (0.4) (6.4) (34.9)
BRL 0.25 (3.2) (4.1) (32.5) RTS 881.19 0.6 (0.5) 11.4
140.8
118.9
114.5