The QSE Index in Qatar declined slightly, led by losses in the consumer goods and transportation sectors. Top decliners were Gulf International Services and Qatar National Cement. Trading volume fell compared to previous days. In other GCC markets, Dubai and Abu Dhabi rose while Saudi Arabia was flat. Regional indices were mixed with most gaining or declining less than 1%.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.1% to close at 9,906.0. Losses were led by the Consumer Goods
& Services and Transportation indices, falling 1.0% and 0.6%, respectively. Top losers
were Gulf International Services and Qatar National Cement Co., falling 3.3% and 2.8%,
respectively. Among the top gainers, Qatar German Co for Medical Devices and Islamic
Holding Group were up 10.0% each.
GCC Commentary
Saudi Arabia: The TASI Index fell marginally to close at 6,930.1. Losses were led by the
Media & Publis. and Petrochem. Industries indices, falling 3.1% and 0.7%, respectively.
Saudi Research fell 5.9%, while Saudi Transport was down 3.7%.
Dubai: The DFM Index gained 2.5% to close at 3,101.2. The Transportation index rose
3.8%, while the Banks index gained 3.2%. Al Salam Group Holding Co. gained 6.6%,
while Amlak Finance was up 6.4%.
Abu Dhabi: The ADX benchmark index rose 0.9% to close at 4,191.3. The
Telecommunication index gained 2.9%, while the Real Estate index rose 1.5%. RAK
Properties surged 10.0%, while Abu Dhabi National Co. for B & M was up 9.5%.
Kuwait: The KSE Index gained 0.7% to close at 5,613.7. The Consumer Services index
rose 1.8%, while the Consumer Goods index gained 1.3%. Kuwait Cable Vision rose
11.11%, while Manazel Holding was up 10.6%.
Oman: The MSM Index rose 0.9% to close at 5,404.3. Gains were led by the Industrial
and Financial indices, rising 1.0% and 0.8%, respectively. United Finance rose 3.6%,
while Bank Dhofar was up 3.3%.
Bahrain: The BHB Index declined 0.4% to close at 1,189.8. The Commercial Bank index
fell 0.7%, while the Investment index declined 0.4%. Ithmaar Bank fell 6.9%, while
Esterad Investment Co. was down 4.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar German Co for Medical Dev. 13.53 10.0 406.4 33.3
Islamic Holding Group 68.40 10.0 44.0 (34.6)
Qatari Investors Group 38.00 5.6 42.6 (8.2)
Qatar General Ins. & Reins. Co. 55.90 5.5 2.6 9.0
Qatar Islamic Insurance Co. 65.70 4.0 0.1 (16.8)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 35.10 0.3 1,309.4 (20.6)
Gulf International Services 47.75 (3.3) 695.2 (50.8)
Qatar German Co for Medical Dev. 13.53 10.0 406.4 33.3
Vodafone Qatar 11.08 (0.3) 402.3 (32.6)
Ezdan Holding Group 15.19 1.3 381.9 1.8
Market Indicators 21 Dec 15 17 Dec 15 %Chg.
Value Traded (QR mn) 205.1 258.1 (20.5)
Exch. Market Cap. (QR mn) 525,411.4 525,092.2 0.1
Volume (mn) 5.1 5.6 (9.3)
Number of Transactions 3,241.0 3,850.0 (15.8)
Companies Traded 41.0 40.0 2.5
Market Breadth 16:17 22:13 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,397.45 (0.1) (0.1) (16.0) 10.3
All Share Index 2,647.38 0.0 0.0 (16.0) 10.4
Banks 2,678.01 (0.1) (0.1) (16.4) 10.9
Industrials 2,961.51 (0.2) (0.2) (26.7) 11.3
Transportation 2,410.93 (0.6) (0.6) 4.0 11.5
Real Estate 2,233.32 0.6 0.6 (0.5) 7.2
Insurance 4,067.91 1.1 1.1 2.8 11.3
Telecoms 893.93 1.5 1.5 (39.8) 19.6
Consumer 5,800.72 (1.0) (1.0) (16.0) 12.8
Al Rayan Islamic Index 3,666.06 0.3 0.3 (10.6) 10.8
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Energy Abu Dhabi 0.46 7.0 801.6 (42.5)
Deyaar Development Dubai 0.50 6.2 8,686.9 (41.3)
Qatari Investors Group Qatar 38.00 5.6 42.6 (8.2)
Mouwasat Medical Ser. Saudi Arabia 117.42 5.5 48.9 (4.9)
Qatar Gen. Ins. & Rein. Qatar 55.90 5.5 2.6 9.0
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Ithmaar Bank Bahrain 0.14 (6.9) 675.4 (15.6)
Saudi Res. & Marketing Saudi Arabia 51.27 (5.9) 3,884.8 208.5
Sharjah Islamic Bank Abu Dhabi 1.45 (5.8) 597.5 (17.6)
Gulf Int. Services Qatar 47.75 (3.3) 695.2 (50.8)
Qatar Nat. Cement Co. Qatar 100.00 (2.8) 5.0 (16.7)
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 47.75 (3.3) 695.2 (50.8)
Qatar National Cement Co. 100.00 (2.8) 5.0 (16.7)
Al Meera Consumer Goods Co. 216.00 (2.7) 1.6 8.0
Qatar Fuel 140.80 (2.6) 16.3 (31.1)
Qatar International Islamic Bank 61.60 (1.3) 10.3 (24.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 35.10 0.3 45,592.8 (20.6)
Gulf International Services 47.75 (3.3) 33,372.5 (50.8)
QNB Group 164.90 0.0 22,552.2 (22.5)
Qatar Islamic Bank 107.00 (0.4) 10,015.1 4.7
Qatar Electricity & Water Co. 208.00 0.0 9,969.2 10.9
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* 9,906.00 (0.1) (0.1) (1.8) (19.4) 56.33 144,278.0 10.3 1.5 5.2
Dubai 3,101.19 2.5 0.9 (3.2) (17.8) 74.90 82,855.5 12.2 1.1 3.8
Abu Dhabi 4,191.25 0.9 1.0 (1.1) (7.5) 69.37 115,748.5 11.0 1.2 5.9
Saudi Arabia 6,930.12 (0.0) (1.6) (4.3) (16.8) 1,394.57 426,204.4 15.6 1.7 3.7
Kuwait 5,613.66 0.7 (0.2) (3.3) (14.1) 33.89 87,475.8 15.4 1.0 4.6
Oman 5,404.25 0.9 0.8 (2.6) (14.8) 124.37 22,176.5 9.8 1.1 4.8
Bahrain 1,189.78 (0.4) (0.6) (3.5) (16.6) 2.18 18,704.8 7.8 0.8 5.8
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)
9,750
9,800
9,850
9,900
9,950
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 0.1% to close at 9,906.0. The Consumer Goods &
Services and Transportation indices led the losses. The index fell on the
back of selling pressure from Qatari and non-Qatari shareholders despite
buying support from GCC shareholders.
 Gulf International Services and Qatar National Cement Co. were the top
losers, falling 3.3% and 2.8%, respectively. Among the top gainers, Qatar
German Co for Medical Devices and Islamic Holding Group were up 10.0%
each.
 Volume of shares traded on Monday fell by 9.3% to 5.1mn from 5.6mn on
Thursday. Further, as compared to the 30-day moving average of 7.4mn,
volume for the day was 31.2% lower. Masraf Al Rayan and Gulf
International Services were the most active stocks, contributing 25.8% and
13.7% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
12/21 US Federal Reserve Bank of Chicago Chicago Fed Nat Activity Index November -0.3 0.1 -0.2
12/21 EU European Commission Consumer Confidence December -5.7 -5.9 -5.9
12/21 Germany Destatis PPI MoM November -0.20% -0.20% -0.40%
12/21 Germany Destatis PPI YoY November -2.50% -2.40% -2.30%
12/21 Spain INE Total Mortgage Lending YoY October 12.50% – 23.90%
12/21 Spain INE House Mortgage Approvals YoY October 7.10% – 20.20%
12/21 Spain INE Trade Balance October -1,888.2mn – -2,571.0mn
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QIBK launches Qatar’s first ‘certificates of deposit’ – Qatar Islamic
Bank (QIBK) has launched its first series of ‘certificates of deposit’,
which is a “first of its kind in Qatar”. The bank’s certificates of
deposit will be available for individuals and corporate customers
in Qatari riyal and US dollar for different tenors of two, three and
five years. QIBK said “Certificates of deposit are developed to
encourage customers to make long-term savings and get attractive
annual profit based on the certificate’s maturity and selected
currency”. The annual profit of certificates of deposit in Qatari
riyal is expected to be 3.5% for five years, 3.25% for three years
and 2.75% for two years. As for the certificates of deposit in
dollars, the expected annual profit is 2.75% for five years, 2.25%
for three years and 1.75% for two years. Certificates of deposit are
fully Shari’ah-compliant and profits incurred will be distributed to
customers every quarter. The deposit holder is also able to apply
for financing up to 95% of the certificate of deposit amount, with
financing tenor equivalent to the certificate maturity. The
minimum subscription in the certificate of deposit is QR100,000 or
$25,000, with no maximum amount. The certificates of deposit are
cashable at any QIBK counter to its holder exclusively and they are
non-tradable and non-transferrable. (Gulf-Times.com)
 QSE to limit margin trading to 20 stocks – The Qatar Stock
Exchange (QSE), which recently introduced margin trading (MT),
said MT will be applicable for only 20 liquid stocks in its main
index. QSE Market Operations and Control Director Nasser al-
Abdul Ghani said the launch of MT would contribute to the
development of the stock market performance, stimulate trading &
liquidity and provide new financing channels for investors. MT will
allow investors to purchase securities that are partially financed
by a loan or credit facility made available by a margin lender, a
member licensed to provide such services. It is understood that
Qatar has adopted a 60:40 method, wherein a financial services
company funds 40% of the securities’ market value purchased for
its client pursuant to the agreement governing the relation
between them. MT will be applicable (as of now) only to QNB
Group (QNBK) Aamal Company (AHCS), Barwa Real Estate Co.
(BRES), Commercial Bank of Qatar (CBQK), Doha Bank (DHBK),
Ezdan Group Holding (ERES), Gulf International Services (GISS),
Industries Qatar (IQCD), Masraf Al Rayan (MARK), Al Meera
(MERS), Mazaya Qatar (MRDS), Ooredoo (ORDS), Qatar Insurance
(QATI), Qatar Electricity and Water (QEWS), Nakilat (QGTS), Qatar
Islamic Bank (QIBK), Qatar International Islamic Bank (QIIK),
Milaha (QNNS), United Development Company (UDCD) and
Vodafone Qatar (VFQS). (Gulf-Times.com, Qatar Tribune)
 QIGD signs agreement with Simplex Infrastructures – The
arbitration award between Qatari Investors Group (QIGD) and
Simplex Infrastructures Limited has been rendered. The final
agreed outcome was satisfactory to both parties. (QSE)
 AEB to design 2022 FIFA World Cup Stadium in Al Thumama – The
Supreme Committee for Delivery & Legacy (SC) has appointed
Arab Engineering Bureau (AEB), the oldest architectural and
engineering consulting firm in Qatar, as the Design Consultant for
the eighth proposed host venue for the 2022 FIFA World Cup,
which will be located in Al Thumama. The stadium in Al Thumama
will have a minimum of 40,000 seats for the 2022 FIFA World Cup
and will host matches leading up to the quarter-finals stage. In
legacy mode, the stadium capacity will be reduced to a maximum
of 20,000 seats. The stadium will be located in an area of 515,400
square meters that already comprises four outdoor training
pitches and office facilities currently used by the Qatar Football
Association Technical Committee. Established in 1966, AEB boasts
of vast experience, along with a diverse portfolio of more than
1,500 completed projects. (Gulf-Times.com)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.95% 65.17% (8,654,251.34)
GCC 7.90% 2.33% 11,430,789.37
Non-Qatari 31.15% 32.50% (2,776,538.03)

3. Page 3 of 5
 ORDS, QDF launch scratch-and-win contest – Ooredoo (ORDS) and
Qatar Duty Free (QDF) have launched a competition that gives
customers a chance to win QDF shopping gift vouchers worth up to
$100 when buying an Ooredoo Passport card. To enter the
competition, customers have to buy their Ooredoo Passport card
at QDF’s Ooredoo premium dealer at Hamad International Airport
before January 31, 2016. Customers who purchase an Ooredoo
Passport from QDF will then be given a special scratch card, which
will give them the chance to win one of three prizes, a discount of
$50, $75 or $100 for purchases at Qatar Duty Free. (Gulf-
Times.com)
 QA Cargo to launch new freighter route to Dallas Fort Worth – Qatar
Airways (QA) Cargo will launch a new freighter route to
Dallas/Fort Worth commencing operations on January 19, 2016,
expanding its network to six freighter destinations in the
Americas. A QA Cargo Boeing 777F will fly two times a week to
Dallas from Liege. In total, QA Cargo provides service to 13
destinations in the Americas, with additional upload provided in
the belly hold of the airlines commercial aircraft. The new
dedicated freighter service to Dallas will increase the 400 tons of
export cargo capacity per month, currently transported as belly
hold cargo on QA passenger services, to 1,000 tons of exports a
month. Import capacity into Dallas will increase to a total of 300
tons per month. (AMEinfo.com)
International
 European banks may cut jobs in 2016 – According to investors and
analysts, regulation, anemic economic growth and technology
changes would force banks across Europe to resort to more
savings in 2016, with jobs likely to be the biggest casualty.
According to data compiled by Reuters, 10 of the region’s biggest
banks have announced staff cuts of 130,000 since June, more than
the total number of job losses announced by those banks in 2013
and 2014. However, investors believe the industry would need to
slim down further and faster to boost profits. (Reuters)
 Praet: ECB will keep easy policy for as long as necessary – European
Central Bank (ECB) Chief Economist Peter Praet has said that ECB
will keep monetary policy easy for as long as necessary, in light of
risks such as slow growth in the emerging economies. The central
bank cut its deposit rate earlier in December and extended its
asset purchase program in a bid to boost inflation in the Eurozone,
currently just above zero, back to its target of almost 2%. Peter
Praet, who is also a member of the bank's executive board, said
additional risks have arisen from the slowdown in the emerging
countries, risks that are pretty significant for the Eurozone. There
is also downward pressure on prices in the manufacturing sector
as a result of surplus output and the high unemployment level. He
added that ECB could not act on its own and governments also
need to do their part. Meanwhile, ECB policymaker Jens Weidmann
said economic recovery in the Eurozone should accelerate slightly
in 2016 but not by enough to reduce unemployment. Weidmann,
who as the president of Germany’s Bundesbank has a seat on the
ECB’s Governing Council, added that Eurozone member states
needed to further consolidate their budgets given their high debt
levels but warned that many were failing to do so. (Reuters)
 Greek current account swings to surplus in October on cheaper oil –
The Bank of Greece has said that the country’s current account
recorded a surplus in October as compared to a deficit in the same
month a year earlier, mainly due to a little balance of goods deficit
as a result of cheaper oil. The balance of goods deficit shrank by
€721mn YoY, mainly as a result of the low net oil import bill,
owing to the fall in oil prices. The data showed the surplus reached
€314mn versus a deficit of €456mn in October 2014. Tourism
revenues dropped slightly to €961mn in October 2015 from
€1.0bn in October 2014. Last year, Greece had posted a current
account surplus of €1.66bn, up from €1.09bn in 2013, helped by
high tourism revenues – its biggest foreign currency earner.
(Reuters)
 Economy Minister: Japan CPI does not have to rise exactly by 2% for
BOJ target – Japanese Economy Minister Akira Amari has said that
consumer prices do not have to rise exactly by 2% when judging
the success of the Bank of Japan’s (BOJ) price target or
determining whether the government can officially declare an end
to deflation. Amari said the government needed to look at the GDP
deflator and how close to its potential the economy was
performing, and not just at consumer prices. Amari said if
consumer prices were rising over 1.5%, then that could be
considered close enough to 2%. Meanwhile, government sources
said Japan plans to reduce its deficit-financing bond issuance for
fiscal 2016 to below 30tn yen to rein in the country’s massive
public debt, its lowest level in eight years. Overall new bond issue
for the fiscal year ending March 31, 2017 is expected to be reduced
to 34.43tn yen, also the lowest since fiscal 2008, from 36.9tn yen
planned for the current fiscal year. (Reuters)
Regional
 Societe Generale: GCC offers opportunities despite slowdown in
GDP growth – Societe Generale CEO Frederic Oudea has said that
the GCC region, along with the wider Middle East and Africa
region, continues to offer opportunities for balance sheet
expansion. While a few global banks operating in the region have
announced downsizing of their operations or closing down some
lines of business, Societe Generale has been expanding and adding
resources to the region since 2014. (Gulfbase.com)
 MetLife AIG ANB gets SAMA final approval for its insurance product
– MetLife AIG ANB Cooperative Insurance Company has obtained
the Saudi Arabian Monetary Agency’s (SAMA) final approval for its
property terrorism insurance product. (Tadawul)
 BCIC gets SAMA temporary approval for its five insurance products
– Buruj Cooperative Insurance Company (BCIC) has obtained the
Saudi Arabian Monetary Agency’s (SAMA) temporary approval for
its five insurance products for six months starting December 17,
2015. The products approved include money, property insurance,
accidental damage, property all risk and workers’ compensation.
(Tadawul)
 Saudi businessman eyes investment in $4bn Sharm tourism –
Egyptian Tourism Minister Hisham Zaazou has said that a Saudi
businessman is in talks with the Egyptian authorities over a $4bn
tourism resort in Egypt’s Red Sea region of Sharm El-Sheikh. He
declined to name the prospective investor, but said the project
would be the largest resort in the Red Sea town, a popular beach
and diving holiday destination. Zaazou said around 450,000 Saudi
tourists visited Egypt until November 30, 2015 as compared to
400,000 in 2014. (Gulfbase.com)
 Hail Cement starts production line operation – Hail Cement
Company announced that it has completed the maintenance works
and resumed the production line operation on December 20, 2015.
The financial impact will appear in the results of 4Q2015.
(Tadawul)
 KSA to weigh selling state-run entities stakes – According to
sources, Saudi officials are considering plans to sell shares in state-
owned entities and companies in an attempt to find alternative
sources of revenue, as global oil prices tumble. The government
may sell stakes in ports, railways, utilities and airports.
(Bloomberg)
 Zamil Industrial BoD recommends SR60mn dividend for 2H2015 –
Zamil Industrial Investment Company’s board of directors (BoD)
has recommended the distribution of 10% (SR1 per share)
dividend for 2H2015 amounting to SR60mn. All those
shareholders registered in the registers of the Securities

4. Page 4 of 5
Depository Center (Tadawul) on the close of trading during the
general body meeting are eligible for the dividend. The meeting
date will be announced later. (Tadawul)
 Jordan to sign $400mn plant deal with ACWA Power – Jordanian
Ministry of Energy and Mineral Resources Secretary General
Ghaleb Maabreh has said that National Electric Power Company
will sign a $400mn contract next week with Saudi-based ACWA
Power for construction of a 480-megawatt plant. He said the new
facility will replace Jordan’s oldest plant, the Hussein Thermal
Power Station in the Red Sea port of Aqaba. It will be completed by
2019-end and run primarily on natural gas as well as gasoline.
(Bloomberg)
 KSA to release 2016 budget on December 28 – According to
sources, Saudi Arabia will announce its 2016 budget on December
28, 2015. The budget is being closely watched both inside Saudi
Arabia and by world oil markets because it will shed light on how
the Kingdom plans to approach expected low crude prices in 2016,
with widespread expectations of big spending cuts. (Peninsula
Qatar)
 Russia surpasses KSA for third time in China crude supply –
According to data provided by the General Customs
Administration (GCA), Russia overtook Saudi Arabia for the third
time in 2015 as China’s largest crude oil supplier, as Russia grabs
fresh orders from China’s new crude buyers. China brought in
about 949,925 barrels per day (bpd) of Russian crude oil in
November 2015 as compared to 886,950 bpd from Saudi Arabia.
For the first 11 months, Saudi remained the top seller with total
supplies at 46.08mn tons or around 1.01mn bpd, up 2.1% over the
year-ago period. Russia, which ramped up exports by 28% over
the same period, supplied 37.62mn tons or about 822,200 bpd.
(Reuters)
 Dubai on track to become a smart city – Dubai Economic Council
(DEC) Secretary General Hani Al Hamli has said that Dubai has
drawn a clear path for itself in the field of economic development
cited on innovation and excellence and looking forward to turning
into a smart city through coping with the latest world knowledge,
IT and communication. He noted that building a creative and
innovative society has become verbalized in the local economy.
The localization of innovation in the Dubai economy starts by
building a scientific base through strengthening educational
institutions and research centers, along with preparation of
national cadres possessing modern knowledge tools to adapt and
serve the development goals. (Gulfbase.com)
 DEWA receives 21 RFQs for 800-MW project – Dubai Electricity and
Water Authority (DEWA) has received 21 Requests for
Qualification (RFQs) from international energy companies and
consortia for its 800-megawatt (MW) third project of the
Mohammed bin Rashid Al Maktoum Solar Park based on the
Independent Power Producer (IPP) model. The project operations
will begin in April 2017. Earlier in September, DEWA received 95
Expressions of Interest (EOIs) from international energy
companies. The project tender is expected to be released in
January 2016. (Bloomberg)
 Al Sharq gets central bank nod to raise stake in CBK – Kuwait’s
central bank has approved Al Sharq Holding’s request to raise its
ownership in Commercial Bank of Kuwait (CBK) to 29.5%. Al
Sharq owns stakes in several Kuwaiti businesses and is currently
the largest shareholder in the bank. It held 23.11% of shares in
CBK as of December 11, 2015. (Reuters)
 Oman Rail signs MoU with PDC – Oman Rail Company (Oman Rail)
and Port of Duqm Company (PDC) have signed an MoU to jointly
develop a freight corridor. The corridor will connect the Port to
large regional markets to fully exploit the potential of mineral,
container and project cargo volumes. Moreover, Oman Rail and
PDC will develop a Rail Industry Support cluster on Port of Duqm
Industrial Land. PDC plans to create a portfolio of competitive port
and stevedoring service offerings for Oman Rail contractors and
suppliers to facilitate construction of the rail network starting at
the port and extending inland. (GulfBase.com)
 Investcorp acquires SecureLink Group – Investcorp has acquired
Belgium-based SecureLink Group NV. As part of the transaction,
SecureLink’s management and initial founders will reinvest and
hold a meaningful minority position in the company. SecureLink
designs, installs, implements, and supports networking and
security solutions. (Bahrain Bourse)
 BisB appoints CRO – Bahrain Islamic Bank (BisB) has appointed
Fahim Ahmed as its new Chief Risk Officer (CRO). (Gulfbase.com)
 Batelco partners with Turk Telekom International – Batelco Group,
in keeping with its global expansion plans, has signed a series of
agreements with different operators across the world. The group
recently partnered with Turk Telekom International (TTI). This
new partnership will allow the two organizations to access each
other’s networks, thereby enabling them to extend their reach into
new markets. This will further reinforce Batelco’s positioning,
especially in the Middle Eastern and Eurasian regions, and will
allow customers and carriers more access and reliability. Similarly,
TTI will be able to utilize Batelco’s presence to reach its customers
in more locations. TTI is a leading telecommunication operator in
Central and Eastern Europe, Turkey, Caucasus, the Middle East and
Asia, providing a full range of Internet and data infrastructure,
data center and wholesale voice services and solutions. (Bahrain
Bourse)
 Bahrain Bourse to remain closed on December 23 – Bahrain Bourse
will be officially closed on December 23, 2015 on the occasion of
Prophet Mohammed’s birthday for the year 1437 Hijri. (Bahrain
Bourse)

5. Contacts
Saugata Sarkar 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 SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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
Markets Authority and the Qatar Exchange QNB SAQ 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
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Page 5 of 5
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
Nov-11 Nov-12 Nov-13 Nov-14 Nov-15
QSEIndex S&P Pan Ar ab S&P GCC
(0.0%) (0.1%)
0.7%
(0.4%)
0.9% 0.9%
2.5%
(1.0%)
0.0%
1.0%
2.0%
3.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,078.32 1.1 1.1 (9.0) MSCI World Index 1,638.91 0.3 0.3 (4.1)
Silver/Ounce 14.26 1.1 1.1 (9.2) DJ Industrial 17,251.62 0.7 0.7 (3.2)
Crude Oil (Brent)/Barrel (FM Future) 36.35 (1.4) (1.4) (36.6) S&P 500 2,021.15 0.8 0.8 (1.8)
Crude Oil (WTI)/Barrel (FM Future) 34.74 0.0 0.0 (34.8) NASDAQ 100 4,968.92 0.9 0.9 4.9
Natural Gas (Henry Hub)/MMBtu 1.71 0.4 0.4 (43.0) STOXX 600 357.15 (0.4) (0.4) (6.0)
LPG Propane (Arab Gulf)/Ton 35.63 (0.3) (0.3) (27.3) DAX 10,497.77 (0.4) (0.4) (3.9)
LPG Butane (Arab Gulf)/Ton 51.00 (2.4) (2.4) (18.7) FTSE 100 6,034.84 (0.4) (0.4) (12.2)
Euro 1.09 0.4 0.4 (9.8) CAC 40 4,565.17 (0.6) (0.6) (3.6)
Yen 121.19 0.0 0.0 1.2 Nikkei 18,916.02 (0.1) (0.1) 6.9
GBP 1.49 (0.1) (0.1) (4.4) MSCI EM 791.43 0.2 0.2 (17.2)
CHF 1.01 (0.0) (0.0) 0.2 SHANGHAI SE Composite 3,642.47 1.7 1.7 7.8
AUD 0.72 0.2 0.2 (12.0) HANG SENG 21,791.68 0.2 0.2 (7.7)
USD Index 98.36 (0.3) (0.3) 9.0 BSE SENSEX 25,735.90 0.9 0.9 (10.6)
RUB 71.27 0.7 0.7 17.3 Bovespa 43,199.95 (3.4) (3.4) (43.0)
BRL 0.25 (0.8) (0.8) (34.0) RTS 758.97 (0.9) (0.9) (4.0)
116.1
104.4
102.4