The QE Index declined 1.3% to close at 10,302.4. Losses were led by the Industrials and Banks & Financial Services indices, falling 1.4% each.

1. Page 1 of 9
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 1.3% to close at 10,302.4. Losses were led by the Industrials
and Banks & Financial Services indices, falling 1.4% each. Top losers were QNB
Group and Qatar Industrial Manufacturing Company, falling 5.2% and 4.6%,
respectively. Among the top gainers, Zad Holding Company gained 4.6%, while
Qatari German Company for Medical Devices was up 2.7%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.7% to close at 8,600.3. Gains were led by the
Food & Staples Retailing and Banks indices, rising 3.1% and 1.1%, respectively. Al
Gassim Investment Holding Co. rose 9.5%, while Al Rajhi REIT Fund was up 5.7%.
Dubai: The DFM Index declined 0.5% to close at 2,484.8. The Insurance index fell
3.9%, while the Consumer Staples and Discretionary index declined 3.2%. GFH
Financial Group fell 9.9%, while Al Ramz Corp. Inv. and Dev. was down 9.7%.
Abu Dhabi: The ADX benchmark index fell 0.4% to close at 5,024.5. The Industrial
index declined 3.7%, while the Real Estate index fell 3.5%. Gulf Pharmaceutical
Industries declined 9.0%, while Abu Dhabi Aviation Co. was down 6.8%.
Kuwait: The KSE Index rose 0.5% to close at 4,795.3. The Banks and Industrials
indices rose 1.2% each. First Takaful Insurance Company gained 17.1%, while Real
Estate Trade Centers Co. was up 8.7%.
Oman: The MSM Index fell 0.4% to close at 4,124.8. Losses were led by the Services
and Financial indices, falling 0.7% and 0.3%, respectively. Dhofar Cattle Feed fell
10.0%, while Shell Oman Marketing was down 4.6%.
Bahrain: The BHB Index fell 0.7% to close at 1,389.5. The Industrial index declined
5.4%, while the Investment index fell 1.4%. GFH Financial Group declined 9.1%,
while Zain Bahrain was down 7.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Zad Holding Company 124.99 4.6 65.0 20.2
Qatari German Co for Med. Devices 6.90 2.7 136.6 21.9
Qatar Cinema & Film Distribution 17.05 2.5 0.0 (10.4)
United Development Company 16.00 1.3 951.1 8.5
Qatar Fuel Company 179.50 1.3 104.2 8.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
United Development Company 16.00 1.3 951.1 8.5
Qatar Aluminium Manufacturing 12.08 (0.3) 689.4 (9.5)
Vodafone Qatar 8.00 (1.0) 621.6 2.4
Mesaieed Petrochemical Holding 15.69 0.9 567.8 4.4
QNB Group 181.00 (5.2) 245.8 (7.2)
Market Indicators 11 Feb 19 10 Feb 19 %Chg.
Value Traded (QR mn) 201.2 105.7 90.4
Exch. Market Cap. (QR mn) 589,250.7 600,746.7 (1.9)
Volume (mn) 5.9 5.0 17.4
Number of Transactions 4,939 3,674 34.4
Companies Traded 46 45 2.2
Market Breadth 13:31 12:30 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,238.87 (0.9) (1.5) 0.5 14.6
All Share Index 3,143.63 (0.8) (1.5) 2.1 15.4
Banks 3,745.58 (1.4) (1.5) (2.2) 13.9
Industrials 3,304.05 (1.4) (2.0) 2.8 15.2
Transportation 2,218.52 (0.5) (1.1) 7.7 12.9
Real Estate 2,482.04 1.0 (1.0) 13.5 22.2
Insurance 2,953.28 (0.9) (2.2) (1.8) 16.4
Telecoms 974.02 (0.2) (1.8) (1.4) 21.3
Consumer 7,203.31 0.8 0.1 6.7 14.7
Al Rayan Islamic Index 3,968.61 (0.5) (1.1) 2.2 14.7
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Comm. Bank of Kuwait Kuwait 0.53 6.0 288.4 6.0
Gulf Bank Kuwait 0.29 3.2 19,782.2 14.7
Banque Saudi Fransi Saudi Arabia 37.00 2.9 786.4 17.8
Agility Pub. Warehousing Kuwait 0.80 2.7 2,422.2 (0.6)
Emaar Economic City Saudi Arabia 10.00 2.7 11,196.6 26.4
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
GFH Financial Group Dubai 0.90 (9.9) 63,801.3 (0.4)
Aluminium Bahrain Bahrain 0.45 (5.5) 131.9 (25.3)
Shell Oman Marketing Co. Oman 1.14 (4.6) 548.5 (23.6)
Aldar Properties Abu Dhabi 1.43 (3.4) 13,547.8 (10.6)
Co. for Cooperative Ins. Saudi Arabia 60.00 (2.6) 384.4 (0.5)
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%
QNB Group 181.00 (5.2) 245.8 (7.2)
Qatar Industrial Manufacturing 41.69 (4.6) 103.0 (2.4)
Ahli Bank 30.01 (3.2) 1.2 7.2
Qatar Islamic Insurance Company 55.30 (2.8) 30.7 3.0
Mazaya Qatar Real Estate Dev. 7.27 (2.3) 121.9 (6.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 181.00 (5.2) 44,978.4 (7.2)
Qatar Fuel Company 179.50 1.3 18,637.9 8.1
United Development Company 16.00 1.3 15,146.6 8.5
Industries Qatar 138.00 (2.2) 13,831.4 3.3
Qatar Islamic Bank 156.03 (1.2) 11,119.7 2.7
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*#
10,302.41 (1.3) (1.9) (3.9) 0.0 55.06 161,867.2 14.6 1.5 4.2
Dubai 2,484.80 (0.5) (2.3) (3.2) (1.8) 66.59 91,373.4 7.6 0.9 5.6
Abu Dhabi 5,024.49 (0.4) (1.7) (0.4) 2.2 50.34 137,742.8 13.6 1.4 4.8
Saudi Arabia 8,600.32 0.7 (0.1) 0.5 9.9 704.96 542,574.1 18.2 1.9 3.3
Kuwait 4,795.32 0.5 0.7 (0.1) 1.2 78.94 33,108.7 16.4 0.8 4.3
Oman 4,124.79 (0.4) (0.7) (1.0) (4.6) 6.74 17,966.7 8.4 0.7 6.3
Bahrain 1,389.45 (0.7) (2.0) (0.1) 3.9 10.33 21,241.4 9.4 0.9 5.9
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and DFM (** TTM; * Value traded ($ mn) do not include special trades, if any,
#
Market was closed on February 12, 2019)
10,250
10,300
10,350
10,400
10,450
10,500
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 9
Qatar Market Commentary
 The QE Index declined 1.3% to close at 10,302.4. The Industrials and
Banks & Financial Services indices led the losses. The index fell on the
back of selling pressure from Qatari and GCC shareholders despite
buying support from non-Qatari shareholders.
 QNB Group and Qatar Industrial Manufacturing Company were the top
losers, falling 5.2% and 4.6%, respectively. Among the top gainers, Zad
Holding Company gained 4.6%, while Qatari German Company for
Medical Devices was up 2.7%.
 Volume of shares traded on Tuesday rose by 17.4% to 5.9mn from 5.0mn
on Monday. However, as compared to the 30-day moving average of
9.2mn, volume for the day was 35.5% lower. United Development
Company and Qatar Aluminium Manufacturing Company were the most
active stocks, contributing 16.1% and 11.7% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2018
% Change
YoY
Operating Profit
(mn) 4Q2018
% Change
YoY
Net Profit
(mn) 4Q2018
% Change
YoY
Al Yamamah Steel Industries Co. Saudi Arabia SR 198.8 -21.2% -28.6 – -30.2 –
Fawaz Abdulaziz Alhokair Co. Saudi Arabia SR 1,233.0 -8.6% 85.2 -17.4% 26.5 -45.5%
Tihama Advertising and Public
Relations Co.
Saudi Arabia SR 38.8 34.7% 1.5 1400.0% 1.5 87.5%
United Foods Company Dubai AED 451.2 0.1% – – 19.1 -3.9%
Amlak Finance Dubai AED 342.0 -5.8% -13.5 N/A -125.6 N/A
Alliance Insurance Dubai AED 291.4 0.5% 49.9 -8.8% 51.3 6.4%
GFH Financial Group Dubai USD 246.2 20.5% – – 114.1 9.5%
Reem Investments Abu Dhabi AED – – – – 420.6 -57.2%
Ras Al Khaimah Co. for White
Cement & Const. Materials
Abu Dhabi AED 228.1 -9.9% 5.5 -72.4% 13.0 -57.3%
Al Khaleej Investment Abu Dhabi AED 26.0 -6.5% 22.7 -6.2% 5.9 -81.2%
Abu Dhabi Aviation Abu Dhabi AED 1,806.8 12.5% – – 231.4 -5.0%
Emirates Driving Company Abu Dhabi AED 201.9 -14.2% – – 94.4 -9.4%
Zain Bahrain Bahrain BHD 66.2 -10.2% 5.1 12.5% 5.2 20.2%
Delmon Poultry Co. Bahrain BHD 15.9 10.1% 0.3 N/A 0.4 N/A
Bahrain Cinema Company Bahrain BHD – – – – 4.2 -87.8%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/11 UK UK Office for National Statistics GDP QoQ 4Q 2018 0.2% 0.3% 0.6%
02/11 UK UK Office for National Statistics GDP YoY 4Q 2018 1.3% 1.4% 1.5%
02/11 UK UK Office for National Statistics Industrial Production MoM December -0.5% 0.1% -0.3%
02/11 UK UK Office for National Statistics Industrial Production YoY December -0.9% -0.5% -1.3%
02/11 UK UK Office for National Statistics Manufacturing Production MoM December -0.7% 0.2% -0.1%
02/11 UK UK Office for National Statistics Manufacturing Production YoY December -2.1% -1.1% -1.2%
02/11 UK UK Office for National Statistics GDP (MoM) December -0.4% 0.0% 0.2%
02/11 IN India Central Statistical Organization CPI YoY January 2.1% 2.5% 2.1%
02/11 IN India Central Statistical Organization Industrial Production YoY December 2.4% 1.6% 0.3%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 29.40% 43.25% (27,871,213.76)
Qatari Institutions 21.64% 13.79% 15,792,950.91
Qatari 51.04% 57.04% (12,078,262.85)
GCC Individuals 0.61% 2.01% (2,810,272.35)
GCC Institutions 5.56% 4.71% 1,707,498.61
GCC 6.17% 6.72% (1,102,773.74)
Non-Qatari Individuals 9.14% 9.03% 226,659.82
Non-Qatari Institutions 33.65% 27.21% 12,954,376.77
Non-Qatari 42.79% 36.24% 13,181,036.59

3. Page 3 of 9
Earnings Calendar
Tickers Company Name Date of reporting 4Q2018 results No. of days remaining Status
GISS Gulf International Services 13-Feb-19 0 Due
DOHI Doha Insurance Group 13-Feb-19 0 Due
ORDS Ooredoo 13-Feb-19 0 Due
MPHC Mesaieed Petrochemical Holding Company 14-Feb-19 1 Due
QAMC Qatar Aluminum Manufacturing Company 20-Feb-19 7 Due
QOIS Qatar Oman Investment Company 20-Feb-19 7 Due
MERS Al Meera Consumer Goods Company 24-Feb-19 11 Due
QFLS Qatar Fuel Company 25-Feb-19 12 Due
BRES Barwa Real Estate Company 25-Feb-19 12 Due
QISI The Group Islamic Insurance Company 25-Feb-19 12 Due
QNNS Qatar Navigation (Milaha) 25-Feb-19 12 Due
QCFS Qatar Cinema & Film Distribution Company 26-Feb-19 13 Due
MCCS Mannai Corporation 26-Feb-19 13 Due
SIIS Salam International Investment Limited 6-Mar-19 21 Due
Source: QSE
News
Qatar
 IQCD reports 4Q2018 net income moderately below our
estimate; DPS of QR6 below our estimate of QR7; Maintain
Market Perform – Industries Qatar's (IQCD) net profit rose
25.7% YoY (but declined 8.5% on QoQ basis) to QR1,203.9mn in
4Q2018; our estimate was QR1,282.7mn (variation of -6.1%).
The miss vs. our model was across the board for segments. For
steel, gross profits (on a cash basis, ex. depreciation and
amortization) fell short by 16.5% vs. our estimate despite steel
gross margins coming in at 15% vs. our estimate of 14.8% as
steel revenue at QR1,234.0mn (-15.2% YoY,-19.5% QoQ) fell
below our estimate. In terms of JV income (representing the
company’s share of petrochemicals and fertilizer segments),
IQCD reported QR952.1mn (+16.3% YoY, -11.3% QoQ), again
falling 17.5% lower than our forecast of QR1,154.2mn. Income
from associates surprised positively given a nice uptick from
Foulath Holding (steel company in Bahrain). As expected, IQCD
wrote-off its remaining carrying value in SOLB Steel (KSA) to
the tune of QR49.5mn; the company also recognized QR389mn
(of its maximum exposure of QR489mn) as provisions on
financial guarantees given to lenders in SOLB Steel. In FY2018,
IQCD reported a 51.7% YoY jump in net profit to QR5.0bn in
FY2018 on increased product prices and sales volume. Sales
volumes increased marginally vs. 2017 (about 4%) and reached
a new record for the group; according to the press release,
production volumes remained stable despite some planned and
unplanned maintenance at some facilities. In petrochemicals,
sales volumes improved YoY, as some plants returned to normal
levels following unplanned outages in early 2017. Fertilizer
sales volumes were almost flat despite a few planned and
unplanned outages, while those in the steel segment saw
significant growth on 2017, as billets started to be sold
externally (was being used in the UAE steel facility previously).
The company also noted product prices saw around 12% growth
over 2017, mostly driven by strength in urea in 2H2018 and
uptick in steel prices following iron ore recovery and shortage
of some key consumables; IQCD also benefited from its new
steel marketing strategy (the company is selling its steel
volumes through Muntajat from May 2018 onward). PE prices
improved slightly driven by strength in crude. On a like-for-like
basis, management reporting revenue, assuming proportionate
consolidation came in at QR16.3bn, which grew by 16% on 2017
but was below our estimate of QR16.5bn. IQCD continues to
maintain a very strong balance sheet with group cash reaching
QR13.1bn with debt of just QR26mn. Finally, IQCD
recommended a cash DPS of QR6 (4.3%, a payout ratio of
72.2%), up 20% YoY but below our forecast of QR7. We
continue to recommend a Market Perform on the shares with a
PT of QR26. (QNB FS Research, Company releases, QSE)
 VFQS reports ~QR43mn net profit in 4Q2018, beating our
estimate; DPS of QR0.25 a positive; Market Perform – Vodafone
Qatar (VFQS) reported net profit of ~QR43mn in 4Q2018 as
compared to a net loss of QR28.6mn in 4Q2017, and net profit of
QR26.7mn in 3Q2018, besting our estimate of QR38.8mn
(variation of ~+10%).The company's revenue came in at
~QR566mn in 4Q2018, which represents an increase of ~6%
YoY (~+17% QoQ). In FY2018, VFQS posted a net profit of
QR118mn, its first ever-profitable year, resulting in a
significant increase of QR374mn compared to the year before.
VFQS’ total revenue returned to YoY growth for the first time in
four years, increasing 5.1% to reach QR2.1bn in 2018, driven by
growth in postpaid, fixed and handset revenue. EBITDA for the
reported period stood at QR584mn, representing an increase of
8.5% compared to last year, positively impacted by higher
revenue and lower costs. As a result, the EBITDA margin
improved by 0.9 percentage points to reach 27.8%. The
company’s board of directors recommended the distribution of a
cash dividend of 5% of the nominal share value, i.e. QR0.25 per
share. Our DPS estimate was QR0.10 but we had alluded to
possible upside to our DPS estimate previously. VFQS is now
serving 1,417,000 customers. Postpaid customers grew nicely
last year by 24.1%, due to the innovative products and the
popularity of Vodafone’s ‘FLEX’, ‘Red’ and ‘Enterprise’ plans.
Reflecting the company’s growth in the postpaid segment, the
total average revenue per user (ARPU) for the year stood at
QR105, a 5.6% YoY growth. We believe these are a decent set of
results and the DPS upside will be taken positively by some
investors but retain our Market Perform rating on valuation.
(QNB FS Research, Company releases, Gulf-Times.com, QSE)

4. Page 4 of 9
 BRES signs a financing agreement with a Qatari local bank –
Barwa Real Estate Company (BRES) has announced signing a
new financing agreement of QR1,200mn with a Qatari local
bank. The purpose of the agreement is to finance a part of the
company’s capital expenditures during the year 2019. The new
facility period is 7 years from the date of the drawdown. It
should be noted that there is no conflict of interest between the
contracting parties to this agreement. (QSE)
 AHCS’ board meets to discuss the financial statements ended
December 31, 2018 on February 27, 2019 – Aamal Company
(AHCS) announced that its board of directors will meet on
February 27, 2019 to discuss and adopt financial statements of
the company for the period ended December 31, 2018. (QSE)
 QNCD embarks on strategy to diversify its product portfolio –
Qatar National Cement Company (QNCD) embarked on a multi-
pronged strategy that not only aims to diversify the product
portfolio through adding new products to meet the growing
local demand, but also explore export markets. This year’s
roadmap of the company includes continued support to the
infrastructure of the country to meet the market demand of
various products with high quality standard and competitive
price. In his address to the shareholders at the Annual General
Assembly, QNCD’s Chairman and Managing Director, Salem bin
Butti Al-Naimi highlighted its efforts to diversify the
production by adding new types of cement to meet the demand
of local market and utilize the opportunity of exporting to
external markets. Having operationalized the fifth plant, with a
production capacity of 5,500 tons per day, the company has
been able to fully meet the local demand and is now exploring
options to export to markets in Oman, Iraq and Yemen. The
Ordinary General Assembly saw shareholders’ approval for 50%
cash dividend and the according of nod for the board’s
suggestion of 1:10 stock split. The company is also seeking to
optimize the production capacity of washed sand and calcium
carbonate to meet the expected local market demand to achieve
its targeted goals. For the first time in Qatar, the company
started production of white cement, targeting utilization of
production capacity and diversification of products. (Gulf-
Times.com)
 Qatar’s PMI points to sharp rise in employment after the
blockade – The operationalization of 40 new Qatari-owned
manufacturing units, especially after the blockade,
substantially enhanced employment, particularly within the
non-energy private sector, thus helping Qatar’s PMI
(Purchasing Managers Index) touch a six-month high in
January, according to the Qatar Financial Centre (QFC).
“Businesses remained strongly confident regarding expected
activity at the start of 2019,” QFC stated, adding that driving
the latest improvement was a series-record increase in
employment, while both short-term output and new business
measures ebbed slightly. Highlighting the sharp rise in
employment, QFC stated companies in the non-hydrocarbon
private sector raised headcounts at the strongest rate since the
survey began in April 2017. The PMI was at 50.5 in January, up
from 50.1 in December, remaining at a level broadly consistent
with the about 2% annual growth in Qatari economy. The PMI
was also boosted by a record expansion of input stocks, which
reflected confidence among companies regarding future growth
prospects, according to Sheikha Alanoud bint Hamad Al-Thani,
Managing Director, Business Development, QFC Authority. In a
further sign of a healthy labor market, wages and salaries
increased at the fastest pace on record since July 2018, she
added. (Gulf-Times.com)
 Qatari banking sector optimistic about new PPP model for
schools – Qatar's banking industry appears optimistic about the
new Public Private Partnership (PPP) model in the schooling
sector, even as the sector is awaiting finer details. The PPP, the
first of its kind in the social infrastructure of the country,
provides for special purpose vehicle (SPV), which can source
funding for the private sector for the construction of 45 public
schools at an estimated capital expenditure of more than QR4bn
in the next five years. The guaranteed payment and the
government's shouldering of demand risk are particularly seen
by the lending community as the positive micro elements in the
new model. "We are yet to see the fine print (about the details
regarding the special purpose vehicle that could be created and
the funding mechanism)," a source in the banking sector said.
Real estate is one of the sectors that have received renewed
attention by the banking sector, which had extended
QR198.8bn credit to the segment at the end of December 2018.
The announced projects will be divided into six investment
packages and be offered to the private sector at successive
intervals. The first package consists of eight schools to be
launched during the first quarter of this year. (Gulf-Times.com)
 Qatargas’ CEO: Natural gas plays major role in energy
transition – Qatargas’ CEO, Sheikh Khalid bin Khalifa Al-Thani
has underscored the significance of Liquefied Natural Gas
(LNG) as a destination fuel in the future of energy, playing a
major role in the ‘energy transition’ the world is embarking on.
The CEO was speaking at a ‘CEO Conclave’ titled ‘Shaping the
New Energy World’ held as part of the 13th International Oil &
Gas Conference and Exhibition-Petrotech 2019. Sheikh Khalid
said, “Natural gas remains the fastest growing fossil fuel
globally, benefiting from its flexibility, competitive economics,
and low emissions profile. Thus, natural gas is called to play a
major role in the energy transition, supported by the
industrialization and power demand particularly in emerging
countries in Asia and Africa, and the continued ‘coal to gas’
switch, especially in India and China.” (Gulf-Times.com)
 Qatar to weigh Dollar bond sale to cement access to markets –
Qatar is weighing plans to tap international bond markets as
the gas-rich nation seeks to cement its status as a regular
issuer, according to sources. Government officials are in talks
with banks to gauge interest for a potential sale, sources added.
Qatar will sell the bonds to underpin its relationship with global
investors rather than meet budgetary needs. A sale could
happen as soon as the first half of the year. The world’s biggest
exporter of liquefied natural gas, whose debt carries the fourth-
highest investment grade at S&P Global Ratings, raised $12bn
from a bond sale in April. (Bloomberg)
 Qatari stake in Rosneft paves way for global energy deals –
Qatari sovereign wealth fund's acquisition of a stake in Russia's
Rosneft sets the stage for collaboration between the Russian oil
major and Qatar Petroleum, Qatar's Ambassador to Moscow,
Fahad bin Mohamed Al-Attiyah said in an interview with
Reuters. Qatar Investment Authority (QIA) became a

5. Page 5 of 9
shareholder in Rosneft following the Russian state-controlled
oil giant's privatization in late 2016, and now holds a 19% stake.
Though Qatar is a small oil producer compared to its massive
gas production, state oil firm Qatar Petroleum is on a drive to
expand operations globally. The Ambassador said that QIA's
stake opened the door to cooperation between Rosneft and
Qatar Petroleum in projects around the world. Qatar is seeking
international partnerships amid the blockade. (Zawya)
International
 US job openings hit record high; workers more scarce – US job
openings surged to a record high in December, led by vacancies
in the construction and accommodation and food services
sectors, strengthening analysts’ views that the economy was
running out of workers. While the release of the Labor
Department’s monthly Job Openings and Labor Turnover
Survey (JOLTS) underscored labor market strength, there are
worries the shortage of workers could hurt an economic
expansion that has lasted nine-and-a-half years and is the
second longest on record. Job openings, a measure of labor
demand, increased by 169,000 to a seasonally-adjusted 7.3mn
in December, the highest reading since the series started in
2000. That lifted the job openings rate to 4.7% from 4.6% in
November. (Reuters)
 US small business confidence falls to more than two-year low –
US small business optimism tumbled last month to its lowest
level since President Donald Trump’s election more than two
years ago amid growing uncertainty over the economic outlook.
The National Federation of Independent Business stated its
Small Business Optimism Index dropped 3.2 points to 101.2 in
January, the weakest reading since November 2016. The index
surged after Trump’s electoral victory, boosted by his
administration’s $1.5tn tax cut package and deregulation
policy. It has declined for five straight months since hitting an
all-time high last August, but remains high by historic
standards. (Reuters)
 US household debt in 2018 jumps nearly $400bn – Total debt
held by US households surged by nearly $400bn in 2018 to more
than $13.5tn, marking the sixth straight annual increase, even
as home mortgages declined, according to released data. That
puts total debt $869bn higher than the previous peak, just
before the start of the global financial crisis in late 2008, the
New York Federal Reserve Bank stated in its quarterly report. A
decade after the crisis, mortgage debt increased $242bn to
$9.1tn, but new home loans originated last year fell $131bn to
the lowest point in four years, the data showed. (Qatar Tribune)
 US could extend China trade talk deadline to March 1 – The US
President, Donald Trump said he would consider extending the
deadline for a trade deal with China beyond March 1. "If we're
close to a deal, where we think we can make a real deal, I could
see myself letting that slide for a little while," Trump said.
However, he added, "Generally speaking I am not inclined to do
that." The comments came as the third round of trade
negotiations were set to resume in Beijing to avert more than
doubling tariffs on $200bn in Chinese imports. (Qatar Tribune)
 UK’s economy slowest since 2012, as Brexit and global worries
weigh – Britain’s economy slowed sharply in late 2018, pushing
full-year growth to its weakest in six years as Brexit worries
hammered investment by companies and the global economic
slowdown weighed on trade, official data showed. The pace of
economic growth fell to a quarterly rate of 0.2% between
October and December from 0.6% in the previous quarter, in
line with forecasts in a Reuters poll, while output in December
alone dropped by the most since 2016. For 2018 as a whole,
growth dropped to its lowest since 2012 at 1.4%, down from
1.8% in 2017. Exports suffered from global weakness and
consumers and businesses grew increasingly concerned about
the lack of a plan for when Britain is due to leave the European
Union on March 29. (Reuters)
 German trade surplus with US declined in 2018 but was still
almost EUR49bn – Germany’s trade surplus with the US, a
frequent source of tension with US President, Donald Trump,
declined last year but nonetheless remained at around
EUR49bn, Reuters showed. Trump has frequently criticized the
large trade surplus that Europe’s biggest economy has with the
US and has threatened to put tariffs on German cars in return.
Preliminary calculations from the Federal Statistics Office
showed that German exports to the US rose by 1.5% to a record
high of EUR113.5bn in 2018. That meant the US remained the
biggest buyer of Made in Germany goods - ahead of France,
which purchased EUR105bn worth, and China, which bought
EUR93bn worth. German imports from the US increased by
around 4% to EUR64.6bn. That meant the surplus with the US
was around a billion Euros smaller than in 2017. However it was
still the largest surplus Germany has with any country and
accounts for more than a fifth of Germany’s overall export
surplus of around EUR228bn in 2018. (Reuters)
 Moody's: October 'opportune time' for Japan to raise sales tax –
October is still an opportune time for Japan to raise its sales tax
as risks posed by global trade tensions are likely to be
temporary, an official at ratings agency Moody’s Investors
Service (Moody’s) stated. Christian de Guzman, Vice President
of sovereign ratings, also said Japan’s growth outlook remains
stable partly because it is supported by accommodative
monetary policy. The Bank of Japan can keep its
accommodative policy in place for the time being, because the
country’s financial sector is robust enough to withstand the
current low-interest-rate environment. Moody’s views may
help ease some concern that Japan’s economy is not strong
enough to withstand an increase in the sales tax needed to pay
for rising welfare costs due to its rapidly ageing society. Japan is
scheduled to raise the tax to 10% from 8% in October. (Reuters)
 China's 2018 tourism revenue growth slowest in a decade as
economy cools – Growth in China’s tourism revenue fell to its
lowest level last year since the global financial crisis a decade
ago, official data showed, highlighting growing risk in a fast-
growing sector as Chinese consumers became more cautious.
Overall tourism earnings grew 10.5% in 2018 from a year earlier
to CNY5.97tn, decelerating from 2017’s 15.1% gain and marking
its slowest pace of growth since 2008, when it was just 5.8%,
data from the Ministry of Culture and Tourism showed.
Revenue from tourism accounted for about 11% of GDP in 2018,
the ministry stated. Despite the slowdown in domestic tourism
spending, more Chinese are opting for international travel,
continuing a trend that has made Chinese the world’s biggest
spenders on international tourism. In 2018, Chinese people
made 149mn international tourist trips, up 14.7% from a year

6. Page 6 of 9
earlier, when growth was less than half, the ministry added.
(Reuters)
 Reuters poll: China’s January exports, imports seen falling
again in blow to global growth – China’s trade engine likely
remained stuck in reverse in January, with imports and exports
expected to fall for the second month in a row, adding to
concerns the economy may be at risk of a sharper slowdown.
China is the world’s largest trading nation, and the extent of the
declines will be closely watched by international investors and
policymakers as anxiety grows over cooling global demand.
Imports are expected to have fallen 10.0% in January from a
year earlier, which would be the biggest decline since July 2016,
according to the median estimate of 30 economists in a Reuters
poll. That compared with a 7.6% drop in December. China’s
exports in January also likely contracted, though not as much.
Outbound shipments are expected to have fallen 3.2% from a
year earlier, compared with the previous month’s 4.4% decline.
(Reuters)
 China says consumption growth likely to slow further this year
– Consumption growth in China is very likely to slow further
this year as the economy cools, the commerce ministry stated,
underlining the rising risks facing the Asian giant as it
navigates a trade war with the US. Chinese authorities have
already rolled out a flurry of support measures to temper the
effects of the trade dispute on businesses and investment, and
are counting on the nation’s vast consumer base to cushion a
broader economic slowdown. “The medium- to long-term
accumulated contradictions and risks throughout economic
development are going to become more prominent in 2019. The
pressure facing the consumer market will increase and
consumption growth is very likely to slow further,” Wang Bin, a
commerce ministry official said. (Reuters)
 India's January retail inflation rate hits 19-month low;
industrial output grows 2.4% in December – India’s retail
inflation rate fell to 2.05% in January from a year earlier, its
lowest since June 2017, government data showed. The decline
was due to a fall in food prices and smaller increases in fuel
costs. Economists in a Reuters poll predicted retail inflation
would edge up to 2.48% in January from the downward revised
December figure of 2.11%. India’s industrial output in December
rose 2.4% from a year earlier, slightly higher than forecast,
government data showed. A Reuters poll of economists had
predicted growth of 2.0% for December. December’s growth
was much faster than a downwardly revised 0.3% YoY increase
in November. (Reuters)
Regional
 Citigroup sees Saudi Arabia, UAE as top Middle East markets
for deals this year – Citigroup expects the majority of
investment banking opportunities in the Middle East to come
from Saudi Arabia and the UAE this year, Citigroup’s Head of
Investment Banking, Middle East and Africa, Miguel Azevedo
said. The US lender, which is working towards a full banking
license in Saudi Arabia, ended a five-decade presence in the
Kingdom in 2004 but in 2015 won permission to invest directly
in the local stock market and last year gained approval to begin
investment banking operations. “I can see real interest
awareness and potential demand for Saudi exposure,” he said.
He said that a number of companies in Saudi Arabia were
working on initial public offerings and that he was optimistic on
the level of demand for Saudi Arabian stocks. (Reuters)
 UK approaches Gulf countries on post-Brexit trade pact –
Britain has approached the UAE and other Gulf countries on a
possible trade pact after Britain leaves the European Union, the
UAE’s Economy Minister, Sultan bin Saeed al-Mansouri said.
Such agreements can take years to negotiate, he said. He gave
no further details. Britain is due to leave the EU on March 29,
but it has yet to find an agreement acceptable to both Brussels
and UK lawmakers, raising the prospect of a disorderly exit that
could damage the world’s fifth-largest economy. The UK is
“looking forward” to a free-trade agreement with the Gulf
Cooperation Council (GCC), Liam Fox, the UK state secretary for
international trade, said. The GCC comprises the UAE, Qatar,
Saudi Arabia, Oman, Kuwait and Bahrain. In 2017, trade
between the UAE and UK totaled GBP17.5bn, up 12.3% from
2016, according to official figures. By 2020, the UK government
wants that number to increase to about GBP25bn. (Reuters)
 OPEC cuts oil supply steeply but sees growing 2019 headwinds
– OPEC stated that it has cut oil production steeply under a
global supply deal, although it flagged headwinds confronting
its efforts to prevent a glut this year, including weaker demand
and higher rival output. In a monthly report, OPEC said its oil
output fell almost 800,000 barrels per day in January to 30.81mn
bpd. That is still slightly more than the demand OPEC expects
for its crude, on average, in 2019. Worried by a drop in oil prices
and rising supplies, the OPEC and its allies including Russia
agreed in December to make supply cuts. Under the deal, OPEC
is lowering output by 800,000 bpd from January 1. In the report,
OPEC cut its forecast for 2019 world economic growth by 0.2
percentage point to 3.3% and highlighted a range of headwinds
such as a slowdown in global trade. (Reuters)
 Boeing: Middle East requires 3,000 new commercial airplanes
over next 20 years – The Middle East will require $745bn in
aviation services through 2037 to keep pace with growing
passenger and freight traffic in the region, according to a new
report released by Boeing. The high value services market is
largely driven by the demand for nearly 3,000 new commercial
airplanes in the Middle East over the next 20 years, more than
tripling the existing fleet. The growing fleet requires aviation
services, including supply chain support (parts and parts
logistics), maintenance and engineering services, and aircraft
modification. Boeing’s Services Market Outlook (SMO) 2018-
2037–Middle East Perspective forecasts growing need for
services that increase fleet productivity and reduce operating
costs. According to the report, the Middle East will drive more
than 8% of global demand for aviation services, representing
$745bn, and growing at a projected 4.6% annually. Nearly
218,000 new personnel – 60,000 pilots, 63,000 technicians, and
95,000 cabin crew will be needed in the Middle East over the
next 20 years. (Gulf-Times.com)
 Saudi Arabia would need oil at $80-$85 a barrel to balance
budget – Saudi Arabia will need oil priced at $80-$85 a barrel to
balance its budget this year, an International Monetary Fund
(IMF) official said. Riyadh’s breakeven oil price depends on
several factors, including the level of oil production, how much
of Saudi Arabia’s oil revenues are transferred to the budget, and
how non-oil revenues perform this year. “But if you take the

7. Page 7 of 9
(2019) budget as presented with everything remaining equal, a
breakeven point would be around $80-$85 dollars,” Director of
the IMF’s Middle East and Central Asia department, Jihad Azour
said. “It will not affect their ability to finance themselves,
because when you look at Saudi, its (bond) spreads are very
tight, but it has an effect on fiscal accounts,” he said. Saudi
Arabia has increasingly borrowed in the international debt
markets after the plunge in oil prices from mid-2014 bruised its
revenues. He said that the increase in Saudi Arabia’s debt was
not worrying, particularly when compared to its foreign
exchange reserves and in light of positive investor sentiment,
as reflected by low bond spreads. (Reuters)
 Saudi Arabia’s crude output will fall to 9.8mn bpd in March –
Saudi Arabia plans to produce around 9.8mn barrels per day of
oil in March, over half a million bpd below its pledged
production level under a global supply-cutting deal, Energy
Minister, Khalid Al-Falih told. Exports would fall in March to
6.9mn bpd. The March production figure means Saudi Arabia
will be voluntarily cutting output by more than 500,000 bpd
below its pledged production level under a deal between the
OPEC and allies led by Russia. Under the deal reached in
December and which came into effect at the start of the year,
Saudi Arabia’s target production is 10.311mn bpd. Production in
March will be 1.2mn bpd lower than Saudi Arabia’s November
output, which was an all-time high. (Reuters)
 Saudi Aramco and Egypt's SUMED sign oil storage deals – Saudi
Aramco’s trading arm, Aramco Trading Company (ATC), signed
a deal with Egypt’s SUMED to provide 222,000 cubic meters of
gas oil storage capacity in Sidi Kerir for re-export to Europe,
Egypt’s petroleum ministry stated. The companies also signed a
second deal to supply fuel oil storage capacity of 165,000 cubic
meters in the Red Sea port of Ain Sokhna, it stated. That deal
may include re-exporting and supplying fuel oil to power plants
in Saudi Arabia, meeting the needs of the Egyptian market and
providing fuel to ships in the region, according to the
statement. SUMED is 50% owned by the Egyptian government
and the rest is held by Arab oil exporters in the Gulf. The deals
were signed on the sidelines of an energy forum in Cairo.
(Reuters)
 ALAWWAL Bank's net profit falls 15.4% YoY to SR1,130mn in
FY2018 – Alawwal Bank (ALAWWAL) recorded net profit of
SR1,130mn in FY2018, registering decrease of 15.4% YoY. Total
operating profit fell 4% YoY to SR3,564mn in FY2018. Total
revenue for special commissions/investments fell 3.8% YoY to
SR3,755mn in FY2018. Total assets stood at SR82.0bn at the
end of December 31, 2018 as compared to SR99.9bn at the end
of December 31, 2017. Loans and advances stood at SR57.8bn (-
9.2% YoY), while customer deposits stood at SR64.6bn (-17.5%
YoY) at the end of December 31, 2018. EPS came in at SR0.99 in
FY2018 as compared to SR1.17 in FY2017. (Tadawul)
 UAE’s Energy Minister: Oil market will reach balance in 1Q2019
– The oil market should reach a balance between supply and
demand in the first quarter of this year, UAE’s Energy Minister,
Suhail Al Mazrouei told Al-Arabiya television. He said that he
was satisfied with the implementation of an agreement to cut
supply by the OPEC and allies, including Russia. OPEC, Russia
and other non-OPEC producers - an alliance known as OPEC+ -
agreed to reduce supply by 1.2mn bpd from January 1. He said
that it is premature to discuss compensating crude output
losses in some of the exporting countries. Iran, Libya and
Venezuela registered falls in output as a result of unrest and
trade sanctions. “Most OPEC and non-OPEC countries are doing
their part” to balance the market, he said. He also called on the
US to increase the share of renewables and natural gas in its
power mix, and reduce coal, to address climate change
concerns. (Reuters)
 Dubai’s January whole economy PMI rises MoM to 55.8 – In a
release by Emirates NBD and IHS Markit for Dubai’s whole
economy, the PMI Index rose to 55.8 in January from 53.7 in
December; however, it declined YoY from 56. This is the highest
reading since June 2018. The output rose to 60 in January 2018
as compared to 58 in December 2018. (Bloomberg)
 Dubai plans desert city's first solar-powered desalination plant
– Dubai will seek partners this year to build its first solar-
powered desalination plant as the Emirate tries to diversify
away from burning fossil fuels to increase its water supply, the
Head of Dubai Electricity and Water Authority (DEWA), Saeed
Mohammed Al Tayer said. The plant, using reverse osmosis
technology, will have capacity to produce 120mn gallons a day
of drinkable water by 2024, he said. DEWA is also developing a
reservoir to hold as much as 6bn gallons of water reserves, and
the utility currently stores about 700mn gallons, Al Tayer said
at the World Government Summit in Dubai. (Bloomberg)
 NBF posts 30.4% YoY rise in net profit to AED615.3mn in
FY2018 – National Bank of Fujairah (NBF) recorded net profit of
AED615.3mn in FY2018, an increase of 30.4% YoY. Operating
Income rose 14.2% YoY to AED1,573.8mn in FY2018. Operating
profit rose 15.2% YoY to AED1,052.1mn in FY2018. Total assets
stood at AED39.8bn at the end of December 31, 2018 as
compared to AED36.7bn at the end of December 31, 2017. EPS
came in at AED0.33 in FY2018 as compared to AED0.24 in
FY2017. (ADX)
 UNB's net profit narrows to AED1,190.7mn in FY2018 – Union
National Bank (UNB) recorded net profit of AED1,190.7mn in
FY2018 as compared to AED1,644.8mn in FY2017. Net interest
income came in at AED2,640.5mn in FY2018 as compared to
AED2,444.8mn in FY2017. Operating income came in at
AED3,312.1mn in FY2018 as compared to AED3,631.2mn in
FY2017. Total assets stood at AED107bn at the end of
December 31, 2018 as compared to AED107.5bn at the end of
December 31, 2017. Loans and advances measured at amortized
cost stood at AED72.3bn, while customers’ deposits stood at
AED77.4bn at the end of December 31, 2018. EPS came in at
AED0.40 in FY2018 as compared to AED0.57 in FY2017. (ADX)
 Kuwait Finance House to sell non-core assets, including land –
Kuwait Finance House, which is in talks to buy Bahrain’s Ahli
United Bank, plans to sell some of its non-core assets this year,
its CEO, Mazin Al Nahedh said. "A significant portion of them is
basically raw land that Kuwait Finance House owns," he said.
"So now our assessment, those raw lands at today’s given
market environment are not worth developing. And as such we
are looking to sell them and divest away from them, thus
releasing capital so we can use it for our banking operation
focused on our core assets," he added. (Bloomberg)
 Commercial Bank of Kuwait posts full year net income at
KD63.8mn – Commercial Bank of Kuwait reported net income of

8. Page 8 of 9
KD63.8mn in FY2018 as compared to KD55.4mn in FY2017.
Profit came in at KD48.5mn in 4Q2018 as compared to KD41mn
in 4Q2017. Operating revenue came in at KD36.8mn in 4Q2018
as compared to KD40.1mn in 4Q2017. In FY2018, operating
revenue came in at KD150.9mn as compared to KD150.9mn in
FY2017. Operating profit came in at KD106.1mn in FY2018. The
rise in profit of 15% is due to increase in fees and commissions,
net gain from dealing in foreign currencies and decline in
impairment and other provisions. (Bloomberg)
 IMF sees no credit crunch in Oman, advises speedy fiscal
reforms – Oman is not facing a credit crunch but the Gulf Arab
oil producer should speed up implementation of fiscal reforms
like the introduction of a value-added tax (VAT), an IMF official
said. In December, rating agency Fitch downgraded Oman -
among the hardest hit in the region by the drop in oil prices – to
‘junk’ status, citing fiscal challenges from oil market volatility.
Omani government debt yields spiked on the back of the
downgrade and the cost of insuring against a potential debt
default has increased by over 25% since then. “Oman needs to
keep on the adjustment agenda that was articulated a few years
back when we saw a drop in oil price. I think it’s very important
to keep and accelerate some of the highlighted reforms like the
introduction of the VAT,” IMF Middle East and Central Asia
director, Jihad Azour said. “If they do the right steps, they are
not heading to a credit crunch,” he said, when asked if the IMF
was concerned about Oman potentially defaulting on its debt.
(Reuters)
 Bahrain's Mumtalakat hires banks for Dollar Sukuk – Bahrain’s
sovereign wealth fund, Mumtalakat has hired banks to arrange
fixed income investor meetings ahead of a potential issue of
five-year Sukuk, denominated in US Dollars, a document issued
by one of the banks showed. BNP Paribas, Citi, HSBC, National
Bank of Bahrain (NBB) and Standard Chartered Bank have been
mandated as joint lead managers and joint book runners.
Subject to market conditions, the Sukuk issue will be of
benchmark size, which generally means upwards of $500mn.
(Reuters)
 Fitch affirms Mumtalakat Sukuk trust certificate issuance
program – Fitch Ratings has affirmed Bahrain Mumtalakat
Holding Company's (Mumtalakat; ‘BB’-/’‘Stable’/‘B’) trust
certificate issued through Mumtalakat Sukuk Holding Company
(MSHC) at 'BB-' and assigned the potential Sukuk to be issued
under the program an expected rating of 'BB-(EXP)'. The ratings
are in line with Mumtalakat's Long-Term Issuer Default Rating
(IDR) and senior unsecured rating. MSHC is the issuer of the
certificates and trustee. MSHC is an exempted company with
limited liability incorporated in the Cayman Islands, which has
been established for the sole purpose of issuing the certificates,
and is owned by Mumtalakat. (Bloomberg)
 Bahrain seeks US partners to help develop its shale oil find –
Bahrain is courting partners in the US to develop a shale oil and
gas deposit off the coast of the island Kingdom. The smallest
energy producer in the Persian Gulf plans to present data in
Houston to potential investors, Oil Minister, Shaikh
Mohammed bin Khalifa Al Khalifa said. Bahrain seeks investors
from North America to fund the development of Khaleej Al
Bahrain Basin, he said. (Bloomberg)
 Bahrain's Investcorp buys properties in the US for $330mn –
Investcorp Bank has acquired eight properties in the US for
$330mn as the Bahraini firm pushes ahead with real estate
investments abroad. The investment “demonstrates the
important role we see our real estate investment business
playing in our overall investment strategy for 2019,” Co-CEO,
Rishi Kapoor said. “Looking ahead, the US remains a priority
market for us,” he added. (Bloomberg)

9. 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
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS 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 QNB FS 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
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Page 9 of 9
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
*
Market was closed on February 12, 2019)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
QSEIndex S&PPanArab S&PGCC
0.7%
(1.3%)
0.5%
(0.7%)
(0.4%) (0.4%) (0.5%)
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar*
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,310.80 0.2 (0.3) 2.2 MSCI World Index 2,045.12 1.2 1.2 8.6
Silver/Ounce 15.71 (0.0) (0.8) 1.4 DJ Industrial 25,425.76 1.5 1.3 9.0
Crude Oil (Brent)/Barrel (FM Future) 62.42 1.5 0.5 16.0 S&P 500 2,744.73 1.3 1.4 9.5
Crude Oil (WTI)/Barrel (FM Future) 53.10 1.3 0.7 16.9 NASDAQ 100 7,414.62 1.5 1.6 11.7
Natural Gas (Henry Hub)/MMBtu 2.71 (1.8) 3.4 (16.6) STOXX 600 362.78 0.9 1.2 6.2
LPG Propane (Arab Gulf)/Ton 64.25 4.0 4.0 0.4 DAX 11,126.08 1.5 1.9 4.3
LPG Butane (Arab Gulf)/Ton 80.75 8.0 12.5 16.2 FTSE 100 7,133.14 0.4 0.6 7.2
Euro 1.13 0.4 0.0 (1.2) CAC 40 5,056.35 1.3 1.8 5.7
Yen 110.48 0.1 0.7 0.7 Nikkei 20,864.21 1.9 1.9 4.1
GBP 1.29 0.3 (0.4) 1.1 MSCI EM 1,042.13 0.6 0.6 7.9
CHF 0.99 (0.3) (0.6) (2.5) SHANGHAI SE Composite 2,671.89 1.0 1.6 8.8
AUD 0.71 0.5 0.1 0.7 HANG SENG 28,171.33 0.1 0.8 8.8
USD Index 96.71 (0.4) 0.1 0.6 BSE SENSEX 36,153.62 0.2 (0.2) (1.0)
RUB 65.88 0.1 0.1 (5.5) Bovespa 96,168.40 3.2 1.5 14.2
BRL 0.27 1.3 0.5 4.6 RTS 1,215.47 1.2 1.3 13.7
98.1
92.1
80.1