The QE Index declined 0.2% to close at 10,793.0. Losses were led by the Real Estate and Consumer Goods & Services indices, falling 1.2% and 0.5%, respectively.

1. Page 1 of 9
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.2% to close at 10,793.0. Losses were led by the Real Estate
and Consumer Goods & Services indices, falling 1.2% and 0.5%, respectively. Top
losers were Qatar Cinema & Film Distribution and United Development Company,
falling 4.6% and 2.5%, respectively. Among the top gainers, Qatar Islamic Insurance
Company gained 1.9%, while Qatar Navigation was up 1.3%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.8% to close at 10,831.4. Losses were led by the
Telecommunication Services and Consumer Services indices, falling 1.8% and 1.2%,
respectively. National Gypsum Co. declined 3.2%, while Theeb Rent a Car Co. was
down 3.1%.
Dubai: The DFM Index gained 0.1% to close at 2,869.5. The Real Estate & Const.
index rose 0.7%, while the Telecommunication index gained 0.4%. Dubai
Refreshment Co. rose 8.6%, while Chimera S&P UAE Shariah ETF was up 3.3%.
Abu Dhabi: The ADX General Index gained 0.1% to close at 6,740.7. The Real Estate
index rose 1.0%, while the Investment & Financial Services index gained 0.2%. Abu
Dhabi National Co. for Building rose 14.6%, while Gulf Cement Co. was up 8.5%.
Kuwait: The Kuwait All Share Index gained 0.2% to close at 6,376.6. The Technology
index rose 6.3%, while the Insurance index gained 1.4%. Kuwait Foundry Co. rose
20.0%, while Dar Al Thraya Real Estate Co. was up 9.9%.
Oman: The MSM 30 Index gained 0.4% to close at 4,048.8. Gains were led by the
Industrial and Financial indices, rising 0.9% and 0.3%, respectively. Galfar
Engineering & Contracting rose 8.9%, while Salalah Mills Company was up 8.7%.
Bahrain: The BHB Index gained 0.2% to close at 1,564.0. The Commercial Banks
index rose 0.4%, while the Industrial index gained 0.2%. Ahli United Bank rose 0.9%,
while Aluminum Bahrain was up 0.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Islamic Insurance Company 7.99 1.9 45.0 15.8
Qatar Navigation 7.39 1.3 173.9 4.2
Qatar General Ins. & Reins. Co. 2.25 1.3 21.8 (15.3)
Ooredoo 7.01 0.8 1,693.1 (6.8)
Al Meera Consumer Goods Co. 19.10 0.7 100.5 (7.8)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Salam International Inv. Ltd. 1.01 (0.4) 13,950.5 55.6
Mazaya Qatar Real Estate Dev. 1.15 (1.0) 8,630.5 (9.3)
Investment Holding Group 1.04 (1.1) 7,408.0 74.0
United Development Company 1.50 (2.5) 6,194.3 (9.3)
Qatar Aluminium Manufacturing Co 1.57 (0.8) 5,409.0 62.2
Market Indicators 15 Jun 21 14 Jun 21 %Chg.
Value Traded (QR mn) 208.9 406.1 (48.6)
Exch. Market Cap. (QR mn) 628,628.5 629,983.5 (0.2)
Volume (mn) 83.2 134.7 (38.3)
Number of Transactions 6,811 8,965 (24.0)
Companies Traded 46 47 (2.1)
Market Breadth 12:30 22:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 21,365.33 (0.2) 0.7 6.5 18.2
All Share Index 3,430.07 (0.2) 0.7 7.2 19.0
Banks 4,527.59 (0.3) 0.6 6.6 15.8
Industrials 3,609.27 (0.0) 1.7 16.5 27.7
Transportation 3,378.21 0.4 0.6 2.5 21.7
Real Estate 1,837.11 (1.2) (1.3) (4.7) 17.4
Insurance 2,650.49 0.4 1.2 10.6 23.7
Telecoms 1,055.99 0.5 0.1 4.5 28.0
Consumer 8,159.57 (0.5) (0.6) 0.2 28.5
Al Rayan Islamic Index 4,595.54 (0.3) 0.1 7.6 19.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Ahli Bank Oman 0.11 3.6 87.3 (10.2)
Kingdom Holding Co. Saudi Arabia 10.50 2.7 2,199.5 32.1
National Industrialization Saudi Arabia 18.88 2.6 8,319.9 38.0
Ahli United Bank Kuwait 0.30 2.4 2,034.9 14.2
Oman Telecom Co. Oman 0.80 1.5 128.0 11.2
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Yanbu National Petro. Co. Saudi Arabia 71.60 (2.7) 579.4 12.1
Saudi Telecom Co. Saudi Arabia 133.80 (2.3) 951.8 27.2
Almarai Co. Saudi Arabia 61.80 (2.2) 782.2 12.6
Al Rajhi Bank Saudi Arabia 110.60 (2.1) 4,462.9 50.3
Saudi Industrial Inv. Saudi Arabia 35.30 (1.9) 682.4 28.8
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 3.91 (4.6) 0.5 (2.1)
United Development Company 1.50 (2.5) 6,194.3 (9.3)
Alijarah Holding 1.26 (1.6) 2,735.3 1.1
Medicare Group 9.06 (1.5) 30.9 2.5
Mannai Corporation 3.63 (1.4) 198.0 20.8
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 18.10 (0.3) 25,349.7 1.5
Industries Qatar 13.28 0.2 20,589.5 22.2
Salam International Inv. Ltd. 1.01 (0.4) 14,133.6 55.6
Ooredoo 7.01 0.8 11,856.5 (6.8)
Masraf Al Rayan 4.45 0.0 11,459.8 (1.8)
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* 10,792.97 (0.2) 0.7 0.4 3.4 56.45 169,666.8 18.2 1.6 2.7
Dubai 2,869.49 0.1 1.0 2.6 15.1 62.43 107,025.3 21.8 1.0 2.8
Abu Dhabi 6,740.68 0.1 0.4 2.8 33.6 364.47 260,155.9 22.7 1.9 3.6
Saudi Arabia 10,831.38 (0.8) 0.3 2.7 24.6 3,252.60 2,594,271.3 35.5 2.4 1.9
Kuwait 6,376.60 0.2 1.1 2.7 15.0 246.09 120,942.3 40.6 1.6 2.0
Oman 4,048.78 0.4 0.5 5.1 10.7 11.17 18,208.7 14.2 0.8 3.9
Bahrain 1,564.00 0.2 1.2 2.4 5.0 4.32 24,038.2 26.9 1.0 2.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,780
10,790
10,800
10,810
10,820
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 0.2% to close at 10,793.0. The Real Estate and
Consumer Goods & Services indices led the losses. The index fell on the
back of selling pressure from Qatari and Arab shareholders despite buying
support from GCC and foreign shareholders.
 Qatar Cinema & Film Distribution and United Development Company were
the top losers, falling 4.6% and 2.5%, respectively. Among the top gainers,
Qatar Islamic Insurance Company gained 1.9%, while Qatar Navigation
was up 1.3%.
 Volume of shares traded on Tuesday fell by 38.3% to 83.2mn from
134.7mn on Monday. Further, as compared to the 30-day moving average
of 202.7mn, volume for the day was 59.0% lower. Salam International Inv.
Ltd. and Mazaya Qatar Real Estate Dev. were the most active stocks,
contributing 16.8% and 10.4% to the total volume, respectively.
Source: Qatar Stock Exchange (*as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Al-Khaleej
Takaful Insurance
Co.
S&P Qatar IFS/ICR BBB/BBB BBB/BBB – Positive 
Al Rajhi Bank S&P Saudi Arabia LTR BBB+ BBB+ – Positive 
Source: News reports, Bloomberg (* LTR – Long Term Rating, IFS – Insurer Financial Strength, ICR – Issuer Credit Ratings)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/15 US Federal Reserve Industrial Production MoM May 0.8% 0.7% 0.1%
06/15 US Federal Reserve Manufacturing (SIC) Production May 0.9% 0.8% -0.1%
06/15 Germany German Federal Statistical Office CPI MoM May 0.5% 0.5% 0.5%
06/15 Germany German Federal Statistical Office CPI YoY May 2.5% 2.5% 2.5%
06/15 France INSEE National Statistics Office CPI MoM May 0.3% 0.3% 0.3%
06/15 France INSEE National Statistics Office CPI YoY May 1.4% 1.4% 1.4%
06/14 Japan Ministry of Economy Trade and Industry Industrial Production MoM Apr 2.9% – 2.5%
06/14 Japan Ministry of Economy Trade and Industry Industrial Production YoY Apr 15.8% – 15.4%
06/14 India India Central Statistical Organisation CPI YoY May 6.3% 5.38% 4.29%
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 34.71% 39.02% (9,017,505.9)
Qatari Institutions 12.62% 22.36% (20,342,776.0)
Qatari 47.33% 61.38% (29,360,281.8)
GCC Individuals 0.32% 0.34% (47,207.3)
GCC Institutions 3.76% 0.75% 6,304,542.5
GCC 4.09% 1.09% 6,257,335.3
Arab Individuals 14.28% 15.08% (1,687,999.9)
Arab Institutions 0.00% 0.00% -
Arab 14.28% 15.08% (1,687,999.9)
Foreigners Individuals 3.41% 4.98% (3,285,105.1)
Foreigners Institutions 30.90% 17.46% 28,076,051.6
Foreigners 34.31% 22.45% 24,790,946.5

3. Page 3 of 9
News
Qatar
 QNB named Best Sub-custodian Bank in Qatar for 2021 –
QNB Group, the largest financial institution in the Middle East and
Africa, won the prestigious award of the “Best Sub-custodian
Bank in Qatar” for 2021 from the New York-based “Global
Finance” magazine. The award salutes the top banking service
providers in local markets and regions based on a number of
criteria to measure their performance and ability to serve their
markets including customer relations, quality of service,
technology platforms, business continuity plans, and knowledge
of local regulations and practices. The new achievement reflects
QNB’s success in developing the performance of its custody
services and offering an integrated set of innovative products and
specialized advisory services for capital market transactions and
brokerage companies’ clients. On the other hand, the Bank was
keen to embrace good corporate governance and best practices,
contributing to high investment returns and enhanced long-term
sustainable growth opportunities in the regional markets where it
operates. This achievement has proven once again the success
of the Group’s response to address the challenges of COVID-19
and to put in place new measures to support business recovery
post-COVID-19 by providing innovative digital banking solutions
for a more sustainable and resilient path. (Press Release)
 QCB disapproves QLMI’s interim dividend – Referring to the
approval of the QLM Life and Medical Insurance Company’s
(QLMI) Ordinary General Assembly to distribute an interim
dividend to shareholders from under the profit account for the
year 2021 and authorizing the Board of Directors to determine the
appropriate amount for distribution and to take the necessary
measures for this in accordance with the controls and approval of
the Qatar Central Bank (QCB) and other relevant authorities, and
to the Board’s decision at its meeting. Which was held on the
evening of April 26, 2021, distributing 4% of the nominal value of
the share as an advance from under the account of the profits of
the current year 2021, after auditing and reviewing the company’s
quarterly budget as on March 31, 2021 and obtaining approval
all competent authorities. Please note that the QCB has stated
that it has not approved the distribution of these profits on the
grounds that the company's quarterly financial statements are not
audited. (QSE)
 QFMA approves merger of MARK and KCBK – In connection
with the merger agreement announced on January 7, 2021
between Masraf Al Rayan (MARK) and Al Khalij Commercial
Bank (KCBK), a merger application was filed with the Qatar
Financial Markets Authority (QFMA). The QFMA has approved
the merger application, subject to applicable laws and
regulations. (QSE)
 QATI announces the results of its Board of Directors’
meeting – Qatar Insurance (QATI) announced the results of its
Board of Directors’ meeting held on June 15, 2021 and approved
to amend the company’s articles of association in accordance to
the approval of the Council of Ministers on the draft law that
allows non-Qatari investors to own up to (100%) of the listed
companies in Qatar Stock Exchange, as soon as the law is
officially issued. The Board has reviewed the company’s
performance for the period January/May 2021. (QSE)
 S&P revises its outlook on (AKHI) to positive from stable –
S&P Global Ratings today revised its outlook on Al-Khaleej
Takaful Insurance Co. (AKHI) to positive from stable. We also
affirmed our 'BBB' insurer financial strength and issuer credit
ratings on AKHI. Earlier this year, AKHI and its shareholders
ended talks with its former CEO relating to QR116mn in
receivables, following three years of discussions, and recognized
an impairment of QR76mn in its 2020 financial statements. At the
same time, it was agreed that AKHI will receive an investment
property from its former CEO, currently valued at QR40mn. As a
result, AKHI is no longer exposed to this single counterparty and
has resolved a dispute that was ongoing for several years.
Despite the impairment, AKHI's risk-adjusted capital adequacy
under our risk-based model remained well in excess of the 'AAA'
benchmark. The original issues that caused these negotiations
and resulted in an audit qualification of the 2017 results triggered
a major review of AKHI's risk management and governance
frameworks. Under the leadership of external consultants, AKHI
formulated and updated a set of systems and policies. In addition,
it defined responsibilities at board and executive levels. For
example, AKHI created policies relating to corporate governance,
code of business ethics, whistle-blowing procedures, as well as
various policies relating to investment, accounting, and financial
guidelines. AKHI continues to enhance its internal control
function. In a project expected to continue during 2021-2023,
AKHII will review all its underwriting departments and develop risk
assessment matrixes. The insurer is also developing stronger
controls to ensure its risk exposures remain within set limits. In
addition, it has hired a new compliance officer to oversee the
internal control function, with a direct reporting line to the board
of directors. We view these enhancements positively and believe
they should help prevent material governance-related issues from
occurring in the future. (Bloomberg)
 World Bank forecasts Qatar economy to post GCC’s best
growth rate of 4.5% in 2023 – Qatar's economy will grow 3% this
year, 4.1% in 2022 and at the GCC’s best rate of 4.5% in 2023;
World Bank’s revised forecast has shown. The forecast indicates
that Qatar's economy has absorbed the pandemic-induced
shocks and is back again on the growth trajectory. In 2020, the
World Bank had estimated that Qatar’s economy would have
contracted -3.7%, obviously due to the impact of Covid-19
pandemic. In 2018, Qatar’s economy grew 1.2%, and by only
0.8% in 2019. Next year, only Oman would grow faster (World
Bank forecast: 6.5%) than Qatar. And in 2023, Qatar will
outperform all the other Gulf Cooperation Council countries,
according to the World Bank forecast. The World Bank's 2021
growth forecast for other GCC countries is Kuwait (2.4%), Oman
(2.5%), Saudi Arabia (2.4%) and UAE (1.2%). In 2022, Bahrain
has been forecast to grow at 3.2%, Kuwait (3.6%), Saudi Arabia
(3.3%) and UAE (2.5%). In 2023, World Bank has forecast
Bahrain’s growth at 3.2%, Kuwait (2.8%), Oman (4.2%), Saudi
Arabia (3.2%) and UAE (2.5%). In its regional outlook, the World
Bank noted output in the region is expected to grow by 2.4% in
2021, stronger than initially forecast, but below the previous
decade average, ending 2019. The region should benefit from the
recent rebound in oil prices, stronger external demand, and less
economic disruptions from Covid-19 outbreaks. (Gulf-Times.com)
 Egypt's foreign minister in Doha for first visit since regional
rift – Egyptian Foreign Minister Sameh Shoukry met Qatari Emir
Tamim bin Hamad Al Thani on Tuesday in Doha, in the diplomat's
first visit to the Gulf country since a regional rift erupted in 2017.
Shoukry was carrying a message from Egyptian President Abdel-
Fattah Al-Sissi to Tamim, Foreign Ministry spokesman Ahmed
Hafez said. The letter focused on bilateral relations and ways to
strengthen and develop them as well as prominent regional and

4. Page 4 of 9
international developments, according to the Qatari news agency.
(Bloomberg)
International
 US business inventories fall in April; sales rise – US business
inventories fell in April, with stocks declining at a sharper pace
than initially estimated amid shortages of raw materials, which are
undercutting production of motor vehicles and other goods.
Business inventories decreased 0.2% after increasing 0.2% in
March, the Commerce Department said on Tuesday. Inventories
are a key component of gross domestic product. Economists
polled by Reuters had forecast inventories dipping 0.1%.
Inventories dropped 3.6% on a year-on-year basis in April. Retail
inventories decreased 1.8% in April, rather than 1.6% as
estimated in an advance report published last month. That
followed a 1.4% decrease in March. Motor vehicle inventories
dropped 7.5% rather than 7.0% as estimated in an advance report
published last month. Motor vehicle stocks are being run down as
a global semiconductor shortage weighs on auto production.
Retail inventories excluding autos, which go into the calculation
of GDP, increased 0.6% instead of 0.5% as estimated last month.
Manufacturers are battling shortages of raw materials and labor
in the wake of pent-up demand unleashed by the reopening of the
economy as vaccinations ease COVID-19’s intensity. With
demand robust, inventories were depleted in the first quarter. The
inventory drawdown subtracted nearly three percentage points
from GDP growth last quarter. Still, the economy grew at a strong
6.4% annualized rate after expanding at a 4.3% pace in the fourth
quarter. Most economists are forecasting double-digit GDP
growth in the second quarter. Wholesale inventories increased
0.8% in April. Stocks at manufacturers rose 0.3%. Business sales
advanced 0.6% in April after rebounding 5.8% in March. At April’s
sales pace, it would take 1.25 months for businesses to clear
shelves, down from 1.26 months in March. (Reuters)
 US manufacturing output accelerates in May on autos –
Production at US factories increased more than expected in May
as motor vehicle output rebounded, but shortages of raw
materials and labor continue to cast a shadow over the
manufacturing industry. A worker prepares the mold for batching
at IceStone, a manufacturer of recycled glass countertops and
surfaces, in New York City, New York, US, June 3, 2021.
REUTERS/Andrew Kelly Manufacturing output accelerated 0.9%
last month after dipping 0.1% in April, the Federal Reserve said
on Tuesday. Economists polled by Reuters had forecast
manufacturing output increasing 0.6% in May. Manufacturing,
which accounts for 11.9% of the US economy, is being
underpinned by massive fiscal stimulus, low interest rates and
continued strong demand for goods even as spending is shifting
towards services amid a vastly improved public health situation.
But robust demand is straining the supply chain, with shortages
of raw materials and labor across the industry. The automobile
industry has been hit by a global shortage of semiconductors,
which has forced some automakers to cut production. Hyundai
Motor USA said on Monday it would suspend production at its
Montgomery plant in Alabama for a week because of the chip
crunch and will “will continue to take necessary measures to
optimize production.” Volkswagen said last week it expected the
supply squeeze to ease in the third quarter, though it saw the
bottlenecks continuing in the long term. That suggests the 6.7%
increase in production at auto plants last month was likely
temporary. Motor vehicle assemblies jumped about 1mn units to
an annualized rate of 9.9mn units last month, but remained more
than 1mn units below their average level in the second half of
2020. Excluding autos, manufacturing output rose 0.5% last
month. The rebound in manufacturing output combined with a
1.2% increase in mining and a 0.2% gain in utilities to boost
industrial production by 0.8% last month. That followed a 0.1%
rise in April. Capacity utilization for the manufacturing sector, a
measure of how fully firms are using their resources, rose 0.7
percentage point to 75.6%. Overall capacity use for the industrial
sector was up 0.6 percentage point to 75.2%. It is 4.4 percentage
points below its 1972-2020 average. Officials at the US central
bank tend to look at capacity use measures for signals of how
much “slack” remains in the economy — how far growth has room
to run before it becomes inflationary. (Reuters)
 US retail sales take step back as spending pivots to services,
trend remains strong – US retail sales dropped more than
expected in May, with spending rotating back to services from
goods as vaccinations allow Americans to travel and engage in
other activities that had been restricted by the COVID-19
pandemic. Despite last month’s decline reported by the
Commerce Department on Tuesday, the trend in retail sales
remains strong. Sales in April were revised sharply up and are
well above their pre-pandemic level, keeping intact expectations
of double-digit growth in both consumer spending and the
economy this quarter. “The days of spending money online and
splurging on durable goods and home furnishings is pivoting
toward getting ready for trips to see grandma and grandpa at the
lake or the beach and evenings out reconnecting with friends at
bars and restaurants,” said Tim Quinlan, a senior economist at
Wells Fargo in Charlotte, North Carolina. Retail sales fell 1.3%
last month. Data for April was revised higher to show sales
increasing 0.9% instead of being unchanged as previously
reported. Economists polled by Reuters had forecast retail sales
declining 0.8%. Retail sales surged 28.1% on a year-on-year
basis. The retail sales report mostly capture spending on goods,
with restaurants and bars the only services category included.
During the pandemic, demand shifted to goods like electronics
and motor vehicles as millions of people worked from home,
switched to online classes and avoided public transportation.
More than half of eligible Americans are fully vaccinated, boosting
demand for air travel, hotel accommodation, dining out and
entertainment among other activities. May’s decline in retail sales
was also due to a drop in receipts at auto dealerships, reflecting
tight supply as a global semiconductor shortage hampers motor
vehicle production. Receipts at auto dealerships fell 3.7%.
Shortages also likely hurt sales at electronics and appliance
stores, which dropped 3.4%. Receipts at building material stores
tumbled 5.9%. There were also declines in sales at furniture
retailers as well as at sporting goods, hobby, musical instrument
and book stores. Online retail sales slipped 0.8%. But sales at
clothing stores rose 3.0%. Consumers also increased spending
at restaurants and bars, leading to a 1.8% rise in receipts. Sales
at restaurants and bars are 70.6% higher compared to May 2020.
Excluding automobiles, gasoline, building materials and food
services, retail sales dropped 0.7% after a revised 0.4% fall in
April. These so-called core retail sales correspond most closely
with the consumer spending component of gross domestic
product. They were previously estimated to have decreased 1.5%
in April. Services such as healthcare, education, travel and hotel
accommodation make up the other component of consumer
spending. US stocks were lower. The Dollar was steady against
a basket of currencies. US Treasury prices fell. (Reuters)
 Data: Foreign holdings of US Treasuries rise in April as rates
stabilize – Foreign holdings of Treasuries rose in April, data from
the Treasury Department showed on Tuesday, as investors
bought back US government debt after yields started to decline
from their highs. Major foreign holders of Treasuries held
$7.070tn in Treasuries in April, up from $7.028tn in March. Japan,
the largest foreign holder of US sovereign paper, led the way,
increasing its holdings to $1.276tn in April, from $1.24tn the
previous month. Japanese investors sold Treasuries in February
and March as their holdings declined. “It looks like Japanese

5. Page 5 of 9
investors sold into the sell-off and then bought once rates
stabilized,” said Gennadiy Goldberg, senior rates strategist at TD
Securities in New York. “In February and March, rates were
higher and in April they were stabilizing near the peak, so it looks
like they bought quite substantially,” he added. US benchmark
10-year Treasury yields started April with a yield of 1.679%,
slipping to 1.631% by the end of that month. China’s holdings,
meanwhile, slid to $1.096tn from $1.1tn in March. Its stock of
Treasuries has declined for two straight months. On a transaction
basis, foreigners purchased $49.57bn in Treasuries in April, after
record inflows of $118.87bn the previous month. Data also
showed US corporate bonds had inflows of $10.14bn in April,
down from $43.1bn in March, which was the largest since May
2008. Foreign investors, meanwhile, sold $13.3bn in US equities
in April, from purchases of $32.3bn in March. April’s US stocks
outflow was the first in 12 months. US residents decreased their
holdings of long-term foreign securities, with net sales of $7.5bn,
according to the Treasury data. Overall, net foreign acquisitions
of US long-term and short-term securities, as well as banking
flows, fell to a net inflow of $101.2bn in April, from $146.7bn in
March. (Reuters)
 Kemp: Faster US wage rises will help entrench inflation – US
employees are feeling confident enough to push for better pay
and conditions, despite the high level of unemployment after the
pandemic, a sign the balance of power is shifting in the job
market. The result should be a strong and sustained expansion
in consumer spending and business activity over the next year,
which will be welcomed by policymakers at the central bank and
in the White House. However, it will also fuel faster inflation and
probably force the Federal Reserve to scale back its bond buying
program and raise interest rates earlier than top policymakers
have indicated so far. The total number of non-farm employees is
still down by more than 7.5mn compared with February 2020, the
last month before the first wave of the pandemic hit the economy.
But in April, the proportion of employees who quit their jobs
voluntarily rose to the highest rate for more than two decades,
according to separations data compiled by the US Bureau of
Labor Statistics (BLS). The seasonally-adjusted quit rate rose to
2.7%, up from 2.3% in the same month two years ago, before the
pandemic, and the highest since this time series started in 2001
(tmsnrt.rs/3wwWbGE). In response, employee compensation has
started to rise faster as businesses and other private-sector
organisations try to hold on to experienced workers by raising
wages, salaries and other benefits. For private employees, total
compensation costs have risen by 2.9% over the last year and at
a compound annual rate of 2.8% over the last two years,
according to a separate survey by the BLS. Compensation is
rising at the fastest rate since the strong economy of 2018 and
before that the pre-financial crisis economy of 2008 . (Reuters)
 Study: Sales of US vacation homes rose twice as fast as
other homes last year – The US housing market bounced back
quickly last year after the pandemic gave some workers the
flexibility to work from anywhere - and demand for vacation
homes was especially hot, according to a report released on
Tuesday by the National Association of Realtors. Sales of existing
homes in counties with a higher share of vacation homes rose by
24% on average in 2020, more than double the 11% increase in
counties that don’t have a high concentration of vacation homes.
Home prices also appreciated more quickly in vacation home
counties, gaining an average 14% last year, compared with the
average 10% annual increase in non-vacation-home counties.
Buyers in vacation areas were also more likely to make all-cash
offers. Vacation-home counties were defined as those where at
least 20% of the properties are for seasonal or recreational use.
As of 2019, about 10% of the 3,143 counties in the US were
vacation-home counties, according to the association here. The
hottest vacation markets were concentrated in 16 states,
including North Carolina, New York, Vermont and
Massachusetts. The No. 1 county, based on sales growth, price
and days on the market, was Lee County in Florida, which
includes cities such as Fort Myers and Cape Coral. In the next
hottest market, Oscoda County, Michigan, home sales rose by
54% in 2020 and the median sales price increased by 79%,
according to the report. The county, which is about four hours
away from Detroit, includes the Huron-Manistee National Forests
and Oscoda Beach Park. The increased demand for vacation
homes was sparked by the move to work from home and the shift
to virtual schooling, which gave families the flexibility to relocate,
the researchers said. The dramatic increase in home sales in
some vacation markets is a reminder of the stark inequality that
struck the housing market during the pandemic, which left millions
of Americans out of work and caused some to fall behind on their
housing payments. A rush of federal aid - including direct cash
payments, eviction moratoriums and a mortgage forbearance
program - helped to keep many people in their homes, but some
households are still struggling. The share of homeowners with
mortgages in forbearance surged to 7% by May 2020 and slowly
declined to 4% this spring, according to a report here by the
Federal Reserve Bank of New York. Borrowers in low-income
areas and those with loans insured by the Federal Housing
Administration were more likely to stay in forbearance for an
extended period of time. (Reuters)
 EU excludes major banks from bond sales – The European
Union has excluded some of the biggest investment banks with
past involvement in breaches of antitrust rules from syndicated
debt sales backing its up to 800bn Euro ($969bn) COVID-19
recovery fund, the EU executive said on Tuesday. “The
Commission will be undertaking a careful assessment of whether
the primary dealers found guilty of breaching anti-trust rules have
taken necessary remedial measures to terminate these practices
and are ready to undertake to take steps to avoid their
recurrence,” the European Commission said in a statement to
Reuters. “Pending the completion of this assessment, these
institutions will be admitted to the primary dealer network but will
not be invited to tender for individual syndicated transactions,” it
added. The Commission did not specify which banks were
excluded, but a spokesperson for the Commission pointed to
three cartel cases over the last three years which involved 10 of
the bloc’s biggest primary dealer banks. It fined banks including
Bank of America, Credit Agricole, Natixis, Nomura, Natwest
Markets (formerly RBS) and UniCredit for breaching antitrust
rules by participating in bond cartels in two separate cases in April
and May this year. Deutsche Bank also participated in one of the
cartels but was not fined as it revealed the cartel to the
Commission. Barclays, Citigroup, JPMorgan and Natwest were
fined in 2019 for rigging the foreign exchange market. Those
banks are among the EU’s 39 primary dealers, which manage
syndicated debt sales for the bloc -- where they sell the debt
directly onto end investors -- for lucrative fees. This helps
motivate them to participate in less lucrative debt auctions, which
the EU will start from September. Spokespeople for Nomura,
BofA, Barclays, Natixis, Credit Agricole, NatWest, Deutsche
Bank, UniCredit, Citi and JP Morgan all declined to comment. The
spokesperson said the banks “at some point” would rejoin the
syndications. The Financial Times reported the news on Tuesday
following a report by Refinitiv’s capital markets news service IFR
on Friday. The European Union on Tuesday raised 20bn euros
($24.25bn) from the first bond backing its recovery fund on the
back of near-record demand. That deal was led by joint lead
managers BNP Paribas, DZ Bank, HSBC, IMI-Intesa Sanpaolo
and Morgan Stanley, while Danske Bank and Santander are co-
lead managers. (Reuters)

6. Page 6 of 9
 EU raises first cash for recovery transformation, vows to
spend it well – The European Commision said it raised the first
cash for its post-pandemic recovery and transformation scheme
in a heavily oversubscribed bond sale on Tuesday and vowed the
money would be spent in line with the about-to-be-approved
national plans. EU Commission head Ursula von der Leyen
confirmed the EU executive arm sold 20bn euros worth of 10-year
bonds in a syndicated sale that was more than seven times
oversubscribed. The Commission said in a statement that it was
the largest ever institutional bond issuance in Europe, the largest
institutional single tranche transaction and the largest amount the
EU has raised in a single transaction. Money from the bond sale,
and from two others that will take place in June and July, will be
transferred as pre-financing to governments whose plans to
rebuild their economies after the pandemic greener and more
digitalized are approved. The Commission is to issue its
assessments of the plans of Spain and Portugal on Wednesday,
Greece and Denmark on Thursday and Luxembourg on Friday,
with more to follow next week, von der Leyen said, adding she
would travel to the countries concerned. The Commission intends
to borrow 80bn euros in bonds and more in bills in 2021 to finance
the economic transformation scheme that is to help Europe not
emit any CO2 by 2050 and become more fit for the digital age.
“We need to invest this money well to make the best out of it...
We have to make sure that the plans are in line with European
priorities,” von der Leyen told a news conference. “We know that
on paper they are now, (but) we have to make sure that the
implementation of these ambitious goals takes place and we will
be very vigilant to make sure that this implementation is rigorous,”
she said. EU Budget Commissioner Johannes Hahn, who was
also present, said more than 50% of the AAA-rated bonds sold
on Tuesday went to investors in the 27-nation EU, and around
13% to Asia and the Americas. He said around 25% of the
investors were central banks, 37% were bought by fund
managers and 11% by insurance funds. “We managed really to
interest and attract long term investors, which clearly has been
our goal, and I’m happy about this structure of investors,” Hahn
said. (Reuters)
 UK sees record jump in employee numbers in May – The
number of employees on British company payrolls surged by a
record amount in May as COVID restrictions eased and pubs and
restaurants resumed indoor service, though it still remains more
than half a million below its pre-pandemic peak. Tax data
released on Tuesday showed that British companies increased
their number of employees by 197,000 in May, the biggest single-
month increase since records began in July 2014, taking the total
to 28.5mn. Tuesday’s figures also showed the fastest headline
wage growth since 2007 in the year to April, although statisticians
warned that this was distorted by comparisons with depressed
wages a year ago and greater job losses among low-paid staff.
“The level of employment is still well below its pre-crisis level,
suggesting there is still plenty of slack in the labor market,” said
Thomas Pugh, UK economist at Capital Economics. The headline
unemployment rate fell for a fourth month in a row to 4.7% for the
three months to April, in line with forecasts in a Reuters poll of
economists. “The latest forecasts for unemployment are around
half of what was previously feared and the number of employees
on payroll is at its highest level since April last year,” finance
minister Rishi Sunak said. The jobless rate has been kept down
by the government’s furlough program. This paid wages on 8.9mn
jobs at its peak in May 2020, during the first COVID lockdown,
and supported 3.4mn jobs in April 2021. More recent ONS survey
data pointed to a further fall to just over 2mn jobs by mid-May,
and Tuesday’s data showed the most job vacancies since the
pandemic began. The biggest rise in vacancies was in the
accommodation and food service sector. The sector was hit hard
hit by the pandemic, and will face an extra challenge in coming
weeks as the full lifting of COVID capacity constraints has been
delayed until July 19 due to the spread of a new, more infectious,
COVID variant. The Bank of England predicted last month that
unemployment would only rise modestly when the furlough
scheme stops at the end of September 2020, and is keeping a
close eye on inflation pressures - though it still sees substantial
slack. The proportion of working-age men classed as inactive
rose to a record-high 17.8%. This category includes students and
people caring for family, as well as those who have given up
looking for work. Average weekly earnings in the three months to
the end of April rose by 5.6% compared with a year earlier, its
biggest rise since March 2007 and above forecasts. The ONS
said that although there were some signs of employers offering
sign-on bonuses to attract staff, most of the rise reflected base
effects and other distortions. It estimated underlying wage growth
was around 3%. (Reuters)
 MOF: Japan May exports rise 49.6% YoY – Japan’s exports
rose 49.6% in May from a year earlier, Ministry of Finance data
showed on Wednesday. The rise compares with a 51.3%
increase expected by economists in a Reuters poll. It followed a
38% rise in April. jumped 27.9% in the year to May versus the
median estimate for a 26.6% gain. The trade balance came to a
deficit of 187.1bn yen ($1.70bn), versus the median estimate for
a 91.2bn yen shortfall. (Reuters)
 Japan April core machinery orders rise 0.6% MoM – Japan’s
core machinery orders rose 0.6% in April from the previous
month, government data showed on Wednesday. The reading
compared with a 2.7% rise seen in a Reuters poll of economists,
the Cabinet Office data showed. Compared with a year earlier,
core orders, a highly volatile data series regarded as an indicator
of capital spending in the coming six to nine months, grew 6.5%
in April, versus a 8.0% advance expected by economists, the data
showed. (Reuters)
 China urges NATO to stop exaggerating ‘China threat theory’
– China’s mission to the European Union urged NATO on
Tuesday to stop exaggerating the “China threat theory” after the
group’s leaders warned that the country presented “systemic
challenges”. NATO leaders on Monday had taken a forceful
stance towards Beijing in a communique at US President Joe
Biden’s first summit with the alliance. "China's stated ambitions
and assertive behavior present systemic challenges to the rules-
based international order and to areas relevant to alliance
security," NATO leaders had said. The new US president has
urged his fellow NATO leaders to stand up to China's
authoritarianism and growing military might, a change of focus for
an alliance created to defend Europe from the Soviet Union
during the Cold War. The NATO statement "slandered" China's
peaceful development, misjudged the international situation, and
indicated a "Cold War mentality," China said in a response posted
on the mission's website. China is always committed to peaceful
development, it added. "We will not pose a 'systemic challenge'
to anyone, but if anyone wants to pose a 'systemic challenge' to
us, we will not remain indifferent." In Beijing, a spokesman for the
foreign ministry, Zhao Lijian, said the US and Europe had
"different interests," and that some European countries "will not
tie themselves to the anti-China war chariot of the US". G7
nations meeting in Britain over the weekend scolded China over
human rights in its Xinjiang region, called for Hong Kong to keep
a high degree of autonomy and demanded a full investigation of
the origins of the coronavirus in China. China’s embassy in
London said it was resolutely opposed to mentions of Xinjiang,
Hong Kong and Taiwan, which it said distorted the facts and
exposed the “sinister intentions of a few countries such as the
US.” (Reuters)

7. Page 7 of 9
 Russia improves Q1 GDP assessment to contraction of 0.7%
YoY – Russia on Tuesday revised up its first-quarter gross
domestic product (GDP) assessment to a contraction of 0.7%
year-on-year from a 1% decline, adding weight to assertions that
the economy is close to returning to pre-crisis levels. The COVID-
19 pandemic paralyzed business activity and caused the
economy to shrink by 3% in 2020, prompting the central bank to
slash interest rates to a record low 4.25%, while a drop in global
oil prices dented Russia’s revenues. The figures published on
Tuesday by the Federal Statistics Service Rosstat showed a
marked improvement on the 1.8% year-on-year drop in the final
quarter of 2020. The central bank expects the economy to return
to its pre-crisis level this quarter. Governor Elvira Nabiullina on
Tuesday said the central bank, which hiked its key interest rate to
5.5% on Friday, will continue raising interest rates in response to
rising inflation and does not expect this to hinder economic
growth. Rosstat said the improvement in the GDP figure was
down to slight improvements in industrial output and wholesale
trade turnover, and obtaining extra data from companies and the
central bank. (Reuters)
Regional
 Saudi Arabia raises SR8.265bn from Sukuk offering – Saudi
Arabia has raised SR8.265bn from its local Sukuk offering in the
month of June, Finance ministry said. First tranche was for
SR2.755bn, second tranche SR4.650bn and third tranche was
SR860mn according to the statement. (Bloomberg)
 Fitch Rates Saudi Aramco's USD Sukuk Program and
Inaugural Issue 'A' – Fitch Ratings has assigned Saudi Arabian
Oil Company's (Saudi Aramco, A/Negative) trust certificate
issuance program and its inaugural $6bn issuance, issued
through the trustee - SA Global Sukuk Limited (SAGS) - a final
rating of 'A'. The program and instrument ratings are in line with
Saudi Aramco's Long-Term Issuer Default Rating (IDR) and
senior unsecured rating of 'A'. SAGS was incorporated in the
Cayman Islands as an exempted company with limited liability for
the sole purpose of issuing the certificates. MaplesFS Limited is
acting as the corporate administrator of the trustee, while Saudi
Aramco is the obligor, seller, lessee, buyer and service agent.
Fitch understands from management that the proceeds are being
used for general corporate purposes. The program and issuance
ratings are aligned with Saudi Aramco's Long-term IDR. This
reflects Fitch's view that a default of these senior unsecured
obligations would reflect the default of Saudi Aramco, in
accordance with the agency's rating definitions. Saudi Aramco's
Long-term IDR is, in turn, constrained by Saudi Arabia's
sovereign rating of 'A'/Negative. The company's Standalone
Credit Profile is 'aa+'. Fitch has given no consideration to any
underlying assets or collateral provided, as the agency believes
that the trustee's ability to satisfy payments due on the certificates
ultimately depends on Saudi Aramco satisfying its unsecured
payment obligations to the trustee under the transaction
documents described in the prospectus and other supplementary
documents. In addition to Saudi Aramco's propensity to ensure
repayment by SAGS, the company is required to ensure full and
timely repayment of SAGS's obligations due to Saudi Aramco's
various roles and obligations under the sukuk structure and
documentation, especially, but not limited to, the below features:
The rental due on a rental payment date shall be an amount equal
to the periodic distribution amount, which together with the
Murabaha profit instalment, shall be sufficient to fund the periodic
distribution amounts payable by the trustee in respect of the
relevant certificates. (Bloomberg)
 Saudi inflation rate rises again in May, hits 5.7% – Saudi
Arabia’s inflation rate rose for the second consecutive month,
climbing to 5.7% in May from 5.3% in April, again reflecting a
tripling of value-added tax to 15% last year, official data showed
on Tuesday. The increase was mainly due to higher prices of food
and beverages and transport, the General Authority for Statistics
said. Food prices have a weight of 17% in the Saudi consumer
basket, making them the main driver of the headline inflation rate
in May. The VAT increase, which went into effect in July last year,
came as the Saudi government sought to bolster its coffers after
being hit by the twin shock of last year’s oil price crash and the
COVID-19 pandemic, as well as voluntary oil production cuts
implemented to help stabilize world prices. “Prices of food and
beverages recorded the highest annual increase of 7.4%, mainly
due to the increase in food prices (+7.3%). In particular, the
increase in prices of meat (+6.8%) and vegetables (+6.7%) was
remarkable,” the General Authority for Statistics said. (Reuters)
 Goldman Sachs lifts Saudi Arabia’s growth forecasts as oil
prices rise – Goldman Sachs Group Inc. has raised its
expectations for Saudi Arabia’s oil production and economic
growth as crude prices rise well over $70 a barrel. The bank’s
Middle East and North Africa (MENA) Economist, Farouk Soussa
lifted his assumptions for Saudi oil production by around 500,000
barrels per day, to reach 10mn barrels by the end of 2021 and
10.5mn in 2022. That -- combined with the release of favorable
non-oil growth data on Monday pushed Goldman to boost its
growth forecast for gross domestic product to 4.5% this year,
compared to an earlier 2.5%. “We see risks to the oil sector as
being significantly skewed to the upside,” Soussa wrote in a
research note on Tuesday, adding that domestic demand has
“recovered strongly.” The bank sees the economy of the world’s
largest crude exporter expanding a further 7% in 2022, compared
to a 5.7% forecast previously, followed by an unchanged 1.2%
growth rate in 2023 and 2024, he wrote. Brent crude was trading
at over $73 a barrel on Tuesday, compared to an average price
of around $61 in the first quarter. The Kingdom pumped just under
8.5 million barrels of crude a day in May and is expected to raise
output to 9.5mn daily by July as OPEC eases supply cuts. The
cartel, of which Saudi Arabia is the effective leader, is under
pressure to increase production further as the oil market tightens
with major economies reopening. (Bloomberg)
 Al Rajhi Bank outlook to Positive by S&P; L-T rating affirmed
– Al Rajhi Bank's long-term rating was affirmed by S&P at BBB+
and the outlook has been revised to Positive from Stable.
(Bloomberg)
 Dubai steps in again as pandemic drives Emirates to $5.5bn
loss – Emirates got an additional $1.1bn in state support from
Dubai after a collapse in long-haul travel due to the coronavirus
pandemic triggered the airline's first annual loss in more than
three decades. Governments have pumped billions of dollars into
airlines to keep them afloat during the pandemic and state-owned
Emirates has now received $3.1bn in equity injections from
Dubai, including $2bn disclosed last year. The airline reported a
$5.5bn loss on Tuesday for the year ending on March 31, after
making a $288mn profit the previous year, as revenue plunged
66% to $8.4bn. It was the airline's biggest annual loss, and only
its third ever following losses in 1987-88 and 1985-86, its first year
in operation, an Emirates representative said. Emirates said the
government, its sole shareholder, would continue to support the
airline that has transformed Dubai into a major international travel
hub over the past three decades. Emirates Group, the operator
of Emirates airline, has slashed its total workforce by more than
a third in a series of job cuts due to lack of demand in air travel
that was triggered by COVID-19, the company said on Tuesday.
"For the first time in the Group's history, redundancies were
implemented across all parts of the business. As a result, the
Group's total workforce reduced by 31 percent," the company
said in a statement. (Reuters, Zawya)
 Dubai’s May Consumer Prices fall 2.8% YoY and 0.1% MoM –
Dubai Statistics Center published Emirate of Dubai's consumer

8. Page 8 of 9
price indices for May which showed that consumer prices fell
2.8% YoY and 0.1% MoM. (Bloomberg)
 DP World said to weigh sale of stake in Jebel Ali Free Zone –
DP World is considering offering international investors a chance
to buy into the Jebel Ali Free Zone, a prized asset that helped
transform Dubai into a hub of global trade, as it looks for ways to
cut its debt pile. The Dubai-based port operator is working with
advisers to gauge interest in the sprawling industrial park,
according to people familiar with the matter. DP World is
considering options including selling a stake in the free zone or
some assets based there, the sources said. Any sale is likely to
attract interest from infrastructure funds and strategic suitors,
sources said. Deliberations are ongoing, and no final decisions
have been taken on the structure of a potential deal, according to
sources. (Bloomberg)
 Dubai Islamic Bank sells $1bn in 5-year Sukuk – Dubai Islamic
Bank, the UAE's largest Islamic lender, sold $1bn in five-year
Sukuk on Tuesday after receiving more than $2.8bn in orders for
the Islamic bonds, a document showed. It sold the Sukuk at 110
basis points (bps) over mid-swaps, tightened from initial guidance
of around 135 basis points over mid-swaps, the document from
one of the banks on the deal showed. Bank ABC, Dubai Islamic
Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH
Capital, Standard Chartered and the Islamic Corporation for the
Development of the Private Sector arranged the deal. (Reuters)
 DAMAC hires Arqaam as financial advisor on Maple Invest
offer – DAMAC has appointed Arqaam Capital to evaluate Maple
Invest offer to acquire 100% of DAMAC. Al Tamimi & Co. is the
legal advisor and KPMG is the valuer, also has appointed Farooq
Arjomand as Chairman and Ali Malallah Binjab as Vice Chairman.
(Bloomberg)
 ADNOC Sour Gas awards AED1.87bn contract to Saipem –
ADNOC Sour Gas has awarded AED1.87bn contract to Saipem.
Saipem will carry out engineering, procurement, construction
works at Sour Gas plant in Shah field, state-run WAM news
agency reported. It will raise plant capacity by about 13% to
1.45bn standard cubic feet per day by 2023. (Bloomberg)
 Arkan hires advisors to review combination with Emirates
Steel – Arkan Building Materials has appointed KPMG as
independent valuer and White & Case as legal advisor to review
the offer to combine with Emirates Steel Industries. (Bloomberg)
 Omani plastics firm Octal said to weigh $800mn sale – Octal,
an Omani plastics packaging manufacturer, is weighing a sale,
according to sources. The Muscat-based company is working
with JPMorgan Chase & Co. as it considers selling a majority
stake, the sources said. A sale could value Octal at about
$800mn, sources said. Octal has already drawn interest from
strategic suitors in Asia and the US, according to sources.
Founded in 2006, Octal produces polyethylene terephthalate, a
type of plastic used to package food and consumer products. The
company has facilities in Oman, Saudi Arabia and the US and
ships its products to more than 75 countries, according to its
website. A sale would add to the $96bn of deals targeting
companies in the Middle East and Africa this year, according to
data compiled by Bloomberg. That is up more than threefold on
the same period in 2020. (Bloomberg)
 Kuwait sells KD290mn 91-day bills; bid-cover at 9.14x –
Kuwait sold KD290mn 91-day of bills due on September 14.
Investors offered to buy 9.14 times the amount of securities sold.
The bills have a yield of 1.125% and settled on June 15.
(Bloomberg)
 Bahrain sells BHD150mn of 3.6% 2026 bonds; bid-cover at
1.58x – Bahrain sold BHD150mn of 2026 bonds due on June 17,
2026. Investors offered to buy 1.58 times the amount of securities
sold. The bonds will settle on June 17. (Bloomberg)
 Ahli United Bank Sukuk repurchase offer gets $39.2mn of
tenders – Ahli United Bank Sukuk repurchase offer has received
$39.2mn of tenders. Kuwait unit of Bahrain-based lender will
accept purchase of all certificates validly tendered. The face
amount of outstanding certificates is $160.8mn. Citi, HSBC,
Standard Chartered are joint dealer managers. (Bloomberg)

9. Contacts
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
info@qnbfs.com.qa
Doha, Qatar
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Mehmet Aksoy, PhD
Head of Research Senior Research Analyst Senior Research Analyst
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa mehmet.aksoy@qnbfs.com.qa
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and opinions
of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice.
QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be
based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the
information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS
does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical
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Page 9 of 9
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
160.0
May-17 May-18 May-19 May-20 May-21
QSE Index S&PPan Arab S&PGCC
(0.8%)
(0.2%)
0.2% 0.2%
0.4%
0.1% 0.1%
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
Saudi
Arabia
Qatar
Kuwait
Bahrain
Oman
Abu
Dhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,859.02 (0.4) (1.0) (2.1) MSCI World Index 3,017.27 (0.1) 0.2 12.2
Silver/Ounce 27.66 (0.7) (0.9) 4.8 DJ Industrial 34,299.33 (0.3) (0.5) 12.1
Crude Oil (Brent)/Barrel (FM Future) 73.99 1.6 1.8 42.8 S&P 500 4,246.59 (0.2) (0.0) 13.1
Crude Oil (WTI)/Barrel (FM Future) 72.12 1.7 1.7 48.6 NASDAQ 100 14,072.86 (0.7) 0.0 9.2
Natural Gas (Henry Hub)/MMBtu 3.30 (0.5) 2.2 38.1 STOXX 600 458.81 0.1 0.5 14.0
LPG Propane (Arab Gulf)/Ton 94.75 0.3 (0.3) 25.9 DAX 15,729.52 0.4 0.5 13.1
LPG Butane (Arab Gulf)/Ton 99.63 (0.3) (0.9) 43.4 FTSE 100 7,172.48 0.1 0.3 14.5
Euro 1.21 0.0 0.1 (0.7) CAC 40 6,639.52 0.4 0.8 18.6
Yen 110.08 0.0 0.4 6.6 Nikkei 29,441.30 0.9 1.3 0.6
GBP 1.41 (0.2) (0.2) 3.0 MSCI EM 1,378.27 (0.4) (0.3) 6.7
CHF 1.11 0.1 (0.1) (1.5) SHANGHAI SE Composite 3,556.56 (1.0) (1.0) 4.3
AUD 0.77 (0.3) (0.3) (0.1) HANG SENG 28,638.53 (0.7) (0.7) 5.0
USD Index 90.54 0.0 (0.0) 0.7 BSE SENSEX 52,773.05 0.2 0.4 10.1
RUB 72.20 0.1 0.2 (3.0) Bovespa 130,091.10 (0.6) 1.2 11.2
BRL 0.20 0.4 1.4 3.0 RTS 1,665.31 (1.3) (0.8) 20.0
142.9
137.5
106.8