The QSE Index rose 0.5% led by gains in the Insurance and Transportation indices. Qatar Navigation and Qatar Insurance Company were the top gainers rising 3.3% and 2.1% respectively, while Mannai Corporation fell 3.0%. Regional indices were mixed with Saudi Arabia and Kuwait rising while Abu Dhabi fell. Fitch upgraded Doha Bank's outlook to stable and Qatari FDI rose 27% in 2017, showing investor confidence remains intact despite diplomatic issues. Analysts expect Qatar's economy to grow around 2.8% in 2018 and 2019, supported by oil prices, reforms and infrastructure spending.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.5% to close at 8,922.5. Gains were led by the Insurance and
Transportation indices, gaining 1.4% and 1.0%, respectively. Top gainers were Qatar
Navigation and Qatar Insurance Company, rising 3.3% and 2.1%, respectively.
Among the top losers, Mannai Corporation fell 3.0%, while Ezdan Holding Group was
down 2.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.5% to close at 8,206.4. Gains were led by the
Telecom. Services and Food & Staples indices, rising 1.9% and 0.8%, respectively.
Amana Cooperative Ins. rose 9.9%, while Al Rajhi Co. for Coop. Ins. was up 5.8%.
Dubai: The DFM General Index gained 0.2% to close at 2,928.2. The Insurance index
rose 0.9%, while the Banks index gained 0.8%. Al Mazaya Holding Company rose
5.8%, while Takaful Emarat was up 3.4%.
Abu Dhabi: The ADX General Index fell 0.3% to close at 4,535.3. The Consumer
Staples index declined 1.9%, while the Industrial index fell 1.2%. Sharjah Insurance
Company and National Bank of Umm Al Qaiwain were down 9.8% each.
Kuwait: The Kuwait Main Market Index rose 0.1% to close at 4,857.2. The Telecom.
index gained 1.0%, while the Oil & Gas index rose 0.1%. Umm Al Qaiwain General
Investment Co. gained 9.8%, while Wethaq Takaful Insurance Co. was up 7.3%.
Oman: The MSM 30 Index rose 0.4% to close at 4,609.9. Gains were led by the
Financial and Industrial indices, rising 0.3% each. United Power rose 4.9%, while
Oman Cement was up 3.7%.
Bahrain: The BHB Index gained 0.6% to close at 1,309.5. The Hotels & Tourism
index rose 2.8%, while the Industrial index gained 0.8%. Gulf Hotel Group rose
4.0%, while Arab Banking Corporation was up 2.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Navigation 61.99 3.3 47.2 10.8
Qatar Insurance Company 35.72 2.1 210.2 (21.0)
Masraf Al Rayan 34.65 1.9 508.6 (8.2)
Industries Qatar 106.90 1.8 118.9 10.2
The Commercial Bank 36.50 1.4 141.9 26.3
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Company Ltd. 15.70 (0.1) 576.0 (2.5)
QNB Group 152.00 0.4 524.6 20.6
Masraf Al Rayan 34.65 1.9 508.6 (8.2)
Ezdan Holding Group 8.10 (2.4) 373.9 (32.9)
Barwa Real Estate Company 33.52 (1.1) 330.2 4.8
Market Indicators 21 June 18 20 June 18 %Chg.
Value Traded (QR mn) 204.7 393.6 (48.0)
Exch. Market Cap. (QR mn) 488,859.0 487,001.8 0.4
Volume (mn) 5.0 7.5 (34.3)
Number of Transactions 3,238 5,779 (44.0)
Companies Traded 41 41 0.0
Market Breadth 21:18 8:32 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,720.49 0.5 (1.9) 10.0 13.3
All Share Index 2,594.04 0.2 (2.2) 5.8 13.6
Banks 3,134.09 0.3 (3.0) 16.8 12.8
Industrials 2,864.42 1.0 (0.6) 9.3 15.0
Transportation 1,901.56 1.0 (2.3) 7.6 12.0
Real Estate 1,570.49 (1.8) (2.5) (18.0) 13.7
Insurance 3,068.49 1.4 (3.1) (11.8) 26.1
Telecoms 969.83 0.3 (2.0) (11.7) 29.0
Consumer 5,905.09 (0.0) 0.4 19.0 12.8
Al Rayan Islamic Index 3,545.55 0.2 (1.2) 3.6 14.4
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Etihad Etisalat Co. Saudi Arabia 19.70 4.2 2,376.4 32.8
Oman Cement Oman 0.39 3.7 132.0 (5.4)
Qatar Navigation Qatar 61.99 3.3 47.2 10.8
Saudi British Bank Saudi Arabia 30.70 2.8 321.1 13.7
Qatar Insurance Co. Qatar 35.72 2.1 210.2 (21.0)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Boubyan Petrochem. Co. Kuwait 0.79 (5.2) 413.7 17.2
Mouwasat Medical Serv. Saudi Arabia 90.90 (2.3) 18.9 20.1
Gulf Bank Kuwait 0.24 (2.1) 8,181.5 (1.3)
Human Soft Holding Co. Kuwait 3.60 (1.9) 121.1 (3.7)
Qatar Islamic Bank Qatar 117.00 (1.7) 110.4 20.6
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%
Mannai Corporation 47.55 (3.0) 3.7 (20.1)
Ezdan Holding Group 8.10 (2.4) 373.9 (32.9)
Mazaya Qatar Real Estate Dev. 6.77 (1.7) 134.4 (24.8)
Qatar Islamic Bank 117.00 (1.7) 110.4 20.6
Investment Holding Group 5.40 (1.5) 152.4 (11.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 152.00 0.4 79,956.1 20.6
Masraf Al Rayan 34.65 1.9 17,525.1 (8.2)
Qatar Islamic Bank 117.00 (1.7) 12,975.8 20.6
Industries Qatar 106.90 1.8 12,651.5 10.2
Barwa Real Estate Company 33.52 (1.1) 11,126.2 4.8
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* 8,922.52 0.5 (1.9) 0.5 4.7 56.18 134,289.6 13.3 1.4 4.9
Dubai 2,928.17 0.2 (3.6) (1.2) (13.1) 123.29 102,629.2 9.4 1.1 5.8
Abu Dhabi 4,535.26 (0.3) (3.8) (1.5) 3.1 50.64 124,836.5 12.1 1.4 5.3
Saudi Arabia 8,206.40 0.5 (0.8) 0.6 13.6 535.22 522,653.8 18.5 1.8 3.2
Kuwait 4,857.19 0.1 (0.4) 0.8 (2.9) 70.57 33,867.0 14.7 0.9 4.0
Oman 4,609.87 0.4 0.3 0.1 (9.6) 5.19 19,274.0 11.5 1.0 5.3
Bahrain 1,309.49 0.6 0.2 3.5 (1.7) 4.07 20,169.1 8.5 0.8 6.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
8,850
8,900
8,950
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index rose 0.5% to close at 8,922.5. The Insurance and
Transportation indices led the gains. The index rose on the back of
buying support from Qatari shareholders despite selling pressure from
GCC and non-Qatari shareholders.
 Qatar Navigation and Qatar Insurance Company were the top gainers,
rising 3.3% and 2.1%, respectively. Among the top losers, Mannai
Corporation fell 3.0%, while Ezdan Holding Group was down 2.4%.
 Volume of shares traded on Thursday fell by 34.3% to 5.0mn from 7.5mn
on Wednesday. Further, as compared to the 30-day moving average of
11.8mn, volume for the day was 57.9% lower. Qatar Gas Transport
Company Limited and QNB Group were the most active stocks,
contributing 11.6% and 10.6% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Doha Bank Fitch Qatar LT-IDR A A – Stable 
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/21 US Department of Labor Initial Jobless Claims 16-June 218k 220k 221k
06/21 US Department of Labor Continuing Claims 9-June 1,723k 1,710k 1,701k
06/21 EU European Commission Consumer Confidence June -0.5 0.0 0.2
06/22 EU Markit Markit Eurozone Manufacturing PMI June 55.0 55.0 55.5
06/22 EU Markit Markit Eurozone Services PMI June 55.0 53.8 53.8
06/22 EU Markit Markit Eurozone Composite PMI June 54.8 53.9 54.1
06/22 Germany Markit Markit Germany Services PMI June 53.9 52.2 52.1
06/21 France INSEE National Statistics Office Business Confidence June 106.0 106.0 106.0
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 2Q2018 results No. of days remaining Status
DHBK Doha Bank 19-Jul-18 25 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 26.15% 26.52% (762,150.70)
Qatari Institutions 16.95% 2.71% 29,134,148.05
Qatari 43.10% 29.23% 28,371,997.35
GCC Individuals 0.35% 0.79% (884,791.06)
GCC Institutions 1.61% 4.08% (5,046,172.36)
GCC 1.96% 4.87% (5,930,963.42)
Non-Qatari Individuals 7.36% 9.56% (4,502,448.98)
Non-Qatari Institutions 47.58% 56.34% (17,938,584.95)
Non-Qatari 54.94% 65.90% (22,441,033.93)

3. Page 3 of 7
News
Qatar
 Fitch upgrades outlook of Doha Bank to ‘Stable’ – Fitch Ratings
(Fitch) upgraded the outlook of Doha Bank from ‘Negative’ to
‘Stable’ and affirmed the long-term Issuer Default Ratings (IDR)
at ‘A’. The upgrade to ‘Stable’ follows the revision of the Qatari
sovereign’s outlook to ‘Stable’ from ‘Negative’ and affirmation
of the country’s long-term IDR at ‘AA-’, and reflects Fitch’s
view that Qatar has successfully managed the fallout from last
year’s rupture of trade, financial, and diplomatic relations.
Public sector liquidity injections have stabilized the banking
sector and stemmed the outflow of non-domestic funding. The
fiscal deficit has narrowed sharply and we expect it to turn into
a surplus in 2019. The economy has reconfigured its supply
chains and continues to grow at a robust pace. (Gulf-
Times.com)
 FDI in Qatar rises 27% showing investors’ trust – Foreign Direct
Investment (FDI) in Qatar has risen by around 27% last year,
which shows that the trust of global investors on the country’s
economy is intact. Qatar attracted close to around $1bn inward
FDI last year compared to $774mn in 2016, according to the
‘World Investment Report 2018’ released by United Nations
Conference on Trade and Development. Increase in FDI in Qatar
is commendable considering the overall trend in the region was
not encouraging as the region saw a declining trend in
attracting foreign funds. The West Asia region, which included
Qatar and other 12 countries, witnessed a fall of around 17% in
2017. The region attracted $25.5bn during last year which was
around $5.2bn less than $30.8bn attracted by the countries in
the region in 2016. (Peninsula Qatar)
 Higher oil prices, reforms, infrastructure push seen driving
Qatar’s economy this year – Qatar’s economy this year should
be supported by higher oil prices, economic reforms and the
government’s infrastructure investment push in preparation for
the 2022 World Cup, FocusEconomics stated in a report.
FocusEconomics panelists forecast a growth of 2.8% in 2018,
which is down 0.1 percentage points from last month’s
projection, and 2.8% again in 2019. Hydrocarbons form the
bedrock of Qatar’s economy, it stated and despite the
government’s concerted diversification efforts, oil and gas
revenues still account for around half of GDP, some 90% of
fiscal receipts and the bulk of exports, making the country
vulnerable to global price swings. After oil and gas prices
tanked a few years ago, the Qatari economy followed suit, with
growth dropping from 4.4% in 2013 to an estimated 2.6% last
year. In April, partly thanks to Qatar’s ability to re-route its
trade, the country’s merchandise trade surplus was nearly 50%
higher than in the same month of 2017. Moreover, in the same
month, business conditions in the non-oil private sector
continued to improve. (Gulf-Times.com)
 Growing construction activities to drive catering sector – Qatar
catering services market is expected to grow at a positive
compound annual growth rate (CAGR) during 2018-2022. The
growth will be driven mainly by the rise in construction
activities as major infrastructure projects get implemented
under the Qatar Vision 2030, according to Qatar Catering
Services Market Outlook report by Ken Research. The tourism
sector is expected to reach $7.2bn by 2025 with a target to
receiving 4mn visitors by 2020. This will be supported by
investment under National Tourism Sector Strategy 2030. This
will further create opportunities for catering services in hotels
and hospitality sector. Qatari catering services has grown
during 2011-2017 at a single digit CAGR. This growth was
driven by the industrial and event catering sector which are the
largest end users of catering services contributing almost one-
fourth of the overall revenue share in 2017. (Peninsula Qatar)
 DBIS gets final approval from QFMA on the merge of the two
companies of Dlala Islamic Brokerage and Dlala Brokerage –
Dlala Brokerage & Investment Holding Company (DBIS)
announced that they got final approval from Qatar Financial
Markets Authority (QFMA) on the merger plan for Dlala Islamic
Brokerage and Dlala Brokerage, therefore the last trading day
for Dlala Islamic will be on September 6, 2018. (QSE)
 Qatar seeks more self-sufficiency in food and manufacturing –
Qatar’s self-sufficiency drive extends beyond food and fits with
the country’s long-standing drive for diversification and
private-sector development, Economist Intelligence Unit (EIU)
stated in a report. Existing plans to expand the range of sectors
in which 100% foreign investment is permitted and to develop
special economic and logistical zones are being accelerated.
These and other reforms, such as those relating to expatriate
worker residency, are intended to catalyze the local economy
and to encourage projects that support self-sufficiency. Overall,
the drive for self-sufficiency should support non-oil economic
growth, particularly in the agricultural and manufacturing
sectors, and should reduce imports over time, further boosting
the current-account surplus, EIU noted. (Gulf-Times.com)
 Al Sada: Qatar working hard to boost energy output – Minister
of Energy and Industry, HE Mohammed Bin Saleh Al Sada,
affirmed in Vienna that the health of Qatari economy is very
robust, and the country is striving to boost energy production
domestically as well as in overseas to meet the growing
demand of the global economy. Al Sada said, “Our economy is a
very healthy one. The proof is the numerical that you will get to
see. We are working very hard to develop further our oil sector,
both domestically as well as internationally.” The Minister is in
Vienna to attend the meeting of Organization of Petroleum
Exporting Countries (OPEC) and allies to review production
quotas. (Peninsula Qatar)
 Qatar Petroleum: Regulatory compliance top priority – Qatar
Petroleum stressed that it always give the highest importance
to the regulatory compliance in all geographic areas in which it
operates. Qatar Petroleum was responding to the European
Commission’s announcement that it has opened an
investigation into certain terms and conditions of long-term
LNG supply agreements into Europe by Qatar Petroleum and
five of its liquefied natural gas (LNG) subsidiaries that are
operated by Qatargas. The investigation will look into the
potential anti-competitive implications that such terms and
conditions may have on trade within the European Economic
Area. Qatar Petroleum stated that it gives the highest
importance to compliance with regulatory authorities in all
geographical areas in which it operates. Qatar Petroleum looks
forward to working with the European Commission to address

4. Page 4 of 7
any queries or concerns they may have in this regard.
(Peninsula Qatar)
 Lisbon could be Qatar’s gateway to South American market,
says envoy – Portuguese capital Lisbon could serve as Qatar’s
gateway to the South American market once the planned direct
flights between the coastal city and Doha are finalized. Direct
flights from Doha to Lisbon will open a wide range of
investment opportunities not only in the tourism sector but also
on the trade front, according to Portuguese Ambassador,
Antonio Tanger. Ambassador said, “Portugal flies every day to
certain destinations in Brazil and other countries in South
America, so it can become a gateway, and Qatar can access
these destinations. Also, Qatar Airways is already ferrying
tourists from the US and Europe to the Far East and into Asia,
and it’s now the right time to do the same with South America
as a whole, and of course, our airline has privileged access to
those markets, which is why it is very important as a business.”
(Gulf-Times.com)
 Sheikh Ahmed highlights Qatar’s attractive investment
environment in Washington – Qatar provides an attractive
investment environment that has made the country a leading
investment destination, according to Minister of Economy and
Commerce, HE Sheikh Ahmed Bin Jassim Bin Mohamed Al
Thani. He was addressing a session organized by the Business
Council for International Understanding (BCIU), on the
sidelines of the ‘Select USA’ Summit in Washington, DC. Sheikh
Ahmed highlighted Qatar economy’s advantages that made the
country a leading investment destination. He referred to the
measures taken by Qatar to encourage and attract investments,
including the Foreign Investment Regulation Act, recently
approved by the Council of Ministers, which would allow
foreign ownership up to 100% in all sectors and support the
entry of foreign investors into the Qatari market. Sheikh
Ahmed said, “Qatar is keen on bolstering bilateral ties with the
US across all fields, particularly on the economic and
investment levels. International trade and investment form a
key part of Qatar’s future growth and diversification, and the
US is one of Qatar’s most valued and largest global partners.”
He said $24bn worth of goods were traded in the last five years,
noting that 84% of the trade balance is in favor of the US, the
equivalent of $20bn while 16.3% of Qatar’s imports came from
the US in 2017. Meanwhile, more than 650 American companies
are established in Qatar, including 117 companies 100% owned
by US citizens, and another 30 US companies operate under the
Qatar Financial Centre. (Gulf-Times.com)
 First Qatar-Mexico Business Committee meeting in October –
Qatar and Mexico are working hard to expand and deepen trade,
business and economic cooperation in most promising areas of
the two economies. As part of efforts to boost bilateral ties, the
first meeting of the Qatar-Mexico Business Committee will be
held in October this year, said a senior official at the Mexican
embassy in Qatar. “A business delegation of 15-20 Mexican
companies representing various sectors, including food,
agriculture, IT and infrastructure is expected to visit Qatar in
October,” Juan Cepeda, Director of ProMexico (Middle East), the
trade and investment promotion arm of the Ministry of
Economy said. (Peninsula Qatar)
 Doha Bank to disclose its semi-annual financials on July 19 –
Doha Bank announced to disclose its semi-annual financial
reports for the period ending June 30, 2018 on July 19, 2018.
(QSE)
International
 US labor market tightening; mid-Atlantic manufacturing cools
– The number of Americans filing for unemployment benefits
unexpectedly fell last week, pointing to a further tightening of
labor market conditions. Other data showed a moderation in
factory activity in the mid-Atlantic region in June amid a
decline in new orders. Firms, however, continued to report
overall increases in employment this month. The robust labor
market, which is underpinning economic growth, likely will
pave the way for the Federal Reserve to raise interest rates two
more times this year. The labor market is viewed as being near
or at full employment, with the jobless rate at an 18-year low of
3.8%. The unemployment rate has dropped by three-tenths of a
percentage point this year and is near the Fed’s forecast of 3.6%
by the end of this year. (Reuters)
 UK borrowing falls more than expected in May – Britain’s
government borrowed less than expected last month, according
to official data that may cheer Chancellor of the Exchequer
Philip Hammond but also increase pressure on him to spend
more after years of deficit reduction. Public sector borrowing
fell in May to 5.0bn Pounds, compared with 7.0bn Pounds a year
ago, the Office for National Statistics (ONS) stated, at the
bottom end of the range of economists’ forecasts in a Reuters
poll. So far this financial year, the deficit totals 11.8bn Pounds,
26% less than in April-May 2017, though it is rarely possible to
get a good steer on full-year borrowing trends this early in the
tax year, which starts in April. (Reuters)
 Eurozone’s second-quarter growth likely decent but trade
concerns rising – Eurozone’s economic growth likely put in a
decent performance in the second quarter with private
businesses growing faster than expected in June, but trade
worries knocked manufacturing growth to the weakest in 18
months, a private survey showed. IHS Markit’s Euro Zone
Composite Flash Purchasing Managers’ Index (PMI), seen as a
good guide to economic growth, climbed in June to 54.8 from
54.1 in the previous month and above 53.9 predicted in a
Reuters poll. The latest PMIs suggest 0.5% Eurozone growth in
the second quarter, IHS Markit stated. That is below 0.6%
predicted in a Reuters poll taken last month, but above 0.4%
measured in the first three months of the year. (Reuters)
 Eurozone’s consumer confidence unexpectedly falls in June –
Eurozone’s consumer confidence fell more than expected in
June, figures released by the European Commission showed,
adding to signs in the second quarter of a cooling of the bloc’s
economy. The Commission stated a flash estimate showed
Eurozone’s consumer morale dropped to -0.5 in June from +0.2
in May. This was below expectations of a decline to 0.0 in a
Reuters poll of 30 economists. In the European Union as a
whole, consumer sentiment fell to -1.3, the Commission added.
(Reuters)
 Germany’s manufacturing cools on trade fears, services
rebound in June – Activity in Germany’s private sector
rebounded in June after slowing for four months in a row, a
survey showed, suggesting Europe’s largest economy had

5. Page 5 of 7
underlying strength despite losing steam on fears of restrictive
trade policies. IHS Markit’s flash composite Purchasing
Managers’ Index (PMI), which tracks the manufacturing and
services sectors that account for more than two-thirds of the
economy, rose to a two-month high reading of 54.2 in June from
53.4 in May. An index measuring manufacturing activity fell to
55.9 from 56.9 in May, the lowest reading in 18 months. The
index for services rose to 53.9 from 52.1 in May, a three-month
high. (Reuters)
 Japan’s flash June manufacturing PMI rises, but new export
orders contract – Japanese manufacturing activity expanded in
June at a faster pace than the previous month but export orders
contracted for the first time in almost two years in a warning
sign about overseas demand, a preliminary survey showed. The
flash Markit/Nikkei Japan Manufacturing Purchasing Managers
Index (PMI) rose to a seasonally adjusted 53.1 in June from a
final 52.8 in May. The preliminary index for new export orders
fell to 49.5 from 51.1 in May, showing the first decline in 22
months, in a worrying indication that trade protectionism and
currency-market moves could hurt Japan’s export-focused
economy. (Reuters)
 Japan’s core inflation remained subdued in May – Japan’s core
inflation remained subdued in May, yet again highlighting how
far off the central bank is in hitting its 2% price goal despite
over five years of massive stimulus. The stubbornly weak
inflation is also another reason why the Bank of Japan is widely
expected to take some time before exiting its ultra-easy money
policy, even as the Federal Reserve and the European Central
Bank are far down the road in rolling back crisis-era policies.
The core consumer price index, which includes oil products but
excludes volatile fresh food prices, rose 0.7% YoY in May,
unchanged from April, and matching economists’ median
estimate, Ministry of Internal Affairs and Communications data
showed. (Reuters)
Regional
 OPEC & allies agree to boost oil production – OPEC agreed with
Russia and other oil-producing allies to raise output from July,
with Saudi Arabia pledging a measurable supply boost but
giving no specific numbers. OPEC had announced an OPEC-only
production agreement, also without clear output targets. Saudi
Arabia’s Energy Minister, Khalid Al Falih said, OPEC and non-
OPEC combined would pump roughly an extra one million
barrels per day (bpd) in coming months, equal to 1% of global
supply. Saudi Arabia will increase output by hundreds of
thousands of barrels, with exact figures to be decided later, he
added. (Peninsula Qatar)
 Stable oil price weighs on Sukuk market – With oil prices
stabilizing at higher levels, the global Sukuk market
experienced a significant slowdown in the issuance in the first
half of 2018. Total Sukuk issuance dropped by 15.3% in the first
half compared with the same period last year, reaching $44.2bn.
This is mainly due to the absence of major issuance from GCC
countries, S&P Global noted in its report. In the second half of
2018, S&P Global expects, Sukuk issuance volume will continue
to be slowed by the global tightening of liquidity conditions as
well as by lower financing needs of some GCC countries due to
oil prices stabilizing at higher levels. The sharp increase in
geopolitical risks in the Middle East is also likely to weigh on
investors’ appetite. Meanwhile, inherent challenges related to
the Sukuk market will continue to drag on expansion of this
market. Overall, S&P maintains its expectations for volume of
issuance at $70-80bn in 2018. (Peninsula Qatar)
 Saudi Arabia expects $40bn foreign fund inflows after MSCI’s
move – MSCI’s move to add Saudi Arabia to its benchmark
emerging markets index could help attract $40bn from foreign
funds and boost the appeal of Saudi Aramco’s proposed IPO,
sources said. Chairman of the Saudi Arabian Capital Market
Authority (CMA), Mohammed Bin Abdullah Elkuwaiz said that
inflows are expected from both passive and active funds and
around $10bn would come from passive funds. Investment
inflows could be bolstered further by the listing of Saudi
Aramco. Index provider MSCI had upgraded Saudi Arabia to
emerging market from its previous standalone market status in
its annual market classification review. (Reuters)
 Saudi Aramco’s IPO faces delay beyond 2019 as valuation
doubts rise – Saudi Arabia’s Oil Minister, Khalid Al-Falih
signaled that Saudi Aramco’s IPO could be delayed beyond
2019, saying that timing isn’t critical for the government of
Saudi Arabia. The plan to sell shares in 2019 was itself a delay
from an original plan for 2018. For almost two years, Saudi
Arabian officials had said repeatedly the IPO was on track for
the second half of 2018, but earlier this year, they had admitted
it would be delayed into 2019. (Gulf-Times.com)
 New banking fee caps raise transparency levels in the sector –
Central Bank of the UAE’s decision to revise its caps on the fees
and commissions applied to banking products and services
helps to bring the nation’s banking sector in line with
international standards by raising transparency levels. Being
open about the fees applied to a bank’s products and services is
a key to any banking sector as it instils an element of trust
between the lender and the borrower. At a time when some
UAE consumers are struggling with high level of indebtedness
due to cost-of-living struggles, poor money management and
low financial literacy levels, the revisions will help to alleviate
their pain. (GulfBase.com)
 Hong Kong’s exports to UAE reach $2,322mn in 1Q2018 – Hong
Kong’s exports to the UAE reached $2,322mn in 1Q2018, led by
exports of telecom equipment and parts (40.1% of total), pearls,
precious and semi-precious stones (21.8% of total), and
jewellery (12% of total). The UAE is Hong Kong’s largest export
market in the Middle East, and trade between the two
economies presents an excellent opportunity to build new B2B
(business-to-business) links along the Belt and Road.
(GulfBase.com)
 Five nations make up almost half of Abu Dhabi’s imports – Five
countries contributed 46.6% of Abu Dhabi’s total imports
during 1Q2018, with Japan leading at AED3.1bn, followed by
Saudi Arabia, the US, India and China. The total value of the
Emirate’s imports reached AED26.3bn during 1Q2018,
according to the Statistics Centre-Abu Dhabi. (GulfBase.com)
 Kuwaiti regulator pushes reforms for MSCI upgrade – The
success of Qatar, Saudi Arabia, and the UAE at MSCI Inc. is
prompting Kuwait to push for an upgrade at the index provider
as early as next year. The market regulator is in touch with
local and foreign investors to improve the exchange’s
infrastructure, Vice-Chairman of Kuwait’s Capital Markets

6. Page 6 of 7
Authority, Mishaal Al-Usaimi said. “We will strive to work as
we did before and collaborate with all parties to complete the
implementation of the remaining phases of the market
development program,” he said. (Gulf-Times.com)
 Oil prices slash Oman budget gap by nearly three-quarters in
January-February – Oman’s state budget deficit shrank by
nearly three-quarters in the first two months of this year as a
rise in oil prices boosted export revenues sharply, official
figures showed. The figures also revealed the need for Oman to
make further progress in expanding non-oil revenues. The
government’s deficit in January-February fell to OMR268.3mn
from OMR997.8mn a year earlier. Government revenues rose
17.2% to OMR1.13bn as net oil revenue shot up 24.3% to
OMR749.2mn, the statistics agency said. (Gulf-Times.com)
 Dhofar’s largest power supplier plans IPO – Dhofar Generating
Company (DGC), owner and operator of the Salalah II
Independent Power Project (IPP) stated it is planning to launch
its Initial Public Offering (IPO) soon. As stated in the Project
Founders’ Agreement, the company is required to offer 40% of
their share capital to the public through an IPO. Accordingly,
DGC intends to offer 88,896,000 existing shares through listing
on the Muscat Securities Market. (GulfBase.com)
 Bahrain’s FDI more than doubles to $519mn in 2017 – Foreign
direct investment (FDI) inflows to Bahrain grew 114% in 2017
to $519mn, the fastest growth rate in the GCC, according to
United Nations Conference on Trade and Development
(UNCTAD). The rapid growth came in spite of a drop in global
FDI of 23%. Growth in investment was supported by a number
of major economic reforms in recent years, with UNCTAD citing
Bahrain’s amendments to its commercial companies’ law
allowing 100% foreign ownership in additional sectors as an
example of liberalization supporting FDI growth.
(GulfBase.com)
 Investcorp’s white paper identifies opportunities in US –
Investcorp released its white paper examining six credit-related
strategies that may help deliver value in today’s market
environment. The white paper examines US residential
mortgages, callable legacy RMBS, distressed middle market
credit, Italian non-performing loans, senior secured loans and
collateralized loan obligations. When combined, Investcorp
explains that these strategies offer investors a meaningful
range of opportunities in the US to help deliver returns in
today’s credit environment. (Peninsula Qatar)

7. 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
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on June 22, 2018) Source: Bloomberg (*$ adjusted returns)
40.0
60.0
80.0
100.0
120.0
May-14 May-15 May-16 May-17 May-18
QSE Index S&P Pan Arab S&P GCC
0.5% 0.5%
0.1%
0.6%
0.4%
(0.3%)
0.2%
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,269.41 0.2 (0.8) (2.6) MSCI World Index 2,114.90 0.4 (0.9) 0.5
Silver/Ounce 16.46 0.9 (0.7) (2.9) DJ Industrial 24,580.89 0.5 (2.0) (0.6)
Crude Oil (Brent)/Barrel (FM Future) 75.55 3.4 2.9 13.0 S&P 500 2,754.88 0.2 (0.9) 3.0
Crude Oil (WTI)/Barrel (FM Future) 68.58 4.6 5.4 13.5 NASDAQ 100 7,692.82 (0.3) (0.7) 11.4
Natural Gas (Henry Hub)/MMBtu#
3.00 0.0 (0.7) (15.3) STOXX 600 385.01 1.4 (0.7) (4.1)
LPG Propane (Arab Gulf)/Ton 85.50 2.1 (0.3) (12.5) DAX 12,579.72 0.9 (3.0) (5.6)
LPG Butane (Arab Gulf)/Ton 93.25 0.8 1.4 (11.7) FTSE 100 7,682.27 1.7 0.4 (2.1)
Euro 1.17 0.4 0.4 (2.9) CAC 40 5,387.38 1.7 (1.7) (1.7)
Yen 109.97 (0.0) (0.6) (2.4) Nikkei 22,516.83 (0.8) (0.9) 1.3
GBP 1.33 0.2 (0.1) (1.9) MSCI EM 1,088.00 0.7 (2.3) (6.1)
CHF 1.01 0.4 1.0 (1.4) SHANGHAI SE Composite 2,889.76 0.4 (5.7) (12.7)
AUD 0.74 0.8 (0.0) (4.7) HANG SENG 29,338.70 0.1 (3.2) (2.4)
USD Index 94.52 (0.4) (0.3) 2.6 BSE SENSEX 35,689.60 0.7 0.7 (1.4)
RUB 62.88 (1.3) (0.5) 9.1 Bovespa 70,640.65 1.6 (0.7) (18.8)
BRL 0.26 (0.5) (1.5) (12.5) RTS 1,125.41 1.3 0.7 (2.5)
83.2
81.1
70.1