The QSE Index declined 0.4% to close at 10,416.8.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.4% to close at 10,416.8. Losses were led by the Telecoms
and Insurance indices, falling 2.3% and 1.0%, respectively. Top losers were Dlala
Brokerage & Investment Holding and Doha Insurance Co., falling 3.3% and 2.9%,
respectively. Among the top gainers, Ahli Bank rose 2.6%, while National Leasing
was up 2.1%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.1% to close at 6,949.0. Gains were led by the
Capital Goods and Food & Staples Ret. indices, rising 2.6% and 2.2%, respectively.
Saudi Ind. Inv. Group rose 9.8%, while Saudi Arabian Coop. Ins. Co. was up 7.0%.
Dubai: The DFM Index gained marginally to close at 3,447.4. The Transportation
index rose 1.0%, while the Services index gained 0.8%. Al Salam Sudan rose 3.1%,
while Amlak Finance was up 2.8%.
Abu Dhabi: The ADX benchmark index fell 0.8% to close at 4,435.9. The Real Estate
index declined 5.0%, while the Investment & Financial Services index fell 2.6%.
National Bank of Fujairah declined 8.0%, while Al Dar Properties was down 6.2%.
Kuwait: The KSE Index declined 0.6% to close at 7,008.1. The Financial Services
index fell 2.6%, while the Banks index declined 1.8%. National Slaughter House Co.
fell 9.1%, while Kuwait Portland Cement Co. was down 8.3%.
Oman: The MSM Index rose 0.2% to close at 5,553.5. Gains were led by the Financial
and Industrial indices, rising 0.3% and 0.2%, respectively. Asaffa Foods rose 5.5%,
while Gulf Investment Services was up 4.6%.
Bahrain: The BHB Index gained 0.2% to close at 1,380.3. The Industrial index rose
2.5%, while the Services index gained 1.1%. Aluminum Bahrain rose 2.6%, while
Bahrain Telecommunication Co. was up 2.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 35.90 2.6 3.0 (3.4)
National Leasing 19.35 2.1 1,060.1 26.3
Qatar General Ins. and Reins. Co. 39.50 1.3 1.8 (16.0)
Barwa Real Estate Co. 35.85 1.1 588.6 7.8
Gulf International Services 28.00 1.1 167.6 (10.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.47 (1.0) 4,368.7 1.1
Ezdan Holding Group 15.86 (0.3) 1,386.2 5.0
National Leasing 19.35 2.1 1,060.1 26.3
Barwa Real Estate Co. 35.85 1.1 588.6 7.8
Masraf Al Rayan 42.50 (1.4) 444.5 13.0
Market Indicators 29 Mar 17 28 Mar 17 %Chg.
Value Traded (QR mn) 289.4 391.2 (26.0)
Exch. Market Cap. (QR mn) 558,573.6 560,478.8 (0.3)
Volume (mn) 11.6 15.7 (26.4)
Number of Transactions 4,130 5,043 (18.1)
Companies Traded 42 42 0.0
Market Breadth 15:21 24:13 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,264.40 (0.4) (0.3) 2.2 15.4
All Share Index 2,935.27 (0.3) (0.1) 2.3 15.1
Banks 3,024.11 (0.4) (0.6) 3.8 13.4
Industrials 3,313.97 (0.1) 0.0 0.2 20.2
Transportation 2,329.06 (0.2) (0.8) (8.6) 13.1
Real Estate 2,392.22 0.1 1.7 6.6 15.8
Insurance 4,272.21 (1.0) (0.1) (3.7) 17.1
Telecoms 1,194.29 (2.3) (3.2) (1.0) 21.2
Consumer 6,479.51 0.5 0.1 9.9 14.5
Al Rayan Islamic Index 4,139.92 (0.2) 0.1 6.6 17.0
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Ind. Inv. Group Saudi Arabia 21.20 9.8 1,260.2 12.3
Invest Bank Abu Dhabi 2.44 6.1 200.4 8.0
Saudi Int. Petrochem. Saudi Arabia 17.19 6.0 1,768.7 (9.0)
National Petrochem. Co. Saudi Arabia 20.57 4.9 562.0 (3.2)
Saudi British Bank Saudi Arabia 22.15 4.3 388.6 (11.4)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Nat. Bank of Fujairah Abu Dhabi 3.00 (8.0) 50.0 (37.2)
Al Dar Properties Abu Dhabi 2.26 (6.2) 16,106.4 (14.1)
National Real Estate Co. Kuwait 0.10 (3.8) 1,775.2 (1.9)
National Bank of Kuwait Kuwait 0.65 (3.0) 1,378.6 5.0
Ooredoo Qatar 97.00 (2.5) 193.8 (4.7)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Dlala Brokerage & Inv. Holding 22.62 (3.3) 390.8 5.3
Doha Insurance Co. 16.70 (2.9) 64.7 (8.2)
Ooredoo 97.00 (2.5) 193.8 (4.7)
Qatar Industrial Manufacturing 43.75 (1.7) 1.4 (1.7)
Islamic Holding Group 67.20 (1.5) 318.8 (10.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Vodafone Qatar 9.47 (1.0) 41,772.5 1.1
Ezdan Holding Group 15.86 (0.3) 21,838.1 5.0
Islamic Holding Group 67.20 (1.5) 21,830.2 10.2
Barwa Real Estate Co. 35.85 1.1 21,054.7 7.8
National Leasing 19.35 2.1 20,235.4 26.3
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* 10,416.83 (0.4) (0.3) (2.7) (0.2) 79.46 153,440.2 15.4 1.5 3.7
Dubai 3,447.44 0.0 (0.4) (5.0) (2.4) 71.68 105,905.7 14.7 1.2 3.9
Abu Dhabi 4,435.85 (0.8) (1.3) (2.6) (2.4) 49.64 116,480.7 12.7 1.4 5.4
Saudi Arabia 6,948.96 1.1 1.0 (0.3) (3.6) 752.11 433,260.0 17.2 1.6 3.5
Kuwait 7,008.11 (0.6) (0.5) 3.3 21.9 89.92 93,587.1 21.1 1.3 3.4
Oman 5,553.52 0.2 (1.4) (3.9) (4.0) 8.37 22,367.2 11.0 1.1 5.2
Bahrain 1,380.27 0.2 0.3 2.3 13.1 3.60 22,117.0 9.0 0.8 5.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
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 6
Qatar Market Commentary
 The QSE Index declined 0.4% to close at 10,416.8. The Telecoms and
Insurance indices led the losses. The index fell on the back of selling
pressure from Qatari and non-Qatari shareholders despite buying
support from GCC shareholders.
 Dlala Brokerage & Investment Holding and Doha Insurance Co. were the
top losers, falling 3.3% and 2.9%, respectively. Among the top gainers,
Ahli Bank rose 2.6%, while National Leasing was up 2.1%.
 Volume of shares traded on Wednesday fell by 26.4% to 11.6mn from
15.7mn on Tuesday. Further, as compared to the 30-day moving average
of 13.1mn, volume for the day was 12.1% lower. Vodafone Qatar and
Ezdan Holding Group were the most active stocks, contributing 37.8%
and 12.0% 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
Commercial Bank
of Qatar
Capital
Intelligence
Qatar FSR/LT-FCR/SR -/-/2 BBB+/A-/2 – 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, SR – Support Rating, LC –
Local Currency)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/29 US Mortgage Bankers Association MBA Mortgage Applications 24-March -0.8% – -2.7%
03/29 UK Bank of England Mortgage Approvals February 68.3k 69.1k 69.1k
03/29 Germany German Federal Statistical Office Import Price Index MoM February 0.7% 0.4% 0.9%
03/29 Germany German Federal Statistical Office Import Price Index YoY February 7.4% 7.0% 6.0%
03/29 France INSEE Consumer Confidence March 100 100 100
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 1Q2017 results No. of days remaining Status
UDCD United Development Company 17-Apr-17 18 Due
ABQK Ahli Bank 17-Apr-17 18 Due
QEWS Qatar Electricity & Water Company 17-Apr-17 18 Due
DHBK Doha Bank 19-Apr-17 20 Due
KCBK Al Khaliji 19-Apr-17 20 Due
MARK Masraf Al Rayan 24-Apr-17 25 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 42.52% 46.14% (10,482,819.27)
Qatari Institutions 18.80% 16.74% 5,973,659.25
Qatari 61.32% 62.88% (4,509,160.02)
GCC Individuals 2.80% 0.51% 6,618,531.68
GCC Institutions 5.03% 3.37% 4,786,029.30
GCC 7.83% 3.88% 11,404,560.98
Non-Qatari Individuals 11.11% 9.26% 5,361,702.76
Non-Qatari Institutions 19.74% 23.98% (12,257,103.72)
Non-Qatari 30.85% 33.24% (6,895,400.96)

3. Page 3 of 6
News
Qatar
 QEWS to disclose its 1Q2017 financial statements on April 17 –
Qatar Electricity and Water Company (QEWS) announced it
would disclose its 1Q2017 financial statements on April 17,
2017. (QSE)
 ABQK to disclose its 1Q2017 financial statements on April 17 –
Ahli bank (ABQK) announced it would disclose its 1Q2017
financial statements on April 17, 2017. (QSE)
 KCBK to disclose its 1Q2017 financial statements on April 19 –
Al Khaliji Commercial Bank (KCBK) announced it would
disclose its 1Q2017 financial statements on April 19, 2017.
(QSE)
 MARK to disclose its 1Q2017 financial statements on April 24 –
Masraf al Rayan (MARK) announced it would disclose its
1Q2017 financial statements on April 24, 2017. (QSE)
 QIGD discloses the judgment in the case no. 3358 – Qatari
Investors Group (QIGD) announced the court verdict, wherein
judgment has been issued in favor of QIGD on the appeal of the
first instance ruling in the civil case number 3358 of the year
2015. The case was filed by Al-Etqan Trading Company
(entirely owned and affiliated company of Ezdan Holding
Group), requesting the invalidity of the ownership of the second
defendant (Al Misnad) shares in the capital of the first
defendant, QIGD. (QSE)
 AHCS to hold its AGM on April 17 – The board of directors of
Aamal Company (AHCS) will be holding the Shareholders
Ordinary General Meeting (AGM) on April 17, 2017. In case the
quorum of the above meeting is not met, the second meeting
will be on April 24, 2017. One of the items of agenda is to
approve the board of directors’ recommendation of 6%
dividends. (QSE)
 QISI aims to raise share in insurance business – Qatar Islamic
Insurance Company’s (QISI) strategic plan and goals will help
the company to increase its share in Qatar’s insurance business,
said Sheikh Abdullah bin Thani Al Thani, Chairman of QISI. “As
for the future, the board will pursue, with unwavering
determination, the company’s strategic plans for the Years 2015
- 2017 to ensure its continued growth and prosperity. Our
approved three year strategic plan and goals will permit us to
increase our share of insurance business in Qatar, maximize our
insurance underwriting capacities, retention and profit
efficiency, re-engineer our motor insurance operations,
maximize the efficiency of our investment assets
diversification and profitability, rise the qatarisation
percentage,” said the Chairman addressing shareholders at the
company’s AGM. (Peninsula Qatar)
 CI: CBQK ratings get ‘stable outlook’ – Capital Intelligence (CI),
a global credit rating agency, has placed Commercial Bank of
Qatar’s (CBQK) financial strength rating (FSR) at ‘BBB+’ and
the long term foreign currency rating at ‘A-’ with “stable”
outlook. The bank’s good capital position in terms of capital
adequacy ratio and the high CET-1 (common equity tier-1)
component following this year’s rights issue largely offset the
weakening asset quality, tight liquidity metrics (albeit that
some are better than peer group averages) and dependence on
purchased funds given weak deposit generation. If low free
capital (at the end of 2016) would have persisted, it would have
weakened the capital position as a supporting factor but the
January 2017 rights issue will have added sufficient free capital
to have substantially improved the free capital position, at least
for the present, CI said. (Gulf-Times.com)
 QC identifies obstacles facing tourism sector – The Tourism and
Exhibition Committee of Qatar Chamber (QC) held a meeting at
QC's headquarters in which members discussed the main
obstacles facing the development of the tourism sector and
exhibitions in Qatar. The meeting reviewed a number of the
program to be launched by Qatar Tourism Authority and Qatar
Airways in the coming period, QNA reported. Sheikh Hamad bin
Ahmed bin Abdullah Al Thani, board member of Qatar
Chamber and Chairman of the Tourism and Exhibition
Committee said that the tourism sector is one of the sectors
that plays an important role in the economic development
process. The Tourism Committee has highlighted a number of
challenges facing the tourism sector. (Peninsula Qatar)
 BMI: Qatar among top performers in MENA oil & gas
downstream segment – Supported by modern and efficient
refining facilities that surpass domestic demand needs, Qatar,
the UAE and Saudi Arabia are the region’s top performers in the
oil & gas downstream segment, BMI Research said in a new
report. Similar to the upstream Risk/Reward Index (RRI),
MENA’s (Middle East and North Africa) downstream RRI is
supported by strong country rewards, including substantial
feedstock availability, fuels export capacity and a strong
domestic demand outlook, BMI said. Excess fuels production
capacity beyond local consumption needs is critical, given fuel
subsidies in domestic market limit margins, it said. This propels
top MENA markets above the global average score. Along with
strong rewards showing, the UAE and Qatar are further
supported by among the most stable economic and political
environments in the region. Nonetheless, despite having the
top two positions in the MENA downstream RRI, the UAE and
Qatar rank 14th and 20th in BMI’s universe of some 87 global
markets. According to BMI, outperformers in the MENA
downstream RRI are identified by good access to feedstock,
modern refining facilities and a stable economic and political
outlook. Countries with low refining complexity high levels of
political and economic instability hold the highest risk. (Gulf-
Times.com)
 VCS to acquire and grow technology companies in the UK and
Qatar – Vauban Group, a cyber security solutions provider
based in Doha and London, this week launched a $100mn
investment vehicle, Vauban Cyber Security (VCS), to acquire
and grow technology companies in the UK and Qatar. The
amount worth $70mn will be used to invest in companies,
targeting under $10mn investments in businesses with
established track records, management teams and certifications
with cutting-edge technology. The remainder will be used for
organic growth to extend Vauban’s current offering and invest
in research and development. Vauban will create research
facilities in the UK and Qatar harnessing the best of British and
Qatari technologies and talent. The partnership with VCS, a
Qatari company, was forged five months ago. Speaking to Gulf
Times on the sidelines of the Qatar-UK Business & Investment
Forum in London and Birmingham, Mitchell Scherr, CEO of

4. Page 4 of 6
Vauban Group, said the company intends to invest in both
Qatar and UK cyber security, leveraging its backgrounds in
software law and security. (Gulf-Times.com)
International
 US pending home sales surge to 10-month high ahead of spring
– Contracts to buy previously owned US homes jumped to a 10-
month high in February, pointing to robust demand for housing
ahead of the busy spring selling season. The report from the
National Association of Realtors suggested higher home prices
and mortgage rates were having little impact on the housing
market for now, underscoring the economy's resilience despite
an apparent slowdown in growth in the first quarter. The NAR
said its Pending Home Sales Index, based on contracts signed
last month, surged 5.5% to 112.3. That was the highest reading
since April and the second best showing since May 2006.
Contract signing last month was likely boosted by
unseasonably warm temperatures. The gains reversed
January's 2.8% drop. Pending home contracts become sales
after a month or two, and last month's surge implied a pickup in
home resale’s after they tumbled 3.7% in February. Economists
had forecast pending home sales rising 2.4% last month.
Pending home sales increased 2.6% YoY. (Reuters)
 UK consumer lending slows, caution reigns ahead of Brexit –
British consumer borrowing grew at its weakest rate in nearly
two years over the past three months, Bank of England data
showed, highlighting households' sense of caution as Britain
moved closer to leaving the European Union. Sterling's slide
since last year's vote to leave the European Union is pushing up
inflation, squeezing consumers and starting to undermine
spending, one of the main factors to drive last year's solid
economic growth. Unsecured consumer lending in the three
months to February rose at the weakest rate since July 2015 as
annualized growth slowed sharply to 8.7% from 10.1% in
January - a far cry from November's recent peak of almost 12%.
Overnight the currency had fallen to an eight-day low against
the US dollar, hours before Prime Minister Theresa May was
due to trigger two years of negotiations to take Britain out of
the European Union. The outlook for consumer spending is
critical for Britain's economy ahead of the divorce with the EU.
Consumers kept up their spending in 2016 after June's Brexit
referendum shock but there have been signs that they are
turning more wary. (Reuters)
 German engineering industry expects rise in exports to the US –
Germany's engineering association expects exports to its top
foreign market, the US, to rise this year after a slide in 2016 as
business sentiment is underpinned by a rising oil price and the
absence of last year's election uncertainty. The head of the
VDMA, which has often warned about President Donald
Trump's protectionist trade stance, said those factors remained
despite evaporating optimism regarding Trump's ability to
propel economic growth by fiscal stimulus and tax cuts.
(Reuters)
 China's 1Q2017 GDP growth seen at 6.8% – China's economy,
the world's second largest, will likely expand 6.8% in 1Q2017;
the official Xinhua agency quoted a government think tank.
The expected pace is on par with the 6.8% growth logged in
4Q2016, which was better than market expectations due to
higher government spending and record bank lending. The
National Academy of Economic Strategy attributed the first-
quarter expansion to a strong rise in factory-gate prices,
rebounding corporate profits and increasing imports, Xinhua
said. In the first half of the year, GDP will grow by 6.7%.
Industrial production is likely to increase moderately in
2Q2017, while investment sees slightly slower growth,
according to the think tank. It warned that the government
should guard against risks in the property and financial sectors
by properly managing monetary and land supply floodgates,
Xinhua said. (Reuters)
Regional
 OPEC compliance with oil curbs rises in March – According to
Reuters survey, OPEC oil output is likely to fall for a third
straight month in March, as the UAE made progress in
trimming supplies while maintenance and unrest cut
production in exempt nations Nigeria and Libya. The reduction
by the UAE has helped boost OPEC compliance this month with
its production-cutting deal to 95%, up from an initial February
estimate of 94% and a record high. The OPEC pledged to reduce
output by about 1.2mn barrels per day (bpd) from January 1, the
first accord on supply curbs since 2008. Non-OPEC countries
pledged to cut about half as much. (Peninsula Qatar)
 Saudi Arabia considering changes to debut dollar Sukuk
structure – According to sources, Saudi Arabia is considering
whether to change the structure of its planned US dollar Sukuk
issue, which would be the Kingdom's first international issue of
Islamic bonds. Riyadh is expected to sell up to $10bn of Sukuk
with an issue that could take place in the next few weeks. It has
been planning a hybrid structure for the Sukuk. The structure
would comprise a mudaraba agreement, a form of Islamic
investment management partnership, plus a murabaha facility
that would trade commodities with a special purpose vehicle.
But potential changes to that structure are now under
discussion to make the instrument more easily tradable and less
complex to understand for international investors. (Reuters)
 Saudi Arabian-Jordanian joint fund worth $3b an investment
milestone – The establishment of a joint fund to launch an
estimated $3bn worth of investments was a milestone in the
implementation of a project that would serve the interests of
both the Kingdoms. Chief Executive, Managing Director, and
Secretary-General of the Board at Public Investment Fund Yasir
Al-Rumayyan said that the new company is a joint investment
between his agency, which manages around 200 investments
worldwide, and two local bank groupings: Jordan Commercial
Banks Group and Jordan Islamic Banks Group. The fund will be
investing in vital sectors in Jordan, such as energy and tourism.
(GulfBase.com)
 ADX, DFM-listed firms’ dividends at AED33.83bn – Dividends
suggested by board of directors of 71 companies listed in Abu
Dhabi and Dubai financial markets for the fiscal year 2016 have
grown substantially to AED33.83bn. According to an analysis
by news agency, WAM, per share dividends are reckoned the
highest in the Gulf and Middle East region. As per official
statistics, the average annual investment returns for the year
2016 reached around 4.94%, with the returns of the industrial
sector’s shares being the highest at 7.14%. The analysis showed
that 92.6% of the dividends have been acquired by four sectors:

5. Page 5 of 6
banking, telecommunications, real estate and investment.
(GulfBase.com)
 Merged UAE banking giant seen earning bigger MSCI weighting
–First Gulf Bank (FGB) marks the last day of trading on March
30, 2017, before its combination with National Bank of Abu
Dhabi in a deal that creates the biggest financial institution in
the country. The combined entity starts trading on April 2, with
FGB stock holders receiving 1.254 shares for each one they own
before the merger. While FGB’s last trading day is likely to see
foreign investors selling out of the stock, this should more than
reverse over time for the combined company as it reaches
liquidity benchmarks in 2018, said Mohamad Al Hajj, a Dubai-
based equity strategist at EFG Hermes. The enlarged bank,
trading as National Bank of Abu Dhabi, could gain an MSCI
Emerging Markets Index weighting of 0.18%, once a liquidity
factor adjustment is removed, compared with the banks’
combined 0.1% right after the merger. (GulfBase.com)
 Abu Dhabi Ports announces expansion of free trade zone – Abu
Dhabi Ports announced the expansion of free trade zone to
accommodate more industries. Captain Mohammad Juma Al
Shamisi, CEO of Abu Dhabi Ports said, “Investors can have
100% foreign ownership, full repatriation of capital and profits,
competitive prices for shipments and centralized government
portal for efficient procedures.” He said many Chinese investors
are showing interest to set up their companies in the new zone.
Currently 40 companies operate in the free trade zone in a wide
range of sectors including industrial, trading and services.
(GulfBase.com)
 Trade surplus narrows to 11-year low in 2016 – Kuwait’s trade
surplus retreated to an 11-year low of KD4.7bn in 2016 or 14%
of GDP, as oil export earnings remained weak against a
backdrop of limited import growth. Oil export revenues
continued to be weighed down by lower oil prices, though we
expect them to pick up in 2017 amid a sustained recovery in
prices. Meanwhile, imports were flat in 2016, with the
weakness mainly stemming from the continued contraction in
consumer goods imports. By contrast, growth in imports of
capital goods remained healthy, reflecting the strong
momentum seen in capital spending and investment. Oil export
receipt declined by 14.1% in 2016 to KD12.5bn, its lowest level
in just over a decade. Oil export revenues remained in decline
amid a depressed global oil price environment in 2016. Non-oil
exports also fell in 2016 mainly due to markedly lower ethylene
prices. A stronger Kuwaiti Dinar against most major currencies
(with the exception of the US dollar) has also dampened growth
in non-oil export receipts. Import growth was flat in 2016, as
healthy gains in imports of capital goods were offset by
weakness in consumer goods imports. (GulfBase.com)
 Al Ahli Bank of Kuwait sets initial price guidance for dollar
bond – Al Ahli Bank of Kuwait has set initial price guidance for
a US dollar-denominated bond in the 175 basis points over mid-
swaps area. The senior unsecured, Regulation S registered bond
has a five-year tenor and will be of benchmark size, which
conventionally means upwards of $500mn. Citi, HSBC and
National Bank of Abu Dhabi are the joint lead managers and
book runners. Al Ahli Bank of Kuwait is rated A2 by Moody's
and A+ by Fitch. (Reuters)
 Bahrain’s business environment continues to create foreign
investment opportunities – According to Servcorp, Bahrain’s
burgeoning business environment continues to create foreign
investment opportunities, despite the knock-on effect of an
uncertain globally economy. The Bahraini government has
ambitious plans to develop its non-oil sector, which (as per the
IMF) accounts for 76% of the Kingdom’s total GDP. In 2016, the
country secured a total of $280mn of foreign inward investment
from 40 new companies. Laudy Lahdo, Servcorp’s General
Manager for Middle East said, "The government is actively
seeking foreign and private sector investment, highly
promising growth sectors include the financial services,
industrial and manufacturing, logistics, tourism and
information communications technology." (GulfBase.com)

6. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
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
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 Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a
result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also
express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in
part without permission from QNBFS.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
70.0
90.0
110.0
130.0
150.0
170.0
Feb-13 Feb-14 Feb-15 Feb-16 Feb-17
QSE Index S&P Pan Arab S&P GCC
1.1%
(0.4%)
(0.6%)
0.2% 0.2%
(0.8%)
0.0%
(1.2%)
(0.6%)
0.0%
0.6%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,253.52 0.1 0.8 8.8 MSCI World Index 1,856.77 (0.1) 0.6 6.0
Silver/Ounce 18.25 0.3 2.7 14.6 DJ Industrial 20,659.32 (0.2) 0.3 4.5
Crude Oil (Brent)/Barrel (FM Future) 52.42 2.1 3.2 (7.7) S&P 500 2,361.13 0.1 0.7 5.5
Crude Oil (WTI)/Barrel (FM Future) 49.51 2.4 3.2 (7.8) NASDAQ 100 5,897.55 0.4 1.2 9.6
Natural Gas (Henry Hub)/MMBtu 3.03 3.4 3.8 (17.7) STOXX 600 378.53 (0.4) 0.0 6.8
LPG Propane (Arab Gulf)/Ton 61.63 4.0 7.4 (14.1) DAX 12,203.00 (0.3) 0.7 8.3
LPG Butane (Arab Gulf)/Ton 66.50 0.8 2.3 (31.4) FTSE 100 7,373.72 (0.2) (0.2) 3.8
Euro 1.08 (0.4) (0.3) 2.4 CAC 40 5,069.04 (0.3) 0.5 6.3
Yen 111.04 (0.1) (0.3) (5.1) Nikkei 19,217.48 (0.3) (0.4) 5.6
GBP 1.24 (0.1) (0.3) 0.8 MSCI EM 971.86 0.2 0.3 12.7
CHF 1.00 (0.4) (0.5) 2.2 SHANGHAI SE Composite 3,241.31 (0.4) (1.0) 5.2
AUD 0.77 0.5 0.6 6.4 HANG SENG 24,392.05 0.2 0.1 10.7
USD Index 100.00 0.3 0.4 (2.2) BSE SENSEX 29,531.43 0.7 1.2 16.2
RUB 56.62 (0.8) (0.6) (8.0) Bovespa 65,528.29 1.9 2.4 13.4
BRL 0.32 0.7 (0.3) 4.3 RTS 1,124.91 (0.1) 0.0 (2.4)
119.4
100.2
98.6