- The QSE Index declined 0.8% led by losses in the Insurance and Real Estate indices. Qatar Insurance Company and Ezdan Holding Group were the top losers. - Saudi markets also declined slightly while Dubai and Oman gained slightly. Losses were seen across sectors such as healthcare and media in Saudi Arabia. - Earnings reports from companies such as Gulf International Services saw profits rise significantly year-over-year despite mixed results from other GCC insurers.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.8% to close at 9,896.7. Losses were led by the Insurance
and Real Estate indices, falling 2.2% and 1.9%, respectively. Top losers were Qatar
Insurance Company and Ezdan Holding Group, falling 3.3% and 2.8%, respectively.
Among the top gainers, Investment Holding Group gained 2.2%, while Salam
International Investment Limited was up 1.5%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.1% to close at 8,242.7. Losses were led by the
Media and Health Care Equip. & Svc indices, falling 3.1% and 1.3%, respectively.
Saudi Steel Pipe Co. declined 7.1%, while Arabian Shield Coop. Ins. was down 6.4%.
Dubai: The DFM General Index gained 0.1% to close at 2,977.9. The Transportation
index rose 1.7%, while the Consumer Staples and Discretionary index gained 0.5%.
Al Salam Group Holding rose 9.0%, while Takaful Emarat was up 3.3%.
Abu Dhabi: The ADX General Index fell 0.1% to close at 4,806.3. The Industrial
index declined 0.8%, while the Real Estate index fell 0.7%. Abu Dhabi Ship Building
Co. declined 8.1%, while Emirates Driving Company was down 6.1%.
Kuwait: The Kuwait Main Market Index fell 0.2% to close at 4,937.7. The
Technology index declined 2.2%, while the Oil & Gas index fell 0.9%. Burgan Co. for
Well Drilling. fell 8.1%, while Kuwait Remal Real Estate Co. was down 6.3%.
Oman: The MSM 30 Index rose 1.0% to close at 4,370.4. Gains were led by the
Industrial and Services indices, rising 0.9% and 0.7%, respectively. Oman
Telecommunication rose 7.6%, while Oman Cables Industry was up 3.6%.
Bahrain: The BHB Index gained 0.3% to close at 1,353.7. The Commercial Banks
index rose 0.5%, while the Services index gained 0.4%. Arab Banking Corporation
rose 1.3%, while BBK was up 0.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Investment Holding Group 5.57 2.2 190.8 (8.7)
Salam International Inv. Ltd. 5.28 1.5 113.5 (23.4)
Mazaya Qatar Real Estate Dev. 7.35 1.4 491.9 (18.3)
Qatar First Bank 5.20 1.4 225.9 (20.4)
Mesaieed Petrochemical Holding 16.08 1.2 384.6 27.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 7.35 1.4 491.9 (18.3)
Ezdan Holding Group 9.91 (2.8) 433.5 (18.0)
Mesaieed Petrochemical Holding 16.08 1.2 384.6 27.7
Al Khaleej Takaful Insurance Co. 10.61 0.2 294.4 (19.9)
Qatar First Bank 5.20 1.4 225.9 (20.4)
Market Indicators 05 Aug 18 02 Aug 18 %Chg.
Value Traded (QR mn) 84.4 184.1 (54.1)
Exch. Market Cap. (QR mn) 544,568.1 550,539.5 (1.1)
Volume (mn) 3.6 7.3 (50.9)
Number of Transactions 1,924 3,808 (49.5)
Companies Traded 39 43 (9.3)
Market Breadth 14:23 21:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,436.95 (0.8) (0.8) 22.0 15.0
All Share Index 2,881.08 (1.1) (1.1) 17.5 15.1
Banks 3,535.77 (1.6) (1.6) 31.8 14.4
Industrials 3,198.46 (0.0) (0.0) 22.1 17.0
Transportation 2,011.75 (0.3) (0.3) 13.8 12.5
Real Estate 1,807.83 (1.9) (1.9) (5.6) 15.4
Insurance 3,143.13 (2.2) (2.2) (9.7) 29.4
Telecoms 1,008.50 (0.0) (0.0) (8.2) 39.6
Consumer 6,288.14 (0.2) (0.2) 26.7 13.6
Al Rayan Islamic Index 3,896.14 (0.4) (0.4) 13.9 17.1
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Bupa Arabia for Coop. Ins. Saudi Arabia 90.40 10.0 488.0 (2.8)
F. A. Al Hokair Saudi Arabia 23.26 9.9 2,104.4 (23.5)
Co. for Cooperative Ins. Saudi Arabia 65.90 9.3 1,054.3 (30.2)
Oman Telecom. Co. Oman 0.74 7.6 421.0 (38.9)
Boubyan Petrochem. Co. Kuwait 1.02 6.7 563.2 51.5
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Dallah Healthcare Co. Saudi Arabia 69.80 (5.8) 522.0 (30.9)
Qatar Insurance Co. Qatar 36.62 (3.3) 108.8 (19.0)
Savola Group Saudi Arabia 32.80 (3.1) 242.8 (16.9)
Raysut Cement Oman 0.43 (2.7) 26.1 (45.4)
QNB Group Qatar 175.00 (2.2) 116.4 38.9
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 Insurance Company 36.62 (3.3) 108.8 (19.0)
Ezdan Holding Group 9.91 (2.8) 433.5 (18.0)
QNB Group 175.00 (2.2) 116.4 38.9
Mannai Corporation 49.50 (1.6) 3.9 (16.8)
The Commercial Bank 41.35 (1.5) 102.1 43.1
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 175.00 (2.2) 20,467.9 38.9
Qatar Fuel Company 145.00 (0.3) 6,378.6 42.1
Mesaieed Petrochemical Holding 16.08 1.2 6,168.1 27.7
Ezdan Holding Group 9.91 (2.8) 4,315.4 (18.0)
The Commercial Bank 41.35 (1.5) 4,236.2 43.1
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,896.74 (0.8) (0.8) 0.7 16.1 23.18 149,592.9 15.0 1.5 4.4
Dubai 2,977.89 0.1 0.1 0.7 (11.6) 11.79 104,689.8 9.4 1.1 5.7
Abu Dhabi 4,806.30 (0.1) (0.1) (1.1) 9.3 9.52 131,070.0 12.6 1.4 5.0
Saudi Arabia 8,242.71 (0.1) (0.1) (0.6) 14.1 1,004.41 522,744.1 17.8 1.8 3.3
Kuwait 4,937.67 (0.2) (0.2) 0.1 2.3 103.09 34,079.1 15.3 0.9 4.0
Oman 4,370.44 1.0 1.0 0.8 (14.3) 5.33 18,657.0 8.8 0.9 6.2
Bahrain 1,353.74 0.3 0.3 (0.3) 1.7 2.36 20,799.2 8.5 0.9 6.0
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,850
9,900
9,950
10,000
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QSE Index declined 0.8% to close at 9,896.7. The Insurance and Real
Estate indices led the losses. The index fell on the back of selling
pressure from Qatari and GCC shareholders despite buying support from
non-Qatari shareholders.
 Qatar Insurance Company and Ezdan Holding Group were the top losers,
falling 3.3% and 2.8%, respectively. Among the top gainers, Investment
Holding Group gained 2.2%, while Salam International Investment
Limited was up 1.5%.
 Volume of shares traded on Sunday fell by 50.9% to 3.6mn from 7.3mn
on Thursday. Further, as compared to the 30-day moving average of
7.1mn, volume for the day was 49.3% lower. Mazaya Qatar Real Estate
Development and Ezdan Holding Group were the most active stocks,
contributing 13.7% and 12.1% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2018
% Change
YoY
Operating Profit
(mn) 2Q2018
% Change
YoY
Net Profit
(mn) 2Q2018
% Change
YoY
CHUBB Arabia Cooperative
Insurance Co.
Saudi Arabia SR 52.7 9.0% – – 10.3 5.0%
Al Sagr Cooperative Insurance Co. Saudi Arabia SR 77.6 -16.7% – – 2.9 16.3%
Saudi Arabia Refineries Co. Saudi Arabia SR – – -0.5 N/A -0.5 N/A
Arabian Aramco Total Services
Company
Saudi Arabia SR – – 957.8 114.6% 457.9 NM
Halwani Bros. Co. Saudi Arabia SR – – 16.0 -22.7% 8.5 -29.8%
Eastern Province Cement Co. Saudi Arabia SR – – 21.0 -25.0% 19.0 -45.7%
Gulf General Cooperative
Insurance Co.
Saudi Arabia SR 72.6 57.3% – – 3.9 100.3%
Saudi Arabian Amiantit Co. Saudi Arabia SR – – -13.9 N/A -53.7 N/A
Solidarity Saudi Takaful Co. Saudi Arabia SR 38.0 84.2% – – 12.0 544.3%
Alahli Takaful Co. Saudi Arabia SR 48.9 -15.8% – – 1.9 -29.1%
Malath Cooperative Insurance Co. Saudi Arabia SR 130.3 -9.5% – – -0.1 N/A
Aljazira Takaful Taawuni Co. Saudi Arabia SR 16.2 -49.3% – – 2.4 -1.2%
National General Insurance
Company
Dubai AED 156.7 26.6% – – 8.8 2.0%
Al Firdous Holdings Dubai AED 0.5 -33.6% – – -1.8 N/A
Arabian Scandinavian Insurance –
Takaful
Dubai AED – – – – 5.4 -5.5%
RAK Properties Abu Dhabi AED 18.5 -80.8% 4.1 -82.5% 4.3 -80.1%
Zain Bahrain Bahrain BHD – – – – 1.2 29.0%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (NM: Not Meaningful)
Earnings Calendar
Tickers Company Name Date of reporting 2Q2018 results No. of days remaining Status
MPHC Mesaieed Petrochemical Holding Company 6-Aug-18 0 Due
MCGS Medicare Group 6-Aug-18 0 Due
IGRD Investment Holding Group 6-Aug-18 0 Due
MERS Al Meera Consumer Goods Company 7-Aug-18 1 Due
QGMD Qatari German Company for Medical Devices 8-Aug-18 2 Due
IQCD Industries Qatar 8-Aug-18 2 Due
MRDS Mazaya Qatar Real Estate Development 13-Aug-18 7 Due
ZHCD Zad Holding Company 14-Aug-18 8 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 49.27% 41.84% 6,275,421.39
Qatari Institutions 4.85% 24.59% (16,675,972.28)
Qatari 54.12% 66.43% (10,400,550.89)
GCC Individuals 2.35% 2.50% (130,005.57)
GCC Institutions 2.13% 3.70% (1,322,844.24)
GCC 4.48% 6.20% (1,452,849.81)
Non-Qatari Individuals 13.33% 16.65% (2,803,206.29)
Non-Qatari Institutions 28.07% 10.72% 14,656,606.99
Non-Qatari 41.40% 27.37% 11,853,400.70

3. Page 3 of 5
News
Qatar
 GISS’ bottom line rises to QR24.78mn in 2Q2018, exceeding our
estimate; Retain Market Perform rating – Gulf International
Services (GISS) reported net profit of QR24.78mn in 2Q2018 as
compared to QR0.74mn in 2Q2017 and QR9.46mn in 1Q2018
(+161.9% QoQ), beating our estimate of QR11.73mn. The
company’s revenue came in at QR682.69mn in 2Q2018, which
represents an increase of 5.4% YoY (+8.8% QoQ). Reported
revenue was in-line with our estimate of QR651.58mn (+4.8%
divergence). EPS doubled to QR0.18 in 1H2018 from QR0.09 in
1H2017. In 1H2018, GISS posted 4.4% YoY increase in revenue
amounting to QR1.31bn. GISS stated revenue in the insurance
segment improved significantly versus last year, while the
drilling segment reported a moderate growth in revenue.
Revenue in the aviation segment reported a slight decrease,
while the catering segment’s revenue was moderately down on
last year. The improvement in the insurance segment was
primarily due to growth in general insurance business, while
the drilling segment benefited from improved asset utilization.
The aviation segment was affected by reduction in Qatar
aviation operations, and the catering segment was impacted by
demobilization of some projects and reduced camps occupancy.
In 1H2018, the group’s QR34.24mn net profit went significantly
up by 116.4% on the same period of last year. The improvement
was primarily driven by a slight growth in revenue and cost
reduction in the drilling segment following the cost
optimization initiatives undertaken by the company. The
improvement achieved in the drilling segment was marginally
offset by lower profit in the aviation segment due to reduced
revenue from Qatar aviation operations. The effect of revenue
decrease in Qatar aviation operations was somewhat offset by
other operating revenues and reduced general and
administrative expenses. The group is in the execution phase of
some of the opportunities identified by the growth strategy
initiatives that were concluded last year, according to GISS.
The initiatives include revenue growth and optimization, cost
rationalization and efficiency improvements. GISS stated the
implementation is in different stages of progress with one of
the group companies having moved into advanced stages and
appointed a consultant specialized in transformation and
implementation to assist in the implementation of the chosen
strategies. (QNBFS Research, QSE, Gulf-Times.com)
 IGRD to fully acquire Consolidated Engineering Systems –
Investment Holding Group (IGRD) announced its intention to
purchase the remaining shares of Consolidated Engineering
Systems, its subsidiary. Consolidated Engineering Systems is a
Qatari local company established in 2006, and has its activities
in the sectors of engineering, sales, installation, integration,
surveillance systems, in addition to the infrastructure of visual
and audio technology. The current shares of IGRD in
Consolidated Engineering Systems are 60.4%. IGRD intends to
purchase the whole remaining shares of Consolidated
Engineering Systems (39.6%). (Peninsula Qatar)
 ZHCD postpones the date of disclosure of its interim financial
results to August 14 – Zad Holding Company (ZHCD) decided to
postpone the date of disclosure of its interim financial results
for the period ended June 30, 2018 to August 14, 2018 instead of
August 9, 2018. (QSE)
 Qatar-US trade volume jumps 64% YoY in 1H2018 – Despite
facing the ongoing economic blockade and other challenges
Qatar-US bilateral trade in goods witnessed a sharp growth in
the first six months of this year. The combined value of two-
way trade exchange in goods during 1H2018 jumped to
QR9.61bn, registering a double-digit growth of about 64%
compared to QR5.86bn recorded in the corresponding period last
year. With the significant rise in trade volume, the US trade
surplus with Qatar has also witnessed a steep jump to reach
QR3.71bn in 1H2018, up by over 54% compared to QR1.71bn of
the trade surplus recorded during the same period previous
year, according to the United States Census Bureau. The US
exports of goods to Qatar during the January-June 2018 period
stood at QR6.66bn, showing a sharp increase of about 76%
compared to QR3.78bn recorded for the corresponding period
last year. The value of the US imports of goods from Qatar
during the first half of this year increased to QR2.95bn, up by
41% YoY from QR2.09bn for the same period in 2017. (Peninsula
Qatar)
 Elan Group signs pact with Omani development enterprise –
Elan Group signed an agreement with Tamani Global
Development & Investment, a diversified Omani enterprise that
has multiple commercial, real estate, retail warehouse,
healthcare and hospitality development projects in its portfolio.
As part of this partnership, Elan Group will expand its Digital
Out-of-Home networks and launch two Novo Cinemas
megaplexes at the upcoming signature developments of Tamani
Global Development & Investment, Mall of Muscat and Sohar
China Downtown Malls. The agreement is a step forward
towards expanding its footprint as a regional player in its field,
Elan Group stated in a press statement. (Gulf-Times.com)
International
 Trump says US now has the upper hand on China in tariff battle
– US President Donald Trump defended his use of tariffs that
have inflamed tensions with China and Europe. Trump said,
“We have really rebuilt China, and it’s time that we rebuild our
own country now.” He added that Chinese stocks are down,
weakening that nation’s bargaining power in the escalating
trade war. Trump continued his focus on tariffs, tweeting that
the duties are working big time and that imported goods should
be taxed or made in the US. He also suggested duties will allow
paying down large amounts of the $21tn in debt that has been
accumulated, while reducing taxes for Americans. (Bloomberg)
 UK’s trade minister says EU is pushing Britain to no-deal Brexit
– British trade minister, Liam Fox said intransigence from the
European Union (EU) was pushing Britain towards a no-deal
Brexit. With less than eight months until Britain quits the EU,
the government has yet to agree a divorce deal with Brussels
and has stepped up planning for the possibility of leaving the
bloc without any formal agreement. (Reuters)
Regional
 Consumer prices in GCC up 4.2% in June 2018 – The prices of
consumer goods and services, excluding housing, in GCC
countries rose 4.2% over a 12-month period ending June 2018,
according to the Statistical Centre for the Cooperation Council

4. Page 4 of 5
of the Arab Countries of the Gulf (GCC-Stat). Tobacco prices
saw the largest increase over the period at 20.5%, followed by
transport (9.4%), restaurants & hotels (5.9%), recreation
(4.0%), food (3.7%), education (2.9%), health (2.5%),
communication and miscellaneous (2.1% each), and furnishings
(2.0%). Prices of clothing and footwear, on the other hand, fell
by 1.3%. The UAE led per-country contributions to overall GCC
consumer price changes over the same period, with 2.1
percentage points, while Saudi Arabia contributed 1.7
percentage points, and Bahrain, Oman, Qatar, and Kuwait
accounted for 0.1 percentage points each. (GulfBase.com)
 EMBI inclusion could trigger fund inflows into GCC – Potential
EMBI (Emerging Market Bond Index) inclusion could lead to an
estimated $30bn of inflows into GCC, leading to tighter spreads
and making primary market access easier, according to Bank of
America Merrill Lynch (BofAML). Potential EMBI inclusion is a
swing factor for GCC credit, excluding Oman, BofAML stated in
its Global Emerging Markets Weekly report. Qatar, Saudi
Arabia, the UAE, Kuwait, and Bahrain sovereign bonds will
make up a sizeable portion of the index. MENA Economist at
BofAML, Jean-Michel Saliba said, “We estimate 10-11% of the
EMBI diversified. In theory, flows could reach $40bn, which
should be supportive for credit performance in the coming
months. Sovereigns will also now be able to issue debt to a new
audience of EM credit-focused investors, which should increase
primary demand.” Kuwait and Bahrain should benefit from the
EMBI diversified weighting approach, which reduces the weight
of the largest issuers relative to their amount outstanding.
Flows could reach around 50% of Kuwait’s outstanding external
bonds, with Bahrain also benefiting. Flows into large issuers
such as Saudi Arabia and Qatar will be smaller in percentage of
debt outstanding terms (an estimated 25-33%). Again, given
existing holdings, the ultimate figures are likely to be smaller.
(Peninsula Qatar)
 Saudi Arabia’s first Sukuk issuance positive for Islamic capital
market development – On July 26, Saudi Arabia’s ministry of
finance debt management office announced the completion of
its first Sukuk issuance under the primary dealers program,
which was established for the distribution of local government
Sukuk securities. This issuance, which totaled around SR3.5bn,
is positive for the development of Islamic debt capital markets
in Saudi Arabia because it broadens the investor base for
government Sukuk securities in the primary market and
supports liquidity in the secondary market, Moody’s Investors
Service stated. The Saudi Arabian government has been a
regular issuer of Islamic bonds since the Ministry of Finance
established a Saudi Riyal-denominated Sukuk program last
year. However, this issuance is the first under the newly
launched primary-dealer scheme and more than 20 investors
from participating financial institutions and asset managers
submitted bids through an electronic platform for both their
own books and on behalf of investors. (GulfBase.com)
 Saudi Arabia to spend $490mn on water projects – Saudi Arabia
announced its plan to spend around $490mn towards
development of major water projects in the Tabuk region of the
Kingdom. The Tabuk region has witnessed many achievements
in the water sector in the past 12 months, including coverage of
drinking water and wastewater networks, as well as reaching a
number of districts and villages in different governorates of the
region. (GulfBase.com)
 Foundation Holdings in talks to buy health and education
assets – UAE’s Foundation Holdings, the healthcare and
education investment specialist firm, is negotiating the
acquisition of a nursery operator in the UAE, as it weighs more
deals as part of plans to deploy AED2bn by 2021. Foundation
Holdings’ CEO, Abhishek Sharma said, “We had a phenomenal
2017 and this year promises to be even better. We are on track
to achieve our AED2bn deployment target in five years and
could even reach it sooner.” The company is in advanced talks
to buy the UAE operations of an international pre-school
education provider in a three-party deal to establish the largest
chain of affordable nurseries in the GCC, he said. A
memorandum of understanding has been signed and the
transaction is expected to conclude by the end of third quarter,
he added. (GulfBase.com)
 Abu Dhabi’s GDP up 9% in 1Q2018 – The GDP of the Emirate of
Abu Dhabi grew to AED223.6bn in 1Q2018, up 9% from
AED205.1bn in 1Q2017. In a statement released by Statistics
Centre–Abu Dhabi (SCAD), Abu Dhabi’s oil GDP grew by 18% to
AED86.6bn during 1Q2018, up from 73.4 in 1Q2017,
constituting 38.8% of the Emirate’s first quarter GDP. Non-oil
GDP increased from AED131.7bn in 1Q2017 to AED136.9bn in
1Q2018, making up 61.2% of the Emirate’s GDP at current prices
for 1Q2018, compared with 64.2% in the same period last year.
(GulfBase.com)
 Warba Bank reports net income of KD2.28mn in 2Q2018 –
Warba Bank reported net income of KD2.28mn in 2Q2018.
Operating revenue came in at KD12.0mn as compared to
KD9.19mn in 2Q2017. Rise in profit is due to increase in
financing portfolio by 22%. (Bloomberg)
 Moody’s downgrades Bahrain’s ratings to ‘B2’ – Moody’s
Investors Service (Moody’s) downgraded the government of
Bahrain’s long-term issuer ratings to ‘B2’ from ‘B1’ and
maintained the ‘Negative’ outlook. The key driver for the rating
downgrade is a further rise in Bahrain’s external and
government liquidity risks to particularly elevated levels,
constraining access to market financing to a greater extent
than Moody’s previously envisaged. Despite higher oil prices
over the past year, the government’s gross borrowing needs
remain very high and foreign exchange reserves very low.
Meanwhile, heightened external and government liquidity
pressures have not prompted the authorities to accelerate the
implementation of fiscal reforms, which Moody’s expects to
remain very slow. (GulfBase.com)
 Investcorp completes full exit from Gulf Cryo Holding –
Investcorp announced that its Gulf Opportunity Fund 1 (GOF1)
has completed the sale of its remaining 15.65% equity
shareholding in Gulf Cryo Holding, to other shareholders of the
company. Established in 1953 in Kuwait, Gulf Cryo Holding is a
leading manufacturer, distributor and service provider of
industrial gases in the MENA and Turkey region. The company
manufactures industrial, medical and specialty gases, which are
delivered by pipeline, in bulk or in cylinders to a wide range of
industries and applications. (Peninsula Qatar)

5. 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
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
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 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
50.0
75.0
100.0
125.0
Jul-14 Jul-15 Jul-16 Jul-17 Jul-18
QSE Index S&P Pan Arab S&P GCC
(0.1%)
(0.8%)
(0.2%)
0.3%
1.0%
(0.1%)
0.1%
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
1.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,213.65 0.5 (0.8) (6.9) MSCI World Index 2,155.39 0.4 (0.0) 2.5
Silver/Ounce 15.41 0.6 (0.5) (9.0) DJ Industrial 25,462.58 0.5 0.0 3.0
Crude Oil (Brent)/Barrel (FM Future) 73.21 (0.3) (1.5) 9.5 S&P 500 2,840.35 0.5 0.8 6.2
Crude Oil (WTI)/Barrel (FM Future) 68.49 (0.7) (0.3) 13.4 NASDAQ 100 7,812.02 0.1 1.0 13.2
Natural Gas (Henry Hub)/MMBtu 2.86 3.2 2.9 (7.4) STOXX 600 389.16 0.5 (1.3) (3.6)
LPG Propane (Arab Gulf)/Ton 95.25 1.2 (2.1) (2.6) DAX 12,615.76 0.4 (2.4) (5.8)
LPG Butane (Arab Gulf)/Ton 100.00 (2.9) (3.8) (5.3) FTSE 100 7,659.10 1.0 (1.3) (4.1)
Euro 1.16 (0.1) (0.8) (3.6) CAC 40 5,478.98 0.2 (1.1) (0.5)
Yen 111.25 (0.4) 0.2 (1.3) Nikkei 22,525.18 0.4 (1.2) 0.1
GBP 1.30 (0.1) (0.8) (3.8) MSCI EM 1,073.33 0.6 (1.7) (7.3)
CHF 1.01 0.1 0.0 (2.0) SHANGHAI SE Composite 2,740.44 (1.1) (5.1) (21.3)
AUD 0.74 0.6 0.1 (5.2) HANG SENG 27,676.32 (0.1) (3.9) (7.9)
USD Index 95.16 (0.0) 0.5 3.3 BSE SENSEX 37,556.16 1.1 0.7 2.7
RUB 63.33 (0.1) 0.9 9.9 Bovespa 81,434.98 3.7 2.4 (4.9)
BRL 0.27 1.2 0.1 (10.6) RTS 1,145.08 0.4 (0.6) (0.8)
89.1
86.0
81.6