Qatar stock exchange

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.0% to close at 9,673.9. Losses were led by the Banks &
Financial Services and Consumer Goods & Services indices, falling 1.8% and 1.6%,
respectively. Top losers were Medicare Group and Mannai Corporation, falling 4.7% and
4.0%, respectively. Among the top gainers, Qatar General Insurance & Reinsurance Co.
gained 5.4%, while Qatar Insurance Co. was up 3.2%.
GCC Commentary
Saudi Arabia: The TASI Index fell 2.2% to close at 6,090.9. Losses were led by the
Agriculture & Food Industries and Insurance indices, falling 6.6% and 6.2%,
respectively. Nat. Agricultural Dev. and Ash-Sharqiyah Dev. were down 9.9% each.
Dubai: The DFM Index declined 0.1% to close at 2,963.8. The Consumer Staples index
fell 1.3%, while the Financial & Investment Services index declined 0.7%. Arab
Insurance Group fell 9.5%, while Ekttitab Holding Co. was down 4.1%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,141.5. The Energy index
gained 1.7%, while the Banks index rose 0.4%. Ras Al Khaimah Cement Co. gained
8.4%, while Sudatel Telecom Group Limited was up 4.0%.
Kuwait: The KSE Index fell 1.0% to close at 5,418.5. The Basic Material index declined
1.7%, while the Real Estate index fell 1.6%. Real Estate Trade Centers Co. plunged
23.4%, while Housing Finance Co. was down 8.8%.
Oman: The MSM Index rose marginally to close at 5,365.2. The Services index gained
marginally, while the other indices ended in red. Al Anwar Ceramic Tiles rose 1.3%,
while Al Anwar Holding was up 1.2%.
Bahrain: The BHB Index declined 0.7% to close at 1,192.7. The Services index fell 1.5%,
while the Commercial Bank index declined 1.1%. Ithmaar Bank fell 6.7%, while Bahrain
Telecommunication Co. was down 3.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Reins. Co. 52.80 5.4 3.2 3.3
Qatar Insurance Co. 80.90 3.2 3.5 (1.3)
Qatar Oman Investment Co. 11.80 2.3 11.5 (4.1)
Ezdan Holding Group 14.79 1.0 345.6 (7.0)
Islamic Holding Group 72.30 0.4 50.8 (8.1)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 44.10 (2.1) 528.1 (14.4)
Vodafone Qatar 11.83 0.3 477.0 (6.9)
Masraf Al Rayan 34.50 (1.4) 414.4 (8.2)
Ezdan Holding Group 14.79 1.0 345.6 (7.0)
Barwa Real Estate Co. 35.40 (1.4) 265.1 (11.5)
Market Indicators 10 Jan 16 7 Jan 16 %Chg.
Value Traded (QR mn) 123.3 268.0 (54.0)
Exch. Market Cap. (QR mn) 514,597.1 520,412.4 (1.1)
Volume (mn) 3.6 6.5 (45.3)
Number of Transactions 2,898 4,183 (30.7)
Companies Traded 39 42 (7.1)
Market Breadth 8:28 4:37 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,036.69 (1.0) (1.0) (7.2) 10.0
All Share Index 2,580.71 (1.0) (1.0) (7.1) 10.2
Banks 2,577.93 (1.8) (1.8) (8.1) 10.5
Industrials 2,937.88 (1.6) (1.6) (7.8) 11.2
Transportation 2,351.99 (0.0) (0.0) (3.2) 11.2
Real Estate 2,142.94 (0.0) (0.0) (8.1) 6.9
Insurance 3,978.90 3.2 3.2 (1.4) 11.0
Telecoms 961.51 (0.4) (0.4) (2.5) 21.0
Consumer 5,565.70 (1.6) (1.6) (7.3) 12.3
Al Rayan Islamic Index 3,547.94 (1.0) (1.0) (8.0) 10.5
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Qatar Gen. Ins. & Rein. Qatar 52.80 5.4 3.2 3.3
Qatar Insurance Co. Qatar 80.90 3.2 3.5 (1.3)
Arab National Bank Saudi Arabia 21.96 2.9 451.6 (6.8)
Banque Saudi Fransi Saudi Arabia 25.00 2.8 365.8 (10.7)
Saudi British Bank Saudi Arabia 22.41 2.8 131.2 (9.5)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Almarai Co. Saudi Arabia 69.92 (9.0) 6,947.1 (10.6)
Alabdullatif Industrial Saudi Arabia 24.36 (8.6) 70.0 (18.7)
Saudi Arabian Mining Saudi Arabia 26.81 (8.3) 5,290.4 (19.2)
Saudi Fisheries Saudi Arabia 13.71 (7.9) 932.7 (15.3)
Kingdom Holding Co. Saudi Arabia 12.96 (7.0) 867.4 (18.0)
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%
Medicare Group 108.40 (4.7) 12.0 (9.1)
Mannai Corp. 92.00 (4.0) 0.1 (3.5)
Al Khalij 17.10 (2.8) 4.8 (4.8)
Aamal Co. 13.07 (2.7) 2.2 (6.6)
Qatar German Co for Medical Dev. 12.60 (2.6) 12.1 (8.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 44.10 (2.1) 23,244.2 (14.4)
Masraf Al Rayan 34.50 (1.4) 14,245.8 (8.2)
Industries Qatar 102.00 (1.9) 11,620.3 (8.2)
Barwa Real Estate Co. 35.40 (1.4) 9,326.5 (11.5)
QNB Group 162.10 (2.3) 7,660.9 (7.4)
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* 9,673.90 (1.0) (1.0) (7.2) (7.2) 33.86 141,308.4 10.0 1.5 5.3
Dubai 2,963.79 (0.1) (0.1) (5.9) (5.9) 48.03 80,026.7 11.6 1.1 4.0
Abu Dhabi 4,141.49 0.2 0.2 (3.8) (3.8) 21.64 114,987.1 11.6 1.3 5.5
Saudi Arabia 6,090.86 (2.2) (2.2) (11.9) (11.9) 1,360.22 371,243.8 13.7 1.5 4.2
Kuwait 5,418.53 (1.0) (1.0) (3.5) (3.5) 54.22 83,693.6 14.9 1.0 4.8
Oman 5,365.16 0.0 0.0 (0.8) (0.8) 8.55 21,984.9 9.7 1.2 4.9
Bahrain 1,192.73 (0.7) (0.7) (1.9) (1.9) 0.31 18,751.1 7.8 0.8 5.7
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)
9,550
9,600
9,650
9,700
9,750
9,800
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 1.0% to close at 9,673.9. The Banks & Financial
Services and Consumer Goods & Services indices led the losses. The index
fell on the back of selling pressure from non-Qatari shareholders despite
buying support from Qatari and GCC shareholders.
 Medicare Group and Mannai Corp. were the top losers, falling 4.7% and
4.0%, respectively. Among the top gainers, Qatar General Insurance &
Reinsurance Co. gained 5.4%, while Qatar Insurance Co. was up 3.2%.
 Volume of shares traded on Sunday fell by 45.3% to 3.6mn from 6.5mn on
Thursday. Further, as compared to the 30-day moving average of 6.8mn,
volume for the day was 47.7% lower. Gulf International Services and
Vodafone Qatar were the most active stocks, contributing 14.9% and 13.4%
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)
4Q2015
% Change
YoY
Operating Profit
(mn) 4Q2015
% Change
YoY
Net Profit (mn)
4Q2015
% Change
YoY
Yanbu Cement Co. (YCC) Saudi Arabia SR – – 212.0 6.5% 209.0 8.3%
Al Ahlia Cooperative Insurance Co.
(Al Ahlia)
Saudi Arabia SR 235.2 NA 47.7 NA -49.2 NA
Source: Company data, DFM, ADX, MSM
Earnings Calendar
Tickers Company Name Date of reporting 4Q2015 results No. of days remaining Status
MARK Masraf Al Rayan 18-Jan-16 7 Due
QIBK Qatar Islamic Bank 19-Jan-16 8 Due
GWCS Gulf Warehousing Company 20-Jan-16 9 Due
KCBK Al Khaliji 20-Jan-16 9 Due
QNCD Qatar National Cement Company 20-Jan-16 9 Due
NLCS National Leasing (Alijarah) 21-Jan-16 10 Due
DHBK Doha Bank 24-Jan-16 13 Due
QOIS Qatar & Oman Investment 24-Jan-16 13 Due
QIGD Qatari Investors Group 25-Jan-16 14 Due
VFQS Vodafone Qatar 26-Jan-16 15 Due
DOHI Doha Insurance 31-Jan-16 20 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 56.42% 40.10% 20,133,010.67
Qatari Institutions 7.79% 9.95% (2,668,294.27)
Qatari 64.21% 50.05% 17,464,716.40
GCC Individuals 7.49% 1.16% 7,812,298.73
GCC Institutions 1.58% 7.80% (7,677,266.91)
GCC 9.07% 8.96% 135,031.82
Non-Qatari Individuals 19.25% 19.53% (349,982.99)
Non-Qatari Institutions 7.47% 21.46% (17,249,765.23)
Non-Qatari 26.72% 40.99% (17,599,748.22)

3. Page 3 of 6
News
Qatar
 ORDS inks research project deal with QU and Tamuq – Ooredoo
(ORDS) has partnered with the Qatar University (QU) and the
Texas A&M University at Qatar (Tamuq) for a three-year, $650,000
research project to support innovation & development in the
country and across the region. ORDS Qatar CEO Waleed al-Sayed
said the project would support a range of projects, which would be
conducted by groups of students and researchers selected by the
two universities. These include fast deployable wireless
communication systems for disaster and emergency response,
innovations of green radio access technologies in wireless
communications, tele-health and applications, wireless
communications for next-generation power grids, and stadium
communications. (Gulf-Times.com)
 Minister promises strict enforcement of labor laws – HE the
Minister of Labor and Social Affairs Dr Abdullah Saleh Mubarak al-
Khulaifi has promised strict enforcement of labor laws in line with
Qatar’s National Development Strategy 2011-2016. Al-Khulaifi said
an important role of the ministry was to find jobs for legal expat
workers. He highlighted the Law No 1 of 2015 issued by HH the
Emir Sheikh Tamim bin Hamad al-Thani in 2015, amending some
provisions of the labor regulations related to protecting wages.
The law made it binding on employers to transfer each worker’s
salary to his or her account at any of the financial institutions in
the country. (Gulf-Times.com)
 DHBK launches new payment solution – Doha Bank (DHBK) has
launched a new innovative payment solution, the mobile Point-Of-
Sale (mPOS), which allows merchants across Qatar to accept credit
and debit card payments using a smartphone connected to a
secure card reader. As per DHBK, the new solution, promises to
redefine the payments ecosystem in Qatar, offering merchants a
cutting-edge card acceptance service that brings about high level
of efficiency, flexibility and convenience. (Gulf-Times.com)
 QDB, QIBK join hands to offer Al Dhameen support for SMEs – Qatar
Development Bank (QDB) and Qatar Islamic Bank (QIBK) have
entered into a new Al Dhameen Portfolio program, enabling
expansion of small and medium enterprises (SME) financing in the
country. With a QR100mn portfolio, the new product “Al Dhameen
portfolio” aims at facilitating and speeding up approvals to
guarantee the value of the funding provided by the partner bank to
SMEs lacking sufficient guarantees. QDB has prepared a special
portfolio guide – which describes the terms, conditions, and the
highest international standards, due diligence, credit monitoring,
applications, and guidelines development – to help QIBK take
decisions without referring to QDB. (Gulf-Times.com)
 Sheikh Faisal: Slump in oil prices not affecting private sector
budgets – Qatari Businessmen’s Association (QBA) Chairman
Sheikh Faisal bin Qassim Al Thani has said that the Qatari market
is full of business and investment opportunities, and there are no
major cuts in the budget of private companies in Qatar due to
falling oil prices. Sheikh Faisal reiterated that there is no major
impact of the slump in energy prices, as the Qatari economy is
diversified and not fully dependent on hydrocarbon revenues.
(Peninsula Qatar)
 Project Qatar 2016 to be held from May 9 – The 13th edition of
International Construction Technology & Building Materials
Exhibition, popularly known as ‘Project Qatar’, will be held during
May 9–12, 2016 at the Doha Exhibition & Convention Centre
(DECC). The event, to be organized by IFP Qatar, will be held under
the patronage of the Qatari government and the support of Prime
Minister & Interior Minister HE Sheikh Abdullah bin Nasser bin
Khalifa Al Thani. (Peninsula Qatar)
 Dutch retailer SPAR set to debut in Qatar – Dutch retailer SPAR
hypermarket is set to open its first outlet in Qatar by 2016-end.
The hypermarket will be located at the Tawar Mall, which is under
construction. SPAR, which has 12,500 stores in 41 countries
including 14 stores in the Middle East, signed a commercial lease
agreement with Tawar Mall to make its debut in the Qatari market.
The Tawar Mall will offer more than 91,000 square meters of retail
space across 312 units on four floors and two basements. The mall
is scheduled to open by 2016-end. (Qatar Tribune)
International
 EEF: UK losing shine as competitive base for manufacturers –
According to a survey conducted by the Manufacturers’
Organisation (EEF), Britain is becoming less competitive as a base
for manufacturers. The EEF warned the government against laying
further costs on firms, which make cars, chemicals and other
goods in the UK. The survey, which represents 5,000 companies
engaged in manufacturing, engineering and technology, stated that
56% of respondents viewed Britain as a competitive location for
making goods, down from the 70% level in 2015. Britain’s
economy has grown faster than those of most other rich countries
over the past two years. However, growth has been driven by the
services sector, while manufacturing has fallen short of the
government’s hopes for an export-led recovery. (Reuters)
 Li Keqiang: Market solutions needed to solve overcapacity –
Premier Li Keqiang has said that China will use market solutions to
ease its overcapacity woes and will not use investment stimulus to
expand demand. Li said the country needs to improve existing
production facilities because even during an enormous steel glut in
2015, China had to import certain high-quality steel products,
including tips of ballpoint pens. China needs to set ceilings on steel
and coal production volumes and government officials should use
remote-sensing equipment to monitor companies. During his visit
to Chongqing earlier in January, President Xi Jinping said China
would focus on reducing overcapacity and lowering corporate
costs. (Reuters)
Regional
 Increase in fuel, electricity, water tariffs may cost Almarai an
additional SR500mn in 2016; company buys farm land in California
for SR119.3mn – Almarai Company has said that increase in
energy, fuel, electricity and water tariffs will result in an estimated
additional cost of around SR200mn in 2016. The dairy producer
also forecasted additional and indirect cost of SR100mn from
expected price increases from various local suppliers. In addition,
a recent Saudi government resolution to suspend production of
green fodder in the Kingdom within three years is likely to
increase input costs by SR200mn in 2016. The company will
continue focusing on business efficiency, cost optimization and
other initiatives to mitigate the effect of these increases.
Separately, Almarai has purchased 1,790 acres of farm land in
California through its fully-owned subsidiary Fondomonte
California for SR119.3mn. This transaction forms part of Almarai's
continuous efforts to improve and secure its supply of the highest
quality alfalfa hay from outside Saudi Arabia to support its dairy
business. In addition to this purchase, the company is committed
to invest on infrastructure, including a bailing system as well as
logistics and transportation equipment necessary for efficient
supply of alfalfa hay from its US-based facility to the Kingdom.
(Tadawul)
 Al Riyadh: KSA’s introduction of VAT to generate SR57bn in
revenues – Al Riyadh, citing experts, has reported that Saudi
Arabia’s introduction of value-added tax (VAT) will generate
revenues worth SR57bn every year. The Kingdom had recently
announced that it has started a gradual application of VAT, which

4. Page 4 of 6
will be completed within two years. As per the report, this move
would help identify the real gross product of the private sector,
expose commercial cover-ups and put an end to the hidden
economy that costs the Kingdom SR500bn every year. Saudi
Minister of Finance has already said the tax levied will be 5% and
remains one of the lowest in the region. According to experts, VAT
encourages savings, investments and growth and boosts
competiveness. Further, the experts ruled out any adverse effects
on national exports. (Ameinfo.com)
 Saudi energy reforms may cost SISCO SR15mn – Saudi Industrial
Services Company (SISCO) has made an addendum announcement
related to the adjustment in electricity and energy prices. The
company said that the financial impact resulting from the
adjustment of these prices is approximately SR15mn in net results.
The company will take the required efforts to deal with these
changes to reduce their impact on the company’s financial results
in 2016. (Tadawul)
 DLD: Value of Dubai’s real estate deals exceeded AED267bn in 2015
– Dubai Land Department (DLD), in its recently released report
about real estate deals in Dubai, reported that the total value of
deals recorded a substantial increase of 8% YoY in 2015 as
compared to 2014. The report pointed out that the value of real
estate deals in Dubai in 2015 exceeded AED267bn, achieved
through 63,719 deals. Sales accounted for 49% of the total value of
deals. As per the report, the total number of sales deals increased
to 48,000, with the total value exceeding AED130bn, while the
share of mortgages reached more than 12,000, valued at
approximately AED117bn. (Ameinfo.com)
 Dubai Customs signs MoU with Dubai Chamber of Commerce and
Industry – Dubai Customs has signed a MoU with Dubai Chamber
of Commerce and Industry to streamline the synergy in
implementing the Dubai Customs’ in-house developed and owned
‘Risk Engine’ at Dubai Chamber. This agreement is “the outcome of
both parties’ keenness to achieve strategic goals and to forge
bonds of collaboration, pertaining to trade facilitation and risk
mitigation”. The agreement is aimed at enabling Dubai Chamber to
utilize Dubai Customs’ ‘Risk Engine’ platform upon its revamp and
tailor-fitting it to accommodate Dubai Chamber’s service relating
to the issuance of Certificates of Origin (COOs). The MoU aims to
strengthen bilateral relations between the two parties via
coordination, exchange of expertise and technological resources.
(GulfBase.com)
 Alarab: Kuwait raises oil price to $25.33 a barrel – According to
London-based newspaper Alarab, Kuwait Petroleum Corporation
(KPC) has raised the price of Kuwaiti crude oil by $1.21 to $25.33
in last Friday’s trading, compared with $24.12 a barrel on January
7, 2016. The price of a barrel of Kuwaiti oil had lost roughly 48%
of its value over the past three months, as the country continues to
intensify production to reach approximately three million barrels
for the first time, by the beginning of this January. Kuwaiti oil price
continues to decline given the fact that other oil producing
countries are increasing production and reducing prices to
maintain their share in global markets. (Ameinfo.com)
 NBK expects Kuwait to report budget deficit of KD3.9bn –
According to a report published by Kuwait News Agency (KUNA),
National Bank of Kuwait (NBK) expects Kuwait to report a budget
deficit of KD3.9bn, representing 9.8% of the gross domestic
product (GDP) by the end of the current fiscal year 2015-2016.
The bank said in a special economic report that the general budget
recorded a preliminary fiscal deficit of KD1.9bn that preceded the
transfer of payments to the Reserve Fund for Future Generations.
Despite the drop in public spending, wages and salaries as well as
capital spending have increased, reflecting a pick-up in project
delivery. The report added that non-oil revenues remained below
their average over the past five years. Government spending stood
at KD6.6bn fiscal YTD, down by 22% in November 2015 as
compared to the year-ago period. Actual spending was even higher
at KD11.2bn, according to new data published by the Ministry of
Finance on actual withdrawals made from the government
accounts at the Central Bank of Kuwait. (Ameinfo.com)
 Larsen & Toubro (Oman) wins $93mn contract to build Sohar
Airport passenger terminal – Larsen & Toubro (Oman), a
subsidiary of India’s Larsen & Toubro (L&T), has bagged an order
worth $93.1mn for the construction of a passenger terminal at
Sohar Airport along with other service buildings. L&T further
stated that the works include construction of a passenger terminal
building, an ATC complex, cargo and other service buildings
including mechanical, electrical and plumbing (MEP) works,
special systems and external works. According to the Oman
Airports Management Company (OAMC), Sohar Airport will
provide an alternative, quicker route for travelers wishing to
access the north of Oman. The project is scheduled to be
completed in two years. (GulfBase.com)
 KPMG: Oman’s ninth five-year plan based on $45-60 oil range –
According to KPMG, Oman’s ninth five year plan (FYP), covering
the 2016-2020 time frame, is based on average oil price range of
$45 per barrel in 2016 to $60 per barrel in 2020. Starting from $45
per barrel in 2016, the ninth FYP envisions an increase in the
average oil price per barrel to $55 per barrel for the years 2017
and 2018, spiking to $60 for the years 2019 and 2020. This
compares with a corresponding price band ranging from $58 to
$60 during the previous eighth FYP. KPMG said that the ninth FYP
also set aside proceeds from the sale of 15,000 barrels per (bpd)
day of oil to be transferred to the Oil Reserve Fund starting from
the second year of the plan. Additional transfers of oil revenues to
other funds may be mandated if the budget is in surplus.
Throughout the plan, the oil output is projected to remain steady
at 990,000 bpd, as opposed to the average production of 900,000
bpd during the eighth plan. Total revenues are projected to rise
from OMR8.5bn in 2016 to OMR9.8bn a year later, climbing
further to OMR10.3bn in 2018 and somewhat stabilizing at
OMR11.1bn and OMR11.3bn in 2019 and 2020 respectively.
Annual revenues are expected to average around OMR10.2bn
during the time frame of the plan, with oil accounting for 54% of
the total revenues, gas 18%, and current and capital revenues &
recoveries contributing the remaining 28%. Expenditure on the
other hand, is projected at OMR11.9bn for 2016, climbing to
OMR14.1bn in 2020 at the end of the plan period. Total annual
expenditure averages OMR13.18bn during the plan, resulting in an
average annual deficit of 29%. As a percentage of total revenue,
the deficit will gradually reduce from 38% in 2016 to 25% in 2020.
Significantly, the contribution of oil to the GDP is projected at 26%
in the ninth FYP, down from an average of 44% in the eighth FYP.
Nevertheless, the investments in oil & gas production are
projected at an annual average of $2.278bn during the plan. Non-
oil economic activities are expected to receive further impetus
during the plan. Apart from economic diversification through
vertical expansion in activities dependent on oil, the ninth FYP
focuses on the development of non-oil sectors such as
manufacturing, transportation and logistics, tourism, fisheries and
mining. The report noted that the FYP envisions a heightened role
for the private sector in driving economic development, adding
this would be achieved through privatization programs,
development of small and medium enterprises (SMEs), public-
private partnerships and an improved investment climate.
(GulfBase.com)
 Batelco to launch Cisco storage solutions – Bahrain
Telecommunication Company (Batelco) has tied up with Cisco to
launch the Nimble Storage solutions for its enterprise customers in

5. Page 5 of 6
the Kingdom. The move is aimed at empowering the businesses in
Bahrain to enhance their processes and improve operational
efficiencies. (GulfBase.com)
 GDN: Bahrain central bank warns about fallout of taxes on
remittances and other foreign transactions – Gulf Daily News
(GDN) has reported that the Central Bank of Bahrain (CBB) has
warned about the fallout of taxes on remittances and other foreign
transactions. This move will damage the national economy and
may have serious implications for Bahrain’s image as a prized
regional financial center and an offshore banking hub. The
Parliament’s financial and economic affairs committee has
endorsed a proposal by five MPs to levy fees on remittances to
urgently find new revenue streams amid the global oil price slump.
(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
`
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
Markets Authority and the Qatar Exchange QNB SAQ 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)
80.0
100.0
120.0
140.0
160.0
180.0
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
QSEIndex S&P Pan Ar ab S&P GCC
(2.2%)
(1.0%) (1.0%)
(0.7%)
0.0% 0.2%
(0.1%)
(3.0%)
(2.0%)
(1.0%)
0.0%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,104.05 (0.4) 4.0 4.0 MSCI World Index 1,561.47 (0.9) (6.1) (6.1)
Silver/Ounce 13.94 (2.6) 0.9 0.6 DJ Industrial 16,346.45 (1.0) (6.2) (6.2)
Crude Oil (Brent)/Barrel (FM Future) 33.55 (0.6) (10.0) (10.0) S&P 500 1,922.03 (1.1) (6.0) (6.0)
Crude Oil (WTI)/Barrel (FM Future) 33.16 (0.3) (10.5) (10.5) NASDAQ 100 4,643.63 (1.0) (7.3) (7.3)
Natural Gas (Henry Hub)/MMBtu 2.47 5.3 6.8 6.8 STOXX 600 341.35 (1.3) (6.5) (6.5)
LPG Propane (Arab Gulf)/Ton 34.13 (3.9) (11.1) (11.1) DAX 9,849.34 (1.1) (8.5) (8.5)
LPG Butane (Arab Gulf)/Ton 51.50 (2.1) (6.6) (6.6) FTSE 100 5,912.44 (1.2) (6.7) (6.7)
Euro 1.09 (0.1) 0.6 0.6 CAC 40 4,333.76 (1.3) (6.4) (6.4)
Yen 117.26 (0.3) (2.7) (2.5) Nikkei 17,697.96 (0.2) (4.8) (4.8)
GBP 1.45 (0.7) (1.6) (1.5) MSCI EM 740.07 0.2 (6.8) (6.8)
CHF 1.01 (0.2) 0.7 0.8 SHANGHAI SE Composite 3,186.41 2.0 (11.4) (11.4)
AUD 0.70 (0.8) (4.8) (4.6) HANG SENG 20,453.71 0.5 (6.8) (6.8)
USD Index 98.54 0.3 (0.1) (0.1) BSE SENSEX 24,934.33 0.0 (5.7) (5.5)
RUB 74.75 (0.0) 3.1 3.1 Bovespa 40,612.21 0.0 (8.2) (8.2)
BRL 0.25 0.5 (1.6) (1.6) RTS 736.82 0.0 (2.7) (2.7)
111.7
96.3
96.1