The QSE Index rose 0.1% to close at 10,604.3

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.1% to close at 10,604.3. Gains were led by the Insurance and
Real Estate indices, gaining 1.3% and 1.1%, respectively. Top gainers were Qatari
German Company for Medical Devices and Qatar First Bank, rising 6.7% and 3.6%,
respectively. Among the top losers, Qatar National Cement Company fell 1.4%, while
Aamal Company was down 1.0%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.1% to close at 7,839.3. Losses were led by the
Energy and Food & Staples Retailing indices, falling 0.9% and 0.8%, respectively.
MEFIC REIT Fund declined 3.7%, while Al Alamiya for Coop. Ins. was down 3.0%.
Dubai: The DFM General Index declined 1.2% to close at 2,550.5. The Invest. & Fin.
Services index fell 3.3%, while the Consumer Staples and Disc. index declined 3.2%.
SHUAA Capital fell 10.0%, while Islamic Arab Insurance Company was down 6.1%.
Abu Dhabi: The ADX General index fell 0.8% to close at 4,836.5. The Energy index
declined 1.9%, while the Industrial index fell 1.3%. Union Insurance Company
declined 9.7%, while Abu Dhabi National Energy Company was down 7.9%.
Kuwait: The Kuwait Main Market Index declined 0.4% to close at 4,715.8. The
Technology index fell 7.0%, while the Telecom. index declined 0.7%. Automated
Systems Co. fell 7.0%, while UniCap Investment and Finance was down 6.5%.
Oman: The MSM 30 Index fell marginally to close at 4,547.7. The Financial and
Industrial indices declined 0.1% each. Gulf Invest Services Holding fell 2.5%, while
Almaha Ceramics was down 1.9%.
Bahrain: The BHB Index fell 0.2% to close at 1,317.4. The Commercial Banks index
declined 0.4%, while the Service index fell 0.1%. Khaleeji Commercial Bank
declined 5.9%, while Ithmaar Holding was down 5.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari German Co for Med. Devices 5.45 6.7 416.9 (15.6)
Qatar First Bank 4.59 3.6 1,912.3 (29.7)
Qatar General Ins. & Reins. Co. 47.47 2.7 1.4 (3.1)
Al Khaleej Takaful Insurance Co. 8.86 2.4 46.6 (33.1)
Alijarah Holding 9.27 1.9 142.9 (13.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 4.59 3.6 1,912.3 (29.7)
Al Khalij Commercial Bank 11.20 0.0 679.4 (21.1)
Mazaya Qatar Real Estate Dev. 8.24 0.4 500.5 (8.4)
Qatari German Co for Med. Devices 5.45 6.7 416.9 (15.6)
Vodafone Qatar 8.59 (0.1) 336.7 7.1
Market Indicators 09 Dec 18 06 Dec 18 %Chg.
Value Traded (QR mn) 108.2 219.2 (50.6)
Exch. Market Cap. (QR mn) 596,055.6 595,351.0 0.1
Volume (mn) 6.7 10.4 (35.8)
Number of Transactions 2,707 5,386 (49.7)
Companies Traded 43 43 0.0
Market Breadth 21:17 23:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,683.56 0.1 0.1 30.7 15.7
All Share Index 3,154.73 0.2 0.2 28.6 16.0
Banks 3,888.57 (0.2) (0.2) 45.0 14.6
Industrials 3,341.83 0.1 0.1 27.6 15.9
Transportation 2,154.23 0.1 0.1 21.8 12.5
Real Estate 2,196.35 1.1 1.1 14.7 19.8
Insurance 3,095.04 1.3 1.3 (11.1) 18.4
Telecoms 1,081.68 0.3 0.3 (1.6) 43.9
Consumer 6,918.56 0.1 0.1 39.4 14.2
Al Rayan Islamic Index 4,009.50 (0.0) (0.0) 17.2 15.7
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
DP World Dubai 17.15 2.4 84.6 (31.4)
National Petrochem.Co. Saudi Arabia 27.50 2.0 192.1 48.4
Etihad Etisalat Co. Saudi Arabia 17.98 1.5 2,278.3 21.2
Mabanee Co. Kuwait 0.64 1.4 57.9 (4.8)
Boubyan Bank Kuwait 0.59 1.4 1,304.4 41.1
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Salam Bank-Bahrain Bahrain 0.08 (3.5) 603.6 (27.2)
DAMAC Properties Dubai 1.68 (2.9) 323.6 (49.1)
Mobile Telecom. Co. Saudi Arabia 6.85 (2.7) 9,710.5 (6.3)
Dubai Investments Dubai 1.20 (2.4) 9,226.0 (50.2)
Al Hamm. Dev. & Inv. Co Saudi Arabia 23.80 (2.4) 1,342.4 (35.8)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar National Cement Company 60.15 (1.4) 1.1 (4.4)
Aamal Company 9.48 (1.0) 115.7 9.2
Qatar Ind. Manufacturing Co 43.21 (0.7) 35.3 (1.1)
Masraf Al Rayan 42.21 (0.6) 109.9 11.8
Qatar Navigation 69.50 (0.4) 25.5 24.2
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 196.50 (0.2) 9,278.0 55.9
Qatar First Bank 4.59 3.6 8,704.4 (29.7)
The Commercial Bank 41.00 0.0 7,587.9 41.9
Al Khalij Commercial Bank 11.20 0.0 7,554.9 (21.1)
Qatar Islamic Bank 155.99 (0.3) 7,442.4 60.8
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 10,604.28 0.1 0.1 2.3 24.4 29.64 163,736.5 15.7 1.6 4.1
Dubai 2,550.50 (1.2) (1.2) (4.4) (24.3) 66.43 93,976.8 8.6 0.9 6.9
Abu Dhabi 4,836.45 (0.8) (0.8) 1.4 10.0 37.50 132,329.7 13.1 1.4 5.0
Saudi Arabia 7,839.27 (0.1) (0.1) 1.8 8.5 572.12 495,529.2 16.9 1.8 3.5
Kuwait 4,715.81 (0.4) (0.4) (0.3) (2.3) 68.00 32,343.9 16.8 0.9 4.4
Oman 4,547.73 (0.0) (0.0) 3.1 (10.8) 0.71 19,530.8 10.7 0.8 5.7
Bahrain 1,317.44 (0.2) (0.2) (0.9) (1.1) 0.88 20,059.6 8.9 0.8 6.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,580
10,600
10,620
10,640
10,660
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 rose 0.1% to close at 10,604.3. The Insurance and Real
Estate indices led the gains. The index rose on the back of buying
support from non-Qatari shareholders despite selling pressure from
Qatari and GCC shareholders.
 Qatari German Company for Medical Devices and Qatar First Bank were
the top gainers, rising 6.7% and 3.6%, respectively. Among the top
losers, Qatar National Cement Company fell 1.4%, while Aamal
Company was down 1.0%.
 Volume of shares traded on Sunday fell by 35.8% to 6.7mn from 10.4mn
on Thursday. Further, as compared to the 30-day moving average of
7.2mn, volume for the day was 8.0% lower. Qatar First Bank and Al
Khalij Commercial Bank were the most active stocks, contributing
28.7% and 10.2% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
12/09 China National Bureau of Statistics PPI YoY November 2.7% 2.7% 3.3%
12/09 China National Bureau of Statistics CPI YoY November 2.2% 2.4% 2.5%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 CEO: The Commercial Bank to raise up to $1bn in debt next year
– The Commercial Bank could raise up to $1bn in debt next year
by tapping a range of various debt instruments, as the country's
third-largest lender by assets aims to further diversify its
funding sources, the bank's CEO, Joseph Abraham said. Qatari
banks, traditionally reliant on foreign funding, have sought to
tap a larger variety of investors since June last year when Qatar
became locked in a diplomatic dispute with Saudi Arabia, the
UAE, Egypt and Bahrain. The Commercial Bank has around
$750mn in debt maturing next year, including bonds and loans,
and plans to refinance that debt as normal course of business,
said Abraham, who added that total debt issuance next year
could go up to $1bn. (Zawya)
 Doha Bank plans to issue bonds in 1Q2019, CEO says – Doha
Bank preparing to tap debt markets in 1Q2019, but has not
determined the amount, according to Doha Bank’s CEO,
Raghavan Seetharaman. (Bloomberg)
 S&P: Qatar’s fiscal balance returns to surplus in 2018 – Qatar’s
fiscal balance has returned to surplus in 2018, ratings agency
S&P stated, which expects the high level of government assets
to remain a core rating strength. Qatar’s external balances are
set to improve, despite the boycott, with fiscal balance
remaining strong over the 2018-2021 period, S&P noted in its
report. Qatar's goods exports to the blockading nations were
relatively limited; most of its gas receipts come from Asian
customers, the report stated. The UAE still accounts for 4% of
Qatari exports, including gas exports through the Dolphin
pipeline, which S&P does not expect to be affected by the
blockade. Therefore, the impact of the boycott on Qatar's export
earnings has been limited, in S&P’s view. Qatar has found
alternative sources of goods that previously arrived from
blockading nations, although likely at higher prices, and now
imports directly into its newly opened port. “We expect the
current account position will remain in surplus of about 7.5% in
2018 (versus 3.8% in 2017), supported by higher hydrocarbon
prices, with which most of Qatar's gas contracts are linked.
Over the medium term, we expect the current account balance
to remain in a surplus of around 5%, largely driven by our oil
price assumptions,” S&P stated. Outflows of non-resident
funding from Qatari banks reached about $22bn (13% of GDP)
at year-end 2017, around three-fourths of which was related to
the blockading countries repatriating deposits they had in
Qatar. However, liquidity injections of about $40bn (24% of
GDP) by the Qatar Central Bank and public sector entities,
mostly Qatar Investment Authority, more than compensated
the outflows. (Gulf-Times.com)
 Finance Minister: Qatar to achieve budgetary surplus in 2019 –
The Minister of Finance HE Ali Shareef Al Emadi said that
Qatar’s next general national budget for fiscal year 2019, which
is to be announced within a few days, will have an estimated
surplus. With the surplus budget, Qatar will see increase in
budgetary allocations for capital expenditure and spending in
several key sectors, including infrastructure and social sectors
such as healthcare, education and others. This ensures the
stability and strength of Qatar’s financial situation as well as
offering a future perspective that believes in the country’s
capacity to continue to grow and achieve a sustainable
development. The Minister noted that the key macroeconomic
indicators such as GDP growth, trade surplus and inflation
numbers prove that Qatar has long overcome the repercussions
of the unjust blockade. Qatar’s gross domestic product
expanded by 5.9% in the first six months of this year compared
to the same period last year. The Minister also said that Qatar’s
stock market has fully recovered, with its performance rising
among the best stock markets since the beginning of this year
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 35.59% 47.62% (13,017,438.56)
Qatari Institutions 16.53% 14.15% 2,577,284.08
Qatari 52.12% 61.77% (10,440,154.48)
GCC Individuals 1.38% 1.60% (236,795.79)
GCC Institutions 2.45% 8.45% (6,484,252.49)
GCC 3.83% 10.05% (6,721,048.28)
Non-Qatari Individuals 16.95% 17.10% (156,161.71)
Non-Qatari Institutions 27.09% 11.09% 17,317,364.47
Non-Qatari 44.04% 28.19% 17,161,202.76

3. Page 3 of 6
until now, which reflects investors’ confidence in the Qatari
economy. (Peninsula Qatar)
 Qatari banking market is an important key to QNB Group
despite its global expansion – QNB Group’s Acting CEO, Abdulla
Mubarak Al Khalifa said that despite the Group’s global
expansion, the Qatari banking market is the cornerstone of the
bank’s operations, as it seeks continuously to grow in the local
market and support various economic initiatives to ensure that
it maintains its leadership position in Qatar. Addressing the
‘Euromoney Qatar Conference’, Al Khalifa stressed that the
Qatari market will continue to be a top priority for the bank, in
line with continuing global expansion in selected markets, to
achieve its strategic objectives of becoming one of the leading
financial institutions in the Middle East, Africa, and Southeast
Asia by 2020 and one of the major international banks in 2030.
QNB Group’s Acting CEO pointed out that despite the
encouraging signs of further progress in the Qatari banking
sector, there are challenges and risks facing the business and
affecting future growth prospects, including slowing growth in
the global economy, fluctuations in money and currency
markets, and crises in trade relations as well as the threats of
information security and cybercrime. (Peninsula Qatar)
 The Commercial Bank’s Managing Director sees optimism for
Qatar – After overcoming difficult times wrought by last year’s
economic blockade, including the challenges of 2016’s low oil
prices, 2019 will usher in a positive economy for Qatar,
according to The Commercial Bank’s Managing Director, Omar
Hussain Alfardan. Alfardan said on the sidelines of the
Euromoney Qatar Conference that his outlook for 2019 remains
“optimistic,” citing the announcement of HE the Minister or
Finance Ali Shareef al-Emadi, who said in his opening speech
that Qatar’s budget for 2019 will project surplus. He added, “So,
we feel that the market is going to grow. We’ve seen the worst
case scenario in 2017, and in 2018 we have bounced back as you
see in Commercial Bank’s results; we expect substantial growth
going forward.” Alfardan also said that Qatar’s liquidity
situation has improved substantially. He said, “Around one and
a half years now since the blockade and we have returned to a
‘business-as-usual’ mode in every aspect of our economy. There
was no disruption in provisioning of financial services at any
point following the blockade, and the response of the financial
sector is praiseworthy.” (Gulf-Times.com)
 OPEC withdrawal fits Qatar’s LNG strategy, says US finance
attaché – Qatar’s recent decision to withdraw its membership
from OPEC is a business decision that supports the country’s
development strategy for its liquefied natural gas (LNG) sector,
industry experts agreed during the Euromoney Conference.
Qatar is OPEC’s 11th-biggest oil producer. Lesley Chavkin, the
US Department of the Treasury financial attaché to Qatar and
Kuwait, pointed out that Qatar’s total output accounts for only
2%. “Qatar is not a behemoth in OPEC, and I think it
(withdrawal from OPEC) fits with the strategy to focus the
resources on LNG. That seems to be the future of Qatar’s energy
industry,” Chavkin said. On the global market, Chavkin also
said that Qatar is expanding its reach, veering towards the Asia
Pacific region. Mohamed Barakat, the Managing Director of US-
Qatar Business Council, said he agrees with Qatar’s decision to
withdraw its membership from OPEC, because this is a
business-focused decision. “Qatar is in the gas business and its
oil production doesn’t affect the market that much as countries
like Saudi Arabia,” Barakat said. He added, “Qatar’s decision to
increase its gas production will definitely increase the support
and supplies that Qatar can provide globally, knowing that from
a US perspective, Qatar has provided a lot of LNG to US allies,
supporting them, and helping them to be more independent
with a reliable partner in Qatar - that would help advance more
the business interests globally in Qatar, as well.” (Gulf-
Times.com)
 The Commercial Bank continues to invest in technology to keep
edge – Investing more in technology is a key to keeping abreast
with market trends and the latest technological advancements,
enabling a bank to cater more to customer needs, The
Commercial Bank Group’s CEO, Joseph Abraham said. Abraham
said, “Banking in the future would require a lot of investment in
technology, and the more that you can merge the spend rather
than have it spread across a number of banks, that’s one of the
benefits of consolidation that you have – more investments into
technology.” Speaking on Fintech and its impact on the
banking system, Abraham said, “We hear a lot about
technology and Fintech companies, the rise of Fintech, and the
threats to the banking system but personally, I believe that the
customer doesn’t care whether it’s a Fintech company or it’s a
bank.” (Gulf-Times.com)
International
 US says March 1 'hard deadline' for trade deal with China – The
US-China trade negotiations need to reach a successful end by
March 1 or new tariffs will be imposed, US Trade
Representative, Robert Lighthizer said, clarifying there is a hard
deadline after a week of seeming confusion among Us
President, Donald Trump and his advisers. (Reuters)
 Japan’s third quarter GDP contracts at fastest pace since 2014,
trade war dims outlook – The Japanese economy contracted the
most in over four years in the third quarter as capital
expenditure tumbled, raising concerns about demand at home
and overseas as the export-reliant nation grapples with global
trade frictions. The gross domestic product shrank at an
annualized rate of 2.5%, deeper than an initial estimate of 1.2%
contraction and against economists’ median estimate for 1.9%
decline, revised data from the Cabinet Office showed. That
followed a revised 2.8% expansion in the second quarter, and
marked the sharpest contraction since the second quarter 2014
when the economy was hit by a sales tax hike in April that year.
Economists expect the economy to stage a rebound in the
current quarter, noting the third-quarter slump was caused in
part by natural disasters that disrupted supply chains and
factory output. However, the strength of recovery remains in
doubt given cooling global growth, a rising tide of protectionism
and slowing company profits. (Reuters)
 China's November PPI up 2.7% YoY, CPI up 2.2% YoY – China’s
factory prices rose in November at their slowest pace since
October 2016 as domestic demand lost further momentum,
piling pressure on policymakers to unveil more measures to
support the economy. Consumer inflation, meanwhile, eased
from the previous month due to lower food prices, according to
data published by the National Statistics Bureau. The producer
price index (PPI), a measure of the prices businesses receive for

4. Page 4 of 6
their goods and services, rose 2.7% in November from a year
earlier, compared with 3.3% increase in October, according to
the statistics bureau. Analysts polled by Reuters had expected
producer inflation - also used by economists as a sign of the
trends in industrial profits - would cool to 2.7% last month. On a
monthly basis, the PPI fell 0.2%, down from 0.4% gain in
October. China reported its weakest factory activity in over two
years in November as new orders slowed, while profit growth
for industrial firms softened for six months in a row. China’s
consumer price index (CPI) rose 2.2% in November from a year
earlier, slowing from 2.5% in October and below expectations of
2.4%. The government’s full-year target for consumer price
inflation is 3%. On a MoM basis, the CPI fell 0.3%. (Reuters)
Regional
 IMF: Boosting trade & investment key to GCC growth – Trade
and investments are key to the diversification and growth in
the GCC. Diversification of the GCC economies, supported by
greater openness to trade and higher foreign investment, can
have a large impact on growth. Such measures can support
higher, sustained, and more inclusive growth by improving the
allocation of resources across sectors triggering technology
spillovers, promoting knowledge, creating a more competitive
business environment, and enhancing productivity, the
International Monetary Fund (IMF) stated in a document on
GCC’s ‘Trade and Investment ’. The Fund stated that the GCC
countries are open to trade, but much less so to foreign direct
investment (FDI). (Peninsula Qatar)
 Saudi Aramco will set up a sustainable global energy hub –
State oil giant Saudi Aramco has launched a mega project,
SPARK, which has been designed to position the Kingdom as a
global energy hub that furnishes a dynamic, enabling
environment for foreign and domestic investment. The 50-sq-
km energy city will be constructed on an area between
Dammam and Al Hasa in the heart of Saudi Arabia’s energy
business, near major workforce providers and adjacent to
highway and railway networks. This location will also allow for
integration with Dammam's third Industrial City, as well as
proximity to power generation and water sources, and logistical
services, Saudi Aramco stated. (GulfBase.com)
 Saudi Arabia is said to review expat fees as economy feels the
sting – Saudi Arabia is reviewing its policy of imposing fees on
expatriate workers after rising costs inflicted economic pain
and contributed to an exodus of foreigners, according to
sources. While it is unlikely the fees will be canceled altogether,
a ministerial committee is looking at modifying or restructuring
them, sources said. A decision is expected within weeks,
sources added. (Bloomberg)
 Filling & Packing Material. Mfg. Co. assigned rating of BBB+
with a ‘Stable’ Outlook by SIMAH's Credit Rating Agency
(Tassnief) – Filling & Packing Material. Mfg. Co. (FIPCO) has
announced that SIMAH's Credit Rating Agency (Tassnief) has
assigned a ‘BBB+’ Rating on December 6, 2018. The rating is of
an investment grade to FIPCO, with a ‘Stable’ outlook.
(Tadawul)
 UAE to enhance confidence in jewelry industry – The Emirates
Authority for Standardization & Metrology – ESMA – has
adopted three regulations for the jewelry industry, which
contribute to achieving the highest levels of confidence for
consumers, particularly in the diamond and jewellery industry.
The Board of Directors of (ESMA) adopted three regulations to
serve the implementation of the UAE Cabinet Resolution No. 45
of 2018, to control the precious stones and precious metals and
stamp them. (GulfBase.com)
 Abu Dhabi Securities Exchange replaces CEO – Abu Dhabi
Securities Exchange CEO, Rashed Al-Blooshi has left his
position and moved to a new role at the Department of
Economic Development in Abu Dhabi, a spokesperson for the
stock market said. Undersecretary of the Department of
Economic Development in Abu Dhabi, Khalifa Al-Mansouri has
become the new acting CEO of the stock exchange, the
spokesperson said. (Reuters)
 Abu Dhabi's Senaat sees potential for a bond next year – Abu
Dhabi’s Senaat, a state-owned investor in the Emirate’s
industrial sector, sees potential for it to issue a bond next year,
its CEO, Jamal Salem Al Dhaheri said. The company last month
issued $300mn in Sukuk, a document by one of the banks
leading the deal showed. “Yes there is potential (for 2019). We
wanted to test the market and the response was very good”, he
told reporters. (Reuters)
 Mubadala buys 20% interest in Egypt's Nour oil concession –
Abu Dhabi’s Mubadala Petroleum stated that it has acquired a
20% participating interest in Egypt’s Nour North Sinai Offshore
Area concession from Italy’s Eni. Eni, the concession operator,
now holds a 40% interest, Mubadala stated. The other partners
are Egyptian Natural Gas Holding Co., BP and Tharwa
Petroleum Co. (Reuters)
 ADFG's Goldilocks raises stake in Dubai-listed insurance firm
Salama – Goldilocks Investment Company, an indirect
subsidiary of Abu Dhabi Financial Group (ADFG), has increased
its beneficial ownership in Dubai-listed Islamic Arab Insurance
Company, known as Salama, to 14.1%, it stated. The move
reflected Goldilocks’ and ADFG’s bullish outlook on the
insurance sector in the UAE, Goldilocks stated. Goldilocks
raised its stake from 9.9% via a share finance facility, it stated.
Combined, Goldilocks and ADFG continue to hold around 29.9%
of Salama’s issued shares. Privately owned ADFG launched
Goldilocks in 2015 as an investment fund with a mandate to
invest in listed equities. (Reuters)
 Kuwait's KAMCO plans to take over Global Investment House –
KIPCO Asset Management Co. has planned to merge the
business of Global Investment House into its operations. The
Kuwaiti investment firms applied to the market regulator to
combine, according to a statement. Details will be disclosed
after obtaining approvals. KIPCO Asset Management, also
known as KAMCO, owns a 69.5% stake in Global Investment
House. (Bloomberg)
 Kuwait's central bank tells foreign exchange firms to raise
capital requirements – Kuwait’s central bank has told foreign
exchange companies to raise their capital requirements to
KD1.7mn from KD1.5mn, the central bank stated. (Reuters)
 Korea & Kuwait relations based on strong bilateral ties since
’1979’ – The South Korean Ambassador to Kuwait His
Excellency Hong Youngki said that the Korea-Kuwait relations
are based on strong bilateral ties in many fields since 1979, Al-
Qabas daily reported. In an interview with the daily, Hong
disclosed that the volume of trade exchange between the two

5. Page 5 of 6
countries is increasing rapidly; which has exceeded $10bn in
2017. As for his country’s participation in the ‘Kuwait 2035
Vision,’ Hong said: “Korean companies are involved in many
infrastructure projects as sincere partners in accordance with
the vision of HH the Amir of Kuwait.” On the assessment of the
role of Kuwait regionally and internationally, he said: Kuwait
has contributed much through its membership in the Security
Council and strengthen its efforts and the role in the
establishment of peace and security, echoing at the same time:
“We appreciate and support the efforts of the Kuwaiti
mediation to reach a solution to the dispute between the Gulf
Cooperation Council.” (GulfBase.com)
 Oman's banking sector outlook remains positive – The Central
Bank of Oman (CBO) continued to pursue monetary and
banking policies supportive of growth in the country, while the
outlook of the banking sector continued to remain positive in
2018. The total outstanding credit extended by other depository
corporations stood at OMR24.8bn as of the end of September
2018, a rise of 7.5% over the level witnessed a year ago. Credit
to the private sector increased by 5.6% to OMR22bn as of the
end of September 2018. Of the total credit to the private sector,
the non-financial corporate sector accounted for the highest at
46.3%, followed by the household sector (mainly under
personal loans) with 45.4%, financial corporations with 5.3%
and other sectors with the remaining 3%. Total deposits
increased by 3.7% to OMR22.4bn, with private sector deposits
growing by 2.2% to OMR14.1bn as at the end of September
2018. Sector-wise, the share of households was 48.6% of the
total private sector deposits, followed by non-financial
corporations with 30.7%, financial corporations with 18.2% and
other sectors with 2.5%. (GulfBase.com)
 Oman Cement plans $212mn project in Duqm SEZ – The
Sultanate’s first cement manufacturing firm has announced
that it plans to go ahead with the establishment of an
integrated cement project in the Duqm Special Economic Zone
(SEZ) with an investment of around $212mn. This follows
Board approval for the venture, the partly state-owned listed
company stated in a filing to the Capital Market Authority
(CMA). “The project implementation process is being finalized
by the company and shareholders will be informed of the
progress in due course,” the CEO, Salem Al Hajri said. According
to market sources, Oman Cement is going it alone in the
development of a cement plant in Duqm in a departure from an
earlier strategy to set up the project in joint venture with
Raysut Cement Company, the nation’s largest cement producer.
(GulfBase.com)
 Central Bank of Bahrain starts inter-bank repo for government
BHD securities – Central Bank of Bahrain (CBB) has started
liquidity management tool called interbank repurchase for the
government’s conventional securities denominated in dinars,
according to a statement. Through an inter-bank repo
transaction, the banks that require liquidity can sell their
government securities to banks that provide liquidity for a
predefined period and at an agreed price. CBB expects the tool
to help conventional retail banks to borrow from the local
market at lower interest rates and with the guarantee of the
securities as collateral. The tool to also allow for investing
excess liquidity at a lower risk helps improve the money market
and liquidity in the domestic market. (Bloomberg)

6. 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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Nov-14 Nov-15 Nov-16 Nov-17 Nov-18
QSE Index S&P Pan Arab S&P GCC
(0.1%)
0.1%
(0.4%)
(0.2%)
(0.0%)
(0.8%)
(1.2%)(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,248.35 0.9 2.1 (4.2) MSCI World Index 1,965.24 (1.3) (3.7) (6.6)
Silver/Ounce 14.62 1.0 3.0 (13.7) DJ Industrial 24,388.95 (2.2) (4.5) (1.3)
Crude Oil (Brent)/Barrel (FM Future) 61.67 2.7 5.0 (7.8) S&P 500 2,633.08 (2.3) (4.6) (1.5)
Crude Oil (WTI)/Barrel (FM Future) 52.61 2.2 3.3 (12.9) NASDAQ 100 6,969.25 (3.0) (4.9) 1.0
Natural Gas (Henry Hub)/MMBtu 4.51 1.6 (2.2) 27.4 STOXX 600 345.45 0.7 (2.7) (15.9)
LPG Propane (Arab Gulf)/Ton 73.50 3.2 7.3 (24.8) DAX 10,788.09 (0.1) (3.5) (20.8)
LPG Butane (Arab Gulf)/Ton 74.25 3.5 14.7 (29.7) FTSE 100 6,778.11 0.6 (3.1) (17.0)
Euro 1.14 0.0 0.5 (5.2) CAC 40 4,813.13 0.8 (3.1) (14.1)
Yen 112.69 0.0 (0.8) 0.0 Nikkei 21,678.68 0.7 (2.2) (4.9)
GBP 1.27 (0.4) (0.2) (5.8) MSCI EM 981.37 0.2 (1.3) (15.3)
CHF 1.01 0.2 0.7 (1.7) SHANGHAI SE Composite 2,605.89 0.1 1.9 (25.4)
AUD 0.72 (0.4) (1.3) (7.7) HANG SENG 26,063.76 (0.4) (1.5) (12.9)
USD Index 96.51 (0.3) (0.8) 4.8 BSE SENSEX 35,673.25 0.0 (3.6) (6.2)
RUB 66.40 (0.7) (0.9) 15.2 Bovespa 88,115.07 (0.5) (1.8) (1.7)
BRL 0.26 (0.7) (1.0) (15.2) RTS 1,157.94 2.1 2.8 0.3
83.1
79.4
78.6