The QE Index rose 0.5% to close at 10,308.2. Gains were led by the Real Estate and Insurance indices, gaining 1.6% and 1.3%, respectively.

1. Page 1 of 9
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.5% to close at 10,308.2. Gains were led by the Real Estate and
Insurance indices, gaining 1.6% and 1.3%, respectively. Top gainers were Qatar
Oman Investment Company and Qatar Aluminium Manufacturing Company, rising
10.0% and 4.9%, respectively. Among the top losers, Mazaya Qatar Real Estate Dev.
fell 6.1%, while Qatari German Company for Medical Devices was down 5.9%.
GCC Commentary
Saudi Arabia: The TASI Index gained 1.1% to close at 9,238.1. Gains were led by the
Banks and Media and Entertainment indices, rising 2.0% and 1.8%, respectively.
Alinma Bank rose 4.1%, while Alkhaleej Training And Education Co. was up 3.6%.
Dubai: The DFM Index gained 0.8% to close at 2,813.2. The Invest. & Fin. Services
and Insurance indices rose 1.8% each. International Financial Advisors rose 9.9%,
while Dar Al Takaful was up 9.0%.
Abu Dhabi: The ADX General Index gained 0.4% to close at 5,237.1. The Real Estate
index rose 1.6%, while the Energy index gained 1.1%. Umm Al Qaiwain General
Investment Company rose 11.4%, while Rak Properties was up 7.8%.
Kuwait: The Kuwait Main Market Index fell 1.2% to close at 4,999.5. The Industrials
index declined 2.0%, while the Oil & Gas index fell 1.6%. Al Aman Investment
Company declined 10.6%, while Commercial Bank of Kuwait was down 10.0%.
Oman: The MSM 30 Index fell 0.2% to close at 3,977.2. The Financial index declined
0.4%, while the other indices ended in green. Muscat Finance fell 2.6%, while Bank
Dhofar was down 2.3%.
Bahrain: The BHB Index gained 0.1% to close at 1,444.7. The Insurance index rose
1.2%, while the Investment index gained 0.6%. Arab Insurance Group rose 7.4%,
while Nass Corporation was up 4.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Oman Investment Company 6.82 10.0 401.8 27.7
Qatar Aluminium Manufacturing 11.89 4.9 3,490.2 (10.9)
Qatar Islamic Insurance Company 56.78 4.7 1.2 5.7
Mesaieed Petrochemical Holding 20.94 4.5 546.9 39.3
Ezdan Holding Group 11.10 2.8 1,330.6 (14.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Aluminium Manufacturing 11.89 4.9 3,490.2 (10.9)
Investment Holding Group 5.89 1.0 2,774.6 20.4
Qatar First Bank 5.30 0.0 2,520.6 29.9
Vodafone Qatar 7.91 1.4 1,903.2 1.3
Ezdan Holding Group 11.10 2.8 1,330.6 (14.5)
Market Indicators 17 April 19 16 April 19 %Chg.
Value Traded (QR mn) 290.8 261.8 11.1
Exch. Market Cap. (QR mn) 577,389.2 573,738.1 0.6
Volume (mn) 18.0 18.5 (2.8)
Number of Transactions 6,745 6,836 (1.3)
Companies Traded 44 43 2.3
Market Breadth 23:18 20:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,967.90 0.5 0.5 4.5 14.3
All Share Index 3,144.22 0.6 0.5 2.1 14.7
Banks 3,881.59 0.0 0.5 1.3 13.5
Industrials 3,345.81 1.2 0.5 4.1 15.6
Transportation 2,424.49 0.4 0.4 17.7 13.4
Real Estate 1,975.44 1.6 0.5 (9.7) 16.3
Insurance 3,418.52 1.3 2.6 13.6 20.6
Telecoms 939.87 0.6 (0.1) (4.9) 19.1
Consumer 7,897.92 (0.0) (0.2) 17.0 15.4
Al Rayan Islamic Index 4,094.44 0.3 0.0 5.4 13.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Alinma Bank Saudi Arabia 26.85 4.1 15,484.3 16.8
Al Ahli Bank of Kuwait Kuwait 0.33 3.4 2.2 12.2
Banque Saudi Fransi Saudi Arabia 40.90 3.3 739.2 30.3
DAMAC Properties Dubai 1.32 3.1 3,888.5 (12.6)
Saudi British Bank Saudi Arabia 39.90 3.0 348.5 22.2
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Comm. Bank of Kuwait Kuwait 0.59 (10.0) 42.4 28.7
Human Soft Holding Co. Kuwait 3.15 (4.3) 107.2 (4.0)
Agility Public Ware. Co. Kuwait 0.91 (3.6) 4,420.5 13.2
Saudi Cement Co. Saudi Arabia 60.00 (2.9) 164.4 23.6
Burgan Bank Kuwait 0.33 (2.3) 3,193.1 26.2
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%
Mazaya Qatar Real Estate Dev. 8.43 (6.1) 579.6 8.1
Qatari German Co for Med. Dev. 6.50 (5.9) 224.7 14.8
Al Khaleej Takaful Insurance Co. 17.22 (3.9) 340.4 100.5
Dlala Brokerage & Inv. Holding 11.00 (3.5) 208.6 10.0
Qatar National Cement Company 70.20 (3.2) 5.9 18.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 180.98 0.3 41,447.7 (7.2)
Qatar Aluminium Manufacturing 11.89 4.9 40,937.4 (10.9)
Industries Qatar 126.00 1.2 37,736.1 (5.7)
Investment Holding Group 5.89 1.0 16,615.0 20.4
Vodafone Qatar 7.91 1.4 15,017.5 1.3
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* 10,308.17 0.5 0.5 2.0 0.1 79.45 158,608.8 14.3 1.5 4.2
Dubai 2,813.22 0.8 0.8 6.8 11.2 86.79 99,551.1 9.9 1.0 4.8
Abu Dhabi 5,237.07 0.4 3.7 3.2 6.6 39.72 144,154.3 14.5 1.5 4.7
Saudi Arabia 9,238.05 1.1 1.7 4.7 18.0 1,279.11 578,392.2 20.8 2.1 3.2
Kuwait 4,999.53 (1.2) (0.3) 1.7 5.5 140.22 34,205.0 15.1 0.9 3.9
Oman 3,977.19 (0.2) (0.2) (0.2) (8.0) 9.13 17,283.0 8.3 0.8 6.9
Bahrain 1,444.73 0.1 0.4 2.2 8.0 7.84 22,155.0 9.5 0.9 5.7
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,150
10,200
10,250
10,300
10,350
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 9
Qatar Market Commentary
 The QE Index rose 0.5% to close at 10,308.2. The Real Estate and
Insurance indices led the gains. The index rose on the back of buying
support from GCC and non-Qatari shareholders despite selling pressure
from Qatari shareholders.
 Qatar Oman Investment Company and Qatar Aluminium Manufacturing
Company were the top gainers, rising 10.0% and 4.9%, respectively.
Among the top losers, Mazaya Qatar Real Estate Development fell 6.1%,
while Qatari German Company for Medical Devices was down 5.9%.
 Volume of shares traded on Wednesday fell by 2.8% to 18.0mn from
18.5mn on Tuesday. However, as compared to the 30-day moving
average of 12.6mn, volume for the day was 42.7% higher. Qatar
Aluminium Manufacturing Company and Investment Holding Group
were the most active stocks, contributing 19.4% and 15.4% to the total
volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2019
% Change
YoY
Operating Profit
(mn) 1Q2019
% Change
YoY
Net Profit
(mn) 1Q2019
% Change
YoY
Filling & Packing Mat. MFG. Co. Saudi Arabia SR 36.7 2.5% -4.2 N/A -2.5 N/A
Aldrees Petroleum and Transport
Services Co.
Saudi Arabia SR 1,299.8 1.1% 36.7 -9.2% 29.9 35.3%
Mobile Telecomm. Co. Saudi Arabia Saudi Arabia SR 2,093.0 24.2% 382.0 167.1% 129.0 N/A
Al Batinah Hotels# Oman OMR 320.4 26.1% – – -54.3 N/A
Al Buraimi Hotel# Oman OMR 136.6 -6.7% 47.1 304.1% 43.9 293.8%
Bahrain Family Leisure Company#
Bahrain BHD 408.6 4.5% 49.8 17.6% 126.7 N/A
Source: Company data, DFM, ADX, MSM, TASI, BHB. (#
Values in ‘000)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/17 US Mortgage Bankers Association MBA Mortgage Applications 12-April -3.5% – -5.6%
04/17 UK UK Office for National Statistics CPIH YoY March 1.8% 1.9% 1.8%
04/17 UK UK Office for National Statistics CPI MoM March 0.2% 0.2% 0.5%
04/17 UK UK Office for National Statistics CPI YoY March 1.9% 2.0% 1.9%
04/17 UK UK Office for National Statistics CPI Core YoY March 1.8% 1.9% 1.8%
04/17 EU Eurostat CPI Core YoY March 0.8% 0.8% 0.8%
04/17 EU Eurostat CPI MoM March 1.0% 1.0% 0.3%
04/17 EU Eurostat CPI YoY March 1.4% 1.4% 1.4%
04/17 China National Bureau of Statistics Industrial Production YoY March 8.5% 5.9% --
04/17 China National Bureau of Statistics Industrial Production YTD YoY March 6.5% 5.6% 5.3%
04/17 China National Bureau of Statistics GDP SA QoQ 1Q2019 1.4% 1.4% 1.5%
04/17 China National Bureau of Statistics GDP YTD YoY 1Q2019 6.4% 6.3% 6.6%
04/17 China National Bureau of Statistics GDP YoY 1Q2019 6.4% 6.3% 6.4%
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 1Q2019 results No. of days remaining Status
NLCS Alijarah Holding 18-Apr-19 0 Due
QIIK Qatar International Islamic Bank 21-Apr-19 3 Due
QISI Qatar Islamic Insurance Company 21-Apr-19 3 Due
GWCS Gulf Warehousing Company 21-Apr-19 3 Due
QGTS Qatar Gas Transport Company Limited (Nakilat) 21-Apr-19 3 Due
WDAM Widam Food Company 22-Apr-19 4 Due
DBIS Dlala Brokerage & Investment Holding Company 23-Apr-19 5 Due
QIGD Qatari Investors Group 23-Apr-19 5 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 39.19% 56.23% (49,567,506.71)
Qatari Institutions 11.38% 14.28% (8,448,686.85)
Qatari 50.57% 70.51% (58,016,193.56)
GCC Individuals 1.27% 1.61% (994,193.47)
GCC Institutions 15.63% 0.84% 42,985,061.32
GCC 16.90% 2.45% 41,990,867.85
Non-Qatari Individuals 14.34% 15.41% (3,086,061.47)
Non-Qatari Institutions 18.20% 11.63% 19,111,387.18
Non-Qatari 32.54% 27.04% 16,025,325.71

3. Page 3 of 9
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
MCGS Medicare Group 24-Apr-19 6 Due
QFBQ Qatar First Bank 24-Apr-19 6 Due
QIMD Qatar Industrial Manufacturing Company 24-Apr-19 6 Due
UDCD United Development Company 24-Apr-19 6 Due
QCFS Qatar Cinema & Film Distribution Company 25-Apr-19 7 Due
QAMC Qatar Aluminum Manufacturing Company 28-Apr-19 10 Due
QNNS Qatar Navigation (Milaha) 28-Apr-19 10 Due
IGRD Investment Holding Group 28-Apr-19 10 Due
QFLS Qatar Fuel Company 28-Apr-19 10 Due
MERS Al Meera Consumer Goods Company 28-Apr-19 10 Due
BRES Barwa Real Estate Company 29-Apr-19 11 Due
AHCS Aamal Company 29-Apr-19 11 Due
SIIS Salam International Investment Limited 29-Apr-19 11 Due
ZHCD Zad Holding Company 29-Apr-19 11 Due
QGRI Qatar General Insurance & Reinsurance Company 29-Apr-19 11 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-19 11 Due
MCCS Mannai Corporation 29-Apr-19 11 Due
QOIS Qatar Oman Investment Company 29-Apr-19 11 Due
DOHI Doha Insurance Group 29-Apr-19 11 Due
ORDS Ooredoo 29-Apr-19 11 Due
KCBK Al Khalij Commercial Bank 29-Apr-19 11 Due
VFQS Vodafone Qatar 30-Apr-19 12 Due
QGMD Qatari German Company for Medical Devices 30-Apr-19 12 Due
DHBK Doha Bank 30-Apr-19 12 Due
Source: QSE
Stock Split Dates for Listed Qatari Companies
Source: QSE

4. Page 4 of 9
News
Qatar
 QSE announced stock split days for listed Qatari companies –
Please refer to the table above (QSE)
 CBQK's bottom line rises 6.5% YoY and 6.8% QoQ in 1Q2019, in-
line with our estimate – The Commercial Bank's (CBQK) net
profit rose 6.5% YoY (+6.8% QoQ) to QR431.1mn in 1Q2019, in
line with our estimate of QR425.0mn (variation of +1.4%). Net
interest income decreased 11.9% YoY in 1Q2019 to QR580.6mn.
However, on QoQ basis, net interest income rose 1.2%. The
company's revenue came in at QR899.8mn in 1Q2019, which
represents a decrease of 2.1% YoY. However, on QoQ basis,
revenue rose 6.5%. The bank's total assets stood at QR144.0bn
at the end of March 31, 2019, down 1.6% YoY. However, on QoQ
basis, the bank's total assets increased 6.6%. Loans and
advances to customers gained by 1.7% YTD to QR85.2bn.
Customer deposits rose 14.4% YTD to reach QR81.6bn at the
end of March 31, 2019. Earnings per share amounted to QR1.07
in 1Q2019 as compared to QR1.00 in 1Q2018. (QNB FS Research,
QSE)
 MARK's bottom line rises 2.5% YoY and 9.2% QoQ in 1Q2019,
in-line with our estimate – Masraf Al Rayan's (MARK) net profit
rose 2.5% YoY (+9.2% QoQ) to QR544.2mn in 1Q2019, in line
with our estimate of QR534.1mn (variation of +1.9%). Total net
income from financing and investing activities increased 0.6%
YoY and 1.6% QoQ in 1Q2019 to QR1.11bn. The company's total
income came in at QR1.26bn in 1Q2019, which represents an
increase of 2.1% YoY (+4.0% QoQ). The bank's total assets
stood at QR100.3bn at the end of March 31, 2019, down 3.1%
YoY. However, on QoQ basis, the bank's total assets increased
3.1%. Financing assets were QR75.9bn, registering a rise of
4.5% YoY (+4.6% QoQ) at the end of March 31, 2019. Customer
current accounts rose 2.4% YoY and 6.6% QoQ to reach
QR7.7bn at the end of March 31, 2019. EPS increased to QR0.726
in 1Q2019 from QR0.708 in 1Q2018. MARK’s return on average
assets continues to be one of the highest in the market at
2.20%. Return on average shareholders’ equity of the bank
reached 17.0%. Capital adequacy ratio, using Basel-III
standards and QCB regulations, reached 19.28%. The bank’s
operational efficiency ratio (cost to income ratio) stood at
22.78%. Non-performing financing (NPF) ratio reached 0.74%,
reflecting very strong and prudent credit and risk management
policies and procedures. (QNB FS Research, QSE, Peninsula
Qatar)
 QIBK posts 9.6% YoY increase but 8.6% QoQ decline in net
profit in 1Q2019, modestly beating our estimate – Qatar Islamic
Bank's (QIBK) net profit rose 9.6% YoY (but declined 8.6% on
QoQ basis) to QR685.2mn in 1Q2019, modestly beating our
estimate of QR650.7mn (variation of +5.3%). Total net income
from financing and investing activities increased 16.3% YoY
and 12.4% QoQ in 1Q2019 to QR1.68bn. The company's total
income came in at QR1.85.5bn in 1Q2019, which represents an
increase of 13.0% YoY (+3.2% QoQ). The bank's total assets
stood at QR155.3bn at the end of March 31, 2019, up 2.3% YoY
(+1.4% QoQ). Financing assets were QR106.3bn, registering a
rise of 1.6% YoY (+4.0% QoQ) at the end of March 31, 2019.
Customers' current accounts declined 13.3% YoY and 2.0% QoQ
to reach QR15.1bn at the end of March 31, 2019. EPS increased
to QR2.90 in 1Q2019 from QR2.65 in 1Q2018. Total expenses of
QR267.1mn for the three months’ period ended March 31, 2019
are 8.1% lower than QR290.7mn from a year ago. Strict cost
controls supporting higher operating revenues enabled further
enhancement of efficiency, bringing down the cost to income
ratio to 23.2% for 1Q2019 as compared to 26.5% for 1Q2018.
QIBK was able to maintain the ratio of non-performing
financing assets to total financing assets at 1.2%, reflecting the
quality of the bank’s financing assets portfolio and its effective
risk management framework. QIBK continues to pursue the
conservative impairment provisioning policy with the coverage
ratio for non-performing financing assets at 100% as of March
2019. Total shareholders’ equity of the bank has reached
QR14.9bn. Total Capital adequacy of the bank under Basel III
guidelines is 18.7% as of March 2019, higher than the minimum
regulatory requirements prescribed by Qatar Central Bank and
the Basel Committee. (QNB FS Research, QSE, Gulf-Times.com)
 ABQK's bottom line rises 0.8% YoY and 38.9% QoQ in 1Q2019,
in-line with our estimate – Ahli Bank's (ABQK) net profit rose
0.8% YoY (+38.9% QoQ) to QR177.5mn in 1Q2019, in line with
our estimate of QR177.8mn (variation of -0.2%). Net interest
income decreased 1.0% YoY and 0.2% QoQ in 1Q2019 to
QR204.0mn. The company's total revenue came in at
QR262.5mn in 1Q2019, which represents an increase of 0.6%
YoY. However, on QoQ basis, total revenue fell 14.0%. Loans
and advances to customers were QR28.0bn, registering a
growth of 2.5% YTD. Deposits & CDs expanded by 12.4% YTD
to QR24.8bn. (QNB FS Research, QSE)
 QATI to disclose 1Q2019 financial statements on April 28 –
Qatar Insurance Company (QATI) announced its intent to
disclose 1Q2019 financial statements for the period ended
March 31, 2019, on April 28, 2019. (QSE)
 MCGS to disclose 1Q2019 financial statements on April 24 –
Medicare Group (MCGS) announced its intent to disclose
1Q2019 financial statements for the period ended March 31,
2019, on April 24, 2019. (QSE)
 QFBQ changes the date of disclosure of first quarter financial
statements to April 24 – Qatar First Bank (QFBQ) announced
the change of the disclosure date of its first quarter financial
statements to April 24, 2019. (QSE)
 AKHI’s AGM and EGM endorses items on its agenda and
approves the distribution of 5% cash dividend – Al Khaleej
Takaful Insurance Company (AKHI) announced the results of
the AGM and EGM, which was held on April 17, 2019. The AGM
approved the board of directors’ recommendation to distribute
5% cash dividends to shareholders. In the EGM following
resolutions were approved: 1) Amending Article (3) of the
Articles of Association concerning the company's purposes by
adding the following paragraphs: a) extended warranty
services: The company carries out extended warranty insurance
for vehicles, equipment, electronic and electrical equipment. B)
Selling insurance salvage: Sale of damaged cars, electrical and
electronic equipment and all insurance salvage of any type. 2)
Amending the Articles of Association in accordance with the
decision of the board of directors of Qatar Financial Markets

5. Page 5 of 9
Authority issued on December16, 2018 regarding the stock split
of the shares. (QSE)
 MoCI: Qatar to streamline investment, business initiatives –
Qatar is streamlining investment and business initiatives by
providing support for commercial companies as part of efforts
to boost confidence and enhance partnerships with the private
sector for building a competitive and diversified economy. This
was announced by the Ministry of Commerce and Industry
(MoCI) at a workshop 'Public Shareholding Companies Listed on
the Stock Market'. Discussions focused on how to enhance
cooperation to support listed companies and enhance their
performance and contribution to the economy. At present,
there are 46 listed companies on the local bourse and more are
in the pipeline, including some family-owned enterprises.
Moreover, there is also a junior bourse Venture Market with
eased listing norms and conditions for the small and medium
enterprises. (Gulf-Times.com)
 Qatar Manpower Solutions Company signs MoU with Ezdan
Hotels Group – Qatar Manpower Solutions Company (Wisa)
signed a Memorandum of Understanding (MoU) with Ezdan
Hotels Group. As part of the agreement, Ezdan Hotels Group
will provide intensive and varied workshops for trainees
nominated by Wisa, run in conjunction with Ezdan Hotels
Group’s core services related to the field of housework,
etiquette and so on. Wisa’s CEO, Hussain Ali Al Hababi said,
“This agreement marks the beginning of the desired
cooperation between the two entities. We are keen to train and
qualify individuals in basic skills according to the selected
specialization, as well as guide and enhance skills in
occupational health and safety, education, and awareness of
the values and teachings of society.” (Peninsula Qatar)
 Britain a key business partner of QFC, says Al Jaida – Qatar
Financial Centre (QFC) considers UK a key strategic business
partner. With over 600 firms registered on the QFC platform, 94
companies are from the UK, according to QFC Authority’s CEO,
Yousuf Mohamed Al Jaida. Welcoming the Lord Mayor of
London, Alderman Peter Estlin and his delegation to Qatar
recently, Jaida said, “Qatar and the UK have enjoyed a history
of strong bilateral, trade and cultural relations. I am confident
that Qatar’s relationship with the UK will further flourish as we
continue to explore different avenues for mutual collaboration.”
Organized by the Department of International Trade (DIT) at
the British Embassy in Qatar, the Lord Mayor visited Doha as
part of an official delegation themed, ‘Shaping Tomorrow’s City
Today’, which focuses on digital innovation and smart cities.
The Lord Mayor took part in a tour of Msheireb Downtown
Doha (MDD), alongside Al Jaida, and other senior British
officials. The new financial city and future headquarters of the
QFC is considered the world’s first sustainable downtown
regeneration project and soon to be the highest concentration
of LEED (Leadership in Energy & Environmental Design)
buildings in the world, distinguished by its high-tech
infrastructure. The project is fully equipped to offer
organizations sophisticated infrastructure that will further
support their business growth. (Qatar Tribune)
International
 US trade deficit hits eight-month low on weak Chinese imports
– The US trade deficit fell to an eight-month low in February as
imports from China plunged, temporarily providing a boost to
President Donald Trump’s “America First” agenda and
economic growth in the first quarter. The surprise second
straight monthly narrowing in the trade gap reported by the
Commerce Department was also driven by soaring aircraft
exports, which are likely to reverse after Boeing halted
deliveries of its troubled 737 MAX aircraft. MAX planes have
been grounded indefinitely following two deadly crashes.
Economists warned the trade deficit would remain elevated
regardless of whether the US and China struck a trade deal that
was to the White House’s liking because of Americans’
insatiable appetite for cheaper imports. The trade deficit
tumbled 3.4% to $49.4bn in February, the lowest level since
June 2018. Economists polled by Reuters had forecasted the
trade shortfall widening to $53.5bn in February. The politically
sensitive goods trade deficit with China - a focus of the Trump
administration’s protectionist trade policy - decreased 28.2% to
$24.8bn in February as imports from the world’s No. 2 economy
plunged 20.2%. US exports to China jumped 18.2% in February.
(Reuters)
 MBA: US purchase mortgage activity hits nine-year high –
Applications to US lenders seeking loans to buy a home climbed
to their highest level in almost nine years last week even as
mortgage rates increased for a second week, according to the
Mortgage Bankers Association (MBA). The Washington-based
group’s seasonally-adjusted barometer on purchase mortgage
activity, which is seen as a proxy on future housing activity,
edged up 0.9% to 280.7 in the week of April 12, marking its
strongest reading since 291.3 in the week of April 30, 2010.
Interest rates on conforming 30-year mortgages, with loan
balances of $484,350 or less, averaged 4.44% last week, up 4
basis points from the prior week, MBA stated. Other mortgage
rates MBA tracks on average increased anywhere from 1 basis
points to 10 basis points. Home loan rates rose in step with
rising bond yields, as investors pared their bond holdings on
less dismal data from China, Europe and the US. On the other
hand, refinancing applications fell 8.2% to 1,453.0 in the last
week on a seasonally adjusted basis, MBA stated. (Reuters)
 US labor market remains tight, economy continues to grow –
Labor markets remained tight across the US as businesses
struggled to find skilled workers and wages grew modestly, the
Federal Reserve stated in its latest report on the economy. The
US central bank’s ‘Beige Book’ report, a glimpse of the economy
based on conversations with business contacts across all 12 of
the Fed’s districts, found economic activity grew at a slight-to-
moderate pace in March and early April. A few districts reported
some strengthening in economic growth. Prices have risen
modestly since the last Beige Book, with tariffs, freight costs
and rising wages often cited as key factors, the Fed stated. It
added that consumer spending was mixed but suggested
sluggish sales for both general retailers and auto dealers. Wages
grew moderately in most districts for both skilled and unskilled
workers, with only three reporting slight growth in workers’
pay. Businesses in most districts reported shortages of skilled
workers, mainly in manufacturing and construction, but also in
technical and professional roles. Companies have responded to
the tight labor market by boosting bonuses and benefits
packages, along with raising wages moderately, according to
the report. (Reuters)

6. Page 6 of 9
 London slump drags UK house price growth to more than six-
year low – British house prices rose at the weakest rate in six-
and-a-half years in February, dragged down by London’s
biggest price slump in a decade as Brexit uncertainty sent chills
through the property market. Official data also showed Britain’s
consumer price inflation unexpectedly held just below the Bank
of England’s 2% target in March, offering relief to consumers
whose spending has helped Britain’s economy through the
Brexit crisis. House prices were just 0.6% higher in February
than a year ago, slowing sharply from 1.7% annual rise in
January, the Office for National Statistics (ONS) stated. In
London, house prices were down by 3.8% - the biggest drop
since mid-2009. The malaise in the capital spread to the south-
east of England, where prices fell for the first time since 2011.
(Reuters)
 European Union’s goods trade surplus with US grows, deficit
with China widens – The European Union’s (EU) trade surplus
in goods with the US increased in the first two months of 2019
while its deficit with China widened, figures that could increase
global economic tensions. The European Union’s surplus with
the US grew to EUR21.6bn in January-February 2019 from
EUR20.9bn in the same period of 2018, EU statistics office
Eurostat reported. With China, the EU’s trade deficit expanded
to EUR37.8bn from EUR35.5bn. The US has hit the European
Union with tariffs and threatened more in complaint over the
trade balance. Both Washington and Brussels have also
complained that China wants free trade without playing fair.
Overall, the goods trade deficit of the 28-nation bloc increased
to EUR28.4bn in January-February 2019 from EUR20.7bn a year
earlier. Energy imports were the chief cause of the deficit,
especially from Russia and Norway. For the narrower 19-
country Eurozone, exports grew by 4.4% YoY in February and
imports by 4.0%, leading to an expansion of its trade surplus to
EUR17.9bn in February from EUR16.5bn a year earlier. On a
seasonally adjusted basis, the Eurozone’s trade surplus also
increased to EUR19.5bn in February from EUR17.4bn in January
as exports fell by 1.4% and imports declined by 2.7%. (Reuters)
 Japan manufacturers' mood slumps to two-and-a-half-year low
– Japanese manufacturers’ business confidence slipped to a
two-and-a-half-year low in April, a Reuters poll showed,
underlining growing concerns the economy could slip into a
recession in the face of slowing external demand. The monthly
poll, which tracks the Bank of Japan’s (BoJ) closely watched
tankan quarterly survey, found the service-sector mood up for
the first time in four months, which may help ease some of the
pressure on the world’s third-biggest economy. Manufacturers’
mood is expected to rebound over the coming three months and
service-sector morale is also seen edging up slightly, although
the pace of recovery appears weak. Subdued business
confidence - on top of weakness in factory output and exports -
has raised the specter of a downturn, although BoJ’s Governor,
Haruhiko Kuroda has maintained a relatively sanguine view on
the economy in a signal that policy will remain steady at next
week’s rate-review. (Reuters)
 BoJ warns of overheating in real estate loans for first time in
two decades – Bank of Japan (BoJ) issued a warning for the first
time in 20 years that financial institutions may be over-
extending real estate loans, a sign that years of ultra-low
interest rates is prodding banks to move into riskier lending to
make profits. Nearly 60% of regional banks could suffer net
losses a decade from now if corporate borrowing keeps falling at
the current trend; the central bank stated in a semi-annual
report on Japan’s banking system. The report, which is among
key factors the BoJ’ board will scrutinize in deciding monetary
policy, highlights the mounting demerits of prolonged
monetary easing such as the damage it is inflicting on financial
institutions’ profits. (Reuters)
Regional
 ICAEW: GCC to see marginal economic growth in 2019 – The
GCC is expected to post economic growth of 2.3% in 2019, a
marginal improvement on the previous year of 0.3 percentage
points, according to ICAEW’s latest Economic Insight report.
The GCC economy will be weighed down by renewed OPEC-plus
oil production cuts and lower oil prices, with the main source of
growth coming from the non-oil sector, it stated. Economic
Insight: Middle East 1Q2019, produced by Oxford Economics,
has stated that despite a strong drive in recent years by GCC
authorities to diversify their economies, oil continues to play a
dominant role, constituting up to 46% cent of total GDP. As
such, the renewal of the OPEC-plus oil production cuts will limit
the oil sector’s contribution to overall growth in 2019. The non-
oil sector in the GCC is expected to be the primary engine of
growth in 2019, forecast to grow by 3.1%. This will be
supported by higher government spending, notably in the UAE
and Saudi Arabia, continued reforms and project spending like
Qatar’s 2022 World Cup and the UAE’s Expo 2020, as well as
stimulus plans geared to support the private sector. (Zawya)
 Chinese tech investors turn attention to GCC – With the
potential opportunities for tech in investments in Southeast
Asia market starting to become saturated, a number of Chinese
investors are increasingly turning towards the MENA region.
The tech investors are now spreading across the GCC; and
Venture Capitalists (VCs) are turning their attention to Middle
East. The investors are interested in e-commerce,
entertainment, leisure, technology, logistics and Fintech, noted
a report released as part of the recently concluded World
Economic Forum (WEF) Middle East and North Africa, in
Jordan. With total internet penetration surpassing 60% in the
Middle East, representing more than 150mn users, Chinese
venture capitalists (VC) and angel investors are starting to take
notice of the region. Unlike some other central parts of the Belt
and Road Initiative (BRI) regions, such as sub-Saharan Africa,
the MENA region has relatively stable digital and physical
infrastructure, the WEF report noted. (Peninsula Qatar)
 FBCG and PwC publish guide to help GCC family businesses –
Family Business Council – Gulf (FBCG), a regional association of
the Family Business Network (FBN) have launched a guide in
co-operation with PricewaterhouseCoopers (PwC) to help
family businesses in the Middle East successfully plan and
navigate scenarios of shareholder exit in the family business.
For family-owned businesses in the Middle East, and the GCC in
particular, handover from the first to the second generation,
and increasingly from the second to the third generation can
present unique challenges, which can have tremendous
implications on the sustainability and growth of many of the
region’s largest companies. The newly published guide provides

7. Page 7 of 9
a roadmap through succession challenges, and is designed to
help family businesses navigate potential divergence and
differences in family members’ interests and goals, understand
the opportunities and challenges of the shareholder exit
process, and plan for an optimized outcome that preserves both
business continuity and family unity. (Peninsula Qatar)
 EMEA ultra-high net worth investors remain optimistic about
global markets – Many Europe, the Middle East and Africa’s
(EMEA) ultra-high net worth investors (39%) continue to
believe equities will be the best performing asset class over the
next 12 months, according to J.P. Morgan’s Spring Private Client
Survey. Despite on-going global uncertainty, investor
sentiment has remained largely unchanged since the winter
Private Client Surveyi, however with increased volatility
expectations for 2019, many investors are now beginning to
adopt a more defensive investment approach. (Peninsula Qatar)
 Islamic Development Bank set to raise $1.5bn in five-year
Sukuk – The Islamic Development Bank (IsDB) is set to raise
$1.5bn with five-year Sukuk, a document issued by one of the
banks leading the deal showed. The Jeddah-based triple A-rated
institution’s notes offer 40 basis points over mid-swaps to
investors. Credit Agricole CIB, Emirates NBD Capital, First Abu
Dhabi Bank, Gulf International Bank, HSBC, JPMorgan, Natixis
and Standard Chartered are the joint lead managers. (Reuters)
 Saudi Aramco plans to buy Shell's stake in Saudi Arabian
refining Joint Venture – Saudi Aramco plans to buy Royal Dutch
Shell’s 50% stake in Saudi Arabian refining complex SASREF, a
joint venture between the firms, sources said. Sources said that
an agreement has been reached between Saudi Aramco and
Shell. Saudi Aramco Shell Refinery Company (SASREF), based
in Jubail Industrial City in Saudi Arabia, has a crude oil refining
capacity of 305,000 bpd. Shell has sold over $30bn of assets in
recent years as it shift its focus to lower carbon businesses such
as natural gas and petrochemicals. Energy Intelligence first
reported the stake purchase plan. (Reuters)
 Reliance said to weigh refinery stake sale to Saudi Aramco and
ADNOC – Indian billionaire Mukesh Ambani’s Reliance
Industries Ltd. is considering selling as much as 25% of its
refinery business in a deal that could fetch at least $10bn,
sources said. Reliance is sounding out potential investors
including state-owned Saudi Aramco and Abu Dhabi National
Oil Company (ADNOC) to gauge their interest, according to
sources. Middle Eastern oil giants like Saudi Aramco and
ADNOC have been expanding into downstream operations as
they seek to move from being pure producers to becoming more
integrated energy companies. (Bloomberg)
 Alinma Bank recovers $10bn tag amid corporate lending push –
Alinma Bank has recovered a $10bn valuation lost more than
four years ago as the Saudi Arabian lender expands its share of
the domestic corporate loans market. Alinma Bank’s market
capitalization has exceeded the threshold on April 11 for the
first time since 2014, after a 29% gain in its stock in the past
year. The lender is one of just 13 members of the $10bn -club
among the 191 constituents of the Tadawul All Share Index.
Alinma Bank is a Shari’ah-compliant lender based in Riyadh,
with 90 branches in the country. (Bloomberg)
 UAE to cultivate coral reefs to boost biodiversity and economy
– The UAE is to develop a 74-acre coral reef garden, where
1.5mn coral colonies will be cultivated over the next five years,
the UAE’s climate change and Environment Minister, Thani Al
Zeyoudi announced on April 14. The project is part of the UAE’s
focus on preserving biodiversity, as part of the government’s
Vision 2021 strategic plan. It is one of the several protected
areas designed to sustain fish stocks, maintain the local fishing
industry, and encourage ecotourism. The reef could provide a
safe haven for local fish species, boosting their populations by
protecting eggs and larvae from predators and strong water
currents that threaten their survival. The Fujairah Cultured
Coral Reef Gardens will also help to boost food diversity and
food security by sustaining fish populations within the corals
reefs and allowing stocks to grow, he said. (Bloomberg)
 CBD posts 21.6% YoY rise in net profit to AED340.1mn in
1Q2019 – Commercial Bank of Dubai (CBD) recorded net profit
of AED340.1mn in 1Q2019, an increase of 21.6% YoY. Net
interest income and income from Islamic financing rose 7.7%
YoY to AED493.0mn in 1Q2019. Total operating income rose
17.6% YoY to AED774.1mn in 1Q2019. Total assets stood at
AED76.2bn at the end of March 31, 2019 as compared to
AED74.1bn at the end of December 31, 2018. Loans and
advances and Islamic financing (net) stood at AED51.8bn
(+1.7% QoQ), while customers’ deposits and Islamic customer
deposits stood at AED54.6bn (+2.7% QoQ) at the end of March
31, 2019. EPS came in at AED0.12 in 1Q2019 as compared to
AED0.10 in 1Q2018. (DFM)
 EMIRATES NBD posts 15.0% YoY rise in net profit to
AED2,743.4mn in 1Q2019 – Emirates NBD Bank (EMIRATES
NBD) recorded net profit of AED2,743.4mn in 1Q2019, an
increase of 15.0% YoY. Net interest income rose 14.6% YoY to
AED2,893.0mn in 1Q2019. Total operating income rose 14.9%
YoY to AED4,716.8mn in 1Q2019. Total assets stood at
AED525.8bn at the end of March 31, 2019 as compared to
AED500.3bn at the end of December 31, 2018. Loans and
receivables stood at AED287.2bn (+3.3% QoQ), while
customers’ deposits stood at AED301.0bn (+3.5% QoQ) at the
end of March 31, 2019. EPS came in at AED0.47 in 1Q2019 as
compared to AED0.40 in 1Q2018. (DFM)
 EIB posts 97.1% YoY rise in net profit to AED411.1mn in
1Q2019 – Emirates Islamic Bank (EIB) recorded net profit of
AED411.1mn in 1Q2019, an increase of 97.1% YoY. Net income
from financing and investment products rose 13.5% YoY to
AED443.9mn in 1Q2019. Total operating income rose 12.5%
YoY to AED663.5mn in 1Q2019. Total assets stood at
AED60.6bn at the end of March 31, 2019 as compared to
AED58.4bn at the end of December 31, 2018. Financing
receivables stood at AED36.4bn (+0.7% QoQ), while customers’
deposits stood at AED43.4bn (+4.4% QoQ) at the end of March
31, 2019. EPS came in at AED0.076 in 1Q2019 as compared to
AED0.038 in 1Q2018. (DFM)
 Abu Dhabi allows foreigners to own freehold properties in
investment areas – Abu Dhabi will now allow all foreigners to
own land and property in investment areas on a freehold basis
after making changes to its real estate law, state news agency
WAM reported. Abu Dhabi previously limited ownership largely
to Emiratis and citizens of the neighboring GCC states.
Residential units in investment areas will now be registered
under Abu Dhabi’s freehold law, according to Abu Dhabi real

8. Page 8 of 9
estate firm Aldar Properties, citing a government statement.
Previously, foreign investors in Abu Dhabi were largely
restricted to 99-year leases, it stated. “This will not only further
drive the maturity of Abu Dhabi’s real estate market, however
will also increase transparency and provide clarity of title for
property owners, increasing long term investment, injecting
more liquidity into the market and encouraging longer term
residency,” Aldar CEO, Talal Al Dhiyebi said. Aldar announced a
recently launched residential project on Abu Dhabi’s Yas Island,
where land and property can be sold to all nationalities, has sold
out and generated over $109mn in sales. The oil rich Emirate’s
revenues have been hit in recent years by lower oil prices as the
government prioritized diversifying its economy into other
sectors such as tourism. Abu Dhabi property prices fell by 6.4%
in the fourth quarter compared to corresponding period, the
Central Bank of the UAE (CBUAE) stated in a report. Last year,
Abu Dhabi announced a $13.6bn economic stimulus package
and other economic initiatives. Abu Dhabi is the wealthiest of
the seven Emirates that make up the UAE federation. The UAE
economy grew by around 1.7% in 2018, slower than projected
despite a boost from higher oil prices, according to official
preliminary data. (Reuters)
 Kuwait’s March real estate sales at KD289.1mn, a fall of 2%
MoM – Ministry of Justice in Kuwait City published data on real
estate transactions registered by the Ministry from March 3 to
March 28 which showed that the real estate sales came in at
KD289.1mn, representing a fall of 2% MoM. Residential sales
came in at KD163.9mn in March as compared to KD113.2mn in
February. Investments came in at KD82.5mn in March as
compared to KD75.8mn in February. (Bloomberg)
 NBB posts 3.6% YoY rise in net profit to BHD20.4mn in 1Q2019
– National Bank of Bahrain (NBB) recorded net profit of
BHD20.4mn in 1Q2019, an increase of 3.6% YoY. Net interest
income rose 21.4% YoY to BHD23.8mn in 1Q2019. Total
operating income rose 13.6% YoY to BHD34.2mn in 1Q2019.
Total assets stood at BHD3.2bn at the end of March 31, 2019 as
compared to BHD3.0bn at the end of March 31, 2018. Loans and
advances stood at BHD1.1bn (-9.6% YoY), while customers’
deposits stood at BHD2.2bn (+5.2% YoY) at the end of March
31, 2019. EPS remained flat YoY at BHD0.013 in 1Q2019.
(Bahrain Bourse)

9. 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
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS 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 9 of 9
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Market was closed on April 17, 2019) Source: Bloomberg (*$ adjusted returns, #Market was closed on April 17, 2019)
45.0
70.0
95.0
120.0
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
QSEIndex S&P Pan Arab S&P GCC
1.1%
0.5%
(1.2%)
0.1%
(0.2%)
0.4%
0.8%
(1.5%)
(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 1,274.01 (0.2) (1.3) (0.7) MSCI World Index 2,160.94 (0.1) 0.1 14.7
Silver/Ounce 14.99 (0.1) 0.1 (3.3) DJ Industrial 26,449.54 (0.0) 0.1 13.4
Crude Oil (Brent)/Barrel (FM Future) 71.62 (0.1) 0.1 33.1 S&P 500 2,900.45 (0.2) (0.2) 15.7
Crude Oil (WTI)/Barrel (FM Future) 63.76 (0.5) (0.2) 40.4 NASDAQ 100 7,996.08 (0.1) 0.1 20.5
Natural Gas (Henry Hub)/MMBtu# 2.66 0.0 (3.3) (16.5) STOXX 600 389.59 0.2 0.5 13.8
LPG Propane (Arab Gulf)/Ton 62.50 (1.2) (6.0) (2.3) DAX 12,153.07 0.5 1.2 13.6
LPG Butane (Arab Gulf)/Ton 66.00 (0.8) (2.6) (5.0) FTSE 100 7,471.32 (0.1) 0.1 13.6
Euro 1.13 0.1 (0.0) (1.5) CAC 40 5,563.09 0.7 1.1 16.0
Yen 112.06 0.1 0.0 2.2 Nikkei 22,277.97 0.3 1.9 9.7
GBP 1.30 (0.0) (0.2) 2.3 MSCI EM 1,096.39 0.3 0.7 13.5
CHF 0.99 (0.3) (0.8) (2.9) SHANGHAI SE Composite 3,263.12 0.7 2.6 34.6
AUD 0.72 0.1 0.1 1.8 HANG SENG 30,124.68 (0.0) 0.7 16.4
USD Index 97.01 (0.0) 0.0 0.9 BSE SENSEX#
39,275.64 0.0 0.9 9.1
RUB 63.86 (0.4) (0.8) (8.4) Bovespa 93,284.75 (2.0) (0.5) 4.5
BRL 0.25 (0.9) (1.5) (1.5) RTS 1,265.51 0.8 1.0 18.4
103.5
96.6
82.8