The QSE Index declined 0.1% to close at 8,922.7. Losses were led by the Real Estate and Telecoms indices, falling 0.9% and 0.6%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.1% to close at 8,922.7. Losses were led by the Real Estate
and Telecoms indices, falling 0.9% and 0.6%, respectively. Top losers were Qatar
Cinema & Film Distribution Co. and Qatar Islamic Insurance Co., falling 8.4% and
3.6%, respectively. Among the top gainers, Islamic Holding Group rose 7.8%, while
Qatar German Co. for Medical Devices was up 3.8%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.9% to close at 7,204.0. Losses were led by the
Utilities and Real Estate Mgmt & Dev't indices, falling 3.3% and 1.8%, respectively.
Alahli Takaful Co. fell 4.2%, while United Electronics Co. was down 4.1%.
Dubai: The DFM Index declined 0.5% to close at 3,401.2. The Real Estate &
Construction index fell 1.0%, while the Services index declined 0.6%. Al Salam
Group Holding fell 4.2%, while Marka was down 2.1%.
Abu Dhabi: The ADX benchmark index fell 0.4% to close at 4,396.4. The Investment
& Financial Serv. index declined 1.6%, while the Energy index fell 1.5%. Fujairah
Cement Industries declined 9.7%, while Ras Al-Khaimah Cement was down 8.5%.
Kuwait: The KSE Index rose 0.1% to close at 6,680.1. The Health Care index gained
5.1%, while the Real Estate index rose 1.1%. Real Estate Asset Management
Company gained 12.9%, while International Resorts Co. was up 10.4%.
Oman: The MSM Index rose 0.1% to close at 5,119.5. The Financial index gained
0.1%, while other indices ended in red. Oman Orix Leasing rose 2.4%, while Takaful
Oman Insurance was up 1.7%.
Bahrain: The BHB Index fell 0.1% to close at 1,310.9. The Investment index
declined 0.4%, while the Services index fell 0.1%. Arab Banking Corporation
declined 3.3%, while BMMI was down 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 51.00 7.8 135.1 (16.4)
Qatar German Co. for Medical Dev. 7.65 3.8 173.6 (24.3)
Widam Food Co. 55.00 3.8 12.5 (19.1)
Al Khalij Commercial Bank 13.20 3.8 16.5 (22.4)
Gulf International Services 21.20 3.4 1,701.0 (31.8)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.14 1.8 2,274.3 (13.1)
Gulf International Services 21.20 3.4 1,701.0 (31.8)
Qatar Gas Transport Co. Ltd 18.28 0.7 498.3 (20.8)
Barwa Real Estate Co. 31.75 (1.1) 489.2 (4.5)
Qatar First Bank 7.55 0.7 435.4 (26.7)
Market Indicators 06 Jul 17 05 Jul 17 %Chg.
Value Traded (QR mn) 186.2 210.6 (11.6)
Exch. Market Cap. (QR mn) 479,686.6 480,061.5 (0.1)
Volume (mn) 8.1 8.4 (3.9)
Number of Transactions 2,850 2,738 4.1
Companies Traded 42 42 0.0
Market Breadth 21:12 10:27 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,962.88 (0.1) (1.2) (11.4) 14.7
All Share Index 2,534.00 (0.0) (1.8) (11.7) 13.1
Banks 2,673.04 0.0 (2.3) (8.2) 11.6
Industrials 2,742.39 0.2 (2.1) (17.1) 16.5
Transportation 2,087.13 0.4 5.0 (18.1) 12.3
Real Estate 1,952.14 (0.9) (3.1) (13.0) 12.3
Insurance 3,989.05 (0.1) (1.3) (10.1) 16.9
Telecoms 1,114.10 (0.6) (0.7) (7.6) 21.0
Consumer 5,277.60 1.3 (1.9) (10.5) 11.7
Al Rayan Islamic Index 3,525.36 0.1 (2.8) (9.2) 15.9
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Gulf Cable & Elec. Ind. Kuwait 0.44 6.9 276.9 16.0
Bank of Sharjah Abu Dhabi 1.30 5.7 9.5 (8.5)
F. A. Alhokair & Co. Saudi Arabia 42.58 4.9 617.3 15.7
Saudi Research & Mark. Saudi Arabia 37.28 4.7 1,194.8 10.0
Al Khalij Com. Bank Qatar 13.20 3.8 16.5 (22.4)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Nat. Mobile Telecom. Kuwait 1.01 (8.2) 23.3 (15.8)
United Electronics Co. Saudi Arabia 32.88 (4.1) 644.2 45.5
Arab Banking Corp. Bahrain 0.29 (3.3) 781.0 (21.6)
Saudi Electricity Co. Saudi Arabia 24.26 (3.3) 1,243.3 7.5
Abu Dhabi Nat. Hotels Abu Dhabi 3.00 (3.2) 84.8 (5.4)
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%
Qatar Cinema & Film Distribution 28.95 (8.4) 4.2 5.5
Qatar Islamic Insurance Co. 62.40 (3.6) 11.1 23.3
Qatar National Cement Co. 64.90 (1.7) 2.7 (17.0)
Barwa Real Estate Co. 31.75 (1.1) 489.2 (4.5)
Ooredoo 92.00 (1.1) 42.6 (9.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 21.20 3.4 36,034.8 (31.8)
Vodafone Qatar 8.14 1.8 18,475.9 (13.1)
QNB Group 123.00 (0.2) 16,100.5 (16.9)
Barwa Real Estate Co. 31.75 (1.1) 15,528.9 (4.5)
Industries Qatar 94.00 (0.8) 10,807.9 (20.0)
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* 8,922.72 (0.1) (1.2) (1.2) (14.5) 51.14 131,769.9 14.7 1.5 3.8
Dubai 3,401.15 (0.5) 0.3 0.3 (3.7) 32.81 96,418.5 15.5 1.2 4.2
Abu Dhabi 4,396.35 (0.4) (0.7) (0.7) (3.3) 26.08 115,297.8 15.9 1.3 4.7
Saudi Arabia 7,203.99 (0.9) (3.0) (3.0) (0.1) 659.66 455,393.3 16.9 1.7 3.1
Kuwait 6,680.13 0.1 (1.2) (1.2) 16.2 27.75 90,159.0 18.3 1.2 5.4
Oman 5,119.52 0.1 0.0 0.0 (11.5) 4.83 20,773.6 11.7 1.1 5.7
Bahrain 1,310.86 (0.1) 0.1 0.1 7.4 2.49 20,898.7 8.1 0.8 6.0
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)
8,860
8,880
8,900
8,920
8,940
8,960
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 0.1% to close at 8,922.7. The Real Estate and
Telecoms indices led the losses. The index fell on the back of selling
pressure from GCC and non-Qatari shareholders despite buying support
from Qatari shareholders.
 Qatar Cinema & Film Distribution Co. and Qatar Islamic Insurance Co.
were the top losers, falling 8.4% and 3.6%, respectively. Among the top
gainers, Islamic Holding Group rose 7.8%, while Qatar German Co. for
Medical Devices was up 3.8%.
 Volume of shares traded on Thursday fell by 3.9% to 8.1mn from 8.4mn
on Wednesday. Further, as compared to the 30-day moving average of
13.5mn, volume for the day was 40.2% lower. Vodafone Qatar and Gulf
International Services were the most active stocks, contributing 28.1%
and 21.1% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Ooredoo Moody’s Qatar LT-IR A2 A2 – Stable –
Qatar International
Islamic Bank
Moody’s Qatar IR A2 A2 – Negative –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, IR– Issuer Ratings)
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2017
% Change
YoY
Operating Profit
(mn) 2Q2017
% Change
YoY
Net Profit
(mn) 2Q2017
% Change
YoY
Advanced Petrochemical Company Saudi Arabia SR – – 192.0 -1.6% 194.0 1.0%
Dhofar Poultry Co.#
Oman OMR 5,090.6 1.0% 68.8 118.4% 111.3 -51.0%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (
#
Values in ‘000)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/06 US Mortgage Bankers Association MBA Mortgage Applications 30-June 1.4% – -6.2%
07/06 US Department of Labor Initial Jobless Claims 1-July 248k 243k 244k
07/06 US Department of Labor Continuing Claims 24-June 1,956k 1,940k 1,948k
07/06 US Markit Markit US Services PMI June 54.2 53.0 53.0
07/06 US Markit Markit US Composite PMI June 53.0 – 53.0
07/07 US Bureau of Labor Statistics Unemployment Rate June 4.4% 4.3% 4.3%
07/07 UK UK Office for National Statistics Industrial Production MoM May -0.1% 0.4% 0.2%
07/07 UK UK Office for National Statistics Industrial Production YoY May -0.2% 0.2% -0.8%
07/07 UK UK Office for National Statistics Manufacturing Production MoM May -0.2% 0.5% 0.2%
07/07 UK UK Office for National Statistics Manufacturing Production YoY May 0.4% 1.0% 0.0%
07/07 France INSEE Industrial Production MoM May 1.9% 0.6% -0.6%
07/07 France INSEE Industrial Production YoY May 3.2% 1.4% 0.1%
07/07 France INSEE Manufacturing Production MoM May 2.0% 0.6% -1.3%
07/07 France INSEE Manufacturing Production YoY May 3.3% 1.4% 0.6%
07/07 China National Bureau of Statistics Foreign Reserves June $3,056.8bn $3,061.0bn $3,053.6bn
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 51.30% 40.64% 19,848,573.10
Qatari Institutions 13.33% 16.50% (5,903,080.51)
Qatari 64.63% 57.14% 13,945,492.59
GCC Individuals 0.29% 2.58% (4,257,050.02)
GCC Institutions 0.02% 4.71% (8,733,953.90)
GCC 0.31% 7.29% (12,991,003.92)
Non-Qatari Individuals 13.77% 11.36% 4,494,863.15
Non-Qatari Institutions 21.28% 24.21% (5,449,351.82)
Non-Qatari 35.05% 35.57% (954,488.67)

3. Page 3 of 7
Earnings Calendar
Tickers Company Name Date of reporting 2Q2017 results No. of days remaining Status
QNBK QNB Group 11-Jul-17 2 Due
IHGS Islamic Holding Group 11-Jul-17 2 Due
MARK Masraf Al Rayan 17-Jul-17 8 Due
KCBK Al Khaliji 17-Jul-17 8 Due
CBQK Commercial Bank 18-Jul-17 9 Due
WDAM Widam Food Company 18-Jul-17 9 Due
QIBK Qatar Islamic Bank 18-Jul-17 9 Due
ABQK Ahli Bank 18-Jul-17 9 Due
UDCD United Development Company 18-Jul-17 9 Due
DHBK Doha Bank 19-Jul-17 10 Due
GWCS Gulf Warehousing Company 20-Jul-17 11 Due
QNCD Qatar National Cement Company 23-Jul-17 14 Due
QIIK Qatar International Islamic Bank 23-Jul-17 14 Due
QGTS Qatar Gas Transport Company (Nakilat) 24-Jul-17 15 Due
QIMD Qatar Industrial Manufacturing Company 25-Jul-17 16 Due
ORDS Ooredoo 26-Jul-17 17 Due
NLCS National Leasing (Alijarah) 27-Jul-17 18 Due
AKHI Al Khaleej Takaful Insurance 3-Aug-17 25 Due
Source: QSE
News
Qatar
 QNB Group expects oil prices at $58 a barrel in 2018 – QNB
Group expects oil prices to be capped at $58 a barrel in 2018. The
banking group had expected average prices for 2017 to be at
$55. QNB Group’s weekly report cited projections of global
under supply of around 0.8mn barrels a day as the main factor
contributing to its forecast. The report discussed the volatility
seen in oil prices in recent weeks, when oil prices moved in a
five dollar range of $50-55 a barrel. The main factors
contributing to the moves were rising oil output, mainly from
the US, pushing prices down and declining inventory as a result
OPEC cuts, which is pushing prices up. The report also focused
on a trend of rising non-OPEC output next year. It cited
forecasts by the International Energy Agency (IEA) that US
production will increase by one million barrels next year. (Gulf-
Times.com)
 Qatar Chamber: Qatar’s non-oil exports up 12.2% to reach
QR1.49bn in May – Qatar’s non-oil exports stood at QR1.49bn in
May, a 12.2% increase over the QR1.33bn recorded in April,
Qatar Chamber said in its monthly report. The report, which
was prepared based on certificates of origin issued by Qatar
Chamber’s Research and Studies Department and Member
Affairs Department, said non-oil exports reached QR7.76bn in
the first five months of 2017. However, non-oil exports in April
2017 dropped 13.2% YoY. (Gulf-Times.com)
 Qatar set to emerge stronger and more resilient from blockade –
Dr Khalid Rashid Alkhater, specialist in monetary policy and
political economy and Fellow Researcher at the Center for
Macroeconomic and the Institute of New Economic Thinking at
Cambridge University, believes that Qatar will emerge a
stronger country as a result of the blockade. In an interview
with Gulf Times, he addressed some of the pressing questions
related to the economic and political dimensions of the crisis.
Regarding the impact on trade he said, “Intra-trade within the
GCC countries relative to the rest of the world has remained low
at around 10% for decades now. The blockade is mostly
affecting a narrow range imports, namely, dairy products and
vegetable supply chains and construction materials. Imports
from the UAE stand at 9%, mostly re-exports through Dubai.
These can be rerouted through other ports in the region such as
Oman, or can be imported from their sources (re-exports to
Qatar constitute about 30%). Imports from KSA amount to 4%
and from Bahrain 1%. This relatively small amount can be
substituted with imports from other countries. “Therefore,
there is not much room to pressure through trade sanctions and
the effect will be limited,” he said. (Gulf-Times.com)
 S’hail Shipping and Maritime Services expands its fleet – Qatar-
based S’hail Shipping and Maritime Services added another
panamax gearless bulk carrier to its fleet last month. Named as
‘S’hail Al Mafyar’, the ship was built in Mitsui, Japan and is
about 75,500 dwt (deadweight tonnage) at 13.93 meters draft.
Chairman and Managing Director Mohamed Khalifa al-Sada
said, “We are proud to expand our fleet of Qatari flagships. We
remain committed to building our nation’s capacity for
movement of raw materials, having made its foray into
shipping.” Al-Sada said he is “now keen in entering into
maritime services” and is looking out for “suitable
opportunities.” The company is studying various options and
“is likely to finalize soon,” he added. (Gulf-Times.com)
 Qatar Airways set to start buying shares in American Airlines –
Qatar Airways is to press on with plans to build a stake of up to
4.75% in American Airlines in the near future, despite the
‘categorical’ opposition of the US company's management,
Qatar Chief Executive Akbar al-Baker said. The state-owned
carrier notified American Airlines last month that it was
interested in buying up to 10% of its shares but would not
exceed 4.75% without the approval of American Airlines’ board.
(Reuters)
 RasGas delivers its 500th LNG cargo to Italy's Edison – RasGas
has delivered its 500th liquefied natural gas (LNG) cargo to
Italy's Edison, further cementing the long-term relations
between the two companies. RasGas’ LNG tanker 'Al Areesh'

4. Page 4 of 7
delivered the cargo on July 1 to the Adriatic LNG Terminal
located in the northern Adriatic Sea, about 15 kilometers off the
Veneto coastline in Italy. (Gulf-Times.com)
 Hamad Port opens five new service lines to consolidate trade
ties – As part of its efforts to ensure continuous flow of supplies
and meet the needs of local market in light of the recent
measures taken against the state, Qatar Ports Management
Company-Mwani Qatar in cooperation with its partners has
inaugurated five new direct service lines between Hamad port
and a number of ports in the region and beyond in less than 20
days. The launch of the new lines comes within the framework
of the directives of the Ministry of Transport and
Communications in order to ensure the vessel movement,
shipping operation and maritime navigation are not affected by
these measures. (Peninsula Qatar)
 Kahramaa 'can meet power, water needs for next five years' –
Qatar General Electricity and Water Corporation (Kahramaa)
currently has the capacity to meet all the country's electricity
and water needs over the next five years, the corporation's
President Issa bin Hilal al-Kuwari stressed. Al-Kuwari said that
Kahramaa has all the necessary reserves to operate all the
projects in the country whenever required, and that it has many
plans to enhance its role to fulfill its mission of providing
sufficient quantities of electricity and water to meet the
country's future needs, in accordance with internationally
recognized standards. (Gulf-Times.com)
 Moody's sees 'limited' impact on QP from blockade – The
economic blockade by the siege countries, notably Saudi Arabia
and the UAE, is expected to have only ‘limited’ impact on Qatar
Petroleum (QP), whose exports are majorly to the Asian
economies, according to global credit rating agency, Moody's.
While the current dispute has resulted in some logistical
‘challenges’ to the company, Moody's expects that the impact
on QP's credit profile would remain ‘limited’. Meanwhile, the
shipments of Qatari liquefied natural gas (LNG) vessels through
the Strait of Hormuz could be unhindered despite the current
economic blockade by the siege countries, according to
Moody’s. Expecting that a disruption of Qatari LNG vessels’
ability to transit the Strait of Hormuz is ‘very unlikely’; Moody’s
said Qatar can currently export LNG through the Strait without
entering the UAE or Saudi Arabia territorial waters. (Gulf-
Times.com)
 Nakilat assumes Al Sheehaniya management – Qatar Gas
Transport Company (Nakilat) has assumed full ship
management and operations of Q-Flex LNG (liquefied natural
gas) carrier ‘Al Sheehaniya’ from STASCo (Shell Trading and
Shipping Company). This comes as part of the planned and
phased transition announced on October 19, 2016. With a cargo
carrying capacity of 210,200 cubic meters, Al Sheehaniya,
chartered by Qatargas, is the ninth wholly-owned LNG vessel
that came under the management of Nakilat Shipping Qatar
(NSQL), bringing the total number of vessels managed by NSQL
to 17, comprising 13 LNG and four liquefied petroleum gas
carriers. (Gulf-Times.com)
 QNCD’s General Manager: Siege has not affected the company’s
cement production – Qatar National Cement Company’s
(QNCD) General manager Mohammad Ali Al Sulaity said the
siege has not affected the company's production, confirming
the company is self-sufficient in cement production and is able
to secure the local market's needs. In an interview with Al
Sharq, Al Sulaity said all the raw material necessary for the
production are available in the country, and all the simple
materials, such as gypsum and iron oxide, are imported from
Sultanate of Oman according to previously signed agreements.
Al Sulaity said the company has a surplus in production and is
able to meet the country's needs of cement and sand, adding
that the company will run furnace number five in September at
a capacity of 5,000 tons per day, which will increase its daily
production of clinker to 19,000 tons per day and cement to
21,000 tons. (Peninsula Qatar)
 QNCD to disclose its semi-annual financials on July 23 – Qatar
National Cement Company (QNCD) announced it would
disclose its semi-annual financial reports for the period ending
June 30, 2017 on July 23, 2017. (QSE)
 QGTS to disclose its semi-annual financials on July 24 – Qatar
Gas Transport Company (QGTS) announced it would disclose
its semi-annual financial reports for the period ending June 30,
2017 on July 24, 2017. (QSE)
 Moody’s affirms QIIK’s rating at ‘A2’ again – International
credit rating agency Moody’s has affirmed Qatar International
Islamic Bank’s (QIIK) rating for the second consecutive year at
‘A2’, which is a sign of strength of the bank’s financial position,
QIIK said. Moody’s decision to affirm the ratings of QIIK reflects
the resilience in the bank’s financial performance underpinned
by continued strong asset quality and capital buffers, QIIK said.
(Gulf-Times.com)
 Moody’s affirms Ooredoo ratings with ‘stable’ outlook – Global
credit rating agency Moody’s has affirmed ‘A2’ long-term issuer
rating of telecommunication services provider Ooredoo as well
as ‘A2’ senior unsecured ratings of Ooredoo International
Finance (OIF), a wholly owned finance vehicle, and Ooredoo
Tamweel, all with ‘stable’ outlook. (Gulf-Times.com)
International
 US trade deficit narrows as exports hit two-year high – The US
trade deficit fell in May as exports increased to their highest
level in just over two years, however, trade could still weigh on
economic growth in the second quarter. The Commerce
Department said the trade gap decreased 2.3% to $46.5bn.
April's trade deficit was unrevised at $47.6bn. Economists
polled by Reuters had forecasted the trade gap falling to
$46.2bn in May. When adjusted for inflation, the trade deficit
narrowed to $62.8bn from $63.8bn in April. Real goods exports
increased to an all-time high in May, propelled by record high
petroleum exports. Still, the real trade deficit averaged $63.3bn
in April and May, above the first quarter's average of $62.2bn.
That suggests trade will be a drag on gross domestic product in
the second quarter after contributing 0.23 percentage point to
the economy's 1.4% annualized growth pace in the first three
months of the year. (Reuters)
 US job growth accelerates in June, wages continue to lag – US
job growth increased more than expected in June and employers
increased hours for workers, signs of labor market strength that
could keep the Federal Reserve on course for a third interest
rate hike this year despite sluggish wage gains. Non-farm
payrolls jumped by 222,000 jobs last month, driven by hefty
gains in healthcare, government, restaurants and professional

5. Page 5 of 7
and business services sectors, the Labor Department said. That
was the second biggest payrolls increase this year and beat
economists' expectations for a 179,000 rise. The economy also
created 47,000 more jobs in April and May than previously
reported. While the unemployment rate rose to 4.4% from a 16-
year low of 4.3% in May, that was because more people were
looking for work, a sign of confidence in the labor market.
(Reuters)
 NIESR: UK economy likely expanded 0.3% in second quarter –
British economic growth barely improved during the second
quarter after a slow start to the year, the National Institute of
Economic and Social Research (NIESR) said, after a
disappointing batch of official data. The economy likely grew
0.3% in the three months to June over the first quarter, when
the economy expanded only 0.2%, NIESR said. “Growth in
services has offset a contraction in industrial output, yet
remains subdued when compared with last year,” research
fellow at NIESR, Rebecca Piggott said. Official data showed
output by British factories unexpectedly fell in May, raising
questions about the likelihood of the Bank of England raising
interest rates this year. (Reuters)
 Strong rise in German industrial output signals solid second
quarter growth – German industrial production rose more than
expected in May, boosting expectations that factories will
support growth in Europe's biggest economy in the second
quarter. The surprisingly bullish figures are the latest in a batch
of strong data that are likely to help Chancellor Angela Merkel
and her conservatives burnish their economic credentials
before a September 24 federal election in which she will seek a
fourth term. Industrial output jumped by 1.2% MoM in May,
data from the Economy Ministry showed. That was the fifth
consecutive monthly increase and easily beat the consensus
forecast in a Reuters poll for a 0.3% gain. The upturn was driven
by a rise in energy production and factories producing more
capital and consumer goods. (Reuters)
 Greece's unemployment drops to 21.7% in April – Greece's
jobless rate dropped to 21.7% in April from 22.0% in the
previous month, statistics agency ELSTAT said; however, the
unemployment rate remained Eurozone's highest.
Unemployment in March was revised lower from 22.5%. The
seasonally adjusted data showed that the number of officially
unemployed reached 1.04mn people. Hardest hit were young
people aged 15 to 24 years, with their jobless rate dropping to
45.5% from 49.9% in April last year. Greece's jobless rate hit a
record high of 27.9% in September 2013. It has come down from
record highs but remains more than double the Eurozone's
average. Unemployment in the 19 countries sharing the Euro
stood at 9.3% in April. Greece's economy expanded in the first
three months of 2017. Economic output grew 0.4% compared to
the final quarter of 2016. (Reuters)
 Japan’s May machinery orders seen bouncing – Japan's core
machinery orders are expected to have rebounded in May, a
Reuters poll showed, and Analyst say the near term outlook
points to solid capital spending although in the longer run
businesses remain cautious due to uncertainty around US trade
policies. Core machinery orders are seen rising 1.7% in May
from the previous month following a 3.1% drop in April, the
Reuters poll of 17 economists found. The highly volatile data
series is regarded as a leading indicator of capital spending in
the coming six to nine months. Analysts say a pickup in the
global economy and a weaker yen should underpin core
machinery orders, as companies enjoying strong earnings
continue to spend on equipment. Those signs were evident in
some recent solid data, helping bolster the world's third-biggest
economy. The latest Bank of Japan's survey showed confidence
among Japan's big manufacturers hit its highest level in more
than three years in the June quarter. In the longer term,
however, business spending might remain uneven due to
uncertainty over US trade policies. Concerns persist about
President Donald Trump's pledge to adopt protectionist trade
policies, which could hurt Japan's export-driven economy.
(Reuters)
Regional
 Moody's: Refinancing risk on $1tn debt for EMEA firms eases –
The refinancing risk for speculative-grade non-financial
companies in Europe, the Middle East and Africa (EMEA) region
has considerably fallen, with over half of the almost $1tn debt
now due in 2022 and beyond as investors continued strong
appetite for higher yields pushes maturities further out,
according to Moody's Investors Service (Moody's). The highest
proportion of debt due in each year from 2018-21 is
concentrated among ‘Ba-’ rated companies, which account for
more than half of total refinancing requirements in each of the
years for both bonds and loans supporting upcoming
refinancing needs. (GulfBase.com)
 MENA spending on elevators, escalators to hit $281bn – Driven
by strong construction industry boom in the Middle East and
North Africa (MENA) region particularly the UAE sectors such
as the elevators, escalators, and moving walkways are
witnessing significant growth. In recent times, the regions
respective governments have devoted spending to improving
the existing infrastructure, promoting the vibrant construction
market expansion with regional spending set to reach $281bn
by 2018, according to BMI Research. With the Middle East and
North Africa’s (MENA) infrastructure spend set to top $280bn
by 2018, one of the region’s largest players of people-moving
machinery, ETA MELCO, is ramping up its support for mega-
projects with a complete digital transformation with SAP.
(GulfBase.com)
 SAMA's foreign assets slows in May – Saudi Arabian Monetary
Agency's (SAMA) foreign assets, which the government has
been liquidating to cover a budget deficit caused by low oil
prices, fell at the slowest pace for a year in May, official data
showed. Net foreign assets shrank by a little over $1bn from the
previous month to $492bn, their lowest level since May 2011. It
was the smallest drop since assets increased for a single month
in May 2016. On YoY basis, foreign assets shrank 14.2% in May.
They hit a record high of $737bn in August 2014 before starting
to fall along with oil prices. (Zawya)
 Japan to raise crude storage capacity for Saudi Aramco – The
Japanese government is preparing to raise the crude storage
capacity that it lends to Saudi Aramco by 1.9mn barrels this
summer, according to the Trade Ministry. Japan and Saudi
Arabia last October agreed to raise the storage capacity in
Okinawa, from 1mn kl to 1.3mn kl (8.2mn barrels) by the

6. Page 6 of 7
summer of 2017, an official from the Ministry of Economy,
Trade and Industry said. (GulfBase.com)
 Saudi Aramco says oil reserves steady, output at record ahead
of IPO – Saudi Aramco, which is in the midst of auditing its oil
reserves ahead of a planned stock market listing next year, said
its crude oil and condensate reserves held steady last year
despite record production. The company's daily crude
production hit a new high of 10.5mn barrels per day (bpd) in
2016, up from 10.2mn bpd in 2015. Recoverable crude oil and
condensate reserves, meanwhile, totaled 260.8bn barrels at the
end of 2016, little changed from 261.1bn in 2015. (Reuters)
 Saudi Arabia cancels steel export duties, cuts cement duties by
half – Saudi Arabia said it would cancel all export duties on steel
for two years to encourage local industries. Cement export
tariffs will also be slashed by 50%, according to the trade
ministry. (Reuters)
 Russian Energy Minister: Russia offers Saudi Aramco role in
Arctic LNG project – Russian Energy Minister, Alexander Novak
said that energy cooperation with Saudi Arabia was "top-flight"
and would deepen if Riyadh took up an offer to participate in
Russia's Arctic gas project. To expand cooperation, he said
Saudi Aramco was offered a role in the Arctic LNG-2 project led
by Russia's largest private gas producer Novatek, which aims to
start building the first processing unit, or train, to produce LNG
in 2022-2023. (Reuters)
 KKF eyes wider nonprofit sector contribution to Saudi Arabia’s
GDP by 2030 – Princess Banderi Bint Abdulrahman AlFaisal, the
Director General of the King Khalid Foundation (KKF), disclosed
that Riyadh-based foundation assists the Kingdom to boost
nonprofit sector contribution in the GDP to stand at 5% by
2030. According to the latest government statistics, the
nonprofit sector accounts for less than 1% of GDP.
(GulfBase.com)
 Dubai’s non-oil foreign trade rises 2.7% to reach AED327bn in
1Q2017 – Dubai’s non-oil foreign trade grew 2.7% to reach
AED327bn in 1Q2017 compared to AED318bn in 1Q2016,
according to Dubai Customs. (Bloomberg)
 Dubai Investments in talks to acquire Union Properties’ stake in
Emicool – Dubai Investments said it is in initial talks to buy
Union Properties’ stake in Emirates District Cooling LLC
(Emicool), in a move to take full control of the district cooling
service provider. Emicool, an equally owned venture between
Dubai Investments and Dubai property developer Union
Properties, had been slated for a flotation this year.
(GulfBase.com)
 Malls and retailers revamp strategy to capitalize on DSS –
Retailers and malls are reinventing their strategies to capitalize
on key sale events in the city, such as the upcoming Dubai
Summer Surprises (DSS). According to Al Ghurair Retail, part of
UAE-based diversified industrial conglomerate Al Ghurair, more
and more shopping hubs now investing in on-site
entertainment and attractions to increase footfall.
(GulfBase.com)
 Dana Gas CEO: Dana Gas will offer new Sukuk conditions in
weeks – Dana Gas’ CEO, Patrick Allman-Ward said that the
company is planning to propose new conditions for its
restructured Sukuk within weeks. He added that restructuring
of company’s Shari’ah-compliant bonds due in October is
necessary and in interest of all parties. The company will
inform the Abu Dhabi Securities Exchange (ADX) of the
conditions of its new Sukuk. (Bloomberg)

7. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
70.0
90.0
110.0
130.0
150.0
170.0
Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
QSEIndex S&PPanArab S&PGCC
(0.9%)
(0.1%)
0.1%
(0.1%)
0.1%
(0.4%)
(0.5%)
(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 1,213.15 (1.0) (2.3) 5.3 MSCI World Index 1,913.18 0.2 (0.2) 9.2
Silver/Ounce 15.62 (2.6) (6.1) (1.9) DJ Industrial 21,414.34 0.4 0.3 8.4
Crude Oil (Brent)/Barrel (FM Future) 46.71 (2.9) (2.5) (17.8) S&P 500 2,425.18 0.6 0.1 8.3
Crude Oil (WTI)/Barrel (FM Future) 44.23 (2.8) (3.9) (17.7) NASDAQ 100 6,153.08 1.0 0.2 14.3
Natural Gas (Henry Hub)/MMBtu 2.89 0.4 (1.9) (21.5) STOXX 600 380.18 (0.2) 0.2 13.8
LPG Propane (Arab Gulf)/Ton 59.75 (2.4) (0.8) (17.2) DAX 12,388.68 (0.0) 0.5 16.7
LPG Butane (Arab Gulf)/Ton 68.63 (2.0) 1.3 (41.3) FTSE 100 7,350.92 (0.4) (0.4) 7.4
Euro 1.14 (0.2) (0.2) 8.4 CAC 40 5,145.16 (0.2) 0.4 14.5
Yen 113.92 0.6 1.4 (2.6) Nikkei 19,929.09 (1.0) (2.0) 6.6
GBP 1.29 (0.6) (1.0) 4.5 MSCI EM 1,002.48 (0.4) (0.8) 16.3
CHF 1.04 (0.4) (0.6) 5.7 SHANGHAI SE Composite 3,217.96 0.1 0.4 5.9
AUD 0.76 0.2 (1.1) 5.5 HANG SENG 25,340.85 (0.5) (1.7) 14.3
USD Index 96.01 0.2 0.4 (6.1) BSE SENSEX 31,360.63 0.1 1.4 23.9
RUB 60.38 0.4 2.6 (1.9) Bovespa 62,322.40 0.5 (0.2) 2.5
BRL 0.30 0.5 0.9 (0.8) RTS 995.24 (1.6) (0.6) (13.6)
96.6
95.6
94.6