Friday, December 28, 2018 Rabia II 21, 1440 AH

JUMPING ON THE CHANCE: Page 8 GULF TIMES London’s Gatwick Airport sold for $3.7bn BUSINESS to France’s Vinci

QP to distribute MPHC free incentive shares Qatar banking system on December 31 Qatar Petroleum has set December 31, 2018 as the distribution date of Mesaieed Petrochemical Holding Company’s (MPHC) free incentive shares to investors. This comes after QP announced in 2013 that it would off er “incentive” shares to nationals who subscribed to stays resilient, healthy the IPO in 2018 and 2023, provided they retain at least 50% of their shares purchased in the off ering at all times. The free shares will be awarded at the end of trading day at the Qatar Stock Exchange to qualified investors who meet the distribution conditions, and will constitute 50% of the allotted shares at the time of the maiden off er and according to the IPO prospectus. despite the blockade “The second set of free incentive shares will be distributed to investors on December 31, 2023,” the By Pratap John company said in a regulatory filing with the bourse. Chief Business Reporter The distribution of the free shares comes as part of QP’s Year-end Review eff orts to strengthen the foundations of investment and the long-term savings culture for Qatari citizens. In doing atar’s banking system remains This year, the QCB set up the Supreme so, it has committed to giving every Qatari individual healthy with ample liquidity, high Emergency Committee headed by the Gov- investor, one free share for every allotted share Qasset quality and strong capitalisa- ernor to monitor the day-to-day work of conditional to keeping at least 50% of the allotted shares tion, although external pressures remain fi nancial institutions in the country, ad- until the date of free shares distribution. due to the unjustifi ed blockade on the dressing emergency matters and removing The free incentive shares, which are ordinary shares country by a quartet of Arab nations. all obstacles to the fl ow of work. that have equal rights with capital shares, will be allotted With liquidity levels strong and earnings The QCB also launched the second stra- from the hydrocarbon bellwether’s share, and will not solid, international ratings agencies and tegic plan for the fi nancial sector (2017- entail any change in the company’s capital structure. the Qatar Stock Exchange (QSE) have “ex- 2022), which was prepared in co-ordina- MPHC had off ered 323.19mn shares at QR10.2 per pressed confi dence” in the fi nancial stabil- tion with the three regulatory bodies: The piece through an IPO in 2013. The maiden off er was ity of the country’s banks. QCB, the Qatar Financial Markets Author- oversubscribed by five times. Qatar’s banking sector remains “resil- ity, and the Qatar Financial Centre Regula- ient and healthy” with credit continuing to tory Authority. fl ow, ample liquidity and asset quality and The plan is currently being implement- profi tability robust. ed in line with the National Development Qatar’s eight-largest banks posted com- Strategy and the Qatar National Vision bined net profi ts of QR12bn for the fi rst half 2030. of 2018; a 10.6% year-on-year (y-o-y) in- The QCB has issued a number of instruc- ‘US consumers are less crease on 2017, Oxford Business Group said, tions and resolutions to the fi nancial sector citing data released by the QSE. and to banks and insurance companies to The banks cited a combination of asset regulate the work and defi ne the responsi- upbeat about economy’ growth, improved returns on investment bilities and obligations. and earnings from lending as key factors The central bank also updated the man- behind the profi t increase. ual for the work of Anti-Money Launder- AFP Earlier this month, S&P Global Ratings ing/Combating the Financing of Terrorism Washington revised its outlook on Qatar to ‘stable’ from Qatar’s eight-largest banks posted combined net profits of QR12bn for the first half of (AML/CFT) department and developed ‘negative’ on the strength of the country’s 2018, a 10.6% year-on-year increase on 2017, Oxford Business Group has said, citing data the AML/CFT system in preparation for macroeconomic resilience, also a vote of released by the QSE. PICTURE: Nasar TK the evaluation of the Financial Action Task S consumer confi dence saw a steep decline in Decem- confi dence on local banks. Force (FATF) in 2019. ber amid a sharp selloff on the Wall Street and politi- The rating agency noted the “outfl ow of tered a strong growth by 14.3%. Sheikh Ab- Analysts say Qatar’s banking system re- The QCB has been co-ordinating with Ucal turmoil in Washington, according to a monthly external fi nancing” for Qatari banks, pri- dullah noted, “The banking sector has pro- mains well capitalised with banks’ capital the Ministry of Finance, Qatar Petroleum survey released yesterday. marily non-resident deposits and inter- vided seamless fi nancial services to their adequacy ratio (CAR) rising to 16.8% in and the Qatar Investment Authority on the The cutoff date for the survey was December 13 — before bank placements – an impact of the block- customers even in the midst of initial dis- 2017; up from 16.1% in 2016 and well above policy of fi nancing state projects. the US government shutdown over funding for a border wall ade – was “off set by liquidity injections” turbances. The deposit outfl ows from non- the Basel III guidelines. It also co-ordinated with the Planning — but fi nancial markets were already showing the impact of from the Qatar Central Bank and repatria- resident deposits in the fi rst few months Asset quality also remains high with and Statistics Authority regarding the im- President Donald Trump’s trade confl ict with China, as well tion into the domestic banking sector of of the blockade were well absorbed by the non-performing loans (NPLs) steady at plementation of the annual and quarterly as the prospect of a slowing economy amid rising interest about $40bn in the public sector, mostly banking sector through proactive liquidity 1.7% of the capital last year. Profi tability foreign investment surveys and the institu- rates. the Qatar Investment Authority assets pre- management with the guidance and sup- remains solid with returns on equity (ROE) tional modernisation strategy. The Conference Board’s consumer confi dence index fell viously held abroad. port of the QCB. close to 14%. Another QCB project that gained trac- more than eight points — the biggest change in any direction S&P noted it does not expect the Qatari “In recent times, there has been infl ow Helped by higher hydrocarbon revenues, tion this year was the establishment of an this year — to 128.1, the survey showed. banks to need additional government sup- of non-resident deposits from the US, deposit growth of around 6% is expected in electronic platform for receiving and send- That was five points below what economists fore- port, and non-resident deposits have grad- European and Asian countries refl ecting 2018, ticking higher to 7.5% in 2019. ing information and linking the fi nancial cast, and a retreat from the 18-year high of 137.9 last ually returned to the banking system. the confi dence of foreign depositors in the Solid loan growth of 5% is expected this sector through an information manage- month. Recently, HE the Qatar Central Bank Qatari fi nancial system. The recent reports year, fi rming to 7% in 2019 helped by higher ment database to reduce cyber threats. This The decline was nearly all the result of the erosion of con- Governor Sheikh Abdullah bin Saoud al- from the credit ratings agencies indicate credit demand in both the public and the is being done in co-operation with Qatar’s sumers’ confi dence in the short-term economic outlook, as Thani said commercial banks’ assets grew that banks have recorded improvements in private sector, QNB had said in an earlier National Centre for Information Security the expectations index fell more than 13 points to 99.1, back by 3.5% y-o-y, while reserve cash regis- their rating.” report. (Q-CERT). below 100 for the fi rst time in a year. Defaults in Asia seen rising on tight liquidity, trade wars

Bloomberg China system, according to Ron Thompson, Hong Kong a managing director at Alvarez & „ Edwin Wong, chief investment Marsal Asia who leads the firm’s Asia off icer at Hong Kong-headquartered restructuring practice. A growing chorus of observers expect investment firm SSG Capital A US government delegation will travel debt defaults in Asia will spread as Management, which invests in to Beijing in the week of January 7 to weakening currencies and tighter distressed debt, sees the biggest hold trade talks with Chinese off icials, liquidity leave riskier borrowers with opportunities in China and India amid two people familiar with the matter said. higher refinancing costs. tight liquidity. Rising failures add to headwinds that „ The US-China trade war is also starting India governments have to navigate during a to hit companies, as rising interest politically fraught 2019, with elections in rates pressure businesses, according to „ In India, the overhauled India and Indonesia. Asian dollar bond FTI Consulting, a firm that advises on bankruptcy regime is likely to market defaults tripled to at least nine in restructuring. continue to put pressure on 2018 from the previous year, according „ “We are setting up the business on the companies to sort out their to Bloomberg-compiled data. premise that we will see an increase in debt problems or be forced into In India, a landmark default by shadow defaults in 2019,” said John Batchelor, insolvency. The abrupt resignation of lender Infrastructure Leasing & Financial Asia head for corporate finance and Urjit Patel as central bank governor Services Ltd has tightened liquidity restructuring at the firm, adding that has prompted some to question his for non-bank lenders, while China’s the company is looking to increase its successor’s independence. deleveraging campaign and push to cut headcount in Hong Kong and China. „ While it’s too early to tell what the the number of zombie companies have „ The crackdown on China’s $10tn new governor will do, the government’s prompted more failures. Mounting non- shadow banking market is also “concerted eff orts” to clean up the payments may sour sentiment in the contributing to a rise in defaults, as banking sector and create better A port worker monitors the unloading of containers on to trucks at the port of Qingdao in northeast China’s Shandong credit market, but could boost business many entrepreneurs have limited protection for creditors should remain, province (file). The US-China trade war is also starting to hit companies, as rising interest rates pressure businesses, for investors in problem assets. access to the nation’s banking according to SSG’s Wong. according to FTI Consulting, a firm that advises on restructuring. Gulf Times 2 Friday, December 28, 2018 BUSINESS Realty equities help QSE snap 2-day bearish spell

By Santhosh V Perumal Islamic equities were seen gaining Vodafone Qatar and Medicare Group; buyers of QR0.88mn on Wednesday. The real estate sector’s trade volume Business Reporter faster than the main index in the even as Commercial Bank, Qatar Non-Qatari funds’ net buying weakened more than doubled to 2.76mn equities market, where domestic funds turned Oman Investment, Qatar Industrial significantly to QR12.4mn compared to and value also more than doubled to net profit takers. Manufacturing, Qatar General and QR17.52mn the previous day. QR41.78mn on more-than-doubled The Qatar Stock Exchange yesterday Trade turnover and volumes were on Reinsurance and Gulf Warehousing Total trade volume rose 28% to 11.82mn transactions to 748. reversed two days of bearish spell to the increase in the bourse, where the were among the losers. shares, value by 57% to QR220.33mn The banks and financial services gain 65 points, mainly on the back of industrials, real estate and banking Non-Qatari individuals turned net and transactions by 15% to 6,503. sector’s trade volume more than real estate equities. sectors together accounted for about buyers to the tune of QR1.59mn against The insurance sector’s trade volume doubled to 1.94mn stocks and value The bullish outlook of non-Qatari 86% of the total volume. net sellers of QR0.9mn on December grew more than seven-fold to 0.37mn more than tripled to QR51.89mn on and Gulf individuals as well as the The Total Return Index gained 0.63% 26. equities and value by about 14-fold to more-than-doubled deals to 1,130. weakened selling pressure from local to 18,125.78 points, the Al Rayan Islamic Gulf individuals were also net buyers to QR12.44mn on more-than-tripled deals The market witnessed a 55% surge in retail investors helped the 20-stock Index (Price) by 0.68% to 2,392.73 the extent of QR0.93mn compared with to 190. the transport sector’s trade volume Qatar Index gain 0.63% to 10,287.7 points and the All Share Index by 0.82% net sellers of QR0.42mn on Wednesday. The telecom sector’s trade volume rose to 0.17mn shares to more than double points. to 3,068.96 points. Local individuals’ net profit booking five-fold to 0.55mn stocks and value value to QR4.72mn on a 45% rise in However, foreign funds’ buying The realty index soared 3.37%, followed The QSE’s market capitalisation declined influentially to QR3.72mn by more than seven-fold to QR7.57mn transactions to 305. interests decreased and there was by banks and financial services expanded more than QR4bn, or against QR11.98mn the previous day. on more-than-five-fold growth in However, the industrials sector’s trade increased selling pressure from Gulf (0.81%), transport (0.59%), consumer 0.72%, to QR587.92bn yesterday However, Gulf institutions’ net selling transactions to 335. volume tanked 22% to 5.42mn equities, institutions in the market, which is up goods (0.44%), telecom (0.35%) and increased considerably to QR8.66mn The consumer goods sector’s trade value by 3% to QR84.83mn and deals 20.7% year-to-date. industrials (0.09%); while insurance being Ezdan, Qatari German compared to QR5.11mn on December volume almost tripled to 0.61mn by 22% to 3,427. Market capitalisation expanded more declined 2.64%. Company for Medical Devices, United 26. shares and value more than doubled to In the debt market, there was no than QR4bn, or 0.72%, to QR587.92bn About 73% of the traded stocks Development Company, Barwa, Mazaya Domestic institutions turned net sellers QR17.1mn on more-than-doubled deals trading of treasury bills and sovereign mainly owing to the large cap segment. extended gains with major movers Qatar, Milaha, Doha Bank, Al Khaliji, to the tune of QR2.51mn against net to 368. bonds.

Turkey expects US shale blows leave oil sellers extension of Iran sanctions in the Middle East staggering waiver, says Bloomberg minister Singapore

he US oil industry is delivering Turkey expects the US to extend a one-two punch to Middle East its sanctions waiver on importing Tproducers already reeling from a Iranian oil, Trade Minister Ruhsar collapse in prices. Pekcan said, according to A tussle is playing out in the mar- Bloomberg. ket for so-called light oils, which have “We expect an extension of lower sulphur content and are less Turkey’s exemption” from dense than heavier varieties. When sanctions, Pekcan said in an processed, these grades typically yield interview with NTV in Ankara. She a higher amount of fuels like gasoline was referring to the temporary and naphtha. And now, American sup- waiver that allowed Turkey to plies are weighing on prices for such continue buying Iranian oil for six crudes as well as fuels made from them. months. Light oil pumped in US shale fi elds US sanctions on Iran have is increasingly making its way to Asia, “endangered the security and undercutting sales by the likes of Saudi stability of the region,” President Arabia. Additionally, America is ex- Recep Tayyip Erdogan said in porting a record amount of refi ned fuel, Ankara on December 20, speaking contributing to a global glut in gasoline at a press conference with Iranian and naphtha. That’s hurting some of President Hassan Rouhani. The two the biggest members of the Organisa- nations are working to minimise tion of Petroleum Exporting Countries the impact of sanctions on bilateral as they prepare to curb crude output in trade, he said. a bid to stabilise the market. Pekcan also expects a removal of Middle East producers – still the additional tariff s the US imposed dominant suppliers to Asia – are being on some Turkish products. “We’ve forced to tackle American crude com- been receiving positive signals petition by lowering their oil pricing to in our talks,” she said, without defend their market share. The refi n- elaborating. ers, meanwhile, are contending with booming US fuel shipments dragging down their returns from making proc- An employee walks near an oil tank at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia (file). While Middle East producers such as Saudi Arabia Sharjah’s Invest Bank essed products. and Abu Dhabi are reducing the pricing for their lighter crudes, American exports to Asian nations such as India and South Korea are surging. told to book “It is no surprise that Middle East- provision of $599mn ern producers are having to cut light Eastern producers and sellers of US oil benchmarks to the lowest level in 16 fi neries are leading to a domestic sur- lyst at industry consultant ESAI Ener- crude prices,” said Virendra Chauhan, has intensifi ed since 2016, with even months. They are not only competing plus of fuel that either gets exported gy, wrote in a December 19 note. These Invest Bank, the Sharjah-based an analyst at industry consultant En- relatively heavier American crudes with shale fl ows, but also with new re- to international markets, or displaces barrels are expected to fi nd their way to lender that would be getting a ergy Aspects Ltd. Over the course of such as Mars and Poseidon coming to gional varieties such as Umm Lulu and cargoes that move from Asia to buyers Latin America and other markets, dis- government capital infusion, said 2018, the key sources of global oil-out- Asia, the competition is particularly Kuwait Super Light. elsewhere such as Latin America. placing the imports from Europe and the UAE central bank asked it to put growth have included light crude stiff for lighter grades. Despite the recent price reductions, Average US exports of oil products Asia, he said. book a provision of 2.2bn dirhams from US shale fi elds and Saudi Arabia, Abu Dhabi’s Murban and Saudi Middle Eastern light crudes remain have risen 7% so far this year, data Refining margins in Singapore, ($599mn), Bloomberg reported he said. Arabia’s Extra Light have similar fuel relatively handicapped versus Ameri- from the Department of Energy show. Asia’s trading hub, fell to the low- yesterday. While Middle East producers such as yields and chemical characteristics as can oil ahead of 2020, when new in- America’s surplus of gasoline is esti- est level in over 4 years earlier this “The provisions required by Saudi Arabia and Abu Dhabi are reduc- shale crude. ternational rules mandating the use of mated to swell by 80,000 bpd in 2019 month, according to data from Oil the central bank will result in a ing the pricing for their lighter crudes, State-owned Abu Dhabi National Oil less-polluting fuel in ships take eff ect. as demand plateaus and domestic out- Analytics, due to factors including a significant deterioration in Invest American exports to Asian nations Co cut the premium for 2019 term sup- The sulphur content in grades such as put climbs, according to ESAI Energy rise in oil-product supplies in the At- Bank’s capital position, causing such as India and South Korea are surg- plies of Murban crude to 16-18 cents Arab Extra Light and Murban is still LLC, pushing daily exports of fi nished lantic Basin as well as higher exports it to breach its regulatory capital ing. Even a temporary halt by China a barrel over its monthly offi cial sell- higher than levels in US crude, mean- and blending material to over 1mn bar- from China and South Korea. Returns adequacy ratios if not addressed,” due to its trade war with the US hasn’t ing prices, down from about 25 cents ing they need to be processed a bit rels next year. from making fuels were at 77 cents a chairman Omran Abdulla Omran signifi cantly dented overall fl ows this in 2018. Government-run Saudi Ara- more to yield cleaner fuels. “Excess US gasoline volumes will barrel as of December 21, compared Taryam wrote in a shareholder year. mco slashed the premium of its Arab On the refi ned products front, rising face stiff competition in an oversup- with an average of $2.71 over the past circular. While the rivalry between Middle Extra Light grade over Middle Eastern shale production and its use in US re- plied global market,” Ian Page, an ana- 12 months. Saudi politics, oil and proxy wars: Mideast market risks in 2019

Low oil price threatens exporters’ Boston-based money manager at Eaton country’s increasingly assertive and balance sheets, says Fitch; Vance Corp, plans to spend a lot of unpredictable foreign policy. predictable leadership is now an time on the ground, “testing views and So prevalent is the disquiet over exception, says Eaton Vance identifying opportunities.” Khashoggi’s murder that Mark Mobius, Here’s a list of some of the biggest risks a veteran investor in developing Bloomberg that will keep investors on their toes nations, says even MSCI Inc’s decision Dubai next year: to include the nation’s stocks in its Oil Rout emerging-market gauge next year won’t be enough to lure funds back. The list of potential pitfalls for Middle Saudi Arabia, the world’s top crude Turkish Policy East investors next year is long. exporter, needs prices to climb beyond With oil in a bear market, pressure $80 a barrel to balance its budget, The concern is that as local elections on energy exporters is mounting. according to Fitch Ratings. Weaker scheduled for March approach, the Saudi Arabia’s global standing is being prices in 2019 could also reinforce pressure on the central bank to unwind questioned and Washington has turned pressure on other oil exporters’ balance some of the tightening delivered in the its back on Iran, opening the way for sheets after the fiscal loosening seen second half of the year will grow. increased – and some say destabilising in 2018, said Krisjanis Krustins, a Hong Growth in the Turkish economy is – Russian influence. Kong- based director at Fitch Ratings. slowing fast, but inflation is still far The region has never been for the faint- Oil is trading around $54 dollars a barrel above target. Any premature loosening hearted. Traders who snapped up Saudi despite a surprise announcement threatens to derail the currency, the assets in the first half of the year, only by Opec in early December to cut linchpin for an economy that’s saddled to see the market turn against them production. with foreign-currency debt and remains after the murder of columnist Jamal Investors remain wary about the hostage to capital inflows. Khashoggi in Istanbul, are nursing prospect of a supply glut, stoked by Leadership Challenge steep losses. Bahrain’s friends only fears that the cuts won’t be enough bailed out the nation after its bonds got to counter booming American shale Some countries in the region are either to almost half of state revenue, fighting proxy wars, could escalate, through Hezbollah, to prop up President a battering and Aramco’s postponed output. experiencing or will soon be facing a politicians continue to squabble over or that the conflict between Israel Bashar al-Assad. And then there’s share sale has dealt a blow to investor Saudi Geopolitics generational transfer of leadership, said the formation of a new government, and Iran-backed Hezbollah could be Russia, whose increased involvement confidence. Stocker at Eaton Vance. This makes potentially derailing fiscal-consolidation reignited, Krustins said, potentially in the Middle East will also mitigate Then there’s Turkey, whose currency Meanwhile, the euphoria surrounding “tenured, predictable leadership” an plans. increasing credit risk throughout the Washington’s influence, adding another was among the worst performers in the Saudi Crown Prince Mohammed exception in the Middle East, not the Political Instability region. level of complexity to regional policy, world this year and still relies heavily on bin Salman’s promises to reform rule, he said. Tension between Israel and Iran has said Abdelak Adjriou, a London-based foreign inflows. the economy are giving way to In Lebanon, where the cost of servicing There is a chance the rivalry between been rising over Iran’s entrenchment in money manager at American Century But amid the tumult, Marshall Stocker, a scepticism and concern over the the national debt is equivalent Saudi Arabia and Iran, which are already Syria, where it has been fighting, largely Investments. Gulf Times Friday, December 28, 2018 3 BUSINESS

Deluge of new supply seen to weigh on LNG market Oil sands rebound in 2019 hinges on rail, output cuts, pipeline

Bloomberg be key to the success of those Calgary plans. The province’s plan alone will add 80 locomotives and more than 7,000 cars. The Canadian oil industry could And with record amounts be in for another turbulent year of crude already moving on in 2019, depending on how some Canada’s rails, the system’s ability pivotal events pan out. to take on more shipments will Government-mandated production be crucial. That’s far from a given cuts and the potential startup of a as even without the increased key crude pipeline are among key oil shipments, Canada’s rails developments to watch for next faced logjams earlier this year year. Here’s a look at each one: that caused stacks of wheat and Production canola to pile up on farms across curtailments the prairie provinces. More pipeline space While the announcement of pro- duction curtailments by Premier The fourth quarter is when Rachel Notley has succeeded in Canada’s oil patch finally expects lifting Canadian crude prices from to get a taste of relief from its record lows even before their im- perpetual pipeline woes. That’s plementation starts next month, when Enbridge’s expansion of its the province’s ability to wind Line 3, which is designed to ship down that policy without crashing an additional 370,000 bpd from the market will be crucial. Alberta’s oil sands to a hub in The province has said it only Superior, Wisconsin, is expected expects the full 325,000-bpd to come into service. The timeline output cut to be in place for the for other pipelines is both further first three months of the year, out and less certain. Lamps stand at the Queensland Curtis Liquefied Natural Gas project site, operated by QGC Pty, a unit of Royal Dutch Shell, in Gladstone, Australia. The most liquefied while the amount of oil in storage But even while Line 3 has all of natural gas capacity in nearly a decade is scheduled to start up next year, threatening to flood markets with supply and weaken prices. Nearly 35mn tonnes a year of is drawn down to historical levels. its major regulatory approvals capacity is set to start operation in 2019, the most since 2010, according to five analysts surveyed by Bloomberg News. Those new plants will place LNG markets in a The government will then work to in hand and construction has “substantial surplus” putting downward pressure on prices into 2020, according to Fitch Solutions. “We see a large wave of supply coming online in 2019 and even in match production with transpor- been completed in Wisconsin 2020,” said Edmund Siau an analyst at energy consultant FGE. “Asian LNG demand will likely struggle to keep pace with supply growth.” Flagship projects in America and tation and storage policy, review- and is more than halfway done in Australia are leading the export boom. The Ichthys and Prelude LNG ventures that are off shore Western Australia are scheduled to lift production next year, while in the ing the levels every month. Canada, hiccups are still possible. US operators are slated to start the Freeport and Cameron terminals. North Asia LNG spot prices have slipped almost 22% since a September high. Further reductions in the curtail- “They still need local permits here ment should come in the fall and and there in the US,” said Randy winter as additional rail capacity Ollenberger, an analyst at Bank of comes on line, and the policy Montreal. “That could add some should be cancelled entirely by delays.” the end of the year if Enbridge Provincial election Inc’s expanded Line 3 comes into service. Alberta is scheduled to have its Rail ramps up next provincial election on or before May 31. Notley’s centre-left The province’s ability to extricate New Democratic Party, which BP gives go-ahead to itself from the curtailment system broke more than four decades of depends partly on more rail-ship- conservative rule when it swept ping capacity becoming available to power in 2015, will face a tough in the second half of the year. challenge holding onto control Producers have struck contracts next year. to ship more crude by rail next While she has been a staunch year, with Cenovus Energy Inc an- advocate for the oil industry – Tortue investment in nouncing three-year agreements lobbying for pipelines, buying that cover about 100,000 bpd of rail cars and plowing money into capacity. Alberta also is buying adding upgrading, refining and rail cars that will help ship an ad- petrochemical capacity – she ditional 120,000 bpd. has still been criticised by United Whether manufacturers and rail Conservative Party Leader Jason companies can supply all that Kenney for not doing more and Africa LNG push equipment – and the people to for implementing environmental operate it – in a timely fashion will policies like a carbon tax. Bloomberg the time and cost of develop- London ment. Tortue “represents the begin- ning of a multi-phase project P Plc approved an invest- that is expected to deliver LNG ment in a major lique- revenues and gas to Africa and Bfi ed natural gas project in beyond for decades to come,” Protectionism, trade West Africa, ramping up spend- Bernard Looney, chief execu- ing across a continent thought tive offi cer of upstream for BP, to hold much of the world’s re- said in a statement. “We see this wars behind oil price maining fossil-fuel reserves. as the start of a new chapter for The London-based oil major, Africa’s energy story.” with partner Kosmos Energy Construction on phase one volatility, says Russia Ltd, will proceed with the fi rst is expected to begin in the fi rst phase of the Tortue LNG devel- quarter of 2019 while fi rst gas opment, which will process gas should fl ow in 2022. The fl oat- Reuters how China will behave, how In- from a giant fi eld straddling the ing facility is designed to pro- Moscow dia will behave...trade wars and maritime border of Mauritania vide about 2.5mn tonnes of LNG unpredictability on the part of and Senegal and ship it to buyers a year. BP’s gas marketing divi- the US administration...those around the world. The company sion will be the sole buyer of fuel ising protectionism and are defi ning factors for price vol- didn’t provide a dollar fi gure for from the fi rst phase. trade wars and the un- atility,” Novak said. the investment. BP and Kosmos are eyeing A BP logo sits on display at the company’s corporate pavilion during the World Petroleum Congress in Rpredictability of the US US President Donald Trump Tortue is the fi rst major gas further work to fully exploit the Istanbul, Turkey on July 11, 2017. The Tortue project is attractive because it helps BP shift its portfolio in administration have greatly has been a vociferous critic of project to achieve a fi nal in- estimated 15tn cubic feet of nat- favour of natural gas, which could help it cut its carbon emissions and off er some protection in the case contributed to global oil price Opec, demanding the group act vestment decision in the basin, ural gas from the Greater Tortue of tighter climate-change regulations in the future. volatility over the past two years, in order to cut prices of oil. which lies just off the western- Ahmeyim fi eld, which Kosmos Russian Energy Minister Alex- Novak also told reporters most part of Africa. It is one discovered in 2015. BP’s Looney cause it helps BP shift its port- also gives BP access to key LNG and Kosmos has the remainder. ander Novak said yesterday. that the US decision to allow of several developments using said in 2017 the basin could hold folio in favour of natural gas, buyers across Europe. Other West African coun- Oil prices have been volatile, some countries to trade Ira- gas-liquefaction equipment another 50tn cu ft, equivalent which could help it cut its car- The national oil companies tries, including Nigeria and falling by more than a third this nian oil after putting Tehran aboard a ship, rather than tradi- to about seven years of current bon emissions and off er some from Maurtania and Senegal Cameroon, are seeking to ex- quarter, partly due to rising oil under sanctions was one of the tional onshore facilities, which African gas production at the protection in the case of tighter each have 10% stakes in Tor- pand their own LNG export fa- production in the United States. key factors behind this month’s could help spur the next gas time. climate-change regulations in tue fi eld exploration blocks. BP cilities to meet potential supply “All these uncertainties, global pact to cut oil output by production boom by reducing The project is attractive be- the future. Tortue’s location holds about 60% in each block shortages in the next decade. which are now on the market: 1.2mn bpd. After topping commodity gains in 2018, carbon set to surge again

Bloomberg electricity, with German, French and British power on the EU Emissions Trading System came to life at London prices trading well above their five-year average. the start of this year following a years-long eff ort It’s also kept gas prices stronger than usual for the by policy makers to mop up a surplus of the credits time of year. that built up since the last recession. Countries The cost of pollution in the European Union’s Those gains awakened concerns industry and con- allocated too many carbon allowances and put in cap-and-trade system is likely to surge again next sumer groups have voiced for years about energy place renewables subsidies that helped curtail the year, contributing to rising electricity costs that are costs in Europe, which in some markets are more need for power from plants that pollute. already uncomfortable for industry. than double US levels. French President Emmanuel The screws on the programme are set to tighten Carbon futures, reflecting the price factories and Macron this month backed down to protests over again in the coming years, with governments auc- utilities pay for their emissions, tripled in 2018, fuel taxes, and German Chancellor Angela Merkel tioning 40% fewer allowances starting next year. making it the best performing major commodity is working to slow the pace at which coal plants are “Auction volume is looking pretty poor,” said Louis of the year. Those contracts may surge again in being closed after an increase in electricity costs. Redshaw, founder of Redshaw Advisors in London, 2019, by 20% to near $29 a tonne or more for the Large power-consuming industries have expressed which trades carbon. “I suspect that many specula- first time in more than a decade, according to the their discomfort about recent gains in prices tors are already positioned long.” median forecast of 13 brokers, analysts and traders and attributed the shift largely to carbon. “This There’s a wide range of views on how significant surveyed by Bloomberg. pressure will only increase and may cause further those measures will be for the market in 2019, with The gains are already roiling energy markets, competitiveness challenges,” Eurofer, the European estimates ranging from €18 to a sky-high €55. This driving up power prices across the continent and industry group for metals, said in response to year’s contract recently traded at more than €25 a giving utilities an incentive to burn more natural questions. “The allowance is becoming tighter and tonne on Monday, up from the €8.18 registered at gas than coal. Another surge in 2019 will put under tighter, so there isn’t much room for selling them. the end of 2017. Smoke and steam rise from Grangemouth Refinery, operated by Ineos Group Holdings, in pressure the government off icials and lawmakers Some producers will already be facing a shortage, Options traders are also largely bullish on carbon, Grangemouth, Scotland (file). Tighter carbon markets tend to push utilities towards burning who were architects of the increase this year as and others will soon come up against it.” with bets on call options far outnumbering puts. cleaner fuels, like natural gas instead of coal, and to look toward renewables as a way of they sought to restore the credibility of carbon as a In normal markets, higher prices encourage more The call option with the second most open interest generating electricity without emissions. tool for reining in greenhouse gas emissions. supplies to find their way to market. Not so in car- for the December 2019 future is for a strike at €50 a “There will be rumblings from east European coun- bon, where volumes are fixed by governments. Po- tonne, with the most popular at €20. There are even “People are more likely to support the tax if they price this year was due to the cost of carbon, with tries and some big energy intensive companies land already has asked EU lawmakers to intervene. traders betting on options to buy at €100 in 2020. support what the government is doing with the another 30% coming from more expensive coal, if we hit €35 to €40 next year,” said Jahn Olsen, The European Commission declined to act. The Levies on carbon emissions aren’t well understood revenue,” Ward said. said Lawson Steele, an analyst at Berenberg Bank an analyst at Bloomberg NEF in London. “The EU east European nation will now sell 55.8mn tonnes outside the energy industry and haven’t been Tighter carbon markets tend to push utilities in London. might not react if it happens gradually and reaches of EU allowances next year, worth about €1.4bn at earmarked to pay for other social programmes, toward burning cleaner fuels – like natural gas “Gas will matter next year when the carbon that level in November or December. Intervention is current market prices, a move that may mute some making them politically vulnerable, said Bob Ward, instead of coal – and to look towards renewables price rises sufficiently to make gas generation more likely if we get there in February.” of the strength in carbon prices next year. policy director at the climate-research unit of the as a way of generating electricity without emis- cheaper than coal,” Steele said. “Today, coal sets Higher carbon costs have fed through to the cost of After six years in the doldrums, carbon allowances London School of Economics. sions. About two thirds of Germany’s higher power the price.” Gulf Times 4 Friday, December 28, 2018 BUSINESS

SAUDI ARABIA KUWAIT OMAN

Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume

Solidarity Saudi Takaful Co 15.80 1.15 146,421 Specialities Group Holding C 71.00 3.95 27,300 Arabia Falcon Insurance Co 0.12 0.00 - Amana Cooperative Insurance 21.36 -2.47 1,419,168 Abyaar Real Eastate Developm 15.90 1.27 124,090 Aloula Co 0.53 0.00 - Alabdullatif Industrial Inv 11.10 0.00 70,864 Kgl Logistics Company Kscc 40.40 0.75 962,807 Al-Omaniya Financial Service 0.19 0.00 - Saudi Printing & Packaging C 16.18 -0.37 206,875 Combined Group Contracting 319.00 0.31 38,236 Al-Hassan Engineering Co 0.02 0.00 - Saudi Paper Manufacturing Co 13.88 3.58 3,190,867 Jiyad Holding Co Ksc 72.40 1.83 1,687,101 Al-Fajar Al-Alamia Co 0.75 0.00 - Alinma Bank 22.66 0.09 7,330,210 Boubyan Intl Industries Hold 30.70 -6.69 860,266 Al-Anwar Ceramic Tiles Co 0.07 4.29 294,400 Almarai Co 47.80 0.42 132,044 Gulf Investment House Ksc 18.00 7.78 510,522 Al Suwadi Power 0.10 0.00 31,930 Falcom Saudi Equity Etf 30.40 1.33 359,292 Boubyan Bank K.S.C 568.00 -0.53 852,501 Al Sharqiya Invest Holding 0.09 0.00 5,000 United International Transpo 27.10 0.74 290,390 Ahli United Bank B.S.C 201.00 -0.50 2,780,691 Al Maha Petroleum Products M 0.93 0.00 - Hsbc Amanah Saudi 20 Etf 30.60 0.00 1 Osos Holding Group Co 101.00 3.06 190 Al Maha Ceramics Co Saoc 0.21 0.00 - QATAR Saudi International Petroche 19.70 1.03 398,481 Al-Eid Food Ksc 66.00 0.00 11 Al Madina Takaful Co Saoc 0.09 2.17 250,800 Falcom Petrochemical Etf 31.10 0.00 1 Qurain Petrochemical Industr 349.00 -0.29 136,575 Al Madina Investment Co 0.04 0.00 50,748 Company Name Lt Price % Chg Volume Walaa Cooperative Insurance 21.40 0.85 88,952 Ekttitab Holding Co Sak 21.30 0.00 26,406 Al Kamil Power Co 0.38 0.00 - Bank Al-Jazira 13.96 0.00 1,861,876 Real Estate Trade Centers Co 23.00 0.00 100 Al Jazerah Services -Pfd 0.55 0.00 - Zad Holding Co 104.01 0.01 974 Al Rajhi Bank 85.90 1.06 1,464,137 Acico Industries Co Kscc 170.00 0.00 27,500 Al Jazeera Steel Products Co 0.28 0.00 - Widam Food Co 66.71 0.14 69,578 Samba Financial Group 30.50 1.67 697,987 Kipco Asset Management Co 69.00 0.00 842 Al Jazeera Services 0.11 0.00 - Vodafone Qatar 7.88 0.64 506,257 United Electronics Co 61.00 0.49 93,125 National Petroleum Services 920.00 0.00 2,000 Al Izz Islamic Bank 0.09 0.00 - United Development Co 14.78 3.00 2,336,934 Allied Cooperative Insurance 18.02 0.56 148,339 Alimtiaz Investment Group 135.00 1.50 7,621,811 Al Buraimi Hotel 0.88 0.00 - Salam International Investme 4.38 1.86 33,211 Malath Insurance 12.12 -0.16 384,936 Ras Al Khaimah White Cement 74.90 0.54 29,885 Al Batinah Power 0.10 0.00 75,200 Qatar & Oman Investment Co 5.26 -2.05 36,522 Alinma Tokio Marine 16.40 0.12 107,091 Kuwait Reinsurance Co Ksc 0.00 0.00 - Al Batinah Hotels 1.13 0.00 - Qatar Navigation 66.02 1.54 22,621 Arabian Shield Cooperative 18.30 0.66 204,914 Kuwait & Gulf Link Transport 96.40 1.58 291,552 Al Batinah Dev & Inv 0.09 0.00 - Qatar National Cement Co 58.15 0.00 43,144 Savola 26.65 0.19 232,545 Humansoft Holding Co Ksc 3,250.00 1.56 55,847 Al Anwar Holdings Saog 0.10 2.04 122,103 Qatar National Bank 195.00 0.78 111,201 Wafrah For Industry And Deve 16.80 1.33 130,460 Automated Systems Co Kscc 108.00 -10.00 145 Al Ahlia Insurance Co Saoc 0.35 0.00 - Qatar Islamic Insurance 55.50 2.78 1,050 Fitaihi Holding Group 10.82 0.37 23,844 Metal & Recycling Co 63.00 0.00 25 Ahli Bank 0.15 0.00 1,387,225 Qatar Industrial Manufactur 42.51 -2.28 20,223 Tourism Enterprise Co/ Shams 31.95 0.31 162,301 Gulf Franchising Holding Co 70.00 0.00 2,845 Acwa Power Barka Saog 0.72 0.00 - Qatar International Islamic 66.01 0.02 25,154 Sahara Petrochemical Co 15.10 0.67 1,790,717 Al-Enma’a Real Estate Co 33.00 -0.90 354,500 Abrasives Manufacturing Co S 0.05 0.00 - Qatari Investors Group 28.00 0.21 116,662 Herfy Food Services Co 45.00 0.00 4,596 National Mobile Telecommuni 720.00 3.60 62,650 A’saff a Foods Saog 0.60 0.00 - Qatar Islamic Bank 152.50 1.63 26,922 Saudi Ind Investment Group 22.36 0.36 1,183,914 Unicap Investment And Financ 75.90 6.90 1,043,900 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Gas Transport(Nakilat) 18.10 0.44 127,972 Salama Cooperative Insurance 15.70 -0.76 334,835 Al Salam Group Holding Co 32.00 0.00 503 Qatar General Insurance & Re 42.30 -10.00 23,392 Emaar Economic City 7.85 -1.26 1,406,123 Al Aman Investment Company 51.00 0.00 350 Qatar German Co For Medical 5.79 9.25 438,247 Alahli Takaful Co 28.80 -1.03 107,291 Mashaer Holding Co Ksc 80.00 11.11 12,674,948 Qatar Fuel Qsc 163.06 0.04 36,894 Anaam International Holding 14.30 1.71 1,486,866 Manazel Holding 25.80 -6.86 954,131 Qatar First Bank 4.10 0.49 907,812 Saudi Telecom Co 91.50 0.88 234,273 Tijara And Real Estate Inves 44.70 -6.68 13,820 Qatar Electricity & Water Co 184.73 -0.25 17,122 Al Alamiya Cooperative Insur 31.55 2.10 209,160 Jazeera Airways Co Ksc 739.00 0.54 73,208 Qatar Exchange Index Etf 101.40 0.00 - Saudi Industrial Services Co 10.82 0.00 377,115 Commercial Real Estate Co 92.00 0.00 3,744,370 Qatar Cinema & Film Distrib 19.02 -5.04 500 Al-Ahsa Development Co. 10.00 0.00 143,927 National International Co 62.00 3.33 59 Al Rayan Qatar Etf 23.80 0.00 - National Co For Glass In/The 18.10 0.56 35,631 Taameer Real Estate Invest C 28.50 -0.70 3,135,700 Qatar Insurance Co 35.56 -0.95 313,073 Dur Hospitality Co 18.28 -0.22 80,218 Gulf Cement Co 67.80 4.31 125,878 Ooredoo Qpsc 76.00 0.18 46,962 Tabuk Cement Co 11.24 0.54 138,741 Heavy Engineering And Ship B 425.00 0.71 321,702 UAE National Leasing 8.72 0.58 47,699 Sasco 16.88 2.55 291,465 National Real Estate Co 91.40 0.44 532,573 Mazaya Qatar Real Estate Dev 7.82 1.30 183,588 Saudi Cement 47.50 -1.04 107,956 Al Safat Energy Holding Comp 31.00 0.00 140,250 Company Name Lt Price % Chg Volume Mesaieed Petrochemical Holdi 15.01 0.47 122,440 Aseer Trading Tourism & Manu 9.27 0.76 278,572 Kuwait National Cinema Co 1,060.00 -0.75 3,637 Al Meera Consumer Goods Co 146.92 1.84 17,062 Nama Chemicals Co 27.35 1.30 116,768 Danah Alsafat Foodstuff Co 38.00 -2.06 186,904 Waha Capital Pjsc 1.71 -3.51 109,539 Medicare Group 63.25 2.25 18,508 Saudi Arabian Mining Co 48.35 0.31 268,893 Independent Petroleum Group 415.00 1.22 550,092 United Insurance Company 2.00 0.00 - Mannai Corporation Qsc 54.95 0.00 - Yanbu Cement Co 23.94 0.17 198,499 Kuwait Real Estate Co Ksc 53.10 0.38 252,000 United Arab Bank Pjsc 1.20 0.00 - Masraf Al Rayan 41.27 1.33 188,095 Saudi Fisheries 71.20 -0.02 - Salhia Real Estate Co Ksc 327.00 0.00 160,979 Union National Bank/Abu Dhab 4.69 -0.42 826,396 Al Khalij Commercial Bank 11.25 1.26 238,158 Ash-Sharqiyah Development Co 51.50 1.58 992,292 Gulf Cable & Electrical Ind 350.00 0.00 77,164 Union Insurance Co 0.90 0.00 7,304 Industries Qatar 134.15 0.34 49,789 Makkah Construction & Devepl 79.70 -0.50 8,038 Kuwait Finance House 0.00 0.00 - Union Cement Co 0.00 0.00 - Islamic Holding Group 21.38 -2.73 9,414 Al Jouf Cement 7.74 -0.13 172,729 Gulf North Africa Holding Co 49.50 2.06 730,900 Umm Al Qaiwain General Inves 0.97 0.00 - Investment Holding Group 4.91 0.41 321,859 Abdullah A.M. Al-Khodari Son 6.86 -1.15 648,837 Hilal Cement Co 0.00 0.00 - Sudan Telecommunications Gro 0.39 0.00 30,000 Gulf Warehousing Company 39.00 -1.54 22,884 Knowledge Economic City 9.10 0.33 220,286 Osoul Investment Kscc 58.00 -3.33 12,003 Sharjah Islamic Bank 1.12 0.85 45,384 Gulf International Services 17.41 0.64 90,427 Al-Ahlia Cooperative Insuran 11.48 -0.52 145,276 Gulf Insurance Group Ksc 665.00 0.00 1,500 Sharjah Insurance Company 2.84 0.00 - Ezdan Holding Group 12.75 4.42 135,645 Al Rajhi Co For Co-Operative 66.00 0.92 186,664 Umm Al Qaiwain General Inves 65.00 0.00 92,980 Sharjah Group 1.08 0.00 - Doha Insurance Co 13.09 4.72 20 Advanced Petrochemicals Co 49.50 0.41 436,598 Aayan Leasing & Investment 36.90 1.65 16,353,464 Sharjah Cement & Indus Devel 0.93 0.00 - Doha Bank Qpsc 21.60 1.79 205,186 Al Babtain Power & Telecommu 20.04 0.70 80,256 Alrai Media Group Co Ksc 60.50 0.00 24,565 Ras Al-Khaimah National Insu 2.90 0.00 - Dlala Holding 9.90 -1.00 10,049 Allianz Saudi Fransi Coopera 30.70 -2.23 223,900 National Investments Co 82.50 -0.24 132,995 Ras Al Khaimah White Cement 0.98 0.00 10,000 Commercial Bank Pqsc 39.01 -1.71 129,096 Najran Cement Co 8.42 0.00 474,690 Commercial Facilities Co 175.00 0.57 5,000 Ras Al Khaimah Ceramics 1.80 -3.85 120,000 Barwa Real Estate Co 39.84 1.37 100,808 Al Tayyar Travel Group 19.72 -0.30 374,848 Yiaco Medical Co. K.S.C.C 107.00 0.00 100 Ras Al Khaimah Cement Co Psc 0.62 0.00 26,000 Al Khaleej Takaful Group 8.62 1.53 28,787 National Commercial Bank 46.90 -0.32 482,103 Munshaat Real Estate Project 102.00 0.00 118,510 Ras Al Khaima Poultry 1.90 0.00 - Aamal Co 8.84 -0.79 157,587 Noor Financial Investment Co 67.70 0.00 2,968,372 Rak Properties 0.49 0.20 952,073 Al Tamdeen Investment Co 280.00 0.00 25,000 Ooredoo Qpsc 70.50 0.00 - KUWAIT Credit Rating & Collection 22.30 0.00 50 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Ifa Hotels & Resorts Co. K.S 88.00 0.00 3,100 National Takaful Company 0.62 0.00 - SAUDI ARABIA National Marine Dredging Co 3.45 0.00 10,159 Company Name Lt Price % Chg Volume Sokouk Holding Co Sak 39.50 0.77 404,400 Warba Bank Kscp 210.00 0.00 911,766 National Investor Co/The 0.58 0.00 - Company Name Lt Price % Chg Volume Sultan Center Food Products 55.00 8.70 40,701 Viva Kuwait Telecom Co 801.00 -0.25 58,530 National Corp Tourism & Hote 1.68 0.00 - Kuwait Foundry Co Sak 175.00 -3.85 13,000 Mezzan Holding Co Kscc 515.00 0.00 16,764 National Bank Of Umm Al Qaiw 2.58 0.00 - United Wire Factories Compan 14.10 0.00 57,426 Kuwait Financial Centre Sak 100.00 -2.91 10,015 National Bank Of Ras Al-Khai 4.25 0.00 1,000 Etihad Etisalat Co 16.42 0.49 1,404,884 Ajial Real Estate Entmt 135.00 0.00 22,802 National Bank Of Fujairah 4.49 14.83 - Dar Al Arkan Real Estate Dev 8.99 0.45 4,082,528 Kuwait Finance & Investment 34.40 -1.15 191,690 Methaq Takaful Insurance 0.77 3.88 51,159 Alawwal Bank 14.84 1.23 646,654 National Industries Co Ksc 183.00 -0.54 85 OMAN Manazel Real Estate Pjsc 0.37 -4.08 1,198,782 Rabigh Refining And Petroche 19.26 1.37 640,703 Kuwait Real Estate Holding C 23.50 0.00 163,404 Invest Bank 2.49 0.00 - Banque Saudi Fransi 31.35 0.64 298,049 Company Name Lt Price % Chg Volume Securities House/The 52.40 0.58 646,500 Intl Holdings Co Pjsc 0.96 2.56 279,317 Saudi Enaya Cooperative Insu 22.04 -5.00 1,140,446 Voltamp Energy Saog 0.00 Boubyan Petrochemicals Co 992.00 -0.70 396,980 0.24 2,000 Insurance House 0.85 0.00 - Mediterranean & Gulf Insuran 16.26 -0.97 207,595 Vision Insurance Saoc 2.99 Al Ahli Bank Of Kuwait 295.00 0.00 60,391 0.14 81,900 Gulf Pharmaceutical Ind Psc 1.95 0.00 20,000 Saudi British Bank 33.20 1.37 308,744 United Power/Energy Co- Pref 0.00 Ahli United Bank (Almutahed) 296.00 -0.67 169,309 1.00 - Gulf Medical Projects 1.75 0.00 - Red Sea International Co 14.90 3.47 132,471 United Power Co Saog 0.00 National Bank Of Kuwait 834.00 0.24 3,935,845 3.44 - Gulf Cement Co 0.78 0.00 - Takween Advanced Industries 9.60 0.42 137,706 United Finance Co 0.00 Commercial Bank Of Kuwait 500.00 0.00 2,000 0.09 - Fujairah Cement Industries 1.25 0.00 - Sabb Takaful 17.50 0.11 87,480 Ubar Hotels & Resorts 0.00 Kuwait International Bank 265.00 0.38 252,098 0.13 - Fujairah Building Industries 1.15 0.00 - Saudi Arabian Fertilizer Co 76.70 -0.39 158,159 Takaful Oman 0.00 Gulf Bank 257.00 -0.39 6,083,161 0.13 - Foodco Holding Pjsc 3.71 0.00 - National Gypsum 12.00 0.17 50,063 Taageer Finance 0.00 Al-Massaleh Real Estate Co 38.00 3.83 2,100 0.10 - First Abu Dhabi Bank Pjsc 13.94 0.00 2,029,119 Saudi Ceramic Co 19.42 -0.41 94,981 Sweets Of Oman 0.00 Al Arabiya Real Estate Co 30.30 4.48 83,100 0.55 - Finance House 1.64 0.00 - National Gas & Industrializa 28.00 0.00 21,839 Sohar Power Co 0.00 Kuwait Remal Real Estate Co 43.00 0.47 566,561 0.12 - Eshraq Properties Co Pjsc 0.43 -1.96 19,995,923 Saudi Pharmaceutical Industr 29.25 -0.17 36,977 Smn Power Holding Saog 0.00 A’ayan Real Estate Co Sak 59.90 0.00 1,000 0.37 - Emirates Telecom Group Co 16.94 0.12 1,183,842 Thimar 27.40 -1.44 621,980 Shell Oman Marketing - Pref 0.00 Investors Holding Group Co.K 12.10 0.83 978,835 1.05 - Emirates Insurance Co. (Psc) 6.75 0.00 - National Industrialization C 15.24 1.33 1,746,651 Shell Oman Marketing 0.00 Al-Mazaya Holding Co 71.00 1.43 2,684,817 1.49 - Emirates Driving Company 7.10 0.00 - Batic Investments And Logist 38.65 0.13 64,302 Sharqiyah Desalination Co Sa 0.00 Al-Madar Finance & Invt Co 165.00 1.85 647,350 0.31 - Dana Gas 0.83 -5.05 8,795,989 Saudi Electricity Co 15.08 -0.26 1,022,433 Sembcorp Salalah Power & Wat 2.40 Gulf Petroleum Investment 28.80 1.77 8,524,007 0.17 35,965 Commercial Bank Internationa 0.76 0.00 - Saudi Arabia Refineries Co 42.00 2.44 767,558 Salalah Port Services 0.00 Mabanee Co Sakc 613.00 -1.29 282,479 0.60 - Bank Of Sharjah 1.01 12.00 - Arriyadh Development Company 17.46 -0.23 53,427 Salalah Mills Co 0.00 Inovest Co Bsc 84.00 0.00 71,000 0.77 - Axa Green Crescent Insurance 0.50 0.00 - Al-Baha Development & Invest 23.16 0.70 605,252 Salalah Beach Resort Saog 0.00 Al-Deera Holding Co 19.00 -3.06 5,450 1.38 - Arkan Building Materials Co 0.47 0.00 179,384 Saudi Research And Marketing 83.60 0.48 46,504 Sahara Hospitality 0.00 Mena Real Estate Co 32.00 0.63 1,176,684 3.09 - Alkhaleej Investment 1.61 0.00 - Aldrees Petroleum And Transp 37.00 2.21 224,052 Renaissance Services Saog 0.00 Amar Finance & Leasing Co 44.10 0.00 2,000 0.37 - Aldar Properties Pjsc 1.54 -0.64 3,675,801 Saudi Vitrified Clay Pipe Co 51.50 0.39 5,075 Raysut Cement Co -1.08 United Projects For Aviation 635.00 0.00 10 0.37 89,992 Al Wathba National Insurance 12.76 0.00 - Jarir Marketing Co 152.00 0.40 143,629 Phoenix Power Co Saoc 1.00 National Consumer Holding Co 0.00 0.00 - 0.10 125,822 Al Qudra Holding Pjsc 0.80 -5.63 70,000 Arab National Bank 31.90 0.00 917,490 Packaging Co Ltd 0.00 Amwal International Investme 62.00 0.00 2,000 2.21 - Al Khazna Insurance Co 0.25 0.00 - Yanbu National Petrochemical 63.60 0.79 633,645 Ooredoo 0.00 Equipment Holding Co K.S.C.C 26.80 0.00 25,050 0.57 700 Al Fujairah National Insuran 300.00 0.00 - Arabian Cement 22.58 -0.53 82,723 Ominvest 0.55 Arkan Al Kuwait Real Estate 82.00 1.11 5,000 0.36 150,000 Al Dhafra Insurance Co. P.S. 3.60 0.00 - Middle East Specialized Cabl 12.22 0.33 439,753 Oman United Insurance Co 1.33 Gfh Financial Group Bsc 71.40 4.54 10,605,846 0.30 53,700 Al Buhaira National Insuranc 1.99 0.00 - Al Khaleej Training And Educ 12.84 0.31 234,159 Oman Telecommunications Co 0.00 Energy House Holding Co Kscp 36.20 -6.94 100,000 0.80 2,849 Al Ain Ahlia Ins. Co. 37.00 0.00 - Al Sagr Co-Operative Insuran 12.44 0.32 160,645 Oman Refreshment Co 0.00 Kuwait Co For Process Plant 229.00 0.00 5,000 1.75 - Agthia Group Pjsc 3.90 3.73 169,640 Trade Union Cooperative Insu 25.20 1.53 118,232 Oman Qatar Insurance Co 0.00 Al Maidan Dental Clinic Co K 1,220.00 0.00 1,500 0.12 - Abu Dhabi Ship Building Co 1.10 0.00 - Arabia Insurance Cooperative 16.44 0.12 124,699 Oman Packaging 0.00 National Shooting Company 15.50 -3.73 166,948 0.27 - Abu Dhabi Natl Co For Buildi 0.44 0.00 3,000 Saudi Chemical Company 31.30 0.64 16,338 Oman Oil Marketing Company 0.00 Al-Ahleia Insurance Co Sakp 420.00 0.00 20,000 1.13 - Abu Dhabi National Takaful C 4.40 0.00 - Fawaz Abdulaziz Alhokair & C 21.94 0.73 160,754 Oman National Engineering An 0.00 Wethaq Takaful Insurance Co 27.90 0.00 15,900 0.16 - Abu Dhabi National Oil Co Fo 2.30 0.43 2,744,140 Bupa Arabia For Cooperative 79.10 1.54 255,516 Oman Investment & Finance 1.30 Salbookh Trading Co Kscp 39.00 0.00 17,010 0.08 365,731 Abu Dhabi National Insurance 3.90 0.00 - Wafa Insurance 9.50 0.00 - Oman Intl Marketing 0.00 Aqar Real Estate Investments 61.20 0.00 50,000 0.52 - Abu Dhabi National Hotels 3.15 0.00 - Jabal Omar Development Co 34.20 0.29 342,190 Oman Flour Mills 0.00 Hayat Communications 68.00 0.00 672,199 0.68 - Abu Dhabi National Energy Co 0.90 0.00 1,030,250 Saudi Basic Industries Corp 115.00 -0.52 4,794,056 Oman Fisheries Co 0.00 Soor Fuel Marketing Co Ksc 115.00 0.00 113,357 0.06 798,600 Saudi Kayan Petrochemical Co 13.24 2.00 5,229,095 Oman Europe Foods Industries 0.00 Tamkeen Holding Co 10.20 0.00 15,000 1.00 - Etihad Atheeb Telecommunicat 5.35 0.00 - Oman Education & Training In 0.00 Burgan Co For Well Drilling 95.00 0.00 4,640 0.24 - Co For Cooperative Insurance 60.00 -1.15 133,200 Oman Chromite 0.00 BAHRAIN Kuwait Resorts Co Kscc 55.60 2.39 860,511 3.64 - National Petrochemical Co 25.00 0.81 264,092 Oman Chlorine 0.00 Oula Fuel Marketing Co 115.00 -0.86 9,638 0.29 - Gulf Union Cooperative Insur 14.10 -0.42 43,391 Oman Ceramic Company 0.00 Palms Agro Production Co 0.00 0.00 - 0.42 - Company Name Lt Price % Chg Volume Gulf General Cooperative Ins 13.20 -1.20 124,497 Oman Cement Co 1.35 Mubarrad Holding Co Ksc 61.00 0.00 11,600 0.30 35,000 Basic Chemical Industries 21.90 0.00 25,943 Oman Cables Industry 0.00 Zain Bahrain Bscc 0.00 0.00 - Shuaiba Industrial Co 188.00 0.00 50 0.98 - Saudi Steel Pipe Co 18.00 0.00 72,379 Oman & Emirates Inv(Om)50% 0.00 United Paper Industries Bsc 0.00 0.00 - Aan Digital Services Co 18.00 1.69 10 0.12 - Buruj Cooperative Insurance 25.95 0.39 193,450 Natl Aluminium Products 0.00 United Gulf Holding Bsc 1.24 0.81 32,860,631 First Takaful Insurance Co 46.00 0.00 100 0.36 - Mouwasat Medical Services Co 80.70 -0.37 22,080 National Real Estate Develop 0.00 Solidarity Bahrain Bsc 0.00 0.00 - Kuwaiti Syrian Holding Co 39.30 0.00 1,798,927 5.00 - Southern Province Cement Co 36.45 -0.27 40,725 National Pharmaceutical 0.00 Seef Properties 0.22 0.92 37,000 National Cleaning Company 58.00 0.00 13,973 0.19 - Maadaniyah 17.26 -0.12 69,403 National Mineral Water 0.00 National Bank Of Bahrain Bsc 0.61 0.00 10,000 United Real Estate Company 59.00 -1.67 36,797 0.10 - Yamama Cement Co 13.00 -0.76 343,727 National Life & General Insu 0.00 Nass Corp Bsc 0.10 0.00 56,884 Agility 792.00 0.64 701,267 0.32 - Jazan Energy And Development 14.50 0.00 56,709 National Gas Co 1.96 Khaleeji Commercial Bank 0.08 0.00 62,398 Kuwait & Middle East Fin Inv 31.90 -0.31 43,958 0.26 5,025 Zamil Industrial Investment 17.10 0.12 5,922 National Finance Co 0.00 Ithmaar Holding Bsc 0.09 -5.56 50,000 Fujairah Cement Industries 63.50 0.00 75,000 0.14 - Alujain Corporation (Alco) 19.44 0.31 981,670 National Detergent Co Saog 0.00 Investcorp Bank -$Us 9.40 0.00 862 Livestock Transport & Tradng 188.00 0.00 10,000 0.70 - Tabuk Agricultural Developme 9.90 0.41 137,815 National Biscuit Industries 0.00 Gulf Hotel Group B.S.C 0.00 0.00 - International Resorts Co 22.40 0.00 54,000 3.92 - United Co-Operative Assuranc 11.66 -1.19 154,900 National Bank Of Oman Saog 1.16 Gfh Financial Group Bsc 0.24 4.44 665,000 National Industries Grp Hold 157.00 0.00 990,494 0.18 1,376,113 Qassim Cement/The 33.95 0.15 33,111 Muscat Thread Mills Co 0.00 Esterad Investment Co B.S.C. 0.00 0.00 - Warba Insurance Co 65.50 -0.76 364 0.08 200 Saudi Advanced Industries 12.60 -0.47 261,454 Muscat Insurance Co Saog 0.00 Eskan Bank Realty Income Tr 0.09 0.00 20,000 First Dubai Real Estate Deve 39.00 2.63 263,766 0.80 - Kingdom Holding Co 7.69 0.13 57,309 Muscat Gases Company Saog 0.00 Bmmi Bsc 0.76 0.67 30,000 Al Arabi Group Holding Co 68.30 11.24 806,550 0.21 14,380 Saudi Arabian Amiantit Co 5.81 0.52 521,904 Muscat Finance 1.23 Bbk Bsc 0.45 0.00 4,530 Mobile Telecommunications Co 448.00 0.22 3,199,844 0.08 7,887 Al Jouf Agriculture Developm 21.32 -1.30 55,457 Muscat City Desalination Co 1.67 Bahrain Telecom Co 0.28 0.00 174,464 Eff ect Real Estate Co 19.90 80.91 46 0.12 6,459 Saudi Industrial Development 8.18 0.25 148,790 Majan Glass Company 0.00 Bahrain National Holding 0.35 0.00 72,943 Tamdeen Real Estate Co Ksc 345.00 0.00 4,800 0.18 - Riyad Bank 19.82 1.33 1,712,164 Majan College 0.00 Bahrain Kuwait Insurance 0.00 0.00 - Al Mudon Intl Real Estate Co 29.00 0.35 473,940 0.20 1,423 The National Agriculture Dev 27.80 2.21 88,625 Hsbc Bank Oman 0.00 Bahrain Islamic Bank 0.13 0.00 267,833 Kuwait Cement Co Ksc 360.00 2.86 1 0.12 - Halwani Bros Co 46.45 -0.32 107,113 Hotels Management Co Interna 0.00 Bahrain Duty Free Complex 0.73 -0.68 210,000 Sharjah Cement & Indus Devel 74.90 0.00 2,000 1.25 - Arabian Pipes Co 9.30 -0.11 316,493 Gulf Stone 0.00 Bahrain Commercial Facilitie 0.77 0.00 15,132 Kuwait Portland Cement Co 1,150.00 2.68 52,021 0.12 - Eastern Province Cement Co 21.00 5.42 196,779 Gulf Mushroom Company 0.00 Arab Banking Corp Bsc-$Us 0.42 0.00 705,000 Educational Holding Group 315.00 0.00 9,000 0.31 - Al Gassim Investment Holding 10.78 -0.55 297,500 Gulf Investments Services 2.82 Aluminium Bahrain Bsc 0.60 0.00 150,000 Asiya Capital Investments Co 31.70 -0.94 1,863,006 0.07 114,185 Filing & Packing Materials M 34.75 0.72 35,906 Gulf Invest. Serv. Pref-Shar 0.00 Albaraka Banking Group 0.30 0.00 306,000 Kuwait Investment Co 129.00 0.00 102,850 0.11 - Saudi Cable Co 37.70 3.43 2,305,977 Gulf International Chemicals 0.00 Al-Salam Bank 0.10 5.56 3,987,000 Burgan Bank 279.00 0.00 1,388,803 0.18 3,950 Tihama Advertising & Public 44.55 0.00 181,152 Gulf Hotels (Oman) Co Ltd 0.00 Ahli United Bank B.S.C 0.67 0.00 198,495 Kuwait Projects Co Holdings 208.00 -0.48 260,270 9.50 - Saudi Investment Bank/The 17.14 2.63 153,702 Global Fin Investment 0.00 Al Madina For Finance And In 21.30 2.40 152,400 0.08 - Astra Industrial Group 16.50 -0.48 45,314 Galfar Engineering&Contract 2.53 Kuwait Insurance Co 350.00 0.00 2,500 0.08 4,160,954 Saudi Public Transport Co 13.96 0.29 215,988 Galfar Engineering -Prefer 0.00 Al Masaken Intl Real Estate 62.50 0.00 15 0.39 - Taiba Holding Co 30.00 -0.83 98,213 Financial Services Co. 0.00 Intl Financial Advisors 27.90 11.60 4,041,750 0.18 - Saudi Industrial Export Co 89.80 -0.66 389,071 Financial Corp/The 0.00 First Investment Co Kscc 38.70 -3.01 124,750 0.10 - Saudi Real Estate Co 12.20 0.49 244,299 Dhofar Tourism 0.00 Al Mal Investment Company 19.90 1.53 331,550 0.49 - Saudia Dairy & Foodstuff Co 100.20 0.20 63,067 Dhofar Poultry 0.00 Bayan Investment Co Kscc 48.30 -0.41 19,811 0.18 - National Shipping Co Of/The 32.80 0.92 276,267 Dhofar Intl Development 0.00 Egypt Kuwait Holding Co Sae 325.00 0.00 1,000 0.26 - Methanol Chemicals Co 9.15 0.99 941,667 Dhofar Insurance 0.00 Coast Investment Development 31.00 -1.90 237,400 0.17 - Chubb Arabia Cooperative Ins 18.30 -0.65 63,974 Dhofar Generating Co Saoc 0.00 Privatization Holding Compan 53.70 4.07 131,581 0.21 - Mobile Telecommunications Co 8.07 0.88 5,560,717 Dhofar Fisheries & Food Indu 0.00 Injazzat Real State Company 86.00 0.00 100 1.28 - Saudi Arabian Coop Ins Co 11.84 -0.67 481,003 Dhofar Cattlefeed 0.00 Kuwait Cable Vision Sak 11.90 0.00 8 0.17 - Axa Cooperative Insurance 22.76 -0.61 18,551 Dhofar Beverages Co 0.00 Sanam Real Estate Co Kscc 34.70 0.00 20,000 0.26 - Alsorayai Group 15.00 4.46 9,736,904 Construction Materials Ind 0.00 Ithmaar Holding Bsc 24.90 -0.40 3,715,500 0.02 10,266 Bank Albilad 26.25 0.57 257,663 Computer Stationery Inds 0.00 Aviation Lease And Finance C 346.00 -1.42 17,062 0.26 - Al-Hassan G.I. Shaker Co 8.47 1.80 1,132,878 Bankmuscat Saog 0.97 Arzan Financial Group For Fi 29.00 0.00 111,010 0.42 1,724,910 Wataniya Insurance Co 23.80 -0.83 169,155 Bank Sohar 0.92 Ajwan Gulf Real Estate Co 18.30 0.55 472,258 0.11 8,246,132 Abdullah Al Othaim Markets 70.00 3.24 53,369 Bank Nizwa 0.00 Kuwait Business Town Real Es 46.20 0.00 26,023 0.09 181,373 Hail Cement 7.91 -0.13 49,046 Bank Dhofar Saog-Rts 0.00 Future Kid Entertainment And 95.00 0.00 8,945 0.02 - Saudi Re For Cooperative Rei 7.89 0.00 349,703 Bank Dhofar Saog 0.18 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times Friday, December 28, 2018 5 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 22,487.50 -390.95 Apple Inc 151.68 -3.49 15,319,475 S&P 500 Index 2,422.70 -45.00 Microsoft Corp 97.88 -2.67 12,241,352 Nasdaq Composite Index 6,422.10 -132.26 Johnson & Johnson 123.83 -2.28 2,407,600 S&P/Tsx Composite Index 14,010.36 +230.17 Jpmorgan Chase & Co 94.87 -1.14 5,449,061 Mexico Bolsa Index 41,279.92 -293.69 Exxon Mobil Corp 66.85 -2.61 5,310,242 Brazil Bovespa Stock Idx 85,314.89 +178.79 Walmart Inc 89.07 -1.48 2,309,920 Ftse 100 Index 6,541.46 -144.53 Visa Inc-Class A Shares 127.77 -1.89 2,563,845 Cac 40 Index 4,558.33 -68.06 Unitedhealth Group Inc 239.08 -1.75 1,002,610 Dax Index 10,287.61 -346.21 Pfizer Inc 41.60 -1.40 5,274,038 Ibex 35 Tr 8,286.80 -193.80 Verizon Communications Inc 53.89 -1.01 4,017,916 Nikkei 225 20,077.62 +750.56 Chevron Corp 105.95 -1.34 2,509,406 Japan Topix 1,501.63 +70.16 Procter & Gamble Co/The 89.26 -0.92 2,079,234 Hang Seng Index 25,478.88 -172.50 Intel Corp 44.99 -2.60 5,942,772 All Ordinaries Indx 5,662.10 +102.50 Cisco Systems Inc 41.48 -2.33 6,103,458 Nzx All Index 1,525.01 +9.91 Home Depot Inc 165.28 -1.78 1,222,448 Bse Sensex 30 Index 35,807.28 +157.34 Boeing Co/The 306.86 -2.25 1,172,444 Nse S&P Cnx Nifty Index 10,779.80 +49.95 Coca-Cola Co/The 46.67 -0.59 3,825,689 Straits Times Index 3,044.74 +33.59 Merck & Co. Inc. 73.14 -1.16 2,954,030 Karachi All Share Index 28,358.42 -151.37 Walt Disney Co/The 103.28 -2.41 1,976,388 Jakarta Composite Index 6,190.64 +62.79 Mcdonald’s Corp 171.88 -1.24 878,921 Dowdupont Inc 51.73 -0.96 2,615,505 Nike Inc -Cl B 72.21 -1.10 2,243,679 3M Co 184.65 -0.87 612,648 TOKYO Intl Business Machines Corp 110.79 -0.54 1,376,544 United Technologies Corp 103.70 -2.18 1,510,786 Company Name Lt Price % Chg Volume American Express Co 92.28 -1.66 856,012 Sumitomo Realty & Developmen 4,066.00 2.83 2,018,400 Goldman Sachs Group Inc 160.93 -1.23 1,403,512 Sumitomo Metal Mining Co Ltd 2,879.50 3.00 2,170,000 Walgreens Boots Alliance Inc 66.09 -2.41 1,320,255 Orix Corp 1,602.50 4.13 5,876,200 Caterpillar Inc 122.25 -2.01 1,375,763 Daiwa Securities Group Inc 555.40 3.60 7,349,600 Travelers Cos Inc/The 115.63 -1.31 345,698 Softbank Group Corp 7,280.00 4.79 12,943,800 Mizuho Financial Group Inc 170.80 2.58 174,875,100 Central Japan Railway Co 23,180.00 6.16 604,200 FTSE 100 Nitori Holdings Co Ltd 14,240.00 4.09 484,000 T&D Holdings Inc 1,282.00 3.89 4,848,200 Company Name Lt Price % Chg Volume Toyota Motor Corp 6,415.00 4.38 6,695,500 Hoya Corp 6,789.00 8.23 1,480,800 Wpp Plc 825.40 -2.89 1,795,285 Sumitomo Mitsui Trust Holdin 4,043.00 2.77 1,288,900 Wood Group (John) Plc 484.40 -4.31 1,310,475 Japan Tobacco Inc 2,606.00 3.76 9,320,600 Wm Morrison Supermarkets 213.50 -1.82 3,857,419 The German share price index DAX graph is seen at the Frankfurt Stock Exchange. The DAX 30 plunged a whopping 2.4% to Osaka Gas Co Ltd 2,031.00 4.96 1,421,800 Whitbread Plc 4,446.00 -1.64 265,007 10,381.51 at the close yesterday. Sumitomo Electric Industries 1,443.50 4.87 2,717,400 Vodafone Group Plc 149.82 -3.03 30,170,391 Ono Pharmaceutical Co Ltd 2,310.50 6.87 1,805,600 United Utilities Group Plc 716.80 -2.00 1,407,718 Ajinomoto Co Inc 1,956.50 5.13 2,127,300 Unilever Plc 4,064.00 -2.41 1,498,522 Mitsui Fudosan Co Ltd 2,469.50 1.86 4,212,100 Tui Ag-Di 1,087.50 -3.72 548,748 Daikin Industries Ltd 11,895.00 6.92 1,489,800 Tesco Plc 188.45 -0.82 10,275,871 Toray Industries Inc 783.60 4.55 4,976,900 Taylor Wimpey Plc 132.55 -1.71 5,052,599 Bridgestone Corp 4,218.00 3.41 2,424,200 Standard Life Aberdeen Plc 247.60 -1.43 3,846,961 Europe stock markets tumble on Sony Corp 5,384.00 5.51 8,276,900 Standard Chartered Plc 575.80 -2.77 2,016,355 Astellas Pharma Inc 1,442.00 3.48 6,205,700 St James’s Place Plc 909.00 -2.82 816,472 Jxtg Holdings Inc 591.40 8.06 19,100,700 Sse Plc 1,027.50 -4.91 1,454,520 Nippon Steel & Sumitomo Meta 1,875.50 3.05 4,012,300 Smurfit Kappa Group Plc 2,036.00 -2.40 186,141 Suzuki Motor Corp 5,562.00 4.00 2,349,800 Smiths Group Plc 1,345.50 -1.54 344,077 global economic growth fears Nippon Telegraph & Telephone 4,488.00 4.57 3,688,000 Smith & Nephew Plc 1,417.00 -1.67 1,396,422 Sompo Holdings Inc 3,701.00 3.12 4,308,900 Shire Plc 4,575.00 1.70 1,343,351 Daiwa House Industry Co Ltd 3,512.00 5.34 1,892,700 Severn Trent Plc 1,762.00 -3.05 404,614 “US stocks are sinking,” analysts at Trump’s ongoing criticism of Fed Komatsu Ltd 2,368.00 3.07 5,666,000 AFP Segro Plc 583.40 -3.09 783,345 Charles Schwab noted drily. Chair Jerome Powell. West Japan Railway Co 7,760.00 5.15 739,600 London Scottish Mortgage Inv Tr Plc 449.00 1.37 1,335,840 They were, however, off their morn- Other negative factors include risks Murata Manufacturing Co Ltd 15,030.00 4.85 1,289,800 Schroders Plc 2,372.00 -2.71 125,946 Kansai Electric Power Co Inc 1,693.00 4.93 2,310,400 ing lows, off ering a glimpse of hope of a no-deal Brexit when Britain leaves Sainsbury (J) Plc 259.40 -1.71 4,112,942 Denso Corp 4,885.00 6.89 2,625,400 tock markets went back into that a recovery was possible by the the European Union in March 2019 – Sage Group Plc/The 579.40 2.19 1,176,484 Dai-Ichi Life Holdings Inc 1,723.00 5.03 7,505,400 selloff mode yesterday as fears Wall Street close. and the ongoing trade war between Rsa Insurance Group Plc 493.70 -1.42 1,365,277 Mazda Motor Corp 1,142.50 5.25 6,164,900 over the world’s economic out- Mirabaud Securities Geneve experts China and the United States. Royal Mail Plc 271.30 -2.79 1,613,228 S Mitsui & Co Ltd 1,678.50 6.27 6,211,200 Royal Dutch Shell Plc-B Shs 2,249.50 -1.81 2,037,704 look undermined any lingering in- said Wednesday’s surge now looked “The rally which we experienced Kao Corp 8,203.00 6.30 1,959,500 Royal Dutch Shell Plc-A Shs 2,232.50 -1.65 4,582,633 vestor hopes of finishing 2018 with “more and more like a bear market re- over on Wall Street on Wednesday has Sekisui House Ltd 1,619.00 3.65 2,933,800 Royal Bank Of Scotland Group 204.40 -0.78 7,038,834 Oriental Land Co Ltd 11,170.00 6.28 759,100 gains. bound, in other words technical and hit the wall,” Thinkmarkets analyst Rolls-Royce Holdings Plc 804.80 0.47 2,048,801 Secom Co Ltd 9,234.00 3.04 1,020,900 European equities ignored the previ- not destined to last”. Naeem Aslam told AFP. Rio Tinto Plc 3,694.50 -2.13 1,588,012 Tokio Marine Holdings Inc 5,236.00 4.59 2,320,300 ous day’s bumper gains on Wall Street, Investors usually defi ne a “bear “Investors are busy profi t-taking. Rightmove Plc 423.60 -0.73 1,351,008 Aeon Co Ltd 2,219.50 4.23 5,762,700 Basically, we are struggling for the mo- Rentokil Initial Plc 317.70 -3.43 2,949,286 with Frankfurt shedding a whopping market” as a stock index suff ering a Fanuc Corp 16,415.00 1.48 1,328,400 Relx Plc 1,574.50 -1.29 2,006,707 2.4% to 10,381.51 at the close, having decline of 20% or more from its recent mentum to continue.” Daito Trust Construct Co Ltd 15,260.00 4.23 271,500 Reckitt Benckiser Group Plc 5,884.00 -4.53 713,639 plunged by more than 3% at one point peaks. New York stocks had hurtled higher Otsuka Holdings Co Ltd 4,637.00 4.65 1,483,700 Randgold Resources Ltd 6,700.00 3.55 801,483 during the afternoon. At current levels, Wall Street’s DJIA in post-Christmas trade on Wednes- Resona Holdings Inc 529.70 3.26 10,495,600 Prudential Plc 1,325.00 -3.14 2,369,080 Asahi Kasei Corp 1,130.50 5.26 3,877,900 The New York market itself clearly index and the S&P 500 are both look- day, following strong data and White Persimmon Plc 1,871.00 -1.60 392,213 Kirin Holdings Co Ltd 2,335.00 5.66 2,518,800 lacked confi dence in the sustainability ing at losses this year of over eight per- House reassurances that Powell would Pearson Plc 908.60 -2.11 1,114,150 Mitsubishi Ufj Financial Gro 538.00 3.42 73,631,500 of Wednesday’s roar back to life, when cent and the Nasdaq at more than 6%. remain in his post. Paddy Power Betfair Plc 6,165.00 -1.28 69,526 Marubeni Corp 772.90 6.96 7,022,600 Ocado Group Plc 741.00 -3.14 1,056,897 the Dow Jones index managed its big- In Europe, Frankfurt is now nearly Sentiment also improved after a Mitsubishi Chemical Holdings 839.60 6.29 10,705,000 Nmc Health Plc 2,686.00 -1.32 240,354 gest ever points gain. 20% down from the start of the year, Bloomberg News report said a US gov- Fast Retailing Co Ltd 56,620.00 1.31 1,606,700 Next Plc 4,018.00 0.10 251,823 Approaching midday in New York London over 14% and Paris more than ernment delegation would travel to Ms&Ad Insurance Group Holdin 3,120.00 2.23 1,717,400 National Grid Plc 746.80 -4.07 5,735,603 yesterday, the Dow was down again by 13%. Beijing in early January to hold trade Kubota Corp 1,567.00 4.26 4,032,100 Mondi Plc 1,583.00 -3.06 571,101 Seven & I Holdings Co Ltd 4,851.00 4.23 3,276,600 over 1%, making Wednesday’s surge Global investors have been un- talks, the fi rst face-to-face discussion Micro Focus International 1,300.00 -5.83 826,384 Inpex Corp 980.40 4.28 4,696,200 look like a “dead cat bounce” – market nerved by a variety of factors, in- since US President Donald Trump and Melrose Industries Plc 153.55 -2.54 8,214,375 Sumitomo Mitsui Financial Gr 3,676.00 3.67 8,655,400 parlance for a brief interruption of a cluding the partial US government Chinese President Xi Jinping agreed on Marks & Spencer Group Plc 240.10 -2.56 2,657,733 Ana Holdings Inc 3,935.00 2.53 1,255,100 London Stock Exchange Group 3,951.00 1.10 375,032 downward trend. shutdown and US President Donald a 90-day trade war truce. Mitsubishi Electric Corp 1,224.50 4.21 7,880,900 Lloyds Banking Group Plc 49.68 -2.48 86,909,584 Honda Motor Co Ltd 2,896.50 4.13 5,622,100 Legal & General Group Plc 221.90 -2.07 5,672,701 Tokyo Gas Co Ltd 2,790.50 3.39 1,373,100 Land Securities Group Plc 790.60 -2.23 823,816 HONG KONG HONG KONG Tokyo Electron Ltd 12,470.00 3.19 1,755,600 Kingfisher Plc 203.60 -1.78 2,609,757 Panasonic Corp 989.10 4.88 12,986,900 Just Eat Plc 580.00 0.55 1,482,058 Fujitsu Ltd 6,860.00 3.13 1,082,500 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Johnson Matthey Plc 2,724.00 -1.63 176,365 East Japan Railway Co 9,777.00 5.53 992,500 Itv Plc 121.50 -3.15 5,216,253 Aluminum Corp Of China Ltd-H 2.47 2.49 11,192,280 Hong Kong & China Gas 16.22 0.37 20,254,222 Itochu Corp 1,865.00 5.55 4,288,300 Intl Consolidated Airline-Di 599.80 0.30 1,919,940 Bank Of East Asia Ltd 24.35 -0.81 1,307,400 Hong Kong Exchanges & Clear 225.20 -1.05 2,560,428 Fujifilm Holdings Corp 4,295.00 5.12 1,588,300 Intertek Group Plc 4,685.00 -1.16 132,257 Bank Of China Ltd-H 3.33 0.00 199,085,769 Hsbc Holdings Plc 64.00 -0.23 12,522,057 Yamato Holdings Co Ltd 3,005.00 7.55 1,734,300 Intercontinental Hotels Grou 4,000.00 -1.53 218,061 Bank Of Communications Co-H 6.00 1.01 32,236,039 Hutchison Whampoa Ltd 0.00 0.00 - Chubu Electric Power Co Inc 1,584.00 3.73 1,573,200 Informa Plc 607.40 -3.19 1,402,519 Belle International Holdings 0.00 0.00 - Ind & Comm Bk Of China-H 5.45 -1.27 170,826,965 Mitsubishi Estate Co Ltd 1,747.50 3.77 4,960,200 Imperial Brands Plc 2,296.50 -1.10 1,137,543 Boc Hong Kong Holdings Ltd 28.80 -0.69 5,491,340 Li & Fung Ltd 1.18 -3.28 20,428,117 Mitsubishi Heavy Industries 3,962.00 2.19 1,527,900 Hsbc Holdings Plc 634.90 -1.87 9,764,287 Cathay Pacific Airways 10.98 -1.61 1,497,392 Mtr Corp 40.75 -1.33 2,201,149 Shiseido Co Ltd 6,880.00 7.58 3,054,100 Hargreaves Lansdown Plc 1,773.00 -1.50 246,888 Ck Hutchison Holdings Ltd 75.35 -0.79 3,805,125 New World Development 10.48 -1.69 10,613,181 Shionogi & Co Ltd 6,385.00 3.53 1,597,500 Halma Plc 1,309.00 -1.58 636,064 China Coal Energy Co-H 3.06 -0.65 5,176,298 Petrochina Co Ltd-H 4.84 -0.21 66,833,903 Recruit Holdings Co Ltd 2,759.50 6.22 5,657,500 Gvc Holdings Plc 668.00 -0.15 997,796 China Construction Bank-H 6.33 -0.31 142,253,165 Ping An Insurance Group Co-H 69.10 -1.36 40,406,252 Japan Airlines Co Ltd 3,900.00 1.48 1,932,200 Glencore Plc 280.05 -2.66 18,738,540 China Life Insurance Co-H 16.30 -0.61 20,536,748 Power Assets Holdings Ltd 54.55 -0.55 2,045,722 Nitto Denko Corp 5,413.00 1.63 1,162,500 Glaxosmithkline Plc 1,470.40 -1.80 3,465,666 China Merchants Port Holding 13.92 0.43 3,049,037 Sino Land Co 13.34 -2.20 3,666,024 Kddi Corp 2,610.00 3.74 7,632,400 Fresnillo Plc 869.00 4.07 540,786 China Mobile Ltd 74.45 0.61 16,762,236 Sun Hung Kai Properties 111.80 -1.41 2,146,978 Rakuten Inc 747.00 3.18 8,413,600 Ferguson Plc 4,840.50 -0.92 236,835 China Overseas Land & Invest 25.85 -0.77 6,318,872 Swire Pacific Ltd - Cl A 83.20 -0.18 651,008 Kyocera Corp 5,410.00 2.60 2,130,100 Experian Plc 1,821.50 -2.23 744,102 China Petroleum & Chemical-H 5.70 -4.68 206,839,234 Tencent Holdings Ltd 309.60 -0.32 17,646,140 Nissan Motor Co Ltd 884.80 3.26 17,619,900 Evraz Plc 460.00 -2.09 1,154,831 China Resources Beer Holding 26.70 -1.11 4,536,504 Wharf Holdings Ltd 20.30 -0.73 2,270,927 Easyjet Plc 1,065.00 -3.09 576,396 China Resources Land Ltd 29.55 0.17 7,522,644 China Resources Power Holdin 14.98 -0.53 2,699,437 Ds Smith Plc 290.70 -1.86 1,785,649 SENSEX Direct Line Insurance Group 310.50 -1.18 1,864,943 China Shenhua Energy Co-H 17.18 -1.83 9,524,187 GCC INDICES Diageo Plc 2,759.50 -1.27 2,207,142 China Unicom Hong Kong Ltd 8.15 -0.61 45,881,499 Dcc Plc 5,710.00 -1.21 106,199 Company Name Lt Price % Chg Volume Citic Ltd 12.12 -0.49 12,975,183 Indices Lt Price Change Croda International Plc 4,565.00 -1.70 120,049 Clp Holdings Ltd 89.10 -0.67 2,243,983 Doha Securities Market Tata Steel Ltd 464.40 2.05 6,017,494 10,287.70 +64.72 Crh Plc 1,984.50 -2.34 892,423 Cnooc Ltd 11.76 0.51 53,929,037 Saudi Tadawul Tata Motors Ltd 178.10 -0.75 47,360,502 7,749.32 +38.39 Compass Group Plc 1,612.50 -1.13 1,697,682 Cosco Shipping Ports Ltd 7.70 0.00 963,703 Kuwait Stocks Exchange Tata Consultancy Svcs Ltd 327.45 0.40 5,521,921 4,715.29 +15.52 Coca-Cola Hbc Ag-Di 2,374.00 -1.70 376,829 Esprit Holdings Ltd 1.54 -0.65 1,322,315 Bahrain Stock Exchage Sun Pharmaceutical Indus 195.85 -0.28 13,970,734 1,322.20 +3.91 Centrica Plc 129.35 -4.08 7,034,808 Fih Mobile Ltd 0.77 -7.23 6,987,894 Oman Stock Market State Bank Of India 749.65 -0.07 1,250,222 4,344.47 +18.32 Carnival Plc 3,637.00 -0.60 880,129 Hang Lung Properties Ltd 14.80 -2.25 3,751,304 Abudhabi Stock Market Reliance Industries Ltd 3,982.50 -0.34 262,633 4,831.23 +14.12 Burberry Group Plc 1,655.50 -0.90 569,910 Hang Seng Bank Ltd 174.10 -0.29 1,020,567 Dubai Financial Market Power Grid Corp Of India Ltd 887.65 -0.17 2,287,117 2,469.49 +0.64 Bunzl Plc 2,306.00 -2.70 303,795 Henderson Land Development 38.80 -1.52 1,721,177 Oil & Natural Gas Corp Ltd 708.90 2.21 3,111,408 Bt Group Plc 230.10 -5.46 10,214,033 Ntpc Ltd 506.50 -1.35 5,284,606 British Land Co Plc 524.60 -1.94 1,333,869 Maruti Suzuki India Ltd 168.25 -1.55 16,368,993 British American Tobacco Plc 2,455.00 -2.54 3,430,419 Mahindra & Mahindra Ltd 1,908.95 1.05 5,115,116 Bp Plc 483.65 -3.06 21,424,670 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The Larsen & Toubro Ltd 411.15 -0.60 13,610,120 Bhp Billiton Plc 0.00 0.00 - Kotak Mahindra Bank Ltd 292.15 -0.68 16,210,452 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Berkeley Group Holdings/The 3,347.00 -0.33 149,979 Jsw Steel Ltd 1,120.20 1.99 12,932,773 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Barratt Developments Plc 443.20 -0.34 1,446,793 Itc Ltd 196.55 0.64 26,243,208 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Barclays Plc 145.00 -0.93 16,553,996 Infosys Ltd 149.70 2.11 45,693,868 this data.” Bae Systems Plc 453.80 0.51 5,132,080 Indusind Bank Ltd 148.30 1.89 27,651,604 Aviva Plc 362.40 -2.63 4,512,184 Indian Oil Corp Ltd 7,499.95 -0.91 749,719 Astrazeneca Plc 5,701.00 -4.36 1,335,472 Indiabulls Housing Finance L 795.65 1.01 3,368,944 Associated British Foods Plc 2,043.00 -1.78 308,824 Icici Bank Ltd 1,425.05 0.17 1,978,599 CURRENCIES Ashtead Group Plc 1,573.00 -4.26 921,714 Housing Development Finance 1,240.25 -0.63 2,801,573 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 751.40 -2.64 942,312 DINAR DINAR Hindustan Unilever Ltd 292.95 -1.13 5,308,772 Anglo American Plc 1,698.40 -2.35 1,809,672 Hindustan Petroleum Corp 280.75 1.48 11,862,728 Admiral Group Plc 1,969.00 -0.68 189,191 Hindalco Industries Ltd 656.80 1.98 15,846,794 3I Group Plc 762.20 0.79 891,502 Hero Motocorp Ltd 1,564.00 0.49 1,932,766 Hdfc Bank Limited 133.90 -0.56 48,113,090 Hcl Technologies Ltd 845.10 1.76 12,131,179 TOKYO Grasim Industries Ltd 355.65 -0.06 10,386,164 Gail India Ltd 1,948.85 0.80 1,692,746 Eicher Motors Ltd 1,814.90 1.30 1,594,951 Company Name Lt Price % Chg Volume Dr. Reddy’s Laboratories 252.70 1.55 19,067,898 Hitachi Ltd 2,942.50 4.27 3,236,600 Coal India Ltd 220.60 0.91 8,143,880 Takeda Pharmaceutical Co Ltd 3,792.00 1.99 8,212,200 Cipla Ltd 3,128.80 -1.46 378,508 Jfe Holdings Inc 1,730.00 3.04 3,325,900 Bharti Infratel Ltd 2,105.05 -0.82 2,996,077 Sumitomo Corp 1,560.50 4.91 4,163,300 Bharti Airtel Ltd 948.80 0.64 2,587,950 Canon Inc 3,008.00 3.12 6,084,700 Bharat Petroleum Corp Ltd 813.75 -0.67 1,166,861 Nintendo Co Ltd 29,310.00 4.25 2,358,800 Bajaj Finserv Ltd 356.45 0.86 18,411,142 Eisai Co Ltd 8,731.00 4.88 1,036,400 Bajaj Finance Ltd 22,994.50 -0.38 49,134 Isuzu Motors Ltd 1,536.50 7.45 1,919,700 Bajaj Auto Ltd 2,587.45 -1.33 608,145 Unicharm Corp 3,567.00 6.86 2,415,200 Axis Bank Ltd 250.20 1.28 26,525,814 Shin-Etsu Chemical Co Ltd 8,498.00 4.31 1,663,400 Asian Paints Ltd 517.90 0.70 1,411,045 Smc Corp 33,300.00 4.26 202,200 Adani Ports And Special Econ 266.80 1.60 1,238,850 Mitsubishi Corp 3,022.00 5.83 5,199,300 316.70 -1.17 8,445,589 Asahi Group Holdings Ltd 4,309.00 5.30 1,449,300 364.60 -0.48 8,712,592 Keyence Corp 56,450.00 6.51 604,600 6,405.05 -0.53 311,337 Nidec Corp 12,675.00 5.41 1,240,100 2,587.15 0.77 1,697,334 Nomura Holdings Inc 422.60 4.32 16,999,100 2,737.00 0.09 604,121 Daiichi Sankyo Co Ltd 3,538.00 5.96 1,985,800 617.55 -0.31 12,587,500 Subaru Corp 2,392.50 5.28 4,017,700 1,372.50 0.70 2,345,397 Ntt Docomo Inc 2,492.50 4.35 4,357,700 384.00 1.98 5,389,812

Gulf Times Friday, December 28, 2018 7 BUSINESS

Vietnam registers China’s industrial profi ts decade-high growth of 7.1% in 2018

AFP suff er fi rst drop in 3 years Hanoi

Reuters Vietnam’s growth soared to more Beijing than 7% this year, its highest in a decade, helped by a surge in its manufacturing sector. arnings at China’s industrial fi rms The country has long been in November dropped for the fi rst one of Asia’s fastest growing Etime in nearly three years, as economies – GDP growth topped slackening external and domestic de- 5% over the past five years – mand left businesses facing more strain largely driven by the exports of in 2019 in a sign of rising risks to the cheap manufactured goods, from world’s second-largest economy. Nike shoes to H&M T-shirts, as The gloomy data points to a further well as tech products like Sam- loss of economic momentum as a trade sung phones and Intel computer dispute with the United States piles processors. pressure on China’s vast manufacturing But this year’s growth sector and as fi rms, bracing for a tough surpassed the communist gov- year ahead, shelve their investment ernment’s target of 6.7%, hitting plans, executives say. 7.08%, according to figures re- Industrial profi ts fell 1.8% in No- leased yesterday by the General vember from a year earlier to 594.8bn Statistics Off ice in Hanoi. yuan ($86.33bn), the National Bureau of “The processing and manu- Statistics (NBS) said on its website yes- facturing sector was the bright terday. It marked the fi rst decline since point and the main driver for the December 2015. overall growth” with a 12.98% The fall in profi ts largely refl ected increase, said GSO head Nguyen slowing growth in sales and producer Bich Lam. He added the economy prices as well as rising costs, He Ping of would remain robust next year the statistics bureau said in a statement with the expected contribution of accompanying the data. manufacturing projects such as Economists expect earnings to con- Vinfast, a local car assembly com- tinue to worsen next year, weighed pany owned by Vietnam’s largest down by smaller gains in industrial private conglomerate Vingroup. prices due to cooling demand, with Run by Vietnam’s richest man some even warning of the risk of defl a- Pham Nhat Vuong, Vingroup also tion. recently unveiled its first made-in- “Soft economic indicators such as Vietnam mobile phones in an ef- producer prices, industrial output and fort to gain a slice of the lucrative orders all point to further pressure on market. However, the World Bank corporate profi tability,” said Nie Wen, predicted a slowdown over the a Shanghai-based analyst at Hwabao next two years if Vietnam does Trust, adding that fi rms’ revenues have not protect itself from escalating been hit by shrinking demand. “Indus- global trade tensions. trial profi ts next year might very well “As an open economy, Vietnam post a 5%-10% decline on average.” needs to maintain a responsive In November, China’s factory price A worker checking steel pipes at a factory in Zouping, Shandong province. China’s industrial profits fell 1.8% in November from a year earlier to 594.8bn yuan ($86.33bn), monetary policy, exchange rate growth slowed to the weakest pace in the National Bureau of Statistics said yesterday. flexibility and low fiscal deficits two years as domestic demand lost fur- to enhance its resilience against ther momentum. bal fi nancial crisis, hit by a years-long ple, while promising to push forward erty rights – to reach a durable pact. yuan, slowing from a 13.6% increase potential shocks,” said Sebastian “Survival is paramount for us (next deleveraging campaign, cooling prop- trade negotiations with the United Earnings growth at China’s industrial in January-October. In the same pe- Eckardt, the bank’s lead econo- year) – we will be more cautious with erty market and a trade dispute with the States. firms has been cooling since April riod, earnings growth at state-owned mist for Vietnam. our investments,” Jiang Ming, chairman United States, and is expected to cool At the beginning of this month, US this year as factory price gains slowed industrial enterprises also cooled. A bruising trade war between of Henan-based Tianming Group that further next year. President Donald Trump and his Chi- on the back growing strains in the Upstream sectors such as oil extrac- the US and China has caused has businesses in healthcare, construc- The growing pressure has prompted nese counterpart Xi Jinping agreed to global economy. tion, coal and metal mining still com- reverberations around the region, tion and fi nance, told Reuters. the government to roll out a range of a 90-day truce delaying a planned US The bitter trade war with the United manded the lion’s share of profit gains as Washington and Beijing have “We also need to maintain better measures to juice up demand. tariff hike on January 1 as they negoti- States has also pressured overall out- in the 11-month period but again their slapped tit-for-tat tariff s on more cashfl ows and save our ammunition to In a key annual economic confer- ate a trade deal. put and demand in a blow to business growth softened in November. than $300bn worth of goods. prepare for the tight, tough and diffi cult ence held this month the country’s top Yet there is uncertainty whether investment plans. Profits for oil and natural gas ex- But relations have eased after days ahead.” leaders said they will ratchet up sup- the two sides can bridge their differ- For the first eleven months, profits traction rose 333% in the first eleven both sides agreed to a 90-day China’s economy expanded at the port for the economy in 2019 by cut- ences over a myriad of issues – in- at industrial firms rose 11.8% from months of the year, easing off from a truce earlier this month. slowest pace last quarter since the glo- ting taxes and keeping liquidity am- cluding trade and intellectual prop- the same period a year earlier to 6.1tn 371% jump for January-October.

Amazon and Walmart face hit from new PBoC vows prudent monetary policy India e-commerce rules Reuters of China (PBoC) said it would control the ample, as growth is expected to slow fur- its slowing economy but policy cannot be Beijing intensity and pace of its structural delever- ther next year. too loose as falls in domestic interest rates AFP genuine, independent sellers, aging campaign. This month, the PBoC rolled out a tar- could hit the local currency. New Delhi many of whom are MSMEs “A prudent monetary policy should be geted policy tool to spur lending to small Concerns about the yuan made their way (Micro, small and medium enter- hina’s central bank said yesterday it more focused on being neither too tight nor and private fi rms, in the latest step to sup- back to the quarterly meeting’s agenda. The prises),” Snapdeal founder Kunal will maintain a prudent monetary too loose,” the central bank said in the yes- port the economy amid the trade dispute PBoC reiterated that it would keep the yuan Traditional traders and local Bahl said on Twitter. Cpolicy and keep the Chinese cur- terday statement posted on its website. with the US. However, top policymakers basically stable on a reasonable and bal- players rejoiced yesterday at new The Confederation of All India rency basically stable while off ering “rea- “China will make monetary policy more have repeatedly said China won’t resort anced level. e-commerce rules imposed by Traders (CAIT) said the new sonably ample” liquidity to the market. forward-looking, fl exible and targeted,” to massive stimulus to shore up a slowing This year, the yuan has weakened 5.6% the Indian government on global policy would end discounting A statement following a quarterly meet- it said. Market analysts expect the PBoC economy. against the dollar, hurt by China’s econom- giants such as Amazon and Wal- wars between e-retailers. ing of its monetary policy committee did to keep policy relatively loose to support The government has cut the amount of ic slowdown and the Sino-US trade row. mart which analysts said could It would also check big com- not include the previously-used “neutral” China’s slowing economy as it deals with cash banks have to set aside as reserves four In 2017, the currency gained about 6.8% force them to rethink their Indian panies from using “the policy of to describe Chinese policy – an omission trade frictions with the United States and times this year and on Monday, the state against the greenback. The PBoC has out- operations. exclusivity, predatory pricing and that could indicate a greater bias for easing pressure from a multi-year deleveraging council fl agged the chance of a targeted re- lined fi ve monetary policy stances, ranging Under the surprise restric- deep discounting” to their ad- at a time growth is slowing. campaign. China’s top leaders said in an serve requirement cut to support small and from “loose” to “tight”. China adopted an tions, e-commerce companies vantage, CAIT secretary Praveen Also, the latest statement did not include annual economic meeting this month they private fi rms. On December 13, PBoC gov- “appropriately loose” monetary policy af- are banned from selling products Khandelwal told AFP. a reference to China’s deleveraging cam- will ratchet up support for the economy in ernor Yi Gang said China’s monetary con- ter the 2008 global crisis, before switching from firms in which they have a The new rules will start on paign. Three months ago, the People’s Bank 2019 by cutting taxes and keeping liquidity ditions should be relatively loose to support to “prudent” in late 2010. stake. February 1 when the nationalist They are also forbidden from government of Prime Minister entering into exclusive deals with Narendra Modi announces its in- sellers. terim budget ahead of a general The rules, which come election due by May. India equities rise for into force on February 1, will Analysts said the rule would Asia stock markets climb particularly hit Amazon, which have a major impact on the busi- second straight day has invested billions of dollars in ness models built up over the the its India operation, and Flipkart, last five years by the US giants which was taken over this year as they make inroads in India’s after bumper US session Bloomberg Eyes will then be set on the na- by another US giant, Walmart. growing market. Mumbai tional elections to be held around The government acted in “Amazon, Walmart and other AFP May, with a closer-than-expected response to complaints from players with their India invest- Hong Kong fight between the main opposi- brick and mortar retailers that ments will have to rethink their Indian equities rose for a second tion Indian National Congress and e-commerce giants were un- business strategies,” Satish straight day as investors brushed the ruling Bharatiya Janata party. fairly selling products at discount Meena from Forrester Research apanese shares surged aside a fall in US equities futures “Markets will continue to prices. told AFP. 3.9% to 20,077.62 points after the world’s biggest stock react to the happenings around Indian law already prevents “Consumers will face the brunt Jyesterday, with investors market on Wednesday had its globally for a while on lack of any foreign-owned companies from and prices will go up while avail- heartened by Wall Street’s steepest rally since 2009. local factors,” said A Balasubra- selling directly on their Internet able options will go down.” best performance in nine The benchmark S&P BSE manian, chief executive off icer sites. The Indian government has years after the White House Sensex climbed 0.4% to 35,807.28 at Aditya Birla Sun Life AMC Ltd So the e-commerce compa- in the past two years sought to said Fed chair Jay Powell at the 3:30pm close in Mumbai, in Mumbai, India’s third biggest nies have been buying in bulk strengthen home-grown enter- would not be fi red. extending Wednesday’s 0.5% money manager. and then selling the products to prises against foreign competi- Asian markets followed To- gain. “2019 could turn out to be a favoured vendors. tion. kyo’s lead with most showing The NSE Nifty 50 Index added good year as fundamentals of These then resell the products It has told credit card com- gains, giving some welcome 0.5% as the markets also evaded the economy – such as increasing at discount on the e-commerce panies such as Visa, American relief from a lingering global volatility expected from expiry tax compliance and collection sites who legally remain interme- Express and Mastercard that all market downturn. of monthly futures and options and infrastructure building – are diaries. information on Indians must be Singapore was up 1.4% in contracts later yesterday. already in place and it is only a Amazon and Walmart, which in stored on India-based computers. afternoon trade, Taiwan gained Pedestrians walk past a stock indicator board showing the share Futures on the S&P 500 Index question of gaining momentum May bought a 77% stake in Indian The government has also 1.7% and Bangkok rose 0.8%. prices of the Tokyo Stock Exchange. Japanese shares surged fell 1.4%, reversing a high of as now,” Balasubramanian said. company Flipkart for $16bn, will proposed limits on what internet Sydney closed up 1.9%. 3.9% to 20,077.62 points yesterday. much as 0.4%. “The market is likely to be be worst hit by the new rules. giants can do with personal data. Chinese markets slid after With Indian equities set to post focused on earnings, pre-poll alli- Neither has made a public It recently proposed that the the release of weak economic vestors, the relentless selling head of APAC trading at OAN- a gain for 2018, defying declines ances, rate decisions, union budg- reaction. WhatsApp messaging app break data, showing that profi ts in on the back of risk-off senti- DA. Wall Street stocks roared in most other countries, investors et, government spending and Snapdeal, one of India’s big- its trademark encryption which the industrial sector declined ment which prevailed leading back to life in post-Christmas are now focusing on earnings global cues to make its moves in gest Internet shopping sites, said guarantees private communica- 1.8% in November. up to Christmas has mercifully trade on Wednesday, shaking for the current quarter, which the first quarter of 2019,” Ridham the changes would enable a level tions between users. Hong Kong closed down halted... with the Dow surging off four straight routs follow- companies will start reporting Desai and Sheela Rathi, analysts playing field for all sellers. The Facebook-owned firm has 0.7% at 25,478.88 while over 1,000 points while adding ing strong retail sales data and from around the second week of at Morgan Stanley India Co, wrote “Marketplaces are meant for fiercely resisted the calls. Shanghai closed down 0.6% at the most signifi cant points gain White House reassurances that January. in a note on December 26. 2,483.09. “Thankfully for in- in history,” said Stephen Innes, Powell would not be fi red. Friday, December 28, 2018 GULF TIMES BUSINESS

US jobless claims signal labour market UK’s Gatwick Airport sold strength after rough patch

Reuters for $3.7bn to France’s Vinci Washington The number of Americans filing Bloomberg become the largest single airport in sees the current Brexit plan trim- lined £1.11bn in investment plans to have preferred to see a multiple clos- applications for jobless benefits London Vinci’s global network. ming passenger numbers over the expand the capacity of its two termi- er to 17 or 18 times,” said Carelli. fell marginally last week in a Gatwick has been under pres- next five years but doesn’t expect it nals in the next five years. Gatwick’s plan to put its standby sign of labour market strength, sure due to intensifying competition to halt growth entirely. Like Stanst- It’s already the world’s busi- runway in full operation may in- with claims appearing to inci SA agreed to acquire con- from London’s other airports and ed, Gatwick is targeting more long- est single-runway hub, the biggest crease the number of passengers the stabilise after drifting higher in trol of Gatwick Airport for lost out to Heathrow, Europe’s busi- haul flights. base for discount carrier EasyJet Plc airport can service, he said. recent months. V£2.9bn ($3.7bn) as the French est hub, in a contest to win govern- “Airports are attractive invest- and the focus for long-haul leisure Global Infrastructure Partners, Initial claims for state un- construction company jumped on ment backing for the construction of ments, especially in a world of high flights at British Airways. which manages more than $40bn employment benefits dropped the chance to add a major London a new runway. volatility, because airport returns The sale values Gatwick at 19 in assets from ports and airports to 1,000 to a seasonally adjusted hub to its aviation portfolio. Its operations descended into cha- can be quite predictable and man- times 2019 earnings before interest, a vast wind farm in the North Sea, 216,000 for the week ended The purchase of the 50.01% stake os just before Christmas after drones ageable even if passenger numbers taxes, depreciation and amortisation bought London’s second-busiest December 22, the Labour De- in London’s second-busiest airport were spotted around the runway led are volatile,” Bernstein analyst Dan- and can be considered low, Vinci air- airport with the consortium of in- partment said yesterday. from a group of investors including to a prolonged shutdown. iel Roeska said by phone. “In any ports head Nicolas Notebaert said on vestors in 2009 for about £1.5bn. Initial claims have now fallen sovereign wealth funds from Abu The 120-year-old engineering Brexit scenario, people will still go a call with journalists. Gatwick reported earnings of in three of the last four weeks Dhabi and Australia will be complet- company is shrugging off risks sur- on holiday. Brexit risks were factored into £411.2mn in the fiscal year through and are just above the 49-year ed in the first half of 2019, Vinci said rounding Britain’s looming exit from In the long term it won’t be im- the price, he said. While the price is March, on revenue of £764.2mn. low of 202,000 reached in the yesterday. the European Union, as rival airports pacted that much on the leisure broadly in line with recent deals in Vinci manages about 35 airports, week ended September 15. Existing shareholder Global In- warn demand for air-travel could be side.” Vinci shares gained 0.5% in the industry, it’s on the pricey end in countries including Japan, Brazil, After several years of near- frastructure Partners will manage dented. Paris as of 10:53am. They have fallen given the uncertainty around Brexit, France and Cambodia. steady falls, claims trended the remaining holding. With 45.7mn Manchester Airports Group, op- 17% this year for a market value of according to Vittorio Carelli, an an- The company also operates toll higher between mid-September passengers in 2018, Gatwick will erator of rival London hub Stansted, €42.1bn ($48bn). Gatwick has out- alyst at Grupo Santander. “I would roads and a construction business. and mid-December, prompting concern the US economy was losing a step. It remains unclear how much of that increase was related to the diff iculty government statisticians have in adjusting the claims data for seasonal swings. Economists polled by Reuters had forecast claims increasing to 217,000 in the latest week. The latest claims data “sig- nals improvement in the labour market relative to a few weeks ago, but softening in conditions relative to a few months ago,” said Daniel Silver, an economist at JPMorgan. The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 4,750 to 218,000 last week. Worries about the US economy have also been stoked by signs of weakness in the housing market. US home prices rose just 0.3% in October, leaving the year-over-year increase at 5.7%, the smallest gain in more than two years, data from the US Federal Housing Finance Agency showed yesterday. In a sign some consumers are worried about the economy, the Conference Board’s consumer confidence index declined modestly in December, hitting People queue to enter the terminal at Gatwick Airport in southern England. Gatwick has been under pressure due to intensifying competition from London’s other airports and lost out to Heathrow, Europe’s its lowest level since July. busiest hub, in a contest to win government backing for the construction of a new runway.

British business Carige’s top investor meets ECB after blocked cash call leaders’ Reuters lenders based in the Veneto region by Milan Intesa Sanpaolo last year. Carige has confidence raised €2.2bn from investors since 2014, piling up €1.5bn in losses over the sinks: IoD he top investor in Carige will dis- same period, mainly due to bad loans. cuss the future of the troubled Carige’s troubles stem from decades TItalian bank at a meeting with of mismanagement and an excessive Reuters European Central Bank supervisors lat- exposure to the depressed local econ- London er yesterday after blocking a vital cash omy. It has also undergone a string of call, a source close to the matter said. top management shake-ups since the Carige on Saturday failed to win ap- Malacalzas replaced a local charitable Business leaders’ confidence in proval for a €400mn ($455mn) cash call foundation as the single largest share- the British economy has sunk that was part of a rescue plan fi nanced holder in the bank. to its lowest level in more than by Italian lenders to shield the industry The Malacalzas made their money in 18 months as the risk of a no- from crisis. the steel business, selling their interests deal Brexit in a little over three Italy’s Malacalza family holds 27.6% in 2007 for a reported sum of around months grows, the Institute of of Carige after investing more than €1bn. They then invested in tyremaker Directors (IoD) said yesterday. €400mn to prop up the ailing Genoa- Pirelli, cashing in €500mn in 2015 on The group, which represents based bank. the sale of their stake. business directors and leaders, Their stake is worth less than €25mn To stay afl oat in recent years Carige said its confidence tracker at current market prices. has sold off its best assets, such as its briefly reached positive territory On Saturday the Malacalzas pre- insurance units, and it would struggle earlier this year when there was vented the latest cash call from being to attract a merger partner as recom- agreement on a Brexit transition approved saying they fi rst wanted more mended by the ECB. period, but had fallen steadily clarity on the bank’s future business The latest stock off er was meant to since April and hit its lowest level plan and possible merger options as allow Carige to convert into equity a this month. well as any further requests from the €320mn subordinated bond it sold to Prime Minister Theresa May regulator. other Italian lenders last month. faces deep opposition from The source said the Malacalzas had The conversion would have helped both her own lawmakers and fl own to Frankfurt to meet the ECB A man rides a bicycle past a Carige bank in Rome. Carige on Saturday failed to win approval for a €400mn ($455mn) cash call Carige beef up its core capital ratio, opposition parties to the divorce later yesterday. A second source con- that was part of a rescue plan financed by Italian lenders to shield the industry from crisis. which stood at 10.8% at the end of Sep- agreement she has negotiated fi rmed a meeting was scheduled by tember – above a minimum require- with the EU, raising the risk of a today at the latest likely to discuss the second source said. Carige declined to failed to push through the previous cash been pushing to shed bad debts and ment of 9.63% set by the ECB but below “no-deal” departure, something bank’s prospects. Carige’s chief execu- comment. Carige’s future depends on call – its third in four years. Shares in boost capital. the ECB’s suggested level of 11.18%. that could hurt the economy. tive Fabio Innocenzi is also expected to customers and investors’ reaction to the Carige lost 12.5% at €0.0014 by 1507 Carige is Italy’s last remaining large The ECB sets the minimum core cap- IoD senior economist Tej Pa- meet ECB supervisors in person after latest setback. GMT. problem bank after Rome bailed out ital level for individual banks each year rikh said there was no doubt that he briefed them on the outcome of Sat- The bank has faced liquidity crises in The ECB has direct oversight of It- Monte dei Paschi di Siena in 2016 and and Carige’s 2019 threshold is not yet the tumultuous Brexit process urday’s meeting before Christmas, the the past, lastly a year ago when it almost aly’s 10th-largest bank, which it has bankrolled the rescue of two smaller known. was having a damaging impact on firms’ outlooks. “Business leaders are looking ahead to the new year with trepidation about the economy,” he said. White House considers new year executive order to bar Huawei, ZTE purchases “While we saw cautious opti- mism emerging when the Brexit Reuters out of the US market. The United States a source said it is expected that Commerce passage of a defence policy bill in August off , rather than being the door to openness, talks appeared to be moving Washington alleges that the two companies work at the off icials would interpret it as authorisation that barred the US government itself from progress and fairness.” Huawei and ZTE did towards a transition period after behest of the Chinese government and that to limit the spread of equipment made by using Huawei and ZTE equipment. not return requests for comment. March 2019, that has utterly dis- their equipment could be used to spy on the two companies. The sources said the China’s foreign ministry spokeswoman Both in the past have denied allegations sipated now. “The prospect of a President Donald Trump is considering an Americans. text for the order has not been finalised. Hua Chunying said that she did not want to their products are used to spy. no-deal in the near future will be executive order in the new year to declare The executive order, which has been The executive order would invoke the comment on the order as it had not been of- The White House also did not return weighing heavily on directors’ a national emergency that would bar US under consideration for more than eight International Emergency Economic Powers ficially confirmed. “It’s best to let facts speak a request for comment. The Wall Street minds.” Business investment companies from using telecommunications months, could be issued as early as January Act, a law that gives the president the au- for themselves when it comes to security Journal first reported in early May that the has fallen for three consecutive equipment made by China’s Huawei and and would direct the Commerce Depart- thority to regulate commerce in response problems,” Hua said. order was under consideration, but it was quarters, off icial figures showed ZTE, three sources familiar with the situa- ment to block US companies from buying to a national emergency that threatens the “Some countries have, without any evi- never issued. Rural operators in the United earlier this month, and other tion told Reuters. equipment from foreign telecommunica- United States. dence, and making use of national security, States are among the biggest customers recent data has pointed to a It would be the latest step by the Trump tions makers that pose significant national The issue has new urgency as US tacitly assumed crimes to politicise, and of Huawei and ZTE, and fear the executive slowdown in growth ahead of administration to cut Huawei Technolo- security risks, sources from the telecoms wireless carriers look for partners as they even obstruct and restrict, normal technol- order would also require them to rip out Britain’s exit from the European gies Cos Ltd and ZTE Corp, two of China’s industry and the administration said. While prepare to adopt next generation 5G ogy exchange activities,” she added. “This existing Chinese-made equipment without Union in 93 days. biggest network equipment companies, the order is unlikely to name Huawei or ZTE, wireless networks. The order follows the in reality is undoubtedly shutting oneself compensation.