COSTLY DEBT | Page 2 UBER WOES | Page 11 Saudi reforms CEO quits risk slowing aft er investor on blockade mutiny

Thursday, June 22, 2017 Ramadan 27, 1438 AH GULF SHARE DUMPING: Page 12 GULF TIMES Blockade doesn’t aff ect our business, BUSINESS says QSE chief

QIIB eyes LSE for listing of $700mn 5-year sukuk QIIB plans to list its $700mn five-year sukuk on the Robustness of Qatar economy, bank London Stock Exchange (LSE) by October, depending on the market conditions, CEO Abdulbasit Ahmad al- Shaibei has said. “Personally, I had a sector proved again, says al-Shaibei conversation with the CEO of the London Stock By Pratap John Suffi cient cash is available in the The Qatar National Vision 2030 Asked whether Qatari banks Exchange and we are Chief Business Reporter system and our customers could has been laid out by the government with cross-border business, es- committed to enhance our transfer money in any currency an- to ensure prosperity and sustainable pecially in the GCC countries relationship with the UK, ywhere, right from the second day growth for people of this country. that have imposed road, sea and especially in the financial he strength of Qatar’s econ- of the blockade. There is no basis for “Getting raw material is no longer air blockade on Qatar, would be sector,” al-Shaibei told Gulf omy and the robustness of its concerns that major currencies in- a major challenge…we have a great impacted, al-Shaibei said, “Their Times yesterday. Tbanking sector were proved cluding the dollar are in short sup- airport…port, and so we can always business in these countries is rela- He said the $700mn five- beyond doubt yet again with normal ply. It is not,” al-Shaibei noted. source material from new markets. tively small in comparison to their year sukuk was being issued business activities being resumed He said Qatari banks were among In the last few days, we have seen operations in Qatar or elsewhere in as an existing sukuk got within 24 hours of the blockade on the few that could meet the in- that the new markets have provided the world.” matured. the country imposed by its neigh- ternational requirements in terms us competitive prices as well.” On concerns of riyal depreciation “This will provide QIIB with bours, said Abdulbasit Ahmad al- of liquidity as well as the Basel III The QIIB CEO said Qatar’s fun- in view of the ongoing regional situ- cheaper funding, although Shaibei, QIIB chief executive offi cer. regulatory framework on capital damentals remained “as strong as ation, al-Shaibei said, “Our curren- we don’t have to go in for “In Qatar, we have a contingency adequacy, stress test and market li- ever.” cy has been pegged to the dollar. So the sukuk as we are very plan for the worst case scenario. We quidity risk. “Nothing has changed funda- the offi cial rate remains the same. liquid,” al-Shaibei noted. immediately activated the contin- “Also, the Qatar Central Bank mentally in our country. We are still The reported drop in value in the in- “If the market conditions are gency plan following the blockade. has been very supportive, although exporting our prime commodities ternational spot and forward mar- good, the pricing is good, This way, we could eff ectively man- we actually do not need any special – oil and gas – to all corners of the kets is all because of speculators.” we will proceed with the age the situation and ensure suf- support from the QCB now,” al- globe. The whole world is our mar- Al-Shaibei was all praise for ex- sukuk. As of now, we plan to fi cient liquidity in our banking sys- Shaibei said. ket. Our market is not confi ned to patriates in the country and said, Al-Shaibei in an interview with Gulf Times yesterday. He list the sukuk on the LSE by tem,” pointed out al-Shaibei. He said Qatar’s government is the GCC region. The only change “They have shown their love for Qa- said Qatari banks are among the few that could meet the October, but that depends He stressed that Qatari banks are committed to completing all its now is that we have to get into a new tar, expressing solidarity with the international requirements in terms of liquidity as well as on the market conditions,” “very well capitalised”. projects in time. This includes sea route to move our commodities. people of this country at this crucial the Basel III regulatory framework on capital adequacy, al-Shaibei added. “Liquidity is not an issue for us. projects related to infrastructure. That’s all.” juncture.” stress test and market liquidity risk. Gulf Times 2 Thursday, June 22, 2017 BUSINESS Knocking two digits off Turkey stock index may refresh rally

Similar move 20 years ago 20 years ago. As the benchmark closed it leads to “a common perception that prompted 64% surge in in on six figures back then, the bourse the index has got cheaper, fuelling A worker descends benchmark; creates perception decided to draw a line through the momentum in inflows,” said Baris escalators towards index has got cheaper: last two numbers. The rebasing at the Buyukdemir, general manager at the trading floor Buyukdemir of Ceros start of 1997 sparked a 64% jump in the Istanbul-based Ceros Securities. inside the Borsa month that followed, with the index After a 27% advance this year, Turkish Istanbul, also known Bloomberg more than tripling during the year. stocks still trade at a discount of almost as the Istanbul Stock Istanbul The exchange is considering trying 30% to emerging-market peers. That Exchange, in Istanbul the approach again and discussing it could narrow if authorities go ahead (file). After a 27% with local market participants, Borsa and trim the index level. advance this year, Turkey’s stock exchange is considering Istanbul Chairman Himmet Karadag “These are the kind of steps that can Turkish stocks still cutting the last two digits from its said by phone. kindle interest in Turkish equities by trade at a discount benchmark index. Giving investors a “It’s not something that will happen boosting momentum with fresh pricing of almost 30% to smaller number to work with could within a few days, but we’re working on behaviour,” said Tugberk Citilci, head of emerging-market trigger further gains for local equities, if it,” Karadag said. research at GCM Securities in Istanbul. peers. That could history is any guide. While adjusting the index reading “Based on behavioural finance studies, narrow if authorities The Borsa Istanbul 100 Index’s ascent has no impact on fundamentals such moves can have an impact on go ahead and trim to 100,000 points on June 13 prompted surrounding Turkish stocks or the way investor sentiment similar to stock the index level. regulators to dust off an idea first used market professionals assess valuations, splits.”

Gulf states Blockade on Qatar risks preparing for VAT rollout slowing Saudi reforms, amid rift AFP Dubai

il-rich Gulf countries, which for decades have attracted millions of raising cost for Gulf debt Oforeign workers thanks to their repu- tation as tax-free havens, aim to introduce Reuters value-added tax in 2018 to plug budget gaps. Dubai/Riyadh On top of administrative and technical hurdles, however, the project now faces an unprecedented diplomatic crisis after Saudi he blockade imposed on Qatar by some Arabia, the UAE and Bahrain on June 5 sev- of its Gulf neighbours is threatening to ered all ties with Qatar, their partner in the Tpuncture investor appetite for the Gulf Gulf Cooperation Council. region as a whole, translating into potentially Saudi Arabia, the UAE and Qatar are due to higher debt costs for governments and possibly introduce VAT in early 2018, with the other slowing the pace of Saudi Arabia’s economic three GCC members – Bahrain, Kuwait and reforms. Oman – following at a later date. Saudi, UAE, Bahrain and Egypt broke rela- If it goes ahead as planned, VAT is unlikely tions and transport ties with Qatar on June 5. to tarnish the GCC reputation as a low-tax The move has thrown the region — which has region or reduce its appeal to expatriates, ac- been relatively stable — into diplomatic turmoil cording to Monica Malik, chief economist at that is now putting off investors. Abu Dhabi Commercial Bank. “We were used to a relatively peaceful re- An introductory rate of 5% “looks to bal- gion and now the landscape has changed,” said ance raising government revenue and still Brigitte Le Bris, head of emerging debt and cur- having a very attractive business environ- rencies at Paris-based Natixis Asset Manage- ment, both for expatriates and corporations”, ment, which manages about €350bn ($392bn) she said. “We believe the the Gulf will still in assets. overall be seen as a low-tax environment on “We are not yet ready to increase our expo- a global basis.” sure to the region. We need to know whether VAT, a tax paid by the consumer, is also it can spread and aff ect other countries or the unlikely to deter businesses from setting crisis can worsen.” up operations in the Gulf region, according One obvious area is sovereign debt, where to Jeanine Daou, indirect tax leader at PwC the crisis has the potential of raising borrowing Middle East. costs. “From a business perspective, VAT should To date, foreign investors appear to be com- be neutral. What businesses are required to fortable holding Qatar paper due to the size of do is to collect tax on behalf of the govern- the country’s reserves and assets held by its ment on their sales...It is not a corporate sovereign wealth fund, the Qatar Investment tax,” she said. Authority. Saudi and foreign investors stand in front of the logo of Saudi state oil firm Aramco during the 10th Global Competitiveness Forum on January 25 in She said that 5% would be “one of the low- Other Gulf Cooperation Council countries’ the capital Riyadh. The blockade imposed on Qatar by some of its Gulf neighbours is threatening to puncture investor appetite for the Gulf region as est VAT rates across the globe”. sovereign bonds saw some weakness in the im- a whole, possibly slowing the pace of Saudi Arabia’s economic reforms. But in Dubai’s old souk, a wholesale trader mediate aftermath of the diplomatic crisis, but disagreed, expressing fear of having to bear again have largely gone back to their pre-crisis 15 basis points in the primary to the secondary Asha Mehta, portfolio manager at Acadian As- until 2018, Saudi Arabia was preparing the sale the VAT cost due to low profi t margins. levels. market because of current political uncertain- set Management. A senior banker, who has of government stakes in airports, healthcare “I think 5% will be too much,” said Obaid The market’s take, however, is that the dip- ty,” he said. done extensive investment banking work in the and educational fi rms, aiming to raise $200bn. Tahiri sitting in his household appliances lomatic crisis will be resolved via political me- Another risk could be to Saudi Arabia’s eco- Middle East, pointed to the high-profi le listing The privatisation is part of the reforms to re- shop. “For wholesale, we don’t have 5% prof- diation, said Max Wolman, senior portfolio nomic reforms, many of which depend on in- of oil company Aramco as a potential issue. duce Saudi Arabia’s dependence on oil, after its it. Clients will not pay...I cannot increase the manager at Aberdeen Asset Management in vestor cash fl owing in. “If the situation continues like this and they price plunge hurt the kingdom’s economy and price for the customer.” London. “Investors may become concerned about planned their IPO, they would be bombarded stretched its fi nances. Although the UAE has announced plans “But if the likes of Bahrain, Oman or even Saudi over-extending itself, as the war in with questions on this (Gulf crisis),” he told Bank of America Merrill Lynch in a recent to introduce VAT in January next year, many Saudi Arabia were to issue these days, I think Yemen continues and domestically reforms Reuters, asking not to be named. note said geopolitics may delay the reforms, al- wholesale traders in the souk seem unaware there would be a slight risk premium of 10 to have adversely impacted consumer sentiment,” Even though the Aramco IPO is not expected though not derail them. of it. Egypt seeks FDI boost as its economy struggles

Reuters $10bn target. “Within the last 4 Cairo months (ending in May) we already achieved $6.8bn and based on that I am projecting that we go beyond gypt’s investment ministry the initial target,” Nasr said from has fi nalised a much-antici- her downtown offi ce. Epated set of regulations out- The executive regulations are lining incentives that it hopes will likely to take an expansive view on lure back badly needed foreign in- what qualifi es as new investment, vestors, Investment Minister Sahar opening up tax breaks to a broad Nasr told Reuters yesterday. range of investors, not just those Egypt’s economy has been strug- establishing entirely new projects, gling since a 2011 uprising drove said Nasr. foreign investors and tourists away. “The general consensus is that The government is hoping a $12bn if it is really a new production line, International Monetary Fund lend- that entails new land, new busi- ing programme signed last year will ness, new recruitment and staffi ng. put it on the road to recovery, togeth- The majority are labelling that as er with a rebound in investment. new investment and it will be eligi- Investors have been keen to see ble,” Nasr said. the executive regulations in the The initial investment law stipu- new investment law, which provide lates investors get back half of what details on what types of projects they pay to acquire land for indus- and investment will be eligible for trial projects if production begins tax breaks and how the investment within two years, and provides a process will be streamlined. 50% tax discount on investments President Abdel Fattah al-Sisi A woman carries a cooking gas cylinder at a selling depot in Cairo (file). made in underdeveloped areas. on June 1 ratifi ed the long-delayed Egypt’s economy has been struggling since a 2011 uprising drove foreign The executive regulations will investment law, which provides a investors and tourists away. for the fi rst time stipulate a spe- raft of incentives like tax breaks and cifi c number of days that the gov- rebates while reducing red tape for terday for the prime minister’s ap- ly law along with the IMF pro- ernment will have to approve new new projects. proval, which is required within 90 gramme as boosting foreign direct licences and clearances, said Nasr, Nasr said the related regulations days of the initial law’s ratifi cation. investment for the 2017-18 fi scal reducing the waiting time for start- were submitted to the cabinet yes- She sees the investor-friend- year starting in July past an initial ing new businesses. Gulf Times Thursday, June 22, 2017 3 BUSINESS

After MSCI verdict, still long wait for China’s full entry to global indexes

Reuters in and out of equities to Hong Kong addressing the high number of stocks that are suspended for long periods. MSCI’s decision to add Chinese Sebastien Lieblich, global head shares to a key benchmark is a of index management research major milestone, but investors at MSCI, said he could not say it will be a long and rocky provide an indicative timeline road ahead before the might for full inclusion, or an initial of the world’s second-largest weighting increase. economy is fully reflected in “It’s really in the hands of the global indexes. Chinese stakeholders, they are The US index provider said on dictating the timing,” he told Tuesday it would add 222 China- reporters. listed stocks to its Emerging Global investors Schroders, Markets Index, tracked by Robeco and Manulife asset around $1.6tn, in what analysts management estimated full and investors described as a inclusion could take as long as Investors look at computer screens showing stock information at a brokerage house in Shanghai. China’s initiation into MSCI’s club has put the world’s second-biggest stock gesture designed to end a four- a decade — longer than already market on a new global footing. year impasse with regulators protracted processes for South over China’s remaining market Korea and Taiwan. controls. “I think it could take five But they said it could still take to 10 years for China to be as long as a decade for MSCI represented at half its total to include Chinese shares at weight in the global indices. the country’s full weighting, In terms of the uplift in inclusion citing ongoing uncertainty over factor, I’d be surprised if they the pace of reform, the risk make a following adjustment China MSCI induction of regulatory shifts and weak next year,” said David corporate governance. MacKenzie, head of Asian Equity There has been a bit of a Management at Schroders. stand-off between MSCI and And China still has hearts and the Chinese regulators, with minds to win elsewhere. both parties keen for inclusion Despite MSCI’s move, Mark to happen — but there are still Makepeace, CEO of MSCI rival puts onus back on all these issues unresolved,” FTSE Russell, which compiles said Douglas Morton, Head of the other major emerging Research Asia at Northern Trust market benchmark, told Reuters Capital Markets. that many investors continued “The government does step in to have reservations about the to support the market. China market. From an international investor’s “The obligations of China Xi’s market reformers point of view, there are with respect to opening up to concerns that this is not a freely international investors in the Bloomberg IMF’s reserves basket, and foreigners the market, while HSBC Holdings esti- Index, which has lagged behind global floated index,” said Morton, event of inclusion need to be Hong Kong being granted access to the two biggest mated infl ows may reach $500bn over peers this year, rose 0.5% in the wake of noting Western governments clear,” he said in an interview. mainland stock exchanges via trading fi ve to 10 years. A cash infl ux of that mag- the decision. were not immune to similar The China Securities links with Hong Kong. Still, authorities nitude would help shore up the currency, “We view this as a starting point for interventions. Regulatory Commission, hina’s initiation into MSCI Inc’s remain quick to intervene in capital mar- counteract capital outfl ows, and provide further reform in China’s capital markets Although China has made the country’s securities club has put the world’s second- kets – sometimes to burn bears, some- a stabilising infl uence on an equity mar- and as a result further inclusion in MSCI strides with its liberalisation watchdog, said in a statement Cbiggest stock market on a new times to put a fl oor under losses – and ket that’s dominated by retail investors. and other major global benchmarks,” agenda, it has also proved that inclusion was “both an global footing. Yet spinning that en- have been reluctant to loosen controls on “Much work still needs to be done by said Shan Lan, who works on global index willing to temporarily row-back opportunity and a challenge dorsement into what really matters – money exiting the country. regulators to address remaining concerns strategy at Macquarie Group. “The im- on reforms at times of crisis. for reform” and that China signifi cant investment fl ows – is a whole Those controls are among the rea- about the A-share market, including pact to China A shares will be profound Beijing intervened heavily in the would continue to try to other challenge. sons why MSCI has started small. The widespread trading suspensions, stock in the long term, as this may gradually stock market during the 2015 internationalise its market By August 2018, Chinese domestic index compiler is adding 222 large-cap pledging, selling pressure from insiders, change the mix of retail and institutional crash, imposing a raft of capital while promoting stability at stocks will comprise 0.7% of the MSCI stocks that are all available through Hong and corporate governance” Steven Sun, investors, leading to a more matured controls only months before the home. “A” share inclusion Emerging Markets Index, the index fi rm Kong’s exchange links, after investors head of China equity strategy at HBSC, market with more long term investors International Monetary Fund and an influx of institutional said on Tuesday. balked at previous proposals. wrote in a note. “It is in everyone’s inter- and less speculators.” made a decision to include the investors should help promote That’s a smaller sliver of the gauge than MSCI said its next steps – using a est – MSCI, the Chinese government and Still, headway may be slow. It took yuan in its basket of reserve Beijing’s reform agenda over held by Brazil’s Itau Unibanco Holding, bigger slice of A shares’ market caps to investors – to correct the mismatch be- South Korea and Taiwan six and nine currencies. the long term, but investors which helps explain the muted reaction calculate their weightings, and adding tween global funds’ exposure to Chinese years respectively from their first in- MSCI has been in discussions worry the addition of the new by mainland traders on Wednesday. For mid-cap stocks – would be subject to equities and China’s importance to the clusion to winning a full weighting, with Chinese regulators and shares, the bulk of which will China to win a standing more in keep- conditions. China needs to further im- global economy.” even though they started with much global investors for four years be in China’s troubled financial ing with its economic heft, MSCI made prove accessibility for foreign investors, Company offi cials agree. The in- bigger inclusion factors, according to over whether to add yuan- and industrial sectors, also it clear President Xi Jinping would need relax daily trading limits through the clusion of BYD Co’s A shares will di- Macquarie. denominated shares to the poses near-term risk. to take further steps to open his nation’s Hong Kong exchange links, and make versify the company’s investor base, Given their tiny initial weighting, do- benchmark, but long excluded “In our experience, many markets. additional eff orts to curb trading sus- helping with long-term developments mestic Chinese shares will be dwarfed by them because of restricted Chinese A-share managements “China still has a long way to go,” said pensions. and expansion overseas, according to a the nation’s overseas-traded stocks. The access to China’s equity have yet to fully grasp the Daniel So, a Hong Kong-based strate- “We’d like to expand the universe of spokesman for the auto manufacturer. country already has the largest position markets. duties imposed by a listing, gist with CMB International Securities. shares that are available to international Spring Airlines Co, a budget carrier, in the MSCI Emerging Markets Index, The company said it could add a not to mention inclusion in “Even if the problems are solved within a investors,” Henry Fernandez, MSCI’s views MSCI status as an opportunity with Tencent Holdings, Alibaba Group selection of 222 large-cap stocks a global index,” said Gary short time span, it won’t mean the MSCI chief executive offi cer, said in a Bloomb- to get brand recognition overseas, while Holding and Baidu alone accounting at a tiny weight of just 0.73%, Greenberg, head of emerging will give the market more weight right erg Television interview. noting there’ll probably be more pres- for 8.3% of the overall weighting. But because these shares can be markets at Hermes Investment away. The index compiler and overseas A comparison of infl ow projections sure to deliver on earnings. China’s $6.9tn domestic equity market easily traded through a Hong Management, in a note. institutional investors are likely to be shows what’s at stake. MSCI’s planned The China Securities Regulatory – the second-biggest worldwide after Kong-China “Connect” link. “The ability to communicate cautious.” additions are expected to drive about Commission said yesterday that it wel- America’s – is also home to many of the Increasing that weighting with foreign investors, even The Communist leadership’s push $17bn of foreign money into Chinese eq- comed MSCI’s decision and will im- companies most aligned with China’s will require further market in companies with worldwide to give markets a bigger say in China’s uities. But Goldman Sachs Group says prove its rules to meet the needs of for- consumer and service industries, which liberalisation, from allowing operations, tends to be less than economy has spurred change in recent $430bn is up for grabs if China can make eign investors. are seen as key drivers of the $11tn econ- capital to flow more freely world class. years, with the yuan making it into the it to full inclusion and investors embrace The benchmark Shanghai Composite omy’s long-term expansion.

Sensex ends lower; rupee falls

Agencies had lost 14.04 points in the previous Asian markets hit by energy fi rms Mumbai session. The NSE Nifty closed at 9,633.60, down 19.90 points, or 0.21%. It moved between 9,608.60 and 9,650.45. AFP The Indian markets fell yesterday, Airlines stocks jumped on Hong Kong tracking Asian peers, as investors expectations of lower jet fuel prices. waited for minutes of a policy meet SpiceJet and Jet Airways went up by by the central bank to gauge the 4.03% and 2.99%, respectively, while nother sell-off in energy fi rms direction of interest rates in the InterGlobe Aviation, the parent of dragged Asian markets lower months ahead. IndiGo, climbed 1.51%. Ayesterday, tracking hefty losses The minutes are likely to delve into Meanwhile the rupee yesterday on Wall Street as oil prices tanked. details of interest rates, with a high weakened for the second session Shanghai was the shining light, likelihood that more members softened against the US dollar before the release ending up 0.5% after MSCI’s decision their inflation outlook, said DBS Group of Reserve Bank of India’s (RBI) minutes to include mainland-listed fi rms in a Research in a note. of its bi-monthly policy meeting. key index. The broader NSE Nifty was down 0.37% The rupee was trading at 64.66 a dollar, Crude prices sank more than 2% on at 9,618.25 points, while the Sensex down 0.24% from its Tuesday’s close of Tuesday on increasing fears of a glo- ended lower by 13.89 points, or 0.04%, at 64.50. bal supply glut, as continued produc- 31,283.64 points. The rupee opened at 64.62 and touched tion in the US and elsewhere off sets Oil explorers fell after global oil prices a low of 64.68 a dollar. an Opec output cut deal. hit seven-month lows, with Oil and The 10-year bond yield was at 6.427% The fall also came despite a drop in Natural Gas Corp falling as much as compared to its previous close of 6.451%. US inventories. 2.54% and Oil India down as much as Bond yields and prices move in opposite “Oil prices have offi cially entered Pedestrians walk past an electronic quotation board in Tokyo. The Nikkei 225 closed down 0.5% to 20,138.79 points yesterday. 1.91%. directions. a bear market (and) plummeted 2% Airlines stocks, however, rose on So far this year, the rupee has gained 5%, after reports of rising output from close since early February and Seoul tations and pointed out that while the Carney’s comments disappointed expectations of lower jet fuel prices, while foreign investors bought $8.21bn Nigeria and Libya — both Opec mem- dipped 0.5%. decision is important, Chinese stocks investors after a recent rise in infl a- with Spicejet and Jet Airways up about and $13.77bn in local equity and debt bers exempt from the production cut Singapore tumbled 0.7%, Welling- will only account for 0.7% of the in- tion suggested the BoE could lift bor- 2.5%, and InterGlobe Aviation, parent of markets, respectively. deal,” said Stephen Innes, senior trad- ton eased 0.8% and Manila fell 0.6%. dex when they are included next June. rowing costs again. IndiGo Air, climbing 1.6%. Plummeting Asian currencies were trading lower as er at OANDA. But Shanghai bucked the trend to Northeast Securities analyst Shen Adding to the pound’s weakness oil prices put Asian investors on edge, crude oil tumbled into a bear market on The crude sell-off , which means the end up 0.5% after the US-based MSCI Zhengyang said: “The thing itself is a was ongoing speculation about how overshadowing a decision by US index concern that a global supply glut will commodity has lost a fi fth of its value fi nally approved mainland-listed good thing. tough Brexit terms will be after nego- provider MSCI to add mainland Chinese persist. from recent highs, saw energy fi rms stocks, or A-shares, for inclusion in But it has limited benefi t for the tiations on Britain’s departure from stocks to its global emerging markets South Korean won was down 0.5%, drag Wall Street down, with all three its emerging markets index. market. the EU got under way. benchmark index. Philippines peso 0.21%, Taiwan main indexes ending deep in the red. The agreement, after three previ- The money that will come in is just Sterling is now at levels last seen MSCI’s broadest index of Asia-Pacific dollar 0.18%, Malaysian ringgit 0.13%, And while both main contracts sta- ous rejections, means that for the a drop in the bucket, while the mar- just before British Prime Minister shares outside Japan slipped 0.8%. Indonesian rupiah 0.08%, China off shore bilised yesterday, Asian energy fi rms fi rst time foreigners will be able to ket’s liquidity itself isn’t suffi cient at Theresa May called a snap general Market was at a loss for direction for 0.08%, Thai baht 0.06% and China followed their US counterparts. buy into Chinese markets directly, the moment due to the deleveraging election expected to boost her major- the second day yesterday as the Sensex renminbi 0.05%. However, Japanese yen Rio Tinto sank 2.9% and BHP dived providing a possible $8bn of infl ows process in the fi nancial system.” ity, which she eventually lost. moved in a tight range and ended with was up 0.15%. close to 4% in Sydney, while Hong in the near term. The yuan edged up on the MSCI In Tokyo, the Nikkei 225 closed a negative bias due to sustained capital The dollar index, which measures the Kong-listed CNOOC was 0.7% off It is also seen as another step in move but the pound extended Tues- down 0.5% at 20,138.79 points; outflows amid subdued global cues. In US currency’s strength against major and Inpex fell 1.2% in Tokyo. China’s further opening up to the day’s losses below $1.26 after Bank Hong Kong — Hang Seng fell 0.6% contrast, broader markets – small-cap currencies, was trading at 97.731, down Tokyo stock market’s Nikkei index world economy and asserting its of England governor Mark Carney at 25,694.58 points and Shanghai — and mid-cap indices – ran up. The gauge 0.03% from its previous close of 97.76. fell 0.5%, Hong Kong closed down growing importance to global fi nance. dismissed an interest rate rise any Composite closed up 0.5% at 3,156.21 0.6%, Sydney sank 1.6% to its lowest However, analysts tempered expec- time soon. points yesterday. Gulf Times 4 Thursday, June 22, 2017 BUSINESS Cheap debt allows private equity fi rms to reap more dividends

Reuters investors make a profi t. “Dividend re- came from loans and the rest via the that investment,” said Tom Whelan, equity owner Bridgepoint, marking the private equity sales. Macroeconomic London capitalisation is a legitimate instru- bond market. head of private equity at law fi rm Hog- third payout from the company in six and political uncertainties across Eu- ment used by all kinds of businesses “It is not in the interests of fund an Lovells. years. rope have at times made it more dif- for short-term liquidity. managers to load an unsustainable But the trend could already be near- The leverage ratios for Dorna and fi cult for buyout fi rms to trade their rivate equity fi rms have used In private equity it can be one way level of debt onto a portfolio company ing an end. Allnex were not disclosed but if a com- assets either via initial public off erings buoyant debt markets to take of enabling investors to realise some of given that the stronger and more valu- “I think there’s going to be a healthy pany’s earnings have risen suffi ciently or sales. Palmost $3bn in special payouts the value they have created in a port- able that company is the higher the re- exit environment and the balance may during their period of private equity Sales and listings of assets in the re- from European portfolio companies so folio company,” Michael Collins, chief turn they will get at exit,” Collins said. swing back to sales over recaps,” Whe- ownership, they may not be any higher gion have fallen to €78.5bn so far this far this year, quadrupling the same pe- executive of industry body Invest Eu- The rise in payouts has partly been lan said. than when the companies were bought. year, compared with €172.4bn in the riod in 2016. rope, said. fuelled by buoyant credit markets in Although full details of individual Cheap debt is the oil in the gears for same period of 2016. Buyout fi rms typically invest in a In Europe, these payouts to private Europe as well as investors seeking deals are not disclosed, Advent In- such deals and the pricing of leveraged “In this market, while debt fi nancing company for up to fi ve years before equity have totalled €2.6bn ($2.9bn) so to buy non-investment grade debt as ternational-owned Allnex launched loans has dropped to around 316 ba- is cheap, valuations are high so max- “exiting”, but if they are unable or far this year, up from €650mn for the they look for higher yields during a pe- a dividend recapitalisation in March sis points in the second quarter so far imising value through a sale may not be unwilling to sell out they can turn to same period in 2016, data from S&P riod of record low interest rates. after huge demand from investors for from a 10-year peak of 450 basis points feasible for all companies,” said Rajani so-called dividend recapitalisations, Global Market Intelligence showed. “Fierce competition (in the debt the Belgian chemicals company to is- in the fi nal quarter of 2011, according Gupta, Leveraged Finance Partner at funded by loans or bonds, to get a cash Despite the rise, dividends paid to markets) coupled with the liquid- sue new debt. to LPC, a provider of information and law fi rm Allen & Overy. return. private equity in the region through ity, means private equity sponsors can The move was expected to net a data on syndicated loans and high yield “Neither is the IPO market — Their use has been criticised in the bond markets and loans were way off still take money off the table for their €425mn payout to its owners. And bonds. which has picked up considerably in past because it can saddle portfolio the €11.32bn paid in the whole of 2006, investors by eff ecting a dividend re- Spanish sports management company According to the S&P data, the sharp certain sectors, but remains volatile companies with high levels of debt, at the height of the previous credit capitalisation of a portfolio company, Dorna Sports fi nanced a dividend pay- rise in dividend recaps has also coin- enough that may not be an available while private equity fi rms and their boom. Out of €2.6bn, around €1.6bn when they are not in a position to exit ment of up to €300mn to its private cided with a sharp fall in the volume of option either.” Russia trumpets Germany’s biggest strong foreign demand for steelmaker to unveil Eurobonds

Reuters Argentina — with a credit rating Moscow/London well below Russia’s — debuted on the so-called “century bond” market with $2.75bn of 100- a future beyond steel lobal bond investors year debt, just over a year after showed strong demand emerging from its latest default. Bloomberg Gfor Russia’s new Eu- Andrei Solovyov, head of debt Dusseldorf robond, as the yields off ered by capital markets at VTB Capital, Moscow eclipsed political risks, said US investors had accounted including signs that Western for the bulk of foreign buyers. t is a mark of the transformation go- sanctions may get tighter. The new bonds are trading ing on at Thyssenkrupp that the most The fi nance ministry on Tues- steady to slightly fi rmer despite Iprofi table operation at Germany’s day placed a two-tranche Eu- a steep decline in oil prices that’s biggest steel company is producing el- robond, raising $3bn. weighing on most energy ex- evators not metal. Market sources told Reuters porters’ issues. The industrial giant, with roots dat- order books had topped $6.6bn, Raising $1bn in a 10-year sov- ing to 1811, has poured research into its a deal that Russia is painting as a ereign Eurobond issue, Russia is elevator unit to turn what was a sideline victory over restrictive geopolitics. paying a coupon of 4.25%. That’s into a primary business. The strategy is The deal — and investor en- nearly twice as high as 2.17% of- Thyssenkrupp’s bid to survive in an in- thusiasm — came just days af- fered by 10-year US Treasuries ternational steel market fl ooded with ter the US Senate voted to im- but below the 4.75% it paid while cheap imports from Chinese rivals. pose new sanctions on Russia, placing a 10-year $1.75bn Eu- In the past six years, Thyssenkrupp extending curbs put in place in robond last May. has earned more from elevators than 2014 to punish Moscow for its The 30-year bond coupon is steel as the market for metals weakened. role in the Ukraine crisis. 5.25%. The company’s investments are push- It is the second year in a row “Those are the lowest coupon ing the elevator industry into new areas, Russia has raised money over- rates in the whole history of Rus- with innovations like the fi rst model to seas while under the shadow of sian sovereign Eurobond issues,” move sideways as well as up and down, sanctions. VTB’s Solovyov said. and moving walkways that levitate on Finance Minister Anton Silu- Some investors reckon the magnets. Other manufacturers are tak- anov said foreign investors had sanctions may even have boost- ing note. bought 85% of the new Eu- ed the market for Russian Eu- “We’ve managed to stimulate compe- robonds. robonds, as they kept Moscow tition, in some cases to the point where A view of ThyssenKrupp headquarters in Essen. In the past six years, Thyssenkrupp has earned more from elevators than steel as “There was strong demand out of international bond mar- our concepts are taken over or adapted,” the market for metals weakened. from foreigners, particularly kets in 2014 and 2015 and re- Andreas Schierenbeck, the elevator from America,” Siluanov said duced the supply of Russian hard unit’s chief executive offi cer, said in an still about a quarter below 2008 levels. company on a path that would see it venture plans. It fears they’re a way to yesterday. currency debt. interview at its main offi ce in Essen, Ger- More than 75,000 jobs, or about one in changed fundamentally, according to In- exit steel entirely and cut jobs, according Andrey Kostin, the head of Russia’s rock-bottom public many. “That’s good. If you’re being cop- fi ve, have gone in that period. At the same dependent Research GmbH analyst Sven to Wilhelm Segerath, a member of the the Russian state-run bank debt levels are also attractive to ied, you’re doing something right.” time, China is exporting record amounts. Diermeier. union board and chairman of the works VTB, told reporters in London investors. In one example, Thyssenkrupp’s twin Thyssenkrupp isn’t alone in seek- “Ultimately, it will mean that Thys- group council. on Tuesday that “so far the in- “We think the pricing is fair on system, where two cars travel independ- ing creative answers to market woes. senkrupp will become an industrial goods Yet, standing still isn’t an option as vestment world has decided that both tranches, it’s good timing ently in the same shaft, led others to Voestalpine, Austria’s once state-owned company that holds a stake in a steel joint long as Thyssenkrupp’s steel business (sanctions are) not a signifi cant for Russia to issue as despite low push alternatives such as double-decker steelmaker, is focused on making com- venture,” he said from Frankfurt. bleeds cash. factor,especially since it’s fi xed oil prices there is access to cheap elevators. Such rivalry can also help in- ponents for the auto and aerospace in- The company could potentially spin The elevator division has spent about income and there should be sig- fi nancing. crease acceptance of the new technol- dustries, and even branching out into off the venture in an initial public off er- €400mn on research and development nifi cant returns.” The market thinks their fi scal ogy by architects and builders, wary of systems for monitoring railroads. ing and sell the Materials Services divi- in the past fi ve fi scal years, allowing it VTB, itself under US and Eu- stance is sustainable,” said JC installing costly machinery that lacks a As steel margins declined at Thyssenk- sion that includes managing steel supply, to “try wild things out,” unit chief Sch- ropean sanctions, acted as the Sambor, deputy head of EM fi xed proven track record, as well as develop- rupp, Hiesinger has sought to rely less on warehousing and inventory, according to ierenbeck said. The division already sole book runner for the deal. income at BNP Paribas Asset ing a necessary market for equipment the volatile business and build up other a Credit Suisse Group report this month. provides almost 60% of adjusted earn- Russia’s decision to place Management in London. and maintenance suppliers. areas including the elevator operation. History is littered with eff orts at cor- ings before interest and taxes and aims to the bonds was “a clear politi- However, with the sanction While the elevator business has been The company agreed in February to porate metamorphosis. boost profi t to 1bn euros from 860mn in cal move from Moscow to drive pattern generally unchanged growing for a decade, and earnings are sell its Brazilian steel plant to Ternium, Nokia Oyj, a one-time maker of paper the fi scal year ended in September. a hole through the sanctions from 2016, a Russian deal remains rising, steel revenue has been dropping drawing a line under the worst invest- and galoshes, ended up as the dominant On June 22, Thyssenkrupp will unveil regime by demonstrating an off -bounds for several Western as competition from China slashed pric- ment in its history. It completes Thys- producer of mobile handsets before Ap- a fi rst prototype of its Multi elevator that ability to issue cheaply despite banks and asset managers. es and eroded profi t. While Thyssenk- senkrupp’s exit from its Steel Americas ple’s iPhone eclipsed its business in a uses magnets instead of cables to move sanctions and to secure signifi - In early 2016, some US banks rupp has recovered from three years of unit, following €8bn ($9bn) of losses matter of years. John Menzies, with ori- multiple cars up, down and sideways, cant participation from Western were advised not to help Russia losses that ended in 2014, the materials from a decision to expand in the region gins as an Edinburgh bookshop in 1833 reducing the space needed for shafts institutional investors,” said Tim launch the issue. division including steel made up 28% of in 2005. and chain of newspaper shops, now runs and greatly expanding people-carrying Ash, a strategist at BlueBay As- A couple of US banks did not total earnings last fi scal year, down from The producer has also been in talks global parcel distribution, cargo han- capacity. The technology, which may be set Management. reply to Reuters requests for 40% just before CEO Heinrich Hiesinger with Tata Steel for over a year on plac- dling and aviation services. installed by customers as early as 2019, The bond was also helped by comment, while a chief econo- took the helm in January 2011. ing their European steel businesses into Such strategies typically face hur- has the potential to revolutionise build- the huge investor demand for mist at one of the US banks said Almost a decade after the global fi nan- a joint venture. dles. Germany’s biggest labour union, ing design and the market for elevators, high-yielding securities. he was not allowed to speak on cial crisis, demand for European steel is Such transactions set the German IG Metall, opposes Thyssenkrupp’s joint according to Schierenbeck. Russia’s bond came a day after the matter, even off the record. Citadel deepens reach into Wall St’s bond-dealing stronghold

Bloomberg high-frequency traders have been making tion and their ability to be nimble,” said where opportunity met demand from the New York inroads for years in the interdealer busi- Anthony Perrotta, chief executive off icer client side. We are trying to penetrate and ness as banks retreated amid post-crisis of research firm Tabb Group. improve a market that is dominated by a regulations. But Citadel is virtually alone in Combined with their involvement in handful of players.’’ Citadel Securities is ratcheting up its head- also venturing into the investor-to-dealer hedging an array of asset classes, it can Citadel says its Treasuries trading vol- to-head fight against the world’s largest segment. “potentially provide them with the ability ume doubled last quarter, although it won’t banks as it seeks to handle a greater share “You can’t hope to be fully relevant to punch much bigger above their weight specify the level, while it added about 300 of investors’ trades in the $14tn Treasuries in Treasuries to a global client base – in Treasuries.” institutional clients. In 2016, the notional market. whether it is Japanese mega-banks, Citadel’s initiative comes as banks’ pres- value of Treasuries it traded amounted The electronic market-maker has been sovereign wealth funds, domestic asset ence in the market and their relationship to $5tn, including business with investors a presence in inter- dealer Treasuries managers or hedge funds, without being with clients has evolved in the post-crisis era. and dealers, according to the firm. Hamill trading for more than a decade. Now it’s involved in the entire complex of securi- The largest banks devoted about predicts that will increase this year. deepening its reach into the client-to-deal- ties,’’ said Paul Hamill, global head of fixed $300bn on their balance sheets to facili- Citadel Securities provides liquidity in er arena – a longtime bastion of Wall Street income, currencies and commodities at tating Treasuries trading last year, com- Treasuries to institutional investors on elec- banks that’s proven tough for newcomers Chicago-based Citadel Securities. “We’re pared with $430bn in 2010, according to tronic platforms of both Bloomberg – the to crack and makes up almost half of daily logically building this business up in layers Tabb Group. At the same time, more client parent of Bloomberg News – and Thomson turnover. and always knew we’d have to add all the business is flowing to fewer dealers: The Reuters Corp’s Tradeweb Markets, as well as The firm, which also deals in asset off -the-runs.” five largest handled 58% of the volume over the phone. Voice execution accounts classes such as stocks and swaps, will start In the first quarter of last year, the in 2016, up from 43% in 2006, Greenwich for about 25% of its Treasuries market-mak- making markets for investors in all older firm entered the client-to-dealer market Hamill: Seeking a bigger market share. Associates data show. ing with investors, the firm says. Treasuries, broadening an eff ort it started when it started trading with investors in “Part of a clamouring we saw from our The 10-year Treasury yield was little in February. Citadel Securities, founded by benchmark Treasuries – the most recently off -the-runs. It focused on non-benchmark using the newest maturities for directional clients to push into the off -the-runs was changed at 2.15% yesterday. Kenneth Griff in, who also created the Cita- issued, and most frequently traded, debt Treasuries through the sixth most recently bets. “Firms like Citadel, while they may the result of the concentration of liquidity The group spearheading market- del hedge fund, is seeking a bigger share for a given maturity. In February of this issued off ering. Now it will deal in all sea- not be able to compete on the capital side that has occurred,’’ said Michael de Pass, making in Treasuries has doubled to 18 of the roughly $500bn-per-day Treasuries year, it also began acting as a middleman soned Treasuries, which change hands of the equation with large banks, make up head of Treasuries trading at Citadel since de Pass, a former trader at Bank of market. Electronic market-makers and for investors in older securities, known as less frequently as most traders prefer for it through technological sophistica- Securities. “It really was a perfect situation America Corp, joined in August. Gulf Times Thursday, June 22, 2017 5 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Saudi Re For Cooperative Rei 6.54 2.51 833,634 Boubyan Intl Industries Hold 42.50 0.00 200,500 Dhofar Beverages Co 0.26 0.00 - Solidarity Saudi Takaful Co 15.73 1.61 156,611 Gulf Investment House Ksc 37.50 -4.09 3,500 Construction Materials Ind 0.03 -3.33 212,153 Amana Cooperative Insurance 16.84 -0.30 122,307 Boubyan Bank K.S.C 409.00 -0.24 237,312 Computer Stationery Inds 0.26 0.00 - Alabdullatif Industrial Inv 12.60 0.80 80,893 Ahli United Bank B.S.C 206.00 -1.44 2,333,100 Bankmuscat Saog 0.37 -2.63 4,947,158 Saudi Printing & Packaging C 14.28 1.20 325,872 Osos Holding Group Co 137.00 0.00 7,200 Bank Sohar 0.14 0.00 3,440,582 Sanad Cooperative Insurance 0.00 0.00 - Al-Eid Food Ksc 90.00 0.00 1 Bank Nizwa 0.09 -1.06 1,147,079 Saudi Paper Manufacturing Co 6.78 0.89 391,324 Qurain Petrochemical Industr 336.00 -0.30 21,646 Bank Dhofar Saog 0.22 -4.35 377,350 Alinma Bank 15.26 6.71 68,437,387 Advanced Technology Co 0.00 0.00 - Areej Vegetable Oils Saoc 0.00 0.00 - Almarai Co 90.62 9.82 7,381,403 Ekttitab Holding Co Sak 37.30 0.00 50 Aloula Co 0.53 0.00 - Falcom Saudi Equity Etf 28.90 2.85 97,275 Kout Food Group Ksc 0.00 0.00 - Al-Omaniya Financial Service 0.28 0.00 - QATAR United International Transpo 20.60 0.98 804,035 Real Estate Trade Centers Co 45.00 -3.23 5,500 Al-Hassan Engineering Co 0.05 2.08 40,000 Hsbc Amanah Saudi 20 Etf 27.70 0.00 - Acico Industries Co Kscc 255.00 0.00 5,000 Al-Fajar Al-Alamia Co 0.75 0.00 - Company Name Lt Price % Chg Volume Saudi International Petroche 14.09 5.07 2,359,130 Kipco Asset Management Co 80.50 0.00 11,000 Al-Anwar Ceramic Tiles Co 0.13 -2.99 230,817 Falcom Petrochemical Etf 26.70 0.00 - National Petroleum Services 1,450.00 -3.91 2,663 Al Suwadi Power 0.18 0.00 - Zad Holding Co 74.50 -5.34 100 Walaa Cooperative Insurance 26.34 -0.27 323,624 Alimtiaz Investment Co Kscc 156.00 -0.64 5,993,451 Al Shurooq Inv Ser 0.00 0.00 - Widam Food Co 55.30 -4.16 51,070 Bank Al-Jazira 11.73 3.90 7,461,963 Ras Al Khaimah White Cement 90.00 0.00 160 Al Sharqiya Invest Holding 0.11 -0.90 121,400 Vodafone Qatar 8.14 -3.33 2,963,543 Al Rajhi Bank 69.68 8.82 15,062,559 Kuwait Reinsurance Co Ksc 0.00 0.00 - Al Maha Petroleum Products M 1.40 0.00 - United Development Co 16.90 -0.94 590,642 Samba Financial Group 25.04 9.92 14,048,269 Kuwait & Gulf Link Transport 60.00 0.00 50,000 Al Maha Ceramics Co Saoc 0.33 0.00 - Salam International Investme 9.04 -1.85 142,801 United Electronics Co 30.77 2.91 300,597 Human Soft Holding Co Ksc 4,100.00 0.00 181,769 Al Madina Takaful Co Saoc 0.11 -2.61 715,829 Qatar & Oman Investment Co 8.38 -5.84 13,862 Allied Cooperative Insurance 11.92 2.58 115,112 Automated Systems Co Kscc 220.00 0.00 5 Al Madina Investment Co 0.07 -1.43 1,476,155 Qatar Navigation 68.40 1.79 248,029 Malath Insurance 18.06 0.33 37,859 Metal & Recycling Co 89.00 -1.11 801 Al Kamil Power Co 0.31 0.00 - Qatar National Cement Co 64.00 0.00 14,011 Alinma Tokio Marine 23.44 0.99 34,053 Gulf Franchising Holding Co 75.10 7.29 3,493,530 Al Jazerah Services -Pfd 0.55 0.00 - Qatar National Bank 123.30 -2.14 704,440 Arabian Shield Cooperative 47.37 0.00 64,571 Al-Enma’a Real Estate Co 38.80 -0.51 356,981 Al Jazeera Steel Products Co 0.25 2.07 132,710 Qatar Islamic Insurance 58.00 0.00 204,579 Savola 49.23 3.38 1,921,400 National Mobile Telecommuni 1,100.00 -4.35 79,029 Al Jazeera Services 0.16 0.00 1,470 Qatar Industrial Manufactur 40.50 -1.22 11,703 Wafrah For Industry And Deve 21.00 3.35 245,604 Al Bareeq Holding Co Kscc 0.00 0.00 - Al Izz Islamic Bank 0.08 -1.20 198,841 Qatar International Islamic 54.10 0.93 75,619 Fitaihi Holding Group 12.44 1.63 158,278 Housing Finance Co Sak 0.00 0.00 - Al Buraimi Hotel 0.88 0.00 - Qatari Investors Group 47.30 -1.77 46,815 Tourism Enterprise Co/ Shams 27.05 1.39 75,538 Al Salam Group Holding Co 48.70 -2.60 1,100,614 Al Batinah Power 0.14 0.00 48,900 Qatar Islamic Bank 90.20 -1.96 73,362 Sahara Petrochemical Co 13.29 2.63 1,824,967 United Foodstuff Industries 0.00 0.00 - Al Batinah Hotels 1.13 0.00 - Qatar Gas Transport(Nakilat) 16.80 -1.70 165,600 Herfy Food Services Co 55.64 4.33 180,507 Al Aman Investment Company 40.30 -4.73 228,000 Al Batinah Dev & Inv 0.09 -1.08 43,806 Qatar General Insurance & Re 34.90 -0.43 3,132 Mashaer Holdings Co Ksc 0.00 0.00 - Al Anwar Holdings Saog 0.20 -1.47 960,473 Qatar German Co For Medical 7.40 -0.40 14,691 Manazel Holding 45.00 -0.88 13,294 Ahli Bank 0.18 1.71 50,000 Qatar Fuel Qsc 105.50 -0.75 90,673 Mushrif Trading & Contractin 0.00 0.00 - Acwa Power Barka Saog 0.80 0.00 - Qatar First Bank 7.50 -0.92 1,693,001 KUWAIT Tijara And Real Estate Inves 57.00 0.00 38,630 Abrasives Manufacturing Co S 0.05 0.00 - Qatar Electricity & Water Co 184.50 -2.89 108,361 Kuwait Building Materials 0.00 0.00 - A’saff a Foods Saog 0.59 0.00 - Qatar Cinema & Film Distrib 26.65 5.34 531 Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 467.00 -0.21 198,634 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Insurance Co 65.70 -0.45 65,814 Commercial Real Estate Co 73.90 0.00 14,100 Ooredoo Qsc 89.00 -1.11 67,649 Securities Group Co 96.90 0.00 50 Future Communications Co 0.00 0.00 - National Leasing 14.10 -2.22 149,933 Sultan Center Food Products 0.00 0.00 - National International Co 64.00 -4.48 1,275 Mazaya Qatar Real Estate Dev 10.27 -3.11 317,353 Kuwait Foundry Co Sak 279.00 -0.36 8,250 Taameer Real Estate Invest C 32.90 -2.37 180,000 UAE Mesaieed Petrochemical Holdi 12.80 0.00 365,471 Kuwait Financial Centre Sak 106.00 -3.64 887 Gulf Cement Co 77.00 0.00 25,200 Al Meera Consumer Goods Co 131.00 -1.13 47,514 Ajial Real Estate Entmt 147.00 0.00 127,903 Heavy Engineering And Ship B 216.00 0.00 30,040 Company Name Lt Price % Chg Volume Medicare Group 81.00 -1.22 31,275 Gulf Glass Manuf Co -Kscc 0.00 0.00 - Refrigeration Industries & S 0.00 0.00 - Mannai Corporation Qsc 69.30 0.00 - Kuwait Finance & Investment 46.50 5.68 100,100 National Real Estate Co 110.00 -3.51 1,602,822 Waha Capital Pjsc 1.68 -1.18 626,645 Masraf Al Rayan 38.35 -2.04 492,404 National Industries Co Ksc 165.00 0.00 1,575 Al Safat Energy Holding Comp 39.80 0.00 66,429 United Insurance Company 2.00 0.00 - Al Khalij Commercial Bank 12.31 -4.65 170,870 Kuwait Real Estate Holding C 38.50 0.00 62,500 Kuwait National Cinema Co 1,390.00 0.00 4 United Arab Bank Pjsc 1.40 0.00 500,000 Industries Qatar 92.00 -2.65 188,817 Securities House/The 43.10 0.00 181,600 Danah Alsafat Foodstuff Co 73.90 -3.90 60,100 Union National Bank/Abu Dhab 4.68 -1.27 1,097,544 Islamic Holding Group 50.10 -5.29 125,734 Boubyan Petrochemicals Co 583.00 0.69 1,424,567 Independent Petroleum Group 345.00 0.00 796 Union Insurance Co 1.86 0.00 - Gulf Warehousing Company 46.50 -0.21 42,908 Al Ahli Bank Of Kuwait 335.00 -1.47 25,324 Kuwait Real Estate Co Ksc 55.20 -0.36 235,000 Union Cement Co 1.25 -3.85 116,272 Gulf International Services 20.49 0.44 907,492 Ahli United Bank (Almutahed) 440.00 -0.90 24,454 Salhia Real Estate Co Ksc 385.00 0.00 130,000 Umm Al Qaiwain Cement Indust 1.61 0.00 - Ezdan Holding Group 12.23 -3.55 291,492 National Bank Of Kuwait 696.00 -1.00 2,415,641 Gulf Cable & Electrical Ind 416.00 0.00 42,173 Sharjah Islamic Bank 1.33 0.76 100,000 Doha Insurance Co 14.60 0.69 2,000 Commercial Bank Of Kuwait 320.00 2.56 1,211 Al Nawadi Holding Co Ksc 0.00 0.00 - Sharjah Insurance Company 3.85 0.00 - Doha Bank Qsc 29.50 -1.99 3,421,679 Kuwait International Bank 246.00 -0.40 13,887 Kuwait Finance House 484.00 -3.78 6,499,615 Sharjah Group 1.50 0.67 649 Dlala Holding 18.75 -9.38 359,449 Gulf Bank 244.00 -1.21 322,365 Gulf North Africa Holding Co 33.50 -0.30 150,000 Sharjah Cement & Indus Devel 0.99 0.00 - Commercial Bank Qsc 29.20 -2.67 252,279 Al-Massaleh Real Estate Co 40.00 -11.11 20,000 Hilal Cement Co 0.00 0.00 - Ras Al-Khaimah National Insu 4.10 0.00 - Barwa Real Estate Co 31.30 -2.19 236,597 Al Arabiya Real Estate Co 34.00 0.00 604,077 Osoul Investment Kscc 59.00 0.00 36,697 Ras Al Khaimah White Cement 1.06 0.00 - Al Khaleej Takaful Group 17.99 5.76 16,305 Kuwait Remal Real Estate Co 58.50 -10.00 185,000 Gulf Insurance Group Ksc 530.00 6.00 35,000 Ras Al Khaimah Ceramics 2.31 -1.70 106,815 Aamal Co 11.10 -1.94 44,450 Alkout Industrial Projects C 590.00 0.00 76,481 Kuwait Food Co (Americana) 2,450.00 0.00 170 Ras Al Khaimah Cement Co Psc 0.83 3.75 330,000 Al Ahli Bank 33.00 0.00 53,000 A’ayan Real Estate Co Sak 83.00 -2.24 372,000 Umm Al Qaiwain Cement Indust 0.00 0.00 - Ras Al Khaima Poultry 3.70 0.00 - Investors Holding Group Co.K 22.90 -0.43 140,000 Aayan Leasing & Investment 43.00 -0.69 1,083,165 Rak Properties 0.65 -2.99 9,398,750 Al-Mazaya Holding Co 112.00 0.00 221,010 Alrai Media Group Co Ksc 117.00 -2.50 7,175 Ooredoo Qsc 90.10 0.00 - SAUDI ARABIA Al-Madar Finance & Invt Co 18.60 -1.59 15,000 National Investments Co 102.00 -0.97 1,520,110 Oman & Emirates Inv(Emir)50% 0.59 0.00 - Gulf Petroleum Investment 39.00 -0.51 744,744 Commercial Facilities Co 169.00 -0.59 501,000 Nbad Oneshare Msci Uae Ucits 6.20 0.00 - National Takaful Company 0.00 Company Name Lt Price % Chg Volume Mabanee Co Sakc 779.00 -0.13 165,961 Taiba Kuwaiti Holding Co Ksc 0.00 0.00 - 0.66 - City Group 0.00 0.00 - Afaq Educational Services Co 0.00 0.00 - National Marine Dredging Co 4.50 0.00 - United Wire Factories Compan 18.31 0.77 584,709 Inovest Co Bsc 104.00 0.00 66,056 Kuwait Pillars For Financial 0.00 0.00 - National Investor Co/The 0.54 0.00 - Etihad Etisalat Co 20.07 1.83 2,517,924 Kuwait Gypsum Manufacturing 0.00 0.00 - Yiaco Medical Co. K.S.C.C 185.00 0.00 250 National Corp Tourism & Hote 2.45 0.00 - Dar Al Arkan Real Estate Dev 6.69 7.04 72,810,179 Al-Deera Holding Co 32.00 6.67 100 Dulaqan Real Estate Co 0.00 0.00 - National Bank Of Umm Al Qaiw 2.90 0.00 - Saudi Hollandi Bank 0.00 0.00 - Alshamel International Hold 0.00 0.00 - National Bank Of Ras Al-Khai 4.54 5.58 100,500 Rabigh Refining And Petroche 11.38 1.52 4,988,256 Mena Real Estate Co 22.50 0.00 182,773 National Bank Of Fujairah 3.00 0.00 79,075 Banque Saudi Fransi 30.20 6.08 3,306,776 National Slaughter House 0.00 0.00 - First Abu Dhabi Bank Pjsc 0.00 0.00 - Saudi Enaya Cooperative Insu 14.77 0.48 53,389 Amar Finance & Leasing Co 44.00 -4.35 100,500 OMAN Methaq Takaful Insurance 0.84 -4.55 1,014,569 Manazel Real Estate Pjsc 0.53 0.00 2,543,188 Mediterranean & Gulf Insuran 16.37 -0.12 150,317 United Projects For Aviation 730.00 -1.35 180 Company Name Lt Price % Chg Volume Saudi British Bank 25.96 6.83 2,196,077 National Consumer Holding Co 108.00 0.00 1 Invest Bank 2.40 0.00 - Mohammad Al Mojil Group Co 0.00 0.00 - Amwal International Investme 47.50 0.00 5,300 Voltamp Energy Saog 0.48 0.00 - Intl Fish Farming Co Pjsc 1.47 -3.29 138,200 Red Sea International Co 19.45 1.89 195,395 Jeeran Holdings 48.00 0.00 8,600 United Power/Energy Co- Pref 1.00 0.00 - Insurance House 0.83 0.00 - Takween Advanced Industries 11.16 1.27 459,431 Equipment Holding Co K.S.C.C 49.80 0.00 65,100 United Power Co Saog 3.55 0.00 - Gulf Pharmaceutical Ind Psc 2.40 4.35 100,000 Sabb Takaful 24.42 1.37 63,341 Nafais Holding 0.00 0.00 - United Finance Co 0.13 0.78 70,156 Gulf Medical Projects 4.11 0.00 - Saudi Arabian Fertilizer Co 62.96 1.71 532,868 Safwan Trading & Contracting 0.00 0.00 - Ubar Hotels & Resorts 0.13 0.00 - Gulf Cement Co 0.91 0.00 9,714 National Gypsum 12.16 1.25 79,049 Arkan Al Kuwait Real Estate 83.00 -1.07 65,213 Takaful Oman 0.17 0.00 - Fujairah Cement Industries 1.09 0.00 - Saudi Ceramic Co 29.74 0.71 186,398 Gfh Financial Group Bsc 183.00 0.00 96,971 Taageer Finance 0.11 0.00 - Fujairah Building Industries 1.56 0.00 - National Gas & Industrializa 31.57 0.61 75,175 Energy House Holding Co Kscp 40.00 0.00 100 Sweets Of Oman 1.34 0.00 - Foodco Holding Pjsc 6.00 0.00 - Saudi Pharmaceutical Industr 34.95 0.43 196,615 Kuwait Slaughter House Co 0.00 0.00 - Sohar Power Co 0.16 0.00 - First Gulf Bank 0.00 0.00 - Thimar 32.05 1.71 173,619 Kuwait Co For Process Plant 165.00 0.00 1,539 Sohar Poultry 0.21 0.00 - Finance House 1.60 0.00 - National Industrialization C 14.50 5.22 3,479,006 Al Maidan Dental Clinic Co K 0.00 0.00 - Smn Power Holding Saog 0.70 0.00 - Eshraq Properties Co Pjsc 1.03 -1.90 16,536,741 Saudi Transport And Investme 0.00 0.00 - National Ranges Company 27.80 0.36 40,010 Shell Oman Marketing - Pref 1.05 0.00 - Emirates Telecom Group Co 17.35 0.29 1,503,615 Saudi Electricity Co 24.34 5.69 7,738,004 Al-Themar Real International 70.00 0.00 45,984,475 Shell Oman Marketing 1.88 0.00 - Emirates Insurance Co. (Psc) 5.98 0.00 - Saudi Arabia Refineries Co 31.87 1.69 146,732 Al-Ahleia Insurance Co Sakp 480.00 0.00 100 Sharqiyah Desalination Co Sa 4.35 0.00 - Emirates Driving Company 9.00 0.00 - Arriyadh Development Company 19.65 0.77 288,308 Wethaq Takaful Insurance Co 57.00 0.00 89,095 Sembcorp Salalah Power & Wat 0.21 -2.75 255,641 Dana Gas 0.69 6.15 62,985,244 Al-Baha Development & Invest 19.40 -0.46 824,395 Salbookh Trading Co Kscp 60.20 2.03 15,500 Salalah Port Services 0.63 0.00 - Commercial Bank Internationa 1.12 0.00 - Saudi Research And Marketing 29.72 1.50 292,761 Aqar Real Estate Investments 66.20 0.00 46,440 Salalah Mills Co 1.33 0.00 - Bank Of Sharjah 1.23 2.50 904,000 Aldrees Petroleum And Transp 23.99 1.78 446,230 Hayat Communications 87.00 0.00 6,850 Salalah Beach Resort Saog 1.38 0.00 - Axa Green Crescent Insurance 0.75 0.00 - Saudi Vitrified Clay Pipe Co 50.19 0.72 42,513 Kuwait Packing Materials Mfg 0.00 0.00 - Sahara Hospitality 2.50 0.00 - Arkan Building Materials Co 0.67 -1.47 271,980 Jarir Marketing Co 141.68 2.69 283,571 Soor Fuel Marketing Co Ksc 120.00 0.84 101,515 Renaissance Services Saog 0.21 0.00 - Alkhaleej Investment 1.30 0.00 - Arab National Bank 21.35 5.85 1,368,261 Alargan International Real 0.00 0.00 - Raysut Cement Co 0.99 0.00 - Aldar Properties Pjsc 2.33 -1.27 5,593,471 Yanbu National Petrochemical 55.98 0.32 970,028 Burgan Co For Well Drilling 88.00 1.15 1,000 Port Service Corporation 0.22 -0.91 13,395 Al Wathba National Insurance 12.75 0.00 - Arabian Cement 35.60 0.00 409,199 Kuwait Resorts Co Kscc 81.50 0.00 62,544 Phoenix Power Co Saoc 0.12 -2.52 218,457 Al Khazna Insurance Co 0.45 0.00 - Middle East Specialized Cabl 6.40 1.59 729,586 Oula Fuel Marketing Co 121.00 0.00 604,924 Packaging Co Ltd 2.21 0.00 - Al Fujairah National Insuran 300.00 0.00 - Al Khaleej Training And Educ 16.72 3.27 343,556 Palms Agro Production Co 100.00 0.00 20,574 Ooredoo 0.45 -1.32 2,692,447 Al Dhafra Insurance Co. P.S. 3.84 0.00 - Al Sagr Co-Operative Insuran 27.82 -0.11 224,660 Ikarus Petroleum Industries 0.00 0.00 - Ominvest 0.52 0.00 - Al Buhaira National Insuranc 2.20 0.00 - Trade Union Cooperative Insu 16.88 2.12 122,680 Mubarrad Transport Co 77.00 0.00 26,000 Oman United Insurance Co 0.34 0.00 - Al Ain Ahlia Ins. Co. 47.00 0.00 - Arabia Insurance Cooperative 14.79 2.00 504,802 Al Mowasat Health Care Co 453.00 19.84 3,000 Oman Textile Holding Co Saog 0.57 0.00 - Agthia Group Pjsc 5.40 -1.82 173,400 Saudi Chemical Company 38.43 1.43 104,071 Shuaiba Industrial Co 270.00 0.00 2 Oman Telecommunications Co 1.14 -2.56 499,900 Abu Dhabi Ship Building Co 2.50 0.00 - Fawaz Abdulaziz Alhokair & C 39.99 4.52 674,197 Hits Telecom Holding 41.00 -1.20 140,000 Oman Refreshment Co 2.00 0.00 - Abu Dhabi Natl Co For Buildi 0.53 0.00 - Bupa Arabia For Cooperative 128.34 8.47 532,147 First Takaful Insurance Co 60.00 0.00 1,920 Oman Packaging 0.28 0.00 - Abu Dhabi National Takaful C 5.14 0.00 - Wafa Insurance 20.73 -0.10 390,001 Kuwaiti Syrian Holding Co 35.30 5.37 50 Oman Orix Leasing Co. 0.17 0.00 1,312,036 Abu Dhabi National Insurance 2.95 0.00 - Jabal Omar Development Co 70.70 6.46 2,332,583 National Cleaning Company 43.30 -4.84 92,780 Oman Oil Marketing Company 1.66 0.00 - Abu Dhabi National Hotels 3.09 0.00 - Saudi Basic Industries Corp 104.06 1.61 14,875,742 Eyas For High & Technical Ed 1,000.00 -10.71 33,490 Oman National Engineering An 0.13 3.28 30,000 Abu Dhabi National Energy Co 0.51 -1.92 1,835,240 Saudi Kayan Petrochemical Co 8.75 5.42 19,915,942 United Real Estate Company 84.50 0.00 50 Oman Investment & Finance 0.18 -3.70 104,750 Abu Dhabi Islamic Bank 3.56 -0.28 629,933 Etihad Atheeb Telecommunicat 8.43 1.57 227,722 Agility 834.00 -1.42 1,697,536 Oman Intl Marketing 0.52 0.00 - Co For Cooperative Insurance 98.01 7.11 607,275 Kuwait & Middle East Fin Inv 30.00 0.00 1,858 Oman Hotels & Tourism Co 0.40 0.00 145,783 National Petrochemical Co 18.00 6.64 798,676 Fujairah Cement Industries 83.00 0.12 51,000 Oman Foods International 0.00 0.00 - Gulf Union Cooperative Insur 16.99 -0.64 111,167 Livestock Transport & Tradng 226.00 0.00 9,335 Oman Flour Mills 0.89 0.00 - BAHRAIN Gulf General Cooperative Ins 14.42 1.62 136,048 International Resorts Co 32.80 0.00 55,456 Oman Fisheries Co 0.15 -2.00 788,520 Basic Chemical Industries 20.68 2.17 130,000 National Industries Grp Hold 112.00 -3.45 697,037 Oman Fiber Optics 0.00 0.00 - Company Name Lt Price % Chg Volume Saudi Steel Pipe Co 1.71 Marine Services Co Ksc -8.50 Oman Europe Foods Industries 1.00 0.00 - 15.49 95,838 73.20 431,800 Zain Bahrain Bscc 0.00 0.00 - Buruj Cooperative Insurance 1.68 Warba Insurance Co 3.96 Oman Education & Training In 0.16 0.00 - 27.22 323,825 99.80 668 United Paper Industries Bsc 0.00 0.00 - Mouwasat Medical Services Co 6.47 Kuwait United Poultry Co 0.00 Oman Chromite 3.64 0.00 - 150.52 194,794 0.00 - United Gulf Investment Corp 0.00 0.00 - Southern Province Cement Co 3.98 First Dubai Real Estate Deve 0.86 Oman Chlorine 0.49 0.00 - 53.34 90,036 47.00 105,000 United Gulf Bank 0.00 0.00 - Maadaniyah 2.45 Al Arabi Group Holding Co 0.00 Oman Ceramic Company 0.42 0.00 - 20.93 82,270 88.00 200 Trafco Group Bsc 0.27 0.00 39,221 Yamama Cement Co 0.34 Kuwait Hotels Sak 0.00 Oman Cement Co 0.46 0.00 - 17.62 908,785 0.00 - Takaful International Co 0.00 0.00 - Jazan Development Co 0.76 Mobile Telecommunications Co -2.73 Oman Cables Industry 1.59 0.00 - 13.18 156,808 427.00 2,047,607 Taib Bank -$Us 0.00 0.00 - Zamil Industrial Investment 1.82 Al Safat Real Estate Co 0.00 Oman Agricultural Dev 0.00 0.00 - 28.00 126,163 0.00 - Seef Properties 0.24 0.00 135,000 Alujain Corporation (Alco) 0.13 Tamdeen Real Estate Co Ksc 0.00 Oman & Emirates Inv(Om)50% 0.11 0.00 - 22.47 1,129,561 400.00 5,000 Securities & Investment Co 0.00 0.00 - Tabuk Agricultural Developme 2.68 Al Mudon Intl Real Estate Co 0.00 Natl Aluminium Products 0.15 -3.23 7,815 13.02 2,289,388 35.00 51,120 National Hotels Co 0.00 0.00 - United Co-Operative Assuranc 1.18 Kuwait Cement Co Ksc 0.00 National Securities 0.05 0.00 - 13.68 257,514 470.00 20,907 National Bank Of Bahrain Bsc 0.67 0.00 13,140 Qassim Cement/The 0.46 Sharjah Cement & Indus Devel 0.00 National Real Estate Develop 5.00 0.00 - 50.20 43,646 76.10 5,000 Nass Corp Bsc 0.14 0.00 65,000 Saudi Advanced Industries 1.89 Kuwait Portland Cement Co 0.00 National Pharmaceutical 0.11 0.00 - 11.85 339,785 940.00 50,600 Khaleeji Commercial Bank 0.09 0.00 173,000 Kingdom Holding Co -0.51 Educational Holding Group 0.00 National Mineral Water 0.05 0.00 - 9.85 306,765 360.00 100,645 Ithmaar Holding Bsc 0.15 0.00 470,000 Saudi Arabian Amiantit Co 0.91 Bahrain Kuwait Insurance 0.00 National Hospitality Institu 0.00 0.00 - 5.56 1,184,159 0.00 - Investcorp Bank -$Us 8.60 0.00 2,200 Al Jouf Agriculture Developm 1.15 Asiya Capital Investments Co 0.46 National Gas Co 0.38 0.00 - 29.10 28,321 43.70 121,820 Inovest Co Bsc 0.39 8.33 17,000 Saudi Industrial Development 4.53 Kuwait Investment Co -0.52 National Finance Co 0.14 0.00 - 11.30 1,356,370 96.00 98,995 Gulf Monetary Group 0.00 0.00 - Bishah Agriculture 0.00 Burgan Bank 0.00 National Detergent Co Saog 0.69 0.00 - 0.00 - 325.00 120,189 Gulf Hotel Group B.S.C 0.52 -3.70 20,000 Riyad Bank 2.60 Kuwait Projects Co Holdings 0.60 National Biscuit Industries 3.75 0.00 - 10.65 8,566,871 336.00 28,354 Gfh Financial Group Bsc 0.60 0.00 100,000 The National Agriculture Dev 1.31 Al Madina For Finance And In 2.04 National Bank Of Oman Saog 0.21 -2.78 453,880 26.38 352,467 50.00 1,563,160 Esterad Investment Co B.S.C. 0.11 0.00 31,409 Halwani Bros Co 1.35 Kuwait Insurance Co 0.00 Muscat Thread Mills Co 0.08 0.00 - 50.25 19,148 262.00 775 Delmon Poultry Co 0.00 0.00 - Arabian Pipes Co 1.37 Al Masaken Intl Real Estate 0.00 Muscat National Holding 0.86 0.00 - 13.28 278,845 77.00 1 Bmmi Bsc 0.79 0.00 50,000 Eastern Province Cement Co 0.21 Intl Financial Advisors -1.71 Muscat Gases Company Saog 0.56 0.00 - 24.15 376,569 34.40 124,000 Bmb Investment Bank 0.00 0.00 - Al Gassim Investment Holding 0.00 First Investment Co Kscc 0.00 Muscat Finance 0.12 0.00 - 0.00 - 49.00 10,500 Bbk Bsc 0.40 0.00 31,000 Filing & Packing Materials M 1.72 Al Mal In 0.00 Majan Glass Company 0.19 0.00 - 33.68 75,777 vestment Company 15.00 2,311,220 Bankmuscat Saog 0.00 0.00 - Saudi Cable Co 0.00 -3.66 Majan College 0.49 0.00 - 10.81 - Bayan Investment Co Kscc 50.00 702,600 Banader Hotels Co 0.07 0.00 61,699 Tihama Advertising & Public -1.26 0.00 Hsbc Bank Oman 0.12 -3.91 490,570 32.08 790,725 Egypt Kuwait Holding Co Sae 179.00 277,000 Bahrain Tourism Co ` 0.00 - Saudi Investment Bank/The 2.55 -0.74 Hotels Management Co Interna 1.25 0.00 - 12.86 785,809 Coast Investment Development 40.00 834,460 Bahrain Telecom Co 0.25 -2.34 551,000 Astra Industrial Group 3.40 3.97 Gulf Stone 0.12 0.00 - 15.51 137,144 Privatization Holding Compan 49.70 915,845 Bahrain Ship Repair & Engin 0.00 0.00 - Saudi Public Transport Co 1.82 0.00 Gulf Plastic Industries Co 0.00 0.00 - 14.01 1,338,731 Kuwait Medical Services Co 0.00 - Bahrain National Holding 0.43 0.00 26,240 Taiba Holding Co 1.35 0.00 Gulf Mushroom Company 0.31 0.00 - 41.93 44,014 Injazzat Real State Company 92.00 20,000 Bahrain Kuwait Insurance 0.00 0.00 - Saudi Industrial Export Co 1.67 -11.76 Gulf Investments Services 0.09 0.00 - 28.54 158,213 Kuwait Cable Vision Sak 30.00 118,486 Bahrain Islamic Bank 0.14 0.00 50,000 Saudi Real Estate Co 1.11 0.00 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - 20.12 305,969 Sanam Real Estate Co Kscc 0.00 - Bahrain Flour Mills Co 0.00 0.00 - Saudia Dairy & Foodstuff Co 1.96 0.43 Gulf International Chemicals 0.23 -0.85 40,303 122.17 104,858 Ithmaar Holding Bsc 46.30 527,435 Bahrain Family Leisure Co 0.00 0.00 - National Shipping Co Of/The 5.82 -1.27 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - 36.39 5,595,674 Aviation Lease And Finance C 310.00 164,000 Bahrain Duty Free Complex 0.75 -0.66 119,649 Methanol Chemicals Co 4.27 0.00 Global Fin Investment 0.16 0.00 - 6.60 1,208,220 Arzan Financial Group For Fi 36.00 123,236 Bahrain Commercial Facilitie 0.73 0.00 150,000 Ace Arabia Cooperative Insur 1.00 0.00 Galfar Engineering&Contract 0.08 -1.30 405,900 44.39 31,348 Ajwan Gulf Real Estate Co 92.00 1,000 Bahrain Cinema Co 1.35 3.85 97,002 Mobile Telecommunications Co 3.61 0.83 Galfar Engineering -Prefer 0.39 0.00 - 8.89 4,316,159 Kuwait Business Town Real Es 48.40 360,600 Bahrain Car Park Co 0.00 0.00 - Saudi Arabian Coop Ins Co 0.80 -0.94 Financial Services Co. 0.11 0.00 - 18.90 172,508 Future Kid Entertainment And 105.00 34,995 Arab Insurance Group(Bsc)-$ 0.47 0.00 9,287,082 Axa Cooperative Insurance 4.56 -5.62 Financial Corp/The 0.10 0.00 - 22.47 165,861 Specialities Group Holding C 84.00 44,000 Arab Banking Corp Bsc-$Us 0.30 0.00 250,000 Alsorayai Group 3.03 -0.43 Dhofar University 0.00 0.00 - 8.16 259,489 Abyaar Real Eastate Developm 23.40 1,113,849 Aluminium Bahrain Bsc 0.45 0.44 201,272 Weqaya For Takaful Insurance 0.00 0.00 Dhofar Tourism 0.49 0.00 - 19.39 - Dar Al Thuraya Real Estate C 0.00 - Albaraka Banking Group 0.42 0.00 15,000 Bank Albilad 3.24 0.00 Dhofar Poultry 0.18 0.00 - 19.44 3,071,764 Al-Dar National Real Estate 0.00 - Al-Salam Bank 0.10 0.00 50,000 Al-Hassan G.I. Shaker Co 1.51 0.00 Dhofar Intl Development 0.30 0.00 123,716 12.79 153,545 Kgl Logistics Company Kscc 50.90 261,490 Al-Ahlia Insurance Co 0.00 0.00 - Wataniya Insurance Co 2.08 0.00 Dhofar Insurance 0.20 0.00 - 25.57 75,394 Combined Group Contracting 619.00 60,020 Ahli United Bank B.S.C 0.69 -1.44 543,094 Abdullah Al Othaim Markets 112.15 6.61 145,442 Zima Holding Co Ksc 49.50 -5.71 145,732 Dhofar Fisheries & Food Indu 1.28 0.00 - Hail Cement 9.60 2.35 681,140 Qurain Holding Co 0.00 0.00 - Dhofar Cattlefeed 0.19 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times 6 Thursday, June 22, 2017 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 21,449.54 -17.60 Apple Inc 145.54 0.37 7,992,524 S&P 500 Index 2,437.45 +0.42 Microsoft Corp 70.49 0.83 7,140,777 Nasdaq Composite Index 6,222.68 +34.65 Exxon Mobil Corp 81.89 -0.51 4,406,655 S&P/Tsx Composite Index 15,173.38 +23.78 Johnson & Johnson 134.84 0.46 2,227,054 Mexico Bolsa Index 49,063.15 +30.10 General Electric Co 27.89 -0.87 12,407,039 Brazil Bovespa Stock Idx 61,021.72 +255.56 Jpmorgan Chase & Co 87.26 -0.30 4,106,051 Ftse 100 Index 7,447.79 -24.92 Procter & Gamble Co/The 89.51 -0.13 1,399,863 Cac 40 Index 5,274.26 -19.39 Wal-Mart Stores Inc 76.39 1.13 3,798,069 Dax Index 12,774.26 -40.53 Verizon Communications Inc 45.41 -1.16 6,005,841 Ibex 35 Tr 10,740.70 -5.40 Pfizer Inc 34.04 1.42 11,445,116 Nikkei 225 20,138.79 -91.62 Visa Inc-Class A Shares 94.31 -0.07 1,922,742 Japan Topix 1,611.56 -5.69 Chevron Corp 105.28 -1.13 2,551,965 Hang Seng Index 25,694.58 -148.46 Coca-Cola Co/The 45.27 -0.75 4,068,321 All Ordinaries Indx 5,703.22 -89.07 Intel Corp 34.36 -1.45 12,500,002 Nzx All Index 1,375.25 -10.08 Merck & Co. Inc. 65.29 1.17 4,938,040 Bse Sensex 30 Index 31,283.64 -13.89 Cisco Systems Inc 31.73 -0.38 9,055,508 Nse S&P Cnx Nifty Index 9,633.60 -19.90 Home Depot Inc 157.20 -0.30 1,387,921 Straits Times Index 3,201.77 -28.65 Intl Business Machines Corp 154.18 -0.50 1,068,429 Karachi All Share Index 31,773.99 +266.16 Walt Disney Co/The 103.94 0.00 2,627,297 Jakarta Composite Index 5,818.55 +26.65 Unitedhealth Group Inc 183.98 0.39 1,056,656 3M Co 212.90 -0.22 556,433 Mcdonald’s Corp 154.22 0.10 927,345 Nike Inc -Cl B 52.17 1.18 5,726,511 TOKYO United Technologies Corp 121.99 0.40 956,192 Boeing Co/The 199.40 0.54 1,302,498 Company Name Lt Price % Chg Volume Goldman Sachs Group Inc 223.84 -0.56 1,307,477 Rakuten Inc 1,373.00 -0.69 5,213,300 American Express Co 82.33 -0.22 1,144,885 Kyocera Corp 6,573.00 0.52 970,400 Du Pont (E.I.) De Nemours 82.74 -0.46 611,743 Nissan Motor Co Ltd 1,067.50 -0.37 13,153,400 Caterpillar Inc 105.16 -1.76 2,302,531 Hitachi Ltd 678.80 0.68 18,927,000 Travelers Cos Inc/The 128.65 -0.08 353,595 Takeda Pharmaceutical Co Ltd 5,693.00 0.48 1,692,000 Jfe Holdings Inc 1,783.00 -0.56 5,177,100 Ana Holdings Inc 393.60 0.46 12,164,000 FTSE 100 Mitsubishi Electric Corp 1,603.50 -1.08 5,673,400 Sumitomo Mitsui Financial Gr 4,232.00 -0.70 6,694,600 Company Name Lt Price % Chg Volume Honda Motor Co Ltd 3,067.00 0.03 4,515,600 Fast Retailing Co Ltd 36,810.00 -0.86 371,900 Wpp Plc 1,667.00 -0.36 5,621,022 Ms&Ad Insurance Group Holdin 3,901.00 -0.13 1,667,700 Worldpay Group Plc 320.00 -1.08 4,742,467 Kubota Corp 1,879.50 -2.69 7,542,400 Wolseley Plc 4,916.00 0.68 799,199 Seven & I Holdings Co Ltd 4,783.00 0.06 1,519,400 Wm Morrison Supermarkets 247.70 0.08 15,411,881 Inpex Corp 1,038.00 -1.24 5,808,300 Whitbread Plc 3,984.00 3.40 1,436,982 Traders at the Frankfurt Stock Exchange. The DAX 30 lost 0.3% to 12,774.26 points yesterday. Resona Holdings Inc 590.00 -0.59 13,340,600 Vodafone Group Plc 222.80 0.20 38,520,276 Asahi Kasei Corp 1,185.00 0.30 4,542,000 United Utilities Group Plc 938.00 -0.05 3,173,074 Kirin Holdings Co Ltd 2,435.00 -0.92 3,413,900 Unilever Plc 4,306.00 -0.27 2,330,046 Marubeni Corp 695.30 0.19 5,538,600 Tui Ag-Di 1,151.00 0.79 1,084,159 Mitsubishi Ufj Financial Gro 719.80 -1.34 60,170,500 Travis Perkins Plc 1,469.00 -2.39 1,557,120 Mitsubishi Chemical Holdings 891.70 -0.88 5,565,800 Tesco Plc 167.90 -0.12 28,826,850 Fanuc Corp 21,705.00 -0.09 658,200 Taylor Wimpey Plc 179.30 0.00 12,531,378 Daito Trust Construct Co Ltd 18,095.00 -0.25 422,700 Standard Life Plc 392.20 -1.56 4,258,241 European stock markets Otsuka Holdings Co Ltd 4,890.00 -0.10 1,204,900 Standard Chartered Plc 743.70 -1.33 6,858,419 Oriental Land Co Ltd 7,761.00 0.25 785,700 St James’s Place Plc 1,205.00 -1.79 1,794,235 Sekisui House Ltd 1,979.00 0.30 2,077,400 Sse Plc 1,487.00 0.81 5,187,754 Secom Co Ltd 8,629.00 0.13 454,300 Smith & Nephew Plc 1,382.00 0.36 2,648,962 Tokio Marine Holdings Inc 4,791.00 -1.30 2,608,900 Sky Plc 964.50 0.73 2,487,364 Aeon Co Ltd 1,726.50 -0.60 1,995,600 slide on oil price slump Shire Plc 4,460.00 2.05 3,187,182 Mitsui & Co Ltd 1,544.00 -0.77 3,924,000 Severn Trent Plc 2,326.00 -0.64 942,118 Kao Corp 6,853.00 -1.11 1,947,400 Schroders Plc 3,127.00 -0.76 511,524 “Stocks in Europe are off side today week by a bigger than expected 2.45mn Dai-Ichi Life Holdings Inc 1,967.00 -0.41 5,020,200 AFP Sainsbury (J) Plc 253.40 -0.59 12,037,425 Mazda Motor Corp 1,496.50 -0.13 3,766,700 as investors are still a bit wary about barrels and a drop in petrol stocks. Sage Group Plc/The 712.00 -1.11 2,564,500 London Komatsu Ltd 2,789.00 -0.52 3,308,500 the large drop in oil over the past cou- The oil slump saw energy fi rms Sabmiller Plc 0.00 0.00 - West Japan Railway Co 8,214.00 1.33 762,800 ple of weeks,” said analyst David Mad- dragged down Tuesday on Wall Street. Rsa Insurance Group Plc 628.50 -0.08 1,867,673 Murata Manufacturing Co Ltd 16,820.00 2.75 1,845,500 Royal Mail Plc 438.70 -0.59 2,774,875 lobal stocks sank yesterday as den at CMC markets. Elsewhere yesterday, investors di- Kansai Electric Power Co Inc 1,590.00 0.82 2,665,800 Royal Dutch Shell Plc-B Shs 2,097.00 -1.34 5,988,749 the energy sector took a beating “The last two trading sessions have gested the British government’s legis- Denso Corp 4,656.00 -0.17 1,312,900 Royal Dutch Shell Plc-A Shs 2,064.50 -1.24 6,502,821 from an oil price slump. been a reminder of late 2015 and the lation plans, laid out in Queen Eliza- Sompo Holdings Inc 4,408.00 -0.79 1,762,100 G Royal Bank Of Scotland Group 246.80 -0.60 11,138,550 Daiwa House Industry Co Ltd 3,819.00 0.05 1,357,400 Crude prices slid further after diving beginning of 2016, when the collapse beth II’s speech to parliament, focused Rolls-Royce Holdings Plc 932.50 0.76 4,590,868 Jxtg Holdings Inc 478.10 -1.20 22,550,700 more than 2% on Tuesday on increas- in the oil price sparked fears about glo- heavily on Brexit plans. Rio Tinto Plc 3,020.00 0.67 4,566,474 Nippon Steel & Sumitomo Meta 2,362.00 0.08 4,094,300 ing fears of a global supply glut, as con- bal growth. British Prime Minister Theresa May Rexam Ltd 0.00 0.00 - Suzuki Motor Corp 5,350.00 -1.26 1,597,900 Relx Plc 1,710.00 -0.41 2,734,405 tinued production in the US and else- “Investors are worried a depressed presented eight draft laws to take Brit- Nippon Telegraph & Telephone 5,461.00 0.24 2,780,300 Reckitt Benckiser Group Plc 7,878.00 -1.48 1,169,552 where off sets an Opec output cut deal. oil price could bring about a period ain out of the European Union in a pro- Ajinomoto Co Inc 2,513.50 0.12 1,577,000 Randgold Resources Ltd 6,995.00 -0.57 510,452 “Cheap oil is taking its toll on the of prolonged low inflation, which gramme read out by the queen. Mitsui Fudosan Co Ltd 2,646.50 -1.38 2,774,000 Prudential Plc 1,799.00 -0.88 4,962,837 global equity markets,” noted ana- would have negative implications for The laws include the “Great Repeal Ono Pharmaceutical Co Ltd 2,499.00 -0.10 4,063,900 Provident Financial Plc 2,361.00 -17.59 2,942,570 Daikin Industries Ltd 11,295.00 -1.01 661,800 lyst Ipek Ozkardeskaya at trading fi rm growth. Bill” to overhaul existing EU legisla- Persimmon Plc 2,258.00 -0.79 1,320,484 Bank Of Yokohama Ltd/The 0.00 0.00 - London Capital Group. “The other fear about falling oil tion and separate bills on customs, Pearson Plc 711.50 -0.07 2,365,334 Toray Industries Inc 933.20 -0.27 4,006,600 Crude prices are considered crucial prices is declining infl ation, as it can trade, immigration, fisheries and ag- Paddy Power Betfair Plc 8,700.00 0.46 109,512 Astellas Pharma Inc 1,377.00 -0.15 6,926,400 Old Mutual Plc 196.40 -1.06 8,457,051 to the smooth running of world fi nan- hamper growth prospects.” riculture. Bridgestone Corp 4,828.00 -0.08 2,503,200 Next Plc 3,980.00 -1.09 667,892 cial markets because the commodity New York oil on Tuesday hit a sev- But it was comments by Andy Hal- Sony Corp 4,228.00 -1.17 6,768,700 National Grid Plc 1,008.00 -0.98 8,538,835 oils the wheels of the global economy. en-month low at $42.75 per barrel, and dane, the Bank of England’s chief Hoya Corp 5,617.00 -1.11 1,110,700 Mondi Plc 2,105.00 1.15 1,258,822 The FTSE 100 was down 0.3% at London Brent crude struck a similar economist and a member of its mon- Sumitomo Mitsui Trust Holdin 3,859.00 -0.10 1,854,200 Merlin Entertainment 492.10 0.74 1,888,423 Japan Tobacco Inc 4,045.00 -1.49 4,531,900 7,447.79 points and Frankfurt stock nadir at $45.42. etary policy committee, that he would Mediclinic International Plc 783.00 -0.63 1,350,454 Osaka Gas Co Ltd 453.20 -0.66 6,061,000 markets ended the day down 0.3% at Prices later recovered somewhat but be ready relatively soon to vote for an Marks & Spencer Group Plc 340.20 -0.41 7,668,973 Sumitomo Electric Industries 1,715.00 -1.10 2,568,500 12,774.26, while Paris shed 0.4% at resumed a downward trend yesterday, interest rate hike that sent the pound London Stock Exchange Group 3,760.00 0.03 626,727 Daiwa Securities Group Inc 660.50 -1.55 8,272,000 Lloyds Banking Group Plc 67.17 0.24 186,916,683 5,274.26 in value. even though US oil inventories fell last shooting higher. Softbank Group Corp 9,182.00 -0.98 8,632,600 Legal & General Group Plc 260.10 -0.50 15,212,624 Mizuho Financial Group Inc 198.00 -0.15 96,553,500 Land Securities Group Plc 1,035.00 -1.15 3,353,341 Nomura Holdings Inc 676.70 -1.47 16,937,400 Kingfisher Plc 300.50 -0.56 7,792,189 HONG KONG HONG KONG Daiichi Sankyo Co Ltd 2,505.00 0.48 1,920,900 Johnson Matthey Plc 3,002.00 -1.31 628,664 Subaru Corp 3,696.00 -0.24 3,086,100 Itv Plc 178.50 1.54 21,168,653 Ntt Docomo Inc 2,765.00 0.69 3,230,900 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 266.30 0.00 3,353,920 Sumitomo Realty & Developmen 3,504.00 -0.37 1,237,000 Intl Consolidated Airline-Di 602.50 1.95 16,890,923 Aluminum Corp Of China Ltd-H 4.03 -0.49 12,875,440 Hong Kong & China Gas 14.70 0.14 8,756,592 Sumitomo Metal Mining Co Ltd 1,396.00 -1.06 5,160,000 Intertek Group Plc 4,441.00 0.32 356,301 Bank Of East Asia Ltd 33.30 -1.19 1,639,499 Hong Kong Exchanges & Clear 200.20 -0.40 4,457,164 Orix Corp 1,773.00 0.57 4,871,000 Intercontinental Hotels Grou 4,404.00 -0.07 675,599 Bank Of China Ltd-H 3.79 -0.79 291,874,400 Hsbc Holdings Plc 67.90 -0.88 25,646,104 Asahi Group Holdings Ltd 4,301.00 -0.92 1,715,500 Inmarsat Plc 804.00 1.13 1,483,793 Bank Of Communications Co-H 5.78 -0.34 32,533,035 Hutchison Whampoa Ltd 0.00 0.00 - Keyence Corp 50,560.00 0.50 229,400 Informa Plc 692.50 -0.14 1,802,918 Belle International Holdings 6.07 -0.33 24,847,746 Ind & Comm Bk Of China-H 5.12 -1.16 319,049,064 Nidec Corp 11,675.00 0.43 1,077,600 Imperial Brands Plc 3,547.00 -0.67 1,374,637 Boc Hong Kong Holdings Ltd 34.55 -0.29 8,243,967 Li & Fung Ltd 2.84 -0.35 24,546,617 Isuzu Motors Ltd 1,345.50 -0.70 2,111,800 Hsbc Holdings Plc 687.40 -0.13 27,738,578 Cathay Pacific Airways 12.04 -1.47 7,007,411 Mtr Corp 43.75 -0.23 2,956,863 Unicharm Corp 2,918.00 -0.51 1,099,500 Hargreaves Lansdown Plc 1,329.00 -2.42 1,234,359 Ck Hutchison Holdings Ltd 98.50 0.00 2,929,668 New World Development 10.24 -1.92 10,004,188 Shin-Etsu Chemical Co Ltd 10,070.00 -0.93 787,300 Hammerson Plc 584.00 -0.09 3,684,118 China Coal Energy Co-H 3.75 0.00 15,690,467 Petrochina Co Ltd-H 4.86 -1.22 105,251,818 Smc Corp 34,710.00 0.32 280,900 Glencore Plc 281.45 1.75 36,106,148 China Construction Bank-H 6.42 -0.62 363,739,976 Ping An Insurance Group Co-H 52.00 0.19 44,318,953 Mitsubishi Corp 2,266.50 -0.87 5,413,100 Glaxosmithkline Plc 1,683.00 -0.59 8,558,310 China Life Insurance Co-H 23.80 -1.04 34,467,564 Power Assets Holdings Ltd 70.15 -0.57 1,950,837 Nintendo Co Ltd 37,200.00 -0.67 2,914,700 Gkn Plc 348.60 0.66 5,336,827 China Merchants Port Holding 21.70 2.12 6,801,100 Sino Land Co 13.04 -1.06 2,345,984 Eisai Co Ltd 6,190.00 -0.37 569,600 Fresnillo Plc 1,548.00 1.57 890,280 China Mobile Ltd 83.65 -0.06 11,374,884 Sun Hung Kai Properties 116.60 -1.27 4,334,998 Sumitomo Corp 1,432.00 -0.14 2,478,400 Experian Plc 1,632.00 -0.06 1,680,132 China Overseas Land & Invest 22.70 -0.66 10,792,274 Swire Pacific Ltd - Cl A 75.90 -0.85 1,088,756 Canon Inc 3,895.00 -1.17 6,641,000 Easyjet Plc 1,332.00 0.23 2,331,617 China Petroleum & Chemical-H 6.19 -2.52 105,763,138 Tencent Holdings Ltd 279.20 -0.29 16,517,148 Japan Airlines Co Ltd 3,452.00 0.26 1,631,400 Dixons Carphone Plc 300.20 -0.37 2,446,580 China Resources Beer Holdin 20.00 0.50 2,709,135 Wharf Holdings Ltd 65.80 -1.94 3,519,820 Direct Line Insurance Group 363.80 -1.03 4,832,649 China Resources Land Ltd 21.80 -1.13 7,369,601 China Resources Power Holdin 14.56 0.83 9,515,930 Diageo Plc 2,374.50 -0.65 3,678,436 SENSEX Dcc Plc 7,275.00 -0.55 139,790 China Shenhua Energy Co-H 19.52 -0.51 15,050,298 GCC INDICES Crh Plc 2,875.00 -0.24 2,304,630 China Unicom Hong Kong Ltd 11.40 -0.35 21,574,696 Compass Group Plc 1,667.00 -0.66 4,295,329 Company Name Lt Price % Chg Volume Citic Ltd 12.24 -0.81 6,539,689 Indices Lt Price Change Coca-Cola Hbc Ag-Di 2,393.00 0.17 733,690 Clp Holdings Ltd 84.00 -0.30 2,502,826 Doha Securities Market Zee Entertainment Enterprise 504.60 0.04 2,161,928 8,777.73 -156.64 Centrica Plc 206.40 2.13 55,230,972 Cnooc Ltd 8.56 -0.70 53,836,326 Saudi Tadawul Yes Bank Ltd 1,432.70 -0.99 2,002,024 7,334.87 +382.20 Carnival Plc 5,245.00 0.58 551,947 Cosco Shipping Ports Ltd 8.98 -0.77 2,603,853 Kuwait Stocks Exchange Wipro Ltd 255.90 0.65 2,102,455 6,765.01 -18.37 Capita Plc 696.50 3.80 3,833,674 Esprit Holdings Ltd 4.14 5.61 20,728,775 Bahrain Stock Exchage Vedanta Ltd 238.60 -1.20 7,558,978 1,313.41 -5.78 Burberry Group Plc 1,761.00 0.34 2,035,791 Fih Mobile Ltd 2.42 0.41 3,418,000 Oman Stock Market Ultratech Cement Ltd 4,016.05 -1.18 224,538 5,121.47 -73.65 Bunzl Plc 2,360.00 0.17 770,021 Hang Lung Properties Ltd 19.40 -1.92 3,960,108 Abudhabi Stock Market Tech Mahindra Ltd 390.95 -0.86 1,173,671 4,459.05 +3.32 Bt Group Plc 283.20 -1.08 28,330,659 Hang Seng Bank Ltd 161.10 -0.19 799,653 Dubai Financial Market Tata Steel Ltd 517.65 -0.90 4,559,419 3,418.30 -33.80 British Land Co Plc 620.50 -0.32 11,362,968 Henderson Land Development 44.60 -0.45 1,651,571 Tata Power Co Ltd 81.75 -0.43 5,442,681 British American Tobacco Plc 5,553.00 -0.18 2,711,445 Tata Motors Ltd 457.30 -2.16 6,754,068 Bp Plc 456.70 -0.77 32,527,446 Tata Consultancy Svcs Ltd 2,406.30 -1.58 875,039 Bhp Billiton Plc 1,140.50 0.04 11,534,282 Sun Pharmaceutical Indus 528.00 0.80 4,543,026 Berkeley Group Holdings/The 3,294.00 2.08 1,283,862 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 290.90 0.28 12,698,255 Barratt Developments Plc 566.00 -0.44 3,196,129 Reliance Industries Ltd 1,422.00 0.68 5,943,681 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 200.15 -1.31 38,325,614 Punjab National Bank 146.20 1.60 7,169,744 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Bae Systems Plc 676.50 0.15 6,090,024 Power Grid Corp Of India Ltd 205.70 -1.25 9,804,698 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Babcock Intl Group Plc 902.50 0.17 1,098,033 Oil & Natural Gas Corp Ltd 164.80 -2.54 8,877,714 this data.” Aviva Plc 534.50 -0.74 7,385,219 Ntpc Ltd 159.80 0.53 4,246,775 Astrazeneca Plc 5,400.00 -0.30 2,461,255 Maruti Suzuki India Ltd 7,268.20 0.85 479,976 Associated British Foods Plc 2,954.00 -1.01 682,161 Mahindra & Mahindra Ltd 1,387.15 -0.17 2,261,009 Ashtead Group Plc 1,590.00 -0.06 1,567,015 Lupin Ltd 1,095.00 -1.60 2,160,500 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,754.20 0.21 26,334,212 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 765.50 1.32 3,265,819 DINAR DINAR Kotak Mahindra Bank Ltd 991.95 0.91 1,171,912 Anglo American Plc 975.70 1.70 7,063,197 Itc Ltd 308.95 0.08 8,742,754 Admiral Group Plc 2,038.00 -1.31 1,028,932 Infosys Ltd 943.35 -0.02 1,960,482 3I Group Plc 896.50 -0.55 2,443,932 Indusind Bank Ltd 1,494.35 -1.36 880,618 #N/A 0.00 0.00 - Idea Cellular Ltd 80.75 -1.70 7,849,394 Icici Bank Ltd 291.10 -0.46 7,580,925 TOKYO Housing Development Finance 1,628.25 -0.20 2,397,998 Hindustan Unilever Ltd 1,123.45 2.78 1,476,761 Hindalco Industries Ltd 196.55 -2.70 11,892,839 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,769.25 -0.73 259,936 East Japan Railway Co 11,175.00 -0.04 702,800 Hdfc Bank Limited 1,698.70 0.72 909,246 Itochu Corp 1,619.00 0.15 4,482,200 Hcl Technologies Ltd 843.45 -1.26 939,644 Fujifilm Holdings Corp 4,048.00 -1.00 1,470,800 Grasim Industries Ltd 1,132.20 -0.97 915,472 Yamato Holdings Co Ltd 2,334.00 -0.66 1,208,000 Gail India Ltd 368.25 -1.85 1,921,350 Chubu Electric Power Co Inc 1,526.00 -0.26 1,972,200 Dr. Reddy’s Laboratories 2,687.05 0.41 195,747 Mitsubishi Estate Co Ltd 2,115.00 -1.05 3,540,100 Coal India Ltd 250.45 -1.22 3,487,725 Mitsubishi Heavy Industries 440.50 0.05 12,326,000 Cipla Ltd 541.00 -1.25 838,303 Toshiba Corp 313.70 -5.23 80,532,000 Cairn India Ltd 0.00 0.00 - Shiseido Co Ltd 4,086.00 -0.87 1,663,800 Bosch Ltd 24,226.05 -1.98 32,174 Shionogi & Co Ltd 6,282.00 0.08 1,143,200 Bharti Airtel Ltd 367.30 0.19 3,543,664 Tokyo Gas Co Ltd 588.80 -1.37 9,261,000 Bharat Petroleum Corp Ltd 654.40 -1.56 2,786,986 Tokyo Electron Ltd 16,215.00 -0.95 750,800 Bharat Heavy Electricals 136.65 -0.83 4,238,625 Panasonic Corp 1,519.00 0.53 9,990,200 Bank Of Baroda 167.00 -0.21 6,732,371 Fujitsu Ltd 807.20 0.66 8,552,000 Bajaj Auto Ltd 2,817.50 0.08 150,447 Central Japan Railway Co 18,475.00 0.65 363,000 Axis Bank Ltd 507.75 -0.80 4,513,639 T&D Holdings Inc 1,657.00 -0.15 2,616,100 Asian Paints Ltd 1,155.40 0.52 587,179 Toyota Motor Corp 5,840.00 0.53 7,471,900 Ambuja Cements Ltd 240.35 -0.35 2,492,895 Kddi Corp 3,064.00 -0.87 5,327,500 Adani Ports And Special Econ 369.95 -1.52 3,036,153 Nitto Denko Corp 8,962.00 -1.53 696,700 Acc Ltd 1,657.70 0.31 262,764 Gulf Times 10 Thursday, June 22, 2017 BUSINESS

SoftBank founder Son vows Fuel oil margins rise to 5-yr high, to stay at helm as potential boon for simple refi ners company’s Reuters firepower Singapore grows uel oil profi t margins have surged to their highest in more than fi ve Reuters Fyears on lower supplies and rising Tokyo demand from electric power genera- tors, which may push some refi ners to increase their runs. SoftBank Group founder Masa- Fuel oil, the residue left over after ini- yoshi Son, Japan’s richest man, tial crude refi ning, has become scarce in said yesterday he’ll spend Asia as refi ners make their plants more the next decade identifying a complex by upgrading their plants to successor to drive his rapidly change the fuel into gasoline and diesel. growing technology empire, However, analysts caution that new which has amassed an unprec- supply should begin fl owing to the re- edented investment warchest gion from Europe and South America, over the past year. eventually driving margins back to- Since the departure of wards their typical levels. former chief operating officer The spread between the 180-centis- Nikesh Arora last year, Son toke fuel oil swap and Dubai crude for has been without an immedi- July was at a premium of 27 cents a bar- ate candidate to replace him rel yesterday, the fi rst time the residual should he step down. fuel has been at a premium to Dubai While Arora’s resignation since January 2012. at the time raised questions The margin has averaged a discount about bench strength within of $3.09 in 2017 and averaged minus the company’s senior manage- $5.37 last year. ment, significant changes The higher margins are bolstering in its board of directors, the the values for regional crude oil grades launch of Son’s massive new that yield a large volume of fuel oil when private equity fund and recent refi ned, particularly at less complex acquisitions have made it plants, said three traders in that market. one of the more dynamic “The elevated fuel oil cracks could companies in Japan’s recent prompt some simple refi ners to increase corporate history. run rates over the near term but the Son, aged 59, told investors extent of this could be limited in light at the group’s annual general of relatively lower gains in light and meeting in Tokyo yesterday middle distillate cracks,” said Sri Para- that he had no intention to vaikkarasu, the Head of East of Suez Oil step down anytime soon. at energy consultancy FGE. “I feel energised. I couldn’t While fuel oil margins will remain el- possibly retire,” he said, noting evated, they should ease in the coming he had no successor in mind months. since Arora’s departure. FGE’s Paravaikkarasu pointed to ris- “Over the next 10 years, ing exports from Latin America and the A worker walks past oil pipes at a refinery in Wuhan, Hubei province. Fuel oil, the residue left over after initial crude refining, has become scarce in Asia as refiners make that’s the challenge I should former Soviet Union in the fourth quar- their plants more complex by upgrading it to change the fuel into gasoline and diesel. keep addressing,” he said, ter as refi ners there increase run rates adding that a successor would and utilities switch away from burning increased cooling demand. “We could ganisation of the Petroleum Exporting fuel oil stocks in Singapore, the world’s strain supplies. Demand for the fuel has most likely come from the fuel oil to natural gas. potentially see some correction in fuel Countries focused their crude cuts on biggest fuel oil trading hub, sank to also been supportive. company’s management ranks. Fuel oil is primarily used to power oil crack values once peak summer de- grades that yield the most fuel oil. their lowest in more than 2-1/2 years Fuel oil sales to power ships in Sin- Since Arora’s resignation in large ships and for electric power gen- mand eases,” said Nevyn Nah, oil prod- Investments into refi nery upgrades while inventories in northwest Europe gapore, the world’s biggest ship fuel June last year, Son has raised eration. ucts analyst at Energy Aspects. in places like India and Russia also cut fell their lowest since October. port, rose to an all-time high in January, $93bn for his Vision Fund, the Utilities’ consumption of the fuel Fuel oil supplies this year have de- supply. Refi nery outages in Venezuela, a key while sales from February to March set world’s largest private equity tends to peak in the summer to meet clined after the members of the Or- Over the fi rst week of June, onshore fuel oil producer have also helped con- monthly records. fund, and made a string of ac- quisitions of technology firms, including robotics startup Boston Dynamics from Google earlier this month. Separately yesterday, Vanke’s Wang exits after tussle over China’s No 1 developer SoftBank said it had invested $100mn in cybersecurity startup Cybereason. Bloomberg said. “I’m sure Yu Liang can still turn to The group has also boosted Shanghai him when he needs advice.” the number of directors with Vanke’s share price in Hong Kong the election of the heads of has fallen 8% since Yu said in Decem- key overseas subsidiaries to ang Shi, who built China ber 2015 that the company faced a hos- an expanded board of direc- Vanke Co into the coun- tile takeover from Baoneng, a slump tors. The board is now major- Wtry’s biggest developer after that compares with gains of 139% and ity non-Japanese, reflecting founding it 33 years ago, stepped down 184% for China Evergrande and Coun- the company’s increasingly as chairman after an ownership tussle try Garden, respectively. Yesterday, global ambitions. that ended with a state entity becom- Vanke’s stock gained 1% in Hong Kong Outside director and chief ing its biggest investor. as of 3:26pm local time. executive of Nidec Corp The exit of the 66-year-old Wang Wang, a veteran of the People’s Liber- Shigenobu Nagamori struck comes after metro line builder Shen- ation Army, founded Vanke in Shenzhen a note of dissent at a broadly zhen Metro Group Co emerged as a as a trading fi rm before it became a real congratulatory sharehold- white knight last year and did a deal estate juggernaut. Vanke listed in Shen- ers meeting, saying that he this month to boost its shareholding. zhen in 1991 and Hong Kong in 2014. thought Son had massively Statements from Vanke and its founder From December 2015, the company was overpaid for chip designer didn’t make it clear whether he was embroiled in China’s most high-profi le ARM Holdings, bought for severing all ties. “One key question is corporate battle, involving a tangled $33bn dollars last year. whether Wang Shi’s departure is clear- web of state-owned shareholders, com- New directors include cut – or whether he will still play some petitors, and a hostile predator. Marcelo Claure, chief ex- role as a consultant or adviser,” said In past years, Wang was a role model ecutive officer of US wireless Kristy Hung of Bloomberg Intelligence. for entrepreneurs who fl ocked to his telecommunications service The twist comes just as the nation’s motivational speeches and devoured provider Sprint Corp, Simon biggest developer by market value is his books. His micro blog has almost Segars, CEO of ARM, and seemingly set for a new phase of stability 24mn followers and he’s been known Rajeev Misra, the head of the after a tussle that Vanke said threatened for his personal feats and style, climbing Vision fund. “We combined projects, contracts and the fi rm’s credit the highest peaks on seven continents, knowledge of technology profi le. In 2016, Vanke ceded its top po- and featuring on the cover of GQ Chi- and financing to establish the sition for contracted sales to rival China na. Shenzhen Metro will have a 29.4% fund,” Son said of the Vision Evergrande Group and it now sits behind shareholding after agreeing this month Fund, pointing to the range of Country Garden Holdings Co in 2017. to buy a stake in Vanke from China Ever- investors from oil rich Saudi Unlike his counterparts at big Chi- China Vanke’s chairman Wang Shi reacts after hitting the gong during the debut of his company at the Hong Kong Stock grande. The Shenzhen fi rm said it hopes Arabia and UAE to tech firms nese rivals, Wang doesn’t have a con- Exchange on June 25, 2014. Wang, who built the company into the country’s biggest developer after founding it 33 years ago, Vanke will continue with its existing Apple and Foxconn. trolling stake in the company. That left stepped down as chairman after an ownership tussle that ended with a state entity becoming its biggest investor. strategy and operations under Yu’s “We are not just targeting the fi eld wide open for the raid in 2015 leadership. Vanke said yesterday that financial returns... we want an by Baoneng Group. On WeChat, Wang, President Yu Liang, 52. Wang’s name was day management since Yu Liang took a China property analyst at DBS Vickers three Shenzhen Metro executives were information revolution across a high profi le businessman with a big missing from a list of board nominees the role of president, so it’s natural for Hong Kong Ltd. “But he will defi nitely nominated to its board: Chairman Lin the world.” public following, said that he was hand- that included Yu. “Wang has largely him to abdicate in favour of executives remain as Vanke’s spiritual leader, like a Maode, general manager Xiao Min and ing “the baton” to the younger team of kept his hands off the rm’sfi day-to- actively involved,” said Danielle Wang, consultant or think tank,” DBS’s Wang chief fi nancial offi cer Chen Xianjun. As iPhone 8 looms, fi rms scramble to lock up memory chip supply

Reuters ventories do no dry up completely. or NAND chips that are used for long- emerged: Huawei Technologies was bling. Should the US giant opt to push ticipated delivery interruptions has Seoul “After the supply shortages emerged term data storage, on new products if criticised by consumers after it was out more iPhones than usual or further certainly become more common in re- we brought forward our procurement they cannot get enough chips. discovered the Chinese fi rm used a mix increase the portion of high-storage cent months.” decisions... to ensure a stable sup- A chip supplier source told Reu- of less advanced and powerful chips in models, that could further squeeze out Apple declined to comment on its lobal electronics makers are ply,” smartphone and personal com- ters a handful of clients have moved to its fl agship P10 model that led to sig- other companies. memory chip purchasing plans. scrambling to stock up on mem- puter maker LG Electronics Inc said in 6-month supply agreements, accept- nifi cant variations in performance. Some analysts estimate Apple could Chipmakers have been allocating Gory chips to keep production a statement, adding it had pushed up ing higher prices than the customary Huawei did not respond to requests ship as many as 100mn new iPhone 8s more capital in recent years to boost lines running as Apple Inc’s new iPhone quarterly purchase decisions by about a quarterly or monthly deals, to make for comment on its memory procure- this year, compared with the 82.3mn production of NAND chips, where the 8 launch later this year threatens to month. Chip manufacturing technolo- sure they get enough memory chips for ment plans. iPhone 7s that Cowen & Co estimates shortage has been acute due to strong worsen a global squeeze on supply. gies are growing increasingly complex, their products. About 18% of the global annual sup- for 2016. demand for high-end data storage While heavyweights such as Ap- raising investment costs yet providing “The problem will be more acute for ply of NAND chips is bought by Apple, “For the iPhone 8 launch there have products. ple and Samsung Electronics Co Ltd – less output growth as some suppliers the NAND market, where the iPhone analysts say. been specifi c references to this by cus- Samsung Electronics will start which is also the world’s top memory struggle to improve yields. remains a critical source of demand In recent years, electronics makers tomers and distributors as a reason for NAND production at a $14bn South chip maker – will not be seriously hit, This has caused some chip prices to given the huge sales volumes and re- have typically built up inventory during longer delivery times and shortages,” Korea plant in the second half, while SK industry sources and analysts say some double or triple from a year earlier. cent moves to increase storage capac- the fi rst half to avoid being squeezed by said Tobey Gonnerman, executive vice Hynix will start making its new high- electronics makers are paying a premi- Some analysts say device mak- ity on the device,” said the source, who Apple, which generally unveils its latest president at US-based component dis- end NAND products in coming months. um to lock into longer-term contracts. ers could be forced to cut down on the declined to be identifi ed as he was not iPhone model in September. tributor Fusion Worldwide. But analysts say meaningful new Others are placing orders earlier than amount of DRAM chips, which help authorised to speak publicly on the But the shortage of chips in the fi rst “Buying buff er stock and holding supply is unlikely to materialise until before to ensure their perilously low in- devices perform multiple tasks at once, matter. Signs of stress have already half of the year has left many scram- product in hubs to protect against an- 2018. Gulf Times Thursday, June 22, 2017 11 BUSINESS Trump’s net worth slips to $2.9bn as towers underperform

Bloomberg lenders off er a consistent picture: Organization, and Jeffrey Mc- the financial disclosure shows. On watch-list for three months because meet lender expectations. The worth are frequently higher than New York They’re underperforming apprais- Conney, the company’s controller, an annualised basis, revenue at his rental income barely covered building was appraised at $2bn in independent appraisals. When he als conducted when Trump was didn’t respond to emails detailing 16 golf and resort properties rose debt payments. The property was 2012 on the assumption it would announced his candidacy in 2015, issued loans. The buildings — 40 Bloomberg’s methodology. An out- 3%. Mar-a-Lago, which Trump has removed from the list as its situa- throw off $97.7mn of annual net his campaign released a docu- Donald Trump’s off ice properties Wall Street, Trump Tower, and 1290 side spokeswoman didn’t return visited frequently since the elec- tion improved. The index values the income. But it generated $77.7mn ment stating he had a net worth aren’t bringing in as much cash as Avenue of the Americas, a tower in calls for comment. Hope Hicks, a tion, saw a 25% jump in sales. The property at $400mn based on last last year. of $8.7bn. Later that year, when banks that loaned him money had which Trump holds a 30% stake — White House spokeswoman, didn’t properties now have a combined year’s performance. “We’re in the biggest develop- Bloomberg first assessed his net expected. are victims of a changing New York respond to e-mails. value of $720mn, up from $710mn, Trump Tower, the president’s ment pipeline in Manhattan since worth at $3bn, he described it as “a That’s the biggest finding in off ice market, where gleaming new The decrease in the value of according to the index, an increase home and headquarters before he the 1980s,” said Keith DeCoster, stupid report.” He later repeatedly an updated assessment of the skyscrapers are attracting tenants the three towers was almost off set damped by declining multiples for moved to the White House, is facing director of real estate analytics at asserted he was worth more than president’s net worth, which has and demand for space in vintage by successes in other corners of golf course properties. a similar problem. Its off ices and Savills Studley. “Older buildings — $10bn. slipped to $2.9bn, according to properties is falling. Trump’s empire. His portfolio of At the same time, Trump’s debt stores were appraised at $480mn circa 1980s, 1990s — are having a One diff erence between Trump’s the Bloomberg billionaires Index, The Bloomberg calculation, liquid assets, including cash, has load has shrunk to at least $550mn in 2012, with net income estimated tougher time competing.” estimates and Bloomberg’s is the down from $3bn a year ago. The cal- which previously relied in part on jumped to $230mn from $170mn from about $630mn last year, at $20.4mn. The property gener- Trump has retained his owner- value of his personal brand. The culation, five months after Trump’s banks’ estimates and appraisals, is following condo sales and other according to lender data and repay- ated $14.1mn of net income last ship interest in his companies. 2015 document released by Trump’s inauguration, relies on figures now based solely on the three prop- payouts from the Trump Interna- ment schedules. year after higher expenses ate into Unlike previous occupants of the campaign said his ability to licence compiled from lenders, mortgage erties’ actual financial results dis- tional Hotel Las Vegas, as well as The Wall Street building, ap- revenue, lender documents show. Oval Off ice, he neither divested his name and likeness to everything documents, annual reports, market closed by managers of mortgage- the sale of a Manhattan penthouse praised at $540mn in 2015, had The building, including Trump’s his assets nor set up a blind trust. from international hotels to mat- data and a new financial disclosure security trusts that hold Trump apartment. He sold most of his projected annual net operating penthouse apartment, is now Instead, he transferred his holdings tresses is worth $3.3bn. released June 16. debt. The present value of the three stock portfolio last summer, a income of $22.6mn, according to valued at $450mn. to a revocable trust managed by his Bloomberg assigns it a value of The decrease is driven mostly by properties has been revised down spokesman said in December. documents shared at the time with The office tower at 1290 Avenue adult sons, Donald Jr and Eric, and $35mn, or one times sales from a drop in the value of three off ice by a combined $380mn. Trump’s companies received potential investors in the property’s of the Americas, which Trump Weisselberg, the Trump Organisa- ongoing licensing deals. That value properties in Manhattan, where Allen Weisselberg, chief new licensing fees for branded debt. It earned $17.4mn in 2016, a owns in partnership with Vornado tion’s CFO. hasn’t changed since Trump won financial data compiled by Trump’s financial officer of the Trump projects in Vancouver and Kolkata, year in which it was on a lender Realty Trust, also has failed to Trump’s own estimates of his net the Republican nomination last July.

Ride-share firm Cabify said to sign Uber CEO Kalanick quits Latam deal

London Bloomberg job after investor mutiny Spanish ride-sharing com- pany Cabify is seeking at least Bloomberg $300mn in new funding as it San Francisco works to expand in its current markets, according to people familiar with the matter. ravis Kalanick has resigned from The Madrid-based company is his job leading Uber Technolo- working with Bank of America Tgies, giving up on his eff ort to Corp, the people said, asking hold onto power as a torrent of self- not to be identified because the infl icted scandals enveloped him and deliberations are private. The the global ride-hailing leviathan he co- company, which is currently founded. valued at about $1bn, may wrap Pressure from investors, who’ve up the fundraising in the coming poured more than $15bn into a com- months, one of the people said. pany that has burned through billions, The new capital would add to the ultimately did what the board could, or $100mn Cabify raised in April, ac- would, not: It convinced the 40-year- cording to a regulatory filing. old chief executive to step aside. Potential investors include Five of Uber’s major investors, includ- existing backers, such as ing Fidelity and Benchmark, asked Ka- Japan’s Rakuten, carmakers lanick to step aside in a letter to him en- and technology firms in the titled “Moving Uber Forward,” according automotive industry, the people to people familiar with the matter. said. Institutional investors are Kalanick, who grew Uber’s bookings also interested in participating to $20bn last year, has played a starring to position themselves for a role in most of its controversies. potential initial public off ering He called the company “Buber.” He in the future, the people said. argued with a driver about pay in a Cabify, founded in 2011, has also video published by Bloomberg. He’s signed a strategic alliance with said to have questioned whether a Easy Taxi to combine their inves- female passenger had been molested tor base and expand services in by a driver who was convicted of the Latin America, the people said. crime in India. Kalanick co-authored The companies have been work- corporate values that included “Let ing on the partnership since the Builders Build, Always Be Hustlin’, end of last year, they said. Meritocracy and Toe-Stepping, and “Cabify and Easy share a vision Principled Confrontation.” Uber now of transforming cities in Latam plans to scrap many of those tenets by improving mobility of their on the advice of former US Attorney citizens,” said Juan de Antonio, General Eric Holder, who just con- founder and chief executive of- cluded an investigation into the cul- ficer of Cabify, declining to com- tural failings of a company built in ment on the capital raise. “The Kalanick’s image. alliance has the goal of making “I love Uber more than anything in this vision a reality faster.” the world and at this diffi cult moment “Easy Taxi is excited with the in my personal life I have accepted the Uber CEO Travis Kalanick attends the summer World Economic Forum in Tianjin, China on June 26, 2016. Pressure from investors, who’ve poured more than $15bn into strategic alliance and already investors’ request to step aside so that a company that has burned through billions, ultimately did what the board could, or would, not: It convinced the 40-year-old chief executive to step aside. experiences higher growth Uber can go back to building rather rates,” the company’s co-CEO than be distracted with another fi ght,” of absence on June 13 and left the day- communications, and product. Kalan- stantial at $708mn. Kalanick remains Uber has sought to head off a defec- Dennis Wang said in an emailed Kalanick said in a statement. He will to-day management of the company ick’s closest confi dant Emil Michael a paper billionaire given his approxi- tion of drivers by adding a function statement. “We are now in an remain on the board of directors, Uber to a committee of 14 top executives. was ousted by Uber’s board following mately 12% stake in the company, with to its app that lets customers provide even better position to improve said separately. Regional operations heads continue to Holder’s recommendations. Like Ka- a net worth of $6.7bn, according to tips, a feature off ered by US rival Lyft. urban mobility.” The campaign to convince Kalan- oversee much of the company’s busi- lanick, he was tied to the mishandling calculations by the Bloomberg billion- Kalanick was against letting riders tip, Rakuten managing partner Oskar ick to step aside couldn’t have come ness. of an Indian rape case and attended an aire’s Index. Uber itself has been valued calling his opposition “principled” Mielczarek de la Miel said the firm at a more painful time in his life. His Uber’s been searching for a chief op- outing to a karaoke bar in South Korea at $69bn. since he believed restaurants and taxi is “confident in Cabify’s outlook mother died in a freak boating accident erating offi cer. With Kalanick’s depar- that triggered a human resources com- It’s unclear if Kalanick is eligible for companies use tips to underpay their for the future as they have a great in May that severely injured his father. ture, the company is now also looking plaint. severance or other post-employment workers. Now, in Kalanick’s absence, management team in place and Benchmark partner Bill Gurley tweet- for a chief executive offi cer-a far more This month, the company shared the benefi ts. Since Uber is privately held, the company is trying to take a new compelling plans for growth.” ed: “There will be many pages in the desirable position for a business leader. recommendations of Holder’s law fi rm. the terms of his employment aren’t tack. A spokeswoman for Bank of history books devoted to @travisk — Whoever takes the helm will have to More than 20 people were fi red as part known. But public company execu- In a statement about Kalanick’s res- America declined to comment. very few entrepreneurs have had such plug a leadership vacuum. Uber needs of a separate probe by another fi rm into tives who depart of their own free will ignation, Uber’s board of directors said: Cabify operates in about a doz- a lasting impact on the world.” Repre- to hire a COO, an independent board sexual harassment, discrimination, re- typically walk away with nothing. And “This is a bold decision and a sign of his en countries including Spain, sentatives for Fidelity and Benchmark chair, a chief marketing offi cer, and taliation, and other HR complaints. many tech businesses, including Apple devotion and love for Uber. By stepping Portugal and several in Latin didn’t immediately respond to emailed a general counsel. Many of the com- Despite recent turmoil, Uber’s busi- and Amazon.com, employ executives away, he’s taking the time to heal from America. Its biggest market is requests for comment outside of nor- pany’s top executives were promoted ness is growing. Revenue increased to at will and don’t off er special payouts his personal tragedy while giving the Brazil, where rival Easy Taxi was mal business hours. internally after their bosses left, in- $3.4bn in the fi rst quarter, while losses in case of a termination or if the com- company room to fully embrace this launched in 2012. Kalanick began an indefi nite leave cluding heads of business, policy and narrowed — though they remain sub- pany is bought. new chapter in Uber’s history.” BoE’s Forbes says don’t wait as infl ation outlook worsens

Bloomberg weakening. Her argument is that infl a- month. After that meeting, the central fi rst major public comments in more fi rst quarter, the weakest pace in the Eu- dependence referendum and the UK’s London tion is being changed fundamentally bank said that UK price growth will re- than a month, on Tuesday. ropean Union, but that didn’t put Forbes Brexit vote. The last of those in par- by the pound’s 15% depreciation since main above its 2% goal for an extended One reason for caution among some off from her hawkish stance. Instead, she ticular put strain on the central bank the nation voted to leave the European period. BoE policy makers is wage growth, expects growth will remain at or above as it came under fi re for overstating the ank of England policy maker Union. “The increase in headline infl ation which is at its weakest in two years. potential over the next couple of years negative impact on the economy. Kristin Forbes has a message for Economists raised their forecast isn’t just a temporary eff ect of the ex- Forbes sees strength in the labour mar- and experience a “healthy rebalancing” Forbes says economics isn’t in crisis, Bher colleagues as her term ends: for UK infl ation in Bloomberg’s latest change rate that’s going to go away,” ket and expects pay increases to pick as investment and net exports off set a but it does need to adapt, and the BoE is don’t leave it too late to rein in con- monthly survey and now see it reaching Forbes said. Measures of domestical- up. The Bloomberg survey sees the un- slowdown in consumer spending. learning from experience. albeit slowly. sumer prices. 3% by the end of the year, up from 2.9% ly-generated infl ation are now around employment rate averaging 4.7% this “There’s no evidence of deterioration She’s kept a list in her ‘MPC notebook’ “For a period now, we have been un- previously. They see economic growth 2.2%, she said, showing infl ationary year — close to the BoE’s neutral rate — in the output gap, and infl ation contin- over the past few years of puzzles that derestimating the infl ationary pres- rebounding to 0.4% this quarter from pressures “are about where they should and rising to just 5% in 2018. ues to overshoot,” she said, adding that the committee has been unable to re- sures — I wouldn’t be surprised if we 0.2% in the previous three months, and be for infl ation at 2%, and going up.” “The trend estimate of core infl ation those data really suggested that “it’s solve. Productivity is one, as is the rela- continued to do that,” she said in an averaging 0.3% through early 2018. Her remarks, made on the day the has now increased to just above 2%, so time to reduce some of the stimulus.” tionship between macroprudential and interview at her BoE offi ce on Monday. The Confederation of British Indus- UK started formal Brexit negotiations, it does suggest that especially if this Forbes will now return to her profes- monetary policy. Rising domestic pressure “does suggest try lifted its infl ation forecasts, seeing highlight the challenge the BoE faces as is going to continue, we do need to be sorship at Massachusetts Institute of “I thought I hit some very powerful there’s a cost to waiting.” a peak of 3%. It also increased its eco- it judges how long it can tolerate above- very cautious in how these exchange- Technology. The UK Treasury named arguments about how our uncertainty US-born Forbes, who leaves the cen- nomic growth predictions, though it target infl ation to support the economy rate eff ects will aff ect these permanent her replacement on Monday as Silvana indicator was not working very well,” tral bank at the end of this month, has still sees a slowdown in 2018. through a time of uncertainty. components of infl ation,” Forbes said. Tenreyro, an academic at the London but “actually changing the technical voted for higher interest rates at each Forbes, 46, who had been the sole Governor Mark Carney provided an “If you wait for wage growth to pick up, School of Economics. way in which it goes into our forecasts of the past three policy meetings even dissenter on rates earlier in the year, insight into his latest thinking on the you’ve waited too long.” In three years at the BoE, Forbes saw is very hard,” she said. “I’m leaving that as the British economy shows signs of was joined by two colleagues this matter when he spoke in London, his The UK economy grew just 0.2% in the two general elections, a Scottish in- on the to-do list.” Thursday, June 22, 2017 GULF TIMES BUSINESS Domestic institutions’ buying support strengthens on QSE

By Santhosh V Perumal QR33.78mn on Tuesday. Business Reporter Non-Qatari retail investors were net sellers to the tune of QR1.74mn against net buyers of omestic institutions’ QR1.39mn the previous day. buying support consid- Total trade volumes rose 53% Derably strengthened yes- to 14.87mn shares, value by 54% terday on the Qatar Stock Ex- to QR435.54mn and deals by change, which however settled 54% to 4,455. below 8,800 levels. The insurance sector’s There was a weakened net trade volume more than tri- selling pressure from foreign in- pled to 0.29mn equities and stitutions and Gulf individuals value grew more than fi ve-fold amidst 1.75% fall in the 20-stock to QR15.96mn on more than Qatar Index to 8,777.73 points. doubled transactions to 100. Islamic stocks were seen de- The banks and fi nancial serv- clining slower than the main in- ices sector’s trade volume more dex on the bourse, whose year- than tripled to 7.59mn stocks to-date losses were at 15.9%. and value more than doubled to Market capitalisation stood at QR256.72mn on almost doubled QR474.45bn, even as declines in deals to 2,183. large, micro, mid and small cap The industrials sector saw segments were lower than that 64% surge in trade volume to in the main index. 1.69mn shares, 26% in value to Trade turnover and volumes QR64.41mn and 30% in trans- were on the increase on the actions to 585. bourse, where banking and real- The telecom sector’s trade ty sectors together accounted for volume soared 39% to 3.03mn about 71% of the total volumes. equities, value by 43% to Al-Mansoori says the QSE could see more listings in the coming The Total Return Index was at QR30.24mn and deals by 30% months following Investment Holding Group’s plans to float 60% 14,719.74 points, All Share Index to 314. of its shares on the exchange. at 2,506.47 points and Al Rayan The transport sector reported Islamic Index at 3,519.03 points. 28% expansion in trade volume The real estate index shrank to 0.46mn stocks, 27% in value Blockade doesn’t affect our 2.93%, industrials (2.05%), to QR21.47mn and 49% in trans- banks and fi nancial services actions to 302. business, says QSE chief (2.02%), telecom (1.49%), con- The consumer goods sector’s sumer goods (1.14%), insurance trade volume shot up 27% to (0.29%) and transport (0.2%). 0.38mn shares, whereas value Reuters investors wanted to make Major gainers included Mi- declined 17% to QR22.53mn and Doha money from the situation by laha, Al Khaleej Takaful, Gulf deals by 6% to 369. selling off at a high level. International Services and QIIB; The QSE’s market capitalisation stood at QR474.45bn, even as declines in large, micro, mid and small cap However, the market wit- “We still see wealthy GCC even as QNB, Industries Qatar, segments were lower than that in the main index. nessed 60% plunge in the real The Qatar Stock Exchange individuals from those three Ooredoo, Nakilat, Commercial estate sector’s trade volume yesterday said it believed countries active in the market. Bank, Qatar Islamic Bank, Mas- buying strengthened substan- QR26.37mn on Tuesday. profi t booking strengthened to 1.44mn equities and 53% in some institutional investors The market was still open to raf Al Rayan, Dlala, Qatar Elec- tially to QR102.31mn compared The GCC (Gulf Cooperation considerably to QR80.18mn value to QR24.2mn but on 40% from Saudi Arabia, the UAE them,” Al-Mansoori said. tricity and Water, Aamal Com- to QR27.36mn on June 20. Council) individuals’ net selling against QR20.79mn on June 20. increase in transactions to 602. and Bahrain “dumped” shares Despite the market turmoil, pany, Ezdan, Barwa and Mazaya Non-Qatari institutions’ net plunged to QR5.14mn compared Local retail investors’ net In the debt market, there was to drive down the Qatari stock al-Mansoori said the QSE could Qatar were among the losers. profi t booking weakened infl u- to QR15.33mn the previous day. buying declined signifi cant- no trading of treasury bills and market in the wake of the see more listings in the coming Domestic institutions’ net entially to QR23.08mn against However, the GCC funds’ net ly to QR7.84mn compared to government bonds. diplomatic rift between Qatar months following Investment and its Arab neighbours. Holding Group’s plans to “We noticed specific institutions float 60% of its shares on the in those three countries exchange. trying to dump shares,” said “There are other companies in Rashid Ali al-Mansoori, chief the pipeline including a family- QNB sees minimal impact from standoff executive off icer of the Qatar owned industrial company for Stock Exchange, told Reuters. an IPO,” he said. “In the third “It was intentional from those quarter we will see some IPOs.” Bloomberg growth target of 6% to 8% in the second Saudi Arabia, Bahrain, Egypt and the processing transactions with its aff iliates institutions to damage the The exchange is also in the Doha quarter, the same guidance given to UAE cut diplomatic relations and closed in Egypt and the UAE. The business in market. They wanted to aff ect process of launching a gold investors in March, according to a senior transport routes three weeks ago, falsely the UAE is a small part of the bank’s total the market.” He declined to exchange traded fund, while off icial at the bank who asked not to be accusing the nation of funding terrorism, revenue, while Egypt contributes 7% to net name the institutions. two other ETFs have been Qatar National Bank said it expects identified because of company policy. which it denies. Some banks in these income and 5% of assets, the off icial said. Al-Mansoori did not provide a approved for Doha Bank and to meet its earnings targets as the QNB has a good capital base, diversified countries cut their exposure to Qatar, Only 4% of QNB’s deposits come from the breakdown of the proportion Masraf Al Rayan. ongoing Saudi-led campaign to ‘isolate’ funding sources and one of the best while lenders in the country are boosting Gulf states involved in the blockade and of investors from other GCC “Yes the border is closed but the country has minimal impact on its cost-to-income ratios; so the standoff isn’t interest rates on dollar deposits to shore the bank has seen minimal withdrawals, states. this blockade doesn’t aff ect our operations. impacting the bank’s ability to get funding up liquidity, people familiar with the the off icial said. The Qatari government Al-Mansoori also said some of business, our economy and day The Middle East’s largest lender by assets from the international market, the off icial matter said. and local investors started injecting cash the initial selling in the stock to day living. It only aff ects our is confident it will reach its net profit said. The embargo hasn’t stopped QNB from at the beginning of the year, he said. market was because some freedom,” he said.

Qatar Airways celebrates huge success at Paris Air Show S&P reaffi rms Qatar Airways is enjoying a week of success and celebration as HE the Minister of Transport and Communications Jassim Seif Ahmed al-Sulaiti, met with France’s Minister for Transport Élisabeth Borne, to reaff irm the countries’ ongoing support and aff iliation. QIC’s rating with Fresh from winning the Skytrax ‘Airline of the year’ award for the fourth time, Qatar’s national carrier received overwhelming support for its bold new global television and social media commercial, aimed at bringing people together through travel without prejudice, which has a ‘stable’ outlook already been viewed by more than 20mn people from all corners of the world. Qatar Airways Group chief executive Akbar al-Baker said, “This week lobal credit rating agen- Thanks to QIC’s strong busi- has been a significant signal of Qatar Airways’ ongoing role not just cy Standard and Poor’s ness and fi nancial risk profi le, as a leader in the aviation industry, but as a connector in people’s G(S&P) has reaffi rmed Qa- the rating agency expects the day-to-day lives. At a time of judgement, prejudice and illegal actions, tar Insurance Company’s (QIC) company to retain the relative Qatar Airways has triumphed through a simple yet central belief in ‘A’ rating with a “stable” outlook strength of its competitive and bringing people together beyond borders in the sky, whether it be and said it does not expect that fi nancial position, notably due work colleagues, leisure passengers, or of course family members the cut in diplomatic ties of a to its strong capital and earnings. and friends. Our new commercial states our core values of travel as group of Arab countries an independent human right against the backdrop of a changing and to Doha to hurt QIC. dynamic landscape, because, quite simply, we believe the world is all of The rating agency ours to explore, and it is a strange thing for people to be apart.” emphasised QIC’s rec- Launched on Sunday through the airline’s social media channels, the ognised brand that has commercial gained more than 20mn views within the first two days, rapidly expanded out- from those inspired by the airline’s core messages that travel goes side its core territories, beyond borders, and is an independent right and necessity, while also notably in the UK and teaching compassion and an understanding of others. in global reinsurance The success of the commercial comes during the same week as this HE al-Sulaiti (centre) with al-Baker and al-Mansouri following the Skytrax awards winning by Qatar markets. year’s Paris Air Show, where Qatar Airways revealed the first aircraft Airways at the Paris Air Show. QIC has established retrofitted with its new, award-winning business class concept, a track record of good Qsuite, in a ribbon-cutting ceremony to gathered crowds of industry earnings, mainly owing representatives and international media. to its diverse product The ceremony, on the opening day of this year’s air show, was attended off ering. by HE al-Sulaiti, where the revolutionary new Qsuite was presented by Although QIC’s al-Baker to notable dignitaries including Qatari ambassador to France, business is exposed Khalid bin Rashid al-Mansouri; managing director and CEO of Qatar to the current pricing Rail, Abdulla T al-Subaie; and vice-chairman of the Boeing Company, conditions in global Al-Subaey: Encouraged. Ray Conner. markets, S&P expects Al-Baker said, “The Paris Air Show 2017 has once again been a the company to maintain its “We are encouraged by S&P’s tremendous success for Qatar Airways. With the debut of our first pricing discipline. affirmation of our strong fi- aircraft fitted with the state-of-the-art, patented Qsuite, we have S&P also expects QIC’s risk- nancial strength rating. The truly set a new standard for the industry by bringing first class to based capital to remain extreme- rating agency recognises the our business class cabin, while also winning a raft of Skytrax awards, ly strong due to a rights issue in successful establishment of including Airline of the Year 2016 and a hybrid issuance in our global QIC footprint and The first destinations to feature the Qsuite will be London on June 24, 2017. The favourable risk profi le it’s expected continued posi- followed by Paris and New York, with the airline’s fleet retrofitted at the is supported by the company’s tive effect on our financial rate of one plane per month. fairly diversifi ed and liquid in- performance going forward,” Qsuite, features the industry’s first-ever double bed in business class, vestment portfolio and its mod- QIC Group president and chief while adjustable panels and movable TV monitors on the centre four erate catastrophe exposure. executive Khalifa Abdulla Turki seats allows colleagues, friends or families travelling together to S&P said it does not expect al-Subaey said. transform their space into a private suite, allowing them to work, dine that the cut of diplomatic ties of QIC is the market leader in and socialise together. a group of Arab countries to Qa- Qatar and one of the highest Qatar Airways operates a modern fleet of 200 aircraft to a network of tar will hurt QIC due to its mod- rated insurers in the Gulf region more than 150 key business and leisure destinations across, Europe, Qatar Airways cockpit and cabin crew with the prestigious Skytrax awards won by Qatar Airways at est business exposure to these with market capitalisation of the Middle East, Africa, Asia Pacific, North America and South America. the Paris Air Show. countries. more than $5bn.