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Wednesday, December 28, 2016 Rabia I 29, 1438 AH QSE ON NEGATIVE TRAJECTORY : Page 12 GULF TIMES Banks boost Saudi stocks to year-high; BUSINESS rest of Gulf sluggish Oil jumps 1.7%, adds to year’s Qatar Airways Cargo adds 4 gains ahead of Opec cuts

Reuters new destinations in Americas London/New York Oil prices jumped 1.7% yesterday, atar Airways Cargo has an- continuing its year-end rally with nounced that it will launch support from expectations of tighter Qfreighter operations to four supply once the first output cut new destinations in the Americas, deal between Opec and non-Opec from February 2, 2017. producers in 15 years takes eff ect Boeing 777 freighters will fl y twice next Sunday. a week to the South American cities US crude prices have surged 25% of Buenos Aires, Sao Paulo, Quito and since mid-November, helped by Miami. The twice-weekly freighter expectations for Opec’s supply cut service will depart from Doha via Lux- and generally solid US economic embourg, the cargo carrier’s European figures that have also bolstered hub, with stops at Sao Paulo in Brazil, equity prices. Buenos Aires in Argentina and Quito Trading was thin yesterday, with less in Ecuador. than one-third of the usual volume On the return leg, the freighter will in futures contracts in West Texas stop in Miami, Florida and Luxem- Intermediate crude oil. bourg before arriving in Doha. With oil near $54 a barrel, US crude The new freighter services aim to futures are not far from the year’s meet the growing demand for import high of $54.51 high reached on and export trade in the region and will December 12. supplement the belly-hold cargo ca- “Some of the doubts (in Opec) pacity on Qatar Airways daily fl ights people are showing are going to to Sao Paulo, Buenos Aires and Miami. have to be put to rest,” said Phil Qatar Airways chief offi cer (Cargo) Flynn, analyst at Price Futures Ulrich Ogiermann said, “We are ex- Group in Chicago. “There’s a strong cited to start 2017 with the launch of possibility that we’re going to rally four new freighter destinations. These into the end of the year.” new destinations will connect the January 1 is the off icial start of the burgeoning import and export mar- deal agreed by the Organisation kets in the Americas region with the of Petroleum Exporting Countries rest of the world. Through our exper- and several non-Opec producers to tise in specialised solutions, namely lower production by almost 1.8mn QR Pharma for pharmaceuticals and bpd. QR Fresh for perishables, we are able US crude was up 90 cents, or 1.7%, to off er our customers a seamless and to $53.92 a barrel. Brent crude rose an unbroken cool chain for their tem- 94 cents, or 1.7%, to $56.10 a barrel perature-sensitive products via our as of 11.53am ET (1653 GMT). The state-of-the-art fully automated hub global benchmark hit $57.89 on in Doha.” December 12, highest since July The launch of the new freighter 2015. route represents great business and Qatar Airways Cargo’s freighter destinations in the Americas total 12, while off ering belly-hold services to 13 cities on the continent The members of an Opec and non- network growth for Qatar Airways Opec committee formed to monitor Cargo as it brings the carrier’s total the oil and gas industry. Miami in the tions via Doha. The state-of-the-art, are handled in a climate-controlled The cargo carrier off ers QR Charter, the market may meet on January 13, freighter destinations in the Americas US will serve as the distribution hub of fully-automated cargo facility at the environment during every stage, in- utilising its most modern fl eet of Boe- two sources said. to 12, while off ering belly-hold serv- these air freight to and from the Latin Hamad International Airport operates cluding ramp transportation, ware- ing B777s, Airbus A330s and Boeing Oil rallied further after news of the ices to some 13 cities on the continent. American and Caribbean regions. in accordance with the highest phar- house storage and aircraft-to-aircraft 747 freighters. meeting, which may give an early Major commodities out of Sao Pau- The introduction of the new maceutical industry standards, com- transfers. Its portfolio of distinctive products indication of compliance with the lo, Buenos Aires and Quito comprise freighter services will also provide pliant with “Good Distribution Prac- Qatar Airways Cargo is the only glo- currently includes QR Pharma, QR deal. fresh fl owers, perishables and phar- support to the perishables and phar- tice,” the carrier said in a statement . bal airline to off er reefer truck trans- Fresh, QR Live and QR Express off er- “From January, we’ll start to maceuticals, while imports into South maceutical exports out of these key Pharmaceutical and perishable portation on the ramp at its Doha hub. ing effi ciency and compliance in the have a better idea about the America include a wide variety of markets, off ering businesses in the shipments are stored in segregated The world’s third largest cargo car- handling of temperature-sensitive level of Opec production,” said products ranging from medicines, au- continent a young and modern fl eet areas, transported and handled under rier recently took delivery of its 11th pharmaceutical and perishable cargo, Olivier Jakob, oil analyst at tomotive, chemical products to high- and access to the cargo carrier’s global strictly monitored conditions as re- Boeing 777 freighter, taking the total transportation of live animals as well Petromatrix. tech commodities and equipment for network of more than 150 destina- quired by product specifi cation and count of freighters in operation to 20. as time-critical shipments.

‘Turkey banks can withstand Fitch junk verdict’ GCC sovereign issuances are seen maintaining momentum

By Pratap John Cooperation Council central banks to follow the Chief Business Reporter US Federal Reserve in raising policy rates. This will feed into higher interbank rates, although im- proving local liquidity conditions may off set some CC sovereign issuance has been particu- of the impact on current rates. larly strong this year, with Qatar, Abu These have generally risen in line with US rates GDhabi and Oman all issuing in May, while so far this year, except in Saudi Arabia where li- Saudi Arabia’s debut bond raised a record $17.5bn quidity strains saw three-month SAIBOR double in October, a recent report by Samba Financial to almost 2.4%. However, rates have since fallen Group shows. back towards 2% as the government shifted to- “Further issues are likely next year, although wards external costs will rise,” Samba said. borrowing to fund GCC sovereign international bonds have been its defi cit, tak- hit by the global re-pricing of fi xed income fol- ing the strain off lowing Donald Trump’s election victory in the US banks and inject- and the global refl ation trade, it said. ing some liquidity Secondary market prices have dropped and Gulf governments have back into the sys- yields have risen, in some cases quite markedly. moved quickly and tem. However, spreads look to be tightening as oil price convincingly to put fi scal GCC equity prospects improve. Having spiked early in the and current account markets have year, market risk perceptions have also generally balances back on a struggled this improved as refl ected in declining credit default sustainable path year, with only swap (CDS) spreads. Dubai and Oman While still elevated, pressures in forward ex- managing to post gains through November, Sam- change rate markets have eased since they spiked ba noted. Weak oil prices and associated fi scal A line of ATMs operated by ING Bank, Turk Ekonomi Bankasi, Akbank, and Sekerbank, stand on the high street in the Beyoglu district early in the year. The Saudi and Omani currencies consolidation and economic slowdown have been of Istanbul (file). Turkey’s banking regulator said lenders are suff iciently well capitalised to withstand a potential downgrade of the have been subject to the most strain, but there ap- the main headwinds, accentuated by bank liquid- country’s sovereign rating by Fitch Ratings Ltd next month. “There will be a limited impact on capital-adequacy ratios but no bank pears little prospect that long-standing GCC ex- ity concerns. This has been particularly true in will fall below 12%,” Mehmet Ali Akben, head of the industry watchdog known as the BDDK, said in a phone interview with Bloomberg, change rate pegs to the US dollar will be broken, Saudi Arabia. referring to its minimum requirement on the metric. “We are making our calculations along with all banks and making stress tests Samba said. However, the Tadawul has recently surged fol- on possible scenarios,” he said. A cut to junk would have an impact on banks’ capital-adequacy ratios as they use Fitch to calculate Governments in the region have moved quickly lowing the successful issuance of the kingdom’s risk-weightings on their foreign-exchange reserves at the central bank, as well as on non-lira securities. While the legal threshold and convincingly to put fi scal and current account fi rst ever sovereign bond, and subsequent moves for capital adequacy stands at 8%, the regulator insists banks maintain 12% at least. The average core capital-adequacy ratio for the balances back on a sustainable path, and should to clear state payment delays, and to ease bank li- nation’s lenders stood at 14% at the end of October. “It is up to the banks to raise or lower capital-adequacy ratios. If they reduce their be aided by an expected revival in oil prices next quidity constraints. Investor confi dence has also risks, the ratio goes up,” Akben said. year. been boosted by expectations of higher oil prices Given the dollar pegs, Samba expects the Gulf in the wake of the Opec deal to cut production. Wednesday, December 28, 2016 2 ISLAMIC FINANCE GULF TIMES

Qatar’s proposed three-way merger to form top Islamic lender

The proposed merger of Masraf Al East banking industry accelerates. December 19. The negotiations follow powerhouse with $175bn of assets, credit share of 15%, the proposed infrastructure in preparation for Rayan, Barwa Bank and International The combination would help build Abu Dhabi’s announcement earlier Bloomberg reported. bank would be able to compete better hosting soccer’s World Cup in 2022. Bank of Qatar (IBQ) will create Qatar’s an institution with assets worth this year to merge National Bank of About 18 lenders are competing for with rivals as the world’s biggest Still, by size and market share, it second-biggest lender and top Islamic more than QR160bn ($44bn), Masraf Abu Dhabi and First Gulf Bank, its two business in Qatar - a country of about liquefied natural gas exporter spends would be dwarfed by Qatar National bank as consolidation in the Middle Al Rayan said in a statement on biggest lenders, to create a regional 2mn people. With a combined overall an estimated $200bn on upgrading Bank.

EDUCATION/FAQ on Istisna Is it permissible for a bank to off er an Istisna cus- tomer the option to pay either a lower spot price or a higher deferred price? Only prior to the final agreement, it is permissible for the Debate continues in India bank to give its customer the option of either paying a standard spot price or a higher deferred price. The cus- tomer must choose one option prior to execution and the contract must explicitly mention the chosen contract price and corresponding manner of payment, whether spot or deferred. about Islamic fi nance What is the seller responsible for in an Istisna with respect to the asset prior to delivery? By Arno Maierbrugger The seller bears all responsibility related to ownership Gulf Times Correspondent of the asset prior to its delivery to the purchaser. This Bangkok includes responsibility towards any damage to the asset, maintenance expenses, and, if necessary, insurance.

few months ago, the path Is it permissible for a bank to appoint the Istisna seemed to have been requester as the contractor? Acleared for the introduction It is not permissible for a bank to appoint the Istisna of Islamic fi nance in India after requester (its client) as the contractor, since this would the country’s central bank made a be akin to the Istisna requester being appointed as the proposal to launch Islamic banking manufacturer, which is impermissible. windows at conventional banks. This would have had two crucial Is it permissible to purchase published works under eff ects: Firstly, greater fi nancial an Istisna contract with deferred delivery and ad- inclusion of unbanked Indians, vance payment? not necessarily only around 170mn It is permissible to purchase published works under an Muslims, but also those interested Istisna contract and to defer delivery. Payment may be in ethical banking, and, secondly, either advance or deferred. It is also permissible to lower an increased infl ux of investments the price for deferring delivery. from Muslim regions, namely the Gulf, into India. Can the financier cancel the Istisna contract in case However, the proposal got re- the goods delivered do not conform to the specific buff ed in December by the Indian instructions given by the financier? fi nance ministry which, in a sur- The financier reserves the right to reject products not prising declaration, argued that manufactured to specification, though must accept Islamic banking was “not rel- items manufactured equal to or superior to expecta- evant” any more in achieving the tions. The contract may be cancelled unilaterally by objectives of fi nancial inclusion either party before manufacturing commences, but not as the government had already in- after. troduced other programmes for all citizens towards that end. Is it permissible for a bank to take a share in dis- India’ Minister of State for Fi- counts off ered by a subcontractor to a lead contrac- nance Santosh Kumar Gangwar tor in an Istisna? also said that a number of legal The subcontractor is hired by the lead contractor and the changes would become neces- bank is not a party to the contract between them. It would sary even if limited Islamic fi nance not be permissible for the bank to benefit from such products were to be introduced, Security personnel patrol the area as people wait in line near a bank branch in New Delhi (file). The hesitation to open Islamic finance channels at discounts. which would result in “numerous conventional Indian banks could severely limit the attraction for Muslim investors, particularly cash-rich entities, companies and individuals from the legal hurdles.” Gulf, to put their money into India and thus nip a respective boost for India’s economy in the bud. Is it permissible to set profit as a percentage of cost in In fact, observers have said that an Istisna? the opposition against the intro- banking in India, arguing that the signal to people in nations like that communities could improve opportunity to small enterprises It is not permissible to measure profit as a percentage of duction of Islamic fi nance in India counter-arguments were unper- the UAE, Qatar and Bahrain to themselves and develop their eco- by encouraging and supporting the cost in an Istisna contract. comes mainly from powerful Hin- suasive. He said that there was invest here.” nomical foundations if Islamic their endeavours through risk- du groups who use their infl uence no need for an amendment in the He suggested that such invest- banking facilities were made avail- sharing fi nancing. Is it permissible to contract with a party and accept on the prime minister to fend off existing Banking Regulation Act, ment could fl ow in real estate and able. A possible solution to the stale- advance payments for an asset that is under con- the introduction of Shariah-com- simply a notifi cation would suf- infrastructure development, and, “If Japan has an Islamic Bank, mate of Islamic fi nance in India struction and will be delivered upon completion? pliant banking. fi ce. The hesitation to open Islamic with the new Shariah-compliant London has it, and many non- could be to drop the religious terms It is permissible to contract an Istisna agreement in which The Muslim community in India fi nance channels at conventional gold investment standard, also in Muslim countries have it, why not in naming this form of banking and an under-construction sale asset will be delivered in the has welcomed the initial decision Indian banks would also severely India’ large gold market. India?” he said, pointing out that just introduce it as ethical banking future upon completion, while the sale price is paid in but expressed concern over politi- limit the attraction for Muslim in- However, with the continued even the World Bank has lauded or “participation banking” such as instalments from the date of the contract. cising the issue. vestors, particularly cash-rich en- opposition against Islamic fi nance Islamic banking for being an ef- in Turkey, some experts suggested. Prime Minister Narendra Modi, tities, companies and individuals in India, the country would lose fective tool for fi nancing develop- As a start and to distinguish them Is it permissible for a bank to obtain discounts with a in turn, in his diplomatic outreach from the Gulf, to put their money out on such huge opportunities, he ment globally and that it had the from conventional banks, such construction contractor in an Istisna without passing to Arab nations originally seems into India and thus nip a respec- argued. potential to address the problems “participation banks” would not the discounts on to the requester? to have given the idea of intro- tive boost for India’s economy in In terms of fi nancial inclusion, of poverty and boost shared pros- grant cash credit but buy goods for It is permissible for the bank to obtain discounts from the ducing Islamic banking in India a the bud. Raqeeb pointed out that the Mus- perity. The global lender acknowl- clients and hand over ownership contractor without passing them on to the requester since thumbs-up, but is now obviously “There are various sovereign lim community in India could still edged that, in fact, the Islamic after they got repaid in instalments these are two separate contracts: One contract between backpedalling. funds in the Gulf countries with greatly benefi t as a majority of banking system is not only about plus a mark-up by the borrower in the bank and the Istisna requester and the other between H Abdur Raqeeb, General Sec- billions of dollars waiting to in- them did not have bank accounts avoiding paying or receiving in- a simple murabaha structure. Fur- the bank and the contractor. retary of the Indian Center for Is- vest in India,” Raqeeb said, add- and Muslim-majority areas used terest, but also about equitabil- ther development of participation lamic Finance, said that he regrets ing that “the introduction of Is- to be described as “negative zone” ity, helping the economically weak banking products and investment Source: Ethica Institute of Islamic Finance via Bloomberg the opposition against Islamic lamic banking could give a green by conventional banks. He said and disadvantaged and giving an solutions could follow. Mideast sukuk issuance set to rebound in 2017

Reuters In the fi rst half of 2016, gov- to rely more on foreign investors assets. Identifying suffi cient as- governments are somewhat less considering an international su- secondary market trading in Dubai/Sydney ernments in the six-nation Gulf rather than Islamic banks and sets to support sukuk issuances pressed for cash and have more kuk issue in the fi rst quarter of its bonds suggests demand is Cooperation Council raised just funds, which pushed them to- may add to the funding timeline time to plan sukuk. 2017. weaker for that maturity than for $1.1bn or 5% of their total debt wards conventional debt. and aff ect the overall fi nancing Also, this year’s dearth of new Bahrain could sell sovereign conventional debt. fter slumping in 2016, is- issuance through longer-term Also, as oil prices sagged, cost.” sukuk has left unsatisfi ed de- sukuk in that period, though the Its 30-year sukuk is at a pre- suance of Islamic bonds sukuk, against 38% a year earlier, governments were in a hurry to mand among Islamic investors, central bank told Reuters no de- mium of 75-80 basis points over Afrom the Middle East Moody’s estimated. raise money and did not want GCC corporate and including banks that need high- cision had been made. the 30-year tranche of the Saudi looks likely to rebound next year Saudi Arabia’s $17.5bn debut to spend extra time planning project-related sukuk grade Shariah-compliant bonds Conventional bonds look sovereign bond, against an initial as Gulf states take advantage of bond in October was entirely sukuk issues - which tend to be issuance totalled $2.5bn to meet liquidity standards. likely to retain one attraction for 50 bps in October. unsatisfi ed demand, but inves- conventional. more complex than conventional in the fi rst eight months “Sukuk are very much in de- Gulf issuers, however, because For shorter tenors, SEC’s 2022 tors may shun the long end of Meanwhile, GCC corporate bonds - or explaining their intri- of 2016 up marginally mand and global sukuk issuance long maturities above 10 years and 2023 sukuk are almost fl at to the curve. and project-related sukuk is- cacies to investors. from $2.3bn a year ago but is on an upswing,” said Mohied- seem more feasible for conven- Saudi sovereign bonds maturing As governments scrambled to suance totalled $2.5bn in the Sukuk documentation can down sharply from $5bn dine Kronfol, chief investment tional debt. in 2021 and 2026. cover budget defi cits due to low oil fi rst eight months, up margin- vary across the GCC in terms of in 2013 and $6.5bn in 2014, offi cer for global sukuk and Mid- “The sukuk market still lacks Given the pricing advantage of prices this year, they overwhelm- ally from $2.3bn a year ago but structure, legal requirements according to Standard & dle East fi xed income at Franklin a signifi cant investor base for conventional paper at the long ingly turned to conventional debt down sharply from $5bn in 2013 and compliance with Shariah Poor’s estimates Templeton Investments. the long end of the curve. Sukuk end, Riyadh could choose ma- - a shift from the traditional pat- and $6.5bn in 2014, Standard & standards, noted Ruslena Ramli, “Going forward we should ex- buyers are traditionally more in- turities of fi ve and 10 years for a tern in which sukuk and conven- Poor’s estimated. head of Islamic fi nance at Ma- Issuance may become more pect sovereign issues to be less volved in fi ve- and 10-year pa- sukuk issue next year, said Doug tional bonds had roughly equal With cheap oil tightening li- laysia’s RAM Ratings. normal in 2017. lumpy and more diverse in for- per,” said a Dubai banker. Bitcon, head of fi xed income shares of the region’s internation- quidity in their banking systems, “In the GCC, sukuk issuances With oil rebounding and aus- mat and currency,” he said. Saudi Electricity Co (SEC) is- funds and portfolios at Rasmala al bond issuance. Gulf governments were forced are typically supported by real terity policies in place, GCC Saudi Arabia is believed to be sued 30-year sukuk in 2013 but Investment Bank. Gulf Times Wednesday, December 28, 2016 3 BUSINESS

Tata sues ex-chief for alleged breach of confi dentiality

AFP Conduct,” read the legal notice, Mumbai according to PTI. “Such reckless failure on your part...has caused irreparable ndian salt-to-steel con- harm and damage to Tata Sons glomerate Tata upped the and Tata Group,” it added. Iante in their bitter dispute Tata said they intended to pur- with ousted former chairman sue all means available under law Cyrus Mistry yesterday, saying with regard to the alleged breach they were suing him for breach of confi dentiality, according to of confi dentiality. PTI and other reports. Tata Sons, the holding com- Mistry was sacked as chair- pany of India’s sprawling $103bn man of Tata Sons in October. Tata Group, accused Mistry in a His dismissal shocked India’s legal notice sent to his lawyers business community and saw of causing “irreparable harm family patriarch Ratan Tata take and damage” to the company by interim charge of the sprawl- making public sensitive docu- ing conglomerate that he led for ments, the Press Trust of India more than two decades. (PTI) reported. Tata, who made way for Mis- In the latest twist in an in- try in 2012, was said to be un- creasingly acrimonious battle happy with the direction his between Mistry and India’s most successor was taking India’s Commuters using smartphones stand in line at a bus station in Beijing. China’s economy is closing out the year on a high note as the earliest December indicators show no sign famous family conglomerate, most famous family conglomer- expansion is faltering after three straight quarters of 6.7% growth. Tata said its ex-chief had acted ate but the latter claims he was recklessly in providing fi nancial illegally dismissed and accused information and minutes from the group of corporate mal- board meetings to a companies practice at last week’s National dispute hearing last week. Company Law Tribunal (NCLT) “By passing on confi dential hearing in Mumbai. and sensitive information ac- The 150-year-old conglom- cessed by you in your capacity as erate, which was founded un- a director of Tata Sons to com- der British colonial rule has Early China data show panies owned and controlled long been a source of pride for by your family...you have acted India but the Tata-Mistry feud in complete violation of your is threatening its reputation confi dentiality undertaking to and has wiped around $9bn Tata Sons, your fi duciary duties from the collective stock mar- towards Tata Sons and your ob- ket value of the group’s eight economy on fi rmer ligations under the Tata Code of main companies. Japan core consumer prices slump in November Japan’s core consumer prices 1% in summer or autumn next marked the ninth straight month year. of annual declines and household That’s bad news for consumers footing in December spending slumped in November, but good news for the BoJ as it data showed yesterday, suggest- tries to achieve its price target.” Bloomberg A report Tuesday showed industrial ness Sentiment Indicator, which rose to a creases. The impact on profi t margins ing that the economy still lacks The core consumer price index, Beijing profi t gains accelerated in November, two-year high of 55.9. The index is based has been minimal, though increasing enough momentum to jump-start which includes oil products but led by raw material producers, as prices on a survey of executives of companies labour, land and transport costs are a inflation toward the central bank’s excludes volatile fresh food of products such as coal and metals con- listed on the Shanghai and Shenzhen mounting concern, the fi rm said. ambitious 2% target. prices, slipped 0.4% in November hina’s economy is closing out the tinued to advance. Earnings rose 14.5% in stock exchanges. Satellite view: The China Satel- Core consumer prices in Tokyo, from a year earlier, government year on a high note as the earli- November from a year earlier, the statis- Companies reported that the weak- lite Manufacturing Index edged down a leading indicator of nationwide data showed, compared with a Cest December indicators show tics bureau said. ening yuan has positive eff ects on their to 51 this month from a fi ve-year high price trends, fell at the fastest median market forecast for a no sign expansion is faltering after three Here are what the earliest indicators businesses, while that boost has eased of 51.4 in November, according to San pace in nearly four years, high- 0.3% fall. straight quarters of 6.7% growth. show: this month from November, according to Francisco-based SpaceKnow, which uses lighting the challenges policy- Core consumer prices in Large and small fi rms reported strong- Smaller businesses: Standard a sub-gauge of the indicator. commercial satellite imagery to monitor makers face in eradicating Japan’s Tokyo, available a month before er momentum, private surveys show. The Chartered’s Small and Medium Enter- “December’s survey signals a positive activity across thousands of industrial sticky deflationary mindset. the nationwide data, fell 0.6% in mood among executives was the best prise Confi dence Index rose to an eight- end to a choppy year,” Andy Wu, a senior sites. But analysts expect inflation December from a year earlier, as since August 2014. month high of 56.1 this month from 55 economist at MNI Indicators in Beijing, Steel jump: The S&P Global Platts to accelerate next year reflect- weak clothing sales forced retail- Sales managers had a stable outlook, in November. Numbers above 50 indi- wrote in a report. China Steel Sentiment Index declined to ing a recent rebound in oil costs ers to cut prices. even as conditions at factories and steel- cate improving conditions. While credit “But we shouldn’t get too carried away 52.62 this month from 59.37 in Novem- and yen declines that push up It was the biggest annual drop makers edged down. conditions improved, a gauge of expec- as the country still has plenty of eco- ber as conditions weakened slightly. The import prices, easing pressure since February 2013, when prices Two years of monetary easing and fi s- tations weakened, Shen Lan, a Beijing- nomic problems.” gauge is based on a survey of about 75 to on the Bank of Japan to top up fell by the same margin, and ex- cal stimulus have helped the world’s sec- based China economist, wrote in a re- Sales managers: A survey-based 90 China-based market participants in- an already massive stimulus ceeded the 0.4% drop projected ond-largest economy prove bears wrong. port. Companies expect the yuan to keep gauge of sales manager sentiment from cluding traders and steel mills. programme. “It’s clear trend in- by analysts in a Reuters poll. The expansion picked up to about 7% last falling. World Economics remained unchanged “It’s down a bit this month but still flation was weak until December Japan posted a third straight month, according to a monthly tracker “Sales accelerated in December, at 51.2. fairly strong,” Paul Bartholomew, a sen- because prices were falling for quarter of annual expansion in from Bloomberg Intelligence. boosting production activity,” wrote The December Sales Managers’ Index ior managing editor at S&P Global Platts many non-energy items,” said July-September and analysts Policy makers this month pledged Shen, who projects 6.8% growth this “shows continuing growth, but whole- in Melbourne, wrote in an e-mail. Yoshiki Shinke, chief econo- expect growth to pick up in com- prudent and neutral monetary policy year. “The momentum may not be sus- year data for 2016 confi rms a signifi cant “The market has been moving so mist at Dai-ichi Life Research ing quarters, thanks to a recent and greater focus on defl ating asset tainable, however.” fall in activity compared with previous quickly that many mills and traders are Institute. pick-up in exports and factory bubbles as they work to ensure stability Large companies: The mood among years,” the London-based research fi rm unsure about future price direction but “But inflation will turn positive output driven by improvements in the lead up to a key party congress late executives improved, according to the said in a statement. are endeavouring to keep prices as high and may accelerate to around in emerging economies. next year. Market News International China Busi- Businesses reported faster cost in- as possible in December.”

Yuan turnover soars in sign of December Fund manager riding 55% Posco outflow pressures gain sees steel prices staying hot Bloomberg Beijing Bloomberg Seoul The onshore yuan’s surging trading volume is another piece of evidence that capital is fleeing China at a faster pace. The daily average value he rally in steel that of transactions in Shanghai climbed to $34bn helped propel Posco in December as of Monday, the highest since Tshares 55% higher this at least April 2014, according to data from year may continue for anoth- China Foreign Exchange Trade System. That’s er six months, according to a up 51% from the first 11 months of the year. The money manager who bought increase suggests quickening outflows, given the stock when it was near a 12- that data in recent months showed banks were year low. net sellers of the yuan, according to Harrison Baring Asset Management Hu, Singapore-based chief greater China Korea’s head of equities, Hyun economist at Royal Bank of Scotland Group. Choi, said he started buying Cars pass in front of a Posco steel mill in Pohang, South Korea. The This month’s jump in trading volume Posco shares in late 2015, af- rally in steel that helped propel Posco shares 55% higher this year signals sentiment has kept deteriorating since ter Korea’s biggest steelmaker may continue for another six months, according to a money November, when the nation’s foreign-exchange posted its biggest loss in at least manager who bought the stock when it was near a 12-year low. reserves shrank by the most since January. fi ve years. That was around the The Chinese currency is headed for its steepest time when Chinese authorities or two quarters more.” Posco ed from investors putting more annual slump in more than two decades and spoke of the need to overhaul shares rose 0.4% to 257,000 money into passive index funds, when the year turns, authorities will be faced state-run companies and ad- won in Seoul. That’s up from buoying the biggest members of with a triple whammy of the renewal of citi- dress a glut in supply. 156,000 won on January 21, the the Kospi, Choi said. Samsung zens’ $50,000 conversion quota, prospects of As a result, steel prices have lowest since August 2004. Electronics Co, the country’s further Federal Reserve interest-rate increases, doubled this year, improving Choi also chose Pohang-based biggest company, was his top and concern that US President-elect Donald profi tability at Posco and other Posco as part of a strategy to buy holding as of September 30, fol- Trump may slap punitive tariff s on China’s steelmakers. However, demand companies with high dividend lowed by Posco, data compiled exports to the world’s largest economy. for the material is forecast to yields and “great” cash fl ow. by Bloomberg show. “Capital outflow pressures will stay, and in drop 1.5% next year in China, Payouts by Posco may jump 53% There are no signs that the near term, we should monitor the impact upon the world’s largest market. The over three years, compared with popularity of passive invest- the reset of the annual quota,” said Frances China Metallurgical Industry 6.7% for the benchmark Kospi ing is waning, Seoul-based Cheung, Hong Kong-based head of rates strat- Planning and Research Insti- 200 Index, according to Bloomb- Choi said. The fund’s other in- egy for Asia ex-Japan at Societe Generale SA. tute attributes the projection to erg dividend forecasts. vestments include banks and The pressures will likely ease toward the end slowing growth in industries in- “At the time, many had insurers such as KB Financial of the first quarter as foreign flows into China’s cluding construction, machin- doubts whether Posco would Group and technology compa- bond market quicken, she said. ery and household appliances. be able to off er hefty dividends nies NCSoft Corp, Naver Corp December’s flurry of yuan transactions in But steel prices “won’t payouts because steel prices and SK Hynix. Choi said he’s Shanghai comes in a tough month for own- weaken suddenly,” said Choi, were too low,” Choi said. Posco still shunning cosmetics mak- ers of China’s financial assets. The Shanghai whose $300mn Baring High was among so-called large-cap ers, whose exports to China Composite Index of stocks is down 4.2% and Dividend Plus Securities In- companies that off ered better may suff er over a disagreement an index of Chinese government bonds is vestment Trust is beating 92% value, in terms of dividends, about the deployment of the headed for its biggest monthly decline. of peers with a 1-year return of than small ones, he said. Thaad anti-missile system by 8.3%. Gains “could last for one Large-cap stocks also benefi t- the US in Korea. Gulf Times 4 Wednesday, December 28, 2016 BUSINESS Tepco, investors discuss fi rst bond sale since 2011 Fukushima nuclear calamity

Reuters year would have been ideal,” Tokyo Hiroaki Hayashi, director of the investment department at Fukokushinrai Life Insurance Tokyo Electric Power (Tepco) Co said. is gauging demand for its Seen as unrealistic only first bond off ering since the weeks ago, Tepco has a better 2011 Fukushima nuclear chance of raising debt after calamity, with some market a government panel recently participants expecting a sale updated its estimates on as early as February, people what compensation the familiar with the plans said. company owes and how costs Once-sceptical investors for decommissioning the are now more comfortable wrecked Fukushima plant will with the utility’s outlook be shared. after government moves to Tepco was once Asia’s biggest reassess decommissioning electricity utility and one of and compensation costs, Japan’s largest corporate bankers and investors who borrowers. asked not to be identified told But the March 2011 nuclear A pedestrian walks past the Toshiba Corp headquarters in Tokyo. The Japanese company, which paid a record fine a year ago for its book-keeping practices, warned that it may Thomson Reuters DealWatch. crisis at Fukushima, now have to take another charge of several billion dollars related to an acquisition made by US unit Westinghouse Electric. Tepco is likely to have to sparked by an earthquake pay investors a 1 percentage and tsunami, brought the point premium above company to its knees. Japanese government bonds, Before the calamity, Tepco considered a rich yield was a frequent bond issuer pick-up, as potential buyers with a credit rating as high see an implicit government as the government, and guarantee for the basically considered a corporate nationalised company, the benchmark. Toshiba may book big people said. It has ¥3.45tn of bonds That’s about three times more outstanding with ¥625bn due yield pick-up than on other in 2017 and ¥570bn due in electric utility bonds, they 2018, according to its website. said. In the year starting April While the sale’s size has 2010, which ended with the not been decided, potential meltdowns at its Fukushima loss on US acquisition; maturities are three-, five- and Daiichi station, Tepco sold 10-years, the people said. ¥235bn of bonds, slightly less The company was in than a year earlier. discussions last year with The Fukushima losses caused investors to sell as much as its credit rating to be cut ¥330bn ($2.8bn) of bonds. to junk by most agencies A Tepco spokesman said and led to a bailout by the shares plunge 12% the company plans to issue government, which took a bonds by the end of March controlling 50.1% stake. Bloomberg er NHK said the charge may total as much “This issue came to my attention in the ing to CMA data. The contracts were at but declined to comment on With the government Tokyo as ¥500bn. Such a loss would eclipse the middle of December, after we received 84.4 basis points on Monday. specific target dates or sizes. considering splitting Tepco’s ¥168bn in net income that analysts had a large amount of data in a report from The company will seek help with fi - The timing could be pushed nuclear business and been projecting for Toshiba’s current fi s- Westinghouse,” Toshiba President Satoshi nancing from banks after confi rming its back as the Japanese forming alliances with other oshiba Corp can’t get past its ac- cal year through March. Tsunakawa said at a briefi ng in Tokyo yes- needs, Chief Financial Offi cer Masayoshi government wants Tepco atomic operators, the issue counting problems. The Japanese The Tokyo-based company booked a terday. Tsunakawa said the company is Hirata said at the briefi ng, without giving to delay the bond sale of restarting the utility’s Tcompany, which paid a record fi ne loss of ¥460bn last year. exploring capital policy options and may further details. until after April, when legal Kashiwazaki Kariwa nuclear a year ago for its book-keeping practices, While the company can probably off - reconsider the role of nuclear business in Toshiba shares had climbed 77% this changes that let it give plant, the world’s biggest, has warned that it may now have to take an- set a one-time loss of ¥100bn, a charge the future. year through Monday as the company re- more financial support to faded. other charge of several billion dollars re- of ¥500bn would be “severe” given its The company underestimated costs of covered from an accounting scandal that the utility are enacted, said While oil and gas prices lated to an acquisition made by US unit potential impact on shareholders’ equity, projects in the US, Mamoru Hatazawa, claimed the jobs of three presidents, led to a person familiar with the have risen in recent weeks, Westinghouse Electric. said Takao Matsuzaka, a credit analyst in Toshiba’s executive offi cer in charge of record losses and prompted the company government’s thinking. they are still well below The company’s shares fell 12% to ¥392 Tokyo at Daiwa Securities Group. the nuclear business said at the briefi ng. to cut staff and sell off businesses. The But the company may have highs in the aftermath of the at the close in Tokyo yesterday, the biggest “It comes down to how much they can While Toshiba is evaluating the exact rea- conglomerate, which makes everything to hurry as gains in financial nuclear disaster that led to a decline since December 2015, after earlier counterbalance any loss,” Matsuzaka said sons, much of miscalculation centred on from refrigerators, chips and computers markets since Donald Trump’s shutdown of most of Japan’s reports that it may book a loss of as much by phone. “Improving the fi nancial base the local cost of labour and the amount of to nuclear power equipment, is also being election as US president may reactors, so Tepco’s costs as ¥500bn ($4.3bn). Toshiba issued a of the company is a top priority.” materials needed, Hatazawa said. sued by shareholders accusing it of mis- falter, said one investor. remain manageable. statement after the market closed, saying Toshiba didn’t elaborate further in Toshiba’s bond risk jumped by the most leading them about its fi nances. “If investors switch to risk-off Tepco is aiming to sell the that while the fi nal write-down was yet to Tuesday’s statement to the Tokyo Stock in more than 10 months after the me- Toshiba was fi ned a record ¥7.4bn in mode because of a waning debt through a unit in charge be determined, it would aff ect earnings. Exchange, other than to say that the dia reports yesterday. The cost to protect December last year after Japanese regu- of the Trump rally in the New of its power transmission The loss is related to a dispute over the write-down would exceed an initially an- against non-payment for Toshiba rose 50 lators found the manufacturer misled in- Year or the market enters an business, Tepco Power Grid value of an acquisition by Westinghouse ticipated amount of $87mn, and would basis points to 135 basis points in Tokyo, vestors by fi ling false fi nancial statements. adjustment phase, selling Inc, to separate risks from of a nuclear construction company called probably be in the billions. The increase in according to data from a credit-default The watchdog has also been gathering bonds may be more diff icult, operations dealing with the CB&I Stone & Webster. The Nikkei news- charges is related to project costs incurred swap trader, who asked not to be identi- evidence to determine whether to seek so an issue by the end of this disaster. paper said the write-down would come to by CB&I Stone & Webster, which was ac- fi ed. The company’s CDS are on course for criminal prosecutions of former bosses about ¥100bn, while Japanese broadcast- quired by Westinghouse in January. the biggest gain since February 8, accord- over the scandal. Tokyo equities snap Sensex rebounds; rupee weakens 3-day losing streak Agencies Mumbai AFP “The financial markets seem to have Hong Kong already priced in expectations toward a Trump presidency, and are shifting he market notched up its biggest toward a market that’s waiting to single-session rally in about Tokyo stocks ended a three-day gauge his actual policies,” Hideyuki Tthree weeks yesterday to end decline yesterday as a sliding yen Ishiguro, a senior strategist at Daiwa above the 26,000-mark as the Sensex encouraged investors to look for Securities in Tokyo, told Bloomberg rebounded by over 406 points after fi - bargains, but several Asian markets News. “We also have a lack of market nance minister Arun Jaitley underlined remained closed for the long holiday participants with overseas markets the need to have globally compatible weekend. closed.” tax rates to broad-base the economy. Japanese stocks eked out a small rise, Japan released data yesterday He has also gone to great lengths although Toshiba shares dived nearly showing consumer prices fell for the to allay market fears that the govern- 12% on reports it is likely to record ninth straight month in November, ment has no intention to impose tax a huge special loss related to a US as the nation struggles to shake on long-term capital gains on share subsidiary’s acquisition of a nuclear off deflation that has plagued its earnings. The broader NSE Nifty too power service company. economy. rebounded from a 7-month low, which The company is expected to post a Core consumer prices declined 0.4% was hit on Monday, as it went past the roughly ¥100bn ($850mn) one-time on-year, the internal aff airs ministry 8,000-mark. loss for the fiscal year ending March said. The benchmark Sensex opened higher 2017, the leading business daily Nikkei Crude built on recent gains with both and closed at 26,213.44, a gain of 406.34 reported. West Texas Intermediate and Brent points, or 1.57%, its biggest single-ses- On forex markets, the yen weakened gaining ground. sion rally since December 8 when it had against the dollar and remains 15% Prices have been boosted after Opec gained 457.41 points. It had dropped by down from a high in August, despite announced at the end of last month 233.60 points on Monday, hit by talk of The rupee closed at 68.06 per US dollar yesterday, a level last seen on December 5, down 0.47% from its a small rise last week against the US its members would slash output by higher taxation after Prime Minister’s previous close of 67.74 currency. 1.2mn barrels per day beginning in remarks on securities market. But while Tokyo recorded a very January. The NSE 50-share Nifty recov- pharmaceutical, FMCG, metal and oil Rs1,095.04 crore on Monday, as per the foreign institutional investors have modest 0.03% gain, Shanghai drifted Earlier in December, non-Opec ered 124.60 points, or 1.58%, to end and gas stocks on value-buying fuelled provisional data. Overseas, European sold a combined of over $9.72bn in lo- lower, ending the day down 0.25%. members approved cuts totalling at 8,032.85 after moving in a range of the rally. However, concerns remained stocks were trading higher as key indi- cal equity and debt markets. So far this South Korean shares rose 0.22%. 558,000 barrels per day. 8,044.65 to 7,903.70. A higher opening as the rupee depreciated to to again ces like Frankfurt, Paris and London’s year, foreign institutional investors Hong Kong, Sydney and Wellington However, analysts sounded a note of in Europe and a mixed closing at other breach the 68-mark against the dol- FTSE rose by up to 0.14%. have bought $3.44bn in equities and were closed for public holidays. caution. Asian markets too off ered some cues. “... lar during the day. Out of the 30-share Meanwhile the rupee yesterday sold $6.61bn in debt. Energy companies were among the “Questions remain on whether the what you need is a broader base of econ- Sensex pack, 29 ended higher. weakened to three-week low against Asian currencies were trading lower. losers in Shanghai but China’s state- rally will continue because unless omy for which you need a lower level of ITC emerged as the top gainer by the US dollar after foreign institutional South Korean won was down 0.49%, backed builders extended a rally the there are new bullish items, the taxation. You need to manufacture prod- surging 4.02%, followed by Tata Steel investors continued to sell in the local Thai Baht 0.39%, Taiwan dollar 0.21%, day after the Ministry of Transport market may see more uncertainties ucts and provide services which are more (3.23%). Other major gainers were Ada- equity and debt markets. Fall in Asian Japanese yen 0.18%, Philippines peso announced ambitious plans to spend in the long term,” said Will Yun, a competitive in character and therefore, ni Ports (2.87%), ICICI Bank (2.25%), currencies markets also dampened the 0.12%, Malaysian ringgit 0.11%, Indo- 1.8tn yuan ($259bn) on highways and Seoul-based commodities analyst at your taxes have to be globally compat- Lupin (2.13%) and SBI (1.88%). sentiment. nesian rupiah 0.08%, Singapore dollar waterways in 2017. Hyundai Futures Corp, according to ible,” Jaitley had said earlier. FMCG went up by 2.55%, followed The rupee closed at 68.06 per US 0.08% and China Renminbi 0.05%. Trading is expected to be light this Bloomberg. Sentiment changed for the better by metal 2.46%, consumer durables dollar — a level last seen on December The 10-year bond yield gained for week as financial markets end a In Tokyo, the Nikkei 225 up 0.03% after Jaitley clarifi ed that the govern- (2.05%) and healthcare (1.73%). Tracking 5, down 0.47% from its previous close the fourth consecutive sessions and hit volatile year, with US stocks near a to 19,403.06 points; Shanghai — ment has no intention to impose tax the overall trend, broader markets saw of 67.74. The home currency opened six-week high. It closed at 6.615% — a record high following the surprise Composite down 0.25% to 3,114.66 on long-term capital gains, triggering buying by retail investors, which helped at 67.81 against the US dollar and level last seen on November 11, com- US election victory of Donald Trump, points and Hong Kong — Hang Seng buying by investors, which saw the mid-cap and small-cap indices move up touched a low of 68.08 — a level last pared to Monday’s close of 6.574%. with the Dow tantalisingly close to down 0.28% to 21,574.76 points at the indices regain key levels, traders said. by 1.71% and 1.49%, respectively. Mean- seen on December 6. So far this year, Bond yields and prices move in oppo- breaking the 20,000 barrier. close yesterday. Recovery, particularly in beaten-down while, foreign funds sold shares worth it has fallen 2.9%. Since November 8, site directions. Gulf Times Wednesday, December 28, 2016 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 6.07 0.50 2,503,565 Boubyan Intl Industries Hold 24.50 2.08 2,699,720 Dhofar Beverages Co 0.26 0.00 - Solidarity Saudi Takaful Co 8.56 0.12 1,016,175 Gulf Investment House Ksc 31.50 0.00 4,187,524 Construction Materials Ind 0.03 0.00 - Amana Cooperative Insurance 8.45 -0.35 1,676,386 Boubyan Bank K.S.C 395.00 -1.25 155,750 Computer Stationery Inds 0.26 0.00 - Alabdullatif Industrial Inv 15.38 3.22 676,822 Ahli United Bank B.S.C 194.00 0.00 212,200 Bankmuscat Saog 0.47 3.52 1,459,599 Saudi Printing & Packaging C 20.52 0.84 4,248,793 Osos Holding Group Co 126.00 0.00 93 Bank Sohar 0.16 -0.62 1,123,999 Sanad Cooperative Insurance 15.23 0.00 - Al-Eid Food Ksc 0.00 0.00 - Bank Nizwa 0.08 0.00 770,325 Saudi Paper Manufacturing Co 10.49 1.75 3,584,301 Qurain Petrochemical Industr 232.00 0.00 130,165 Bank Dhofar Saog 0.23 0.00 57,435 Alinma Bank 15.19 1.47 47,277,124 Advanced Technology Co 0.00 0.00 - Areej Vegetable Oils 4.05 0.00 - Almarai Co 67.76 0.39 219,631 Ekttitab Holding Co Sak 38.00 0.00 40,110 Aloula Co 0.53 0.00 - Falcom Saudi Equity Etf 28.00 0.00 167,901 Kout Food Group Ksc 0.00 0.00 - Al-Omaniya Financial Service 0.29 0.00 - QATAR United International Transpo 33.55 0.72 210,719 Real Estate Trade Centers Co 27.00 -8.47 5,000 Al-Hassan Engineering Co 0.06 0.00 64,824 Hsbc Amanah Saudi 20 Etf 26.60 0.00 - Acico Industries Co Kscc 270.00 0.00 35,000 Al-Fajar Al-Alamia Co 0.75 0.00 - Company Name Lt Price % Chg Volume Saudi International Petroche 18.56 3.11 704,943 Kipco Asset Management Co 97.00 -3.00 205,631 Al-Anwar Ceramic Tiles Co 0.17 0.00 73,000 Falcom Petrochemical Etf 26.20 0.00 30 National Petroleum Services 820.00 1.23 8,000 Al Suwadi Power 0.18 0.00 - Zad Holding Co 83.00 0.00 2,771 Saudi United Cooperative Ins 22.51 -2.60 1,320,292 Alimtiaz Investment Co Kscc 102.00 6.25 23,697,172 Al Shurooq Inv Ser 1.04 0.00 - Widam Food Co 65.00 0.00 18 Bank Al-Jazira 14.49 2.40 5,081,505 Ras Al Khaimah White Cement 90.00 0.00 2,203 Al Sharqiya Invest Holding 0.14 -0.71 72,500 Vodafone Qatar 9.25 -1.60 1,429,689 Al Rajhi Bank 63.13 0.21 3,109,611 Kuwait Reinsurance Co Ksc 180.00 0.00 520 Al Maha Petroleum Products M 1.47 2.08 60,000 United Development Co 20.10 0.10 103,001 Samba Financial Group 24.99 5.04 1,584,073 Kuwait & Gulf Link Transport 68.00 6.25 2,205,008 Al Maha Ceramics Co Saoc 0.50 0.00 50,000 Salam International Investme 11.05 0.27 37,030 United Electronics Co 25.89 2.21 359,121 Human Soft Holding Co Ksc 2,500.00 4.17 200,348 Al Madina Takaful Co Saoc 0.07 1.43 127,002 Qatar & Oman Investment Co 10.00 0.00 15,209 Allied Cooperative Insurance 15.17 3.76 3,442,814 Automated Systems Co Kscc 244.00 -0.81 19,850 Al Madina Investment Co 0.06 1.79 212,282 Qatar Navigation 95.00 0.21 94,470 Malath Cooperative & Reinsur 8.70 1.52 4,205,330 Metal & Recycling Co 68.00 0.00 10,001 Al Kamil Power Co 0.31 0.00 - Qatar National Cement Co 85.40 -0.35 2,255 Alinma Tokio Marine 18.95 0.53 1,132,138 Gulf Franchising Holding Co 30.00 0.00 356 Al Jazerah Services -Pfd 0.55 0.00 - Qatar National Bank 161.50 0.75 46,095 Arabian Shield Cooperative 41.28 -2.25 3,182,795 Al-Enma’a Real Estate Co 37.50 0.00 631,920 Al Jazeera Steel Products Co 0.24 0.00 59,100 Qatar Islamic Insurance 50.70 0.00 2,550 Savola 39.94 1.01 712,950 National Mobile Telecommuni 1,120.00 0.00 168 Al Jazeera Services 0.20 0.51 192,510 Qatar Industrial Manufactur 44.30 0.68 11,420 Wafrah For Industry And Deve 25.99 0.89 601,189 Al Bareeq Holding Co Kscc 0.00 0.00 - Al Izz Islamic Bank 0.07 1.43 353,669 Qatar International Islamic 62.50 -0.16 33,824 Fitaihi Holding Group 13.28 2.87 1,149,008 Housing Finance Co Sak 0.00 0.00 - Al Buraimi Hotel 0.88 0.00 - Qatari Investors Group 57.60 -1.54 48,200 Tourism Enterprise Co/ Shams 33.23 1.47 614,905 Al Salam Group Holding Co 48.50 -2.02 3,139,549 Al Batinah Power 0.18 0.00 209,722 Qatar Islamic Bank 102.60 0.10 32,904 Sahara Petrochemical Co 14.54 2.18 3,037,336 United Foodstuff Industries 0.00 0.00 - Al Batinah Hotels 1.13 0.00 - Qatar Gas Transport(Nakilat) 22.90 0.35 61,501 Herfy Food Services Co 79.16 0.19 106,179 Al Aman Investment Company 49.50 0.00 175,300 Al Batinah Dev & Inv 0.10 0.00 20,000 Qatar General Insurance & Re 47.00 -0.53 17,000 Mashaer Holdings Co Ksc 0.00 0.00 - Al Anwar Holdings Saog 0.19 -0.53 497,128 Qatar German Co For Medical 10.05 -1.47 24,723 Manazel Holding 28.00 0.00 983,603 Ahli Bank 0.19 -1.04 435,756 Qatar Fuel Qsc 145.20 0.76 9,990 Mushrif Trading & Contractin 0.00 0.00 - Acwa Power Barka Saog 0.71 0.00 - Qatar First Bank 9.98 2.36 1,103,244 KUWAIT Tijara And Real Estate Inves 48.50 3.19 114,550 Abrasives Manufacturing Co S 0.05 0.00 - Qatar Electricity & Water Co 218.60 -0.36 6,653 Kuwait Building Materials 190.00 0.00 393,000 A’saff a Foods Saog 0.80 -2.44 103,024 Qatar Cinema & Film Distrib 27.45 0.00 - Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 770.00 -1.28 273,000 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Insurance Co 82.20 0.49 14,512 Commercial Real Estate Co 81.00 0.00 56,600 Ooredoo Qsc 100.00 -1.48 79,215 Securities Group Co 89.00 4.71 50 Future Communications Co 80.00 0.00 44,300 National Leasing 15.30 -3.23 176,321 Sultan Center Food Products 59.00 0.00 518,074 National International Co 62.00 0.00 1,132,925 Mazaya Qatar Real Estate Dev 14.00 1.16 295,456 Kuwait Foundry Co Sak 182.00 1.11 69,915 Taameer Real Estate Invest C 22.00 4.76 745,000 UAE Mesaieed Petrochemical Holdi 15.60 0.00 67,376 Kuwait Financial Centre Sak 83.00 0.00 499,789 Gulf Cement Co 74.00 0.00 70,000 Al Meera Consumer Goods Co 176.50 -1.40 3,748 Ajial Real Estate Entmt 190.00 -2.06 45,000 Heavy Engineering And Ship B 172.00 1.18 71,718 Company Name Lt Price % Chg Volume Medicare Group 63.00 0.00 9,374 Gulf Glass Manuf Co -Kscc 305.00 0.00 1,000,000 Refrigeration Industries & S 315.00 0.00 700 Mannai Corporation Qsc 78.90 -0.13 9,236 Kuwait Finance & Investment 42.00 5.00 438,135 National Real Estate Co 106.00 1.92 7,114,426 Waha Capital Pjsc 1.82 0.55 934,866 Masraf Al Rayan 37.15 -0.40 377,549 National Industries Co Ksc 210.00 1.94 150,422 Al Safat Energy Holding Comp 34.00 0.00 114,282 United Insurance Company 2.00 0.00 - Al Khalij Commercial Bank 16.89 0.48 19,222 Kuwait Real Estate Holding C 24.50 2.08 17,000 Kuwait National Cinema Co 1,160.00 -1.69 16,975 United Arab Bank Pjsc 1.60 0.00 - Industries Qatar 116.50 0.00 53,216 Securities House/The 43.50 -2.25 3,808,158 Danah Alsafat Foodstuff Co 87.00 -1.14 413,314 Union National Bank/Abu Dhab 4.52 0.00 179,263 Islamic Holding Group 61.10 -1.45 2,744 Boubyan Petrochemicals Co 500.00 3.09 163,921 Independent Petroleum Group 365.00 0.00 185 Union Insurance Co 1.86 0.00 - Gulf Warehousing Company 55.20 0.00 39,865 Al Ahli Bank Of Kuwait 300.00 0.00 8,632 Kuwait Real Estate Co Ksc 62.00 1.64 969,342 Union Cement Co 1.09 0.00 - Gulf International Services 31.00 -0.16 31,512 Ahli United Bank (Almutahed) 405.00 0.00 9,100 Salhia Real Estate Co Ksc 360.00 -1.37 75,000 Umm Al Qaiwain Cement Indust 0.90 0.00 - Ezdan Holding Group 15.13 -2.45 1,201,525 National Bank Of Kuwait 660.00 1.54 639,010 Gulf Cable & Electrical Ind 380.00 0.00 195,655 Sharjah Islamic Bank 1.50 0.67 200,000 Doha Insurance Co 18.45 -0.27 1,000 Commercial Bank Of Kuwait 410.00 0.00 2,211 Al Nawadi Holding Co Ksc 0.00 0.00 - Sharjah Insurance Company 3.85 0.00 - Doha Bank Qsc 34.40 -0.43 126,919 Kuwait International Bank 210.00 0.96 766,895 Kuwait Finance House 550.00 0.00 1,226,492 Sharjah Group 1.50 0.00 - Dlala Holding 20.90 -0.48 32,959 Gulf Bank 240.00 0.00 607,000 Gulf North Africa Holding Co 36.50 2.82 836,808 Sharjah Cement & Indus Devel 1.08 0.00 - Commercial Bank Qsc 31.00 0.00 168,950 Al-Massaleh Real Estate Co 40.00 0.00 3,500 Hilal Cement Co 0.00 0.00 - Ras Al-Khaimah National Insu 4.10 0.00 - Barwa Real Estate Co 33.00 -0.90 684,880 Al Arabiya Real Estate Co 30.00 0.00 1,041,127 Osoul Investment Kscc 60.00 5.26 23,087 Ras Al Khaimah White Cement 1.11 0.00 - Al Khaleej Takaful Group 20.93 1.11 10,461 Kuwait Remal Real Estate Co 66.00 -1.49 2,799,776 Gulf Insurance Group Ksc 620.00 0.00 35 Ras Al Khaimah Ceramics 2.40 0.84 567,175 Aamal Co 13.51 -0.37 3,202 Alkout Industrial Projects C 660.00 0.00 1,179 Kuwait Food Co (Americana) 2,600.00 0.00 74,055 Ras Al Khaimah Cement Co Psc 0.75 0.00 - A’ayan Real Estate Co Sak 64.00 -1.54 133,536 Umm Al Qaiwain Cement Indust 0.00 0.00 - Ras Al Khaima Poultry 3.45 0.00 - Investors Holding Group Co.K 23.50 2.17 2,734,448 Aayan Leasing & Investment 33.50 1.52 2,443,604 Rak Properties 0.67 0.00 2,175,319 Al-Mazaya Holding Co 110.00 0.00 599,829 Alrai Media Group Co Ksc 140.00 -2.78 28,000 Ooredoo Qsc 92.50 0.00 - SAUDI ARABIA Al-Madar Finance & Invt Co 0.00 0.00 - National Investments Co 97.00 1.04 1,439,493 Oman & Emirates Inv(Emir)50% 1.18 0.00 - Gulf Petroleum Investment 42.00 1.20 8,145,037 Commercial Facilities Co 160.00 2.56 221,825 Nbad Oneshare Msci Uae Ucits 6.26 0.00 - National Takaful Company 0.00 Company Name Lt Price % Chg Volume Mabanee Co Sakc 840.00 0.00 230,542 Taiba Kuwaiti Holding Co Ksc 0.00 0.00 - 0.90 - City Group 0.00 0.00 - Afaq Educational Services Co 0.00 0.00 - National Marine Dredging Co 4.30 0.00 - United Wire Factories Compan 25.87 4.10 321,500 Inovest Co Bsc 79.00 2.60 198,600 Kuwait Pillars For Financial 0.00 0.00 - National Investor Co/The 0.52 0.00 - Etihad Etisalat Co 24.50 -0.08 1,597,996 Kuwait Gypsum Manufacturing 95.00 0.00 6,645 Yiaco Medical Co. K.S.C.C 375.00 0.00 100,110 National Corp Tourism & Hote 2.80 0.00 - Dar Al Arkan Real Estate Dev 6.08 3.40 73,700,405 Al-Deera Holding Co 32.00 1.59 553,381 National Bank Of Umm Al Qaiw 3.00 0.00 - Saudi Hollandi Bank 0.00 0.00 - Alshamel International Hold 0.00 0.00 - National Bank Of Ras Al-Khai 4.86 -1.82 110,000 Rabigh Refining And Petroche 11.95 1.36 2,565,902 Mena Real Estate Co 19.50 -2.50 776,945 National Bank Of Fujairah 4.78 0.00 - Banque Saudi Fransi 27.10 1.88 399,179 National Slaughter House 0.00 0.00 - National Bank Of Abu Dhabi 9.85 0.41 232,791 Saudi Enaya Cooperative Insu 16.05 0.50 336,756 Amar Finance & Leasing Co 54.00 -5.26 300,000 OMAN Methaq Takaful Insurance 0.93 2.20 6,748,250 Manazel Real Estate Pjsc 0.59 -1.67 60,015,284 Mediterranean & Gulf Insuran 27.21 1.68 1,922,232 United Projects For Aviation 670.00 -1.47 4,500 Company Name Lt Price % Chg Volume Saudi British Bank 25.29 1.57 204,830 National Consumer Holding Co 0.00 0.00 - Invest Bank 2.25 2.27 2,450,000 Mohammad Al Mojil Group Co 12.55 0.00 - Amwal International Investme 24.50 11.36 4,261,698 Voltamp Energy Saog 0.49 0.00 161,786 Intl Fish Farming Co Pjsc 1.93 3.21 9,104,173 Red Sea Housing Services Co 30.40 0.73 108,936 Jeeran Holdings 49.00 0.00 12,200 United Power/Energy Co- Pref 1.00 0.00 - Insurance House 0.73 0.00 - Takween Advanced Industries 13.93 1.53 3,819,435 Equipment Holding Co K.S.C.C 59.00 0.00 10,632,252 United Power Co Saog 3.25 0.00 - Gulf Pharmaceutical Ind Psc 2.20 0.00 - Sabb Takaful 29.43 2.76 1,955,349 Nafais Holding 206.00 0.00 201,000 United Finance Co 0.16 0.00 - Gulf Medical Projects 3.00 0.00 - Saudi Arabian Fertilizer Co 74.50 0.42 160,178 Safwan Trading & Contracting 385.00 0.00 50,000 Ubar Hotels & Resorts 0.13 0.00 - Gulf Cement Co 0.90 0.00 - National Gypsum 13.39 3.00 1,028,221 Arkan Al Kuwait Real Estate 92.00 0.00 1,650 Takaful Oman 0.18 0.00 - Fujairah Cement Industries 1.11 0.00 - Saudi Ceramic Co 33.75 2.15 216,935 Gfh Financial Group Bsc 164.00 -1.20 1,733,356 Taageer Finance 0.12 0.00 - Fujairah Building Industries 1.56 0.00 - National Gas & Industrializa 33.30 1.52 340,100 Energy House Holding Co Kscp 43.50 -2.25 203,500 Sweets Of Oman 1.34 0.00 - Foodco Holding Pjsc 4.60 0.00 - Saudi Pharmaceutical Industr 40.46 2.53 346,055 Kuwait Slaughter House Co 136.00 0.00 5,500 Sohar Power Co 0.23 0.00 2,110 First Gulf Bank 12.70 0.40 480,520 Thimar 35.70 0.82 801,322 Kuwait Co For Process Plant 172.00 0.00 30,000 Sohar Poultry 0.21 0.00 - Finance House 1.73 0.00 - National Industrialization C 17.79 0.40 892,891 Al Maidan Dental Clinic Co K 1,220.00 0.00 500,000 Smn Power Holding Saog 0.71 0.00 - Eshraq Properties Co Pjsc 1.00 -2.91 8,539,745 Saudi Transport And Investme 57.02 3.20 1,031,677 National Ranges Company 27.00 1.89 2,405,432 Shell Oman Marketing - Pref 1.05 0.00 - Emirates Telecom Group Co 18.20 0.28 710,483 Saudi Electricity Co 23.00 1.81 8,845,851 Al-Themar Real International 0.00 0.00 - Shell Oman Marketing 1.98 0.77 55,000 Emirates Insurance Co. (Psc) 5.20 0.00 - Saudi Arabia Refineries Co 40.05 0.35 911,824 Al-Ahleia Insurance Co Sakp 455.00 5.81 7,370 Sharqiyah Desalination Co Sa 4.50 0.00 - Emirates Driving Company 7.00 0.00 - Arriyadh Development Company 22.85 -0.04 280,951 Wethaq Takaful Insurance Co 30.00 1.69 466,350 Sembcorp Salalah Power & Wat 0.23 -1.28 10,000 Dana Gas 0.54 -1.82 7,461,761 Al-Baha Development & Invest 13.50 0.00 - Salbookh Trading Co Kscp 67.00 -2.90 359,714 Salalah Port Services 0.63 0.00 - Commercial Bank Internationa 1.99 0.00 - Saudi Research And Marketing 34.54 2.34 1,666,078 Aqar Real Estate Investments 69.00 0.00 1,000 Salalah Mills Co 1.48 0.00 - Bank Of Sharjah 1.39 0.00 343,960 Aldrees Petroleum And Transp 38.98 1.91 238,846 Hayat Communications 47.50 0.00 11,000 Salalah Beach Resort Saog 1.38 0.00 - Axa Green Crescent Insurance 0.60 -4.76 61,500 Saudi Vitrified Clay Pipe Co 71.35 0.85 66,207 Kuwait Packing Materials Mfg 0.00 0.00 - Sahara Hospitality 2.50 0.00 - Arkan Building Materials Co 0.85 -3.41 83,966 Jarir Marketing Co 115.42 1.81 131,186 Soor Fuel Marketing Co Ksc 114.00 0.00 41,291 Renaissance Services Saog 0.25 0.00 30,050 Alkhaleej Investment 1.18 0.00 - Arab National Bank 22.29 1.78 442,570 Alargan International Real 172.00 0.00 200 Raysut Cement Co 1.48 0.00 5,200 Aldar Properties Pjsc 2.63 -0.38 1,200,942 Yanbu National Petrochemical 54.31 1.61 326,766 Burgan Co For Well Drilling 102.00 0.00 500 Port Service Corporation 0.23 0.00 - Al Wathba National Insurance 6.00 12.99 526,611 Arabian Cement 45.49 -0.13 797,126 Kuwait Resorts Co Kscc 82.00 -2.38 6,745,400 Phoenix Power Co Saoc 0.15 -0.68 282,500 Al Khazna Insurance Co 0.36 0.00 117,471 Middle East Specialized Cabl 8.33 1.96 8,735,271 Oula Fuel Marketing Co 120.00 1.69 18,913 Packaging Co Ltd 2.21 0.00 - Al Fujairah National Insuran 300.00 0.00 - Al Khaleej Training And Educ 20.37 2.31 1,328,963 Palms Agro Production Co 95.00 0.00 1 Ooredoo 0.66 0.61 402,748 Al Dhafra Insurance Co. P.S. 5.00 0.00 - Al Sagr Co-Operative Insuran 39.76 -0.05 873,267 Ikarus Petroleum Industries 39.00 1.30 511,871 Ominvest 0.51 0.00 150,000 Al Buhaira National Insuranc 2.35 0.00 - Trade Union Cooperative Insu 16.30 0.06 1,191,497 Mubarrad Transport Co 59.00 0.00 990,212 Oman United Insurance Co 0.33 0.61 133,379 Al Ain Ahlia Ins. Co. 55.00 0.00 - Arabia Insurance Cooperative 11.36 1.16 2,792,904 Al Mowasat Health Care Co 240.00 0.00 10,000 Oman Textile Holding Co Saog 0.31 0.00 - Agthia Group Pjsc 6.80 -2.16 122,540 Saudi Chemical Company 39.97 0.03 169,440 Shuaiba Industrial Co 275.00 0.00 20,000 Oman Telecommunications Co 1.53 0.66 175,638 Abu Dhabi Ship Building Co 2.83 0.00 - Fawaz Abdulaziz Alhokair & C 36.86 2.02 823,248 Hits Telecom Holding 41.50 0.00 1,091,608 Oman Refreshment Co 2.16 0.00 - Abu Dhabi Natl Co For Buildi 0.65 1.56 239,034 Bupa Arabia For Cooperative 127.29 -0.04 81,303 First Takaful Insurance Co 49.50 0.00 1,500 Oman Packaging 0.30 0.00 - Abu Dhabi National Takaful C 4.25 0.00 - Wafa Insurance 16.35 0.06 1,511,188 Kuwaiti Syrian Holding Co 29.50 1.72 305,001 Oman Orix Leasing Co. 0.13 0.00 - Abu Dhabi National Insurance 2.57 0.00 - Jabal Omar Development Co 74.74 0.01 2,114,042 National Cleaning Company 45.00 -2.17 2,537,160 Oman Oil Marketing Company 1.86 0.00 - Abu Dhabi National Hotels 3.20 10.34 170,000 Saudi Basic Industries Corp 93.11 0.88 3,562,596 Eyas For High & Technical Ed 0.00 0.00 - Oman National Engineering An 0.16 3.23 25,000 Abu Dhabi National Energy Co 0.52 -1.89 251,498 Saudi Kayan Petrochemical Co 9.00 1.24 9,380,186 United Real Estate Company 94.00 0.00 25,137 Oman Investment & Finance 0.20 0.00 196,000 Abu Dhabi Islamic Bank 3.76 0.80 43,532 Etihad Atheeb Telecommunicat 2.98 1.02 436,107 Agility 630.00 0.00 3,434,687 Oman Intl Marketing 0.52 0.00 - Co For Cooperative Insurance 111.07 0.97 83,069 Kuwait & Middle East Fin Inv 23.00 0.00 60,435 Oman Hotels & Tourism Co 0.40 0.00 - National Petrochemical Co 19.80 1.49 148,055 Fujairah Cement Industries 76.00 -1.30 1,073,000 Oman Foods International 0.00 0.00 - Gulf Union Cooperative Insur 11.54 1.32 602,624 Livestock Transport & Tradng 226.00 -4.24 2,097 Oman Flour Mills 0.70 0.00 - BAHRAIN Gulf General Cooperative Ins 15.71 1.88 1,087,449 International Resorts Co 27.50 0.00 240,020 Oman Fisheries Co 0.06 0.00 500 Basic Chemical Industries 25.33 1.32 469,803 National Industries Grp Hold 122.00 -1.61 3,552,111 Oman Fiber Optics 4.57 0.00 - Company Name Lt Price % Chg Volume Saudi Steel Pipe Co 1.77 Marine Services Co Ksc 0.00 Oman Europe Foods Industries 1.00 0.00 - 18.93 283,750 63.00 16,621 Zain Bahrain Bscc 0.11 -1.85 400,000 Buruj Cooperative Insurance 6.98 Warba Insurance Co -2.94 Oman Education & Training In 0.14 0.00 - 24.07 1,731,586 99.00 367 United Paper Industries Bsc 0.00 0.00 - Mouwasat Medical Services Co 0.00 Kuwait United Poultry Co 4.17 Oman Chromite 3.64 0.00 - 148.00 62,714 200.00 21,100 United Gulf Investment Corp 0.00 0.00 - Southern Province Cement Co -0.06 First Dubai Real Estate Deve 8.20 Oman Chlorine 0.49 0.00 - 82.45 54,611 66.00 10,947,276 United Gulf Bank 0.34 -10.00 5,000 Maadaniyah 1.58 Al Arabi Group Holding Co 1.59 Oman Ceramic Com 0.42 0.00 - 24.50 538,333 64.00 5,191,726 Trafco Group Bsc 0.24 0.00 65,197 Yamama Cement Co 1.11 Kuwait Hotels Sak 0.00 Oman Cement Co 0.46 0.00 10,000 22.80 143,686 0.00 - Takaful International Co 0.00 0.00 - Jazan Development Co 2.08 Mobile Telecommunications Co -1.20 Oman Cables Industry 1.50 1.01 19,000 10.80 1,659,592 410.00 2,861,242 Taib Bank -$Us 0.00 0.00 - Zamil Industrial Investment 0.52 Al Safat Real Estate Co 0.00 Oman Agricultural Dev 0.00 0.00 - 31.18 414,387 0.00 - Seef Properties 0.22 0.00 110,000 Alujain Corporation (Alco) 3.96 Tamdeen Real Estate Co Ksc 2.15 Oman & Emirates Inv(Om)50% 0.13 2.31 885,496 19.93 1,754,201 475.00 30,100 Securities & Investment Co 0.00 0.00 - Tabuk Agricultural Developme 2.47 Al Mudon Intl Real Estate Co 4.11 Natl Aluminium Products 0.19 0.00 - 11.61 3,023,497 38.00 4,330,230 National Hotels Co 0.00 0.00 - United Co-Operative Assuranc -0.99 Kuwait Cement Co Ksc -5.95 National Securities 0.10 0.00 - 12.97 1,017,656 395.00 21,658 National Bank Of Bahrain Bsc 0.71 0.00 10,000 Qassim Cement/The 0.37 Sharjah Cement & Indus Devel 0.00 National Real Estate Develop 5.00 0.00 - 67.75 15,155 79.00 350,000 Nass Corp Bsc 0.12 2.61 157,378 Saudi Advanced Industries 2.57 Kuwait Portland Cement Co 0.00 National Pharmaceutical 0.11 0.00 - 11.98 1,690,928 910.00 27,500 Khaleeji Commercial Bank 0.07 1.43 1,585,000 Kingdom Holding Co 0.24 Educational Holding Group 0.00 National Mineral Water 0.05 0.00 - 12.29 218,142 204.00 3,000 Ithmaar Bank Bsc 0.13 0.00 875,960 Saudi Arabian Amiantit Co 1.24 Bahrain Kuwait Insurance 0.00 National Hospitality Institu 0.00 0.00 - 8.14 1,102,870 0.00 - Investcorp Bank -$Us 8.10 0.00 25,000 Al Jouf Agriculture Developm 1.44 Asiya Capital Investments Co 1.59 National Gas Co 0.57 0.00 - 35.25 176,193 32.00 11,657 Inovest Co Bsc 0.21 0.00 19,586 Saudi Industrial Development 3.36 Kuwait Investment Co 1.18 National Finance Co 0.13 0.00 - 10.46 3,669,556 86.00 460,850 Gulf Monetary Group 0.00 0.00 - Bishah Agriculture 0.00 Burgan Bank 0.00 National Detergent Co Saog 0.70 0.00 - 69.75 - 310.00 304,185 Gulf Hotel Group B.S.C 0.64 0.00 10,000 Riyad Bank 2.54 Kuwait Projects Co Holdings 0.00 National Biscuit Industries 3.75 0.00 - 11.72 1,712,663 510.00 544,445 Gfh Financial Group Bsc 0.51 0.00 35,000 The National Agriculture Dev 1.02 Al Madina For Finance And In 1.15 National Bank Of Oman Saog 0.24 0.42 772,331 23.84 257,614 44.00 1,044,948 Esterad Investment Co B.S.C. 0.17 0.00 42,043 Halwani Bros Co 0.27 Kuwait Insurance Co 0.00 Muscat Thread Mills Co 0.11 0.00 - 62.74 25,708 255.00 10,000 Delmon Poultry Co 0.00 0.00 - Arabian Pipes Co 0.81 Al Masaken Intl Real Estate 6.25 Muscat National Holding 1.79 0.00 - 17.35 480,321 68.00 1,046,116 Bmmi Bsc 0.83 0.00 25,000 Eastern Province Cement Co 0.23 Intl Financial Advisors 0.00 Muscat Gases Company Saog 0.61 -0.65 67,337 34.55 35,049 31.00 2,873,962 Bmb Investment Bank 0.00 0.00 - Al Qassim Agricultural Co 1.61 First Investment Co Kscc 3.26 Muscat Finance 0.12 0.00 - 9.44 2,797,998 47.50 1,814,600 Bbk Bsc 0.39 2.09 10,000 Filing & Packing Materials M 1.08 Al Mal In 0.00 Majan Glass Company 0.19 0.00 - 35.52 416,209 vestment Company 20.00 2,807,818 Bankmuscat Saog 0.00 0.00 - Saudi Cable Co 1.16 0.00 Majan College 0.51 0.00 - 6.12 1,698,594 Bayan Investment Co Kscc 33.50 2,623,534 Banader Hotels Co 0.07 0.00 33,386 Tihama Advertising & Public 9.97 0.00 Hsbc Bank Oman 0.12 1.69 2,261,662 34.09 5,518,441 Egypt Kuwait Holding Co Sae 176.00 10,000 Bahrain Tourism Co ` 0.00 - Saudi Investment Bank/The 3.05 0.00 Hotels Management Co Interna 1.25 0.00 - 15.20 515,781 Coast Investment Development 38.00 920,000 Bahrain Telecom Co 0.28 0.00 20,000 Astra Industrial Group 1.88 0.00 Gulf Stone 0.11 0.00 - 17.37 373,245 Privatization Holding Compan 43.50 258,468 Bahrain Ship Repair & Engin 0.00 0.00 - Saudi Public Transport Co 4.61 0.00 Gulf Plastic Industries Co 0.00 0.00 - 15.20 7,342,703 Kuwait Medical Services Co 0.00 - Bahrain National Holding 0.00 0.00 - Taiba Holding Co 3.16 1.35 Gulf Mushroom Company 0.34 0.00 - 40.16 457,179 Injazzat Real State Company 75.00 35,000 Bahrain Kuwait Insurance 0.00 0.00 - Saudi Industrial Export Co 1.37 0.00 Gulf Investments Services 0.11 0.00 144,970 35.43 704,548 Kuwait Cable Vision Sak 0.00 - Bahrain Islamic Bank 0.13 6.67 206,321 Saudi Real Estate Co 0.65 0.00 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - 26.22 245,688 Sanam Real Estate Co Kscc 31.00 10 Bahrain Flour Mills Co 0.00 0.00 - Saudia Dairy & Foodstuff Co -0.16 2.63 Gulf International Chemicals 0.29 0.00 59,400 124.79 9,905 Ithmaar Bank Bsc 39.00 18,399,879 Bahrain Family Leisure Co 0.00 0.00 - National Shipping Co Of/The 0.86 3.42 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - 43.22 900,132 Aviation Lease And Finance C 242.00 1,667,812 Bahrain Duty Free Complex 0.79 0.00 36,835 Methanol Chemicals Co 5.41 1.56 Global Fin Investment 0.17 0.00 - 7.60 9,382,848 Arzan Financial Group For Fi 32.50 821,016 Bahrain Commercial Facilitie 0.67 0.00 6,586 Ace Arabia Cooperative Insur 0.12 6.10 Galfar Engineering&Contract 0.10 -1.04 389,252 43.10 489,424 Ajwan Gulf Real Estate Co 43.50 2,249,026 Bahrain Cinema Co 1.29 0.00 2,000 Mobile Telecommunications Co 0.00 -1.19 Galfar Engineering -Prefer 0.39 0.00 - 8.45 5,447,023 Kuwait Business Town Real Es 41.50 3,619,606 Bahrain Car Park Co 0.00 0.00 - Saudi Arabian Coop Ins Co 1.54 0.00 Financial Services Co. 0.17 0.00 - 19.14 1,570,997 Future Kid Entertainment And 106.00 381 Arab Insurance Group(Bsc)-$ 0.33 0.00 150,000 Axa Cooperative Insurance 0.74 -3.61 Financial Corp/The 0.10 0.00 - 16.40 994,226 Specialities Group Holding C 80.00 500 Arab Banking Corp Bsc-$Us 0.34 0.00 20,000 Alsorayai Group 4.97 2.22 Dhofar University 1.49 0.00 - 10.56 2,734,217 Abyaar Real Eastate Developm 23.00 3,996,072 Aluminium Bahrain Bsc 0.32 6.00 60,500 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 0.49 0.00 243,940 Bank Albilad 3.46 0.00 Dhofar Poultry 0.18 0.00 - 21.24 1,696,573 Al-Dar National Real Estate 0.00 - Al-Salam Bank 0.11 3.92 3,717,000 Al-Hassan G.I. Shaker Co 2.54 1.39 Dhofar Intl Development 0.37 0.00 - 16.57 815,598 Kgl Logistics Company Kscc 73.00 3,069,604 Al-Ahlia Insurance Co 0.00 0.00 - Wataniya Insurance Co 1.41 -4.92 Dhofar Insurance 0.21 0.00 - 25.91 803,039 Combined Group Contracting 580.00 48,150 Ahli United Bank B.S.C 0.64 0.00 410,000 Abdullah Al Othaim Markets 94.97 0.23 22,675 Zima Holding Co Ksc 42.00 -2.33 336,000 Dhofar Fisheries & Food Indu 1.28 0.00 - Hail Cement 11.99 0.25 933,754 Qurain Holding Co 0.00 0.00 - Dhofar Cattlefeed 0.22 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times 6 Wednesday, December 28, 2016 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 19,971.03 +37.22 Apple Inc 117.56 0.89 7,149,225 S&P 500 Index 2,272.20 +8.41 Microsoft Corp 63.67 0.68 3,785,113 Nasdaq Composite Index 5,502.70 +40.01 Exxon Mobil Corp 90.94 0.25 1,193,669 S&P/Tsx Composite Index 15,328.15 -7.08 Johnson & Johnson 115.76 -0.17 863,062 Mexico Bolsa Index 45,265.74 +276.16 General Electric Co 31.95 0.20 3,896,351 Brazil Bovespa Stock Idx 58,598.93 -21.33 Jpmorgan Chase & Co 87.05 -0.01 1,849,593 Ftse 100 Index 7,068.17 +4.49 Procter & Gamble Co/The 84.53 -0.51 1,166,164 Cac 40 Index 4,848.60 +8.92 Wal-Mart Stores Inc 69.58 0.06 1,511,438 Dax Index 11,471.21 +21.28 Verizon Communications Inc 53.47 -0.39 1,841,456 Ibex 35 Tr 9,374.70 +7.00 Pfizer Inc 32.60 0.37 3,558,466 Nikkei 225 19,403.06 +6.42 Visa Inc-Class A Shares 78.48 0.42 1,082,538 Japan Topix 1,536.22 -1.92 Chevron Corp 118.52 0.08 660,214 Hang Seng Index 21,574.76 -61.44 Coca-Cola Co/The 41.67 0.17 1,490,748 All Ordinaries Indx 5,675.10 -16.68 Intel Corp 37.17 0.55 2,579,357 Nzx All Index 1,279.64 +4.58 Merck & Co. Inc. 60.04 0.80 1,569,244 Bse Sensex 30 Index 26,213.44 +406.34 Cisco Systems Inc 30.71 0.59 3,015,167 Nse S&P Cnx Nifty Index 8,032.85 +124.60 Home Depot Inc 135.08 0.02 709,269 Straits Times Index 2,885.76 +14.71 Intl Business Machines Corp 167.53 0.49 433,594 Karachi All Share Index 32,099.53 +180.56 Walt Disney Co/The 105.28 0.12 957,839 Jakarta Composite Index 5,102.95 +75.25 Unitedhealth Group Inc 163.63 0.37 344,685 3M Co 179.17 0.23 146,186 Mcdonald’s Corp 123.29 0.12 581,843 Nike Inc -Cl B 51.88 -0.07 2,032,123 TOKYO United Technologies Corp 110.90 0.23 226,359 Boeing Co/The 157.18 -0.40 497,769 Company Name Lt Price % Chg Goldman Sachs Group Inc 242.07 0.46 652,772 Rakuten Inc 1,164.00 0.52 4,737,400 American Express Co 75.04 0.09 423,804 Kyocera Corp 5,911.00 -0.49 851,100 Du Pont (E.I.) De Nemours 75.02 0.12 196,468 Nissan Motor Co Ltd 1,198.50 0.33 9,651,600 Caterpillar Inc 94.32 0.00 591,756 Hitachi Ltd 636.60 -0.38 10,344,000 Travelers Cos Inc/The 122.03 -0.07 174,378 Takeda Pharmaceutical Co Ltd 4,851.00 -0.08 1,814,600 Jfe Holdings Inc 1,818.50 -0.22 2,565,100 Ana Holdings Inc 318.70 -0.87 6,782,000 FTSE 100 Mitsubishi Electric Corp 1,609.00 -1.41 3,226,700 Sumitomo Mitsui Financial Gr 4,586.00 0.48 5,389,800 Company Name Lt Price % Chg Volume Honda Motor Co Ltd 3,497.00 0.06 4,165,800 Fast Retailing Co Ltd 43,620.00 0.65 358,200 Traders work at the Frankfurt Stock Exchange. The DAX 30 was up 0.2% at 11,472.24 points yesterday. Wpp Plc 1,795.00 -0.33 786,923 Ms&Ad Insurance Group Holdin 3,668.00 -0.22 1,304,700 Worldpay Group Plc 267.70 0.34 1,306,324 Kubota Corp 1,683.50 0.18 2,997,400 Wolseley Plc 4,939.00 0.08 149,065 Seven & I Holdings Co Ltd 4,487.00 -0.55 1,353,000 Wm Morrison Supermarkets 229.70 -0.09 4,444,620 Inpex Corp 1,194.50 -0.50 2,641,000 Whitbread Plc 3,762.00 1.57 274,791 Resona Holdings Inc 612.40 -0.18 9,906,300 Vodafone Group Plc 200.55 0.40 13,374,343 Asahi Kasei Corp 1,026.50 -1.11 2,253,000 United Utilities Group Plc 900.00 1.18 406,983 Kirin Holdings Co Ltd 1,938.50 -0.49 1,600,600 Unilever Plc 3,272.50 0.34 749,342 European stocks scrape Marubeni Corp 674.80 0.01 7,288,500 Tui Ag-Di 1,148.00 0.79 227,388 Mitsubishi Ufj Financial Gro 738.10 0.26 61,272,700 Travis Perkins Plc 1,462.00 -0.14 235,520 Mitsubishi Chemical Holdings 774.30 -0.06 2,915,400 Tesco Plc 205.85 1.06 5,327,145 Fanuc Corp 20,185.00 0.10 484,600 Taylor Wimpey Plc 153.90 -0.65 3,521,663 Daito Trust Construct Co Ltd 17,340.00 -0.57 200,900 Standard Life Plc 364.20 -0.52 1,208,721 Otsuka Holdings Co Ltd 5,088.00 0.16 882,600 Standard Chartered Plc 661.60 -0.33 2,002,064 out gains in thin trading Oriental Land Co Ltd 6,618.00 -0.62 429,400 St James’s Place Plc 998.50 0.50 187,026 Sekisui House Ltd 1,947.50 -0.43 2,126,600 Sse Plc 1,554.00 1.17 651,584 Secom Co Ltd 8,588.00 0.07 407,100 BMPS, whose shares are currently sus- Hyundai Futures Corp, according to Smith & Nephew Plc 1,203.00 0.25 710,263 AFP Tokio Marine Holdings Inc 4,859.00 -0.08 2,322,000 Bloomberg. Sky Plc 982.50 -0.61 5,071,081 Paris pended, and possibly on the banking Aeon Co Ltd 1,680.00 -1.12 1,562,700 Shire Plc 4,548.00 -0.32 333,225 sector”. Meanwhile, the Dow fl irted with Mitsui & Co Ltd 1,629.00 0.28 6,560,900 Severn Trent Plc 2,228.00 0.86 175,031 Most Italian banking shares fell, but 20,000 points once again yesterday, Kao Corp 5,651.00 0.44 1,247,500 Schroders Plc 2,985.00 0.57 70,377 rankfurt and Paris stocks scraped Milan’s FTSE-Mib index nevertheless while a plunge in the share price of Dai-Ichi Life Holdings Inc 1,956.00 0.31 3,141,100 Sainsbury (J) Plc 248.70 0.00 1,240,374 Mazda Motor Corp 1,973.50 -0.05 5,094,200 out gains in thin trading yester- managed to climb 0.2%. Toshiba caused ripples in otherwise Sage Group Plc/The 654.00 -0.23 509,145 Komatsu Ltd 2,689.50 -0.66 3,111,400 day while London remained shut Italy on Friday approved a state- placid trading. Sabmiller Plc 0.00 0.00 - F West Japan Railway Co 7,250.00 -0.52 599,000 over the Christmas holiday period. funded rescue of Tuscan lender BMPS In early trading it came as close as Rsa Insurance Group Plc 577.00 0.61 390,147 Murata Manufacturing Co Ltd 15,875.00 -0.63 505,600 Royal Mail Plc 456.20 0.20 629,756 The DAX 30 was up 0.2% at 11,472.24 without citing a specifi c fi gure. 20 points, but even positive consumer Kansai Electric Power Co Inc 1,308.00 -0.49 1,455,400 Royal Dutch Shell Plc-B Shs 2,321.00 -0.11 1,679,704 points, the CAC 40 climbed 0.2% to The move however is fraught with confi dence and robust housing price Denso Corp 5,203.00 0.12 882,600 Royal Dutch Shell Plc-A Shs 2,213.50 0.00 1,216,650 4,848.28 points and Milan’s FTSE political and economic complica- data failed to give the the Dow enough Sompo Holdings Inc 4,016.00 0.25 724,500 Royal Bank Of Scotland Group 231.10 1.36 7,650,491 Daiwa House Industry Co Ltd 3,226.00 -1.13 1,422,700 MIB gained 0.2% at 19,390.83 points, tions for a centre-left government of a push. Rolls-Royce Holdings Plc 680.50 -0.29 600,744 Jx Holdings Inc 496.90 0.12 10,911,000 whereas the Euro Stoxx 50 ended up preparing for an election in the next 15 The blue-chip index has been within Rio Tinto Plc 3,064.00 -0.55 695,603 Nippon Steel & Sumitomo Meta 2,636.00 -1.11 2,393,800 0.1% at 3,278.18 points. months. striking distance of the 20,000 land- Rexam Plc 0.00 0.00 - Suzuki Motor Corp 4,180.00 1.41 1,128,300 mark since mid-December, but has so Relx Plc 1,438.00 0.35 717,317 With little news to guide them, Eu- Crude added to its recent gains. Nippon Telegraph & Telephone 4,927.00 -0.38 2,192,100 Reckitt Benckiser Group Plc 6,811.00 -0.06 305,238 ropean investors were nervously eyeing Prices have been boosted after far failed to cross the line. Ajinomoto Co Inc 2,371.50 -0.59 1,892,200 Randgold Resources Ltd 5,835.00 0.78 182,323 the latest developments in Italy after Opec announced at the end of last US stocks have been pushing into Mitsui Fudosan Co Ltd 2,747.50 -0.56 2,637,000 Prudential Plc 1,605.00 0.06 1,262,734 troubled lender Banco Monte dei Pas- month its members would slash out- record territory following the surprise Ono Pharmaceutical Co Ltd 2,594.50 5.77 2,657,100 Provident Financial Plc 2,815.00 1.08 80,458 Daikin Industries Ltd 10,875.00 1.21 589,600 chi di Siena (BMPS) said the European put by 1.2mn barrels per day begin- US election victory of Donald Trump, Persimmon Plc 1,765.00 0.11 249,057 Bank Of Yokohama Ltd/The 0.00 0.00 - Central Bank said it needed a bailout of ning in January. with the tech-heavy Nasdaq com- Pearson Plc 817.00 -0.24 696,802 Toray Industries Inc 982.30 0.40 5,436,000 €8.8bn ($9.2bn). Earlier in December, non-OPEC posite striking yesterday an intraday Paddy Power Betfair Plc 8,700.00 -0.40 50,100 Astellas Pharma Inc 1,635.00 0.06 4,170,100 Old Mutual Plc 198.90 -0.80 3,420,351 The ECB’s reported need for recapi- members approved cuts totalling record high of 5,511.47 points. Bridgestone Corp 4,377.00 0.21 1,698,600 Next Plc 4,922.00 -0.55 111,269 talisation at BMPS is over €3bn more 558,000 barrels per day. However a 12% meltdown in Toshiba Sony Corp 3,324.00 -0.27 2,826,500 National Grid Plc 951.30 1.91 2,428,102 than previously judged necessary. “Questions remain on whether shares on speculation it may book a Hoya Corp 4,868.00 -0.12 587,900 Mondi Plc 1,605.00 0.19 236,937 “The news of the day is about Ban- the rally will continue because un- multi-billion-dollar loss over a US Sumitomo Mitsui Trust Holdin 4,367.00 0.28 2,113,200 Merlin Entertainment 447.90 1.17 318,987 Japan Tobacco Inc 3,922.00 -0.33 3,115,800 co Monte dei Paschi di Siena,” Daniel less there are new bullish items, the subsidiary’s acquisition of a nuclear Mediclinic International Plc 752.00 0.67 252,731 Osaka Gas Co Ltd 460.70 0.30 3,511,000 Larrouturou at Diamant Bleu Gestion market may see more uncertainties power service company livened up Marks & Spencer Group Plc 352.00 -0.85 1,684,054 Sumitomo Electric Industries 1,692.00 -0.06 1,984,900 in Paris told AFP. He said the higher in the long term,” said Will Yun, a trading in Tokyo, which nevertheless London Stock Exchange Group 2,844.00 0.53 155,363 Daiwa Securities Group Inc 740.50 -0.27 6,190,000 Lloyds Banking Group Plc 63.80 -0.31 29,315,559 bailout sum could “weigh heavily on Seoul-based commodities analyst at snapped a three-day decline. Softbank Group Corp 7,868.00 0.27 3,447,100 Legal & General Group Plc 247.00 0.32 5,391,866 Mizuho Financial Group Inc 215.70 0.37 136,289,000 Land Securities Group Plc 1,070.00 2.00 770,795 Nomura Holdings Inc 705.00 -0.62 17,573,400 Kingfisher Plc 346.70 -0.91 888,551 HONG KONG HONG KONG Daiichi Sankyo Co Ltd 2,380.00 -0.42 1,137,600 Johnson Matthey Plc 3,153.00 -0.57 171,653 Fuji Heavy Industries Ltd 4,834.00 0.21 2,128,200 Itv Plc 203.50 -0.15 4,253,207 Ntt Docomo Inc 2,660.50 -0.45 3,718,800 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 276.60 0.84 898,691 Sumitomo Realty & Developmen 3,176.00 -1.09 1,459,000 Intl Consolidated Airline-Di 457.20 1.40 2,523,358 Aluminum Corp Of China Ltd-H 3.11 0.32 7,392,400 Hong Kong & China Gas 13.60 -0.44 8,773,852 Sumitomo Metal Mining Co Ltd 1,505.50 -0.46 1,950,000 Intertek Group Plc 3,397.00 -0.50 75,287 Bank Of East Asia Ltd 29.80 -1.49 1,622,747 Hong Kong Exchanges & Clear 179.90 -0.61 4,473,792 Orix Corp 1,850.50 0.93 3,537,200 Intercontinental Hotels Grou 3,601.00 1.21 133,957 Bank Of China Ltd-H 3.35 -0.30 234,196,811 Hsbc Holdings Plc 62.20 -0.56 15,238,515 Asahi Group Holdings Ltd 3,712.00 -0.24 1,419,800 Inmarsat Plc 753.00 0.00 345,765 Bank Of Communications Co-H 5.46 -0.18 26,893,374 Hutchison Whampoa Ltd 0.00 0.00 - Keyence Corp 78,780.00 -0.44 173,600 Informa Plc 671.50 -0.07 635,459 Belle International Holdings 4.29 -1.38 11,206,456 Ind & Comm Bk Of China-H 4.49 0.00 314,231,264 Nidec Corp 10,145.00 0.05 569,600 Imperial Brands Plc 3,539.00 1.09 583,660 Boc Hong Kong Holdings Ltd 27.80 -0.18 11,743,974 Li & Fung Ltd 3.49 -3.86 25,907,468 Isuzu Motors Ltd 1,508.00 0.94 2,108,000 Hsbc Holdings Plc 646.50 -1.33 10,849,238 Cathay Pacific Airways 10.22 -0.20 1,878,092 Mtr Corp 37.30 -0.27 1,864,653 Unicharm Corp 2,563.00 -0.23 757,800 Hargreaves Lansdown Plc 1,220.00 0.41 156,226 Ck Hutchison Holdings Ltd 88.10 -0.73 4,194,707 New World Development 8.16 -0.37 7,589,478 Shin-Etsu Chemical Co Ltd 9,234.00 -0.51 743,100 Hammerson Plc 569.00 1.61 451,863 China Coal Energy Co-H 3.54 -1.94 13,667,018 Petrochina Co Ltd-H 5.81 -0.17 83,664,019 Smc Corp 28,065.00 -0.28 213,800 Glencore Plc 270.65 -0.50 9,256,564 China Construction Bank-H 5.62 3.12 578,380,650 Ping An Insurance Group Co-H 38.40 -0.52 26,677,096 Mitsubishi Corp 2,521.00 -0.06 6,076,300 Glaxosmithkline Plc 1,549.00 0.29 1,947,181 China Life Insurance Co-H 20.05 0.00 32,277,318 Power Assets Holdings Ltd 68.15 -0.29 1,410,044 Nintendo Co Ltd 24,555.00 0.00 2,363,800 Gkn Plc 330.50 -0.09 1,376,406 China Merchants Port Holding 18.86 -1.05 2,733,142 Sino Land Co 11.38 -0.52 4,176,594 Eisai Co Ltd 6,744.00 -0.49 540,900 Fresnillo Plc 1,112.00 -1.07 323,636 China Mobile Ltd 80.50 -0.49 13,139,625 Sun Hung Kai Properties 97.25 -0.66 2,826,017 Sumitomo Corp 1,399.00 0.39 2,573,900 Experian Plc 1,553.00 0.52 866,912 China Overseas Land & Invest 20.40 0.00 14,380,419 Swire Pacific Ltd - Cl A 73.10 -0.34 808,500 Canon Inc 3,416.00 -0.41 5,206,500 Easyjet Plc 1,035.00 0.88 339,165 China Petroleum & Chemical-H 5.48 -1.79 127,472,316 Tencent Holdings Ltd 179.70 -0.99 16,360,785 Japan Airlines Co Ltd 3,491.00 -0.51 998,000 Dixons Carphone Plc 349.70 0.03 1,430,309 China Resources Beer Holdin 14.64 -0.41 4,335,560 Wharf Holdings Ltd 50.25 -1.28 3,887,273 Direct Line Insurance Group 367.80 1.16 1,379,144 China Resources Land Ltd 17.32 -0.12 8,193,477 China Resources Power Holdin 12.02 -0.83 3,068,044 Diageo Plc 2,097.00 0.60 867,826 SENSEX Dcc Plc 6,055.00 -0.25 187,282 China Shenhua Energy Co-H 14.30 -0.56 22,098,994 GCC INDICES Crh Plc 2,734.00 0.51 262,362 China Unicom Hong Kong Ltd 8.98 0.79 34,306,844 Compass Group Plc 1,456.00 -0.07 1,257,321 Company Name Lt Price % Chg Citic Ltd 10.90 0.00 17,565,231 Indices Lt Price Change Coca-Cola Hbc Ag-Di 1,716.00 0.65 147,566 Clp Holdings Ltd 71.60 -0.76 1,944,637 Doha Securities Market Zee Entertainment Enterprise 436.30 1.04 1,021,874 10,304.77 -39.62 Centrica Plc 230.50 0.35 5,844,566 Cnooc Ltd 9.57 -1.24 57,341,712 Saudi Tadawul Yes Bank Ltd 1,128.00 2.41 1,702,692 7,257.17 +90.81 Carnival Plc 4,147.00 0.36 143,787 Cosco Shipping Ports Ltd 7.72 -1.15 2,199,673 Kuwait Stocks Exchange Wipro Ltd 465.20 2.00 587,929 5,745.04 +30.66 Capita Plc 520.50 3.69 1,609,427 Esprit Holdings Ltd 6.22 -1.27 890,313 Bahrain Stock Exchage Vedanta Ltd 214.65 2.92 11,602,611 1,211.33 +3.39 Burberry Group Plc 1,463.00 -0.61 589,566 Fih Mobile Ltd 2.43 -1.62 1,410,311 Oman Stock Market Ultratech Cement Ltd 3,156.55 2.20 270,568 5,760.95 +34.07 Bunzl Plc 2,088.00 0.14 227,941 Hang Lung Properties Ltd 16.08 -1.23 2,347,007 Abudhabi Stock Market Tech Mahindra Ltd 468.20 0.99 1,142,134 4,469.08 +13.28 Bt Group Plc 370.35 -0.16 4,158,835 Hang Seng Bank Ltd 143.90 -1.03 1,052,695 Dubai Financial Market Tata Steel Ltd 392.40 3.24 4,449,398 3,542.16 -9.75 British Land Co Plc 641.00 0.79 1,019,636 Henderson Land Development 40.50 -0.49 1,383,010 Tata Power Co Ltd 73.60 0.14 1,379,749 British American Tobacco Plc 4,558.00 0.25 538,997 Tata Motors Ltd 466.95 1.99 3,396,939 Bp Plc 503.00 0.00 7,576,779 Tata Consultancy Svcs Ltd 2,323.40 1.32 678,431 Bhp Billiton Plc 1,257.50 -1.02 2,158,275 Sun Pharmaceutical Indus 621.10 1.61 2,562,055 Berkeley Group Holdings/The 2,852.00 -0.18 280,879 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 248.75 1.86 9,635,360 Barratt Developments Plc 469.30 -1.41 1,465,790 Reliance Industries Ltd 1,064.70 1.65 4,547,585 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 224.95 -0.90 12,081,273 Punjab National Bank 116.00 0.83 9,694,698 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 593.50 0.08 2,077,267 Power Grid Corp Of India Ltd 181.05 1.26 2,700,082 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 944.00 0.53 357,063 Oil & Natural Gas Corp Ltd 190.30 0.69 6,683,302 this data.” Aviva Plc 480.30 -0.31 2,404,937 Ntpc Ltd 160.40 0.28 4,028,670 Astrazeneca Plc 4,407.00 1.49 671,203 Maruti Suzuki India Ltd 5,224.00 1.10 526,989 Associated British Foods Plc 2,699.00 -0.22 215,613 Mahindra & Mahindra Ltd 1,167.25 1.61 613,445 Ashtead Group Plc 1,567.00 -0.89 456,305 Lupin Ltd 1,446.10 3.08 913,015 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,355.60 1.35 1,124,309 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 675.50 0.52 595,893 DINAR DINAR Kotak Mahindra Bank Ltd 712.15 0.15 1,679,037 Anglo American Plc 1,125.50 -0.04 1,458,230 Itc Ltd 234.05 4.02 16,432,163 Admiral Group Plc 1,799.00 0.50 137,872 Infosys Ltd 998.95 1.65 2,588,926 3I Group Plc 695.00 1.16 350,476 Indusind Bank Ltd 1,063.35 0.27 1,232,298 #N/A 0.00 0.00 - Idea Cellular Ltd 70.00 0.86 5,243,189 Icici Bank Ltd 253.55 2.18 8,809,387 TOKYO Housing Development Finance 1,232.15 1.04 911,322 Hindustan Unilever Ltd 806.75 0.62 609,851 Hindalco Industries Ltd 155.55 2.67 11,835,341 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,034.95 0.91 153,474 East Japan Railway Co 10,250.00 -0.10 906,600 Hdfc Bank Limited 1,185.20 0.87 1,303,017 Itochu Corp 1,590.00 0.06 6,266,700 Hcl Technologies Ltd 804.85 1.83 532,660 Fujifilm Holdings Corp 4,471.00 -0.73 951,000 Grasim Industries Ltd 811.40 -0.42 643,157 Yamato Holdings Co Ltd 2,401.00 -0.68 868,500 Gail India Ltd 424.05 -1.04 1,940,480 Chubu Electric Power Co Inc 1,667.50 -0.80 1,371,100 Dr. Reddy’s Laboratories 3,034.95 1.64 145,126 Mitsubishi Estate Co Ltd 2,332.00 -1.37 2,106,000 Coal India Ltd 288.95 1.39 3,709,843 Mitsubishi Heavy Industries 538.90 -0.42 13,706,000 Cipla Ltd 563.65 1.57 1,152,754 Toshiba Corp 391.60 -11.62 17,008,000 Cairn India Ltd 242.55 2.95 1,433,333 Shiseido Co Ltd 3,016.00 0.57 809,800 Bosch Ltd 19,958.80 3.32 16,861 Shionogi & Co Ltd 5,543.00 -0.14 912,200 Bharti Airtel Ltd 299.60 1.18 2,398,230 Tokyo Gas Co Ltd 542.90 0.85 4,066,000 Bharat Petroleum Corp Ltd 615.55 2.21 1,155,499 Tokyo Electron Ltd 11,165.00 0.95 638,900 Bharat Heavy Electricals 119.25 1.75 2,867,077 Panasonic Corp 1,215.00 -0.65 6,529,900 Bank Of Baroda 149.90 1.73 4,975,188 Fujitsu Ltd 661.90 -0.11 8,689,000 Bajaj Auto Ltd 2,633.80 1.27 185,325 Central Japan Railway Co 19,485.00 -0.23 224,100 Axis Bank Ltd 437.65 1.31 4,905,526 T&D Holdings Inc 1,547.00 0.42 1,105,600 Asian Paints Ltd 876.00 0.94 912,726 Toyota Motor Corp 6,968.00 -0.33 5,654,700 Ambuja Cements Ltd 202.90 2.29 877,133 Kddi Corp 2,974.00 0.80 7,162,600 Adani Ports And Special Econ 266.95 2.67 5,765,313 Nitto Denko Corp 9,087.00 -0.10 419,900 Acc Ltd 1,294.80 0.83 131,890 Gulf Times Wednesday, December 28, 2016 11 BUSINESS

Lactalis launches buyout bid Monte dei Paschi says ECB to delist Parmalat wants it to get €8.8bn bailout Reuters Milan

AFP Rome France’s Lactalis, the world’s largest dairy firm, said yester- day it was launching a buyout taly’s troubled third-largest bank, off er for shares in Italian group Monte dei Paschi di Siena (BMPS), Parmalat it does not already Isaid yesterday that the European own, with the aim to delist the Central Bank has called for it to receive company from the Milan stock a bailout of €8.8bn ($9.2bn). exchange. The ECB’s reported need for recapi- The announcement comes as talisation at BMPS, the world’s oldest French media group Vivendi’s bank, is over €3bn more than judged raid on Silvio Berlusconi’s necessary just one month ago. broadcaster Mediaset has BMPS cited letters from the ECB rekindled concerns about Italian to the Italian ministry of fi nance and companies falling into foreign economy indicating that the results hands. of 2016 stress tests showed the capital Lactalis for years denied specu- needs of BMPS at €8.8bn. lation that it planned to delist The eurozone central bank also Parmalat, which was relaunched noted that the bank’s liquidity had de- in 2005 after going bankrupt teriorated between November 30 and following a financial scandal December 21. two years earlier, to have free Contacted by AFP yesterday, an rein in running the group. ECB spokeswoman said: “We don’t In a statement on Tuesday, make any comments on individual Sofil — the investment vehicle banks.” of the Besnier family that owns However Ignazio Angeloni, an Ital- Lactalis — said it would continue ian national on the ECB’s Supervisory to support Parmalat’s growth, Board, told the La Stampa daily that adding that this goal would be “a public intervention into a bank is easier to reach with a smaller always the last option, subject to very shareholder base. strict rules.” “Some investors may be think- He said BMPS’s managers had ing of keeping the shares to worked on various solutions to recapi- trigger an upwards revision talise the bank, which the ECB followed but 2 cents (above bid price) is closely, before coming to the conclu- nothing,” a Milan-based trader sion that “an intervention was neces- said. sary”. In the statement, Sofil said the According to the Italian economic buyout off er targeted 12.26% of newspaper Il Sole 24 Ore, the Italian Parmalat. The price represents government will need to invest some a premium of 8.5% on Parmalat €bn in the lender and the rest would be shares’ closing level of Decem- raised through the forced conversion of ber 23. bonds into equity. Lactalis took control of Par- “With these fi gures, the bank will in malat, Italy’s biggest listed food eff ect be nationalised, given that the company, in 2011 in a deal that state will own more than 67%,” the triggered fears in Rome over newspaper calculated. foreign takeovers. It said the ECB made the updated However, an Italian counter- calculation of BMPS’s capital needs on A pedestrian checks his smartphone in front of the Monte dei Paschi headquarters in Siena. The ECB’s reported estimate for recapitalisation at Monte dei Paschi is over bid for the food giant failed to Thursday, the day the bank confi rmed €3bn, more than judged necessary just one month ago. emerge. its eff ort to raise funds from private in- That takeover remains to this vestors. to borrowing costs which have ticked twice since 2014 and its share price has failing to resolve the problem of risky nearly pushed the country into a full- day a sore point with investors Italy on Friday approved a state- higher as a result of the current crisis. plunged 80% since the start of the year, loans sitting on bank books. scale crisis, with the country accepting and the Italian government. funded rescue of Tuscan lender BMPS Trading in BMPS shares is currently meaning it faced an uphill battle to win BMPS was estimated at having a 100-billion-euro bailout package in Criticism mounted after a big without citing a specifi c fi gure. suspended, but the Milan market was over investors. roughly €45bn in non-performing 2012 to clean up lenders’ books. chunk of Parmalat’s cash pile The move however is fraught with up 0.1% in early afternoon trading. Founded in Siena in 1472, BMPS has loans out of overall €360bn held by However Seufert said that “you can’t was used in 2012 to buy Lacta- political and economic complications NORD/LB bank analyst Michael been in trouble for years. Italian banks. draw conclusions about the health of lis’s sister unit LAG, a US cheese for a centre-left government pre- Seufert said the increased evaluation Weakened by the disastrous pur- Banks have to set aside more funds the overall Italian banking sector” from manufacturer, leading to an paring for an election in the next 15 of BMPS’s capital needs was a setback, chase in 2007 of the Antonveneta bank for possible losses on these loans, leav- BMPS. investigation into the deal. months. but noted that the “rescue had been put at twice the estimated value, it quickly ing them less funds to lend to other The principal danger for the sector The civil part of the case was The state plans to dip into a debt- off for too long.” drifted into scandal when its manage- clients, and thus acting as a drag on “is a weakening of economic growth shelved by an appeals court in financed €20bn war chest approved BMPS came in last in the ECB’s bank ment team was accused of fraud and growth in the overall economy. due to political uncertainty, which 2014, although a related crimi- by parliament last week, adding to It- stress tests this summer. misuse of funds. Concerns over the scale of non-per- would have negative repercussions for nal probe is still open. aly’s already massive debt burden and It has been forced to raise capital However, its main problem was Italy forming loans on bank books in Spain all Italian banks,” said Seufert. Wednesday, December 28, 2016 GULF TIMES BUSINESS GWC Integrated Management System receives ISO certification

Qatar’s leading logistics provider GWC re- “As an integral element of GWC’s Inte- tion’s systems and processes into one com- cently received certification for its Integrated grated Management System (IMS) policy, plete framework, enabling an organisation to Management System, renewing its suite of we are committed to provide excellent sup- work as a single unit with unified objectives. three international standards including the ply chain solutions in coordination with all In order to receive this certification, GWC GWC received Quality Management System ISO 9001:2008, the operations of our organisation, in order submitted to an audit of its documentation the certifi cation the Environmental Management System ISO to achieve customer satisfaction while and facilities to ensure compliance with all at a ceremony 14001:2004, and the Occupational Health complying with the international standards, three of these standards individually and in held in the and Safety Management System OHSAS legal and other statutory requirements,” coordination with each other. company’s 18001:2007 for all the company’s facilities and said Nassar. “At GWC, it is always a pleasure to of- headquarters business units. “Our dedicated quality, health, safety, and fer services, solutions and operations in on D-Ring Road The certification was awarded after a environment team ensures that our services accordance with the latest and highest surveillance audit performed by Lloyd’s remain the most reliable in the industry, international standards, all while remain- Register Quality Assurance, which presented while keeping a high degree of responsive- ing true to our passion of fostering the the certificate to the GWC senior director ness towards our clients’ needs,” he added. drive and tenacity to innovate and deliver, (Commercial Services) Naji Nassar, during a The international standard for the inte- thereby remaining the provider of choice in ceremony held in the company’s headquar- grated management systems measures how the State of Qatar and beyond,” said GWC ters at D-Ring Road, Doha. well a company integrates all of an organisa- Group CEO Ranjeev Menon.

FDI into GCC see Banks boost Saudi consistent decline over past stocks to year’s high; fi ve years: Kamco

By Santhosh V Perumal 2016 has put a virtual cap on Business Reporter infl ation numbers, according to the report. Private lending in the GCC oreign direct investment remains high as banks continue rest of Gulf sluggish (FDI) fl ows into the Gulf to roll out credit facilities with FCooperation Council limited and country-specifi c Banks had underperformed in initial with some foreign investors absent for The budget was generally viewed as ing its fi nancial results. Dubai’s index fell (GCC) have been on a consist- impact on their liquidity, it reaction to budget; Saudi Electricity New Year holidays. positive by analysts because it was mod- 0.3% to 3,542 points as DXB Entertain- ent decline over the past fi ve said. rises on power tariff hopes; much The Saudi index closed up 1.3% at estly expansionary while including a fur- ments pulled back 1.5%. years as Asia and the US turned The report also said the GCC activity focuses on smaller stocks; 7,257 points in its highest trading vol- ther cut to the defi cit. Abu Dhabi rose 0.3% to 4,469 points favourable destinations, ac- public debt is set to increase to drop by DXB Entertainments ume for two weeks, rising above tech- But the economic climate next year is on the back of a 0.9% gain by Abu Dhabi cording to a report. a level closer to international dampens Dubai; Egypt index closes nical resistance at this year’s previous expected to be diffi cult because of fresh Commercial Bank. “FDI fl ows into the GCC have standards. Debt levels in the flat but trade is heavy peak of 7,235 points hit in early Decem- austerity measures. Egypt’s blue-chip index closed fl at in declined consistently over the GCC, especially for Saudi Ara- ber. Saudi Electricity, which has been bu- heavy trading volume, with foreign inves- past fi ve years with a compound bia, Qatar and Kuwait continue Reuters The banking sector surged 1.8% as the oyed by plans in the budget to raise power tors net buyers by a small margin. annual growth rate of -15.3%,” a to remain at marginal levels Dubai biggest lender, National Commercial tariff s later this year, rose 1.8%. Egypt Gas Co surged 5.3% after it pre- Kamco Research found. as compared to international Bank, climbed 2.1%. Much activity focused on second- or dicted lower net profi t but higher rev- This is primarily because of standards. Banks underperformed the market in third-tier stocks favoured by local retail enues in 2017. “rerouting” of international However, in order to fund anking shares boosted Saudi Ara- the initial reaction to the 2017 state budg- investors, including Tihama Advertis- Elsewhere in the Gulf, the Kuwait index funds to other, more lucrative, expected future defi cits, even bia’s stock index yesterday to its et at the start of this week, when activity ing which jumped its 10% daily limit. rose 0.5% to 5,745 points, the Oman index emerging markets in Asia as these countries are increasingly Bhighest level this year, while other focused on other sectors including petro- It resumed trading this week after being gained 0.6% to 5,761 points and the Bah- well as the resurgence of the US tapping the debt market with a Gulf markets moved little in quiet trade chemicals. suspended because it delayed announc- rain index rose 0.3% to 1,211 points. as a “favourable” investment number of issuances currently destination in 2015, it said. in the pipeline, it added. Except for the UAE, none of Credit quality of GCC coun- the countries in the GCC re- tries remains relatively robust corded an increase in FDI since in most cases with buff ers in 2011, Kamco said, highlighting the form of sovereign wealth that the FDI infl ow was as high funds and foreign assets, as $45.4bn in 2010, which then which helps in reducing the fell to $29.5bn in 2011, $26.7bn overall cost of issuing debt, in 2012, $23.6bn in 2013, Kamco said. $23.1bn in 2014 and $19.8bn in On the equity market, it said 2015. oil price continues to drive sen- On inflation, Kamco said, timents in it across the GCC, it remains well within the as it has a direct implication on ideal range for the whole of state fi nances and investment GCC countries. “Although plans. prices are expected to increase After being in the red for higher than historical norms 2015, some equity markets in 2016 by 3.6%, it is expected were in the green zone in 2016 to decline to 2.6% in 2017,” it on the back of resilient corpo- added. rate earnings, it said, adding Moreover, since most of the investment in core sectors like currencies in the GCC are ei- real estate and construction, ther pegged to the US dollar or supported by ample liquidity the Greenback forms a signifi - in most banks in the GCC has cant portion of the peg basket, also supported markets so far the rising US dollar rates in this year.

Iran rial hits fresh record low against dollar

AFP sanctions in 2012 had a dev- A man walks past the main interior entrance to the Saudi Stock Exchange, also known as the Tadawul, in Riyadh. The Saudi index closed up 1.3% at 7,257 points yesterday in its Tehran astating impact on the rial – highest trading volume for two weeks, rising above technical resistance at this year’s previous peak of 7,235 points hit in early December. which fell to 35,000 to the dol- lar from around 10,000 just two ran’s currency plumbed years earlier. new lows against the dol- Experts say much of the QSE on negative trajectory for 3rd session on profit booking Ilar on Sunday, continuing current problem lies with the a six-month decline that has refusal of global banks to re- seen the rial lose some 17% of turn to Iran despite the end of By Santhosh V Perumal Market capitalisation was down about the tune of QR1.86mn compared with net The insurance sector’s trade volume its value despite the lifting of sanctions – making it diffi cult Business Reporter QR1bn or 0.15% to QR556.85bn with buyers of QR18.18mn on Monday. plummeted 67% to 0.05mn stocks, value sanctions. to secure trade and investment small and midcap equities losing 0.43% The GCC (Gulf Cooperation Council) by 63% to QR2.35mn and deals by 72% The rial was trading at deals. and 0.31%, even as large and microcaps institutions’ net buying weakened to to 44. 41,300 to the dollar, down “The big international banks Domestic institutions’ bearish outlook gained 0.07% and 0.05% respectively. QR1.11mn against QR7.37mn on December The market witnessed 60% shrinkage in from 34,600 in June – widen- still refuse to work with Iran, and weakened buying support from The Total Return Index fell 0.38% to 26. the industrials sector’s trade volume to ing the gap with the offi cial which is preventing the repa- their Gulf counterparts led the Qatar 16,672.44 points, All Share Index by Non-Qatari individual investors’ net 0.22mn shares, 48% in value to QR13.2mn government rate which re- triation of petrol money,” said Stock Exchange traverse the negative 0.27% to 2,835.95 points and Al Rayan profit booking increased to QR3.23mn and 38% in transactions to 286. mains fi xed at 32,300. the broker. trajectory for the third consecutive Islamic Index by 0.49% to 3,843.21 compared to QR0.38mn the previous day. The telecom sector’s trade volume The decline has quickened The banks are reluctant to session yesterday. points. The GCC individual investors turned tanked 27% to 1.51mn equities and value since the US election of Don- engage with Iran’s opaque Profit booking continued to be intense Realty sector saw its index shrink 1.75%, net sellers to the extent of QR0.98mn by 6% to QR21.3mn, while deals grew 22% ald Trump, who has threat- economy, and fear they could within realty and telecom counters as the telecom (1.5%) and industrials (0.25%), against net buyers of QR0.14mn on to 271. ened to tear up the nuclear fall foul of remaining US sanc- 20-stock Qatar Index shed 40 points or while insurance gained 0.3%, transport Monday. However, the real estate sector reported deal with world powers that tions that were not aff ected by 0.38% to 10,304.77 points. (0.25%), banks and financial services However, local retail investors were 84% surge in trade volume to 2.28mn removed many global sanctions the nuclear deal. There was also net selling pressure from (0.24%) and consumer goods (0.18%). net buyers to the tune of QR5.12mn stocks, 70% in value to QR47.18m and 18% in exchange for curbs to Iran’s The worry now is the return non-Qatari and Gulf individual investors About 48% of the stocks were in the compared with net sellers of QR5.16mn in transactions to 416. atomic programme. of high infl ation as import- on the bourse, whose year-to-date losses red with major losers being Ezdan, on December 26. The banks and financial services Iran’s central bank appears ers are forced to pay more for widened to 1.19%. Barwa, Ooredoo, Vodafone Qatar, Qatari Non-Qatari institutions’ net profit booking sector’s trade volume soared 19% to have slowed its interventions consumer goods and industrial Islamic stocks were seen declining faster Investors Group, Gulf International weakened considerably to QR0.18mn to 2.14mn shares and value by 3% to without explanation. parts. than the conventional ones in the market, Services, Aamal Company, Masraf Al against QR20.16mn the previous day. QR51.51mn, whereas deals were down “Before, the central bank That would reverse one of where selling was particularly within Rayan, Doha Bank and Qatari German Total trade volume fell 1% to 6.49mn 8% to 756. was injecting dollars into the the few successes of President small and midcap equities. Company for Medical Devices. shares, value by 3% to QR152.43mn and The transport sector witnessed 5% market to maintain the level of Hassan Rouhani’s govern- Trade turnover and volumes were on the Nevertheless, QNB, Qatar First Bank, deals by 16% to 2,120. increase in trade volume to 0.2mn the rial, but it has greatly re- ment, whose efforts to rebuild decline in the market, where real estate, Alijarah Holding, Qatar Insurance, Mazaya There was 81% plunge in the consumer equities, 71% in value to QR12.57mn and duced its injections in recent trade ties and improve eco- banking and telecom sectors together Qatar, Nakilat, Al Khaleej Takaful and goods sector’s trade volume to 0.1mn 58% in transactions to 185. weeks,” said a currency broker nomic management has seen accounted for more than 91% of the total Milaha were among the gainers. equities, 76% in value to QR4.32mn and In the debt market, there was no trading in Tehran, who asked not to be inflation fall from more than trade volumes. Domestic institutions turned net sellers to 60% in transactions to 162. of treasury bills and government bonds. named. 40% to 8.6% since he was The tightening of global elected in 2013.