Thursday, December 20, 2018 Rabia II 13, 1440 AH BOLD BETS : Page 12 GULF TIMES GSK plans to split aft er striking Pfi zer consumer BUSINESS health deal

Qatar vehicle sales set to post ‘strongest’ GCC Nokia, Ooredoo set up growth of 5.1% in 2019, says Fitch Solutions

By Pratap John Chief Business Reporter

1st 5G-ready technology Vehicle sales in Qatar are set to register the “strongest” growth of 5.1% in the entire Gulf Co-operation Council region in 2019, Fitch Solutions has said in a report. In the GCC, the combined markets will average vehicle sales growth of 3.9% with Oman registering the lowest growth at 2.6%, Fitch Solutions said. Fitch Solutions forecast vehicle sales in the Mena (Middle East and North Africa) region to grow 4.6% in 2019, centre in Myanmar which is an increase from the 1.6%-growth Fitch Solutions estimate for 2018 but still below previous levels. okia and Ooredoo have set up the That said, the region will be the second-fastest growing fi rst 5G-ready technology centre in market behind only Latin America, where it forecasts NMyanmar. sales to grow 8.8%. “Within the Mena region, we expect The Nokia Technology Centre is the several of the trends from 2018 to continue playing result of a successful collaboration with out, as the markets of the Gulf Co-operation Council Yangon Technological University (YTU) experiences muted growth, while North African markets that will be utilised by the students of My- provide the bright spots. Iran will see the biggest anmar’s fi rst diploma programme in tel- risk to its market as the uncertainty around its future ecommunications. relationship with the EU (European Union) threatens the The curriculum, steered by the Univer- presence of several major brands,” Fitch Solutions said. sity of Oulu in Finland, will benefi t from Fitch Solutions expect commercial vehicle (CV) the new Nokia Technology Centre, which outperformance to continue into 2019, forecasting is equipped with end-to-end radio, any- growth of 9.9% compared with 3.7% for passenger cars, haul transport and a core network solution as businesses will have the better ability to afford new that supports the latest 5G technology in vehicles. addition to 4G/3G/2G. Infrastructure projects related to events such as the Designed for post graduates, the new Qatar World Cup (2022) and Dubai’s Expo 2020, as well diploma programme launched in March as the tourism industry’s demand for buses will combine this year by the two universities required to support the CV outperformance, the report said. a robust lab to enhance its curriculum and “While it is positive to see these markets returning enable students to apply their theoretical to growth, volumes will remain below their previous knowledge in a testbed environment. highs. One bright spot in Oman’s lower growth is its The syllabus was developed based on commercial vehicles segment, which will see sales grow Nokia’s technology and, in a welcome 4.5% compared with 2% growth in the passenger car move, Nokia and Ooredoo decided to join segment. forces to create the Nokia Technology “Continuing to inform our view that CV sales should Centre as a key enabler for the programme. outperform is the country’s extensive pipeline of The Nokia Technology Centre is fi tted Sinha: Caring for the communities and people of Myanmar. infrastructure projects, particularly in the transport with state-of-the-art equipment, includ- infrastructure and industrial sectors, along with ing Nokia’s multiradio AirScale, which tions Diploma programme was fi nalised gramme will provide a well-rounded expe- Nokia Myanmar, said, “At Nokia, we are ob- investment associated with a growing tourism industry,” supports 2G, 3G, 4G and 5G, and anyhaul embedding both theoretical and industry rience to our students.” sessed with value creation and talent devel- Fitch Solutions said. transport, as well as IP and microwave relevant components based on Nokia’s Vikram Sinha, CEO, Ooredoo Myanmar opment, which happen to be the key pillars Algeria will be the leading vehicle sales market in North equipment, cloud-native core network, technology and solutions. Faculty mem- Limited, said, “Education and empowering of this programme. YTU and Oulu Universi- Africa and outperform the Mena region in 2019 with and the associated power, materials, and bers from YTU worked closely with the youth are the key focus areas at Ooredoo. ty’s diploma programme is a great initiative. growth of 15%, the report said. infrastructure. professors of the University of Oulu to have As a leading partner in this initiative, we “The Nokia Technology Centre will “The growth of domestic production has given In addition, Nokia and Ooredoo will this programme ready for the students. are happy to work with Nokia to set up the serve as a catalyst to provide students with consumers the option of cheaper vehicles to purchase, be providing an intensive internship pro- “We are honoured to have Nokia’s tech- Nokia Technology Centre and help initiate the latest and most advanced 5G technol- as they are exempt from value-added tax (VAT) and gramme for students to work as technology nology as part of the syllabus and also wel- an internship programme for the benefi t of ogy, featuring innovations from Bell Labs. registration tax as part of the government’s policy to developers and service providers, enabling come the company’s support in building technology students. We at Ooredoo care This initiative is setting the pace and reduce imports. Limited stocks of vehicles resulted them with a 360-degree exposure to the and equipping the fi rst 5G-ready technolo- for communities and people of Myanmar, standards for the industry at large. As a 5G in double-digit declines in sales in 2016 and 2017 and industry. gy centre in the country. The collaboration therefore, to train, develop and nurture the technology leader, we were a natural choice this has created pent-up demand which is now being Dr Myint Thein, rector of YTU, said, of Nokia and Ooredoo to set up the Nokia county’s future engineering talent.” for YTU to enrich the exposure of its stu- fulfilled,” Fitch Solutions said. “The curriculum of the Telecommunica- Technology Centre and the internship pro- Dr Danabalan Amirthalingam, head of dents to state-of-the-art technology.”

QFCA legal department named in Legal 500’s GC Powerlist Middle East 2018 Fed raises interest rates, sees The legal department of the Qatar Financial Centre Authority (QFCA) was recently named in the Legal 500 GC Powerlist Mid- ‘some further’ hikes ahead dle East 2018. The GC Power List Middle East 2018 is the latest publication Reuters ments and assess their implications for the rate at 3.1% at the end of 2020 and 2021. from ‘The Legal 500’, which Washington economic outlook.” That would still leave borrowing costs just recognises an array of the most The decision to raise borrowing costs again above policymakers’ downgraded view of influential in-house counsel who is likely to anger US President Donald Trump, a 2.8% neutral rate that neither brakes nor drives the legal industry in the he US Federal Reserve raised interest who has repeatedly attacked the central boosts a healthy economy. region forward. The accolade recognises the contributions of the QFC rates yesterday, as expected, but fore- bank’s tightening this year as damaging to the The last set of economic forecasts, released The list further certifies the legal wing in delivering substantial and innovative Tcast fewer rate hikes next year and sig- economy. in September, had indicated three rate hikes QFCA legal department’s posi- legal mandates of strategic importance to Qatar nalled its tightening cycle is nearing an end The Fed has been raising rates to reduce next year and one in 2020. tion as a leading, multi-award in the face of fi nancial market volatility and the boost that monetary policy gives to the The change refl ects an erosion in confi - winning, influential in-house innovative technology solutions daily basis. We are also incredibly slowing global growth. economy, which is growing faster than what dence in an economic outlook that Fed Chair- team in the region. in contract automation resulting proud of this prestigious acco- The rate hike, the fourth of 2018, lifted the central bank policymakers view as a sustain- man Jerome Powell as recently as October had The accolade recognises the in increased eff iciencies for the lade as it showcases the technical target range for the Fed’s benchmark over- able rate. painted as quite rosy. contributions of the QFC legal business. excellence legal team and QFC’s night lending rate by a quarter of a percentage There are worries, however, that the econ- Even so, the Fed is still plotting a more ag- wing in successfully deliver- The contributions of all the ongoing commitment to leading point to a range of 2.25% to 2.50%. omy could enter choppy waters next year as gressive rate hike path than many in the mar- ing substantial and innovative members of the QFC legal de- the implementation of global The central bank said the US economy has the fi scal boost from the Trump administra- kets expect. legal mandates of strategic partment received recognition, best practices,” al-Taweel said. been growing at a strong rate and the job mar- tion’s spending and $1.5tn tax cut package Before the meeting, traders of US interest- importance to Qatar, includ- including citations for Nasser Earlier this year, al-Taweel was ket has continued to improve. fades and the global economy slows. rate futures were betting the Fed would de- ing its involvement in national al-Taweel, QFCA chief legal named as the “General Counsel It noted that “some” further gradual rate The Fed also made a widely expected tech- liver no more than one rate hike next year, if level legislative and strategic off icer; Ishaq Burney; Roscoe of the Year” at the Qatar Busi- hikes would be needed, a subtle change that nical adjustment, raising the rate it pays on even that. initiatives, achieving interna- Banks; Lauren Djedid and Moza ness Law Forum and Awards suggested it was preparing to stop raising banks’ excess reserves by just 20 basis points Gross domestic product is forecast to grow tional recognitions for the QFC al-Naeimi. 2018. This award recognised borrowing costs. to give it better control over the policy rate 2.3% next year and 2.0% in 2020, slightly such as the International Swaps “This is further recognition of excellence on the basis of legal In a statement issued after the end of its and keep it within the targeted range. weaker than the Fed anticipated in Septem- and Derivatives Association, the innovation and excellence expertise; client satisfaction; last policy meeting of the year, the Fed said Fresh economic forecasts released yes- ber. adoption of global best-practices demonstrated by everyone in innovation; strategic vision and risks to the economy were “roughly bal- terday showed policymakers expect two rate The unemployment rate, currently at a 49- in compliance, and delivering the QFCA’s legal department on a leadership. anced” but that it would “continue to moni- hikes next year and one the following year, year low of 3.7%, is expected to fall to 3.5% tor global economic and fi nancial develop- with the median forecast for the federal funds next year, unchanged from the prior forecast. Gulf Times 2 Thursday, December 20, 2018 BUSINESS QFBA takes part in ‘Euromoney Qatar Conference’

he Qatar Finance and diff erent international awarding QFBA will continue to support platform to cater to the needs Business Academy bodies. initiatives which promote the de- of the country and reaffi rm the T(QFBA) has participated In addition, the QFBA has velopment of Qatar’s economy.” economic attractiveness as a na- in the ‘2018 Euromoney Qatar also introduced fi ntech and He added, “Such conferences tion. Conference’, which welcomed blockchain in its customised are precisely what we need here The QFBA is now a national several government offi cials, B2B options based on updated in Qatar to reinforce productive provider for customised B2B senior economists, and bankers ‘5 Ds’ (diagnose, design, deliver, dialogue especially one that fo- training, open-portfolio train- from across the region, as well as evaluate, debrief) customisa- cuses on the future and the chal- ing, and certifi cation pro- international delegations. tion approach. Furthermore, the lenges of the national economy, grammes for businesses and fi - The event focused on Qatar’s academy plans to increase over- the future direction of hydro- nancing institutions. post-blockade strategy and its all programme portfolio with a carbon demand, and the impor- The QFBA, in affi liation with development as a sustainable sharp focus on banking, fi nance, tance of having a strong and in- Northumbria Newcastle, off ers economy. The keynote speakers and customer service. novative fi nancial system. bachelor degrees that are en- included HE the Minister of Fi- QFBA CEO Dr Khalid al-Horr “Euromoney also strengthens dorsed by world-leading pro- nance, Ali Sherif al-Emadi and said, “Our participation in the our position as a key enabler by fessional accreditation bodies. HE the Governor of Qatar Cen- ‘2018 Euromoney Qatar Confer- sharing the stage with the most The QFBA’s customised pro- tral Bank, Sheikh Abdullah bin ence’ demonstrates our commit- infl uential organisations and reg- grammes partners with lead- Saoud al-Thani. ment to develop a self-suffi cient, ulators of Qatar’s fi nancial sector, ing international institutions to The event also served as a robust economy, which is aligned such as QNB, QIIB, Commercial create a fi ve-phase programme launch pad for the QFBA to an- with the Qatar National Vision Bank, QFMA, and CFA society, process, that will help profes- nounce its 2019 portfolio and 2030. The conference is a well- which, I believe, is the real proud sionals address organisational create awareness among partici- established platform for experts moment for all of us at QFBA.” challenges and support them to pants and delegates. The QFBA from the fi nancial landscape to Since its establishment, the achieve their business objec- has enriched its portfolio by share knowledge and expertise QFBA has played a key role in de- tives through their employees. including 14 accredited certifi - regarding the changing fi nancial veloping a world-class fi nancial In 2019, the academy will be of- The ‘Euromoney Qatar Conference 2018’ served as a launch pad for the QFBA to announce cations being off ered from nine sector in Qatar and the world. service industry and broaden its fering 14 diff erent certifi cations. its 2019 portfolio and create awareness among participants and delegates

Mideast Saudi budget estimate for oil entrepreneurs among world’s is seen as ‘wishful thinking’ most ambitious Bloomberg Dubai/London/New York and dynamic Some analysts say Saudi Arabia’s 2019 revenue forecast is surprising because they estimate it to communities, be based on a relatively high price of oil. The plan defies “the laws of arithmetic,” said Ziad Daoud, the Dubai-based chief Middle East econo- says HSBC mist at Bloomberg Economics. The government’s projections may be based on a crude price as high as $80 a barrel in 2019, and it would have to climb he entrepreneurs in the Middle to $95 a barrel to balance the budget, he said. East are among the world’s most Brent crude traded near $56 a barrel yesterday. Tambitious and dynamic commu- The immediate reaction from stock investors is nities given their business achievements lacklustre, with the main Saudi gauge falling 1.1% and successes at such a young age and yesterday. Yields on Saudi Arabia’s $5bn of bonds they lead the way in multiple businesses due 2028 climbed five basis points to 4.31%. against their counterparts in other re- Below are the expert views: gions, according to newly released data Bloomberg’s Daoud from HSBC Private Banking’s Essence of Enterprise report. „ The budget “defies the laws of arithmetic. It More than 26% of entrepreneurs below projects a 9% increase in revenue against the (the age of) 54 years in the Middle East have backdrop of lower oil prices and production cuts active shareholding in more than fi ve busi- by Opec members.” nesses, making them the most active inves- „ Withdrawing subsidies is unlikely to plug that tors globally, with Europe (12%) and the US gap. This leaves the government with a choice – (10%) next in line. either lower spending and accept slower economic The report, which researched views of growth or miss its deficit target. We expect it to opt more than 3,700 successful entrepreneurs for the latter. across eleven countries, revealed that the Jason Tuvey, the London-based entrepreneurs in the Middle East tend to set senior emerging market economist up their businesses at a younger age against at Capital Economics their global counterparts. Around 73% of Middle Eastern business owners get in- „ “Saudi Arabia’s budget for 2019 outlined further volved with their fi rst company in their 20s, fiscal loosening, but the government seems to be compared with a global average of 58%. relying on optimistic assumptions for oil prices to The Middle Eastern entrepreneurs are rise to almost $80 per barrel,” he wrote in a report more successful at a younger age as evi- titled “Saudi Budget: Wishful Thinking.” denced by the size of their annual business „ “Deciphering the Saudi budget is never an easy turnover. Around 42% of the region’s entre- task but, reading between the lines, it seems to preneurs generate an average annual turno- point to a third consecutive year of fiscal loosen- A Saudi woman counts banknotes as she makes a purchase at a jewellery shop in the Tiba gold market in the capital Riyadh (file). Some analysts ver of $2mn before the age of 35, making ing,” adding that he expects a budget deficit close say Saudi Arabia’s 2019 revenue forecast is surprising because they estimate it to be based on a relatively high price of oil. them some of the youngest entrepreneurs to 10% of gross domestic product. globally. „ Still, a “wider-than-expected deficit would not surprise, given the sharp correction in oil prices.” desire to cushion the impact of fiscal adjustment.” would have been toward higher spending,” The report also shows that 88% of busi- cause too many problems” as the government „ As the kingdom plans a 20% increase in capital Debt “issuance will depend on where oil prices go. explaining why budget estimates would support ness owners in the Middle East come from finances it either through drawing down reserves spending, he foresees “challenges” of realising „ Lower oil prices will mean more issuance. That bonds. a background of business ownership, com- or issuing more debt. “such ambitious investment spending.” said, their strategy is to issue more debt locally, Delphine Arrighi, a London-based pared to 64% globally, and they are least „ Expects austerity to resume in the second half of „ “As in the previous year, when the government and cut external issuance.” emerging-market fund manager at likely to want to sell their companies (16% 2019, which will weigh on activity in the non-oil sector. announced an aggressive capex plan, we do not Richard Segal, senior analyst at Merian Global Investors in Middle East against the global average of Mohamed Abu Basha, head of see much evidence in the project award cycle that Manulife Asset Management in 29%). macro analysis at Cairo-based gives us comfort that such pace of spending can London „ Fiscal slippage is very likely with the risk of more “Understanding the diverse needs and EFG-Hermes Investment bank take place at least before mid-2019.” debt issuance next year, because the government’s characteristics of Middle Eastern entrepre- Tim Ash, a London-based strategist „ The budget estimates are very close to market’s estimates for oil prices look “very optimistic.” neurs is essential in helping them achieve „ “Like-for-like spending is set to contract by 2.2% at BlueBay Asset Management LLC consensus forecasts, and this would support bonds „ She has small allocation to the country in antici- their aspirations and supporting their per- year-over-year in 2019. Hence, the fiscal stance is “to some extent.” pation of index inclusion next year and is looking sonal wealth journey,” according to Sobhi largely neutral, which, in our view, comes as no „ “Clearly, given the political setting, there is the „ “If there was a budget surprise, it probably to add on renewed weakness. Tabbara, HSBC’s global market head of Pri- vate Banking for the Middle East.

Franklin Templeton grabs more Gulf corporate debt QSE closes marginally up amid Qamco momentum after downturn By Santhosh V Perumal has decided to include the recently listed 51% of the stocks were in the red, which shares and value by 4% to QR377.89mn, Business Reporter Qamco under its All World Index, Global included Qatar First Bank, al khaliji, while transactions fell 11% to 13,592. Reuters Mid Cap Index and Emerging Index from Medicare Group, Mesaieed Petrochemical The insurance sector’s trade volume Dubai December 24. Holding, Vodafone Qatar, Ooredoo and plummeted 42% to 0.07mn equities, value atar Aluminium Manufacturing “Following the initial public off ering on Gulf Warehousing. by 39% to QR2.36mn and deals by 34% to Company (Qamco), which will December 16, 2018, Qamco will be a fast Gulf institutions turned net buyers to 97. Franklin Templeton Investments has raised its Gulf corporate debt Qmake its entry to the FTSE index entry to the FTSE global equity index se- the tune of QR1.81mn compared with net There was a 27% plunge in the consum- exposure as a downturn in some sectors, largely real estate, has hit next week, continued to hog the limelight ries in accordance with FTSE Global Eq- sellers of QR0.4mn on December 17. er goods sector’s trade volume to 0.19mn company valuations, Dino Kronfol, its chief investment off icer of global with its scrips touching the upper circuit uity Series Ground Rule Domestic institu- stocks, 21% in value to QR7.08mn and sukuk and Mena fixed income, said. “Some independent corporates fi lter but overall it had little impact on the 8.1.3,” a FTSE release tions’ net profi t booking 27% in transactions to 222. really sold off over the past few months, that’s why we say there’s more market, which closed marginally up yes- said. declined infl uentially The real estate sector’s trade volume value in the weaker, higher-yielding names,” Kronfol told Reuters. terday. The Total Return to QR2.68mn against tanked 17% to 1.28mn shares and value by Franklin Templeton, which had $683bn in assets under manage- Although decliners outnumbered gain- Index rose 0.07% to QR20.49mn on Monday. 21% to QR22.68mn, whereas deals were ment as of the end of November, has increased the exposure of ers, the 20-stock Qatar Index settled a 18,493.48 points, the However, non-Qa- up 5% to 885. its $350mn Gulf Co-operation Council (GCC) bond strategy to marginal 0.07% higher at 10,496.4 points. Al Rayan Islamic In- tari funds’ net buy- The banks and fi nancial services sec- regional corporates by roughly 20% this year to 72%, of which 10% Foreign funds continued to be net buy- dex (Price) by 0.01% to ing eased marginally to tor saw an 8% decline in trade volume was in the last quarter. ers but with lesser vigour and Gulf in- 2,428.64 points and the QR92.39mn compared to 1.96mn equities and 5% in value to “Valuations are much better than they were 12-18 months ago. stitutions turned bullish in the market, All Share Index by 0.55% Trade turnover and volumes to QR93.47mn the pre- QR104.05mn but on an 11% growth in Pressure in some industries has led to a selloff , and the weaker the which is up 23.15% year-to-date. to 3,940.52 points. were on the rise on the QSE as vious day. transactions to 1,633. name, the easier it is for stress to build up fairly quickly, but this Market capitalisation grew about The real estate index the industrials sector alone Local individual in- However, the telecom sector’s trade creates opportunity,” Kronfol said. QR3bn, or 0.5%, to QR599.77bn, mainly soared 3.4%, followed accounted for about 78% of vestors’ net selling volume soared 23% to 0.49mn stocks, At the same time Franklin Templeton has cut its exposure to high- owing to microcap segments. by consumer goods the total volume grew considerably to while value was down 7% to QR7.17mn grade, mainly sovereign, credits. “We have flipped our exposure Islamic equities were seen gaining (0.48%), banks and fi - QR88.96mn against despite 6% higher deals at 319. to corporates. We are underweight sovereigns while chock-full on slower than the other indices in the mar- nancial services (0.21%) and transport QR79.29mn on December 17. The transport sector reported a 14% corporate exposure,” Kronfol added. A combination of emerging ket, where local retail investors were in- (0.04%); even as telecom, insurance and Non-Qatari individuals turned net sell- surge in trade volume to 0.49mn shares, markets weakness and a slump in the property and construction creasingly bearish. industrials declined 0.32%, 0.25% and ers to the extent of QR1.89mn compared 21% in value to QR11.21mn and 12% in industries sparked by government cut backs on project spending Trade turnover and volumes were on 0.14% respectively. with net buyers of QR5.5mn on Monday. transactions to 322. have caused volatility across the region’s corporate debt market the rise in the bourse, where the industri- Major gainers included Qamco, Ezdan, Gulf individuals were also net sellers to The industrials sector’s trade volume over the past year, with a particular spike in yields in the last three als sector alone accounted for about 78% Qatar Islamic Bank, Ahlibank, Salam In- the tune of QR0.68mn against net buyers expanded 13% to 15.81mn stocks and val- months. of the total volume. ternational Investment, Mannai Corpo- of QR1.2mn the previous day. ue by 14% to QR223.34mn, while deals Global index compiler FTSE Russell ration and Nakilat; whereas more than Total trade volume rose 8% to 20.28mn shrank 15% to 10,114. Gulf Times Thursday, December 20, 2018 3 BUSINESS

PBoC Japan exports slow to a crawl unveils targeted tool to spur as shipments to US, China dip lending to Reuters Tokyo small fi rms

apan’s export growth slowed to a Reuters crawl in November as shipments to Beijing Jthe United States and China weak- ened sharply, in a sign slowing external demand and a Sino-US trade dispute hina’s central bank yes- may leave the world’s third-largest terday rolled out a tar- economy underpowered over the next Cgeted policy tool to spur year. lending to small and private The 0.1% year-on-year rise in ex- firms, in the latest step to sup- ports undershot a 1.8% annual increase port the slowing economy amid expected by economists in a Reuters a trade dispute with the United poll, and was well below a 8.2% jump in States. October. The targeted medium-term In volume terms, exports fell 1.9% in lending facility (TMLF) will the year to November. provide “long-term stable The trade data highlights rising ex- source of funding for financial ternal risks for Japan’s export-led econ- institutions based on growth of omy, and comes as the Bank of Japan re- their loans for small and private views policy at a two-day meeting that firms”, the central bank said on ends today. its website. With consumer infl ation remaining Large commercial banks, weak, and as global economic momen- joint-stock banks and big tum cools, the BoJ is widely expected to city commercial banks show- maintain its current ultra-easy policy. ing strong support for the real Analysts expect exports to be a drag economy and meeting macro- on the economy over the coming quar- prudential requirements will be ters as external demand ebbs. allowed to apply for the lending Policy makers are also wary of the facility, the central bank said. risks to growth from the China-US The TMLF will mature in one trade war which many believe have year but banks will be allowed yet to play out in Japan’s shipment to roll it over for two more figures. “Japan’s export volume is years, the central bank said. slow to expand against the backdrop The one-year interest rate on of global economic slowdown,” said the TMLF will be 3.15%, 15 ba- Toru Suehiro, senior market econo- sis points lower than the rate on mist at Mizuho Securities. “Uncer- the medium-term lending facil- tainty over the world economy re- ity (MLF), the central bank said. mains strong. The People’s Bank of China will As such, Japan’s exports will struggle also boost relending and redis- to pick up for the time being.” Japan’s count quotas by 100bn yuan exports to the United States grew 1.6% A freighter is anchored at the international container pier at Tokyo port. Japan’s economy contracted the most in over four years in the third quarter due to a series of ($14.50bn) to help the fi nancing year-on-year in November, led by ship- natural disasters that hurt factory activity and supply chains. needs of small enterprises, part ments of airplane motors and semicon- of measures to strengthen pri- ductor production equipment, slowing United States this year, an annual opin- in the current quarter as temporary ef- solved trade dispute with the United shortfalls this year. That looks to put vate sector support. sharply from October’s 11.6% jump. ion poll showed yesterday. fects of natural disasters fade away, but States, which threatens to rupture glo- Japan on track for the first full-year The latest quotas are in ad- US-bound auto exports fell 7% to Japan’s imports from the United trade frictions and slowing external de- bal supply chains and dent corporate trade deficit since 2015 when it was dition to another 300bn yuan 163,586 units. States rose 8.1% in the year to Novem- mand cloud the outlook for the export- profi ts in economies from Japan to Aus- reeling from a spike in fuel imports to that were issued earlier this US President Donald Trump has crit- ber, led by feed corn, medicines and oil reliant economy. tralia to Mexico and Europe. make up for the loss of nuclear power year, the central bank said on icised Japan as well as China over trade, products, helping reduce its trade sur- A glance at the key numbers suggest The omens don’t look good. in the wake of the 2011 Fukushima dis- its website www.pbc.gov.cn. threatening to impose steep tariff s on plus with the US by 5.4% on the year 2019 might turn out to be a challenging Shipments to Asia, which account aster. The government has been imports of Japanese cars, which make to ¥623.4bn ($5.55bn). It was the fi fth year. for more than half of Japan’s overall ex- Analysts at Capital Economics said in providing support for small up about two-thirds of Japan’s $69bn straight month of declines. Exports to China, Japan’s biggest ports, fell 1.9% in November, down for a note to clients that the recent slump firms and private enterpris- annual trade surplus with the United Japan’s economy contracted the most trading partner, rose 0.4% in the year the fi rst time in nine months. in new export orders in factory surveys es, which are vital for eco- States. in over four years in the third quarter to November, slowing sharply from the Japan’s overall imports rose 12.5% suggests that shipment volumes might nomic growth and employ- Trump’s hostile trade policies sig- due to a series of natural disasters that previous month’s 9% annual gain. in the year to November, bringing the continue to stagnate. “The upshot is ment as headwinds rise due nifi cantly aggravated Japan’s popular hurt factory activity and supply chains. The downturn in shipments to China trade balance to a deficit of ¥737.3bn that net trade will probably remain a to trade frictions with the perception of the country’s ties with the Analysts expect a rebound in growth is worrying given Beijing’s yet-unre- and marking a seventh month of drag on GDP growth next year.” United States.

Malaysia charges New Delhi to pay 5 Iran banks for oil imports ex-Goldman Bloomberg of its annual crude requirement, as Te- Also, payment into multiple escrow in euros through an overseas bank. rentals, salaries and other administra- banker New Delhi hran off ers better credit terms than oth- accounts will reduce the risks of Iranian “This will help UCO Bank boost its tive expenses of its missions in India, er Middle East oil producers and, in the bank accounts being frozen in case the CASA and profi tability,” Goel said, re- they said. past, has accepted payments in Indian US brings new banks under sanctions, ferring to the low-cost deposits. Under the exemptions granted last Bloomberg ndia will use escrow accounts of fi ve rupees, rather than US dollars. the people said. During the previous sanctions also, month, US allowed India to import as Kuala Lumpur Iranian banks held with UCO Bank The south Asian nation purchased “We already have 15 Iranian bank ac- UCO Bank was solely holding payments much as 300,000 barrels a day of Ira- ILtd to deposit money for oil pur- crude worth about $9bn from Iran in the counts, out of these fi ve have come un- for Iranian oil, that swelled the state- nian oil for 180 days. chases from the Middle East producer fi nancial year ended March 31. der secondary sanctions,” UCO Bank run lender’s profi t to highest on-record That’s less than Iran’s average daily Malaysian prosecutors charged a to overcome US sanctions, according to The payment mechanism will allow managing director Atul Kumar Goel in fi scal year 2013-14. exports to the nation of about 540,000 former Goldman Sachs Group Inc people with knowledge of the matter. India to continue oil purchases despite said on Tuesday, adding that the re- The bank has been reporting losses barrels this year, and almost 450,000 banker yesterday, after an over- Iran will use part of the deposits for sanctions as it fulfi ls President Donald maining 10 are eligible for bilateral trade since Iran sanctions were lifted in 2015. barrels in 2017, shipping data compiled sight earlier in the day delayed purchasing essential goods from India Trump’s goal to choke money going di- between India and Iran. Shares of UCO Bank rose 4.4% to by Bloomberg show. his extradition process to the US. and to meet expenditure incurred by its rectly to Iran. Finance Ministry spokesman DS Ma- Rs20.30, the highest in fi ve and a half Exports to Iran stood at $2.65bn dur- Roger Ng pleaded not guilty diplomatic missions in the South Asian Washington has also granted an ex- lik declined to comment. weeks, at the close in Mumbai. ing the last fi nancial year, including to four counts of abetment of nation, the people said, asking not to be emption for India. India and Iran followed a similar Now, Iran will use the money to im- rice, spices, tea, yarn, medicines and false statements to a financial identifi ed because the information isn’t Refi ners such as Indian Oil Corp and mechanism previously when the US port goods ranging from food to medi- various industrial products, according regulator. public. Mangalore Refi nery & Petrochemicals imposed sanctions in 2012. cines and settle the dues in Indian ru- to India’s Directorate General of Com- Ng didn’t show up for his All spending will be in Indian rupees. Ltd will make payments after the mech- At that time, 45% of the dues were pees. mercial Intelligence and Statistics, extradition hearing yesterday Continued supplies is crucial for In- anism is offi cially notifi ed, the people paid into escrow accounts in India of It will also draw money from these an arm of Ministry of Commerce and morning as prosecutors weren’t dia, a country that imports nearly 80% said. Iranian banks and the remaining settled accounts to pay all costs, including Industry. aware that his attendance was necessary, Deputy Public Pros- ecutor Shukor Abu Bakar said, adding a new date has been set for January 4. Ng could be stuck in the mid- dle of a tug-of-war as prosecutors India rate panel sounds cautious on infl ation in the US and Malaysia seek to indict him for his involvement in 1MDB transactions arranged by Reuters and oil prices. However, under Das, who is in fa- Goldman. It’s unclear how they Mumbai vour of supporting growth, the rhetoric is likely would cooperate on charges to change given that inflation has eased further relating to Ng and others in a this month. scandal that allegedly saw bil- ndia’s monetary policy committee sounded India’s November headline infl ation fell to its lions of dollars siphoned from the cautious on infl ation and preferred to wait for lowest in 17 months, to 2.33%, well below the RBI’s Malaysian state fund. Imore data to see for how long price pressure medium-term target of 4%. Last month, Ng was said to be and growth momentum would remain soft, ac- Economists expect infl ation to stay muted for seeking a review of the order to cording to minutes of its December 5 meeting pub- the next few months as global crude prices are extradite him to the US, where lished yesterday. likely to stay soft and India’s food prices might re- he would face money laundering The six-member committee unanimously de- main low. and bribery charges linked to cided to leave rates unchanged at the meeting two The RBI revised its infl ation projections down- troubled state fund 1MDB. weeks ago, while staying optimistic on growth. wards to 2.7%-3.2% by March, from 3.9%-4.5% Malaysia filed criminal charges While the Reserve Bank of India (RBI) under the two months back, and expects it to stay within against Goldman’s units and its former governor, Urjit Patel, sounded hawkish at 4.2% by September 2019. former bankers, including Ng, the meeting, the panel, under the new chief, Shak- One committee member, R Dholakia, known for on Monday. Those allegations tikanta Das, might be more focussed on boosting his dovish attitude, called for a change in stance involve $6.5bn of bond sales that growth and cutting rates after a recent sharp de- to “neutral” from “calibrated tightening” as the the bank arranged for 1MDB. cline in infl ation. downside risks to infl ation “cannot be overlooked”. Goldman will “vigorously Das took charge at the RBI last week, two days “We should not deny any possibility of either a contest” the charges, which it after Patel’s resignation. rate cut or a rate hike in the near future depending said came without a chance for “While the recent downward surprises to infl a- on data coming in,” Dholakia said. the firm to provide its view. tion have signifi cantly reduced the extent of policy India’s growth in July-September slowed to 7.1% “Certain members of the tightening required in future, they have not elimi- from 8.2% in the previous quarter and could soften former Malaysian government nated the requirement altogether,” said RBI deputy further as private investment remained low. and 1MDB lied to Goldman Sachs, governor Viral Acharya in the minutes. A slowdown in global growth with concern over outside counsel and others about While noting the recent easing of inflation a potential recession in the United States could the use of proceeds from these and growth momentum, the panel members pre- add to expectations of a rate cut. transactions,” the bank said in an A man speaks on his mobile phone outside the Reserve Bank of India headquarters in Mumbai. The RBI ferred to wait for some more data to determine Traders will closely monitor a US Federal Re- e-mailed statement on Monday. revised its inflation projections downwards to 2.7%-3.2% by March, from 3.9%-4.5% two months back, the interest rate outlook, citing uncertainties serve statement due later yesterday for indications and expects it to stay within 4.2% by September 2019. over the medium-term outlook on food inflation of expectations about rate increases there. Gulf Times 4 Thursday, December 20, 2018 BUSINESS

Pakistan banking sector’s Boeing offi cial says Indian profitability set to recover in ’19 airfares unsustainably low Internews Karachi Reuters New Delhi Pakistan banking sector’s profitability is expected to surge irfares in the fast-growing In- more than 60% to Rs136.036bn dian market are 10% to 15 % in the upcoming year as spell of Alower than breakeven levels for increases in interest rates has airlines, a Boeing Co executive said, as reversed the contraction cycle of the planemaker raised its long-term jet net interest margin, a brokerage order forecast for the nation to a record analyst said. despite market challenges. “Banking profitability is set Major Indian carriers Jet Airways, to recover strongly in 2019 on IndiGo and SpiceJet were all in the red the back of NIM (net interest in the September quarter as high oil margin) expansion coupled with prices, a weak rupee and intense price growing balance sheets, gener- competition eroded their margins. ally healthy asset books and It is important for the sustainability low base eff ect from earnings of the sector that airlines show more decline in 2018,” analyst Faizan discipline in pricing fares, Dinesh Kes- Ahmed at Optimus Capital kar, senior vice president, Asia Pacifi c Management said in a banking and India sales at Boeing Commercial sector’s outlook report. Airplanes, said yesterday. The report analysed financials “Double-digit growth coupled with and presented outlook of all losses is what I am concerned about,” the large listed banks, including he said. “I will forego 2% to 3% growth United Bank, Meezan Bank, Ha- for making money rather than fi lling up bib Bank, Bank Al Habib, Faysal my airplane at rock-bottom prices and Bank, Habib Metropolitan Bank, never making money.” Bank Alfalah and MCB Bank. To date, however, the lack of profi t- Banking sector’s profitability ability has not aff ected deliveries to in recent years has been con- Boeing clients, which include cash- strained by a series of one-off s strapped Jet Airways and budget carrier and regulatory changes, includ- SpiceJet, Keskar said. ing past pension costs, super India’s passenger traffi c has risen at and banking transaction taxes, around 20% in recent years, making it deposit insurance, overseas one of the world’s fastest-growing avi- penalties and provisions in addi- ation markets. tion to the dampening eff ects of Boeing expects the country to be- narrowing spreads. come the third-largest commercial avi- In 2018, the eight banks ation market by the early 2020s. earned Rs83.913bn Boeing sees Indian carriers order- “Recent 150bps (basis points) ing a record of up to 2,300 new planes It is important for the sustainability of the aviation sector that airlines show more discipline in pricing fares, Dinesh Keskar, senior vice president, Asia Pacific and India hike by the SBP (State Bank of worth $320bn from global planemak- sales at Boeing Commercial Airplanes, said yesterday. To date, however, the lack of profitability has not aff ected deliveries to Boeing clients, which include cash-strapped Pakistan), stalled IMF (Inter- ers over the next 20 years to 2037, about Jet Airways and budget carrier SpiceJet, Keskar said. national Monetary Fund) pro- 9.5% more than its previous prediction gramme negotiations and lack of 2,100 jets until 2036 made last year. pressure on the Indian airline sec- showing fl at fares in the third quarter tional market in search of better re- the Directorate General of Civil Avia- of clarity on external funding It said single-aisle planes, such as tor, dominated by low-cost carriers, is ending December 31, versus a 9%-10% turns. tion said on Tuesday evening. has made us more hawkish on its 737 MAX, would account for 84% of starting to ease as oil prices fall and the drop in the previous two quarters. India has retained a Category 1 rating Last year, India received a poor rating further tightening,” Ahmed said. global planemakers’ new jet deliveries rupee fi rms. Carriers like Vistara, a joint venture from the US Federal Aviation Admin- in an audit by the UN’s aviation body, “We now expect SBP to raise to India over the period, higher than the Kotak Institutional Equities last week between Singapore Airlines and India’s istration that means its airlines remain sparking industry concerns that it could policy rate by another 50bps in world average. said in a note to clients that there were Tata Sons, IndiGo and budget airline eligible to add new fl ights to the United be downgraded to Category 2 alongside January 2019.” The forecast comes amid signs that signs the worst was over, with data GoAir are also turning to the interna- States and codeshare with US carriers, countries like Bangladesh and Thailand. The central bank brought the interest rate up to 10% in the lat- est monetary policy announce- ment in November. The analyst further said growth in net interest income is likely to more than off set a Pakistan govt envisages plans to avert BoP crisis significant increase in credit charges. “Free from MPR (mini- mum profit rate) constraints, the Internews three-year framework and envisaged Tuesday that Federal Minister for Fi- ongoing fi scal year. The government The second projected dollar infl ow Islamic banks are likely to enjoy Islamabad that the gross fi nancing requirement of nance Asad Umar recently chaired a will have to pay $6.5bn in shape of am- has been envisaged in shape of Mone- higher spread expansion and the country stood at $21.452bn for the meeting to explore option for launching ortisation of foreign loans and liabilities tary Authorisation Deposits to the tune hence deliver stronger earnings current fi scal year 2018-19. Pakistan Diaspora Bond under “Paki- during the current fi scal year. of $6bn during the ongoing FY2019. performance.” n a bid to avert the balance of pay- They envisaged that this requirement stan Banao” scheme to attract $500mn The government has projected that Saudi Arabia committed $3bn for Ahmed said tighter monetary ment crisis, Pakistan has envisaged would decrease in next two years hov- to $700mn from overseas Pakistanis. China will provide $1.983bn as bilateral provision of oil on deferred payment policy will outweigh the damp- Iambitious plans for the IMF’s draft ering in the range of $17bn per annum However, the sources said the fan loan during the current fi scal year. and also promised $3bn deposits for ening eff ects of fiscal austerity Memorandum of Economic and Finan- basis in fi scal year 2019-20 and 2020- club of PTI living abroad was not so Pakistani authorities, the sources the State Bank of Pakistan (SBP) out of for the banking sector with the cial Policies (MEFP) and projected to 2021. The external fi nancing has been much pleased with the performance of said, had prepared detailed projections which $2bn was already provided to Pa- government aiming to restore receive $12bn infl ows from four ma- worked out by the ministry of fi nance in the government. of gross fi nancing requirements and kistan and remaining $1bn was expected macroeconomic stability. jor avenues including $6bn in shape of consultation with other relevant stake- But despite these unfavourable de- outlined all expected infl ows in it. to be received by next month. “We expect monetary expan- monetary authorisation deposits from holders and they projected $500mn velopments, the sources said the gov- The four major avenues have been The UAE was also in the process of sion to not only slowdown but Saudi Arabia and the UAE and another from the IMF. ernment could generate over $300mn identifi ed as they projected $4bn from committing same amount of package undergo a compositional shift,” $4bn from unidentifi ed avenues in the Pakistani authorities also projected if it came up with an incentive-based unidentifi ed avenues during the current including $3bn oil and remaining $3bn he added. “Given low private current fi scal year. $700mn through launch of bond but scheme by off ering attractive rates to fi scal year. for deposits. credit/GDP (16%), low banking ad- According to the details worked out it was not yet ascertained what type overseas Pakistanis giving them over There are expectations that China When contacted, Adviser to the Min- vance to deposit ratio (53%) and by the ministry of fi nance which were of international bond the government and above the CPI-based infl ation. is going to provide more dollar infl ows istry of Finance and offi cial spokesman strong corporate balance sheets, shared with the IMF in the draft MEFP wanted to launch to attract multimil- According to offi cial projections, the within the current fi nancial year so the Dr Khaqan Najeeb said the government we expect the private sector to submitted to the Fund staff last week in lion dollars from the potential investors. government estimated that the foreign government has projected total infl ows had suffi cient foreign infl ows to manage pick up the slack as public sector order to strike consensus at staff level However, the ministry of fi nance currency reserves of the country would of $4bn in shape of unidentifi ed av- its fi nancing gap for the current fi scal takes the backseat.” agreement, Pakistan has prepared a sources confi rmed to The News on be standing at $14.856bn by end of the enues. year. Samsung’s 5G network grab gets boost with Huawei, ZTE under fi re

Bloomberg challenger – Samsung – left to turn to. tech that drives 5G networks – despite Seoul “There really are very few options its technological prowess and fi nancial when it comes to large scale radio-ac- fi repower. cess network vendors in the US market, Nordstrom argues that Samsung is amsung Electronics Co is mak- so certainly the operators are looking chasing a mature market with little ing a new push in the market for for options,” Shah said. growth, where global scale and pres- Swireless network infrastructure. “They’re looking for competitive- ence is the only way to reap acceptable This time, the South Korean elec- ness and companies that are bringing returns. Even in a high tech industry tronics giant’s timing may be just right. innovation to them.” that promises all kinds of automation Mounting concerns in Europe and Samsung’s immediate goal is to se- and artifi cial intelligence, human be- elsewhere about letting China’s ZTE cure initial deals in countries like the ings are still key. Corp and Huawei Technologies Co pro- US, Japan, and South Korea where 5G “The reason why Ericsson and Nokia vide vital components for fi fth-gener- service is imminent, according to an each have about 100,000 employees, ation cellular networks have coincided outline of its strategy released in June. and Huawei even more, is that that’s with Samsung’s ambition to capture The company boasts that it leads in what it takes to be present in every 20% of the global market by 2020. Europe for the most patents registered market,” Nordstrom said. “To scale In the US, where Chinese vendors with the European Telecommunica- up from Samsung’s presence in only a are already banned, Samsung has won tions Standards Institute, expressing few countries, you need to hire tens of deals for 5G gear from three of four ma- confi dence in being a major part of the thousands of people. jor carriers. global 5G spread. I don’t think that’s doable.” “There are certainly concerns that Samsung also has a strong position Shah is less concerned, saying that are spreading beyond the US markets in technology that several US operators Samsung’s networks business is gear- into areas where those vendors may are using to bring wireless broadband ing up aggressively and rapidly hiring have greater share or more customer connections to remote areas using 5G competent staff , including from com- wins with large operators,” Alok Shah, and sees potential for those products in petitors. a vice president of networks strategy at western Europe too, Shah said. Having been tapped to supply 5G Samsung, said of the company’s Chi- It’s not the fi rst time Samsung has gear for AT&T Inc, Verizon Commu- nese rivals in a phone interview. Samsung’s immediate goal is to secure initial deals in countries like the US, Japan, and South Korea where 5G service is unveiled ambitions to grab a signifi cant nications Inc and Sprint Corp, the ex- 5G is one of several emerging tech- imminent, according to an outline of its strategy released in June. The company boasts that it leads in Europe for the most slab of the mobile network business. ecutive says that ramping up as markets nologies that the conglomerate singled patents registered with the European Telecommunications Standards Institute, expressing confidence in being a major part An earlier push to challenge Ericsson grow and opportunities arise is a famil- out in August as a target for 25tn won of the global 5G spread. and Nokia stalled after the South Kore- iar exercise for Samsung’s Electronics, ($22bn) in investments. an company backed CDMA and WiMax whose 100,000 employees work on It represents a new avenue to growth company, which leads the world in Like Huawei, Samsung is vying for a duced the number of major wireless wireless technologies that didn’t catch everything from chip manufacturing to as Samsung’s smartphone sales con- memory chips as well as smartphones, seat at the table as 5G rolls out across equipment vendors to a handful, car- on globally. designing smartphones. tinue to sag, the lucrative semiconduc- believes a key selling point is a more in- the world, a technology that will shape riers in countries that shut the door Bengt Nordstrom, head of telecom “Next year is really about execution tor business shows signs of a downturn tegrated and tightly policed production the mobile internet and power up a on Chinese providers could be facing a consultancy Northstream, believes for us,” Shah said. and Chinese competition in the display chain, which both lessens its reliance plethora of gadgets from home appli- similar situation as in the US, with only Samsung will struggle to gain the glo- “We have to prove that our custom- market stiff ens. on external suppliers and enhances the ances to cars. two large suppliers – Sweden’s Ericsson bal position needed to support the ers made the right decision in making Chips, Smartphones The Korean overall security of its off ering. After a decade of consolidation re- AB and Finland’s Nokia Oyj – and one hefty costs to research and develop the commitments to us. Gulf Times Thursday, December 20, 2018 5 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Solidarity Saudi Takaful Co 15.88 -0.87 89,202 Coast Investment Development 31.10 -1.27 209,000 Dhofar Intl Development 0.26 0.00 - Amana Cooperative Insurance 27.50 6.38 4,358,729 Privatization Holding Compan 53.80 4.47 100 Dhofar Insurance 0.17 0.00 - Alabdullatif Industrial Inv 11.42 -0.87 66,957 Injazzat Real State Company 86.00 0.00 100 Dhofar Generating Co Saoc 0.22 0.00 6,950 Saudi Printing & Packaging C 16.84 -1.98 885,037 Kuwait Cable Vision Sak 10.00 0.00 2,344 Dhofar Fisheries & Food Indu 1.28 0.00 - Saudi Paper Manufacturing Co 12.80 1.59 710,967 Sanam Real Estate Co Kscc 34.70 0.00 20,000 Dhofar Cattlefeed 0.17 0.00 - Alinma Bank 22.20 -0.36 4,613,901 Ithmaar Holding Bsc 26.80 -2.19 2,507,875 Dhofar Beverages Co 0.26 0.00 - Almarai Co 50.00 -2.34 284,796 Aviation Lease And Finance C 350.00 -1.69 15,000 Construction Materials Ind 0.02 0.00 5,500 Falcom Saudi Equity Etf 30.90 0.00 219,690 Arzan Financial Group For Fi 30.20 0.00 71,100 Computer Stationery Inds 0.26 0.00 - United International Transpo 26.35 -2.77 284,182 Ajwan Gulf Real Estate Co 18.30 -1.61 564,793 Bankmuscat Saog 0.41 -1.90 6,309,381 Hsbc Amanah Saudi 20 Etf 32.55 0.77 617 Kuwait Business Town Real Es 46.00 -3.16 94,269 Bank Sohar 0.11 -2.63 843,223 QATAR Saudi International Petroche 20.50 -0.49 771,716 Future Kid Entertainment And 95.00 0.00 1,500 Bank Nizwa 0.09 0.00 192,470 Falcom Petrochemical Etf 31.10 0.00 - Specialities Group Holding C 70.00 -2.51 10,000 Bank Dhofar Saog-Rts 0.02 0.00 - Company Name Lt Price % Chg Volume Walaa Cooperative Insurance 22.52 -0.79 73,837 Abyaar Real Eastate Developm 15.90 -1.24 824,910 Bank Dhofar Saog 0.16 0.00 179,569 Bank Al-Jazira 14.20 -0.98 2,238,208 Kgl Logistics Company Kscc 39.60 -1.00 90,063 Arabia Falcon Insurance Co 0.12 0.00 900 Zad Holding Co 100.00 0.00 200 Al Rajhi Bank 86.00 -1.38 3,011,833 Combined Group Contracting 320.00 0.63 50 Aloula Co 0.53 0.00 - Widam Food Co 66.02 -0.72 7,274 Samba Financial Group 31.10 -1.27 358,920 Jiyad Holding Co Ksc 76.00 1.33 968,700 Al-Omaniya Financial Service 0.19 0.00 - Vodafone Qatar 7.96 -0.38 440,121 United Electronics Co 58.80 0.68 230,907 Boubyan Intl Industries Hold 31.90 2.90 169,192 Al-Hassan Engineering Co 0.02 0.00 14,790 United Development Co 14.36 0.28 156,884 Allied Cooperative Insurance 18.28 0.00 80,117 Gulf Investment House Ksc 17.50 -1.13 623,900 Al-Fajar Al-Alamia Co 0.75 0.00 - Salam International Investme 4.49 2.98 86,649 Malath Insurance 12.52 -1.88 550,903 Boubyan Bank K.S.C 581.00 0.87 1,619,385 Al-Anwar Ceramic Tiles Co 0.08 0.00 25,200 Qatar & Oman Investment Co 5.80 -0.34 21,406 Alinma Tokio Marine 17.00 -2.07 143,029 Ahli United Bank B.S.C 205.00 -0.49 12,393,429 Al Suwadi Power 0.11 0.00 - Qatar Navigation 66.12 0.15 38,942 Arabian Shield Cooperative 19.08 -2.35 391,184 Osos Holding Group Co 97.00 0.00 11,050 Al Sharqiya Invest Holding 0.09 0.00 5,785 Qatar National Cement Co 58.41 0.65 5,316 Savola 26.55 -1.67 524,668 Al-Eid Food Ksc 60.00 0.00 16,742 Al Maha Petroleum Products M 0.93 0.00 - Qatar National Bank 197.99 -0.01 246,702 Wafrah For Industry And Deve 17.14 -0.92 455,901 Qurain Petrochemical Industr 355.00 -0.56 135,664 Al Maha Ceramics Co Saoc 0.21 0.48 23,000 Qatar Islamic Insurance 54.30 0.00 1,082 Fitaihi Holding Group 11.02 -0.54 95,866 Ekttitab Holding Co Sak 21.50 4.37 64,954 Al Madina Takaful Co Saoc 0.10 -1.04 173,750 Qatar Industrial Manufactur 43.09 0.21 37,036 Tourism Enterprise Co/ Shams 33.00 0.92 154,293 Real Estate Trade Centers Co 23.00 0.00 100 Al Madina Investment Co 0.04 0.00 - Qatar International Islamic 66.91 0.69 112,703 Sahara Petrochemical Co 15.72 -1.50 1,502,885 Acico Industries Co Kscc 160.00 -1.23 100,500 Al Kamil Power Co 0.38 0.00 - Qatari Investors Group 28.51 -0.04 106,664 Herfy Food Services Co 45.75 -2.03 45,233 Kipco Asset Management Co 76.50 0.00 600 Al Jazerah Services -Pfd 0.55 0.00 - Qatar Islamic Bank 154.99 1.30 127,790 Saudi Ind Investment Group 24.14 -2.66 695,221 National Petroleum Services 1,000.00 6.38 13,001 Al Jazeera Steel Products Co 0.28 0.00 - Qatar Gas Transport(Nakilat) 18.60 0.27 439,665 Salama Cooperative Insurance 16.50 2.87 1,512,028 Alimtiaz Investment Group 129.00 0.00 1,489,591 Al Jazeera Services 0.11 -1.72 12,786 Qatar General Insurance & Re 47.98 0.00 - Emaar Economic City 8.17 -1.33 2,017,062 Ras Al Khaimah White Cement 74.50 0.00 20,000 Al Izz Islamic Bank 0.09 0.00 - Qatar German Co For Medical 5.30 0.00 42,413 Alahli Takaful Co 29.10 -2.68 361,050 Kuwait Reinsurance Co Ksc 195.00 0.00 4,400 Al Buraimi Hotel 0.88 0.00 - Qatar Fuel Qsc 167.15 -0.09 25,821 Anaam International Holding 14.32 -0.97 1,244,353 Kuwait & Gulf Link Transport 95.00 -1.04 88,752 Al Batinah Power 0.11 0.00 - Qatar First Bank 4.16 -1.42 617,833 Saudi Telecom Co 91.10 0.00 275,144 Humansoft Holding Co Ksc 3,400.00 1.19 417,534 Al Batinah Hotels 1.13 0.00 - Qatar Electricity & Water Co 185.50 0.00 42,935 Al Alamiya Cooperative Insur 33.20 -1.04 138,284 Automated Systems Co Kscc 110.00 0.00 20,000 Al Batinah Dev & Inv 0.09 0.00 - Qatar Exchange Index Etf 103.40 0.15 750 Saudi Industrial Services Co 11.40 -2.56 983,261 Metal & Recycling Co 30.00 -52.38 50 Al Anwar Holdings Saog 0.10 -3.00 99,087 Qatar Cinema & Film Distrib 21.77 0.00 - Al-Ahsa Development Co. 10.00 -0.99 103,406 Gulf Franchising Holding Co 70.00 0.00 266 Al Ahlia Insurance Co Saoc 0.35 0.00 - Al Rayan Qatar Etf 23.09 -5.37 2,776 National Co For Glass In/The 18.68 -0.11 8,391 Al-Enma’a Real Estate Co 34.00 1.49 754,510 Ahli Bank 0.15 0.00 - Qatar Insurance Co 36.87 -0.32 62,466 Dur Hospitality Co 19.76 0.82 292,480 National Mobile Telecommuni 720.00 0.28 20,329 Acwa Power Barka Saog 0.72 0.00 - Ooredoo Qpsc 78.67 -0.29 46,831 Tabuk Cement Co 11.74 -2.17 120,503 Unicap Investment And Financ 63.00 -3.08 1,363,439 Abrasives Manufacturing Co S 0.05 0.00 - National Leasing 8.70 0.00 108,930 Sasco 17.00 0.24 437,179 Al Salam Group Holding Co 32.00 -0.31 832,794 A’saff a Foods Saog 0.60 0.00 - Mazaya Qatar Real Estate Dev 7.97 0.00 416,144 Saudi Cement 47.00 -1.26 75,242 Al Aman Investment Company 49.60 0.00 6,130 0Man Oil Marketing Co-Pref 0.25 0.00 - Mesaieed Petrochemical Holdi 15.53 -1.08 322,789 Aseer Trading Tourism & Manu 9.38 -1.26 128,628 Mashaer Holding Co Ksc 63.00 14.55 11,678,351 Al Meera Consumer Goods Co 148.49 1.01 801 Nama Chemicals Co 27.95 -2.61 249,303 Manazel Holding 30.00 -0.99 1,000 Medicare Group 62.40 -1.03 23,788 Saudi Arabian Mining Co 50.30 -1.57 240,587 Tijara And Real Estate Inves 48.70 0.00 13,734 Mannai Corporation Qsc 56.98 4.53 1,401 Yanbu Cement Co 24.96 -0.16 136,501 Jazeera Airways Co Ksc 746.00 2.33 69,367 UAE Masraf Al Rayan 42.00 0.00 315,371 Saudi Fisheries 36.85 10.00 5,595,450 Commercial Real Estate Co 91.00 1.11 1,141,400 Al Khalij Commercial Bank 11.12 -0.71 49,518 Ash-Sharqiyah Development Co 51.30 -1.16 248,783 National International Co 60.00 -4.76 5,150 Company Name Lt Price % Chg Volume Industries Qatar 137.90 -0.07 84,092 Makkah Construction & Devepl 80.80 0.12 15,667 Taameer Real Estate Invest C 28.80 -0.35 487,000 Islamic Holding Group 22.98 -0.09 3,050 Waha Capital Pjsc 1.71 0.00 - Al Jouf Cement 7.90 -0.75 255,541 Gulf Cement Co 66.00 0.00 10,000 Investment Holding Group 5.10 0.79 1,028,568 United Insurance Company 2.00 0.00 - Abdullah A.M. Al-Khodari Son 7.00 0.14 1,657,613 Heavy Engineering And Ship B 393.00 0.00 162,623 Gulf Warehousing Company 40.10 -1.23 12,317 United Arab Bank Pjsc 1.25 0.00 - Knowledge Economic City 9.44 -0.94 566,616 National Real Estate Co 93.10 0.00 1,200 Gulf International Services 18.29 -0.71 177,729 Union National Bank/Abu Dhab 4.80 -1.03 1,468,865 Al-Ahlia Cooperative Insuran 11.60 -0.17 187,435 Al Safat Energy Holding Comp 29.60 3.86 231,057 Ezdan Holding Group 13.00 5.69 404,189 Union Insurance Co 0.78 0.00 - Al Rajhi Co For Co-Operative 65.50 -0.76 139,158 Kuwait National Cinema Co 1,085.00 0.46 61,018 Doha Insurance Co 12.63 0.00 - Union Cement Co 0.00 0.00 - Advanced Petrochemicals Co 54.00 0.00 306,223 Danah Alsafat Foodstuff Co 39.90 9.02 3,416,649 Doha Bank Qpsc 21.40 -0.14 188,955 Umm Al Qaiwain General Inves 0.97 0.00 - Al Babtain Power & Telecommu 20.46 -0.68 52,869 Independent Petroleum Group 410.00 0.00 1,250 Dlala Holding 10.09 -0.49 12,262 Sudan Telecommunications Gro 0.40 0.00 - Allianz Saudi Fransi Coopera 31.70 -1.09 455,970 Kuwait Real Estate Co Ksc 53.20 0.76 2,697,200 Commercial Bank Pqsc 41.34 -0.14 154,365 Sharjah Islamic Bank 1.17 0.86 10,000 Najran Cement Co 8.75 -1.24 828,114 Salhia Real Estate Co Ksc 327.00 -0.30 349,000 Barwa Real Estate Co 40.27 -0.17 299,769 Sharjah Insurance Company 2.84 0.00 - Al Tayyar Travel Group 20.26 -2.13 1,494,902 Gulf Cable & Electrical Ind 370.00 2.49 10 Al Khaleej Takaful Group 8.40 -2.33 1,944 Sharjah Group 1.10 0.00 - National Commercial Bank 47.40 -0.11 913,852 Kuwait Finance House 0.00 0.00 - Aamal Co 9.05 -0.44 90,276 Sharjah Cement & Indus Devel 0.93 0.00 - Saudi Airlines Catering Co 85.50 -1.72 144,979 Gulf North Africa Holding Co 48.00 1.05 1,144,286 Al Ahli Bank 30.00 4.90 3,520 Ras Al-Khaimah National Insu 2.90 0.00 - City Cement Co 9.59 -1.03 326,007 Hilal Cement Co 0.00 0.00 - Ras Al Khaimah White Cement 0.86 0.00 - Dallah Healthcare Co 62.10 -0.80 183,976 Osoul Investment Kscc 60.00 5.26 19,395 Ras Al Khaimah Ceramics 1.82 -2.67 92,200 Northern Region Cement Co 8.45 -0.35 152,305 Gulf Insurance Group Ksc 670.00 0.00 1,203 SAUDI ARABIA Ras Al Khaimah Cement Co Psc 0.61 0.00 - National Medical Care Co 47.20 -1.26 162,165 Umm Al Qaiwain General Inves 65.00 0.00 148 Ras Al Khaima Poultry 1.90 0.00 - Aljazira Takaful Ta’awuni Co 18.48 -1.28 181,747 Aayan Leasing & Investment 35.90 -0.28 1,832,930 Rak Properties 0.51 6.04 1,057,050 Company Name Lt Price % Chg Volume Metlife Aig Anb Cooperative 22.24 -1.94 183,151 Alrai Media Group Co Ksc 62.50 -0.64 213,745 Ooredoo Qpsc 70.50 0.00 - United Wire Factories Compan 0.70 Bawan Co 13.66 -1.16 123,537 National Investments Co 83.50 0.00 443,530 14.38 34,336 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Etihad Etisalat Co 0.36 Saudi Marketing Co 16.48 -1.79 150,139 Commercial Facilities Co 173.00 0.00 30,588 16.90 2,268,277 National Takaful Company 0.62 0.00 - Dar Al Arkan Real Estate Dev -1.21 Umm Al-Qura Cement Co 11.70 -1.18 153,062 Yiaco Medical Co. K.S.C.C 107.00 0.00 100 9.01 9,665,210 National Marine Dredging Co 3.45 0.00 - Alawwal Bank -0.54 Abdul Mohsen Al-Hokair Touri 17.70 -0.23 388,372 Munshaat Real Estate Project 102.00 0.99 5,000 14.68 311,547 National Investor Co/The 0.58 0.00 - Rabigh Refining And Petroche -1.60 Noor Financial Investment Co 67.20 0.60 1,730,901 19.70 734,893 National Corp Tourism & Hote 1.98 0.00 - Banque Saudi Fransi -0.80 Al Tamdeen Investment Co 280.00 0.00 25,000 31.00 313,041 National Bank Of Umm Al Qaiw 2.25 0.00 - Saudi Enaya Cooperative Insu -0.83 Credit Rating & Collection 20.50 0.00 10 23.80 3,215,454 KUWAIT National Bank Of Ras Al-Khai 4.27 0.00 - Mediterranean & Gulf Insuran -0.73 Ifa Hotels & Resorts Co. K.S 88.00 0.00 3,100 16.42 282,301 National Bank Of Fujairah 3.91 0.00 - Saudi British Bank -1.34 Sokouk Holding Co Sak 40.10 0.25 1,012,080 33.15 275,849 Company Name Lt Price % Chg Volume Methaq Takaful Insurance 0.72 -7.32 35,000 Red Sea International Co -2.53 Warba Bank Kscp 218.00 -1.80 1,699,261 14.62 183,671 Manazel Real Estate Pjsc 0.39 0.77 13,966,315 Takween Advanced Industries -1.01 Sultan Center Food Products 58.50 -0.68 210,240 Viva Kuwait Telecom Co 779.00 1.43 27,725 9.84 169,702 Invest Bank 2.49 0.00 - Sabb Takaful -0.66 Kuwait Foundry Co Sak 180.00 1.12 145 Mezzan Holding Co Kscc 548.00 3.40 53,997 18.18 164,425 Intl Holdings Co Pjsc 0.98 -3.47 142,680 Saudi Arabian Fertilizer Co -0.75 Kuwait Financial Centre Sak 100.00 0.00 85,000 79.90 92,214 Insurance House 0.85 0.00 - National Gypsum -0.65 Ajial Real Estate Entmt 135.00 0.00 15,300 12.14 157,333 Gulf Pharmaceutical Ind Psc 2.10 0.00 - Saudi Ceramic Co -3.33 Kuwait Finance & Investment 34.00 2.41 2,500 20.30 564,040 Gulf Medical Projects 1.77 0.00 - National Gas & Industrializa -0.35 National Industries Co Ksc 190.00 0.00 1,161 28.15 32,315 OMAN Gulf Cement Co 0.78 -9.29 4,266 Saudi Pharmaceutical Industr -1.00 Kuwait Real Estate Holding C 23.50 0.00 9,600 29.60 44,926 Fujairah Cement Industries 1.25 0.00 - Thimar 0.00 Securities House/The 52.00 -4.59 1,368,873 25.65 - Company Name Lt Price % Chg Volume Fujairah Building Industries 1.15 0.00 - National Industrialization C 16.46 -1.08 1,264,587 Boubyan Petrochemicals Co 1,022.00 0.39 1,658,521 Voltamp Energy Saog 0.27 0.00 - Foodco Holding Pjsc 3.71 0.00 - Batic Investments And Logist 39.00 -0.64 33,856 Al Ahli Bank Of Kuwait 294.00 0.00 220,000 Vision Insurance Saoc 0.13 0.00 - First Abu Dhabi Bank Pjsc 13.98 1.30 8,270,801 Saudi Electricity Co 16.00 -1.23 680,043 Ahli United Bank (Almutahed) 298.00 0.68 145,987 United Power/Energy Co- Pref 1.00 0.00 - Finance House 1.64 -0.61 388,623 Saudi Arabia Refineries Co 40.70 -0.85 95,853 National Bank Of Kuwait 840.00 -0.24 9,211,319 United Power Co Saog 3.44 0.00 - Eshraq Properties Co Pjsc 0.51 0.00 223,776 Arriyadh Development Company 17.84 0.00 159,385 Commercial Bank Of Kuwait 500.00 0.00 22,721 United Finance Co 0.09 0.00 - Emirates Telecom Group Co 17.02 0.24 1,475,786 Al-Baha Development & Invest 22.60 0.36 794,076 Kuwait International Bank 270.00 0.00 2,333,364 Ubar Hotels & Resorts 0.13 0.00 - Emirates Insurance Co. (Psc) 6.75 0.00 - Saudi Research And Marketing 88.50 -2.21 183,994 Gulf Bank 268.00 1.52 3,325,804 Takaful Oman 0.13 0.00 - Emirates Driving Company 7.10 0.00 - Aldrees Petroleum And Transp 38.20 0.66 182,595 Al-Massaleh Real Estate Co 38.50 0.00 96,629 Taageer Finance 0.10 3.26 10,772 Dana Gas 0.91 -2.77 5,402,371 Saudi Vitrified Clay Pipe Co 51.90 -0.57 18,696 Al Arabiya Real Estate Co 30.10 -1.95 45,000 Sweets Of Oman 0.55 0.00 - Commercial Bank Internationa 0.66 0.00 - Jarir Marketing Co 152.00 -0.78 101,724 Kuwait Remal Real Estate Co 44.80 -1.97 343,300 Sohar Power Co 0.12 0.00 - Bank Of Sharjah 1.00 -1.96 1,200,000 Arab National Bank 31.15 -1.74 463,225 A’ayan Real Estate Co Sak 58.00 -3.17 50,000 Smn Power Holding Saog 0.37 0.00 - Axa Green Crescent Insurance 0.50 11.11 643,000 Yanbu National Petrochemical 68.50 0.29 508,350 Investors Holding Group Co.K 12.00 -1.64 1,518,100 Shell Oman Marketing - Pref 1.05 0.00 - Arkan Building Materials Co 0.49 0.00 32,454 Arabian Cement 23.00 -2.95 232,393 Al-Mazaya Holding Co 73.50 0.55 1,172,385 Shell Oman Marketing 1.49 0.00 - Alkhaleej Investment 1.75 0.00 - Middle East Specialized Cabl 12.06 -1.63 188,121 Al-Madar Finance & Invt Co 153.00 0.00 739,633 Sharqiyah Desalination Co Sa 0.31 0.00 - Aldar Properties Pjsc 1.57 1.95 2,121,527 Al Khaleej Training And Educ 13.40 -1.76 385,002 Gulf Petroleum Investment 29.30 1.03 5,336,300 Sembcorp Salalah Power & Wat 0.17 0.00 - Al Wathba National Insurance 12.76 0.00 - Al Sagr Co-Operative Insuran 13.00 -1.22 244,392 Mabanee Co Sakc 620.00 0.32 159,625 Salalah Port Services 0.60 0.00 - Al Qudra Holding Pjsc 0.80 0.00 - Trade Union Cooperative Insu 25.20 -1.18 219,178 Inovest Co Bsc 85.00 3.66 31,964 Salalah Mills Co 0.77 0.00 - Al Khazna Insurance Co 0.25 0.00 - Arabia Insurance Cooperative 17.80 -1.11 272,130 Al-Deera Holding Co 18.00 0.00 43,500 Salalah Beach Resort Saog 1.38 0.00 - Al Fujairah National Insuran 300.00 0.00 - Saudi Chemical Company 31.65 0.80 49,893 Mena Real Estate Co 31.10 -6.33 805,302 Sahara Hospitality 3.09 0.00 - Al Dhafra Insurance Co. P.S. 3.60 0.00 - Fawaz Abdulaziz Alhokair & C 22.82 -2.14 198,056 Amar Finance & Leasing Co 49.00 0.00 500 Renaissance Services Saog 0.37 0.00 - Al Buhaira National Insuranc 1.99 0.00 - Bupa Arabia For Cooperative 76.30 0.39 306,976 United Projects For Aviation 630.00 -0.79 200 Raysut Cement Co 0.41 0.00 - Al Ain Ahlia Ins. Co. 37.00 0.00 - Wafa Insurance 9.50 0.00 - National Consumer Holding Co 0.00 0.00 - Phoenix Power Co Saoc 0.10 0.00 606,734 Agthia Group Pjsc 3.75 2.46 349,200 Jabal Omar Development Co 35.40 -0.70 414,494 Amwal International Investme 62.00 0.00 2,000 Packaging Co Ltd 2.21 0.00 - Abu Dhabi Ship Building Co 1.10 0.00 - Saudi Basic Industries Corp 120.20 -2.44 3,599,843 Equipment Holding Co K.S.C.C 26.90 0.00 29,600 Ooredoo 0.57 -1.73 5,427 Abu Dhabi Natl Co For Buildi 0.48 6.44 1,000 Saudi Kayan Petrochemical Co 13.92 -0.85 3,853,076 Arkan Al Kuwait Real Estate 85.50 3.01 199,749 Ominvest 0.34 -1.16 33,795 Abu Dhabi National Takaful C 4.40 0.00 - Etihad Atheeb Telecommunicat 5.35 0.00 - Gfh Financial Group Bsc 87.10 -1.14 832,043 Oman United Insurance Co 0.30 0.00 800 Abu Dhabi National Oil Co Fo 2.30 0.88 114,596 Co For Cooperative Insurance 61.80 -0.32 113,922 Energy House Holding Co Kscp 37.90 -2.82 81,500 Oman Telecommunications Co 0.82 -1.91 44,136 Abu Dhabi National Insurance 3.90 0.00 - National Petrochemical Co 25.65 -2.66 245,453 Kuwait Co For Process Plant 230.00 -3.36 5,000 Oman Refreshment Co 1.75 0.00 - Abu Dhabi National Hotels 3.15 0.00 - Gulf Union Cooperative Insur 14.56 1.11 785,316 Al Maidan Dental Clinic Co K 1,220.00 0.00 1,500 Oman Qatar Insurance Co 0.12 0.00 - Abu Dhabi National Energy Co 0.94 4.44 35,249 Gulf General Cooperative Ins 13.76 -1.15 124,285 National Shooting Company 15.90 0.00 66,034 Oman Packaging 0.28 0.00 - Abu Dhabi Islamic Bank 3.91 0.00 1,606,586 Basic Chemical Industries 23.08 0.35 31,323 Al-Ahleia Insurance Co Sakp 421.00 0.24 84,680 Oman Oil Marketing Company 1.13 0.00 - Abu Dhabi Commercial Bank 8.25 0.12 1,893,279 Saudi Steel Pipe Co 18.08 -1.95 234,489 Wethaq Takaful Insurance Co 28.00 0.00 1,000 Oman National Engineering An 0.16 0.00 - Abu Dhabi Aviation Co 3.30 0.00 - Buruj Cooperative Insurance 26.95 1.32 81,320 Salbookh Trading Co Kscp 39.90 2.31 1,510 Oman Investment & Finance 0.08 0.00 820 Mouwasat Medical Services Co 79.50 -2.45 78,442 Aqar Real Estate Investments 62.00 1.47 666 Oman Intl Marketing 0.52 0.00 - Southern Province Cement Co 38.60 -1.28 70,426 Hayat Communications 69.90 0.00 5,250 Oman Flour Mills 0.68 0.00 - Maadaniyah 17.66 -0.23 100,458 Soor Fuel Marketing Co Ksc 115.00 0.00 14,373 Oman Fisheries Co 0.07 -1.47 232,535 Yamama Cement Co 13.80 -1.00 135,078 Tamkeen Holding Co 10.80 8.00 5,000 Oman Europe Foods Industries 1.00 0.00 - Jazan Energy And Development 14.62 2.24 466,571 Burgan Co For Well Drilling 95.00 0.00 4,640 Oman Education & Training In 0.24 0.00 - Zamil Industrial Investment 17.90 -0.33 45,250 Kuwait Resorts Co Kscc 55.70 0.00 482,800 Oman Chromite 3.64 0.00 - Alujain Corporation (Alco) 20.84 -1.42 620,696 Oula Fuel Marketing Co 116.00 0.87 28,573 Oman Chlorine 0.29 0.00 - Tabuk Agricultural Developme 10.12 -0.78 249,929 Palms Agro Production Co 0.00 0.00 - BAHRAIN Oman Ceramic Company 0.42 0.00 - United Co-Operative Assuranc 12.12 1.00 168,453 Mubarrad Holding Co Ksc 61.40 0.00 6,447 Oman Cement Co 0.31 -0.65 108,350 Qassim Cement/The 35.05 0.14 63,648 Shuaiba Industrial Co 190.00 0.00 1,243 Oman Cables Industry 1.03 0.00 - Saudi Advanced Industries 12.56 -1.26 92,614 Aan Digital Services Co 17.30 -3.35 10,000 Company Name Lt Price % Chg Volume Oman & Emirates Inv(Om)50% 0.12 0.00 - Kingdom Holding Co 7.76 -0.39 73,533 First Takaful Insurance Co 47.50 0.00 1,600 ZAIN BAHRAIN BSCC 0.00 0.00 - Natl Aluminium Products 0.36 0.00 - Saudi Arabian Amiantit Co 5.92 -0.84 617,250 Kuwaiti Syrian Holding Co 39.40 1.03 248,005 UNITED PAPER INDUSTRIES BSC 0.00 0.00 - National Real Estate Develop 5.00 0.00 - Al Jouf Agriculture Developm 21.66 -0.64 43,885 National Cleaning Company 55.10 -3.33 75,018 UNITED GULF HOLDING BSC 1.23 0.00 7,890 National Pharmaceutical 0.19 0.00 - Saudi Industrial Development 8.25 -0.48 179,622 United Real Estate Company 59.50 -1.65 42,000 SOLIDARITY BAHRAIN BSC 0.00 0.00 - National Mineral Water 0.10 0.00 1,000,296 Riyad Bank 18.02 -0.11 364,554 Agility 805.00 0.63 2,596,797 SEEF PROPERTIES 0.21 -1.90 170,000 National Life & General Insu 0.32 0.00 - The National Agriculture Dev 28.10 -1.23 59,608 Kuwait & Middle East Fin Inv 31.60 0.00 47,000 NATIONAL BANK OF BAHRAIN 0.60 0.00 9,604 National Gas Co 0.27 0.00 - Halwani Bros Co 45.50 -2.57 127,798 Fujairah Cement Industries 62.00 0.00 13,248 BSC 0.10 0.00 56,884 National Finance Co 0.14 0.00 - Arabian Pipes Co 9.50 -0.73 328,960 Livestock Transport & Tradng 191.00 0.00 941 NASS CORP BSC 0.08 0.00 338,348 National Detergent Co Saog 0.70 0.00 - Eastern Province Cement Co 21.40 -1.74 155,716 International Resorts Co 23.50 0.00 67,825 KHALEEJI COMMERCIAL BANK 0.09 0.00 100,000 National Biscuit Industries 3.92 0.00 - Al Gassim Investment Holding 11.06 -2.81 952,549 National Industries Grp Hold 157.00 0.00 2,069,662 ITHMAAR HOLDING BSC 9.60 0.00 10,000 National Bank Of Oman Saog 0.18 0.00 - Filing & Packing Materials M 35.00 0.00 38,718 Warba Insurance Co 69.00 -1.43 656 INVESTCORP BANK -$US 0.00 0.00 - Muscat Thread Mills Co 0.08 0.00 - Saudi Cable Co 34.85 -1.41 218,000 First Dubai Real Estate Deve 40.10 -1.47 251,000 GULF HOTEL GROUP B.S.C 0.28 -1.75 65,000 Muscat Insurance Co Saog 0.80 0.00 - Tihama Advertising & Public 46.50 1.09 1,210,348 Al Arabi Group Holding Co 68.00 0.00 713 GFH FINANCIAL GROUP BSC 0.00 0.00 - Muscat Gases Company Saog 0.22 0.00 - Saudi Investment Bank/The 17.02 -1.05 334,864 Mobile Telecommunications Co 461.00 -0.65 13,575,251 ESTERAD INVESTMENT CO B.S.C. 0.09 0.00 20,000 Muscat Finance 0.08 0.00 52,822 Astra Industrial Group 16.00 -0.12 134,447 Eff ect Real Estate Co 14.10 0.00 197,540 ESKAN BANK REALTY INCOME 0.75 0.00 115,000 Muscat City Desalination Co 0.12 0.00 - Saudi Public Transport Co 14.10 -0.70 195,188 Tamdeen Real Estate Co Ksc 0.00 0.00 - TR 0.44 0.00 41,280 Majan Glass Company 0.18 0.00 - Taiba Holding Co 31.40 0.64 36,861 Al Mudon Intl Real Estate Co 28.50 0.00 20 BMMI BSC 0.26 0.76 308,263 Majan College 0.22 0.00 - Saudi Industrial Export Co 96.80 -0.41 1,131,993 Kuwait Cement Co Ksc 353.00 -0.56 3,000 BBK BSC 0.35 0.00 72,943 Hsbc Bank Oman 0.12 -0.83 17,865 Saudi Real Estate Co 12.44 -0.64 267,215 Sharjah Cement & Indus Devel 0.00 0.00 - BAHRAIN TELECOM CO 0.00 0.00 - Hotels Management Co Interna 1.25 0.00 - Saudia Dairy & Foodstuff Co 99.00 0.00 249,516 Kuwait Portland Cement Co 1,120.00 -0.27 5,100 BAHRAIN NATIONAL HOLDING 0.12 0.00 100 Gulf Stone 0.12 0.00 - National Shipping Co Of/The 33.05 -2.36 1,185,079 Educational Holding Group 315.00 0.00 5,600 BAHRAIN KUWAIT INSURANCE 0.74 0.00 10,680 Gulf Mushroom Company 0.31 0.00 - Methanol Chemicals Co 9.56 -1.65 1,531,440 Asiya Capital Investments Co 33.50 1.21 66,599 BAHRAIN ISLAMIC BANK 0.77 0.00 2,000 Gulf Investments Services 0.07 -5.33 41,000 Chubb Arabia Cooperative Ins 19.20 -1.64 54,558 Kuwait Investment Co 129.00 0.78 80,100 BAHRAIN DUTY FREE COMPLEX 0.40 -1.23 97,903 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - Mobile Telecommunications Co 7.75 0.39 10,457,511 Burgan Bank 285.00 0.35 1,346,426 BAHRAIN COMMERCIAL 0.60 1.69 31,968 Gulf International Chemicals 0.18 0.00 - Saudi Arabian Coop Ins Co 12.16 -1.30 343,275 Kuwait Projects Co Holdings 211.00 0.48 125,000 FACILITIE 0.30 0.00 26,057 Gulf Hotels (Oman) Co Ltd 9.50 0.00 - Axa Cooperative Insurance 23.00 -2.79 250,985 Al Madina For Finance And In 22.70 -0.87 481,000 ARAB BANKING CORP BSC-$US 0.08 -4.88 904,726 Global Fin Investment 0.08 0.00 - Alsorayai Group 14.10 -0.14 826,570 Kuwait Insurance Co 350.00 0.00 29,100 ALUMINIUM BAHRAIN BSC 0.67 0.00 950,000 Galfar Engineering&Contract 0.09 -1.15 101,270 Bank Albilad 26.00 0.00 269,249 Al Masaken Intl Real Estate 62.50 0.00 15 ALBARAKA BANKING GROUP Galfar Engineering -Prefer 0.39 0.00 - Al-Hassan G.I. Shaker Co 8.57 -0.70 200,334 Intl Financial Advisors 32.20 1.58 193,893 AL-SALAM BANK Financial Services Co. 0.18 0.00 - Wataniya Insurance Co 24.40 -0.57 290,547 First Investment Co Kscc 38.30 -0.26 765,100 AHLI UNITED BANK B.S.C Financial Corp/The 0.10 0.00 - Abdullah Al Othaim Markets 70.30 -0.99 35,495 Al Mal Investment Company 20.50 -6.82 589,072 Dhofar Tourism 0.49 0.00 - Hail Cement 8.01 -0.87 148,179 Bayan Investment Co Kscc 48.00 0.00 5,000 Dhofar Poultry 0.18 0.00 - Saudi Re For Cooperative Rei 7.85 -0.38 276,630 Egypt Kuwait Holding Co Sae 318.00 -0.63 10,010 LATEST MARKET CLOSING FIGURES Gulf Times 6 Thursday, December 20, 2018 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 23,890.60 +214.96 Apple Inc 166.30 0.14 7,205,928 S&P 500 Index 2,567.48 +21.32 Microsoft Corp 105.79 1.75 10,790,589 Nasdaq Composite Index 6,847.50 +63.58 Johnson & Johnson 130.99 0.44 3,967,009 S&P/Tsx Composite Index 14,506.09 +89.20 Jpmorgan Chase & Co 99.27 0.74 4,657,973 Mexico Bolsa Index 41,412.39 +494.82 Exxon Mobil Corp 72.67 0.93 3,169,203 Brazil Bovespa Stock Idx 87,792.74 +1,182.25 Walmart Inc 92.01 1.02 2,450,102 Ftse 100 Index 6,761.37 +59.78 Visa Inc-Class A Shares 134.44 1.34 2,277,703 Cac 40 Index 4,775.83 +21.75 Unitedhealth Group Inc 254.51 0.61 900,609 Dax Index 10,776.35 +35.46 Pfizer Inc 42.54 0.33 6,848,838 Ibex 35 Tr 8,780.30 +79.50 Verizon Communications Inc 56.15 0.90 3,539,962 Nikkei 225 20,987.92 -127.53 Chevron Corp 110.79 0.96 2,196,410 Japan Topix 1,556.15 -6.36 Procter & Gamble Co/The 93.01 0.56 2,007,577 Hang Seng Index 25,865.39 +51.14 Intel Corp 47.37 -0.78 4,820,134 All Ordinaries Indx 5,649.97 -11.87 Cisco Systems Inc 44.35 0.66 4,430,264 Nzx All Index 1,523.13 +11.96 Home Depot Inc 172.81 1.63 1,140,939 Bse Sensex 30 Index 36,484.33 +137.25 Boeing Co/The 331.19 0.95 1,098,621 Nse S&P Cnx Nifty Index 10,967.30 +58.60 Coca-Cola Co/The 48.15 -0.36 3,456,249 Straits Times Index 3,058.65 +13.11 Merck & Co. Inc. 74.67 0.46 3,880,811 Karachi All Share Index 28,103.77 -73.87 Walt Disney Co/The 111.00 1.42 1,636,352 Jakarta Composite Index 6,176.09 +94.23 Mcdonald’s Corp 181.31 0.89 760,214 Dowdupont Inc 53.18 1.70 2,490,767 Nike Inc -Cl B 71.45 0.42 1,001,679 3M Co 195.00 0.23 577,009 TOKYO Intl Business Machines Corp 119.34 2.30 1,729,480 United Technologies Corp 116.24 0.40 1,393,180 Company Name Lt Price % Chg Volume Pedestrians are seen at the London Stock Exchange. The FTSE 100 climbed 1% to 6,765.94 points yesterday. American Express Co 100.32 -0.69 1,426,993 Sumitomo Realty & Developmen 4,176.00 -1.39 2,487,300 Goldman Sachs Group Inc 173.56 1.20 926,822 Sumitomo Metal Mining Co Ltd 3,159.00 0.00 1,342,600 Walgreens Boots Alliance Inc 75.48 -0.01 2,000,921 Orix Corp 1,659.00 -1.48 6,186,800 Caterpillar Inc 128.46 3.37 1,403,902 Daiwa Securities Group Inc 608.60 -0.49 6,476,300 Travelers Cos Inc/The 120.77 1.23 263,496 Softbank Group Corp 8,184.00 -0.91 11,647,000 Mizuho Financial Group Inc 176.50 -0.90 130,269,300 Central Japan Railway Co 22,900.00 -0.13 402,100 Europe stocks rise as EU FTSE 100 Nitori Holdings Co Ltd 14,585.00 0.14 259,600 T&D Holdings Inc 1,423.00 0.21 2,791,500 Company Name Lt Price % Chg Volume Toyota Motor Corp 6,762.00 -0.19 6,868,600 Hoya Corp 6,521.00 0.18 1,055,700 Wpp Plc 881.40 1.24 1,245,214 Sumitomo Mitsui Trust Holdin 4,183.00 -1.11 1,260,500 Wood Group (John) Plc 513.80 -0.62 1,034,078 Japan Tobacco Inc 2,809.50 -0.76 7,639,700 makes Italy budget deal Wm Morrison Supermarkets 222.45 0.77 2,785,433 Osaka Gas Co Ltd 2,062.00 -4.45 1,847,200 Whitbread Plc 4,486.00 0.88 152,393 Sumitomo Electric Industries 1,503.50 0.27 1,505,300 Vodafone Group Plc 159.16 0.82 41,288,988 Brussels judged it would not produce 10,766.21, Paris’s CAC 40 gained 0.5% Ono Pharmaceutical Co Ltd 2,536.50 -1.57 1,730,200 AFP United Utilities Group Plc 744.20 0.08 930,730 the promised growth and only increase at 4,777.45 and Milan’s FTSE MIB Ajinomoto Co Inc 1,984.50 0.61 1,942,700 London Unilever Plc 4,200.50 -0.23 948,124 Mitsui Fudosan Co Ltd 2,658.00 -0.60 3,124,100 Italy’s already massive debt burden. jumped 1.7% to 18,961 points at the Tui Ag-Di 1,148.00 0.26 1,055,602 Daikin Industries Ltd 12,250.00 0.08 667,100 “There were a lot of fears that the close yesterday. Tesco Plc 193.55 -0.33 10,538,840 Toray Industries Inc 803.70 0.59 6,016,600 On the corporate front, shares in Taylor Wimpey Plc 135.70 1.95 7,303,352 uropean stock markets rose yes- political spat could have triggered an- Bridgestone Corp 4,470.00 -0.02 2,033,000 Standard Life Aberdeen Plc 251.20 1.68 3,366,163 terday as the EU reached a deal other round of the eurozone debt cri- GlaxoSmithKline surged after the UK Sony Corp 5,550.00 -0.57 6,052,400 Standard Chartered Plc 591.00 0.07 1,247,022 with Italy over Rome’s disputed sis, and those worries have since evap- pharmaceutical group said it and US Astellas Pharma Inc 1,506.00 -3.12 7,874,000 E St James’s Place Plc 922.40 -0.37 716,876 budget and implemented contingency orated,” said David Madden, a market peer Pfi zer would merge their consum- Jxtg Holdings Inc 585.00 -1.52 13,626,300 Sse Plc 1,060.00 1.78 1,442,549 Nippon Steel & Sumitomo Meta 1,977.50 -1.05 2,886,300 plans for a no-deal Brexit. analyst at CMC. er healthcare units that produce over- Smurfit Kappa Group Plc 2,000.00 -1.57 324,975 Suzuki Motor Corp 5,699.00 2.46 2,753,400 Wall Street also posted gains ap- Meanwhile, the European Union the-counter medicines. Smiths Group Plc 1,397.50 -0.75 370,522 Nippon Telegraph & Telephone 4,558.00 -1.00 3,895,400 proaching midday in New York, while adopted back-up plans to protect es- The tie-up of OTC brands includ- Smith & Nephew Plc 1,454.50 1.36 1,498,770 Sompo Holdings Inc 3,873.00 -1.83 1,613,100 Shire Plc 4,433.50 1.43 5,174,460 Asian stocks closed mixed, with all sential trade, transport and fi nance in ing GSK’s Sensodyne toothpaste with Daiwa House Industry Co Ltd 3,637.00 0.97 2,264,100 Severn Trent Plc 1,816.50 -0.38 270,131 eyes on the US Federal Reserve’s up- the event that Britain leaves the bloc Pfi zer’s Centrum multi-vitamins paves Komatsu Ltd 2,522.50 -0.59 6,848,900 Segro Plc 593.40 0.24 688,009 coming decision on interest rates. without a Brexit deal in just 100 days’ the way for British group GSK to have West Japan Railway Co 7,875.00 0.06 470,800 Scottish Mortgage Inv Tr Plc 478.10 1.44 776,762 The Fed is wading into a charged time. two UK-listed companies, one special- Murata Manufacturing Co Ltd 16,045.00 0.28 907,000 Schroders Plc 2,380.00 -0.21 164,674 Kansai Electric Power Co Inc 1,657.00 -5.31 3,528,500 political atmosphere, with another in- The European Commission said it ised in the development of drugs and Sainsbury (J) Plc 267.50 0.83 3,078,526 Denso Corp 5,075.00 0.85 1,848,500 terest rate hike likely but probably ac- was acting “to ensure that the neces- the other in consumer healthcare. Sage Group Plc/The 596.20 1.53 898,468 Dai-Ichi Life Holdings Inc 1,852.50 0.16 4,676,200 companied by a strong hint that this sary contingency measures can enter The Bucharest stock market plunged Rsa Insurance Group Plc 503.20 -0.08 1,164,920 Mazda Motor Corp 1,233.50 0.33 4,270,200 Royal Mail Plc 279.80 -2.44 5,322,457 will mark the end of monetary tighten- into application on March 30, 2019 more than 11% after the announce- Mitsui & Co Ltd 1,688.50 -2.14 5,823,900 Royal Dutch Shell Plc-B Shs 2,323.50 1.84 2,766,563 ing for now. in order to limit the most signifi cant ment of new Romanian taxes targeting Kao Corp 8,019.00 0.73 1,250,900 Royal Dutch Shell Plc-A Shs 2,303.00 1.61 4,147,771 The dollar slipped, while oil prices re- damage caused by a ‘no-deal’ scenar- banks and energy companies worried Sekisui House Ltd 1,662.50 0.79 2,381,900 Royal Bank Of Scotland Group 210.80 0.72 4,811,474 investors heading for the exits. Oriental Land Co Ltd 11,395.00 1.79 676,800 covered somewhat a day after slumping io”. Rolls-Royce Holdings Plc 820.20 1.11 1,269,438 Secom Co Ltd 9,420.00 -1.84 819,000 to their lowest levels since late 2017 on The pound was down against the Faced with diffi cult choices to con- Rio Tinto Plc 3,823.50 2.45 2,837,176 Tokio Marine Holdings Inc 5,331.00 0.19 1,951,900 concerns about a surplus of crude. euro with pressure on sterling coming trol its budget defi cit, the country’s Rightmove Plc 425.85 0.14 1,904,964 Aeon Co Ltd 2,465.00 -3.64 5,302,900 leftist government late Tuesday an- Rentokil Initial Plc 330.70 0.79 1,917,455 “Confi rmation of a deal between also from news of a drop in annual UK Fanuc Corp 16,950.00 0.59 1,211,500 Relx Plc 1,613.50 0.34 1,187,200 Italy and EU instilled a modicum of infl ation. nounced a series of tax amendments Daito Trust Construct Co Ltd 15,590.00 -0.06 411,700 Reckitt Benckiser Group Plc 6,131.00 0.51 676,330 Christmas cheer in the markets,” noted “As no-deal Brexit planning is being that are to kick in quickly, without pri- Otsuka Holdings Co Ltd 5,116.00 -2.65 1,197,100 Randgold Resources Ltd 6,758.00 -1.86 724,128 Connor Campbell, analyst at Spreadex ramped up in both the UK and the EU, or consultations with businesses. Resona Holdings Inc 542.30 -0.99 9,364,800 Prudential Plc 1,402.50 1.04 4,216,712 Asahi Kasei Corp 1,144.00 0.00 3,659,200 trading group. pound traders are increasingly nervous Local media immediately dubbed Persimmon Plc 1,908.00 2.09 589,416 Kirin Holdings Co Ltd 2,376.50 1.45 3,575,500 The EU and Italy’s populist govern- that this could actually all go horribly the stock exchange meltdown “Black Pearson Plc 934.80 0.95 837,509 Mitsubishi Ufj Financial Gro 568.30 -1.23 55,036,900 ment yesterday called a truce in their wrong,” said Fiona Cincotta, a senior Wednesday”, while the stock exchange Paddy Power Betfair Plc 6,425.00 0.08 80,084 Marubeni Corp 798.40 -2.01 6,828,400 Ocado Group Plc 775.80 0.10 568,674 bitter row over Rome’s disputed 2019 market analyst at Cityindex. said it was “worried” by the new taxes Mitsubishi Chemical Holdings 817.00 -0.97 7,039,800 Nmc Health Plc 2,796.00 -0.29 139,938 budget, as Brussels said revised spend- In a positive for London stocks, the which it said threatened the develop- Fast Retailing Co Ltd 59,000.00 -1.68 692,000 Next Plc 4,234.00 0.57 335,646 ing plans fell within bloc rules. weak pound gave the FTSE index a shot ment of a domestic capital market. Ms&Ad Insurance Group Holdin 3,216.00 -0.46 1,301,600 National Grid Plc 773.30 1.92 8,508,089 In a fi rst, the European Commis- in the arm as it boosts the earnings of Shares in the country’s leading Kubota Corp 1,732.50 1.46 3,907,400 Mondi Plc 1,615.00 1.96 1,112,757 Seven & I Holdings Co Ltd 4,853.00 -0.72 2,117,300 sion in October rejected Italy’s original multinationals listed there. banks and energy companies tumbled Micro Focus International 1,404.50 1.96 589,862 Inpex Corp 1,006.00 -7.20 10,418,200 budget, which promised a universal In Europe, London’s FTSE 100 and tremors were also felt on the Vi- Melrose Industries Plc 161.00 3.30 12,059,431 Sumitomo Mitsui Financial Gr 3,851.00 -0.62 7,199,600 basic income and a pension increase climbed 1% to 6,765.94 points, Frank- enna stock market where fi nancials Marks & Spencer Group Plc 254.50 0.32 2,040,592 Ana Holdings Inc 3,984.00 1.32 903,900 London Stock Exchange Group 4,025.00 0.30 468,948 for low-wage earners. furt’s the DAX 30 was up 0.2% to plunged in reaction. Mitsubishi Electric Corp 1,282.00 -0.04 6,871,200 Lloyds Banking Group Plc 52.43 0.90 58,305,212 Honda Motor Co Ltd 3,047.00 0.63 5,364,700 Legal & General Group Plc 228.40 0.84 5,526,367 Tokyo Gas Co Ltd 2,776.00 -4.29 2,797,700 Land Securities Group Plc 829.60 0.39 698,248 HONG KONG HONG KONG Tokyo Electron Ltd 12,915.00 -4.40 1,835,700 Kingfisher Plc 216.40 -1.81 5,355,651 Panasonic Corp 1,056.50 -1.08 7,609,300 Just Eat Plc 590.40 2.15 964,128 Fujitsu Ltd 7,135.00 1.74 1,410,600 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Johnson Matthey Plc 2,772.00 0.76 282,500 East Japan Railway Co 9,958.00 -1.36 1,248,100 Itv Plc 127.85 0.20 7,686,907 Aluminum Corp Of China Ltd-H 2.66 1.14 9,643,390 Hong Kong & China Gas 16.02 -0.25 9,354,354 Itochu Corp 1,967.00 -0.18 4,551,900 Intl Consolidated Airline-Di 611.00 0.36 2,790,188 Bank Of East Asia Ltd 24.80 -1.78 1,523,052 Hong Kong Exchanges & Clear 231.40 0.78 2,092,546 Fujifilm Holdings Corp 4,347.00 -0.91 1,416,900 Intertek Group Plc 4,819.00 2.97 240,835 Bank Of China Ltd-H 3.31 0.61 184,010,987 Hsbc Holdings Plc 64.10 0.47 6,895,906 Yamato Holdings Co Ltd 3,092.00 0.19 1,133,900 Intercontinental Hotels Grou 4,168.00 0.17 270,772 Bank Of Communications Co-H 5.94 1.54 20,546,133 Hutchison Whampoa Ltd 0.00 0.00 - Chubu Electric Power Co Inc 1,604.00 -4.21 3,055,900 Informa Plc 629.00 -0.32 683,325 Belle International Holdings 0.00 0.00 - Ind & Comm Bk Of China-H 5.49 0.00 164,833,787 Mitsubishi Estate Co Ltd 1,867.00 0.51 5,037,500 Imperial Brands Plc 2,314.00 0.00 2,142,787 Boc Hong Kong Holdings Ltd 29.45 -0.34 5,966,126 Li & Fung Ltd 1.20 0.00 25,221,812 Mitsubishi Heavy Industries 4,148.00 -0.62 1,546,800 Hsbc Holdings Plc 650.20 0.22 5,609,973 Cathay Pacific Airways 11.00 2.23 1,556,511 Mtr Corp 41.00 -0.49 1,771,876 Shiseido Co Ltd 7,043.00 1.29 2,306,200 Hargreaves Lansdown Plc 1,812.50 1.57 303,716 Ck Hutchison Holdings Ltd 78.55 0.51 4,456,229 New World Development 10.90 0.74 12,031,191 Shionogi & Co Ltd 6,670.00 -1.80 1,580,200 Halma Plc 1,327.00 2.00 461,434 China Coal Energy Co-H 3.15 -2.17 4,363,045 Petrochina Co Ltd-H 5.04 -2.89 175,355,569 Recruit Holdings Co Ltd 2,757.00 -1.08 8,221,700 Gvc Holdings Plc 700.50 0.72 2,150,946 China Construction Bank-H 6.39 0.00 194,065,468 Ping An Insurance Group Co-H 72.90 -0.48 28,287,734 Japan Airlines Co Ltd 3,960.00 1.67 1,321,400 Glencore Plc 295.15 2.41 15,445,266 China Life Insurance Co-H 16.60 0.73 20,871,455 Power Assets Holdings Ltd 54.35 -0.18 3,503,165 Nitto Denko Corp 5,626.00 -0.95 951,400 Glaxosmithkline Plc 1,507.40 4.09 13,064,685 China Merchants Port Holding 14.50 0.83 1,650,642 Sino Land Co 13.96 1.60 4,776,634 Kddi Corp 2,651.00 -0.38 7,056,000 Fresnillo Plc 836.00 0.89 812,155 China Mobile Ltd 75.75 1.00 12,327,701 Sun Hung Kai Properties 114.90 1.50 3,089,030 Rakuten Inc 827.00 0.12 5,378,700 Ferguson Plc 4,995.00 1.00 324,106 China Overseas Land & Invest 26.85 1.13 8,268,347 Swire Pacific Ltd - Cl A 83.60 -0.65 820,192 Kyocera Corp 5,696.00 0.07 1,040,800 Experian Plc 1,853.00 -0.32 672,083 China Petroleum & Chemical-H 6.09 -4.69 214,827,996 Tencent Holdings Ltd 303.00 0.07 14,666,479 Nissan Motor Co Ltd 921.50 -0.69 11,495,500 Evraz Plc 477.80 3.42 1,189,907 China Resources Beer Holding 28.10 -0.18 2,590,610 Wharf Holdings Ltd 20.60 2.49 2,366,550 Easyjet Plc 1,082.00 0.37 656,328 China Resources Land Ltd 30.25 1.68 7,150,721 China Resources Power Holdin 15.22 1.20 5,912,109 Ds Smith Plc 298.30 -1.09 3,010,623 SENSEX Direct Line Insurance Group 304.70 -0.33 1,343,524 China Shenhua Energy Co-H 17.86 1.13 12,952,772 GCC INDICES Diageo Plc 2,801.00 0.74 2,081,846 China Unicom Hong Kong Ltd 8.58 0.35 21,785,803 Dcc Plc 5,980.00 0.84 333,560 Company Name Lt Price % Chg Volume Citic Ltd 12.60 -0.63 16,419,637 Indices Lt Price Change Croda International Plc 4,720.00 2.45 114,927 Clp Holdings Ltd 88.30 -0.95 3,047,627 Doha Securities Market Zee Entertainment Enterprise 465.15 0.53 14,645,490 10,496.40 +7.36 Crh Plc 2,035.00 1.45 1,075,800 Cnooc Ltd 11.88 -2.30 72,927,976 Saudi Tadawul Yes Bank Ltd 179.55 0.31 43,402,769 7,860.35 -83.04 Compass Group Plc 1,664.00 -0.06 1,615,082 Cosco Shipping Ports Ltd 7.90 1.94 2,252,186 Kuwait Stocks Exchange Wipro Ltd 340.70 1.69 4,056,667 4,724.12 +6.12 Coca-Cola Hbc Ag-Di 2,411.00 0.46 180,801 Esprit Holdings Ltd 1.62 1.25 1,745,856 Bahrain Stock Exchage Vedanta Ltd 206.85 -0.82 12,009,420 1,314.52 +0.25 Centrica Plc 134.60 1.20 5,310,548 Fih Mobile Ltd 0.85 3.66 5,511,105 Oman Stock Market Upl Ltd 755.70 1.62 1,634,760 4,336.79 -42.70 Carnival Plc 4,356.00 0.25 410,632 Hang Lung Properties Ltd 15.66 1.03 5,851,521 Abudhabi Stock Market Ultratech Cement Ltd 4,084.55 1.91 1,038,453 4,859.62 +30.95 Burberry Group Plc 1,731.00 0.58 1,512,753 Hang Seng Bank Ltd 176.00 -0.56 1,084,208 Dubai Financial Market Titan Co Ltd 929.20 -0.41 2,436,779 2,544.12 +33.04 Bunzl Plc 2,393.00 0.25 236,285 Henderson Land Development 40.20 0.63 2,101,544 Tech Mahindra Ltd 709.45 0.06 2,821,011 Bt Group Plc 247.35 1.37 8,703,518 Tata Steel Ltd 527.40 0.08 5,322,288 British Land Co Plc 549.80 0.73 1,246,050 Tata Motors Ltd 173.90 -0.49 12,614,146 British American Tobacco Plc 2,559.50 -0.56 2,636,657 Tata Consultancy Svcs Ltd 1,968.45 -0.98 2,621,948 Bp Plc 501.50 0.84 17,048,329 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The Sun Pharmaceutical Indus 423.80 -2.23 8,541,230 Bhp Billiton Plc 0.00 0.00 - State Bank Of India 300.70 2.72 29,492,384 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Berkeley Group Holdings/The 3,443.00 3.02 192,906 Reliance Industries Ltd 1,136.80 0.04 8,485,075 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Barratt Developments Plc 450.00 2.48 2,550,521 Power Grid Corp Of India Ltd 199.00 1.35 6,557,133 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Barclays Plc 151.60 -0.39 14,366,525 Oil & Natural Gas Corp Ltd 148.25 0.44 7,334,415 this data.” Bae Systems Plc 454.90 -0.66 3,966,734 Ntpc Ltd 149.80 1.42 6,972,711 Aviva Plc 367.00 -1.00 5,989,637 Maruti Suzuki India Ltd 7,936.00 2.11 911,739 Astrazeneca Plc 5,952.00 -0.55 1,030,577 Mahindra & Mahindra Ltd 782.65 1.52 3,483,154 Associated British Foods Plc 2,118.00 -0.33 649,385 Larsen & Toubro Ltd 1,434.75 0.44 2,196,488 CURRENCIES Ashtead Group Plc 1,653.50 -0.15 805,975 Kotak Mahindra Bank Ltd 1,225.65 -0.93 3,253,813 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 782.80 1.66 991,680 DINAR DINAR Jsw Steel Ltd 311.00 1.82 6,314,902 Anglo American Plc 1,747.60 2.06 1,878,663 Itc Ltd 283.45 1.91 13,839,636 Admiral Group Plc 1,951.00 -0.36 220,351 Infosys Ltd 664.85 -1.74 9,236,074 3I Group Plc 775.80 0.94 774,237 Indusind Bank Ltd 1,612.65 -1.64 1,451,126 Indian Oil Corp Ltd 145.95 0.83 19,168,430 Indiabulls Housing Finance L 839.65 8.12 16,743,523 TOKYO Icici Bank Ltd 366.50 1.17 20,057,457 Housing Development Finance 1,981.70 1.52 2,601,810 Hindustan Unilever Ltd 1,844.80 0.22 1,960,546 Company Name Lt Price % Chg Volume Hindustan Petroleum Corp 236.15 2.07 9,160,249 Hitachi Ltd 3,122.00 -0.51 3,493,300 Hindalco Industries Ltd 227.15 0.84 5,632,934 Takeda Pharmaceutical Co Ltd 3,588.00 -0.06 20,775,700 Hero Motocorp Ltd 3,305.20 0.22 963,670 Jfe Holdings Inc 1,864.50 0.08 2,646,700 Hdfc Bank Limited 2,123.45 -0.56 2,330,558 Sumitomo Corp 1,613.50 -1.53 4,153,900 Hcl Technologies Ltd 957.15 -2.85 3,146,079 Canon Inc 3,121.00 -0.38 5,329,900 Grasim Industries Ltd 854.90 0.07 1,596,003 Nintendo Co Ltd 30,000.00 -3.19 2,642,500 Gail India Ltd 358.50 1.13 2,774,440 Eisai Co Ltd 9,257.00 -0.47 662,600 Eicher Motors Ltd 23,955.70 0.38 51,468 Isuzu Motors Ltd 1,622.00 -0.52 1,617,400 Dr. Reddy’s Laboratories 2,613.75 -0.97 905,030 Unicharm Corp 3,576.00 1.85 2,405,000 Coal India Ltd 251.00 -0.34 5,520,281 Shin-Etsu Chemical Co Ltd 8,962.00 -0.46 1,542,000 Cipla Ltd 524.75 0.35 1,287,161 Smc Corp 35,060.00 1.24 242,900 Bharti Infratel Ltd 263.45 3.48 2,635,349 Mitsubishi Corp 3,068.00 -1.29 4,023,900 Bharti Airtel Ltd 322.70 1.54 5,448,824 Asahi Group Holdings Ltd 4,456.00 0.13 1,150,800 Bharat Petroleum Corp Ltd 361.75 2.41 3,918,052 Keyence Corp 56,610.00 0.55 361,100 Bajaj Finserv Ltd 6,405.45 4.11 375,227 Nidec Corp 13,225.00 -1.96 1,147,900 Bajaj Finance Ltd 2,596.90 2.56 3,119,030 Nomura Holdings Inc 444.20 -3.25 18,219,500 Bajaj Auto Ltd 2,863.00 0.78 423,449 Daiichi Sankyo Co Ltd 3,871.00 -3.10 1,862,400 Axis Bank Ltd 641.65 3.59 18,137,524 Subaru Corp 2,458.00 0.02 2,688,600 Asian Paints Ltd 1,400.25 3.29 3,669,317 Ntt Docomo Inc 2,504.50 -1.32 6,096,200 Adani Ports And Special Econ 375.85 0.79 1,731,166

Gulf Times 10 Thursday, December 20, 2018 BUSINESS

World’s top IPO venue for 2018 sees worst returns in a decade

Bloomberg In Ping An Healthcare’s of- Hong Kong fering, zealous retail investors placed orders for 654 times the shares initially available to them. ong Kong is host to the Hong Kong’s listing reform to world’s busiest venue for attract technology companies Hinitial public off erings helped boost IPO supply, but the this year. And the worst losses in demand remained slack amid a decade. macro weakness, said Philippe A boom in technology listings Espinasse, the author of “IPO: A has propelled local deal value to Global Guide” and former head $35.7bn, ahead of the New York of Asia’s equity capital markets Stock Exchange, according to group at Nomura Holdings. data compiled by Bloomberg. In July, smartphone maker Xi- Yet companies that raised at aomi Corp sold shares in Hong least $100mn dropped 6.2% in Kong for a valuation of about their fi rst month of trading on $50bn, a far cry from top execu- average, the worst return since tives’ target of $100bn last year. 2008. Weighted by IPO size, Food-delivery giant Meituan Di- losses reached a record 6.9%, anping, which aimed for a mini- according to data going back to mum market value of $60bn, 1994. settled for about $50bn in its SoftBank Corp president and CEO Ken Miyauchi (centre) and company executives pose during a ceremony for the company’s listing on the Tokyo Stock Exchange yesterday. “A sharp pickup in IPOs may September listing. SoftBank shares sank 15% on debut, wiping $9bn off their value, as investors sold off the telecoms operator after its record IPO on worries about a recent service outage and its signal a sector’s downcycle E-commerce platform Mogu exposure to Chinese telecoms gear maker Huawei. ahead,” said Liang Jinxin, a strat- slashed its valuation goal by egist at Tianfeng Securities Co. more than half for a US debut this “Technology companies fear an month. Both Xiaomi and Meituan industry downturn will get worse Dianping fell yesterday, with the if they don’t go public now.” latter losing 4.9% and extending New-economy fi rms – in- a record low. cluding tech, Internet and bio- “Few IPOs have exhibited cor- tech companies – accounted for nerstone demand, while levels more than 40% of Hong Kong’s of over-subscription, both for SoftBank telco suff ers proceeds this year, up from institutions and members of the about 20% in 2017. public, have frequently been on They’ve also been some of the low side,” Espinasse said. those that suff ered the most, For firms that raised more with tech shares on the MSCI than $100mn in Hong Kong Hong Kong Index sinking more this year, individual inves- than any other industry group tors placed orders for a me- $9bn slump on debut as giant Tencent Holdings heads dian 1.6 times the stock avail- for its worst year on record. able to them, down from 2.4 Ping An Healthcare and times in 2017, data compiled by Technology Co, listed in May, Bloomberg show. and Ascletis Pharma, which Despite sluggish demand, began trading in August, Chinese companies decided to plunged 43% and 57%, respec- go ahead with their listings to after record IPO tively, through Tuesday from bolster their war chests as the their offer prices, ranking US increased interest rates and Reuters opened trading at ¥1,463. “It was beyond Huawei has repeatedly insisted Beijing just SoftBank,” he said. SoftBank Corp among the worst-performing fought with China on trade, Tokyo our expectations that the shares would has no infl uence over it. is forecasting 3.3% revenue growth and new stocks this year. Espinasse said. fall that much,” said a senior executive The Japanese company on Thursday 9.7% operating profit growth in the fi- at one of SoftBank Corp’s domestic lead downplayed the impact a shut-out of nancial year ending in March compared oftBank Corp shares sank 15% on underwriters, declining to be named Huawei equipment would have, with to a year earlier, with profits under- debut, wiping $9bn off their value, since he was not authorised to discuss SoftBank Corp CTO Junichi Miyakawa pinned by demand for high-speed In- EM equities and stocks rise Sas investors sold off the telecoms the matter with the media. saying the gap between the Chinese ternet services. operator after its record IPO on worries SoftBank Corp shares were the most maker’s 5G gear and its competitors’ has IPOs are popular among Japanese Reuters bet the Fed would signal plans about a recent service outage and its ex- heavily traded on the Tokyo Stock Ex- closed and that the potential cost of re- retail investors, many of whom see London to slow its pace of interest rate posure to Chinese telecoms gear maker change’s fi rst section, as amid height- placing existing Huawei hardware would them as sure profit bets given their raises, propping up emerging Huawei. ened risk aversion the benchmark Nikkei only be hundreds of millions of yen. tendency to open much higher than market currencies including The poor start for the unit of tech in- 225 index fell to a nine-month low, clos- SoftBank wants further clarity on the offering prices. An overnight slump in oil prices South Korea’s won and South vestment giant SoftBank Group Corp ing down 0.6%. Japanese government’s stance before In SoftBank Corp’s case, an added at- and a softer dollar helped lift Africa’s rand, which chalked up meant that for Japan’s mom-and-pop SoftBank Group lost 0.9%. The IPO making a decision on Huawei gear, the traction was its promise of a dividend emerging currency and stock some of the biggest gains, up investors concerns about the com- was Japan’s biggest ever and just shy company said. payout of 85%, much higher than those markets yesterday as inves- 0.7%. pany and the nation’s telecoms market of the world record $25bn 2014 listing It plans to replace the network equip- of rivals NTT Docomo and KDDI Corp. tors waited for the US Federal MSCI’s index for emerging mar- trumped the appeal of the group’s char- of Chinese e-commerce giant Alibaba ment, two sources said last week. “A dividend yield around 5% is at- Reserve’s last policy meeting of ket stocks snapped a three-day ismatic founder Masayoshi Son. Group Holding, a SoftBank Group port- Even before SoftBank kicked off the tractive, but the mobile communication 2018. losing streak with robust gains in Such a debut is uncommon in the Jap- folio company. SoftBank Group raised IPO process in November, there had industry is expected to face headwinds Currencies of major crude Asian indexes barring mainland anese IPO market. ¥2.65tn in the IPO. been uncertainty over the growth pros- from next fi scal year,” Ii of Commons As- importers including India’s rupee, China, which fell more than 1% Of 82 IPOs so far this year, SoftBank It will retain about 63% of the newly pects of the Japanese wireless industry set Management said. Turkey’s lira and Indonesia’s led by losses in healthcare and Corp’s $23.5bn fl oat was only the seventh listed unit should a greenshoe option be after the government said there was The IPO attracted about twice as many rupiah pushed the MSCI’s index energy companies. to open below the off ering price. exercised in full. scope for the carriers to cut fees by as retail orders as the number of shares of- for developing world currencies Hong Kong’s Hang Seng Among recent major IPOs, Japan Dis- The IPO is a milestone in the conglom- much as 40%. fered, sources at lead underwriters said higher for the third day in a row. index rose 0.2% as gains in real play was the only one to fl op, suff ering a erate’s transformation into primarily a In response Son has said SoftBank will last week. Oil prices stabilised yesterday estate and financial compa- fall in its 2014 debut. global tech investor. increase automation and reduce head- A smaller portion of shares off ered to after one of their biggest falls nies offset losses from energy “There was a disruption in its network During the IPO period, Japan’s third- count at its mobile operations by 40% overseas institutional investors was three for years, but remained under companies. early this month as well as Huawei’s is- largest mobile phone network provider over the next two to three years, focusing times oversubscribed. pressure from oversupply and “Equities are a little compli- sues. by subscriber numbers suff ered a rare instead on new growth areas. It remains to be seen whether Soft- concern that a slowing global cated today but it is sometimes There hasn’t been good news involv- nationwide service outage, which it said It has already shifted 2,500 staff to Bank’s weak market debut will have a economy would depress demand attractive to own undervalued ing SoftBank recently,” said Tetsuro Ii, would not aff ect earnings or dividends. ventures outside the core telecoms busi- negative impact on Japan’s IPO market, for fuel. equities when the currency is ap- chief executive offi cer at Commons As- Adding to investor worries, SoftBank ness like payments app PayPay. where most of companies are small star- “The oil plunge has provided preciating,” said Stephen Innes. set Management. Corp’s relationship with Huawei Tech- Other headwinds include Japan’s age- tups and demand can easily overwhelm relief to the distressed capital Indian stocks rose in line with Shares of SoftBank Corp closed at nologies Co came under scrutiny as gov- ing population and Rakuten’s entry to the the small number of shares off ered. markets in the region,” said the bond market after the central ¥1,282, 14.5% lower than its IPO price ernments around the world moved to wireless market, said Chris Lane, senior Kudan Inc, a startup developing “ar- Stephen Innes, head of Asia-Pacif- bank’s announcement of a hefty of ¥1,500 and giving the telco a market shut out the Chinese fi rm amid worries analyst at Sanford C Bernstein.”All of tifi cial perception” technology, made its ic trading at OANDA. open market bond purchase cap of about ¥6.1tn — about ¥1.1tn below its equipment could facilitate Chinese these things point to earnings pressure debut yesterday on the Tokyo Stock Ex- The dollar slid as investors scheduled for January. its value at the time of the IPO. Shares spying. on the telco side for all operators, not change’s Mothers market. Sensex climbs; rupee advances

+4.8%. Some Indian state-run lenders surged Asian markets show mixed trend Bloomberg, Reuters Mumbai after a government off icial said rules that curb unprofitable banks from lending may be eased; AFP of rate rises could be interpreted Bank of Maharashtra rose as much as 14%, Bank Hong Kong as a sign of weakness and put India’s shares climbed for a seventh session of India climbed as much as 7.7% while Allahabad more pressure on risk assets.” after a sharp decline in oil prices and amid Bank advanced 5.8%. Uncertainty stalked Asian optimism policy makers will move to stimulate “Prime Minister’s statement clearly indicates ost markets were mixed trading fl oors yesterday. Hong the economy, including cutting the sales tax for a that fiscal stimulus is coming in full force and in Asia yesterday as Kong ended up 0.2% but Shang- number of products. the market is cheering it,” says Ajay Srivastava, Minvestors moved cau- hai was down 1.1%. The S&P BSE Sensex climbed 0.4% to 36,484.33 managing director at Dimensions Consulting. tiously after the previous day’s Tokyo lost 0.6%, with shares in Mumbai, adding to a 4% gain over the past “The positive mood should help take the market sell-off , while focus is on a Fed- in the mobile unit of telecom six days and on course for its longest stretch till the next earnings, which we expect to be poor eral Reserve policy decision with titan SoftBank plunging 14.5% of advances since July. The NSE Nifty 50 Index given the muted festive season for companies.” opinions split on whether or on their debut despite a record- climbed 0.5%. “The decline in crude prices is very bullish for not it should hike interest rates breaking IPO that raised more Investor confidence was buoyed in sectors from small and mid-cap companies that had seen again. than $23bn. cement to consumer goods after Prime Minister a sharp fall,” said Abhimanyu Sofat, head of Oil prices also edged up but Sydney slipped 0.2% but Narendra Modi said that the country’s unified research at IIFL Securities in Mumbai. “Lower oil were struggling to make a dent Singapore gained 0.6%, Seoul sales tax regime had stabilised and is reaching a prices address the market concern on margins in the steep losses sustained jumped 0.8% and Wellington stage where 99% of goods can be at or under the and earnings, and the small and mid-cap on Tuesday as traders fret over was 0.9% higher. 18% tax slab. segment now off ers great value.” a global supply glut, higher Taipei added 0.7%, Manila Sentiment was also boosted by a three-day “A declining trend for crude and a rising rupee production and the outlook for Investors look at computer screens showing stock information at a rallied more than 2%, and Mum- drop in the price of Brent crude, India’s biggest can help wipe our current account deficit,” demand. brokerage house in Shanghai. The Composite index closed down 1.1% bai and Bangkok each put on import. Oil near a 14-month low will help keep Sofat said. “With the central bank announcing With the US economy still to 2,549.56 points yesterday. 0.5%. a lid on inflation and reduce input costs for a more open market operations to buy bonds, healthy, the Fed’s board has been Adding to nervousness is the number of sectors including aviation, paints and improved liquidity will also help push steadily lifting borrowing costs and has called on it “not to make with tighter liquidity condi- prospect of a US government chemicals. consumer credit.” for the past couple of years as it yet another mistake” today. tions have sent equity markets shutdown with Trump and con- Seventeen of the 19 sector indexes compiled Meanwhile the rupee continued its uptrend treads a fi ne line between main- And while the bank has ig- on a downward spiral since Oc- gressional leaders at loggerheads by BSE advanced, led by a gauge of realty against the US dollar yesterday, extending its taining growth and keeping in- nored the president’s calls — and tober,” said Stephen Innes, head over funding for his Mexican companies. ITC and Housing Development advance against the greenback. The rupee had fl ation in check. is tipped to hike again before of Asia-Pacifi c trade at OANDA. border wall. Finance Co gave the biggest boosts to the posted its biggest single-day advance against the However, its last meeting of slowing the pace next year — a But Tai Hui, chief market Several departments are ex- benchmark; Asian Paints and Axis Bank were the US dollar on Tuesday. 2018 has taken on major signifi - number of economists and com- strategist for Asia-Pacifi c at pected to close if a deal is not top performers on the gauge. The rupee yesterday opened at Rs70.05 against cance as the sell-off in equities mentators are also now suggest- JP Morgan Asset Management, agreed by the weekend, with Reliance Communications plunged as much as the US dollar at the Interbank Foreign Exchange this year, signs of slowing across ing a break could be in order. warned that such a move could both sides digging in their po- 13% after a report that India has rejected its deal and advanced further to 69.85 against the US the planet — including the US “While US economic signals have bad consequences. sitions. to trade airwaves. J Kumar Infraprojects rose dollar, its highest since December 3. — and a series of other negative are not fl ashing red, to keep the “The important point to note In Tokyo, the Nikkei 225 closed as much as 11% after winning an expressway The rupee yesterday settled at 70.40 against the factors including the China trade US economic momentum head- for this... meeting is whether the down 0.6% to 20,987.92 points; contract. US dollar, as compared to its Tuesday’s close of row put pressure on the bank to ing in the right direction many committee’s median forecasts on Hong Kong — Hang Seng ended Ultratech Cement Ltd up as much as 4.1%, 70.44 a dollar. On Tuesday, the rupee had risen pause. market participants believe the the policy rate will have been im- up 0.2% to 25,865.39 points and Shree Cement as much as +4.8%, Ambuja a whopping 112 paise, its best single-day gain in Donald Trump has spent most Fed should provide investors pacted by recent market volatil- Shanghai — Composite closed Cements as much as +5% and ACC as much as over five years. of the year lambasting the Fed for with some breathing room (as) ity,” he said.”Given the cautious down 1.1% to 2,549.56 points its policy of monetary tightening higher interest rates coupled market sentiment, a slower pace yesterday. Gulf Times AVIATION Thursday, December 20, 2018 11 BUSINESS The Spanish air cargo Global airport capacity crisis boom driven by Zara

amid passenger traffi c boom their presence at Zaragoza, purely to meet the demand for exportation of Inditex branded clothes. By Pratap John Zara, the most popular of the Inditex group brands, is driving air travel cargo growth through the Spanish region in By 2036, 7.8bn people are expected to numbers exceeding expectations of use air transport. The biggest driver of investors, and government financial demand will be the Asia-Pacific region forecasters. With their main distribu- over the next two decades. The region tion and logistics centre established at will be the source of more than half Zaragoza, the brand relies on having its the new passengers over the next two merchandise flown all over the world, by decades. airlines not specific to either the origin, Nearly half – some 3.5bn trips – will or the destination. be to, from or within the Asia-Pacific By Alex Macheras For example, Ethiopian Airlines region. And 1.5bn trips will touch on Cargo has now increased its Boeing 777 China. Freighter frequencies to Zaragoza in As early as 2022 China will be the Air cargo revenue is expected to order to carry Inditex textile products largest single aviation market. India is increase 5% to $116bn in 2019, despite (notably, Zara stock) to the Americas. another emerging powerhouse. potential escalations in a US-China trade These flights will not ‘touch’ Ethiopia, However, the positive outlook in the war, uncertainty surrounding Brexit (the and is merely a revenue opportunity for industry comes with big challenges. UK is scheduled to leave the European an African carrier with cargo aircraft, To achieve this growth, large invest- Union in around 10 weeks) and a volatile ready to help supply meet demand. ments must be made in modernising oil price, according to IATA. The cargo “In line with our strategic road map, and expanding the quality of aviation sector has enjoyed strong two-years, Vision 2025, we will keep on expand- infrastructure over a long period. with demand increasing month-on- ing our cargo destinations worldwide, In many key places, infrastructure month, and cargo carried exceeding thereby facilitating trade and economic is not being built fast enough to meet investor forecasts. growth among diff erent regions of the growing demand. For Zaragoza Airport (ZAZ) in North- world,” the CEO told media. Global aviation industry is expected Eastern Spain, a boost in cargo means If you’re a Zara shopper, you’ll know to record phenomenal growth over the the Spanish city is fast-becoming one the stores stock is updated in approxi- next 20 years, with millions of newer of the world’s most important air cargo mately 2/3 week cycles. These cycles passengers taking to the skies, but Vehicles drive past aircraft operated by Thai Airways International on the tarmac at Suvarnabhumi Airport in hubs. In September 2018, Zaragoza in which new clothes are introduced rising demand may pose significant Bangkok (file). The Asia-Pacific region will be the source of more than half the new passengers over the next two decades. became the second busiest Spanish to Zara stores worldwide is key to the infrastructure challenges, especially in airport for cargo operations, overtaking growth of Spain’s cargo sector, which is the Middle East. traff ic management is struggling to director general, some 34mn jobs and economic growth in a region or nation. airport cargo giants including Barcelona largely contributing to the positive cargo The Middle East’s aviation market is cope with growth, while high costs at $700bn of economic activity supported But that carries a diff erent risk – of — which benefits from both dedicated results reported worldwide, over the last set to grow strongly over the next 20 India’s privatised airports are burdening by aviation across the Asia-Pacific re- over-ambitious expansion – akin to the cargo flights, & passenger flight cargo two-year period. years scaling up to nearly 520mn pas- the industry. gion are expected to more than double problems that the airline industry has from a vast international network. Geo- Even airlines without a dedicated sengers by 2036, the International Air In many parts of the world, airports in the next 20 years. experienced by over-investing in capac- graphically, Zaragoza sits in the middle cargo division airline are working to take Transport Association has said in a re- face a diff erent set of growth issues. Un- Maximising the potential benefits ity in the past. of a Madrid-Barcelona-Bilbao triangle, a slice of the cargo cake, and forecasts port. This means, the region led by the like airlines, which can expand capacity of aviation growth will also depend on Airlines and their passengers and while being situated close to several for 2019 have highlighted how cargo rev- GCC, will maintain average compound quite quickly by ordering a few more how the current levels of trade liber- cargo need safe, functional and aff ord- main cargo ports. enues will represent over 13% of airline annual growth rate (CAGR) of 5%. planes and finding new runway slots to alisation and visa facilitation are being able airport infrastructure for their Zaragoza’s local government will now revenue — a significant portion, given Globally, IATA expects 7.8bn passen- operate, airport capacity expansion is maintained. operations to thrive. invest a further €25mn to ‘keep the ball airline margins are smaller than ever, gers to travel in 2036, a near doubling lumpier, requiring longer lead times as Indeed, finding suff icient capacity to Eff icient and economical air trans- rolling’ and boost the international cargo tickets are the cheapest in years, and of the 4bn air travellers expected to fly well as much more intensive stakehold- meet the air travel growth is a pressing port contributes directly to a commu- capacity through new infrastructure the 2018 oil price has wiped off profits at this year. The prediction is based on a er discussion and dialogue. issue. In order to achieve better capac- nity’s prosperity. Poorly thought-out and facilities. In September, Zaragoza even the most profitable airline carriers. 3.6% average CAGR. In developing and emerging markets, ity index in terms of overall capacity airport privatisations put this at risk. handled around 16,908,000kgs of cargo, This year the industry opened over While the projected growth in the airport expansion appears easier – and crisis, airport infrastructure needs a Therefore, the balancing role of eff ec- while Barcelona handled 14,818,000kgs. 1300 unique city pair connections (es- global aviation industry is obviously is often supported strongly by the regu- more complex approach. tive and strong economic regulation is What’s behind the boost? ‘Zara’ – the sentially, previously unserved, direct good for economies worldwide, the lating authorities as a means of provid- Airport privatisation, which was essential. popular Spanish clothing brand (named routes) with fresh opportunity for cargo fact remains that a crisis may occur if ing strategic support to economic previously considered a possible solu- Investments must focus on the after the city of Zaragoza) with hundreds and passenger travel. adequate infrastructure investments growth in a region or nation. tion, has its pitfalls, already visible by improvement of passenger and freight of stores worldwide, is playing the larg- While Zaragoza looks set to continue its are not made urgently. But that carries a diff erent risk – of airlines and passengers. Instead of the capacity, generating gains such as re- est role in terms of exports. growth, and potentially soon become Spain’s All the optimism supporting strong over-ambitious expansion – akin to the more expensive infrastructure model duction in travel time and improvement ‘Inditex’ is the parent company of most dominant cargo airport, the same can- aircraft orders will mean nothing if we problems that the airline industry has off ered by privatised airports, there is of service predictability and reliability, Zara, and also owns Spanish fashion not be said for the worldwide cargo outlook don’t have the capability to manage experienced by over-investing in capac- a challenge to find more eff icient and and maintaining public confidence that brands including Pull & Bear, Massimo for 2019. Air cargo growth is expected to sof- traff ic in the air and at airports. ity in the past. competitive models. aviation is safe, secure, and environ- Dutti, Bershka and Oysho. ten in 2019, mainly due to a global slowdown Air traff ic management is certainly Also, alongside airports, airspace ca- When developing a functional and mentally responsible. While the majority of the world’s in world trade, which in turn will hurt volume struggling to cope with growth, while pacity needs to be developed. In Europe cost-eff ective airport infrastructure, it Also, alongside airports, airspace clothes and garments originate solely and yield performance. high costs at many privatised airports and North America, there is a high de- seems fair to imply users’ demand and capacity needs to be developed. from Asian countries, Inditex has grown However, not every market will be are burdening the industry. gree of capability in airspace manage- choose a customer focused approach, The global aviation industry’s to become the main customer for all aff ected. Specifically, Spain and South A case in point is China and India, ment that can be deployed in Asia, the experts say. problem is clear. Infrastructure is not cargo airlines in Zaragoza. Cargolux, Air American countries are set to strengthen, two fastest-growing markets in the Middle East, and Africa as these regions In developing and emerging markets, being built fast enough. And that has to China Cargo, Ethiopian Airlines Cargo, even if Asian export markets are slowed world. China will see 921mn new pas- start to experience airspace congestion airport expansion appears easier – change – sooner the better! Emirates Skycargo, AirBridge Cargo, Qa- due to President Trump’s tariff war. sengers for a total of 1.5bn and India around major cities and airport hubs. and is often supported strongly by tar Airways Cargo, Turkish Cargo, Saudia 337mn new passengers for a total of According to Alexandre de Juniac, the regulating authorities as a means „ Pratap John is Business Editor and Cargo, Korean Air Cargo, and Atlas Air „ The author is an aviation analyst. 478mn by 2036. Already, Chinese air International Air Transport Association of providing strategic support to Chief Business Reporter at Gulf Times. are the cargo heavyweights expanding Twitter handle: @AlexInAir

Aviation industry forecast to generate $5bn of value for investors next year: IATA

On an invested capital of over Equity investors have $700bn, the aviation industry typically seen their capital is forecast to generate shrink. But next year, IATA $5bn of value for investors forecasts the industry to next year, IATA has said in a generate a return on invested forecast. capital (ROIC) of 8.6%, which Debt providers to the airline does, for the fifth consecutive industry are well-rewarded year, adequately reward for their capital, usually equity owners. invested with the security of “But it should be clear that a very mobile aircraft asset $35.5bn net profit (forecast to back it, IATA has said in a for airlines in 2019), while recent report. exceptional for the airline On average during previous industry, is only a little higher business cycles the airline than a ‘normal’ return for industry has been able to risking their capital,” IATA said. generate enough revenue Moreover, above-WACC to pay its suppliers’ bills and returns have only started service its debt. to be generated outside Credit metrics have improved North America in the past with recent significant free year or two and are still cash flows, particularly in not widespread across all Oman Air has taken delivery of its new Boeing 787-9 Dreamliner that it has on order for 2018 North America, and a decline regions. The stability in in debt ratios. airline margins and return In contrast, until 2015 on invested capital (ROIC) in New Boeing 787-9 Dreamliner joins Oman Air fl eet equity owners had not been 2019 is being driven by a still rewarded adequately for strong economy allowing risking their capital in most unit cost increases to be Oman Air has taken delivery of its All classes feature the state-of- A host of enhancements have latest in on-demand blockbuster years, except at a handful of recovered through higher new Boeing 787-9 Dreamliner that it the-art ‘Thales Integrated In-Flight been introduced across all cabins movies, TV programmes and audio airlines. load factors and some rise in has on order for 2018. Entertainment System’, which including dining, amenities and selections. Investors should expect yields. This comes at a time when the provides an even more “enjoyable comfort. Exclusively curated content is to earn at least the normal The full benefit of lower oil national carrier of the Sultanate of guest experience”, allowing access A new exclusive chinaware, cutlery, available for visitors to Oman, who return generated by assets prices will be delayed by Oman is continuing its trajectory of to a wide selection of on-demand glassware, linens and bedding look to experience the very best of of a similar risk profile; the hedging. rapid growth and expansion. entertainment delivered through collections have been launched to Oman culture from the moment they weighted average cost of “Profitability is the fourth The wide-body Boeing 787-9 is a a passenger experience interface provide Oman Air premium guests step onboard. capital (WACC). highest on record; a stretched version of the advanced developed specifically for Oman Air. with a unique, bespoke experience. With the addition of the new Such has been the intensity performance brought about long-range twin engine B787-8. With the addition of this latest All classes feature ‘Aria’, a new Dreamliner, Oman Air’s fleet consists of competition, and the by changes to industry The Boeing 787 Dreamliner aircraft Dreamliner, Oman Air operates nine state-of-the-art Thales Integrated of three Boeing 787-8, six 787-9 challenges to doing business structure and behaviour, is configured with 30 award-winning Boeing 787 Dreamliner aircraft. In-Flight Entertainment System Dreamliners, six Airbus 330-300s, that average airline returns with much more focus on flat-bed business class suites, This aircraft will be utilised on Oman designed exclusively for Oman Air four Airbus 330-200s, five Boeing are rarely as high as the generating an adequate designed by BE Aerospace and 258 Air’s European and Far-Eastern featuring an immersive cinematic 737-900s, 21 Boeing 737-800s, four industry’s cost of capital. ROIC,” IATA said. economy class seats. sectors. interface design, showcasing the Embraer 175s and five 737 MAX. Thursday, December 20, 2018 GULF TIMES BUSINESS The $7.9tn pile of negative-yielding debt is growing fast

Bloomberg “I expect the global economy to be low yields started after the global financial Eiichiro Miura, general manager of the neutral rate as being below 3%, then 10- growth and escalating political tension Singapore substantially worse in 2019 than this crisis, even with the Federal Reserve on fixed-income investment department at and 30-year yields will struggle to move push German yields toward 0.2%, down year,’’ said Akira Takei, global fixed income track to raise interest rates for the ninth Nissay Asset Management Corp in Tokyo. higher than that level, he said. from more than 0.8% in February. manager in Tokyo at Asset Management time since December 2015 - and the “Markets are worried that a recession Opposing views: Not all developed While the European Central Bank is cap- For all the hand wringing over the end of One Co, which oversees the equivalent of European Central Bank pledging to start will come within a year because rate hikes markets are likely to see yields decline ping its €2.6tn ($2.96tn) asset- purchase ultra-loose monetary policy, the world just $500bn. “The recent drops in bond yields tightening policy next year. will hurt the economy, sending stocks and next year, according to M&G Investments. programme this month, traders see slim doesn’t seem able to shake its addiction to and equities reflect such outlook. Investor Japan’s negativity: Japan’s 10-year credit markets lower,” Miura said. This will While the London-based money manager odds of a move higher in interest rates negative-yielding debt. views are also changing on the US as an yields dropped to as low as 0.01% yester- make it increasingly diff icult for the BoJ is stockpiling Treasuries, it’s also shorting next year. Only two months ago, speculation was end of the current policy tightening is day after having stayed positive since Sep- to move toward policy normalisation and 30- year bunds, betting yields on Ger- Bunds will be supported by a number rife that the Bank of Japan would have coming into sight.” tember 2017. Some BoJ off icials have said push yields even lower, he said. many’s debt will rise as the ECB cuts debt of factors next year including a short- to step in to stop yields from rising. Now, Small wonder developed-market bonds they see no problem with yields declining Weaker and weaker: Weakening purchases. age of supply, political risk in Italy rates on benchmark bonds are poised to are headed for their best December in to zero or even below, according to people growth - both globally and in the US - has “The euro area is in a better position and the fact they remain attractive for drop back below zero. In Germany there seven years, and 10-year US Treasury familiar with the matter. been a major driver of lower Treasury today than it has ever been in the past, foreign investors on a currency- hedged are no positive yields as far as seven years yields have fallen as low as 2.80%, further JGB markets are becoming increasingly yields, agrees Jon Hill, an interest-rate arguably, and yet bund yields really don’t basis, according to Bank of America along the curve. And globally, bonds with undermining forecasts they were headed volatile as benchmark yields approach strategist at BMO Capital Markets Corp in show that,” said Pierre Chartres, invest- Merrill Lynch. negative yields total $7.9tn - close to levels for 4% or higher. A cocktail of bad news zero. The central bank’s decision to refrain New York. ment director at M&G Investments in “For the euro area it is indeed easier seen at the start of the year - and up from from sliding US home sales to worsen- from cutting bond purchases at its regular While a lot of US economic figures Singapore, which oversees the equivalent to find downside than upside risks,” the 2017 low of $5.7tn reached in October. ing global manufacturing data point to operations Wednesday spurred a surge in are still pretty strong, “if you look one of $362bn. “The path for yields is upward strategists Ralf Preusser and Sphia Bonds are back in demand after a slowing growth, putting further pressure futures and a margin call from the Japan year, two years, three years, whatever, in the future and we want to benefit es- Salim wrote in a note to clients, who sea change in sentiment swept financial on yields. Securities Clearing Corp the confidence in how long that positive sentially from that.” see yields rising to only 0.6% by the markets in recent weeks as the outlook for That leaves global financial markets Japanese yields are riding a global momentum can sustain becomes weaker Europe’s monsters: But optimism end of next year. “Monsters always lurk growth decisively worsened. struggling to emerge from the era of ultra- downtrend sparked by Treasuries, said and weaker,” he said. If the Fed sees the in Europe has faded as signs of slowing under the bed.”

Italy bond market cheers budget deal with EU GSK to split business Reuters product (GDP) in 2019, itself an London increase from 1.8% this year. The initial proposal was re- jected by the European Com- taly’s two-year bond yield mision for breaching EU fi scal hit its lowest level in almost rules. Iseven months yesterday, fol- Relief that the budget saga lowing news that Italy and the may be drawing to a close was after striking Pfi zer European Union have reached evident in the bond market. a deal over Rome’s contentious Italy’s two-year bond yield 2019 budget. briefl y slid 14 basis points to The agreement over Italy’s 0.395%, its lowest level since late 2019 budget is not ideal but May — when Italy was gripped stops EU disciplinary steps by a political crisis that on May against Rome over excessive 29 sparked the biggest one-day consumer health deal borrowing, Commission Vice jump in two-year yields in 26 President Valdis Dombrovskis years. Reuters said yesterday. Five-year Italian bond yields London The news, which broke late on fell to 1.804% yesterday, the Tuesday, signals an end to weeks lowest since September, and 10- of wrangling that had shaken year yields were down 14 bps at laxoSmithKline plans to split into bond markets. 2.80%. The Italian/German 10- two businesses — one for pre- After initially refusing to year bond yield gap narrowed Gscription drugs and vaccines, the budge on its expansionary budg- to around 252 bps, the tightest other for over-the-counter products — et plans and launching verbal since late September. after forming a new joint venture with assaults on EU commissioners, That spread stood at 268 bps Pfi zer’s consumer health division. Italy’s populist government re- in late Tuesday trade. The revamp is the boldest move yet by lented last week and submitted Analysts noted that because GSK chief executive Emma Walmsley, a revised plan, including a defi cit that spread had come in sharply who took over last year. target of 2.04%. in the past two weeks on hopes It will lead to the creation of a con- “It is clear that the European of a budget deal, further tight- sumer health giant with a market share Commission doesn’t want a ening was likely to be limited for of 7.3%, well ahead of its nearest rivals harsh confrontation with the now. Johnson & Johnson, Bayer and Sanofi , all Italian government — next year “This is very short-term relief on around 4%. is an election year and it will be for Italian bonds. In the medi- Walmsley has previously played down delicate,” said Sergio Capaldi, um-term I do not buy the fact the idea of breaking up the group, some- fi xed income strategist at Intesa that the spread will narrow in a thing that a number of investors have Sanpaolo. sustainable way,” said Capaldi. called for over the years. The revised defi cit fi gure is Analysts at UniCredit added Yesterday, however, she announced down from the original budget in a note that “some caution is that GSK and Pfi zer would combine their target of 2.4% of gross domestic still warranted.” consumer health businesses in a joint venture with sales of £9.8bn ($12.7bn), 68 percent-owned by the British com- pany, in an all-equity transaction. VW buys Volvo’s connected GSK said the deal laid the foundation for the creation of two new UK-based car unit for $122mn global companies focused on pharma/ vaccines and consumer healthcare with- Reuters to invest more than €11bn in in three years of the transaction closing. Berlin electric vehicles, digitalisation, For Pfi zer, the deal resolves the issue of autonomous driving and mobility what to do with its consumer health di- services by 2023, with the bulk vision, which includes Advil painkillers Volkswagen (VW) is buying earmarked for electric cars. and Centrum vitamins, after an abortive a controlling stake in Volvo’s WirelessCar has its own technol- attempt to sell it outright earlier this year. WirelessCar, a digital service de- ogy platform and develops digital GSK, whose consumer products in- veloper specialising in connected services like billing and safety and clude Sensodyne toothpaste and Pa- driving, for 1.1bn Swedish crowns emergency breakdown services nadol painkillers, had withdrawn from ($122mn), the companies said for customers including Jaguar that earlier Pfi zer auction process but yesterday. Land Rover, Daimler, Nissan and Walmsley said the opportunity to strike VW said WirelessCar technol- Volvo Cars. an all-equity deal cleared the way for the ogy would further its goal of de- The company has more than new agreement. veloping value-added services for 3mn active connected cars across “It’s something we’ve been able to do The headquarters of GlaxoSmithKline in west London (top) and a sign for Pfizer is seen on a building in Cambridge. GSK plans to customers by enabling safe and the globe and is expected to quickly and quietly,” she told reporters in split into two businesses — one for prescription drugs and vaccines, the other for over-the-counter products — after forming a new stable data exchange between report revenues of about 500mn a conference call. joint venture with Pfizer’s consumer health division. operating systems in its cars and crowns in 2018, Volvo said in its “What this deal is all about is the op- a cloud platform it is developing statement. portunity to strengthen two businesses savings of £500mn by 2022 for expected fi rst full year after closing, which GSK stake in their consumer joint venture with Microsoft. Volkswagen said it targets sales — a world-leading consumer healthcare total cash costs of £900mn and non- anticipates will occur in the second half for $13bn and comes as Walmsley tries The German carmaker will buy of more than €1bn from 2025 business and a new GSK that is focused cash charges of £300mn. of 2019. to reshape Britain’s biggest drugmaker, 75.1% of WirelessCar in the deal, through the WirelessCar platform, on pharma and vaccines.” GSK plans divestments of some £1bn. Pfi zer, which already has a long- which has seen its shares move sideways which will allow Volvo to focus excluding possible vehicle sales Shareholders welcomed the news and Walmsley said there would be an inevita- standing HIV medicines joint venture for years. on commercial vehicles, its core via the digital platform, which will the shares jumped 7%, with Jeff eries an- ble impact on jobs but there was also an with GSK, said the transaction would be Earlier this month, she agreed to buy business since it sold Volvo Cars be accessible on mobile phones alysts saying the future separation could opportunity for cost savings in procure- slightly accretive in each of the fi rst three cancer drug specialist Tesaro for $5.1bn in 1999. or on in-car devices in some crystallise value. ment and across the supply chain. years after it closed. to try to revitalise its pharmaceuticals Volkswagen has said it aims models starting next April. The new joint venture with Pfi zer is The Pfi zer deal is expected to boost ad- The consumer tie-up follows a deal by business, a high-priced acquisition that expected to generate total annual cost justed earnings and free cashfl ow in the GSK earlier this year to buy Novartis’s was poorly received by the market. Europe has little to gain, much to lose in US-China trade war

Bloomberg said in a note. “Even that partial benefi t in China for US customers. As a re- devices such as X-ray contrast agents, Frankfurt could be off set completely if China were sult, they are also hurt by Trump’s tar- imaging equipment and MRIs will to offl oad products in Europe, hurt- iff s, according to the European Union gain. Medical devices “are more like ing producers, as the EU Commission Chamber of Commerce in China. the aircraft industry,” he said. “If Boe- urope will be a loser should US- claims they did in July 2018.” “They hate the uncertainty,” said ing fails, Airbus will proceed.” China relations deteriorate fur- Here are some of the key linkages Carlo D’Andrea, the chamber’s vice Market access: Even the limited Ether, even if some companies that will be aff ected: president. “It’s the sword of Damocles tariff s so far have “tilted the playing stand to benefi t. Denting demand: The US and Chi- dangling over their head.” fi eld” toward European companies, said The administrations of both Presi- na are the two biggest destinations for Substitution: Europe and the US Gabriel Felbermayr, director of the Ifo dent Donald Trump and his counter- European Union exports outside the export similar goods to China - medi- Center for International Economics. “If part Xi Jinping have signalled they’re 28-nation bloc, and German carmak- cal appliances and integrated circuits, you order machines and the machines willing to ramp up tariff s on each other ers including Volkswagen and BMW for example. If tariff s stay in place or are tailor-made, it takes six months to in the event that a 90-day truce to ne- have already been hurt by weaker de- rise, European manufacturers - par- a year to deliver, you don’t want to fi nd gotiate doesn’t produce results. mand this year. Manufacturers high- ticularly those in Germany and the UK yourself in a situation where you have to Goldman Sachs Group Inc said this lighted declining sales to China in a - are set to benefi t because American pay 25% punitive tariff s.” week that Europe might boost sales to recent business survey. goods will become more expensive. European politicians may fi nally be China if the Asian nation turns against According to Goldman, most Euro- They’d suff er from a truce in which gaining the clout to force China to ad- the US The bigger problem is that Chi- pean countries have exposure to China China would probably promise to buy dress some much-criticized practices: nese factories and consumers are now a and the US of around 1 to 2% of output more from the US. market restrictions, intellectual-prop- key piece of the global economy. each. Mounting uncertainty means Siemens Healthineers plans to keep erty theft and favourable treatment of “We would anticipate a negative im- businesses will be reluctant to invest production in China despite trade un- state enterprises. pact on European trade through lowered and expand, said Ricardo Garcia, chief certainty. According to Leon Lei, a “Perhaps it’s a chance for Europe fi nal demand and broken supply chains, euro-zone economist at UBS Global market specialist at China Med Device, to negotiate and get a deal on some of with only a partial possible benefi t of Wealth Management. a Boston-based consultancy which these things for European companies,” increased exports to China,” Huw Pill, Chain eff ect: A signifi cant portion helps foreign companies to access the said Guntram Wolff , director of the Goldman’s chief European economist, of European businesses manufacture Chinese market, European makers of Bruegel think tank.