OPEC MEET | Page 2 $4BN DEAL | Page 3 Iran signals Thai PTT to compromise buy Engie on oil output fi rm Glow

Thursday, June 21, 2018 Shawwal 7, 1439 AH DOHA BANK CEO WINS EU AWARD: Page 12 ‘Digital governance GULF TIMES among key enablers BUSINESS of future banking’

Wind and solar technologies said QSE to launch new to push Mena’s electricity mix incentives for local to 50% by 2050 Wind and solar technologies opportunity for the energy will push the Middle East and sector with China seeing 49% North Africa (Mena) region’s and India 29% of total regional electricity mix to 50% by investment. Three-quarters 2050, according to a study. flow to wind and solar “In the Mena, solar and wind which see $2.4tn and $1.8tn will eventually undercut respectively, making up 75% of and global investors cheap domestic gas and investment. oil, and together with new The US electricity system QNA the establishment of standards initiatives and diversifi cation of nuclear plants, push the continues to replace ageing Doha and regulations for family busi- investment instruments, most region’s electricity mix to 50% coal and nuclear with cheaper nesses that represent a real ad- recently the launch of the ETFs. zero-carbon by 2050,” said gas and renewable sources, dition to the national economy. The QSE is working in gen- New Energy Outlook 2018 by assuming there is no federal he Qatar Stock Exchange The new corporate listings is eral to develop services and laws, Bloomberg. policy intervention to prevent (QSE) is poised to launch another element that makes the start a single window mechanism The report said gas is the their retirement. Coal and Tnew investment incen- stock exchange more attractive for listing, develop the licensing dominant fuel all through the nuclear are pushed out by age tives after a series of steps taken for investment. mechanism for intermediaries in outlook and alongside PV and economics, such that by this year aimed at developing its The QSE has already support- co-operation with the Qatar Fi- (photovoltaic) sees the most 2050 both nuclear and coal systems, making it a platform for ed the plans of companies that nancial Markets Authority, and new build capacity. Oil, in have almost disappeared from attracting local and internation- want to be listed; two companies also trying to develop the serv- contrast, plays an increasingly the electricity mix. al investments. are expected to be listed on the ices so that through a single win- marginal role, declining to “We do not anticipate a US These steps have contributed QSE before the end of this year. dow an investor can get the re- just 7% of generation in nuclear renaissance with to the increase in demand of local Earlier this year, Baladna, a quired service within seconds or 2050, from 25% today, it current technology. Batteries and international entities to in- dairy company, announced that delivered through modern tech- added. On a global scale, it grow in significance from vest in the world’s largest emerg- it would be off ering its shares for nological media, as well as seek- said cheap renewable energy around 2030, supporting ing market listed in the global public this year as its activities ing to provide all services online, and batteries fundamentally renewables penetration, which indices in the region, and the sec- expand. al-Mansoori said. reshape the electricity system. reaches 55% in 2050. In that ond largest exchange in the Mid- Qatar Petroleum also an- He stressed that the QSE strives “We move from 2/3 fossil year, emissions are 58% lower dle East in terms of capital. nounced last May that it will to provide the modern tools and fuels in 2017 to 2/3 renewable than they are today,” it said. The latest steps that have be off ering 49% of its shares knowledge necessary to develop energy by 2050,” it said, The report found that Europe been taken in this regard is the in Qatalum for public off er- the investor relations strategies adding for wind and solar shows green energy can reach launch by the QSE of two in- ing, following the directives of of each company to improve and that’s “50-by-50” – with these very high penetration at a low vestment funds for the fi rst time His Highness the Amir Sheikh enable its communication with technologies supplying almost cost. By 2050, renewables in its history, at a time when Tamim bin Hamad al-Thani, to the investment community very 50% of world electricity by make up 87% of the electricity it plans to launch a market for off er Qatari nationals shares in easily and in a timely manner, in 2050, and ending the era of mix, with wind and solar trading shares of small and me- state-sponsored companies that addition to holding conferences fossil fuel dominance in the playing a dominant role. dium enterprises (SMEs) during enjoy safe investment environ- to connect with listed companies power sector. Cheap renewables, flexible the second half of this year. ment and lucrative returns. and support them to achieve fur- Highlighting that Asia demand and batteries On March 4, the QSE an- It is expected that the neces- ther progress in terms of investor Pacific sees almost as much combine to shift the European nounced details of exchange Al-Mansoori: More ETFs in off ing. sary procedures will be taken relations. These meetings aim to investment in power plants power system away from fossil traded funds (ETFs), a group of and approvals for the listing will study new practices in the global as the rest of the world fuels and nuclear to one built securities in an investment fund. (QNA) that the QSE is currently components based on individual be granted during the last quar- fi nancial markets and to identify combined, it said China around variable renewables They are Qatar’s fi rst listed seeking to launch more ETFs weights in the index, which ben- ter of this year. what investors, portfolios, and and India alone are a $4.3tn and emissions-free energy. ETFs on the QSE and the largest as it is one of the most popular efi t the investor. He added that The QE CEO says achieve- individuals are looking for, he in the Gulf. The ETF designed to products among investors, both the other index, Al Rayan Qatar ments in the previous IPOs show added. track the Qatar Exchange Index, domestically and abroad. ETF (QATR), aims to track the in- the readiness of the QSE and its The QSE CEO also stressed which monitors the top 20 listed The State of Qatar, he said, vestment results of the QSE’s Al continued support to compa- that despite the current cir- companies in Qatar by market is one of the most qualifi ed to Rayan Islamic Price Index. nies that are planning IPOs. He cumstances, the status of the Barwa Bank, IBQ in advanced cap and liquidity. achieve high growth rates in the The QSE, in its quest to es- added that the market provides QSE has not changed but has At the end of the same month, region’s ETF sector, considering tablish a market for emerging advanced infrastructure and in- strengthened and become the merger talks, say sources the QSE witnessed the listing of that the nature of these funds SMEs, is working to create an in- novative services that enable in- focus of many foreign investing Al Rayan Qatar ETF (QATR). The suits the thinking of investors in cubator to achieve sustainability vestors to invest their savings in entities, which include the US, Reuters available. The two banks had total European and Asian investment fund tracks the QSE Al Rayan the region. and growth of family businesses, a legal environment that works London assets of 81.7bn riyals ($22.45bn) Islamic Index (Price), which Qatar has a strong and diver- the QSE CEO said, stressing the according to the best interna- groups and local investors. at the end of last year, according consists of Shariah-compliant sifi ed investment climate sup- readiness of the stock exchange tional practices. A large number of foreign to their financial reports. companies listed on the QSE. ported by a package of fi nancial to provide all the facilities avail- The stock exchange, in part- portfolios were registered to Qatari lenders Barwa Bank and Barwa Bank and IBQ were not im- Al Rayan Qatar ETF (QATR) is and regulatory laws that make it able to family businesses. nership with competent au- open trading accounts on the International Bank of Qatar (IBQ) mediately available to comment. one of the largest Islamic funds in the forefront of these markets, The importance of listing pri- thorities, formed a team aimed QSE to start trading on Qatari are in advanced talks to merge Last week Islamic lender Masraf traded in the Middle East and he said, adding that the Qatari vate and family companies on at activating the IPO market stocks, he noted. after discussions for a three-way Al Rayan and conventional emerging countries and the sec- market is qualifi ed to achieve the stock exchange, he added, through holding consultations Al-Mansoori pointed out that merger with another bank did lenders Barwa Bank and IBQ had ond largest Islamic fund in the signifi cant growth rates in this stems from the economic infl u- with market participants and everyone knows that Qatar has a not reach a deal last week, announced that they had ended world. sector, especially after the entry ence of these companies in a large making recommendations and dynamic stock market, the larg- sources told Reuters yesterday. talks for a three-way merger. It is also the largest Islamic of international investors. number of vital sectors in Qatar, studies, he added. est emerging market in the re- The proposed merger between The talks had begun in Decem- investment fund listed in one Al-Mansoori pointed out that pointing that the transformation On attracting domestic and gion, and it is able to withstand the two banks could be an- ber 2016, but sources said the country, with an initial asset of the launch of the fi rst ETF in the of family companies into public foreign capital to the stock mar- any crisis as it overcame the nounced as early as next week, talks stalled over the valuation. $120mn. Qatar Exchange was aimed at fol- shareholding companies boost ket, al-Mansoori said that the 2006 crisis, the mortgage crisis one of the three sources close A shake-up has long been CEO of Qatar Stock Exchange lowing up the investment results the eff ectiveness of the economy QSE’s strategy for attracting in 2008, the low oil prices, the to the deal said. The value of the mooted in the Qatari banking Rashid Ali al-Mansoori said in a of the prices of Qatar Exchange in general, which refl ect positive- domestic and foreign capital decline of Asian currencies and transaction was not immediately sector. statement to Qatar News Agency Index by investing in the basic ly on the local economy through is based on the launch of new other such challenges. ‘Privatisation drive may kick-start Mideast IPO activity in H2’

IPO activity in the Middle East IPO activity in the Middle East has conditions and investor confi dence in partner at Baker McKenzie’s associated The most active cross-border issuers healthcare (up 45%) and real estate (up slowed in the first half of the year gone off to a slow start, with capital the region. fi rm in Saudi Arabia. came from China with 31, a total of 18 86%) were the only sectors where com- with geopolitics weighing, the raising amounting to only $263mn “Despite the slow start in H1 2018, Regarding issuer nations, globally of which were listed on the Hong Kong panies raised more in the fi rst half this report says from six IPOs in the fi rst half of this IPO activity is expected to start to pick the US was the most active by number Exchange, the rest in the US. year than last year. year. up in the second half of the year as a of deals issued at 107, followed by India Globally, fi nancials fell but retained Private equity (PE) and venture capi- By Pratap John In comparison, H1, 2017 had seen result of the privatisation drive in the with 95 and China with 77. the top slot as most active sector for tal (VC)-backed IPOs fell 46% in vol- Chief Business Reporter $872mn from some 13 deals and region, which will lead to the listing The US also topped the table in terms value and volume of deals recorded in ume and 13% in value as well as losing $639mn from three deals in H1 2016. of government and quasi-government of capital raised with $20.8bn, followed the fi rst half. A total of $20.7bn of deals share in the overall IPO market. Compared to the first half of last enterprises,” the Baker McKenzie re- by China with $13.2bn and Germany got away, a 33% fall on H1 2017, with The slide mirrors a slowing pace of iddle East initial public of- year, the capital raising in H1, 2018, port said. with $8.7bn. 115 deals, down from 119. Financials overall exits for both PE and VC, driv- fering (IPO) activity has was down 70% and the number of “The IPO pipeline includes a number India’s high volume of IPOs is no- accounted for two of the top ten IPOs: en by funds holding assets for longer Mslowed in the first half of the IPOs down by 54% year-on-year. of transactions that aim to hit the mar- table as a market that has been going AXA Equitable Holdings and DWS to make operational improvements to year with geopolitics weighing on the Baker McKenzie said in 2017, the to- ket later this year, although it is likely from strength to strength in recent Group. drive up value rather than relying on IPOs, according to a Baker McKenzie tal number of listings by Middle East- that some of these transactions will years Domestic listings have been ro- The only other sectors to raise leverage and financial engineering to report. ern issuers more than tripled, buoyed spill into Q1 of 2019,” said Mohammad bust and will remain so until the last more than $10bn in H1 were high tech deliver returns, Baker McKenzie said Overall (domestic and cross-border) by a general improvement in market al-Rasheed, a Capital Markets/M&A quarter, when elections begin. and healthcare. High tech (up 44%), in its report. Gulf Times 2 Thursday, June 21, 2018 BUSINESS Oil prices rise ahead of the Opec meeting

Reuters entrenched opposition to any London supply increase,” Harry Tchi- linguirian, head of oil strategy at French bank BNP Paribas, il prices rose yesterday, told Reuters Global Oil Forum. supported by reports of Jack Allardyce, research ana- Oa drop in US commercial lyst at Cantor Fitzgerald Eu- crude inventories and the loss rope, expects Opec to compro- of storage capacity in Libya, but mise and agree a fairly modest under pressure ahead of a meet- increase of 300,000-600,000 ing of Opec exporters which barrels per day in production, may increase global production. equivalent to about 0.5% of Brent crude was up 50 cents at world production. “We could $75.58 a barrel by 1335 GMT. see this knocking $5 per barrel US light crude was $1.05 off Brent,” Allardyce said. higher at $66.12. Markets are also watching US crude inventories fell by tension between the United 3mn barrels to 430.6mn barrels States and China, with both in the week to June 15, accord- sides threatening to impose ing to an American Petroleum duties on each other’s exports, Institute report on Tuesday. including US crude oil. Traders said a drop in Libyan A 25% tariff on US crude supplies due to the collapse of oil imports, as threatened by an 400,000-barrel storage tank China in retaliation for duties also helped push up prices. Washington has announced but Looming large over markets, not yet implemented against however, were meetings sched- Chinese products, would make uled on June 22-23 in Vienna US crude uncompetitive in Iran’s Oil Minister Bijan Zanganeh arrives at his hotel ahead of a meeting of Opec oil ministers in Vienna on Tuesday. Opec members that had overdelivered on cuts in recent of the Organisation of the Pe- China versus other supplies. months should return to compliance with agreed quotas, Zanganeh said yesterday. troleum Exporting Countries This would almost certainly with other big producers, in- lead to a sharp drop-off in Chi- cluding Russia. “The run-up nese purchases of US crude, to this Opec meeting is fraught which have boomed in the last with uncertainty with Iran two years to a business now Iran minister signals from the onset adopting a very worth around $1bn per month. India urges Opec to tackle high prices compromise on ‘small’ energy poverty in many parts of Reuters Vienna the world,” he said. New Delhi, which imports about 80% of its crude oil needs, has India, the world’s third-biggest been urging responsible oil pric- oil consumer and importer, yes- ing that balances the interests of terday urged Opec nations to fill producers and consumers and rise in Opec oil output a supply gap and ensure sustain- supports the global economy. able oil prices as politics aff ect Pradhan said India does not sup- Iran urges production cuts be global economy by producing hammad Barkindo said he was He said Trump had contrib- sition among usually aligned the output of some producers. port the prevailing high price. reduced to agreed levels; gulf more crude. confi dent there would be a deal uted to the rise in prices by im- Gulf oil producers ahead of The world faces likely lower oil “These prices are creating stress oil producers yet to agree Iran said on Tuesday Opec tomorrow. posing sanctions on Iran and tomorrow’s meeting, accord- exports from Iran, Opec’s third- throughout global economy, as on unified position; Russia was unlikely to reach a deal, Russia has proposed Opec and Venezuela, which will likely lead ing to two sources familiar with biggest producer, after US Presi- it is giving pain to us in India,” pressing for big output hike setting the stage for a clash with non-Opec raise output by 1.5mn to lower exports. the talks. dent Donald Trump pulled out he said. from July; Trump wants Opec Saudi Arabia and non-member barrels per day (bpd), eff ectively Zanganeh said he would leave Some of Saudi Arabia’s tradi- of a 2015 nuclear accord with a “Globally, crude prices have to lower oil prices Russia, which are pushing to wiping out existing produc- Vienna on Friday even before tional allies — the United Arab vow to renew sanctions against gone beyond the threshold raise production steeply from tion cuts of 1.8mn bpd that have Opec holds talks with non-Opec Emirates, Kuwait, Oman and Tehran. India is Iran’s biggest oil which can be sustained by the Reuters July to meet growing global de- helped rebalance the market in producers the next day, but ef- Bahrain — believe Riyadh was client after China. world, particularly countries like Vienna mand. the past 18 months and lifted oil forts were underway yesterday too quick to respond to US calls “Political conditions, sometimes India which is a key driver of But yesterday, Iranian Oil to $75 per barrel. to convince Iran to participate in for higher output, and have internal and sometimes external, world economy,” he said. Minister Bijan Zanganeh said Oil was trading as low as $27 a deal. been rattled by close Saudi co- result in reduced output of some India’s footprint in global energy ran signalled yesterday it Opec members that had overde- in 2016. Sources said Saudi Arabia did ordination with Russia, sources countries. We expect from Opec markets will increase “materi- could compromise on a small livered on cuts in recent months Opec members Iran, Iraq and not want to be seen as putting said. and its members a commit- ally” from 2018 to 2040, making Iincrease in Opec oil output should return to compliance Venezuela have opposed a relax- too much pressure on Iran and There are diff erent views on ment to step in (and) more than it the largest growth market when the group meets this week, with agreed quotas. ation of production cuts, fearing hence Russia was instead trying how much to increase produc- fill the gap to ensure sustain- for global energy, BP Plc said as Saudi Arabia scrambled to That would eff ectively mean a slump in prices. to convince Tehran. tion and whether such a move able prices,” Indian oil minister in its energy outlook report in convince fellow members on the a modest boost from producers But a decision to increase Zanganeh was due to attend a should be gradual, one source Dharmendra Pradhan said at a February. need for a larger rise in produc- such as Saudi Arabia that have output could be taken with Iran ministerial committee later yes- said following a meeting of seminar in Vienna. Pradhan urged Opec producers tion. been cutting more deeply than refusing to sign up, as has hap- terday, two sources said. Gulf oil ministers on Tuesday He said currently high oil prices to maintain supply equilibrium. The Organisation of the Pe- planned despite production out- pened before in Opec. Iran is usually not part of evening. dent the economic development “It is in the interests of produc- troleum Exporting Countries ages in Venezuela and Libya. Iran has so far been the main the committee, which includes Iraqi Oil Minister Jabar al- of many countries. ers that other economies keep meets tomorrow to decide on “Opec could keep the same barrier to a deal, with Zanganeh Russia, Saudi Arabia, the UAE, Luaibi said yesterday he hoped “The already fragile world eco- growing steadily and rapidly so output policy amid calls from deal with compliance going back saying yesterday Opec should Oman, Kuwait, Algeria and Ven- there would be agreement when nomic growth will be at threat if as to ensure growing energy major consumers such as the to 100%,” said an Opec source not yield to pressure from US ezuela. Opec meets but added: “The oil oil prices persist at these levels. markets for themselves. This is United States and China to cool who is aware of Iran’s stance. President Donald Trump to raise Adding to the complications market has not reached the level My fear is — this will lead to the key to energy sustainability.” down oil prices and support the Opec secretary-general Mo- output. was the lack of a unified po- of stabilisation.” Clashes at Libya oil ports cut output by nearly half

AFP are still dealing with the aftermath of Tripoli the blaze and are trying to ascertain the extent of the damage to the terminal,” Sanalla said. lashes between rival groups in The armed groups that launched Libya’s key oil export ports have Thursday’s attacks are loyal to rebel Ccaused output to drop by nearly leader Ibrahim Jadhran. half, the head of the National Oil Com- Jadhran’s Petroleum Facilities Guard pany said yesterday. controlled the terminals for years fol- “Production has seen a reduction lowing the 2011 ouster and killing of by 450,000 barrels per day, plus 70mn longtime dictator Muammar Gaddafi — cubic feet of natural gas, equivalent to but they were eventually forced out by $33mn in sales based on market prices,” the LNA in September 2016. Mustafa Sanalla told AFP via e-mail. Aside from oil infrastructure dam- The Ras Lanuf and Al-Sidra terminals aged by confl ict, Sanalla said Libyan have been closed since last Thursday authorities were also struggling to when armed groups attacked oil facilities “conquer the shocking scale” of fuel held by forces loyal to military strong- theft. man’s Khalifa Haftar in eastern Libya. “The smugglers think they can oper- Haftar’s self-styled Libyan National ate with impunity — to the extent that Army has since launched an off ensive the country is losing more than $750mn to push the militias out of the area, with a year through domestic fuel smuggling the violence causing “catastrophic alone,” he said. damage”, according to the NOC. Libya’s economy relies heavily on oil, Sanalla said the clashes “will ulti- with production at 1.6mn barrels per mately result in the loss of hundreds day under Gaddafi . of millions of dollars in construction His Nato-backed 2011 ouster saw costs, and billions in lost sales oppor- production fall to about 20% of that tunities”. level, before recovering to more than The NOC chief, who was in Vienna one million barrels per day by the end for an Opec meeting on Tuesday, was of 2017. revising upwards an earlier NOC esti- “Those that seek to disrupt NOC mation that put production losses at operations and sequester facilities for 400,000 bpd. their own gain should be seen for what On Monday, the NOC said fi res they are — criminals,” Sanalla said. caused by the clashes destroyed two “Libyan natural resources and oil and crude tanks — reducing storage ca- gas revenues must be a catalyst for re- pacity at the Ras Lanuf terminal by construction and national prosperity, The Zawiya oil installation in Zawiya, Libya. “Production has seen a reduction by 450,000 barrels per day, plus 70mn cubic feet of natural gas, equivalent to $33mn in 400,000 barrels. “Maintenance teams not confl ict.” sales based on market prices,” the head of Libya’s National Oil Company Mustafa Sanalla said yesterday. Gulf Times Thursday, June 21, 2018 3 BUSINESS

SoftBank’s Son to prioritise Thai PTT to buy Engie’s unicorn hunting as firm shifts focus Glow for more than $4bn

Reuters Reuters Bangkok Tokyo hai energy giant PTT Pcl said it SoftBank Group Corp chief will buy domestic power fi rm executive Masayoshi Son said TGlow Energy Pcl, controlled by yesterday he plans to devote French giant Engie SA, in a deal that the bulk of his time to hunt for could be worth more than $4bn as it technology investments around seeks to play a bigger role in supplying the world, as part of a major shift power to the country’s industrial heart- in focus at the Japanese tech lands. and telecoms conglomerate. For Engie, the sale marks the latest “I have spent 97% of my time phase in its two-year plan to sell off on managing the telecoms busi- some €15bn ($17.4bn) of non-core as- ness and only 3% on investing,” sets and re-invest those proceeds away Son said. from coal and into areas such as renew- Reversing that balance will able energy, power grids and energy allow SoftBank to grow faster, services. he said. PTT unit Global Power Synergy Pcl The comments, made to (GPSC) said it will fi rst pay 97.56bn investors at the group’s an- baht ($2.98bn) for Engie’s 69% stake nual general meeting, came in Glow, before launching a tender off er as shareholders approved the for the remaining shares. appointment of three executive GPSC fi rst proposed the deal earlier vice-presidents – SoftBank unit this week. Sprint Corp’s former chief execu- If the same terms were off ered to tive, Marcelo Claure, and former Glow’s other shareholders, the re- bankers Katsunori Sago and maining stake would be worth another Rajeev Misra. 43.6bn baht ($1.33bn). With its own Son’s comments fit with a market value around just $3.3bn, GPSC transformation underway at also unveiled major fund-raising plans SoftBank from a domestic tel- including short-term loans as well as ecoms firm to “unicorn hunter” new share and bond issues, sending its – as Son termed it – focusing on stock sharply lower in early Bangkok late-stage startups around the trading. world. The deal will allow state-backed PTT SoftBank and its investment to nearly triple the size of its power PTT unit Global Power Synergy said it will first pay 97.56bn baht ($2.98bn) for Engie’s 69% stake in Glow, before launching a tender off er for the remaining shares. vehicle Vision Fund, which generating arm, expanding capacity to raised over $93bn last year, 4,835 megawatts (MW) from GPSC’s bonds of up to 68.5bn baht, pending the proceeds from sales of fossil fuel company, and in a €3.3bn reduction of in those areas, Suwat said. Antitrust have stormed the world of 1,940MW. shareholder approval. related assets in a string of smaller re- its net debt. Analysts said the deal made concerns are not expected because at dealmaking, buying up stakes in “This acquisition will enlarge our Shares in GPSC fell 3.9% in Bangkok newable energy, power grids and energy strategic sense for PTT. the new capacity, GPSC would become disruptive tech companies such industrial customer base,” GPSC chief as investors digested the implications of services assets. Glow has high-quality assets strate- Thailand’s fourth largest electricity as shared-off ice space firm We- executive Toemchai Bunnag said in a the fund-raising plan. Engie said the Glow sale was in line gically located in Thailand’s industrial producer after Ratchaburi Electricity Work and ride-hailing rivals Uber statement announcing the deal. Shares in Glow were up 1.6%, while with that aim of reducing coal-fi red east, CGS-CIMB Securities (Thailand) Pcl, which has an installed capacity of Technologies Inc, Didi Chuxing, GPSC said it would fi nance the pur- PTT was also up by a similar amount. power assets as part of a strategy of re- analyst, Suwat Sinsadok said. 5,211MW. Ola and Grab. chase through short-terms loans of Shares in Engie rose 0.7%, making ducing carbon emissions. Other PTT subsidiaries are already The government has a 45% stake in Bolivian-born billionaire 142.5bn baht to pay for both the Engie the stock among the best performers on Proceeds will be reinvested in projects Glow customers, and as industrial zones Ratchaburi. Thailand’s largest power Claure was appointed SoftBank’s stake and subsequent tender off er. the Paris blue-chip CAC-40 index. with low carbon emissions. grow in line with government policy, so producer is the state-owned Electricity chief operating off icer in May, It’s also considering issuing up to Engie CEO Isabelle Kocher, appoint- Engie added that the sale would re- will demand for electricity with power Generating Authority (EGAT) with a ca- tasked with driving co-operation 74bn baht of new shares as well as new ed in May 2016, has reinvested part of sult in net proceeds of €2.6bn for the plants diffi cult to build from scratch pacity of just over 16,000MW. between the group’s portfolio companies. Former Goldman Sachs executive Sago became chief strategy off icer yesterday and will focus on group investment. Misra runs the Vision Fund. Europe fi rms say business in China ‘more diffi cult’ Son also bemoaned the so- called conglomerate discount weighing on SoftBank’s shares. AFP tain sites has a negative impact on their He said when the market Beijing business, while only 23% say the state- value of stakes the firm holds sanctioned VPNs are effi cient. in companies such as Alibaba This is the “great contradiction,” said Group Holding Ltd and ARM uropean companies complain Harborn. Holdings are taken into account, they still face a diffi cult business “We have China which claims itself SoftBank’s shares should be Eclimate in China despite Beijing’s a leader in globalisation, talking of the trading above ¥14,000, rather pledges of openness, with about half importance of integration, but the cy- than around ¥8,000 currently. saying it has become tougher in the past bersecurity law is creating problems.” The perceived undervalua- year, according to a survey released yes- The survey found 48% of European tion has led the businessman to terday. fi rms felt it had become “more diffi cult” consider a management buyout The study comes as President Xi to do business in the past 12 months. in the past, Son said. Jinping looks to portray the world’s And a fi fth say they have been victims The planned listing of Soft- number two as being at the forefront of of forced technology transfers, a prac- Bank’s domestic telecoms unit the globalisation while trade tensions tice denounced fi ercely by Washington should help clarify the value of with the United States rise. as it carries out a probe on the issue the group’s component parts, “The root of the tension we see today while threatening tariff s in retaliation. he said. There were few signs of starts with a China that has not opened And there is little optimism for shareholder scepticism at the up and reformed as quickly as it prom- the future as nearly half of European meeting, with questions fielded ised in its rhetoric,” said Mats Har- businesses believe barriers to busi- by Son including a request to born, president of the European Union ness will harden in the coming five shake his hand and whether he Chamber of Commerce in China. years, while a quarter believe they will had thought of becoming prime Among the litany of complaints for never witness a “significant opening” minister. European companies were the uncer- of the market. SoftBank’s shares have fallen tain legal environment, higher cost of But progress was reported in some around 7% this year. labour, regulatory headaches and the areas. Thomson Reuters data “Great Firewall” that censors much of Some 61% of the 532 European com- showed 14 of 15 had “buy” or the global Internet. “The root of the tension we see today starts with a China that has not opened up and reformed as quickly as it promised in its panies polled by the chamber said they “strong buy” recommendations “As its economy matures, the long- rhetoric,” said Mats Harborn, president of the European Union Chamber of Commerce in China. are “optimistic” about the growth of on the stock. standing ineffi ciencies in China’s busi- their sector in the country, compared A note of caution came from ness environment are rendered all the the economy back.” “Time is running some areas. New cybersecurity regu- tual private networks that allow users with 55% the previous year. outside director and chief execu- more glaring,” according to the report out for China to continue its reform lations make it more costly to jump to circumvent filters and access the Just over half of surveyed compa- tive of Uniqlo parent Fast Retail- by the EU chamber. process,” Harborn said, noting 2018 the firewall, requiring businesses to global Internet. nies, 51%, consider that they are treated ing Co Ltd Tadashi Yanai. Harborn told reporters that the “reg- must be the year Beijing acts. sign up for expensive and problem- Two-thirds of companies believe “unfavourably” compared to their local ulatory environment is actually holding Instead Beijing has backtracked in plagued government-approved vir- that censorship and blocking of cer- competitors, compared to 54% last year. India ships more cotton to China as 25% tax spoils US supply

Reuters new season crop,” said Arun Sekhsaria, porter, China has seen its imports much as 10mn bales in 2018/19, high- Mumbai/Beijing managing director of DD Cotton, an shrink from more than 5mn tonnes in est in fi ve years, as demand from tradi- exporter that earlier this month sold 2011/12 to around 1mn tonnes last year, tional buyers like Bangladesh, Vietnam cotton to China for shipments in No- mainly due to eff orts to reduce its state and Pakistan also remains healthy, said ndia’s cotton shipments to China vember and December. stockpiles. But, as the inventories work Ganatra. could grow fi ve-fold to 5mn bales “If the 25% duty stays there as an- down, China has begun allowing more For the 2017/18 crop year ending on I(850,000 tonnes) in the next crop nounced, then India could export 5mn imports. September 30, India is likely to export year as exporters rack up orders amid a bales to China,” he said. Last week, China approved 800,000 around 1mn bales to China, Ganatra trade war that is forcing the world’s top India has already signed contracts tonnes of additional cotton import said. consumer to look for other sources of to ship 500,000 bales (85,000 tonnes) quotas for 2018, the fi rst time it has Chinese buyers would fi rst try to re- supply. of their new season harvest to China, given any additional quota in fi ve years. place US cotton with machine-picked, The United States, the world’s big- offi cials said last week, in rare advance China is set to return as a major cot- non-contaminated fi bre from Australia gest exporter of the fi bre, has cornered deals. ton importer, taking 10mn to 15mn and Brazil, and then they would go for the bulk of Chinese imports for at least In response to US tariff s on $50bn bales (2mn to 3mn tonnes) a year by Indian cotton, said a Beijing-based a decade. in Chinese goods, Beijing slapped im- 2019/20, compared with 5mn bales this trader with an international company. But China’s decision to impose a 25% port taxes on cotton, as well as on other year, according to Tim Bourgois, head Indian cotton is not free of impuri- import tax from July 6 on American commodities and products from the of the cotton platform at Louis Dreyfus ties such as bits of leaves and empty farm commodities, including on cot- United States, even as its own state re- Company. bolls, but if buyers have no other ori- ton, in retaliation for tariff s enacted serves of the fi bre are depleting. “Chinese demand is huge. gin to choose from, they will pay extra Employees unload cotton from a truck at a processing unit in Kadi town, in the by the administration of US President “Everybody is worried about the This is an opportunity for India to to get rid of the contaminants, another western Indian state of Gujarat. India’s cotton shipments to China could grow Donald Trump will allow India to grab a trade war nowadays so everyone is raise exports,” said Atul Ganatra, presi- China-based trader said. five-fold to 5mn bales (850,000 tonnes) in the next crop year as exporters rack bigger share of the Chinese market. switching from the US to other origins,” dent of the Cotton Association of India. The extra cost would still be cheaper up orders amid a trade war that is forcing the world’s top consumer to look for “In the last few weeks we are get- said a Chinese trader. Strong demand from China could than paying a 25% duty on US cotton other sources of supply, sources said yesterday. ting good inquiries from China for the Once the world’s top cotton im- help lift India’s overall exports to as imports, the trader said. Gulf Times 4 Thursday, June 21, 2018 BUSINESS

Chinese Australia’s telecom giant lenders make ‘illegal Telstra to axe 8,000 jobs loans’ AFP Sydney Reuters Beijing ustralia’s dominant telecommu- nications company Telstra yes- Aterday announced plans to axe hree of China’s largest 8,000 jobs – a quarter of its workforce lenders have made illegal – as part of a drastic new strategy to Tloans to polluting indus- cope with an increasingly competitive tries and the property sector, and industry. have exacerbated local govern- The decision by the company, one ment debt through loans to local of Australia’s largest employers, is fi nancing vehicles, the National part of a shake-up targeting an extra Audit Offi ce said yesterday. Aus$1bn (US$750mn) in cost-cutting Violations by Industrial and by 2022, on top of Aus$1.5bn previously Commercial Bank of China Ltd, announced. Agricultural Bank of China Ltd It will also split its mobile and in- (AgBank), and China CITIC frastructure divisions into separate Group Co included providing businesses. loans, discounted bills and gold “In the future our workforce will be leases to unqualifi ed compa- a smaller, knowledge-based one with nies, the audit authority said in a a structure and way of working that is statement posted on its website. agile enough to deal with rapid change,” They were also found to invest said chief executive Andrew Penn. funds from their wealth man- “This means that some roles will no agement products into banks’ longer be required, some will change non-public issuance of pre- and there will also be new ones created.” ferred shares through the use of The cuts come less than a month af- trust and other channels, among ter Telstra said its 2017/18 earnings will other illegal shadow banking ac- likely be at the bottom of its guidance tivities, it said. range of Aus$10.1bn to Aus$10.6bn, Based on the authority’s blaming increasing competition in mo- statement, the banks themselves bile and fi xed broadband. apparently were not punished. That warning sent its shares tum- More than 1,500 people at the bling to a more-than six-year low of lenders were fi ned or received Aus$2.71. administrative punishment that They had partially recovered since, could include demotions and but took another hit yesterday, closing pay cuts, it said. 4.81% lower to Aus$2.77. The lenders have corrected CMC Markets chief market analyst most of their problems, the audit Michael McCarthy said the restructur- offi ce added. ing plan may not be enough to please The authority said it carried investors, who have watched Telstra’s out an audit between July and share price almost halve in the past September 2017 of the lenders’ year. 2016 assets and liabilities. “Some investors think the Telstra The offi ce said it found the patient needs radical surgery, and could three lenders lacked accurate view today’s measures as band-aids,” asset classifi cation in credit risk he said. management, and excessively Telstra employs 32,000 people across lent to certain industries. 20 countries, according to its most re- Some loans or investment cent annual report. Of the jobs to go, projects by those banks were at one in four will be executive and middle credit risk, but the offi ce did not management roles. give details. Lenders also infl ated Prime Minister Malcolm Turnbull their size of deposits and report- called the announcement “heartbreak- ed “incorrect” loan fi gures to ing” for the workers, but said he was People walk past a Telstra store in Melbourne’s central business district. The Australian company yesterday announced plans to axe 8,000 jobs, a quarter of its small and medium-sized com- confi dent most would fi nd other jobs. workforce, as part of a drastic new strategy to cope with an increasingly competitive industry. panies, it added. “While one company reduces its China is in its third year of a workforce, there are other companies “We have worked hard preparing and digital media. Part of its new strat- wholesale customers and Australia’s and secure telecommunications net- fi nancial crackdown on shadow and new companies, including other Telstra for this market dynamic while egy will see it create a wholly-owned National Broadband Network, control- work. “In this world our infrastructure banking, looking to close loop- telecommunication companies, cre- ensuring we did not act precipitously. standalone infrastructure business unit ling assets with a book value of about assets are becoming more valuable. By holes in its fi nancial system as ating new opportunities and jobs,” However, we are now at a tipping from July 1. Aus$11bn. creating a new infrastructure-focused debt risks mounted. he said. point where we must act more boldly Called Telstra InfraCo, it will com- “As technology innovation is increas- business unit we will better optimise In a separate statement yes- Penn said the company had to take if we are to continue to be the nation’s prise the fi rm’s fi xed-network in- ingly relying on connectivity, the role of and manage these assets.” terday, the audit offi ce said that action to stay on top in a highly com- leading telecommunications com- frastructure including data centres, telecommunications infrastructure is Telstra also intends to “monetise as- it had uncovered illegal fund petitive market where technology was pany.” non-mobiles related domestic fi bre, becoming more important,” said Penn. sets of up to Aus$2bn over the next two raising by fi ve local and three evolving quickly. “In this environment Telstra has a range of businesses in- international subsea cables, exchanges, “There is virtually no technological in- years to strengthen the balance sheet”, regional governments, but it traditional companies that do not re- cluding fi xed broadband, mobile, data poles, ducts and pipes. novation happening today that does and has set aside Aus$600mn in re- maintained debt risks were be- spond are most at risk. and IP, network application services Its services will be sold to Telstra, not rely on a high-quality, reliable, safe structuring costs. ing eff ectively controlled.

Pakistan, Tajikistan Noble wins over key shareholder in step to survival

agree to Reuters but will get 20% under the sweetened Noble will also form a partnership Singapore deal. with ADFG to expand its footprint in boost trade The remaining 10% will be held by the Middle East. management. An ADFG-affi liate will work with mbattled commodities trader Goldilocks Investment, which holds Noble on business development activi- Internews Noble Group is set to embark on 8.1% of Noble, had resisted the previous ties in the region, providing access to Dushanbe, Tajikistan Ea $3.4bn debt restructure that plan and fi led complaints and lawsuits its customer base and relationships to it sees as crucial to its survival after against Noble, arguing that the plan strengthen Noble’s client base. winning over a key shareholder with a protected creditors at the expense of “Today we are proud to have been Pakistan and Tajikistan yesterday sweetened equity off er. shareholders. part of Noble’s eff ort towards the com- agreed to further strengthen their Noble’s shares surged as much as 57% The fi rms have now agreed to discon- pletion of its restructuring that en- relations by adopting measures following a two-day trading halt after it tinue all claims and proceedings, and deavours to create a sustainable balance to take bilateral trade to $500mn said Abu Dhabi-based Goldilocks In- Noble will pay Goldilocks up to $5mn between the interests of the sharehold- per annum, immediate revival of vestment Co Ltd would support the re- for reimbursement of legal expenses. ers and the future of Noble,” Ajit Joshi, air links and early implementation vised proposal. Goldilocks, an Abu Dhabi Financial Goldilocks director and fund manager, of the CASA-1000 (Central Asia The deal is critical for a company Group (ADFG) equity fund, will be en- said in a statement. South Asia) electricity project. The that has already sold billions of dollars titled to nominate one person to the Founded in 1986 by Richard Elman, two sides reached the agreement of assets, taken hefty writedowns and board of directors in the restructured who rode a commodities bull run to during talks between President cut hundreds of jobs over the past three group, Noble said yesterday. build one of the world’s biggest traders, Mamnoon Hussain and his Tajik years. “By reaching agreement with Gold- Noble was plunged into crisis in Febru- counterpart Emomali Rahmon at Noble has agreed to hand over a 70% ilocks, the company is now able to move ary 2015 when Iceberg Research ques- the state guest house. equity stake in its restructured business into the fi nal stages of its restructur- tioned its books. President Hussain, who was in to senior creditors in return for halving ing and looks forward to executing Noble has defended its accounting. Dushanbe on a four-day off icial its $3.4bn in debt. the restructuring support agreement Noble’s market value has fallen to A signage of Noble Resources, a Noble Group subsidiary, is seen at their premises visit on the invitation of President Existing shareholders would have got (RSA),” chairman Paul Brough said in a about S$104mn ($76mn) from $6bn in in Singapore. The company has agreed to hand over a 70% equity stake in its Rahmon, held a one-on-one a 15% equity stake in the new company, statement. February 2015. restructured business to senior creditors in return for halving its $3.4bn in debt. meeting and delegation-level talks with his Tajik counterpart. During the talks, the two sides agreed to give new impetus to their ties through enhanced co-operation in diverse areas, Pakistan trying to ink fresh LNG deals at lower rates including trade, energy, connectiv- ity, defence, health, education and culture. In a joint press statement, Internews down, leading to savings of billions of deals at old or better prices which At present, Pakistan State Oil is Now, according to officials, the the presidents of the two countries Islamabad rupees. may save $300mn-$400mn annually importing six LNG cargoes per Ministry of Energy is pushing ahead expressed their satisfaction and At present, Pakistan State Oil (PSO) or $3.5bn-$4bn over the next decade month whereas Pakistan LNG with a plan to merge PLL and Pakistan were confident about the positive is importing six LNG cargoes per in oil imports as well as bring down Limited has also been allowed to LNG Terminals Limited – the former and mutually beneficial outcome iquefied natural gas (LNG) im- month whereas PLL has also been al- average LNG prices in Pakistan. bring six more cargoes based on will deal with the supply chain and the of the talks. President Hussain said ports have been called a game lowed to bring six more cargoes based According to officials, as LNG has demand from power producers or latter will handle matters pertaining as Pakistan and Tajikistan enjoyed Lchanger for Pakistan’s econo- on demand from power producers or replaced furnace oil in power plants, Sui Northern Gas Pipelines to LNG terminals. A meeting in this historical, cultural and fraternal my and plans are under way to make Sui Northern Gas Pipelines. Pakistan is expected to save more than regard will be held soon. bonds, their relations had been more long-term supply arrangements So far, PLL has struck mid- to long- $2bn annually through more efficient supplies as it had got an exportable According to an analysis done by further strengthened by close co- through government-to-government term contracts for two LNG cargoes power generation at 62% efficiency surplus compared to imports worth the two companies, their merger will operation and regular exchange deals and tenders. per month and is in the process of with a lower tariff of Rs7-8 per kilo- billions of dollars earlier. Apart from save Rs1bn-Rs2bn annually through of high-level visits since the latter’s Pakistan LNG Limited (PLL), which booking the remaining four cargoes. watt-hour. this industry, most of the closed tex- more efficient human resources, independence in 1991. deals with gas imports, is voicing hope A senior government official said They said Pakistan’s fertiliser in- tile units and compressed natural gas financial, credit and operational that in future deals, prices will come efforts were under way to enter into dustry had also got a boost from LNG (CNG) stations are also back on line. management. Gulf Times Thursday, June 21, 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 19.70 1.65 91,424 Specialities Group Holding C 59.00 -4.84 32,614 Aloula Co 0.53 0.00 - Amana Cooperative Insurance 14.50 1.54 34,233 Abyaar Real Eastate Developm 18.40 1.66 4,700,009 Al-Omaniya Financial Service 0.28 0.00 - Alabdullatif Industrial Inv 12.50 -2.50 106,784 Kgl Logistics Company Kscc 42.10 0.96 694,756 Al-Hassan Engineering Co 0.04 0.00 - Saudi Printing & Packaging C 19.00 -0.31 215,269 Combined Group Contracting 418.00 0.00 465 Al-Fajar Al-Alamia Co 0.75 0.00 - Saudi Paper Manufacturing Co 7.96 -0.25 198,566 Jiyad Holding Co Ksc 99.80 0.81 4,851,422 Al-Anwar Ceramic Tiles Co 0.11 0.00 - Alinma Bank 21.28 -1.94 6,510,642 Boubyan Intl Industries Hold 29.40 3.16 51,001 Al Suwadi Power 0.12 0.00 - Almarai Co 58.80 1.03 217,512 Gulf Investment House Ksc 18.00 1.69 134,894 Al Sharqiya Invest Holding 0.12 0.00 - Falcom Saudi Equity Etf 32.20 0.31 96,092 Boubyan Bank K.S.C 498.00 -0.99 1,190,305 Al Maha Petroleum Products M 0.80 0.00 - United International Transpo 35.10 0.29 218,289 Ahli United Bank B.S.C 180.00 1.12 523,290 Al Maha Ceramics Co Saoc 0.23 0.00 - Hsbc Amanah Saudi 20 Etf 32.40 0.00 10 Osos Holding Group Co 86.80 -0.12 88,235 Al Madina Takaful Co Saoc 0.11 -0.94 6,049 QATAR Saudi International Petroche 21.10 -1.40 543,774 Al-Eid Food Ksc 0.00 0.00 - Al Madina Investment Co 0.05 -1.96 34,824 Falcom Petrochemical Etf 31.90 0.00 - Qurain Petrochemical Industr 332.00 0.00 288,991 Al Kamil Power Co 0.39 0.00 - Company Name Lt Price % Chg Volume Walaa Cooperative Insurance 27.80 0.00 37,629 Ekttitab Holding Co Sak 27.00 0.00 610,010 Al Jazerah Services -Pfd 0.55 0.00 - Bank Al-Jazira 14.48 -1.76 2,252,536 Real Estate Trade Centers Co 19.50 1.56 42,838 Al Jazeera Steel Products Co 0.31 0.00 - Zad Holding Co 85.60 1.90 6,028 Al Rajhi Bank 85.20 -2.07 2,716,180 Acico Industries Co Kscc 219.00 0.00 4,200 Al Jazeera Services 0.16 -0.64 187,050 Widam Food Co 61.99 -0.02 3,131 Samba Financial Group 30.60 -0.49 1,281,746 Kipco Asset Management Co 84.00 -1.18 172,917 Al Izz Islamic Bank 0.08 0.00 1,101,098 Vodafone Qatar 8.61 -1.49 184,275 United Electronics Co 64.50 -2.57 47,107 National Petroleum Services 760.00 1.20 5,915 Al Buraimi Hotel 0.88 0.00 - United Development Co 14.19 1.28 330,583 Allied Cooperative Insurance 19.44 1.25 49,773 Alimtiaz Investment Co Kscc 133.00 -0.75 765,127 Al Batinah Power 0.11 0.00 67,200 Salam International Investme 5.30 0.38 1,269 Malath Insurance 15.06 1.62 125,306 Ras Al Khaimah White Cement 73.70 0.00 11,814 Al Batinah Hotels 1.13 0.00 - Qatar & Oman Investment Co 6.19 -0.64 15,090 Alinma Tokio Marine 20.26 -0.69 149,859 Kuwait Reinsurance Co Ksc 192.00 0.00 14,040 Al Batinah Dev & Inv 0.10 0.00 - Qatar Navigation 60.01 -3.64 94,183 Arabian Shield Cooperative 24.90 -0.60 74,278 Kuwait & Gulf Link Transport 111.00 3.74 1,082,126 Al Anwar Holdings Saog 0.14 -1.37 1,053,897 Qatar National Cement Co 54.55 0.00 - Savola 38.70 -1.90 184,267 Human Soft Holding Co Ksc 3,670.00 -2.39 143,598 Al Ahlia Insurance Co Saoc 0.37 0.00 - Qatar National Bank 151.40 -4.42 1,002,081 Wafrah For Industry And Deve 14.14 -1.12 108,266 Automated Systems Co Kscc 130.00 0.00 50,000 Ahli Bank 0.16 0.00 - Qatar Islamic Insurance 50.40 -0.20 1,902 Fitaihi Holding Group 12.18 0.00 203,308 Metal & Recycling Co 50.00 0.00 3,055 Acwa Power Barka Saog 0.74 0.00 - Qatar Industrial Manufactur 40.40 -3.23 1,574 Tourism Enterprise Co/ Shams 32.05 -0.77 16,256 Gulf Franchising Holding Co 20.00 0.00 217,751 Abrasives Manufacturing Co S 0.05 0.00 - Qatar International Islamic 53.21 -1.41 40,024 Sahara Petrochemical Co 17.80 -2.41 1,385,323 Al-Enma’a Real Estate Co 32.30 0.94 173,186 A’saff a Foods Saog 0.59 0.00 - Qatari Investors Group 30.05 -1.96 39,450 Herfy Food Services Co 46.30 -2.11 40,461 National Mobile Telecommuni 851.00 0.12 1,520 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Islamic Bank 119.00 -1.65 215,275 Saudi Ind Investment Group 28.00 0.72 883,109 Unicap Investment And Financ 53.00 0.00 12,400 #N/A Invalid Security 0.00 0.00 - Qatar Gas Transport(Nakilat) 15.72 -3.56 892,411 Salama Cooperative Insurance 19.96 1.53 271,960 Al Salam Group Holding Co 33.40 0.00 40,100 #N/A Invalid Security 0.00 0.00 - Qatar General Insurance & Re 50.00 0.00 - Emaar Economic City 12.10 1.00 1,191,103 Al Aman Investment Company 52.00 0.00 1,000 #N/A Invalid Security 0.00 0.00 - Qatar German Co For Medical 5.27 -0.38 19,118 Alahli Takaful Co 28.35 2.35 284,784 Mashaer Holding Co Ksc 45.00 -2.17 1,050,250 #N/A Invalid Security 0.00 0.00 - Qatar Fuel Qsc 137.20 1.63 78,887 Anaam International Holding 11.52 -0.86 85,301 Manazel Holding 31.80 -1.85 98,100 #N/A Invalid Security 0.00 0.00 - Qatar First Bank 5.23 -0.95 116,372 Saudi Telecom Co 86.40 -1.37 313,228 Tijara And Real Estate Inves 0.00 0.00 - #N/A Invalid Security 0.00 0.00 - Qatar Electricity & Water Co 181.50 -4.47 187,849 Al Alamiya Cooperative Insur 31.30 0.64 80,211 Jazeera Airways Co Ksc 750.00 -2.34 848,395 #N/A Invalid Security 0.00 0.00 - Qatar Exchange Index Etf 89.10 -1.46 2,000 Saudi Industrial Services Co 15.00 0.00 124,890 Commercial Real Estate Co 71.40 -0.56 147,250 Qatar Cinema & Film Distrib 20.01 0.00 - Al-Ahsa Development Co. 11.50 -0.17 225,395 National International Co 55.00 0.00 28,000 Al Rayan Qatar Etf 21.63 -1.23 5,143 National Co For Glass In/The 19.78 -0.30 13,262 Taameer Real Estate Invest C 29.40 -2.00 310,003 Qatar Insurance Co 35.00 -6.17 256,577 Dur Hospitality Co 19.80 -1.00 20,491 Gulf Cement Co 83.00 3.62 100 Ooredoo Qpsc 68.10 -2.85 175,501 Tabuk Cement Co 12.86 -1.08 52,027 Heavy Engineering And Ship B 320.00 4.23 335,106 UAE National Leasing 9.40 -2.08 26,141 Sasco 15.20 0.26 108,139 National Real Estate Co 103.00 -2.83 150,000 Mazaya Qatar Real Estate Dev 6.89 -0.14 342,483 Saudi Cement 50.20 0.80 96,656 Al Safat Energy Holding Comp 32.00 0.00 6,930 Company Name Lt Price % Chg Volume Mesaieed Petrochemical Holdi 15.15 0.00 150,257 Aseer Trading Tourism & Manu 11.74 -0.51 50,224 Kuwait National Cinema Co 1,050.00 0.00 13,042 Al Meera Consumer Goods Co 148.02 -2.61 1,022 Nama Chemicals Co 28.80 1.95 2,840,681 Danah Alsafat Foodstuff Co 46.10 -2.12 454,472 Waha Capital Pjsc 1.78 -1.11 298,759 Medicare Group 61.26 -3.68 21,006 Saudi Arabian Mining Co 56.40 -1.40 271,645 Independent Petroleum Group 425.00 0.00 9,064 United Insurance Company 2.00 0.00 - Mannai Corporation Qsc 49.00 0.04 3,007 Yanbu Cement Co 26.90 1.51 230,914 Kuwait Real Estate Co Ksc 47.00 0.64 447,075 United Arab Bank Pjsc 1.24 0.00 - Masraf Al Rayan 34.00 -1.45 1,196,583 Saudi Fisheries 25.60 -1.16 77,938 Salhia Real Estate Co Ksc 329.00 -2.08 10,000 Union National Bank/Abu Dhab 3.60 0.00 651,551 Al Khalij Commercial Bank 10.90 0.93 6,235 Ash-Sharqiyah Development Co 53.40 0.56 43,894 Gulf Cable & Electrical Ind 375.00 1.08 16,000 Union Insurance Co 1.43 -9.49 7,368 Industries Qatar 105.00 -0.85 326,603 Makkah Construction & Devepl 78.10 -0.51 3,617 Kuwait Finance House 0.00 0.00 - Union Cement Co 1.85 0.00 - Islamic Holding Group 28.19 2.47 7,048 Al Jouf Cement 9.38 -0.42 153,204 Gulf North Africa Holding Co 44.00 -0.23 140,100 Umm Al Qaiwain General Inves 1.01 0.00 - Investment Holding Group 5.48 -0.36 59,271 Abdullah A.M. Al-Khodari Son 7.57 0.40 759,363 Hilal Cement Co 94.60 0.00 910 Sudan Telecommunications Gro 0.52 -1.89 110,532 Gulf Warehousing Company 41.90 -1.64 450 Knowledge Economic City 11.42 -0.87 95,926 Osoul Investment Kscc 59.40 10.00 968,943 Sharjah Islamic Bank 1.22 0.00 264,910 Gulf International Services 16.78 -1.29 68,397 Al-Ahlia Cooperative Insuran 10.40 0.19 39,428 Gulf Insurance Group Ksc 640.00 -0.78 100 Sharjah Insurance Company 3.15 0.00 - Ezdan Holding Group 8.30 -2.24 899,767 Al Rajhi Co For Co-Operative 55.50 0.00 223,865 Umm Al Qaiwain General Inves 70.50 0.00 76,369 Sharjah Group 1.15 -8.73 105,215 Doha Insurance Co 12.04 -7.38 169 Alkhodar Ab Equity 52.20 -1.88 189,463 Aayan Leasing & Investment 30.30 -0.33 1,572,141 Sharjah Cement & Indus Devel 0.91 0.00 - Doha Bank Qpsc 27.03 -1.71 201,782 Kec Ab Equity 26.15 0.19 209,466 Alrai Media Group Co Ksc 107.00 1.90 27,969 Ras Al-Khaimah National Insu 3.68 0.00 - Dlala Holding 14.12 -1.53 18,053 Alahlia Ab Equity 26.90 2.87 91,589 National Investments Co 89.00 -1.98 5,000 Ras Al Khaimah White Cement 1.12 0.00 - Commercial Bank Pqsc 36.00 -5.83 313,849 Arcci Ab Equity 9.73 -1.52 3,512,438 Commercial Facilities Co 164.00 -0.61 9,590 Ras Al Khaimah Ceramics 2.32 0.00 - Barwa Real Estate Co 33.88 1.13 225,782 Appc Ab Equity 26.40 0.57 720,886 Yiaco Medical Co. K.S.C.C 141.00 0.00 57,542 Ras Al Khaimah Cement Co Psc 0.69 0.00 - Al Khaleej Takaful Group 11.00 -1.79 1,260 Albabtai Ab Equity 47.80 -0.93 755,386 Munshaat Real Estate Project 89.90 0.00 69,000 Ras Al Khaima Poultry 1.89 0.00 - Aamal Co 9.00 -1.10 16,537 Noor Financial Investment Co 50.30 -1.57 235,500 Rak Properties 0.65 0.00 1,618,895 Al Tamdeen Investment Co 0.00 0.00 - Ooredoo Qpsc 72.90 0.00 - KUWAIT Credit Rating & Collection 20.30 0.00 10 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Ifa Hotels & Resorts Co. K.S 102.00 0.00 140 National Takaful Company 0.73 0.00 - SAUDI ARABIA National Marine Dredging Co 3.01 0.00 - Company Name Lt Price % Chg Volume Sokouk Holding Co Sak 39.50 -1.25 383,700 Warba Bank Kscp 234.00 0.43 466,117 National Investor Co/The 0.51 0.00 - Company Name Lt Price % Chg Volume Sultan Center Food Products 70.80 0.00 33,500 Viva Kuwait Telecom Co 698.00 -1.69 21,841 National Corp Tourism & Hote 2.13 0.00 - Kuwait Foundry Co Sak 200.00 0.00 35,000 Mezzan Holding Co Kscc 710.00 0.00 241,500 National Bank Of Umm Al Qaiw 2.95 0.00 - United Wire Factories Compan 17.08 0.83 56,722 Kuwait Financial Centre Sak 104.00 0.00 10,970 National Bank Of Ras Al-Khai 4.35 -0.68 126,280 Etihad Etisalat Co 18.90 -2.48 2,301,089 Ajial Real Estate Entmt 144.00 2.86 10,000 National Bank Of Fujairah 3.39 0.00 - Dar Al Arkan Real Estate Dev 11.36 -1.22 14,039,513 Kuwait Finance & Investment 46.00 3.37 44,500 Methaq Takaful Insurance 0.82 5.13 63,001 Alawwal Bank 14.18 -2.07 294,114 National Industries Co Ksc 183.00 0.00 6,739 OMAN Manazel Real Estate Pjsc 0.48 -2.04 2,141,000 Rabigh Refining And Petroche 28.20 -0.18 1,312,700 Kuwait Real Estate Holding C 27.00 -1.82 1,500 Invest Bank 2.45 -1.61 4,223 Banque Saudi Fransi 32.20 -4.31 203,244 Company Name Lt Price % Chg Volume Securities House/The 46.00 -3.16 22,275 Intl Holdings Co Pjsc 1.31 0.00 60,000 Saudi Enaya Cooperative Insu 17.50 -1.24 77,161 Voltamp Energy Saog 0.00 Boubyan Petrochemicals Co 828.00 -0.12 251,272 0.29 - Insurance House 0.85 0.00 - Mediterranean & Gulf Insuran 20.62 5.64 160,106 Vision Insurance Saoc 0.00 Al Ahli Bank Of Kuwait 325.00 0.00 19,000 0.15 105,000 Gulf Pharmaceutical Ind Psc 2.24 6.16 327 Saudi British Bank 29.85 -4.02 568,016 United Power/Energy Co- Pref 0.00 Ahli United Bank (Almutahed) 270.00 -0.74 578,944 1.00 - Gulf Medical Projects 1.78 0.00 - Red Sea International Co 18.30 0.11 42,977 United Power Co Saog 0.00 National Bank Of Kuwait 747.00 -0.13 4,081,332 3.28 - Gulf Cement Co 0.96 2.13 121,900 Takween Advanced Industries 10.98 -0.72 610,506 United Finance Co 0.00 Commercial Bank Of Kuwait 490.00 0.82 2,543,222 0.11 - Fujairah Cement Industries 1.20 0.00 - Sabb Takaful 22.10 4.25 1,174,517 Ubar Hotels & Resorts 0.00 Kuwait International Bank 221.00 -0.45 1,324,778 0.13 - Fujairah Building Industries 1.56 0.00 - Saudi Arabian Fertilizer Co 60.00 -0.50 139,032 Takaful Oman 0.00 Gulf Bank 240.00 0.00 2,283,072 0.13 - Foodco Holding Pjsc 3.70 0.00 - National Gypsum 13.70 -0.72 262,856 Taageer Finance 0.00 Al-Massaleh Real Estate Co 30.70 0.00 20,100 0.11 - First Abu Dhabi Bank Pjsc 11.95 -1.24 2,361,231 Saudi Ceramic Co 20.34 -0.78 80,735 Sweets Of Oman 0.00 Al Arabiya Real Estate Co 30.10 0.33 80,000 1.34 - Finance House 1.70 0.00 - National Gas & Industrializa 30.50 -0.65 70,719 Sohar Power Co 0.00 Kuwait Remal Real Estate Co 0.00 0.00 - 0.11 - Eshraq Properties Co Pjsc 0.69 0.00 2,896,667 Saudi Pharmaceutical Industr 31.40 -1.72 85,514 Sohar Poultry 0.00 A’ayan Real Estate Co Sak 49.50 -2.94 782,356 0.21 - Emirates Telecom Group Co 16.20 1.25 1,057,717 Thimar 29.55 -0.34 93,131 Smn Power Holding Saog 0.00 Investors Holding Group Co.K 12.60 -1.56 1,492,550 0.60 - Emirates Insurance Co. (Psc) 7.10 0.00 - National Industrialization C 21.16 -0.94 701,576 Shell Oman Marketing - Pref 0.00 Al-Mazaya Holding Co 89.40 -0.67 3,598,250 1.05 - Emirates Driving Company 7.40 0.00 - Batic Investments And Logist 41.25 0.49 185,549 Shell Oman Marketing 0.00 Al-Madar Finance & Invt Co 72.20 2.27 646,400 1.65 - Dana Gas 1.06 -0.93 4,068,128 Saudi Electricity Co 21.74 -1.54 611,119 Sharqiyah Desalination Co Sa 0.00 Gulf Petroleum Investment 26.80 0.37 6,100 2.50 - Commercial Bank Internationa 0.90 0.00 - Saudi Arabia Refineries Co 44.95 2.98 777,985 Sembcorp Salalah Power & Wat 0.00 Mabanee Co Sakc 627.00 0.00 10,762 0.23 - Bank Of Sharjah 1.08 0.00 526,219 Arriyadh Development Company 18.04 -0.11 197,069 Salalah Port Services 0.00 Inovest Co Bsc 71.00 0.00 542,355 0.60 - Axa Green Crescent Insurance 0.54 0.00 - Al-Baha Development & Invest 20.20 0.60 10,581 Salalah Mills Co 0.00 Al-Deera Holding Co 20.50 0.49 100,801 1.08 - Arkan Building Materials Co 0.60 0.00 411,766 Saudi Research And Marketing 87.10 -0.46 119,727 Salalah Beach Resort Saog 0.00 Mena Real Estate Co 31.00 6.90 9,140 1.38 - Alkhaleej Investment 2.15 0.00 - Aldrees Petroleum And Transp 27.55 -1.25 46,579 Sahara Hospitality 0.00 Amar Finance & Leasing Co 37.00 0.00 500 2.38 - Aldar Properties Pjsc 2.02 -0.98 10,226,057 Saudi Vitrified Clay Pipe Co 51.00 0.99 15,232 Renaissance Services Saog 0.52 United Projects For Aviation 620.00 0.00 1,600 0.39 340,000 Al Wathba National Insurance 12.75 0.00 - Jarir Marketing Co 176.00 0.00 27,613 Raysut Cement Co 0.00 National Consumer Holding Co 41.00 0.00 212,932 0.60 - Al Qudra Holding Pjsc 1.20 0.00 - Arab National Bank 32.00 -3.32 76,135 Phoenix Power Co Saoc 0.00 Amwal International Investme 54.50 0.00 34,550 0.12 - Al Khazna Insurance Co 0.25 0.00 - Yanbu National Petrochemical 72.80 -0.27 399,595 Packaging Co Ltd 0.00 Equipment Holding Co K.S.C.C 28.30 -0.35 1,600 2.21 - Al Fujairah National Insuran 300.00 0.00 - Arabian Cement 29.15 -0.68 19,103 Ooredoo 1.18 Arkan Al Kuwait Real Estate 79.00 0.00 10,000 0.51 42,555 Al Dhafra Insurance Co. P.S. 3.85 0.00 - Middle East Specialized Cabl 7.94 -0.63 320,848 Ominvest 0.00 Gfh Financial Group Bsc 104.00 0.00 1,609,120 0.36 60,000 Al Buhaira National Insuranc 2.20 0.00 - Al Khaleej Training And Educ 16.20 0.12 24,664 Oman United Insurance Co 0.00 Energy House Holding Co Kscp 30.00 -5.36 20,000 0.32 6,000 Al Ain Ahlia Ins. Co. 38.00 0.00 - Al Sagr Co-Operative Insuran 27.85 0.00 46,716 Oman Telecommunications Co 0.00 Kuwait Co For Process Plant 163.00 0.00 5,000 0.74 80,138 Agthia Group Pjsc 4.89 1.88 397,514 Trade Union Cooperative Insu 22.92 0.00 102,624 Oman Refreshment Co 0.00 Al Maidan Dental Clinic Co K 0.00 0.00 - 1.75 - Abu Dhabi Ship Building Co 2.03 0.00 - Arabia Insurance Cooperative 20.36 -0.68 72,615 Oman Qatar Insurance Co 0.00 National Shooting Company 18.00 0.00 73,302 0.12 - Abu Dhabi Natl Co For Buildi 0.59 0.00 - Saudi Chemical Company 35.20 0.43 51,502 Oman Packaging 0.00 Al-Ahleia Insurance Co Sakp 400.00 -4.76 1,251,270 0.28 - Abu Dhabi National Takaful C 4.40 -4.35 735 Fawaz Abdulaziz Alhokair & C 25.80 -0.96 187,749 Oman Oil Marketing Company 0.00 Wethaq Takaful Insurance Co 26.00 0.00 21,021 1.15 - Abu Dhabi National Oil Co Fo 2.33 -0.85 448,337 Bupa Arabia For Cooperative 89.90 1.24 82,292 Oman National Engineering An 0.00 Salbookh Trading Co Kscp 44.90 0.00 41,000 0.16 - Abu Dhabi National Insurance 3.85 0.00 - Wafa Insurance 12.22 -0.16 150,779 Oman Investment & Finance -0.87 Aqar Real Estate Investments 72.00 0.00 10,000 0.11 20,000 Abu Dhabi National Hotels 2.51 0.00 - Jabal Omar Development Co 39.55 -1.13 405,963 Oman Intl Marketing 0.00 Hayat Communications 79.90 0.00 210,000 0.52 - Abu Dhabi National Energy Co 1.19 1.71 1,993,724 Saudi Basic Industries Corp 125.80 -0.63 878,285 Oman Flour Mills 0.00 Soor Fuel Marketing Co Ksc 130.00 0.00 380,463 0.77 59,520 Saudi Kayan Petrochemical Co 14.48 -3.08 7,664,366 Oman Fisheries Co -0.87 Tamkeen Holding Co 15.00 0.00 576 0.11 6,540 Etihad Atheeb Telecommunicat 5.47 4.99 1,396,297 Oman Europe Foods Industries 0.00 Burgan Co For Well Drilling 86.00 0.00 1,044,138 1.00 - Co For Cooperative Insurance 72.00 1.98 247,108 Oman Education & Training In 0.00 BAHRAIN Kuwait Resorts Co Kscc 57.00 -4.04 131,110 0.18 - National Petrochemical Co 29.60 -0.67 144,774 Oman Chromite 0.00 Oula Fuel Marketing Co 126.00 -0.79 33,777 3.64 - Gulf Union Cooperative Insur 15.48 3.06 81,154 Oman Chlorine 0.00 Palms Agro Production Co 0.00 0.00 - 0.40 - Company Name Lt Price % Chg Volume Gulf General Cooperative Ins 16.10 1.26 68,719 Oman Ceramic Company 0.00 Mubarrad Holding Co Ksc 58.00 2.65 100 0.42 - Basic Chemical Industries 24.20 -0.33 69,951 Oman Cement Co 0.00 Zain Bahrain Bscc 0.09 0.00 800,000 Shuaiba Industrial Co 249.00 0.00 100 0.37 955 Saudi Steel Pipe Co 19.40 -1.52 6,551 Oman Cables Industry 0.00 United Paper Industries Bsc 0.00 0.00 - Aan Digital Services Co 21.00 0.00 205,920 0.89 - Buruj Cooperative Insurance 31.50 2.77 75,485 Oman & Emirates Inv(Om)50% 0.00 United Gulf Holding Bsc 1.00 -9.91 1,500 First Takaful Insurance Co 41.00 -2.38 200 0.13 - Mouwasat Medical Services Co 93.00 -0.75 78,544 Natl Aluminium Products 0.00 Trafco Group Bsc 0.00 0.00 - Kuwaiti Syrian Holding Co 31.10 -0.32 175,322 0.34 - Southern Province Cement Co 41.60 1.22 233,090 National Securities 0.00 Takaful International Co 0.00 0.00 - National Cleaning Company 51.00 0.00 109,800 0.04 10,200,000 Maadaniyah 19.02 0.11 47,062 National Real Estate Develop 0.00 Seef Properties 0.23 0.86 103,727 United Real Estate Company 66.00 0.00 1,051 5.00 - Yamama Cement Co 16.04 -0.62 44,007 National Pharmaceutical 0.00 National Bank Of Bahrain Bsc 0.61 0.00 132,943 Agility 772.00 0.78 934,013 0.12 - Jazan Energy And Development 15.80 1.28 87,056 National Mineral Water 0.00 Nass Corp Bsc 0.11 -0.94 60,000 Kuwait & Middle East Fin Inv 23.00 0.00 50,000 0.10 - Zamil Industrial Investment 23.90 -1.48 97,657 National Life & General Insu 0.00 Khaleeji Commercial Bank 0.08 0.00 99,000 Fujairah Cement Industries 73.00 0.00 124,500 0.32 - Alujain Corporation (Alco) 29.95 0.17 288,122 National Gas Co 0.00 Ithmaar Holding Bsc 0.10 -4.76 200,000 Livestock Transport & Tradng 200.00 7.53 750 0.35 187,841 Tabuk Agricultural Developme 11.20 -0.36 43,953 National Finance Co 0.00 Investcorp Bank -$Us 0.00 0.00 - International Resorts Co 22.10 0.45 61,500 0.13 - United Co-Operative Assuranc 12.16 0.50 80,689 National Detergent Co Saog 0.00 Inovest Co Bsc 0.28 0.00 50,000 National Industries Grp Hold 154.00 0.65 982,754 0.67 - Qassim Cement/The 39.10 0.77 28,516 National Biscuit Industries 0.00 Gulf Hotel Group B.S.C 0.51 0.00 10,000 Warba Insurance Co 61.00 1.67 67 3.75 - Saudi Advanced Industries 13.36 -1.18 73,446 National Bank Of Oman Saog 0.00 Gfh Financial Group Bsc 0.39 -2.53 110,000 First Dubai Real Estate Deve 41.70 5.84 3,900 0.18 53,199 Kingdom Holding Co 8.79 0.11 21,436 Muscat Thread Mills Co 0.00 Esterad Investment Co B.S.C. 0.11 0.00 87,500 Al Arabi Group Holding Co 72.00 -2.57 26,250 0.08 - Saudi Arabian Amiantit Co 6.69 -0.59 415,167 Muscat Insurance Co Saog 0.00 Eskan Bank Realty Income Tr 0.10 0.00 50,000 Mobile Telecommunications Co 405.00 0.75 4,517,721 0.80 - Al Jouf Agriculture Developm 25.40 -0.59 15,055 Muscat Gases Company Saog -0.63 Delmon Poultry Co 0.00 0.00 - Eff ect Real Estate Co 21.00 -4.11 500 0.31 7,125 Saudi Industrial Development 9.10 -0.55 159,382 Muscat Finance 0.00 Bmmi Bsc 0.72 0.00 5,001 Tamdeen Real Estate Co Ksc 0.00 0.00 - 0.09 - Riyad Bank 15.64 -2.86 626,778 Muscat City Desalination Co 0.00 Bbk Bsc 0.45 0.00 92,638 Al Mudon Intl Real Estate Co 28.90 -0.34 365,010 0.15 - The National Agriculture Dev 35.20 -0.85 17,376 Majan Glass Company 0.00 Bahrain Telecom Co 0.24 0.00 322,000 Kuwait Cement Co Ksc 422.00 0.24 6,980 0.18 - Halwani Bros Co 51.60 -0.39 6,620 Majan College 0.00 Bahrain National Holding 0.00 0.00 - Sharjah Cement & Indus Devel 82.00 0.00 44 0.45 - Arabian Pipes Co 12.22 -0.16 106,727 Hsbc Bank Oman 0.00 Bahrain Kuwait Insurance 0.33 0.00 6,126 Kuwait Portland Cement Co 1,070.00 0.00 8,400 0.12 10,000 Eastern Province Cement Co 24.26 0.50 3,357 Hotels Management Co Interna 0.00 Bahrain Islamic Bank 0.13 0.00 101,474 Educational Holding Group 309.00 0.00 40,000 1.25 - Al Gassim Investment Holding 12.10 0.33 69,960 Gulf Stone 0.00 Bahrain Flour Mills Co 0.36 0.00 4,908 Asiya Capital Investments Co 39.40 -3.67 122,187 0.12 - Filing & Packing Materials M 33.65 0.15 28,076 Gulf Mushroom Company 0.00 Bahrain Duty Free Complex 0.72 0.00 60,000 Kuwait Investment Co 111.00 -0.89 26,400 0.31 - Saudi Cable Co 8.91 4.21 463,944 Gulf Investments Services 0.00 Bahrain Commercial Facilitie 0.75 0.00 10,000 Burgan Bank 254.00 0.40 912,592 0.10 27,000 Tihama Advertising & Public 48.50 -0.72 262,109 Gulf Invest. Serv. Pref-Shar 0.00 Bahrain Cinema Co ` 0.00 5,000 Kuwait Projects Co Holdings 243.00 0.00 751,510 0.11 - Saudi Investment Bank/The 17.64 -0.90 25,042 Gulf International Chemicals 0.00 Arab Banking Corp Bsc-$Us 0.34 6.25 683,432 Al Madina For Finance And In 29.00 1.75 1,210 0.19 - Astra Industrial Group 19.10 -1.34 104,968 Gulf Hotels (Oman) Co Ltd -9.49 Aluminium Bahrain Bsc 0.63 0.80 53,000 Kuwait Insurance Co 275.00 0.00 10,000 9.50 2,052 Saudi Public Transport Co 14.66 -1.61 104,753 Global Fin Investment 0.00 Albaraka Banking Group 0.31 0.00 25,000 Al Masaken Intl Real Estate 0.00 0.00 - 0.10 - Taiba Holding Co 30.85 -0.32 44,667 Galfar Engineering&Contract 0.00 Al-Salam Bank 0.12 -1.71 307,500 Intl Financial Advisors 25.60 0.00 126,150 0.11 1,176,811 Saudi Industrial Export Co 211.80 -0.56 23,925 Galfar Engineering -Prefer 0.00 Ahli United Bank B.S.C 0.60 0.00 350,000 First Investment Co Kscc 39.50 -1.25 395,189 0.39 - Saudi Real Estate Co 32.95 -1.35 249,513 Financial Services Co. 0.00 #N/A Invalid Security 0.00 0.00 - Al Mal Investment Company 20.20 -0.98 445,000 0.18 - Saudia Dairy & Foodstuff Co 93.90 0.11 12,956 Financial Corp/The 0.00 #N/A Invalid Security 0.00 0.00 - Bayan Investment Co Kscc 39.80 0.00 101 0.10 - National Shipping Co Of/The 29.40 -1.01 218,898 Dhofar Tourism 0.00 #N/A Invalid Security 0.00 0.00 - Egypt Kuwait Holding Co Sae 343.00 0.00 6,000 0.49 - Methanol Chemicals Co 9.45 -0.32 266,998 Dhofar Poultry 0.00 #N/A Invalid Security 0.00 0.00 - Coast Investment Development 34.00 0.29 227,500 0.18 - Chubb Arabia Cooperative Ins 22.06 0.27 34,238 Dhofar Intl Development 0.00 #N/A Invalid Security 0.00 0.00 - Privatization Holding Compan 56.00 1.82 370,490 0.31 - Mobile Telecommunications Co 6.70 -0.30 1,450,023 Dhofar Insurance 0.00 #N/A Invalid Security 0.00 0.00 - Injazzat Real State Company 89.00 -1.00 40,250 0.16 - Saudi Arabian Coop Ins Co 14.50 0.00 131,115 Dhofar Fisheries & Food Indu 0.00 #N/A Invalid Security 0.00 0.00 - Kuwait Cable Vision Sak 8.00 0.00 28 1.28 - Axa Cooperative Insurance 21.36 -0.47 109,894 Dhofar Cattlefeed 0.00 #N/A Invalid Security 0.00 0.00 - Sanam Real Estate Co Kscc 30.00 0.00 8,001 0.17 - Alsorayai Group 15.30 -2.55 622,721 Dhofar Beverages Co 0.00 #N/A Invalid Security 0.00 0.00 - Ithmaar Holding Bsc 33.30 -0.60 461,701 0.26 - Bank Albilad 23.58 -0.51 271,521 Construction Materials Ind 0.00 #N/A Invalid Security 0.00 0.00 - Aviation Lease And Finance C 348.00 0.00 75,000 0.03 - Al-Hassan G.I. Shaker Co 11.00 -1.79 530,108 Computer Stationery Inds 0.00 #N/A Invalid Security 0.00 0.00 - Arzan Financial Group For Fi 29.10 -2.68 21,000 0.26 - Wataniya Insurance Co 25.15 1.00 57,456 Bankmuscat Saog 0.00 #N/A Invalid Security 0.00 0.00 - Ajwan Gulf Real Estate Co 20.90 0.97 4,169,715 0.38 1,133,797 Abdullah Al Othaim Markets 74.50 -2.61 85,270 Bank Sohar 0.00 #N/A Invalid Security 0.00 0.00 - Kuwait Business Town Real Es 42.50 1.19 643,497 0.14 - Hail Cement 9.03 -0.22 74,261 Bank Nizwa 0.00 Future Kid Entertainment And 100.00 0.00 30,000 0.09 1,632,610 Saudi Re For Cooperative Rei 9.02 2.50 1,724,426 Bank Dhofar Saog 0.17 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times 6 Thursday, June 21, 2018 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 24,689.66 -10.55 Apple Inc 186.01 0.17 8,443,843 S&P 500 Index 2,771.01 +8.42 Microsoft Corp 101.91 1.04 10,385,780 Nasdaq Composite Index 7,791.76 +66.17 Exxon Mobil Corp 80.65 -0.06 3,022,458 S&P/Tsx Composite Index 16,423.86 +107.33 Johnson & Johnson 122.25 -0.26 2,249,720 Mexico Bolsa Index 46,653.94 +165.56 General Electric Co 12.84 -0.83 56,800,991 Brazil Bovespa Stock Idx 71,711.75 +317.41 Jpmorgan Chase & Co 107.89 0.32 3,960,712 Ftse 100 Index 7,627.40 +23.55 Procter & Gamble Co/The 75.59 -0.97 2,546,439 Cac 40 Index 5,372.31 -18.32 Walmart Inc 83.73 0.14 3,436,304 Dax Index 12,695.16 +17.19 Verizon Communications Inc 48.12 -0.78 5,553,789 Ibex 35 Tr 9,788.90 +33.50 Pfizer Inc 36.45 0.64 6,716,756 Nikkei 225 22,555.43 +276.95 Visa Inc-Class A Shares 135.92 0.60 2,675,372 Japan Topix 1,752.75 +8.83 Chevron Corp 124.82 -0.57 2,343,324 Hang Seng Index 29,696.17 +228.02 Coca-Cola Co/The 43.44 -0.37 3,218,890 All Ordinaries Indx 6,274.56 +65.68 Intel Corp 53.59 1.24 9,241,167 Nzx All Index 1,578.61 +6.52 Merck & Co. Inc. 61.05 0.02 7,090,383 Bse Sensex 30 Index 35,547.33 +260.59 Cisco Systems Inc 43.88 0.14 9,154,380 Nse S&P Cnx Nifty Index 10,772.05 +61.60 Home Depot Inc 199.27 0.03 1,445,361 Straits Times Index 3,315.90 +14.55 Intl Business Machines Corp 143.51 -0.27 1,088,213 Karachi All Share Index 31,204.82 -433.85 Walt Disney Co/The 106.30 0.19 10,266,326 Jakarta Composite Index 5,884.04 -109.59 Unitedhealth Group Inc 253.23 0.08 823,440 3M Co 198.32 -0.54 993,302 Mcdonald’s Corp 163.20 -1.07 1,451,750 Nike Inc -Cl B 74.62 0.48 1,841,680 TOKYO United Technologies Corp 125.20 0.12 1,771,663 Boeing Co/The 343.46 0.69 2,232,168 Company Name Lt Price % Chg Volume Goldman Sachs Group Inc 227.66 -0.29 1,105,713 Sumitomo Realty & Developmen 4,224.00 0.60 1,191,000 American Express Co 97.24 0.10 1,138,758 Sumitomo Metal Mining Co Ltd 4,287.00 -1.22 2,143,800 Caterpillar Inc 142.53 -0.54 1,888,216 Orix Corp 1,810.50 1.20 4,616,400 Travelers Cos Inc/The 126.78 -1.08 447,220 Daiwa Securities Group Inc 628.30 0.11 8,844,000 A trader works at the London Stock Exchange. The FTSE 100 gained 0.3% to 7,627.40 points yesterday. Softbank Group Corp 8,259.00 2.34 4,741,000 Mizuho Financial Group Inc 189.10 -0.47 161,634,200 Central Japan Railway Co 24,130.00 0.60 330,800 FTSE 100 Nitori Holdings Co Ltd 19,330.00 -0.80 352,600 T&D Holdings Inc 1,695.50 -0.59 2,651,700 Company Name Lt Price % Chg Volume Toyota Motor Corp 7,448.00 -0.29 7,582,300 Hoya Corp 6,277.00 0.75 912,300 Wpp Plc 1,223.00 1.20 3,326,061 London, Frankfurt stock Sumitomo Mitsui Trust Holdin 4,511.00 0.67 1,000,700 Worldpay Group Plc 0.00 0.00 - Japan Tobacco Inc 3,143.00 0.67 6,493,900 Wolseley Plc 0.00 0.00 - Osaka Gas Co Ltd 2,317.50 2.30 1,328,700 Wm Morrison Supermarkets 247.40 0.81 8,591,730 Sumitomo Electric Industries 1,650.00 -0.42 2,228,500 Whitbread Plc 4,021.00 -0.62 410,305 Ono Pharmaceutical Co Ltd 2,688.00 1.15 1,747,800 Vodafone Group Plc 186.24 0.22 46,004,258 Ajinomoto Co Inc 2,115.00 1.39 2,470,600 United Utilities Group Plc 787.80 1.68 2,855,719 markets gain; Paris loses Mitsui Fudosan Co Ltd 2,720.00 1.28 3,533,000 Unilever Plc 4,076.50 0.43 2,560,413 Daikin Industries Ltd 13,135.00 -0.19 1,093,100 Tui Ag-Di 1,742.50 0.69 807,213 Toray Industries Inc 872.20 0.86 5,234,700 Trump fi nally strikes some trade deals March when Trump initially fl oated Travis Perkins Plc 1,404.00 0.11 503,480 AFP Bridgestone Corp 4,418.00 0.84 2,187,600 Tesco Plc 259.40 1.33 27,757,625 with China and possibly even with the the 25% tariff s on steel imports and Sony Corp 5,404.00 1.85 5,207,000 London Taylor Wimpey Plc 183.65 -0.05 14,469,334 big EU or because markets and busi- 10% on aluminium, which also target Astellas Pharma Inc 1,762.00 1.73 7,508,500 Standard Life Plc 0.00 0.00 - nesses get used to the noise,” said Canada, Mexico and other close allies. Jxtg Holdings Inc 740.20 0.04 11,819,500 Standard Chartered Plc 715.10 0.66 4,668,234 Nippon Steel & Sumitomo Meta 2,173.50 -0.71 4,082,100 orld stock markets were a Holger Schmieding at Berenberg. Canada and Mexico have also an- St James’s Place Plc 1,181.50 -0.67 1,446,207 Suzuki Motor Corp 6,314.00 -0.63 1,992,500 mixed bag yesterday as some “On balance, we remain cautiously nounced their own countermeasures. Sse Plc 1,345.00 -0.33 3,631,789 Nippon Telegraph & Telephone 5,213.00 0.97 2,096,400 investors fi shed for bargains optimistic that Trump will either go Beijing warned it would retaliate in Smith & Nephew Plc 1,376.00 1.07 2,363,731 W Sompo Holdings Inc 4,550.00 0.42 1,136,000 Sky Plc 1,380.00 3.14 8,911,185 and others gave in to anxiety over sim- for deals or at least not escalate ten- kind to Trump’s threat of additional Daiwa House Industry Co Ltd 3,834.00 -0.52 1,974,100 Shire Plc 4,010.00 0.80 1,985,866 mering trade tensions between China sions further and further throughout tariff s on hundreds of billions of dol- Komatsu Ltd 3,159.00 -0.66 7,856,200 Severn Trent Plc 1,903.00 1.76 675,335 and the United States, dealers said. the summer,” he said. lars’ worth of Chinese goods, amount- West Japan Railway Co 8,101.00 1.05 501,400 Schroders Plc 3,175.00 0.44 301,093 London and Frankfurt edged higher, But analysts also warned that fresh ing to much of its exports to the US. Murata Manufacturing Co Ltd 18,290.00 -0.57 1,870,100 Sainsbury (J) Plc 316.80 2.00 7,845,153 Kansai Electric Power Co Inc 1,603.00 1.49 2,042,700 mirroring earlier gains in Asia, while retaliatory moves could trigger anoth- The standoff follows weeks of fruit- Sage Group Plc/The 644.20 0.34 2,721,157 Denso Corp 5,504.00 1.16 2,036,300 Paris was down at the European close. er markets dive. less talks between the world’s two big- Abi Sab Group Holding Ltd 0.00 0.00 - Dai-Ichi Life Holdings Inc 1,987.00 -1.07 7,123,200 London’s FTSE 100 gained 0.3% at “Global equity bears (sellers) could gest economies, with the White House Rsa Insurance Group Plc 677.40 0.71 4,578,086 Mazda Motor Corp 1,383.50 -0.11 4,467,300 Royal Mail Plc 498.70 -2.67 5,145,621 7,627.40 points, Frankfurt’s DAX 30 transform the current rebound into a accusing China of a string of unfair Mitsui & Co Ltd 1,847.00 -0.86 6,962,800 Royal Dutch Shell Plc-B Shs 2,645.00 -0.64 4,398,784 was up 0.1% at 12,695.16 and Paris’s classical dead cat bounce if trade ten- practices including cyber-theft and Kao Corp 8,464.00 0.87 1,877,800 Royal Dutch Shell Plc-A Shs 2,538.50 -0.90 4,710,011 CAC 40: lost 0.3% to 5,372.31 at close sions between the United States and forced technology transfers that are Sekisui House Ltd 1,912.50 0.55 2,631,300 Royal Bank Of Scotland Group 257.90 0.08 13,460,095 hurting American jobs and companies. Oriental Land Co Ltd 11,875.00 -0.13 647,400 yesterday. China continue to escalate,” predicted Rolls-Royce Holdings Plc 927.20 1.16 3,336,214 Secom Co Ltd 8,354.00 1.94 774,800 Wall Street turned lower approach- Lukman Otunuga, at FXTM. Eyes are turning to Opec’s crucial Rio Tinto Plc 4,121.50 0.04 3,632,546 Tokio Marine Holdings Inc 5,461.00 0.24 2,074,900 ing midday in New York, having Equities had tanked Tuesday on ris- meeting as Saudi Arabia pushes, along Rexam Ltd 0.00 0.00 - Aeon Co Ltd 2,380.50 0.74 2,455,600 with non-member Russia, to ease an Relx Plc 1,607.50 0.31 4,405,465 opened a touch higher as investors ap- ing fears of a trade war after US Presi- Fanuc Corp 22,260.00 1.67 888,800 Reckitt Benckiser Group Plc 6,211.00 0.58 1,411,352 peared to be tiring of trade war talk. dent Donald Trump threatened fresh output ceiling that has supported oil Daito Trust Construct Co Ltd 18,440.00 1.88 317,900 Randgold Resources Ltd 5,676.00 0.46 356,862 “The markets have been trading on tariff s on Chinese imports and Beijing prices for 18 months. Otsuka Holdings Co Ltd 5,477.00 1.65 827,000 Prudential Plc 1,814.00 -0.52 4,235,907 the same piece of general trade war warned of countermeasures. The two major producers are facing Resona Holdings Inc 611.10 -0.68 15,981,700 Provident Financial Plc 629.00 -0.38 1,003,070 Asahi Kasei Corp 1,409.50 -1.54 3,472,900 news for a while, as a result selling In a new twist, a top EU offi cial re- stiff opposition at the June 22-23 gath- Persimmon Plc 2,610.00 -0.61 2,196,425 Kirin Holdings Co Ltd 3,049.00 3.25 3,154,000 exhaustion has started to set in,” said vealed that Brussels will implement ering from nations that have benefi ted Pearson Plc 868.20 1.45 2,619,268 Mitsubishi Ufj Financial Gro 637.10 -0.50 73,225,300 London Capital Group analyst Jasper tomorrow a raft of retaliatory tar- from the resulting higher revenues. Paddy Power Betfair Plc 8,330.00 0.66 126,776 Marubeni Corp 842.40 -1.01 6,917,400 Old Mutual Plc 211.70 0.33 21,309,724 Lawler. iff s against metals duties imposed by “It does seem like an increase (in Mitsubishi Chemical Holdings 915.90 -0.94 9,070,600 Next Plc 5,862.00 -2.17 1,037,886 Analysts said many market play- Trump. output) is coming,” said analyst Greg Fast Retailing Co Ltd 51,790.00 3.48 614,200 National Grid Plc 832.40 0.65 9,182,599 ers could not get themselves to believe From blue jeans to motorbikes and McKenna at AxiTrader. “The question Ms&Ad Insurance Group Holdin 3,474.00 -0.32 1,654,200 Mondi Plc 2,022.00 0.35 993,883 that US President Donald Trump will whiskey, the EU’s hit-list of products is, can such a move be achieved in order Kubota Corp 1,783.00 -0.94 6,375,500 Merlin Entertainment 382.80 0.76 1,728,815 Seven & I Holdings Co Ltd 4,862.00 1.04 1,617,200 take the world into an all-out trade targeted for tariff s with the US reads to balance the interests of Opec’s cus- Mediclinic International Plc 541.40 0.26 1,790,402 Inpex Corp 1,117.00 -2.36 9,162,300 battle. like a series of emblematic American tomers like the US and India while still Marks & Spencer Group Plc 293.60 -1.28 8,664,608 Sumitomo Mitsui Financial Gr 4,416.00 -1.12 8,426,200 “The trade tensions will fade some- exports. holding the cartel together as a func- London Stock Exchange Group 4,451.00 1.85 583,836 Ana Holdings Inc 4,303.00 0.37 694,200 Lloyds Banking Group Plc 61.67 0.23 130,823,851 what in coming months either because Brussels fi rst drew up the list in tioning group?” Mitsubishi Electric Corp 1,459.00 0.66 8,319,900 Legal & General Group Plc 267.00 -0.15 15,718,554 Honda Motor Co Ltd 3,421.00 -0.35 5,014,600 Land Securities Group Plc 965.10 1.85 2,072,269 Tokyo Gas Co Ltd 2,924.00 3.08 1,949,900 Kingfisher Plc 301.80 -0.89 8,124,517 HONG KONG HONG KONG Tokyo Electron Ltd 18,980.00 2.29 1,268,200 Johnson Matthey Plc 3,757.00 0.86 590,924 Panasonic Corp 1,526.00 0.59 5,482,800 Itv Plc 173.15 1.91 10,705,847 Fujitsu Ltd 671.90 -0.72 15,359,000 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Intu Properties Plc 191.95 0.42 2,770,015 East Japan Railway Co 10,815.00 0.60 674,700 Intl Consolidated Airline-Di 723.60 0.86 3,714,094 Aluminum Corp Of China Ltd-H 3.64 -2.15 34,256,890 Hong Kong & China Gas 14.90 1.78 17,237,849 Itochu Corp 2,034.50 -1.64 8,090,600 Intertek Group Plc 5,670.00 0.21 354,000 Bank Of East Asia Ltd 31.95 1.11 1,146,554 Hong Kong Exchanges & Clear 248.20 0.16 5,785,575 Fujifilm Holdings Corp 4,278.00 1.49 1,262,100 Intercontinental Hotels Grou 4,880.00 0.83 332,697 Bank Of China Ltd-H 3.97 0.25 429,033,599 Hsbc Holdings Plc 75.20 0.80 16,701,179 Yamato Holdings Co Ltd 3,392.00 -0.44 2,517,800 Inmarsat Plc 543.80 0.74 3,426,989 Bank Of Communications Co-H 6.23 1.14 49,790,203 Hutchison Whampoa Ltd 0.00 0.00 - Chubu Electric Power Co Inc 1,676.00 1.42 1,453,800 Informa Plc 818.00 0.00 13,586,898 Belle International Holdings 0.00 0.00 - Ind & Comm Bk Of China-H 6.13 -0.16 307,787,861 Mitsubishi Estate Co Ltd 1,971.00 0.82 5,220,400 Imperial Brands Plc 2,705.00 3.20 2,533,476 Boc Hong Kong Holdings Ltd 38.55 -0.39 12,434,398 Li & Fung Ltd 3.01 2.03 15,188,445 Mitsubishi Heavy Industries 4,043.00 -0.52 2,274,300 Hsbc Holdings Plc 726.90 0.43 21,776,469 Cathay Pacific Airways 13.46 1.20 4,346,216 Mtr Corp 42.20 0.00 3,976,398 Shiseido Co Ltd 8,774.00 -1.39 3,187,300 Hargreaves Lansdown Plc 1,983.00 -1.49 1,542,234 Ck Hutchison Holdings Ltd 86.10 -0.29 4,050,830 New World Development 11.48 0.88 12,879,945 Shionogi & Co Ltd 5,781.00 1.90 1,464,900 Hammerson Plc 535.40 0.34 1,957,809 China Coal Energy Co-H 3.37 -0.88 6,907,552 Petrochina Co Ltd-H 5.85 0.34 140,653,229 Recruit Holdings Co Ltd 3,132.00 1.42 2,987,700 Glencore Plc 374.40 0.73 45,978,515 China Construction Bank-H 7.53 -0.26 465,261,064 Ping An Insurance Group Co-H 76.80 -0.39 53,914,057 Japan Airlines Co Ltd 4,130.00 0.00 1,039,800 Glaxosmithkline Plc 1,550.00 0.00 8,338,611 China Life Insurance Co-H 21.40 0.23 41,206,217 Power Assets Holdings Ltd 54.95 0.46 2,823,294 Nitto Denko Corp 8,415.00 -1.15 1,011,600 Gkn Plc 482.40 0.00 857,601 China Merchants Port Holding 16.68 0.60 4,481,725 Sino Land Co 13.24 1.85 3,410,958 Kddi Corp 3,060.00 1.56 6,103,000 Fresnillo Plc 1,150.00 0.83 866,926 China Mobile Ltd 69.40 0.22 14,377,160 Sun Hung Kai Properties 122.30 0.66 3,371,646 Rakuten Inc 709.10 0.48 8,705,600 Experian Plc 1,867.50 0.24 1,450,216 China Overseas Land & Invest 27.35 -0.18 14,900,545 Swire Pacific Ltd - Cl A 85.55 1.85 2,461,067 Kyocera Corp 6,333.00 0.43 1,172,800 Easyjet Plc 1,796.00 1.47 1,701,587 China Petroleum & Chemical-H 7.17 2.58 215,160,578 Tencent Holdings Ltd 400.20 0.86 22,963,740 Nissan Motor Co Ltd 1,081.00 0.46 10,031,400 Dixons Carphone Plc 190.75 -3.17 5,641,950 China Resources Beer Holding 38.35 1.59 10,082,826 Wharf Holdings Ltd 26.20 1.95 6,425,969 Direct Line Insurance Group 350.40 -0.14 2,808,084 China Resources Land Ltd 28.05 -0.71 11,361,773 China Resources Power Holdin 14.38 0.98 9,640,719 Diageo Plc 2,739.50 0.05 2,832,144 SENSEX Dcc Plc 6,845.00 -0.44 218,540 China Shenhua Energy Co-H 20.45 0.74 25,247,911 GCC INDICES Crh Plc 2,765.00 0.29 1,211,790 China Unicom Hong Kong Ltd 9.84 -0.40 18,794,914 Compass Group Plc 1,615.50 0.44 2,209,964 Company Name Lt Price % Chg Volume Citic Ltd 11.16 0.18 9,915,947 Indices Lt Price Change Coca-Cola Hbc Ag-Di 2,584.00 -0.69 740,701 Clp Holdings Ltd 80.80 0.94 2,091,970 Doha Securities Market Zee Entertainment Enterprise 560.90 1.15 1,558,691 8,881.85 -216.06 Centrica Plc 155.15 0.75 18,666,202 Cnooc Ltd 12.86 2.55 73,446,887 Saudi Tadawul Yes Bank Ltd 336.10 1.57 8,106,699 8,166.30 -104.16 Carnival Plc 4,784.00 0.13 606,223 Cosco Shipping Ports Ltd 7.12 3.94 3,388,217 Kuwait Stocks Exchange Wipro Ltd 259.70 -0.50 1,974,115 #N/A N/A #N/A N/A Capita Plc 162.00 -1.19 6,633,084 Esprit Holdings Ltd 2.43 2.10 3,422,819 Bahrain Stock Exchage Vedanta Ltd 228.70 1.96 17,882,463 1,301.13 -6.21 Burberry Group Plc 2,117.00 1.53 1,612,548 Fih Mobile Ltd 1.28 2.40 7,298,188 Oman Stock Market Ultratech Cement Ltd 3,651.35 0.09 245,236 4,593.53 +4.20 Bunzl Plc 2,295.00 0.13 875,071 Hang Lung Properties Ltd 16.74 0.12 5,684,182 Abudhabi Stock Market Tech Mahindra Ltd 690.55 -0.75 2,207,406 4,550.29 -11.35 Bt Group Plc 214.30 2.71 37,558,591 Hang Seng Bank Ltd 194.40 -0.31 1,688,633 Dubai Financial Market Tata Steel Ltd 563.25 1.49 7,114,828 2,922.57 -16.76 British Land Co Plc 685.60 0.76 2,685,324 Henderson Land Development 43.30 0.46 2,890,445 Tata Power Co Ltd 73.85 0.61 3,762,347 British American Tobacco Plc 3,779.00 2.38 4,972,158 Tata Motors Ltd 305.60 0.18 7,034,495 Bp Plc 564.40 -1.10 30,130,484 Tata Consultancy Svcs Ltd 1,822.45 -0.11 3,311,705 Bhp Billiton Plc 1,638.60 -0.22 7,064,380 Sun Pharmaceutical Indus 564.10 0.74 4,733,736 Berkeley Group Holdings/The 3,893.00 -5.90 1,418,557 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The State Bank Of India 273.30 0.26 14,914,215 Barratt Developments Plc 538.00 -1.54 5,487,563 Reliance Industries Ltd 1,019.25 2.33 7,534,735 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Barclays Plc 193.70 0.36 33,980,077 Punjab National Bank 86.20 -0.69 16,034,315 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank Bae Systems Plc 633.20 0.54 4,837,779 Power Grid Corp Of India Ltd 199.15 0.23 7,569,844 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Babcock Intl Group Plc 830.00 -0.38 1,655,628 Oil & Natural Gas Corp Ltd 162.75 -1.24 5,964,008 this data.” Aviva Plc 509.80 -0.23 9,434,163 Ntpc Ltd 157.05 0.58 6,126,723 Astrazeneca Plc 5,379.00 0.30 1,741,590 Maruti Suzuki India Ltd 8,948.30 0.97 350,129 Associated British Foods Plc 2,807.00 1.56 830,270 Mahindra & Mahindra Ltd 904.40 1.46 2,785,280 Ashtead Group Plc 2,311.00 1.94 2,814,273 Lupin Ltd 899.85 0.22 2,763,564 CURRENCIES Arm Holdings Plc 0.00 0.00 - Larsen & Toubro Ltd 1,306.75 -0.28 2,319,700 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Antofagasta Plc 1,007.00 0.35 2,769,064 DINAR DINAR Kotak Mahindra Bank Ltd 1,324.60 1.64 1,182,713 Anglo American Plc 1,686.20 -0.44 5,771,129 Itc Ltd 263.75 -0.86 9,890,563 Admiral Group Plc 1,906.50 0.53 376,391 Infosys Ltd 1,243.15 0.12 2,741,027 3I Group Plc 935.00 -1.06 2,308,641 Indusind Bank Ltd 1,967.40 1.86 511,847 #N/A 0.00 0.00 - Idea Cellular Ltd 61.50 -0.32 9,501,582 Icici Bank Ltd 293.20 0.14 21,122,810 TOKYO Housing Development Finance 1,847.00 1.04 2,249,291 Hindustan Unilever Ltd 1,602.40 0.09 1,583,865 Hindalco Industries Ltd 226.20 0.18 7,462,451 Company Name Lt Price % Chg Volume Hero Motocorp Ltd 3,655.80 0.08 442,267 Hitachi Ltd 786.10 0.06 15,563,000 Hdfc Bank Limited 2,056.15 1.61 2,454,505 Takeda Pharmaceutical Co Ltd 4,302.00 2.43 5,210,400 Hcl Technologies Ltd 910.95 -1.03 1,442,507 Jfe Holdings Inc 2,136.00 -2.22 4,235,900 Grasim Industries Ltd 1,017.30 0.71 886,571 Sumitomo Corp 1,854.00 -1.46 3,391,200 Gail India Ltd 343.00 0.07 3,991,001 Canon Inc 3,692.00 0.33 5,058,900 Dr. Reddy’s Laboratories 2,367.75 -1.06 1,246,043 Nintendo Co Ltd 36,650.00 1.64 2,777,600 Coal India Ltd 270.60 -0.86 3,102,681 Eisai Co Ltd 8,169.00 2.30 792,800 Cipla Ltd 602.85 0.17 9,515,496 Isuzu Motors Ltd 1,506.00 1.55 2,618,900 Cairn India Ltd 0.00 0.00 - Unicharm Corp 3,370.00 0.96 1,166,200 Bosch Ltd 17,750.50 -0.61 12,416 Shin-Etsu Chemical Co Ltd 9,922.00 1.67 2,559,100 Bharti Airtel Ltd 371.90 0.19 2,605,666 Smc Corp 40,500.00 5.19 504,900 Bharat Petroleum Corp Ltd 410.70 -0.70 3,147,776 Mitsubishi Corp 3,105.00 -0.10 4,814,600 Bharat Heavy Electricals 74.90 0.67 5,481,867 Asahi Group Holdings Ltd 5,728.00 2.76 1,724,500 Bank Of Baroda 125.10 -2.15 24,400,273 Keyence Corp 65,510.00 -0.50 341,200 Bajaj Auto Ltd 2,869.65 0.70 612,816 Nidec Corp 16,960.00 -0.64 1,073,800 Axis Bank Ltd 519.10 0.37 4,782,973 Nomura Holdings Inc 547.70 0.15 16,834,800 Asian Paints Ltd 1,271.30 0.17 502,803 Daiichi Sankyo Co Ltd 4,230.00 5.15 4,187,900 Ambuja Cements Ltd 197.75 -1.25 5,525,201 Subaru Corp 3,341.00 0.00 3,341,000 Adani Ports And Special Econ 365.65 0.88 4,398,017 Ntt Docomo Inc 2,826.50 0.57 2,895,100 Acc Ltd 1,275.20 -0.73 317,957

Gulf Times 10 Thursday, June 21, 2018 BUSINESS

EM equities pull out of five-day dive

China’s Xiaomi targets Reuters Sunday that will either see London Tayyip Erodogan tighten his grip on power or result in a more split parliament. Speculation that China may cut The lira was in the red again at interest rates helped emerging 4.75 per dollar, just off the 4.92 market stocks eke out their all-time low struck last month. as much as $6.1bn in first rise in six days yesterday Most of Ankara’s dollar- and steadied most currencies, denominated bonds covering though pre-election stress kept the next 20 years were testing Turkey’s lira near an all-time low. record lows too. Investors were cautiously The exact scale of the recent dipping back in the water, emerging market sell-off was having been savaged again on also starting to show. Hong Kong IPO Tuesday when the United States Foreign investors have pulled and China ratcheted up trade about $5.5bn out of EM stocks Reuters tariff threats. and bonds since the US Federal Hong Kong MSCI’s widely-followed Reserve’s interest rate hike last 24-country EM stocks index week, data from the Institute of gained 0.6%, having lost 1.8% in International Finance showed. hinese smartphone maker Xi- the rout. They sold more than $320mn aomi Corp is planning to raise up China’s main bourses, which of Chinese stocks on Tuesday Cto $6.1bn from a Hong Kong IPO had plunged almost 4%, saw a alone, according to the figures. launching this week, people with knowl- 0.4% bounce. Stocks followers were also edge of the matter said, in what will be Under-fire currencies also got gearing up for MSCI’s annual one of the biggest tech fl oats globally of some respite, although the announcement on which recent years. dollar looked in no mood to stay countries get included in Xiaomi, which also makes Internet- shackled for long. its multi tn dollar global connected devices, plans to sell about China’s yuan was helped away benchmarks. 2.18bn shares including about 65% prima- from a 5-month low by a firmer- This year, Saudi Arabia and ry shares in its initial public off ering (IPO) than-expected central bank Argentina are the main focus. at a price range of HK$17 to HK$22 ($2.17 to fixing, having posted its biggest In central and eastern Europe, $2.80) each, said two of the people. fall in 1-1/2 years in the previous Polish stocks jumped more The Beijing-based, Cayman-domiciled session. than 1.8% after five days of company plans to bring in eight corner- South Africa’s rand clawed off falls and the latest drop in stone investors including US chipmaker its lowest level of the year too, its currency after a change Qualcomm Inc, Chinese express delivery Mexico’s peso edged up to 20.47 in tack by Hungary’s central company SF Holding Co, domestic tel- per dollar, while Russia’s rouble bank left Warsaw looking more ecom service provider China Mobile and snapped a four-day run of falls appealing. state-run conglomerate China Merchants as markets waited to see if Opec Hungary’s forint dipped, having Group, according to the people. and its allies would cut output. rallied from over three-year The cornerstone investors are expect- “The market seems a little bit lows, after the central bank said ed to buy about 13% to 15% of the shares better today, but in my view its ultra-loose monetary policy being off ered in the IPO, the people said. this is not finished,” said Credit probably would stay in place for The line-up of cornerstone inves- People visit a Xiaomi store in Beijing. The Chinese smartphone maker is planning to raise up to $6.1bn from a Hong Kong IPO Agricole’s head of emerging as long as previously flagged. tors could be changed before the com- launching this week, in what will be one of the biggest tech floats globally of recent years. market research. Both the forint and Budapest’s pany takes orders from retail investors on “I think it is reasonable to expect bonds have been pummelled Monday, they said. fering until after its Hong Kong IPO, Re- a means for China to compete globally this week, which would be the city’s sec- more noise (from the US-China in recent months as the The company will open the book to in- uters reported on Tuesday. The delay was for major tech listings and give mainland ond multibillion-dollar tech fl oat this trade tensions), so even if National Bank of Hungary stitutional investors today, they added. triggered by a dispute between the com- investors access to the country’s tech year, the people said. we have relief for now I think (NBH) has failed to halt a rise in Xiaomi, China Mobile and China Mer- pany and regulators over the valuation champions. Meituan-Dianping declined to com- we should remain extremely bond market costs. “For now, chants Group declined to comment. of its China depositary receipts (CDRs), Xiaomi’s blockbuster Hong Kong of- ment. Xiaomi was set up in 2010 and cautious.” we expect that a change in Qualcomm and SF Holding did not sources said, casting doubt on Beijing’s fering on the other hand is set to be the doubled its smartphone shipments in Turkey was one place were communication from the NBH immediately respond to requests for eff orts to lure foreign-listed Chinese tech fi rst listing under new exchange rules 2017 to become the world’s fourth-larg- caution was clearly entrenched will be suff icient to stabilise the comment. All the people declined to giants back home. designed to attract tech fl oats, as compe- est maker, showed data from Counter- ahead of presidential and forint,” analysts at Goldman be identified as the information was Xiaomi had been expected to raise up tition heats up between Hong Kong, New point Research, defying a global slow- parliamentary elections on Sachs said in a note. not public. to $10bn, split between its Hong Kong York and the Chinese mainland. down in smartphone sales. Xiaomi lowered its likely valuation to and mainland off erings. China’s largest provider of on-demand CLSA, Goldman Sachs and Morgan a range of $55bn to $70bn following its The delay to its CDRs is a blow for online services, Meituan-Dianping, also Stanley are joint sponsors for Xiaomi’s decision to delay its mainland share of- Chinese offi cials, who designed them as plans to fi le for a Hong Kong IPO later Hong Kong IPO.

Goldman sees buybacks as Japan Inc sells off shares after AGMs

Bloomberg say analysts led by Christopher Vilburn, shareholdings. As Goldman notes, it has 40% of its stake in Tokyo Electron. TBS’s Tokyo could lead to increased dividends and become more diffi cult to justify the hold- AGM is scheduled to be held on June 28. buybacks. ings based on reasons such as maintain- “We think a high approval rate for More than 40 fi rms received share- ing relationships with other fi rms. cross-shareholding related propos- t’s a record year for proposals made holder proposals this AGM season, ac- “Companies will also need to receive als could spark a catalyst for future by shareholders at Japanese annual cording to Goldman, and seven of them approval for their strategic sharehold- change in corporate behaviour,” the Igeneral meetings, and that could have were urged to reduce cross-sharehold- ings,” Vilburn and his colleagues wrote analysts wrote. positive consequences for investors, ac- ings. Those resolutions don’t need even in a note dated June 18. “We think most Goldman points to companies includ- cording to Goldman Sachs Group. need to pass to spur change, it says. Get- shareholders are unlikely to give their ing Yamaha Corp, Ulvac and Ono Phar- Specifi cally, Goldman expects more ting “signifi cant” shareholder support consent without a logical investment- maceutical Co as those where capital ef- companies to sell so-called cross share- could be a catalyst. based justifi cation contributing to fi ciency could increase considerably as a holdings, stock held in other fi rms for And the brokerage sees good reason shareholder value.” result of selling cross-shareholdings. purposes such as strengthening rela- for that to happen. Japan introduced a Goldman says it will be watching pro- “We broadly expect companies to re- tionships, after shareholder proxies call- revised corporate governance code this posals such as Asset Value Investors’ call duce holdings of publicly traded equi- ing for such unwinding more than dou- year that calls on listed companies to for Tokyo Broadcasting System Holdings ties in the coming year,” the Goldman bled this year compared with 2017. That, disclose their plans for offl oading cross- to sell and return to shareholders about analysts wrote.

Sensex advances; rupee strengthens to 68.08 Asia markets rise on bargain-buying

Bloomberg, Reuters September monsoon, which irrigates AFP Mumbai more than half of the country’s Hong Kong farmland, was 4% below normal as of June 19, according to the India India’s benchmark equity index rose Meteorological Department in New sian equities rose yesterday on as investors reassessed positions Delhi. bargain-buying after the pre- after concerns over US-China trade Meanwhile, the rupee strengthened Avious day’s battering, but in- tensions led to two sessions of against US dollar to 68.08, up 0.45% vestors remain anxious as the threat decline. from its previous close of 68.38. of a China-US trade war hangs over The S&P BSE Sensex closed at So far this year, the rupee has markets. 35,547.33 in Mumbai, advancing weakened 6.5%, while foreign Shanghai and Hong Kong bore the 0.7%, its sharpest gain in two weeks. investors have sold $590.60mn and brunt of the sell-off on Tuesday af- Twelve of 19 sectoral sub-indexes $5.37bn in equity and debt markets ter Beijing warned it would retaliate in compiled by BSE gained, led by a respectively. kind to Donald Trump’s threat of tar- gauge of metal companies. Reliance Yields on the 10-year government iff s on hundreds of billions of dollars’ Industries and Vedanta were the best bonds trimmed losses ahead of worth of Chinese goods, amounting to performers on the benchmark index. the minutes of the Reserve Bank much of its exports to the US. Vedanta climbed 2% after falling for of India’s June policy meeting due The standoff follows weeks of fruit- the last eight sessions, its longest later for cues on the central bank’s less talks between the world’s two big- losing streak in more than three monetary policy outlook. gest economies, with the White House months. The 10-year bond yield closed at accusing China of a string of unfair “Global risk had led to some 7.826% from its Tuesday’s close of practices including cyber-theft and correction in the indexes and 7.786%. forced technology transfers that are outflows, due to advance tax Bond yields and prices move in hurting American jobs and companies. payments, led to some amount opposite directions. Tuesday’s developments surprised Traders work at the Tokyo Stock Exchange. The Nikkei 225 closed up 1.2% to 22,555.43 points yesterday. of liquidity tightness,” said Anita Earlier in opening trade, bond many traders who had characterised Gandhi, director at Arihant Capital. yields dropped as much as 6 basis Trump’s protectionist rhetoric as part previous day’s 3.8% loss. Tokyo ended remains very apprehensive.” Rakuten output ceiling that has supported oil “We now see value buying emerging points to 7.786% after on late of a strategy to get a better deal from 1.2% higher while Sydney gained by a Securities Australia chief operating of- prices for 18 months. as investors keep a close watch on Tuesday RBI announced a purchase China. similar percentage, Singapore added fi cer Nick Twidale added: “Markets are The two major producers are facing India’s monsoon rainfall.” of government securities in five Trump senior economic aide Peter 0.7% and Seoul put on 1%. There were preparing for further downside whilst stiff opposition at the June 22-23 gath- The threat from US President Donald diff erent maturities for a total of up Navarro continued the forceful lan- also gains in Wellington, Taipei and hoping that the latest salvos from the ering from nations that have benefi ted Trump for tariff s on an additional to Rs10,000 crore via open market guage Tuesday by saying China had Bangkok. Trump administration prove to be an- from the increased revenues. $200bn of Chinese goods is the operations on 21 June. more to lose from a trade war because it “Markets are faring much better as other ‘negotiating’ tactic.” “It does seem like an increase is com- latest in a series of potential trade Prime Minister Narendra Modi shipped more to the US. investors’ emotions have tempered, The dollar clawed back early losses ing,” said Greg McKenna, chief market war opening shots. said in an address to farmers that He also maintained the administra- but in general, markets remain in wait- against the yen but analysts warn it is strategist at AxiTrader. “The question Assets in emerging markets have government will fix minimum tion was acting “to defend the crown and-see mode,” said Stephen Innes, still likely to face further pressure as is, can such a move be achieved in order been hit hard as the escalation in support price (MSP) for corps jewels of American technology from head of Asia-Pacifi c trading at OAN- investors look to the Japanese unit as a to balance the interests of Opec’s cus- tensions coincides with steeper including all cost. Modi said that China’s aggressive behaviour”. Navarro DA. “Clarity is power but given the lack point of safety in times of turmoil. tomers like the US and India while still projections for US interest-rate his government is working towards said the White House was open to talks thereof, it’s a struggle to get back in the The euro faced more selling follow- holding the cartel together as a func- increases. achieving the goal of doubling the but warned: “The fundamental reality saddle as a sense of once bitten, twice ing dovish comments about monetary tioning group?” Indian companies pay corporate income of farmers by 2022. is talk is cheap. Delay is expensive.” shy continues to permeate. policy from European Central Bank In Tokyo, the Nikkei 225 closed up tax in advance at the beginning of a Analysts expect that the government Still, traders stepped back in to pick “The spoils of trade war have at- boss Mario Draghi, while the pound 1.2% to 22,555.43 points; Hong Kong new quarter, leading to a substantial may announce MSP for farmers up beaten-down equities yesterday. tracted bargain-hunting but complete- was also down against the dollar. — Hang Seng rose 0.8% to 29,696.17 amount of liquidity moving out anytime which could lead to Hong Kong was up 0.8% after drop- ly trusting the markets in the aftermath Eyes are turning to Opec’s crucial points and Shanghai — Compos- of the banking system. The June- inflationary pressures. ping 2.8% on Tuesday, while Shanghai of yesterday’s meltdown is bordering meeting as Saudi Arabia pushes, along ite ended up 0.3% to 2,915.73 points ended up 0.3% — a small dent in the on too soon, too quick as sentiment with non-member Russia, to raise an yesterday. Gulf Times Thursday, June 21, 2018 11 BUSINESS HFT traders dust off 19th century tool in search of market edge

Bloomberg It remains shrouded in mystery. Even gain an edge on rivals was fi rst used in It may be that New Line is just ex- don, Frankfurt and Tokyo – can help This West Chicago site appears to Chicago county offi cials and neighbours are the 1800s when Thomas Edison was perimenting for now. Its licenses, the speediest traders profi t from price be run by IMC BV, one of the biggest unclear about its purpose. inventing the light bulb. Shortwave granted in November 2016, bar the diff erences for related assets. Those trading fi rms in the world. It has a mi- But public records point to a prob- is well-known to fans of broadcast- company from selling the communica- money-making opportunities often crowave antenna on that tower, Federal he latest twist in the race to able explanation: Traders appear to ers such as Voice of America and BBC tions services to others. last only tiny fractions of a second. Communications Commission records be fastest in high-frequency be testing the idea of using shortwave World Service. US embassies and the Shortwave signals can be fi nicky, Credit for uncovering the Maple show. A company called Toggle Com- Ttrading sits just down the road technology to convey data between the military commonly used shortwave dependent on weather and even sun- Park and two other similar sites – one munications LLC has an experimental from the Promise Equestrian Center, CME facility and key exchanges around until the 1980s, when communications spots. But the Kane County antenna, in a suburb called West Chicago, the radio licence for antennas on the tower. a sprawling stable and horse-riding the globe. satellites started to replace it. combined with as much as 20 kilo- other in northern Indiana – goes to An executive with Toggle has the same complex about 45 miles west of down- That can be the diff erence between High-frequency radio waves send watts of power, is “as powerful as some Bob Van Valzah, who used to work at name as an executive for IMC in the town Chicago. It uses a super-charged winning and losing in high-frequency data at almost the speed of light. That foreign shortwave stations,” said Greg Sun Trading, which agreed to be sold US. version of techniques dear to amateur markets, where the ferocious battle for performance is similar to microwave, Beat, a former networking consult- earlier this year. Van Valzah later combed through radio operators worldwide. being fi rst continues to escalate. the technology most commonly used ant and Chicago-area ham operator. Van Valzah fi rst stumbled upon the FCC records where he discovered an- On a 58-acre fi eld that grew corn The company behind this project today by traders. But shortwave has It uses what’s known as software de- West Chicago site when he was out other site, in Wanatah, Indiana, and last year, two towers rising about 170 is New Line Networks, a joint venture a big advantage: It can travel at that fi ned-radio, which off ers redundancy biking one day in March. He deviated also the Maple Park tract. A company feet support a military-grade antenna of Chicago-based Jump Trading and speed for very long distances. if a channel drops out, he said. from his usual path, ending up behind that shares a Chicago address with shaped like a giant spider’s web. The New York-based Virtu Financial, ac- With enough of a power boost, data “The reason for this level of trans- Aunt Millie’s Bakeries beside railroad New Line bought the Maple Park land array is pointed towards market cen- cording to Kane County records. They could be sent from the facility to Euro- mission power is to have a consistent, tracks. He’s a radio enthusiast, so a in September 2016 for $800,000, ac- tres in New York, London and Frank- build sophisticated trading networks pean market centres in a single burst, reliable signal” under various atmos- tower erected there caught his eye. cording to Kane County records. furt. A third pole, topped with a single for some of the most important fi nan- bouncing signals off a layer of the at- pheric conditions, he added. He noticed a microwave dish pointed Back at the horse stable, the folks round microwave dish, is aimed at a cial markets. Last year, Bloomberg re- mosphere called the ionosphere. Its location outside Chicago is no at CME’s Aurora data centre and four are intrigued but puzzled by the neigh- data centre 16 miles away that powers vealed how their joint venture placed That conceivably would be a vast accident. The CME keeps the com- shortwave antennae pointed toward bouring antennas. Promise Equestri- one of the world’s largest trading hubs: an antenna right across the street from improvement from today’s fastest puters that run its exchange in Au- Europe. an’s Gary Kempiak said he was told a the futures exchanges run by CME the CME data centre, probably shav- route, which beams data across micro- rora, Illinois, making it among the “I recognised the antennas on that university was behind the installation. Group. ing a microsecond or so off transmis- wave towers spread about as much as most important nodes in the global tower as being large enough that they He’s seen a worker on the tower late at The secret project in Maple Park, Il- sion speeds. Jump and Virtu declined 50 miles apart that stretch from Illinois fi nancial system. Rapidly sending data could send a signal across an ocean and night and early in the morning wearing linois, was discovered – appropriately to comment. to New Jersey – and then through an from there to other important market that they were clearly not cellular an- a refl ective vest that “sticks out like a enough – by a ham-radio enthusiast. The backbone of the technology to undersea cable. centres – including New York, Lon- tennas,” he said. sore thumb.”

Central banks take a gloomy view on ECB frets about looming escalating confl ict

Reuters in the United States and around the world, and as we talk to them trade war cost behind Sintra, Portugal they continually and increasing- ly express concern about trade developing trade war be- developments,” Powell said. tween the world’s big- “For the fi rst time we are hear- Agest economies is already ing about decision to postpone weighing on business confi dence investment, postpone hiring, ‘facade of optimism’ and could force central banks to postpone making decisions.” downgrade their outlook, the He added that such a deterio- Reuters world’s most powerful central ration of business confi dence is Sintra, Portugal bank chiefs argued yesterday. not yet factored into forecasts The United States has levied and does not appear yet to be punitive tariff s on a number of its impacting the performance of ehind a “facade of optimism”, Eu- top trading partners, prompting the economy. ropean Central Bank offi cials are retaliatory moves that threaten to Such a trade war would come Bgrowing increasingly concerned spiral into a full fl edge trade war, at an especially sensitive time that a looming trade war could derail the likely pushing up costs and reduc- for central banks as they try to eurozone’s recovery and complicate its ing profi t margins for businesses. move past crisis-era unconven- exit from years of easy money, central Sitting side by side in a rare tional measures and build policy banking sources told Reuters. policy panel, the heads of the buff ers for any potential down- There was an eerie calm at the ECB’s US Federal Reserve, the Euro- turn at the end of the current annual get-together of policymakers and pean Central Bank, the Bank of business cycle. academics at the bank’s hallmark policy Japan and the Reserve Bank of Speaking alongside Powell, forum in the Portuguese hilltop town of Australia all took a gloomy view ECB chief Mario Draghi said he Sintra. on the escalating confl ict, argu- had little reason to be optimistic. Just days earlier, President Mario ing that consequences could be “It’s not easy and it’s not Draghi had pulled off the major feat of signifi cant. yet time to see what the con- announcing the upcoming end of the “Changes in trade policy could sequences on monetary policy ECB’s €2.6tn stimulus programme, cause us to have to question the of all this can be but there’s no while keeping the euro and bond yields outlook,” Fed Chair Jerome Pow- ground to be optimistic on that,” in check. ell told a central banking confer- Draghi said. Yet conversations with high-ranking ence in Sintra, Portugal. Haruhiko Kuroda who heads offi cials and policymakers suggested “We have a very wide range of the Bank of Japan took a simi- the growing fears of a trade war waged contacts in the business world larly gloomy view. by Donald Trump’s US administration against its main trading partners were casting a shadow over the economy and the ECB’s own policy path. Trump’s fickleness is dulling “Protectionism will have a bigger im- pact than now estimated,” one of the gold’s appeal: Deutsche fund sources said. “Unwinding ECB accommodation is Bloomberg temperament toward tariff s on also a risk. I don’t think it’s been fully New York China could also change over the priced in and markets will wake up one The headquarters of European Central Bank in Frankfurt. Behind a “facade of optimism”, ECB off icials are growing increasingly next few months, weakening the day.” The ECB declined to comment. Ex- concerned that a looming trade war could derail the eurozone’s recovery and complicate its exit from years of easy money, case for holding haven assets tending bond purchases into 2019 was according to central banking sources. Gold is failing in its traditional role over a longer period, Kung said. not a realistic option, barring a large eco- as a haven in turbulent times, and “People jump to gold if they nomic shock. Draghi said that a plan for reform of “The risk of a trade war can’t be quan- currency moves unpredictable. The ex- a Deutsche fund manager has an really think that these geopo- But Draghi went out of his way on the 19-nation eurozone agreed by Paris tifi ed and if central bankers can’t meas- change rate is a key variable for the eu- explanation. litical events will last,” Kung said Tuesday to stress the ECB will be “pru- and Berlin this week was a move in the ure something, they prefer not talking rozone. On Tuesday, as the deepening Tuesday in an interview at the dent” when timing its fi rst rate hike in right direction. about it,” a third source added. Much recent growth has come from trade spat between the US and Chi- Bloomberg headquarters in New eight years in the autumn of 2019, and “The recent document produced by Trump slapped tariff s on steel and German exports, and less competitive na sent the S&P 500 index tumbling York. Trump “has demonstrated any further hike will be “gradual”. France and Germany is to be welcomed, aluminium from Canada, Mexico and countries at the edge of the bloc such as the most in a week, investors sought already that he changes his mind And some sources already believed the it’s an encouraging step in this direction the European Union, threatened to kill Italy, Greece and Portugal can ill aff ord a haven in the dollar, US Treasuries very quickly,” he said. ECB’s new economic forecasts, unveiled and it’s an important step,” Draghi said. the North American Free Trade Agree- stronger euro. and yen, overlooking gold. For Dar- That unpredictability “dulls the barely a week earlier, may prove too op- Although “vague”, “it’s the fi rst time ment and is studying new tariff s on car For now, the single currency was close wei Kung, a portfolio manager of the eff ect” on gold, he said. Take the timistic as indicators of future activity we are having a proposal by govern- imports, a particularly important issue to its lows for the year at around $1.1571, $3.3bn Deutsche Enhanced Com- case of yen. The bid-ask spread keep disappointing. ments,” he added, saying that means for Germany. thanks both to Draghi’s cautious words modity Strategy Fund, the relatively on gold is almost triple that of “Just look at the leading indicators: “now fi nally we have something we can The EU, Canada and Mexico have all and to the Federal Reserve’s seventh rate higher transaction costs for bullion yen, making it more costly for they keep surprising on the downside,” work on”. responded to the US move, announcing hike since 2015. may be a contributing factor. investors to trade bullion. Inci- one of the sources said. “There is a facade Draghi emphasised last week the fore- counter-measures and legal challenges But, in a sign of their nerves, ECB Abrupt changes in President dentally, the yen has rallied 2.4% of optimism in the forecasts.” The ECB casts did not factor in “the eff ects of at the World Trade Organisation. While policymakers were still checking every Donald Trump’s policies, such as against the dollar this year, while already expects the eurozone economy trade measures that have not been im- the US tariff s impact a relatively narrow small tick of the exchange rate, fearing his alternating stances on North the precious metal declined by to slow over the next three years, grow- plemented yet” — a likely reference US group of products, tit-for-tat responses a repeat of the spike to $1.25 hit earlier Korea, fuel speculation that his almost the same amount. ing by 2.1% this year, 1.9% the next and tariff s on steel and aluminium that took could spiral into a fully-fl edged trade this year when Trump stepped up his 1.7% in 2020. eff ect after the forecasts’ cut-off date. war, which would slow growth and make weak dollar rhetoric. Europe’s second-highest real rate is where Belarus wants it

Bloomberg their pause to two meetings after Meanwhile, easing cycles in Russia currency proceeds by companies into St Petersburg 13 straight rate cuts delivered 14.5 and Kazakhstan are drawing to a close, roubles by mid-year, Kalechits said. percentage points of easing since the while Hungary signalled for the first The National Bank of Belarus’s focus on start of 2016, taking the benchmark to time on Tuesday the eventual end of its inflation has echoes of the approach Over two years into monetary easing 10.5%. loose stance. taken across former Soviet nations such in Belarus, its interest rates are still A precipitous decline in inflation, which In the case of Belarus, some room as Russia and Kazakhstan. Europe’s second-highest when adjusted topped 100% in 2012, has left Belarus remains to reduce the key rate, For this year, Belarus wants to keep for inflation, outmatched only by Turkey with a real rate of 6.1%, compared with according to Kalechits, who described price growth at no higher than 6%, after recent eff orts there to stabilise the 8.55% in Turkey and 4.85% in Russia. its current level as “close to an lowering the target to 5% by 2020 and currency. Since 2015, Belarus has embarked on equilibrium” from borrowers’ point of then possibly to 4%, in line with Russia’s, With the world on edge over trade what Kalechits called “anti-inflationary view. according to Kalechits. disputes and emerging nations beset policy,” which has brought price growth Demand for loans is rising, most notably As its policy framework evolves, by outflows, the Belarusian central bank to an annual 4.4% in May. from households, while the elevated the central bank has also begun doesn’t think borrowing costs could go A former part of the Soviet Union that cost of money allows Belarusian rouble scheduling its rate decisions rather than much lower. borders Russia and three European deposits to outperform savings held in announcing them without warning. Any “The refinancing rate is still a bit Union countries, Belarus is the latest foreign currency, he said. cuts, however, will be made in smaller high, but we should also take into developing nation to turn cautious on The country sees macroeconomic steps than previously, Kalechits said. account the risks and the uncertainty monetary policy. stability as the main factor that could Some off icials have suggested that the in international markets,” deputy As global tensions ratchet up and drive foreign investment and spur benchmark could end the year at as low governor Sergei Kalechits said in an developing economies try to adjust to the rebound in economic growth. as 9.5%. interview in St Petersburg. expectations of higher US borrowing Belarus continues to liberalise its “There are opportunities for rate cuts, Policy makers in the Belarusian capital, costs, central bankers from Argentina financial market and expects to scrap but clearly they won’t happen at the Minsk, will decide whether to extend to India have moved to raise rates. the obligatory conversion of foreign- same pace as last year,” Kalechits said. Thursday, June 21, 2018 GULF TIMES BUSINESS

Global sukuk issuance declines on reduced ‘Digital governance financing needs in GCC By Santhosh V Perumal prices, which S&P now expects Business Reporter to remain at about $65 per barrel in 2018, and continued expenditure reduction by GCC The Gulf Co-operation Council countries since 2015. (GCC) is witnessing reduced “Overall, we think that the financing needs, thus leading gross commercial long- among key enablers to a significant slowdown in term debt issuance of GCC global issuance of sukuks or countries will decline by 15% Islamic debts, according to in 2018 from 2017,” the rating Standard and Poor’s (S&P), agency said. an international credit rating Finding that global liquidity is agency. tightening, S&P said it started Total global sukuk issuance in the first half of 2018 and dropped 15.3% year-on-year expected to continue. of future banking’ to $44.2bn in the first half of 2018 with the decline being Total global sukuk he future of the banking companies are gearing up to ride even more pronounced issuance dropped 15.3% industry rests on two key on block chain and expand their for foreign currency sukuk year-on-year to $44.2bn Tenablers — digital gov- portfolio of app-based services issuance at 45%, S&P said in in the fi rst half of 2018 ernance and sustainable devel- ranging from consumer lending a report. opment, according to Doha Bank to insurance products to cross- “We believe that this is due “Specifically, we expect the CEO Dr R Seetharaman, who border remittances,” he said. to the absence of major US Federal Reserve will hike was honoured recently with the Seetharaman noted that small issuances from the GCC its federal funds rate by EU Business School Leadership and medium-sized enterprises countries seen in 2017,” it said, another 50 basis points in Award. (SMEs) should consider tech- adding in the second half of the second half of 2018 after “The key areas that require nology in segments such as 2018, sukuk issuance volumes the two increases of the first attention by leaders include smartphones for customer in- are expected to be slowed half and that central banks of realignment of business model teractions. A true digital bank down by the global tightening GCC countries will probably in accordance with structural is built on the value proposition of liquidity conditions as well mirror such an increase due changes in environment, build- that most products and services as by lower financing needs to the peg of their currencies ing strong corporate image, are delivered digitally, he point- of some GCC countries as a with the US dollar,” it said. sustaining growth, grooming ed out. result of oil prices stabilising at The muted economic growth people for global environment, “Its customers expect to use higher levels. and declining lending activity leveraging technology, giving digital channels for their day-to- The sharp increase in in the GCC has shifted back to society, and managing day banking activities. In times geopolitical risks in the Middle banks’ focus to capital stakeholder expectations,” said of disruption, the choice to be- East will also likely weigh on market activities in hopes of Seetharaman, who received the come a member of an emerging investors’ appetite. Meanwhile, achieving higher yields than award at the EU Munich Com- world community is so impor- inherent challenges related with cash and money market mencement Ceremony. tant — now, more than ever. To to the sukuk market continue instruments, it said. The award was bestowed on combat the rise in populism, we to drag on expansion of this Highlighting that geopolitical Seetharaman “in recognition of need schools to promote global market, according to S&P. risk is flashing red; it said his dedication to inspire passion, citizenship, respect for diversity, “The absence of jumbo local over the past 12 months, direction, and determination in and critical thinking. and foreign currency issuance geopolitical risk have young and fellow business peo- “There are four economic by some GCC countries heightened in the eyes of ple.” Seetharaman receiving the award during the EU Munich Commencement Ceremony. systems that provide opportu- explains this mediocre investors. It started with the The award also acknowledged nities from sustainable devel- performance,” it said, adding boycott of Qatar in early “his integrity, innovative spirit, During the awarding ceremo- “Fintech, Internet of Things, a game changer that can bring opment goals: food, agricul- “we consider that the GCC June 2017 by a group of and commitment to promote ny, Seetharaman spoke on the block chain, and artifi cial intel- unique operational effi ciencies ture, health, and well-being. countries’ need for financing Arab states, which “we think sustainable development and areas where leaders should focus ligence are some of the major to the fi nancial services indus- Seizing such opportunities is reducing as liquidity weakened investors’ view of economic prosperity, which in the light of changing dynam- technological developments. try. will require revitalised and conditions improve.” the cohesiveness of the GCC greatly inspired community,” ics in the global and regional Robotics, enabled by AI and ma- “After the explosive growth of enhanced multi-stakeholder This is owing to higher oil countries as a block”, it added. Doha Bank said in a statement. space. chine learning, is proving to be digital payments in 2017, Fintech partnerships,” he added.

Turkish lira hit by fears of QSE reopens lower after Eid holidays post-election uncertainty By Santhosh V Perumal The insurance index plummeted 4.44%, day. Total trade volume fell 77% to 7.55mn Business Reporter transport (3.32%), banks and fi nancial shares, value by 84% to QR393.61mn and Reuters This year’s sell-off has been driven by unease over services (3.25%), telecom (2.3%), indus- transactions by 37% at 5,779. Ankara Erdogan, a self-described “enemy of interest rates”. trials (1.61%) and realty (0.71%); whereas The telecom sector’s trade volume His calls for lower rates to boost borrowing and he Qatar Stock Exchange yesterday consumer goods gained 0.38%.More than plummeted 93% to 0.36mn equities, value investment have deepened investors’ fears for the reopened after Eid holidays with a 78% of the stocks were in the red with ma- by 81% to QR13.88mn and deals by 40% to The Turkish lira weakened slightly yesterday, central bank’s independence. T216 points decline to settle below jor shakers being Qatar Insurance, QNB, 458. pressured by investors’ concerns that parliamentary “If we are going to strengthen investors, we have to 9,000 points and the capitalisation eroded Nakilat, Milaha, Commercial Bank, Qatar The banks and fi nancial services sector and presidential elections on June 24 could unleash do it through about QR13bn. Islamic Bank, Doha Bank, Qatar Electricity saw 79% plunge in trade volume to 3.16mn political uncertainty. low interest Selling pressure was seen more pro- and Water, Ooredoo, Vodafone Qatar and stocks, 87% in value to QR240.49mn and Opinion polls have shown a tight race for rates,” nounced within insurance, transport and Industries Qatar; even as Barwa, United 45% in transactions to 2,263. parliament with President Tayyip Erdogan’s AK Erdogan said banking counters as the 20-stock Qatar Development Company, Zad Holding and The transport sector’s trade volume Party and its allies possibly losing their majority by in a speech on Index plunged 2.37% to 8,881.85 points. Islamic Holding Group were among the tanked 78% to 0.99mn shares, also by a thin margin. Tuesday. “The Masraf Al Rayan and Doha Bank-spon- gainers. 77% to QR20.03mn and deals by 50% to They also show the presidential vote may go to a central bank sored exchange traded funds QATR and Non-Qatari institutions turned net sell- 438. second round, with Erdogan expected to beat the raised rates 3 QETF witnessed 1.23% and 1.46% declines ers to the tune of QR19.52mn against net The industrials sector reported 78% main opposition candidate, Muharrem Ince. points, then respectively. buyers of QR779.99mn on June 14. shrinkage in trade volume to 0.85mn equi- Investors say such an outcome could lead to political another 1.5 The lira stood at 4.7483 against Islamic stocks were seen declining Non-Qatari individual investors’ net ties, 78% in value to QR74.26mn and 43% deadlock and even force repeat elections. points. They the dollar at 1230 GMT, weakening slower than the main index on the market, buying weakened perceptibly to QR5.47mn in transactions to 1,181. “Given that Erdogan at least will win the presidential are telling me from Tuesday’s close of 4.7385. which is, however, up 4.21% year-to-date. compared to QR9.43mn last Thursday. The consumer goods sector’s trade vol- election in the second round... an Erdogan defeat I shouldn’t Domestic and foreign institutions The Gulf individuals’ net buying also ume declined 5% to 0.13mn stocks and val- in the parliament would be the worst-case scenario talk about this before the election. were seen net sellers on the bourse, declined marginally to QR0.31mn against ue by 46% to QR13.33mn, while deals were for the markets,” said Morten Lund, an analyst at Why wouldn’t I? I have to speak the truth, so we can whose capitalisation tanked 2.51% to QR0.74mn the previous trading day. up 2% to 271. Nordea Markets. reach the truth.” QR487bn mainly due to small and mid- However, local individuals turned net There was 36% dip in the real estate sec- The lira stood at 4.7483 against the dollar at 1230 Nevertheless, Lund said an Erdogan win in the first cap stocks. buyers to the extent of QR41.49mn com- tor’s trade volume to 1.8mn shares, 46% in GMT, weakening from Tuesday’s close of 4.7385. round and the AK Party securing a parliamentary Trade turnover and volumes were on the pared with net sellers of QR219.7mn on value to QR22.23mn and 5% in transac- It hit a series of record lows in May, weakening as majority with its allies could be welcomed most by decline on the market, where banking and June 14. tions to 849. far 4.9290 before recovering after the central bank markets, as it would mean less uncertainty. real estate sectors together accounted for The Gulf institutions turned net buyers The market witnessed 32% slump in the raised interest rates. The main BIST 100 stock index rose 0.18% on about 66% of the total volume. to the tune of QR3.66mn against net sell- insurance sector’s trade volume to 0.26mn Since then, the political uncertainty has eroded Wednesday to 94,607 points. The Total Return Index shrank 2.37% to ers of QR8.69mn last Thursday. equities and 34% in value to QR9.4mn but about 2% of the lira’s value against the dollar in the The yield on the benchmark 10-year bond was at 15,648.84 points, All Share Index by 2.4% Domestic institutions’ net profi t book- on 39% increase in deals to 319. past week. 16.92%, easing from 16.96% a day earlier. to 2,587.61 points and Al Rayan Islamic In- ing fell signifi cantly to QR31.41mn com- In the debt market, there was no trading dex (Price) by 1.36% to 2,181.61 points. pared to QR561.78mn the previous trading of treasury bills and sovereign bonds. Saudi shares decline amid profi t taking ahead of MSCI decision

Reuters its decision later yesterday. Al Index was down 0.6% to 2,923 Dubai Rajhi Bank lost 2.1%. points. Banque Saudi Fransi lost Dubai Islamic Bank, the emir- audi stocks declined yes- 4.3%, Riyad Bank lost 2.9%, and ate’s biggest shariah-compli- terday as investors cut risk Saudi British Bank lost 4%. ant lender, declined 1.2%. Air Sahead of a decision from The region’s biggest stock Arabia, the budget airline, lost global index compiler MSCI on market is up almost 13% so far 0.9%. “The rumours in the stock whether to include Saudi Ara- this year and has outperformed market surrounding the possi- bia and its $526bn bourse in its Gulf markets in anticipation bility of involvement or lending emerging market indexes. of the MSCI inclusion, which to Abraaj, especially through the “It would not be surprising could trigger billions of dollars banks, have been really aff ecting to see some profi t taking in the of infl ows into Riyadh’s Tad- shares of banks since Monday,” Saudi market after a strong run awul-listed stocks. said a stockbroker who declined up into the MSCI inclusion date,” In Dubai, negative senti- to be named due to commercial said Saleem Khokhar, head of eq- ment continued to weigh on lo- sensitivities. uities at First Abu Dhabi Bank. cal stocks after Dubai carrier Air Abu Dhabi’s index shed 0.3% to “Valuations of Saudi equities Arabia on Monday said it had an 4,550 points with the UAE’ larg- are at the higher end of historic investment in private equity fi rm est lender, First Abu Dhabi Bank ranges even though the medi- Abraaj’s funds, the private equity (FAB), falling 1.2% and property um-to-longer term underlying group which last week fi led an developer Aldar losing 1%. fundamentals for companies re- application for provisional liqui- Elsewhere in the Gulf, the Ku- main strong.” dation.Air Arabia said yesterday wait index gained 0.2% to 4,815 The main Saudi index shed the exposure to Abraaj would points, the Bahrain index de- 1.3% to 8,166 points. Banks have no material impact on its clined 0.5% to 1,301 points and led the declines on the Riyadh operations and liquidity. The the Oman index was mostly un- bourse. MSCI is set to announce Dubai Financial Market General changed.