CHINA WOES | Page 3 Service, farm sectors weigh on growth

Wednesday, January 23, 2019 Jumada I 17, 1440 AH FLYING HIGH : Page 16 GULF TIMES Qatar Airways Cargo commences freighter BUSINESS operations to Almaty

Non-resident deposits in Qatar banks jump QNB Group recognised 21.75% to QR164.26bn

By Santhosh V Perumal Business Reporter

Non-resident deposits within Qatar’s banking system witnessed as the most valuable a robust 21.75% year-on-year expansion to QR164.26bn in November 2018, indicating the strong confidence among inter- national investors in the local economy amidst the continuing unjust economic and trade blockade by the Saudi-led quartet. However, total deposits were on the downswing due to the decline in the public and private sector deposits, Qatar Central Bank data for November suggest. banking brand in MEA Various reports including from the International Monetary Fund said the non-resident deposits, which initially declined (after the NB Group was recognised as the embargo started in June 2017) but rebounded, indicating the most valuable banking brand in the resiliency in the domestic macro economy. QMiddle East and Africa (MEA) once From QR199.19bn in January 2017, non-resident deposits again with a brand value worth $5.04bn, touched a low of QR134.92bn in November 2017. Between June according to the annual report prepared by and November 2017, deposits had declined approximately Brand Finance and published by The Bank- QR36bn. However, after November 2017, there was largely a er magazine. steady accretion in the non-resident deposits. QNB Group is the largest fi nancial insti- “Macro-financial indicators are improving in 2018 compared tution in the MEA region. to mid-2017; the CDS (credit default swap) spreads have come QNB’s brand value grew to $5.04bn in down, stock market has recovered, and non-resident deposits 2018 compared to $4.2bn in the previous have started to flow back in,” IMF had said in its report on Qatar year, a 19% year-on-year increase, de- in May 2018. fending the 61st place in the top 500 bank- Of the total QR164.26bn non-resident deposits, those with ing brands worldwide. Qatari banks amounted to QR162bn (about 99% of the total The group’s brand also continued to be non-resident deposits) and those with non-Qatari lenders were market dominant in the MEA amid an av- QR2.26bn (2%). erage regional brand value increase of 9%. Of the QR162bn non-resident deposits with Qatari banks, as The group reaffi rmed its AA+ brand much as 91%, or QR146.84bn, was from traditional banks and strength rating with a positive outlook, mak- the remaining QR15.16bn, or 9%, from Islamic banks. A large ing it the highest rated banking brand in Qatar. chunk of non-resident deposits in the foreign banks were from QNB’s Brand Strength Index (BSI) con- non-Arab entities, which contributed QR2.14bn in November tinues to increase to 79 out of 100, driven 2018. by its strong fi nancial performance and Otherwise, total deposits in Qatar’s commercial banks regis- growing international footprint. tered a marginal 1.02% year-on-year decline to QR794.08bn in The group’s brand continued to drive November 2018. growth in Southeast Asia in support of Total private sector deposits were down 0.45% year-on-year to its vision to become a leading bank in the QR357.46bn and total public sector deposits shrank 11.65% to Middle East, Africa, and Southeast Asia QNB’s total assets have increased by 6% to reach QR862bn, the highest ever achieved by the Group and one of the QR272.36bn in November previous year. (MEASEA) by 2020. best set of results in its history Within the private sector deposits, those from personal amount- In addition to its brand engagement, the ed to QR178.89bn (registering 5.19% growth) and those from group delivered solid results at end-2018 with our keenness to secure a stronger David Haigh, CEO, Brand Finance said, The Banker, a Financial Times publication. companies/institutions were QR178.57bn (a 5.52% decline). with a net profi t of QR13.8bn, up 5% com- share of the regional and global market. “The impressive growth refl ected in QNB’s Each brand is rated on the basis of Among the public sector deposits, there was a 12.02% dip in pared to same period last year. “QNB enjoys an award-winning brand brand value cements its status as the Mid- a benchmarking study of the brand’s those from the government (QR78.73bn) and 11.71% in those Total assets increased by 6% to reach platform that refl ects our values, commit- dle East and Africa’s most valuable bank- strength, risk and future potential rela- from semi-government (QR30.83bn). QR862bn, the highest ever achieved by the ment, and excellence to deliver outstand- ing brand. QNB is to be commended for tive to its competitors and the a summary Of the QR794.08bn total deposits, those with Qatari banks QNB Group and one of the best set of re- ing banking services and products to cus- servicing its customers in Qatar better, measures of the businesses’ fi nancial amounted to QR772.4bn and those with foreign banks stood at sults in its history. tomers, thanks to our creative approach whilst also developing the brand’s pres- strength and delivery. QR21.68bn. Of the total deposits within local lenders, traditional QNB Group communications general towards continuously building our brand ence across international growth markets QNB Group’s presence through its sub- banks’ share was QR561.85bn and Islamic banks’ at QR210.56bn. manager Yousef Darwish said, “The strate- image and values,” Darwish noted. and maintaining several high-profi le glo- sidiaries and associate companies extends The weighted average interest rates on demand deposits stood gic initiatives we have undertaken through “This new achievement is a true testa- bal sporting sponsorships.” to some 31 countries, providing a compre- at 0.28% in November 2018 compared to 0.12% in the cor- 2018 have allowed us to strengthen our ment to the Group’s market leading capi- Brand Finance, the world’s leading in- hensive range of advanced products and responding period of 2017; savings deposits at 0.24% (0.49%); brand and maintain our ranking as the tal ratios and strong growing international dependent branded business valuation services. time deposits for one month at QR2.78% (2.57%), those for three most valuable banking brand in the MEA. footprint, driven by a robust fi nancial per- and strategy consultancy, is the company The total number of employees is more months at 3.13% (2.69%), those for six months at 3.22% (3.19%), “The QNB brand is on a continuous in- formance towards achieving our 2020 vi- behind the Brand Finance Banking 500, a than 29,000 operating through more than those for one year at 3.66% (3.16%) and those for more than one crease which provides a tangible indication sion aimed at becoming a leading bank in league table of the world’s biggest banks 1,100 locations, with an ATM network of year at 3.66% (2.85%). of our growth and diversifi cation, along the MEASEA region,” Darwish said. published every year in collaboration with more than 4,400 machines.

QBA meeting with Pakistan Prime Minister QIB is the Golden Sponsor for Nama’s entrepreneurship meet, products expo

atar Islamic Bank (QIB) is the Golden Sponsor of the fourth edition of the ‘Entrepreneurship Business Conference and QProducts Exhibition’ organised by the Social Development Centre – Nama at the Doha Exhibition and Convention Centre until January 25. HE the Undersecretary of the Ministry of Commerce and Industry Sultan bin Rashid al-Khater visited QIB’s pavilion at the exhibition and was briefed on the advanced banking services off ered by QIB to small and medium-sized enterprises (SMEs). Al-Khater also lauded QIB’s role, saying the bank “is an essential supporter of SMEs in Qatar.” The event targets SMEs to enable them to access the local market and allow them to conduct their business and become competitive. It also emphasises the role of partners and sponsors in supporting SMEs and provides a platform for business entrepreneurs to connect with potential stakeholders. “We are proud to partake in such an important event that aims to enhance the presence of SMEs in the national economy, as well as strengthening the entrepreneurial environment in Qatar. HE al-Khater visiting QIB’s pavilion at the exhibition. “This initiative is in line with the Qatar National Vision 2030 to move towards greater sustainability in all operations in Qatar, includ- port for this exhibition as we are familiar with its legacy of energetical- ing business operations,” said Tarek Fawzi, general manager of QIB’s ly supporting such initiatives that serve the business sector in Qatar, Wholesale Banking Group. and we look forward to the continuation of this partnership.” Amal bint Abdul Latif al-Mannai, Nama Centre acting executive di- QIB will also be providing banking advisory and solutions during rector, said, “Qatar Islamic Bank is a long-term strategic partner of the the exhibition for SMEs as part of the bank’s ‘Aamaly’ package, a com- Qatar Businessmen Association (QBA) chairman HE Sheikh Faisal bin Qassim al-Thani and QBA Social Development Centre, and its partnership is not limited to con- prehensive off er designed to provide fi nancing solutions, account and deputy general manager Sarah Abdalla meet Pakistan Prime Minister Imran Khan in one of the tributing to this exhibition, but rather the bank has a supportive role cash management, and trade services. high-level meetings with diff erent Qatari off icials from the public and private sector held at the for the target groups, as it plays an important role in helping achieve QIB has recently launched three banking solutions for its corporate Four Seasons Hotel in Doha yesterday. PICTURE: Pakistan Embassy in Doha our goals. and SME clients: Islamic Point of Sale (PoS), Wage Protection System “QIB is the fi rst fi nancial institution that we reached out to for sup- (WPS), and a brand new Corporate Online Banking portal. Gulf Times 2 Wednesday, January 23, 2019 BUSINESS

Future is for LNG as derivatives trading takes off

Bloomberg established by far is ICE’s Japan-Korea reflect local fundamentals and Singapore Marker, launched in 2012. More than therefore may not be ideal proxies for 17,000 contracts traded in December, the global LNG trade, where the vast a 10-fold increase from January 2017. majority of sales are in Asia. So that’s With natural gas demand growing The next most active is CME Group where LNG futures come in. faster than for any other fossil fuel, LNG Inc’s futures contract, also based on JKM “is much more trusted, much futures may be finally taking off . S&P Global Platts’ JKM assessment. Its more accurate, and the paper market is Derivatives represented about 2% of monthly volume peaked in November helping make it be more responsive to global LNG production at the beginning last year at 3,335 contracts. price movements,” Gordon D Waters, of 2017 as an array of contracts around The need for a liquid LNG benchmark the global head of LNG at ENGIE, said the world struggled to gain traction. has been the subject of much debate. by phone on Friday. JKM contracts But by the end of last year, volumes Traditionally, when oil was used more could reach the level of NBP or TTF had grown to almost 23%, led by a commonly in power generation and “most likely within the next 5 years.” burgeoning Intercontinental Exchange production, it was almost exclusively NBP and TTF volumes both averaged Inc contract based on S&P Global valued relative to crude oil and brought about 37,000 contracts a day in 2018. Platts’ Japan-Korea Marker spot price and sold under long- term contracts. There’s still a long way to go. ICE JKM is assessments. One advantage of that system is that still much smaller than other global oil While volumes are a long way off oil has a liquid and established futures and gas benchmarks. Exchange open established global energy benchmarks market that gives market participants interest, or the amount of outstanding such as Brent crude – where trade visibility and the confidence to hedge. bets at the end of every day, accounted dwarfs worldwide oil production many But oil and gas don’t move in lockstep for about $2bn at the end of 2018, times over – the accelerating growth and buyers have become increasingly compared with $36bn for US natural in LNG derivatives illustrates how the reluctant to be tied to crude markets. gas and more than $100bn for Brent oil, market is maturing. An explosion in The expansion in global supply, most according to Bloomberg estimates. supply, from the US to Australia, is notably with the development of shale For a futures market to be considered bringing more market participants and reserves that transformed the US into a truly liquid, volumes should be about a shift away from traditional pricing. major natural gas exporter, has opened 10 times the size of the actual physical “There’s more short-term physical up other options and stimulated a shift trade, according to Total SA, one of the trading indexed to JKM and new to more spot trading. world’s biggest producers and a major An LNG tanker passes boats along the coast of Singapore. Derivatives represented about 2% of global LNG production counterparties active in the market,” About 27% of LNG was sold under spot- participant in the JKM market. With at the beginning of 2017 as an array of contracts around the world struggled to gain traction. But by the end of last year, said Tobias Davis, head of LNG–Asia at or short-term deals in 2017, up from 12% volumes multiplying by about three volumes had grown to almost 23%. brokerage Tullett Prebon. “This creates in 2003, according to the International times a year, JKM should reach that more liquidity and in turn, builds more Group of LNG Importers. level in about five years, Philip Olivier, fast-moving market. Most JKM LNG Still, LNG has already surpassed one “If you have a look at how the coal confidence in trading the swap and That just increased the need for a Total’s general manager of global LNG, trades are still brokered off line and energy derivative. ICE’s JKM contract market developed in the mid-2000s, using it as a viable hedging tool.” reliable price benchmark and liquid said in October. then cleared by exchanges. Contract now has more value in open interest it took over a decade to transition to There are now at least six derivative futures market for hedging. Regional Brent and US gas traders also have values are based on a monthly average than the exchange’s Newcastle coal a liquid exchange order book,” said contracts for LNG, ranging from US Gulf gas benchmarks such as Louisiana’s much more flexibility, as they’re able of Platts assessments, so the price contract. The two fuels, of course, also Gordon Bennett, managing director for Coast futures on ICE to Kuwait-India Henry Hub, the UK’s National Balancing to buy and sell futures by the second, updates once a day when the new vie in the real world for space in power utility markets at ICE. “It definitely feels on Singapore Exchange Ltd. The most Point or Dutch Title Transfer Facility with prices updating to reflect the assessment is added. plants in some regions. like JKM is evolving quicker.” Confi dent oil industry to ratchet up spending

Bloomberg will be a demand for oil and gas going hit worst. In the upstream segment, London forward. They’re also confi dent about only a third of companies said prices their competitiveness.” increased. Still, lurking in the data were some Another challenge for the oil and fter years of gloom, the oil in- risks to the business. The last time the gas business is its ageing work- dustry’s out of its slump. industry was this confi dent, spend- force which could leave roles which A Three-quarters of senior oil ing soared. That was fi ne as oil rose won’t be filled easily. Young people and gas professionals surveyed by en- but during 2014 the crude decline hit largely find the industry unappeal- ergy and maritime services company companies, crimping returns at many ing because they either think it’s old DNV GL AS say they are optimistic of their projects. and polluting, or are drawn to other about the sector’s growth in 2019, Throughout the downturn execu- jobs at tech companies, the report their sunniest outlook since before the tives focused on cutting spending. In said. Respondents highlighted skills crude-price collapse in 2014. Confi - 2016, 41% of those surveyed said “cost shortages as the industry’s biggest dence across the energy industry is effi ciency” was their highest prior- barrier to growth in 2019, outside now where it was in 2010, when Brent ity. Now with prices back above $60 of general competition and the oil soared to $95 a barrel, about 50% a barrel, just 21% say it’s the highest price, a finding which Hovem said above today’s level. priority. surprised her. That good cheer will translate into “The key question is: will compa- We need to be “explaining to the higher spending, with 70% of pro- nies fall back into ineffi cient spend- young generation the infl uence you fessionals saying they’ll maintain or ing habits, or can they maintain their have” by joining the sector, Hovem increase capital expenditure budgets organisational austerity?” asked the said. “Technology, and an uptick of this year. Many companies now say report. “Our research shows signs every kind of digital tool, will make the they’re competitive even as oil-price that old habits may already be resur- industry more attractive.” volatility heightens in reaction to geo- facing.” Digitisation is the top research and political turmoil, after cutting costs The relaxation around the budget development priority for the oil busi- to survive a collapse that lasted until may partly refl ect the fact that a lot ness in 2019, as companies see addi- 2017. of cost reduction programmes have tional cost savings and safety benefi ts “Growth will be important and already been implemented. How- in automating processes. Meanwhile there is a strong belief in new invest- ever, not everything will stay cheap. investment in low-carbon energy will ment,” said Liv Hovem, chief executive About half of companies said they be small, with most respondents say- offi cer of DNV GL’s oil and gas unit. saw price infl ation in 2018, with the ing regulations are the main motiva- “They’re quite confi dent that there downstream portion of the industry tion to spend in the sector.

‘EBRD plans to invest €1bn in Turkey’ The European Bank for Reconstruction and Development (EBRD) plans to invest around €1bn ($1.1bn) in Turkey this year focusing on agriculture and exporting sectors, a senior EBRD off icial said, according to the Anadolu news agency. “We aim to make an investment worth around €1bn in Turkey in 2019, the same amount we have invested last year,” Arvid Tuerkner, the EBRD’s managing director for Turkey, was quoted as saying by Anadolu in an interview. In 2018, the EBRD invested in 34 projects in Turkey. Gulf Times Wednesday, January 23, 2019 3 BUSINESS

Foxconn to hire Weakness in service, farm 50,000 people sectors slows China growth Reuters Taipei

Reuters Beijing Taiwan’s Foxconn, assembler of Apple Inc’s iPhones, yesterday said it was trying to recruit for eakness in the service and more than 50,000 positions farm sectors slowed China’s across its China campuses for Weconomic growth in the the January-March quarter, amid fourth quarter, despite a strong pickup reports of mass lay-off s. in construction activity, offi cial data The world’s largest contract showed yesterday. manufacturer, formally known Services grew 7.4% from a year earli- as Hon Hai Precision Industry er, slowing from 7.9% in the third quar- Co Ltd, said in a stock exchange ter, while growth in agriculture slowed filing that changes in employee to 3.5% from 3.6%, the National Bureau numbers were part of its usual of Statistics (NBS) said. adjustments based on global The sector-by-sector breakdown fol- strategy and clients’ needs. lows release of headline GDP fi gures on Last week, the Nikkei reported Monday that showed China’s economy that Foxconn had let go around in the last quarter expanded at its slowest 50,000 contract workers in China rate since the global fi nancial crisis due to since October, months earlier than faltering domestic demand and an ongo- normal. “Eff orts are in progress to ing trade war with the United States. recruit for more than 50,000 posi- The services sector accounted for al- tions across our China campuses most half of gross domestic product in in Q1 2019,” the company told the quarter by value as China continued Reuters in an email when asked to transition towards a service-oriented whether it was actively hiring. economy, while agriculture contributed The Nikkei report came weeks about 10%, according to Reuters’ calcu- after Apple cut current-quarter lations based on the latest data. production for new iPhones by Services suff ered a broad-based 10% in the face of slowing de- slackening from real estate to tech, as mand in China, the world’s largest these industries braced for more cau- smartphone market. tious investor lending and softer con- Chipmaker Samsung Electron- sumer demand. ics Co Ltd and other tech suppli- Growth in real estate services slowed ers have also warned of a tech to 2% year-on-year in the fourth quar- slowdown going into 2019. ter from 4.1% a quarter earlier, as gov- A man walks through a used car sales yard in Beijing. China’s economy grew at its slowest pace in almost three decades in 2018, losing more steam in the last quarter Foxconn, which sources said ernment tightening measures to curb as it battles a massive debt pile and a US trade war, off icial data showed yesterday. makes roughly half its revenue speculation and skyrocketing prices from Apple, reported an 8% fall subdued overall demand. consumer strength gauge is around the tech sector still grew at double-digit to deploy measures to spur economic The sector – accounting for 8% of in December sales earlier this The sector contributed 6.4% to GDP weakest in 15 years. rate but growth slowed to 29.1% in the growth. the economy – grew 6.1% in the fourth month. At Foxconn’s campus in in the quarter. “With consumer confi dence now fourth quarter compared with 32.8% in Finance was one of the few bright quarter, accelerating from the previous Zhengzhou in central China, thou- The retail and wholesale sector trending down and the labour market set the third. spots in the service sector thanks to re- quarter’s 2.5% growth. sands of temporary contract work- slowed to 5.5% from 6.2% as consump- to weaken further, we think households It accounted for about 3% of GDP in cent government stimulus measures to But in a surprising remark, Fang ers and some regular staff ers left of tion of physical goods lost momentum. will turn even more cautious in the com- the fourth quarter. keep liquidity ample. Xinghai, vice-chairman of China’s Se- their own accord due to the lack of Auto sales in the world’s biggest car ing months, weighing on service sector As fears for a sharp slowdown mount- Construction enjoyed a strong recov- curities Regulatory Commission, told a weekend work, trimmed overtime market shrank for the fi rst time in 2018 growth,” Capital Economics wrote in a ed amid uncertainties over whether the ery thanks to support for infrastructure seminar in Davos that he expected eco- opportunities, and reduced or since the 1990s. note yesterday after the data release. trade war will be brought to an end any projects, as the government frontloaded nomic growth to slow to 6% this year cancelled peak-season bonuses, Though retail sales growth picked up Having been a stellar performer ben- time soon, Beijing has been drumming local government bond issuance to sup- from 6.6% in 2018, stressing China’s five production line workers said. marginally in December to 8.2%, the efi ting from supportive policies, the the message that it has plenty of room port their fi nancing. slowdown won’t be a “disaster”. S Korean economy gets fi scal spending lift; trade pressure dims outlook

Reuters declined 2.2% on-quarter and remained the biggest risk for Seoul South Korea’s trade-reliant economy this year. Indeed, the full year told a story of increasing strain across the economy. outh Korea’s economy expanded at the fastest pace Growth was 2.7% for the whole of 2018, the slowest ex- in three quarters in the last three months of 2018 as a pansion in six years but matching the 2.7% growth project- Sjump in government spending juiced up construction ed by the central bank. and investment, though weak exports cast a cloud over the Investor worry a slowdown in the Chinese economy and outlook for growth. the Sino-US trade war could severely dent global growth Gross domestic product increased by a seasonally adjust- and demand for key South Korean exports items including ed 1% in the fourth quarter from three months earlier, the memory chips and petrochemical products. Bank of Korea’s advance estimates showed yesterday, beat- Growing signs of weakness in China – which has gen- ing the median forecast of 0.6% in a Reuters survey. erated nearly a third of global growth in recent years – are The annual pace accelerated to 3.1%, handily outpacing fuelling anxiety about risks to the world economy and are 2% in the third quarter and marking the fastest expansion weighing on profi ts for fi rms ranging from Apple to big car- in fi ve quarters. makers. The economy rode a surge in government spending, Last year, China’s economy grew an annual 6.6%, the which increased by 3.1% on-quarter for its biggest rise in slowest pace in almost three decades, hurt by the trade war almost nine years and helped boost construction and capi- and slackening domestic demand. tal investment. December exports unexpectedly slipped as shipments to “Increased fi scal spending towards the year end has China, South Korea’s biggest export market, declined 14% cushioned the blow to exports, as shipments of chips and on-year, the fastest fall in more than two years. electronic products are falling,” a central bank offi cial said. The pressure on the South Korean economy is expected to Construction investment climbed 1.2% in the fourth persist over this year, and likely keep the central bank side- quarter while capital investment jumped 3.8%, the sharpest lined after it raised rates in November mainly to contain a increase in six quarters. boom in parts of the nation’s property market. Private consumption expanded at double the pace seen in The Bank of Korea holds its fi rst meeting for the year to- the third quarter with a 1% growth rate. Exports, however, morrow.

Tata Power seeks to tap Delhi EV charging as demand growth slows

Bloomberg Rs0.30, versus Rs5 for fossil-fuel driven cars, he said. Lack of New Delhi charging infrastructure has been one of the biggest hurdles to India’s ambitions to ensure more electric vehicles on its roads, with the federal government dithering on setting Tata Power Co is seeking to set up electric vehicle chargers clear policy goals. in the Indian capital, a company off icial said, as one of the The government recently pushed back yet another deadline most polluted cities on earth plans an ambitious push towards to get off icials driving 10,000 electric vehicles as most of cleaner vehicles. India’s 29 states don’t have a policy to promote the use of Tata Power Delhi Distribution Ltd, which supplies electricity electric cars and lack suff icient charging infrastructure. to 1.64mn consumers in Delhi, has written to the local govern- In contrast, Delhi’s local government has targeted 25% of ment saying it wants to set up charging stations for EVs and all new vehicle sales to be electrically powered by 2023 in a has requested land to build the infrastructure, chief executive draft policy that aims to improve air quality by bringing down off icer Sanjay Kumar Banga said in an interview last week. transport emissions. “Delhi has a power surplus” even as demand has plateaued The Indian capital was eleventh in the World Health Organi- due to energy-eff icient devices and consumers opting for sation’s 2016 rankings of the world’s most-polluted cities, as rooftop solar or open access, Banga said, adding that setting measured by fine particulate matter, or PM 2.5. up charging stations would help boost power demand and Separately, Tata Power signed a pact last year with oil raise revenue. retailer Hindustan Petroleum Corp to set up charging stations The company could also offer cheaper rates for charg- at HPCL’s outlets and other locations across India. ing during off-peak hours, which could translate into the State-run NTPC Ltd and Bharat Heavy Electricals Ltd have cost per kilometre for electric vehicles falling to as little as also announced plans to set up electric vehicle chargers. Gulf Times 4 Wednesday, January 23, 2019 BUSINESS

Thai Oil, Global Power plan China promises Cambodia $12.3bn energy $600mn aid at PM’s visit project AFP Beijing

Bloomberg Bangkok hina has promised 4bn yuan ($588mn) in aid to Cambodia, Cthe Southeast Asian country’s wo of Thailand’s largest Prime Minister Hun Sen said yesterday energy fi rms are planning on a visit to Beijing. Ta 390.7bn baht ($12.3bn) The largest investor in Cambodia, energy recovery project amid a China has pumped billions of yuan into push for more environmentally- the economy and has written off debt friendly power generation. while sweeping aside questions over Under the plan, Global Power Phnom Penh’s abysmal rights record. Synergy Pcl will take ownership The 4bn yuan grant will run from of an energy recovery unit that 2019 to 2021, Hun Sen said in a post on Thai Oil Pcl plans to build, in a his offi cial Facebook page, accompanied deal worth a maximum $757mn, by pictures of his meeting with Chinese according to statements from the President Xi Jinping from the day be- fi rms yesterday. A $6.8bn power fore. purchase agreement, a $3.7bn fuel Xi has also pledged to import supply deal and other contracts 400,000 tonnes of rice from Cambo- between the two take the overall dia this year, increase bilateral trade transaction value past $12bn. to $10bn by 2023 and encourage more Both companies, which are part Chinese investment into the country, of Thailand’s state-controlled the prime minister’s post said. energy giant PTT Group, said the The pledge comes just days after the transfer of the energy unit may European Union resumed tariff s on happen in late 2023. rice imports from Cambodia, follow- The power and fuel supply con- ing intensive lobbying by Italy, who said tracts would be for 25 years. cheap imports were damaging its farm- Thai Oil said last year that it ers. was planning a clean fuel project “I am grateful to China for its long- to bolster Thailand’s long-term standing support and valuable help to energy stability and economic Cambodia, and for China’s friendship... development. The energy recov- especially with the royal family,” Hun ery unit is part of the clean fuel Sen said at the meeting, according to project, and the fi rm had been the offi cial Xinhua news agency. looking to partner with another Hun Sen was welcomed at the ornate company to develop the unit. Great Hall of The People by Premier Li The unit will be an electrical Keqiang yesterday as part of his three- power plant with a 250 megawatt day visit. capacity that mainly uses petro- After closed-door talks, the two men Cambodian Prime Minister Hun Sen applauds with Chinese Premier Li Keqiang during a signing ceremony at the Great Hall of the People in Beijing. China has promised leum pitch, a byproduct of the witnessed the signing of six agree- 4bn yuan ($588mn) in aid to Cambodia, Hun Sen said yesterday. refi ning expected for the clean ments, including for increased co-op- fuel project, according to the eration on Beijing’s Belt and Road infra- tion Beijing is seeking support to build tional Relations. “If the relationship is decade under the government of Hun Malaysia, Vietnam and the Philippines. statements. The deal could ben- structure initiative. a naval base off the Cambodian coast, too deep, it may complicate the relation- Sen, who marked 34 years in power just China has also backed Cambodia on efi t both companies, said Adisak “The major points of our discus- claims the premier has vehemently de- ship between China and some of Cam- over a week ago. sensitive issues, including a controver- Phupiphathirungul, a strategist sions are in the political, economic and nied. bodia’s neighbours,” he said, adding that Cambodia has proved a reliable ally sial election held in July after Hun Sen’s at Thanachart Securities Pcl in security spheres,” head of the Chinese Three Chinese warships stopped at Beijing has chosen to be cautious. among the Association of Southeast government banned the main opposi- Bangkok. foreign ministry’s Asia department Wu Sihanoukville port earlier this month China has had a long and volatile his- Asian Nations (Asean) bloc regarding tion party from taking part. Global Power Synergy is taking Jianghao told reporters. for a four-day visit, Cambodian defence tory with its Southeast Asian neigh- disputes with China over its activities in The mutual support comes as US in- the investment burden off Thai Bilateral trade reached $4.69bn from ministry spokesman Chhum Socheat bour. the South China Sea. fl uence declines – Phnom Penh has ac- Oil for the power plant, and Thai January to August 2018, up 23.8% year- told AFP. After backing the Khmer Rouge, it fell Beijing claims virtually the entire cused Washington of conspiring with Oil’s electricity demand from the on-year, China’s Ministry of Commerce “The issue of national defence is sen- out of favour when the Pol Pot regime waterway, reclaiming reefs and build- an opposition leader to overthrow the plant is expected to be about 200 said in November. sitive,” said Shi Yinhong, a researcher at was deposed. ing military installations, moves which government and suspended military megawatts, he said. Hun Sen’s visit comes amid specula- Renmin University’s School of Interna- Ties have been revived in the past have angered rival claimants including exchanges with the country.

Pakistan likely to devalue rupee Tesla holds battery supply in coming months, says Fitch

Internews Price increases for non-scheduled drugs would be Karachi limited to 70%, with a cap of 6% and equal to inflation talks with China’s Lishen in case of low-priced medicines. Thus, in January 2019, the government raised Fitch Solutions has said the State Bank of Pakistan the maximum retail price of medicines by 9% to Reuters (SBP) is expected to devalue rupee against US dollar 15% to provide much-needed relief to both local and Beijing again in the coming months, as the currency will multinational drug manufacturers after considerable remain under depreciatory pressures with weaker rupee devaluation in 2018, the high cost of utilities external finances. and a shortage of raw material supplies. S electric vehicle (EV) maker Tesla Just last week the rating agency had warned Paki- “We believe this is largely positive for the phar- Inc has held talks with China’s Tian- stan of larger economic distortions and greater pain maceutical industry of Pakistan as it will not only Ujin Lishen to supply batteries for its in future for seeking unconventional funding sources address the long due demand of the pharmaceutical new Shanghai factory, and two people with to avert the balance of payment crisis, and little ap- industry to raise drug prices, but will also provide direct knowledge of the matter said the pair petite for austerity and economic reforms. some respite to the industry’s margins, which have signed a preliminary agreement. The rupee fell over 25% in 2018 driven by a large come under pressure owing to rupee devaluation,” The companies have yet to decide how current account deficit and increased foreign debt Fitch said. large an order Tesla would place, and Lishen repayments. However, it warned that the plan to increase is still working out what battery cell size This has also put inflationary pressures on the cost medicine prices would restrict patient access to vital Tesla would require, one of the people said. of inputs for many domestic manufacturers, includ- medicines. Medicine pricing in Pakistan remains Details of the agreement were unclear. ing the pharmaceutical companies. uncertain, posing a threat to the operations of multi- In Chinese, a preliminary agreement In a report on the country’s pharmaceutical sector, national drug makers. could refer to mere acknowledgment Fitch quoted Zahid Saeed, chairman Pakistan Phar- This stems in part from the strained relations through to a statement of intent. maceutical Manufacturers Association (as saying that between the pharmaceutical industry and the Drug The talks come as Tesla looks to local- the manufacturing cost of medicines in the country Regulatory Authority of Pakistan (DRAP) over drug ise battery cell production in the face of had surged four per cent, given the record devalua- pricing policy. Further complicating the pricing mounting competition from a swathe of tion of rupee and increase in duties and taxes on the environment in Pakistan is the significant political domestic EV makers in the world’s largest industry. pressure facing the DRAP. Due to the limited public car market, where a Sino-US trade war is Given that local pharmaceutical companies fulfil information available, there have been competing increasing the cost of US imports. 9% of the medicine need of the country, “recommen- claims in Pakistan on the extent of medicine price Tesla said it received quotes from Tianjin dations were necessary to save the industry”. increases announced by the DRAP. Lishen to supply batteries for the Shanghai Pakistan’s pharmaceutical market continues to plant but did not proceed further. face a number of headwinds that make it decidedly “We have not signed any agreement of diff icult for multinational drug makers. Pakistan govt to offer 10 any kind with them,” a Tesla spokeswoman Besides several shortcomings in Pakistan’s regula- new exploration blocks told Reuters. tory and business environment along with endemic Lishen told Reuters that it had not signed Visitors are seen at the booth of Lishen Battery at an energy expo in Beijing. US electric political instability, the country’s pricing environment any agreement with Tesla to supply batter- vehicle maker Tesla has held talks with Lishen to supply batteries for its new Shanghai continues to be an impediment to the pharmaceuti- Internews ies to the factory. factory, sources said yesterday. cal sector. Islamabad The fi rst source reiterated that a prelimi- “Government of Pakistan aims to increase the nary agreement was signed. The second studying various possibilities with regards tery made by Panasonic for Tesla’s Model 3 prices of medicines, which bodes well for the domes- source said Tesla’s supplier certifi cation to Tesla’s Shanghai plant, but nothing had in 2017, in the city of Suzhou about 100 km tic drug makers,” said the Fitch Solution’s industry Following a study which made startling process usually took a long time to be fi nal- been decided. (60 miles) away from Shanghai. trend analysis of the pharmaceutical sector. revelations about the fast depletion of existing ised. The people declined to be identifi ed It declined to comment on the possibility Panasonic and Toyota yesterday an- “The revenue generating opportunities for local hydrocarbon reserves in the country, the because the discussions were private. of losing exclusive-supplier status with Tes- nounced a joint venture that leverages the pharmaceutical companies in Pakistan would im- Petroleum Division has devised a strategy to Japan’s Panasonic Corp is currently Tes- la. Other battery makers in the running for heft of one of the world’s largest automak- prove following the decision.” reinvigorate oil and gas exploration activities la’s exclusive battery cell supplier. contracts could include Contemporary Am- ers and one of the world’s biggest battery The government’s decision to link medicine price by awarding additional blocks and providing Its shares closed down 2.7% after the Re- perex Technology Co Ltd and LG Chem Ltd. makers to expand their EV push. increases to the consumer price index (CPI) starting several incentives for both off shore and uters report. Tesla broke ground on the $2bn so-called The joint venture builds on the agreement from July 1, 2016 aimed to create a more stable sys- onshore drilling. It also announced a joint venture with Gigafactory, its fi rst in China, earlier this that the pair announced in late 2017 on joint tem to manage the increase in medicine prices. “On November 26, 2018, 10 new exploration Toyota Motor Corp yesterday to make elec- month and plans to begin making Model 3 development of batteries with higher ener- According to industry estimates, this translated blocks were awarded through open bidding,” tric vehicle (EV) batteries. electric vehicles (EV) there by the end of the gy density in a prismatic cell arrangement. into a more stable four per cent increase annually for off icials recalled. Tesla chief executive Elon Musk said in year. It would also help Panasonic cut its heavy medicine prices in the country. “Ten more new blocks will also be put up for November the US company would manu- Musk has said the factory will produce reliance on Tesla, whose production delays The policy also helps to address the inflationary bidding in the first quarter of 2019.” facture all its battery modules and packs at “more aff ordable” vehicles for the Chinese have weighed on the Japanese company’s pressures on the cost of inputs which have outpaced According to data from the recent study, it is the Shanghai factory and planned to diver- auto market. Lishen, which says its clients earnings. the rise in medicine prices, according to the PPMA. feared that existing deposits would further sify its sources. range from Apple and Samsung Electronics Panasonic planned to shift most of its In 2017, it was announced that annual price deplete by 60% by the end of 2027. “Cell production will be sourced locally, to Geely and Hyundai Motor, has joined other prismatic battery-related equipment and increases for scheduled drugs (those that were es- Moreover, it underlined the need for raising most likely from several companies (incl battery makers in aggressively pursuing con- facilities in Japan and China to the joint sential for treating serious illnesses) would be limited the exploration activities in potential areas on Pana), in order to meet demand in a timely tracts with the rapidly growing EV industry. venture, while those producing batteries for to 50 per cent of the increase by the CPI, up to a limit a war footing. manner,” Musk said in a tweet in November. The Chinese company started mass pro- Tesla would remain under the company, a of 4%. Panasonic said in a statement it was duction of the same type of cylindrical bat- source said. Gulf Times Wednesday, January 23, 2019 5 BUSINESS Spanish bonds shine after record demand at 10-year bond sale

Reuters continued to underpin the market. stimulus scheme last month. Germany’s 10-year bond yield was last when it meets tomorrow. to raise rates by the end of the year, London In contrast, Spain’s 10-year bond yields Italy last week raised €10bn in its down just 0.5 bps at 0.26%, holding Data on Monday showing China’s despite signs that doubts are growing were down 1.5 basis points at 1.36% and biggest syndicated bond sale. below Friday’s one-month high close economic growth slowed to a 28- among policymakers. near recent six-month lows. “The Spanish bond sale shows there to 0.28%. year low in 2018 were followed by “Clearly the ECB is asking itself if they Spain’s bond market outperformed Spain has attracted 50 bn euros of was some cash on the sidelines being The mood among German investors the International Monetary Fund’s really need to proceed with an interest most of its eurozone peers yesterday orders for its new 10-year syndicated put to work,” said Martin van Vliet, a improved for the third consecutive trimming its 2019 and 2020 world rate hike,” Savary said. “(ECB President after a new 10-year bond, sold via a bond issue, a record for any bond sale senior rates strategist at ING. “What month in January, a ZEW research growth forecasts. Mario) Draghi has been clear that he syndicate of banks, attracted record by the sovereign, lead managers for the we see typically in recent years is that institute survey showed, suggesting Brexit uncertainty and concern about wants to be more flexible and more demand. transaction said. investors prefer to wait for these new that the growth prospects of the US/China trade war after US slow in the way they assess monetary Euro zone bond yields more generally The deal is the latest in a string of deals to come through before putting Europe’s largest economy are slowly President Donald Trump called on policy.” drifted off their lows after news that solid government bond sales sold via that cash to work.” brightening. China to seek a “real deal” added to the Euro zone money markets price German investor morale brightened a syndication, easing concerns about Outside Spain, eurozone bond yields Markets are increasingly convinced risk-off sentiment and boosted safe- roughly a 50% chance the ECB will unexpectedly in January, although an absence of buyers for eurozone fell as much as 3 basis points in early that stuttering growth at home and haven debt yesterday. raise its deposit rate by 10 basis points worries over world economic growth, debt after the European Central trade as markets digested overnight abroad means the European Central Francois Savary, CIO at wealth manager by the end of this year. trade tension and a Brexit impasse Bank’s decision to end its bond-buying headlines before drifting higher. Bank will maintain a dovish stance Prime Partners, still expects the ECB It is now minus 0.40%.

Sensex drops 134 Asian markets turn lower points over growth concerns as trade worries seep back

AFP IANS Hong Kong Mumbai sian markets fell yesterday as ensex and Nifty ended profit-takers stepped in fol- lower yesterday in line Alowing a recent run-up, while Swith global markets over a report fuelled worries about the concerns of global growth as progress of China-US trade talks. the International Monetary While there were few catalysts to Fund (IMF) cut its GDP growth drive business and Wall Street was forecasts citing concerns over closed for a holiday investors are Sino-US trade tensions. keeping tabs on developments in vari- The BSE metal index lost over ous issues including the US govern- 2%. ment shutdown, Brexit and China’s Telecom and auto stocks also stuttering economy. witnessed heavy selling pres- The optimism surrounding the sure while the pharma sector trade talks was jolted by a Bloomberg gained. News report that said the two sides The BSE Sensex closed lower were struggling to reach agreement by 134.32 points, or 0.37% at on the crucial matter of intellectual 36,444.64, after touching a property, which is a key source of an- high of 36,650.47 and a low of ger in Washington. 36,282.93. Also, China’s Xinhua news agency The benchmark index opened reported that President Xi Jinping had higher yesterday, at 36,649.92 told top provincial leaders the Com- points, from its previous close munist party “is facing long-term and of 36,578.96. complex tests in terms of maintain- The broader Nifty50 ended ing long-term rule, reform and open- lower by 39.10 points or 0.36% ing-up”. The comments suggest he is at 10,922.75. growing worried about the effects of Stock-wise, Sun Pharma slowing economic growth. Investors look at computer screens showing stock information at a brokerage house in Shanghai. The Shanghai Stock Exchange index finished 1.2% lower at 2,579.70 continued to gain yesterday. While headlines regarding talks points yesterday. It ended with gains close to earlier this month were upbeat, and 5% after its clarifi cations in a eyes turn to another meeting includ- 27,005.45, while Shanghai finished edged down against the dollar, hav- The opposition Labour Party leader February 26. “There’s a good chance regulatory fi ling earlier in the ing China’s top negotiator Liu He at 1.2% lower at 2,579.70. ing bounced on Monday after British Jeremy Corbyn has backed plans for a this gets up. day. Sun Pharma was followed the end of January, the Bloomberg Tokyo skidded 0.5% to 20,622.91, Prime Minister Theresa May said she vote in parliament on another refer- If so, it further flattens the tail risk by Kotak Mahindra Bank which story, referencing unnamed sources, along with Sydney while Singapore would try to hammer out changes to endum. of a hard Brexit on March 29, though reported a healthy third quarter provided a reality check. was 0.4% off and Seoul dropped 0.3%. her Brexit deal that was roundly re- The pound “has been helped by on- note all 27 EU nations will need to earning on Monday. “Recent signs suggest that China is Wellington, Mumbai and Manila jected by MPs last week. going optimism that a hard Brexit will agree to an extension, so it wouldn’t Hero MotoCorp, Bajaj Fi- struggling to sustain economic mo- were also well down. While there is no plan in place to be avoided on 29th March”, said Ray eliminate the risk completely,” Attrill nance and Bajaj-Auto surged up mentum, and risks of a hard landing Concerns about the outlook led the leave the EU on March 29, markets Attrill, strategist at National Australia added. to 2%. are rising. International Monetary Fund to lower are confident lawmakers will avoid a Bank. Oil prices extended Monday’s In contrast, Vedanta, Tata If China falls back to earth, we will its growth forecasts for the global damaging no-deal Brexit, with op- He pointed out that MPs from both losses that came in response to data Steel, Mahindra and Mahindra, all feel the tremor,” economists at economy, citing the trade row, Brexit tions being touted including a delay to sides of the aisle had proposed a bill showing China’s economy grew last HCL Tech and Bharti Airtel lost Northern Trust said in a note. and other problems. the leaving date and another referen- pushing for a delay if an agreement year at its slowest pace for almost in the range of 2% to 3.50%. Hong Kong was down 0.7% at On currency markets the pound dum. cannot be agreed in parliament by three decades.

London Metal Exchange to launch seven new contracts EM stocks dip on global growth fears; FX weakens By Andy Home explosion in iron ore trading in the wake of the London collapse 10 years ago of the old “benchmark” Reuters greenback’s strength, sent the pricing system. London onshore Chinese yuan to a near The iron ore pricing revolution has until now two-week low as it breached The London Metal Exchange (LME) has un- largely failed to travel down the steel value the closely watched 6.8 yuan veiled details of seven new contracts that will chain, as producers are reluctant to lose their Emerging market stocks and per dollar mark. launch on March 11. pricing power and fear futures trading will currencies slid yesterday, as Russia’s rouble and local This represents something of a revolution open the door to speculative price drivers. fears of slowing global growth stocks each weakened about for the grand old dame of metal trading. The LME is evidently hoping to chip away at left investors queuing up to exit 0.2%, pressured by a 1.3% drop New products in the past have been few and that collective reluctance to embrace futures developing world markets and in the price of oil, a key export far between and not many of them have been pricing. move into safer assets which for the world’s largest country. successful. The other two new contracts will be for reflected their downbeat risk Emerging Europe was an- This has left the exchange dependent on molybdenum and cobalt. appetite. other area of weakness among its core base metal contracts for the bulk of its Molybdenum, indexed against Platts, will The International Monetary developing world markets, trading volumes. replace the existing contract, which hasn’t Fund trimmed its global growth Capital Economics’ Leather Chargeable average daily volume, which is traded since June 2016. forecasts on Monday as trade said, with Turkey “probably now the LME’s favoured metric, excluding as It too was hobbled by the complexities of tensions and uncertainty going to experience a deep it does the UNA trades introduced to ensure physical delivery with the size of LME warrant loomed, a warning which came recession this year.” compliance with MIFID II regulations, increased (10 tonnes) diff erent from the size of lot (6 shortly after China reported Turkey’s lira softened 0.4% to by 5% last year after three years of stagnation. still-born. Now the LME is going head to head The LME’s contract will be priced using a tonnes) due to the nature of roasted molybde- its slowest growth in 28 years give back all gains made since The LME will be hoping that the multiple with the CME but it does have the advantage basket methodology, using both CRU and Fast- num concentrate. for 2018. Thursday. new contracts will further boost trading activ- of running the aluminium contract which markets MB assessments, in an attempt to bet- The LME will keep its existing physically- Weak risk sentiment among Commodity giant South ity. The new contracts also represent a change underpins the physical premium market. ter reflect how the physical market operates. settled cobalt contract because some investors on Tuesday propped Africa’s rand shed 0.7% while of direction in that they are all cash-settled The new contracts, the LME says, are a The LME will be introducing two new hot parts of the cobalt industry are using it as the dollar to hold at a near South African equities fell 0.3%. futures indexed against physical market price response to “market requests from users who rolled coil (HRC) steel contracts, one indexed a reference point. However, cobalt contract three-week high. Retailer Shoprite Holdings assessments. wish to manage their entire aluminium price against Platts’ assessment of the North Ameri- volumes slid 9% last year amid periods Gareth Leather, a senior Ltd led losses on the stocks in- There will be no physical delivery, which exposure on a single venue.” can market and one against Argus’ assessment of wide disconnect between LME pricing economist with Capital dex, down 2.9%, after reporting has stymied several new contracts in the past, There may be more to come. of the Chinese export market. and the assessments of Fastmarkets MB, Economics, said a slowdown anaemic growth in the half year and there will no weird and wonderful prompt “The LME understands that the premium The exchange is also still “working to which will be the index provider for the new in emerging markets would to December 2018. date structure such as those on the core base pricing market continues to evolve, and has deliver” a European HRC contract. contract. be concentrated in export- Ratings agency Moody’s metals portfolio. committed to a user choice model whereby The LME has two existing steel contracts, A lithium contract will be launched in the oriented Asia, where the impact downgraded Lebanon’s sov- These new contracts are similar in nature to the LME will support the growth of the market one for scrap and one for rebar. fourth quarter of this year, as the LME seeks to of tepid global growth would ereign rating to Caa1, adding those traded on the CME. by listing complementary aluminium premium The scrap contract has been a stand-out in capitalise on the electric vehicle revolution. be seen most clearly. that the government’s debt In several cases, they will directly compete indices, should market participants request terms of its trading volumes, up 56% last year This is a hotly contested arena in terms of MSCI’s index of developing rescheduling could constitute with the US exchange’s metals suite. this.” on a chargeable average daily basis. price provider. world stocks was 0.7% lower, a default under the rating firm’s There will be two new aluminium premium A new alumina contract will also compete Rebar hasn’t taken off in the same way. The LME has narrowed the field to three: retreating from a more than definition. contracts, one indexed against Platts’ as- directly with the CME, which launched its own Volumes fell by 16% last year but the LME Fastmarkets, Benchmark Mineral Intelligence 15-1/2 week high notched on In Europe, Romania’s leu sessment of the Midwest US market and one alumina contract in 2016. says there are tradeable prices 15 months and Argus. The chosen partner will be an- Monday, as weakness in index weakened a touch against the against Fastmarkets MB’s assessment of the The CME contract has, however, enjoyed down the forward curve on both contracts. nounced “in the coming months”. heavyweights China and South euro and was anchored not far duty-unpaid European market. only limited success with volumes last year a Total combined volumes since the contracts Lithium more than any other new product Korea prevailed. from an all-time low logged The CME has enjoyed first-mover status marginal 5,755 contracts, down 14% on 2017. were launched in 2015 have been a respect- is a sign of just how far the LME has come in Chinese blue-chip stocks fell against the common currency on aluminium premium contracts, having It didn’t trade at all in December. able 10mn tonnes. terms of its willingness to embrace the new. 1.3%, their steepest decline in on Monday. introduced the first of four, the US Midwest Yet, there is a very real need for a liquid glo- Although CME also has a steel scrap and a Whether all the new products will be suc- more than a month and a half, The country’s main stocks premium, as far back as 2013. bal alumina contract, as shown by the turmoil North American HRC contract, it is noticeable cessful remains to be seen but the exchange buff eted by worries about the index dipped 0.4%. That was the era of super-charged alumin- in this part of the aluminium production chain that outside of China, where the Shanghai has taken an important step in revamping an implications of slowing demand Romanian assets have ium premiums, widely attributed to the long last year. Futures Exchange’s rebar contract trades increasingly tired-looking product range. will have for the world’s manu- underperformed Central Euro- load-out queues in the LME’s storage system. Having moved away from linking the price over a bn contracts a year, the steel sector has facturing powerhouse. pean peers since the govern- The LME did launch its own premium con- of alumina to that of aluminium, the industry been remarkably resistant to the concept of „ Andy Home is a columnist for Reuters. Worries about slower growth ment last month announced tracts, but the complexity of designing them found itself with no natural hedge against exchange trading. The opinions expressed here are those of in the world’s second-largest new levies on the banking and around physical delivery meant that they were extreme volatility in the alumina price. This is all the more surprising given the the author. economy, combined with the energy sectors. Gulf Times 6 Wednesday, January 23, 2019 BUSINESS

SAUDI ARABIA KUWAIT OMAN

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

Solidarity Saudi Takaful Co 15.82 0.13 82,717 Specialities Group Holding C 69.00 1.02 16,870 Arabia Falcon Insurance Co 0.12 0.00 - Amana Cooperative Insurance 23.14 -1.36 497,399 Abyaar Real Eastate Developm 17.00 -0.58 3,753,631 Aloula Co 0.53 0.00 - Alabdullatif Industrial Inv 11.18 -0.18 100,503 Kgl Logistics Company Kscc 41.80 0.24 45,100 Al-Omaniya Financial Service 0.20 0.00 - Saudi Printing & Packaging C 16.72 -0.48 1,193,837 Combined Group Contracting 309.00 -0.96 88,501 Al-Hassan Engineering Co 0.03 0.00 - Saudi Paper Manufacturing Co 13.14 -1.05 387,041 Jiyad Holding Co Ksc 69.10 0.00 1,124,345 Al-Fajar Al-Alamia Co 0.75 0.00 - Alinma Bank 24.02 0.08 5,030,022 Boubyan Intl Industries Hold 40.00 0.25 111 Al-Anwar Ceramic Tiles Co 0.08 0.00 - Almarai Co 54.00 0.19 281,713 Gulf Investment House Ksc 16.90 0.00 232,050 Al Suwadi Power 0.10 -1.03 21,700 Falcom Saudi Equity Etf 32.70 0.62 216,215 Boubyan Bank K.S.C 584.00 0.34 387,690 Al Sharqiya Invest Holding 0.08 0.00 33,995 United International Transpo 28.20 -2.42 161,916 Ahli United Bank B.S.C 220.00 0.00 3,820,232 Al Maha Petroleum Products M 0.92 -1.72 10,500 Hsbc Amanah Saudi 20 Etf 30.60 0.00 - Osos Holding Group Co 100.00 0.00 32,520 Al Maha Ceramics Co Saoc 0.20 0.00 - QATAR Saudi International Petroche 19.20 0.00 1,162,366 Al-Eid Food Ksc 0.00 0.00 - Al Madina Takaful Co Saoc 0.09 -1.11 417,227 Falcom Petrochemical Etf 31.60 0.00 - Qurain Petrochemical Industr 397.00 -0.75 220,308 Al Madina Investment Co 0.03 -3.13 5,700 Company Name Lt Price % Chg Volume Walaa Cooperative Insurance 24.50 -1.05 120,129 Ekttitab Holding Co Sak 20.40 -1.45 390,490 Al Kamil Power Co 0.38 0.00 - Bank Al-Jazira 16.28 1.12 3,430,499 Real Estate Trade Centers Co 25.20 -10.00 1,682,925 Al Jazerah Services -Pfd 0.55 0.00 - Zad Holding Co 123.52 0.00 - Al Rajhi Bank 99.00 -0.50 2,009,075 Acico Industries Co Kscc 180.00 9.76 809,354 Al Jazeera Steel Products Co 0.28 0.00 - Widam Food Co 75.98 -0.29 3,202 Samba Financial Group 37.30 1.77 1,227,114 Kipco Asset Management Co 73.00 0.00 4,000 Al Jazeera Services 0.11 0.00 - Vodafone Qatar 8.15 -0.24 70,607 United Electronics Co 60.90 0.00 183,926 National Petroleum Services 989.00 0.00 3,781 Al Izz Islamic Bank 0.09 0.00 - United Development Co 16.12 -0.43 299,281 Allied Cooperative Insurance 20.86 2.05 193,268 Alimtiaz Investment Group 134.00 0.75 475,582 Al Buraimi Hotel 0.88 0.00 - Salam International Investme 5.10 0.79 70,809 Malath Insurance 11.80 0.85 564,239 Ras Al Khaimah White Cement 71.30 -11.98 11,267 Al Batinah Power 0.10 -2.06 82,000 Qatar & Oman Investment Co 6.35 -2.31 51,569 Alinma Tokio Marine 16.20 0.12 55,873 Kuwait Reinsurance Co Ksc 198.00 0.00 1,500 Al Batinah Hotels 1.13 0.00 - Qatar Navigation 67.82 -1.06 11,255 Arabian Shield Cooperative 18.52 -0.11 82,243 Kuwait & Gulf Link Transport 93.70 -0.32 36,001 Al Batinah Dev & Inv 0.09 0.00 - Qatar National Cement Co 63.88 0.52 9,698 Savola 30.10 -1.31 379,882 Humansoft Holding Co Ksc 3,200.00 -0.93 690,485 Al Anwar Holdings Saog 0.09 -2.22 50,000 Qatar National Bank 198.00 0.01 248,502 Wafrah For Industry And Deve 15.76 -0.51 209,752 Automated Systems Co Kscc 115.00 9.52 30 Al Ahlia Insurance Co Saoc 0.36 0.00 - Qatar Islamic Insurance 55.11 -3.32 6,000 Fitaihi Holding Group 11.18 0.18 70,914 Metal & Recycling Co 61.80 0.00 80 Ahli Bank 0.15 0.00 1,000,000 Qatar Industrial Manufactur 43.20 0.02 2,292 Tourism Enterprise Co/ Shams 31.65 0.00 89,287 Gulf Franchising Holding Co 70.00 0.00 2,845 Acwa Power Barka Saog 0.70 0.00 - Qatar International Islamic 69.84 -0.37 102,123 Sahara Petrochemical Co 15.54 -0.26 908,843 Al-Enma’a Real Estate Co 34.90 -0.85 179,184 Abrasives Manufacturing Co S 0.05 0.00 - Qatari Investors Group 28.19 -0.74 31,023 Herfy Food Services Co 47.10 0.86 69,534 National Mobile Telecommuni 700.00 0.00 72,181 A’saff a Foods Saog 0.60 0.00 - Qatar Islamic Bank 158.00 0.00 83,126 Saudi Ind Investment Group 23.12 -0.60 672,269 Unicap Investment And Financ 80.00 1.27 14,044 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Gas Transport(Nakilat) 18.91 -1.56 359,974 Salama Cooperative Insurance 16.02 -0.62 206,628 Al Salam Group Holding Co 33.50 0.00 474,603 Qatar General Insurance & Re 45.15 1.23 6,677 Emaar Economic City 8.14 0.12 1,077,500 Al Aman Investment Company 49.30 0.00 43,496 Qatar German Co For Medical 6.20 -2.05 55,988 Alahli Takaful Co 27.90 -0.71 70,785 Mashaer Holding Co Ksc 77.40 1.31 10,506,278 Qatar Fuel Qsc 172.50 -1.26 42,902 Anaam International Holding 13.22 0.15 146,040 Manazel Holding 27.40 3.01 10,000 Qatar First Bank 4.09 -0.73 1,242,453 Saudi Telecom Co 102.00 2.00 805,501 Tijara And Real Estate Inves 50.50 0.00 116,600 Qatar Electricity & Water Co 188.00 0.00 46,723 Al Alamiya Cooperative Insur 34.50 0.73 27,116 Jazeera Airways Co Ksc 719.00 -0.14 15,639 Qatar Exchange Index Etf 105.60 -0.38 519 Saudi Industrial Services Co 11.54 3.78 1,758,893 Commercial Real Estate Co 90.90 3.06 397,475 Qatar Cinema & Film Distrib 19.02 0.00 - Al-Ahsa Development Co. 10.06 1.41 217,134 National International Co 60.00 0.84 21,370 Al Rayan Qatar Etf 25.00 0.00 2,000 National Co For Glass In/The 18.14 -0.11 27,400 Taameer Real Estate Invest C 28.20 -1.05 2,123,162 Qatar Insurance Co 39.90 0.83 209,981 Dur Hospitality Co 18.82 -0.95 61,507 Gulf Cement Co 69.20 1.76 30,760 Ooredoo Qpsc 75.70 -0.32 70,827 Tabuk Cement Co 12.04 -0.50 172,220 Heavy Engineering And Ship B 420.00 -0.24 155,957 UAE National Leasing 9.37 -0.32 47,069 Sasco 16.40 0.24 463,839 National Real Estate Co 89.00 -1.11 48,964 Mazaya Qatar Real Estate Dev 7.64 -1.42 218,420 Saudi Cement 53.70 -1.47 101,357 Al Safat Energy Holding Comp 34.00 0.00 100 Company Name Lt Price % Chg Volume Mesaieed Petrochemical Holdi 15.34 -0.39 108,178 Aseer Trading Tourism & Manu 9.33 0.21 151,362 Kuwait National Cinema Co 1,030.00 0.00 8,382 Al Meera Consumer Goods Co 153.50 0.33 6,618 Nama Chemicals Co 28.30 0.53 654,939 Danah Alsafat Foodstuff Co 39.10 1.82 101,944 Waha Capital Pjsc 1.83 0.00 201,750 Medicare Group 65.40 -1.28 13,748 Saudi Arabian Mining Co 55.10 -0.36 420,376 Independent Petroleum Group 417.00 -0.71 100 United Insurance Company 2.00 0.00 - Mannai Corporation Qsc 56.00 0.70 490 Yanbu Cement Co 26.15 0.19 378,791 Kuwait Real Estate Co Ksc 57.60 -1.37 318,110 United Arab Bank Pjsc 1.20 0.00 - Masraf Al Rayan 41.20 -1.41 641,889 Saudi Fisheries 62.60 -0.48 528,048 Salhia Real Estate Co Ksc 332.00 0.30 20,900 Union National Bank/Abu Dhab 4.88 0.62 950,210 Al Khalij Commercial Bank 11.83 0.34 38,149 Ash-Sharqiyah Development Co 51.00 0.79 111,785 Gulf Cable & Electrical Ind 382.00 -0.78 78,390 Union Insurance Co 0.90 0.00 - Industries Qatar 146.40 -0.41 93,798 Makkah Construction & Devepl 77.20 -0.39 16,918 Kuwait Finance House 0.00 0.00 - Union Cement Co 0.00 0.00 - Islamic Holding Group 21.00 -0.47 16,590 Al Jouf Cement 7.80 -0.64 605,809 Gulf North Africa Holding Co 49.50 -0.40 35,880 Umm Al Qaiwain General Inves 0.97 0.00 - Investment Holding Group 5.18 -1.71 380,378 Abdullah A.M. Al-Khodari Son 7.02 -0.14 1,501,936 Hilal Cement Co 91.00 0.00 1 Sudatel Telecome Group Ltd 0.37 1.37 14,000 Gulf Warehousing Company 44.03 0.07 16,624 Knowledge Economic City 9.20 0.00 148,667 Osoul Investment Kscc 58.00 0.00 137,717 Sharjah Islamic Bank 1.23 -0.81 80,000 Gulf International Services 16.39 -0.67 95,895 Al-Ahlia Cooperative Insuran 11.16 0.18 140,149 Gulf Insurance Group Ksc 640.00 0.00 1,000 Sharjah Insurance Company 2.84 0.00 - Ezdan Holding Group 15.05 0.74 377,509 Al Rajhi Co For Co-Operative 70.50 0.14 88,490 Umm Al Qaiwain General Inves 69.30 0.00 800 Sharjah Group 1.00 0.00 - Doha Insurance Co 12.48 -0.16 20,744 Advanced Petrochemicals Co 54.70 0.18 107,836 Aayan Leasing & Investment 41.10 -1.91 5,566,256 Sharjah Cement & Indus Devel 1.00 7.30 11,549 Doha Bank Qpsc 21.93 0.60 167,136 Al Babtain Power & Telecommu 19.60 0.62 103,017 Alrai Media Group Co Ksc 61.80 -3.44 120,010 Ras Al-Khaimah National Insu 2.90 0.00 - Dlala Holding 10.00 0.00 58,051 Allianz Saudi Fransi Coopera 30.05 0.17 50,715 National Investments Co 94.30 0.00 29,062 Ras Al Khaimah White Cement 1.08 0.00 - Commercial Bank Pqsc 42.25 0.84 148,626 Najran Cement Co 8.40 -0.94 997,898 Commercial Facilities Co 182.00 0.00 164,888 Ras Al Khaimah Ceramics 1.82 1.11 1,990 Barwa Real Estate Co 40.00 0.00 192,363 Al Tayyar Travel Group 21.42 0.09 734,762 Yiaco Medical Co. K.S.C.C 105.00 9.03 100 Ras Al Khaimah Cement Co Psc 0.60 0.00 - Al Khaleej Takaful Group 9.90 10.00 332,700 National Commercial Bank 51.80 -0.38 1,458,354 Munshaat Real Estate Project 107.00 1.90 147,025 Ras Al Khaima Poultry 1.90 0.00 - Aamal Co 9.68 -1.22 368,201 Noor Financial Investment Co 72.40 -0.69 352,644 Rak Properties 0.47 0.21 265,247 Al Tamdeen Investment Co 250.00 0.00 404 Ooredoo Qpsc 70.00 0.00 - KUWAIT Credit Rating & Collection 20.50 -7.24 20 Oman & Emirates Inv(Emir)50% 0.50 0.00 - Ifa Hotels & Resorts Co. K.S 63.70 -9.00 43,460 National Takaful Company 0.62 0.00 - SAUDI ARABIA National Marine Dredging Co 3.45 0.00 - Company Name Lt Price % Chg Volume Sokouk Holding Co Sak 46.00 0.66 3,886,241 Warba Bank Kscp 224.00 0.00 2,702,082 National Investor Co/The 0.58 0.00 - Company Name Lt Price % Chg Volume Sultan Center Food Products 54.90 0.37 65,700 Viva Kuwait Telecom Co 844.00 2.80 16,792 National Corp Tourism & Hote 1.68 0.00 - Kuwait Foundry Co Sak 261.00 -0.38 227,050 Mezzan Holding Co Kscc 485.00 -1.02 228,834 National Bank Of Umm Al Qaiw 2.96 0.00 - United Wire Factories Compan 14.60 1.11 137,114 Kuwait Financial Centre Sak 99.80 0.00 16,484 National Bank Of Ras Al-Khai 4.16 0.00 - Etihad Etisalat Co 17.74 0.91 3,845,835 Ajial Real Estate Entmt 148.00 0.68 34,897 National Bank Of Fujairah 4.80 0.00 - Dar Al Arkan Real Estate Dev 9.48 1.72 9,750,806 Kuwait Finance & Investment 35.80 -8.21 194,591 Methaq Takaful Insurance 0.73 11.54 22,975 Alawwal Bank 16.60 -0.36 576,446 National Industries Co Ksc 190.00 0.00 3,500 OMAN Manazel Real Estate Pjsc 0.38 0.26 300,000 Rabigh Refining And Petroche 20.32 0.30 1,053,085 Kuwait Real Estate Holding C 31.50 0.00 30 Invest Bank 2.49 0.00 - Banque Saudi Fransi 37.50 -1.06 304,140 Company Name Lt Price % Chg Volume Securities House/The 53.90 0.19 21 Intl Holdings Co Pjsc 0.84 -5.97 463,955 Saudi Enaya Cooperative Insu 15.06 -1.44 2,493,497 Voltamp Energy Saog 0.00 Boubyan Petrochemicals Co 931.00 0.11 251,087 0.22 - Insurance House 0.85 0.00 - Mediterranean & Gulf Insuran 15.08 -0.26 275,806 Vision Insurance Saoc 0.00 Al Ahli Bank Of Kuwait 305.00 0.00 120,000 0.14 - Gulf Pharmaceutical Ind Psc 2.07 -0.48 1,960 Saudi British Bank 37.90 -0.26 415,064 United Power/Energy Co- Pref 0.00 Ahli United Bank (Almutahed) 302.00 -0.33 314,658 1.00 - Gulf Medical Projects 1.70 -2.86 10,000 Red Sea International Co 14.70 1.10 125,070 United Power Co Saog 0.00 National Bank Of Kuwait 886.00 0.23 2,591,931 3.30 45 Gulf Cement Co 0.75 0.00 - Takween Advanced Industries 9.70 0.21 221,257 United Finance Co 0.00 Commercial Bank Of Kuwait 500.00 0.00 49,381 0.09 - Fujairah Cement Industries 1.25 0.00 - Sabb Takaful 17.32 0.00 67,832 Ubar Hotels & Resorts 0.00 Kuwait International Bank 287.00 1.06 3,521,633 0.13 - Fujairah Building Industries 1.15 0.00 - Saudi Arabian Fertilizer Co 84.80 0.36 696,462 Takaful Oman 0.00 Gulf Bank 273.00 0.00 3,514,444 0.13 - Foodco Holding Pjsc 3.71 0.00 - National Gypsum 11.64 -0.34 128,650 Taageer Finance 0.00 Al-Massaleh Real Estate Co 39.30 -1.50 31,500 0.09 - First Abu Dhabi Bank Pjsc 14.44 -0.28 6,676,016 Saudi Ceramic Co 19.12 -0.42 55,526 Sweets Of Oman 0.00 Al Arabiya Real Estate Co 30.50 -2.87 669,198 0.55 - Finance House 1.64 0.00 - National Gas & Industrializa 28.85 -0.52 28,086 Sohar Power Co 0.00 Kuwait Remal Real Estate Co 42.80 1.66 65,500 0.11 - Eshraq Properties Co Pjsc 0.47 0.21 293,757 Saudi Pharmaceutical Industr 29.00 -0.34 47,567 Smn Power Holding Saog 0.00 A’ayan Real Estate Co Sak 62.50 0.81 10,200 0.24 - Emirates Telecom Group Co 16.88 -0.24 2,923,992 Thimar 26.15 -0.38 165,331 Shell Oman Marketing - Pref 0.00 Investors Holding Group Co.K 12.40 0.00 1,622,010 1.05 - Emirates Insurance Co. (Psc) 6.50 0.00 - National Industrialization C 16.02 -0.50 798,005 Shell Oman Marketing 0.00 Al-Mazaya Holding Co 74.00 0.00 3,114,450 1.30 30 Emirates Driving Company 7.00 0.00 3,523 Batic Investments And Logist 37.90 1.34 54,316 Sharqiyah Desalination Co Sa 0.00 Al-Madar Finance & Invt Co 159.00 -1.24 530,249 0.31 - Dana Gas 0.93 -2.11 1,190,238 Saudi Electricity Co 15.72 -0.13 1,563,974 Sembcorp Salalah Power & Wat 0.00 Gulf Petroleum Investment 31.00 0.00 17,511,066 0.17 - Commercial Bank Internationa 0.87 0.00 - Saudi Arabia Refineries Co 43.30 0.46 214,351 Salalah Port Services 0.00 Mabanee Co Sakc 616.00 0.49 197,698 0.60 - Bank Of Sharjah 1.00 0.00 20,290 Arriyadh Development Company 17.82 -0.45 96,068 Salalah Mills Co 0.00 Inovest Co Bsc 86.10 -1.60 749,000 0.73 - Axa Green Crescent Insurance 0.50 0.00 - Al-Baha Development & Invest 21.52 1.51 742,270 Salalah Beach Resort Saog 0.00 Al-Deera Holding Co 19.40 0.00 16,600 1.38 - Arkan Building Materials Co 0.49 0.00 - Saudi Research And Marketing 86.10 1.53 176,213 Sahara Hospitality 0.00 Mena Real Estate Co 38.90 0.26 1,304,935 3.09 - Alkhaleej Investment 1.65 0.00 - Aldrees Petroleum And Transp 35.05 0.29 209,000 Renaissance Services Saog -2.41 Amar Finance & Leasing Co 40.60 0.00 500 0.32 749,128 Aldar Properties Pjsc 1.53 1.32 4,986,641 Saudi Vitrified Clay Pipe Co 49.90 0.00 13,803 Raysut Cement Co 0.00 United Projects For Aviation 605.00 0.00 5,000 0.39 13,250 Al Wathba National Insurance 12.76 0.00 - Jarir Marketing Co 153.40 0.26 104,745 Phoenix Power Co Saoc 0.00 National Consumer Holding Co 0.00 0.00 - 0.10 127,469 Al Qudra Holding Pjsc 0.80 0.00 - Arab National Bank 36.20 0.70 357,313 Packaging Co Ltd 0.00 Amwal International Investme 0.00 0.00 - 2.21 - Al Khazna Insurance Co 0.25 0.00 - Yanbu National Petrochemical 64.80 -1.37 679,906 Ooredoo -0.74 Equipment Holding Co K.S.C.C 29.90 -0.99 74,200 0.53 57,637 Al Fujairah National Insuran 300.00 0.00 - Arabian Cement 22.32 0.72 567,433 Ominvest 0.00 Arkan Al Kuwait Real Estate 91.00 0.00 11,800 0.37 540 Al Dhafra Insurance Co. P.S. 3.60 0.00 - Middle East Specialized Cabl 12.02 -0.33 200,682 Oman United Insurance Co 0.00 Gfh Financial Group Bsc 73.50 -0.81 1,507,362 0.30 - Al Buhaira National Insuranc 1.99 0.00 - Al Khaleej Training And Educ 13.40 -0.74 153,255 Oman Telecommunications Co 2.94 Energy House Holding Co Kscp 38.00 0.00 100 0.70 509,838 Al Ain Ahlia Ins. Co. 37.00 0.00 - Al Sagr Co-Operative Insuran 12.20 -0.49 167,825 Oman Refreshment Co 0.00 Kuwait Co For Process Plant 235.00 2.62 1 1.70 - Agthia Group Pjsc 3.96 -0.50 1,820 Trade Union Cooperative Insu 0.00 0.00 - Oman Qatar Insurance Co 0.00 Al Maidan Dental Clinic Co K 1,200.00 0.00 199,505 0.11 - Abu Dhabi Ship Building Co 1.00 0.00 - Arabia Insurance Cooperative 15.84 0.64 108,390 Oman Packaging 0.00 National Shooting Company 17.00 0.00 500,001 0.27 - Abu Dhabi Natl Co For Buildi 0.44 0.00 - Saudi Chemical Company 31.00 -1.90 14,389 Oman Oil Marketing Company 0.00 Al-Ahleia Insurance Co Sakp 427.00 0.23 250 1.13 - Abu Dhabi National Takaful C 4.40 0.00 - Fawaz Abdulaziz Alhokair & C 21.34 -1.39 307,881 Oman National Engineering An 0.00 Wethaq Takaful Insurance Co 34.80 0.00 1,000 0.16 - Abu Dhabi National Oil Co Fo 2.22 0.00 56,537 Bupa Arabia For Cooperative 84.50 0.00 271,459 Oman Investment & Finance -2.50 Salbookh Trading Co Kscp 47.00 -2.89 21,000 0.08 15,881 Abu Dhabi National Insurance 3.60 0.00 - Wafa Insurance 9.50 0.00 - Oman Intl Marketing 0.00 Aqar Real Estate Investments 65.00 0.00 57,000 0.52 - Abu Dhabi National Hotels 2.80 0.00 - Jabal Omar Development Co 32.50 -0.15 226,348 Oman Flour Mills -0.63 Hayat Communications 69.00 0.00 14,750 0.64 69,000 Abu Dhabi National Energy Co 1.00 0.00 - Saudi Basic Industries Corp 121.00 -0.33 1,411,876 Oman Fisheries Co 1.85 Soor Fuel Marketing Co Ksc 117.00 0.00 185,090 0.06 659,798 Saudi Kayan Petrochemical Co 13.40 -0.15 5,424,199 Oman Europe Foods Industries 0.00 Tamkeen Holding Co 7.60 -15.56 40,000 1.00 - Etihad Atheeb Telecommunicat 5.35 0.00 - Oman Education & Training In 0.00 Burgan Co For Well Drilling 104.00 0.00 4,500 0.24 - Co For Cooperative Insurance 61.00 -0.49 114,628 Oman Chromite 0.00 BAHRAIN Kuwait Resorts Co Kscc 63.00 0.00 255,000 3.64 - National Petrochemical Co 25.80 -0.19 61,060 Oman Chlorine 0.00 Oula Fuel Marketing Co 117.00 0.00 52,658 0.32 - Gulf Union Cooperative Insur 14.20 -0.70 85,065 Oman Ceramic Company 0.00 Palms Agro Production Co 47.00 0.00 10,000 0.42 - Company Name Lt Price % Chg Volume Gulf General Cooperative Ins 13.14 -0.45 41,501 Oman Cement Co 0.00 Mubarrad Holding Co Ksc 69.10 1.62 215,463 0.30 340 Basic Chemical Industries 23.06 -1.03 42,697 Oman Cables Industry 0.00 Zain Bahrain Bscc 0.07 0.00 86,430 Shuaiba Industrial Co 187.00 0.00 1,250 0.98 - Saudi Steel Pipe Co 19.62 8.40 2,047,301 Oman & Emirates Inv(Om)50% 0.00 United Paper Industries Bsc 0.00 0.00 - Aan Digital Services Co 17.80 -2.20 3,086,297 0.11 - Buruj Cooperative Insurance 22.60 -0.88 77,743 Natl Aluminium Products 0.00 United Gulf Holding Bsc 1.24 0.00 32,860,631 First Takaful Insurance Co 41.10 -6.59 14,450 0.35 - Mouwasat Medical Services Co 77.10 -0.77 90,923 National Real Estate Develop 0.00 Solidarity Bahrain Bsc 0.00 0.00 - Kuwaiti Syrian Holding Co 40.10 0.25 23,100 5.00 - Southern Province Cement Co 39.50 0.64 211,911 National Pharmaceutical 0.00 Seef Properties 0.21 0.94 20,000 National Cleaning Company 55.00 -2.65 325,000 0.00 - Maadaniyah 17.44 0.00 88,459 National Mineral Water 0.00 National Bank Of Bahrain Bsc 0.63 0.81 18,354 United Real Estate Company 59.00 0.00 19,181 0.10 - Yamama Cement Co 13.50 -1.46 209,735 National Life & General Insu 0.00 Nass Corp Bsc 0.10 0.00 450,000 Agility 789.00 0.25 276,914 0.32 - Jazan Energy And Development 14.28 0.56 80,003 National Gas Co -2.27 Khaleeji Commercial Bank 0.07 5.71 769,045 Kuwait & Middle East Fin Inv 47.20 -5.22 557,152 0.26 10,350 Zamil Industrial Investment 17.64 -0.11 28,968 National Finance Co 0.00 Ithmaar Holding Bsc 0.10 0.00 55,000 Fujairah Cement Industries 60.90 0.00 1,740 0.14 - Alujain Corporation (Alco) 23.42 9.95 7,381,367 National Detergent Co Saog 0.00 Investcorp Bank -$Us 9.60 0.00 35,000 Livestock Transport & Tradng 183.00 -0.54 427 0.70 - Tabuk Agricultural Developme 10.26 0.00 148,042 National Biscuit Industries 0.00 Gulf Hotel Group B.S.C 0.00 0.00 - International Resorts Co 21.00 -4.11 20,100 3.92 - United Co-Operative Assuranc 11.58 -0.17 118,384 National Bank Of Oman Saog 0.00 Gfh Financial Group Bsc 0.24 -2.04 694,000 National Industries Grp Hold 166.00 -1.19 3,379,175 0.18 - Qassim Cement/The 34.10 -1.16 47,152 Muscat Thread Mills Co 0.00 Esterad Investment Co B.S.C. 0.11 0.00 106,804 Warba Insurance Co 68.00 -5.56 60,552 0.08 - Saudi Advanced Industries 13.50 -0.15 312,727 Muscat Insurance Co Saog 0.00 Eskan Bank Realty Income Tr 0.00 0.00 - First Dubai Real Estate Deve 39.50 -1.99 467,316 0.80 - Kingdom Holding Co 7.82 0.26 38,863 Muscat Gases Company Saog 0.00 Bmmi Bsc 0.75 0.00 10,000 Al Arabi Group Holding Co 68.00 0.00 500 0.21 - Saudi Arabian Amiantit Co 6.10 1.50 1,145,101 Muscat Finance 0.00 Bbk Bsc 0.45 0.00 4,444 Mobile Telecommunications Co 471.00 0.00 1,622,681 0.09 165,000 Al Jouf Agriculture Developm 21.60 -0.28 19,632 Muscat City Desalination Co 0.00 Bahrain Telecom Co 0.29 0.69 229,929 Eff ect Real Estate Co 9.00 0.00 60 0.13 5,000 Saudi Industrial Development 8.25 0.73 428,814 Majan Glass Company 0.00 Bahrain National Holding 0.36 0.00 119,428 Tamdeen Real Estate Co Ksc 350.00 0.00 3,500 0.18 - Riyad Bank 20.70 0.19 560,423 Majan College 0.00 Bahrain Kuwait Insurance 0.00 0.00 - Al Mudon Intl Real Estate Co 28.00 2.94 619,990 0.20 100 The National Agriculture Dev 28.00 -1.41 182,106 Hsbc Bank Oman 0.00 Bahrain Islamic Bank 0.14 5.38 89,549 Kuwait Cement Co Ksc 353.00 0.00 10 0.12 109,345 Halwani Bros Co 44.35 -0.22 21,983 Hotels Management Co Interna 0.00 Bahrain Duty Free Complex 0.75 0.00 22,000 Sharjah Cement & Indus Devel 86.90 0.00 921,000 1.25 - Arabian Pipes Co 10.24 3.54 3,906,855 Gulf Stone 0.00 Bahrain Commercial Facilitie 0.77 0.00 5,445 Kuwait Portland Cement Co 1,145.00 0.09 3 0.12 - Eastern Province Cement Co 22.16 -1.51 336,762 Gulf Mushroom Company 0.00 Arab Banking Corp Bsc-$Us 0.42 0.00 190,000 Educational Holding Group 320.00 -0.93 82,972 0.31 - Al Gassim Investment Holding 10.66 -1.30 785,405 Gulf Investments Services -5.08 Aluminium Bahrain Bsc 0.59 0.00 15,000 Asiya Capital Investments Co 36.00 -1.10 181,901 0.06 339,105 Filing & Packing Materials M 34.00 -0.29 15,827 Gulf Invest. Serv. Pref-Shar 0.00 Albaraka Banking Group 0.31 0.00 128,856 Kuwait Investment Co 133.00 0.00 120,795 0.11 - Saudi Cable Co 43.30 -3.13 1,776,382 Gulf International Chemicals 0.00 Al-Salam Bank 0.09 0.00 909,405 Burgan Bank 291.00 -1.02 1,287,427 0.16 - Tihama Advertising & Public 44.00 0.92 318,915 Gulf Hotels (Oman) Co Ltd 0.00 Ahli United Bank B.S.C 0.72 0.00 400,000 Kuwait Projects Co Holdings 207.00 -0.48 249,999 9.50 - Saudi Investment Bank/The 18.86 1.07 166,241 Global Fin Investment 0.00 Al Madina For Finance And In 23.20 -3.33 1,292,000 0.08 - Astra Industrial Group 16.08 0.25 23,343 Galfar Engineering&Contract -2.60 Kuwait Insurance Co 380.00 0.00 100 0.08 41,000 Saudi Public Transport Co 14.86 3.19 1,490,484 Galfar Engineering -Prefer 0.00 Al Masaken Intl Real Estate 65.00 0.00 123,595 0.39 - Taiba Holding Co 28.90 0.00 55,713 Financial Services Co. 0.00 Intl Financial Advisors 26.30 -0.75 1,238,775 0.18 - Saudi Industrial Export Co 82.40 -1.20 236,627 Financial Corp/The 0.00 First Investment Co Kscc 38.60 0.00 1,563,000 0.10 - Saudi Real Estate Co 12.50 -0.95 869,253 Dhofar Tourism 0.00 Al Mal Investment Company 21.00 0.96 2 0.49 - Saudia Dairy & Foodstuff Co 104.20 -0.76 75,972 Dhofar Poultry 0.00 Bayan Investment Co Kscc 48.00 1.91 20,000 0.18 - National Shipping Co Of/The 33.55 1.05 855,187 Dhofar Intl Development 0.00 Egypt Kuwait Holding Co Sae 370.00 7.25 101,968 0.28 - Methanol Chemicals Co 9.60 0.31 684,302 Dhofar Insurance 0.00 Coast Investment Development 34.50 -1.43 82,035 0.17 - Chubb Arabia Cooperative Ins 18.46 -0.75 58,483 Dhofar Generating Co Saoc 0.00 Privatization Holding Compan 59.70 0.00 123,000 0.22 - Mobile Telecommunications Co 9.30 -1.90 13,182,029 Dhofar Fisheries & Food Indu 0.00 Injazzat Real State Company 86.00 0.00 800 1.28 - Saudi Arabian Coop Ins Co 11.30 -0.88 129,220 Dhofar Cattlefeed 0.00 Kuwait Cable Vision Sak 13.00 0.00 293 0.15 - Axa Cooperative Insurance 23.30 0.17 43,278 Dhofar Beverages Co 0.00 Sanam Real Estate Co Kscc 33.00 -3.51 14,030 0.26 - Alsorayai Group 13.80 0.58 525,766 Construction Materials Ind 0.00 Ithmaar Holding Bsc 27.50 0.00 1,331,272 0.03 50,000 Bank Albilad 29.10 -1.52 250,679 Computer Stationery Inds 0.00 Aviation Lease And Finance C 340.00 -2.58 10,100 0.26 - Al-Hassan G.I. Shaker Co 8.56 0.71 965,471 Bankmuscat Saog 0.00 Arzan Financial Group For Fi 29.00 -3.33 70,020 0.41 140,482 Wataniya Insurance Co 23.44 0.09 29,158 Bank Sohar 0.00 Ajwan Gulf Real Estate Co 19.00 0.00 64,000 0.12 120,741 Abdullah Al Othaim Markets 70.10 -0.99 107,685 Bank Nizwa 0.00 Kuwait Business Town Real Es 46.30 -1.49 112,543 0.09 667,312 Hail Cement 8.05 -0.25 218,148 Bank Dhofar Saog-Rts 0.00 Future Kid Entertainment And 90.00 0.00 61,789 0.00 - Saudi Re For Cooperative Rei 7.73 -0.64 356,970 Bank Dhofar Saog 0.16 0.00 283,611 LATEST MARKET CLOSING FIGURES Gulf Times Wednesday, January 23, 2019 7 BUSINESS

DJIA WORLD INDICES Company Name Lt Price % Chg Volume Indices Lt Price Change Dow Jones Indus. Avg 24,521.16 -185.19 Apple Inc 155.38 -0.92 2,167,180 S&P 500 Index 2,645.25 -25.46 American Express Co 99.77 -0.71 167,923 Nasdaq Composite Index 7,080.54 -76.69 Boeing Co/The 361.04 -1.01 198,931 S&P/Tsx Composite Index 15,222.84 -131.32 Caterpillar Inc 133.27 -2.44 296,125 Mexico Bolsa Index 43,989.23 -39.73 Cisco Systems Inc 45.15 0.27 1,903,639 Brazil Bovespa Stock Idx 95,221.05 -788.72 Chevron Corp 112.80 -1.37 382,722 Ftse 100 Index 6,896.80 -73.79 Walt Disney Co/The 110.91 -0.12 368,719 Cac 40 Index 4,837.10 -30.68 Dowdupont Inc 56.61 -2.50 628,816 Dax Index 11,064.46 -71.74 Goldman Sachs Group Inc 198.31 -2.09 235,624 Ibex 35 Tr 9,030.30 -23.50 Home Depot Inc 177.26 -1.29 390,299 Nikkei 225 20,622.91 -96.42 Intl Business Machines Corp 122.95 -0.70 326,392 Japan Topix 1,556.43 -9.94 Intel Corp 48.51 -1.38 1,696,527 Hang Seng Index 27,005.45 -191.09 Johnson & Johnson 128.29 -1.84 616,019 All Ordinaries Indx 5,924.28 -29.25 Jpmorgan Chase & Co 103.32 -1.21 1,223,203 Nzx All Index 1,581.16 -5.24 Coca-Cola Co/The 47.52 -0.19 844,221 Bse Sensex 30 Index 36,444.64 -134.32 Mcdonald’s Corp 184.62 1.12 189,257 Nse S&P Cnx Nifty Index 10,922.75 -39.10 3M Co 193.58 -1.16 103,793 Straits Times Index 3,192.71 -27.85 Merck & Co. Inc. 75.93 0.08 938,363 Karachi All Share Index 29,238.40 +159.54 Microsoft Corp 106.78 -0.86 2,154,598 Jakarta Composite Index 6,468.56 +17.73 Nike Inc -Cl B 81.09 0.80 532,683 Pfizer Inc 42.38 -0.35 1,764,646 Procter & Gamble Co/The 90.35 -1.17 861,880 Travelers Cos Inc/The 123.75 -0.21 114,073 TOKYO Unitedhealth Group Inc 266.59 0.41 230,427 United Technologies Corp 112.22 -1.47 223,352 Company Name Lt Price % Chg Volume Visa Inc-Class A Shares 139.02 0.38 487,243 Sumitomo Realty & Developmen 4,196.00 -0.24 1,311,600 Verizon Communications Inc 57.20 0.19 842,345 Sumitomo Metal Mining Co Ltd 3,166.00 -1.40 852,000 Walgreens Boots Alliance Inc 71.44 -1.37 461,637 Orix Corp 1,698.00 -0.76 2,360,100 Walmart Inc 98.17 0.45 298,181 Daiwa Securities Group Inc 586.20 -0.86 4,557,700 Exxon Mobil Corp 72.13 -1.18 1,044,516 Softbank Group Corp 7,839.00 -0.37 5,044,200 Mizuho Financial Group Inc 176.90 -0.34 109,115,400 Central Japan Railway Co 23,410.00 0.93 270,600 A trader works at the London Stock Exchange. The FTSE 100 lost 1% to 6,901.39 points yesterday. FTSE 100 Nitori Holdings Co Ltd 13,930.00 -1.17 284,500 T&D Holdings Inc 1,356.00 -3.25 3,536,700 Company Name Lt Price % Chg Volume Toyota Motor Corp 6,784.00 -0.48 5,189,700 Hoya Corp 6,276.00 -1.06 698,200 Anglo American Plc 1,797.40 -0.97 1,562,556 Sumitomo Mitsui Trust Holdin 4,190.00 -1.20 752,900 Associated British Foods Plc 2,392.00 1.44 566,047 Japan Tobacco Inc 2,759.50 0.24 3,951,500 Admiral Group Plc 2,122.00 0.57 209,588 Osaka Gas Co Ltd 2,205.00 1.10 901,200 Ashtead Group Plc 1,926.50 -0.82 905,923 Sumitomo Electric Industries 1,524.50 -0.59 1,208,300 European stocks turn lower Antofagasta Plc 816.80 -1.66 773,441 Ono Pharmaceutical Co Ltd 2,398.50 0.69 1,172,400 Auto Trader Group Plc 451.90 -0.53 819,285 Ajinomoto Co Inc 1,913.00 0.10 1,312,500 Aviva Plc 416.10 -0.76 3,219,731 Mitsui Fudosan Co Ltd 2,629.00 -0.77 2,310,100 Astrazeneca Plc 5,549.00 -1.61 899,701 Daikin Industries Ltd 11,780.00 -0.51 1,053,300 Bae Systems Plc 510.40 -0.89 2,585,250 Toray Industries Inc 803.50 -0.57 2,786,000 as trade worries seep back Barclays Plc 163.38 -0.96 11,304,734 Bridgestone Corp 4,269.00 0.02 1,590,500 British American Tobacco Plc 2,532.50 -1.27 2,107,466 Sony Corp 5,352.00 -1.55 3,784,800 Barratt Developments Plc 533.00 -0.74 1,892,520 Bloomberg News report that said the pound gained against the dollar and Astellas Pharma Inc 1,558.50 0.00 4,561,800 AFP Bhp Group Plc 1,578.40 -2.02 5,266,062 two sides were struggling to reach the euro, extending gains after British Jxtg Holdings Inc 587.60 -3.12 10,444,500 London Berkeley Group Holdings/The 3,784.00 -0.81 227,267 Nippon Steel & Sumitomo Meta 1,985.50 -1.32 2,155,800 agreement on the crucial matter of Prime Minister Theresa May said she British Land Co Plc 559.40 -0.46 2,101,951 Suzuki Motor Corp 5,847.00 -1.52 1,444,300 intellectual property, which is a key would try to hammer out changes to Bunzl Plc 2,406.00 -1.80 460,854 Nippon Telegraph & Telephone 4,548.00 0.11 1,684,400 tock markets fell yesterday as source of anger in Washington. her draft Brexit deal roundly rejected Bp Plc 510.20 -2.28 10,610,499 Sompo Holdings Inc 4,057.00 -0.42 736,800 Burberry Group Plc 1,776.50 -0.48 524,977 profi t-takers stepped in follow- While headlines regarding the talks by MPs last week. Daiwa House Industry Co Ltd 3,579.00 -1.65 1,233,800 Bt Group Plc 237.35 -0.27 8,755,285 ing a recent run higher, while earlier this month were upbeat, and While there is no plan in place to Komatsu Ltd 2,731.50 -1.55 4,035,000 S Coca-Cola Hbc Ag-Di 2,541.00 -0.59 240,492 a report fuelled worries about the eyes turn to another meeting including leave the EU on March 29, markets are West Japan Railway Co 8,007.00 0.48 429,000 Carnival Plc 4,144.00 -0.17 382,851 progress of China-US trade talks. Beijing’s top negotiator Liu He at the confi dent lawmakers will avoid a dam- Murata Manufacturing Co Ltd 14,050.00 -0.95 1,057,900 Centrica Plc 134.00 -0.11 4,968,329 Kansai Electric Power Co Inc 1,709.00 -0.67 1,805,600 With few major catalysts to drive end of January, the Bloomberg story, aging no-deal Brexit, with options be- Compass Group Plc 1,627.50 0.12 744,853 Denso Corp 5,032.00 -0.69 1,550,000 business, investors were keeping tabs referencing unnamed sources, provid- ing touted including postponing the Croda International Plc 4,800.00 -2.32 253,711 Dai-Ichi Life Holdings Inc 1,735.50 -2.55 4,784,800 on developments in various issues in- ed a reality check. leaving date, or calling another refer- Crh Plc 2,202.00 -0.63 544,364 Mazda Motor Corp 1,204.50 -0.54 2,578,000 Dcc Plc 6,505.00 -0.38 75,313 cluding the US government shutdown, Also, China’s Xinhua news agency re- endum. Mitsui & Co Ltd 1,779.50 -1.08 3,271,200 Diageo Plc 2,756.00 -0.40 1,645,780 Brexit, and China’s stuttering econo- ported that President Xi Jinping had told The pound “has been helped by on- Kao Corp 7,601.00 -0.43 961,000 Direct Line Insurance Group 330.50 0.79 1,388,261 my. top provincial leaders the Communist going optimism that a hard Brexit will Sekisui House Ltd 1,654.50 -0.09 2,390,200 Evraz Plc 449.20 -3.15 990,468 be avoided on 29th March”, said Ray Oriental Land Co Ltd 11,070.00 0.00 282,700 “The declines witnessed across glo- party “is facing long-term and complex Experian Plc 1,953.00 -0.23 665,260 Secom Co Ltd 9,235.00 0.08 470,700 bal stocks continue to highlight how tests in terms of maintaining long-term Attrill, strategist at National Australia Easyjet Plc 1,233.00 6.16 2,869,539 Tokio Marine Holdings Inc 5,322.00 -0.30 1,422,400 fragile market sentiment remains,” rule, reform and opening-up”. Bank. Ferguson Plc 5,285.00 -1.40 144,881 Aeon Co Ltd 2,203.50 0.66 1,957,300 He pointed out that MPs from both Fresnillo Plc 903.60 0.87 620,993 said Lukman Otunuga, a research ana- The comments suggest he is becom- Fanuc Corp 18,185.00 -2.10 952,800 Glencore Plc 290.00 -2.04 21,237,609 lyst at FXTM, adding geopolitical risk ing worried about the eff ects of slow- sides of the aisle had proposed a bill Daito Trust Construct Co Ltd 15,180.00 -0.75 199,300 Glaxosmithkline Plc 1,488.40 -0.24 2,193,707 factors and global growth fears were ing economic growth. pushing for a delay if an agreement Otsuka Holdings Co Ltd 4,503.00 0.07 780,200 Gvc Holdings Plc 689.50 -3.02 1,211,051 “stimulating risk aversion, European “Recent signs suggest that China is cannot be agreed in parliament by Feb- Resona Holdings Inc 549.20 -1.26 5,674,800 Hikma Pharmaceuticals Plc 1,557.00 0.61 149,921 Asahi Kasei Corp 1,150.00 -0.52 2,404,100 markets were up to a per cent lower at struggling to sustain economic mo- ruary 26. Hargreaves Lansdown Plc 1,848.50 -0.73 190,283 Kirin Holdings Co Ltd 2,529.50 0.48 1,600,100 the close, with Wall Street’s decline in mentum, and risks of a hard landing “There’s a good chance this gets up. Halma Plc 1,415.00 0.57 504,782 Mitsubishi Ufj Financial Gro 577.10 -1.15 38,759,500 the same ballpark by the late New York are rising. If China falls back to Earth, If so, it further fl attens the tail risk of Hsbc Holdings Plc 640.90 -1.40 7,893,224 Marubeni Corp 816.00 -1.70 4,505,900 Hiscox Ltd 1,540.00 -0.39 261,226 morning. we will all feel the tremor,” economists a hard Brexit on March 29, though note Mitsubishi Chemical Holdings 909.40 -0.90 3,785,600 Intl Consolidated Airline-Di 623.80 0.35 2,932,735 In Europe, London’s FTSE 100 lost at Northern Trust said in a note. all 27 EU nations will need to agree to Fast Retailing Co Ltd 51,060.00 -0.51 815,600 Intercontinental Hotels Grou 4,396.50 -0.95 500,880 1% to 6,901.39 points, Frankfurt’s Concerns about the outlook led the an extension, so it wouldn’t eliminate Ms&Ad Insurance Group Holdin 3,269.00 -0.82 655,800 3I Group Plc 839.20 0.24 480,966 DAX 30 was down 0.4% at 11,090.11 International Monetary fund Monday the risk completely,” Attrill added. Kubota Corp 1,715.00 -0.61 1,946,400 Imperial Brands Plc 2,466.00 -0.84 1,465,351 Seven & I Holdings Co Ltd 4,804.00 2.23 2,467,600 and Paris’s CAC 40 was down 0.4% at to lower its growth forecast for the Oil prices extended Monday’s losses Informa Plc 684.80 1.24 2,903,638 Inpex Corp 1,028.00 -1.15 3,544,200 4,847.53 points at close yesterday. global economy, citing the trade row, in response to data showing China’s Intertek Group Plc 5,014.00 -1.26 236,184 Sumitomo Mitsui Financial Gr 3,901.00 -1.37 3,482,400 Earlier, optimism surrounding Brexit, and other problems. economy grew last year at its slowest Itv Plc 133.90 0.15 5,410,573 Ana Holdings Inc 3,995.00 1.06 776,200 Johnson Matthey Plc 3,054.00 1.03 233,996 trade China-US talks was jolted by a On currency markets yesterday, the pace for almost three decades. Mitsubishi Electric Corp 1,339.50 -1.07 4,289,800 Kingfisher Plc 223.00 2.43 3,169,722 Honda Motor Co Ltd 3,239.00 -0.12 2,263,400 Land Securities Group Plc 836.20 -1.06 1,552,699 Tokyo Gas Co Ltd 2,958.00 0.73 927,800 Legal & General Group Plc 257.00 -0.35 4,520,049 HONG KONG HONG KONG Tokyo Electron Ltd 14,260.00 -1.76 1,085,100 Lloyds Banking Group Plc 57.61 -0.67 77,143,471 Panasonic Corp 1,064.50 -2.65 12,452,200 London Stock Exchange Group 4,447.00 -1.33 223,712 Fujitsu Ltd 7,083.00 0.23 446,700 Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Micro Focus International 1,489.00 0.34 379,012 East Japan Railway Co 10,055.00 0.30 370,300 Marks & Spencer Group Plc 286.90 0.17 2,399,227 Ck Hutchison Holdings Ltd 78.20 -1.64 2,930,075 Citic Ltd 11.84 -0.67 8,916,321 Itochu Corp 1,985.00 -0.55 3,853,200 Mondi Plc 1,819.50 -0.16 541,766 Hang Lung Properties Ltd 15.92 -0.13 1,616,509 Galaxy Entertainment Group L 49.40 -1.89 11,134,927 Fujifilm Holdings Corp 4,562.00 -0.35 1,164,400 Melrose Industries Plc 170.10 -1.56 3,350,917 Ck Infrastructure Holdings L 62.00 1.14 1,506,304 Wh Group Ltd 6.70 -2.33 24,908,986 Yamato Holdings Co Ltd 3,012.00 0.67 742,400 Wm Morrison Supermarkets 230.75 0.98 6,409,998 Hengan Intl Group Co Ltd 56.35 -2.84 4,257,582 Hong Kong & China Gas 16.80 0.12 6,675,608 Chubu Electric Power Co Inc 1,767.00 -0.31 1,523,900 National Grid Plc 797.40 0.03 3,287,066 China Shenhua Energy Co-H 18.92 -2.87 20,929,417 Bank Of Communications Co-H 6.42 -0.31 25,033,123 Mitsubishi Estate Co Ltd 1,901.50 -0.58 2,741,100 Nmc Health Plc 2,794.00 0.07 115,300 Cspc Pharmaceutical Group Lt 12.64 -3.66 45,682,609 China Petroleum & Chemical-H 6.18 -1.12 77,019,973 Mitsubishi Heavy Industries 4,209.00 -0.64 824,300 Next Plc 4,749.00 0.49 118,602 Hang Seng Bank Ltd 176.60 1.03 964,707 Hong Kong Exchanges & Clear 241.00 -0.82 3,253,243 Shiseido Co Ltd 6,240.00 -1.39 2,189,900 Ocado Group Plc 910.20 2.78 1,050,724 China Resources Land Ltd 29.95 -1.96 17,488,000 Bank Of China Ltd-H 3.48 -0.85 260,334,532 Shionogi & Co Ltd 6,553.00 -0.56 899,800 Paddy Power Betfair Plc 6,175.00 -0.24 85,036 Ck Asset Holdings Ltd 63.35 0.24 3,177,150 Hsbc Holdings Plc 65.10 -0.38 10,094,181 Recruit Holdings Co Ltd 2,855.50 -0.49 2,343,000 Prudential Plc 1,502.00 -0.07 1,716,462 Sino Biopharmaceutical 6.03 -3.21 100,990,982 Power Assets Holdings Ltd 53.80 -0.83 3,635,853 Japan Airlines Co Ltd 3,968.00 1.07 807,900 Persimmon Plc 2,386.00 -0.08 447,160 Henderson Land Development 42.75 -1.50 2,821,193 Mtr Corp 42.35 -0.24 891,131 Nitto Denko Corp 5,792.00 -1.18 634,000 Pearson Plc 919.60 -1.56 1,147,974 Aia Group Ltd 68.80 0.29 17,501,677 China Overseas Land & Invest 27.05 -1.10 14,080,223 Kddi Corp 2,701.00 0.35 3,544,600 Reckitt Benckiser Group Plc 6,032.00 0.53 597,864 Ind & Comm Bk Of China-H 5.80 -0.68 225,010,538 Tencent Holdings Ltd 335.80 -1.24 21,039,177 Rakuten Inc 830.00 -1.54 4,364,900 Royal Bank Of Scotland Group 240.00 -0.74 6,868,861 Want Want China Holdings Ltd 6.02 -0.17 12,452,300 China Unicom Hong Kong Ltd 8.67 -0.23 21,894,696 Kyocera Corp 5,962.00 0.02 1,016,000 Royal Dutch Shell Plc-A Shs 2,303.50 -2.89 3,608,124 Sun Hung Kai Properties 123.70 -0.40 2,970,718 Link Reit 80.10 1.78 3,398,555 Nissan Motor Co Ltd 913.80 -0.40 8,392,300 Royal Dutch Shell Plc-B Shs 2,323.50 -3.31 3,229,385 New World Development 11.60 -0.17 4,792,898 Sino Land Co 14.10 0.00 1,570,296 Relx Plc 1,675.00 0.15 1,187,875 Geely Automobile Holdings Lt 12.40 -2.67 70,035,256 Swire Pacific Ltd - Cl A 89.10 -0.11 1,539,958 Rio Tinto Plc 3,838.50 -2.35 2,072,087 SENSEX Rightmove Plc 470.85 -1.37 1,310,806 Sands China Ltd 36.00 -1.64 8,328,412 GCC INDICES Rolls-Royce Holdings Plc 890.80 -1.02 1,513,541 Wharf Real Estate Investment 51.50 1.58 4,447,652 Rsa Insurance Group Plc 525.00 -1.46 1,581,310 Company Name Lt Price % Chg Volume Clp Holdings Ltd 90.90 0.78 1,952,356 Indices Lt Price Change Rentokil Initial Plc 350.50 0.75 1,945,883 Country Garden Holdings Co 9.62 -2.14 24,892,232 Doha Securities Market Adani Ports And Special Econ 390.60 -1.41 3,328,908 10,687.28 -34.86 Sainsbury (J) Plc 277.40 1.61 4,177,125 Aac Technologies Holdings In 45.55 -5.10 5,843,133 Saudi Tadawul Asian Paints Ltd 1,406.95 -1.07 5,483,768 8,399.40 -2.64 Schroders Plc 2,618.00 -1.39 107,572 Shenzhou International Group 91.40 -1.40 2,240,622 Kuwait Stocks Exchange Axis Bank Ltd 661.60 0.20 7,951,640 4,815.27 +7.35 Sage Group Plc/The 623.00 -0.80 1,204,767 Ping An Insurance Group Co-H 72.25 -0.48 26,572,813 Bahrain Stock Exchage Bajaj Finance Ltd 2,621.90 1.07 1,474,713 1,352.46 +2.60 Segro Plc 627.60 0.00 446,166 China Mengniu Dairy Co 25.15 -0.98 7,120,314 Oman Stock Market Bharti Airtel Ltd 304.85 -2.09 7,904,590 4,181.74 +2.66 Smurfit Kappa Group Plc 2,138.00 -1.29 412,923 Sunny Optical Tech 73.10 -3.31 8,546,417 Abudhabi Stock Market Bharti Infratel Ltd 277.65 -0.05 2,194,405 4,956.02 +0.28 Standard Life Aberdeen Plc 268.65 -0.98 1,979,955 Boc Hong Kong Holdings Ltd 30.05 0.00 8,873,875 Dubai Financial Market Bajaj Auto Ltd 2,688.35 0.14 273,441 2,493.92 -4.90 Ds Smith Plc 337.10 -0.03 2,500,570 China Life Insurance Co-H 18.80 -1.47 33,894,857 Bajaj Finserv Ltd 6,435.55 0.80 173,775 Smiths Group Plc 1,455.50 -0.44 393,441 Bharat Petroleum Corp Ltd 353.80 0.64 2,343,970 Scottish Mortgage Inv Tr Plc 478.00 -1.52 971,104 Cipla Ltd 507.10 -0.42 1,455,953 Smith & Nephew Plc 1,440.00 -2.11 1,851,029 Coal India Ltd 227.75 -0.55 4,564,028 Spirax-Sarco Engineering Plc 6,455.00 -0.46 35,462 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The Dr. Reddy’s Laboratories 2,640.30 1.56 776,066 Sse Plc 1,130.50 0.40 789,406 Eicher Motors Ltd 20,023.60 -0.02 137,830 accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended Standard Chartered Plc 621.20 -0.69 1,268,339 Gail India Ltd 332.90 1.56 4,770,776 as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank St James’s Place Plc 968.60 -1.57 1,590,126 Grasim Industries Ltd 804.35 -1.39 756,105 or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on Severn Trent Plc 1,947.00 0.65 374,365 Hcl Technologies Ltd 940.75 -2.59 2,395,796 this data.” Tesco Plc 221.20 0.23 7,515,729 Housing Development Finance 1,979.40 -1.25 3,502,920 Tui Ag-Di 1,191.00 0.08 1,695,468 Hdfc Bank Limited 2,135.85 -0.57 2,199,244 Taylor Wimpey Plc 165.40 -0.21 7,851,481 Hero Motocorp Ltd 2,824.90 1.10 842,837 Unilever Plc 4,022.00 -0.80 1,584,408 Hindalco Industries Ltd 203.55 -1.97 7,665,916 CURRENCIES United Utilities Group Plc 810.60 -0.47 1,003,897 Hindustan Petroleum Corp 242.00 1.40 3,212,477 DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI KUWAITI Vodafone Group Plc 148.02 -0.76 23,208,902 DINAR DINAR Hindustan Unilever Ltd 1,750.20 0.19 1,776,472 Wood Group (John) Plc 521.80 -4.64 2,086,757 Icici Bank Ltd 369.05 -0.71 14,756,076 Wpp Plc 880.80 0.80 1,637,893 Indiabulls Housing Finance L 797.35 -0.93 3,612,006 Whitbread Plc 4,935.00 1.65 237,578 Indusind Bank Ltd 1,501.60 -0.40 2,666,389 Infosys Ltd 745.35 0.05 6,723,375 Indian Oil Corp Ltd 135.95 0.22 7,120,979 TOKYO Itc Ltd 289.75 -0.05 10,329,563 Jsw Steel Ltd 278.00 -2.32 5,006,219 Kotak Mahindra Bank Ltd 1,291.75 1.91 9,072,680 Company Name Lt Price % Chg Volume Larsen & Toubro Ltd 1,301.15 -1.02 2,544,978 Hitachi Ltd 3,450.00 -0.72 2,259,800 Mahindra & Mahindra Ltd 708.50 -2.99 5,097,285 Takeda Pharmaceutical Co Ltd 4,449.00 0.27 12,064,600 Maruti Suzuki India Ltd 7,068.85 -1.94 896,521 Jfe Holdings Inc 1,887.50 -1.23 2,539,300 Ntpc Ltd 142.80 -0.42 5,895,361 Sumitomo Corp 1,673.00 -1.18 2,313,200 Oil & Natural Gas Corp Ltd 144.35 -0.24 4,113,351 Canon Inc 3,070.00 -0.71 2,384,700 Power Grid Corp Of India Ltd 189.70 -0.81 2,012,319 Nintendo Co Ltd 33,700.00 -0.12 1,740,700 Reliance Industries Ltd 1,235.15 -0.21 16,552,819 Eisai Co Ltd 8,774.00 0.03 774,200 State Bank Of India 290.25 -0.75 11,297,989 Isuzu Motors Ltd 1,592.00 -1.12 1,309,400 Sun Pharmaceutical Indus 418.95 5.18 38,255,365 Unicharm Corp 3,371.00 -0.97 668,900 Tata Steel Ltd 456.55 -3.21 8,957,766 Shin-Etsu Chemical Co Ltd 8,532.00 -1.15 1,061,700 Tata Consultancy Svcs Ltd 1,901.90 -0.36 2,457,093 Smc Corp 35,190.00 -2.20 229,400 Tech Mahindra Ltd 714.20 0.04 2,839,669 Mitsubishi Corp 3,126.00 -1.01 2,232,800 Titan Co Ltd 982.65 2.07 2,797,244 Asahi Group Holdings Ltd 4,446.00 0.09 973,200 Tata Motors Ltd 180.85 -0.36 9,775,717 Keyence Corp 53,760.00 -1.65 351,100 Upl Ltd 763.30 -0.76 1,416,981 Nidec Corp 12,420.00 -2.05 1,406,400 Ultratech Cement Ltd 3,860.50 0.28 220,491 Nomura Holdings Inc 454.80 -1.09 7,724,400 Vedanta Ltd 191.50 -3.50 9,901,151 Daiichi Sankyo Co Ltd 3,756.00 -1.52 1,273,300 Wipro Ltd 346.50 2.58 6,681,724 Subaru Corp 2,557.50 -0.33 1,890,200 Yes Bank Ltd 192.20 0.13 38,382,360 Ntt Docomo Inc 2,579.50 -0.15 1,913,900 Zee Entertainment Enterprise 425.25 -2.61 6,199,011 Gulf Times 12 Wednesday, January 23, 2019 BUSINESS

Pit stop or peak is the big question hanging over Fed this year

Bloomberg fully contribute to economic resil- Washington ience,” Carl Riccadonna of Bloomberg Economics said. The peak: One of the strongest cases eciphering the intentions of for standing pat is the asymmetry of its Federal Reserve officials rarely policy risks, says Laurence Meyer, a Dgets this easy. As one after an- former Fed governor and head of Mon- other preaches patience before their etary Policy Analytics Inc in Washing- next interest-rate move, a tougher ton. question is emerging about their The Fed has consistently under- plans to pause: Is this a pit stop or the shot its infl ation target for most of peak? the expansion. If actual growth, and After nine rate increases since De- Fed offi cials’ forecasts for next year, cember 2015, Fed offi cials have shifted start to decelerate by June, Meyer said, from signalling “gradual” tightening to the Federal Open Market Committee a stance that is “patient,” a word chair- would be cautious about tightening man Jerome Powell used in comments further. January 10 that has been repeated by “We are in a dangerous place,” Mey- several of his colleagues since. The er said. “You have some fragility now chorus even extended to Kansas City where a shock could make us fall into a Fed President Esther George, usually recession with the policy constraint of one of the most hawkish members and the zero boundary” still too close. one who votes on monetary policy this Meyer has penciled in one more hike year. in June based on his fi rm’s view that Anticipating a Fed on hold, fi nancial labour market momentum continues. markets are pricing in a high probabil- But he said it’s a close call. ity of no change at all in the policy rate “Even if the economy is growing for 2019. US central bankers in Decem- at 2.5%, if you think it is on a slowing ber wrote down a median estimate of trend over the next year or two, why two more. Bridging this gap with inves- would you go?” tors is going to be tricky and potentially Constance Hunter, the chief econo- volatile if the Fed decides it needs to mist at KPMG LLP in New York, said start raising rates again. the risk of slowing global growth is “The Fed’s hope is that the data will the single most important issue in her be pretty clear,” said Michael Gapen, rate-peak call. Hunter forecasts the chief US economist at Barclays Plc. Fed could begin cutting the policy rate “They will have to re-engage markets by mid-year as Chinese consumption and tell them we are going to tighten a The Federal Reserve building in Washington. Anticipating a Fed on hold, financial markets are pricing in a high probability of no change at all in the policy rate for 2019. retrenches, and such a slowdown “will little further.” reverberate to all countries.” Gapen and other economists, such as tighter financial conditions in the US. consumption, the most important en- economist for JPMorgan Chase & Co “I would be surprised if this is the She isn’t alone with such concerns. Omair Sharif at Societe Generale, are “Now is the perfect time to sit back,” gine for US growth. “We think underlying wage pressures peak of the tightening cycle,” Sweet Both Powell and Fed Vice Chairman pushing their forecast for hikes into the Sharif said in an interview. Compensation measures are moving have been accelerating.” said. Richard Clarida have said slowing glo- back half of 2019 for a variety of rea- A pit stop: For the Fed, a patient pos- up gradually as companies off er more Another part of the growth story for “Policy makers have been broadly bal growth is a risk they’re watching as sons. ture means the economy will dictate if benefi ts and pay to retain and attract 2019 is fi scal stimulus. The spending unifi ed in their call for a pause, regard- the American job market stays strong The government shutdown is going and when the central bank moves. Here workers. If labour market strength con- boost from personal and corporate tax less of bias on the hawk-dove spec- and domestic infl ation shows little sign to make first-quarter data murky. In- are the arguments from both sides: tinues at the same pace, some econo- cuts is fading a bit, says Ryan Sweet, trum. Diff erences in opinion remain of fl aring up. flation is slightly below the Fed’s 2% Nothing suggests that the strong US mists predict it will eventually show up head of monetary policy research at with respect to the course of action “We begin the year as close to our as- target. Minutes from the December labour market has veered off its pace in fi rmer prices that the Fed will have Moody’s Analytics Inc. But the fi rm over a longer time horizon. Bloomberg signed objectives as we have in a very meeting show the policy committee of job gains. The US economy added to lean against with more gradual rate estimates that higher government Economics projects there will be a need long time,” Clarida said in a speech pondering as many as five downside 2.6mn jobs last year and December hikes. spending could add as much as four for a moderate amount of additional January 10. “In these circumstances, I risks — from escalating trade ten- fi nished with a gain of 312,000. That “The labour market is still tight- tenths of a% to gross domestic prod- tightening to resume around mid-year believe patience is a virtue and is one sions, to slowing global growth and underpins household confi dence and ening,” said Michael Feroli, chief US uct this year. as robust labour conditions meaning- we can today aff ord.” Gulf Times Wednesday, January 23, 2019 13 BUSINESS

US home sales hit 3-year low, price gains As Trump’s guardrails come down, slow sharply

Reuters Davos elite brace for tumult Washington US home sales tumbled to their Bloomberg ratic; and those in countries like Israel, right to bear arms to a disdain for mul- lowest level in three years in New York Hungary and Brazil who have benefi ted tilateralism, the ideological ties run December and house price in- from the environment around Trump’s deep. In Davos, Bolsonaro wants to creases slowed sharply, suggest- rise. present Brazil as reinvigorated with a ing a further loss of momentum n 2018, Davos was basking in a ro- Among the forum’s headline attrac- more open economy; his team plans to in the housing market. bust global economy as Donald tions is German Chancellor Angela lay out priorities including privatisa- The weak report from the ITrump pledged that “America is Merkel, who can be expected to build tions and lower taxes. National Association of Realtors open for business.” on her New Year’s address denouncing Still, as the IMF makes clear, in- (NAR) yesterday also suggested One year on, the US government is nationalism and populism that rein- creased tariff s are the main drag on the economy was slowing. partially shut and the market ebul- forced her status as a Trump adversary. the global economic outlook, and an A month-long partial shutdown lience that greeted the president’s cor- Yet she and Macron were unable to improvement hinges on resolution of of the federal government, porate tax overhaul is a distant memo- prevent Trump from quitting the Iran the US trade confl ict with China, along which has delayed data from the ry. nuclear deal or the Paris climate ac- with “the resulting policy uncertainty.” Commerce Department is, how- In the 12 months since he visited the cord. Germany is in the fi ring line if he China’s delegation to Davos this year ever, making it diff icult to get a World Economic Forum in the Swiss follows through on his threat to impose is led by Vice President Wang Qishan. good read of the economy. Alps, Trump has launched a trade war punitive tariff s on imported cars. Trump’s decision last week to pull “We believe the economic out- with China, slapped tariff s on Europe, Trump’s attacks on allies and per- the whole US government delegation look also took a toll on consum- weighed in on Prime Minister Theresa sistent questioning of the value of the means Wang won’t get to meet with ers and caused them to pull back May’s Brexit deal, expressed under- transatlantic alliance have accelerated Treasury Secretary Steve Mnuchin and from putting down payments standing for France’s “Yellow Vest” European eff orts to gain greater au- discuss the trade confl ict. on the most expensive purchase protests against President Emmanuel tonomy, including moves to boost the For all his bluster, diplomats point they will ever make in their lives,” Macron and threatened to “devastate” role of the euro and reduce dependence to the fact that Trump has not radi- said Chris Rupkey, chief econo- Turkey’s economy. on the US dollar. Until that happens, cally altered the American-led web of mist at MUFG in New York. That unpredictable stance toward An armed member of the Swiss police watches from the snow-covered roof of however, allies in Europe remain vul- alliances. He renegotiated trade deals The NAR said existing home traditional US allies and rivals alike the Hotel Davos ahead of the World Economic Forum (WEF) in Davos. In the 12 nerable, said Erik Brattberg, director of with Canada, Mexico and South Korea sales declined 6.4% to a season- fans geopolitical risk and ensures that months since US President Donald Trump visited the WEF, he has launched a the Europe Program and a fellow at the that left much of the substance intact, ally adjusted annual rate of Trump’s policy choices will be the talk trade war with China, slapped tariff s on Europe, weighed in on Prime Minister Carnegie Endowment for International and his complaints about Europe’s 4.99mn units last month. of the retreat, even as the president Theresa May’s Brexit deal, expressed understanding for France’s “Yellow Vest” Peace in Washington. defence spending, China’s trade prac- That was the lowest level since skips the forum to focus on the shut- protests against President Emmanuel Macron and threatened to “devastate” “They talk the talk of becoming more tices and Iran’s regional role could have November 2015. November’s down. Turkey’s economy. strategically autonomous, more sover- been championed by other Republican sales pace was revised slightly “The number one question in the eign in their foreign policy,” said Bratt- presidents. up to 5.33mn unit from the previ- mind of leaders in Davos now is what departure last month over Trump’s “There is no longer this idea that berg. “But the answer from Europe will Yet for Russia, Trump’s unpredict- ously reported 5.32mn units. on earth is Donald Trump up to?” said abrupt decision to pull US troops from he’d be reined in by the establishment be passive. They will not be able to as- ability has led to worsening ties. The Economists polled by Reuters Tina Fordham, chief global political Syria reinforced the sense that his for- and that you’d have a fairly normal ad- sert themselves.” president’s abrupt cancellation of an had forecast existing home sales analyst at Citigroup Inc and a WEF eign policy is ever more beholden to the ministration,” said Walt. “People are Then there are swathes of the globe expected meeting with Vladimir Putin falling 1.0% to a rate of 5.25mn regular. “We’ve very clearly moved in pursuit of “America First.” now fully aware that he’s extremely whose leaders are emboldened by at the Group of 20 summit in Argentina units in December. terms of investor sentiment from the Faced with that reality, world lead- impulsive and erratic and will continue Trump. Israel’s Prime Minister Ben- last year — the third such snub for the Existing home sales, which make Trump bump euphoria surrounding ers are increasingly falling into one of to challenge the status quo. That means jamin Netanyahu, who benefi ted from Russian leader in 12 months — was the up about 90% of US home sales, tax cuts and deregulation to fears of a three camps in their approach to the something diff erent depending where the US decision to move the American last straw, with Russian government plunged 10.3% from a year ago. Trump slump.” president, according to Stephen Walt, you are.” embassy from Tel Aviv to Jerusalem, offi cials lamenting that the president’s For all of 2018, sales fell 3.1% The president enters the second half a professor of international aff airs at Leaders from all three camps are will be in Davos, as will Italy’s prime aides are playing him as they like. to 5.34mn units, the weakest of his term accompanied by an end-of- Harvard University: following Trump’s present in Davos: those from tradition- minister, Giuseppe Conte, whose “Moscow is ready for more disturb- since 2015. The housing market year meltdown in markets and the In- lead, resistance — however futile — and al US allies such as Canada and Ger- populist coalition government shares ing moves in all possible directions,” has been stymied by higher ternational Monetary Fund’s warning trying to make the most of his policy many who are resisting as far as pos- Trump’s hard line on migration. said Fyodor Lukyanov, head of the mortgage rates as well as land that “escalating trade tensions” are the vagaries. Yet lacking any consensus sible in the hope they can wait Trump Also in town will be new Brazilian Council on Foreign and Defense Poli- and labor shortages, which have biggest risk to global growth. He does against Trump, Walt sees many leaders out; rivals from China and Russia who President Jair Bolsonaro, the leader of cy, a research group which advises the led to tight inventory and more so without restraining infl uences like as engaged in a waiting game to try and thought they could exploit the oppor- Latin America’s largest nation, dubbed Kremlin. “There are no illusions about expensive homes. Defense Secretary James Mattis, whose sit him out. tunities but have found him too er- by some the Latin Trump. From the Trump left.”

CORPORATE RESULTS Halliburton posts flat revenues at $5.94bn as N America lags

an interview on Bloomberg TV, “but by and £251mn. “IG has experienced significant change large this is a stable fee-earning business.” and will continue to do so in the future. Overall, UBS generated $862mn in fourth- Change will be driven by regulation, by shifting quarter pre-tax earnings, missing analyst patterns of wealth and by the continued expectations for $985mn in the consensus development of financial markets around the provided by the bank. world,” chief executive off icer June Felix said in The Zurich-based lender, which manages more a statement. than $2tn of the world’s wealth, posted a 22% The company said it expected revenues dip in fourth-quarter adjusted pre-tax earnings in the full financial year to fall, and added in wealth management as clients reduced risk the “exceptional performance” in previous in their portfolios, traded less and built up their year’s second half was driven by interest in cash positions. cryptocurrencies. The unit saw $7.9bn in net new money “The outlook statement from the new CEO outflows, a closely watched metric of future speaks of adapting and thriving in an evolving earnings. market, but the company is not replacing Chief executive Sergio Ermotti said UBS the revenues it is deriving from its existing should be able to get back to bringing in fresh customers,” Liberum analyst Ben Williams said. money, with the bank reaffirming targets to Online trading platforms have been focusing on grow wealth management’s pre-tax profit at their professional clients as the new regulation the upper end of a 10-15% target over 2019- takes a toll on their retail customer base. 2021. IG said professional clients accounted for about Ermotti said in October he had no doubt the 69% of its revenue from the region regulated by bank could deliver superior and sustainable the European Securities and Markets Authority. shareholder value, regardless of market conditions, but yesterday acknowledged its path EasyJet to hitting its return on capital and cost-income targets for the year had become “steeper”. EasyJet lost £15mn ($19.3mn) in the 36 hours The investment bank also had a torrid quarter of travel chaos sparked by drones flying into with a fall in earnings in its trading, capital London’s Gatwick Airport in December, the markets and advisory businesses. budget airline said yesterday. In equities, usually an area of strength, UBS The British company, the largest operator posted a 13% drop in earnings from a year at Britain’s second biggest airport, said the earlier, bucking the trend seen at US banks last disruption aff ected 82,000 customers and week which largely had a strong quarter for forced the cancellation of more than 400 of its stock market trading. flights in the run up to Christmas. The bank proposed a dividend of 0.70 Swiss That knocked around £5mn off its revenue francs for 2018, up from 0.65 Swiss francs the and cost the airline 10mn pounds to help its prior year, and said it aimed to buy back up to customers. $1bn in shares in 2019. However, the group gave an otherwise upbeat trading update and said 2019 bookings were Shares of oilfield firm Halliburton Co fell sharply lowest level since 2010, trading under $25. of 37 cents per share, according to IBES data IG Group Holdings encouraging despite uncertainty around Brexit, yesterday after the company forecast lower Houston-based Halliburton said revenue from from Refinitiv. striking a more positive tone than rival Ryanair, revenues in key business areas next quarter, North America fell about 2% to $3.3bn from Fourth-quarter revenue was largely flat at Shares of IG Group Holdings Plc fell 12% which issued a profit warning last week. overshadowing a quarterly profit beat and a a year earlier and dropped 11% from the third $5.94bn. yesterday after the online financial trading “We feel that this environment is robust and pledge to reduce 2019 spending. quarter. company reported a slump in first-half earnings solid, and we do well in it,” chief executive Johan Clients in North America, Halliburton’s biggest International revenue rose to $2.6bn from UBS as new regulations made it harder for some Lundgren told reporters. market by revenue, began pulling back on some $2.5bn from a year earlier. clients to use its trading platforms. Gatwick was forced to close its runway in drilling services last year amid transportation It rose 7% from the third quarter. UBS warned of a tough start to 2019, after The mid-cap company has seen customer December when drones flew near the site south bottlenecks in the largest US production region “In North America, the demand for reporting an outflow of funds from its flagship numbers fall after tighter rules in Britain and of London in the most disruptive incursion by and after oil prices slid sharply in the fourth completions services decreased during the wealth management business at the end of last the European Union for products on which unmanned aerial vehicles at any major airport. quarter. fourth quarter, leading to lower pricing for year, sending a shiver through the European previously anyone with a bank card could make It forced the cancellation or diversion of around An oil glut and concerns about a global hydraulic fracturing services,” Miller said in a banking sector. highly-leveraged bets through apps and online 1,000 flights, aff ecting 140,000 passengers over economic slowdown have pushed US crude statement. UBS is the first major European bank to platforms. three days in total. futures down about 30% since October to The number of active hydraulic fracturing fleets report fourth quarter earnings, and shares in Shares in rivals Plus500 Ltd and CMC Markets Analysts at RBC said they had trimmed their around $53 a barrel. in the Permian basin fell to 140 in January, rivals Credit Suisse and Deutsche Bank fell as also fell after IG’s results. profit-before-tax forecast for easyJet by 3% as The company anticipates mid- to high-single versus 192 in June of 2018, a 27% decline, investors fretted over similar news from them IG, which provides online stockbroking and a result of the Gatwick disruption, but retained digit revenue declines in its Completion and according to data from consultancy Primary next month. trading services to retail and other investors, their “outperform” rating as “far worse” earnings Production and its Drilling and Evaluation Vision. UBS’s pivot to focus more on managing money saw a 15% drop in active clients in both the cuts were already priced-in. divisions next quarter. Halliburton’s international business “continues for the world’s rich and less on volatile areas of United Kingdom and the EU. EasyJet said it had enjoyed a good operating Halliburton said it will reduce its 2019 capital to show signs of a steady recovery,” Miller investment banking over the past six years or so Pretax profit fell to £113mn ($146mn) in the six performance with the exception of the Gatwick spending budget by nearly 20% to $1.6bn. added. had made it one of the most stable performers months ended November 30 from £136.2mn a disruption and took a diff erent view of the Further reductions could be made if market The company saw an increase in demand for among large European banks. year earlier, said IG, which was the world’s first market from Ryanair, which warned lower than conditions erode, executives said on the services in Argentina, which help off set some But the fall in earnings shows its private banking spread-betting firm when it started in 1974 with expected winter air fares would hit its full-year company’s fourth quarter earnings call. lower activity in North America. business is not immune to market swings, with just three employees. profit. EasyJet said it expected full-year headline Although Halliburton beat profit expectations, Halliburton said net income attributable to the much of its earnings dependent on clients’ “Since those measures have been introduced, profit before tax broadly in line with current Wall Street analysts questioned chief executive company was $664mn, or 76 cents per share, willingness to invest. we have seen a reduction in the volume of market expectations. off icer Jeff Miller during the call on the lack of for the fourth quarter ended December 31, “Of course in the current environment when trading... We expected that to happen but Total revenue rose by 13.7% to £1.3bn in its fiscal investor returns from the oilfield service sector, compared with a loss of $824mn or 94 cents per you see trading in investment banking that impact has been more significant than first quarter to December 31, after passenger which has struggled to recover from the 2014 share, a year earlier. perform less, you see wealth management we anticipated,” chief financial off icer Paul numbers rose by 15.1% to 21.6mn. downturn in oil prices. Excluding one-time items, the company earned also having its issues with money and net new Mainwaring said of the new regulations. “Second half bookings continue to be ahead of Halliburton’s share price in December fell to its 41 cents per share, beating analysts’ estimates money figures,” chairman Axel Weber said in IG’s net trading revenue tumbled 6.5% to last year,” Lundgren said. Gulf Times 14 Wednesday, January 23, 2019 BUSINESS

EU states warned not to ECB set to ‘hunker down’ as delay no-deal Brexit plans eurozone outlook worsens for fi nance Bloomberg AFP Brussels Frankfurt aced with political chaos nalysts expect the European in London, the European Central Bank to acknowledge FUnion is stepping up its Agrowing risks to the eurozone eff orts to avoid a rupture in fi - economy today while sticking to its nancial markets if the UK leaves patient course, kicking off a year that without an agreement in little could see the Frankfurt institution more than two months. mostly marking time. The European Commission The central bank is caught at an reminded EU fi nance ministers intermediate stage of withdrawing on Monday that preparing for a crisis-era stimulus, having wound up messy divorce is a shared respon- net purchases of government and cor- sibility. The bloc’s executive arm porate bonds — so-called “quantitative has already announced a plan un- easing” (QE) — but seeing the economy der which banks on the continent still too fragile to lift interest rates from will be able to use some fi nancial their historic lows. infrastructure in London even af- Policymakers agreed in December to ter a no-deal Brexit. end QE after pumping a total of €2.6tn “Our fi nancial system is inte- ($3tn) into the fi nancial system. grated so we all need to be sure The scheme aimed to power lending that risks are being addressed to the real economy of businesses and without creating supervisory households, lifting economic growth loopholes,” Valdis Dombrovskis, and boosting infl ation towards the ECB the EU’s commissioner in charge target of just below 2.0%. of fi nancial-services policy, told ECB president Mario Draghi said Bloomberg after the meeting last month that QE had been “the cru- in Brussels. “The private sector cial driver of recovery in the eurozone” needs to step up its preparations, since its introduction in 2015 — while but member states also need to be insisting growth could continue after ready.” its withdrawal and blaming one-off Derivative contracts handled factors for signs of weakening momen- via clearinghouses in London tum. were identifi ed by the commis- Since then, new data “have done lit- sion as one of the biggest risks to tle to stop fears of a more prolonged fi nancial markets arising from a slowdown,” ING Diba bank economist no-deal Brexit. When it adopted Carsten Brzeski said. its decision to allow 12 months of “Confi dence indicators are still access to London Stock Exchange plunging, hard data remains weak and Plc’s LCH Ltd and other clearing- latest Brexit developments suggest that houses last month, it also called new turbulence in both fi nancial mar- on member states “to accelerate kets and the real economy is still on the their work to prepare for all sce- horizon.” narios” for the UK’s departure. Weaker-than-expected economic The ECB headquarters in Frankfurt. The central bank is caught at an intermediate stage of withdrawing crisis-era stimulus, having wound up net purchases of Germany and France are among growth will likely make for slower in- government and corporate bonds, but seeing the economy still too fragile to lift interest rates from their historic lows. countries that have taken national fl ation than the 1.6% the ECB fore- steps to make sure that fi nancial casts for this year — an argument for If the ECB does draw out the wait for the eurozone economy was falling eurozone’s monthly purchasing man- faster. “The governing council’s ‘con- contracts concluded with fi rms in the central bank to keep interest rates higher interest rates much beyond the short of expectations. agers’ index (PMI) survey should show fi dence’ that infl ation will converge the UK can be serviced even if the low beyond the current horizon of summer, Draghi could end his term in The single currency bloc is beset not whether December’s signs of slow- with the target... increasingly looks like UK leaves without a deal on March “through the summer of 2019”. October as the only president never to only by Brexit but also growing trade down have bedded in. wishful thinking,” said Capital Eco- 29. London’s fi nancial industry is “Markets are already looking fur- raise them. protectionism, fragile emerging mar- Governors will however likely brush nomics analyst Andrew Kenningham. meanwhile shifting operations to ther” into the future for the next rate Such records will be far from the kets and domestic upsets like France’s off a drop-off in headline infl ation, Rather than talking rate hikes, poli- the rest of the EU to make sure it hike, Bank of America Merrill Lynch Italian economist’s mind this week, “yellow vests” protests. from 1.9% in November to 1.6% last cymakers “may soon have to dust off can continue to do business with economist Gilles Moec said. Brzeski said. That gloomier assessment could be month, as it was mostly caused by low- past language hinting at further policy clients there. “To create a shock (on markets) you For now, the “right strategy” for the refl ected in the governing council’s er energy prices. loosening,” he added. would have to give a still further time ECB is “being a cool dude who is on conclusions this week if they iden- Ruling out such volatile elements, Today, that could mean hints that horizon” sometime in 2020, he added high alert rather than panicking into tify economic risks “tilted towards the “core” infl ation has stagnated at the ECB is studying a new wave of low- — an extension likely to be resisted by impulsive action,” he added. downside” rather than “broadly bal- around 1.0%, defying ECB predictions interest loans to keep banks supplied Thomas Cook “hawks” on the ECB’s governing coun- Draghi acknowledged to European anced” as last month. that rising levels of employment and with cash, followed by a concrete deci- cil. Parliament lawmakers last week that Ahead of the ECB meeting today, the wages should nudge prices upwards sion in the spring. and Fosun to open two more hotels in China

Businessman sues Deutsche Bank for $12.5bn over lost lawsuit Bloomberg London

Bloomberg “This is another example of an attempt to exploit of some real estate. The suit alleges that Deutsche a mortgage registered on it. Sabet’s tactics echo Berlin and damage the reputation of our bank using Bank, in collusion with Hauck & Aufhaeuser, the litigation war the late businessman Leo Thomas Cook Group Plc will unfair methods,” Deutsche Bank spokesman Tim downplayed the value of two pieces of property Kirch waged against Deutsche Bank over the build two new hotels in China Oliver Ambrosius said. “Linking a claim for billions that Sabet’s company had granted the lender as insolvency of his media business. Kirch’s case with its joint venture partner Deutsche Bank AG was sued for €11bn ($12.5bn) of euros to our name may grab attention, but collateral. endured for more than a decade and Deutsche Fosun International Ltd, includ- by a Stuttgart businessman in an eff ort to revive a it is definitely not a way to make money at our Sabet alleges that the banks kept the collateral for Bank eventually settled it for about €1bn. ing the first Asian branch of its lost legal dispute related to a bankruptcy. expense.” too long and thus caused the bankruptcy. Allegations that bank managers lied in court own Casa Cook brand. The new suit, which ranks among the largest Sabet had unsuccessfully sued Deutsche Bank Hauck & Aufhaeuser spokeswoman Sandra were picked up by prosecutors. This helped The hotels, one in Lijiang in ever in Germany, was filed in Frankfurt by Hafez in 2009 over the bankruptcy of his company Freimuth declined to comment. Kirch to get information for his case and put southwestern China, and the Sabet and also targets Hauck & Aufhaeuser M Sabet & Sons. At the time, it was the world’s The site was once targeted by a Donald Trump pressure on the bank to settle. The managers other in Taicang, near Shanghai, Privatbankiers AG. The case claims the two banks largest dealer of oriental carpets and operated joint venture for one of three German “Trump were later acquitted. will be built by Fosun and man- manipulated a property transaction in 2013 and an engine development institute, Tilp said. In that Towers.” Tilp is one of the best-known German plaintiffs’ aged by Thomas Cook China, colluded against Sabet, allowing Deutsche Bank to case, Sabet sought €5.9bn, claiming Deutsche The project was dropped and a dispute lawyers. He’s representing investors in lawsuits and will open in late 2020, the win dismissal of a suit in his hometown, according Bank caused the insolvency. The suit was among Trump and his German partners led to seeking billions from Volkswagen AG over the companies said in a statement. to a statement by Sabet’s lawyer, Andreas Tilp. dismissed by Germany’s top civil court in 2015. litigation in the US. The Sabet suit alleges the diesel-scandal and in a separate suit against Thomas Cook now has four Deutsche Bank called the allegations “completely Last year, Sabet filed a criminal complaint that joint venture couldn’t acquire the property Porsche SE over its failed 2008 takeover bid for own-brand hotels being built unfounded” and the amount sought “absurd.” said the bank lied in that lawsuit about the value because Deutsche Bank didn’t agree to release Volkswagen. in China.

TomTom at crossroads after $1bn sale of Telematics unit

CEO says TomTom plans to remain questions over the company’s future re- supported by “anchor” customers such as independent; analysts say TomTom turned to the fore. TomTom, which is debt- Apple, he said. needs strategy to counter Google, free, will return €750mn of the Telemat- “More and more developers are using our HERE; company debt-free, retaining ics proceeds to shareholders via a capital (maps) to location-enable their applica- €160mn for investments repayment and keep 160mn euros to fund tions and I think that’s a positive sign,” he further development of its mapping and said. He said that the company also still ex- Reuters navigation technology, which is used in Ap- pects automotive revenue to grow, despite Amsterdam ple maps, among others. Google’s inroads. “I expect it to rise, abso- At the price announced on Tuesday, lutely,” he said. Telematics accounts for almost half of TomTom will update the market on its omTom will remain independent and TomTom’s €1.89bn market capitalisation. revenue outlook when the company reports grow its core digital maps business, TomTom’s remaining business is now fourth quarter earnings February 6. Tits CEO said on Tuesday after the implicitly valued at 4 times ING’s esti- A key reason cited previously by TomTom company agreed to sell its fl eet manage- mates for its 2019 earnings before inter- for Google’s contract wins was drivers’ de- ment business to Japan’s Bridgestone for est, taxes, depreciation and amortisation, sire to use a familiar, easy interface in their €910mn ($1bn). or EBITDA, “which we fi nd attractive de- cars that is similar to the ones they are fa- Amsterdam-based TomTom faces a spite the longer-term uncertainty for this miliar with from their cell phones. turning point after Google broke into business,” analyst Marc Hesselink said But Goddijn said that car companies are the market to supply maps to car makers in a note, repeating a “Buy” rating on the “not prepared to surrender and roll over”, last year, striking deals with Renault and shares. allowing Google to “own the dashboard” Volvo and upsetting a duopoly between “We believe that management will need and relegate car makers to a low-margin TomTom and its traditional larger rival to decide on what is the position of Tom- manufacturing role. HERE. Tom for the rump business as it is compet- However “if we (the car industry) keep “On the one hand (Google’s entry) is ing with much larger companies, Google developing software the way we used to, it’s scary, but on the other hand it really focuses and HERE, in an uncertain, quickly devel- going to end in tears,” he said. the mind,” said Harold Goddijn, TomTom’s oping... environment towards increasing He urged car makers to adopt faster soft- founder and CEO, in an interview with Reu- levels of automated driving,” Hesselink ware development techniques and use data ters. said. to improve their dashboard interfaces. The Telematics sale price was slightly Goddijn does not fl atly rule out a takeo- Barclays acted as exclusive fi nancial ad- higher than analysts had estimated when ver of TomTom but said the company plans visor to TomTom on the Telematics sale, TomTom announced plans to sell it in to remain independent. with Lazard acting as independent advisor The TomTom logo sits on the exterior of TomTom’s headquarters in Amsterdam. TomTom faces a turning point September, but TomTom shares slid 6.5% TomTom’s long-term profi tability is en- to the supervisory board. after Google broke into the market to supply maps to car makers last year, striking deals with Renault and to €7.53 after the deal was announced, as sured by its licensing revenues, which are Morgan Stanley advised Bridgestone. Volvo and upsetting a duopoly between TomTom and its traditional larger rival HERE. Wednesday, January 23, 2019 GULF TIMES ISLAMIC FINANCE 15

EDUCATION/FAQ on Murabaha

Is it permissible to sell air tickets goods under Murabaha, provided that It is impermissible to link profit to time. disclosing its cost and adding a profit Instead, the bank may choose to The liability of the bank as regards under a Murabaha contract? both parties to the contract agree Profit is part of the Murabaha price and margin mutually agreed upon by both sell the goods to another buyer, and goods to be sold under a Murabaha It is permissible to sell air tickets upon the terms and the contract is cannot be separated over time. It is parties. A Murabaha is not valid for recover from the promising buyer any contract ends once the goods are under a Murabaha contract. It is best, lawful in the Shariah. permissible to take into consideration goods that have neither been bought expenses and depreciation in value of delivered to the client. In case of however, to seek a Shariah opinion the time a particular client takes to nor received by the seller nor are in his goods caused by his default. imported goods, the bank’s liability on the specific contract before its What’s the typical way of financing make payment for future dealings with possession. ends once the goods arrive at the port execution. using Murabaha? that client. How is the profit in a Murabaha and the client receives the shipping A client approaches a bank to enter Is it permissible to include diff erent from the interest on a documents. Is it necessary for the seller in into a Murabaha agreement to A client approaches a bank and insurance expenses to the cost conventional loan? a Murabaha contract to have purchase an asset. The bank agrees requests it to finance under a of goods being sold under a The main diff erence between the Some people declare Murabaha to personally seen or received the and promises to sell the asset at its Murabaha contract goods bought Murabaha? profit on a Murabaha, paid back in be invalid based on the opinion that goods, or have them stored at a list price and an additional profit. by the client itself. The bank It is permissible to include insurance instalments along with the cost, and it is a sale of unpossessed items. location other than the site of sale? The buyer in turn promises to make should pay the price of goods expenses to the cost of goods being interest on a conventional loan paid What is the correct opinion? It is a necessary condition that instalment payments. The bank according to the invoice submitted sold under a Murabaha. However, the back in instalments along with the A Murabaha is not a sale of an the seller has legally enforceable purchases the asset from a vendor and by the client and charge the same insurance expense is not considered principal, is that in a cash-for-cash unpossessed item because the possession of the goods, even if it is then sells the asset with the agreed to the client along with a profit when calculating profit. transaction, there is no asset involved. contract of sale with the buyer is only constructive possession. profit in instalments (or lump-sum in margin. Is such a transaction Involving an asset may appear merely concluded once the actual possession future). permissible? Is it permissible to impose a academic, but there are less obvious and ownership has been transferred to Is it permissible to sell goods under The described transaction is not a penalty on the promising buyer if benefits. the buyer. a Murabaha that were damaged in Is it permissible to make the profit valid Murabaha transaction and, he defaults in purchasing the goods transit, considering such damage is on Murabaha contracts contingent furthermore, is unlawful in the Shariah. he ordered? At what stage does the liability of disclosed to the promising buyer? upon the time the customer takes A Murabaha entails selling a particular Such a penalty is not permissible as the bank as regards goods to be sold Source: Ethica Institute of Islamic It is permissible to sell all permissible to make payment? commodity that the seller owns, it falls within the definition of riba. under a Murabaha contract end? Finance via Bloomberg

US aid group to help Islamic trade fi nance develop Islamic microfinance still ‘under-addressed in Ethiopia

US-based aid agency Mercy Corps has appointed consultancy IFAAS to help launch an Islamic microfinance business in Ethiopia, aiming to off er interest-free products to local communities, the firms said last month, opportunity’: Report according to Reuters. Mercy Corps, one of the largest humanitarian By Arno Maierbrugger organisations delivering aid to conflict zones Gulf Times Correspondent including Syria, hopes Islamic finance can Bangkok support financial inclusion eff orts in the landlocked country. The appointment follows a study conducted mong the core opportunities by IFAAS to assess the financial landscape in seen for the Islamic fi nance Ethiopia, a country where around a third of Aindustry in the near future, the population of 100mn is Muslim. there remains one segment that “The study carried out by IFAAS into interest- repeatedly appears in studies and free finance in Ethiopia is instrumental to our forecasts: Islamic trade fi nance. financial inclusion work in the country,” said A new analysis, the “State of the Josh Ling, director of Financial Inclusion at Global Islamic Economy Report Mercy Corps. 2018/19,” the latest edition of the Mercy Corps work in the project is partly- annual working paper on the Islamic funded by Britain’s Department for economy produced by Thomson International Development. Reuters and US-based research fi rm IFAAS would assist a local microfinance firm DinarStandard, lists Islamic trade to establish a separate unit known as an fi nance once more as one of the Islamic window, which would follow religious “under-addressed opportunities” guidelines such as a ban on gambling and in the industry. Given that global outright speculation. trade is a $12.3tn-industry, the re- Islamic banking has been steadily growing port suggests that there was a “huge in several parts of the world, particularly the potential” for a variety of trade fi - Gulf and Southeast Asia. nancing options which go beyond But Shariah-compliant versions of currently used Islamic trade fi nance microcredit, the provision of very small loans structures mainly based on mura- to low-income borrowers who lack collateral baha (sales contract), ijarah (leasing Cranes and shipping containers stand at the Port of Haydarpasa, also known as Haidar Pasha, on the Bosporus waterway, in Istanbul (file). Total trade volume and a credit history, have been slow to agreement), diminishing mushar- within the OIC and its 57 members alone has been put at $700bn as per 2017, with $1.8tn in imports into and across the OIC, highlighting “substantial rooms develop. akah (joint ownership) and wakalah for growth” and opportunities for Islamic finance institutions. (agency contract). As of last year, Islamic trade fi - and other assets can be utilised for lamic trade fi nance to a much larger Islamic fi nancial institutions and smart contracts simply because it’s nance had an estimated global vol- trade. This includes Shariah-com- extent, the researchers suggest that banks should collaborate with large currently a fairly slow paper-based Credit by Islamic banks ume of around $186bn, according pliant structures for letters of cred- governments, multinationals and multinationals to expand the us- process. It often has multiple inter- soars 190% in Pakistan to fi gures released by the Interna- it, trust receipts and bills, shipping public entities in the OIC member age and marketing of Islamic trade mediaries and quite a big time lag tional Islamic Trade Finance Corp, guarantees, working capital fi nanc- states get involved and jointly de- fi nance products, and central banks between events,” says Fadi Yazbeck, Islamic banks accelerated their credit to private an industry body within the Islamic ing and export credit fi nancing. velop documentation standards re- should get involved to enhance the product manager at Swiss banking sector in Pakistan as it grew by almost three Development Bank Group. However, Forex transactions may be taken lated to Islamic trade fi nance (which range of Islamic trade fi nance prod- software company Temenos, which times during 1HFY19 over same period last year, total trade volume within the Or- on by several Islamic banks on the ucts and back cross-border deals has developed a special Islamic according to Internews. ganisation of Islamic Cooperation spot or through contracts or cur- with the overall goal of increasing trade fi nance solution called ”Te- The State Bank of Pakistan’s (SBP) latest (OIC) and its 57 members alone has rency arbitrage while sticking to the trade and building up trade capabili- menos IslamicSuite.” report shows the credit to private sector by been put at $700bn as per 2017, with principle of profi t-loss sharing. Gulf Times ties between OIC member countries Smart contracts would be capable Islamic banks rose to Rs77.086bn during $1.8tn in imports into and across However, the Thomson Reuters and beyond, as well as make Islamic of automating the entire contrac- July-December FY19, surging by 190%, as the OIC, highlighting “substantial report remarks that there were still Exclusive trade fi nance tools competitive to tual process for Islamic institutions against Rs26.56bn in corresponding half of rooms for growth” and opportuni- limited structures used in Islamic conventional instruments. and corporations and integrating last year. ties for Islamic fi nance institutions. trade fi nance products and that The fact that Islamic finance tradi- complex administrative and legal Meanwhile, overall credit to private sector by There have been developments the industry has an overreliance on could involve digital technologies tionally has lacked in technology and au- aspects, while they – by facilitating all banks during the period jumped by 65% to in the industry to agree on aligned Shariah-compliant trade contracts. such as blockchain to reduce costs tomation is in particular focus. Experts blockchain technology – were also Rs503.7bn. The higher participation of Islamic trade fi nance standards and create There was also a lack of standard of and accelerate Shariah-compli- suggest a much broader facilitation of easy to verify, unalterable and secure banks indicates the rising share of Islamic more products to increase the range documentation for Islamic trade fi - ant trade deals), all based on a clear smart contracts based on blockchain. and allow for visibility of trade deals financing in the country which currently stands of tools and instruments which reg- nance deals, the report says. understanding of the market oppor- “Trade fi nance is often the area and easy tracking of transactions, at 13%. ulate how cash, credit, investments To tap the opportunities in Is- tunity and participant needs. that off ers an obvious benefi t from Yazbeck suggests. Study sees safe haven in Islamic equities in crises

Bloomberg mean assets might be slow to for Islamic stocks as a haven dur- Tokyo respond to the eff ect of a down- ing crisis periods. turn, they indicated. During the fi nancial crisis, “The interplay of these three Islamic shares acted as a strong nvestor interest in Islamic forces can allow Islamic indi- haven in particular for investors fi nance is growing and the ces to behave diff erently from in the MSCI Europe Index, MSCI Iglobal Islamic banking and conventional ones, especially Asia Pacifi c Index and French, fi nance industry had more than during a fi nancial crisis, making Hong Kong and US markets they $2tn in assets at the end of 2017, them a good hedge,” the authors said. according to the Islamic Finan- wrote. “We suggest that during The Dow Jones Islamic Index cial Services Board. major economic and fi nancial didn’t off er much shelter back in And investors looking for a crises, investors could use Is- the crisis year of 2008, when it safe haven in turbulent fi nancial lamic stocks to diversify their tumbled 39%, against the 44% markets should consider Islamic risks.” slump in the MSCI AC World equities, according to a recent The study defi ned Shariah- Index. Last year, its decline of study. compliant indexes as excluding about 3% was about half the loss Restrictions on debt and the fi rms involved in non-Islamic of the global benchmark. diverse investment goals for fi nance, gambling, tobacco and “In a nutshell, companies rep- Shariah-conscious shareholders entertainment, as well as those resented in the Islamic equity could help provide a shelter in a with debt-to-market value ra- index are typically smaller, low- time of crisis, academics includ- tios above 33%. levered, not part of the fi nancial ing Sohel Azad of Melbourne’s The authors analysed the per- industry, mainly listed in the US Deakin Business School wrote in formance of the Dow Jones Is- and obey religious constraints,” the November issue of the Jour- lamic Index relative to a number the academics wrote. “We argue nal of International Financial of developed and emerging- that these diff erentiating fea- Markets, Institutions and Mon- market equity benchmarks over tures can have an impact on the ey. There are also diff erences in a 15-year period from 2000. The index performance in times of A trader works on the floor of the New York Stock Exchange last week. Investors looking for a safe haven in turbulent financial markets Islamic market structure that authors found “strong support” crisis.” should consider Islamic equities, according to a recent study. Wednesday, January 23, 2019 GULF TIMES BUSINESS QEWC, Siemens to explore opportunities for training Qatari national engineers

Qatar Electricity and Water in support of Siemens supplied and economic development.” Company (QEWC) and Siemens technology at QEWC facilities, Siemens has been working in will work together to explore including gas turbines, steam Qatar since the 1960s and con- opportunities for the training turbines, generators, ancillaries tinues to be a key contributor to of Qatari national engineers as and controls. the country’s energy, mobility part of eff orts to support the Through these initiatives, and city infrastructure. The development of local engineer- QEWC engineers have the op- company has recently handed ing talent. portunity to advance their skills over operations of the 2.5 giga- They will also together further and knowledge where they will watt (GW) Umm Al Houl Com- knowledge transfer and be working alongside with local bined Cycle Power Plant, which enhance the maintenance and international professionals, will deliver almost a quarter and operational eff iciency of across various segments of the of the nation’s installed power Qicca board member for International Relations Sheikh Dr Thani QEWC’s power plant assets and power sector, al-Mohannadi generating capacity, and ensure bin Ali al-Thani and RICS regional director Robert Jackson shaking the IPPs (independent power said. adequate power and water hands after signing the agreement. producers). “This MoU further strengthens supply for seasonal fluctuations A memorandum of understand- our long-standing relation- and major events. ing (MoU) was signed yesterday ship with QEWC, ensuring Siemens is also building 35 by QEWC managing director their power assets continue to turnkey substations as part of Fahad bin Hamad al-Mohannadi operate reliably and eff iciently,” the nation’s plan to expand and and Siemens Qatar chief execu- Wood said, adding “we believe strengthen its power network, Qicca, RICS sign tive Adrian Wood. strongly that knowledge transfer under Phase 13 of the Qatar As per the MoU, the two organi- through education and training Power Transmission System sations agreed to collaborate is an important part of social Expansion project. QEWC enters into pact with Siemens to nurture local engineering talent. MoU on ‘confl ict avoidance service’

he Qatar Chamber-head- result in disputes and impact quartered Qatar Inter- on the project schedule and Tnational Centre for Con- hinder its progress. ciliation and Arbitration (Qicca) Shahbik said the seminar and the UK-based Royal Insti- sheds light on the practical as- Qatar Airways Cargo tution of Chartered Surveyors pects of confl ict avoidance “in (RICS) signed a memorandum light of the great renaissance of understanding (MoU) yester- witnessed by the State of Qa- day to launch a “confl ict avoid- tar” in the fi elds of construc- ance service” at Qicca. tion through a package of pilot The MoU also aims to enhance projects, “which ensures the co-operation in the fi eld of train- progress of the country to take commences freighter ing, exchange of experiences and the lead in many areas.” expertise, organisation of joint Jackson, on the other hand, events and seminars, and related reviewed the mechanisms to research and studies. avoid disputes in construction The agreement was signed projects and the fundamental by Qicca board member for standards that have an impact on International Relations Sheikh the construction and real estate Dr Thani bin Ali al-Thani and sectors. He said the value of con- operations to Almaty RICS regional director Rob- struction disputes in the Middle ert Jackson on the sidelines of East exceeded $56mn in 2018. The freighter service to ing in Almaty on the same day. Customers globally are offered Airways Cargo also transports management system across its a joint seminar held at Qatar According to RICS, the in- the Kazakh city is Qatar On the return, the freighters ar- a direct connection for imports freight on the belly-hold of pas- network that greatly benefi ts Chamber to highlight ways to dustry as a whole needs to move Airways Cargo’s second new rive into Doha via Hong Kong. into Almaty from our hub in senger fl ights operating to more postal mail and e-commerce avoid disputes in the construc- towards a more collaborative destination so far this year Qatar Airways chief offi cer Doha and can count on us for than 50 destinations on the con- customers. tion industry. delivery model and believes that (Cargo) Guillaume Halleux said, efficient and world-class serv- tinent. The cargo carrier’s com- The carrier added belly-hold Qicca assistant secretary- the usage of Dispute Avoidance atar Airways Cargo has “2018 was a great year for us ice for their air freight require- bined weekly cargo capacity to cargo capacity to several key general Ibrahim Shahbik said Services (DAS) will help the commenced freighter and we are excited to launch our ments.” and from Europe is more than destinations in its network and the seminar addresses mecha- market tackle various issues. Qoperations to Almaty second freighter destination Almaty is a key fi nancial cen- 15,000 tonnes each way. also received two brand new nisms of disputes settlement An early intervention strategy in Kazakhstan, its second new in 2019, just 10 days after the tre and the largest metropolis in Qatar Airways Cargo volumes Boeing 777 freighters in 2018 as in construction projects, which to avoid and control disputes destination so far this year, of- launch of freighter services to Kazakhstan. Major imports into increased 10% year-on-year part of its expansion strategy. require all parties to exert com- in construction projects before fering more than 200 tonnes of Guadalajara, Mexico. Almaty include general cargo, in 2018. The carrier’s products Qatar Airways Cargo recently bined eff orts to implement they escalate to arbitration or capacity each week to the Ka- “The new addition further fashion and high-tech products. have also performed exception- launched freighters to Guadala- projects immediately. He noted litigation, DAS encourages a zakh city. strengthens our global freight- With the latest addition of Al- ally well with positive tonnage jara, Mexico on its transpacifi c that the lack of co-ordination culture of cooperation between The twice-weekly Boeing er network while expanding maty, the cargo carrier’s freight- growth and several enhance- route, off ering customers in Asia among parties concerned could parties, RICS added. 777 freighters depart Doha on our footprint in Europe, which er network in Europe has in- ments introduced, such as the direct connection and capacity Thursdays and Sundays, arriv- is a key market for air freight. creased to 16 destinations. Qatar roll out of the automated mail to North America. N-Kom receives first FSRU for repairs

Nakilat-Keppel Off shore and the past months, it has enjoyed a Marine (N-Kom) has recently fruitful working relationship with received its first floating storage Nakilat and this is today strength- regasification unit (FSRU) for the ened by the award of the FSRU repairs at the Erhama Bin Jaber Al repair project to their world-class Jalahma Shipyard. shipyard, prior to its deployment in The FSRU owned by Exceler- Bangladesh. ate Energy (US) will undergo Earlier last week, Nakilat’s FSRU dry-docking, maintenance and ‘Exquisite’ achieved a milestone upgrades at the facility, which accomplishment by completing is renowned for its expertise in the 200 the ship-to-ship transfer of handling gas carriers. During LNG at the Engro Elengy terminal its dry-docking, the FSRU will (EETL) in Pakistan’s Port Qasim. undergo several modifications Nakilat acquired a 55% interest and retrofitting of new systems, in- in its first FSRU ‘Exquisite’ back cluding the installation of a ballast in 2018, after forming a joint water treatment system (BWTS). venture agreement with Exceler- To date, N-Kom has completed six ate Energy-USA. This strategic such BWTS installations for vari- acquisition paved the way for ous types of liquefied natural gas Nakilat to widen its international (LNG) and liquefied petroleum footprint and take its first step gas vessels as well as very large into a new business segment. crude carriers (VLCCs). Ship-to-ship transfer operations “This goes to show the remarkable occur in the open ocean, in a progress the shipyard has made protected body of water at a loca- since it first began operations in tion between the LNG load port 2011 to where it is today – a centre and the market delivery point, of excellence for marine repairs or at a dockside LNG receiving and off shore fabrication that has terminal. It involves the transfer safely and reliably delivered more of cargo from one vessel to an- than 880 projects to clients world- other moored alongside it. In this wide,” according to Nakilat chief instance, LNG vessels are moored executive Abdullah al-Sulaiti. alongside the FSRU and transfer Excelerate Energy’s managing their cargo to the latter, which director Steven Kobos said over acts as a regasification terminal. Qatar Airways Cargo is off ering more than 200 tonnes of capacity a week to Almaty.

Bearish spell continues on QSE, dragged by local retail investors, domestic funds

By Santhosh V Perumal Market capitalisation shed QR77mn consumer goods (0.72%), industrials also grew infl uentially to QR15.65mn 7.97mn shares, while value fell 12% to ume shot up 16% to 1.09mn equities, Business Reporter or 0.13% to QR614.13bn mainly owing (0.39%), telecom (0.29%) and banks against QR7.48mn on January 21. QR222.62mn and transactions by 16% whereas value shed 17% to QR19.85mn to small and microcap segments. and fi nancial services (0.15%); whereas However, non-Qatari institutions’ to 4,781. and transactions by 25% to 543. Islamic equities were seen declin- insurance and real estate gained 0.8% net buying shot up considerably to The insurance sector’s trade vol- However, the banks and fi nancial he Qatar Stock Exchange yester- ing faster the other indices on the and 0.41% respectively. QR78.23mn compared to QR63.28mn ume more than tripled to 0.58mn eq- services sector saw 28% plunge in trade day continued its bearish spell market, where the Gulf funds con- About 55% of the traded constitu- on Monday. uities and value more than doubled to volume to 2.85mn stocks, 19% in value Tfor the third consecutive day tinued to be bearish but with lesser ents were in the red with major losers The Gulf individual investors turned QR12.43mn on 19% jump in deals to to QR113.12mn and 29% in deals to to settle below 10,700 levels, mainly vigour. being Nakilat, Milaha, Qatari German net buyers to the tune of QR0.16mn 235. 1,306. dragged by local retail investors and Trade turnover shrank amidst higher Company for Medical Devices, Medi- against net sellers of QR0.1mn the pre- The market witnessed 51% surge in The transport sector’s trade volume domestic funds. volumes in the bourse, where banking care Group, Aamal Company, Masraf vious day. the industrials sector’s trade volume plummeted 19% to 0.39mn shares, Transport, consumer goods and in- and industrials sectors together ac- Al Rayan and Qatar Oman Invest- Non-Qatari individuals were also net to 2.73mn stocks and 8% in value to value by 48% to QR8.4mn and transac- dustrials sectors witnessed higher than counted for more than 70% of the total ment; even as Ahlibank Qatar, Salam buyers to the extent of QR0.16mn com- QR52.57mn but on 3% fall in in transac- tions by 39% to 251. average selling pressure as the 20-stock volume. International Investment and Al Kha- pared with net sellers of QR4.83mn on tions to 1,826. There was 7% shrinkage in the tel- Qatar Index settled 0.33% lower at The Total Return Index declined leej Takaful were among the prime January 21. The consumer goods sector report- ecom sector’s trade volume to 0.14mn 10,687.28 points. 0.33% to 18,829.8 points, Al Rayan gainers. The Gulf institutions’ net prof- ed 19% expansion in trade volume to equities but on 23% growth in value However, foreign institutions were Islamic Index (Price) by 0.49% to Local individuals’ net selling de- it booking weakened noticeably to 0.19mn shares but on 22% decline in to QR5.94mn and 10% in deals to 266. increasingly bullish on the market, 2,506.02 points and All Share Index by clined signifi cantly to QR57.3mn com- QR5.59mn against QR13.75mn on Mon- value to QR10.33mn and 2% in deals to In the debt market, there was no whose sensitive index is up 3.77% year- 0.16% to 3,224.85 points. pared to QR37.15mn the previous day. day. 354. trading of treasury bills and sovereign to-date. The transport index tanked 1.18%, Domestic institutions’ net selling Total trade volume rose 4% to The real estate sector’s trade vol- bonds.