UDC posts QR484mn Q3 profit - Gulf Times

Wednesday, October 26, 2016Muharram 25, 1438 AH

BUSINESSGULF TIMES

Korea GDP hit by Samsung, Hyundai woes

Robo adviser enters Islamic fi nance stage

Q3 SETBACKS | 3GT EXCLUSIVE | Page 4

UDC posts QR484mn Q3 profi tUnited Development Company (UDC)

has posted a third-quarter net profi t of QR484mn, while its revenues amount-

ed to QR1.3bn, up 7% on the same period last year.

The results were announced by UDC chair-man Turki Mohamed Khalid al-Khater here yesterday.

Net profi t attributable to owners of the company stood at QR452mn, while earnings per share amounted to QR1.28, and this was achieved despite the overall challenges aff ect-ing the real estate market.

On the company’s fi nancial results, al-Khater said, “Sustainable performance was maintained over the past three months, as the company’s net profi t increased by 37% from that achieved at the end of the second quarter of 2016. The third-quarter results refl ect the company’s ambition for growth in diff erent segments, and most notably The Pearl-Qatar, where our continued focus on project delivery of premium residential and outstanding com-mercial units enables the company to be well positioned as leader in the real estate develop-ment sector.

“Our commitment is to work hard and de-ploy appropriate strategies to ensure continuity of focus on providing added value to our share-

holders, and to achieve satisfactory returns for them, where percentage of return on equity reached to 4% as of September 30. In doing so, we continue to grow and achieve our strategic objectives set, and focus in improving our ac-tivities. We have our eyes equally set on new and innovative business ideas and opportuni-ties in order to enhance the synergies with our operating companies.”

UDC president and chief executive offi cer Ibrahim Jassim al-Othman said, “The stable fi nancial results exhibited in the third quarter of 2016 are a result of our continuous commit-ment to provide an added value to our share-holders and customers while concentrating on our core business. The reported results for the nine months’ period ending on September 30, were more than those budgeted.”

Al-Othman also said that during the third quarter, UDC signed a sale and purchase agree-ment for the sale of a residential tower plot in Viva Bahriya precinct. The company has been working on generating continuous revenue from its core operation as this is demonstrated in the remarkable growth in the core sources of income. The growth in the volume of residen-tial units leased in the fi rst nine months of 2016 increased by 2% compared to the same period last year.

Meanwhile, retail leasing volume has re-corded an 11% increase in the fi rst nine months of this year compared to 2015 fi gures. Residen-tial sales volumes have also seen a rise of 81% in the period ending September 30 compared to the same period last year. “UDC will soon start construction works on the main build-ing of our newest development Al Mutahidah Towers, located in Viva Bahriya in addition to the construction of villas in Girdano area along with infrastructure works for the same area,” al-Othman said.

He said, “While focusing to increase revenue streams in Q4, our primary focus will be to populate Qanat Quartier’s up and coming retail area, with an eclectic yet selective mix of retail-ers besides other vital facilities.”

Throughout its 17 years of activity, UDC has played a key role in the development of Qatar through creation of successful partnerships and urban development projects, namely the fl agship man-made Island, The Pearl-Qatar, one of the largest mixed-use urban develop-ments in Qatar as well as the Gulf.

Other companies under UDC’s umbrella include Hospitality Development Company, Ronautica Middle East, Madinainova, United Technology Solutions and The Pearl Owners Corporation.

Qatar Steel rolling mill production set to scale up with Siemens IDSA new Siemens Integrated Drive

System (IDS) at Qatar Steel’s rolling mill will raise annual

output by up to 3.7% and is expected to reduce troubleshooting time by up to 20%.

The IDS, installed for the fi rst time in the Middle East, is a “unique technol-ogy” from Siemens, which allows the entire drive system in a manufacturing chain to be seamlessly integrated.

The system will increase Qatar Steel’s annual production by up to 3.7%, Siemens said.

Qatar Steel’s managing director and general manager Ali bin Has-san al-Muraikhi said,”Boosting our output and reducing the mainte-nance and troubleshooting time are becoming increasingly important for us to improve our manufacturing operations. We are pleased to be the fi rst company in the Middle East to implement this innovative Siemens technology.

“Through using an integrated drive system to streamline our rolling mills operations, we look forward to im-proving our performance and realis-ing the required effi ciency, in terms of operations and productivity,” al- Muraikhi said.

“This is a landmark installation for the Middle East’s manufacturing sector. An IDS is capable of signifi -cantly transforming the productiv-ity of manufacturing facilities, and we are proud that Qatar Steel is the fi rst company in the Middle East to use this technology,” said Bernhard Niessing, senior executive vice presi-dent (Process Industries and Drives) at Siemens Middle East.

“As Qatar’s economy diversifi es, the effi ciency and reliability of its manufacturing sector is of increased importance. Innovative technology such as the IDS is a key contribution to ensuring our customers in the re-gion are getting the most out of their facilities, and operating at their most competitive.”

The productivity gains are mainly due to a marked reduction in main-tenance shutdown time and com-plexity, as the IDS allows for fl exible maintenance cycles.

A reduction in troubleshooting time by up to 20% also means that potential problems are diagnosed faster, and major maintenance cycles can be better planned for. Moreover, the plant-wide standardisation of Siemens machinery means that there is less downtime as parts are readily available. All these factors will lead

to a faster time to market for Qatar Steel. Siemens IDS are the “world‘s fi rst true one-stop solution” for en-tire drive trains. They enable no-ticeably shorter time to market and shorter time to profi t.

Integrating seamlessly in any drive train, any automation environment, and even in the entire lifecycle, Sie-mens IDS turn common drive com-ponents into drive systems and make assets become drivers of success. The result is less wear on machinery, eas-ier diagnosis of potential errors and a more fl exible approach to mainte-nance. Additionally, spare parts are available from a single source.

Formed in 1974 as the fi rst inte-grated steel plant in the Gulf region, Qatar Steel began commercial pro-duction in 1978 and is now widely recognised as a leader in the steel in-dustry – locally and regionally.

REMARKABLE INCREASE: Page 16

Gulf FDIs reach $431bn in 2015, says Goic offi cial

Opec output cut may hasten oil market rebalance, says IEAThe oversupplied oil market will be

rebalanced earlier than expected if

major crude producers implement a

deal to cap output when they meet next

month, the International Energy Agency

chief said yesterday.

Under current conditions, the IEA ex-

pects global output to exceed demand

until the second half of 2017, Fatih Birol

told journalists on the sidelines of an

energy conference in Singapore.

“But we know that the producers are

thinking of intervening in the markets.

The Opec and non-Opec producers, if

they intervene in the markets, this rebal-

ance can be earlier than the second half

of 2017,” he said. In a surprise move, Opec

(Organisation of the Petroleum Exporting

Countries) members led by Saudi Arabia

last month agreed on a deal to trim pro-

duction, sending crude prices surging.

The Opec deal, which aims to stabilise

prices, is the first to limit production

since 2008 but details will only be

determined during the group’s meeting

on November 30 in Vienna.

Iran was exempted from the cuts as it

is still ramping up production depleted

by years of crippling Western economic

sanctions lifted only in January.

Production has outpaced demand over

the past two years, with the resulting

supply glut hammering prices from

highs of more than $100 a barrel in

June 2014 to near 13-year lows below

$30 in February this year.

Qatar Steel’s facility at Mesaieed. IDS will help Qatar Steel’s rolling mill raise annual output by up to 3.7% and is expected to reduce troubleshooting time by up to 20%.

Al-Khater and al-Othman: Sustainable performance.

BUSINESS

Gulf Times Wednesday, October 26, 20162

Tunisia to offer $50bn of projects to foreign investorsReutersTunis

Tunisia will off er foreign investors and financiers participation in $50bn of projects as it seeks to create jobs to maintain political stability, the country’s investment minister said.The projects range from construction of a new deep-water port at Enfidha in northern Tunisia to desalination plants and energy-generating projects.They will be announced at an international investment conference next month.Investors from 70 countries are expected to come to Tunisia for the conference, Fadhel Abdelkefi, the minister of development, investment and international cooperation, said in an interview at the Reuters Middle East Investment Summit.“We will off er foreign investors and financing funds big projects worth $50bn, to be implemented during the next five years,” Abdelkefi said. “Some projects will be in partnership between the state and the private sector.”Foreign direct investment in Tunisia has been sluggish since the ousting of Tunisia’s authoritarian leader, Zine al-Abidine Ben Ali, in January 2011 ushered in an era of political and industrial unrest.“At least 500 foreign companies left Tunisia after 2011 because...we spent five years investing in democracy,” Abdelkefi said.New foreign investment fell to 2bn dinars ($885mn) in 2015 from 3.5bn dinars

in 2010. Next month’s conference will make the case that after holding free elections and introducing a new constitution, Tunisia has essentially completed its political transition.Parliament last month approved a long-delayed law to attract foreign investment, a reform demanded by international lenders.The law gives foreign investors more flexibility to transfer funds, including profits, out of the country, and removes tax on profits from major projects for 10 years.It also establishes a fund that is to help finance infrastructure projects and encourage investors to launch big projects in marginalised areas of the country.After its revolution, Tunisia sought aid from foreign donors to support its balance of payments and state budget, but Abdelkefi said it was now more interested in long-term investments that would develop industries and create jobs.“We don’t need donations as much we need investments to revive our economy in this critical phase.”Tunisia views its investment drive partly as a national security issue.The country has been the target of several high-profile militant attacks in the last several years, including attacks on foreign tourists.“Investments will provide jobs to thousands of our frustrated youths and save them from the risk of falling into terrorist groups like Daesh,” Abdelkefi said

Egypt seeks new Suez Canal toll deal withglobal shipping linesReutersCopenhagen

Egypt is in talks with global shipping fi rms to change the way it charges vessels to pass through the Suez Ca-

nal, off ering discounts for advance pay-ments as it seeks to raise much-needed hard currency from a struggling industry.

Denmark’s AP Moller-Maersk, which runs the world’s biggest container shipping line, said on Tuesday it was considering proposals from the Suez Canal Authority for a new toll system.

“They have proposed a new payment method and presented it to us, and we are looking at it now,” a spokesman for its Maersk Line shipping arm said, confi rming a newspaper report and that advance pay-ments were under discussion.

The Suez Canal is one of the main sources of foreign currency for a country that has struggled to overcome a crippling dollar shortage since an uprising in 2011 caused an exodus of foreign investors and tourists.

Egypt aims to double its revenue from the Canal by 2023 with the construction of an extension to the waterway that was completed this year.

Canal Authority Chairman Mohab Mamish was quoted as telling the Wall Street Journal it was now looking to levy charges three or fi ve years in advance in ex-change for a 3% discount.

Traffi c though the waterway linking the Mediterranean and Red Sea has been hit by fallout from the political instability as well as a slowdown in global trade.

That slowdown, together with a glut of vessels, has left the container shipping

industry struggling with its worst ever market conditions, battering earnings and forcing one major player — South Korean container line Hanjin — out of business in August, leaving an estimated $14bn of cargo stranded.

Mamish told the newspaper yesterday that talks with Maersk, Geneva-based Mediterranean Shipping Company and France’s CMA CGM were going well, and

that an agreement on a new system for the start of 2017 might be reached as early as next week.

Egyptian President Abdel Fattah al-Sisi inaugurated an $8bn expansion of the Suez Canal in August 2015 with a view to dou-bling daily traffi c and increasing annual revenue to more than $13bn by 2023.

But its receipts declined by 4.5% to $5.1bn in the year to June, when Egyptian

exports totalled $18.7bn. Telephone calls to Mamish and his offi ce in Egypt were unan-swered yesterday. CMA CGM had no im-mediate comment.

Representatives of the major container shipping companies are meeting this week at a conference in Copenhagen.

It was unclear if the potential discounts on off er might persuade them to increase their use of the canal.

Boats, including a container ship, cross the new waterway of the Suez canal in the Egyptian port city of Ismailia. Egypt is in talks with global shipping firms to change the way it charges vessels to pass through the Suez Canal, off ering discounts for advance payments as it seeks to raise much-needed hard currency from a struggling industry.

BUSINESS3Gulf Times

Wednesday, October 26, 2016

Saudi steps to complicate ‘home ownership’ driveReutersRiyadh

Saudi Arabia’s austerity drive will pressure people’s ability to buy their own homes and could push housing prices in some segments

down by nearly a third, the local director of real estate services fi rm JLL said yesterday.

As low oil prices strain state fi nances, the gov-ernment is being forced to cut spending and raise fees and taxes, hurting consumers’ disposable in-comes.

Last month it announced cuts to allowances for employees in the public sector, where about two-thirds of Saudis work.

Such measures could slow government eff orts to boost home ownership and Jamil Ghaznawi told the Reuters Middle East Investment Summit that prices of low- to middle-income homes could fall by as much as 30%.

“Because of a lack of aff ordability and purchas-ing power – and now as we see, reduction of sala-ries for government employees – we foresee fur-ther pressure on aff ordability,” Ghaznawi told the Summit, taking place in cities across the Middle East. “The demand is there, but the question is: Do these people have money to buy?”

Housing and land prices have already dropped by as much as 10% and the fall could reach 30% if land prices continue to pull back from infl ated levels, Ghaznawi added.

Ghaznawi estimated the shortage of low- and middle-income housing at 1mn homes, a fi gure which could increase because of Saudi Arabia’s young and growing population.

Over the past year, authorities have taken sev-eral steps to improve supply, including the intro-duction of a tax on undeveloped urban land to force more land into the market, licensing a na-tional home fi nance company, and signing memo-randums of understanding with local and foreign fi rms to build tens of thousands of units.

But the pace of construction has been slow, partly because potential buyers have found it hard to aff ord to purchase and because the fi nances of the construction sector have been weakened by government spending cuts.

As a result, small and mid-sized developers

– who provided 85% of the stock in the market – have slowed their activity over the past year and a half, Ghaznawi said.

In late 2014, the Saudi central bank introduced a rule imposing a 70% loan-to-value ratio for home loans, aiming to prevent excessive leveraging in the real estate sector.

But Ghaznawi said the rule had limited com-mercial banks’ ability to off er property loans.

“There are only eight mortgage companies with total loans of about 5bn riyals ($1.3bn), compared to banks which had provided over 170bn riyals

of mortgages over the past seven years.” The net result of austerity policies and fi nancing curbs, Ghaznawi said, is that housing projects which in the past might have been sold out in two years would now take much longer.

“We assume that now with the salary cuts, people will start fi rst of all shifting from buying to renting, and from renting a villa to renting an apartment until they can save for the unit that comes within the range of aff ordability.” The tax on undeveloped land should increase downward pressure on land and housing prices from 2017,

when the housing ministry starts to collect it from land owners, Ghaznawi said.

The ministry has said the tax will apply to about 160mn square metres of land in Jeddah, 90mn in Riyadh and 11mn in Dammam. But Ghaznawi predicted many developers would remain wary of launching new projects over the next two years.

“I think we will have a year or two years of be-ing cautious until the situation is clearer in terms of aff ordability, housing programmes, salary cuts and land tax, as developers are waiting to see how they should react to all these changes.”

Saudi central bank asks lenders toreschedule property loans

ReutersRiyadh

Saudi Arabia’s central bank said yesterday it had asked local banks to reschedule

the property loans of citizens whose incomes had been re-duced by government austerity measures.

Last month, the government said it would cut allowances for employees in the public sector, where about two-thirds of Sau-dis work, to save money as low oil prices strain state fi nances.

Economists estimated the cuts might reduce the income of many people by about 20%, making it harder for them to service their property and con-sumer loans.

At the end of last month, the central bank asked local banks to reschedule consumer loans to help cash-strapped borrowers.

It is now doing the same with real estate loans, trans-ferring some of the pain of the austerity drive to banks from consumers.

Outstanding real estate loans extended by banks to retail cus-tomers totalled 108.2bn riy-als ($28.9bn) at the end of June, central bank data show.

Consumer loans, a diff erent category of lending, were worth about three times that.

The central bank said yes-terday that banks must off er all available rescheduling options to clients in a clear, understandable way and explain their fi nancial impact.

Fixed interest rates on loans cannot be changed, variable rates must remain the same and banks cannot take extra fees when they reschedule loans, the central bank said.

A residential development project is seen in Riyadh. Saudi Arabia’s austerity drive will pressure people’s ability to buy their own homes and could pushhousing prices in some segments down by nearly a third, the local director of real estate services firm JLL said yesterday.

4 ISLAMIC FINANCE GULF TIMESWednesday, October 26, 2016

First robo adviser enters the Islamic fi nance stageBy Arno MaierbruggerGulf Times Correspondent Bangkok

Islamic fi nance-oriented investors seek-ing advice on advantageous halal banking products or investment portfolios now

have a new option: A robo adviser called Wa-hed, the world’s fi rst automated Islamic in-vestment platform.

It was launched last month by New York-based Wahed Invest Inc, a fi nancial advisory company founded by Junaid Wahedna, a Co-lumbia- and Yale-educated entrepreneur, Is-lamic fi nance specialist and former fi nancial analyst at New York’s M Capital Group.

The functional principle of Wahed is that of an automated platform which analyses thousands of halal securities worldwide to create portfolio allocations with the highest growth potential for its clients. Its aim is the provision of access to halal portfolio man-agement for 2bn potential Muslim clients around the world, as well as for non-Muslims who want to engage in ethical investing. The proprietary platform uses real-time software which conducts fully automated investment allocations by deploying customised fi nan-cial optimisation algorithms.

“We believe that the Islamic Investment

industry desperately needs reinvention,” Wahedna says, adding that “not only are the products off ered ineffi cient and hard to ac-cess, but a dwindling number of people can say ‘I trust my fi nancial advisers to look out for my faith.’ It doesn’t have to be this way.”

He points out that his startup’s mission was “to fi x this problem” by using modern technology “to re-imagine and rebuild ethical investing from the ground up with less expen-sive, more transparent fi nancial products.”

One of the biggest advantages of the robo adviser is – according to Wahedna – the low minimum investment barrier of just $7,500 as opposed to the usual $500,000 mini-mum required by most conventional wealth management fi rms. This, he claims, would “democratise” access to fi nancial advice in general and provide the option of ethical in-vesting to a wider range of Muslims world-wide. Furthermore, Wahed off ers fi nancial advice for a fraction of the cost of traditional advisers. This also means that the platform is positioning itself as the fi rst global robo adviser to be accessible by the world’s lower socio-economic demographic segment seen as being underserved by the Islamic fi nancial services industry, giving halal fi nance a far wider reach than before.

The Wahed platform, accessible under

www.wahedinvest.com, is currently avail-able to investors in the US only, but it will be rolled out to over 100 countries worldwide starting from 2017. There are also plans to develop an Islamic pension off ering for the Middle East and North Africa region, where private sector employee pension plans are in great demand.

The company’s board shows some of the most prestigious names in international Is-lamic finance, including Sheikh Taha Abdul Basser, former Islamic Chaplin at Harvard University and Shariah board member of Dubai’s sovereign-backed private equity firm Fajr Capital, as well as two former McKinsey & Company partners special-

ised in Islamic finance. Just two weeks ago, Khalid Yousaf, former director of Islamic Finance & Financial Advisory Services at KPMG and director of Islamic Finance at Dubai International Financial Center, has been appointed chief operating officer at Wahed Invest. The firm is also registered with the US Securities and Exchange Com-mission and is continually monitored by its Ethical Review Board.

Robo advisers, which came up a few years ago as a new fi ntech tool, are a hot topic in the banking industry which is currently in disruption. As a class of fi nancial adviser that provides fi nancial advice or portfolio management online with minimal or no hu-

man intervention, more banking clients – es-pecially younger adults – are warming up to the idea of getting automated, low-threshold fi nancial advice. Currently, (conventional) robo advisers have an estimated $25bn as-sets under management worldwide, but this number should grow to more than $250bn, consulting fi rm AT Kearney Inc estimates. In July 2016, the fi rst robo adviser and pioneer in the industry, New York-based Betterment.com, surpassed $5bn in assets under man-agement, the fi rst robo-adviser to do so. This indicates that Wahed has a huge upside po-tential in the Islamic and ethical investment segment with its debut off ering of a halal robo adviser.

EDUCATION/FAQ on Ijarah

What are the rights of the lessee regarding the rescission of an Ijarah contract when the leased asset contains defects?If the leased assets contains or develops defects, the lessee may rescind the Ijarah contract, return the leased asset to the lessor and demand compensation for the period of defect. However, if the defect does not hinder utilization of the usufruct, the lessee may not rescind the Ijarah contract.

What is the maximum term of an Ijarah contract?There is no maximum time limit for an Ijarah contract.

What recourse is available to the lessor if the lessee delays lease payments?The lessor has the right to charge late

payment fees. This charge may consist of an administrative charge and a late-payment penalty where administrative charges are the right of the lessor while the late-payment penalty is paid to a designated charity.

Is it permissible to issue an off er in which a time is specified for the sale of the leased asset at a certain price?It is permissible to issue an off er in which a time is specified for the sale of the leased asset for a certain price. The one making the off er is legally bound to honour the off er for the duration specified and the other party may accept or refuse it during the same period.

Is it permissible for the lessee to sublet the leased asset?It is permissible for the lessee to

sub-lease the leased asset if the Ijarah contract does not prohibit it. The lessee is free to sublet at any rate, whether the same, higher, or lower.

What is said of trading rental claims without transferring the proportionate ownership of the leased asset?Ownership, not the right to claim rent, represents the tradable portion of the certificate. The Shariah permits the trading of assets, not of money, for profit, and a rental claim is a receivable that represents money. So trading rental claims without first transferring ownership is forbidden. But it is acceptable for many buyers seeking ownership and many sellers seeking profit to trade Ijarah certificates like common securities in a capital market.

When is the Ijarah contract deemed to have terminated?The Ijarah contract is deemed to have terminated either by the contractual terms, one of the party’s rescission, or the termination of the possible usufruct of the leased asset through theft, destruction, or the like.

What is the maximum term of an Ijarah contract?There is no maximum time limit for an Ijarah contract.

When does the contract of Ijarah come into eff ect?Unless otherwise agreed, an Ijarah contract comes into eff ect immediately after the conclusion of the contract. It is permissible to defer an Ijarah to a future date agreed upon by both parties.What is the status of lease rentals

due to the lessor at the time of the rescission of the contract?The lessee is obliged to pay all lease rentals that were accrued up to the point of rescission, but not those outstanding after rescission.

What is the ruling with regard to the bank purchasing a leased asset?It is permissible for the bank to purchase a leased asset that is already under lease.

Is it permissible for the lessor to charge the lessee with the insurance of the leased asset?It is permissible for the lessor to include a clause in the Ijarah contract making the lessee responsible for insuring the leased asset.

What is the liability of contracting

parties in case any defect is found in the leased asset?A defect is defined as a compromise or diminishment of the usufruct. In such a case, the lessee has the option to rescind the contract. The lessee may, however, continue to use the usufruct provided he is paying the agreed-upon rentals.

How is the liability for damage distributed between the lessor and the lessee in an Ijarah agreement?The lessee is liable for damage to the property caused by wear and tear, and other factors within the lessee’s control while the lessor is liable for damage resulting from ownership, barring lessee negligence.

Source: Ethica Institute of Islamic Finance via Bloomberg

QFB bags award for ‘Best Up-and-Coming Islamic Financial Institution’Qatar First Bank (QFB), a leading Shariah-compliant bank based in Qatar and listed on the Qatar Stock Exchange (QSE), participated at the annual meetings of each of the International Monetary Fund (IMF) and the Institute of International Finance (IIF) in Washington, DC.Headed by the bank’s chief business off icer Sulaiman Yousif al-Salhi, QFB also took part in several meetings and events organised on the sidelines of the conferences, including holding bilateral meetings with banks from diff erent countries for relationship and business developments. On attending the conference and representing QFB at the IMF and IIF meetings, al-Salhi said, “Since

its launch in 2015, QFB’s strategy has focused on the bank’s role as a trusted adviser for investors who wish to tap into lucrative investment opportunities in and outside of Qatar, and benefit from the innovative, Shariah-compliant financial solutions that we off er in local, regional and global markets.” “We are at the beginning of a new era for our bank, reinforced by listing QFB’s shares on the Qatar Stock Exchange last April, and have already started reaping the benefits of our ambitious strategy, as each area of the bank performed well, bringing growth and new recurring income. This reaff irms that QFB is on the right path, as it continues to identify and seize new, attractive opportunities, deliver excellence

for both private and corporate clients, build a strong brand, and provide shareholders with robust returns.” At the IMF meeting, QFB had been exclusively named 2016’s ‘Best Up-and-Coming Islamic Financial Institution’ in Global Finance magazine’s ninth annual awards for the World’s Best Islamic Financial Institutions. QFB won the award after Global Finance had extensive consultations with bankers, corporate finance executives and analysts throughout the world. In selecting the world’s top Islamic financial institutions, Global Finance considered a wide range of quantitative factors including growth in assets, profitability, geographic

reach, strategic relationships, new business development and product innovations, as well as informed subjective criteria such as reputation, customer satisfaction, and the opinions of analysts and industry experts, QFB said. On the achievement, Ziad Makkawi, QFB chief executive off icer said, “The Shariah-compliant finance space has made great progress over the past decade and much remains to be done. We at QFB are proud to be making a contribution to this eff ort and honoured to be recognised by the prestigious Global Finance at the IMF and IIF meetings. Our participation in these meetings reflects our current status as a listed entity on the Qatar Stock Exchange.”

Oil’s tepid rally just right for Islamic debt market reboundBloombergKuala Lumpur

Oil’s rally from a 12-year low has gone far enough to revive demand for Islamic bonds - but not so far that frequent issuers aren’t still

in need of funds.While Brent crude has climbed almost 40% this

year, it’s still less than half the peak recorded in 2014, weighing on government revenues and economic growth in Malaysia and the Middle East. Stimulus eff orts in oil-producing nations helped drive sales of Islamic bonds up 34% to $37.5bn in 2016, after dropping to a fi ve-year low in 2015, data compiled by Bloomberg show.

“The outlook for issuance is certainly positive at these oil prices because many oil-exporting sover-eigns will continue to have substantial defi cits,” said Mohieddine Kronfol, chief investment offi cer for glo-bal sukuk and Middle East and North Africa fi xed in-come at Franklin Templeton Investments Ltd in Du-bai. “They are increasingly likely to choose sukuk as one of the options for funding.”

A two-year slump in energy markets has com-pelled governments in Malaysia and the Middle East to slash growth targets and boost debt sales to fi nance projects built in partnership with private companies. S&P Global Ratings estimates that weak energy pric-es will leave Gulf Cooperation Council countries with $560bn of funding needs from 2015 through 2019. Union Investment Privatfonds GmbH sees sovereign and corporate sukuk sales from Saudi Arabia, Kuwait and Malaysia next year.

Saudi Arabia, the world’s largest oil producer, tapped the international bond market for the fi rst time last week after recording its biggest budget shortfall since 1991 last year. It raised $17.5bn selling conventional bonds. The government plans to invest about $400bn in infrastructure in the next 10 years to stimulate growth and wean the economy off its reli-ance on crude.

The central bank of the UAE lowered its 2016 eco-nomic expansion forecast to 2.3% in September, from 2.8%, citing fi scal consolidation and the slowdown of the country’s main trading partners. Malaysia, the world’s biggest sukuk market, cut this year’s growth forecast in January to a range of 4% to 4.5%, from an earlier projection of as much as 5%.

“Sukuk markets will become more active in 2017 as the rising refi nancing needs during the 2017 to 2020 period across emerging bond markets will incentivize more issuers,” said Apostolos Bantis, head of emerg-ing markets credit research at Commerzbank AG in Dubai. “We expect GCC sukuk activity will rise next year and there will be some fi rst-time issuers.”

Saudi Arabian Oil Co is working with banks to sell its fi rst local-currency Islamic bonds, while Saudi Arabian Airlines has chosen HSBC Holdings to ar-range a 5bn riyal ($1.3bn) off ering of Shariah-com-pliant debt. Kuwait is considering a sukuk issue, according to newspaper reports, while Indonesia’s PT Bank Syariah Mandiri plans to off er 1tn rupiah ($76mn) of subordinated Islamic notes by year-end.

Dubai’s Emirates Islamic Bank off ered a $250mn portion of its 2021 Islamic bond in August, while Sharjah Islamic Bank issued $500mn of fi ve-year se-curities last month. Malaysia’s Tenaga Nasional Bhd and DanaInfra Nasional Bhd also sold sukuk in Octo-ber.

Wahed’s homepage off ers low-threshold access to the Islamic finance robo adviser. Right: Junaid Wahedna

Gulf TimesExclusive

Al-Salhi (right) receiving the award from Global Finance.

BUSINESS5Gulf Times


Sentiment remains weak on Asia markets

AFPHong Kong

The dollar rose in Asia yes-terday as the chances of an interest rate hike were

further boosted, while most stock markets recovered from early losses to track a Wall Street lead higher.

US markets rallied on Mon-day on the back of another up-beat round of corporate earnings and a provisional reading that showed activity in the US manu-facturing sector expanded at a faster rate than expected.

That came as St Louis Federal Reserve President James Bullard said December was “most likely” the best time for a tightening of borrowing costs.

And Fed Bank of Chicago President Charles Evans said he saw three hikes by the end of next year.

“Bullard did not mince words and explicitly gave the green light for a December lift-off , but suggested that the longer term rate cycle is much lower,” Stephen Innes, a senior trader at OANDA, said in a note.

The Fed meets next month but is expected to stand pat as that comes just days before the presi-dential election.

In afternoon Asian trade, the dollar bought ¥104.45, up from ¥104.21 in New York, while the pound also retreated against the US unit and the euro was virtu-ally unchanged.

Most other Asia-Pacifi c cur-rencies also weakened, with the South Korean won down 0.3% and Australian dollar 0.1% off .

The Canadian dollar was also down on expectations that a free-trade deal with the EU was on the verge of collapse despite seven years of talks.

The weaker yen provided fur-ther support to Japan’s export-ers, lifting the Nikkei 0.6% to a six-month high.

Shares in Kyushu Railway surged 15% as the former state-owned fi rm made its Tokyo trad-ing debut after this year’s third biggest initial public off ering, worth $4.0bn.

“With the US economy look-ing solid and a rate hike by year-end looming in investors’ minds, the yen is weakening, and boost-ing expectations for a recovery in earnings in the second half of the year,” Toshihiko Matsuno, a senior strategist at SMBC Friend Securities Co in Tokyo, told Bloomberg News.

Among other markets Sydney rose 0.6%, Shanghai added 0.1% and Singapore was slightly high-er in late trade.

There were also positive fi n-ishes in Wellington and Taipei.

But Hong Kong closed 0.2% lower and Seoul shed 0.5%. In early European trade, London added 0.3% while Paris and Frankfurt each gained 0.2%. Oil traders were moving uneasily on worries about an agreed output cut by Opec and Russia, with comments from Iraq’s oil minis-ter that it should be exempt fuel-ling concerns over whether the deal can be implemented.

In Tokyo, the Nikkei 225 up 0.8% at 17,365.25 points; Hong Kong — Hang Seng down 0.2 % at 23,565.11 points and Shanghai — Composite up 0.1% at 3,131.94 points at the close yesterday.

Tata stocks pull down Sensex from 3-week high; rupee fallsBloombergMumbai

Tata Steel and Tata Consultancy Services dragged down In-dian benchmark indexes from

a three-week high after the nation’s largest conglomerate abruptly ousted its chairman.

The BSE Sensex closed down 87.66 points at 28,091.42 and Nifty fell 17.65 points to close at 8,691.30. Chairman Cyrus Mistry, 48, was replaced by Ratan Tata, a 78-year-old member of the founding family and the previous chairman who will serve as the interim chief and take part in the search for a more permanent successor.

Tata asked companies to focus on being leaders in their businesses and not be concerned about the change in management, according to a statement issued yesterday.

“This has created short-term un-certainty for the Tata Group, and given

its size it’s pulling down the index,” Rudramurthy BV, head of research at Vachana Investments, said by phone from Bengaluru. “This is a temporary reaction. Investors with a long-term horizon must use the declines as an opportunity to buy” into group com-panies that are well-run and don’t have a lot of debt, he said. He’s bullish on Tata Global Beverages, the Indian part-ner of Starbucks Corp, and its subsidi-ary Tata Coff ee.

Mistry’s ouster marks the end of the push to transform Tata Group into a more prudent enterprise than the globetrotter that bought Jaguar Land Rover and steelmaker Corus Group under Ratan Tata. In recent years, the Indian conglomerate refi nanced loans and sold assets to help tackle debt levels that had bloated to more than $30bn. Tata Steel in March said that it would consider selling its UK opera-tions after years of losses.

The group, founded in 1868, employs more than 660,000 people and has 29

listed units with a combined capitali-sation of more than $100bn. Tata Con-sultancy Services is the group’s big-gest unit and India’s largest company

by market value. Foreign investors sold $59mn of local shares on Mon-day paring this year infl ows to $7.4bn of domestic shares this year, the most

in Asia after Taiwan and South Korea, data compiled by Bloomberg show.

The Sensex has rallied 22% from a February low. The index is valued at 16.5 times projected 12-month earn-ings, compared with a fi ve-year aver-age of 14.4 times.

The MSCI Emerging Markets Index is valued at a multiple of 12.6.

HDFC Bank, the biggest lender by market value, fell 1.1% in a second day of declines after its bad loans provisions rose 10% from a year ear-lier. Net income in the September quarter climbed 21% to Rs34.6bn, matching estimates. IDBI Bank tumbled 2.9% after second-quarter profit more than halved on bad loan write offs.

Hexaware Technologies advanced 3% to its highest level since September 7 after third-quarter profi t and sales met estimates. The company also ap-proved a buyback of its shares.

Arvind soared 12%, the most since July 2014, after the company said it will

raise Rs7.4bn selling a 10% stake in its brands business.

Meanwhile the rupee yesterday weakened marginally against the US dollar, tracking fall in the local eq-uity markets. The rupee was trading at 66.88 against the US dollar, down 0.04% from its previous close of 66.85. The home currency opened at 66.93. So far this year, it fell 1.15%.

The benchmark 10-year government bond yield was trading unchanged from its Monday close of 6.76%. Bond yields and prices move in opposite directions. Most Asian currencies gained. Thai baht was up 0.22%, Tai-wan dollar 0.17%, Malaysian ringgit 0.12%, Singapore dollar 0.12% and In-donesian rupiah 0.06%. However, Jap-anese yen was down 0.24% and South Korean won fell 0.2%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 98.727, down 0.02% from its previous close of 98.756.

The Bombay Stock Exchange building is seen in Mumbai. The BSE Sensex closed down 87.66 points to 28,091.42 yesterday.

China’s unstoppable bond rally has analysts warning of risksBloombergShanghai

China watchers see mounting evidence of froth in the $8tn bond market.The nation’s sovereign debt has bucked a global selloff , with the 10-year yield falling on Friday to the lowest in at least a decade. The rally coincides with signs that China’s economy is stabilising and policy makers are prioritising the curbing of money-market leverage over monetary easing, prompting Citic Securities Co and JZ Securities Co to warn that investors should be careful about being too bullish.“The bond market is witnessing an irrational exuberance,” said Ming Ming, head of fixed-income research at Citic Securities in Beijing, who has previously worked in the central bank’s monetary policy division. “The fast depreciation in the yuan is adding

constraints to monetary policy, and any slight moves in policy could lead to significant corrections in sovereign bond yields.”For all the reasons not to buy Chinese bonds at current yields, many mainland investors have few alternatives. The benchmark Shanghai equity index is down 12% for the year, the government is moving to curb rising property prices and channels for moving money abroad have been choked as policy makers look to discourage capital outflows. Plus, asset managers have been rewarded for that decision so far, with sovereign bonds handing investors a profit in all but one of the past 11 quarters.“The current rally is because investors don’t have any better investment choices,” said Wang Ming, chief operating off icer at Shanghai Yaozhi Asset Management, which oversees 15bn yuan ($2.2bn) of fixed-income

securities. “There’s still huge demand for assets amid ample liquidity.”Investors had a taste of what a selloff may look like in late August, when yields surged off record lows as the central bank’s use of longer-tenor lending tools ignited speculation policy makers were looking to crack down on the use of borrowed money to buy debt. By mid-September, bond yields had resumed their march lower, with Industrial Securities Co saying that a lack of assets that can off er safe returns drove investors to the debt market.The yield on Chinese sovereign debt due in a decade fell to 2.635% on Friday, the lowest for a benchmark since Bloomberg started compiling ChinaBond data in 2006, before rising to 2.66% on Monday. The cost of one-year interest swaps climbed to 2.68% yesterday, the most expensive since April 29, while the

benchmark seven-day repurchase rate was at 2.70%. This means the repo rate is higher than the bond yield, a so-called negative carry, which makes it unprofitable to use borrowed money to buy bonds. The yuan fell to a six-year low of 6.7787 per dollar.While the yuan’s October 1 entry into the International Monetary Fund’s reserves basket is expected to draw money into China over time, higher odds of a Federal Reserve interest-rate increase are buoying the dollar, adding to outflow pressures. Government bonds around the world have declined since the middle of the year amid the Fed speculation, with the 10-year Treasury yield climbing 30 basis points to 1.77% and the similar rate on German debt advancing above zero.Data released last week showed China’s third-quarter gross domestic expansion was steady at 6.7%, as credit growth and investments

in September improved. The overheated property market also started to show signs of cooling after local authorities stepped up home purchase restrictions, spurring concerns over its wider implications on the economy because mortgage loans accounted for 37% of new yuan loans in the first nine months of 2016. The central bank will refrain from more aggressive easing as growth picks up, holding the one-year lending and deposit rates unchanged until at least the last quarter of next year, according to a Bloomberg survey.“There is strong demand for profitable assets, and that has driven bond yields lower recently,” said Guo Wei, a trader at Bank of Nanjing Co “However, if short-term interbank borrowing continues to be diff icult, and the economy doesn’t turn out to be that bad, the implied risk in the long-end of the curve isn’t a small one.”

Off shore yuan trades at record low as PBoC seen allowing dropBloombergBeijing

The off shore yuan traded near a record low as Chinese policy makers signalled they are will-

ing to allow greater currency fl exibility amid a slump in exports and an advance in the dollar.

The exchange rate was little changed at 6.7828 per dollar in Hong Kong, after dropping to 6.7885, the weakest intra-day level in data going back to 2010. In Shanghai, the currency was also little changed at 6.7771, close to a six- year low and past the 6.75 year-end median forecast in a Bloomberg survey.

The Chinese currency has come un-der increased pressure on signs that investors are taking more money out of the country.

A gauge of the dollar rose to a sev-en-month high versus major curren-cies Monday as traders bet that the Federal Reserve may raise borrowing costs soon.

Unlike the yuan selloff earlier this year which sparked a global market rout, there’s no sense of panic yet as policy makers maintain a steady ex-change rate against other currencies.

“The central bank is tolerating more orderly depreciation of the yuan,” said Gao Qi, a Singapore-based foreign-exchange strategist at Scotiabank. “But it will step in to avoid market panic arising from a sharp yuan deprecia-tion. The 6.8 level is critical in the near term.”

China will continue to keep the yuan “basically stable at a reasonable and equilibrium level,” PBoC Deputy Governor Yi Gang wrote in an article published by the local daily yesterday. There’s no basis for a persistent decline in the currency, which is more stable than other exchange rates in emerg-ing markets, according to Yi, who used to head the nation’s foreign-exchange regulator.

The onshore yuan has weakened 4.2% this year, the most in Asia. It has declined in all but two sessions this month as some analysts speculated that the central bank has reduced sup-port following the yuan’s inclusion in the International Monetary Fund’s basket of reserves on October 1.

A net $44.7bn worth of payments in the Chinese currency left the nation last month, according to data released by the State Administration of Foreign

Exchange. That’s the most since the government started publishing the fi g-ures in 2010.

“Market sentiment is getting uneasy at the margin due to the off shore yuan’s slide, but in general it’s under control and there’s no panic-selling,” said Har-rison Hu, chief greater China econo-mist at Royal Bank of Scotland Group in Singapore. “There are still tight capital curbs, and investors are used to yuan depreciation, so such a drop is no long-er a shock. As long as there’s no obvious

panic, the PBoC will tolerate further declines - this is how China makes the exchange rate more fl exible.”

The yuan’s depreciation in October has been driven mostly by gains in the dollar, and the Chinese currency will be supported if foreign funds continuous-ly enter China, said Ma Jun, chief econ-omist of the PBoC’s research bureau. The odds of a US interest-rate increase by year-end climbed to 71%, from less than 10% at the end of June, according to Fed fund futures trading.

Chinese policy makers have down-played the importance of the yuan-dollar exchange rate, saying they aim to keep the yuan steady against a broad basket of currencies.

A Bloomberg gauge mimicking China Foreign Exchange Trade System’s yuan index against 13 major currencies has been little changed around 94 since August after falling more than 6% in the previous eight months.

There are few signs that the yuan selloff is becoming disorderly. By tight-

ening capital controls and taking steps to support economic growth, the au-thorities have dispelled currency spec-ulators.

The one-month implied volatility in the off shore yuan has dropped to about 4%, from more than 10% in February, suggesting investors expected more muted currency swings.

The gap between the off shore and onshore yuan, a sign of foreign inves-tors speculating on the Chinese cur-rency, has almost disappeared.

A man changes foreign currency into yuan at an exchange off ice in Shanghai airport. The off shore yuan traded near a record low as Chinese policy makers signalled they are willing to allow greater currency flexibility amid a slump in exports and an advance in the dollar.

Zad Holding CoWidam Food CoVodafone Qatar

United Development CoSalam International Investme

Qatar & Oman Investment CoQatar Navigation

Qatar National Cement CoQatar National Bank

Qatar Islamic InsuranceQatar Industrial Manufactur

Qatar International IslamicQatari Investors Group

Qatar Islamic BankQatar Gas Transport(Nakilat)Qatar General Insurance & ReQatar German Co For Medical

Qatar Fuel QscQatar First Bank

Qatar Electricity & Water CoQatar Cinema & Film Distrib

Qatar Insurance CoOoredoo Qsc

National LeasingMazaya Qatar Real Estate Dev

Mesaieed Petrochemical HoldiAl Meera Consumer Goods Co

Medicare GroupMannai Corporation Qsc

Masraf Al RayanAl Khalij Commercial Bank

Industries QatarIslamic Holding Group

Gulf Warehousing CompanyGulf International Services

Ezdan Holding GroupDoha Insurance Co

Doha Bank QscDlala Holding

Commercial Bank QscBarwa Real Estate Co

Al Khaleej Takaful GroupAamal Co

Al Ahli Bank

78.20

64.00

10.58

19.78

11.09

10.51

84.60

83.00

162.40

53.50

43.70

64.30

51.50

106.00

23.49

45.00

10.31

151.00

10.50

212.00

31.00

87.10

97.80

17.38

13.54

16.60

193.10

77.00

78.20

35.15

17.70

105.00

56.20

55.70

34.20

16.82

19.85

36.75

22.39

37.25

33.10

22.00

14.71

40.05

0.00

-1.23

-0.19

-1.00

0.00

-0.57

-0.47

0.00

0.43

0.00

-0.46

0.00

-1.34

-0.56

-0.13

0.00

-0.87

0.00

-1.59

-0.47

0.00

1.04

0.10

-1.47

-0.29

-0.60

0.00

-1.28

-1.76

0.43

0.00

-0.10

-2.60

-0.89

0.29

-0.18

4.42

-0.81

2.66

-0.13

0.00

-2.22

-0.47

1.39

-

1,830

363,940

3,083

11,697

3,120

10,586

19,610

200,638

2,540

35,417

5,336

2,925

111,282

240,560

-

10,524

8,793

409,286

56,573

-

52,315

32,111

13,627

43,059

75,794

6,428

6,313

70

341,737

23,660

90,264

34,895

80,369

83,078

641,569

5,500

105,351

5,017

115,864

-

956

13,100

44

QATAR

Company Name Lt Price % Chg Volume

United Wire Factories CompanEtihad Etisalat Co

Dar Al Arkan Real Estate DevSaudi Hollandi Bank

Rabigh Refining And PetrocheBanque Saudi Fransi

Saudi Enaya Cooperative InsuMediterranean & Gulf Insuran

Saudi British BankMohammad Al Mojil Group Co

Red Sea Housing Services CoTakween Advanced Industries

Sabb TakafulSaudi Arabian Fertilizer Co

National GypsumSaudi Ceramic Co

National Gas & IndustrializaSaudi Pharmaceutical Industr

ThimarNational Industrialization C

Saudi Transport And InvestmeSaudi Electricity Co

Saudi Arabia Refineries CoArriyadh Development Company

Al-Baha Development & InvestSaudi Research And MarketingAldrees Petroleum And Transp

Saudi Vitrified Clay Pipe CoJarir Marketing Co

Arab National BankYanbu National Petrochemical

Arabian CementMiddle East Specialized Cabl

Al Khaleej Training And EducAl Sagr Co-Operative Insuran

Trade Union Cooperative InsuArabia Insurance Cooperative

Saudi Chemical CompanyFawaz Abdulaziz Alhokair & C

Bupa Arabia For CooperativeWafa Insurance

Jabal Omar Development CoSaudi Basic Industries Corp

Saudi Kayan Petrochemical CoEtihad Atheeb Telecommunicat

Co For Cooperative InsuranceNational Petrochemical Co

Gulf Union Cooperative InsurGulf General Cooperative Ins

Basic Chemical IndustriesSaudi Steel Pipe Co

Buruj Cooperative InsuranceMouwasat Medical Services Co

Southern Province Cement CoMaadaniyah

Yamama Cement CoJazan Development Co

Zamil Industrial InvestmentAlujain Corporation (Alco)

Tabuk Agricultural DevelopmeUnited Co-Operative Assuranc

Qassim Cement/TheSaudi Advanced Industries

Kingdom Holding CoSaudi Arabian Amiantit Co

Al Jouf Agriculture DevelopmSaudi Industrial Development

Bishah AgricultureRiyad Bank

The National Agriculture DevHalwani Bros Co

Arabian Pipes CoEastern Province Cement Co

Al Qassim Agricultural CoFiling & Packing Materials M

Saudi Cable CoTihama Advertising & Public

Saudi Investment Bank/TheAstra Industrial Group

Saudi Public Transport CoTaiba Holding Co

Saudi Industrial Export CoSaudi Real Estate Co

Saudia Dairy & Foodstuff CoNational Shipping Co Of/The

Methanol Chemicals CoAce Arabia Cooperative Insur

Mobile Telecommunications CoSaudi Arabian Coop Ins Co

Axa Cooperative InsuranceAlsorayai Group

Weqaya For Takaful InsuranceBank Albilad

Al-Hassan G.I. Shaker CoWataniya Insurance Co

Abdullah Al Othaim MarketsHail Cement

20.21

17.70

5.15

9.44

9.34

21.18

11.89

18.60

18.65

12.55

24.03

10.90

21.65

62.64

9.55

24.06

25.22

29.90

21.33

13.00

46.15

17.91

23.28

16.95

13.50

18.93

30.88

57.63

89.97

15.56

47.15

38.30

6.20

15.36

31.05

13.01

8.72

29.07

22.98

119.99

13.05

59.65

85.11

6.63

3.05

82.91

16.80

8.90

12.23

31.00

13.99

16.95

119.50

56.58

17.16

17.06

8.43

21.61

14.13

8.60

11.95

49.50

8.45

10.58

5.60

27.88

7.79

69.75

9.20

19.42

50.98

14.13

22.66

7.44

28.00

4.92

25.67

10.47

13.19

11.98

33.40

24.69

16.04

119.00

32.60

5.56

29.62

7.03

13.89

12.50

7.40

19.39

16.80

13.04

18.74

83.23

9.66

0.45

0.97

-0.77

3.17

3.32

3.52

3.57

-0.32

2.19

0.00

-0.04

-0.46

1.64

0.42

0.84

1.39

-0.67

2.05

2.30

0.78

9.13

-0.11

0.82

0.06

0.00

0.85

2.22

-0.05

0.02

2.71

1.31

1.59

-0.80

1.39

-0.32

4.67

0.11

0.24

-0.48

1.26

0.54

-0.57

1.14

2.63

-1.29

2.36

1.76

-1.55

0.49

-1.15

1.01

-0.29

-1.44

1.76

-0.41

0.95

-0.35

1.74

0.14

-0.23

0.25

1.62

-1.17

-1.12

1.08

-0.43

-1.14

0.00

1.55

1.46

-2.90

0.07

1.16

0.54

0.72

-0.61

0.00

2.25

-0.23

0.67

-0.24

2.02

1.07

0.48

2.32

1.09

0.30

1.15

2.66

2.38

0.68

0.00

2.82

0.54

0.21

-0.42

1.26

88,554

703,708

18,018,095

770,412

5,597,568

149,841

1,196,039

412,533

238,131

-

78,698

5,759,544

655,610

102,462

476,883

263,298

141,331

98,867

601,279

950,453

1,300,100

1,157,519

149,906

456,634

-

577,510

193,600

81,326

371,931

470,727

178,552

170,322

886,343

778,659

1,027,721

988,059

895,866

137,194

2,826,961

150,875

1,376,117

1,419,576

2,598,179

14,945,435

1,894,981

109,932

436,427

1,132,410

922,891

35,592

149,384

306,638

40,471

21,853

240,576

247,973

711,128

244,417

786,673

554,841

899,771

44,339

501,560

147,234

407,064

43,140

1,622,830

-

1,697,688

637,563

67,037

1,144,203

33,370

1,032,663

191,833

786,304

-

196,311

208,296

4,297,364

21,317

699,858

286,488

55,314

2,969,968

2,242,147

83,636

2,162,583

2,215,223

1,271,480

658,831

-

1,810,113

959,194

514,514

104,400

634,020

SAUDI ARABIA


Saudi Re For Cooperative ReiSolidarity Saudi Takaful Co

Amana Cooperative InsuranceAlabdullatif Industrial Inv

Saudi Printing & Packaging CSanad Cooperative Insurance

Saudi Paper Manufacturing CoAlinma Bank

Almarai CoFalcom Saudi Equity Etf

United International TranspoHsbc Amanah Saudi 20 Etf

Saudi International PetrocheFalcom Petrochemical Etf

Saudi United Cooperative InsBank Al-Jazira

Al Rajhi BankSamba Financial Group

United Electronics CoAllied Cooperative Insurance

Malath Cooperative & ReinsurAlinma Tokio Marine

Arabian Shield CooperativeSavola

Wafrah For Industry And DeveFitaihi Holding Group

Tourism Enterprise Co/ ShamsSahara Petrochemical Co

Herfy Food Services Co

5.04

7.02

7.75

11.99

11.63

15.23

7.93

13.13

56.64

23.50

24.49

24.80

13.03

22.20

16.93

11.40

55.22

18.84

17.14

12.91

7.58

15.15

21.75

32.17

15.82

10.71

22.38

10.58

66.89

0.80

4.78

9.93

0.67

0.43

0.00

-0.75

1.86

1.11

1.73

2.04

0.00

0.62

0.00

-0.06

6.84

2.24

4.15

0.06

1.18

1.88

1.13

1.54

3.54

2.00

0.66

0.95

1.24

0.54

2,928,490

4,061,983

8,662,766

427,994

1,134,563

-

1,262,751

20,445,068

189,463

57,574

354,801

-

193,571

-

546,518

7,726,258

1,966,528

541,233

330,541

514,221

2,182,322

1,960,183

458,631

765,876

499,424

480,368

350,762

1,261,976

50,054

SAUDI ARABIA


Securities Group CoSultan Center Food Products

Kuwait Foundry Co SakKuwait Financial Centre Sak

Ajial Real Estate EntmtGulf Glass Manuf Co -Kscc

Kuwait Finance & InvestmentNational Industries Co Ksc

Kuwait Real Estate Holding CSecurities House/The

Boubyan Petrochemicals CoAl Ahli Bank Of Kuwait

Ahli United Bank (Almutahed)National Bank Of Kuwait

Commercial Bank Of KuwaitKuwait International Bank

Gulf BankAl-Massaleh Real Estate Co

Al Arabiya Real Estate CoKuwait Remal Real Estate Co

Alkout Industrial Projects CA’ayan Real Estate Co Sak

Investors Holding Group Co.KAl-Mazaya Holding Co

Al-Madar Finance & Invt CoGulf Petroleum Investment

Mabanee Co SakcCity Group

Inovest Co BscKuwait Gypsum Manufacturing

Al-Deera Holding CoAlshamel International Hold

Mena Real Estate CoNational Slaughter House

Amar Finance & Leasing CoUnited Projects For Aviation

National Consumer Holding CoAmwal International Investme

Jeeran HoldingsEquipment Holding Co K.S.C.C

Nafais HoldingSafwan Trading & Contracting

Arkan Al Kuwait Real EstateGfh Financial Group Bsc

Energy House Holding Co KscpKuwait Slaughter House Co

Kuwait Co For Process PlantAl Maidan Dental Clinic Co K

National Ranges CompanyAl-Themar Real International

Al-Ahleia Insurance Co SakpWethaq Takaful Insurance Co

Salbookh Trading Co KscpAqar Real Estate Investments

Hayat CommunicationsKuwait Packing Materials Mfg

Soor Fuel Marketing Co KscAlargan International RealBurgan Co For Well Drilling

Kuwait Resorts Co KsccOula Fuel Marketing Co

Palms Agro Production CoIkarus Petroleum Industries

Mubarrad Transport CoAl Mowasat Health Care Co

Shuaiba Industrial CoHits Telecom Holding

First Takaful Insurance CoKuwaiti Syrian Holding Co

National Cleaning CompanyEyas For High & Technical EdUnited Real Estate Company

AgilityKuwait & Middle East Fin Inv

Fujairah Cement IndustriesLivestock Transport & Tradng

International Resorts CoNational Industries Grp Hold

Marine Services Co KscWarba Insurance Co

Kuwait United Poultry CoFirst Dubai Real Estate Deve

Al Arabi Group Holding CoKuwait Hotels Sak

Mobile Telecommunications CoAl Safat Real Estate Co

Tamdeen Real Estate Co KscAl Mudon Intl Real Estate Co

Kuwait Cement Co KscSharjah Cement & Indus Devel

Kuwait Portland Cement CoEducational Holding Group

Bahrain Kuwait InsuranceAsiya Capital Investments Co

Kuwait Investment CoBurgan Bank

Kuwait Projects Co HoldingsAl Madina For Finance And In

Kuwait Insurance CoAl Masaken Intl Real Estate

Intl Financial AdvisorsFirst Investment Co Kscc

Al Mal Investment CompanyBayan Investment Co Kscc

Egypt Kuwait Holding Co SaeCoast Investment Development

Privatization Holding CompanKuwait Medical Services Co

Injazzat Real State CompanyKuwait Cable Vision Sak

Sanam Real Estate Co KsccIthmaar Bank Bsc

Aviation Lease And Finance CArzan Financial Group For Fi

Ajwan Gulf Real Estate CoKuwait Business Town Real Es

Future Kid Entertainment AndSpecialities Group Holding C

Abyaar Real Eastate DevelopmDar Al Thuraya Real Estate C

Al-Dar National Real EstateKgl Logistics Company Kscc

Combined Group ContractingZima Holding Co Ksc

Qurain Holding Co

85.00

56.00

172.00

85.00

142.00

350.00

35.50

200.00

22.00

39.50

465.00

315.00

380.00

590.00

390.00

192.00

232.00

38.00

28.50

46.50

0.00

60.00

21.00

108.00

0.00

37.50

800.00

0.00

61.00

0.00

34.50

0.00

18.50

0.00

59.00

670.00

50.00

20.00

62.00

42.00

180.00

390.00

75.00

94.00

43.00

140.00

170.00

0.00

29.00

89.00

475.00

29.50

57.00

0.00

49.50

0.00

112.00

174.00

85.00

73.00

112.00

90.00

31.50

52.00

0.00

250.00

37.50

39.50

30.00

38.50

0.00

98.00

480.00

23.00

78.00

230.00

26.00

114.00

0.00

106.00

176.00

47.00

51.00

0.00

410.00

0.00

540.00

27.50

370.00

80.00

930.00

0.00

0.00

30.00

83.00

325.00

500.00

43.50

246.00

40.00

30.00

45.00

21.50

31.50

126.00

41.50

0.00

0.00

66.00

61.00

30.00

33.00

218.00

30.00

41.00

38.50

98.00

78.00

19.50

0.00

0.00

72.00

650.00

44.50

0.00

0.00

1.82

2.38

0.00

0.00

0.00

1.43

0.00

0.00

2.60

3.33

1.61

0.00

3.51

2.63

3.23

1.75

0.00

5.56

1.09

0.00

0.00

2.44

0.00

0.00

1.35

0.00

0.00

1.67

0.00

2.99

0.00

0.00

0.00

0.00

0.00

0.00

-2.44

0.00

2.44

0.00

0.00

0.00

1.08

-2.27

0.00

0.00

0.00

1.75

0.00

0.00

0.00

3.64

0.00

0.00

0.00

0.00

2.35

0.00

-1.35

1.82

0.00

0.00

0.00

0.00

0.00

7.14

0.00

3.45

1.32

0.00

1.03

2.13

0.00

1.30

2.68

6.12

3.64

0.00

0.00

0.00

2.17

0.00

0.00

6.49

0.00

0.00

1.85

0.00

0.00

3.33

0.00

0.00

0.00

0.00

1.56

0.00

3.57

4.24

1.27

1.69

0.00

2.38

5.00

0.00

6.41

0.00

0.00

0.00

0.00

0.00

3.13

0.93

0.00

0.00

4.05

-5.77

-1.27

0.00

0.00

0.00

-2.70

0.00

3.49

0.00

4,435

316,376

701,937

1,620

51,997

305

45,150

61,187

202

750,509

293,775

160,911

61,000

9,499,472

9,363

2,741,430

320,189

48,970

2,786,494

217,000

-

150,000

2,467,117

1,310,000

-

4,745,836

192,037

-

1,183,000

-

258,799

-

40,100

-

50,000

3,000

5

1,072,100

61,300

490,714

118,000

40,000

34,126

2,739,575

111,766

900

50

-

1,130,448

100

5

500

293,398

-

6,000

-

26,964

89,000

4,625

409,390

191,311

7,447

63,373

164,000

-

6,117

7,339,102

500

1,114,465

218,827

-

65,751

1,561,392

5,000

20,000

6

482,182

2,819,948

-

877

10,000

3,872,696

44,108

-

14,869,626

-

3,650

3,482,396

3,918

10,000

21,304

-

-

392,665

52,529

1,780,389

1,028,600

3,079,014

22,010

35,229

4,713,048

689,250

7,639,734

1,352,906

300,000

4,701,625

-

-

44,000

293

10,000

1,082,351

160,000

199,000

50

1,182,150

762

45,662

4,208,277

-

-

279,616

500

9,643,578

-

KUWAIT


Voltamp Energy SaogUnited Power/Energy Co- Pref

United Power Co SaogUnited Finance Co

Ubar Hotels & ResortsTakaful Oman

Taageer FinanceSweets Of OmanSohar Power Co

Sohar PoultrySmn Power Holding Saog

Shell Oman Marketing - PrefShell Oman Marketing

Sharqiyah Desalination Co SaSembcorp Salalah Power & Wat

Salalah Port ServicesSalalah Mills Co

Salalah Beach Resort SaogSahara Hospitality

Renaissance Services SaogRaysut Cement Co

Port Service CorporationPhoenix Power Co Saoc

Packaging Co LtdOoredoo

OminvestOman United Insurance Co

Oman Textile Holding Co SaogOman Telecommunications Co

Oman Refreshment CoOman Packaging

Oman Orix Leasing Co.Oman Oil Marketing Company

Oman National Engineering AnOman Investment & Finance

Oman Intl MarketingOman Hotels & Tourism CoOman Foods International

Oman Flour MillsOman Fisheries CoOman Fiber Optics

Oman Europe Foods IndustriesOman Education & Training In

Oman ChromiteOman Chlorine

Oman Ceramic ComOman Cement Co

Oman Cables IndustryOman Agricultural Dev

Oman & Emirates Inv(Om)50%Natl Aluminium Products

National SecuritiesNational Real Estate Develop

National PharmaceuticalNational Mineral Water

National Hospitality InstituNational Gas Co

National Finance CoNational Detergent Co Saog

National Biscuit IndustriesNational Bank Of Oman Saog

Muscat Thread Mills CoMuscat National Holding

Muscat Gases Company SaogMuscat Finance

Majan Glass CompanyMajan College

Hsbc Bank OmanHotels Management Co Interna

Gulf StoneGulf Plastic Industries Co

Gulf Mushroom CompanyGulf Investments Services

Gulf Invest. Serv. Pref-SharGulf International Chemicals

Gulf Hotels (Oman) Co LtdGlobal Fin Investment

Galfar Engineering&ContractGalfar Engineering -Prefer

Financial Services Co.Financial Corp/The

Dhofar UniversityDhofar Tourism

Dhofar PoultryDhofar Intl Development

Dhofar InsuranceDhofar Fisheries & Food Indu

Dhofar Cattlefeed

0.44

1.00

3.40

0.16

0.13

0.15

0.11

1.34

0.26

0.21

0.71

1.05

1.95

4.50

0.24

0.65

1.48

1.38

2.50

0.22

1.50

0.24

0.14

2.01

0.66

0.49

0.29

0.32

1.50

2.15

0.30

0.12

1.88

0.15

0.18

0.52

0.40

0.00

0.66

0.06

4.57

1.00

0.16

3.64

0.50

0.40

0.44

1.51

0.00

0.13

0.18

0.17

5.00

0.11

0.05

0.00

0.62

0.13

0.70

3.75

0.23

0.11

1.79

0.62

0.12

0.19

0.52

0.12

1.25

0.11

0.00

0.34

0.11

0.11

0.26

10.50

0.18

0.10

0.39

0.17

0.11

1.49

0.49

0.18

0.39

0.21

1.28

0.22

-0.89

0.00

0.00

0.00

0.00

4.14

1.83

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.33

-0.83

0.00

0.00

-0.61

0.00

1.40

0.00

0.33

0.00

0.00

0.00

0.00

0.00

1.67

0.00

0.00

0.00

0.00

0.00

0.00

0.00

-3.05

0.00

0.00

0.00

0.00

-6.23

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

-3.33

0.00

0.00

-0.86

0.00

0.00

0.00

0.00

-2.70

0.00

0.00

0.00

-0.56

1.05

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2,127

-

-

-

-

50,000

-

-

620

-

-

-

410

-

13,550

-

-

-

-

2,000

6,000

187,578

24,492

-

164,950

82,341

150,500

12,104

138,304

-

-

-

-

-

75,000

-

-

-

1,000

81,376

-

-

54,520

-

-

-

25,957

-

-

1,008,840

152,273

-

-

-

50,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,660

-

27,991

186,094

-

-

-

-

-

-

-

-

-

-

OMAN


Dhofar Beverages CoConstruction Materials Ind

Computer Stationery IndsBankmuscat Saog

Bank SoharBank Nizwa

Bank Dhofar SaogAreej Vegetable Oils

Aloula CoAl-Omaniya Financial Service

Al-Hassan Engineering CoAl-Fajar Al-Alamia Co

Al-Anwar Ceramic Tiles CoAl Suwadi Power

Al Shurooq Inv SerAl Sharqiya Invest Holding

Al Maha Petroleum Products MAl Maha Ceramics Co SaocAl Madina Takaful Co Saoc

Al Madina Investment CoAl Kamil Power Co

Al Jazerah Services -PfdAl Jazeera Steel Products Co

Al Jazeera ServicesAl Izz Islamic Bank

Al Buraimi HotelAl Batinah PowerAl Batinah Hotels

Al Batinah Dev & InvAl Anwar Holdings Saog

Ahli BankAcwa Power Barka Saog

Abrasives Manufacturing Co SA’saff a Foods Saog

0Man Oil Marketing Co-Pref

0.26

0.03

0.26

0.42

0.15

0.08

0.22

4.05

0.53

0.28

0.06

0.75

0.16

0.19

1.04

0.12

1.45

0.49

0.07

0.06

0.31

0.55

0.22

0.18

0.06

0.88

0.19

1.13

0.09

0.17

0.19

0.71

0.05

0.85

0.25

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

-2.63

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

1.61

0.00

-1.05

0.00

-1.12

-1.76

0.00

0.00

0.00

0.00

0.00

-

-

-

542,554

245,816

983,327

126,000

-

-

-

11,846

-

30,000

-

-

23,788

9,474

150,000

15,000

30,968

-

-

9,007

-

99,972

-

38,395

-

4,000

645,681

2,599

-

-

-

-

OMAN


Waha Capital PjscUnited Insurance Company

United Arab Bank PjscUnion National Bank/Abu Dhab

Union Insurance CoUnion Cement Co

Umm Al Qaiwain Cement IndustSharjah Islamic Bank

Sharjah Insurance CompanySharjah Group

Sharjah Cement & Indus DevelRas Al-Khaimah National Insu

Ras Al Khaimah White CementRas Al Khaimah Ceramics

Ras Al Khaimah Cement Co PscRas Al Khaima Poultry

Rak PropertiesOoredoo Qsc

Oman & Emirates Inv(Emir)50%Nbad Oneshare Msci Uae Ucits

National Takaful CompanyNational Marine Dredging Co

National Investor Co/TheNational Corp Tourism & Hote

National Bank Of Umm Al QaiwNational Bank Of Ras Al-Khai

National Bank Of FujairahNational Bank Of Abu Dhabi

Methaq Takaful InsuranceManazel Real Estate Pjsc

Invest BankIntl Fish Farming Co Pjsc

Insurance HouseGulf Pharmaceutical Ind Psc

Gulf Medical ProjectsGulf Cement Co

Fujairah Cement IndustriesFujairah Building Industries

Foodco Holding PjscFirst Gulf BankFinance House

Eshraq Properties Co PjscEmirates Telecom Group Co

Emirates Insurance Co. (Psc)Emirates Driving Company

Dana GasCommercial Bank Internationa

Bank Of SharjahAxa Green Crescent Insurance

Arkan Building Materials CoAlkhaleej InvestmentAldar Properties Pjsc

Al Wathba National InsuranceAl Khazna Insurance Co

Al Fujairah National InsuranAl Dhafra Insurance Co. P.S.

Al Buhaira National InsurancAl Ain Ahlia Ins. Co.

Agthia Group PjscAbu Dhabi Ship Building Co

Abu Dhabi Natl Co For BuildiAbu Dhabi National Takaful C

Abu Dhabi National InsuranceAbu Dhabi National Hotels

Abu Dhabi National Energy CoAbu Dhabi Islamic Bank

1.87

2.00

2.25

4.04

1.43

1.10

0.90

1.52

3.85

1.50

0.93

4.10

1.11

2.70

0.75

2.52

0.61

95.00

1.18

6.26

0.98

5.00

0.52

3.29

2.80

5.00

4.78

8.50

0.82

0.50

2.19

1.57

0.81

2.24

2.50

0.90

0.86

1.56

4.60

10.55

1.78

0.77

19.55

6.00

7.15

0.55

1.99

1.35

0.72

0.95

1.47

2.69

4.40

0.39

300.00

5.00

2.35

60.00

6.08

2.70

0.59

4.00

2.45

3.30

0.59

3.49

-1.58

0.00

0.00

1.00

0.00

0.00

0.00

0.66

0.00

0.00

0.00

0.00

0.91

1.89

-3.85

0.00

0.00

0.00

0.00

0.00

0.00

0.00

-8.77

0.00

-1.75

2.67

0.00

-1.39

0.00

8.70

0.00

0.00

0.00

1.82

0.00

-5.26

0.00

0.00

0.00

-3.21

0.00

-1.28

0.77

0.00

0.00

1.85

0.00

0.00

-8.86

14.46

0.00

-1.10

0.00

0.00

0.00

0.00

0.00

0.00

-1.94

10.20

1.72

0.00

0.00

0.00

1.72

-0.57

461,419

-

-

511,000

-

-

-

66,755

16,500

-

-

-

3,962

1,276,987

10,475

-

2,685,182

-

-

-

-

-

4,200,000

-

21,500

333,500

-

885,895

500,120

36,128,477

-

-

-

28,619

-

66,000

-

-

-

2,873,042

-

15,848,373

1,004,531

-

-

2,375,682

-

3,694,579

68,610

774,333

-

2,401,201

-

-

-

-

-

-

37,539

4,000

308,500

-

-

-

195,100

1,243,943

UAE


Zain Bahrain BsccUnited Paper Industries Bsc

United Gulf Investment CorpUnited Gulf BankTrafco Group Bsc

Takaful International CoTaib Bank -$Us

Seef PropertiesSecurities & Investment Co

National Hotels CoNational Bank Of Bahrain Bsc

Nass Corp BscKhaleeji Commercial Bank

Ithmaar Bank BscInvestcorp Bank -$Us

Inovest Co BscGulf Monetary Group

Gulf Hotel Group B.S.CGfh Financial Group Bsc

Esterad Investment Co B.S.C.Delmon Poultry Co

Bmmi BscBmb Investment Bank

Bbk BscBankmuscat Saog

Banader Hotels CoBahrain Tourism CoBahrain Telecom Co

Bahrain Ship Repair & EnginBahrain National Holding

Bahrain Kuwait InsuranceBahrain Islamic Bank

Bahrain Flour Mills CoBahrain Family Leisure Co

Bahrain Duty Free ComplexBahrain Commercial Facilitie

Bahrain Cinema CoBahrain Car Park Co

Arab Insurance Group(Bsc)-$Arab Banking Corp Bsc-$Us

Aluminium Bahrain BscAlbaraka Banking Group

Al-Salam BankAl-Ahlia Insurance Co

Ahli United Bank B.S.C

0.00

0.00

0.00

0.38

0.24

0.00

0.00

0.20

0.00

0.00

0.70

0.11

0.06

0.11

7.60

0.00

0.00

0.64

0.31

0.00

0.00

0.84

0.03

0.34

0.00

0.00

`

0.28

1.61

0.42

0.00

0.11

0.00

0.09

0.75

0.66

1.21

0.00

0.31

0.34

0.32

0.48

0.09

0.26

0.64

0.00

0.00

0.00

0.00

-0.83

0.00

0.00

-0.99

0.00

0.00

-1.42

1.82

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.60

0.00

0.00

0.00

-5.41

0.00

0.00

0.00

1.82

0.00

0.00

-1.32

0.00

0.00

0.00

0.00

0.00

0.00

-1.03

0.00

0.00

0.00

-

-

-

37,379

25,800

-

-

1,534,254

-

-

35,138

70,000

101,195

550,000

10,700

-

-

10,000

40,000

-

-

6,200

200,000

200,425

-

-

-

469,675

2,532

4,760

-

31,135

-

350,000

7,000

50,000

4,000

-

13,526

15,000

25,000

10,000

201,000

36,709

490,516

BAHRAIN


Boubyan Intl Industries HoldGulf Investment House Ksc

Boubyan Bank K.S.CAhli United Bank B.S.C

Osos Holding Group CoAl-Eid Food Ksc

Qurain Petrochemical IndustrAdvanced Technology Co

Ekttitab Holding Co SakKout Food Group Ksc

Real Estate Trade Centers CoAcico Industries Co Kscc

Kipco Asset Management CoNational Petroleum ServicesAlimtiaz Investment Co Kscc

Ras Al Khaimah White CementKuwait Reinsurance Co Ksc

Kuwait & Gulf Link TransportHuman Soft Holding Co Ksc

Automated Systems Co KsccMetal & Recycling Co

Gulf Franchising Holding CoAl-Enma’a Real Estate Co

National Mobile TelecommuniAl Bareeq Holding Co Kscc

Housing Finance Co SakAl Salam Group Holding Co

United Foodstuff IndustriesAl Aman Investment Company

Mashaer Holdings Co KscManazel Holding

Mushrif Trading & ContractinTijara And Real Estate Inves

Kuwait Building MaterialsJazeera Airways Co Ksc

Commercial Real Estate CoFuture Communications Co

National International CoTaameer Real Estate Invest C

Gulf Cement CoHeavy Engineering And Ship B

Refrigeration Industries & SNational Real Estate Co

Al Safat Energy Holding CompKuwait National Cinema CoDanah Alsafat Foodstuff Co

Independent Petroleum GroupKuwait Real Estate Co Ksc

Salhia Real Estate Co KscGulf Cable & Electrical IndAl Nawadi Holding Co Ksc

Kuwait Finance HouseGulf North Africa Holding Co

Hilal Cement CoOsoul Investment Kscc

Gulf Insurance Group KscKuwait Food Co (Americana)

Umm Al Qaiwain Cement IndustAayan Leasing & Investment

Alrai Media Group Co KscNational Investments CoCommercial Facilities Co

Taiba Kuwaiti Holding Co KscAfaq Educational Services Co

Strategia Investment Co KscYiaco Medical Co. K.S.C.C

26.50

24.50

380.00

192.00

0.00

0.00

206.00

920.00

37.00

0.00

34.00

285.00

116.00

780.00

74.00

94.00

184.00

47.00

1,620.00

0.00

0.00

33.00

39.50

1,060.00

0.00

43.50

41.50

170.00

45.00

0.00

27.50

53.00

39.00

0.00

840.00

78.00

98.00

53.00

21.00

74.00

156.00

300.00

82.00

30.50

950.00

83.00

395.00

50.00

370.00

405.00

0.00

480.00

31.50

0.00

40.50

630.00

2,620.00

0.00

28.50

138.00

110.00

170.00

0.00

0.00

0.00

198.00

1.92

2.08

2.70

0.00

0.00

0.00

3.00

0.00

1.37

0.00

0.00

0.00

-1.69

0.00

2.78

0.00

0.00

0.00

1.25

0.00

0.00

0.00

0.00

0.00

0.00

-1.14

6.41

0.00

5.88

0.00

5.77

1.92

0.00

0.00

1.20

1.30

0.00

1.92

0.00

0.00

0.00

0.00

5.13

-1.61

-1.04

0.00

6.76

0.00

0.00

5.19

0.00

2.13

8.62

0.00

0.00

0.00

0.00

0.00

1.79

-6.76

1.85

2.41

0.00

0.00

0.00

0.00

1,737,509

136,947

2,883,294

762,000

-

-

1,018,884

100

1,171,044

-

1,992

3,500

14,491

1,888

818,750

19,000

75,000

26,132

299

-

-

12,000

113,000

8,027

-

2,685,233

6,090,515

10

169,850

-

654,643

107,700

356,482

-

51,611

202,000

46,300

2,387

99,000

205,460

318,000

40,000

2,964,467

66,330

77,000

210,199

20,000

790,752

11,000

1,818,168

-

7,326,705

1,308,638

-

1,500

62,115

205,759

-

1,211,830

476,648

4,064,503

35,079

-

-

-

100

KUWAIT


LATEST MARKET CLOSING FIGURES


BUSINESS6

CURRENCIESDOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI

DINARKUWAITI

DINAR

Eurozone equities slide as London advancesAFPLondon

Eurozone markets closed lower yesterday as investors turned cautious despite upbeat German

data, while London held onto some gains on a weak pound and plans to ex-pand busy Heathrow Airport.

UK stocks rose after the govern-ment backed Heathrow’s expansion, in a move it said would bring economic benefi ts worth up to £61bn (€69bn, $75bn). London share prices ended the day 0.45% higher, with index at 7,017.64 points.

In the eurozone’s main markets, Paris slipped 0.3% at 4,540.84 points at the close and Frankfurt dipped by 0.04% at 10,757.31 points. German business confi dence defi ed predictions in October, hitting the highest level since April 2014, the Ifo economic in-stitute revealed.

The Munich-based institute’s head-line business confi dence index hit 110.5 points in October, up one point from

the September reading of 109.5 points.In London, British Prime Minister

Theresa May’s government approved a third runway at Heathrow Airport after a long-running row that pitted envi-ronmental campaigners and local resi-dents against the business community.

The government said the move would create 77,000 additional local jobs over the next 14 years.

Proposals to expand an existing run-way at Heathrow or build a second run-way at Gatwick airport were rejected.

ETX Capital trader Neil Wilson said the announcement was a “good sig-nal” for businesses, but cautioned that it could take “a very long time” — and added there were still concerns over who would foot the bill.

On the downside in Europe, Milan stocks dipped 0.4% on fresh turmoil in the Italian banking sector, after troubled lender Monte Paschi di Siena (BMPS) unveiled plans to axe 2,600 jobs and close 500 branches.

BMPS unveiled the overhaul as it posted a net loss of €1.15bn ($1.3bn) in the third quarter.

Its shares lost nearly 15% at the close.

Italy’s third-biggest lender will also seek improvements of its loans and risk reduction.

“It is the kind of bitter pill the Ital-ian banking sector as a whole better get used to taking if it wants to avoid be-ing the biggest threat to the eurozone’s stability,” said Spreadex analyst Con-nor Campbell.

On Wall Street stocks dipped on Tuesday as caution over the US presi-dential election off set a trove of largely solid corporate earnings.

Briefing.com analyst Patrick O’Hare said investors are “on edge” due to uncertainties, such as the pos-sibility that a cyberattack could dis-rupt the vote.

“Hesitation over the election is likely one of the reasons why trading volume has continued to be light,” O’Hare said.

Around mid-day in New York, the Dow Jones Industrial Average was down 0.3%, which was the same drop for the broad-based S&P 500.

Pedestrians pass a Banca Monte dei Paschi di Siena branch in Siena, Italy. Its shares lost nearly 15% at close after the troubled lender unveiled plans to axe 2,600 jobs and close 500 branches.

Apple IncMicrosoft Corp

Exxon Mobil CorpJohnson & JohnsonGeneral Electric Co

Jpmorgan Chase & CoProcter & Gamble Co/The

Wal-Mart Stores IncVerizon Communications Inc

Pfizer IncVisa Inc-Class A Shares

Chevron CorpCoca-Cola Co/The

Intel CorpMerck & Co. Inc.

Cisco Systems IncHome Depot Inc

Intl Business Machines CorpWalt Disney Co/The

Unitedhealth Group Inc3M Co

Mcdonald’s CorpNike Inc -Cl B

United Technologies CorpBoeing Co/The

Goldman Sachs Group IncAmerican Express Co

Du Pont (E.I.) De NemoursCaterpillar Inc

Travelers Cos Inc/The

117.27

60.44

86.12

113.89

28.95

68.73

84.44

68.95

48.40

32.20

83.15

100.12

42.48

35.21

60.97

30.32

127.85

150.58

92.90

144.46

171.37

113.43

51.96

99.36

137.57

174.91

67.26

69.75

85.64

108.91

-0.14

-0.18

-0.17

0.11

-0.54

-0.32

4.17

0.69

-0.46

0.54

-1.21

0.09

0.00

-0.58

1.68

-0.62

-2.77

-0.20

-0.56

-0.58

-3.06

-0.21

-1.93

1.59

0.72

0.10

-0.34

-1.18

-1.60

0.14

15,880,252

17,913,871

3,230,280

2,355,008

12,580,968

5,501,599

11,151,771

3,487,467

6,258,623

9,319,091

8,087,164

2,319,942

6,652,356

6,903,319

8,230,308

6,656,263

4,172,023

1,098,962

2,855,293

1,067,466

2,119,760

2,171,266

8,212,813

2,852,627

1,707,484

1,116,534

1,570,460

1,528,491

6,642,206

1,040,151

DJIA


Wpp PlcWorldpay Group Plc

Wolseley PlcWm Morrison Supermarkets

Whitbread PlcVodafone Group Plc

United Utilities Group PlcUnilever Plc

Tui Ag-DiTravis Perkins Plc

Tesco PlcTaylor Wimpey Plc

Standard Life PlcStandard Chartered Plc

St James’s Place PlcSse Plc

Smith & Nephew PlcSky Plc

Shire PlcSevern Trent Plc

Schroders PlcSainsbury (J) Plc

Sage Group Plc/TheSabmiller Plc

Rsa Insurance Group PlcRoyal Mail Plc

Royal Dutch Shell Plc-B ShsRoyal Dutch Shell Plc-A Shs

Royal Bank Of Scotland GroupRolls-Royce Holdings Plc

Rio Tinto PlcRexam Plc

Relx PlcReckitt Benckiser Group Plc

Randgold Resources LtdPrudential Plc

Provident Financial PlcPersimmon Plc

Pearson PlcPaddy Power Betfair Plc

Old Mutual PlcNext Plc

National Grid PlcMondi Plc

Merlin EntertainmentMediclinic International Plc

Marks & Spencer Group PlcLondon Stock Exchange Group

Lloyds Banking Group PlcLegal & General Group PlcLand Securities Group Plc

Kingfisher PlcJohnson Matthey Plc

Itv PlcIntu Properties Plc

Intl Consolidated Airline-DiIntertek Group Plc

Intercontinental Hotels GrouInmarsat Plc

Informa PlcImperial Brands Plc

Hsbc Holdings PlcHargreaves Lansdown Plc

Hammerson PlcGlencore Plc

Glaxosmithkline PlcGkn Plc

Fresnillo PlcExperian Plc

Easyjet PlcDixons Carphone Plc

Direct Line Insurance GroupDiageo Plc

Dcc PlcCrh Plc

Compass Group PlcCoca-Cola Hbc Ag-Di

Centrica PlcCarnival Plc

Capita PlcBurberry Group Plc

Bunzl PlcBt Group Plc

British Land Co PlcBritish American Tobacco Plc

Bp PlcBhp Billiton Plc

Berkeley Group Holdings/TheBarratt Developments Plc

Barclays PlcBae Systems Plc

Babcock Intl Group PlcAviva Plc

Astrazeneca PlcAssociated British Foods Plc

Ashtead Group PlcArm Holdings Plc

Antofagasta PlcAnglo American Plc

Admiral Group Plc3I Group Plc

#N/A

1,704.00

281.90

4,413.00

228.00

3,699.00

226.00

934.50

3,477.50

1,029.00

1,346.00

210.15

142.80

339.80

705.40

964.00

1,579.00

1,208.00

807.50

4,892.50

2,325.00

2,857.00

240.20

725.00

4,494.50

559.50

489.30

2,182.50

2,083.50

192.30

739.00

2,796.00

0.00

1,459.00

7,247.00

7,200.00

1,402.50

3,087.00

1,693.00

746.50

8,515.00

201.20

4,720.00

1,057.50

1,622.00

457.00

903.50

334.40

2,890.00

55.35

208.60

1,025.00

358.30

3,450.00

170.30

286.20

401.80

3,439.00

3,159.00

695.00

670.00

3,919.50

626.30

1,167.00

563.50

246.15

1,629.50

313.90

1,643.00

1,564.00

925.00

323.00

351.30

2,203.50

6,705.00

2,696.00

1,470.00

1,823.00

215.80

3,779.00

606.50

1,460.00

2,225.00

387.70

601.50

4,718.50

495.15

1,261.00

2,357.00

469.00

183.70

540.50

1,012.00

448.50

4,811.50

2,440.00

1,305.00

0.00

540.50

1,114.00

1,958.00

664.00

0.00

-0.99

-0.49

-1.10

-0.44

-3.75

1.16

0.16

0.17

-1.53

-3.30

-0.24

-0.63

-0.47

-0.91

1.58

0.19

-0.41

-0.49

-1.07

0.04

0.42

-0.99

0.49

0.00

-0.53

-0.31

0.88

0.75

2.29

-0.94

4.50

0.00

1.25

0.30

3.08

0.11

-0.06

-1.34

-1.97

0.12

1.00

-1.81

1.00

0.93

-0.76

-0.77

0.09

0.66

0.69

-0.67

0.79

0.20

0.29

-0.93

-1.72

-0.74

-0.32

0.41

1.83

-0.67

-0.27

0.32

-0.68

-0.35

3.60

-0.70

-2.88

1.86

0.06

-0.70

-1.22

-0.09

1.17

0.00

-0.99

0.14

0.55

0.89

-0.68

-1.46

-0.21

-0.63

2.65

-0.08

0.85

1.68

3.02

-1.50

-1.39

0.11

0.09

-1.36

0.72

-0.81

-1.41

-0.38

0.00

2.95

4.55

0.05

0.08

0.00

4,641,464

4,108,816

650,817

15,172,928

1,610,939

75,354,880

1,187,552

2,063,772

690,877

1,307,557

26,392,159

9,551,139

3,251,377

5,939,049

1,821,275

1,793,446

2,604,931

5,811,755

1,992,739

440,143

286,528

8,736,572

2,137,870

-

2,363,289

2,348,274

3,836,750

4,978,901

24,508,937

5,523,645

5,668,563

-

2,705,078

1,082,968

579,156

3,402,124

255,339

852,669

4,796,346

95,626

5,907,872

737,025

4,711,500

1,297,347

1,764,721

1,146,782

5,752,350

221,784

207,652,766

16,387,211

2,094,921

8,824,115

496,969

17,491,913

8,292,339

7,399,040

369,741

679,174

2,755,561

2,536,410

1,745,019

29,008,457

763,505

2,975,440

69,342,920

10,815,612

9,154,790

921,808

1,386,995

2,611,445

3,393,572

3,209,998

4,595,498

264,866

1,137,901

3,004,235

259,965

17,278,509

535,280

1,726,610

2,943,906

752,653

21,104,319

2,172,268

4,665,131

21,331,045

9,853,580

702,090

6,856,367

31,011,340

6,653,433

1,015,087

8,254,510

2,953,242

1,127,494

1,402,663

-

4,099,985

7,011,191

398,630

1,302,206

-

FTSE 100


East Japan Railway CoItochu Corp

Fujifilm Holdings CorpYamato Holdings Co Ltd

Chubu Electric Power Co IncMitsubishi Estate Co Ltd

Mitsubishi Heavy IndustriesToshiba Corp

Shiseido Co LtdShionogi & Co Ltd

Tokyo Gas Co LtdTokyo Electron Ltd

Panasonic CorpFujitsu Ltd

Central Japan Railway CoT&D Holdings Inc

Toyota Motor CorpKddi Corp

Nitto Denko Corp

9,427.00

1,273.50

4,099.00

2,372.50

1,517.00

2,009.50

451.30

377.90

2,690.00

5,264.00

484.40

8,977.00

1,081.00

565.90

17,310.00

1,228.00

6,041.00

3,080.00

7,415.00

0.88

0.39

0.44

0.15

1.61

-0.30

-0.81

0.00

0.43

3.56

1.81

1.86

0.19

0.39

0.41

0.66

1.43

0.10

0.43

1,066,900

4,376,100

1,672,900

1,112,900

1,551,700

5,101,000

17,040,000

25,979,000

1,391,400

1,940,300

7,611,000

1,229,100

5,844,800

6,413,000

528,400

2,265,600

6,599,100

3,859,500

958,800

TOKYO


Rakuten IncKyocera Corp

Nissan Motor Co LtdHitachi Ltd

Takeda Pharmaceutical Co LtdJfe Holdings Inc

Ana Holdings IncMitsubishi Electric Corp

Sumitomo Mitsui Financial GrHonda Motor Co Ltd

Fast Retailing Co LtdMs&Ad Insurance Group Holdin

Kubota CorpSeven & I Holdings Co Ltd

Inpex CorpResona Holdings Inc

Asahi Kasei CorpKirin Holdings Co Ltd

Marubeni CorpMitsubishi Ufj Financial Gro

Mitsubishi Chemical HoldingsFanuc Corp

Daito Trust Construct Co LtdOtsuka Holdings Co Ltd

Oriental Land Co LtdSekisui House Ltd

Secom Co LtdTokio Marine Holdings Inc

Aeon Co LtdMitsui & Co Ltd

Kao CorpDai-Ichi Life Holdings Inc

Mazda Motor CorpKomatsu Ltd

West Japan Railway CoMurata Manufacturing Co Ltd

Kansai Electric Power Co IncDenso Corp

Sompo Holdings IncDaiwa House Industry Co Ltd

Jx Holdings IncNippon Steel & Sumitomo Meta

Suzuki Motor CorpNippon Telegraph & Telephone

Ajinomoto Co IncMitsui Fudosan Co Ltd

Ono Pharmaceutical Co LtdDaikin Industries Ltd

Bank Of Yokohama Ltd/TheToray Industries IncAstellas Pharma Inc

Bridgestone CorpSony CorpHoya Corp

Sumitomo Mitsui Trust HoldinJapan Tobacco Inc

Osaka Gas Co LtdSumitomo Electric Industries

Daiwa Securities Group IncSoftbank Group Corp

Mizuho Financial Group IncNomura Holdings Inc

Daiichi Sankyo Co LtdFuji Heavy Industries Ltd

Ntt Docomo IncSumitomo Realty & Developmen

Sumitomo Metal Mining Co LtdOrix Corp

Asahi Group Holdings LtdKeyence Corp

Nidec CorpIsuzu Motors Ltd

Unicharm CorpShin-Etsu Chemical Co Ltd

Smc CorpMitsubishi CorpNintendo Co Ltd

Eisai Co LtdSumitomo Corp

Canon IncJapan Airlines Co Ltd

1,268.50

5,156.00

1,031.00

527.70

4,743.00

1,437.00

283.00

1,404.00

3,527.00

3,146.00

36,850.00

3,000.00

1,643.50

4,509.00

998.20

441.70

922.60

1,739.50

549.80

530.50

674.00

19,620.00

17,085.00

4,549.00

6,213.00

1,690.50

7,653.00

4,087.00

1,484.00

1,450.00

5,712.00

1,476.50

1,719.50

2,379.00

6,577.00

14,400.00

955.60

4,439.00

3,339.00

2,812.00

411.50

2,030.50

3,723.00

4,658.00

2,313.00

2,352.00

2,697.50

9,875.00

0.00

967.90

1,565.50

3,993.00

3,330.00

4,130.00

3,398.00

3,846.00

444.70

1,551.50

587.30

6,531.00

171.40

494.40

2,378.00

4,013.00

2,529.50

2,739.50

1,323.50

1,477.00

3,691.00

77,380.00

9,867.00

1,279.00

2,470.50

7,691.00

30,550.00

2,389.50

24,685.00

6,811.00

1,202.00

3,074.00

3,081.00

2.17

1.38

1.28

1.07

-0.52

-2.31

0.82

0.97

1.32

2.11

1.52

1.25

-0.54

-0.29

-1.07

0.91

2.35

-0.09

-0.45

1.96

1.37

1.03

0.00

0.33

-0.06

1.35

0.13

1.14

0.44

-0.14

1.10

0.20

2.93

-0.15

1.17

1.37

0.96

1.63

0.57

0.50

-0.19

-1.50

2.45

0.30

0.76

0.06

0.11

0.40

0.00

1.15

-0.85

1.29

0.36

0.22

3.09

-0.75

1.07

1.21

1.03

0.11

0.88

1.60

-0.15

1.67

0.48

-0.71

-0.30

1.90

0.96

1.01

6.10

1.95

-0.18

1.26

0.99

-0.58

2.98

0.09

-0.46

0.59

0.03

TOKYO

Company Name Lt Price % Chg

Aluminum Corp Of China Ltd-HBank Of East Asia Ltd

Bank Of China Ltd-HBank Of Communications Co-H

Belle International HoldingsBoc Hong Kong Holdings Ltd

Cathay Pacific AirwaysCk Hutchison Holdings Ltd

China Coal Energy Co-HChina Construction Bank-H

China Life Insurance Co-HChina Merchants Port Holding

China Mobile LtdChina Overseas Land & Invest

China Petroleum & Chemical-HChina Resources Beer Holdin

China Resources Land LtdChina Resources Power Holdin

China Shenhua Energy Co-HChina Unicom Hong Kong Ltd

Citic LtdClp Holdings Ltd

Cnooc LtdCosco Shipping Ports Ltd

Esprit Holdings LtdFih Mobile Ltd

Hang Lung Properties LtdHang Seng Bank Ltd

Henderson Land Development

2.88

32.05

3.57

6.00

5.07

27.90

10.50

98.50

4.74

5.82

20.15

20.70

90.50

24.20

5.89

17.16

20.10

13.46

16.74

9.32

11.40

78.70

10.70

8.35

6.83

2.66

17.80

142.70

46.45

-0.35

-0.31

-0.28

0.00

-9.14

-0.89

-0.38

-0.45

-0.84

-0.17

-0.49

-0.72

-0.44

0.00

-0.67

0.35

0.90

-0.30

0.12

-0.96

-1.04

-1.25

0.00

0.12

0.74

0.38

0.79

-0.21

0.98

11,526,000

820,386

228,071,738

18,371,594

55,841,048

15,949,604

3,036,671

6,127,467

34,621,350

142,474,657

36,619,039

4,519,045

21,234,315

18,854,777

38,106,048

20,938,433

8,676,884

4,521,164

28,454,229

46,997,116

7,320,556

2,172,889

47,698,137

1,505,430

1,845,462

4,490,512

3,685,813

778,498

2,630,334

HONG KONG


Hong Kong & China GasHong Kong Exchanges & Clear

Hsbc Holdings PlcHutchison Whampoa Ltd

Ind & Comm Bk Of China-HLi & Fung Ltd

Mtr CorpNew World Development

Petrochina Co Ltd-HPing An Insurance Group Co-H

Power Assets Holdings LtdSino Land Co

Sun Hung Kai PropertiesSwire Pacific Ltd - Cl ATencent Holdings Ltd

Wharf Holdings Ltd

15.04

208.60

59.25

0.00

4.79

3.93

43.70

9.85

5.64

41.05

73.15

13.40

115.90

83.00

214.80

58.00

0.40

0.29

-0.25

0.00

-0.42

0.26

-0.23

-0.40

-0.88

0.86

-0.27

-0.15

0.78

0.00

-0.28

0.69

17,123,454

2,270,823

9,311,657

-

153,244,698

9,324,122

1,518,684

12,521,819

95,015,011

27,554,481

2,130,494

4,772,939

3,179,445

823,416

8,374,373

2,817,294

HONG KONG


Zee Entertainment EnterpriseYes Bank Ltd

Wipro LtdVedanta Ltd

Ultratech Cement LtdTech Mahindra Ltd

Tata Steel LtdTata Power Co Ltd

Tata Motors LtdTata Consultancy Svcs Ltd

Sun Pharmaceutical IndusState Bank Of India

Reliance Industries LtdPunjab National Bank

Power Grid Corp Of India LtdOil & Natural Gas Corp Ltd

Ntpc LtdMaruti Suzuki India Ltd

Mahindra & Mahindra LtdLupin Ltd

Larsen & Toubro LtdKotak Mahindra Bank Ltd

Itc LtdInfosys Ltd

Indusind Bank LtdIdea Cellular Ltd

Icici Bank LtdHousing Development Finance

Hindustan Unilever LtdHindalco Industries Ltd

Hero Motocorp LtdHdfc Bank Limited

Hcl Technologies LtdGrasim Industries Ltd

Gail India LtdDr. Reddy’s Laboratories

Coal India LtdCipla Ltd

Cairn India LtdBosch Ltd

Bharti Airtel LtdBharat Petroleum Corp Ltd

Bharat Heavy ElectricalsBank Of Baroda

Bajaj Auto LtdAxis Bank Ltd

Asian Paints LtdAmbuja Cements Ltd

Adani Ports And Special EconAcc Ltd

513.95

1,308.45

481.40

203.95

4,017.05

434.05

415.25

82.40

553.80

2,398.45

747.40

261.45

1,060.85

146.30

178.35

288.75

152.00

5,781.45

1,303.90

1,526.25

1,484.10

786.55

238.75

1,017.20

1,209.30

75.30

289.25

1,340.10

832.35

150.50

3,355.55

1,250.30

804.55

972.95

435.05

3,200.60

319.65

584.50

230.55

22,622.55

311.80

685.45

140.10

156.55

2,801.55

529.10

1,139.75

248.35

312.80

1,551.65

0.37

-0.18

-0.53

0.79

1.15

1.14

-2.53

-1.49

-1.07

-1.20

0.03

-0.57

-0.23

-0.51

1.28

-1.23

0.43

1.18

-2.64

-0.14

-0.57

-0.10

-1.08

-0.96

-0.58

-1.95

1.65

-0.29

-1.89

-0.23

0.62

-1.05

-0.75

0.09

-2.03

3.60

-0.50

-0.03

-0.39

-1.37

1.68

-0.11

-0.81

-1.17

0.41

1.45

1.09

0.38

9.50

-0.91

SENSEX

Company Name Lt Price % Chg

WORLD INDICESIndices Lt Price Change

GCC INDICESIndices Lt Price Change

Dow Jones Indus. AvgS&P 500 Index

Nasdaq Composite IndexS&P/Tsx Composite Index

Mexico Bolsa IndexBrazil Bovespa Stock Idx

Ftse 100 IndexCac 40 Index

Dax IndexIbex 35 Tr

Nikkei 225Japan Topix

Hang Seng IndexAll Ordinaries Indx

Nzx All IndexBse Sensex 30 Index

Nse S&P Cnx Nifty IndexStraits Times Index

Karachi All Share IndexJakarta Composite Index

18,164.75

2,144.74

5,283.59

14,904.44

48,255.84

63,543.82

7,017.64

4,540.84

10,757.31

9,139.70

17,365.25

1,377.32

23,565.11

5,523.28

1,309.10

28,091.42

8,691.30

2,854.05

28,136.64

5,397.82

17,365.25

1,377.32

23,565.11

5,523.28

1,309.10

28,091.42

8,691.30

2,854.05

28,136.64

5,397.82

+130.83

+9.71

-38.97

+34.22

+7.20

-87.66

-17.65

-2.63

-110.50

-23.18

Doha Securities MarketSaudi Tadawul

Kuwait Stocks ExchangeBahrain Stock Exchage

Oman Stock MarketAbudhabi Stock MarketDubai Financial Market

10,404.19

5,882.44

5,389.01

1,143.47

5,522.86

4,264.44

3,336.76

-2.08

+85.59

+47.49

-5.08

-8.59

-24.91

-22.63

“Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended as an off er or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on this data.”

4,791,200

856,700

14,525,600

18,301,000

2,247,100

5,348,700

8,701,000

7,171,500

7,267,800

3,403,000

400,800

1,411,500

2,787,700

2,247,600

5,820,500

10,818,900

6,970,000

2,139,200

6,231,100

70,500,900

5,384,500

784,900

260,000

914,300

596,100

2,681,200

519,600

1,636,400

1,686,300

5,114,100

1,814,500

5,875,900

8,016,900

3,094,800

1,049,200

561,800

2,023,700

2,002,200

1,096,700

1,259,900

9,764,400

3,726,600

2,537,500

2,833,700

1,618,300

5,610,000

1,838,100

732,200

-

5,472,000

6,440,400

2,743,500

5,062,700

1,073,500

2,709,900

6,316,300

4,899,000

1,795,400

6,580,000

4,082,600

123,247,900

21,565,200

1,726,700

3,512,900

3,249,300

2,549,000

2,702,000

5,976,500

1,167,500

93,200

4,893,800

2,675,900

1,786,100

1,571,400

158,800

4,260,300

3,211,300

721,000

4,002,200

2,580,700

2,253,800

6,633,142

1,495,438

3,548,971

10,230,807

119,847

1,810,686

9,743,830

4,137,775

6,261,205

920,985

2,027,841

11,441,681

1,935,761

5,796,666

1,739,165

8,275,581

1,808,467

371,924

1,509,933

620,533

635,129

3,365,599

6,872,333

2,930,662

1,047,711

21,647,532

24,061,684

1,082,341

1,995,340

10,428,962

485,806

1,503,585

1,814,420

605,598

1,733,785

1,241,462

2,371,216

891,297

3,335,480

6,659

3,761,894

1,867,360

4,275,993

3,346,834

212,986

7,850,099

3,197,309

920,402

22,844,397

221,512

BUSINESS7Gulf Times


BUSINESS13Gulf Times


ReutersSeoul

South Korea’s economic growth is expected to hit the central bank’s 2.7% forecast this year, with third

quarter GDP data showing the economy would have grown faster were it not for the setbacks suff ered by Samsung Elec-tronics Co Ltd and Hyundai Motor Co.

“When you take away the eff ects from Samsung and Hyundai, third-quarter growth was considerably better than expected,” said Chung Kyu-il, a director at the Bank of Korea.

A senior fi nance ministry offi cial told Reuters later in the day the Sam-sung Galaxy Note 7 issue alone likely knocked 0.1 to 0.2 percentage points from third quarter growth.

Gross domestic product rose a sea-sonally adjusted 0.7% over July-Sep-tember versus the second quarter, the Bank of Korea estimated yesterday, ticking down from a 0.8% quarterly rise.

With growth on track, the central bank is more likely to observe than act on monetary policy while looking out for a pending US

Federal Reserve rate hike expected by year-end.

Both Chung and the ministry offi -cial agreed that fourth quarter growth would also be aff ected by Samsung’s decision to discontinue production of its fi re-prone Galaxy Note 7 smart-phone, although the economic impact from lost manufacturing was nearly all refl ected in the third quarter.

Manufacturing overall fell 1% in the third quarter, with Samsung’s smart-phone crisis and the worst-ever strikes at Hyundai Motor nearly wiping out the second quarter’s 1.2% rise in fac-

tory output. Despite the strikes ending, there will not be an immediate jump in manufacturing in the fourth quarter, BoK director Chung said, although the central bank’s forecast will be achiev-

able as long as sequential GDP growth hits 0.1% or higher next quarter.

ING economist Tim Condon said calls for monetary easing may shift to seek fi scal expansion as central bank

rate cuts have resulted in heavy house-hold debt growth, reduced consump-tion, and inventories piling up at manu-facturers.

Most analysts see another rate cut early next year, but Kim Doo-un at Hana Financial Investment said Tues-day’s data would encourage the central bank to keep rates on hold in the near term. The median forecast in a Reuters survey of 19 analysts was for South Ko-rea to post growth of 0.6 % in the third quarter in sequential terms.

In annual terms, GDP rose 2.7% in the third quarter, down from a 3.3% rise in the second quarter and marking its slowest growth since April-June of 2015.

Construction investment saved Q3 growth as expected, rising 3.9% in se-quential terms and picking up from 3.1% growth in the June quarter.

Construction jumped 4.4% over the same period, speeding up from a 1% gain in the second quarter.

Services rose 1% in the September quarter from the previous three-month period, also better than a 0.6% gain in the second quarter, thanks largely to govern-ment eff orts to launch nationwide retail sale events to pry open wallets. Capital investment slipped 0.1%, down from 2.8% growth in the previous quarter.

The Bank of Korea cut its policy in-terest rate by 25 basis to 1.25% in June, its eighth cut since starting this easing cycle in mid-2012.

The government has been churn-ing out supplementary budgets nearly every year since then to help keep the economy afl oat.

South Korea’s Q3 GDP hit by Samsung, Hyundai troubles

People walk past a commercial sign at a shopping district in Seoul. South Korea’s gross domestic product rose a seasonally adjusted 0.7% over July-September versus the second quarter, the Bank of Korea estimated yesterday.

ReutersBangkok

Thailand’s economy is on track to grow 3.2% this year and next and there is no need for further

monetary policy easing, a deputy cen-tral bank governor said, amid concerns mourning for King Bhumibol Adulya-dej will crimp tourism and consump-tion.

The 88-year old king died on Octo-ber 13 and the junta has declared a year of mourning, urging people to curtail festivities during the fi rst 30 days of his death.

The king’s passing may have a short-term impact on certain businesses such as tourism and entertainment, but it has not aff ected the country’s economic fundamentals, said deputy Bank of Thailand governor Mathee Su-papongse.

“It’s consumers’ mood and behav-iours that have changed but not their spending capability,” he told Reuters in an interview.

Tourist arrivals could be fewer than the central bank’s current forecast of 33.6mn this year, but that was also

because of a Thai crackdown on cheap tour packages for Chinese tourists, Thailand’s largest number of visitors.

Tourism accounts for about 10% of

Thailand’s GDP, and the industry has been a rare bright spot for an econo-my that has struggled to gain traction since the army seized power in May

2014 to end political unrest. Pivotal ex-ports and domestic consumption have stubbornly been sluggish.

The central bank has forecast eco-nomic growth of 3.2% for this year and in 2017.”That’s still on track,” he said.

However, the economy may grow better than forecast next year as in-vestment and exports are expected to improve, he said.

Southeast Asia’s second-largest economy grew 2.8% last year.

With growth on track, infl ation re-turning to the target range and im-proving economic indicators, further monetary policy easing may not be necessary, said Mathee, who is also on the central bank’s Monetary Policy Committee (MPC).

“Looking ahead and as the economy is still on a recovery path, it may not be in a situation where we need to use policy space,” he said.

“The current monetary policy stance is considered suffi ciently accommoda-tive for the economic recovery. The policy rate remains relatively low,” he said.

The MPC has left its policy interest rate steady at 1.50% since April 2015.

The rate is just 25 basis points above

the record low reached during the glo-bal fi nancial crisis.

The central bank next reviews mon-etary policy on November 9, right after Americans elect their next president.

Most economists expect no policy change at that meeting but some think a cut is possible due to a weak econom-ic outlook.

Thailand’s headline infl ation is ex-pected to return to the central bank’s target range of 1%-4% in the fi nal quarter, although the full-year fi gure could be 0.3%, as forecast, Mathee said.

The MPC will also consider an infl a-tion target for 2017 at the meeting be-fore seeking government approval.

Mathee also said exports could per-form better than the central bank’s forecast for a 2.5% fall this year follow-ing recent improvements in shipments, which are worth about two-thirds of the economy.

He said the baht was stable and not an obstacle for trade.

The baht was at 34.9 per dollar yes-terday and has risen by 3% so far this year. The central bank has instruments to handle any excessive volatility in the baht, Mathee said.

‘Thai economy on track for 3.2% growth’

China’s FGC sticks with Aixtron bid in face of German review

ReutersFrankfurt

The Chinese company bidding

for Aixtron may press ahead

with its takeover of the chip

equipment maker, despite the

German government withdraw-

ing its approval because of

concerns over security.

Fujian Grand Chip Investment

Fund LP (FGC) was respond-

ing to Monday’s surprise news

from Aixtron that Berlin had

withdrawn its consent for the

€670mn ($728mn) deal and

planned a review of the transac-

tion. The government’s move

comes amid growing protec-

tionist rhetoric in Germany and

just a week before Economy

Minister Sigmar Gabriel is due

to lead a business delegation

to China.

“The Economy Ministry’s

letter does not in and of itself

lead to a termination of the

takeover off er,” FGC, a Chinese

investment fund controlled by

businessman Zhendong Liu,

said in a statement yesterday,

adding it was looking at the

legal implications.

FGC said that the Economy

Ministry had cited technology

that was relevant to security,

especially to the defence sector,

being revealed by a takeover

of Aixtron as the reason for the

review. FGC did not provide

further details. Aixtron makes

machines used in the produc-

tion of red, blue, green and

white light emitting diodes

(LEDs) as well as chips for

memory, power management

and nanotechnology.

Its products are not directly

designed for the defence sector.

However, there is rising con-

cern in Germany over whether

the government should do more

to protect strategic technolo-

gies following a series of bids for

German companies by Chinese

investors this year.

“The German government

clearly has a motive here. It

wants to keep all that technol-

ogy in Germany with good

reason. They’ve already given

too much away. It’s German

companies, it’s German technol-

ogy, it’s German jobs, it’s Ger-

man capital,” David Vos, capital

goods analyst at Barclays, said.

FGC is partly state-backed,

but Liu, who owns 51% of the

company, told Spiegel Online

this month that the Chinese

government played no role in

his decision to invest in Aixtron.

Others have also put China’s

off shore ambitions under the

spotlight this year, with the

European Commission trigger-

ing doubts on Monday about

Chinese chemical company

ChemChina’s Switzerland’s

Syngenta.

Tata shake-up may distract group from revamp eff ortsReutersNew Delhi

The surprise removal of Tata Sons’ chairman Cyrus Mistry and his advisory team, and

the temporary return of Ratan Tata, could distract the salt-to-software conglomerate from ongoing eff orts to trim debt and reshape some of its businesses.

The boardroom coup, announced late on Monday, sent shares in some Tata listed companies lower yes-terday, though the reinstatement of the widely respected Ratan Tata as interim chairman likely helped ease investor concerns.

“When Mistry was there some actions were being taken at a group level which would have helped re-duce the company’s cash drain ac-tivities,” said Daljeet Singh Kohli, research head at broker Indi-aNivesh. “There was hope that ra-tional, rather than more emotional decisions would prevail.”

Some analysts expect uncertain-ty at Tata may stall some ongoing initiatives, such as the search for a partner for Tata Steel’s struggling UK assets.

“Under Mistry, Tata Group have taken signifi cant steps towards deleveraging and better utilisation of capital,” Citigroup said in a cli-ent note yesterday, adding his ab-sence may impact the group’s future strategy and delay the “process of deleveraging.”

Media reports following Mistry’s ouster suggested the infl uential Tata family, which owns a majority stake in Tata Sons through a series

of trusts, was unhappy with some of his decisions as chairman.

Ratan Tata yesterday urged those in charge of Tata Group compa-nies to focus on their businesses and shareholder returns, and not be distracted by the board changes.Those group companies own a range of well-known brands, including Jaguar Land Rover, Tetley tea, Titan and the Taj Group of hotels.

“The companies must focus on their market position vis-à-vis competition, and not compare themselves to their own past,” Tata said, according to a company state-ment. Referring to ongoing initia-tives, he said Tata would “evaluate and continue to undertake those that are required”. Any changes would be discussed with business heads.

“At a business level, life doesn’t change for us due to this manage-ment re-jig,” said a senior bank-er and frequent investor in Tata group’s bonds. “What we need to see is what kind of strategy they will adopt now to revive their weak companies.”

Mistry’s dismissal as chairman – he remains a board member – stunned even Tata insiders and sen-

ior executives, people in the com-pany said.

“It came as a surprise to us; no-body seemed to know anything about it,” said one senior Tata Group offi cial, adding they were informed through a memo and told the move was “unlikely to have much impact on individual companies.”

Tata has disbanded the group executive council – a core advisory team – set up by Mistry, who was trying to shake up the $100bn com-pany through changes to its man-agement structure and the intro-duction of new faces at senior levels.

In a sign of the near-150-year-old conglomerate’s heft, Prime Minis-ter Narendra Modi was told about the leadership change in a personal letter, according to government sources.

Shares in Tata Steel fell 2.5%, Tata Power 1.5%, TCS 1.2% and Tata Mo-tors 1.1%.

The broad Mumbai market closed down 0.2%.

“The reaction in some of the stocks could be termed as a knee-jerk reaction as sentiment takes a hit and an air of uncertainty prevails,” said Arun Kejriwal of Kris Research in Mumbai.

Thailand’s central bank deputy governor Mathee Supapongse gestures during an interview with Reuters at the Bank of Thailand in Bangkok. With growth on track, inflation returning to the target range and improving economic indicators, further monetary policy easing may not be necessary, Mathee said yesterday.

Ratan Tata: At the helm of aff airs.

Steel to salt: Key facts about India’s famous Tata Group

India’s largest conglomerate Tata Sons is back

in the hands of eminent industrialist Ratan Tata

after the sudden sacking of Cyrus Mistry.

Here are key things you need to know about

the Indian giant.

What is the Tata Group? It is arguably

India’s most famous family conglomerate.

Established by Parsi industrialist Jamsetji

Tata under British colonial rule in 1868, the

sprawling steel-to-salt conglomerate is now

worth more than $100bn and operates in more

than 100 countries globally. Tata Sons is the

holding company of the Tata Group.

What are its main businesses? There

are very few areas into which Tata has not

ventured, with the group dealing in everything

from salt and tea to watches, luxury cars and

opulent five-star hotels.

Its most high-profile companies are India’s

largest carmaker Tata Motors, which owns Brit-

ain’s Jaguar Land Rover, the IT outsourcing gi-

ant Tata Consultancy Services (TCS), Tata Steel,

Tata Global beverages and Tata Chemicals.

The Tata Group is also in telecommunications

through its company Tata Teleservices while its

hotel chain runs Mumbai’s Taj Mahal Palace and

other high-end establishments.

Tata’s tentacles have stretched across the

globe in recent years as it went on a buying

spree, picking up a number of major names in-

cluding Britain’s Tetley Tea and the Anglo-Dutch

steel firm Corus.

Who’s in charge? Ratan Tata – for the next

four months anyway.

The media-shy septuagenarian has taken

interim charge, four years after making way for

Mistry, and is leading the hunt for a new succes-

sor. Tata took the reins of the group in 1991 and

led it for 21 years during which he was credited

with driving its expansion abroad in the 2000s.

Each Tata company operates independently

and has its own board of directors answerable

to shareholders. Notable CEOs include Guenter

Butschek at Tata Motors and Natarajan Chan-

drasekaran of TCS.

What challenges does Tata face? Like

many businesses, it’s facing major headwinds

in the form of the sluggish global economy,

volatile currencies and fluctuating commodity

prices.

Tata Group’s revenue slipped 4.6% for the

financial year ended March while a number of

its firms have their own problems.

Tata Steel is the most notable.

It’s struggling to find a buyer for its huge

loss-making British assets, with 15,000 jobs in

the UK at risk, while TCS profits are down as

clients tighten their purse strings.

Tata Motors is also bearing the brunt of

weak sales of its luxury unit Jaguar Land Rover,

while Japanese mobile services provider NTT

Docomo is demanding Tata coughs up a $1.17bn

arbitration payment awarded at an interna-

tional hearing.

How will the leadership change aff ect Tata’s British interests? That’s not easy to

answer.

What is clear however is that Ratan Tata is a

proud Anglophile and fond of his investments

in Britain.

He became increasingly frustrated at Mistry’s

focus on divesting loss-making assets and was

saddened by the battering that Tata’s reputa-

tion was taking in Britain over the uncertainty

surrounding its steel assets, according to ana-

lysts. He could be reluctant to sell something he

bought which could mean good news for British

steel workers. But at the same time the change

of leadership may create more uncertainty

as British business leaders had been meeting

with Mistry fairly regularly in a bid to reach a

financial deal.

BUSINESS


GM third-quarter earnings widely beat expectationsCORPORATE RESULTS

General Motors Co reported much higher-than-

expected third-quarter earnings on strong North

American truck and SUV sales, calming fears that a

US auto market slowdown would dent profitability.

GM said yesterday the third-quarter loss in

Europe totalled about $100mn. Chief financial

off icer Chuck Stevens told reporters yesterday that

achieving break-even results for Europe this year

will be “very, very challenging.”

GM is “prepared to take whatever action is nec-

essary” to achieve its goal of returning European

operations to profitability, Stevens said, without

off ering specifics.

GM is impacted when the value of the pound

drops because it builds many of the vehicles it sells

in the United Kingdom in Germany, Spain and other

countries that use the euro. Stevens said GM raised

vehicle prices in the UK by 2.5% on October 1.

Overall, GM said third-quarter net income more

than doubled to $2.8bn, or $1.76 a share, from a

year earlier.

Excluding a $110mn gain from litigation, earnings

of $1.72 a share beat the analysts’ average estimate

of $1.45, according to Thomson Reuters I/B/E/S.

Revenue for the third quarter rose 10% to a

record $42.8bn, boosted by production of vehi-

cles that went onto lots at GM’s US dealers. The

company said that compared to a year ago, it had

110,000 more vehicles in stock at US dealers as of

September 30.

Chief executive Mary Barra has sought to

convince investors that GM is not as vulnerable to

the cyclical nature of US vehicle sales as in the past,

and is defending against challenges from technol-

ogy companies and rivals such as Tesla Motors Inc

by developing its own advanced electric cars and

autonomous driving technology.

P&G

Procter & Gamble Co, the maker of Tide detergent

and Pampers diapers, reported a better-than-

expected quarterly profit, helped by cost-cutting

and strong demand for its baby, feminine and home

care products.

P&G said net income attributable to the com-

pany rose to $2.71bn, or 96 cents per share, in the

quarter, from $2.60bn, or 91 cents per share, a year

earlier.

Excluding items, P&G earned $1.03 per share

from continuing operations, beating the average

analyst estimate of 98 cents.

P&G’s quarterly sales have been mostly falling for

more than three years, as the company has been

cutting its brand portfolio.

P&G’s shares were up 3.4% at $87 in premarket

trading yesterday.

The company has been selling off unprofitable

brands and focusing on core brands such as Tide,

Pampers and Gillette to revive sluggish sales. P&G

sold 41 of its brands, including Clairol and Wella, to

Coty Inc in a $12.5bn deal earlier this month.

P&G is also reducing costs through a plan to save

as much as $10bn over the next five years, after

reducing the same amount in costs over the last

five years.

Merck

Merck & Co Inc reported better-than-expected

quarterly revenue due to higher sales of its vac-

cines and cancer drug Keytruda, which won an

early US approval on Monday for use in previously

untreated lung cancer patients.

Net income attributable to Merck rose to $2.18bn,

or 78 cents per share, for the third quarter ended

Sept. 30, from $1.83bn, or 64 cents per share, a year

earlier.

Excluding items, the company earned $1.07 per

share, beating the average estimate of 99 cents

per share. Merck said it has raised its full-year

2016 GAAP earnings to $2.02-$2.09 per share from

$1.98-$2.08 per share. The full-year revenue range

was also raised to $39.7bn-$40.2bn from $39.1bn-

$40.1bn. Up to Monday’s close of $60.75, Merck’s

stock had risen 15% this year, compared with a 3.5%

fall in the S&P 500 Healthcare index.

Shares of Merck, which also raised its full-year

profit and revenue forecasts, were up 1.23% at

$61.50 in premarket trading yesterday.

The second-largest US drugmaker is betting on

Keytruda to boost earnings as expectations for the

drug have been building since its success in treat-

ing selected untreated patients.

Caterpillar

Caterpillar Inc yesterday reported a sharply lower

third-quarter profit after global economic weakness

and an abundance of available used equipment

slowed sales of its new machinery.

Caterpillar reported a third-quarter profit of

$283mn, or 48 cents per share, down from a revised

$559mn, or 94 cents per share, a year earlier.

Excluding restructuring costs, earnings per share

were 85 cents.

The world’s largest construction and mining

equipment maker also lowered its full-year revenue

outlook for the second time. It now expects about

$39bn, down from a range of $40.0bn to $40.5bn.

The company expects its challenges to persist

into next year, chief executive off icer Doug Ober-

helman said in a statement.

“In North America, the market has an abundance

of used construction equipment, rail customers

have a substantial number of idle locomotives, and

around the world there are a significant number of

idle mining trucks,” Oberhelman said.

Caterpillar forecast 2016 profit at $2.35 per share,

or $3.25 excluding restructuring costs.

The company again raised expectations of 2016

restructuring costs, to $800mn from a previous

estimate of $700mn.

Shares of Caterpillar were down 1.7% at $84.55 in

premarket trading.

United Tech

United Technologies Corp beat analysts’ profit and

sales estimates with third-quarter results yesterday,

and notched up the low end of its full-year profit

forecast, sending shares higher in pre-market trad-

ing. Net income attributable to common share-

holders rose to $1.48bn in the third quarter ended

Sept.30, from $1.36bn a year earlier. Earnings from

continuing operations attributable to common

shareholders rose to $1.74 per share from $1.61.

The results suggest increasing confidence at the

aerospace, elevator and building controls company,

which had faced concerns about delivery delays

of its new Pratt & Whitney geared turbofan engine

and weak demand for elevators. United Technolo-

gies shares were up 2% at $101.49 in premarket

trading.

Chief financial off icer Akhil Johri told Reuters

that rising deliveries of aircraft such as the Airbus

A320neo and A350 and Boeing 787 had boosted

sales growth, helped by the increase in compo-

nents the company supplies to these latest jets.

“The aerospace side of the business is still doing

well,” Johri said. Revenue growth will continue in

2017 as deliveries of Pratt engines and other aero-

space parts increase, though aerospace margins

will be pressured because the new engines are

less profitable in the initial years of production, he

added.

Freeport-McMoRan

Diversified US miner Freeport-McMoRan Inc swung

to a profit after seven quarters of losses, helped by

cost cutting and asset sales to combat a weakened

commodity market.

The company’s net income attributable to share-

holders was $217mn, or 16 cents per share, in the

third quarter ended September 30, compared with

a loss of $3.83bn, or $3.58 per share, a year earlier.

Revenue for the world’s biggest publicly listed

copper producer rose 14.6% to $3.88bn.

Whirlpool

Whirlpool Corp reported a lower-than-expected

quarterly profit yesterday as the strong US dollar

hit overseas revenue, and the company lowered its

full-year earnings forecast, citing soft US and British

markets and the weak British pound.

This was the first time this year the world’s larg-

est maker of home appliances cut its earnings fore-

cast. The company also reduced its planned capital

expenditures for the year. Whirlpool reported third-

quarter net income of $238mn, or $3.10 per share,

up from $235mn, or $2.95 per share, a year earlier.

The Benton Harbor, Michigan-based company

said earnings per share from continuing operations

rose to $3.66 from $3.45. Analysts on average had

expected $3.86.

Revenue fell to $5.25bn from $5.28bn but would

have risen if the dollar was not so strong, Whirlpool

said. The company cut its full-year net income

outlook to between $11.50 and $11.75 a share from a

previous range of $11.50 to $12.00.

Whirlpool forecast 2016 earnings per share

of $14to $14.25 from ongoing operations, below

analysts’ estimates of $14.61. The company also

lowered full-year capital investment plans for the

second consecutive quarter to between $650mn

and $700mn from its previous target of $700mn to

$750mn. Whirlpool said it expected full-year ship-

ments of its products to rise between 3% and 4%,

while those in Europe, the Middle East an Africa will

be flat to up 2%.

ChemChina plans to sweeten off er to clinch Syngenta dealReutersBeijing/Zurich

State-owned Chinese chemicals group ChemChina is ready to of-fer more concessions to win Eu-

ropean Union antitrust approval for its $43bn bid for Swiss pesticide and seed group Syngenta, a source with direct knowledge of the process said.

Clinching China’s biggest-ever for-eign acquisition is taking longer than planned amid a fl urry of deals in the agriculture sector that Syngenta, the world’s biggest pesticides maker, said yesterday had swamped competition watchdogs.

Syngenta expects the transaction to close around the end of March 2017, rather than this year as fi rst planned, but insisted it would go ahead despite increased scrutiny by watchdogs gaug-ing the impact of big deals on farmers and consumers.

Syngenta’s deal with ChemChina is one of two under EU scrutiny, while another mega deal involving Bayer and Monsanto is expected to land on the regulator’s desk in coming months.

Bayer and Monsanto have not for-mally requested EU approval but the European Commission has to consider

this deal as well when assessing the ChemChina and Syngenta linkup, and another deal involving DuPont and Dow Chemical, to take into account the changing landscape, said an EU offi cial.

Syngenta stock plunged more than

9% on Monday after a European Com-mission spokesman said the companies had not off ered concessions to get the deal through, raising concerns about the likelihood of a longer, full investi-gation. ChemChina submitted a pro-

posal to the Commission in September, including a plan to divest some $20mn worth of assets from its agrichemical subsidiary Adama Agricultural Solu-tions, the Beijing-based source told Reuters.

But the Commission raised “a more detailed menu of possible remedies” last week, said the source, who de-clined to be identifi ed because he was not authorised to speak to the media.

ChemChina is ready to cooperate fully with the Commission and come up with a satisfactory solution, the source added.

A ChemChina spokesman was not immediately available.

The Commission sometimes opens a full investigation to get a better under-standing of complex takeovers, where-by some are eventually cleared with no or minor concessions, though this is probably not the case for ChemChina because of the wave of consolidation moves and the diverse interests in-volved.

Regulatory scrutiny over the ChemChina-Syngenta deal comes as global agricultural chemicals makers bulk up to better compete with each other.

Dow Chemical and DuPont plan a $130bn merger, while Bayer aims to buy

Monsanto for $66bn. Syngenta chief executive Erik Fyrwald told Reuters he expected the EU anti-trust watch-dog to take its regulatory review of the ChemChina deal to a second phase once the October 28 deadline for fast-track approval passes.

“I think it is likely and we are expect-ing it, but it is not certain,” Fyrwald said.”The process was going along and then on September 14...

the Bayer and Monsanto deal was announced, since then in both the US and the EU there has been a very large escalation in data requests and ques-tions.” The Commission declined com-ment.

Fyrwald dismissed suggestions that the deal could be complicated by a pos-sible merger of ChemChina and Sinoc-hem. “We talk to ChemChina regularly on a range of issues... and they have repeatedly assured us that they are not in any discussions about merging with Sinochem,” he said.

Fyrwald declined to comment on the regulatory impact of the other two big deals in the pipeline. “But I can tell you that the regulators are taking a very close look at everything.”

Syngenta reported third-quarter sales of $2.5bn, down 3% year-on-year at constant exchange rates.

The logo of Swiss agrochemicals maker Syngenta at its headquarters in Basel, Switzerland. The pesticide and seed group’s deal with ChemChina is one of two under EU scrutiny, while another mega deal involving Bayer and Monsanto is expected to land on the regulator’s desk in coming months.

‘Impact on yuan from expected US rate hike will be limited’ReutersBeijing

A potential US interest rate hike in December will have limited impact on the

yuan, the People’s Bank of China chief economist Ma Jun told re-porters yesterday. Speaking to a small group of foreign reporters at a luncheon, Ma said the yuan was under depreciation pressure ahead of the expected rate hike, but may recover when the Federal Reserve actually raises rates.

Ma said he does not expect the Fed to be very aggressive on raising rates. The impact on the yuan from a December rate hike will be limited because it has been anticipated and priced in by the market, he said. “Emerg-ing market currencies, including the yuan, have come under some pressure to depreciate before the Fed rate rise. Maybe they will rise after the rate hike,” he said.

The yuan’s fall of more than 1.5% against the dollar since the end of September has renewed speculation in some quarters of a continued slide in the Chi-nese currency. The yuan has re-mained stable versus a currency basket in October despite fall-ing against the dollar, which has been strengthening against ma-jor currencies amid expectations that the Fed might raise rates in December, Ma said. The yuan’s drop against the dollar shows the central bank is “very faithful” to its new currency regime, Ma said.

Under the regime, the PBOC sets the yuan’s daily mid-point versus the dollar based on the previous day’s closing price, tak-ing into account changes in ma-jor currencies.

Oil, gas impairment charges seen curbing Singapore bank profi tsBloombergSingapore

Singapore’s three largest banks are poised to report higher im-pairment charges for loans to

the struggling oil and gas industry and weaker interest margins when they post third-quarter earnings in coming days.

DBS Group Holdings Ltd is expect-ed to lead the increase in impairment charges of S$255mn ($183mn) for the

period, a 43% jump from a year earlier, according to Goldman Sachs Group Inc. DBS, Singapore’s largest bank by assets, and Oversea-Chinese Bank-ing Corp will probably report a second consecutive quarterly profi t decline, while United Overseas Bank Ltd may post a 10% drop, analyst estimates compiled by Bloomberg News show.

Lenders are setting aside more mon-ey for loan losses tied to the oil and gas industry, which has been hurt by lower energy prices. Bank profi ts have also come under pressure from a weaken-

ing domestic economy and a slump in the Singapore interbank off ered rate – one of the benchmarks for local inter-est rates – to a one-year low, which has curbed the amount lenders charge for loans.

“Dark clouds are still hanging over the oil and gas sector, which is going to add a negative feel to the banks,” said Jeremy Teong, a banking analyst at Phillip Securities in Singapore. “Net interest margin weakness will become pronounced given this year’s drop in Sibor.”

OCBC will report its September quarter results on October 27, followed a day later by UOB. DBS is due to pub-lish its numbers on October 31.

Net income at DBS and OCBC fell 2.6% and 2.2%, respectively, from a year earlier according to the average of six analysts’ estimates compiled by Bloomberg. UOB may report a 10% drop, according to fi ve estimates.

Goldman Sachs analyst Melissa Kuang estimates OCBC’s impairment charges increased 3.4%, while UOB’s jumped almost 7%, according to a re-

port earlier this month. The emergence of more oil and gas-related nonper-forming loans will cause lenders’ bad-loan ratios to “rise modestly,” Fitch Ratings said in a separate note. Still, the banks are “securely positioned” to withstand further asset-quality dete-rioration because of “their disciplined underwriting standards and healthy provision buff ers,” Fitch said.

More Singaporean companies tied to the oil and gas industry are facing diffi -culty repaying debt as demand for their services falls.

BUSINESS15Gulf Times


Fed inclined to raise rates if next president pumps up budgetBloombergWashington

The Federal Reserve is inclined to raise interest rates higher than otherwise if the next president

pursues a more stimulative fi scal policy.US central bankers say they would

welcome such a step as shifting some onus for supporting the economy away from the Fed. But they suggest they would off set the extra demand that a bigger budget defi cit would spur by making monetary policy less stimula-tive.

The reason: With the economy al-ready operating close to capacity, it’s not in need of an added boost right now.

“If we have more expansionary fi scal policy, we don’t need as expansionary a monetary policy,” Federal Reserve Bank of Boston President Eric Rosengren said in an October 15 interview.

That sort of hand-off from monetary

to fi scal policy could prove trouble-some for fi nancial markets that “have been both sedated and seduced by the prospect of low rates for longer,” said Joachim Fels, global economic adviser at Pacifi c Investment Management Co.

It also could pose some political problems for the Fed if it was perceived by lawmakers as working at cross-purposes with their eff orts to spur eco-nomic growth.

Both Hillary Clinton and Donald Trump have said they would press for stepped-up government spending on infrastructure if elected president next month. Democrat Clinton also has pro-posed a bevy of other expenditure pro-grams, including increased college aid, while Republican Trump has put for-ward a massive tax cut plan.

While Clinton in particular has talked of the need to contain the na-tion’s debt, many analysts see the path of least resistance for the next admin-istration as more government red ink.

The resulting extra fi scal stimulus could total as much as around $100bn a year, equivalent to about 0.5% of gross domestic product, according to econo-mists David Mericle and Alec Phillips of Goldman Sachs Group.

Such a boost could lead the Fed to hike rates one or two more times than otherwise, they wrote in a note to cli-ents last month.

That estimate jibes with calculations put forward by Fed Vice-Chairman Stanley Fischer in an October 17 speech in New York.

He said increased government spending on the order of 1% of GDP would lift equilibrium interest rates by about 50 basis points, according to the Fed’s computer model of the economy. A tax cut of that magnitude would boost the so-called neutral rate by 40 basis points.

Research by San Francisco Fed Presi-dent John Williams and central bank economist Thomas Laubach pegs the

current neutral rate — referring to the level that neither stimulates nor slows growth — at just above 0%, after taking account of infl ation.

By holding rates below that level — underlying infl ation is now around 1.7% and the Fed’s policy-rate target range is currently 0.25 to 0.5% — the central bank is pursuing what Fischer has called a “modestly accommoda-tive” monetary policy.

An increase in the equilibrium rate stemming from an easier fi scal stance would allow the Fed to raise its target range while maintaining the same level of support to the economy.

“If government spending of some sort responded more strongly than it has during the most recent period, then we wouldn’t have to do as much,” Chi-cago Fed President Charles Evans said on October 24 at the University Club of Chicago.

From the Fed’s point of view, that would be a good thing. That’s because it

would give the central bank more room to cut rates before hitting 0% should it need to ease policy to aid the economy.

“Low interest rates make the econo-my more vulnerable to adverse shocks that can put it into recession,” Fischer told the Economic Club of New York in his October 17 remarks.

Regardless of whether fi scal policy is loosened, policy makers already intend to gradually lift rates in the coming years, starting with a quarter percent-age-point increase by the end of 2016, according to projections released by the Fed on September 21.

Former Fed Vice-Chairman Alan Blinder said he’s sceptical that fi s-cal policy will be loosened a great deal if Clinton wins the election, as seems likely based on recent opinion polls.

“She is promising not to make budg-et defi cits bigger by her programs,” said Blinder, who is now a professor at Princeton University. “Whatever fi s-cal stimulus there is ought to be small

enough for the Fed practically to ignore it.”

If the Fed does seek to off set easier fi scal policy with a tighter monetary stance, that would be a mirror image of what happened in the latter half of the 1990s, when Clinton’s husband, Bill, was president.

As the budget defi cit shrank and eventually turned into a surplus back then, the Fed kept monetary poli-cy looser than otherwise to support growth. And the fi nancial markets prospered as a result.

Investors may not make out as well this time as the Fed reduces its support for the economy by raising rates.

“Markets are pricing in a lower for longer rate environment,” said Pimco’s Fels.

“Anything that challenges that could lead to a signifi cant rise in bond yields, a steepening of the yield curve and could undo the eerie calm in the market for risk assets.”

Monte Paschi CEO seeks backers with pledge to reverse lossesBloombergMilan

Banca Monte dei Paschi di Siena swung

between gains and losses after chief

executive off icer Marco Morelli pledged

to begin talks with investors to help raise

capital as he seeks to return the ailing

lender to profit.

The world’s oldest bank is targeting

profit of €978mn ($1.1bn) in 2018 and

€1.1bn in 2019, it said yesterday. Monte

Paschi is also seeking to dispose of

€28bn of soured loans and committed to

raise as much as €5bn in capital by the

end of the year, with Morelli saying he’ll

start talks with potential new investors

this week.

Morelli, 54, in the job for just six weeks,

is seeking to persuade shareholders that

the bank can turn a corner by cutting

bad loans and reorganising the business

to improve returns. Burdened by soured

debt and losses on derivatives bets gone

wrong under previous management,

Monte Paschi emerged as the region’s

most vulnerable lender in European

stress tests in July, prompting the latest

overhaul and the third capital increase in

two years.

“The focus on profitability and costs is

finally the way to go,” said Alberto Gallo, a

London-based partner at Algebris Invest-

ments. “Delivery will be ambitious” but the

plan goes in the right direction, he added.

Monte Paschi jumped as much as 27%

before declining 23% to 27¢ at 11:50am in

Milan. The Siena, Italy-based lender surged

about 58% last week. The bank’s lower

Tier 2 notes due in April 2020 rose 6¢ to

about 80¢, the highest level for the junior

bonds since August 2, according to data

compiled by Bloomberg.

In the third quarter, the lender slipped

into a loss of €1.15bn from a profit of

€255.8mn a year earlier as it set aside

€1.3bn in provisions for soured loans, it

said in a separate statement yesterday.

The common equity Tier 1 ratio, a measure

of financial strength, slipped to 11.5% at

the end of September from 12% at the end

of 2015.

The bank plans to cut 2,600 jobs by

2019, compared with a previous goal of

2,700 remaining reductions by 2017. As of

June 30, the bank counted 25,700 employ-

ees. It will shut about 500 branches out of

about 1,900 outlets.

Under the leadership of Fabrizio Viola,

Monte Paschi struggled to reverse a slump

in shares, with the bank amassing more

than €6bn in annual losses over the past

four years.

“After the selloff , people are buying

shares amid speculation of possible

interest of new investors in the bank,”

said Stefano Girola, who helps oversee

about €40bn at Syz Asset Management in

Lugano, Switzerland.

The bank committed to complete the

capital raising by the end of the year, pos-

sibly in several tranches, include a debt-

for-equity swap and a portion reserved for

potential anchor investors. Shareholders

will meet Nov. 24 to approve the proposed

capital increase.

Monte Paschi is still waiting for

authorisation for the planned voluntary

debt swap, according to Morelli. The

swap, whose terms are still to be defined,

will involve all the €5bn of outstanding

institutional and retail subordinated bond

holders, he added.

“Perhaps the most important disclosure

made this morning is the confirmation

that retail investors will be involved in the

exchange,” said Miguel Hernandez and

Geoff roy de Pellegars, analysts at BNP

Paribas. “We expect bonds to stabilise

around these levels until we have firm

indications of interest in the share sale

from institutional investors.”

The timing of the rescue off ering will

probably coincide with a vote on consti-

tutional reform in Italy on December 4

that may spark political uncertainty and

market volatility. The bank aims to collect

bondholder agreements on the swap

before the vote to limit the impact on the

recapitalization, according to people with

knowledge of the plan.

Prime Minister Matteo Renzi, who has

made revamping Italy’s troubled banking

system a key priority, has previously said

he will quit if his reform is rejected.

“With the clean-up loss charged in 2016

the key issue of this plan is that we still do

not know who is going to underwrite the

cash call,” said Fabrizio Bernardi, a Milan-

based analyst with Fidentiis Equities. He

has a sell recommendation on the shares.

The sovereign funds of Qatar and Abu

Dhabi, as well as the People’s Bank of

China are among investors that may be

interested in the capital plan, newspaper Il

Messaggero reported October 22, without

saying where it obtained the information.

Corriere della Sera, another Italian daily,

reported that the sovereign fund of Kuwait

may also weigh an investment.

“We’re going to start entertaining talks

with potential core investors today,” More-

lli said, without elaborating. “We received

a number of approaches from diff erent

parties.” Monte Paschi expects a return on

tangible equity, a measure of profitability,

of more than 10% in 2018 from the 8%

targeted under a previous plan. As part of

the overhaul, the lender is disposing of its

debt recovery and merchant units, with

Istituto Centrale delle Banche Popolari

Italiane having off ered to buy the latter for

€520mn.

Monte Paschi’s pains date back

a decade, when acquisitions that

overstretched its finances and bets

on bonds and derivatives by previous

managers backfired, forcing the bank

to book losses and restate accounts. In

2013, Monte Paschi became the target of

national outrage when news broke that

it used complex derivatives transac-

tions fashioned by Deutsche Bank AG

and Nomura Holdings to hide millions of

euros in losses.

The bank said it named Francesco Mele

chief financial off icer to replace Arturo

Betunio who will leave the company on

November 25.

German business climate hits 2-1/2 year high in OctIfo’s business climate index rises to 110.5 in October; improved sentiment in manufacturing and construction; surprisingly strong data points to solid growth in H2; Cologne Institute for Economic Research sees Brexit impact; sees German exports to Britain down 6% next year

ReutersBerlin

German business morale im-proved unexpectedly in Octo-ber, hitting its highest level in

2-1/2 years, suggesting company ex-ecutives have become more optimistic about growth prospects for Europe’s largest economy.

The surprisingly strong business climate index, published yesterday by the Munich-based Ifo institute, gave a further boost to hopes that a widely ex-pected slowdown of the German econ-omy could be less severe than feared.

“The upturn in the German econ-omy is gathering impetus,” Ifo head Clemens Fuest said, though a separate survey forecast a squeeze on German exports and domestic growth from Britain’s vote to leave the European Union.

The Cologne Institute for Economic Research said it saw German exports to Britain falling by 6% next year due to the weakness of the pound following Britain’s Brexit vote.

Britain is a major market for German companies, accounting for around 7% of exports overall.

Weaker shipments to the UK and other Brexit-related risks would cost the German economy 0.25 percentage points of growth in 2017, the institute said.

Ifo’s business climate index, based on a monthly survey of some 7,000 fi rms, rose to 110.5 in October from 109.5 the month before.

It was the highest reading since April 2014 and was stronger than the Reuters consensus forecast for an unchanged value.

The data helped Germany’s DAX top-30 index to touch a new 2016 peak of 10,827.72 points shortly after its re-lease.

“These are very good fi gures. The German economy is again signifi cantly

stronger, which is mainly due to an up-turn in the manufacturing sector,” Sal.

Oppenheim economist Ulrike Kas-tens said. “It looks like we’ll see a good year-end performance.”

Company bosses were more content with their current business situation and were far more optimistic about the coming six months.

The rise was driven by improved sentiment in the manufacturing and construction sectors, while the climate

in wholesaling and retailing deterio-rated slightly.

Ifo economist Klaus Wohlrabe told Reuters company executives had taken account of Britain’s vote to leave the EU, while positive signals from China and the United States were pleasing exporters.

Wohlrabe added that an impasse over a trade deal between the Euro-pean Union and Canada – which has not been signed because of opposition

from the Wallonia region of Belgium – was not putting a dampener on the German economy.

Helaba economist Ralf Umlauf said: “Business sentiment is solid overall and worries about lengthy and diffi cult Brexit negotiations also don’t seem to be a burden anymore. The economic momentum is likely to continue in the fi nal quarter.”

The German economy is expected to lose steam in the third quarter, after

relatively strong growth rates of 0.7% in the fi rst and 0.4% in the second.

For 2016 as a whole, the government expects the economy to grow by 1.8%, which would be the strongest rate in fi ve years, helped by soaring private con-sumption and higher state spending.

For 2017, Berlin predicts a growth rate of 1.4%. Adjusted for the number of work days, the slowdown is expected to be less severe, with a predicted ex-pansion rate of 1.6%.

A container ship sits moored beside cranes at the Eurogate Terminal at Hamburg port. The Cologne Institute for Economic Research said it saw German exports to Britain falling by 6% next year due to the weakness of the pound following Britain’s Brexit vote. Britain is a major market for German companies, accounting for around 7% of exports overall.

Novartis looks at up to $5bn deals in cancer, genericsBloombergLondon

Novartis, Europe’s sec-ond-biggest drugmaker by sales, said it’s looking

for acquisitions that cost be-tween $2bn and $5bn to bolster its position in areas including cancer and the development of copycat medicines.

“If there were pipeline assets that were late-stage in either on-cology or pharma, those would really be the bull’s eye,” chief ex-ecutive offi cer Joe Jimenez said in a phone interview yesterday after the company reported a decline in third-quarter profi t excluding some items. Assets that could strengthen its gener-ics business are another target, he said. The company’s products include treatments for heart dis-ease and skin conditions.

Across the industry, an in-crease in large-scale acquisitions would probably force companies to divest assets, leading to poten-tial opportunities for Novartis, he said. Big transactions are a lower priority for Novartis because of the company’s pipeline of a dozen potential blockbusters that may reach the market over the next three years, the CEO said. The values of potential targets also remain a hurdle to doing deals, according to Jimenez.

“If you look at recent prices of some of the biotechs that have gone recently, even though there has been a correction, it’s still at a level where it’s diffi cult to de-termine if you are ever going to create value,” he said.

A new corporate structure to better integrate the Swiss com-pany’s units makes it easier to add new businesses and low-ers costs in an uncertain pric-ing environment, he said. The company in August decided to fold its specialised cell and gene therapies unit into other parts of the company.

BUSINESSWednesday, October 26, 2016

GULF TIMES

Gulf FDIs reach $431bn in 2015, says Goic officialGulf Cooperation Council (GCC) countries

have been witnessing a “remarkable

increase” in foreign direct investments

(FDIs) from about $30bn in 2000 to ap-

proximately $431bn in 2015, a Goic off icial

said.

Gulf Organisation for Industrial Consult-

ing secretary-general Abdulaziz bin Ha-

mad al-Ageel made the statement during a

presentation delivered at the GCC-France

Economic Forum held recently at Salons

Hoche in Paris.

During the forum, organised by the

Federation of GCC Chambers (FGCCC)

in collaboration with the Franco-Arab

Chamber of Commerce (FACC), al-Ageel

said cumulative foreign investments are

currently valued at $431bn, “five times

more than their value in 2005.”

On the other hand, GCC investments

abroad reached approximately $248bn,

excluding sovereign funds valued at

around $2.7tn, al-Ageel said.

“The average annual growth rate of

FDIs in the GCC was two times bigger

compared to the rest of the world, around

19% in GCC countries versus 9% interna-

tionally. The 2008 global financial crisis re-

sulted in an increase of the flow of foreign

investments towards GCC countries that

were viewed as a stable environment and

safe haven for capital.”

As to the distribution of foreign invest-

ments throughout the GCC, al-Ageel

said Saudi Arabia attracted 52% of the

cumulative foreign investments, given its

large economy and absorptive capacity, in

addition to its unique geographic position.

The UAE, he added, was the second

GCC country attracting 26% of the total

investments, followed by other GCC coun-

tries. He said the remaining GCC countries

have many opportunities to further draw

foreign investments.

In the industrial sector, al-Ageel

explained that there were approximately

2,303 joint industrial projects with foreign

investments, for example 16% of the total

GCC industrial projects (16,890) in 2015.

He added that the total value of FDIs

in the GCC industrial sector was around

$53bn (14% of the total investments in GCC

industrial sector valued at about $380bn).

These investments off ered 303,000 job

opportunities (19% of the total labour

force of about 1.6mn workers in the GCC

industrial sector), he said.

On the distribution of cumulative FDIs

in the industrial sector, al-Ageel said

the contribution of cumulative FDIs in

industrial projects in Qatar reached ap-

proximately 20% of the total investments

in its industrial sector, the highest share

compared to other GCC countries like

Bahrain where it was only about 1.4% of

the total investments.

Al-Ageel said cumulative GCC FDIs in

France increased by about 9.8% annually

between 2012 and 2015, valued at around

$10bn in 2015. French investments in

GCC countries “increased remarkably” at

an annual rate of 25% during the same

period to reach approximately $5.5bn in

2015.

He said Saudi Arabia attracted about

half of France’s FDIs in the GCC (approxi-

mately $5bn in 2015), followed by Qatar

(28% or about $3bn of the total cumulative

French FDIs in the GCC), Oman (17.9%),

Kuwait, UAE, and Bahrain with close

figures “reflecting potential investment

opportunities in the future.”

Al-Ageel said Qatari cumulative FDIs’

share of the total GCC cumulative FDIs in

France was valued at approximately $2bn

in 2015, as a result of increasing economic

relations between the two countries. Qatar

was followed by Oman and the UAE with

approximately 27% and 23%, respectively.

Trailing behind were Saudi Arabia, Kuwait,

and Bahrain.

He said French imports witnessed a

steady growth between 2005 and 2015

with a compound annual growth rate

(CAGR) of 5.5%, to fulfil the increasing

local demand as a result of their growing

economies, which reveals huge potential

investment opportunities in the future.

Similarly, GCC exports to France witnessed

a surge that was smaller (1.3% CAGR) from

about $7bn in 2005 to approximately

$8bn in 2015.

In addition, non-oil industrial imports

from France to GCC countries registered a

4% CAGR between 2009 and 2014 as they

were valued at approximately $11bn in

2014. Saudi Arabia’s share was about 83%

of the total imports, followed by Qatar,

Bahrain, Kuwait, and Oman.

Transport machinery, devices and

equipment formed about 42% of the total

industrial imports from France to the GCC

in 2014, followed by chemical and plastic

products (27%).

On the other hand, non-oil industrial

exports to France were valued at about

$4bn (approximately 34% of the total GCC

exports to France in 2014). In this regard,

Qatar ranked first with about 43% of the

total exports, followed by Bahrain, Kuwait,

and Oman. Chemical and plastic products

were the top exports (63% of the total

non-oil exports from GCC countries to

France), al-Ageel said.

Al-Ageel: Safe haven.

Bedaya holds social media marketing workshop for startups

The Bedaya Centre for En-trepreneurship and Ca-reer Development (Be-

daya Centre), a joint initiative by Qatar Development Bank and Silatech, recently hosted its monthly ‘Second Sunday’ workshop, ‘Social Media Mar-keting for Startups’.

Held in collaboration with Ammar Mohamed, the social media adviser at Social Media Solutions, the workshop pro-vided participants with mar-keting skills needed when using social media platforms.

Designed to help attendees understand the best ways of using social media platforms to promote their products and ideas, the workshop addressed the challenges faced when us-ing social media to support their business, Bedaya said.

It also aims to enable them to have a “wider and deeper un-derstanding” to create a brand footprint on the Internet. The workshop also highlighted the importance of understanding the right channels as well as target audience, in addition to providing useful ideas to par-ticipants for more eff ective and effi cient control over the social media.

During the workshop, Mo-hamed focused on several as-pects of social media marketing such as developing a strategic plan for social networking sites, raising awareness to promote their brands on these sites, as well as ways on how to expand follower base and convert them

from followers to actual cus-tomers.

“This workshop comple-ments the eff orts made by Bedaya Centre to support entrepreneurs and improve their skills in using social net-working sites and make their projects successful,” Mohamed said.

Bedaya Centre general man-ager Reem al-Suwaidi said: “We seek to establish such monthly meetings and workshops in order to support and develop entrepreneurs, especially by scheduling meetings with ex-perts and fi eld specialists. The workshop aims to highlight the importance of social media platforms in promoting prod-ucts and businesses.”

Ammar Mohamed, the social media adviser at Social Media Solutions, delivering a lecture during the workshop.

Barwa Real Estate Company’s issued capital will now be more than QR3.89bn, comprising 389.12mn shares of QR10 each. A decision to this eff ect was arrived yesterday after certain amendments to its Articles of Association (AoA) was made at an extraordinary general assembly meeting (EGM) of shareholders. The EGM, presided over by its chairman Salah bin Ghanim al-Ali, also appended certain articles to its AoA, concerning the corporate governance code issued by the Qatar Financial Market Authority. The meeting authorised the chairman with all the necessary powers to implement the resolutions and complete all the required procedure in that regard.

Barwa Real Estate’s issued capital to be more than QR3.89bn

QSE largely fl at despite strong selling in consumer goods, transport, industrialsBy Santhosh V PerumalBusiness Reporter

The Qatar Stock Exchange was largely fl at yesterday despite strong selling in consum-

er goods, transport and industrials counters.

Foreign institutions and individu-als turned net profi t takers and there was increased net selling by local retail investors, leading the 20-stock Qatar Index fall a marginal 0.02% for the fi fth straight session to 10,404.19 points. The market’s year-to-date losses were seen at 0.24%.

Trade turnover and volumes were on the decline in the market, where bank-

ing and realty stocks together consti-tuted about 63% of the total volumes.

Islamic stocks were seen declining much faster than the conventional ones in the bourse, where domestic institu-tions however turned bullish. Moreo-ver, Gulf individual investors and insti-tutions were also seen net buyers.

A 0.15% increase in large cap equities was masked by 0.45% and 0.29% de-cline respectively in small and midcaps that market capitalisation fell by mere QR2mn to QR560.82bn.

The Total Return Index was down 0.02% to 16,833.28 points, All Share Index by 0.02% to 2,872 points and Al Rayan Islamic Index by 0.32% to 3,856.32 points.

Consumer goods saw their equi-

ties’ prices decline 0.45%, transport (0.35%), industrials (0.32%) and real estate (0.23%); whereas insurance gained 0.92%, banks and fi nancial services (0.18%) and telecom (0.05%).

About 63% of the stocks were in the red with major losers being Aamal Company, Mesaieed Petrochemicals Holding, Gulf Warehousing, Nakilat, Vodafone Qatar, Doha Bank, Qatar Is-lamic Bank, Qatar First Bank, Alijarah Holding, Qatari German Company for Medical Devices and United De-velopment Company; even as QNB, Ooredoo, Qatar Insurance, Gulf Inter-national Services and Dlala saw their stocks make modest gains.

Non-Qatari institutions turned net sellers to the tune of QR1.46mn against

net buyers of QR61.21mn on Monday.Local retail investors’ net profi t

booking strengthened to QR20.81mn compared to QR9.72mn the previous day.

Non-Qatari individual inves-tors turned net sellers to the extent of QR0.15mn against net buyers of QR2.2mn on October 24.

However, domestic institutions turned net buyers to the tune of QR21mn compared with net sellers of QR41.04mn on Monday.

The GCC (Gulf Cooperation Council) institutions were net buyers to the ex-tent of QR0.08mn against net sellers of QR9.17mn the previous day.

The GCC individual investors were also net buyers to the tune of QR1.33mn

compared with net profi t takers of QR3.47mn on October 24.

Total trade volume fell 49% to 3.27mn shares, value by 43% to QR138.64mn and deals by 26% to 1,835.

There was 81% plunge in the indus-trials sector’s trade volume to 0.38mn equities, 75% in value to QR29.07mn and 53% in transactions to 330.

The telecom sector’s trade volume plummeted 69% to 0.4mn stocks, value by 58% to QR6.96mn and deals by 26% to 195.

The consumer goods sector re-ported 44% shrinkage in trade vol-ume to 0.05mn shares, 49% in value to QR3.42mn and 40% in transactions to 113.

The banks and fi nancial services sec-

tor’s trade volume tanked 39% to 1.37mn equities and value by 9% to QR71.89mn; while deals were up 8% to 918.

However, the market witnessed 83% surge in the transport sector’s trade volume to 0.33mn stocks and 11% in value to QR11.04mn but on 44% de-cline in transactions to 107.

The real estate sector’s trade volume soared 38% to 0.69mn shares and value by 16% to QR11.49mn; whereas deals shrank 49% to 95.

The insurance sector witnessed 20% expansion in trade volume to 0.06mn equities and 34% in value to QR4.78mn but on 27% slump in transactions to 77.

In the debt market, there was no trading of treasury bills and govern-ment bonds.

GCC business confi dence upbeat despite global uncertainty: OBG surveyA fi rst-time survey of CEOs

undertaken by Oxford Business Group (OBG)

suggests that business senti-ment across the GCC remains broadly positive, despite the current challenging economic climate.

As part of its ‘Business Ba-rometer: GCC CEO Survey’, produced in association with Saudi Hollandi Bank, OBG asked some 196 business leaders a comprehensive series of ques-tions on an anonymous basis to gauge their confi dence levels and short-term plans for invest-ment. Compiled over the past

six months, the fi ndings are now available to view on OBG’s new Editors’ Blog.

The data was also used to as-sess the broader economic out-look across the region for the coming year.

OBG said it is now preparing to carry out further CEO surveys across the other regional mar-kets in which it operates, name-ly: Africa, Asia, Latin America and the Caribbean.

Responding directly to OBG’s questions, some 52% of busi-ness leaders surveyed said they were “likely or very likely” to make a sizeable capital invest-

ment in the coming 12 months. Just under half of all respond-ents said they found gaining access to credit “easy or very easy”, while signifi cantly, 57% estimated that government spending currently drives less than 40% of business in their respective sectors.

OBG CEO and editor-in-chief Andrew Jeff reys said the Group’s fi rst CEO survey represented yet another research milestone for the fi rm at a time when investors were giving more importance than ever before to accurate data, compiled at source using reliable methodology.

“While business leaders are increasingly keen to explore the openings that emerging markets off er, a lack of credible intelli-gence and information vacuums remain a concern,” he said.

“I fi rmly believe that our new CEO surveys will help to fi ll this void and give investors some-thing they can immediately re-late to, namely, the views and perceptions of decision-makers like themselves obtained at ground level.”

OBG managing editor (Mid-dle East) Oliver Cornock added that the GCC CEO survey had produced some surprising re-

sults that would be of interest to investors.

“Despite global media reports that the region is in a period of economic turmoil, our GCC CEO survey results point to a wholly more positive outlook, with sentiment across the sec-tors far from weak,” he said.

“Of course, there are sig-nificant challenges. However, what can be deduced from the results is that the region’s corporates remain broadly positive and are positioning themselves to be able to com-pete when stronger growth re-turns.”

Banking shares buoy Saudi bourse

ReutersDubai

Banking shares boosted Saudi Arabia’s stock market yesterday while the majority of other Gulf markets sagged on uninspiring quarterly results.The Saudi stock market index gained 1.5%, its fifth consecutive session of gains as all 12 of the listed lenders advanced.Bank Aljazira was the top performer amongst its peers, jumping 6.5%. National Commercial Bank, the second largest by market value, gained 4.6%. The banking

sector has been the backbone of the stock market’s recovery since the kingdom successfully conducted the largest emerging market international bond sale last week.In Dubai, the main stock index fell 0.7%, hit by a 3.0-percent fall for Mashreqbank, which had reported a decline in net profit earlier this week.Dubai Islamic Bank fell 0.3%, after reporting a 9.9% decline in net profit on Monday.Elsewhere in the Gulf, the Kuwait index added 0.9% to 5,389 points, the Oman index declined 0.2% to 5,523 points and the Bahrain index dropped 0.4% to 1,143 points.

UDC posts QR484mn Q3 profit - Gulf Times

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