10 February Daily market report

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10 February Daily market report

  1. 1. QE Intra-Day Movement Market Indicators 11,400 11,350 11,300 Market Indices 11,250 11,200 9:30 10 Feb 14 774.8 594,336.9 19.7 7,378 41 23:17 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.5% to close at 11,361.6. Gains were led by the Banking & Financial Services and Real Estate indices, rising 1.2% and 0.7% respectively. Top gainers were Medicare Group and Qatar International Islamic Bank, gaining 3.4% each. Among the top losers, Qatari Investors Group fell 9.8%, while Commercial Bank of Qatar declined 4.0%. 09 Feb 14 480.9 591,349.3 13.1 4,609 41 27:11 %Chg. 61.1 0.5 50.9 60.1 0.0 – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 16,321.49 2,818.87 2,751.42 3,694.71 1,964.20 2,001.18 2,717.58 1,580.84 6,200.79 3,269.77 0.5 0.5 1.2 (0.1) (0.1) 0.7 0.2 0.0 0.0 0.5 1.5 1.5 2.4 0.6 1.3 0.3 1.0 0.7 1.2 1.5 10.1 8.9 12.6 5.6 5.7 2.5 16.3 8.7 4.2 7.7 N/A 13.5 14.1 13.6 13.3 13.7 6.3 21.3 23.9 16.8 Vol. ‘000 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index fell 0.2% to close at 8,859.2. Losses were led by the Transport and Banking & Financial Services indices, falling 2.7% and 0.8% respectively. SAPTCO fell 9.7%, while WAFA Insurance was down 8.0%. Abu Dhabi Nat. Hotels Abu Dhabi 4.00 8.1 87.0 29.0 Dubai Financial Market Dubai 3.06 7.0 160,115.1 23.9 Dubai: The DFM index gained 1.0% to close at 4,065.3. The Investment & Financial Services index rose 5.0%, while the Insurance index was up 2.6%. Dubai Financial Market gained 7.0%, while Takaful-Emarat was up 5.7%. Investbank Abu Dhabi 3.30 5.8 155.8 22.7 Dubai Investments Dubai 3.22 4.5 65,692.7 29.3 Abu Dhabi: The ADX benchmark index fell 0.5% to close at 4,871.6. The Energy index declined 1.2%, while the Banking index was down 0.8%. Nat. Bank of Umm Al-Qaiwain and RAK Poultry & Feeding Co. fell 10.0% each. Saudi Kayan Saudi Arabia 15.15 4.5 30,150.2 (3.5) GCC Top Losers Exchange Kuwait: The KSE index gained 0.2% to close at 7,857.0. The Insurance index rose 0.9%, while the Technology index was up 0.7%. Credit Rating & Collection gained 7.8%, while Union Real Estate Co. was up 7.7%. NBQ Abu Dhabi Saudi Public Transport Saudi Arabia Oman: The MSM index fell 0.2% to close at 7,143.3. Losses were led by the Financial and Industrial indices, declining 0.6% and 0.1% respectively. National Gas fell 7.7%, while Al Sharqia Investment Holding was down 4.8%. Deyaar Development Kuwait Projects Co. Gulf Bank Bahrain: The BHB index declined 0.1% to close at 1,313.0. The Services index fell 1.3%, while the Investment index was down 0.1%. Bahrain Telecommunications declined 2.4%, while Ahli United Bank was down 0.6%. Medicare Group Close* 1D% Vol. ‘000 YTD% 57.30 Qatar Exchange Top Gainers 3.4 522.5 9.1 ## YTD% # 1D% 3.15 (10.0) 5.0 (4.5) 28.80 (9.7) 14,675.5 6.3 Dubai 1.27 (3.8) 177,607.2 25.7 Kuwait 0.65 (3.0) 1,112.4 4.8 Kuwait 0.36 (2.7) 4,723.0 (5.3) Close Vol. ‘000 YTD% Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Close* 1D% Vol. ‘000 Qatari Investors Group 44.20 (9.8) 663.1 1.1 70.00 (4.0) 1,669.0 (1.1) Qatar Exchange Top Losers YTD% Qatar International Islamic Bank 72.50 3.4 701.9 17.5 Commercial Bank of Qatar Vodafone Qatar 12.10 3.1 5,555.9 13.0 Qatar & Oman Investment Co. 12.50 (1.8) 249.5 (0.2) Masraf Al Rayan 38.90 2.6 2,490.6 24.3 Ezdan Holding Group 16.70 (1.5) 61.3 (1.8) Qatar General Ins. & Rein. Co. 47.00 2.2 5.6 (1.9) Gulf Warehousing Co. 42.20 (0.7) 2.2 1.7 Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Vodafone Qatar 12.10 3.1 5,555.9 13.0 Commercial Bank of Qatar 70.00 (4.0) 116,804.9 (1.1) Masraf Al Rayan 38.90 2.6 2,490.6 24.3 Masraf Al Rayan 38.90 2.6 96,238.1 24.3 Commercial Bank of Qatar 70.00 (4.0) 1,669.0 (1.1) Vodafone Qatar 12.10 3.1 66,742.2 13.0 Barwa Real Estate Co. 30.65 0.8 1,347.3 2.9 Doha Bank 65.00 (0.3) 62,667.5 11.7 United Development Co. 22.65 0.4 1,022.2 0.2 QNB Group 185.10 2.0 56,616.9 7.6 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) (Data as of Feb. 10, 2014) Source: Bloomberg (* in QR) (Data as of Feb. 10, 2014) Regional Indices Qatar*# Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 11,361.62 4,065.29 4,871.55 8,859.20 7,857.04 7,143.28 1,312.97 0.5 1.0 (0.5) (0.2) 0.2 (0.2) (0.1) 1.5 3.4 3.2 0.5 0.3 0.5 0.7 1.8 7.8 4.2 1.1 1.3 0.8 1.4 9.5 20.6 13.5 3.8 4.1 4.5 5.1 Exch. Val. Traded ($ mn) 212.76 772.09 304.15 1,916.22 182.03 19.85 1.82 Exchange Mkt. Cap. ($ mn) 163,204.9 80,393.4 133,969.5 484,627.5 112,327.6 25,527.1 50,793.5 P/E** P/B** 14.4 17.4 13.3 17.8 16.8 11.0 8.7 1.9 1.5 1.7 2.2 1.2 1.6 0.9 Dividend Yield 4.1 2.2 3.7 3.3 3.6 3.6 3.7 # Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as on Feb. 10, 2014) Page 1 of 6
  2. 2. Qatar Market Commentary  The QE index rose 0.5% to close at 11,361.6. The Banking & Financial Services and Real Estate indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 64.70% 70.76% (46,921,494.42) Non-Qatari  Medicare Group and Qatar International Islamic Bank were the top gainers, rising 3.4% each. Among the top losers, Qatari Investors Group fell 9.8%, while Commercial Bank of Qatar declined 4.0%. Buy %* 35.30% 29.24% 46,921,494.42 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Monday rose by 50.9% to 19.7mn from 13.1mn on Sunday. Further, as compared to the 30-day moving average of 11.0mn, volume for the day was 79.9% higher. Vodafone Qatar and Masraf Al Rayan were the most active stocks, contributing 28.2% and 12.6% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company BMI Bank (BMI) Agency Market Bahrain Moody's Type* Deposit Ratings# / BFSR Old Rating New Rating E+ Rating Change Outlook Change – Ba1/ E+ Outlook Negative / Stable – Source: News reports (* LT – Long Term, ST – Short Term, BFSR- Bank Financial Strength Rating) (#Rating confirmed) Earnings Releases Company Market Currency Gulf Navigation (GULFNAV) Dubai Dubai AED RAK Properties Abu Dhabi AED Foodco Holding Abu Dhabi % Change YoY Operating Profit (mn) FY2013 % Change YoY Net Profit (mn) FY2013 % Change YoY – – – – -697.9 372.1% 307.6 6.9% – – 44.3 8.8% 322.3 -49.8% 182.4 -1.8% 150.6 2.4% 98.4 -12.2% – – 33.8 140.5% 739.1% AED Alliance Insurance Revenue (mn) FY2013 AED United Industries Co. (UIC) Kuwait KD – – – – 28.1 Gulf Hotels (Oman) Co. Computer Stationery Industry Co. (CSII) Global Financial Investments Holding (GFI) Bahrain Kuwait Insurance Co. (BKIC) Bahrain Car Parks Co. (CPARK) United Paper Industries (UPI)* Oman OMR 8.8 5.4% – – 2.4 0.4% Oman OMR 3.0 -17.8% – – 0.2 200.2% Oman OMR 4.5 139.6% – – 1.9 1.0% Bahrain BHD 12.0 2.4% – – 3.7 -12.2% Bahrain BHD – – 0.9 19.6% 0.8 6.9% Bahrain BHD 8.2 -3.2% – – 0.3 -49.4% Source: Company data, DFM, ADX, MSM (*Results for the nine months ended December 31, 2013) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 02/11 US BLS JOLTs Job Openings December 3.99mn 3.98mn 4.03mn 02/11 US US Census Bureau Wholesale Inventories MoM December 0.30% 0.50% 0.50% 02/11 US US Census Bureau Wholesale Trade Sales MoM December 0.50% 0.70% 1.00% 02/10 EU Sentix Behavioral Ind. Sentix Investor Confidence February 13.3 10.1 11.9 02/10 France INSEE Industrial Production MoM December -0.30% -0.20% 1.20% 02/10 France INSEE Industrial Production YoY December 0.50% 1.00% 1.70% 02/10 France INSEE Manufacturing Production MoM December 0.00% 0.30% 0.20% 02/10 France INSEE Manufacturing Production YoY December 0.50% 0.70% 1.60% 02/10 UK Lloyds Bank Lloyds Employment Confidence January -2 – -12 02/11 UK BRC BRC Sales Like-For-Like YoY January 3.90% 0.80% 0.40% 02/10 Italy ISTAT Industrial Production MoM December -0.90% 0.00% 0.30% 02/10 Italy ISTAT Industrial Production WDA YoY December -0.70% 0.90% 1.50% 02/10 Italy ISTAT Industrial Production NSA YoY December 2.40% 4.70% -1.70% 02/10 Japan Bank of Japan Housing Loans YoY 4Q2013 2.90% – 3.00% 02/10 Japan ESRI Consumer Confidence Index January 40.5 42.0 41.3 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 6
  3. 3. News Qatar  QIMD reports net profit of QR202.1mn in 2013 – QIMD’s financials revealed a net profit of QR202.1mn in 2013 versus QR208.2mn in 2012. Earnings per Share (EPS) amounted to QR5.11 in 2013 compared to QR5.26 in 2012. The company’s Board of Directors recommended 20% bonus shares along with the results. (QE)  QGRI reports net profit of QR1.37bn in 4Q2013 – Qatar General Insurance & Reinsurance Company (QGRI) has reported a net profit of QR1.37bn in 4Q2013 as compared to QR19.3mn in 3Q2013. The net earned premiums was QR52.8mn in 4Q2013 indicating a fall of 0.1% QoQ. For the full year 2013, EPS amounted to QR36.96 vs. QR3.04 in 2012. The significant increase in 4Q2013 net income is due to fair value gain on investment properties of QR2.0bn in 2013 vs. QR39.9mn in 2012. Meanwhile, QGRI’s board of directors has recommended a cash dividend of QR1.50 and a 20% stock dividend per share, which will have to be approved by shareholders at the annual general assembly, scheduled on March 16, 2014. (QE)  QFLS report net profit QR1.2bn profit in 2013 – Qatar Fuel Company (Woqod) posted a net profit of QR1.2bn in 2013 vs. QR1.1bn in 2012. Earnings per Share (EPS) amounted to QR18.72 in 2013 compared to QR17.70 in 2012. QFLS’ Board of Directors recommended cash dividends of QR10.0 per share, in addition to 30% bonus shares i.e. 3 shares per 10 outstanding shares. (QE)  CBQK curbs expansion plans – The Commercial Bank of Qatar (CBQK) said it would freeze expenses and curb expansion plans. CBQK has abandoned its plans to open a new branch in every Turkish city, focusing on cost cutting in order to protect profitability. CBQK's acquisition of Turkish lender ABank and investment in staff and infrastructure saw costs balloon 40% YoY in 2013. (Bloomberg)  Trading suspension in QIIK’s shares on February 12 due to its AGM & EGM – The Qatar Exchange has announced trading suspension in Qatar International Islamic Bank’s (QIIK) shares on February 12, 2014 due to its AGM & EGM being held on that day. (QE)  Asteco: Qatar's land sales rise 10% in 4Q2013 – According to a report released by Asteco, the real estate market in Qatar witnessed strong growth in 4Q2013 with land sales accounting for about 75% of all property transactions in the last quarter. The total value of land transactions in 4Q2013 reached QR6.3bn, up by 10% from QR5.7bn in 3Q2013. The volume of transactions also increased with over 1,500 properties changing hands. (Peninsula Qatar) International  Janet Yellen: Expect continuity at Fed – The Federal Reserve Chairman Janet Yellen sought to reassure investors that she will embrace the approach to interest-rate policy that her predecessor, Ben Bernanke, pursued before he stepped down as Chairman last month. Yellen told Congress that if the economy keeps improving, the Fed will take "further measured steps" to reduce the support it is providing through bond purchases. Yellen said she expect a "great deal of continuity" with Bernanke. She signaled that she supports his view that the economy is strengthening enough to withstand a pullback in stimulus but that rates should stay low to further improve a stilllackluster economy. (ET)  China's January trade beats forecasts, import growth at 6month high – China's trade performance zoomed past forecasts in January as import growth hit a six-month high, confounding market expectations that the country's economy is mired in a deepening slowdown. China's Customs Administration said the value of country's total exports climbed 10.6% in January from a year earlier, more than five times market forecasts for a 2% rise. The value of imports jumped 10% from a year ago, a pace not seen since July and handily beating market predictions for a 3% gain. Imports of crude oil, iron ore and copper all hit record highs, according to customs data. The country's trade surplus rose to $31.9bn, well above forecasts of $23.7bn and December's $25.6bn. (ET) Regional  RCJY awards SR226mn contracts for infrastructure projects – The Royal Commission for Jubail & Yanbu’s (RCJY) President, Prince Saud bin Abdullah Al-Thunayyan, has signed three contracts for the construction and maintenance of a series of infrastructure projects in the two industrial cities. The projects, worth SR226mn, were awarded to a number of national firms. The contracts included construction of educational facilities and provision of operational & maintenance services for healthcare facilities in Yanbu Industrial City in addition to rehabilitation and beautification works of roads in Jubail Industrial City. (GulfBase.com)  Kingdom issued 1.7mn work visas in 2013 despite Nitaqat – Saudi Arabia's foreign missions issued over 1.7mn recruitment visas in 2013 despite the Labor Ministry's Nitaqat nationalization campaign to replace expat workers with Saudi nationals. The Foreign Ministry said its 112 foreign missions and 12 temporary Haj missions issued a total of 10.36mn visas in 2013, indicating a 3.8% decline over the previous year’s 10.7mn visas. (GulfBase.com)  MPC to shut ammonia plant for maintenance – Saudi Arabian Mining Company (MA’ADEN) announced that its subsidiary, Maaden Phosphate Company (MPC) will conduct a scheduled maintenance activity in its Ammonia plant located in the company’s complex at Ras Al Khair city. The maintenance shutdown will start from February 12, 2014 and will take approximately four weeks. The plant produces ammonia that is used for manufacturing of Diammonium Phosphate (DAP). During the shutdown, the DAP plant will maintain production using its existing inventory. Thus, the maintenance will have no impact on the company’s ability to meet its obligations and will have no significant financial impact as well. (Tadawul)  Saudi Cargo enters into agreement with Samba Capital for its IPO – Saudi Airlines Cargo Company (Saudi Cargo) has entered into an agreement with Samba Capital & Investment Management Company, the investment arm of Samba Financial Group, to act as the financial advisor and lead manager for the IPO of Saudi Cargo which intends to list its shares on Tadawul. (GulfBase.com)  Saudi CMA approves JADCO’s capital increase – The Saudi CMA’s board has approved Al-Jouf Agriculture Development Company’s (JADCO) request for capital increase from SR250mn to SR300mn by issuing one bonus share for every five existing shares. This increase will be paid by transferring SR50mn from the retained earnings account to the company's capital. Consequently, the company's outstanding shares will increase from 25mn to 30mn, indicating an increase of 5mn shares. The eligibility for the bonus shares is limited to the shareholders who are registered at the close of trading on the Page 3 of 6
  4. 4. day of the extraordinary general assembly, which will be determined at a later date. (Tadawul)  JLL: Dubai house prices to reach pre-crisis levels by 2015 – According to Jones Lang LaSalle (JLL), Dubai house prices are only 15% short of their 2008 peak and will return to their precrisis highs within 18 months. The Emirate outpaced all other major property markets last year, with prices climbing more than 22% as billions of dollars of government real estate projects triggered a buying spree among investors. The fast growth, however, has raised concerns about a potential repeat of the property market bubble that sent prices plunging by 50% after the 2008 financial crisis. JLL’s Head of Research for MENA Craig Plumb stated that JLL expects prices to get close to precrisis levels by the end of this year, since they have already reached that level in some locations. (Gulf-Times.com)  DSI unit wins AED166mn water treatment projects in Europe – Passavant-Roediger, a German subsidiary of Drake & Scull International (DSI), has won three major projects worth AED166mn for water and wastewater treatment plants in Romania, Bosnia-Herzegovina and Turkey. Under the agreement terms, Passavant-Roediger will undertake the execution of the civil, mechanical, electrical along with SCADA works for wastewater treatment plants in the cities of Sinaia and Breaza and drinking water treatment plants in Comarnic and Sinaia in Romania, to be completed by 2015. The company’s scope of work in Bosnia-Herzegovina will involve the rehabilitation of the Sarajevo Wastewater Treatment Plant to increase its capacity to 170, 000 cubic meters of wastewater per day. Work on the project is expected to be completed by 2016. (DFM)  Emirates to idle 10% jets as Dubai runway revamp weighs on flights – Emirates Airline will idle 10% of its fleet for almost three months, crimping sales, as runway repairs curtail capacity at its Dubai International hub. Emirates Airline’s President Tim Clark said the company will ground 18 to 20 planes, in Dubai. Fleet expansion will not be affected, with Emirates still looking to add 22 jets this year. (GulfBase.com)  EFECO wins AED878mn MEP contract at Abu Dhabi airport – Arabtec Holding announced that its subsidiary, Emirates Falcon Electromechanical Company (EFECO), has been awarded a JV contract to carry out mechanical, electrical & plumbing works (MEP) at the new Abu Dhabi International Airport Midfield Terminal Building. The 700,000-square meter large terminal building is a key strategic infrastructure project in Abu Dhabi, which will accommodate up to 65 aircraft, including the Airbus A‐380, with an expected capacity of 30mn passengers per year. This project is currently under construction by a JV of Arabtec Construction, TAV Construction, and Consolidated Contractors International, which awarded the AED878mn contract for MEP work to a JV of EFECO, BK Gulf, and China State. EFECO will play a major role in delivering the complex mechanical scope of the project. (DFM)  SHUAA elevates its capital markets platform to SunGard – Shuaa Capital has elevated its capital markets platform to the global institutional standard with the deployment of keys solutions from SunGard. SHUAA is set to go live with SunGard’s Front Arena, an advanced sales & trading system that provides a reliable platform with fully-integrated access to regional and global markets. The implementation of SunGard’s Front Arena will help Shuaa Capital to gain a competitive advantage as its sales and trading capabilities evolve to higher global standards. (DFM)  Etihad to meet Alitalia creditors this week – Etihad Airways’ Chief Executive James Hogan said the airline is still talking to Alitalia’s creditors as part of a due diligence before a possible investment by the Abu Dhabi airline in the troubled Italian carrier. Alitalia and Etihad are in the final stages of due diligence and sources said a deal could involve Etihad buying a 40% stake for around €300mn ($409mn). Meanwhile, the Chief Executive of Italy’s largest bank UniCredit said Etihad and Alitalia’s creditors held talks ahead of a potential investment by Etihad. However, Hogan said there is still no certainty of a deal, which depends on how the talks progress between the parties. (Gulf-Times.com)  IHG signs first Staybridge Suites property in Al Khobar – InterContinental Hotels Group (IHG) has signed a 20-year management agreement with Al Khorayef & Sons Company to operate Staybridge Suites as part of the Alkhorayef Tower development in Al Khobar, Saudi Arabia. Located on King Fahd Road, this 189-room property will be the first Staybridge Suites branded property in Al Khobar, and the third one in Saudi Arabia. Once ready, Staybridge Suites Al Khobar will be part of a mixed use development, which will include retail, food and beverage outlets. Staybridge Suites Al Khobar joins five other IHG properties operating under three brands in the city, including InterContinental Hotels & Resorts, Crowne Plaza and Holiday Inn. (GulfBase.com)  Competition eats into AKS’ profit from sugar production – Al Khaleej Sugar Company’s (AKS) Managing Director Jamal Al Ghurair said the company will earn less from sugar production due to increasing competition from Yemen and Bahrain. According to a study by the International Sugar Organization, global capacity to process raw sugar into refined products grew 17mn metric tons since 2000, with about 6.5mn tons coming from the MENA region. Al Ghurair said that AKS processes about 1.5mn tons a year although it has capacity for 2.5mn tons. He further added that the prices are bound to go down due to intensified competition from two new players, one in Yemen and one in Bahrain, which will bring down the company’s margins. (GulfBase.com)  Warba Bank report loss of KD3.7mn in 2013 – Warba Bank has reported loss of KD3.7mn as compared with KD1.9mn in 2012. Warba Bank’s total assets grew by 81% YoY reaching KD405.5mn as at the end of 2013. The financing portfolio increased by 163% YoY to KD218mn, while customers’ deposits were up by 216% YoY to KD246.8mn as at end of December 2013. (GulfBase.com)  KNPC awards $12bn clean fuel project to consortia – Kuwait National Petroleum Company (KNPC) has awarded $12bn project to a consortia led by companies from Britain, the US and Japan to boost capacity at its oil refineries and make production more eco-friendly. The $3.8bn Mina Abdullah I Project was awarded to a consortium led by Britain's Petrofac, the $3.4bn Mina Abdullah II project to US Fluor-led consortium, while the $4.8bn Mina Al Ahmadi project went to Japan's JGC Corp-led consortium. The current production capacity of the refineries of Mina Al Ahmadi and Mina Abdullah is at around 730,000 bpd, while the capacity of the third refinery at Shuaiba is 200,000 bpd. The work on this three-part project is expected to commence in April 2014, which are to be completed in five years. Once the projects are ready, the capacity of the two refineries will be raised to 800,000 bpd, while Kuwait plans to shut down the third refinery. (GulfBase.com)  NCSI: Oman’s industry puts up good performance – According to data from the National Centre for Statistics and Information (NCSI), the contribution of manufacturing to Oman’s GDP has continued to grow during the Eighth Five-Year Development Plan (2011-2015), and stood at OMR3.3bn (at Page 4 of 6
  5. 5. current prices). Meanwhile, the contribution of industrial activities including petroleum products and basic materials and mining stood at OMR5.2bn. On the other hand, there has been an increase in non-oil industrial exports from OMR2.45bn in 2010 to OMR3.6bn in 2012 respectively, i.e. an increase by 18%. The year 2013 saw around new 20 industrial projects with investments estimated at more than OMR470mn. Exports of industrial products from Oman recorded good growth in India, China and the US. Non-oil exports to India grew from OMR323mn in 2010 to OMR611.6mn in 2012, to China from OMR182.6mn to OMR267.4mn and to the US from OMR109mn to OMR233.2mn. (GulfBase.com)  Topaz unit bags $50mn contract to supply PSVs in Africa – Renaissance Services, a subsidiary of Topaz Energy & Marine, has own two platform supply vessel (PSV) contracts worth $50mn. With this, the company has expanded its West African operations and brings Topaz’s total contract backlog to approximately $1.2bn. The contracts are to supply two 3,300 DWT PSVs to international oil companies to support their offshore production operations. The vessels were commissioned by Topaz in 2013 as a part of company’s strategy to offer a technologically advanced fleet of vessels. The vessels are equipped with the latest technology including dynamic positioning DP2. Topaz Energy & Marine’s CEO Rene KofodOlsen said that the average age of the company’s total fleet of 93 vessels is now 7.1 years as against an industry average of around 15 years. (MSM)  ONEIC gets OMR2.1mn hospital contract – The Ministry of Health has awarded a contract worth OMR2.1mn to Oman National Engineering & Investment Company (ONEIC) for the operation & maintenance of equipment and services at Sur Hospital. This contract also covers other affiliated health units and administrative offices in the Governorate of South Sharqiya for the period of three years. (MSM)  AOFS’ BoD recommends 25% dividend for 2013 – Al Omaniya Financial Services’ (AOFS) board recommended a 25% dividend for 2013. The dividend comprises 17.5% cash and 7.5% compulsory convertible unsecured bonus stock bonds payable from share premium account. (GulfBase.com)  BKIC’s BoD proposes 30% cash dividend – Bahrain Kuwait Insurance Company’s (BKIC) board of directors proposed a cash dividend of 30% (30 fils per share) to its shareholders, which is subject to approval by the company’s AGM. (Bahrain Bourse) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 1.2% 1.0% 0.8% 0.5% 141.9 0.4% 0.2% 129.1 0.0% S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price* Euro Yen Dubai May-13 Oman Oct-12 Abu Dhabi QE Index Mar-12 Bahrain Aug-11 (0.2%) (0.5%) Kuwait (0.8%) Jan-11 (0.1%) (0.2%) Qatar * (0.4%) Saudi Arabia Jun-10 163.3 Source: Bloomberg (*Data as of February 10, 2014) Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,291.46 1.3 1.9 7.1 DJ Industrial 15,994.77 1.2 1.3 (3.5) 20.24 0.8 1.1 4.0 S&P 500 1,819.75 1.1 1.3 (1.5) 108.68 0.0 (0.8) (1.9) NASDAQ 100 4,191.05 1.0 1.6 0.3 7.73 1.4 31.6 78.0 STOXX 600 329.52 1.3 1.4 0.4 154.00 (8.9) (7.4) 21.7 DAX 9,478.77 2.0 1.9 (0.8) 150.25 0.0 0.7 10.1 FTSE 100 6,672.66 1.2 1.5 (1.1) 1.36 (0.1) 0.0 (0.8) CAC 40 4,283.32 1.1 1.3 (0.3) 102.63 0.4 0.3 (2.5) Nikkei* 14,718.34 0.0 1.8 (9.7) GBP 1.65 0.3 0.2 (0.6) MSCI EM CHF 1.11 (0.2) (0.0) (0.6) SHANGHAI SE Composite 944.75 1.0 0.8 (5.8) 2,103.67 0.8 2.9 (0.6) AUD 0.90 1.0 0.9 1.4 HANG SENG 21,962.98 1.8 1.5 (5.8) USD Index 80.64 (0.0) (0.1) RUB 34.74 (0.1) (0.1) 0.8 BSE SENSEX 20,363.37 0.1 (0.1) (3.8) 5.7 Bovespa 48,462.79 1.6 0.8 (5.9) BRL 0.42 0.4 (0.8) (1.6) 1,341.85 0.4 0.0 (7.0) Source: Bloomberg (*Market closed on February 11, 2014) RTS Source: Bloomberg (*Market closed on February 11, 2014) Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6

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