11 December Daily Market Report
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11 December Daily Market Report

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11 December Daily Market Report 11 December Daily Market Report Document Transcript

  • QE Intra-Day Movement Market Indicators 10,520 10,500 10,480 10 Dec 13 %Chg. 366.8 558,115.9 9.8 4,436 39 17:17 495.9 559,607.4 16.9 6,465 40 20:18 (26.0) (0.3) (42.0) (31.4) (2.5) – Market Indices 10,460 10,440 9:30 11 Dec 13 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 declined 0.4% to close at 10,457.1. Losses were led by the Telecoms and Banking & Financial Services indices, declining 1.2% and 0.5% respectively. Top losers were Qatar General Ins. & Rein. and Doha Insurance Co., falling 3.3% and 1.9% respectively. Among the top gainers, Widam Food Co. rose 2.9%, while Gulf Warehousing Co. gained 0.9%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,940.82 2,602.43 2,481.05 3,426.50 1,924.40 2,012.59 2,366.97 1,455.02 5,968.45 3,064.80 (0.4) (0.3) (0.5) 0.2 (0.4) 0.1 (0.5) (1.2) 0.2 (0.0) 0.7 0.7 0.9 1.3 (0.4) 0.7 0.3 (0.4) (0.2) (0.1) 32.1 29.2 27.3 30.4 43.6 24.9 20.5 36.6 27.8 23.2 N/A 13.2 13.3 12.4 13.0 13.8 9.7 19.8 22.6 15.9 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index gained marginally to close at 8,399.6. Gains were led by the Real Estate Dev. and Hotel & Tourism indices, rising 0.5% and 0.4% respectively. ANB Ins. gained 9.9%, while Petro Rabigh was up 4.6%. IFA Hotels & Resorts Kuwait Petro Rabigh Saudi Arabia Dubai: The DFM index fell 0.1% to close at 3,099.5. The Services index declined 2.1%, while the Real Estate & Construction index was up 0.8%. National Industries Group fell 9.9%, while Union Properties was down 7.8%. EITC Dubai Saudi Airlines Catering Saudi Arabia Abu Dhabi: The ADX benchmark index declined 0.8% to close at 3,986.1. The Energy index fell 1.5%, while the Real Estate index was down 1.2%. United Arab Bank declined 9.9%, while Abu Dhabi Ship Building Co. was down 9.8%. SPIMACO Saudi Arabia 63.00 GCC Top Losers Exchange Kuwait: The KSE index fell 0.1% to close at 7,750.8. The Telecomm. index declined 1.3%, while the Consumer Goods index was down 1.2%. Safwan Trading & Contracting fell 8.9%, while Palms Agro Production was down 7.4%. United Arab Bank Abu Dhabi Qatar Gen. Ins. & Rein. Oman: The MSM index declined 0.1% to close at 6,751.5. Losses were led by the Bank. & Inv. and Industrial indices, falling 0.5% and 0.1% respectively. Al Madina Investments declined 4.6%, while Al Madina Takaful was down 4.1%. Bahrain: The BHB index gained 0.1% to close at 1,208.4. The Hotel & Tourism index rose 0.5%, while the Services index was up 0.2%. Nass Corporation gained 3.2%, while Seef Properties was up 1.3%. ## Close# 1D% Vol. ‘000 0.30 5.4 2,687.0 (16.8) 18.20 4.6 4,227.7 3.7 6.75 3.8 9,461.9 93.4 143.00 2.9 125.3 83.3 2.9 475.8 44.2 # Close 1D% Vol. ‘000 YTD% YTD% 5.90 (9.9) 2.5 91.6 Qatar 48.35 (3.3) 11.9 5.1 Nat. Mobile Telecomm. Kuwait 1.76 (2.2) 2.6 (24.8) Drake & Scull Int. Dubai 1.38 (2.1) 12,532.7 96.0 Saudi Enaya Coop. Ins. Saudi Arabia 33.80 (2.0) 559.2 (29.0) 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) Widam Food Co. Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% 53.00 Qatar Exchange Top Gainers 2.9 251.4 (9.9) Qatar General Ins. & Rein. 48.35 (3.3) 11.9 5.1 22.4 Doha Insurance Co. 25.25 (1.9) 1.9 2.9 4.5 Qatar Exchange Top Losers Gulf Warehousing Co. 41.00 0.9 Qatar & Oman Investment Co. 12.79 0.7 85.7 3.2 Doha Bank 57.30 (1.9) 328.4 23.6 Al Khalij Commercial Bank 19.99 0.7 467.9 17.7 Qatar Industrial Manufacturing Co. 50.70 (1.4) 4.2 (4.5) Industries Qatar 168.90 0.7 470.6 19.8 Ooredoo 135.70 (1.2) 6.2 30.5 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Vodafone Qatar 11.46 (1.2) 3,453.5 37.2 Industries Qatar 168.90 0.7 79,664.9 19.8 Barwa Real Estate Co. 30.90 0.3 1,625.5 12.6 Barwa Real Estate Co. 30.90 0.3 50,408.4 12.6 Masraf Al Rayan 33.50 (0.9) 650.4 35.1 Vodafone Qatar 11.46 (1.2) 39,912.3 37.2 Mazaya Qatar Real Estate Dev. 11.58 0.1 514.6 5.3 173.40 (0.5) 33,052.2 32.5 168.90 0.7 470.6 19.8 33.50 (0.9) 21,931.2 35.1 Industries Qatar Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Masraf Al Rayan Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices QNB Group Close 1D% WTD% MTD% YTD% 10,457.12 3,099.54 3,986.11 8,399.65 7,750.76 6,751.47 1,208.44 (0.4) (0.1) (0.8) 0.0 (0.1) (0.1) 0.1 0.7 2.9 1.2 1.9 (0.2) (0.3) 0.9 0.8 5.2 3.5 0.9 (0.4) 0.4 (0.0) 25.1 91.0 51.5 23.5 30.6 17.2 13.4 Exch. Val. Traded ($ mn) 149.52 196.27 93.07 1,184.85 75.28 17.49 5.92 Exchange Mkt. Cap. ($ mn) 153,258.6 72,133.3 113,492.5 457,735.1 109,717.9 24,252.4 49,702.7 P/E** P/B** 13.4 18.3 11.1 17.2 16.9 10.6 8.1 1.8 1.2 1.4 2.1 1.2 1.6 0.9 Dividend Yield 4.4 2.9 4.5 3.5 3.6 3.8 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 5
  • Qatar Market Commentary  The QE index declined 0.4% to close at 10,457.1. The Telecoms and Banking & Financial Services indices led the losses. The index declined on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Qatar General Ins. & Rein. and Doha Insurance Co. were the top losers, falling 3.3% and 1.9% respectively. Among the top gainers, Widam Food Co. rose 2.9%, while Gulf Warehousing Co. gained 0.9%. Overall Activity Buy %* Sell %* Net (QR) Qatari 65.37% 70.97% (20,534,174.21) Non-Qatari 34.63% 29.03% 20,534,174.21 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Wednesday declined by 42.0% to 9.8mn from 16.9mn on Tuesday. Further, as compared to the 30day moving average of 12.6mn, volume for the day was 22.3% lower. Vodafone Qatar and Barwa Real Estate Co. were the most active stocks, contributing 35.2% and 16.6% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Damaan Islamic Insurance Co. (Beema) Moody’s Qatar Saudi Arabia Saudi Arabia Saudi Arabia Al Rajhi Bank Fitch National Commercial Bank (NCB) Fitch Riyad Bank Fitch Samba Financial Group (SFG) Fitch Saudi Arabia Arab National Bank (ANB) Fitch Saudi Arabia Banque Saudi Fransi (BSF) Fitch Saudi Arabia Saudi British Bank (SABB) Fitch Saudi Arabia Saudi Hollandi Bank (SHB) Saudi Investment Bank (SAIB) Fitch Fitch Alinma Bank Fitch Bank AlJazira (BAJ) Fitch Aljazira Capital (AJC) Fitch Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia Type* Old Rating New Rating Rating Change Outlook Outlook Change – Baa2 – Stable – A+/F1/a/1/A+ A+/F1/a/1/A+ – Stable – A+/F1/a/1/A+ A+/F1/a/1/A+ – Stable – A+/F1/a/1/A+ A+/F1/a/1/A+ – Stable – A+/F1/a/1/A+/( A+/F1) A+/F1/a/1/A+/ (A+/F1) – Stable – A/F1/a/1/A- A/F1/a/1/A- – Stable * A/F1/a/1/A-/ (A/F1)/A/A/A A/F1/a/1/A-/ (A/F1)/A/A/A – Stable * A/F1/A/a/1/A/(A/F1)/A A/F1/A/a/1/A/(A/F1)/A – Stable * A/F2/bbb/1/AA-/F2/bbb/1/AA-/F2/bbb/1/AA/F2/bb+/1/A- – Stable – – Stable – – Stable – – Stable – A-/F2/1 – Stable – Insurance Financial Strength Rating LT IDR/ ST IDR/ VR/ SR/ SR floor LT IDR/ ST IDR/ VR/ SR/ SR floor LT IDR/ ST IDR/ VR/ SR/ SR floor LT IDR/ ST IDR/ VR/ SR/ SR floor/ EMTN program LT IDR/ ST IDR/ VR/ SR/ SR floor LT IDR/ ST IDR/ VR/ SR/ SR floor/ EMTN program/ Senior unsecured notes/ BSF sukuk limited trust certificate issuance program/ Senior unsecured trust certificates LT FC IDR/ ST FC IDR/ LT LC IDR/ VR/ SR/ SR floor/ EMTN program/ Senior unsecured notes LT IDR/ ST IDR/ VR/ SR/ SR floor LT IDR/ ST IDR/ VR/ SR/ SR floor LT IDR/ ST IDR/ VR/ SR/ SR floor LT IDR/ ST IDR/ VR/ SR/ SR floor A-/F2/bbb/1/AA-/F2/bbb-/1/AA-/F2/bbb-/1/AA-/F2/bb+/1/A- LT IDR/ ST IDR/ SR A-/F2/1 Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency) (VR – Viability Rating, FC – Foreign Currency) (* Outlook revised from Negative to Stable) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/11 US MBA MBA Mortgage Applications 6-December 12/11 France INSEE Non-Farm Payrolls QoQ 3Q2013 1.00% – -12.80% -0.10% -0.10% 12/11 France Banque De France Current Account Balance October -2.1B – -0.20% -3.6B 12/11 Germany Destatis CPI MoM November 0.20% 0.20% -0.20% 12/11 Germany Destatis CPI YoY November 1.30% 1.30% 1.20% 12/11 Germany Destatis CPI EU Harmonized MoM November 0.20% 0.20% -0.30% 12/11 Germany Destatis CPI EU Harmonized YoY November 1.60% 1.60% 1.20% 12/11 China National Bureau of Stat. New Yuan Loans November 624.6B 580.0B 506.1B Page 2 of 5
  • 12/11 China People's Bank of China Money Supply M0 YoY November 7.70% 8.10% 12/11 China People's Bank of China Money Supply M1 YoY November 9.40% 9.00% 8.00% 8.90% 12/11 China People's Bank of China Money Supply M2 YoY November 14.20% 14.20% 14.30% 12/11 China National Bureau of Stat. Aggregate Financing RMB November 1230.0B 920.0B 856.4B 12/11 Japan ESRI Machine Orders MoM October 0.60% 0.70% -2.10% 12/11 Japan ESRI Machine Orders YoY October 17.80% 15.00% 11.40% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QR1.8bn Helium 2 Plant starts up at Ras Laffan – Qatar has become the world’s largest exporter and second-largest producer of helium with the start up of the QR1.8bn Helium 2 Plant at Ras Laffan with a design capacity of 1.3bn standard cubic feet a year. The plant, which is the world’s largest helium refining facility, co-owned by Qatargas and RasGas, will be operated by the latter. (Gulf-Times.com)  Lusail City’s 80% of properties sold – Qatari Diar Real Estate Investment Company said that 80% of real estate in the new Lusail City has been sold. (Bloomberg)  KCBK’s BoD approves bank’s 2014 budget, business plans – Al Khalij Commercial Bank’s (KCBK) board of directors has discussed the provisional budget for 2014 and approved a number of items related to bank’s business plans and regular activities. These include approval for new policies and frameworks that aim to enhance governance within the organization. (QE)  Ooredoo Algeria plans to float 10-15% stake on Algiers Bourse in 2014 – Ooredoo Algeria’s CEO Joseph Ged said the company is planning to float 10-15% of its stake on the Algiers Bourse in 2014. The company expects a net profit of $190mn on a turnover of $1bn in 2013. (Bloomberg)  QTA plans to encourage cruise tourism – The Qatar Tourism Authority (QTA) Chairman Issa bin Mohamed al-Mohannadi stated that QTA is planning to transform the Doha port into a cruise terminal, containing a hotel, restaurants, residential and retail shopping space. Al-Mohannadi said this terminal will be considered as an infrastructure investment to upgrade the facilities for the tourism sector. (Gulf-Times.com)  Alfardan Group donates QR240,000 to QRC campaign – Qatar Red Crescent (QRC) received a donation of QR240,000 from Alfardan Group to support the victims of natural disasters in Somalia and the Philippines. Under this Qatar Solidarity Campaign, donations worth of QR100,000 will be distributed in Somalia, while the Philippines will receive QR140,000. (GulfTimes.com) Regional  E&Y: Domestic M&A deals in MENA rise by 170% to $8.2bn in 3Q2013 – According to E&Y’s 3Q2013 MENA mergers & acquisitions (M&A) update, the value of domestic deals have risen by 170% YoY to $8.2bn in 3Q2013. The total disclosed value of M&As in the MENA region rose 76% YoY to $17.3bn in 3Q2013. The inbound deal value stood at $3.9bn in 3Q2013 as compared to $1.1bn in 3Q2012. However, the outbound disclosed deals have declined by 9% YoY to $5.2bn in 3Q2013. The report showed that Saudi Arabia led the MENA region with 13 deals, followed by the UAE with 12 deals. (GulfBase.com)  Kingdom to raise power capacity from 55GW to 120GW by 2020 – Saudi Arabia is planning to increase power generating capacity from 55 Gigawatts (GW) to 120GW by 2020, which will be further raised by 2032. This will be the largest electrical supply expansion plan in the Middle East, which will meet the rising demand for power driven primarily by steady population growth, an expanding industrial sector, surging air-conditioning requirements and heavily subsidized electricity rates. (GulfBase.com)  SAMREF offers 6mn barrels of 500 ppm sulfur gasoil – The Saudi Aramco Mobil Refinery Company (SAMREF) – a JV between Saudi Arabian Oil Company and US-based Exxon Mobil – has offered up to 6mn barrels of 500 parts per million (ppm) sulphur gasoil through a rare-term tender for loading in 2014. SAMREF has offered 11-12 cargoes of around 300,000500,000 barrels each of gasoil for loading from Yanbu during 2014. This tender will close on December 12, 2013 and is valid until December 20, 2013. (Reuters)  Riyadh Dry Port to expand its handling capacity – Saudi Railways Organization’s (SRO) President Mohamed Al Suwaiket said the Riyadh Dry Port will expand its handling capacity from 400,000 containers to 1mn containers per year to cope with the rising volume of business activities in the Kingdom. Al Suwaiket also said that SRO is planning to invite specialized global firms to bid for a detailed railway design to build the GCC region interlink rail project, which will be announced by early 2014. (GulfBase.com)  11 EU states consider narrowing FT tax scope – The 11 European Union countries that have pledged to tax financial transactions (FT tax) will consider narrowing the levy’s scope to shield pensions, government debt and markets that help boost the economy. The aim of this tax is to make banks pay back some of the taxpayers money they received during the period 2007-09 financial crisis. (Gulf-Times.com)  Dubai aims to be world’s most sustainable city by 2020 – Dubai Municipality’s Director General Hussain Nasser Lootah said that the Emirate aims to become one of the world’s top ten sustainable cities by 2020, when it will be hosting the World Expo event. The municipality has begun implementing green building rules in its new projects, and is taking necessary steps to change the old building systems to energy saving ones. (Gulfnews.com)  EU in talks with IMF, World Bank for assisting Ukraine – European Union officials are in discussion with the International Monetary Fund, the World Bank and other financial institutions on ways to help Ukraine if it decides to sign a free-trade agreement with the EU. Ukrainian Prime Minister Mykola Azarov said he had sought an aid worth €20bn ($27bn) from the EU to offset the cost of signing the free-trade deal. (Gulf-Times.com)  HLG obtains construction contract for Residential Towers project – The Habtoor Leighton Group (HLG) has obtained a construction contract worth AED1.45bn of Residential Towers project. This Al Habtoor Residential Towers project feature two 75-storey residential towers, a 52-storey residential tower and a 7-storey podium that includes basement, ground floor along with five floors of retail space and parking. The construction work will International Page 3 of 5 View slide
  • commence after the enabling works are completed and the main project will be completed 32 months later. (GulfBase.com) said 2013 has witnessed exceptional operational performance despite tough market conditions. (Bahrain Bourse)  Emaar Properties signs MoU with DWC to develop integrated urban center – Emaar Properties has entered into a MoU with Dubai World Central (DWC) to develop an integrated urban center and a golf destination at DWC. The phase one of this 13.63mn square meter project includes building a golf course villa community, several hotels, a high-end shopping mall, leisure attractions and a business hub which will promote entrepreneurship. (Bloomberg)  BNH appoints new CEO – The Bahrain National Holding Company (BNH) has appointed Sameer Al Wazzan as the company’s new CEO. Al Wazzan will replace Mahmood Al Soufi who will join as a member of the board of directors. (Bahrain Bourse)  SKAI Holdings begins work on Viceroy Dubai Palm Jumeirah project – SKAI Holdings Ltd. has begun implementing the main structural work on its AED3.67bn Viceroy Dubai Palm Jumeirah project. This luxury residential and hospitality project will offer 479 large rooms & suites, and 222 signature Viceroy Residences. (GulfBase.com)  Jebel Ali R&H to manage resort in Seychelles – Jebel Ali Resorts & Hotels (R&H) is set to manage its first international property with the launch of the Enchanted Island Resort in the Seychelles. This five-star property will be launched on December 20, 2013, which will feature a 10-villa beach resort set in 5 acres of the National Marine Park. (Bloomberg)  Mubadala Aerospace to develop MRO facility in Al Ain – The Mubadala Aerospace Company will begin developing its maintenance, repair & overhauling (MRO) facility in Al Ain in January 2014. This Advanced, Military, Maintenance & Overhauling Center (AMMROC), which is a JV between Mubadala and Lockheed Martin & Sikorsky Corporation, will begin work on constructing its facility at the Nibras Al Ain Aerospace Park. The AED1bn project will be operational in January 2016 and will provide jobs to 2,500 people. (GulfBase.com)  Etihad to decide on stake in Alitalia before Christmas – According to sources, Etihad Airways is examining Alitalia's books and is expected to decide by Christmas whether to take a stake in the troubled Italian airline. Alitalia has just raised $413mn, which would keep the carrier flying for the next six months while it searches for an investor. Sources said Etihad is likely be interested in a shareholding of at least 25% to have enough management and strategic influence. (Reuters)  KOC awards PMS contract to Worley Parsons – Kuwait Oil Company (KOC) has awarded Worley Parsons a five-year contract worth $400mn to provide program management services (PMS). This contract serves to support KOC to reach the optimum capacity in its oilfields and enhance its facilities through efficient and economical means. This contract will provide project management, coordination, planning, design, engineering, construction management, contracting, procurement, project controls and other services for construction of new facilities, upgrading existing facilities and transfer of technology. (Bloomberg)  Nawras launches NOC in Bausher – Omani Qatari Telecommunications Company (Nawras) has officially launched its new Network Operation Centre (NOC) in Bausher. This new NOC will control the nationwide network right from Musandam to Salalah. The NOC control spans all sites and technologies, mobile and fixed lines, 2G, 3G, 4G, WiMAX and FTTX networks. (Bloomberg)  Alba on track to exceed record output of 890,000 mt – Aluminium Bahrain’s (Alba) Board Chairman Mahmood Hashim Al Kooheji said the company is on track to exceed its 2012 production record of 890,000 metric tons. Further, Al Kooheji Page 4 of 5 View slide
  • Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 150.3 132.5 0.1% 0.0% 0.0% (0.1%) 120.3 (0.1%) (0.1%) (0.4%) (0.6%) S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Yen Close ($) 1D% WTD% YTD% Global Indices Performance 1,252.25 (0.8) 1.9 (25.3) DJ Industrial 20.30 (0.5) 4.1 (33.1) S&P 500 109.70 0.3 (1.7) (1.3) 4.24 (2.0) 2.3 0.1 3.3 46.6 131.50 (3.3) (5.4) (24.0) 1.38 0.2 0.6 4.5 102.42 (0.4) (0.5) 1.64 (0.4) 0.2 1.13 0.1 0.6 RUB BRL 23.6 131.25 CHF USD Index Dubai Oman Source: Bloomberg GBP AUD Bahrain Jul-13 Abu Dhabi QE Index Oct-11 May-12 Dec-12 Kuwait Aug-10 Mar-11 Qatar (0.8%) (1.2%) Saudi Arabia Jan-10 0.6% 18.1 NASDAQ 100 STOXX 600 DAX FTSE 100 CAC 40 Nikkei Close 1D% WTD% YTD% 15,843.53 (0.8) (1.1) 20.9 1,782.22 (1.1) (1.3) 25.0 4,003.81 (1.4) (1.4) 32.6 313.30 (0.5) (1.0) 12.0 9,077.11 (0.4) (1.0) 19.2 6,507.72 (0.2) (0.7) 10.3 4,086.86 (0.1) (1.0) 12.2 1.4 49.3 15,515.06 (0.6) 0.7 MSCI EM 1,002.55 (1.0) 0.0 (5.0) 3.3 SHANGHAI SE Composite 2,204.17 (1.5) (1.5) (2.9) HANG SENG 0.90 (1.1) (0.6) (12.9) 23,338.24 (1.7) (1.7) 3.0 79.89 (0.1) (0.5) 0.2 BSE SENSEX 21,171.41 (0.4) 0.8 9.0 7.3 Bovespa 50,067.99 (1.8) (1.7) (17.9) 1,409.28 (0.0) 1.3 (7.7) 32.76 0.43 0.1 (1.2) 0.1 (0.3) (12.3) Source: Bloomberg RTS Source: Bloomberg 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 5 of 5