11 March Daily market report

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11 March Daily market report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 1.7% to close at 11,509.2. Losses were led by the Banking & Financial Services and Transportation indices, declining 1.5% and 0.9% respectively. Top losers were Industries Qatar and Qatar Islamic Insurance, falling 7.1% and 3.9% respectively. Among the top gainers, Qatari Investors Group rose 9.9%, while Salam International Invest. Co. rose 4.2%. GCC Commentary Saudi Arabia: The TASI index rose 0.1% to close at 9,354.6. Gains were led by the Agri. & Food Ind. Index and the Multi-Investment index, up 1.2% each. Saudi Arabia Refineries rose 9.8%, while Saudi Paper Manu. was up 6.4%. Dubai: The DFM index fell 1.4% to close at 4,091.6. The Banking index declined 3.4%, while the Financial & Invest. Services index was down 2.0%. Com. Bank of Dubai fell 9.8%, while Dubai Islamic Bank was down 4.7%. Abu Dhabi: The ADX benchmark index declined 1.0% to close at 4,782.6. The Industrial index fell 1.9%, while the Consumer index was down 1.7%. National Takaful Co. declined 9.5%, while Nat. Marine Dredging Co. was down 7.9%. Kuwait: The KSE index gained 0.4% to close at 7,520.2. The Telecom. index rose 3.5%, while the Financial Services index was up 0.9%. Jeeran Holding Co. gained 9.6%, while Egypt Kuwait Holding Co. was up 8.9%. Oman: The MSM index declined 0.2% to close at 7,077.5. Losses were led by the Financial Index, which declined 0.5%, while the Industrial index was down 0.1%. Al Batinah Dev. declined 4.3%, while Gulf Inter. Chem. was down 3.9%. Bahrain: The BHB index rose marginally to close at 1,387.4. The Investment index gained 0.6%, while the Commercial Bank index was up 0.2%. Al Salam Bank and Arab Banking Corporation gained 1.9% each. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatari Investors Group 49.30 9.9 990.9 12.8 Salam International Investment Co. 12.50 4.2 1,057.9 (3.9) Qatar General Ins. & Reins. Co. 48.90 2.9 1.0 2.1 Widam Food Co. 43.30 2.7 244.4 (16.2) National Leasing 28.70 2.1 618.4 (4.8) Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Mesaieed Petrochemical Holding 40.05 (0.7) 2,868.4 301 Barwa Real Estate Co. 32.90 0.8 1,441.7 10.4 United Development Co. 21.91 (2.0) 1,435.2 (3.1) Salam International Investment Co. 12.50 4.2 1,057.9 (3.9) Qatari Investors Group 49.30 9.9 990.9 12.8 Source: Bloomberg (* in QR) Market Indicators 11 Mar 14 10 Mar 14 %Chg. Value Traded (QR mn) 654.3 645.0 1.4 Exch. Market Cap. (QR mn) 652,397.1 666,244.1 (2.1) Volume (mn) 15.6 14.4 8.5 Number of Transactions 10,513 8,099 29.8 Companies Traded 39 42 (7.1) Market Breadth 12:23 23:14 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,922.15 (0.8) 0.1 14.1 N/A All Share Index 2,932.13 (0.9) (0.3) 13.3 14.7 Banks 2,818.67 (1.5) (1.1) 15.3 14.5 Industrials 3,999.22 (0.4) 0.8 14.3 15.2 Transportation 2,007.87 (0.9) (0.5) 8.0 13.9 Real Estate 2,058.99 (0.2) 2.4 5.4 20.4 Insurance 2,783.31 (0.7) (1.5) 19.1 6.7 Telecoms 1,501.73 (0.8) 0.5 3.3 20.7 Consumer 6,937.62 (0.0) (1.3) 16.6 30.2 Al Rayan Islamic Index 3,437.26 0.4 1.9 13.2 18.8 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Qatari Investors Group Qatar 49.30 9.9 990.9 12.8 United Arab Bank Abu Dhabi 8.50 8.3 50.0 31.8 Nat. Mobile Telecom. Kuwait 1.88 5.6 41.9 6.8 Etihad Atheeb Saudi Arabia 16.50 5.1 33,809.5 14.6 IFA Hotels & Resorts Kuwait 0.26 4.8 0.6 (8.8) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Comm. Bank of Dubai Dubai 6.27 (9.8) 770.8 32.3 Nat. Marine Dredging Abu Dhabi 8.70 (7.9) 472.7 1.2 Industries Qatar Qatar 182.00 (7.1) 371.3 7.8 Dubai Islamic Bank Dubai 5.91 (4.7) 5,299.6 10.3 Kuwait Food Co. Kuwait 2.40 (4.0) 31.8 (4.8) 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) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Industries Qatar 182.00 (7.1) 371.3 7.8 Qatar Islamic Insurance 66.00 (3.9) 123.8 14.0 Qatar Industrial Manufacturing Co. 42.50 (3.2) 17.4 0.8 Doha Bank 58.40 (2.7) 534.1 0.3 Al Khaliji 20.55 (2.6) 252.9 2.8 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mesaieed Petrochemical Holding 40.05 (0.7) 114,815.6 301 Industries Qatar 182.00 (7.1) 68,267.4 7.8 Qatari Investors Group 49.30 9.9 48,838.6 12.8 Barwa Real Estate Co. 32.90 0.8 47,313.4 10.4 QNB Group 188.00 (2.6) 39,998.8 9.3 Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 11,509.16 (1.7) (0.8) (2.2) 10.9 179.68 179,148.2 15.2 1.9 4.5 Dubai 4,091.62 (1.4) (1.5) (3.1) 21.4 266.72 83,594.4 17.6 1.5 2.2 Abu Dhabi 4,782.60 (1.0) (2.3) (3.6) 11.5 94.67 128,767.5 13.6 1.7 3.7 Saudi Arabia 9,354.55 0.1 1.1 2.7 9.6 2,392.87 508,540.5 18.7 2.3 3.2 Kuwait 7,520.16 0.4 0.2 (2.2) (0.4) 84.74 110,065.5 15.5 1.2 3.7 Oman 7,077.51 (0.2) (0.6) (0.5) 3.6 12.70 25,430.6 11.2 1.6 3.7 Bahrain 1,387.37 0.0 1.0 1.1 11.1 4.86 51,971.5 9.9 0.9 3.9 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 11,400 11,500 11,600 11,700 11,800 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5 Qatar Market Commentary  The QE index declined 1.7% to close at 11,509.2. The Banking & Financial Services and Transportation indices led the losses. The index fell on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders.  Industries Qatar and Qatar Islamic Insurance were the top losers, falling 7.1% and 3.9% respectively. Among the top gainers, Qatari Investors Group rose 9.9%, while Salam International Invest. Co. rose 4.2%.  Volume of shares traded on Tuesday rose by 8.5% to 15.6mn from 14.4mn on Monday. Further, as compared to the 30-day moving average of 13.0mn, volume for the day was 19.9% higher. Mesaieed Petrochemical Holding Co. and Barwa Real Estate Co. were the most active stocks, contributing 18.3% and 9.2% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings and Global Economic Data Earnings Releases Company Market Currency Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY Al-Khabeer Capital (AKC)* Saudi SR 125.0 NA – – 43.3 NA Eshraq Properties Co.* Abu Dhabi AED 716.6 26.0% – – 318.7 11.5% Abu Dhabi Ship Building (ADSB)* Abu Dhabi AED 1,118.6 -12.4% – – 48.0 78.2% National Hospitality Institute (NHI)* Oman OMR 0.7 -4.8% – – – – Kuwait Consulting and Investment Co. (KCIC)* Kuwait KD 7.8 NA – – 1.0 NA Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 03/11 US BLS JOLTs Job Openings January 4015 3914 3914 03/11 US US Census Bureau Wholesale Inventories MoM January 0.40% 0.40% 0.40% 03/11 US US Census Bureau Wholesale Trade Sales MoM January 0.20% 0.10% 0.10% 03/11 Germany Destatis Labor Costs WDA YoY 4Q2013 – 1.90% 1.90% 03/11 Germany Destatis Trade Balance January 15.0B 13.9B 13.9B 03/11 Germany Deutsche Bundesbank Exports SA MoM January 1.50% -0.90% – 03/11 Germany Deutsche Bundesbank Imports SA MoM January 1.40% -1.40% -1.40% 03/11 UK UK Office for Nat. Statist Industrial Production MoM January 0.20% 0.50% 0.50% 03/11 UK UK Office for Nat. Statist Industrial Production YoY January 3.00% 1.90% 1.90% 03/11 UK UK Office for Nat.Statist Manufacturing Production MoM January 0.30% 0.40% 0.40% 03/11 UK UK Office for Nat.Statist Manufacturing Production YoY January 3.30% 1.40% 1.40% 03/11 UK Nat. Institute of Eco. NIESR GDP Estimate February – 0.70% 0.70% 03/11 Italy ISTAT GDP WDA QoQ 4Q2013 0.10% 0.10% – 03/11 Italy ISTAT GDP WDA YoY 4Q2013 -0.80% -0.80% – 03/11 Japan Bank of Japan Money Stock M2 YoY February 4.40% 4.30% 4.30% 03/11 Japan Bank of Japan Money Stock M3 YoY February 3.50% 3.50% – 03/11 Japan JMTBA Machine Tool Orders YoY February – 40.30% – Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Qatar Rail awards €506mn Doha Metro contract – The Qatar Railways Company has awarded a €506mn contract to build three stations and a 6.97-kilometer long stretch of the Doha Metro to a consortium led by Spain's FCC. The consortium is made up of FCC, Greece-based Archirodon, Turkey-based Yuksel and Petroserv of Qatar. The execution period of the contract is 31 months, which includes building three elevated stations at Barwa Village, Al Wakrah and the Qatar Economic Zone, and tunneling the road at the entrance to Al Wakrah. (GulfBase.com)  IQCD AGM approves 110% cash dividend – Industries Qatar‟s (IQCD) AGM has approved the board‟s recommendation for 110% cash dividend, representing QR11.00 per share. (QE)  QIIK to focus on expanding in Qatar – Qatar International Islamic Bank‟s (QIIK) CEO Abdulbasit A al-Shaibei said that the bank has its eyes set on gaining a major share of the rapidly expanding Qatari market and will expand both on the corporate and retail businesses. Al-Shaibei said that many new projects Overall Activity Buy %* Sell %* Net (QR) Qatari 67.87% 67.62% 1,640,647.65 Non-Qatari 32.13% 32.39% (1,640,647.65)
  3. 3. Page 3 of 5 are in the pipeline and the bank expects to do more business, keeping pace with Qatar‟s growth. He added that the bank has planned to set up six new branches in Qatar in 2014, but currently, there are no plans to enhance the bank‟s capital. (Gulf-Times.com)  QE suspends trading in QISI, MCGS shares on March 12 – The Qatar Exchange (QE) has suspended trading in the shares of two companies on March 12, 2014 due to their AGMs being scheduled on that day. The two companies are: Qatar Islamic Insurance Company (QISI) and Medicare Group (MCGS). (QE)  QNNS’ AGM to be held on March 26 – The Qatar Navigation Company‟s (QNNS) AGM is scheduled to be held on March 26, 2014 at the Great Room, W Hotel. In case of lack of quorum, another meeting will be held on March 30, 2014 at the same place. The AGM‟s agenda includes approving the board of directors‟ recommendation of distributing 50% cash dividends (QR5 per share) for 2013, among others. (QE)  HFC to sign meat import deal with Bulgaria – Qatar-based Hassad Food Company (HFC) will be visiting Bulgaria next month to sign a new meat import agreement and explore possibilities of buying land for agriculture. Hassad Food is planning to take this relationship to a higher level by investing in Bulgaria‟s agriculture sector. (Qatar Tribune)  Al Wa'ab City to serve a community of 50,000 – Lebanon- based Benchmark Company is constructing Al Wa'ab City, one of the largest privately owned real estate projects in Qatar. Bassim Halaby, Chairman & CEO of Benchmark said that Al Wa'ab City will be a mix of 2,400 apartments and villas, which will accommodate a total of 8,000 residents and serve a community of 50,000 people. The 1.3mn square meter mega project, which is being developed as a central district, is expected to be completed by 2017. Further, Halaby said a world-class mall will be operational at Al Wa'ab City by the end of 2014 or early 2015. (Gulf-Times.com)  Qatalum posts world’s best power efficiency – Qatar Aluminum Company (Qatalum) has recorded the best rectiformer efficiency levels in the world. Rectiformers, which convert AC power into DC power, play a vital role in the aluminum smelting process. Qatalum‟s rectiformers have recorded zero loss in terms of kilo amps per hour in more than two years, an unprecedented achievement. (GulfBase.com) International  US Fed set to drop threshold guidance under Yellen – Janet Yellen's first policy-setting meeting as the chair person of the US Federal Reserve will focus on how to fine tune the central bank's promise in order to keep interest rates low without roiling financial markets. Fed policymakers are expected to decide next week to scrap their threshold of a 6.5% unemployment rate used for considering a rate rise, and instead embrace new language that is less specific about when tighter policy might come. The threshold has been a staple of the central bank's „forward guidance‟ since December 2012, when it was first adopted to underscore a commitment to stimulate the US economy until it was on surer footing. However, the US unemployment rate has come down at a surprising speed, and now stands at 6.7%, leaving Fed officials anxious to adopt a new guidance in line with their view that the economy won't be ready for higher rates for some time to come. (Reuters)  EU ministers hold line on bank failures as ECB sees risks – European finance ministers made a few concessions to break a deadlock on a bank-failure bill, since the European Central Bank (ECB) warned that failure to enact it would hinder efforts to combat fragmentation of the financial sector. At the end of talks in Brussels, ministers identified six areas for possible compromise in talks with the European Parliament on the Single Resolution Mechanism legislation. However, details of new room for maneuver were in short supply as meetings wrapped up, and the consensus was that the parliament would need to cede ground for a deal to get done. (Bloomberg)  ONS: UK manufacturing output grows more than forecast – Factory production in the UK rose more than forecast in January 2014, adding to evidence for a broadening recovery. The Office for National Statistics (ONS) said output rose 0.4% from December, when it also gained at the same rate. The median of 25 estimates in a Bloomberg News survey was for 0.3% growth. Industrial production, which includes utilities and mines, rose 0.1% – less than the 0.2% forecast – as bad weather hit oil & gas output. Meanwhile, the Bank of England Governor Mark Carney said a recovery is under way in the UK, though investment and exports need to keep growing for it to be sustained. Officials have pledged to hold the key interest rate at a record low of 0.5% at least until unemployment falls to 7% (now at 7.2%). (Bloomberg)  PBoC ready to cut bank reserves if growth falters – According to sources, China's central bank is prepared to take its strongest action since 2012 to loosen its monetary policy if economic growth slows further, by cutting the amount of cash that banks must keep as reserves. A cut would be triggered if growth slips below 7.5% and toward 7.0%. Apart from supporting a stumbling economy, the stronger action of cutting bank reserves would provide a cushion against any shocks from financial reforms that the People's Bank of China (PBoC) is widely expected to push through this year, including a widening of the Yuan's trading band to give the currency more room to rise or fall each day and allowing banks more room to set deposit rates. (Reuters) Regional  Centrepoint to invest AED1bn in 100 stores – Landmark Group‟s Centrepoint will invest AED1bn to set up 100 new outlets and hire around 10,000 employees over the next five years across the MENA region. Centrepoint‟s Director, Vinod Talreja, said that the group will enter new markets in MENA such as Iraq and Libya over the next few months. Centrepoint is planning to open 20 stores in 2014 and 15 stores in 2015. In 2014, the company is set to open 7-9 new stores in the UAE and hire 1,000 new employees. (GulfBase.com)  Saudi oil output inches up to 9.849mn bpd in February – According to sources, Saudi Arabia produced 9.849mn bpd of crude oil in February, up from 9.767mn bpd in January. The Kingdom supplied 9.899mn bpd in February to the market, down from 9.916mn bpd in January. However, market supply from the OPEC heavyweight may differ from production depending on the movement of barrels in and out of storage. (Reuters)  Saudi Aramco to produce gas for phosphate project, power plant – According to sources, Saudi Aramco is planning to produce 200mn cubic feet per day (cfd) of unconventional natural gas by 2018 to supply to a new phosphate project and a power plant. Out of this, 40mn cfd will be supplied to the phosphate project that the Saudi Arabian Mining Co. is developing at the Waad al Shamal Mining City, while 160mn cfd will be supplied to the Saudi Electricity Company for a power plant. Aramco is keen to increase gas output as it can fetch $100 per barrel by exporting crude oil versus around $4 if it sells it to a Saudi power plant. (GulfBase.com)  GHG plans two properties in Dubai – Gulf Hotels Group (GHG) is expanding beyond the shores of Bahrain and plans to
  4. 4. Page 4 of 5 set up two five-star hotels in Dubai over the next few years. GHG‟s Chairman Farouk Almoayyed said that BD50mn will be invested in the development of the five-star hotel, Gulf Hotel Business Bay. He said this waterfront property, located 1.5 kilometers from Burj Khalifa and Dubai Mall, is now in the design stage and is expected to open mid-2017. The hotel will feature 230 rooms, three fine-dining restaurants, a variety of function halls and meeting facilities. (Bloomberg)  DMCC, USSC sign deal to boost ties – Dubai Multi Commodities Centre (DMCC) has signed a MoU with the United States Chamber of Commerce (USCC) to promote trade between the UAE and the US. The UAE is America‟s largest export market in the Middle East, with over $22.5bn in exports in 2012. Around 1,000 US firms have presence in the UAE, of which 294 are based in the DMCC Free Zone. (GulfBase.com)  Emirates REIT IPO to raise AED500mn on Nasdaq Dubai – The UAE‟s first real estate investment trust, Emirates REIT has planned to raise at least AED500mnthrough an IPO of its shares on the Nasdaq Dubai bourse. The equity listing would be only the second IPO on Dubai's two stock exchanges since 2009. The company‟s Chairman, Abdulla al-Hamli said that the company will use the proceeds for future acquisitions and investment in existing assets. Emirates REIT was established in 2010 by the Dubai Islamic Bank and France-based Eiffel Management for investing in real estate. Emirates REIT has appointed Shuaa Capital and Emirates NBD as joint bookrunners for the IPO. (Reuters)  DSI awards key supply contract to OSES – Drake & Scull International (DSI) has awarded a key supply contract to Off-Site Engineering Solutions (OSES), a Dubai-based specialist provider of pre-engineered MEP solutions. The deal awarded by DSI‟s Saudi unit is for supply of prefabricated multi service modules to the Jabal Omar Development in Makkah. The scope includes services in the main corridors to the four towers in the development. The MEP modules will be delivered to site fully finished and will be manufactured in OSES‟ Jeddah workshop. (Bloomberg)  NBAD predicts 8-10% loan growth in 2014 – The National Bank of Abu Dhabi‟s (NBAD) Chief Executive Alex Thursby said that the bank expects 8-10% growth in its loans in 2014. Thursby said the loan growth will be positive in 2014 since there are many growth drivers such as current account, trade, foreign exchange, etc. Last year, NBAD's net loans and advances rose 11.7% to AED183.8bn. Meanwhile, First Gulf Bank, the UAE's second-largest lender, has also predicted 2014 loan growth to be in low double digits. (Reuters)  NBAD plans second sale of Kangaroo bonds; declares 50% dividends – The National Bank of Abu Dhabi (NBAD) is planning to sell Kangaroo bonds, its second foray into the Australian dollar-denominated debt market, as it diversifies its investor base. ANZ Banking Group, Citigroup, HSBC Holdings and NBAD are arranging the sale of five-year notes. According to sources, NBAD is marketing the sale at about 130 basis points more than swaps. NBAD is selling bonds in diverse currencies right from the Mexican peso to Malaysia‟s ringgit in order to tap wider investor pools. Meanwhile, NBAD‟s AGM has approved the distribution of 40% cash dividend and 10% stock dividend for the year ended December 31, 2013. (Bloomberg) (GulfBase.com)  Eshraq’s BoD proposes 5% cash dividend, 10% bonus shares – Eshraq Properties Company‟s board of directors has proposed the distribution of 5% cash dividend and 10% bonus shares to the shareholders for the year ended December 31, 2013. (ADX)  DDC, Starcare sign OMR7mn hospital deal – Duqm Development Company (DDC) and Starcare Hospital have signed an agreement to establish a multi-specialty, state-of-the- art hospital at Duqm. The project‟s development cost is estimated at around OMR7mn. Starcare is also setting up a 24- hour multi-specialty medical center and pharmacy with the support from DDC. While the hospital project will take two years to be completed, the medical center is scheduled to open within five months. The first phase of the hospital is a 30-35 bed inpatient facility built at a cost of around OMR3.5-4mn, while in the second phase, the hospital will have 75 beds at a cost of around OMR7-8mn. (GulfBase.com)  DUTYF declares 55% cash dividend – Bahrain Duty Free Shop Complex‟s (DUTYF) AGM has approved its board‟s proposal to distribute 55% cash dividend, representing 55 fils per share, of which 20 fils per share has already been distributed as interim dividend. (Bahrain Bourse)  Bhotel declares 40% cash dividend – Gulf Hotels Group‟s (Bhotel) AGM has approved its board‟s proposal to distribute 40% cash dividend (40 fils per share) for 2013. (Bahrain Bourse)
  5. 5. 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 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC 0.1% (1.7%) 0.4% 0.0% (0.2%) (1.0%) (1.4%) (2.0%) (1.6%) (1.2%) (0.8%) (0.4%) 0.0% 0.4% 0.8% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,348.97 0.7 0.7 11.9 DJ Industrial 16,351.25 (0.4) (0.6) (1.4) Silver/Ounce 20.85 0.1 (0.3) 7.1 S&P 500 1,867.63 (0.5) (0.6) 1.0 Crude Oil (Brent)/Barrel (FM Future) 108.55 0.4 (0.4) (2.0) NASDAQ 100 4,307.19 (0.6) (0.7) 3.1 Natural Gas (Henry Hub)/MMBtu 4.65 0.6 (2.5) 7.1 STOXX 600 331.49 0.0 (0.5) 1.0 North American Spot LPG Propane Price 109.50 0.9 0.9 (13.4) DAX 9,307.79 0.5 (0.5) (2.6) North American Spot LPG Normal Butane Price 120.50 (0.4) (0.4) (11.2) FTSE 100 6,685.52 (0.1) (0.4) (0.9) Euro 1.39 (0.1) (0.1) 0.9 CAC 40 4,349.72 (0.5) (0.4) 1.3 Yen 103.02 (0.2) (0.3) (2.2) Nikkei 15,224.11 0.7 (0.3) (6.6) GBP 1.66 (0.2) (0.6) 0.4 MSCI EM 955.89 0.1 (1.1) (4.7) CHF 1.14 (0.1) (0.0) 1.7 SHANGHAI SE Composite 2,001.16 0.1 (2.8) (5.4) AUD 0.90 (0.5) (1.0) 0.7 HANG SENG 22,269.61 0.0 (1.7) (4.4) USD Index 79.74 (0.0) 0.0 (0.4) BSE SENSEX 21,826.42 (0.5) (0.4) 3.1 RUB 36.52 0.5 0.2 11.1 Bovespa 45,697.62 0.4 (1.2) (11.3) BRL 0.42 (0.5) (1.0) (0.0) RTS 1,132.05 (2.3) (2.3) (21.5) 165.4 145.5 132.7

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