12 February Daily market report
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12 February Daily market report

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12 February Daily market report 12 February Daily market report Document Transcript

  • QE Intra-Day Movement Market Indicators 11,500 11,450 11,400 751.5 598,850.4 17.7 7,473 38 19:18 Market Indices 11,350 11,300 9:30 12 Feb 14 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 0.8% to close at 11,453.0. Gains were led by the Consumer Goods & Services and Transportation indices, gaining 4.6% and 2.6% respectively. Top gainers were Qatar Fuel Co. and Qatar Gas Transport Co., rising 6.8% and 4.0% respectively. Among the top losers, Qatari Investors Group fell 5.2%, while Qatar Industrial Manufacturing Co. declined 5.1%. 10 Feb 14 774.8 594,336.9 19.7 7,378 41 23:17 %Chg. (3.0) 0.8 (10.1) 1.3 (7.3) – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 16,452.72 2,846.40 2,792.24 3,689.81 2,014.32 2,000.23 2,728.57 1,560.05 6,486.16 3,274.30 0.8 1.0 1.5 (0.1) 2.6 (0.0) 0.4 (1.3) 4.6 0.1 2.3 2.5 3.9 0.4 3.8 0.3 1.4 (0.6) 5.9 1.6 10.9 10.0 14.3 5.4 8.4 2.4 16.8 7.3 9.0 7.8 N/A 13.7 14.3 13.6 13.6 13.7 6.3 21.0 25.0 16.8 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index rose 0.6% to close at 8,912.6. Gains were led by the Telecom. & Info. Technology and Hotel & Tourism indices, rising 1.7% and 1.4% respectively. Al Alamiya rose 3.8%, while AlHokair was up 3.1%. NBQ Abu Dhabi 3.60 14.3 40.0 9.1 Qatar Fuel Co. Qatar 313.00 6.8 218.9 10.2 Dubai: The DFM index declined 0.4% to close at 4,047.4. The Services index fell 2.1%, while the Real Estate & Construction index was down 1.3%. Gulf General Invest. Co. declined 5.3%, while Gulf Navigation was down 3.4%. Emirates NBD Dubai 7.80 6.0 2,856.4 22.8 Gulf Pharma. Industry Abu Dhabi 3.28 4.8 137.7 0.3 Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,868.4. The Real Estate index declined 4.1%, while the Services index was down 1.7%. National Corp. for T. & H. fell 9.9%, while Abu Dhabi Ship Build. was down 8.4%. Qatar Gas Transport Qatar 21.83 4.0 1,579.2 7.8 GCC Top Losers Exchange Kuwait: The KSE index gained 0.1% to close at 7,861.0. The Technology index rose 1.4%, while the Telecommunication index was up 0.6%. Al Salam Group Holding Co. gained 9.4%, while Future Commu. Co. was up 7.0%. Qatari Investors Group Oman: The MSM index rose 0.2% to close at 7,159.7. The Services Index gained 0.4%, while all other sub indices ended in red. Sohar Power rose 9.4%, while United Power was up 5.9%. Bahrain: The BHB index gained 0.2% to close at 1,314.9. The Investment index rose 0.5%, while the Commercial Banks index was up 0.3%. Khaleeji Commercial Bank gained 6.8%, while Al Salam Bank was up 2.5%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Fuel Co. 313.00 6.8 218.9 10.2 Qatar Gas Transport Co. 21.83 4.0 1,579.2 7.8 Masraf Al Rayan 39.95 2.7 1,858.8 27.6 Commercial Bank of Qatar 71.60 2.3 1,191.4 1.1 Qatar Islamic Insurance 64.90 2.2 126.3 12.1 ## Vol. ‘000 YTD% # 1D% Qatar 41.90 (5.2) 376.9 (4.1) Qatar Ind. Manu. Qatar 50.60 (5.1) 340.4 0.0 Kuwait Int. Bank Kuwait 0.30 (4.8) 3,281.5 0.0 Aldar Properties Abu Dhabi 3.40 (4.2) 166,541.6 23.2 Mabanee Co. Kuwait 1.16 (3.3) 506.8 3.6 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 YTD% Qatari Investors Group 41.90 (5.2) 376.9 (4.1) Qatar Industrial Manufacturing Co. 50.60 (5.1) 340.4 0.0 Medicare Group 56.00 (2.3) 649.7 6.7 Gulf International Services 83.80 (2.2) 84.0 37.4 Al Ahli Bank 63.50 (1.7) 6.5 15.5 Close* 1D% Val. ‘000 YTD% 71.60 2.3 83,913.2 1.1 Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 12.01 (0.7) 4,248.3 12.1 Barwa Real Estate Co. 30.70 0.2 2,377.7 3.0 Industries Qatar 177.00 1.0 78,471.9 4.8 Masraf Al Rayan 39.95 2.7 1,858.8 27.6 Masraf Al Rayan 39.95 2.7 73,659.4 27.6 Qatar Gas Transport Co. 21.83 4.0 1,579.2 7.8 Barwa Real Estate Co. 30.70 0.2 73,502.0 3.0 Commercial Bank of Qatar 71.60 2.3 1,191.4 1.1 Qatar Fuel Co. 313.00 6.8 68,647.3 10.2 Qatar Exchange Top Vol. Trades Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Commercial Bank of Qatar Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 11,452.97 4,047.35 4,868.42 8,912.58 7,861.02 7,159.68 1,314.94 0.8 (0.4) (0.1) 0.6 0.1 0.2 0.2 2.3 2.9 3.1 1.1 0.4 0.7 0.8 2.7 7.3 4.2 1.7 1.4 1.0 1.6 10.3 20.1 13.5 4.4 4.1 4.8 5.3 Exch. Val. Traded ($ mn) 217.58 878.60 254.61 1,670.37 127.82 23.47 6.17 Exchange Mkt. Cap. ($ mn) 164,444.3 80,623.3 134,229.5 486,974.5 112,577.3 25,556.3 50,822.1 P/E** P/B** 14.5 17.3 13.2 17.9 16.8 11.1 9.1 1.9 1.5 1.7 2.2 1.2 1.6 0.9 Dividend Yield 4.1 2.0 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) Page 1 of 5
  • Qatar Market Commentary  The QE index rose 0.8% to close at 11,453.0. The Consumer Goods & Services and Transportation indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders. Overall Activity Buy %* Sell %* Net (QR) Qatari 64.90% 62.78% 15,929,939.91 Non-Qatari 35.09% 37.22% (15,929,939.91) Source: Qatar Exchange (* as a % of traded value)  Qatar Fuel Co. and Qatar Gas Transport Co. were the top gainers, rising 6.8% and 4.0% respectively. Among the top losers, Qatari Investors Group fell 5.2%, while Qatar Industrial Manufacturing Co. declined 5.1%.  Volume of shares traded on Wednesday fell by 10.1% to 17.7mn from 19.7mn on Monday. However, as compared to the 30-day moving average of 11.0mn, volume for the day was 61.7% higher. Vodafone Qatar and Barwa Real Estate Co. were the most active stocks, contributing 24.0% and 13.4% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY AED 290.5 10.9% 38.4 5.9% 125.1 169.6% Dubai AED 48.1 20.5% 17.1 11.0% 50.8 56.3% Dubai AED 4.6 23.2% – – 0.9 70.2% Dubai AED 61.2 39.4% – – 30.2 3.8% Abu Dhabi AED – – – – 427.0 78.7% Oman OMR – – – – 119.3 2.7% Oman OMR 8.7 20.9% – – 3.4 46.2% Oman OMR 413.7 21.9% – – 7.5 -18.6% Oman OMR 93.3 0.5% 30.6 7.3% 27.6 12.6% Oman OMR 7.3 5.7% – – 2.3 11.2% Oman OMR 8.4 18.8% 3.9 29.2% 2.5 24.6% Company Market National General Insurance Company (NGI) * Arabian Scandinavian Insurance Company (ASCANA) * Al Firdous Holdings Dubai National Insurance & Reinsurance (DNIR) * Aldar Properties Oman Telecommunications (Omantel) * Oman & Emirates Investment Holding Company (OEIHC) * Galfar Engineering & Contracting * Raysut Cement Company (RCC)* Oman Hotels & Tourism Company (OHTC) * National Hotels Company (NHC) * Currency Dubai Source: Company data, DFM, ADX, MSM (*Results for the year ended December 31, 2013) Global Economic Data Date Market Source Indicator Period 02/12 US MBA MBA Mortgage Applications 7-February 02/12 US US Treasury Monthly Budget Statement January 02/12 EU Eurostat Industrial Production SA MoM December 02/12 EU Eurostat Industrial Production WDA YoY 02/12 Spain INE House transactions YoY 02/12 China NBS Trade Balance 02/12 China NBS Exports YoY 02/12 China NBS 02/12 Japan 02/12 Actual Consensus Previous 0.40% -2.00% – -$10.4B -$10.0B $2.9B -0.70% -0.30% 1.60% December 0.50% 1.80% 2.80% December -3.60% – -15.90% January $31.86B $23.45B $25.64B January 10.60% 0.10% 4.30% Imports YoY January 10.00% 4.00% 8.30% Ministry of Eco. Trade Tertiary Industry Index MoM December -0.40% -0.30% 0.80% Japan Bank of Japan Money Stock M2 YoY January 4.40% 4.20% 4.30% 02/12 Japan Bank of Japan Money Stock M3 YoY January 3.50% 3.40% 3.40% 02/12 Japan ESRI Machine Orders MoM December -15.70% -4.00% 9.30% 02/12 Japan ESRI Machine Orders YoY December 6.70% 17.40% 16.60% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 5
  • News Qatar  QIA ready to boost its UK investments – Qatar Investment Authority (QIA) – the country’s sovereign wealth fund that controls assets worth $100bn – stated that it is interested in boosting its investments in the UK after acquiring stakes in British companies such as Barclays and J Sainsbury. QIA’s CEO Ahmad al-Sayed said that Qatar is now focusing on real estate, commodities and infrastructure investments. QIA has diversified from energy production with assets including the Harrods department store in London and stakes in banks such as Barclays and Credit Suisse Group. The sovereign wealth fund also played a pivotal role in Glencore International’s $29bn takeover of Xstrata in 2012 after demanding the Swiss commodities trader to boost its offer. (Gulf-Time.com)  Qatar's Lusail City to be fully ready end-2014 – Qatar's new city of Lusail has started receiving its first residents following the completion of the bulk of its infrastructure and the town will be fully ready at the end of 2014. Qatari Diar Real Estate Company’s Chief Executive Officer Khalil Al Sayyed said that many housing units in the sprawling city, nearly 15 kilometers north of the Qatari capital Doha, have already been delivered to owners after the supply of all essential services including water, electricity and roads. (Zawya)  QA seeks to keep its average fleet age low – Qatar Airways’ (QA) CEO Akbar al-Baker said that the airline’s strategy is to keep its average fleet age very low by placing large aircraft orders to replace the current fleet. A QA factsheet shows that it has placed around 280 aircraft on order books worth $50bn. Currently, the airline has a fleet strength of 129 that includes both passenger and cargo aircraft from Airbus and Boeing. Between March and July 2014, the airline will fly to eight new destinations, which are: Sharjah, Dubai World Central, Larnaca, Cyprus, Sabiha Gokcen Airport, Istanbul, Edinburgh, Scotland, Philadelphia, Miami and Dallas/Fort Worth, US. (Gulf-Time.com)  SIIS’ AGM to be held on February 24 – Salam International Company (SIIS) announced that its AGM will be held on February 24, 2014 at the Gate Mall in Doha. In case of lack of quorum, another meeting will be held on March 2, 2014. The AGM’s agenda includes the recommendation of profit distribution for the year ended on December 31, 2013, among others. (QE) International  US Senate Banking panel postpones Fed Chair hearing; Obama nominates new Treasury undersecretary – The US Senate Banking Committee said that it has deferred Thursday's hearing with the Federal Reserve Chair, Janet Yellen. This postponement is due to a severe snowstorm expected in the Washington D.C. area. The committee said the hearing, in which Yellen is due to deliver the semi-annual monetary policy report to Congress, would be rescheduled for a later date. Meanwhile, the US President Barack Obama has named economist Nathan Sheets as the US Treasury Department's top international official. Sheets – who has worked at Citigroup and the Federal Reserve – would play a key role in US financial diplomacy and help shape international discussions if his nomination is confirmed by the Senate. Meanwhile, Obama has also named Mark Sobel as US Executive Director at the International Monetary Fund. (Reuters)  US January budget deficit smaller than expected – The United States posted a smaller budget deficit than expected in January 2014, a sign that a stronger economy is helping the government coffers through a rise in tax receipts. The US Treasury Department said the federal government had a budget deficit of $10.4bn last month, while analysts polled by Reuters expected a deficit of $27.5bn. (Reuters)  BoE points to 2015 rate rise, blurs guidance – The Bank of England (BoE) said interest rates in Britain could increase from their record lows in little more than a year as the country’s economy witnesses a rapid recovery. The BoE Governor Mark Carney – who was forced to ditch a previous version of rates guidance after it was overtaken by a sharp fall in unemployment – also announced the central bank would now follow a much broader range of measures of slack in the economy in making interest rate decisions. The BoE slashed interest rates to 0.5% at the height of the financial crisis in 2009. The British economy bounced back strongly last year, but remains weaker than before the crisis, so Carney stressed any increase in rates would be gradual. (Reuters)  China trust assets surge to $1.8tn amid default concern – China’s trust assets surged 46% in 2013 to a record 10.9tn Yuan ($1.8 tn), underscoring investor interest in products that pay more than bank deposits even as default risks mount. The China Trustee Association said around 20bn Yuan of trust products had repayment difficulties in 2012, accounting for 0.27% of the industry’s assets at that time. The association reassured that the asset quality is quite sound and systemic risks is impossible with 9.06bn Yuan of reserves set aside. (Bloomberg)  SocGen chief sees EU move to ban prop trades foundering – The head of France's Societe Generale said European Commission moves to ban top EU banks from market bets with their own money will run out of momentum once this year's health check on the sector shows it is in sound shape. Such an outcome would be a victory for the French view that European banks have drawn lessons from the financial crisis and should now be given more regulatory room to compete with their foreign rivals, notably from the US. (Reuters) Regional  OPEC raises forecast for 2014 global oil demand – The crude oil production of the Organization of Petroleum Exporting Countries (OPEC) has increased for the second month in January, resulting in the group boosting its forecast for global oil demand growth this year. The supply from the OPEC’s 12 members has increased by 28,000 bpd to 29.71mn bpd in January 2014 as compared to 29.68mn bpd in December 2013. The group raised its estimate for the growth in global demand amid an improving outlook for the world economy. The OPEC said global demand will rise by 1.09mn bpd this year, up about 40,000 bpd from its previous forecast. The group, which supplies a third of the world’s oil, also sees potential for further increases. (Bloomberg, Gulf Times)  GCC to activate water grid plan – A meeting of the GCC region water and electricity ministers agreed to activate the proposed GCC water grid project. The decision follows establishment of an electricity grid among the member countries. Qatar’s Minister of Energy & Industry, HE Dr Mohamed bin Saleh Al Sada, led the Qatari delegation to the meeting, which was held at the General Secretariat of GCC in Riyadh. Decisions of this meeting will be referred to the forthcoming GCC foreign ministers’ summit to be held in March 2014. (Peninsula Qatar)  GPCA: GCC petrochemicals set for export surge – The Gulf Petrochemicals & Chemicals Association (GPCA) has predicted that the petrochemical industry in the GCC region is set to Page 3 of 5
  • increase its exports in 2014 due to the World Trade Organization's (WTO) Bali Package. The Trade Facilitation Agreement, adopted in Bali at the end of 2013, creates binding commitments among member countries to increase their customs efficiency and revenue collection by reducing bureaucratic procedures. The WTO expects this agreement to benefit the world economy to the tune of $400bn and $1tn, since costs of trade are set to decrease by 10-15%. According to GPCA, WTO’s Bali Package reducing export barriers against the Gulf petrochemical industry will benefit this export-oriented sector by 2H2014. (GulfBase.com)  Zamil Steel completes first EPC turnkey project for GCCIA – Zamil Steel Construction Company has completed the engineering, procurement & construction services work (EPC) for several customized pre-engineered steel buildings of the Gulf Cooperation Council Interconnection Authority (GCCIA) in Jubail, Saudi Arabia. The GCCIA contract’s scope covered the design, fabrication, supply and erection of around 230MT of preengineered steel buildings, including two warehouses and an office storage building located in the eastern region of Saudi Arabia. This project marks the first EPC turnkey venture for Zamil Steel. (GulfBase.com)  Saudi CMA approves SFG’s capital increase – The Saudi CMA’s board has approved Samba Financial Group’s (SFG) request for capital increase from SR9,000mn to SR12,000mn with an increase by 33.33%. The total number of issued shares will be increased from 900mn to 1,200mn, by offering one bonus share for every three shares owned. This increase will be paid by transferring SR3,000mn from the retained earnings account to the group’s capital. The bonus shares will be allotted to registered shareholders at the close of trading on the extraordinary general assembly day (to be announced later). (Tadawul)  Aldar to refinance AED7.9bn debt – Aldar Properties’ Chief Financial Officer, Greg Fewer said the company is planning to refinance its debt worth AED7.9bn in 2014. The company is open to normal refinancing through banks, bonds or debt with government receivables, existing cash and liquidity. Aldar has existing cash holdings of AED8.3bn. (Reuters)  Airberlin expands codeshare deal with Etihad – Etihad Airways and Airberlin are expanding their codeshare agreement this month to include six Indian destinations served by Etihad. After the deal is finalized in mid-February, passengers travelling from Germany to Abu Dhabi on Airberlin’s services will be able to connect with Etihad to New Delhi, Mumbai, Kochi, Chennai, Hyderabad and Bengaluru. Further, travelers from India will be able to connect to Airberlin’s European destinations as well. Later this year, Airberlin will double its flights between Berlin and Abu Dhabi with a second daily service starting on October 26. (GulfBase.com)  GIG’s BoD recommends 30% cash dividend – The Gulf Insurance Group’s (GIG) board has recommended the distribution of 30% cash dividend, i.e. 30 fils per share for the financial year ended December 31, 2013. (GulfBase.com)  NHOTEL’s BoD recommends 15% dividend – The National Hotels Company’s (NHOTEL) board of directors has recommended a 15% dividend for 2013. The dividend consists of a 10% cash dividend and a 5% stock dividend, which is one bonus share for every 20 existing shares.  Saudi imports down 6.5% YoY, non-oil exports up 9.2% – The data from the Central Department of Statistics & Information indicated that imports of Saudi Arabia fell 6.5% in December 2013 from a year earlier, while non-oil exports rose 9.2%. (Reuters)  Flynas adds 3 flights from Madinah to Khartoum – Saudibased low cost airline Flynas has added a third destination between Saudi Arabia and Sudan with the launch of three weekly flights from Madinah to Khartoum. Beginning from April 2, 2014, the route is being promoted with special low fares of SR399 for and SR424 from Khartoum to Madinah. (GulfBase.com)  DAE orders $988mn turboprops – Leading the aircraft leasing company, Dubai Aerospace Enterprise (DAE) has ordered 20 turboprop commercial aircraft worth $988mn along with additional options from French-Italian manufacturer, ATR. DAE’s order for ATR 72-600s and options for 20 additional aircraft is expected to be delivered between 2015 and 2018. DAE’s Managing Director Khalifa Al Daboos said that the company has lined up customers for the first 20 aircraft and will decide on more options this year. (GulfBase.com)  Emirates' Dnata acquires Thomas Cook units for $74mn – Dnata – the Emirates Group's aviation ground services firm – has purchased a portion of British travel company Thomas Cook in a deal worth $74mn. The acquisition includes Thomas Cook's online travel agent netflights.com, Gold Medal Travel Group, and high-end travel brand, Pure Luxury. Meanwhile, Thomas Cook has sold its luxury tour provider Elegant Resorts to Al Tayyer, a Saudi travel group, for $23.5mn. (Bloomberg) Page 4 of 5
  • Rebased Performance Daily Index Performance 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 1.2% 0.8% 0.8% 142.6 0.6% 0.4% 0.1% 129.6 0.2% 0.2% 0.0% (0.1%) (0.4%) S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Yen Dubai May-13 Oman Oct-12 Abu Dhabi QE Index Mar-12 Bahrain Aug-11 Kuwait Jan-11 (0.4%) Qatar (0.8%) Saudi Arabia Jun-10 164.6 Source: Bloomberg Close ($) 1D% WTD% YTD% Close 1D% WTD% YTD% 1,291.18 (0.0) 1.9 7.1 DJ Industrial 15,963.94 (0.2) 1.1 (3.7) 20.24 0.0 1.1 4.0 S&P 500 1,819.26 (0.0) 1.2 (1.6) 108.79 0.1 (0.7) (1.8) NASDAQ 100 4,201.29 0.2 1.8 0.6 6.17 (20.2) 5.0 42.1 STOXX 600 332.00 0.8 2.1 1.1 147.00 (4.5) (11.6) 16.2 DAX 9,540.00 0.6 2.6 (0.1) 132.00 (9.1) (7.7) (2.8) FTSE 100 6,675.03 0.0 1.6 (1.1) 1.36 (0.3) (0.3) (1.1) CAC 40 102.53 (0.1) 0.2 (2.6) Nikkei GBP 1.66 0.9 1.1 0.2 CHF 1.11 (0.3) (0.3) (0.9) AUD 0.90 (0.1) 0.8 1.2 USD Index 80.68 0.1 (0.0) RUB 34.83 0.3 0.2 BRL 0.41 (0.9) (1.7) (2.4) Global Indices Performance 0.5 1.8 0.2 0.6 2.3 (9.2) 953.30 0.9 1.7 (4.9) 2,109.96 0.3 3.2 (0.3) HANG SENG 22,285.79 1.5 3.0 (4.4) 0.8 BSE SENSEX 20,448.49 0.4 0.4 (3.4) 6.0 Bovespa 48,216.89 (0.5) 0.3 (6.4) 1,353.17 0.8 0.9 (6.2) Source: Bloomberg MSCI EM 4,305.50 14,800.06 SHANGHAI SE Composite 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