QE Intra-Day Movement

Market Indicators

10,940
10,920

10,900
10,880

Market Indices

10,860
10,840
9:30

12 Jan 14
349....
Qatar Market Commentary
 The QE index rose 0.5% to close at 10,922.4. The Banking &
Financial Services and Industrials in...
International
 ECB: Banks return €2.566bn as loan repayments resume –
Banks will return €2.566bn worth of crisis loans re...
Rebased Performance

Daily Index Performance

170.0
160.0
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140.0
130.0
120.0
110.0
100.0
90.0
80.0

0.4%

0.5%

125.3...
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12 January Daily market report

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Transcript of "12 January Daily market report"

  1. 1. QE Intra-Day Movement Market Indicators 10,940 10,920 10,900 10,880 Market Indices 10,860 10,840 9:30 12 Jan 14 349.3 576,487.4 6.9 4,009 39 23:11 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 10,922.4. Gains were led by the Banking & Financial Services and Industrials indices, gaining 0.9% and 0.3% respectively. Top gainers were Vodafone Qatar and Islamic Holding Group, rising 3.2% and 2.9% respectively. Among the top losers, Qatar & Oman Investment Co. fell 1.3%, while Ooredoo declined 1.2%. 09 Jan 14 520.3 574,369.8 8.5 5,425 40 18:19 %Chg. (32.9) 0.4 (18.9) (26.1) (2.5) – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 15,605.55 2,700.90 2,576.51 3,623.65 1,951.94 2,011.97 2,429.61 1,512.61 6,077.35 3,202.18 0.5 0.4 0.9 0.3 0.0 0.1 (0.1) (0.6) (0.0) 0.7 0.5 0.4 0.9 0.3 0.0 0.1 (0.1) (0.6) (0.0) 0.7 5.2 4.4 5.4 3.5 5.0 3.0 4.0 4.0 2.2 5.5 N/A 13.7 13.5 13.1 13.2 13.8 10.0 20.6 23.1 16.6 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index rose 0.4% to close at 8,714.7. Gains were led by the Media & Publishing and Energy & Utilities indices, rising 2.0% and 1.1% respectively. Al-Ahlia Insurance Co. rose 9.9%, while Saudi Arabian Cooperative Insurance Co. was up 9.5%. Riyad Bank Abu Dhabi: The ADX index was closed on January 12, 2014. Kuwait: The KSE index declined 0.4% to close at 7,641.3. The Consumer Services index fell 1.3%, while the Industrial index was down 1.0%. Pearl of Kuwait Real Estate Co. fell 7.8%, while Taiba Kuwaiti Holding Co. was down 6.7%. Oman: The MSM index rose 0.1% to close at 7,160.2. The Industrial index gained 0.2%, while other sub indices ended in red. The Financial Corporation gained 7.8%, while Sweets of Oman was up 6.7%. Bahrain: The BHB index declined 0.1% to close at 1,262.6. The Industrial index fell 1.8%, while the Investment index was down marginally. Gulf Finance House declined 2.8%, while Aluminum Bahrain was down 1.9%. 1D% Saudi Arabia 32.20 3.9 1,565.1 10.3 Arabian Cement Saudi Arabia 68.00 3.4 923.5 5.8 Saudi Investment Bank Saudi Arabia 27.80 3.3 405.8 (3.1) Jarir Marketing Co. Dubai: The DFM index was closed on January 12, 2014. Close# Saudi Arabia 172.00 3.3 287.9 8.2 Vodafone Qatar Qatar 11.35 3.2 1,756.0 6.0 ## # GCC Top Losers Exchange Co. for Coop. Ins. Saudi Arabia Close IFA Hotels & Resorts Kuwait Agility Public Ware. Kuwait Al Mouwasat Med. Ser. Saudi Arabia Makkah Cons. & Dev. Saudi Arabia 68.50 Vol. ‘000 1D% Vol. ‘000 YTD% YTD% 32.50 (5.2) 2,139.6 (7.7) 0.27 (3.6) 46.8 (7.0) 0.72 (2.7) 651.7 4.3 87.75 (2.5) 109.5 (4.6) (2.5) 501.1 6.2 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) Vodafone Qatar Islamic Holding Group Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% 11.35 Qatar Exchange Top Gainers 3.2 1,756.0 6.0 Qatar & Oman Investment Co. 12.84 (1.3) 116.8 2.6 142.30 (1.2) 36.7 3.7 52.50 2.9 81.8 145.70 2.5 324.4 9.3 Qatar Insurance Co. 70.80 (0.8) 16.7 6.5 76.70 2.4 607.9 11.2 Doha Bank 62.50 (0.8) 123.0 7.4 Qatar Electricity & Water Co. 181.30 2.0 30.8 (0.3) Ezdan Holding Group 17.15 (0.6) 42.9 0.9 Qatar Exchange Top Vol. Trades Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% QNB Group 176.70 1.3 51,530.7 2.7 Al Meera Consumer Goods Co. 145.70 2.5 46,942.7 9.3 76.70 2.4 45,639.9 11.2 174.10 0.1 35,069.0 3.1 68.20 0.3 23,414.9 10.5 Al Meera Consumer Goods Co. Qatar Islamic Bank 14.1 Ooredoo Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 11.35 3.2 1,756.0 6.0 Qatar Islamic Bank 76.70 2.4 607.9 11.2 Masraf Al Rayan 33.75 1.0 535.0 7.8 Qatar Islamic Bank United Development Co. 22.90 (0.2) 485.7 1.3 Industries Qatar Qatar International Islamic Bank 68.20 0.3 345.2 10.5 Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai # Abu Dhabi# Saudi Arabia Kuwait Oman Bahrain Qatar International Islamic Bank Close 1D% WTD% MTD% YTD% 10,922.36 3,504.66 4,417.79 8,714.73 7,641.31 7,160.24 1,262.64 0.5 N/A N/A 0.4 (0.4) 0.1 (0.1) 0.5 0.9 1.3 0.4 (0.4) 0.1 (0.1) 5.2 4.0 3.0 2.1 1.2 4.8 1.1 5.2 4.0 3.0 2.1 1.2 4.8 1.1 Exch. Val. Traded ($ mn) 95.94 N/A N/A 1,741.49 87.36 23.68 0.73 Exchange Mkt. Cap. ($ mn) 158,303.4 73,002.2 125,582.6 478,070.0 110,191.4 25,508.1 50,541.1 P/E** P/B** 13.9 20.7 12.3 17.7 16.9 11.3 8.2 1.9 1.4 1.5 2.2 1.2 1.7 0.9 Dividend Yield 4.2 2.5 4.1 3.4 3.7 3.6 3.8 # 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 of Jan. 9, 2014) Page 1 of 4
  2. 2. Qatar Market Commentary  The QE index rose 0.5% to close at 10,922.4. The Banking & Financial Services and Industrials indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Vodafone Qatar and Islamic Holding Group were the top gainers, rising 3.2% and 2.9% respectively. Among the top losers, Qatar & Oman Investment Co. fell 1.3%, while Ooredoo declined 1.2%. Overall Activity Buy %* Sell %* Net (QR) Qatari 69.67% 74.82% (17,978,609.07) Non-Qatari 30.33% 25.18% 17,978,609.07 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Sunday fell by 18.9% to 6.9mn from 8.5mn on Thursday. Further, as compared to the 30-day moving average of 11.4mn, volume for the day was 39.5% lower. Vodafone Qatar and Qatar Islamic Bank were the most active stocks, contributing 25.4% and 8.8% to the total volume respectively. Earnings Earnings Releases Company Saudi Arabia Fertilizers Co. (SAFCO) Oman United Insurance Co. (OUIC)* Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY SR – – 658.0 -35.6% 802.0 -30.0% OMR – – – – 5.1 91.9% Market Currency Saudi Arabia Oman Source: Company data, DFM, ADX, MSM (*FY2013 results) News Qatar  Qatar’s current account surplus shrinks to QR54.8bn in Q32013 – According to the preliminary central bank data, Qatar's current account surplus shrank to QR54.8bn in 3Q2013 from a revised QR58.4bn over the previous three months. Qatar had booked a surplus of QR66.5bn in July-September 2012. Analysts polled by Reuters in September had forecast Qatar's current account surplus would be at 27.4% of GDP in 2013 and 22.8% in 2014. (GulfBase.com)  CBQK raises QR2bn in Tier 1 perpetual capital notes – The Commercial Bank of Qatar (CBQK) has raised QR2bn in additional Tier 1 perpetual capital notes to enhance its capital adequacy ratios and to support future growth across the group. The transaction was completed on December 31, 2013. (QE)  QIBK plans to support Qatari investment in Ireland – The Qatar Islamic Bank (QIBK) is planning to support Qatari companies that wish to invest in Ireland, which has recently exited from the joint EU and IMF bailout program last month. Moreover, QIBK will also help Irish firms who are already present in Qatar, or are planning to set up JVs. Meanwhile, according to sources, trade exchange between Qatar and Ireland stood at QR334.75mn in 2013 against QR291.5mn in 2010. (Gulf-Times.com)  Ooredoo reaches 100,000 fiber customer milestone – Ooredoo has reached the milestone of providing fiber optic broadband to more than 100,000 customers in Qatar, putting the country on track to becoming one of the best-connected nations in the world. More than 80% of homes in Qatar now have an Ooredoo fiber connection, while the service continues to roll-out to new areas every week. (Gulf-Times.com)  VFQS expands its retail presence – Vodafone Qatar (VFQS) has expanded its retail presence at Al Meera Consumer Goods stores and Woqod. It has set up kiosks at Al Meera branches in Al Mansoura and the Airport Road, while signing up with Woqod as a key retailer. VFQS has plans for new store openings this year. (Gulf-Times.com)  Ashghal awards deals for QR10.19bn road projects – The Public Works Authority (Ashghal) has awarded seven contracts worth QR10.19bn for the construction & development of an expressway, and expansion of existing roads under its Expressway & Local Road Development Program. Three contracts worth about QR7.72bn were inked under the Expressway Program: one for the road construction from west of the New Rayyan Roundabout to the east of Bani Hajer Roundabout; second for the road construction from west of the Olympic Roundabout to west of the New Al Rayyan Roundabout; and the third contract worth QR3.26bn for the design & construction of phase 1 of the New Orbital Highway, covering 45 kilometers of the 180-kilometer long highway. Four contracts valued about QR2.47bn were signed for the construction of roads and infrastructure in local areas. (Peninsula Qatar)  Msheireb Properties to build novel art centre – Msheireb Properties is creating a new cultural quarter in Doha. The Doha Cultural Forum is the first of its kind in the Middle East, which is part of the QR20bn Msheireb Downtown Doha development. Located adjacent to Al-Baraha, the cultural quarter will host a variety of cultural events, including arts and performances as well as educational programs. (Gulf-Times.com)  Gulf Chlorine signs contract to build chemical plant – Gulf Chlorine – a sister company of Oman Chlorine – has signed a contract with a specialized international company for the engineering, supply & construction of a plant at Mesaieed Industrial City in Qatar. The plant will produce caustic soda, acid and other related products. The new plant is expected to commence trial production of 70 tons per day during 4Q2015 and is expected to support the strategic operations of Oman Chlorine in the neighboring markets and expand its existing business with the oil & gas service companies operating in the region. (GulfBase.com) Page 2 of 4
  3. 3. International  ECB: Banks return €2.566bn as loan repayments resume – Banks will return €2.566bn worth of crisis loans received from the European Central Bank this week as they resume repayments, draining less liquidity than expected out of the financial system. Earlier, the ECB had stopped early repayments of more than €1tn in 3-year loans to avoid a liquidity squeeze. The amount banks will repay on January 15 is a fraction of the €20.7bn they had returned at the last opportunity in December 2013 and less than the €6bn that was forecasted in a Reuters poll. (Gulf-Times.com)  Regulators ease new bank rule to aid economy – Global banking regulators agreed to ease the way a new rule is compiled to avoid crimping the flow of finance for the world's economy. The new rule is part of the Basel III accord, which is meant to rein in risky balance sheets from 2018. This decision indicates that regulators have become more willing to accommodate banks as the focus switches to helping economies recover. However, the relief to lenders may be temporary as the regulators signaled there is still no agreement on the final level of the new leverage ratio, which measures how much capital a bank must hold against its loans and other assets. The ratio was initially set at 3% of capital, but supervisors from the US, Britain have pushed for a higher proportion. (ET) Regional  KSA, Kuwait and Bahrain to exchange credit data – According to sources, Saudi Arabia (KSA), Kuwait and Bahrain have expressed their willingness to set up a joint credit information center. The credit information exchange program will minimize risks on the GCC financial system as certain firms and families have been heavily involved in huge debt with some GCC banks and financing agencies. However, the application of the proposed credit information exchange program could possibly be started with 2-3 countries and expanded to cover the remaining GCC countries in few years. (GulfBase.com)  SABB reports SR976mn net profit in 4Q2013 – The Saudi British Bank (SABB) has reported a net profit of SR976mn in 4Q2013, indicating a robust growth of 15.4% QoQ (+19.8% YoY). EPS stood at SR3.77 for the period ended on December 31, 2013 as compared to SR3.24 on December 31, 2012. Total assets at the end of December 31, 2013 stood at SR177.3bn, an increase of 13.2% YTD. Loans & advances rose by 10.4% YTD to SR106.1bn, while customer deposits were up 15.4% YTD to SR139bn. (Tadawul)  Alinma Bank earns SR280mn net profit in 4Q2013 – Alinma Bank has reported a net profit of SR280mn in 4Q2013, reflecting a growth of 6.9% QoQ (+34.6% YoY). EPS stood at SR0.68 for the period ended on December 31, 2013 as compared to SR0.49 on December 31, 2012. Total assets at the end of December 31, 2013 stood at SR63bn, an increase of 16.6% YTD. Loans & advances rose by 20.8% YTD to SR44.9bn, while customer deposits were up 32.8% YTD to SR42.8bn. (Tadawul)  NWC to spend SR800mn on Jeddah Storage Project – Saudi Arabia’s state-run National Water Company (NWC) has allocated SR800mn to start implementing phase two and phase three of a 6mn cubic meter storage facility in Jeddah on the Red Sea coast. NWC will gain 2mn cubic meters of storage capacity by the end of phase three, which will take 18 months to complete. In July 2013, NWC had said that it will complete the storage facility in three years to end water shortages in the city. Meanwhile, the Kingdom expects to complete the desalination plant in Rabigh on the Red Sea by 2018, which will pump 600,000 cubic meters per day as demand for potable water is growing in the country. (Bloomberg)  Abu Dhabi’s inflation reach 2.2% in December – According to the figures released by Abu Dhabi Statistics Centre, Abu Dhabi’s inflation reached 2.2% in December 2013, which is the highest level since July 2011. Housing and utility costs that account for almost 38% of consumer expenses gained 1.5% from a year earlier. Last November, Abu Dhabi scrapped a 5% cap on annual rent increases, opening up a property sector where many tenants were paying rents at below-market rates. Prices of food and non-alcoholic beverages, which account for 16% of the basket, rose 4.6% in December. In November, they increased 3.8% on an annual basis. The centre said that the Emirate’s inflation for the entire 2013 stood at 1.3%. (GulfBase.com)  NBAD appoints Head of Trade Finance in Paris – The National Bank of Abu Dhabi (NBAD) has appointed Christophe Kloeti as the Head of Trade Finance in France. Before joining NBAD, Kloeti was responsible for trade finance activities at Commerzbank Paris for five years. NBAD-Paris serves as one of the bank’s eight hubs in its West-East Corridor strategy. (GulfBase.com)  Omani banks continue positive growth trend in 2013 – The banking sector in Oman continued on a steady growth trend in 2013, with the combined balance sheet of commercial banks indicating a positive growth in all major banking aggregates so far. The total assets of Omani commercial banks increased by 7.8% to reach OMR22.3bn in November 2013, as compared to OMR20.7bn in 2012. On the other hand, the country’s GDP at current prices increased modestly by 2.6% to OMR22.7bn during 9M2013 from OMR22.1bn during the same period last year. (GulfBase.com)  Bahrain Bourse closed on January 13 – The Bahrain Bourse will be closed January 13, 2014 on the occasion of Prophet Mohammed's birthday. Trading will resume on January 14, 2014. (Bahrain Bourse)  Bahra Cables inks deal for Saudi nuclear program – Bahra Cables Company has signed two MoUs with French companies AREVA and EDF for the Saudi nuclear energy program of King Abdullah City for Atomic & Renewable Energy. The Saudi-based company will be supplying cables to AREVA and EDF, which are the international companies, specialized in the design and construction of nuclear power plants. (GulfBase.com)  Bahrain real estate transaction hits record BHD861.9mn – Real estate trading volume in Bahrain reached BHD861.9mn last year, indicating a 30% increase over 2012. The Registration Bureau’s President Sheikh Salman bin Abdulla Al Khalifa said that trading volume increased by 6% during 4Q2013 as compared to 4Q2012. Meanwhile, Housing Minister Bassem Al Hamer said that work will soon begin on 2,450 housing units in the Northern Town and Al Louzy. Under an agreement signed with Naseej Properties, 1,618 homes will be built in the Northern Town. The ministry has already started work on 530 units as part of the first stage of the project. Naseej Properties is also expected to start work on 832 units in Al Louzy. (GulfBase.com) Page 3 of 4
  4. 4. 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 0.4% 0.5% 125.3 0.0% 0.0% Dubai* 0.1% Abu Dhabi* 0.3% 138.0 0.0% (0.1%) (0.3%) QE Index Oct-12 S&P Pan Arab May-13 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 Source: Bloomberg (*Market closed on January 12, 2014) Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,248.45 0.0 0.0 3.5 DJ Industrial 16,437.05 0.0 0.0 (0.8) 20.16 0.0 0.0 3.5 S&P 500 1,842.37 0.0 0.0 (0.3) 107.25 0.0 0.0 (3.2) NASDAQ 100 4,174.67 0.0 0.0 (0.0) 3.95 0.0 0.0 (9.0) STOXX 600 329.95 0.0 0.0 0.5 127.75 0.0 0.0 1.2 DAX 9,473.24 0.0 0.0 (0.8) 138.88 0.0 0.0 1.7 FTSE 100 6,739.94 0.0 0.0 (0.1) 1.37 0.0 0.0 (0.5) CAC 40 104.18 0.0 0.0 (1.1) Nikkei GBP 1.65 0.0 0.0 (0.4) MSCI EM CHF 1.11 0.0 0.0 (1.1) SHANGHAI SE Composite AUD 0.90 0.0 0.0 0.9 USD Index 80.66 0.0 0.0 RUB 33.06 0.0 0.0 BRL 0.42 0.0 0.0 (0.2) Yen Oman Mar-12 Bahrain Aug-11 Kuwait Jan-11 Qatar (0.4%) (0.6%) Saudi Arabia Jun-10 0.6% 156.9 4,250.60 0.0 0.0 (1.1) 15,912.06 0.0 0.0 (2.3) 970.15 0.0 0.0 (3.2) 2,013.30 0.0 0.0 (4.9) HANG SENG 22,846.25 0.0 0.0 (2.0) 0.8 BSE SENSEX 20,758.49 0.0 0.0 (1.9) 0.6 Bovespa 49,696.45 0.0 0.0 (3.5) 1,395.91 0.0 0.0 (3.2) 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 4 of 4

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