12 November Daily Market Report

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  • 1. QE Intra-Day Movement Market Indicators 10,080 10,060 10,040 10,020 9:30 12 Nov 13 11 Nov 13 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 343.2 543,161.1 10.4 5,298 38 22:14 472.7 541,481.6 14.7 4,998 39 26:9 (27.4) 0.3 (28.9) 6.0 (2.6) – Market Indices 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.3% to close at 10,072.1. Gains were led by the Real Estate and Banking & Financial Services indices, gaining 0.5% and 0.4% respectively. Top gainers were Qatar Cinema & Film Dist. Co. and Doha Ins. Co., rising 3.8% and 2.2% respectively. Among the top losers, Vodafone Qatar fell 2.2%, while Qatar German Co. for Med. Dev. declined 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 14,390.65 2,518.75 2,406.15 3,287.49 1,869.66 1,869.49 2,348.61 1,434.99 5,890.76 2,879.11 0.3 0.3 0.4 0.3 (0.3) 0.5 0.3 0.0 (0.1) 0.1 1.0 1.0 1.9 0.3 (0.1) 1.2 0.6 0.6 (0.2) 1.1 27.2 25.0 23.4 25.1 39.5 16.0 19.6 34.7 26.1 15.7 N/A 12.7 12.9 11.9 12.7 12.8 9.6 19.8 22.3 15.0 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. „000 Saudi Arabia: The TASI index rose 0.7% to close at 8,329.5. Gains were led by the Cement and Petrochem. Ind. indices, rising 2.0% and 1.8% respectively. South. Province Cement gained 9.2%, while Nat. Ind. rose 4.4%. South. Province Cement Saudi Arabia 122.25 9.2 338.3 22.3 National Ind. Co. Saudi Arabia 30.70 4.4 7,240.2 10.8 Dubai: The DFM index declined 0.8% to close at 2,800.7. The Transportation index fell 3.6%, while the Services index was down 3.4%.Takaful Emarat Insurance declined 8.8%, while Air Arabia was down 5.4%. Qassim Cement Saudi Arabia 91.00 4.3 919.1 13.0 Yanbu Nat. Petrochem. Saudi Arabia 68.00 3.4 1,055.4 43.8 Abu Dhabi: The ADX benchmark index fell 0.8% to close at 3,781.9. The Investment & Financial Ser. index declined 2.7%, while the Services index was down 2.4%. Nat. Marine Dredging fell 9.9%, while BILDCO was down 9.4%. Saudi Telecom Co. Saudi Arabia 56.00 2.8 3,544.5 29.3 GCC Top Losers Exchange 1D% Vol. „000 YTD% Kuwait: The KSE index rose 0.2% to close at 7,943.3. The Oil & Gas index gained 1.3%, while the Technology index was up 1.1%.Credit Rating & Collection Co. rose 8.2%, while Real Estate Trade Centers Co. was up 7.7%. Nat. Marine Dredging Abu Dhabi 9.00 (9.9) 4.3 (10.0) IFA Hotels & Resorts Kuwait 0.31 (7.5) 136.5 (12.6) Oman: The MSM index declined marginally to close at 6,763.9. The Banking & Investment index fell 0.1%, while all other indices ended in green. The National Detergent Co. declined 9.8%, while Global Financial Inv. was down 1.8%. Air Arabia Dubai 1.39 (5.4) 31,821.0 66.5 Bank of Sharjah Abu Dhabi 1.64 (4.1) 100.0 28.1 Boubyan Petrochem. Kuwait 0.65 (3.0) 37.7 12.1 Bahrain: The BHB index fell 0.1% to close at 1,204.0. The Hotel & Tourism index declined 1.9%, while the Investment index was down 0.4%. Gulf Finance House and Gulf Hotel Group fell 3.1% each. ## 1D% Vol. „000 YTD% Qatar Exchange Top Losers 41.00 3.8 2.7 (27.9) Vodafone Qatar 2.2 63.5 4.7 Qatar German Co. for Med. Dev. 163.00 1.5 28.8 23.1 Qatar Navigation Barwa Real Estate Co. 27.35 1.1 2,514.4 (0.4) Al Meera Consumer Goods Co. Gulf Warehousing Co. 40.15 0.9 117.8 19.9 Dlala Brok. & Inv. Holding Co. Qatar Electricity & Water Co. Close* 1D% Vol. „000 YTD% 9.62 Close* Qatar Cinema & Film Dist. Co. 25.70 Close 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 Gainers Doha Insurance Co. # YTD% (2.2) 601.3 15.2 14.82 (0.9) 1.0 0.3 40.1 88.40 (0.7) 24.7 134.00 (0.7) 44.4 9.5 20.06 (0.6) 38.9 (35.5) Close* 1D% Vol. „000 YTD% Close* 1D% Val. „000 YTD% Barwa Real Estate Co. 27.35 1.1 2,514.4 (0.4) Barwa Real Estate Co. 27.35 1.1 68,805.3 (0.4) Masraf Al Rayan 31.05 0.6 1,987.9 25.3 Masraf Al Rayan 31.05 0.6 61,867.4 25.3 Qatari Investors Group 32.65 0.2 1,700.2 42.0 Qatari Investors Group 32.65 0.2 55,634.5 42.0 United Development Co. 22.85 (0.3) 846.4 28.4 QNB Group 170.00 0.6 26,052.8 29.9 9.62 (2.2) 601.3 15.2 United Development Co. 22.85 (0.3) 19,376.0 28.4 Qatar Exchange Top Vol. Trades Vodafone Qatar Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 10,072.05 2,800.69 3,781.94 8,329.48 7,943.34 6,763.90 1,204.02 0.3 (0.8) (0.8) 0.7 0.2 (0.0) (0.1) 1.0 (3.4) (1.8) 0.8 0.0 0.1 (0.2) 2.4 (4.2) (1.7) 3.5 (0.0) 1.3 0.2 20.5 72.6 43.8 22.5 33.9 17.4 13.0 Exch. Val. Traded ($ mn) 94.26 175.56 83.74 1,643.13 71.84 21.68 6.34 Exchange Mkt. Cap. ($ mn) 149,206.4 67,939.1 109,663.5 452,240.9 110,349.4 24,071.8 16,863.5 P/E** P/B** 12.9 14.9 10.5 17.0 18.4 10.9 8.1 1.8 1.1 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.6 3.2 4.8 3.6 3.5 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 6
  • 2. Qatar Market Commentary  The QE index rose 0.3% to close at 10,072.1. The Real Estate and Banking & Financial Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 75.50% 80.98% (18,806,643.63) Non-Qatari  Qatar Cinema & Film Dist. Co. and Doha Insurance Co. were the top gainers, rising 3.8% and 2.2% respectively. Among the top losers, Vodafone Qatar fell 2.2%, while Qatar German Co. for Med. Dev. declined 0.9%. Buy %* 24.50% 19.01% 18,806,643.63 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday declined by 28.9% to 10.4mn from 14.7mn on Monday. However, as compared to the 30-day moving average of 6.9mn, volume for the day was 51.8% higher. Barwa Real Estate Co. and Masraf Al Rayan were the most active stocks, contributing 24.1% and 19.0% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY AED 26.5 75.2% – – 1.2 N/A AED 1,895.7 42.3% – – 307.1 97.3% Dubai AED 375.0 42.2% – – 44.8 -42.9% Dubai AED 56.1 4.2% – – 7.8 N/A Abu Dhabi AED 166.1 36.8% – – 14.5 50.3% Abu Dhabi AED 31.8 6.5% – – 2.2 -63.8% Abu Dhabi AED 230.1 13.1% – – -31.1 43.0% Abu Dhabi AED 342.6 -3.1% – – 54.5 7.7% Abu Dhabi AED 19.3 6.8% – – 0.03 N/A Oman OMR 112.3 3.6% – – 29.1 3.9% Oman OMR 208.7 10.3% 35.1 6.4% 17.2 112.3% Oman OMR 1.8 -61.4% – – 1.4 -66.9% Bahrain BHD 2.6 -5.6% – – 0.02 -90.5% Bahrain USD – – – – -3.2 N/A Bahrain BHD 3.5 0.4% – – 0.4 -14.3% Market Currency Dar Al Takaful Dubai Union Properties (UP)* Dubai Oman Insurance Co. (OIC) Al Sagr National Insurance Co. (ASNIC) National Corporation for Tourism & Hotels (NCT&H) Al Dhafra Insurance Co. Abu Dhabi National Hotels (ADNH) Abu Dhabi National Insurance Co. (ADNIC) Green Crescent Insurance Co. (GCIC) Oman Telecommunications Co. (Omantel) Renaissance Services* Global Financial Investments Holding (GFIH)* United Paper Industries (UPI) Inovest Bahrain National Holding Co. (BNH) Net Profit (mn) 3Q2013 % Change YoY Source: Company data, DFM, ADX, MSM (*9M2013) Global Economic Data Date Market Source Indicator Period Actual Consensus 11/12 France Bank of France Bank of France Bus. Sentiment 11/12 Germany Destasis Wholesale Price Index MoM 11/12 Germany Destasis 11/12 Germany Destasis 11/12 Germany 11/12 Previous October 99 97 97 October -1.00% – 0.70% Wholesale Price Index YoY October -2.70% – -2.20% CPI MoM October -0.20% -0.20% 0.00% Destasis CPI YoY October 1.20% 1.20% 1.10% Germany Destasis CPI EU Harmonized MoM October -0.30% -0.20% 0.00% 11/12 Germany Destasis CPI EU Harmonized YoY October 1.20% 1.30% 1.60% 11/12 UK RICS RICS House Price Balance October 57% 58% 53% 11/12 UK ONS PPI Input NSA MoM October -0.60% -0.70% -1.00% 11/12 UK ONS PPI Input NSA YoY October -0.30% 0.10% 0.90% 11/12 UK ONS PPI Output NSA MoM October -0.30% 0.00% 0.00% 11/12 UK ONS PPI Output NSA YoY October 0.80% 1.00% 1.20% 11/12 UK ONS PPI Output Core NSA MoM October 0.10% 0.10% 0.00% 11/12 UK ONS PPI Output Core NSA YoY October 0.90% 0.70% 0.80% 11/12 UK ONS ONS House Price YoY September 3.80% – 3.70% 11/12 UK ONS CPI MoM October 0.10% 0.30% 0.40% 11/12 UK ONS CPI YoY October 2.20% 2.50% 2.70% Page 2 of 6
  • 3. 11/12 UK ONS CPI Core YoY October 1.70% 2.00% 11/12 UK ONS Retail Price Index October 251.9 252.8 2.20% 251.9 11/12 UK ONS RPI MoM October 0.00% 0.40% 0.40% 11/12 UK ONS RPI YoY October 2.60% 2.90% 3.20% 11/12 Japan ESRI Consumer Confidence Index October 41.2 45.5 45.4 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Qatar‟s PPI in 2Q2013 declines 6.1% QoQ – According to the data released by the Ministry of Development Planning & Statistics (MDPS), the Producer Price Indices (PPIs) for the industrial sector for 2Q2013 stood at 166.2, showing a decline of 6.1% QoQ. In the mining group, the PPI declined by 6.1% QoQ primarily due to the price fall in the crude oil & natural gas group. The PPI for the manufacturing group fell by 6.7% QoQ due to declining prices of refined petroleum products by 9.9% QoQ, dairy products 3.9% QoQ and basic chemicals by 3.3% QoQ. On the other hand, the prices in basic metals rose by 2.7% QoQ and glass products by 0.6% QoQ. The data showed that the PPI for the electricity & water group increased 1.2% QoQ. (QSA)  QE welcomes S&P Dow Jones‟ upgrade of Qatar to emerging market – The Qatar Exchange (QE) has welcomed the decision of S&P Dow Jones to upgrade the Qatari market from a frontier market to an emerging market, describing this decision as a positive step that will attract further foreign investments to the Qatari stock market. QE’s CEO Rashid Bin Ali Al Mansoori expressed his satisfaction about the upgrade of the Qatari market, which clearly indicates the recognition for the positive steps taken by the Qatar Exchange over the past years. (QE)  IMF: Qatar world leader in gross national savings – According to the latest data released by the IMF, Qatar is the world’s top-saving country, leading a list dominated by petroleum powers in the Middle East and emerging nations in the Far East. Qatar’s gross national savings, a measure that accounts for both private and public savings, stood at 59% of its GDP. Two other countries, Kuwait and China, also save over half of their GDP. Of the top 15 countries, 11 have economies based on oil. (Peninsula Qatar)  QA fleet will move to HIA next year – Qatar Airways’ CEO Akbar al-Baker said its entire fleet will move to the new Hamad International Airport (HIA) in 2014. HIA will open with a capacity of 24mn passengers a year, rising to around 50mn, when it reaches full operational capacity in 2015. This represents an increase in HIA’s aircraft movement from 137,000 to 360,000 each year. HIA’s annual cargo capacity is also set to double, from 0.8mn tons to 1.4mn tons. (Gulf-Times.com)  CBQK to hold EGM on November 27 – The Commercial Bank of Qatar (CBQK) will hold its shareholders’ extraordinary general meeting (EGM) on November 27, 2013. (QE) International  OECD indicator finds improvement in developed economies – The Organization for Economic Cooperation & Development (OECD) said the growth outlook among developed economies has improved further in September 2013, with a fledgling recovery gaining momentum in the Eurozone. The OECD’s leading indicator (CLI) covering its 33-member countries pointed to a growth in line with its long-term trend. The CLI rose to 100.7 in September from 100.6 in August, moving further above the long-term average of 100. The reading for the US dipped slightly, to 100.8 in September from 100.9 in the two preceding months. Likewise, activity remained above trend in Japan with a figure of 101.1 in September after staying two months at 101.0. The Eurozone saw its growth gaining momentum with a reading of 100.7, up from 100.6 in August. Among the other major emerging economies, India's reading eased to 96.7 from 96.9, while China's reading rose to 99.4 from 99.2, which the OECD described as a tentative positive change in momentum. (Reuters)  IEA: US set to become world‟s biggest oil producer in 2015 – The International Energy Agency (IEA) said the US will stride past both Saudi Arabia and Russia to become the world’s leading oil producer by 2015. However, the IEA also said the oilfields of Texas and North Dakota will be past their prime by 2020, and the Middle East will regain its dominance — especially as a supplier to Asia. The IEA said oil prices would continue to rise and spur development of unconventional resources such as the light, tight oil that has fuelled the US shale oil boom, oil sands in Canada, deepwater production in Brazil and natural gas liquids. (Gulf-Times.com)  Bank of France sees 4Q2013 French growth at 0.4% – According to the Bank of France, the country’s economy is set to gain momentum towards the end of 2013 and will post a marginal growth of 0.4% in 4Q2013. Both the French central bank and economists polled by Reuters expect a first official reading for 3Q2013 to show that growth slowed to 0.1% from 0.5% in the previous quarter. The Bank of France based its 4Q2013 estimate on the results of its monthly business sentiment survey, which showed the industrial sector’s index rising to 99 in October from 97 in September, just below the long-term average of 100. (Reuters)  China vows decisive role for markets and results by 2020 – China’s ruling party pledged to let markets play a decisive role in allocating resources as it unveiled a reform agenda for the next decade, in an effort to overhaul the world’s second-largest economy. After the conclave of its 205-member Central Committee, the ruling Communist Party stated that China aims to achieve decisive results in its reform push by 2020, with economic changes as a central focus of its overall reforms. (Reuters) Regional  IMF: GCC‟s energy exporting countries will face fiscal deficit in 2016 – The IMF has warned that the Arab world's energy exporting states are not saving enough of their oil revenues and they may run into a fiscal deficit by 2016 if their current policies do not change. The IMF said together with substantial oil revenue risks, this prospect underscores the need for countries to strengthen their fiscal and external buffers. The total state spending among GCC members rose 9.7% in 2012, which is much less than 17.7% in 2011. The IMF expects growth in the GCC region’s state spending to slow further in coming years, forecasting an annual average rise of 4% during 20132018. The fund said this spending restraint will not be enough to prevent state budgets in many countries from going into the red. Currently, Bahrain is the only GCC country in red, which is expected to be followed by Oman by 2015 and Saudi Arabia in 2018. Meanwhile, the IMF said that 1mn GCC nationals may remain jobless or seek careers in the bloated public sector by Page 3 of 6
  • 4. 2018, unless measures are taken to create more private sector jobs. Private companies in the GCC region are expected to generate 600,000 jobs, which is 1mn less than needed. (Reuters, Bloomberg)  Al Waseen agrees to sell 75% stake to IDB – Al Waseen Trading Company has reached an agreement to sell its 75% shareholding to the Irish Dairy Board Cooperative Ltd (IDB). This deal involves an investment of more than SR100mn in the Kingdom, which includes the development of a new state-of-theart fresh white cheese manufacturing plant at Al Wazeen’s facility in Riyadh. This new investment will further strengthen Al Wazeen’s position in the Saudi market, where it markets a range of dairy products to retailers and wholesaler customers. (GulfBase.com)  SPCC signs SR713mn plant construction contract – The Southern Province Cement Company (SPCC) has signed SR713mn contract to construct a second production line with a capacity to produce 5,000 tons of clinker per day at its Bisha Cement plant. Experimental production will begin after 20 months, while commercial production will begin after 23 months. The Bisha project and the proposed third production line at Tihama plant will raise SPCC’s production capacity to 33,000 tons of clinker per day or 35,000 tons of cement by the end of 2014. (GulfBase.com)  HGISC completes procedures to transfer EMS‟ 20% shares – The Al Hassan Ghazi Ibrahim Shaker Company (HGISC) has completed the required procedures to transfer 20% shares of the Energy Management Services (EMS) to HGISC. The capital of EMS has also been increased from AED1.5mn to AED3.375mn, which is divided into 225 shares. Out of these shares, 45 shares worth AED0.68mn have been allocated to HGISC. The balance amount of AED1.8mn will be paid by EMS’ partners based on each partners’ share interest and will be recorded as part of company’s equity. (Tadawul)  IMF: Fundamentals must drive Dubai‟s property market not speculation – The IMF’s Director for the Middle East & North Africa (MENA) Masood Ahmed said the Dubai government has to ensure that its property market is driven by fundamental factors, not speculation and be ready to act if it sees rapid increases in asset prices. House prices in the Emirate have increased over 20% in 2013, which had prompted the IMF to warn of the risk of another bubble forming in July foreseeing another crash similar to Dubai's inflated property market in 2008-2010, which nearly caused state-linked companies to default. (Reuters)  Moody‟s revised UAE bank system outlook to Stable from Negative – Moody's Investors Service has revised the outlook for the UAE's banking system to Stable from Negative. The outlook change reflects the continued improvements in the operating environment, as well as the ongoing recovery of the local real-estate market, which Moody's believes will lead to a decline in problem loan levels and an increase in profitability over the next 12 to 18 months. In addition, the rating agency expects that banks will continue to maintain high liquidity and capital buffers that were built up since the onset of the global financial crisis. Moody's expects real GDP to grow by 3.6% in 2013 and 3.7% in 2014, supported by continued public sector spending, particularly in Abu Dhabi; and strong signs of recovery in Dubai's more diversified private sector. This economic growth, combined with increasing confidence and the ongoing real estate market recovery, will support credit growth of 7-10% in 2014. (Bloomberg)  High fuel costs, currency swings curb Emirates first-half profits – The Emirates Airline reported a near-flat net profit of AED1.75bn for the six months ended September 30 compared with AED1.7bn in the prior-year period, despite a 15% rise in passengers to 21.5mn. High fuel costs and weak currencies in some key markets flattened first-half profit growth. Meanwhile, the Emirates Airline and French carrier Corsair International have signed an interline agreement that will connect travelers from Senegal to Paris. Under this agreement, customers will be able to purchase joint Emirates-Corsair itineraries and conveniently connect between Paris and West Africa. (GulfBase.com, Bloomberg)  Al Ain Dairy to invest AED400mn in new farm & factory – Al Ain Dairy is set to boost its production with AED400mn investment on a new farm and factory in Al Ain. This new facility will be operational by 2016, but the dairy producer does not expect profits from it until 2017. (Bloomberg)  DFM accredits Mashreq Securities to provide DMA for global brokers – The Dubai Financial Market (DFM) has accredited Mashreq Securities to provide direct market access (DMA) for global brokers, lifting the number of DMA service providers to five. DMA allows brokerage companies to mandate a global broker to use its access point to place buy and sell orders on DFM through electronic trading. (DFM)  GEMS sets initial price on hybrid sukuk – Dubai-based Global Education Management Systems (GEMS) has set the initial pricing thought of 11.75-12% profit rate for its debut sale of hybrid Islamic bond. GEMS has appointed Morgan Stanley, Credit Suisse and Abu Dhabi Islamic Bank to arrange for this sukuk sale, which will use a mudaraba structure and will be callable after five years. (Reuters)  Abu Dhabi introduces new crude blend “Das” to improve shipping flexibility – The Abu Dhabi Marine Operating Company’s (ADMA-OPCO) CEO Ali R. Al Jarwan said that the Emirate has introduced a new crude blend named ―Das‖ to improve shipping flexibility. The Das crude will go on sale in July 2014 and replace Abu Dhabi’s Umm Shaif and Lower Zakum grades. Meanwhile, the Abu Dhabi National Oil Company’s (ADNOC) Marketing & Refining Director Sultan Al Mehairi said that this new crude will sell at about the same price as Lower Zakum. (Bloomberg)  NDC signs AED1bn deal with CPTDC to obtain 9 land rigs – The National Drilling Company (NDC) has recently entered into an agreement worth AED1bn with the China Petroleum Technology & Development Corporation (CPTDC) to obtain nine new land rigs. These new rigs will join NDC’s fleet by 2015 and are in addition to the 11 land rigs that were manufactured by CPTDC. (GulfBase.com)  ADNOC plans to sell Murban crude to western oil majors in 2014 – According to sources, ADNOC is planning to sell its year's supply of Murban crude without a pre-determined destination to a group of western oil majors in 2014. This move ensures that the Murban crude will remain available for trade in the spot market and could help ADNOC earn more revenue by selling its cargoes at a premium. (Reuters)  ADCB sets initial price for dollar denominated floating rate note – The Abu Dhabi Commercial Bank (ADCB) has set an initial price talk of 135 basis points over the three-month LIBOR for the January 2017 issue of a dollar-denominated floating rate note. ADCB has appointed Deutsche Bank, JP Morgan and Standard Chartered as joint book runners for this issue, which is expected to have a benchmark size. (Reuters)  OCHL to set up chlorine-alkali JV plant in Abu Dhabi – Oman Chlorine (OCHL) will set up a joint venture chlorine-alkali plant worth $70mn in Abu Dhabi to cater to the oil & gas sector Page 4 of 6
  • 5. in the Gulf region. Union Chlorine, a JV between OCHL and Abu Dhabi-based Horizon Energy will produce 70 tons per day of caustic soda, hydrochloric acid and sodium hypochlorite. The plant will begin commercial production by 3Q2015. (Reuters)  Salah Nooruddin acquires 5.71% stake in GFH – Gulf Finance House (GFH) has announced that Nooruddin’s family consortium led by Salah Nooruddin has acquired a 5.71% stake in GFH. (Bahrain Bourse)  Bahrain Bourse to be closed on November 13-14 – Bahrain Bourse will be officially closed on November 13 and 14, 2013 on the occasion of Ashoura for the Hijri year 1435. The bourse will resume trading on November 17, 2013. (Bahrain Bourse) Page 5 of 6
  • 6. Rebased Performance Daily Index Performance 150.0 1.2% 0.7% 144.7 140.0 0.6% 130.0 0.3% 130.1 120.0 118.3 110.0 0.2% 0.0% (0.1%) (0.0%) (0.6%) 90.0 QE Index S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance 1D% WTD% YTD% Global Indices Performance 1,268.00 (1.2) (1.6) (24.3) DJ Industrial 20.73 (3.0) (3.6) (31.7) 105.81 (0.6) 0.7 (4.8) 3.69 2.0 4.3 7.8 118.13 (0.3) 0.0 32.0 140.75 (0.8) 0.3 (18.6) Euro 1.34 0.2 0.5 1.8 Yen 99.64 0.5 0.6 14.9 Nikkei GBP 1.59 (0.5) (0.7) (2.2) MSCI EM CHF 1.09 0.2 0.5 (0.2) SHANGHAI SE Composite AUD 0.93 (0.6) (0.9) (10.5) USD Index 81.19 0.1 (0.1) RUB 32.90 0.2 0.8 BRL 0.43 (0.0) (0.7) (12.1) Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Dubai Source: Bloomberg Close ($) Gold/Ounce Oman Jul-13 Bahrain May-12 Dec-12 Kuwait Oct-11 Qatar Jan-10 Aug-10 Mar-11 (0.8%) (0.8%) Saudi Arabia (1.2%) 80.0 Abu Dhabi 100.0 Close 1D% WTD% YTD% 15,750.67 (0.2) (0.1) 20.2 S&P 500 1,767.69 (0.2) (0.2) 23.9 NASDAQ 100 3,919.92 0.0 0.0 29.8 321.68 (0.6) (0.3) 15.0 DAX 9,076.48 (0.3) (0.0) 19.2 FTSE 100 6,726.79 (0.0) 0.3 14.1 STOXX 600 CAC 40 4,263.78 (0.6) 0.1 17.1 14,588.68 2.2 3.6 40.3 991.45 (0.2) (0.4) (6.0) 2,126.77 0.8 1.0 (6.3) HANG SENG 22,901.41 (0.7) 0.7 1.1 1.8 BSE SENSEX 20,281.91 (1.0) (1.9) 4.4 7.8 Bovespa 51,804.33 (1.6) (0.9) (15.0) 1,437.37 0.7 0.2 (5.9) 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 6 of 6