Page 1 of 6QE Intra-Day MovementQatar CommentaryThe QE index declined 0.4% to close at 9,479.8. Losses were led by theTele...
Page 2 of 6Qatar Market Commentary The QE index declined 0.4% to close at 9,479.8. The Telecomsand Transportation indices...
Page 3 of 6NewsQatar QCB sets cap for bank investments in securities – QatarCentral Bank (QCB) has set the cap for bank i...
Page 4 of 6 SAMA: Saudi banks earn SR12.4bn in first four months of2013 – According to the data released by the Saudi Ara...
Page 5 of 6that supports the operation system for radio package services.(Bloomberg) OAB gearing up to unveil Al Yusr – O...
ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager...
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13 June Technical Market Report

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13 June Technical Market Report

  1. 1. Page 1 of 6QE Intra-Day MovementQatar CommentaryThe QE index declined 0.4% to close at 9,479.8. Losses were led by theTelecoms and Transportation indices, declining 2.1% and 0.9% respectively.Top losers were Qatar Electricity & Water Co. and Qatar Telecom, falling 2.4%and 2.3% respectively. Among the top gainers, Qatar Cinema & Film Dist. Co.rose 6.9%, while Dlala Brok. & Inv. Holding Co. gained 5.9%.GCC CommentarySaudi Arabia: The TASI index declined 4.3% to close at 7,294.4. Losses wereled by the Real Estate Development and Insurance indices, declining 8.1%and 7.4% respectively. Saudi Industrial Development Co. and SABB Takafulfell 10.0% each.Dubai: The DFM index rose 0.2% to close at 2,399.6. The Services indexgained 8.2%, while the Transportation index was up 1.7%. National CentralCooling Co. rose 8.2%, while Shuaa Capital was up 3.9%.Abu Dhabi: The ADX benchmark index gained marginally to close at 3,661.4.The Real Estate index rose 6.1%, while the Consumer index was up 1.8%.Green Crescent Insurance Co. gained 11.9%, while Sorouh Real Estate Co.was up 8.3%.Kuwait: The KSE index fell 0.5% to close at 7,931.1. Losses were led by theTechnology and Banking indices, declining 1.7% and 1.4% respectively. CityGroup Co. fell 11.5%, while Danah Alsafat Foodstuff Co. was down 8.3%.Oman: The MSM index declined 0.9% to close at 6,558.5. The Banking &Investment index fell 1.3%, while the Services & Insurance index was down0.7%. Financial Services declined 3.5%, while Al Anwar Holding was down3.4%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Qatar Cinema & Film Dist. Co. 57.00 6.9 2.1 0.2Dlala Brok. & Inv. Holding Co. 28.70 5.9 797.4 (7.7)Qatar Islamic Bank 70.90 2.3 553.4 (5.5)Al Khaleej Takaful Group 45.10 2.0 125.4 23.0Doha Insurance Co. 27.50 1.9 45.3 12.0Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%United Development Co. 24.03 0.8 4,270.1 35.0Qatar Gas Transport Co. 18.50 (1.9) 1,077.4 21.2Barwa Real Estate Co. 27.80 (1.2) 910.4 1.3Dlala Brok. & Inv. Holding Co. 28.70 5.9 797.4 (7.7)Masraf Al Rayan 27.85 0.4 718.0 12.3Market Indicators 13 June 13 12 June 13 %Chg.Value Traded (QR mn) 654.1 987.5 (33.8)Exch. Market Cap. (QR mn) 519,959.2 522,219.0 (0.4)Volume (mn) 14.9 17.9 (16.8)Number of Transactions 6,776 6,648 1.9Companies Traded 40 40 0.0Market Breadth 14:22 23:14 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,544.46 (0.4) 2.0 19.7 N/AAll Share Index 2,396.81 (0.4) 1.8 19.0 13.0Banks 2,240.81 (0.0) 2.9 15.0 12.1Industrials 3,208.81 (0.5) 1.8 22.1 11.9Transportation 1,713.47 (0.9) (0.9) 27.8 12.1Real Estate 1,929.67 (0.4) 3.0 19.7 12.3Insurance 2,330.98 0.3 0.3 18.7 15.3Telecoms 1,316.08 (2.1) 0.7 23.6 15.0Consumer 5,578.58 (0.2) (0.5) 19.4 22.8Al Rayan Islamic Index 2,885.97 0.1 1.8 16.0 14.4GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Sorouh Real Estate Co Abu Dhabi 2.99 8.3 78,975.7 139.2Aldar Properties PJSC Abu Dhabi 2.42 4.3 175,530.6 90.6Air Arabia Dubai 1.14 2.7 31,753.2 36.5Qatar Islamic Bank Qatar 70.90 2.3 553.4 (5.5)Dubai Financial Market Dubai 2.01 1.5 56,581.6 97.1GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Boubyan Petrochem. Kuwait 0.64 (8.6) 121.2 10.3Investbank Abu Dhabi 2.40 (5.9) 43.9 48.1Al Ahli Bank of Kuwait Kuwait 0.48 (4.0) 72.5 (8.3)Albaraka Banking Bahrain 0.77 (3.8) 22.9 3.4Kuwait Int. Bank Kuwait 0.31 (3.2) 2,337.0 3.4Source: Bloomberg (#in Local Currency) (##GCC Top gainers/losers derived from the Bloomberg GCC200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%Qatar Electricity & Water Co. 153.30 (2.4) 53.2 15.8Qatar Telecom 125.00 (2.3) 294.0 20.2Qatar Gas Transport Co. 18.50 (1.9) 1,077.4 21.2Islamic Holding Group 38.90 (1.8) 51.7 2.4Aamal Co. 14.68 (1.5) 339.5 7.9Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%Industries Qatar 166.50 0.2 114,019.5 18.1United Development Co. 24.03 0.8 102,487.4 35.0QNB Group 153.60 (1.2) 54,625.5 17.3Commercial Bank of Qatar 72.00 1.0 46,600.4 1.6Qatar Islamic Bank 70.90 2.3 38,977.1 (5.5)Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,479.80 (0.4) 2.0 2.6 13.4 179.63 142,780.8 12.0 1.7 4.9Dubai 2,399.58 0.2 (0.9) 1.4 47.9 197.79 61,672.0 15.4 1.0 3.5Abu Dhabi 3,661.39 0.0 1.7 2.8 39.2 226.32 105,259.4 11.2 1.3 4.8Saudi Arabia 7,294.38 (4.3) (4.3) (1.5) 7.3 2,578.06 391,776.6 15.5 1.9 3.8Kuwait 7,931.09 (0.5) (1.2) (4.5) 33.6 115.00 108,771.1 24.7 1.4 3.4Oman 6,558.49 (0.9) 0.9 2.2 13.8 20.75 22,913.8 11.2 1.7 4.2Bahrain 1,198.61 (0.4) (0.2) 0.2 12.5 1.70 21,297.4 8.7 0.8 4.1Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)9,4609,4809,5009,5209,5409:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6Qatar Market Commentary The QE index declined 0.4% to close at 9,479.8. The Telecomsand Transportation indices led the losses. The index declined onthe back of selling pressure from Qatari shareholders despitebuying support from non-Qatari shareholders. Qatar Electricity & Water Co. and Qatar Telecom were the toplosers, falling 2.4% and 2.3% respectively. Among the topgainers, Qatar Cinema & Film Dist. Co. rose 6.9%, while DlalaBrok. & Inv. Holding Co. gained 5.9%. Volume of shares traded on Thursday declined by 16.8% to14.9mn from 17.9mn on Wednesday. However, as compared tothe 30-day moving average of 12.3mn, volume for the day was21.0% higher. United Development Co. and Qatar Gas TransportCo. were the most active stocks, contributing 28.7% and 7.2% tothe total volume respectively.Source: Qatar Exchange (* as a % of traded value)Ratings and Global Economic DataRatings UpdatesCompany Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook ChangeArab OrientInsurance Co.(AOIC)A.M. Best Dubai FSR/ICR B++/bbb+ B++/bbb+ – Stable –Gulf InsuranceCompany (GIC)A.M. Best Kuwait FSR/ICR A-/a- A-/a- – Stable –Gulf Life InsuranceCo. (GLIC)A.M. Best Kuwait FSR/ICR A-/a- A-/a- – Stable –MB Holding Co.(MB)S&P OmanLT corporate creditratingsB B – Negative MBPetroleum Service(MBPS)S&P OmanLT corporate creditratings/MBPS’s seniorunsecured $320mnbondB/B- B/B- – Negative HSBC Bank MiddleEast (HBME)FitchMiddleEastRegionLT IDR/ ST IDR/ VR/SR/ EMTN Program:Senior unsecurednotes/ HBME SukukCompany Limited’sSenior unsecured trustcertificatesAA-/ F1+/ bbb/1/ (AA-/F1+)/AA-AA-/ F1+/bbb/ 1/ (AA-/F1+)/ AA-– Stable –Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, IDR –Issuer Default Rating,VR – Viability Rating, SR – Support Rating)Global Economic DataDate Market Source Indicator Period Actual Consensus Previous06/13 US US Census Bureau Advance Retail Sales May 0.60% 0.40% 0.10%06/13 US Department of Labor Initial Jobless Claims 8-June 334K 346K 346K06/13 US Department of Labor Continuing Claims 1-June 2973K 2978K 2971K06/13 US Bureau of Labor Stat. Import Price Index (MoM) May -0.60% 0.00% -0.70%06/13 US Bureau of Labor Stat. Import Price Index (YoY) May -1.90% -1.40% -2.70%06/13 US Bloomberg Bloomberg Consumer Comfort 9-June -31.3 – -29.706/14 US Bureau of Labor Stat. Producer Price Index (MoM) May 0.50% 0.10% -0.70%06/14 US Bureau of Labor Stat. Producer Price Index (YoY) May 1.70% 1.40% 0.60%06/14 US Federal Reserve Industrial Production May 0.00% 0.20% -0.40%06/14 EU Eurostat Euro-Zone CPI (MoM) May 0.10% 0.10% -0.10%06/14 EU Eurostat Euro-Zone CPI (YoY) May 1.40% 1.40% 1.20%06/14 EU Eurostat Euro-Zone CPI - Core (YoY) May 1.20% 1.20% 1.00%06/14 EU Eurostat Eurozone Employment (QoQ) 1Q2013 -0.50% – -0.30%06/14 EU Eurostat Eurozone Employment (YoY) 1Q2013 -1.00% – -0.80%06/13 Germany Destasis Wholesale Price Index (MoM) May -0.40% – -0.20%06/13 Germany Destasis Wholesale price Index (YoY) May -0.10% – -0.40%Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)Overall Activity Buy %* Sell %* Net (QR)Qatari 59.05% 59.70% (4,263,256.54)Non-Qatari 40.96% 40.30% 4,263,256.54
  3. 3. Page 3 of 6NewsQatar QCB sets cap for bank investments in securities – QatarCentral Bank (QCB) has set the cap for bank investments inequity and debt securities at 25% of lenders’ capital andreserves. Further, the QCB has set a limit for investing inindividual companies at 5% of lenders’ capital and reserves,whereas, the limit of total securities investment outside Qatar isset at 15%. The QCB has set the limit of total unlisted securitiesat 10% inside Qatar and 5% abroad. Meanwhile, QCB hasexempted debt instruments issued by the Qatari government,central bank, licensed national banks from these limits.Moreover, QCB has set limit on property investment for Islamicbanks at 10% of capital, reserves, and limits on investments inassociates is set at 35%, including investments, financing, allrisk exposure and limit on investment in single associatecompany at 25%. (Bloomberg) Ooredoo withdraws bid for Vivendi stake in Maroc Telecom– Ooredoo (formerly QTEL) has withdrawn its bid for Vivendi’s53% stake in Moroccan telecom operator, Maroc Telecom,leaving Emirates Telecommunications Corporation as the onlyremaining bidder. Meanwhile, Vivendi is reportedly in talks tosell its stake in Maroc Telecom to Emirates TelecommunicationsCorp (Etisalat) after Ooredoo withdrew its offer. (Bloomberg,GulfBase.com) Qatar Airways to plan Dreamliner order during Paris AirShow – Qatar Airways is set to place an order for more 787Dreamliners from the Boeing Company at the Paris Air Shownext week. Qatar Airways is planning to purchase up to 30 new787s, which the carrier had previously agreed to buy.(Bloomberg) PHCC to open 10 new health centers – Qatar’s PrimaryHealth Care Corporation’s (PHCC) Managing Director DrMariam Ali Abdulmalik said the corporation would establish 10new health centers in 2014-2015 besides revamping six existingones. (Gulf-Times.com) QISI’s EGM to be held on June 30 – The Qatar IslamicInsurance Company (QISI) has invited its shareholders for itsEGM scheduled to be held on June 30, 2013. (QE)International World Bank cuts global growth outlook to 2.2% – The WorldBank has cut its outlook for global economic growth, stating thatit will expand more slowly in 2013 than in 2012 due to a deeper-than-expected recession in Europe and a recent slowdown insome emerging markets. In its half-yearly Global EconomicProspects report, the bank warned that large developingeconomies, which have driven global growth in recent years, willnot experience the same boom as they did before the globalfinancial crisis and will have to focus on structural reforms torevive growth. The bank forecast the worlds GDP to grow 2.2%in 2013, slightly below last years growth of 2.3%. In its lastforecast in January, the World Bank had estimated the globaleconomy would expand 2.4% this year. After this years trough,the bank estimates the global economy to expand to 3% in 2014and to 3.3% in 2015. (Bloomberg) IMF urges repeal of ill-designed US cuts – The IMF urged theUS to repeal sweeping government spending cuts andrecommended that the US Federal Reserve should continue itsbond-buying program through at least the end of the year. In itsannual health check, the IMF forecast the US economy’s growthto be a sluggish 1.9% this year. The IMF estimates that growthwould be as much as 1.75% higher if not for a rush to cut thegovernments budget deficit. The IMF cut its outlook foreconomic growth in 2014 to 2.7%, below its 3% forecastpublished in April. The fund said in April, that it assumed thedeep government spending cuts would be repealed, but it hasnow dropped that assumption. (Reuters) G8 draft finds risks to economy lower, but reforms needed– According to a draft copy of the communiqué being preparedfor leaders at the annual G8 summit to be held on June 17-18,actions taken by policymakers in the US, the Eurozone andJapan had reduced risks to the global economy. According tothe draft, while countries have taken steps to avoid the worstrisks that faced the world economy in 2012, many of thesevulnerabilities remain in 2013, highlighting the need for countriesto press ahead with necessary reforms for restoring sustainablegrowth. (Reuters) Japan approves economic growth steps – Japans cabinethas approved a set of measures to boost economic growth,which includes creation of special economic zones, incentives toboost private investment and participation of women in theworkforce as well as steps for deregulation in some sectors. Agovernment official said details on how to achieve those targetswill be laid out probably in August in a medium-term fiscal plan,which could include new ceilings on bond issuance andspending, and budget guidelines for the next fiscal year.(Reuters) Egypt about to verify reform plan with IMF – Egypt’s centralbank Governor Hisham Ramez said Egypts government is inthe final stages of verifying its economic reform program with theIMF before obtaining a $4.8bn loan. The loan, which is neededto help stabilize Egypts balance of payments and statefinances, has been under discussion for two years, but anagreement had been repeatedly postponed due to politicalunrest and the governments reluctance to commit to austeritymeasures. (Reuters)Regional QNB Group: MENA region to grow 4% in 2013, 5% in 2014 –According to a report by QNB Group, the MENA region isexpected to grow around 3.5-4% in 2013 and 4.5-5% in 2014,notwithstanding significant headwinds from the global economyand domestic political uncertainty in a number of countries in theregion. The report said that the GCC region countries willcontinue to invest heavily in infrastructure and diversify theireconomies, thus boosting non-oil GDP growth. The report alsosaid that most oil importing countries will continue on their pathto recovery, although with significant downside risks associatedwith fluctuating global demand and domestic politicaluncertainty. The report stated that, overall, the MENA regionremains one of the major contributors to global economicgrowth, which is expected to be in the range of 2.5-3% in 2013and 3.5-4% in 2014. (Gulf-Times.com) South Korea urged to take part in $2.5tn GCC regionprojects – The Federation of GCC Chambers has insistedSouth Korea to make use of the huge investment prospectsworth $2.5tn in the GCC region countries. New opportunities areemerging especially in the vital sectors of oil & gas,petrochemicals, water & electricity, real estate, and tourism.(GulfBase.com) Bilateral trade between GCC and India up 9% in 2012-13 –The bilateral trade between India and the GCC countries hasincreased from $145bn in 2011-12 to $158bn to 2012-13,reflecting a YoY growth of 9%. (Qatar Tribune)
  4. 4. Page 4 of 6 SAMA: Saudi banks earn SR12.4bn in first four months of2013 – According to the data released by the Saudi ArabianMonetary Agency (SAMA), 12 commercial banks in SaudiArabia earned revenues of nearly SR12.4bn in the first fourmonths of 2013. The data also showed that net profits of thebanks stood at around SR3.25bn in January 2013, growing toSR2.99bn in February, SR3.05bn in March and reaching aroundSR3.13bn in April. (GulfBase.com) Spanish firms target Saudi solar sector – A group of Spanishcompanies have expressed their willingness to enter intopartnership with their Saudi counterparts to set up power plantsfor production of solar energy to supply for both local demand aswell as export to neighboring countries. (GulfBase.com) IDB provides $1.2bn funding to Tunisia – Saudi-basedIslamic Development Bank (IDB) has provided $1.2bn funding toTunisia, aimed at backing industrial, agricultural and tradeprojects in the country. (Reuters) Satorp to open in December – Saudi Aramco Total Refinery &Petrochemicals Company’s (Satorp) CEO Fawwaz Nawwabsaid it expects its new SR52.5bn refinery at Jubail Industrial Cityto be fully operational in December 2013. He added that theoverall engineering, procurement & construction work at therefinery is 68% complete. He also said that although the refinerywas designed to process 400,000 bpd, Saudi Aramco hadcommitted to supply it with up to 440,000 bpd. (GulfBase.com) Marafiq to set up saline water plant – The Power & WaterUtility Company for Jubail & Yanbu (Marafiq) has signed acontract deal with French Sidem and Sidem Saudi Arabia, whichare both affiliated to Veolia Water Company. Sidem SaudiArabia will undertake the engineering, construction andoperation works at the new saline water plant at SADARAPetrochemical Complex in Jubail. The project is expected toproduce water in commercial quantities by 3Q2015 and will workon build, operate, and own basis. The contract will cover 20years and is extendable for another 10 years. (GulfBase.com) KEFI finds new gold prospect in Saudi Arabia – KEFIMinerals has discovered another gold prospect at its JibalQutman project in Saudi Arabia, describing the early stagetrenching results as exceptional. KEFI’s new find has beennamed “3K Hill” and lies three kilometers north of the currentdrilling at Jibal Qutman. (GulfBase.com) Kingston Holdings acquires conduit factory from SchneiderElectric – UAE-based diversified group Kingston Holdings hasacquired the PVC conduits manufacturing plant at Saif Zonefrom Schneider Electric. (AME Info) Takween to commence production of SAAF Line 3 projectin 4Q2013 – Takween Advanced Industries has announced thatthe commercial production of its SAAF line 3 project at thePlastic Complex on Rabigh is expected to commence in 4Q2013due to the rescheduling of the some infrastructure jobs to meetthe highest standards. (Tadawul) AlAhli Takaful renews insurance license from SAMA – AlAhliTakaful Company has renewed its insurance license from theSaudi Arabian Monetary Agency (SAMA), which is valid for threeyears beginning from July 8, 2013. (Tadawul) Tadawul adds AIG-ANB Cooperative Insurance’s IPO toinvestor portfolio – The Saudi Stock Exchange (Tadawul) hasannounced that AIG-ANB Cooperative Insurance Company’sIPO shares have been deposited into applicable investor’sportfolios. (Tadawul) IEA: UAE’s May oil output up 1.1% MoM in May – Accordingto the data released by the International Energy Agency (IEA),the UAE’s oil output rose 1.1% MoM in May 2013 to 2.7mn bpd.IEA said the crude oil supply from the Organization of PetroleumExporting Countries (OPEC) rose to its highest level in sevenmonths in May due to increased output from Saudi Arabia and,to some extent, Iran, Kuwait, and the UAE. IEA also said thatMay OPEC output was up by around 135,000 bpd to 30.9mnbpd, with higher output from the Gulf producers only partiallyoffsetting the reduced supplies from Iraq, Libya and Nigeria,where militant activity continued to undermine production levels.Bloomberg) Moodys upgrades JAFZs ratings to Ba3; review forupgrade – Moodys Investors Service has upgraded Jebel AliFree Zone’s (JAFZ) Corporate Family Rating to Ba3 from B1,Probability of Default Rating to Ba3-PD, and the rating on theUS dollar-denominated trust certificates (sukuk) issued by JAFZSukuk (2019) Limited to Ba3. JAFZs baseline creditassessment has been raised to B1 from B2. At the same time,the ratings have been placed on review for upgrade.(Bloomberg) Aldar, Sorouh expect merger closure by June 30 – AbuDhabi-based developers Aldar Properties and Sorouh RealEstate said the two companies expect to close their state-backed merger by June 30, 2013 pending a ministerialresolution approving the deal. The two companies also said thata three-month period for Sorouh’s creditors to object to theproposed merger has expired without any objections. The twocompanies expect that resolution is to be issued between June20 and June 30, 2013. (ADX) India defers decision on Jet Airways’ stake sale plan toEtihad – India has deferred taking a decision on the JetAirways’ proposal to sell its 24% stake to UAE-based EtihadAirways, saying it would seek more details about the transactionagreement between the two carriers. (Gulf-Times.com) Unatrac completes upsized syndicated loan for $700mn –Unatrac Holding Limited has signed a new $700mn syndicatedthree-year revolving credit facility. The joint global coordinatorsand book-runners for the facility were Barclays Bank, Citigroup,and JP Morgan. The funds from this facility will be used tofinance Unatrac’s working capital requirements and to refinanceexisting debt facilities, while supporting its operational growth forthe next three years. (AME Info) Emirates A380 to fly to Los Angeles – Emirates Airlines hasannounced an upgrade to its service from Dubai to Los Angeleswith the introduction of the flagship A380 starting fromDecember 2, 2013. (AME Info) IFM, Abu Dhabi Group’s unit sign AUD2bn loan for AustraliaPort deal – A group including Industry Funds Management(IFM) and a unit of Abu Dhabi Investment Authority has signed aloan worth 2bn Australian dollars with 10 banks backing itspurchase of the leases of two Australian ports: Port Botany andPort Kembla. (Bloomberg) Oman’s overseas investment rose 36.5% YoY in 2011 –According to the data released by the National Centre forInformation & Statistics, Oman’s foreign investments rose 36.5%YoY to OMR5.5bn by the end of 2011. (GulfBase.com) Oman awards tenders for projects worth OMR95.3mn –Oman’s tender board has awarded four tenders for projectsworth OMR95.3mn. The projects includes dualization ofMahdha-Al Rawdha road in Al Buraimi Governorate, provision ofcatering service for SQU students for three years, constructionof the main transformer station for Oman Conventions &Exhibition Centre, and expansion of the equipment’s capacity
  5. 5. Page 5 of 6that supports the operation system for radio package services.(Bloomberg) OAB gearing up to unveil Al Yusr – Oman Arab Bank (OAB)is set to launch its Islamic banking services through an Islamicbanking window named “Al Yusr”. (GulfBase.com) Omran awards a construction contract to Carillion Alawi –Omran has awarded the construction of Package 2 at the OmanConvention & Exhibition Centre in Al Irfan area to Carillion Alawiwith a total value of OMR78mn. (AME Info) Moody’s puts Bahrain debt on watch – Moody’s has placeddebt issued by Bahrain on watch, warning of a possibledowngrade since the country could face strains over its debtgiven the weak outlook for oil prices. The rating agency hasplaced Bahrain’s Baa1 government issuer rating on review forpossible downgrade. (GulfBase.com) Trust Re increases paid-up capital to $140mn – The TrustInternational Insurance & Reinsurance Company (Trust Re) hasincreased its paid-up capital from $100mn to $140mn, and hasalso increased its authorized capital to $200mn. (GulfBase.com)
  6. 6. ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager - HNWITel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qaQNB Financial Services SPCContact Center: (+974) 4476 6666PO Box 24025Doha, QatarDISCLAIMER: 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 QatarFinancial 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 anoffer, 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 potentialinvestors 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 bereliable, 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 theright 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, theviews 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 6Rebased Performance Daily Index PerformanceSource: Bloomberg Source: BloombergSource: Bloomberg Source: Bloomberg80.090.0100.0110.0120.0130.0140.0Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13QE Index S&P Pan Arab S&P GCC(4.3%)(0.4%) (0.5%) (0.4%)(0.9%)0.0% 0.2%(6.0%)(4.6%)(3.2%)(1.8%)(0.4%)1.0%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,390.74 0.3 0.6 (17.0) DJ Industrial 15,070.18 (0.7) (1.2) 15.0Silver 22.09 1.0 2.0 (27.2) S&P 500 1,626.73 (0.6) (1.0) 14.1Crude Oil (Brent) 105.95 1.2 1.4 (6.1) NASDAQ 100 3,423.56 (0.6) (1.3) 13.4Euro 1.33 (0.2) 1.0 1.2 DAX 8,127.96 0.4 (1.5) 6.8Yen 94.31 (1.1) (3.3) 8.7 FTSE 100 6,308.26 0.1 (1.6) 7.0GBP 1.57 (0.1) 1.0 (3.4) CAC 40 3,805.16 0.2 (1.7) 4.5CHF 1.09 0.1 1.6 (0.6) Nikkei 12,686.52 1.9 (1.5) 22.0AUD 0.96 (0.7) 0.8 (7.9) Shanghai 2,162.04 0.6 (2.2) (4.7)USD Index 80.67 (0.1) (1.2) 1.1 BSE Sensex 19,177.93 1.9 (1.3) (1.3)RUB 31.72 (0.8) (1.4) 3.9 Bovespa 49,332.34 (2.1) (4.4) (19.1)BRL 0.47 (1.3) (0.7) (4.6) RTS 1,293.88 2.6 (1.6) (15.3)136.2120.6109.6

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