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14 January Daily market report

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  • 1. QE Intra-Day Movement Market Indicators 11,080 11,060 11,040 11,020 Market Indices 11,000 10,980 9:30 14 Jan 14 642.3 583,667.2 11.5 5,640 41 12:23 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 0.3% to close at 11,051.5. Gains were led by the Industrials and Banking & Financial Services indices, gaining 1.1% and 0.4% respectively. Top gainers were Gulf International Services and Industries Qatar, rising 3.2% and 1.8% respectively. Among the top losers, Zad Holding Co. fell 3.9%, while Qatar Islamic Bank declined 2.5%. (11.4) 0.5 (33.9) (21.7) 0.0 – 1D% WTD% YTD% TTM P/E 15,790.04 2,734.34 2,619.02 3,692.13 1,960.71 2,019.73 2,441.23 1,504.92 6,061.77 3,218.47 0.3 0.4 0.4 1.1 (0.4) 0.0 (0.7) (0.3) (0.3) (0.3) 1.6 1.7 2.6 2.2 0.5 0.5 0.4 (1.1) (0.3) 1.2 6.5 5.7 7.2 5.5 5.5 3.4 4.5 3.5 1.9 6.0 N/A 13.8 13.6 13.4 13.3 13.8 10.0 20.5 23.0 16.7 GCC Top Gainers## Exchange Saudi Arabia: The TASI index fell 0.2% to close at 8,696.4. Losses were led by the Transport and Agriculture & Food Industries indices, declining 1.5% and 0.7% respectively. United International Transportation Co. fell 3.6%, while Saudi Pharmaceutical Indust. & Med. Appliances Corp. was down 3.3%. Arabtec Holding Co. Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4,442.2. The Consumer index declined 2.4%, while the Services index was down 1.4%. Ras Al Khaimah Poultry & Feeding Co. fell 7.4%, while Union Cement Co. was down 6.7%. %Chg. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index GCC Commentary Dubai: The DFM index gained 0.5% to close at 3,568.4. The Insurance index rose 1.6%, while the Investment & Financial Services index was up 1.5%. Gulf Finance House surged 14.9%, while Agility gained 14.7%. 13 Jan 14 724.6 580,573.6 17.4 7,200 41 24:16 Close# 1D% Dubai 3.09 5.5 146,037.2 7.7 Ithmaar Bank Bahrain 0.24 4.3 367.9 4.3 Mabanee Co. Kuwait Herfy Food Services Saudi Arabia Gulf International Ser. Qatar ## Vol. ‘000 YTD% 1.16 3.6 648.9 3.6 116.00 3.3 146.8 4.5 71.00 3.2 331.6 16.4 # Exchange Abu Dhabi Nat. Hotels Abu Dhabi 3.00 (6.3) 150.0 (3.2) Kuwait: The KSE index declined 0.1% to close at 7,623.1. The Oil & Gas and Technology indices declined 1.6% each. Kuwait Cable Vision fell 8.1%, while the Kuwait Co. for Process Plant Construction & Contracting was down 5.7%. Combined Group Cont. Kuwait 1.24 (4.6) 40.0 (3.1) United Int. Transport. Saudi Arabia 88.00 (3.6) 740.2 22.6 Oman: The MSM index was closed on January 14, 2014. SPIMACO Saudi Arabia 65.50 (3.3) 244.8 0.8 Qatar Islamic Bank Qatar 74.00 (2.5) 295.1 7.2 Bahrain: The BHB index rose 0.5% to close at 1,269.3. The Investment index gained 1.2%, while the Commercial Banking index was up 1.0%. Gulf Finance House rose 8.6%, while Al Salam Bank was up 5.6%. Qatar Exchange Top Gainers Gulf International Services Close* 1D% Vol. ‘000 YTD% 71.00 3.2 331.6 16.4 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% Zad Holding Co. 71.10 (3.9) 6.4 2.3 74.00 (2.5) 295.1 7.2 10.9 Qatar Exchange Top Losers 178.00 Industries Qatar Close 1D% Vol. ‘000 GCC Top Losers 1.8 660.2 5.4 Qatar Islamic Bank 21.45 QNB Group Qatar & Oman Investment Co. 1.7 207.3 7.3 Islamic Holding Group 51.00 (1.7) 29.5 181.70 Al Khaliji 1.5 747.1 5.6 Mannai Corp. 90.50 (1.6) 1.8 0.7 13.00 1.5 260.8 3.8 Qatar Navigation 91.40 (1.6) 65.7 10.1 Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mazaya Qatar Real Estate Dev. 11.80 (1.0) 1,287.2 5.5 QNB Group 181.70 1.5 135,271.6 5.6 Qatar Gas Transport Co. 20.86 0.6 1,231.9 3.0 Industries Qatar 178.00 1.8 116,853.1 5.4 Masraf Al Rayan 34.80 0.0 1,093.2 11.2 Qatari Investors Group 50.80 (1.2) 41,487.8 16.2 Barwa Real Estate Co. 31.00 0.3 906.5 4.0 Commercial Bank of Qatar 74.10 0.0 40,374.9 4.7 Qatari Investors Group 50.80 (1.2) 813.1 16.2 Doha Bank 63.50 (0.2) 39,037.5 9.1 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman# Bahrain Close 1D% WTD% MTD% YTD% 11,051.48 3,568.41 4,442.19 8,696.39 7,623.09 7,136.92 1,269.28 0.3 0.5 (0.3) (0.2) (0.1) N/A 0.5 1.6 1.8 0.6 0.2 (0.6) (0.3) 0.5 6.5 5.9 3.5 1.9 1.0 4.4 1.6 6.5 5.9 3.5 1.9 1.0 4.4 1.6 Exch. Val. Traded ($ mn) 176.42 725.54 373.29 1,584.55 122.05 N/A 3.13 Exchange Mkt. Cap. ($ mn) 160,275.0 73,726.0 126,644.0 477,828.8 110,096.0 25,445.8 50,615.5 P/E** P/B** 14.1 21.0 12.4 17.8 16.9 11.2 8.3 1.9 1.4 1.5 2.2 1.2 1.7 0.9 Dividend Yield 4.1 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. 13, 2014) Page 1 of 5
  • 2. Qatar Market Commentary  The QE index rose 0.3% to close at 11,051.5. The Industrials 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 40.96% 72.09% (199,941,476.98) Non-Qatari  Gulf International Services and Industries Qatar were the top gainers, rising 3.2% and 1.8% respectively. Among the top losers, Zad Holding Co. fell 3.9%, while Qatar Islamic Bank declined 2.5%. Buy %* 59.04% 27.92% 199,941,476.98 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday fell by 33.9% to 11.5mn from 17.4mn on Monday. However, as compared to the 30-day moving average of 11.2mn, volume for the day was 2.6% higher. Mazaya Qatar Real Estate Dev. and Qatar Gas Transport Co. were the most active stocks, contributing 11.2% and 10.7% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY SR – – 34.2 -16.8% 37.7 -6.2% Saudi Arabia SR – – 217.0 -17.8% 254.0 0.0% Saudi Arabia SR – – 282.0 -6.3% 256.0 -7.9% Market Al Jouf Agricultural Development Co. (JADCO) Southern Province Cement Co. (SPCC) Saudi Cement Co. (SCC) Currency Saudi Arabia Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 01/14 US US Census Bureau Retail Sales Advance MoM December 0.20% 0.10% 0.40% 01/14 US US Census Bureau Retail Sales Control Group December 0.70% 0.30% 0.20% 01/14 US Bureau of Labor Stat. Import Price Index MoM December 0.00% 0.40% -0.90% 01/14 US Bureau of Labor Stat. Import Price Index YoY December -1.30% -0.60% -1.90% 01/14 EU Eurostat Industrial Production SA MoM November 1.80% 1.40% -0.80% 01/14 EU Eurostat Industrial Production WDA YoY November 3.00% 1.80% 0.50% 01/14 France INSEE CPI MoM December 0.30% 0.40% 0.00% 01/14 France INSEE CPI YoY December 0.70% 0.80% 0.70% 01/14 Germany Destatis Wholesale Price Index MoM December 0.40% – -0.20% 01/14 Germany Destatis Wholesale Price Index YoY December -1.80% – -2.20% 01/14 UK ONS PPI Input NSA MoM December 0.10% -0.20% -0.70% 01/14 UK ONS PPI Input NSA YoY December -1.20% -1.50% -1.00% 01/14 UK ONS PPI Output NSA MoM December 0.00% 0.00% -0.20% 01/14 UK ONS PPI Output NSA YoY December 1.00% 1.00% 0.80% 01/14 UK ONS ONS House Price YoY November 5.40% 5.90% 5.50% 01/14 UK ONS CPI MoM December 0.40% 0.50% 0.10% 01/14 UK ONS CPI YoY December 2.00% 2.10% 2.10% 01/14 UK ONS Retail Price Index December 253.4 253.6 252.1 01/14 UK ONS RPI MoM December 0.50% 0.50% 0.10% 01/14 UK ONS RPI YoY December 2.70% 2.70% 2.60% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QNB Group’s net profit rises 13.7% YoY in 2013 – QNB Group has reported a net profit of QR9.5bn in 2013, reflecting an increase of 13.7% YoY. EPS was QR13.5 in 2013 as compared to QR11.9 in 2012.Net interest income increased by 26.3% YoY to reach QR11.6bn. Total assets stood at QR443bn at the end of December 2013, up by 20.9% from December 2012. Net loans & advances rose by 24.3% from 2012 to reach QR311bn, while total customer deposits were up by 24.3% from 2012 to reach QR336bn. QNB Group has been able to maintain the ratio of non-performing loans to gross loans at 1.6%, a level considered one of the lowest among banks in the Middle East and Africa. Meanwhile, the group’s board has recommended the distribution of a cash dividend of 70% of the nominal share value (QR7.0 per share) to its shareholders. (QE, QNB Group press release)  Qatar CPI inflation fell to 2.7% YoY in December (rental inflation at lowest level since February 2013) – Qatar’s cost Page 2 of 5
  • 3. of living, based on consumer price index (CPI), fell to 2.7% YoY in December from 2.8% YoY in November, according to the Ministry of Development Planning & Statistics. On a monthly basis, inflation was unchanged for the second consecutive month in December. The housing and rent component (32.3% of the overall CPI weight) slowed to 4.8% YoY (up 0.2% MoM) which is the slowest pace of increase since February 2013. Food, beverages & tobacco saw a 3.1% acceleration YoY in December 2013 (up 0.2% MoM). However, the entertainment, recreation & culture group rose to 5.2% YoY (0.1% MoM). Furniture, textiles & home appliances surged 4% YoY in December 2013, while it was down 0.1% MoM. The garments and footwear group saw its price rise 0.9% YoY (0.2% MoM). The medical care and medical services group reported a 2.1% increase YoY, but the group remained unchanged MoM. However, miscellaneous goods & services became cheaper by 5.4% YoY in December 2013 (0.8% MoM). (Gulf-Times.com)  Dukhan’s EOR project likely to be ready by 2017-18 – Dukhan Oil Field’s Operations Manager Ahmad Saif Al Sulaiti said the first phase of the field’s Enhanced Oil Recovery (EOR) project is expected to be implemented by 2017-18. The EOR project underway at Dukhan Oil Field is aimed to steadily lift its output over the next few years. (Peninsula Qatar)  Alfardan Group eyes double digit growth; unit appointed as Castrol distributor – Alfardan Group’s President & CEO Omar Alfardan said the group did exceptionally well in 2013 and expects double digit growth this year as well. Omar hinted that overall the group’s growth was close to 20% in 2013 and expects this positive trend to continue in 2014 as well. Meanwhile, Alfardan Group’s unit Auto Future Tech has been appointed as the exclusive distributor for Castrol automotive products in Qatar by the global lubricant company, Castrol. (Gulf-Times.com)  QA Cargo launches new premium services – Qatar Airways Cargo (QA Cargo) has launched two new premium services that will optimize the transportation of time and temperature-sensitive goods such as high-value pharmaceutical products and other perishable products. The new services, Q Pharma and Q Fresh, will add to the company’s range of cargo services and further enhance its capacity to effectively move sensitive commodities in line with world-class standards. (Gulf-Times.com)  Finmeccanica’s unit gets $70mn EPC contract – FATA EPC, a division of Finmeccanica Company, has obtained a contract worth $70mn for the construction and commissioning of a 70 ton/day Chlor-Alkali plant at the Mesaieed Industrial City in Qatar. The contract has been awarded by Gulf Chlorine. (Bloomberg)  SIIS’ BoD will meet on February 2 – Salam International Company’s (SIIS) board of directors will meet on February 2, 2014 to discuss its financial results ending on December 31, 2013 as well as the proposal of profit distribution for FY2013. (QE)  Qatari property deals touch QR982.2mn during January 5-9 – Real estate transactions in Qatar registered at the Ministry of Justice between January 5 and 9 were worth QR982.2mn. The real estate registration department at the ministry stated the list of properties that were traded includes open plots of land, twofloor villas, annexes, houses, residential buildings, and shops that are located in the municipalities of Umm Salal, Al Khor, Doha, Al Rayyan, Al Shamal, Al Daayen and Al Wakra. (Bloomberg) International  US retail sales rises in December 2013 – The US retail sales edged up in December 2013 with a core spending gauge posting a big jump, indicating that the country’s economy had gathered steam and was poised for stronger growth in 2014. The Commerce Department said that retail sales gained 0.2% last month, even as receipts at automobile dealers recorded their biggest drop in more than a year. However, November's sales were revised to a 0.4% increase from 0.7%. Excluding automotives, other retail sales rose 0.7% in December, indicating the largest increase in 10 months. (Reuters)  World Bank: Fed tapering could threaten Africa’s growth – According to a report released by the World Bank, tighter global financing conditions, declining commodity prices and political unrest could weaken growth prospects in sub-Saharan Africa. The report said tapering of asset purchases by the Federal Reserve is expected to lead to a rise in base interest rates and spreads. South Africa, which has strong links with global financial markets, is particularly vulnerable to sudden stops of capital. (Bloomberg)  China’s credit growth slows as foreign reserves jump – China’s broadest measure of new credit fell in December while money-supply growth and new yuan loans trailed estimates amid a cash crunch and government efforts to curb speculative lending. The People’s Bank of China said aggregate financing was 1.23tn yuan. That compared with 1.63tn yuan a year earlier. China’s foreign-exchange reserves rose to a record $3.82tn at the end of December from September’s $3.66tn. (Bloomberg)  EU reaches deal on sweeping securities reform – Curbs on commodity speculation and ultra-fast share trading will be introduced across the European Union under an agreement reached on a broad reform of securities markets. These measures will be implemented by the end of 2016 and aim to plug gaps highlighted by the 2007-2009 financial crisis. They will impose tighter controls on the financial markets, catching up with advances in trading technology. (ET)  WB raises growth forecasts as richest nations strengthen – The World Bank (WB) has raised its global growth forecasts as the easing of austerity policies in advanced economies has supported their recovery, boosting prospects for exports from developing markets. WB sees the global economy expanding 3.2% this year, compared with its June projection of 3% and up from 2.4% in 2013. The forecast for the richest nations was raised to 2.2% from 2%. Part of the increase reflects improvement in the 18-country Eurozone with the US moving ahead of its peers, growing twice as fast as Japan. (Bloomberg) Regional  NCB reports SR7.85bn net income in 2013 – The National Commercial Bank (NCB) has achieved a net income of SR7.85bn in 2013, with a growth rate of 21.7% YoY. Total assets stood at SR377.3bn as on December 31, 2013, reflecting an increase of 9.3% YoY. Loans & advances rose by 14.8% YoY to reach SR187.7bn, while customer deposits were up by 9.9% YoY to reach SR300.6bn. The coverage ratio of nonperforming loans & advances ratio increased from 142.5% in 2012 to 165.9% in 2013. (GulfBase.com)  Kingdom to keep 2014 China crude volumes steady – According to sources, Saudi Arabia is set to ship the same volumes of crude oil to Chinese buyers in 2014 as it did last year. The estimated annual Saudi contract volumes to China are estimated at 1.17mn bpd, with refiner Sinopec Corp. taking over 80% of the supplies. (Reuters) Page 3 of 5
  • 4.  Jeddah Islamic Port sees heavy container traffic in 2013 – According to the Saudi Ports Authority, the Jeddah Islamic Port (JIP) has experienced heavy container traffic in 2013. The port handled 4.68mn tons of incoming and outgoing containers, along with 60.38mn tons of goods during 2013. JIP’s Director Sahir Tahlawi said that the volume of foodstuffs handled stood at 12.68mn tons, construction materials reached about 10.22mn tons and barley imports touched 3.8mn tons. (GulfBase.com)  Saudi investors set up new realty venture – A group of Saudi investors have established a new real estate investment and development firm in Riyadh. The new entity, Best Choice Real Estate Development, will operate across the globe from its new headquarters in Bahrain with support from offices in Turkey and Maldives. It will offer property solutions addressing the current needs of international markets. Best Choice has already entered into strategic agreements with international real estate players as part of its worldwide expansion plans. (GulfBase.com) foreign investors in Abu Dhabi property were generally limited to leasehold arrangements with 99-year leases. (Gulf-Times.com)  Al Jaber Group appoints new finance chief – Abu Dhabibased Al Jaber Group has appointed Sam Deeb as its new Chief Financial Officer (CFO). Deeb was previously the CFO at Lebanon-based consumer goods firm Transmed and was a financial head at telecom companies, Zain and Mobinil. (Peninsula Qatar)  Saudia to resume flights to Manchester after 7 years – The Saudi Arabian Airlines (Saudia) will resume its flights to Manchester airport in the UK after a gap of seven years this spring. Flights will run directly from Jeddah three times a week starting from April. (GulfBase.com)  Saudi CMA licenses Ashmore Investment’s activities – The Saudi Capital Market Authority (CMA) board of commissioners issued a resolution authorizing Ashmore Investment Saudi Arabia Company to conduct various financial activities such as managing investment fund, client portfolios, and advising other activities. (Tadawul)  Saudi CMA approves GIH’s capital decrease request – The Saudi CMA’s board of commissioners has approved the Global Investment House’s (GIH) request to decrease its capital from SR145.mn to SR50mn. (Tadawul)  Saudi Enaya assigns SR3.5mn premium deficiency reserve – Saudi Enaya Cooperative Insurance Company (Saudi Enaya) has announced that it has assigned a premium deficiency reserve of SR3.5mn. This additional reserve will affect the company's financial results in 4Q2013. (Tadawul)  Arabtec Construction gets AED2.59bn contract in Al Reem Island – Arabtec Construction has been awarded a contract worth AED2.59bn for the construction of a mixed-use development in Al Reem Island, Abu Dhabi. The project, to be constructed on an area of 32,000 square meters in Al Reem Island will house a 61-storey residential tower, featuring 613 furnished apartments and another 15-storey C-shaped tower that will host a five star hotel. The two towers will be connected by a ballroom and retail block extending 4,600 square meters. The development will also have 3,275 square meters of food & beverage space and 3,795 square meters function space. Construction work on the project is scheduled to begin in 1Q2014, which will take 36 months to complete. (GulfBase.com)  Marriott International opens two new properties in Dubai – Marriott International announced the opening of two new properties in Dubai. The two properties – the Dubai Marriott Hotel Al Jaddaf and Marriott Executive Apartments Dubai Al Jaddaf – carry the company’s signature Marriott Hotels brand, and are all set to open doors in January 2014. (GulfBase.com)  Abu Dhabi to give freehold property titles to foreigners – Abu Dhabi has announced that foreigners can own property in Abu Dhabi on a freehold basis in designated investment zones, as part of its aim to attract more investors to its real estate sector. The Abu Dhabi Municipality said residential units in the zones will be registered under Abu Dhabi’s freehold law, with property ownership deeds issued to investors. Previously, Page 4 of 5
  • 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 0.5% 0.3% 0.3% 138.0 125.5 0.0% 0.0% (0.3%) (0.1%) (0.2%) 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 Qatar (0.3%) (0.6%) Saudi Arabia Jun-10 0.5% 0.6% 158.8 Source: Bloomberg (*Market closed on January 14, 2014) Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,245.19 (0.6) (0.3) 3.3 DJ Industrial 16,373.86 0.7 (0.4) (1.2) 20.25 (0.8) 0.4 4.0 S&P 500 1,838.88 1.1 (0.2) (0.5) 106.39 (0.3) (0.8) (4.0) NASDAQ 100 4,183.02 1.7 0.2 0.2 4.36 3.9 10.2 0.3 331.23 0.2 0.4 0.9 125.75 (1.0) (1.8) (0.6) DAX 9,540.51 0.3 0.7 (0.1) 138.50 0.7 2.2 2.0 FTSE 100 6,766.86 0.1 0.4 0.3 1.37 0.1 0.1 (0.5) CAC 40 104.22 1.2 0.0 (1.0) Nikkei STOXX 600 GBP 1.64 0.3 (0.3) (0.7) MSCI EM CHF 1.11 (0.4) 0.0 (1.1) SHANGHAI SE Composite AUD 0.90 (1.0) (0.3) 0.6 USD Index 80.66 0.2 0.0 RUB 33.31 0.1 0.8 BRL 0.42 0.1 0.6 0.4 4,274.20 0.3 0.6 (0.5) 15,422.40 (3.1) (3.1) (5.3) 975.28 (0.2) 0.5 (2.7) 2,026.84 0.9 0.7 (4.2) HANG SENG 22,791.28 (0.4) (0.2) (2.2) 0.8 BSE SENSEX 21,032.88 (0.5) 1.3 (0.7) 1.4 Bovespa 49,703.10 0.6 0.0 (3.5) 1,388.69 (0.9) (0.5) (3.7) 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 5 of 5