15 April Daily market report
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15 April Daily market report

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15 April Daily market report 15 April Daily market report Document Transcript

  • Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index rose 1.5% to close at 12,321.9. Gains were led by the Transportation and Industrials indices, gaining 2.7% and 2.5% respectively. Top gainers were Islamic Holding Group and Qatar National Cement Co., rising 10.0% and 8.5% respectively. Among the top losers, Qatar General Ins. & Reins. Co. fell 2.1%, while Qatar International Islamic Bank declined 1.3%. GCC Commentary Saudi Arabia: The TASI index rose 0.6% to close at 9,505.0. Gains were led by the Transport and Building & Construction indices, rising 1.9% each. Fitaihi Holding Group gained 9.9%, while The Co. for Coop. Ins. was up 9.5%. Dubai: The DFM index declined 1.6% to close at 4,686.3. The Banking index fell 2.9%, while the Investment & Financial Services Index was down 1.9%. Agility declined 6.0%, while Emirates NBD was down 5.1%. Abu Dhabi: The ADX benchmark index fell 0.9% to close at 5,085.6. The Inv. & Fin. Ser. index declined 5.7%, while the Real Estate index was down 2.1%. RAK Poultry & Feeding fell 7.5%, while Green Crescent Ins. was down 7.1%. Kuwait: The KSE index gained 0.3% to close at 7,513.8. The Health Care index rose 1.6%, while the Banking index was up 1.0%. Jeeran Holding Co. gained 8.2%, while National Cleaning Co. was up 6.2%. Oman: The MSM index rose marginally to close at 6,823.4. Gains were led by the Financial and Services indices, rising 0.1% each. Takaful Oman Insurance gained 2.8%, while Sohar Power was up 2.2%. Bahrain: The BHB index declined 0.2% to close at 1,376.0. The Industrial index fell 0.8%, while the Services index was down 0.3%. Al Salam Bank declined 1.9%, while Aluminium Bahrain Co. was down 0.8%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Islamic Holding Group 69.30 10.0 658.3 50.7 Qatar National Cement Co. 140.00 8.5 110.1 17.6 Qatari Investors Group 62.00 7.6 980.5 41.9 Gulf Warehousing Co. 59.00 6.3 327.1 42.2 Ezdan Holding Group 29.20 4.8 952.7 71.8 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 19.70 (0.9) 3,071.8 76.2 Salam International Investment Co. 14.14 1.0 3,002.0 8.7 United Development Co. 22.52 2.4 2,408.1 4.6 Barwa Real Estate Co. 36.75 1.4 1,839.1 23.3 Aamal Co. 18.35 1.9 1,784.7 22.3 Market Indicators 15 Apr 14 14 Apr 14 %Chg. Value Traded (QR mn) 944.5 1,198.1 (21.2) Exch. Market Cap. (QR mn) 716,445.2 703,900.2 1.8 Volume (mn) 26.0 41.0 (36.4) Number of Transactions 12,101 14,760 (18.0) Companies Traded 42 43 (2.3) Market Breadth 31:9 12:30 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,374.59 1.5 (0.6) 23.9 N/A All Share Index 3,190.48 1.6 (0.2) 23.3 15.4 Banks 3,008.07 1.3 (1.1) 23.1 14.9 Industrials 4,354.07 2.5 1.1 24.4 16.3 Transportation 2,251.22 2.7 0.6 21.1 14.8 Real Estate 2,444.21 1.5 (1.2) 25.1 15.7 Insurance 3,207.61 0.9 1.5 37.3 8.5 Telecoms 1,647.48 0.1 (0.2) 13.3 23.4 Consumer 7,461.39 0.3 (0.9) 25.4 30.4 Al Rayan Islamic Index 3,965.16 1.5 (1.0) 30.6 18.2 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Co For Coop. Ins. Saudi Arabia 40.06 9.7 4671.8 13.8 Qatar National Cement Qatar 140.00 8.5 110.1 17.6 Qatari Investors Group Qatar 62.00 7.6 980.5 41.9 Gulf Warehousing Co. Qatar 59.00 6.3 327.1 42.2 Ezdan Holding Group Qatar 29.20 4.8 952.7 71.8 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Arriyadh Develop. Co. Saudi Arabia 24.99 (5.8) 2533.5 18.2 RAKBANK Abu Dhabi 8.45 (5.1) 310.6 18.3 Emirates NBD Dubai 9.40 (5.1) 1069.9 48.0 Abu Dhabi National Ins. Abu Dhabi 6.50 (4.4) 0.4 10.2 Investbank Abu Dhabi 3.06 (4.4) 4.5 25.1 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 Losers Close* 1D% Vol. ‘000 YTD% Qatar General Ins. & Reins. Co. 46.50 (2.1) 1.2 16.5 Qatar International Islamic Bank 79.00 (1.3) 244.3 28.0 Qatar Islamic Insurance 69.00 (1.1) 40.3 19.2 Qatar & Oman Investment Co. 13.77 (1.1) 954.7 10.0 Zad Holding Co. 79.10 (1.0) 10.0 13.8 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Barwa Real Estate Co. 36.75 1.4 67,363.0 23.3 Mazaya Qatar Real Estate Dev. 19.70 (0.9) 61,377.3 76.2 Qatari Investors Group 62.00 7.6 60,102.5 41.9 Industries Qatar 183.00 1.7 54,676.1 8.3 United Development Co. 22.52 2.4 54,174.8 4.6 Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 12,321.89 1.5 (0.6) 5.9 18.7 259.40 196,735.9 15.6 2.0 4.1 Dubai 4,686.29 (1.6) (3.2) 5.3 39.1 372.64 93,323.6 20.1 1.8 2.1 Abu Dhabi 5,085.63 (0.9) (1.7) 3.9 18.5 288.96 132,993.8 15.4 1.8 3.5 Saudi Arabia 9,505.03 0.6 (0.0) 0.3 11.4 2,901.78 515,226.2 19.7 2.4 3.1 Kuwait 7,513.84 0.3 (0.8) (0.8) (0.5) 87.30 117,865.7 16.6 1.2 4.0 Oman 6,823.43 0.0 0.2 (0.5) (0.2) 21.77 24,554.6 11.3 1.6 3.9 Bahrain 1,375.99 (0.2) (0.4) 1.4 10.2 0.64 52,658.1 9.7 0.9 5.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 12,100 12,150 12,200 12,250 12,300 12,350 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • Page 2 of 5 Qatar Market Commentary  The QE index rose 1.5% to close at 12,321.9. The Transportation 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.  Islamic Holding Group and Qatar National Cement Co. were the top gainers, rising 10.0% and 8.5% respectively. Among the top losers, Qatar General Ins. & Reins. Co. fell 2.1%, while Qatar International Islamic Bank declined 1.3%.  Volume of shares traded on Tuesday fell by 36.4% to 26.0mn from 41.0mn on Monday. However, as compared to the 30-day moving average of 21.1mn, volume for the day was 23.3% higher. Mazaya Qatar Real Estate Dev. and Salam International Investment Co. were the most active stocks, contributing 11.8% and 11.5% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Qatar Islamic Bank (QIBK) CI Qatar FSR / LT Foreign Currency Rating / ST Foreign Currency Rating / SR A/A/A2/2 A/A/A2/2 – Stable  Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency) Earnings Releases Company Market Currency Revenue (mn)1Q2014 % Change YoY Operating Profit (mn) 1Q2014 % Change YoY Net Profit (mn) 1Q2014 % Change YoY Arriyadh Development Co. (ADCO) Saudi SR – – 51.2 -55.7% 51.4 -55.3% Halwani Brothers Co. (HB) Saudi SR – – 33.0 -20.3% 23.6 -23.6% Samba Financial Group (SFG) Saudi SR – – – – 1241.0 7.1% Advanced Petrochemical Co. Saudi SR – – 138.6 13.8% 137.5 16.5% Methanol Chemicals Co. (MCC) Saudi SR – – 35.0 25.7% 24.2 72.1% National Gas & Industrialization Co. (GASCO) Saudi SR – – 31.7 2.9% 33.5 -7.7% Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) Saudi SR – – 78.3 10.9% 91.2 44.5% Saudi Real Estate Co. (Akaria) Saudi SR – – 37.3 -11.1% 37.5 -11.1% Sahara Petrochemical Co. (SPCO) Saudi SR – – 17.9 -58.0% 99.9 -20.3% National Agriculture Marketing Co. (Thimar) Saudi SR – – 2.9 486.7% 6.0 134.3% Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 04/15 US BLS CPI MoM March 0.20% 0.10% 0.10% 04/15 US BLS CPI Ex Food and Energy MoM March 0.20% 0.10% 0.10% 04/15 US BLS CPI YoY March 1.50% 1.40% 1.10% 04/15 US BLS CPI Ex Food and Energy YoY March 1.70% 1.60% 1.60% 04/15 US BLS CPI Core Index SA March 236.6 236.4 236.1 04/15 US BLS CPI Index NSA March 236.3 236.1 234.8 04/15 US NAHB NAHB Housing Market Index April 47 49 46 04/15 EU ZEW ZEW Survey Expectations April 61.2 – 61.5 04/15 EU Eurostat Trade Balance SA February 15.0B 15.0B 13.9B 04/15 EU Eurostat Trade Balance NSA February 13.6B 10.0B 0.8B 04/15 Germany ZEW ZEW Survey Current Situation April 59.5 51.5 51.3 04/15 Gmany ZEW ZEW Survey Expectations April 43.2 45 46.6 Overall Activity Buy %* Sell %* Net (QR) Qatari 64.97% 67.92% (27,902,025.69) Non-Qatari 35.04% 32.08% 27,902,025.69
  • Page 3 of 5 04/15 UK ONS CPI MoM March 0.20% 0.20% 0.50% 04/15 UK ONS CPI YoY March 1.60% 1.60% 1.70% 04/15 UK ONS CPI Core YoY March 1.60% 1.60% 1.70% 04/15 UK ONS Retail Price Index March 254.8 255.1 254.2 04/15 UK ONS RPI MoM March 0.20% 0.30% 0.60% 04/15 UK ONS RPI YoY March 2.50% 2.50% 2.70% 04/15 UK ONS PPI Input NSA MoM March -0.60% -0.20% -0.50% 04/15 UK ONS PPI Input NSA YoY March -6.50% -6.10% -5.80% 04/15 UK ONS PPI Output NSA MoM March 0.20% 0.10% 0.10% 04/15 UK ONS PPI Output NSA YoY March 0.50% 0.30% 0.60% 04/15 UK ONS ONS House Price YoY February 9.10% 7.40% 6.80% 04/15 China NBS New Yuan Loans March 1050.0B 1000.0B 644.5B 04/15 China NBS Foreign Reserves March $3950.0B $3920.0B $3821.3B 04/15 China NBS Aggregate Financing RMB March 2070.0B 1850.0B 938.7B 04/15 Jhina JMTBA Machine Tool Orders YoY March 41.80% – 41.80% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  ABQK’s 1Q2014 net profit is in line with our estimate – ABQK reported a net profit of QR150.8mn in 1Q2014 (in line with our estimate of QR148.6mn), surging by 34.5% QoQ (+11.6% YoY) on the back of a 75.2% QoQ drop in net provisions and impairments. Net interest income dipped by 2.5% QoQ (+14.6 YoY) to reach QR179.0mn. Annualized NIM receded to 2.87% vs. 3.20% in 4Q2013 (1Q2013: 3.11%). Non- interest income increased by 27.3% QoQ (+21.4% YoY) on the back of robust fees & commissions and investment income. Fees grew by 13.5% QoQ (+18.0% YoY) to reach QR33.9mn, while the bank booked investment income of QR10.2mn vs. QR0.3mn in 4Q2013 (1Q2013: QR5.0mn). Operating expenses improved QoQ, decreasing by 3.9% (+20.0%). Thus the cost-to- income ratio rested at 29.5% in 1Q2014 vs. 31.5% in 4Q2013 (1Q2013: 28.5%). (QNBFS Research, QE)  QATI posts net profit of QR316.5mn in 1Q2014 – Qatar Insurance Company (QATI) reported a net profit of QR316.5mn as compared to QR281.6mn for the corresponding period in 1Q2013, up 12.4% YoY. EPS amounted to QR1.97 for 1Q2014 versus QR1.75 for 1Q2013. On a QoQ basis, the net profit is up 44.9%. (QE)  WDAM to disclose 1Q2014 financials on April 22 – Widam Food Company (WDAM) has announced that it will disclose its 1Q2014 financial results on April 22, 2014. (QE)  Qatar Steel to boost output, diversify products in 2014 – Qatar Steel’s Managing Director & General Manager Ali bin Hasan al-Muraikhi stated that the company has seen high growth in 2013 and is geared to increase its production capacity and revenue, as well as diversify its products in 2014. Al- Muraikhi said Qatar Steel has succeeded in establishing itself as one of the leading steel companies in the Arabian Gulf market through its high-quality products and outstanding customer service. He said Qatar is a promising market due to huge investments expected in the coming years and a number of mega-strategic projects that are being implemented in preparation for the FIFA World Football Cup in 2022. (Gulf- Times.com)  ORDS, Cisco sign collaboration deal – Ooredoo (ORDS) and Cisco have signed a MoU to collaborate and deliver Smart City, cloud computing and managed services technology solutions for enterprises across Qatar. The 'Smart City' concept is central to the long-term development vision of the Qatar National Vision 2030, where information technology is at the heart of new projects to enable a smart economy. (Bloomberg) International  Accelerating inflation adds to signs US improving – Consumer prices accelerated in March 2014 as Americans paid a bit more for their food and rent, adding to signs that demand is improving in the US economy. A Labor Department report showed that the consumer price index climbed 0.2% after increasing 0.1% in February. Over the past year, costs rose 1.5% following a 1.1% gain in February, which was the smallest in four months. Rents may continue to climb as more households, who are recovering from the collapse in home prices, forgo ownership and instead turn toward leasing properties. Sustained gains in sales would give companies the pricing power, while easing the Federal Reserve’s concerns that inflation remains far below its 2% goal. (Bloomberg)  European banks prepare for ECB stress tests with new provisions – The billions of Euros that Eurozone banks set aside for loan losses in their latest annual accounts may have substantially reduced the chance of institutions failing the upcoming ECB stress tests. A Reuters report showed that a total of €71.5bn was set aside in 2013 by the 20 biggest listed banks involved in the exercise. Many also boosted capital ratios by raising cash and hoarding profits. If replicated across the 128 lenders subject to the tests that the ECB aims to complete by October, it could mean no bank will fail or be forced to raise large amounts of new capital. Such limited consequences helped discredit previous tests by EU financial watchdog the European Banking Authority (EBA) – one reason the ECB is keen to show that its new exercise will truly be tough on the region's banks. (Reuters)  China urged by US to allow bigger market role in valuing Yuan – The US has urged China to reduce currency interventions and let markets play a bigger role in setting the value of the Chinese currency, Yuan. The US Treasury Department said there are a number of signs that the exchange- rate adjustment process remains incomplete and the currency has further to appreciate. Pressurized by its international counterparts to loosen currency controls, China last month doubled the limit within which the Yuan, (renminbi or RMB), can move against the US dollar every day. The Treasury said the widening of the band gives China an opportunity to reduce intervention and allow the market to play a greater role in determining the exchange rate. The criticism comes less than a week after finance ministers and central bank governors of the Group of 20 economies met on April 11. They jointly pledged to pursue policies that lift and rebalance global demand and
  • Page 4 of 5 achieve exchange-rate flexibility as well as increase growth potential. (Bloomberg)  China’s 1Q2014 growth slows to 7.4% – The latest official data showed that China's economy grew at its slowest pace in 18 months in the first quarter of 2014. The country’s annual economic growth slowed between January and March 2014 to 7.4% from 7.7% in the previous three months, but beat market expectations of 7.3% growth. Other data released alongside GDP showed industrial output rose 8.8% in March from a year ago, versus expectations of a rise of 9% in a Reuters poll. Retail sales in March rose 12.2% over a year ago, slightly above expectations for a 12.1% rise. Fixed-asset investment rose 17.6% during 1Q2014 over 1Q2013, versus a forecast for an 18.1% rise. (Reuters) Regional  Kingdom’s inflation edges down to 2.6% – According to official data Saudi Arabia’s March inflation has edged down to 2.6% from 2.8% in February. Saudi Arabia's Central Department of Statistics has released the March consumer price data. Housing rents jumped 4.5% from a year earlier in March, while the overall housing and utilities group increased 4.1%. Food and beverage prices rose 3.8%. Analysts polled by Reuters in January expected average inflation of the Kingdom to remain steady at 3.5% in 2014 and climb to 4.0% in 2015. Saudi Arabia’s imports fell 8.0% from a year earlier in February, while nonoil exports climbed 20.6%, data from the Department showed. Nonoil exports account for around 12% of Saudi Arabia’s overall exports. Analysts polled by Reuters in January forecast Saudi Arabia’s current account surplus at 14.7% for 2014, down from an estimated 18.7% in 2013. (Bloomberg)  Tadawul deposits ADCO’s bonus shares – The Saudi Stock Exchange (Tadawul) announced the addition of Arriyadh Development Company’s (ADCO) bonus shares into its investors’ portfolios. Earlier, ADCO’s EGM had approved an increase in the company’s capital via bonus shares. The fluctuation limit for the company’s shares on April 15, 2014 will be based on a stock price of SR26.52. (Tadawul)  Tadawul deposits Al Rajhi Bank’s bonus shares – The Saudi Stock Exchange announced the addition of Al Rajhi Bank’s bonus shares into its investors’ portfolios. Earlier, Al Rajhi Bank’s EGM had approved an increase in the bank’s capital via bonus shares. The fluctuation limit for the bank’s shares on April 15, 2014 will be based on a stock price of SR67.07. (Tadawul)  SABIC declares SR9bn dividend for 2H2013 – Saudi Basic Industries Corporation’s (SABIC) EGM has approved its board’s recommendation for the distribution of 30% cash dividends (SR3 per share), amounting to SR9bn for 2H2013. (GulfBase.com)  Naif Al-Rajhi awards tower construction to Nikken Sekkei – Naif Al-Rajhi Investment has awarded Japanese consulting & engineering company, Nikken Sekkei the contract to build a mixed-use tower on King Fahd Road in Riyadh. (GulfBase.com)  Bank Al Jazira reports SR159mn net profit in 1Q2014 – Bank Al Jazira has reported a net profit of SR159mn in 1Q2014 as compared to SR144mn in 1Q2013, reflecting a increase of 10.4%. The bank’s total assets stood at SR60.6bn at the end of 1Q2014 as compared to SR54.1bn a year ago. Loans & advances grew to SR36.7bn as against SR32.4bn in 1Q2013, while customer deposits grew to SR48.5bn from SR41.4bn a year ago. EPS amounted to SR0.53 at the end of the quarter ended March 31, 2014. (Tadawul)  Air Arabia to start operations in Ras Al Khaimah from May 6 – UAE-based Air Arabia will begin flights from a new hub in Ras Al Khaimah on May 6, 2014 after local carrier RAK Airways suspended its operations earlier. Air Arabia will offer eight routes from the Emirate, operating two Airbus A320 jets. (Bloomberg)  DIB gets nod to raise foreign ownership to 25% – Dubai Islamic Bank (DIB) announced that its foreign ownership limit has been increased by an additional 10% to 25%, effective from April 16, 2014. (Bloomberg)  Foodco declares AED15mn dividend – Foodco Holding’s AGM has approved the distribution of 15% cash dividend, which amounts to AED15mn for the year ended December 31, 2013. (ADX)  FGB sets up $1bn CD program for Asian expansion – First Gulf Bank’s (FGB) Singapore branch has set up a negotiable certificates of deposit program (CD) for around $1bn for expanding in Asia Pacific. These certificates may be issued in multiple currencies, which will allow FGB to reach out to a wider range of institutional investors. The program was arranged by FGB’s Singapore branch and Standard Chartered, while ANZ Bank, BNP Paribas, Commerzbank, DBS Bank, Nomura Holdings and WestPac Banking Corporation are the dealers. (Bloomberg)  Etihad Airways revenues rise 27% in 1Q2014 as network expands – Etihad Airways announced a 27% increase in 1Q2014 revenue to $1.4bn as contributions from its equity partners rose 23%. The airline’s codeshare and equity partners contributed $223mn as compared to $182mn in the same quarter last year. However, Etihad’s partners now account for 15.9% of the airline’s total revenues as compared to 16.5% last year. (Bloomberg)  KOC to award KD1.2bn contract in 2014 – The Kuwait Oil Company (KOC) said that it is planning to award a KD1.2bn engineering, procurement & construction (EPC) contract in 2014 for the first phase of a project to produce heavy oil at its northern Ratqa field. The deadline for bids for the EPC contract is May 11, 2014 which may b extended if required. The oil production is expected to reach 60,000 bpd by 2017 or 2018. By 2020, the production is expected to reach 120,000 bpd. (GulfBase.com)  KNPC to invest $35bn in next five years – Kuwait National Petroleum Company’s (KNPC) CEO, Mohammad Ghazi Al- Mutairi, said that the company will invest $35bn in expanding and development projects in the coming five years. (Bloomberg)  Oman Shipping fleet set to grow to 50 ships by 2018 – Oman Shipping Company’s (OSC) shipping fleet is projected to grow to 50 ships by 2018 from current fleet of 43 ships. Further, the majority of mega-projects planned primarily at Sohar and Duqm are slated to be operational around the same time. (GulfBase.com)  Bank Muscat opens three more corporate branches – Bank Muscat has established three more exclusive corporate banking branches across the Sultanate, in an effort to enhance convenience and add value to services offered to corporate and government customers. The new corporate branches are Al Nahda Towers branch in Ghala, Al Tareef branch in Sohar and New Salalah branch. The bank also has an exclusive corporate branch in CBD area. (Bloomberg)
  • Contacts Saugata Sarkar Keith Whitney Sahbi Kasraoui Head of Research Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@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 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC 0.6% 1.5% 0.3% (0.2%) 0.0% (0.9%) (1.6%) (2.4%) (1.6%) (0.8%) 0.0% 0.8% 1.6% 2.4% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,302.64 (1.9) (1.2) 8.0 DJ Industrial 16,262.56 0.6 1.5 (1.9) Silver/Ounce 19.62 (1.9) (1.9) 0.8 S&P 500 1,842.98 0.7 1.5 (0.3) Crude Oil (Brent)/Barrel (FM Future) 108.74 (0.3) 1.3 (1.9) NASDAQ 100 4,034.16 0.3 0.9 (3.4) Natural Gas (Henry Hub)/MMBtu 4.67 0.9 0.4 7.5 STOXX 600 326.58 (1.0) (0.7) (0.5) LPG Propane (Arab Gulf)/Ton 112.88 1.5 1.9 (10.8) DAX 9,173.71 (1.8) (1.5) (4.0) LPG Butane (Arab Gulf)/Ton 123.75 (0.2) 0.2 (8.8) FTSE 100 6,541.61 (0.6) (0.3) (3.1) Euro 1.38 (0.0) (0.5) 0.5 CAC 40 4,345.35 (0.9) (0.5) 1.1 Yen 101.92 0.1 0.3 (3.2) Nikkei 13,996.81 0.6 0.3 (14.1) GBP 1.67 0.0 (0.0) 1.0 MSCI EM 999.90 (1.2) (1.5) (0.3) CHF 1.14 (0.0) (0.5) 1.5 SHANGHAI SE Composite 2,101.60 (1.4) (1.4) (0.7) AUD 0.94 (0.7) (0.4) 5.0 HANG SENG 22,671.26 (1.6) (1.4) (2.7) USD Index 79.80 0.1 0.4 (0.3) BSE SENSEX 22,484.93 (0.6) (0.6) 6.2 RUB 36.18 0.7 1.5 10.1 Bovespa 50,454.35 (2.2) (2.7) (2.0) BRL 0.45 (0.8) (0.6) 5.9 RTS 1,142.96 (3.1) (5.1) (20.8) 177.1 152.3 138.7