16 February Daily market report

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  • 1. QE Intra-Day Movement Market Indicators 11,560 11,540 11,520 11,500 9:30 16 Feb 14 13 Feb 14 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 778.6 604,679.4 19.6 6,729 38 25:11 761.8 602,979.9 20.0 6,891 41 23:15 2.2 0.3 (2.0) (2.4) (7.3) – 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 11,546.2. Gains were led by the Real Estate and Consumer Goods & Services indices, gaining 2.1% and 0.9% respectively. Top gainers were Medicare Group and Qatari Investors Group, rising 5.6% and 3.7% respectively. Among the top losers, Mannai Corp. fell 3.9%, while Qatar German Co. for Med. Dev. declined 1.8%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 16,591.15 2,872.34 2,808.56 3,745.10 1,999.84 2,029.29 2,733.20 1,592.44 6,555.12 3,324.28 0.3 0.3 (0.2) 0.7 0.3 2.1 (0.0) 0.2 0.9 1.0 0.3 0.3 (0.2) 0.7 0.3 2.1 (0.0) 0.2 0.9 1.0 11.9 11.0 14.9 7.0 7.6 3.9 17.0 9.5 10.2 9.5 N/A 13.8 14.4 13.8 13.5 13.9 6.3 21.4 25.0 17.1 GCC Commentary GCC Top Gainers## Exchange Close# Saudi Arabia: The TASI index rose 0.5% to close at 8,970.4. Gains were led by the Insurance and Petrochemical Industries indices, rising 3.7% and 1.0% respectively. The Co. for Coop. Ins. and Saudi Marketing gained 10.0% each. Co. for Coop. Ins. 1D% Saudi Arabia 33.00 10.0 4,718.1 (6.3) MEDGULF Saudi Arabia 31.70 9.7 2,979.3 (9.2) Dubai: The DFM index gained 2.2% to close at 4,189.0. The Investment & Financial Services index rose 5.5%, while the Banking index was up 3.4%. Agility gained 13.8%, while Dubai Refreshments was up 10.7%. Deyaar Development Dubai 1.33 8.1 221,021.2 31.7 Dubai Financial Market Dubai 3.33 7.4 143,388.1 34.8 Abu Dhabi: The ADX benchmark index fell marginally to close at 4,891.7. The Telecomm. index declined 0.8%, while the Services index was down 0.7%. Nat. Marine Dredging Co. fell 4.1%, while RAK White Cement was down 3.7%. Dubai Investments Dubai 3.64 4.9 118,982.6 46.2 GCC Top Losers Exchange Kuwait: The KSE index declined 0.1% to close at 7,832.4. The Basic Material index fell 1.7%, while the Oil & Gas index was down 1.0%. Credit Rating & Collection fell 8.9%, while Securities Group Co. was down 6.8%. Nat. Marine Dredging Abu Dhabi Mannai Corp. Oman: The MSM index rose 0.1% to close at 7,180.0. The Services index gained 0.1%, while all other sub indices ended in red. Al Batinah Dev. Inv. Holding rose 3.6%, while Oman Fisheries was up 2.8%. Bahrain: The BHB index gained 0.4% to close at 1,323.7. The Hotel & Tourism index rose 4.3%, while the Commercial Banking index was up 0.6%. Gulf Hotel Group gained 6.7%, while Bahrain Islamic Bank was up 4.2%. ## # Close Vol. ‘000 1D% Vol. ‘000 YTD% YTD% 8.65 (4.1) 10.5 0.6 Qatar 98.00 (3.9) 0.0 9.0 IFA Hotels & Resorts Kuwait 0.26 (3.8) 120.0 (10.5) Combined Group Cont. Kuwait 1.14 (3.4) 4.6 (10.9) Dallah Healthcare Saudi Arabia 81.00 (2.7) 158.0 16.1 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) Medicare Group Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% 60.20 Qatar Exchange Top Gainers 5.6 774.5 14.7 Mannai Corp. 98.00 (3.9) 0.0 9.0 Qatar German Co. for Med. Dev. 14.24 (1.8) 37.1 2.8 Qatar Exchange Top Losers Qatari Investors Group 42.50 3.7 170.5 (2.7) Commercial Bank of Qatar 73.80 3.2 1,200.5 4.2 Islamic Holding Group 44.80 (1.4) 37.3 (2.6) Barwa Real Estate Co. 31.50 3.1 3,547.3 5.7 Gulf International Services 83.20 (1.3) 125.0 36.4 Ezdan Holding Group 16.88 2.3 22.0 (0.7) QNB Group 187.10 (1.3) 55.1 8.8 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Barwa Real Estate Co. 31.50 3.1 111,226.7 5.7 5.7 Commercial Bank of Qatar 73.80 3.2 87,117.7 4.2 1,292.9 0.1 Industries Qatar 179.80 0.3 67,954.8 6.5 3.2 1,200.5 4.2 Vodafone Qatar 12.55 1.5 65,871.0 17.2 (0.3) 1,074.9 10.1 Medicare Group 60.20 5.6 46,727.3 14.7 Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 12.55 1.5 5,250.1 17.2 Barwa Real Estate Co. 31.50 3.1 3,547.3 United Development Co. 22.64 0.9 Commercial Bank of Qatar 73.80 Salam International Investment Co. 14.32 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% 11,546.23 4,188.98 4,891.74 8,970.44 7,832.39 7,179.95 1,323.68 0.3 2.2 (0.0) 0.5 (0.1) 0.1 0.4 0.3 2.2 (0.0) 0.5 (0.1) 0.1 0.4 3.5 11.1 4.7 2.4 1.0 1.3 2.3 11.2 24.3 14.0 5.1 3.7 5.1 6.0 Exch. Val. Traded ($ mn) 213.80 792.26 229.34 1,715.10 94.44 19.47 8.24 Exchange Mkt. Cap. ($ mn) 166,044.9 83,412.2 135,009.5 490,686.0 112,823.8 25,630.9 50,975.0 P/E** P/B** 14.6 17.8 13.2 18.0 16.7 11.1 9.2 1.9 1.6 1.7 2.2 1.2 1.7 0.9 Dividend Yield 4.0 1.9 3.7 3.3 3.6 3.6 3.6 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 5
  • 2. Qatar Market Commentary  The QE index rose 0.3% to close at 11,546.2. The Real Estate and Consumer Goods & Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Medicare Group and Qatari Investors Group were the top gainers, rising 5.6% and 3.7% respectively. Among the top losers, Mannai Corp. fell 3.9%, while Qatar German Co. for Med. Dev. declined 1.8%. Overall Activity Buy %* Sell %* Net (QR) Qatari 65.11% 71.38% (48,742,002.89) Non-Qatari 34.89% 28.62% 48,742,002.89 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Sunday fell by 2.0% to 19.6mn from 20.0mn on Thursday. However, as compared to the 30-day moving average of 11.7mn, volume for the day was 67.2% higher. Vodafone Qatar and Barwa Real Estate Co. were the most active stocks, contributing 26.8% and 18.1% to the total volume respectively. Ratings and Earnings Ratings Updates Company Agency Finance House (FH) CI Market Abu Dhabi Type* Old Rating New Rating Rating Change Outlook Outlook Change – LT corporate credit rating/ ST corporate credit ratings BBB-/A3 – 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 Dubai Insurance Company (DIC) * Al Kamil Power Company (AKPC)* Nat. Aluminium products * BMMI * Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY AED 321.4 -2.4% – – 20.3 -3.5% Oman OMR – – – – 3.1 – Oman OMR – – – – 1.2 – Bahrain BHD 98.3 7.1% 8.6 31.3% 10.1 17.3% Market Currency Dubai Source: Company data, DFM, ADX, MSM News Qatar  Qatar infrastructure spending to touch $24bn in 2014 – According to the organizers of the 11th Annual Qatar Projects Conference, scheduled next month, Qatar will see a significant rise in project activity in 2014 with contract awards expected to peak at $24bn. After successfully completing a 20-year investment program to develop its natural gas resources in 2011, Qatar has embarked on an infrastructure investment program in its non-oil and gas sectors driven by the Qatar National Vision 2030. The Qatari projects market accelerated in 2013, overtaking the UAE in terms of contract awards midway through the year with $12.2bn in new awards, the bulk of which came from the multi-billion-dollar tunneling contracts awarded as part of the Doha metro project. Qatar, which plans to grow its downstream sector with investment over $13bn, currently has $16.5bn worth of upstream oil schemes at various pre-execution phases. (Gulf-Times.com)  IQCD Announces Significant Dividend Boost Despite a Weak 4Q2013 – IQCD reported Weaker-than-expected 4Q2013 results that missed our estimates/consensus. IQCD reported QR1.67bn in net income (-5% QoQ, -6% YoY) vs. our estimate of QR1.98bn and Reuters consensus of QR1.99bn. A drop in steel revenue and margins versus our estimates along with a slightly weaker-than-expected fertilizer performance more than offset better-than-forecast petrochemical revenue and profits. Overall group EBITDA declined by around 5% sequentially to QR1.7bn. Petrochemicals benefited from improved pricing and increase in LDPE sales volumes. Revenue of QR1.5bn increased by ~9% QoQ with net profit dropping by ~2% to around QR1bn. Improvement in LDPE prices along with LDPE sales volume growth due to the timing of specific shipments (despite down production due to 29 days of shutdowns vs. 18 days in 3Q2013) led to the improved performance relative to our model. Fertilizers were affected by flattish urea prices offsetting improved sales volume. Revenue of QAR1.3bn increased around 4% QoQ with urea sales volume sequentially gaining by 100k tons. Net profit of QR323mn (-3% QoQ), was slightly below our model. Sales volumes improved despite a number of planned and unplanned shut-downs (ammonia: 29 days, urea: 44 days) and made up for static urea selling prices that remained mostly flat during the quarter. According to IQCD, its urea prices declined by +$100/MT since beginning -2013 to close at a 3-year low of $293/MT. Steel segment benefits from sequential growth in re-bar sales volume. Revenue of QAR1.4bn increased~3% QoQ with moderate sequential volume growth. Net income, however, dropped 23% QoQ driven by increased raw material costs. Significant positive surprise on dividends. IQCD’s BoD proposed a DPS of QR11.00 vs. our estimate of QR9.00 and Bloomberg consensus of QR8.71. We have long held the view that upside to dividend expectations is possible given lack of significant capex needs and a bullet-proof balance sheet (QR5.7bn in net cash as of 2013). We will await more color if such a high level of payout (83% for 2013) is sustainable going forward. We continue to favor IQCD as a long-term play. With major expansions now complete, significant costPage 2 of 5
  • 3. advantaged volume growth in fertilizers/petrochemicals should continue to aid in FCF generation. We continue to believe that upside to our dividend expectations and/or new expansions is possible over the medium term. (IQCD Press Release, QNBFS Research  QCFS reports QR11.4mn net profit, recommends 20% cash dividend – Qatar Cinema and Film Distribution Company (QCFS) has reported a net profit of QR11.4mn in 2013 as compared to QR11.8mn in 2012. EPS amounted to QR2.00 in 2013 vs. QR2.07 in 2012. Meanwhile, QCFS’ board has recommended 20% cash dividend, i.e. QR 2.0 per share. (QE)  QIC gets shareholders’ nod for capital hike to QR1.6bn – An extraordinary general meeting of Qatar Insurance Company (QIC) has approved an increase in its capital to QR1.6bn from QR1.28bn by distributing bonus shares at the rate of one share for every four shares held by shareholders. The EGM authorized QIC’s board of directors to amend article six of the company’s article of association to reflect the capital increase. Meanwhile, the board’s recommendation for distributing a cash dividend of QR2.5 a share and a special 50th anniversary bonus share of 25% has also been approved. (Gulf-Times.com)  Tasweeq, ADNOC sign first condensate term contract – Qatar International Petroleum Marketing Company (Tasweeq) has signed its first condensate term contract with Abu Dhabi National Oil Company (ADNOC). Qatar condensate is produced by Dolphin Energy and Qatar Shell’s Pearl GTL Plant from the North Field Gas Reservoir in Qatar. The condensate is primarily used in the condensates splitter units and topping refineries, and is also used as a lightning agent for blending heavier crude oil. ADNOC will use Qatar condensate as splitter refinery feedstock. (Gulf-Times.com)  Trading suspension in DOHI’s shares on February 17 due to its AGM & EGM – The Qatar Exchange (QE) has announced trading suspension on Doha insurance Company’s (DOHI) shares on February 17, 2014due to its AGM and EGM being held on that day. (QE) International  China’s ICBC weighs Mid-east acquisitions to boost profit – The Industrial & Commercial Bank of China (ICBC) stated that it will consider acquisitions in the Middle East as part of its plans to boost earnings from the region by 50% this year. ICBC’s CEO for the Middle East, Zhou Xiaodong said ICBC is seeking new acquisition opportunities since acquisitions are the reason why ICBC grew so fast in Hong Kong. Zhou said ICBC is seeking to triple its overseas earnings until 2016 by targeting more business from Middle Eastern companies after previously focusing on Chinese firms in the region. The bank plans to open retail branches in Kuwait, Saudi Arabia and the UAE. ICBC lent $600mn to regional clients including Emirates Airline, Qatar Airways and DEWA in 2013. In 2014, the bank is seeking to boost lending to Dubai real estate projects, energy companies in Abu Dhabi and infrastructure work in Qatar. In January, it advanced $201mn to Dubai-based real estate investment company SKAI Holdings for the development of a hotel on the Palm Jumeirah. (Bloomberg)  BoJ mulls refraining from 2015 monetary-base forecast – According to sources, the Bank of Japan (BoJ) is considering to refrain from issuing a monetary-base forecast for 2015 to avoid signaling a commitment to monetary easing for a specific time period. Sources added that when the BoJ unveiled unprecedented easing in April 2013, it said the monetary base will rise to 270tn yen ($2.65tn) by the end of 2014, however, now the central bank may avoid issuing any update for coming years. The BoJ is forecasted to leave its policy unchanged at its upcoming meeting even after a report indicated weaker-thanforecast growth in the fourth quarter. (Bloomberg)  BoE: jobs, incomes, wages to be factored into any rate rise – The Bank of England’s (BoE) Governor Mark Carney said the central bank will only start to increase interest rates when a range of measures suggest the UK economy is operating at closer to full capacity. Earlier, the BoE stated that it would look at a broader range of measures of slack in the economy than just the unemployment rate when considering rate rise, and that it was in no rush to raise rates. Carney said both the path of monetary policy and the path of interest rates are going to be calibrated carefully to ensure that adjustments are made only when a sustainable growth in jobs, incomes and spending is visible. (Reuters) Regional  QNB Group: Saudi non-oil private sector key growth driver in 2014 – According to a report by QNB Group, the non-oil private sector in Saudi Arabia is expected to be the key growth driver in 2014, boosted by large public sector infrastructure investment and the rapidly growing population. Saudi Arabia has been one of the best performing G20 economies in recent years with its real GDP growth averaging 5.9% per year during 200813. Saudi authorities recently announced the 2014 state budget plan, projecting another expansionary budget to continue the process of diversifying the economy. Based on a conservative oil price assumption of $80 per barrel, government revenues and expenditures are expected to be $228bn in 2014. The budget includes substantial outlays for education, health and infrastructure, despite the expected declines in oil revenues. The preliminary macroeconomic data suggests that the overall economic growth slowed to 3.8% YoY in 2013 owing to a decline in oil output. Meanwhile, non-oil growth grew by a robust 5.0% YoY in 2013 as consecutive years of government spending lifted business and consumer confidence and banks' comfort in lending. QNB said that the budget announcement indicated that the fastest growing sectors in 2013 were: construction (8.1%), followed by transport & communication (7.2%), and retail (6.1%). (Gulf-Times.com)  FARM Superstores begins trading on Tadawul – The Saudi Capital Market Authority (CMA) announced that equity shares of FARM Superstores would begin trading on the Saudi stock exchange (Tadawul) from February 16, 2014, under the code 4006 in the retail sector. The CMA also stated that the daily price fluctuation on the company’s shares would be limited to 10% from the first trading day. (GulfBase.com)  UAE to double budget on homeland security to $10bn in 10 years – According to a US study on security & safety resources, the UAE is set to double its spending on homeland security from $5.5bn to more than $10bn in the next 10 years. Meanwhile, the UAE spending on airport security is likely to reach $57.7mn by 2015. The study, published in the 2013-2014 annual report of the US Department of Commerce’s International Trade Administration, showed that the increased investment on homeland security is aimed at protecting economic development, to curtail regional unrest and the increased complexity of potential threats. (GulfBase.com)  du Telecom agrees terms on $720mn loan financing – According to sources, UAE-based du Telecom has agreed on the terms for a $720mn loan that will be used to replace two existing debt facilities and lower the company's funding costs. The five-year loan will be provided by Abu Dhabi Commercial Bank, the National Bank of Abu Dhabi and Samba Financial Page 3 of 5
  • 4. Group. The interest rate paid by du Telecom for the new loan will be 140 basis points above the Libor. (Gulf-Times.com)  DEWA starts work on substation to power MBR City – The Dubai Electricity & Water Authority (DEWA) has commenced construction work and the commissioning of a 400kv main substation at Seih Al Dahl. This substation will connect the projects of the Mohammed Bin Rashid Al Maktoum Solar Park to DEWA’s grid, as well as provide power to Mohammed Bin Rashid City. (Bloomberg)  SVCP declares SR18.75mn dividend for 1Q2014 – Saudi Vitrified Clay Pipe Company’s (SVCP) board of directors has recommended the distribution of dividends worth SR18.75mn to its shareholders for 1Q2014. The dividend per share will be SR1.25, representing 12.5% of the face value. Those shareholders who are registered with the Securities Depository Center on March 31, 2014 will be eligible for this dividend. (Tadawul)  ADNH appoints Acting CEO – Abu Dhabi National Hotels Company (ADNH) has appointed Ahmed Siddiq Mohamed Khoori as its Acting Chief Executive Officer, effective from February 13, 2014 and until further notice. (GulfBase.com)  Kuwaiti oil refineries still at shutdown risk – Oil refineries in Kuwait risk further shutdowns due to the poor power supply system in the country. The reason behind the power failure that caused three of the country's oil refineries with a total capacity of around 930,000 bpd to go offline last month is still unclear. The incident however points out that the fault lies in the state electricity supplier, and not electrical faults in the refineries themselves. Kuwait refines around a third of its crude oil production of 3mn bpd and exports around 660,000 bpd of those petroleum products. (Bloomberg)  AKPC declares OMR9.625mn dividend for 2013 – Al Kamil Power Company’s (AKPC) board of directors has proposed a distribution of a cash dividend of 10% on the paid-up capital of OMR9.625mn for 2013 to its shareholders. Those shareholders who are registered in with Muscat Depository & Securities Registration Company on July 29, 2014, will be eligible for this dividend. The company’s AGM is scheduled to be held on March 16, 2014. (MSM)  NAPCO recommends 12% cash dividend – National Aluminium Products Company’s (NAPCO) board has recommended a total cash dividend of 12%, i.e. 12 baizas per share (par value of 100 baizas) for the year ended December 31, 2013. This dividend is subject to the approval of its shareholders. Meanwhile, NAPCO’s board has agreed for the AGM to be held on March 13, 2014. (MSM)  Bahrain's Al Baraka Islamic Bank sees new scope to expand – Bahrain based Islamic lender Al Baraka expects at least 15% growth in net profit this year as its business recovers across a region hit by the Arab Spring unrest. The growth will also be fuelled by the company's entry into the Moroccan and Libyan markets and expansion in Tunisia as monetary authorities become more welcoming to Islamic banking. Chief Executive Officer Adnan Ahmed Yousif said that, the bank, which has operations across the Middle East, Asia and Africa, is due to announce a double digit increase in 2013 profits, driven by overall growth in core business and a 15% rise in lending. (Bloomberg)  NBK appoints Isam Al Sager as Group CEO – The National Bank of Kuwait (NBK) has appointed Isam Al Sager as the Group CEO. Al-Sager, has been NBK’s Deputy Group CEO since 2010 and has served in several other banks in Kuwait. (Bloomberg)  MOTC Oman plans to revamp ONTC – The Ministry of Transport & Communications (MOTC Oman) is planning to revamp the state-owned Oman National Transport Company (ONTC) for providing an integrated public transport system for the country, which will include taxi services. The plan is to convert ONTC into a complete transport solution provider along with underground metro and ferry services, if needed. MOTC Oman’s Minister Dr. Ahmed bin Mohammed bin Salim al Futaisi signed an agreement with Inco, a Spanish transport consultancy agency last December for advising the government on developing a multi-modal public transport system, which will reduce the growing traffic congestion in Muscat. (GulfBase.com)  DICS signs deal with Munich Health for new company – Dhofar Insurance Company (DICS) has signed a MoU with Abu Dhabi-based Munich Health Daman Holding Ltd to establish a new partnership company specializing in health insurance in Oman. Munich Health is a JV between the Government of Abu Dhabi and Munich Reinsurance Company for the purpose of a joint regional expansion. (Zawya)  SHCS declares 15% cash dividend for 2013 – Salalah Beach Resort’s (SHCS) board of directors has recommended a cash dividend of 15% on paid-up share capital of the company, amounting to 150 baizas per share for the financial year ended December 31, 2013. The dividend is subject to approval by the company’ shareholders at the AGM scheduled to be held on March 17, 2014. (GulfBase.com) Page 4 of 5
  • 5. Rebased Performance Daily Index Performance 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 143.6 130.5 1.8% 1.2% 0.6% 0.5% 0.4% 0.3% 0.1% 0.0% 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 Source: Bloomberg Close ($) 1D% WTD% YTD% 1,318.69 0.0 0.0 9.4 21.48 0.0 0.0 10.3 109.08 0.0 0.0 5.54 0.0 155.00 Global Indices Performance Close 1D% WTD% YTD% 16,154.39 0.0 0.0 (2.5) S&P 500 1,838.63 0.0 0.0 (0.5) (1.6) NASDAQ 100 4,244.03 0.0 0.0 1.6 0.0 27.4 STOXX 600 333.32 0.0 0.0 1.5 0.0 0.0 22.8 DAX 9,662.40 0.0 0.0 1.2 138.50 0.0 0.0 1.5 FTSE 100 6,663.62 0.0 0.0 (1.3) DJ Industrial 1.37 0.0 0.0 (0.4) CAC 40 101.80 0.0 0.0 (3.3) Nikkei GBP 1.67 0.0 0.0 1.1 MSCI EM CHF 1.12 0.0 0.0 0.0 SHANGHAI SE Composite AUD 0.90 0.0 0.0 1.3 USD Index 80.14 0.0 0.0 RUB 35.17 0.0 0.0 BRL 0.42 0.0 0.0 (1.0) Yen Dubai May-13 Oman Oct-12 Abu Dhabi QE Index Mar-12 Bahrain Aug-11 Kuwait Jan-11 (0.0%) (0.1%) Qatar (0.6%) Saudi Arabia Jun-10 2.2% 2.4% 165.9 4,340.14 0.0 0.0 1.0 14,313.03 0.0 0.0 (12.1) 957.31 0.0 0.0 (4.5) 2,115.85 0.0 0.0 (0.0) HANG SENG 22,298.41 0.0 0.0 (4.3) 0.1 BSE SENSEX 20,366.82 0.0 0.0 (3.8) 7.0 Bovespa 48,201.11 0.0 0.0 (6.4) 1,343.20 0.0 0.0 (6.9) 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 5 of 5