17 August Daily market report

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17 August Daily market report

  1. 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index declined 0.7% to close at 13,416.3. Losses were led by the Telecoms and Transportation indices, declining 1.3% and 0.9%, respectively. Top losers were Qatar Cinema & Film Distri. Co. and Mesaieed Petrochem. Holding Co., falling 9.4% and 7.8%, respectively. Among the top gainers, Islamic Holding rose 3.9%, while Mazaya Qatar Real Estate Dev. was up 2.3%. GCC Commentary Saudi Arabia: The TASI index rose 0.5% to close at 10,639.0. Gains were led by the Transport and Banking & Fin. Services indices, rising 1.7% and 1.0%, respectively. Al Hammadi gained 5.5%, while Alahli Takaful Co. was up 5.3%. Dubai: The DFM index declined 0.5% to close at 4,790.0. The Insurance index fell 2.8%, while the Inv. & Fin. Serv. index was down 0.9%. Gulfa Mineral Water & Proces. Ind. declined 10.0%, while Oman Insurance was down 9.8%. Abu Dhabi: The ADX benchmark index fell 0.7% to close at 5,016.5. The Consumer index declined 2.3%, while Banking index was down 1.0%. Abu Dhabi Nat. Takaful Co. declined 9.9%, while Finance House was down 9.8%. Kuwait: The KSE index gained 0.4% to close at 7,266.2. The Technology index rose 1.3%, while Telecommunication index was up 1.1%. Al-Safat Tec Holding Co. gained 9.1%, while Kuwait Syrian Holding Co. was up 7.7%. Oman: The MSM index rose 0.2% to close at 7,335.9. Gains were led by the Services and Industrial indices, rising 0.3% and 0.2%, respectively. Al Jazeera Services rose 1.8%, while Oman Telecommunication was up 1.4%. Bahrain: The BHB index declined marginally to close at 1,476.8. The Comm. Banking index fell 0.4%, while the other indices ended in green or flat. Nat. Bank of Bahrain declined 2.3%, while Al-Ahli United Bank was down 0.6%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Islamic Holding Group 89.00 3.9 314.8 93.5 Mazaya Qatar Real Estate Dev. 22.80 2.3 6,989.4 103.9 Qatar Oman Investment Co. 17.66 2.0 710.4 41.1 Aamal Co. 16.79 1.8 20.7 11.9 Ezdan Holding Group 20.00 1.7 4,327.0 17.6 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 22.80 2.3 6,989.4 103.9 Mesaieed Petrochem. Holding Co. 34.85 (7.8) 5,018.5 248.5 Ezdan Holding Group 20.00 1.7 4,327.0 17.6 Qatar Oman Investment Co. 17.66 2.0 710.4 41.1 Vodafone Qatar 21.00 (0.8) 693.5 96.1 Market Indicators 17 Aug 14 14 Aug 14 %Chg. Value Traded (QR mn) 764.6 1,138.3 (32.8) Exch. Market Cap. (QR mn) 716,935.4 723,211.0 (0.9) Volume (mn) 22.5 24.3 (7.5) Number of Transactions 8,388 10,639 (21.2) Companies Traded 43 43 0.0 Market Breadth 28:12 13:27 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 20,010.28 (0.7) (0.7) 34.9 N/A All Share Index 3,396.66 (0.6) (0.6) 31.3 16.7 Banks 3,237.24 (0.6) (0.6) 32.5 15.8 Industrials 4,499.43 (0.2) (0.2) 28.6 18.2 Transportation 2,331.49 (0.9) (0.9) 25.5 14.9 Real Estate 2,929.53 (0.8) (0.8) 50.0 15.6 Insurance 3,965.20 (0.2) (0.2) 69.7 12.5 Telecoms 1,604.83 (1.3) (1.3) 10.4 22.7 Consumer 7,478.41 (0.6) (0.6) 25.7 28.0 Al Rayan Islamic Index 4,628.81 (0.5) (0.5) 52.5 19.9 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Com. Bank Of Kuwait Kuwait 0.71 6.0 0.5 6.5 Alinma Bank Saudi Arabia 21.84 4.4 32,399.7 46.6 Mabanee Co. Kuwait 1.08 3.9 957.3 1.3 National Investments Co. Kuwait 0.16 3.8 4,023.8 2.5 National Shipping Co. Saudi Arabia 39.90 3.3 3,916.9 41.5 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% IFA Hotels & Resorts Co. Kuwait 0.22 (4.4) 153.2 (22.8) Mannai Corporation Qatar 110.40 (3.9) 90.1 22.8 United Real Estate Co. Kuwait 0.10 (3.7) 0.4 (11.9) Dp World Ltd Dubai 20.05 (3.6) 12.9 13.2 Abu Dhabi Islamic Bank Abu Dhabi 6.30 (2.9) 121.9 37.8 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 Cinema & Film Distri. Co. 46.20 (9.4) 0.1 15.2 Mesaieed Petrochem. Holding Co. 34.85 (7.8) 5,018.5 248.5 Mannai Corp. 110.40 (3.9) 90.1 22.8 Doha Insurance Co. 29.00 (3.3) 17.8 16.0 Salam International Investment Co 20.20 (2.9) 591.1 55.3 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mesaieed Petrochem. Holding Co. 34.85 (7.8) 176,196.1 248.5 Mazaya Qatar Real Estate Dev. 22.80 2.3 162,776.6 103.9 Ezdan Holding Group 20.00 1.7 86,530.8 17.6 Industries Qatar 182.00 (0.3) 38,458.0 7.8 Masraf Al Rayan 54.80 (1.3) 37,263.7 75.1 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* 13,416.30 (0.7) (0.7) 4.2 29.3 209.98 196,870.5 16.8 2.2 3.7 Dubai 4,789.95 (0.5) (0.5) (0.9) 42.1 55.15 92,783.6 19.8 1.8 2.1 Abu Dhabi 5,016.54 (0.7) (0.7) (0.8) 16.9 18.60 137,955.1 14.2 1.8 3.3 Saudi Arabia 10,639.04 0.5 0.5 4.2 24.6 2,474.56 579,814.0 20.4 2.6 2.7 Kuwait 7,266.19 0.4 0.4 1.9 (3.8) 54.34 113,492.7 17.3 1.2 3.7 Oman 7,335.85 0.2 0.2 1.9 7.3 13.26 27,085.1 11.0 1.7 3.8 Bahrain 1,476.80 (0.0) (0.0) 0.3 18.3 0.76 54,349.3 11.4 1.0 4.6 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 13,350 13,400 13,450 13,500 13,550 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QE index declined 0.7% to close at 13,416.3. The Telecoms and Transportation indices led the losses. The index fell on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders.  Qatar Cinema & Film Distri. Co. and Mesaieed Petrochem. Holding Co. were the top losers, falling 9.4% and 7.8%, respectively. Among the top gainers, Islamic Holding rose 3.9%, while Mazaya Qatar Real Estate Dev. was up 2.3%.  Volume of shares traded on Sunday fell by 7.5% to 22.5mn from 24.3mn on Thursday. However, as compared to the 30-day moving average of 16.9mn, volume for the day was 33.3% higher. Mazaya Qatar Real Estate Dev. and Mesaieed Petrochem. Holding Co. were the most active stocks, contributing 31.1% and 22.3% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings Earnings Releases Company Market Currency Revenue (mn)2Q2014 % Change YoY Operating Profit (mn) 2Q2014 % Change YoY Net Profit (mn) 2Q2014 % Change YoY Gulf General Investment Co. (GGICO) Dubai AED 361.4 -2.7% – – 3.8 -85.1% Islamic Arab Insurance Co. (Salama) Dubai AED 183.6 -37.4% 33.4 -25.9% 5.6 -68.0% International Financial Advisors (IFA) Kuwait KD 4.6 -58.2% – – -3.7 NA Al Madina for Finance & Investment Co. Kuwait KD 0.2 -45.3% – – -2.8 NA Source: Company data, DFM, ADX, MSM News Qatar  MSCI lifts weights of some Qatar stocks on foreign ownership reform – Global index compiler MSCI has increased the weightings of three Qatari companies in its emerging market index, citing changes in the way Qatar calculates ceilings on foreign ownership of its firms. The QNB Group (QNBK) will have its foreign inclusion factor raised to 0.13 from 0.06, Industries Qatar (IQCD) to 0.13 from 0.06, and Qatar Islamic Bank (QIBK) to 0.25 from 0.21. The changes, effective at the end of August 2014, will raise Qatar’s total weight in the benchmark index to 0.59% from 0.47%, investment bank EFG Hermes estimated, basing its calculation on data from MSCI. EFG Hermes added that given this new development the new weight for Qatar in the MSCI EM Index will rise and the resulting passive inflows will be $100mn, mainly into QNBK and IQCD. The MSCI upgraded Qatar and the UAE in May 2014 and also applied an adjustment factor of 0.5 to stocks in both countries, citing accessibility issues to international institutional investors. The MSCI repeated in its statement recently that it might consider a review in November whether to raise Qatar’s adjustment factor to 1. EFG Hermes said it expected this to happen in November, which would raise the country’s weight to 0.8% in the emerging market index and attract an additional $185mn of passive funds. We note that these weights (Reuters)  QA announces more flights to Bucharest-Sofia route – Qatar Airways (QA) announced an increase in flight frequency to the popular destinations in Eastern Europe. The airline, which currently operates to the Bucharest-Sofia linked route five times a week, will add two additional frequencies commencing October 1, bringing the number of flights to seven per week. With the addition of the two new frequencies, the route, which will be serviced by a Premium A320 aircraft will offer an additional 48 business class and 360 economy class seats per week, with an overall increase of 408 seats. (Bloomberg)  Ashghal completes two intersections – Public Works Authority (Ashghal) has completed the new traffic signals at the Dahal al-Hamam and Al Markhiya intersections, which are set to operate in the first week of September. According to sources, Ashghal had started work on converting Dahal al-Hamam and Al Markhiya roundabouts into intersections from May 2014. Ashghal was able to complete the projects without the closure of roads by maintaining two track-lanes open on both directions. It also provided other routes and temporary entries to residential districts. (Gulf-Times.com)  Qatar’s first-ever zero-gravity flights to take place in April 2015 – Qatar’s first-ever zero-gravity flights for civilians are scheduled to take place in April 2015 as part of the ZeroG “Space for All” project, being organized in over 15 locations around the world by Swiss Space Systems (S3). The participants from Qatar will board a modified Airbus for around two hours, with each flight including 15 “parabolas” or free floats lasting between 20 and 25 seconds, providing a chance to experience total weightlessness by floating as if in space. According to the website, the dates allotted for Qatar are April 23-25, 2015. A ticket will cost $2,665 (QR9,700) in “Party Zone”, and $6694 (QR24,366) in “Premium Zone”.S3 ZeroG is a part of Swiss Space Systems Holding SA - S3. (Gulf-Times.com) International  Financial Times: Britain's EU exit could lead to banking exodus – According to a report published in The Financial Times, some Wall Street banks are drawing up preliminary plans that include moving some of their London-based operations to Ireland to deal with the possible scenario of Britain leaving the European Union. According the report, Citigroup Inc, Morgan Stanley and Bank of America Corp are considering Ireland as an alternative location for some of their European activities if they need to move them out of the UK. The FT reported that the Overall Activity Buy %* Sell %* Net (QR) Qatari 74.02% 68.95% 38,810,493.73 Non-Qatari 25.98% 31.05% (38,810,493.73)
  3. 3. Page 3 of 6 plans were at a very early stage. Bank of America and Morgan Stanley declined to comment on the article. Citigroup could not immediately be reached for comment outside regular working hours. British Prime Minister David Cameron has vowed to conduct a referendum on a renegotiated EU membership if the Conservative party is re-elected in 2015. This possibility has raised fears that the world's sixth-largest economy could quit the club it joined in 1973. The situation worries many in the City of London, the financial center that accounts for roughly one-tenth of the British economy. (Reuters)  No guarantee BoE can pull off plan for gradual rate rises – The Bank of England (BoE) is hoping it can gently wean Britain's economy off record-low borrowing costs, but its plan for "gradual and limited" rises in interest rates might prove harder to pull off than investors expect. So far, financial markets agree with BoE Governor Mark Carney's reassurances that a return to more normal-looking monetary policy will probably not be a painful one. Speculation, instead, is focusing on the shorter-term question of whether the bank's first rate rise since 2007 will come in November, February or even May. Yet there are a host of scenarios that could require the bank to step up the pace of rate increases, such as a further run-up in house prices or an inflationary surge in pay. Britain's economy looks set to enjoy its fastest growth in a decade this year, beating all other major advanced economies, and unemployment has fallen to a five- year low of 6.4%. At the same time, though, the output has only just recovered to the pre-crisis levels and wage growth is painfully slow. Inflation is also below the BoE's target and forecasted to stay there, making many observers confident that the interest rates are set to stay low over the long-term. Carney says the "new normal" for British interest rates is around 2.5%, about half their level before the crisis, adding that the economy and banks are not yet back to full strength. (Reuters)  WSJ: Credit Suisse played role in Espirito Santo collapse – According to a report published in The Wall Street Journal, Credit Suisse helped put together billions of dollars in securities that were issued by offshore investment vehicles of Banco Espirito Santo SA and then sold to the Portuguese bank's retail customers. In an article in its online edition, WSJ cited corporate filings and people familiar with the situation, saying customers did not know the investment vehicles were loaded with debt issued by various Espirito Santo companies and served as a mechanism to finance the Portuguese conglomerate. Troubled Banco Espirito Santo is Portugal's second largest bank. The Portuguese government said it will extend a loan of €3.9bn to the bank resolution fund in charge of rescuing Banco Espirito Santo. WSJ also said it was unclear about Credit Suisse's direct role in selling the securities to bank customers. (Reuters)  China home prices fall for third straight month in July – China's new home prices fell in July from June for a third straight month and price softness spread to more major cities, underlining a worsening property downturn despite efforts by many local governments to shore up the sector. Liu Jianwei, a senior statistician at the National Bureau of Statistics (NBS) said the uncertainties on the outlook of the property market have kept potential home buyers standing on the sidelines. China's once- heated housing market has slowed this year as sales and prices turned south in their biggest pull-back in two years, driven in part by the cooling economy and by the national government's five- year-long campaign to keep price rises in check. The fall in prices adds to concerns about the health of the economy and followed news last week that property investment slowed and property sales fell sharply in July. According to Reuters calculations based on data issued by the National Bureau of Statistics average new home prices in 70 major cities fell 0.9% in July from the previous month, accelerating from June's 0.5% monthly drop. (Reuters) Regional  SACC accepts resignation of Chairman; appoints new one – Saudi Airlines Catering Company’s (SACC) board of directors has approved the resignation of the Chairman of its board of directors (non-executive), Engineer Khalid Almolhem, from his post effective August 14, 2014. The company has appointed Engineer Saleh Aljasser (non-executive member) as the new Chairman of the board. (Tadawul)  SPC’s subsidiary suffers technical failure – Sahara Petrochemical Company (SPC) announced that on August 17, 2014 its subsidiary, Al Waha got affected by a technical fault in the utilities unit, which led to production interruption in all operating units. The repair process is expected to end in nine days starting from August 17. This would mean loss of revenues worth nearly SR9mn as per the current polypropylene prices, which will affect the company’s expected profits in 3Q2014. During the shutdown period, some of the periodical maintenance items will be repaired, while the company’s clients will be supplied from the standby reserves. (Tadawul)  Mobily renews its Microsoft Enterprise Agreement until 2017 – Etihad Etisalat Company (Mobily) has renewed its Microsoft Enterprise Agreement (EA) with Microsoft Global Corporation for three years ending 2017 under Etisalat Group Global Framework Agreement. Through this agreement, Mobily will be recognized as a Tier-1 Client and a member of an exclusive multinational account group, where Microsoft has only 80 such accounts. This agreement enables Mobily to avail premium services from Microsoft to support its business and its future plans toward becoming an information & communications technology market leader. (GulfBase.com)  FDI Intelligence: UAE receives $6bn in greenfield FDI – According to a report by Financial Times’ FDI Intelligence, the UAE received $6.2bn in greenfield foreign direct investment (FDI) last year, as the overall FDI flows into the country increased for the fourth consecutive year. The United Nations Conference on Trade & Development (UNCTAD) valued the overall FDI into the UAE, including greenfield and brownfield investment, at $10.5bn, which is still significantly below its 2007 peak of $14.2bn. The UAE is the second-largest recipient of FDI spending in the Middle East behind Turkey and the fourth- largest recipient of greenfield investment spending. UNCTAD pointed to broad economic recovery in both oil and non-oil sectors as the reason for increased FDI, with manufacturing and construction rebounding after the post-crisis lows. Greenfield FDI into the Middle East totaled $44bn in 2013 and was expected to increase over the next three years. The UAE invested $14.68bn in greenfield projects in other countries, about 30% of all FDI outflows from the Middle East. (GulfBase.com)  InfoComm: MENA audiovisual market to reach $4.63bn by 2016 – According to a statement by the trade association InfoComm International, the audiovisual market in the Middle East and North African region is forecasted to grow from $2.79bn in 2012 to $4.63bn by 2016, up 13% annually. The UAE’s audiovisual market is expected to grow from $700mn in 2012 to $1.24bn by 2016, making it the fastest-growing and the second-largest in the region. Dubai and the UAE are the region’s audiovisual hubs, serving other regional markets and beyond. The market’s growth will be driven by large infrastructure developments such as the World Expo 2020 in Dubai, and the 2022 FIFA World Cup Qatar. (Bloomberg)
  4. 4. Page 4 of 6  Air Arabia launches flights to Chittagong – Air Arabia announced that it will run three flights per week from its new hub in Ras Al Khaimah to Chittagong in Bangladesh from September 2, 2014. (GulfBase.com)  DEC signs MoU with DuPont – The Dubai Economic Council (DEC) has signed a MoU with DuPont. The main objectives of this cooperation is to provide a general framework of support for strategic cooperation in different fields and in particular, to encourage the exchange of knowledge and contacts related to issues of mutual interest; in addition to unification of efforts and resources of both parties with respect to specific collaborative projects. (GulfBase.com)  DIP leases 950,000 sq ft of warehousing facilities in 1H2014 – Dubai Investments Park (DIP), wholly-owned by Dubai Investments, announced that the company has leased over 950,000 sq ft of warehousing facilities in 1H2014.
This corresponds to 10.5% increase in warehousing leases between January and June 2014, as compared to January–June 2013. Of these, 60% of new leases include readymade facilities for light & medium industries, while 20% are for logistics services and the rest for general storage & warehousing purposes. (Bloomberg)  SCAD: Abu Dhabi’s inflation up 2.8% in 2014 YTD – According to Statistics Center Abu Dhabi (SCAD), Abu Dhabi’s inflation rate in consumer prices for the first seven months of 2014 grew by 2.8% as compared to the same period in 2013. The consumer price index (CPI) rose to 127.1 points during the first seven months of 2014, up from 123.7 points during the same period of 2013. The housing, water, electricity, gas & other fuels’ group accounted for the largest rise in the index during this period. In July 2014, the CPI increased by 3.2% YoY to 128.7 points from 124.7 points in July 2013. However, the CPI decreased by 0.1% in July 2014 compared with June 2014. (Bloomberg)  Gulf Capital plans IPO – Abu Dhabi-based private equity firm, Gulf Capital has hired the Bank of America Corporation as the main financial adviser for its planned initial public offering (IPO). The firm is planning to go public by the end of 2014. (Bloomberg)  Etihad Airways growth drives Abu Dhabi airport expansion – According to CEO of Abu Dhabi Airports Company, Tony Douglas, Abu Dhabi International airport is forecasted to handle 20mn passengers in 2014, up about 20% on 2013 and driven by the growth of state-owned Etihad Airways. Like neighboring Dubai, Abu Dhabi is rapidly expanding its aviation sector and Etihad Airways has become an important tool for Abu Dhabi to diversify its economy beyond oil. (Gulf-Times.com)  Kuwait’s nominal GDP grew 2.3% in 2013 – According to latest national accounts data, Kuwait’s nominal GDP grew by 2.3% in 2013 to KD49.8bn. For 2013 non-oil GDP grew a strong 10.6% accelerating gradually since 2010. The increase was driven by three sectors: manufacturing (excluding refining, but including petrochemicals) which saw a huge 33.5% rise, ‘government and other services’ which gained 10.9%, and the (smaller) trade sector which posted a 12.3% gain. Oil GDP corrected down 1.5% following two very strong years, when it grew an average 31%. The oil share of GDP remained however near its recent highs at 66% (including refining). GDP data were revised back to 2010 (along with other technical changes). The earlier GDP levels were revised down, primarily because of lower investment spending estimates. (GulfBase.com)  $550mn Saltic project faces uncertain future – Saltic FZC’s chlor alkali and ethylene dichloride scheme worth $550mn within Salalah Free Zone, which is currently in its early stages of implementation, is in danger of being scrapped altogether following a decision by Oman’s power sector authorities to cancel electricity allocation. Saltic officials said they were ready to launch into construction late in 2013, having already awarded a construction contract to South Korea’s Hanwha Engineering & Construction in 3Q2012. (GulfBase.com)  TMK GIPI to supply 3LPE line pipes for UAE project – TMK Gulf International Pipe Industry (TMK GIPI) has been awarded a contract to supply 8 inch pipes with W.T up to 14.4mm, API 5L X65 Sour with 3LPE coating for the Abu Dhabi carbon capture project, a Masdar-ADNOC joint venture project in the UAE. 3LPE coating system is a multi-layer coating structure composed of three coating materials of fusion bonded epoxy (FBE), copolymer adhesive and PE or PP top coats for preventing corrosion of steel pipes. (GulfBase.com)  Salalah port’s container volume declines 7% in 1H2014 – Salalah Port said its container terminal has handled 1.628mn twenty-foot equivalent units (TEUs) in 1H2014, indicating a 7% decline from 1.753mn TEUs throughput achieved in 1H2013. The decline in container activity is due to lower volumes from some of the existing liner customers in addition to delay in new business materialization. The General Container Terminal handled 5.466mn tons of general cargo in 1H2014, an overall volume increase of 28% over 1H2013, where major commodities of trade include limestone, gypsum, methanol and cement exported from Salalah to nearby markets. Consolidated revenue for 1H2014 was at OMR28.22mn, a decline of 3% as compared to 1H2013. Consolidated EBITDA was recorded at OMR8.74mn, resulting in an earnings margin of 31% as against 33% in 1H2013. The fall is mainly due to lower container terminal volumes and inflationary impact on costs. Net financing cost has reduced by 11% over 1H2013 due to payment of regular loan installments. The company’s consolidated net profit was recorded at OMR3.18mn, a 19% fall as compared to 1H2013. (GulfBase.com)  Desalination plant planned for Duqm area – The Public Authority for Electricity & Water (PAEW) has requested Oman Power & Water Procurement Company (OPWP) to initiate the procurement for a new independent water project (IWP) of capacity 30,000 cubic meters per day. This project needs to be completed by the fourth quarter of 2017. (Bloomberg)  Bank Nizwa records double auto finance sales – Bank Nizwa has registered an increase in demand for auto finance, with its sales doubling across the Sultanate. During the month of Ramadan, customers were eligible to apply for financing their vehicle at a profit rate of 4.99%. Bank Nizwa based its auto finance product on the Islamic financing concept of Murabaha, where salary transfer is not required. The promotion that runs until August 24, 2014 includes a two-month grace period, zero processing fees and free credit life insurance throughout the financing period. (Bloomberg)  Iran plans oil terminal along Oman’s coast – Iran is planning to construct a huge oil terminal in the port city of Jask, off the Sea of Oman in south of the country. The terminal would need an estimated $2.5bn worth of investments, which involves building storage tanks, loading and unloading wharves, single- point moorings as well as onshore and offshore facilities. (Bloomberg)  KHCB, Naseej sign housing loan deal – Khaleeji Commercial Bank (KHCB) has signed a MoU with Naseej to provide home financing credit facility for an affordable housing project. The project is a part of Bahrain's ground-breaking social and affordable housing public-private-partnership (PPP) between the Housing Ministry and Naseej, valued at $450mn. This involves
  5. 5. Page 5 of 6 the development of 2,800 social and affordable homes for Bahraini citizens at Al Madina Al Shamaliya and Al Luwzi. (Bahrain Bourse, GulfBase.com)
  6. 6. Contacts Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025 sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 200.0 210.0 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 QE Index S&P Pan Arab S&P GCC 0.5% (0.7%) 0.4% (0.0%) 0.2% (0.7%) (0.5%) (1.2%) (0.6%) 0.0% 0.6% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,304.83 0.0 0.0 8.2 DJ Industrial 16,662.91 0.0 0.0 0.5 Silver/Ounce 19.56 0.0 0.0 0.5 S&P 500 1,955.06 0.0 0.0 5.8 Crude Oil (Brent)/Barrel (FM Future) 103.53 0.0 0.0 (6.6) NASDAQ 100 4,464.93 0.0 0.0 6.9 Natural Gas (Henry Hub)/MMBtu 3.77 0.0 0.0 (13.3) STOXX 600 329.72 0.0 0.0 0.4 LPG Propane (Arab Gulf)/Ton 102.75 0.0 0.0 (18.6) DAX 9,092.60 0.0 0.0 (4.8) LPG Butane (Arab Gulf)/Ton 120.13 0.0 0.0 (12.0) FTSE 100 6,689.08 0.0 0.0 (0.9) Euro 1.34 0.0 0.0 (2.5) CAC 40 4,174.36 0.0 0.0 (2.8) Yen 102.36 0.0 0.0 (2.8) Nikkei 15,318.34 0.0 0.0 (6.0) GBP 1.67 0.0 0.0 0.8 MSCI EM 1,074.51 0.0 0.0 7.2 CHF 1.11 0.0 0.0 (1.1) SHANGHAI SE Composite 2,226.73 0.0 0.0 5.2 AUD 0.93 0.0 0.0 4.5 HANG SENG 24,954.94 0.0 0.0 7.1 USD Index 81.42 0.0 0.0 1.7 BSE SENSEX 26,103.23 0.0 0.0 23.3 RUB 36.19 0.0 0.0 10.1 Bovespa 56,963.65 0.0 0.0 10.6 BRL 0.44 0.0 0.0 4.5 RTS 1,232.34 0.0 0.0 (14.6) 192.8 162.8 146.7

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