18 August Daily Market Report

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18 August Daily Market Report

  1. 1. Page 1 of 4 QE Intra-Day Movement Qatar Commentary The QE index rose 0.2% to close at 9,909.9. Gains were led by the Transportation and Telecoms indices, gaining 1.8% and 0.3% respectively. Top gainers were Qatar Gas Transport Co. and Qatari Investors Group, rising 3.8% and 2.6% respectively. Among the top losers, Qatar General Ins. & Rein. Co. fell 5.0%, while Salam International Investment declined 1.5%. GCC Commentary Saudi Arabia: The TASI index gained 0.3% to close at 8,156.8. Gains were led by the Petrochemical Industries and Transport indices, rising 1.1% and 1.0% respectively. Aljazira Takaful Taawuni Co. gained 10.0%, while Solidarity Saudi Takaful Co. rose 6.5%. Dubai: The DFM index fell 0.2% to close at 2,627.3. The Investment & Financial Services index declined 1.3%, while the Banking index was down 1.1%. Gulf General Inv. Co. fell 4.8%, while SHUAA Capital was down 2.7%. Abu Dhabi: The ADX benchmark index declined 0.2% to close at 3,874.1. The Energy index fell 2.0%, while the Real Estate index was down 1.3%. RAK White Cement declined 6.3%, while Arkan Building Mat. Co. was down 5.1%. Kuwait: The KSE index rose 0.5% to close at 8,134.7. The Financial Services index gained 1.3%, while the Consumer Services index was up 1.0%. Osoul Investment Co. and Noor Financial Investment gained 10.0% each. Oman: The MSM index gained 0.2% to close at 6,846.6. Gains were led by the Banking & Investment and Industrial indices, gaining 0.4% each. Dhofar University rose 9.8%, while Al Hassan Engineering Co. was up 5.5%. Bahrain: The BHB index gained marginally to close at 1,201.2. The Commercial Banking index rose 0.5%. Ithmaar Bank gained 5.9%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Gas Transport Co. 20.47 3.8 1,345.9 34.1 Qatari Investors Group 29.45 2.6 666.4 28.0 Zad Holding Co. 68.00 2.3 81.2 15.6 Ezdan Holding Group 17.89 2.2 292.9 (1.7) Qatar Meat & Livestock Co. 56.70 1.8 79.5 (3.6) Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar Gas Transport Co. 20.47 3.8 1,345.9 34.1 Masraf Al Rayan 30.10 1.2 835.1 21.4 Qatari Investors Group 29.45 2.6 666.4 28.0 Doha Bank 55.50 (0.9) 376.2 19.7 Barwa Real Estate Co. 25.05 0.7 363.4 (8.7) Market Indicators 18 Aug 13 15 Aug 13 %Chg. Value Traded (QR mn) 220.5 262.3 (15.9) Exch. Market Cap. (QR mn) 542,705.5 541,427.3 0.2 Volume (mn) 5.8 6.7 (13.7) Number of Transactions 2,967 3,368 (11.9) Companies Traded 38 41 (7.3) Market Breadth 17:20 6:33 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 14,158.91 0.2 0.2 25.2 N/A All Share Index 2,495.27 0.1 0.1 23.9 13.2 Banks 2,415.62 (0.1) (0.1) 23.9 12.8 Industrials 3,182.77 0.1 0.1 21.2 11.8 Transportation 1,820.63 1.8 1.8 35.8 12.5 Real Estate 1,785.98 0.2 0.2 10.8 13.5 Insurance 2,276.08 (0.9) (0.9) 15.9 9.4 Telecoms 1,473.78 0.3 0.3 38.4 15.5 Consumer 5,961.25 (0.3) (0.3) 27.6 25.0 Al Rayan Islamic Index 2,846.46 0.6 0.6 14.4 14.8 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Solidarity Saudi Takaful Saudi Arabia 27.90 6.5 4,210.8 (24.4) Ithmaar Bank Bahrain 0.27 5.9 1,950.0 58.8 Deyaar Development Dubai 0.47 5.8 85,760.0 34.7 Qatar Gas Trans. Co. Qatar 20.47 3.8 1,345.9 34.1 Bank of Sharjah Abu Dhabi 1.74 3.6 6.7 35.9 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Burgan Bank Kuwait 0.56 (5.1) 1,130.1 10.9 Qatar Gen. Ins. & Rein. Qatar 51.20 (5.0) 11.5 11.3 Albaraka Banking Bahrain 0.72 (4.6) 10.0 (3.4) Dana Gas Abu Dhabi 0.59 (3.3) 24,636.9 31.1 SPIMACO Saudi Arabia 53.25 (2.3) 543.7 21.9 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. & Rein. Co. 51.20 (5.0) 11.5 11.3 Salam International Investment 11.54 (1.5) 31.1 (8.8) Dlala Brok. & Inv. Holding Co. 20.50 (1.4) 27.6 (34.0) Qatar German Co. for Med. Dev. 14.90 (1.0) 13.6 0.8 Doha Bank 55.50 (0.9) 376.2 19.7 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 159.60 0.3 30,341.4 13.2 Qatar Gas Transport Co. 20.47 3.8 26,966.2 34.1 Masraf Al Rayan 30.10 1.2 25,027.8 21.4 Doha Bank 55.50 (0.9) 20,835.6 19.7 Qatari Investors Group 29.45 2.6 19,509.9 28.0 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* 9,909.85 0.2 0.2 2.1 18.6 60.57 149,026.9 12.5 1.7 4.7 Dubai 2,627.25 (0.2) (0.2) 1.5 61.9 135.51 65,122.5 15.3 1.1 3.1 Abu Dhabi 3,874.06 (0.2) (0.2) 0.7 47.3 37.62 111,248.7 11.0 1.4 4.7 Saudi Arabia 8,156.77 0.3 0.3 3.1 19.9 1,507.89 430,686.8 17.0 2.1 3.6 Kuwait 8,134.66 0.5 0.5 0.8 37.1 91.51 110,552.9 20.1 1.3 3.5 Oman 6,846.62 0.2 0.2 3.1 18.8 17.52 23,633.9 11.3 1.7 4.0 Bahrain 1,201.21 0.0 0.0 0.5 12.7 0.56 21,957.9 8.4 0.9 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,840 9,860 9,880 9,900 9,920 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 4 Qatar Market Commentary  The QE index rose 0.2% to close at 9,909.9. The Transportation and Telecoms indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Qatar Gas Transport Co. and Qatari Investors Group were the top gainers, rising 3.8% and 2.6% respectively. Among the top losers, Qatar General Ins. & Rein. Co. fell 5.0%, while Salam International Investment declined 1.5%.  Volume of shares traded on Sunday declined by 13.7% to 5.8mn from 6.7mn on Thursday. However, as compared to the 30-day moving average of 5.6mn, volume for the day was 2.7% higher. Qatar Gas Transport Co. and Masraf Al Rayan were the most active stocks, contributing 23.2% and 14.4% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings Earnings Releases Company Market Currency Revenue (mn) 2Q2013 % Change YoY Operating Profit (mn) 2Q2013 % Change YoY Net Profit (mn) 2Q2013 % Change YoY Sudatel Telecom Group (STG) Abu Dhabi AED – – – – -19.0 N/A Source: Company data, ADX News Qatar  Qatar leads MENA M&A deals in 1H2013 – According to a report by E&Y, Qatar led the Middle East & North Africa (MENA) region with four out of the top 10 merger & acquisition (M&A) deals by value, followed by the UAE during 1H2013. The largest sovereign wealth fund (SWF) deal was the Qatar Foundation’s acquisition of 5% stake in India-based Bharti Airtel Ltd for $1.26bn. The majority of SWF and private equity activities were in the telecommunications sector. The value of disclosed inbound deals in the MENA region increased from $5.1bn in 1H2012 to $10.6bn in 1H2013, indicating a rise of 108%. However, outbound deals dropped by 37% from $10.5bn in 1H2012 to $6.6bn in 1H2013. (Peninsula Qatar)  Moody’s: QIA well-cushioned to absorb adverse oil scenario – According to Moody's, the Qatar Investment Authority (QIA), has a more modest cushion of SWF assets as buffer for public finance in case of an adverse oil price scenario. Moody's said Qatar with its estimated gross assets of $175bn in 2012, has a modest cushion of SWF assets to its 2012 government expenditure, given the late monetization of its hydrocarbon wealth, but this is partially offset by rapid asset growth and a low fiscal break-even oil price. Moody's also said that Kuwait has the largest cushion of SWF assets at almost six times the amount of annual government expenditures, followed by the UAE and Saudi Arabia. Although Qatar has a modest cushion, Moody's said Oman and Bahrain are in a fragile fiscal position. (Gulf-Times.com) International  CBI raises UK growth forecasts as recovery builds momentum – The Confederation of British Industry (CBI) raised its forecasts for the UK’s economic growth this year and the next, based on strengthening business and consumer confidence and improving credit conditions. The business lobby’s quarterly forecasts find the economy expanding 1.2% this year and 2.3% in 2014, which is up from 1% and 2% projected in May. The CBI expects household spending to strengthen in 2H2013 and through 2014, along with a stable labor market and slowing inflation, which will help shore up incomes. CBI also said the Bank of England’s forward guidance will help boost business and consumer confidence. (Bloomberg)  New home prices in China rise as nation seeks long-term policy – China’s new home prices across four major cities rose the most since January 2011, on speculation that the government will refrain from imposing tighter curbs. Guangzhou and Shenzhen led the rise with a 17% jump, while prices in Beijing and Shanghai increased 14% in July, as 69 out of 70 cities tracked by the government climbed from a year earlier. (Bloomberg) Regional  S&P: GCC insurance market grows to $16bn in 2012 – According to a report by S&P, the insurance sector in the GCC region grew to nearly $16bn in terms of gross premiums written in 2012. The insurance sector witnessed a growth over 10% in the region’s largest markets during the year. Ample capital is available in the industry to back the growth in insurance premiums. S&P said a small number of well-established insurers are reaping the benefits of the fast-growing insurance markets in the GCC region. S&P also mentioned that inflated valuations and a reluctance to relinquish control are preventing smaller insurers from consolidating. (Peninsula Qatar)  Saudi crude production, exports drop in June – According to the data released by the Joint Organization Data Initiative (JODI), crude oil production in Saudi Arabia inched down to 9.642mn barrels per day in June 2013, as compared to 9.657mn bpd a month earlier, while exports fell 6.1% during the same period. The Kingdom exported 7.315mn bpd of crude oil and condensate in June, down from 7.789mn bpd in May. (Gulf- Times.com)  Saudi Housing Minister approves SR4bn development contracts – Saudi Arabia's Housing Minister Shuwaish Al- Duwaihi has signed eight new contracts worth SR4bn to develop 26 square kilometers of land in the Kingdom. The contracts will develop land across a number of cities in the Kingdom for providing housing to accommodate 250,000 citizens. (Bloomberg) Overall Activity Buy %* Sell %* Net (QR) Qatari 62.02% 67.84% (12,808,499.01) Non-Qatari 37.97% 32.17% 12,808,499.01
  3. 3. Page 3 of 4  SAICTZ signs SR550mn contract to develop Industrial City’s next phase – The Saudi Authority for Industrial Cities & Technological Zones (SAICTZ) has signed a SR550mn contract to develop the second part of the first phase of the third Industrial City in Dammam. (Bloomberg)  Al-Khodari Sons bags SR24.7mn O&M contract – Abdullah Abdul Mohsin Al-Khodari Sons Company has signed a contract worth SR24.7mn with the Ministry of Water & Electricity for the operation & maintenance (O&M) of a sewage treatment plant at Jazan Migrants Housing. The financial impact of this project is expected to be visible in 3Q2013. (Tadawul)  Arabian Pipes, Petrofac sign SR43mn pipe contract – The Arabian Pipes Company has signed a SR43mn contract with Petrofac Saudi Arabia (Petrofac). The contract entitles Arabian Pipes to manufacture welded pipes for Petrofac at its factory in Jubail Industrial City. (Tadawul)  Siemens, E A Juffali expand manufacturing facility in Jeddah – Siemens and its partner E A Juffali & Brothers have expanded their low and medium voltage panel manufacturing facility in Jeddah. This facility is equipped with modern technology and has been ISO certified for following strict environmental, health and safety standards. (AME Info)  UAE banks lend at the fastest rate in two years – According to the data published by the UAE Central Bank, UAE's financial sector has issued the most number of new loans in June 2013 since 2011. The net loans & advances increased by AED16.3bn during June 2013 to reach AED1.14tn, reflecting the highest rate of credit growth since September 2011. Deposits rose by AED8.4bn during the month increasing by 7.4% in 2013. (Bloomberg)  Etihad Rail signs MoU with Swiss logistics firm – Etihad Rail has signed a MoU with a Swiss logistics company, Bertschi. The agreement will enable the logistics company to use Etihad Rail’s network for efficient and safe cross-border transport of equipment such as hazardous and non-hazardous chemicals. This will comprise trips between the UAE and other GCC countries, with a strong focus on Saudi Arabia. (AME Info)  DCAA set to achieve 665,000 aircraft movement by 2020 – The Dubai Civil Aviation Authority (DCAA) plans to achieve a target of 665,000 aircraft movements by 2020 and expects nearly 9% YoY growth in 2013. DCAA has projected 375,000 aircraft movements for the Dubai International and Dubai World Central airports in 2013 as compared to 344,656 in 2012. Aircraft movements increased 7.4% YoY in 1H2013. The DCAA aims to reach 355,000 passenger aircraft movements in 2013, 385,000 in 2014 and 416,650 in 2015. Similarly, the target for cargo aircraft movements has been fixed at 28,250 in 2013, 31,500 in 2014 and 35,000 in 2015. (Bloomberg)  Orion Holding acquires AED57.7mn property from GGICO – Dubai-based Orion Holdings has acquired a property worth AED57.7mn from Gulf General Investment Company (GGICO) in the Axis Residences community at Dubai Silicon Oasis. Through this acquisition, Orion will now own a total of 102 units in Axis Residences. (AME Info)  ADAC plans to launch new VIP terminal – The Abu Dhabi Airports Company (ADAC) is planning to establish a new VIP terminal as a part of its Capacity Enhancement Program at the Abu Dhabi International Airport. This new VIP terminal will be operated by National Aviation Services and is scheduled to open in 4Q2013. (GulfBase.com)  SEHA announces expansion of Al Wagan Hospital – The Abu Dhabi Health Services Company (SEHA) has begun work on the expansion and renovation of Al Wagan Hospital located in the Eastern Region of Abu Dhabi. This expansion will enable the hospital to deliver the highest internationally recognized standards in healthcare to the residents of Al Wagan. (AME Info)  Al Hassan Engineering obtains AED69.45mn subcontract from Siemens – Al Hassan Engineering Company Abu Dhabi, a unit of Al Hassan Engineering Company has obtained a sub- contract worth AED69.45mn from Siemens for civil and associated building works of the new 400/220/33 kV substation at Mirfa, Abu Dhabi. These works are expected to be completed by August 2014. (MSM)  BMI: Omani construction sector to grow 8.4% to OMR1.7bn – According to a report released by Business Monitor International (BMI), Oman’s construction sector is expected to grow by 8.4% to OMR1.7bn. BMI estimated the real growth of 11.9% YoY for 2012, with industry value to reach OMR1.5bn. (GulfBase.com)  OPWP plans two new projects – The Oman Power & Water Procurement Company (OPWP) is planning two new water sector projects in Quarayyat and Suwaiq, which will expand its capacity by 405,000 cubic meters per day by 2018. (GulfBase.com)  FSB led JV gets fifth package of Batinah Expressway – A joint venture led by Federici Stirling Batco (FSB) has obtained the fifth package of the Batinah Expressway project at a cost of OMR132.6mn. FSB partnered with a European construction company Ferrovial Agroman to mount a successful bid for this keenly contested package, covering a 41 kilometers of the ambitious carriageway project from Sohar to Liwa. The JV will undertake 17mn cubic meters of earthworks and use 32,000 tons of reinforced steel. (GulfBase.com)
  4. 4. 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 4 of 4 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg (* July 09, 2013) Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 QE Index S&PPan Arab S&P GCC 0.3% 0.2% 0.5% 0.0% 0.2% (0.2%) (0.2%) (0.4%) 0.0% 0.4% 0.7% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,376.87 0.0 0.0 (17.8) DJ Industrial 15,081.47 0.0 0.0 15.1 Silver/Ounce 23.26 0.0 0.0 (23.4) S&P 500 1,655.83 0.0 0.0 16.1 Crude Oil (Brent)/Barrel (FM Future) 107.41 (0.4) (0.4) 17.0 NASDAQ 100 3,602.78 0.0 0.0 19.3 Natural Gas (Henry Hub)/MMBtu 3.35 0.0 0.0 (2.3) STOXX 600 306.36 0.0 0.0 9.5 LPG Propane (Arab Gulf)/Ton* 810.00 0.0 0.0 (16.4) DAX 8,391.94 0.0 0.0 10.2 LPG Butane (Arab Gulf)/Ton* 807.00 0.0 0.0 (16.7) FTSE 100 6,499.99 0.0 0.0 10.2 Euro 1.33 0.0 0.0 1.0 CAC 40 4,123.89 0.0 0.0 13.3 Yen 97.53 0.0 0.0 12.4 Nikkei 13,650.11 0.0 0.0 31.3 GBP 1.56 0.0 0.0 (3.9) MSCI EM 958.11 0.0 0.0 (9.2) CHF 1.08 0.0 0.0 (1.2) SHANGHAI SE Composite 2,068.45 0.0 0.0 (8.8) AUD 0.92 0.0 0.0 (11.6) HANG SENG 22,517.81 0.0 0.0 (0.6) USD Index 81.26 0.0 0.0 1.9 BSE SENSEX 18,598.18 0.0 0.0 (4.3) RUB 32.93 0.0 0.0 7.9 Bovespa 51,538.78 0.0 0.0 (15.4) BRL 0.42 0.0 0.0 (14.2) RTS 1,323.42 0.0 0.0 (13.3) 142.4 127.4 115.1

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