Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 1.7% to close at 13,644.6. Gains were led by the Bank...
Page 2 of 6
Qatar Market Commentary
 The QE index rose 1.7% to close at 13,644.6. The Banking &
Financial Services and In...
Page 3 of 6
business. The latest survey by Bayt.com, and YouGov revealed
that 37% of companies in Qatar are definitely hir...
Page 4 of 6
discuss the possibility of joint cooperation in certain fields and
markets. (GulfBase.com)
 SPA: SAGIA approv...
Page 5 of 6
property or purchase under construction property. This is a
perfect complement to its existing Islamic home fi...
Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Ana...
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18 August Daily market report

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18 August Daily market report

  1. 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index rose 1.7% to close at 13,644.6. Gains were led by the Banking & Financial Services and Industrials indices, gaining 2.3% and 1.5%, respectively. Top gainers were Qatar Islamic Bank and Doha Insurance Co., rising 4.1% and 3.4% respectively. Among the top losers, Mesaieed Petrochemical Holding Co. fell 1.6%, while Qatar German Co. for Medical Devices declined 1.3%. GCC Commentary Saudi Arabia: The TASI index rose 0.1% to close at 10,650.1. Gains were led by the Insurance and Real Estate Development indices, rising 1.7% and 0.8%, respectively. AXA-Cooperative gained 9.9%, while Bupa Arabia was up 9.8%. Dubai: The DFM index gained 0.7% to close at 4,825.6. The Services index gained 1.8%, while the Investment & Financial Services index rose 1.1%. Al Salam Sudan rose 10.8%, while Al Salam Group was up 3.5%. Abu Dhabi: The ADX benchmark index gained 0.7% to close at 5,051.5. The Real Estate index rose 1.9%, while the Energy index was up 1.6%. Abu Dhabi Nat. Takaful gained 8.7%, while Abu Dhabi Nat. Co. for B & M was up 7.6%. Kuwait: The KSE index gained marginally to close at 7,267.4. The Parallel Market and Consumer Services indices rose 0.6% each. Al-Safat Tec Holding Co. gained 9.3%, while Credit Rating & Collection was up 9.1%. Oman: The MSM index declined marginally to close at 7,332.3. Losses were led by the Services and Industrial indices, falling 0.2% each. Dhofar Cattle Feed fell 2.6%, while Galfar Engineering & Contracting was down 2.4%. Bahrain: The BHB index declined 0.3% to close at 1,471.9. The Industrial index fell 1.6%, while the Com. Banking index was down 0.4%. Al Salam Bank – Bahrain declined 3.8%, while Aluminium Bahrain was down 1.6%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Islamic Bank 115.00 4.1 528.2 66.7 Doha Insurance Co. 30.00 3.4 0.1 20.0 Widam Food Co. 63.00 2.9 145.4 21.9 QNB Group 194.30 2.9 430.5 13.0 Vodafone Qatar 21.55 2.6 1,216.7 101.2 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 19.85 (0.7) 4,110.9 16.8 Mazaya Qatar Real Estate Dev. 23.00 0.9 1,599.8 105.7 Masraf Al Rayan 56.00 2.2 1,356.4 78.9 Qatar Gas Transport Co. 24.35 (0.7) 1,271.0 20.2 Vodafone Qatar 21.55 2.6 1,216.7 101.2 Market Indicators 18 Aug 14 17 Aug 14 %Chg. Value Traded (QR mn) 856.0 764.6 12.0 Exch. Market Cap. (QR mn) 726,343.9 716,935.4 1.3 Volume (mn) 17.8 22.5 (20.8) Number of Transactions 8,513 8,388 1.5 Companies Traded 41 43 (4.7) Market Breadth 30:10 28:12 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 20,350.86 1.7 1.0 37.2 N/A All Share Index 3,450.40 1.6 1.0 33.3 16.9 Banks 3,313.12 2.3 1.7 35.6 16.2 Industrials 4,565.46 1.5 1.3 30.4 18.5 Transportation 2,330.29 (0.1) (0.9) 25.4 14.9 Real Estate 2,962.33 1.1 0.3 51.7 15.8 Insurance 4,016.41 1.3 1.1 71.9 12.7 Telecoms 1,602.04 (0.2) (1.5) 10.2 22.7 Consumer 7,543.16 0.9 0.3 26.8 28.2 Al Rayan Islamic Index 4,707.59 1.7 1.1 55.1 20.3 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Real Estate Co. Saudi Arabia 48.21 7.1 2,105.3 39.3 United Real Estate Co. Kuwait 0.11 5.8 30.8 (6.8) The Co. for Coop. Ins. Saudi Arabia 54.24 5.6 1,713.5 54.1 Qatar Islamic Bank Qatar 115.00 4.1 528.2 66.7 United Int. Transport Saudi Arabia 83.22 3.6 1,008.6 54.6 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Mabanee Co. Kuwait 1.04 (3.7) 240.2 (2.5) Nat. Investments Co. Kuwait 0.16 (3.7) 446.0 (1.3) Yanbu Nat. Petrochem. Saudi Arabia 74.26 (2.6) 764.9 0.7 SAVOLA Saudi Arabia 80.39 (2.0) 417.3 28.1 Al Tayyar Travel Group Saudi Arabia 130.31 (1.8) 322.4 52.2 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% Mesaieed Petrochemical Holding 34.30 (1.6) 1,065.8 243.0 Qatar German Co. for Med. Dev. 13.90 (1.3) 296.2 0.4 Ooredoo 125.30 (1.2) 271.2 (8.7) Aamal Co. 16.60 (1.1) 32.3 10.7 Qatar Islamic Insurance Co. 90.00 (1.1) 10.7 55.4 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 186.40 2.4 135,906.6 10.4 QNB Group 194.30 2.9 82,647.5 13.0 Ezdan Holding Group 19.85 (0.7) 82,098.0 16.8 Masraf Al Rayan 56.00 2.2 75,577.2 78.9 Qatar Islamic Bank 115.00 4.1 60,122.6 66.7 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* 13,644.64 1.7 1.0 6.0 31.5 235.09 199,454.0 17.0 2.3 3.7 Dubai 4,825.60 0.7 0.3 (0.2) 43.2 129.74 93,364.4 20.0 1.8 2.1 Abu Dhabi 5,051.53 0.7 (0.0) (0.1) 17.7 57.26 138,702.4 14.3 1.8 3.3 Saudi Arabia 10,650.09 0.1 0.6 4.3 24.8 2,593.07 579,752.9 20.5 2.6 2.7 Kuwait 7,267.37 0.0 0.5 1.9 (3.7) 53.95 113,548.2 17.3 1.2 3.7 Oman 7,332.26 (0.0) 0.2 1.8 7.3 23.94 27,075.5 11.0 1.7 3.8 Bahrain 1,471.85 (0.3) (0.3) 0.0 17.9 0.49 54,296.4 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) 13,300 13,400 13,500 13,600 13,700 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 rose 1.7% to close at 13,644.6. The Banking & Financial Services 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.  Qatar Islamic Bank and Doha Insurance Co. were the top gainers, rising 4.1% and 3.4%, respectively. Among the top losers, Mesaieed Petrochemical Holding Co. fell 1.6%, while Qatar German Co. for Medical Devices declined 1.3%.  Volume of shares traded on Monday fell by 20.8% to 17.8mn from 22.5mn on Sunday. However, as compared to the 30-day moving average of 17.2mn, volume for the day was 3.5% higher. Ezdan Holding Group and Mazaya Qatar Real Estate Dev. were the most active stocks, contributing 23.1% and 9.0% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings and Global Economic Data Earnings Releases Company Market Currency Revenue (mn)2Q2014 % Change YoY Operating Profit (mn) 2Q2014 % Change YoY Net Profit (mn) 2Q2014 % Change YoY Sudatel Telecommunications Group* Abu Dhabi USD 233.0 – – NA 28.0 NA Source: Company data, DFM, ADX, MSM (*1H2014 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 08/18 US NAHB NAHB Housing Market Index August 55.0 53.0 53.0 08/18 EU Eurostat Trade Balance SA June 13.8B 15.0B 15.2B 08/18 EU Eurostat Trade Balance NSA June 16.8B 15.1B 15.4B 08/18 UK Rightmove Rightmove House Prices MoM August -2.90% – -0.80% 08/18 UK Rightmove Rightmove House Prices YoY August 5.30% – 6.50% 08/18 China NBS Foreign Direct Investment YoY July -17.00% 0.80% 0.20% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Qatargas delivers first LNG cargo to CNOOC’s Hainan terminal – Qatargas has delivered the first cargo of liquefied natural gas (LNG) to China National Oil Corporation's (CNOOC) Hainan LNG terminal located in the Hainan province. The cargo arrived on August 8, 2014 on a Q-Max class LNG vessel and will be used to commission the new LNG terminal owned by CNOOC. Qatargas and CNOOC have an existing sales agreement signed in 2008 to supply a total of 2mn tons per annum of LNG. (Bloomberg)  Colliers International appointed consultant for QIMD Tower – Qatar Industrial Manufacturing Company (QIMD) has appointed Colliers International as the real estate advisory services consultant for Phase I of the company’s proposed headquarters, QIMD Tower on Doha Corniche. Under the agreement, Colliers International will initially conduct market research, a design critique, feasibility study and then provide recommendations to QIMD on the planned 58,000sqm QIMC Tower mixed-use development. (Gulf-Times.com)  20 commercial streets in Doha to be built – The Ministry of Municipality & Urban Planning is expected to announce the details of the 20 proposed commercial streets to be developed under Doha Municipality. The proposed streets would be exclusively dedicated for shops and outlets, including eateries, supermarkets, bakery, pharmacies, etc. (Peninsula Qatar)  Ezdan: Combined value of Qatar realty transactions reach QR6.8bn in July – According to Ezdan Holding Group’s (ERES) monthly report, Qatar leads the real estate growth among the six GCC states. Qatar’s combined value of transactions and mortgages during July 2014 reached QR6.8bn, witnessing a record increase of 70% as compared to June when it stood at QR4bn. Ezdan Holding Group said that the Qatari real estate sector witnessed a strong performance during July in terms of real estate transactions and mortgages, despite the usual stagnation that accompanies the summer holiday and Ramadan, pointing out that the sector spearheaded the growth among the GCC markets. The monthly report predicted the overall GCC real estate sector to grow even further later this year with the implementation of more projects. According to the Real Estate Registration Department’s weekly bulletins, the value of transactions during the first week of July (from June 29 to July 3, 2014) reached QR914.7m, while transactions achieved about QR1.86bn in the second week (from July 6-10, 2014), and then in the third week (13-17) reached QR1.31bn, while the fourth and last week of July (20-24) had a major rise in transactions with a value of QR2.76bn. (Peninsula Qatar)  Qatar job market most attractive in MENA – According to the latest MENA Job Index Survey by Bayt.com and YouGov survey, civil engineers and junior executives are in high demand in Qatar, and around 62% of employers are expected to hire up to 10 employees over the next three months. Similarly, 52% of Qatar respondents felt Qatar is more attractive as a job market than any other country in the Middle East & North Africa region. Over 50% respondents in Qatar also consider their current industry more attractive as a potential employer than any other Overall Activity Buy %* Sell %* Net (QR) Qatari 57.83% 61.91% (34,955,388.97) Non-Qatari 42.17% 38.09% 34,955,388.97
  3. 3. Page 3 of 6 business. The latest survey by Bayt.com, and YouGov revealed that 37% of companies in Qatar are definitely hiring in the next three months. (Peninsula Qatar)  QA to increase flights to Istanbul; ties up with CreditMax – Qatar Airways (QA) announced the addition of three weekly flights to Istanbul’s Sabiha Gökçen Airport making the route daily, commencing from October 26, 2014. With the additional flights from Doha to Istanbul, the number of flights will rise from 14 to 17 per week. Meanwhile, CreditMax, a credit card issuer and acquirer, has launched a three-month joint promotion with QA on August 15, 2014. The promotion will offer discounts to CreditMax holders upon purchasing tickets from QA. The discount will amount to either 10% on economy class or 15% for premium class tickets. (Bloomberg) International  US homebuilder confidence rises to seven-month high – Confidence among US homebuilders in August rose to the highest level in seven months, showing the industry is making headway after weakness earlier in 2014. The National Association of Home Builders/Wells Fargo sentiment measure climbed to 55 from 53 in July. The median forecast in a Bloomberg survey of economists had projected it would hold at 53. Historically, low mortgage rates and increased employment brought home purchases within the reach of more Americans. Faster wage gains would help provide an additional push for the industry, which is struggling to lure first-time buyers beset by tougher credit conditions. (Bloomberg)  US Treasury to take time to weigh options on tax inversions – A US Treasury Department official said that the Obama administration will need more than a few weeks to weigh potential administrative actions to discourage companies in the US from reducing their tax bills by moving to other countries. Staff at the US Treasury has been assembling a list of options for Treasury Secretary, Jack Lew. Analysts are divided over how much the administration could deter inversions without legislation, and Treasury officials have been urging lawmakers to act on the matter. Under an inversion, a US company shifts its tax home base to a lower-tax country by combining with a company based in that country. Popular destinations are Ireland and the Netherlands. (Reuters)  China January-July FDI falls for first time in 17 months – China's foreign direct investment (FDI) inflows between January and July fell for the first time in 17 months as compared to the same period a year earlier, as firms in Japan, Europe and the US cut spending in the manufacturing sector. The weak investment data came as China's economic growth appeared to be softening again after a hopeful bounce in June, with indicators ranging from lending to output and investment all pointing to more sluggish activity. However, officials described the sudden drop as an anomaly, and stressed the decline was not due to a spate of recent Chinese probes into foreign firms for alleged monopolistic behavior. The commerce ministry said that China attracted $71.1bn in FDI between January and July, down 0.4% from a year ago and its first decline since February 2013. For July alone, China’s economy attracted $7.8bn worth of FDI, the least in two years. The commerce ministry’s spokesman Shen Danyang said that it is quite normal for FDI flows to fluctuate between months and FDI is expected to maintain a steady growth with the total FDI in 2014 expected to remain at the similar level with last year. (Reuters)  Russian central bank moves closer to free float by widening Ruble corridor – Russia's central bank moved a step closer to its goal of a freely floating Ruble exchange rate by widening its trading corridor for the currency and reducing its interventions. The move is part of a long-term policy shift to make inflation a more important benchmark than the exchange rate after the bank was forced to defend the Ruble this year, which came under pressure due to the crisis in Ukraine. As part of the plan, the Ruble's trading corridor will be abolished altogether from January 2015 and regular daily interventions will cease, although the bank will reserve the right to make discretionary interventions in the interests of financial stability. The bank said it had widened its exchange-rate corridor by 2 Rubles to 9 Rubles and reduced the intervention threshold for moving the corridor against a Dollar-Euro basket to $350mn from $1bn. (Reuters)  StanChart nears deal over compliance failure in US – Standard Chartered Plc is close to finalize a deal to pay a penalty of $200-300mn to resolve allegations by New York’s banking regulator that it failed to review high-risk transactions, two years after agreeing to reform its practices. The announcement of the settlement is expected to come this week. The penalty would be the second the British bank will pay to the New York Department of Financial Services in two years. In August 2012, StanChart agreed to a $340mn settlement over allegations that it stripped identifying information from transactions linked to Iran, making it impossible for US banks to detect them. (Reuters) Regional  Arab investors look to pump huge funds in Europe – Arab investors are increasingly looking to the UK and continental Europe's commercial real estate markets to pump their huge funds. Europe is the preferred target of Arab investors with 80% of the expected $180bn Arab investment flowing into the UK and Europe over the next 10 years. The British commercial real estate, specially the City of London, is expected to take the largest share of GCC’s real estate investments. (GulfBase.com)  Trade and investment: Asia enjoys competitive edge over GCC – According to the Economist Intelligence Unit (EIU) and the World Bank 2014 reports, the Gulf Cooperation Council (GCC) countries presented a strong business environment in the last few years due to the wide fiscal surplus. These countries remain major global suppliers of oil products and, due to high energy product prices, their fiscal surplus continues to widen. GCC countries are expected to maintain high positions during the 2014-2018 period. The key driver in the coming years will be the large infrastructure investments planned after Dubai and Qatar won their bids to host the 2020 World Expo and the 2022 FIFA World Cup, respectively. The EIU’s “Business Environment Ranking” report for 2014 is currently ranking Qatar in the 21st place out of 82 countries, among the top 25% of the world and the highest within GCC countries. Qatar is forecasted to remain in the same position during the 2014-2018 period. (GulfBase.com)  Islamic banks to benefit from Basel III capital rules – According to Standard & Poor’s Islamic Monetary Services Board’s (IFSB), the revised capital needs for Basel III could help to strengthen the Islamic finance industry in terms of capitalization and liquidity management. The IFSB is expected to release its guidance note on calculation of the liquidity coverage ratio and net steady funding ratio in early 2015. (Bloomberg)  Americana denies acquisition talks with Savola – Kuwait Food Company (Americana) announced that it had no knowledge of any talks with Saudi Arabia's Savola Group over a possible acquisition of Americana. Americana said the recently held meeting between the two companies was intended only to
  4. 4. Page 4 of 6 discuss the possibility of joint cooperation in certain fields and markets. (GulfBase.com)  SPA: SAGIA approves series of measures to encourage investments – According to the Saudi Press Agency (SPA), the Saudi Arabian General Investment Authority (SAGIA) has approved a series of measures that would enable international companies to expand and develop their investments in Saudi Arabia. SAGIA’s measures include cancelation and amendments to existing laws that were seen as impediments to investor growth in Saudi Arabia. (GulfBase.com)  Mashreq Bank launches Gold Edge Invest account – Mashreq Bank has launched the Gold Edge Invest (GEI) whereby customers can invest in gold electronically, at attractive market rates that are updated twice a day. The GEI account allows customers to spread their personal investments across different asset types, in alignment with advice from investment experts. (GulfBase.com)  NDC inaugurates new land rig – National Drilling Company (NDC) has inaugurated a new land rig, as part of its fleet expansion program, which covers offshore, onshore and land rigs to serve the oil & gas industry in Abu Dhabi. The new rig will help the company to keep itself abreast of the long-term plans of its clients and step-up its ability to perform specific drilling operations that require the availability of rigs of various horsepower capabilities. (GulfBase.com)  UAE, Japan trade rises 4.4% in 1H2014 – According to a report released by Japan External Trade Organization (JETRO), Japan’s trade deficit with the UAE remained relatively unchanged in 1H2014 as trade between the two countries increased by nearly 4.4%. Japan’s exports to the UAE for 1H2014 increased by almost 13% to $4.59bn, while imports rose by 2.76% to $21.34bn. Motor vehicles accounted for more than half of Japan’s total exports to the UAE, rising 11.36% during 1H2014 to $2.38bn. The exports of non-alcoholic beverages surged 61.34% to $22.46mn. Imports from the UAE were almost entirely oil-based. Mineral fuels covered 98.10% of the total imports with $20.93bn imported in 1H2014, of which crude oils accounted for $16.39bn. Japanese imports of UAE aluminum increased by 28.8% to $347.7mn, but still only accounted for 1.63% of the total imports. The remainder of imports from the UAE was copper scrap, precious stones & metals, animal feed and fabrics. (Bloomberg)  ICD to seek $880mn Atlantis debt refinancing – According to sources, the Investment Corporation of Dubai (ICD) is seeking to refinance $880mn loan taken out by resort hotel Atlantis, The Palm. The company hired HSBC Holdings, Standard Chartered, and Emirates NBD on the deal. The company is seeking a significant cut on the 5.5% above the London interbank offered rate price it has on the existing deal. The new loan will be used to refinance the existing debt originally taken out to fund construction activities. (Bloomberg)  ADCB launches commercial offshore banking products – Abu Dhabi Commercial Bank (ADCB) has launched new commercial offshore banking products through its Jersey branch. The eligible ADCB wholesale banking clients will now have the option to diversify & preserve their resources with full flexibility and control. (GulfBase.com)  Du Telecom appoints new director to oversee Emiratisation strategy – Emirates Integrated Telecommunications Company (Du Telecom) has appointed Mohamed Alsaabri as its new Senior Director of National Recruitment and Development. Alsaabri will oversee Du's multi-phased Emiratisation strategy, through which the company aims to support the UAE government's vision of more Emiratis in the UAE workforce. (Bloomberg)  TDIC seeks bid to start work on Saadiyat Island marina district – The Tourism Development and Investment Company (TDIC) is seeking pre-qualification bids from contractors ahead of a tender to start work on the project in Saadiyat Island’s marina district. The tender includes work on underground infrastructure such as sewage & storm water lines, sewage pumping station, and irrigation transmission lines. Under the master plan, the marina district will feature apartments, luxury hotels and commercial spaces. (GulfBase.com)  SCAD: Abu Dhabi’s inflation rate down to 3.2% in July 2014 – According to the Statistics Center Abu Dhabi (SCAD), Abu Dhabi’s rate of inflation fell to 3.2% in July 2014, down from its five-year high of 3.8% in June, as food price inflation slowed. The cost of food rose at an annualized rate of 0.5% in July 2014, as compared to an annualized rise of 2.3% before Ramadan. The majority of YoY price increases were accounted for by a rise in the cost of housing and utilities, which rose 4.4%. Expenditure on housing represented around 40% of the total consumer spending. The cost of furnishings and household maintenance, which accounts for about 5% of consumer spending, and is a measure of activity in the housing market, increased 12.9%. Annualized inflation affecting the top 20% of earners stood at 3.5%, while inflation for those in the bottom income quintile stood at 2.1%. (GulfBase.com)  NBS issues preliminary permit to set up bank – National Bank of Serbia’s (NBS) executive board gave its preliminary approval for the foundation of a bank from the United Arab Emirates (UAE) to operate in Serbia under the name of “Mirabank, akcionarsko društvo, Beograd“. The issuing of a preliminary permit marks the end of the first stage of the bank founding process. The founder is a part of the international conglomerate known as the Royal Group, based in Abu Dhabi, UAE. (Bloomberg)  RAKBank’s AGM approves acquisition of majority stake in RAK Insurance – The National Bank of Ras Al-Khaimah’s (RAKBank) AGM has approved the acquisition of a majority stake in Ras Al Khaimah National Insurance Company (RAK Insurance). The bank’s management proposed the acquisition price to be AED3.64 per share, which was approved by the shareholders. (ADX)  KMC appoints new Bahrain operations director – Kuwait- based property developer, KMC has appointed Hasan Adel Abu Hassan as its new operations director for Bahrain. Hasan Adel will be responsible for the execution and delivery of existing & upcoming projects and will be focusing on the ongoing growth & expansion of KMC. (GulfBase.com)  KPC signs 10-year deal with China’s Sinopec to export crude oil – Kuwait Petroleum Corporation (KPC) has entered into an agreement with China’s Sinopec Corporation’s trading arm, Unipec to export 300,000 barrels per day (bpd) of crude oil, which would amount to 15% of Kuwaiti petroleum exports and is estimated to be worth $120bn. This new ten-year deal with Sinopec nearly doubles KPC’s supplies as it offers to ship the oil and sell it on a more competitive cost-and-freight basis. (Bloomberg)  Sohar Islamic to finance housing and construction – Bank Sohar’s Islamic banking window has introduced dedicated construction financing. As with all Sohar Islamic financial products, the construction finance product is also fully compliant with Islamic Shari’ah law and provides a comprehensive Islamic finance solution for anyone looking to build a new residential
  5. 5. Page 5 of 6 property or purchase under construction property. This is a perfect complement to its existing Islamic home finance program launched last year, which offers Shari’ah-compliant financing for ready real estate property. (GulfBase.com)  Bidders to extends bid bonds for Oman Rail PMC package – Oman’s Tender Board has instructed bidders to extend their bid bonds by a further two months for the Oman National Railway Project. It has been over five months since three consortiums, each led by a prominent international rail engineering services provider, had submitted the firm technical and financial offers for the prestigious project management consultancy package when bids closed in March 2014. Consortiums headed by the Korea Rail Network Authority (South Korea), Tecnicas Reunidas of Spain, and Parsons International are in contention for the PMC contract. (GulfBase.com)  Al Tijaria sets up new real estate arm in Bahrain – Kuwait- based Al Tijaria Real Estate Company (Al Tijaria) has established a new real estate company, Al Tijaria Real Estate Development Company in Bahrain. The new company will be Al Tijaria’s real estate arm in the management, development and maintenance of its projects in Bahrain. (GulfBase.com)  Bahrain approves BD640mn infrastructure projects – Bahrain has approved 674 new infrastructure projects worth BD640mn in 2014. The projects are part of plans for major urban development with improved sustainable infrastructure and include hotels, buildings & residential properties. (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 0.1% 1.7% 0.0% (0.3%) (0.0%) 0.7% 0.7% (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 1,298.43 (0.5) (0.5) 7.7 DJ Industrial 16,838.74 1.1 1.1 1.6 Silver/Ounce 19.63 0.3 0.3 0.8 S&P 500 1,971.74 0.9 0.9 6.7 Crude Oil (Brent)/Barrel (FM Future) 101.60 (1.9) (1.9) (8.3) NASDAQ 100 4,508.31 1.0 1.0 7.9 Natural Gas (Henry Hub)/MMBtu 3.76 (0.2) (0.2) (13.5) STOXX 600 333.60 1.2 1.2 1.6 LPG Propane (Arab Gulf)/Ton 101.38 (1.2) (1.2) (19.9) DAX 9,245.33 1.7 1.7 (3.2) LPG Butane (Arab Gulf)/Ton 119.63 (1.7) (1.7) (11.9) FTSE 100 6,741.25 0.8 0.8 (0.1) Euro 1.34 (0.3) (0.3) (2.8) CAC 40 4,230.65 1.3 1.3 (1.5) Yen 102.57 0.2 0.2 (2.6) Nikkei 15,322.60 0.0 0.0 (5.9) GBP 1.67 0.2 0.2 1.0 MSCI EM 1,077.07 0.2 0.2 7.4 CHF 1.10 (0.4) (0.4) (1.5) SHANGHAI SE Composite 2,239.47 0.6 0.6 5.8 AUD 0.93 0.0 0.0 4.6 HANG SENG 24,955.46 0.0 0.0 7.1 USD Index 81.58 0.2 0.2 1.9 BSE SENSEX 26,390.96 1.1 1.1 24.7 RUB 36.05 (0.4) (0.4) 9.7 Bovespa 57,560.72 1.0 1.0 11.8 BRL 0.44 0.1 0.1 4.6 RTS 1,243.56 0.9 0.9 (13.8) 196.1 163.3 147.0

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