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18 February Daily market report

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  • 1. QE Intra-Day Movement Market Indicators 11,740 11,720 11,700 11,680 18 Feb 14 17 Feb 14 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 611.4 613,260.4 14.0 5,513 38 19:18 1,030.8 614,276.8 16.0 7,486 38 20:14 (40.7) (0.2) (12.4) (26.4) 0.0 – 11,660 Market Indices 11,640 9:30 Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index declined 0.3% to close at 11,690.5. Losses were led by the Telecoms and Banking & Financial Services indices, declining 1.0% and 0.4% respectively. Top losers were Doha Insurance Co. and Al Meera Consumer Goods Co., falling 10.0% and 1.9% respectively. Among the top gainers, Widam Food Co. rose 5.4%, while Mannai Corporation gained 5.2%. Close 1D% WTD% YTD% TTM P/E 16,798.44 2,907.25 2,792.58 3,909.06 2,041.08 2,035.78 2,763.89 1,608.30 6,603.32 3,357.49 (0.3) (0.2) (0.4) (0.1) 0.3 0.4 0.9 (1.0) 0.2 (0.1) 1.5 1.5 (0.8) 5.1 2.3 2.5 1.1 1.2 1.6 2.0 13.3 12.4 14.3 11.7 9.8 4.2 18.3 10.6 11.0 10.6 N/A 14.0 14.3 14.5 13.8 13.9 6.4 21.6 25.2 17.3 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index rose 0.2% to close at 8,956.9. Gains were led by the Real Estate Dev. and Insurance indices, rising 1.4% and 1.2% respectively. Saudi Marketing gained 9.9%, while Saudi Enaya was up 9.8%. Saudi Enaya Coop. Ins. Saudi Arabia Arab Banking Corp. Dubai: The DFM index declined 1.1% to close at 4,176.6. The Consumer Staples index fell 9.9%, while the Telecommunication index was down 5.6%. Emirates Refreshments Co. declined 9.9%, while ASCANA was down 8.7%. Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,870.4. The Inv. & Fin. Services index declined 3.4%, while the Energy index was down 1.7%. National Takaful Co. fell 5.8%, while Waha Capital was down 3.4%. Mannai Corp. GCC Top Losers Exchange Kuwait: The KSE index gained 0.2% to close at 7,808.4. The Technology index rose 2.8%, while the Telecommunication index was up 1.3%. Al Safat Tec Holding Co. gained 7.9%, while Gulf Cement Co. was up 7.6%. Emirates Int. Telecom. Dubai 6.20 (5.6) 10,688.9 (6.9) Air Arabia Dubai 1.59 (4.8) 88,394.3 2.6 Oman: The MSM index rose 0.1% to close at 7,159.8. The Services Index gained 0.2%, while the Financial index was up 0.1%. Al Batinah Dev. Inv. Holding rose 8.7%, while Oman United Insurance was up 3.4%. Dubai Financial Market Dubai 3.25 (3.0) 38,241.9 31.6 Dubai Investments Dubai 3.54 (2.7) 31,241.3 42.2 Astra Industrial Group Saudi Arabia 60.00 (2.4) 176.6 13.2 Bahrain: The BHB index gained 1.1% to close at 1,347.3. The Industrial index rose 2.4%, while the Investment index was up 1.6%. Khaleeji Commercial Bank gained 10.0%, while Al Salam Bank was up 9.5%. Close# 1D% 40.40 9.8 3,058.4 0.2 Bahrain 0.40 6.7 310.0 6.7 Nat. Marine Dredging Abu Dhabi 9.30 6.3 11.2 8.1 Ajman Bank Dubai 3.25 6.2 15,415.0 31.0 Qatar 103.10 5.2 3.7 14.7 ## Widam Food Co. Mannai Corp. 1D% Vol. ‘000 YTD% 1D% Vol. ‘000 YTD% 5.4 595.0 (3.3) Doha Insurance Co. 14.7 Al Meera Consumer Goods Co. Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% 27.55 Close* 3.7 Close YTD% 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) 50.00 Qatar Exchange Top Gainers # Vol. ‘000 (10.0) 138.7 10.2 155.00 (1.9) 391.5 16.3 103.10 5.2 Qatar General Ins. & Rein. Co. 48.00 1.1 2.4 0.2 Al Ahli Bank 64.00 (1.8) 9.8 16.4 Medicare Group 62.70 1.0 624.8 19.4 Qatar Islamic Bank 80.90 (1.6) 184.4 17.2 Qatar Navigation 96.00 0.9 327.1 15.7 Masraf Al Rayan 38.45 (1.4) 855.6 22.8 Close* 1D% Val. ‘000 YTD% 31.60 0.3 81,075.0 6.0 Industries Qatar 193.00 (0.1) 68,171.7 14.3 Al Meera Consumer Goods Co. 16.3 Close* 1D% Vol. ‘000 YTD% Barwa Real Estate Co. 31.60 0.3 2,571.7 6.0 Vodafone Qatar 12.39 (1.1) 2,560.0 15.7 United Development Co. 22.71 0.5 2,423.0 0.4 155.00 (1.9) 60,585.2 Masraf Al Rayan 38.45 (1.4) 855.6 22.8 United Development Co. 22.71 0.5 54,659.9 0.4 Medicare Group 62.70 1.0 624.8 19.4 Medicare Group 62.70 1.0 38,722.4 19.4 Qatar Exchange Top Vol. Trades Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Barwa Real Estate Co. Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 11,690.49 4,176.64 4,870.36 8,956.86 7,808.38 7,159.78 1,347.28 (0.3) (1.1) (0.2) 0.2 0.2 0.1 1.1 1.5 1.9 (0.5) 0.3 (0.4) (0.2) 2.2 4.8 10.8 4.2 2.2 0.7 1.0 4.1 12.6 23.9 13.5 4.9 3.4 4.8 7.9 Exch. Val. Traded ($ mn) 167.91 807.19 244.69 1,688.31 135.24 24.03 6.94 Exchange Mkt. Cap. ($ mn) 168,340.0 83,403.2 135,259.7 490,425.6 112,654.9 25,609.4 51,324.2 P/E** P/B** 14.8 17.9 13.2 18.0 15.9 11.1 9.5 2.0 1.6 1.7 2.2 1.2 1.6 0.9 Dividend Yield 4.0 2.0 3.7 3.3 3.7 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 declined 0.3% to close at 11,690.5. The Telecoms and Banking & Financial Services indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders. Overall Activity Buy %* Sell %* Net (QR) Qatari 71.54% 75.83% (26,158,034.84) Non-Qatari 28.45% 24.17% 26,158,034.84 Source: Qatar Exchange (* as a % of traded value)  Doha Insurance Co. and Al Meera Consumer Goods Co. were the top losers, falling 10.0% and 1.9% respectively. Among the top gainers, Widam Food Co. rose 5.4%, while Mannai Corporation gained 5.2%.  Volume of shares traded on Tuesday fell by 12.4% to 14.0mn from 16.0mn on Monday. However, as compared to the 30-day moving average of 12.2mn, volume for the day was 14.9% higher. Barwa Real Estate Co. and Vodafone Qatar were the most active stocks, contributing 18.3% each to the total volume. Earnings and Global Economic Data Earnings Releases Company Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY SR – – 63.3 -28.7% -30.2 NA Saudi SR 660.3 42.2% – – -29.8 NA Dubai AED 10,799.3 9.7% – – 1,986.4 0.3% Bahrain BHD – – 0.1 NA 1.2 190.4% Kuwait KD – – – – 14.0 75.0% Market Saudi Research And Marketing Group * Malath Cooperative Insurance And Reinsurance Company * Emirates Integrated Telecommunications Company (DU)* Bahrain Family Leisure Co. (FAMILY) * Kuwait Projects Co Currency Saudi Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 02/18 US US Treasury Net Long-term TIC Flows 02/18 US US Treasury Total Net TIC Flows December -$45.9B $22.5B -$28.0B December -$119.6B – 02/18 US NAHB NAHB Housing Market Index -$13.0B February 46.00 56.00 02/18 EU European Central Bank 56.00 ECB Current Account SA December 21.3B – 23.3B 02/18 EU 02/18 EU European Central Bank Current Account NSA December 33.2B – 27.2B ZEW ZEW Survey Expectations February 68.50 – 02/18 73.30 UK ONS CPI MoM January -0.60% -0.50% 0.40% 02/18 UK ONS CPI YoY January 1.90% 2.00% 2.00% 02/18 UK ONS RPI MoM January -0.30% -0.40% 0.50% 02/18 UK ONS RPI YoY January 2.80% 2.70% 2.70% 02/18 UK ONS PPI Input NSA MoM January -0.90% -0.40% 0.20% 02/18 UK ONS PPI Input NSA YoY January -3.10% -2.90% -1.00% 02/18 UK ONS PPI Output NSA MoM January 0.30% – – 02/18 UK ONS PPI Output NSA YoY January 0.90% 0.70% 1.00% 02/18 UK ONS PPI Output Core NSA MoM January 0.50% 0.10% 0.10% 02/18 UK ONS PPI Output Core NSA YoY January 1.20% 0.70% 1.00% 02/18 UK ONS ONS House Price YoY December 5.50% 6.00% 5.40% 02/18 China National Bureau of Stat. Foreign Direct Investment YoY January 16.10% 2.50% 3.30% 02/18 Japan JMTBA Machine Tool Orders YoY January 40.30% – 28.10% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 5
  • 3. News Qatar  QE to list MPHC on February 26 – The Qatar Exchange (QE) is scheduled to list the shares of Mesaieed Petrochemical Holding Company (MPHC) on February 26, 2014. The decision to list MPHC on QE resulted after the company obtained approval from the Qatar Financial Markets Authority and fulfilled all the necessary listing requirements. With the listing of MPHC, the number of listed companies on QE will increase to 43. QE stated that the company’s shares will be listed in the industrial sector with a ticker symbol, MPHC. (Peninsula Qatar)  MERS reports QR90.4mn net profit for 4Q2013 – Al Meera Consumer Goods Company (MERS) reported a net profit of QR90.4mn in 4Q2013, up by 170.8% QoQ vs. QR33.4mn for 3Q2013. MERS’ 4Q2013 revenue dropped by 6.4% QoQ to reach QR442.4mn. FY2013 revenue reached QR1.95bn, reflecting an increase of 29.4% as compared to QR1.50bn in 2012. The company’s FY2013 net profit surged by 85.4% YoY to QR196.1mn. However, excluding non-recurring income (land and building sale) of QR71.4mn, MERS’ profit was up by 17.9% YoY. EPS for 2013 stood at QR10.27 vs. QR9.00 (restated for rights issue) in 2012. Meanwhile, MERS has recommended 80% cash dividend (QR8.00/share; flat with last year), which will have to be approved by shareholders at the annual general assembly, scheduled on March 26, 2014. (QE, QNBFS Research)  QNB, QDB and Al-Naqeeb join hands for new plant in SME aid – As part of its commitment to provide banking products and services to Small and Medium sized Enterprises (SMEs), QNB Group, was the first bank to join Qatar Development Bank’s (QDB) QDB Al Dhameen program back in 2010. As the bank which has financed the most clients through Al Dhameen we continue our commitment to the SME sector. As part of this, a signing ceremony took place during which QNB, Al-Naqeeb Plastic Factory and QDB signed the relevant documents for a new financing that is supported through the Al-Dhameen program. Al Dhameen is a Private Sector Enterprise program pioneered by QDB that enables lending to businesses that require collateral. QNB is a keen supporter of the program and is committed to working in close partnership with QDB to help grow the private sector and support the free market economy in Qatar. (QNB Group Press Release)  DOHI’s AGM, EGM approve 20% cash dividend, capital increase – The Doha Insurance Company (DOHI) has approved its board’s proposal in the AGM held on February 17 to distribute 20% cash dividend, i.e. QR2 per share, among others. Similarly, the EGM has approved a capital increase of 94.25% from QR257.4mn to QR500mn through issuance of 24,260,000 additional shares. Those shareholders who are registered with the company on February, 16 2014 will be eligible for these shares.(QE)  QNNS’ BoD to meet on February 26 – Qatar Navigation Company’s (QNNS) board of directors will meet on February 26, 2014 to discuss the company’s financial results ending on December 31, 2013. (QE)  QA, Boeing sign deal to maximize in-flight operational efficiency – Qatar Airways (QA) and Boeing have signed a fiveyear agreement to avail Boeing Wind Updates services for maximizing the airline’s in-flight operational efficiency. Boeing Wind Updates provides customized, real-time wind and temperature information for flight crews and the aircraft flight management system, which allows for more efficient trajectory prediction during pre-flight operations and continuous optimization in-flight. As part of the agreement, Boeing Wind Updates will be integrated across all Qatar Airways Boeing and Airbus aircraft. (Gulf-Times.com)  QA to start Mideast’s first all-business-class service – Qatar Airways will introduce a daily flight between Doha and London from May 15 with an all-business-class cabin, the first of its kind in the Middle East. QA will deploy an Airbus Group NV A319 aircraft with 40 seats, adding a sixth daily service from Doha to London Heathrow and raising its weekly frequency to 42 flights from 35. (Bloomberg) International  UK inflation undershoots BOE’s target for first time since 2009 – British inflation for January fell below the Bank of England's (BOE) target for the first time in over four years, reinforcing the bank's decision not to rush for a raise in interest rates. The Office for National Statistics stated that consumer prices rose 1.9% on the year in January, slowing from December's rate of 2.0%, making it the lowest increase since November 2009. Before December 2013, annual inflation exceeded the BOE’s 2% target every month since December 2009. (Reuters)  US Fed adopts foreign bank capital rules – The US Federal Reserve approved new standards for foreign banks that will require the biggest ones to hold more capital in the US, joining other countries in erecting walls around the domestic financial system. Banks with assets worth $50bn in the US will have to meet the new standard approved under a revised rule, which raised the threshold from $10bn proposed in 2012. The central bank left out two controversial elements of the original proposal. Part of the proposal that established limits on banks’ exposures to single parties was held back because the Fed is still working on how to define them for US firms. Another planned change, which would have set an additional capital buffer above the standard requirements, also was left out. (Bloomberg)  US concerned about Japan domestic demand outlook – The US expressed concern about whether domestic demand will remain a principal driver of the Japanese economy. US Treasury Secretary Jack Lew said, Japan's economy has been largely driven by domestic demand over the last two years, but the outlook for domestic demand has clouded. (Reuters) Regional  Saudi-Qatar sign MoU deals on meteorology, environment – Qatar and Saudi Arabia have signed the minutes of the exchange of the ratification instruments of two MoUs, one in the meteorology field and another MoU in the environment field. HE Mohamed Bin Abdullah Al Rumaihi, the Assistant Foreign Minister for Foreign Affairs signed for Qatar whereas HE Abdullah Bin Abdulaziz Al-Ayfan, the Saudi Ambassador to Qatar signed for his country. (Peninsula Qatar)  JODI: Saudi crude exports rose to 12-year high in 2013 – According to latest statistics from the Joint Organisations Data Initiative (JODI), Saudi Arabia exported more crude oil in 2013 than in any year since at least 2002. The Kingdom shipped 7.54mn bpd on average last year, up from 7.41mn bpd in 2012. Saudi Arabia exported 5.49mn bpd in 2002, when JODI began collecting oil data. Saudi monthly exports in 2013 peaked at 7.84mn bpd in August, the most since April and May of 2003. (Bloomberg)  SWCC starts 400MW power production from Ras Al Khair – Saudi Saline Water Conversion Corp (SWCC) expects to start up a second 400MW generating unit at a power plant at Ras Al Khair in 2Q2014, after starting the first unit. The power plant’s Page 3 of 5
  • 4. total capacity will reach at least 800MW in 2Q. Abdulrahman Mohammed al-Ibrahim said that SWCC plans to have 1,200MW of capacity by the end of the summer. Power production at Ras Al Khair was originally expected to start in late 2012, but was delayed due to construction issues. (Bloomberg)  SPM to raise capital to SR450mn by bonus shares – Saudi Paper Manufacturing Company’s (SPM) board of directors has recommended a capital increase of 20% by issuing bonus shares. The company’s capital will be raised from SR375mn to SR450mn through the issue of one bonus share for every five shares. The increase will be carried out through capitalization of SR75mn from the retained earnings account. Consequently, the company’s shares will rise from 37.5mn shares to 45mn shares. Eligibility of bonus shares is limited to the shareholders who are registered in the Securities Depository Center at the close of trading on the day of the EGM, which will be determined later. (Tadawul)  Herfy Foods declares dividend for 2013 – Herfy Food Service Company’s board of directors has recommended the distribution of dividends worth SR57,750,000 to its shareholders for 2013. The dividend per share will be SR1.75, representing 17.5% of the face value. Those shareholders who are registered with the Securities Depository Center on the day of the general assembly will be eligible for this dividend (to be announced later). (Tadawul, Zawya)  Bahra Cables signs SR127mn deal with HHI – Bahra Advanced Cable Manufacture Company (Bahra Cables) has signed a contract worth SR127mn with Hyundai Heavy Industries (HHI) to supply low and medium voltage cables for the Jeddah South Thermal Power Plant Stage-1. The power plant will generate 2400-2800MW of electricity to cater to 2mn people. (Gulfbase)  Zamil declares SR60mn dividend for 2H2013 – Zamil Industrial Investment Company’s (ZIIC) board has recommended the distribution of dividends worth SR60mn for 2H2013. The dividend per share will be SR1, representing 10% of the face value. Those shareholders who are registered with the Securities Depository Center on the day of the general assembly will be eligible for this dividend (to be announced later). (Tadawul)  EIBANK’s net profit jumps 38% to AED36.2mn – Emirates Investment Bank (EIBANK) has reported 38% increase in its net profit to AED36.2mn for FY2013 as compared to AED26.3mn in FY2012. The bank’s total assets under management increased by 71% to AED4.26bn as compared to AED2.49bn in 2012. Customer deposits grew by 109% to AED1.67bn from AED0.80bn in 2012. (DFM) have registered a 7.7% growth compared with January 2013 to record 11,972 movements. (Bloomberg)  Dana Gas signs deal for concession in Nile Delta – Dana Gas has signed an agreement for the North El Arish (Block 6) Concession Area, offshore the eastern Nile Delta. The 2,980 square kilometers block was awarded in April 2013. Further, the company has announced the award of a new development lease, known as Balsam, which is located in the West El Manzala Concession, Nile Delta region. The lease, which is 32 square kilometers, brings the number of current leases to 13. Dana Gas has also secured an 18 square kilometers increase at its El Basant and Sama development leases in West El Manzala and West Al Qantara Concessions respectively. (ADX)  Moody's: Omani banking system outlook stable – Moody’s Investors Service stated that the outlook for the banking system in Oman remains stable, reflecting the country favorable operating environment underpinned by high oil prices and increased government spending. The rating agency expects stable macroeconomic conditions to support low levels of nonperforming loans (NPLs), sound liquidity buffers, healthy levels of capitalization and earnings. These supportive factors will continue to offset potential shocks from an unexpected drop in oil prices and risks stemming from high borrower concentrations, opacity surrounding local conglomerates and real-estate sector exposures. Moody's expects Oman's real GDP to expand by 4.3% in 2014. Relatively high oil prices will fuel the government's ability to increase spending, stimulating the nonoil sectors and the banking sector over the 12-18 month outlook period. Moody's said that stable macroeconomic conditions will lead to credit growth of around 10-12% in nominal terms in 2014. (Bloomberg)  ABC reports $239mn net profit in 2013 – The Arab Banking Corporation (ABC) has reported a rise of 17% in its net profit to $239mn in 2013 as compared to $205mn in 2012. Net interest income stood at $504mn as compared to $521mn in 2012. The bank’s total assets stood at $26,545mn at the end of 2013 as compared to $24,527mn a year earlier. Loans & advances rose by $0.8bn to $13.7bn, while customer deposits grew from $17.2bn to $18.3bn. EPS amounted to $0.08 in 2013 as compared to $0.07 in 2012. Meanwhile, the bank’s board has recommended the distribution of 5% dividend worth $155.5mn, representing $0.05 per share. (Bahrain Bourse)  FAMILY’S BoD recommends 7.5% cash dividend – Bahrain Family Leisure Company’s (FAMILY) board of directors has recommended the distribution of cash dividend of 7.5% of fully paid-up capital. (Bahrain Bourse)  DI appoints head for its glass subsidiaries – Dubai Investments (DI) has appointed Rizwanulla Khan as the Executive President for its glass subsidiaries – Emirates Glass, Lumiglass and Saudi American Glass. (DFM)  ADPC appoints new EVP Ports – Abu Dhabi Ports Company (ADPC) has appointed Gary Lemke as the new Executive Vice President (EVP) Ports. Lemke will oversee the Khalifa Port and the three commercial ports – Zayed Port, the Free Port and Musaffah Port. He will also be responsible for the ports in the Al Gharbia region, which support local industry and leisure activities. (Ameinfo)  ADIA records 14.5% passenger growth in January – Abu Dhabi International Airport (ADIA) has recorded a 14.5% passenger growth in January 2014 as compared to January 2013. 1,564,266 passengers used the airport in January 2014, growing from 1,366,433 in January 2013. Aircraft movements Page 4 of 5
  • 5. Rebased Performance Daily Index Performance 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 143.6 0.6% 130.7 1.1% 1.2% 0.0% 0.2% (0.6%) 0.2% 0.1% (0.2%) (0.3%) (1.2%) S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price* North American Spot LPG Normal Butane Price* Euro Source: Bloomberg Close ($) 1D% WTD% YTD% 1,321.97 (0.5) 0.2 9.6 21.94 1.1 2.1 12.7 110.46 1.2 1.3 5.74 3.7 155.00 Global Indices Performance Close 1D% WTD% YTD% 16,130.40 (0.1) (0.1) (2.7) S&P 500 1,840.76 0.1 0.1 (0.4) (0.3) NASDAQ 100 4,272.78 0.7 0.7 2.3 3.7 32.1 STOXX 600 334.60 0.0 0.4 1.9 0.0 0.0 22.8 DAX 9,659.78 0.0 (0.0) 1.1 138.50 0.0 0.0 1.5 FTSE 100 6,796.43 0.9 2.0 0.7 CAC 40 DJ Industrial 1.38 0.4 0.5 0.1 102.36 0.4 0.6 (2.8) GBP 1.67 (0.2) (0.4) 0.8 MSCI EM CHF 1.13 0.4 0.5 0.6 SHANGHAI SE Composite AUD 0.90 (0.1) (0.1) 1.2 USD Index 80.01 (0.2) (0.2) (0.0) RUB 35.44 0.6 0.8 7.8 BRL 0.42 (0.2) (0.4) (1.3) Yen Dubai May-13 Oman Oct-12 Abu Dhabi QE Index Mar-12 Bahrain Aug-11 Kuwait Jan-11 (1.1%) Qatar (1.8%) Saudi Arabia Jun-10 1.8% 168.0 Source: Bloomberg (*Market closed on February 18, 2014) Nikkei 4,330.71 (0.1) (0.2) 0.8 14,843.24 3.1 3.7 (8.9) 958.87 (0.6) 0.2 (4.4) 2,119.07 (0.8) 0.2 0.1 HANG SENG 22,587.72 0.2 1.3 (3.1) BSE SENSEX 20,634.21 0.8 1.3 (2.5) Bovespa 46,599.76 (2.1) (3.3) (9.5) 1,343.62 (0.3) 0.0 (6.9) 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