Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.6% to close at 13,020.7. Losses were led by the...
Page 2 of 5
Qatar Market Commentary
 The QE index declined 0.6% to close at 13,020.7. The
Transportation and Banking & Fi...
Page 3 of 5
Draghi fails to deliver. Almost a year after Draghi pledged to
support the Eurozone recovery with low interest...
Page 4 of 5
has experienced a strong start to 2014, with its sales and
leasing activity increasing significantly across it...
Contacts
Saugata Sarkar Keith Whitney Sahbi Kasraoui
Head of Research Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 T...
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18 May Daily market report

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18 May Daily market report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 0.6% to close at 13,020.7. Losses were led by the Transportation and Banking & Financial Services indices, declining 1.3% and 0.7% respectively. Top losers were Ahli Bank and Dlala Brokerage & Inv. Hold. Co. falling 3.6% and 2.3% respectively. Among the top gainers, Ezdan Holding Group rose 7.8%, while Aamal Co. gained 3.9%. GCC Commentary Saudi Arabia: The TASI index rose marginally to close at 9,809.8. Gains were led by Med.&Pub. and Real Est. indices, rising 7.4% & 0.5% respectively. Tihama Advt.&Pub. gained 10.0%, while Saudia Dairy and Food. was up 7.0%. Dubai: The DFM index declined 0.9% to close at 5,136.0. The Insurance index fell 3.8%, while the Investment & Fin. Serv. Index was down 1.7%. Islamic Arab Insurance Co. declined 7.3%, while Ajman Bank was down 4.5%. Abu Dhabi: The ADX benchmark index fell 0.7% to close at 4,986.1. The Real Estate index declined 3.1%, while Industrial index was down 1.7%. Al Khazna Insurance Co. fell 10.0%, while Abu Dhabi Shipbuild. Co. was down 7.3%. Kuwait: The KSE index gained marginally to close at 7,404.9. The Consumer Services and Con. Goods indices rose 1.3% and 1.1% respectively. Al-Nawadi Holding Co. rose 7.7%, while Gulf Cable & Elect. Ind. Co. was up 6.7%. Oman: The MSM index rose 0.1% to close at 6,744.9. Gains were led by the Financial indices, rising 0.6%, while other indices ended in red. National Securities gained 10.0%, while National Gas was up 4.5%. Bahrain: The BHB index fell marginally to close at 1,463.2. The Services and Commercial Banking indices declined 0.1% each. Seef Properties Co. fell 1.0%, while Bahrain Maritime & Mercantile International Co. was down 0.6%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 30.40 7.8 5,278.1 78.8 Aamal Co. 18.46 3.9 2,215.2 23.1 National Leasing 31.70 1.4 1,109.7 5.1 Al Khaleej Takaful Group 39.00 1.0 113.0 38.9 Salam International Investment Co. 14.38 0.9 410.9 10.5 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 30.40 7.8 5,278.1 78.8 United Development Co. 25.65 (1.3) 2,971.7 19.1 Aamal Co. 18.46 3.9 2,215.2 23.1 Vodafone Qatar 18.73 0.0 1,962.2 74.9 Barwa Real Estate Co. 39.00 0.6 1,294.3 30.9 Market Indicators 18 May 14 15 May 14 %Chg. Value Traded (QR mn) 787.4 982.0 (19.8) Exch. Market Cap. (QR mn) 736,380.6 734,345.9 0.3 Volume (mn) 22.0 23.3 (5.5) Number of Transactions 9,240 9,598 (3.7) Companies Traded 43 42 2.4 Market Breadth 9:29 15:24 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 19,416.70 (0.6) (0.6) 30.9 N/A All Share Index 3,313.49 (0.5) (0.5) 28.1 15.9 Banks 3,160.05 (0.7) (0.7) 29.3 15.7 Industrials 4,480.84 (0.5) (0.5) 28.0 17.5 Transportation 2,353.09 (1.3) (1.3) 26.6 15.1 Real Estate 2,651.74 (0.1) (0.1) 35.8 13.3 Insurance 3,291.43 (0.3) (0.3) 40.9 8.7 Telecoms 1,724.41 (0.2) (0.2) 18.6 24.1 Consumer 7,094.92 0.0 0.0 19.3 27.8 Al Rayan Islamic Index 4,318.46 (0.3) (0.3) 42.2 18.8 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Tihama Saudi Arabia 302.00 10.0 559.3 1.8 Ezdan Holding Group Qatar 30.40 7.8 5,278.1 0.8 Saudi Dairy & Food.Co. Saudi Arabia 109.50 7.0 450.4 26.5 Gulf Cable & Elect. Ind Kuwait 0.80 6.7 1,025.5 (5.9) Aamal Co. Qatar 18.46 3.9 2,215.2 23.1 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Ajman Bank Dubai 3.00 (4.5) 2,371.2 21.0 Al Ahli Bank Qatar 51.00 (3.6) 22.3 20.6 Omani Qatari Telecom. Oman 0.55 (3.5) 1,062.1 (8.0) Deyaar Development Dubai 1.40 (3.5) 21,285.7 38.6 United Arab Bank Abu Dhabi 7.00 (3.5) 1.9 24.8 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% Ahli Bank 51.00 (3.6) 22.3 20.5 Dlala Brokerage & Inv. Hold. Co. 39.90 (2.3) 863.5 80.5 Qatar Navigation 96.50 (1.5) 16.1 16.3 United Development Co. 25.65 (1.3) 2,971.7 19.1 Al Khalij Commercial Bank 22.98 (1.3) 364.6 15.0 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Ezdan Holding Group 30.40 7.8 160,114.8 78.8 United Development Co. 25.65 (1.3) 75,658.7 19.1 Masraf Al Rayan 50.50 (0.6) 51,287.8 61.3 Barwa Real Estate Co. 39.00 0.6 50,243.9 30.9 Industries Qatar 186.50 (1.1) 41,793.5 10.4 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* 13,020.72 (0.6) (0.6) 2.7 25.4 216.31 202,283.7 16.2 2.2 3.8 Dubai 5,135.95 (0.9) (0.9) 1.5 52.4 419.90 95,108.3 20.6 2.0 2.0 Abu Dhabi 4,986.09 (0.7) (0.7) (1.2) 16.2 138.71 137,431.0 14.6 1.8 3.4 Saudi Arabia 9,809.81 0.0 0.0 2.3 14.9 3,259.38 532,367.7 19.5 2.4 2.9 Kuwait 7,404.89 0.0 0.0 (0.0) (1.9) 60.74 115,030.9 15.5 1.2 3.8 Oman 6,744.92 0.1 0.1 0.3 (1.3) 16.08 24,507.3 12.3 1.7 3.9 Bahrain 1,463.22 (0.0) (0.0) 2.5 17.2 0.20 53,968.7 10.6 1.0 4.7 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 13,000 13,050 13,100 13,150 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5 Qatar Market Commentary  The QE index declined 0.6% to close at 13,020.7. The Transportation 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.  Ahli Bank and Dlala Brokerage & Inv. Hold. Co. were the top losers, falling 3.6% and 2.3% respectively. Among the top gainers, Ezdan Holding Group rose 7.8%, while Aamal Co. gained 3.9%.  Volume of shares traded on Sunday fell by 5.5% to 22.0mn from 23.3mn on Thursday. However, as compared to the 30-day moving average of 31.0mn, volume for the day was 29.0% lower. Ezdan Holding Group and United Development Co. were the most active stocks, contributing 24.0% and 13.5% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings and Earnings Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Qatar Gas Transport Company (QGTS) Moody’s Qatar Senior secured debt Aa3 Aa3 – Stable – Qatar Gas Transport Company (QGTS) S&P Qatar AA- AA- – Stable – Al Ahli Bank of Kuwait (ABK) Capital Intelligence (CI) Kuwait FSR / LT FCR /ST FCR/SR a-/ a/a2 /2 a-/ a/ a2/ 2 – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency) Earnings Releases Company Market Currency Revenue (mn)1Q2014 % Change YoY Operating Profit (mn) 1Q2014 % Change YoY Net Profit (mn) 1Q2014 % Change YoY Depa Limited (DEPA) Dubai AED 461.0 3.4% – – 14.0 27.3% Islamic Arab Insurance Co. (Salama) Dubai AED – – 5.1 -83.1% -21.3 NA Source: Company data, DFM, ADX, MSM News Qatar  Deposit and loans both grew by 0.6% MoM in the month of April 2014 – After posting a flat performance (down 0.1% month-over-month [MoM] in March 2014), loans grew by 0.6% MoM in April 2014 primarily due to pick-up in credit off-take from the private sector which posted a growth of 2.2% MoM. On the other hand, deposits continued with its gradual growth (+0.6% MoM) and are up 6.5% year-to-date (YTD) vs. 3.8% growth in the loan book. Hence, the banking sector’s loans-to-deposits ratio (LDR) stood at 103% at the end of April 2014 vs. 105% at the end of 2013. On the loan book front, total domestic public sector loans declined by 1.3% MoM but are still up 1.4% YTD. The government segment’s loan book declined by 0.3% MoM after a 5.5% MoM growth in March 2014 (+18.6% YTD 2014). Furthermore, government institutions’ segment (represents ~60% of public sector loans) declined by 2.3% MoM and is still down 3.7% YTD. Private sector loans grew by 2.2% MoM and are up 5.0% YTD. The Contractors segment posted a 0.7% decline MoM. Despite this, contractors remain the best performing segment in the private sector, posting a growth 12.7% in the first four months of 2014. The General Trade segment (contributes ~13% to private sector loans) loan book grew by 1.1% MoM (+11.2% YTD). However, two other segments, real estate and consumption & others have posted modest growth in the first four months of 2014. Consumption & Others (contributes ~29% to private sector loans) increased by 1.2% MoM (+3.5 YTD). Real Estate (contributes ~28% to private sector loans) inched up by 0.7%. (QCB, QNBFS)  Qatari investor to buy €1.75bn stake in Deutsche Bank – Germany’s largest bank Deutsche Bank (DB) said it would raise €8bn in new capital, with a stake worth €1.75bn already placed with an investment vehicle owned by a private Qatari investor. The bank plans to raise another €6.3bn in a rights issue to existing shareholders. Earlier, the bank had raised €10.2bn in equity in 2010 and another €3bn in 2013, but that has not been enough to assuage investor concerns about its capital position as it faces increased regulatory demands. (Gulf-Times.com)  QFCRA withdraws Concordia Capital license – The Qatar Financial Centre Regulatory Authority (QFCRA) has withdrawn the license granted to Concordia Capital, due to the company’s failure to meet its capital and financial resource requirements, despite being provided with reasonable time to correct its non- compliance. As a result, Concordia will no longer be authorized to conduct financial services in or from the Qatar Financial Centre. (Gulf-Times.com) International  Economists await ECB stimulus measures in June – The European Central Bank (ECB) President Mario Draghi has left little room for doubt, with economists predicting that he will ease monetary policy in June after giving clear indication on May 8. While that allows investors to prepare for added stimulus and a weaker euro, it also sets them up for a bigger disappointment if Overall Activity Buy %* Sell %* Net (QR) Qatari 69.81% 70.57% (5,921,983.43) Non-Qatari 30.18% 29.43% 5,921,983.43
  3. 3. Page 3 of 5 Draghi fails to deliver. Almost a year after Draghi pledged to support the Eurozone recovery with low interest rates, the central bank is faced with mediocre economic growth and inflation at less than half its goal. That has increased the odds for policy makers to step up their response with radical measures that could range from negative deposit rates to asset purchases. In the Bloomberg survey, 47 of the 52 economists said the ECB will ease its policy when the Governing Council meets on June 5 in Frankfurt. (Bloomberg)  Reuters: No sign of major central banks tightening the reins – Government bond yields have tumbled on the basis that the world's major central banks will continue to maintain their easy monetary policy and in some cases loosen further. Economic data in the week ahead – most notably purchasing managers surveys for May 2014 (PMIs) from the US, China and the Eurozone – will be used by investors to test that thesis. Sources have told Reuters that the European Central Bank is preparing a package of policy options during its June meeting, including cuts in all its interest rates and targeted measures aimed at boosting lending to small and mid-sized firms. Meanwhile, minutes of the US Federal Reserve's recent policy meeting, at which it reduced its monthly bond purchases to $45bn from $55bn, will be released shortly. At the April 30 meeting, the Fed stuck to its assessment that the economy would need near-zero interest rates for a considerable time even after its asset purchases are fully wound down by year-end. The US economy hardly grew in the first quarter but has gathered pace since. (Reuters)  Japan machinery orders soar in March, tax hike pain seen temporary – Core machinery orders in Japan surged in March 2014 and Japanese firms expect orders to rise in the current quarter in a sign that capital spending is picking up. The record 19.1% MoM rise in core orders, a leading indicator of capital spending in the coming six to nine months, blew past a 6.0% gain forecast by a Reuters poll. Japanese companies had forecast that core orders will rise 0.4% in April-June from the previous quarter, which would mark the fifth straight quarter of gains. In January-March, core orders rose 4.2%. These readings bode well for the BoJ’s argument that the economy can weather the tax hike, likely easing pressure for fresh monetary stimulus. The BoJ is set to stick to its upbeat view of the economy at its upcoming policy review this week and may raise its view on capital expenditure, suggesting that no immediate expansion of monetary stimulus is forthcoming. (Reuters)  NDRC: Faster economic reforms needed in China – China’s top economic planning agency said the country will try to quicken the pace of economic reforms this year as part of the government's efforts to arrest a slowdown in the world's second- largest economy. The National Development & Reform Commission (NDRC) reaffirmed nine reform priorities for 2014, including deepening reforms in the power and oil & gas industries as well as cutting red tape for investment approvals. The NDRC stated that the country needs to try boldly to quicken the reform not only for reform draft planning, but also to solve the problems of the current economy. The statement followed a batch of economic data that showed across-the-board weaknesses in the Chinese economy, sparking calls for Beijing to ease policies to shore up growth. (Reuters) Regional  Saudi Aramco’s downstream investments to cross $100bn next decade – Saudi Aramco stated that its downstream investments would exceed $100bn over the next decade, as the global demand for oil rises by a quarter in the next 25 years. Saudi Aramco's CEO Khalid Al-Falih said the company's refining capacity would be between 8mn to 10mn bpd in the coming years, a figure exceeding the 8mn bpd goal cited in 2012. (Reuters)  Bank AlJazira plans SR1bn capital increase – Bank AlJazira’s board of directors has invited its shareholders to attend the company’s EGM to discuss an increase in the bank’s capital from SR3bn to SR4bn by issuing one bonus share for every three existing shares. This increase will be paid by transferring SR500mn from the retained earnings account to the bank’s capital and SR500mn from the statutory reserve account. Consequently, the bank’s outstanding shares will be raised from 300mn shares to 400mn shares. The bank intends to use the proceeds to expand its capital base to promote its business. (Tadawul)  SR500bn municipal projects launched in Taif – Makkah’s Governor Prince Mishaal bin Abdullah inaugurated a number of developmental projects in Taif recently. The new projects include the headquarters for the Higher Committee for Taif Development as well as new municipal projects that are under construction in the governorate. Taif’s Mayor Muhammad Al- Mokhrej said the prince laid foundation stones for 26 municipal projects worth SR500bn. The mayor said the new projects include the National Joy Garden, Al-Jal Bridge, Gardens Street, Bani Saad branch municipality office, and vegetable and meat markets in Al-Mowaih. (Zawya)  HSBC sees UAE’s growth enhancing Sukuk outlook in 2Q2014 – According to HSBC Holdings, borrowers in the UAE will help revive regional Sukuk sales this year from the slowest start since 2011 as the economy gains strength. Dubai-based Global Head of Sukuk Financing for HSBC Mohammed Dawood said that the UAE will be the biggest contributor to Sukuk issuance by the end of the 2Q2014. He said full-year sales in the six-nation GCC region could match or exceed last year’s $21.2bn. Recoveries in real estate, trade and tourism sectors in the second-biggest Arab economy are fuelling a rebound in growth, leading the International Monetary Fund to consider raising its 2014 forecast. (Gulf-Times.com)  Flydubai adds 10 weekly flights to India – Dubai-based Flydubai is adding 10 new flights to India with four weekly flights to Delhi and three weekly flights to cities in Kerala state from June. The expansion follows a recent change done to an air services agreement that will add 11,000 more seats on the Dubai-India route. Earlier this month, Flydubai announced the new destinations and confirmed that the Delhi flights will start on June 1, 2014 and flights to Kochi and Thiruvananthapuram on June 2 and 3, 2014, respectively. (Bloomberg)  Steady progress in DEWA’s 67km water transmission project – The Dubai Electricity & Water Authority (DEWA) has recorded significant progress in the 67-kilometer long new water transmission line. DEWA has completed the extension of 40 kilometer of water pipes for the project covering several areas of Dubai, which include Dubai-Al Ain road, Dubai bypass road, Doha Street, and the camel racetrack. The project is expected to be worth AED360mn. (GulfBase.com)  STG appoints CEO, Chairman – Sudatel Telecom Group’s (STG) board of directors has appointed Tariq Hamza Zainelabdeen as its CEO and Abdelrahman Mohammed Dirar as the Chairman of the board, effective from May 17, 2014. (ADX)  Aldar’s Al Hadeel units completely sold – Aldar Properties has sold all the units at its new Al Hadeel residential community in Abu Dhabi on the first day of its sales launch. Al Hadeel is located at Al Raha Beach and offers studios, bedroom apartments, as well as townhouses with panoramic views. Aldar
  4. 4. Page 4 of 5 has experienced a strong start to 2014, with its sales and leasing activity increasing significantly across its entire portfolio. (GulfBase.com)  ADIB Securities joins Nasdaq Dubai – The brokerage subsidiary of Abu Dhabi Islamic Bank, ADIB Securities has become an equities member of Nasdaq Dubai, thereby connecting its customers to new trading opportunities in the region. The membership will enable ADIB Securities to extend the reach of its Shari'ah-compliant trading platform, giving clients access to an exchange that is increasingly becoming an active marketplace for Islamic securities. (GulfBase.com)  UAE CB approves ADIB-Barclays deal – Abu Dhabi Islamic Bank (ADIB) is expected to conclude its retail business deal with Barclays in 2H2014 as it has received regulatory approval from the UAE Central Bank (UAE CB). Earlier, ADIB had signed an agreement to acquire the retail banking business of Barclays in the country. The transaction will result in around 110,000 Barclays customers joining ADIB’s strong network of 80 branches, 602 ATMs and an internet and mobile banking platform. (GulfBase.com)  Etihad acquires HIFA from Mubadala – Etihad Airways has acquired Horizon International Flight Academy (HIFA) from Mubadala Development Company. HIFA is a training provider for helicopter rotary wing and airplane fixed wing, which currently has 210 trainees enrolled in its program. The academy has been training Etihad’s cadet pilots for the past seven years. (Bloomberg)  ICBC to open branch in Kuwait – Major Chinese bank the Industrial & Commercial Bank of China (ICBC) has received approval to open a branch in Kuwait. Allowing foreign banks to expand in Kuwait will encourage competition and the development of banking products and services. (Reuters)  Metco, NEC in network deal with Zain Kuwait – The Middle East Telecommunications Company (Metco) and NEC Corporation (NEC) have announced a new contract with Zain Kuwait that will enable Zain Kuwait to increase its LTE, 3G and 2G network capacity. Metco’s mobile network expertise, combined with NEC’s iPasolink series of advanced microwave radio solutions and network management system, will upgrade Zain Kuwait’s backhaul transmission network to meet growing mobile broadband demand. The project is expected to be completed by the end of 2014. (Bloomberg)  Kuwait eases rules for listing joint-stock companies – Kuwait’s Capital Markets Authority (CMA) has eased the capital rules for joint-stock companies (JSCs) for listing on the stock exchange in order to encourage firms to raise funds and broaden their shareholder base. JSCs will now need annual profits of 5% of their capital, instead of the previous 7.5%, while shareholders' equity needs to be 110% of the capital instead of 115%. Companies also need to have operating income equal to 75% of total revenues. These new regulations are part of a series of rulings this year from the CMA, which is trying to boost activity on the sluggish market as well as clamp down on any suspicious dealings. (Reuters)  FRI completes seismic interpretation of Block 38 in Oman – Frontier Resources International (FRI) has completed studying legacy data of its Block 38 in Oman, and has identified numbers of possible exploration targets. These potentially attractive exploration targets include formations within Precambrian- Cambrian units, many of which contain hydrocarbon deposits at the analog Khazzan Makarem Field in central Oman, which is currently under development by BP. (GulfBase.com)  Al Nab'a partners with NBCC for infrastructure projects – Al Nab'a Group has partnered with an Indian infrastructure development company to explore project opportunities across the wider GCC region. Through its alliance with National Buildings Construction Corporation (NBCC), a company under India's Ministry of Urban Development, Al Nab'a aims to enhance its stake across all segments of the infrastructure and civil construction markets in and around the Sultanate. This new agreement takes Al Nab'a to a new phase of its future growth as a well-diversified Omani corporation with interests spanning over a number of key trading, contracting, and services sectors. (Bloomberg)  FBREDC appoints new Chairman – First Bahrain Real Estate Development Company (FBREDC) has appointed Waleed Ahmed Al Khaja as its new Chairman for a term of three years. (GulfBase.com)  GFH Capital to acquire Dubai private school for $34mn – Gulf Finance House’s (GFH) subsidiary, GFH Capital has signed an agreement to acquire a Dubai-based private school offering K-12 education. The school is valued at $34mn and serves a fast growing base with capacity of 1,900 students. (Bahrain Bourse)  AmCham partners with FinMark – The American Chamber of Commerce, Bahrain (AmCham) has partnered with FinMark Communications to support ongoing efforts to further strengthen its channels of communications and reach out to member companies. The organizations will work together to enhance participation at various AmCham events in the Kingdom and abroad, which are focused on providing member companies and individuals a platform for business development, networking and the sharing of insight on key economic opportunities. (Bloomberg)  Gulf Air extends partnership with VIVA Bahrain – Gulf Air has signed an agreement with VIVA Bahrain extending the airline’s partnership with most innovative telecommunications provider to include acquiring 355 iPad devices as part of Gulf Air’s proposed roll-out of iPad Electronic Flight Bags. (Bloomberg)
  5. 5. Contacts Saugata Sarkar Keith Whitney Sahbi Kasraoui Head of Research Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@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 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 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC 0.0% (0.6%) 0.0% (0.0%) 0.1% (0.7%) (0.9%) (1.2%) (0.9%) (0.6%) (0.3%) 0.0% 0.3% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,293.46 0.0 0.0 7.3 DJ Industrial 16,491.31 0.0 0.0 (0.5) Silver/Ounce 19.37 0.0 0.0 (0.5) S&P 500 1,877.86 0.0 0.0 1.6 Crude Oil (Brent)/Barrel (FM Future) 109.75 0.0 0.0 (0.9) NASDAQ 100 4,090.59 0.0 0.0 (2.1) Natural Gas (Henry Hub)/MMBtu 4.43 0.0 0.0 1.9 STOXX 600 338.99 0.0 0.0 3.3 LPG Propane (Arab Gulf)/Ton 102.25 0.0 0.0 (19.0) DAX 9,629.10 0.0 0.0 0.8 LPG Butane (Arab Gulf)/Ton 114.62 0.0 0.0 (16.0) FTSE 100 6,855.81 0.0 0.0 1.6 Euro 1.37 0.0 0.0 (0.4) CAC 40 4,456.28 0.0 0.0 3.7 Yen 101.50 0.0 0.0 (3.6) Nikkei 14,096.59 0.0 0.0 (13.5) GBP 1.68 0.0 0.0 1.5 MSCI EM 1,031.95 0.0 0.0 2.9 CHF 1.12 0.0 0.0 0.0 SHANGHAI SE Composite 2,026.50 0.0 0.0 (4.2) AUD 0.94 0.0 0.0 5.0 HANG SENG 22,712.91 0.0 0.0 (2.5) USD Index 80.04 0.0 0.0 0.0 BSE SENSEX 24,121.74 0.0 0.0 13.9 RUB 34.75 0.0 0.0 5.7 Bovespa 53,975.76 0.0 0.0 4.8 BRL 0.45 0.0 0.0 6.7 RTS 1,262.01 0.0 0.0 (12.5) 187.1 154.8 141.0

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