1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 1.8% to close at 12,788.2. Losses were led by the
Insurance and Industrials indices, declining 2.4% and 2.3% respectively. Top
losers were Qatar Islamic Bank and Industries Qatar falling 3.5% and 2.9%
respectively. Among the top gainers, Al Ahli Bank rose 2.7%, while Ooredoo
gained 0.3%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.9% to close at 9,724.8. The Hotel &
Tourism and Insurance indices declined 2.2% each. Saudi Indian Co. for
Coop. Insurance fell 9.8%, while Salama Coop. Insurance was down 4.8%.
Dubai: The DFM index declined 5.5% to close at 4,855.5. The Inv. & Fin. Serv.
index fell 7.6%, while the Real Estate & Const. Index was down 6.3%. Shuaa
Capital declined 8.8%, while Dubai National Ins. & Reins. Co. was down 8.7%.
Abu Dhabi: The ADX benchmark index fell 2.3% to close at 4,869.6. The Inv.
& Fin. Services index declined 7.0%, while Banking index was down 2.9%.
Union Cement Co. fell 9.9%, while Abu Dhabi Shipbuild. Co. was down 9.7%.
Kuwait: The KSE index fell 0.8% to close at 7,348.8. Losses were led by the
Oil & Gas and Telecom. indices falling 1.2% and 1.1% respectively. United
Projects Group declined 6.7%, while Alrai Media Group Co. was down 6.5%.
Oman: The MSM index rose 0.4% to close at 6,774.4. Gains were led by the
Financial and Services indices, rising 0.5% and 0.1% respectively. The
Financial Corporation gained 7.3%, while National Gas was up 7.0%.
Bahrain: The BHB index fell 0.6% to close at 1,454.8. The Industrial index
declined 0.8%, while Commercial Banking index was down 0.7%. Khaleeji
Commercial Bank fell 3.9%, while Ithmaar Bank was down 2.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Ahli Bank 52.40 2.7 33.2 23.9
Ooredoo 145.50 0.3 214.1 6.0
Dlala Brokerage & Inv. Holding Co. 40.00 0.3 483.4 81.0
Al Khalij Commercial Bank 23.00 0.1 553.7 15.1
Zad Holding Co. 76.90 0.0 0.2 10.6
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 30.10 (1.0) 4,003.4 77.1
National Leasing 31.60 (0.3) 2,203.4 4.8
Vodafone Qatar 18.19 (2.9) 1,789.9 69.8
Masraf Al Rayan 49.50 (2.0) 1,685.1 58.1
United Development Co. 25.30 (1.4) 1,656.1 17.5
Market Indicators 19 May 14 18 May 14 %Chg.
Value Traded (QR mn) 947.2 787.4 20.3
Exch. Market Cap. (QR mn) 724,123.1 736,380.6 (1.7)
Volume (mn) 21.2 22.0 (3.6)
Number of Transactions 10,167 9,240 10.0
Companies Traded 42 43 (2.3)
Market Breadth 4:37 9:29 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,070.01 (1.8) (2.4) 28.6 N/A
All Share Index 3,256.73 (1.7) (2.2) 25.9 15.6
Banks 3,105.02 (1.7) (2.4) 27.1 15.5
Industrials 4,376.78 (2.3) (2.8) 25.0 17.0
Transportation 2,315.43 (1.6) (2.8) 24.6 14.9
Real Estate 2,627.51 (0.9) (1.0) 34.5 13.1
Insurance 3,213.72 (2.4) (2.6) 37.6 8.5
Telecoms 1,718.12 (0.4) (0.6) 18.2 24.0
Consumer 7,035.01 (0.8) (0.8) 18.3 27.5
Al Rayan Islamic Index 4,243.32 (1.7) (2.1) 39.8 18.5
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tihama Saudi Arabia 332.00 9.9 339.9 202.5
Com. Bank Of Kuwait Kuwait 0.69 3.0 29.6 3.5
Al Ahli Bank Qatar 52.40 2.7 33.2 23.9
Nat. Bank Of Oman Muscat 0.31 2.0 3,526.0 6.6
Omani Qatari Telecom. Muscat 0.56 1.8 175.6 (6.3)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Dubai Investments Dubai 3.27 (7.9) 27,458.2 40.5
Deyaar Development Dubai 1.30 (7.1) 67,717.3 28.7
Dubai Financial Market Dubai 3.35 (6.9) 17,090.0 35.6
Emaar Properties Dubai 9.60 (6.3) 49,784.2 38.2
Dubai Islamic Bank Dubai 7.14 (6.2) 29,992.7 33.2
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%
Qatar Islamic Bank 92.60 (3.5) 214.6 34.2
Industries Qatar 181.00 (2.9) 426.5 7.2
Vodafone Qatar 18.19 (2.9) 1,789.9 69.8
Qatar Insurance Co. 75.00 (2.6) 72.9 41.0
Aamal Co. 18.00 (2.5) 1,264.8 20.0
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 30.10 (1.0) 123,503.9 77.1
Masraf Al Rayan 49.50 (2.0) 84,086.2 58.1
Industries Qatar 181.00 (2.9) 78,080.1 7.2
National Leasing 31.60 (0.3) 70,436.1 4.8
QNB Group 185.00 (2.1) 66,027.1 7.6
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* 12,788.23 (1.8) (2.4) 0.9 23.2 260.16 198,916.6 15.9 2.2 3.9
Dubai 4,855.50 (5.5) (6.3) (4.0) 44.1 599.27 90,900.3 19.5 1.9 2.1
Abu Dhabi 4,869.57 (2.3) (3.0) (3.5) 13.5 178.48 134,535.5 14.3 1.8 3.5
Saudi Arabia 9,724.75 (0.9) (0.8) 1.5 13.9 3,873.07 527,182.8 19.3 2.4 2.9
Kuwait 7,348.76 (0.8) (0.7) (0.8) (2.7) 89.27 114,977.3 15.4 1.2 3.8
Oman 6,774.39 0.4 0.6 0.7 (0.9) 23.12 24,585.9 12.3 1.7 3.9
Bahrain 1,454.83 (0.6) (0.6) 1.9 16.5 0.96 53,842.4 10.5 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)
12,700
12,800
12,900
13,000
13,100
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QE index declined 1.8% to close at 12,788.2. The Insurance
and Industrials indices led the losses. The index fell on the back
of selling pressure from non-Qatari shareholders despite buying
support from Qatari shareholders.
 Qatar Islamic Bank and Industries Qatar were the top losers,
falling 3.5% and 2.9% respectively. Among the top gainers, Al
Ahli Bank rose 2.7%, while Ooredoo gained 0.3%.
 Volume of shares traded on Monday fell by 3.6% to 21.2mn from
22.0mn on Sunday. Further, as compared to the 30-day moving
average of 30.5mn, volume for the day was 30.5% lower. Ezdan
Holding Group and National Leasing were the most active
stocks, contributing 18.9% and 10.4% 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)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Jabal Omar Development
Co. (JODC)
Saudi SR – – -2.7 NA -0.5 NA
Arzan Financial Group for
Financing & Investment
Kuwait KD – – – – 1.8 213.9%
The Securities House (SH) Kuwait KD – – – – 0.7 53.4%
Kuwait Cement Co. (KCC) Kuwait KD – – – – 5.2 3.9%
Automated Systems Co.
(ASC)
Kuwait KD – – – – 0.6 22.6%
Bayan Investment Co. Kuwait KD – – – – 2.8 259.5%
Kout Food Group (KFG) Kuwait KD – – – – 1.0 -2.2%
Heavy Engineering
Industries & Shipbuilding
Co. (HEISCO)
Kuwait KD – – – – 0.5 368.4%
Union Real Estate Co.
(UREC)
Kuwait KD – – – – 0.3 -6.1%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/19 EU Eurostat Construction Output MoM March -0.60% – 0.40%
05/19 EU Eurostat Construction Output YoY March 5.20% – 7.50%
05/19 UK Rightmove Rightmove House Prices MoM May 3.60% – 2.60%
05/19 UK Rightmove Rightmove House Prices YoY May 8.90% – 7.30%
05/19 Japan Bank of Japan Housing Loans YoY 1Q2014 2.90% – 2.90%
05/19 Japan ESRI Machine Orders MoM March 19.10% 5.80% -4.60%
05/19 Japan ESRI Machine Orders YoY March 16.10% 4.30% 10.80%
05/19 Japan ESRI Tokyo Condominium Sales YoY April -39.60% – -9.70%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Karwa taxi service to be privatized – The Karwa taxi service
in Qatar will be fully privatized by 2017 with six private
companies expected to run the service. Mowasalat, the state
transport company, will remain the regulator for private taxi
operators. Karwa has awarded contracts to four private taxi
companies and two of them are already operating their services.
The contracts awarded would be for a period of five years and
would be renewable. Plans are afoot to increase the number of
private taxi operators to six, with Mowasalat not operating any
taxis and just functioning as the regulator. (Peninsula Qatar)
 BRES appoints acting CEO – Barwa Real Estate Company
(BRES) has appointed Ahmad Abdulla Ali Al Abdulla as the
acting CEO for the group, effective from May 19, 2014, following
the resignation of the former Group CEO Abdulla Al Subaie.
Ahmad Al Abdulla had previously served as BRES’ Deputy
Group CEO. (QE)
 KCBK’s Group CEO resigns; BoD to meet on June 3 – Al
Khalij Commercial Bank’s (KCBK) Group CEO Robin McCall
has resigned from his duties citing personal reasons. The
company’s board of directors has accepted his resignation.
However, McCall will continue to work as the CEO until a
suitable replacement is appointed. Meanwhile, KCBK’s BoD will
meet on June 3, 2014 to discuss and approve various business-
related items. We recommend a Market Perform rating on the
stocks with a 12-month target price of QR23.41. (QE, QNBFS
Research)
 Moody's withdraws QAFCO's ratings for its own business
reasons – Moody's Investors Service, (Moody's) has withdrawn
its Aa3 issuer rating for Qatar Fertiliser Company (QAFCO) for
Overall Activity Buy %* Sell %* Net (QR)
Qatari 61.20% 60.68% 4,793,803.44
Non-Qatari 38.81% 39.31% (4,793,803.44)

3. Page 3 of 5
its own business reasons. Our conversation with Moody’s
indicated that there were no QAFCO-specific negative factors
behind the ratings withdrawal. (Bloomberg, QNBFS Research)
 ORDS announces date to pay interest and principal to
bondholders – Ooredoo International Finance Limited (OIFL)
will pay its Global Medium Term Note (GMTN) holders principal
and interest payments on 10 June 2014. (QE)
 Qatar agrees to supply 200 mmcfd LNG to Pakistan –
Pakistani Officials said that Qatar has given a firm commitment
to Pakistan for exporting 200mn cubic feet of liquefied natural
gas per day (mmcfd) next year. (Bloomberg)
 Four more airlines to move to HIA – Hamad International
Airport (HIA) airline operations are gaining momentum with four
additional airlines moving from DIA from May 22. They are
Lufthansa, Air France- KLM, Saudi Arabian Airlines and Oman
Air. This latest announcement is part of the phased opening of
HIA following the soft launch on April 30. (Gulf-Times.com)
 QFB launches sale of Leinster Square project – Qatar First
Bank (QFB) has announced the sales launch of luxury
townhouses and apartments in its real estate development in
Leinster Square, Central London W2. The project, which is
managed by Alchemi Group, a London-based residential
property developer, consists of 6 three-bedroom apartments and
5 townhouses. The completion date is expected in mid-2015.
(Bloomberg)
 Realty deals register 36.9% rise in week ending May 8 –
Qatar’s real estate sector registered 36.9% increase in the value
of transactions during the week ended May 8, 2014. Total value
of transactions amounted to QR885.7mn during the week as
compared to QR647mn in the previous week. (Peninsula Qatar)
International
 Bernanke finds no need for Fed to shrink balance sheet –
Former Fed Chair Ben Bernanke said the US Federal Reserve
does not need to shrink its $4tn-plus balance sheet by even a
dime for it to normalize monetary policy when the time comes.
Bernanke told a monetary policy conference that the Fed has
worked very carefully to figure out how to raise rates at the
appropriate time. When the Fed does tighten, he said there
could some bumpiness as markets potentially react to the
changes, but overall, it will be a fairly normal process. The Fed
under Bernanke bought trillions of dollars of long-term securities
to help boost the US economy and keep deflation from taking
hold. As the Fed exits from those extraordinary policies,
Bernanke felt there is absolutely no need for the balance sheet
to go back to normal as monetary policy normalizes. The
balance sheet could be kept where it is for a very long time if
necessary. (Reuters)
 Russia to finalize $400bn gas pipeline deal with China –
According to Russian Prime Minister Dmitry Medvedev, the
country is close to signing a contract to supply natural gas to
China at a price that would value the deal at about $400bn.
Medvedev's boss Vladimir Putin arrives in Shanghai today to
finalize an agreement after more than 10 years of talks. The
stumbling block has been the price, but with Russia facing trade
and financial sanctions after it annexed Crimea from Ukraine, a
deal is seen as probable. Russian executives have said OAO
Gazprom, the world's largest natural gas producer, aims to sign
a contract with China National Petroleum Corp. during the visit.
China was Russia's largest trading partner with $94.5bn of
business last year. (Bloomberg)
 China plans additional 100 IPOs in 2H2014 – China plans to
have about 100 initial public offerings from June 2014 through
the end of this year as the government pushes for development
in the capital markets. China Securities Regulatory Commission
Chairman Xiao Gang said the stock sales will be evenly spread
over time to ensure there is an equal number of IPOs each
month. China’s State Council said that it will deepen reforms to
improve the nation’s securities markets. President Xi Jinping is
pushing sweeping changes to loosen the government control in
diverse areas right from energy pricing to banking. The country
reopened its IPO market in January after a 15-month freeze
during which it overhauled the rules. According to China
International Capital Corp, 557 companies are awaiting approval
for their first-time share sales. The government last month said it
plans to connect the stock exchanges of Hong Kong and
Shanghai to promote trading volumes and the use of the Yuan.
Chinese policy makers are seeking to bolster capital markets as
the benchmark stock index declines amid economic growth
concern. (Bloomberg)
Regional
 EY: Islamic bank profits across QISMUT set to top $25bn by
2018 – According to global consultant Ernst & Young (EY), the
combined profits of all Islamic banks in Qatar, Indonesia, Saudi
Arabia, Malaysia, the UAE and Turkey (QISMUT) is poised to
exceed $25bn by 2018. EY said that across QISMUT countries,
the combined profits of Islamic banks broke the $10bn mark for
the first time at the end of 2013. While the profit numbers for
Islamic banks are impressive, they are still, on average, 15-19%
points lower than traditional banks in these markets. According
to Ashar Nazim, Global Islamic Finance Leader at EY,
regionalization and operational transformation, which are
currently underway in several Islamic banks, will help to close
this gap. The report said global Islamic banking assets with
commercial banks are on course to exceed $3.4tn by 2018,
fuelled by growing economic activity in core Islamic finance
markets. (Gulf-Times.com)
 Saudi Aramco in policy shift seeks solar power authority –
The Saudi Arabian Oil Company (Saudi Aramco) is planning to
add more solar power, a move that would limit domestic fossil-
fuel consumption in the world’s biggest exporter of crude oil.
Saudi Aramco’s CEO Khalid al-Falih said the company is
looking at solar power investments with great interest. To date,
the Saudi renewable strategy has been managed by King
Abdullah City for Atomic & Renewable Energy (KACARE), an
organization chartered by the government to work outside the
energy ministry. Earlier in May 2012, KACARE officials had said
the nation was seeking to create a solar industry worth $109bn
by 2032, though there has been little evidence of progress since
then. (Gulf-Times.com)
 SABIC expands technology center in Jubail – Saudi Basic
Industries Corporation (SABIC) is expanding its technology
center in Jubail Industrial City. The Jubail center is a part of the
company’s global research network of 19 technology and
innovation facilities. The expansion project includes a new
building adjacent to the existing center to be built at a cost of
$11mn, which is scheduled for commissioning by 2017. The new
building will have a buildup area of 3,300 sq m on two floors, out
of which 1,500 sq m will be allotted for labs. The site’s total
occupancy will be increased by 50% to accommodate 450
employees. (GulfBase.com)
 Gammon to develop industrial city in Jazan – International
companies including Shenhua Group, Kalliyath Steel, Trina
Solar and China Communications Construction Company have
agreed to partner with Gammon Group to develop new industrial
city in Jazan with a capital investment of SR75bn. Gammon is
trying to establish automobile industries, IT parks, food

4. Page 4 of 5
processing industries, factories, hospitals and hotels in Jazan to
make it one of the best commercial cities in Saudi Arabia.
(GulfBase.com)
 Saudi CMA approves Al Hammadi’s 22.5mn share IPO –
Saudi CMA’s board has approved the initial public offering (IPO)
of Al Hammadi Company for Development & Investment's for
22.5mn new shares. This offering will increase the company’s
capital from SR525mn to SR750mn. The offered shares
represent 30% of the company’s total shares after the capital
increase. A portion of the offered shares will be allocated to
mutual funds and authorized investors. The company's shares
will be offered during the period from June 6, 2014 to June 17,
2014, once the book-building process is complete. (Tadawul)
 Dow awards EPC contract to Fluor – The Dow Chemical
Company has awarded Fluor Corporation the engineering,
procurement & construction (EPC) contract for its reverse
osmosis (RO) manufacturing facility in Saudi Arabia. Located in
Jubail Industrial City II at the Sadara Chemical Company
complex, the facility will locally manufacture high-tech RO
elements that purify water for drinking and industrial uses.
(GulfBase.com)
 DIB to buy 40% of Bank Panin Syariah – Dubai Islamic Bank
(DIB) has entered into a relationship to jointly manage and
operate Indonesia-based PT Bank Panin Syariah Tbk. The
envisaged investment in Bank Panin Syariah will involve DIB in
accumulating around 25% stake in Bank Panin Syariah in the
initial phase, with a view to subsequently increasing its
shareholding in the bank to 40% upon obtaining the relevant
regulatory approval, including from the Financial Services
Authority (OJK) in Indonesia. Following this investment, DIB will
become a substantial shareholder in Bank Panin Syariah, and
Bank Panin will remain as controlling shareholder of Bank Panin
Syariah. (DFM)
 Lulu Group plans entry into Malaysia, Indonesia – UAE-
based Lulu Group is planning to invest $200mn on halal outlets
in Malaysia in the next two years ahead of its expansion into
other south Asian markets. Lulu is planning to open five
hypermarkets in Malaysia and its first one is scheduled to open
by the end of 2015. Lulu has signed an agreement with
Malaysia's Federal Land Development Authority. The five stores
will provide direct jobs for 2,500 Malaysians and indirect
employment to 5,000 more. Further, Lulu Group plans to enter
Indonesia in 2015. (Reuters)
 Select Group signs deal with TEC – Dubai-based Select
Group has signed an agreement with Trans Emirates
Contracting (TEC) as the official construction partner of its ninth
residential development in the Dubai Marina – No.9. Further,
Select Group has signed agreements with the National
Engineering Bureau and Draw Link Group as the architectural
and interior design partners for the No.9 development.
(GulfBase.com)
 StanChart: Dubai’s non-oil trade to grow – According to
Standard Chartered Bank, Dubai’s non-oil trade growth is likely
to moderate to 6-7% this year. In 2013, the Emirate’s trade
expanded by 7.6%, which was in line with expectations for a 7-
8% growth. In February, the Saudi Export Development
Authority pointed that of its $190bn of exports, 45% go through
the UAE. StanChart feels the challenge for the UAE is not to
generate growth, but rather to manage the boom by ensuring
that inflation remains in check and the economy does not begin
to overheat. (GulfBase.com)
 Etihad raises stake in Virgin Australia – Etihad Airways has
increased its stake in Virgin Australia from 19.9% to 21.24%
following regulatory approval by the Australian Foreign
Investment Review Board. Etihad acquired the stake in an open
market transaction. (Bloomberg)
 NBO gets CBO nod to appoint CEO – The National Bank of
Oman (NBO) has received approval from the Central Bank of
Oman (CBO) to appoint Ahmed Al Musalmi as the new Chief
Executive Officer (CEO) for the bank. (GulfBase.com)
 Anwar Al Jabri to officiate as MD of ONIC Holding – Anwar
Al Jabri, Investment Director of Oman Investment Fund (OIF)
and board member of Oman National Investment Corporation
Holding (ONIC Holding), will officiate as the Managing Director
(MD) of the group until a new group CEO is identified.
(GulfBase.com)
 AACT’s BoD approves capacity expansion project – Al
Anwar Ceramic Tiles Company’s (AACT) board of directors has
approved an expansion plan to enhance its capacity by 4mn
square meters per annum. The company is looking to use
alternative energy options till the regular natural gas allotment
from the government is obtained. (GulfBase.com)
 RAECO to invest OMR391mn in power generation projects –
Rural Areas Electricity Company (RAECO) is planning an
additional investment of OMR391mn to raise power generation
capacity by 336 megawatt (MW) over the next five years.
Currently, RAECO has an installed capacity of 436 MW and is
expanding its capacity by 22% every year. RAECO is planning
to generate 25% or around 90 MW power from renewable
energy projects, which will cost $200mn. The additional power is
to meet the power demand of 15,000 households and other
customers. Additionally, RAECO is planning to convert two
diesel power plants with a combined capacity of 120 MW to use
LPG as feedstock. (GulfBase.com)
 FBREDC to start $50mn project in Janabiya – First Bahrain
Real Estate Development Company (FBREDC) is expecting to
start work on a $50mn mixed-use commercial and residential
development project in Janabiya this year. The project will be
built in two phases with 12,000 square meters of land
earmarked for residential use and another 8,000 square meters
for non-residential developments. (GulfBase.com)
 Bahrain awards BHD16.9mn project tenders – The Bahraini
Ministry of Works has awarded five tenders worth BHD16.9mn
for roads and sanitary works, besides inviting bids for 10 tenders
worth BHD30.3mn in April 2014. The awarded tenders included
the first phase of Muharraq Ring Road Project; which is being
implemented at a cost of BHD2.99mn. The other awarded
projects include: the construction of a sanitary & rain water
drainage project in Sitra Block 602, Malkiya
Primary/Intermediate School for Girls at a cost of BHD4.49mn,
Hunainiya Secondary School for Boys at a cost of BHD4.61mn,
and Busaiteen Intermediate School for Girls at a cost of
BHD4.4mn. (GulfBase.com)
 Foulath appoints Qatar Steel MD as Vice Chairman –
Bahrain-based integrated steelmaker Foulath has appointed
Qatar Steel’s MD & GM Ali Al Muraikhi as the Vice Chairman of
its board of directors. Qatar Steel is a strategic partner of
Foulath. (Bloomberg)

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 (*Market closed on May 19, 2014) 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
(0.9%)
(1.8%)
(0.8%) (0.6%)
0.4%
(2.3%)
(5.5%)(6.4%)
(4.8%)
(3.2%)
(1.6%)
0.0%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,293.07 (0.0) (0.0) 7.3 DJ Industrial 16,511.86 0.1 0.1 (0.4)
Silver/Ounce 19.36 (0.1) (0.1) (0.6) S&P 500 1,885.08 0.4 0.4 2.0
Crude Oil (Brent)/Barrel (FM
Future)
109.37 (0.3) (0.3) (1.3) NASDAQ 100 4,125.82 0.9 0.9 (1.2)
Natural Gas (Henry
Hub)/MMBtu
4.51 1.9 1.9 3.9 STOXX 600 338.51 (0.1) (0.1) 3.1
LPG Propane (Arab Gulf)/Ton 101.75 1.4 1.4 (19.6) DAX 9,659.39 0.3 0.3 1.1
LPG Butane (Arab Gulf)/Ton 119.88 0.9 0.9 (11.7) FTSE 100 6,844.55 (0.2) (0.2) 1.4
Euro 1.37 0.1 0.1 (0.2) CAC 40 4,469.76 0.3 0.3 4.0
Yen* 101.50 0.0 0.0 (3.6) Nikkei 14,006.44 (0.6) (0.6) (14.0)
GBP 1.68 0.0 0.0 1.6 MSCI EM 1,035.43 0.3 0.3 3.3
CHF 1.12 0.1 0.1 0.1 SHANGHAI SE Composite 2,005.18 (1.1) (1.1) (5.2)
AUD 0.93 (0.3) (0.3) 4.6 HANG SENG 22,704.50 (0.0) (0.0) (2.6)
USD Index 79.99 (0.1) (0.1) (0.1) BSE SENSEX 24,363.05 1.0 1.0 15.1
RUB 34.54 (0.6) (0.6) 5.1 Bovespa 53,353.10 (1.2) (1.2) 3.6
BRL 0.45 0.3 0.3 7.0 RTS 1,289.98 2.2 2.2 (10.6)
183.8
152.7
139.4