19 November Daily Market Report


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19 November Daily Market Report

  1. 1. QE Intra-Day Movement (NOVEMBER 18, 2013) Market Indicators 10,380 10,360 10,340 10,320 10,300 17 Nov 13 %Chg. 641.0 556,445.3 19.7 7,986 41 29:9 500.4 553,518.7 14.3 7,418 40 29:10 28.1 0.5 37.9 7.7 2.5 – Market Indices 10,280 10,260 9:30 18 Nov 13 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The Qatar Exchange cancelled all transactions executed during yesterday (on November 19, 2013) because of a technical incident on its trading platform. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,801.23 2,582.39 2,460.28 3,407.08 1,913.04 1,961.79 2,334.71 1,451.51 5,974.39 2,985.84 0.7 0.7 0.2 0.8 1.8 3.2 0.1 (0.1) 1.1 1.4 1.4 1.3 1.0 1.5 2.8 3.9 (1.0) 0.5 1.1 2.2 30.8 28.2 26.2 29.7 42.7 21.7 18.9 36.3 27.9 20.0 N/A 13.1 13.2 12.4 13.0 13.4 9.6 19.7 22.7 15.5 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index declined 0.6% to close at 8,359.6. The Cement index fell 1.8%, while the Energy & Utilities index was down 1.5%. Southern Province Cement Co. fell 6.9%, while National Gypsum Co. was down 4.1%. Al-Hassan GI Shaker Dubai: The DFM index declined marginally to close at 2,855.6. The Services index fell 1.3%, while the Transportation index was down 1.0%. Agility fell 9.8%, while Gulf Navigation declined 3.7%. Abu Dhabi: The ADX benchmark index fell 0.2% to close at 3,823.9. Losses were led by the Inv. & Fin. Services and Energy indices, declining 1.3% each. Arkan Building Materials Co. was down 3.3%, while RAK Cement Co. fell 2.9%. Kuwait: The KSE index closed on November 19, 2013. Oman: The MSM index gained marginally to close at 6,771.1. The Services index rose 0.2%, while all other sub-indices ended in red. Areej Vegetable Oils & Derivatives rose 9.9%, while Oman Oil Marketing gained 2.1%. Bahrain: The BHB index declined marginally to close at 1,199.04. Commercial Banks index fell 0.4%, while the Services index was down 0.3%. Ahli United Bank declined 0.7%, while Bahrain Telecommunications Co. fell 0.6%. Close# 1D% Saudi Arabia 71.00 3.3 2,103.9 10.1 DP World Dubai 15.90 3.3 416.4 36.2 Union National Bank Abu Dhabi 5.10 2.8 977.7 76.7 Nama Chemicals Co. Saudi Arabia 12.75 2.4 17,641.4 (0.8) Al Mouwasat Med. Ser. Saudi Arabia 88.00 2.3 84.5 63.7 ## # Vol. ‘000 YTD% GCC Top Losers Exchange Close 1D% Vol. ‘000 Southern Prov. Cement Saudi Arabia 118.25 (6.9) 947.6 18.3 Saudi Ceramic Co. Saudi Arabia 111.50 (2.2) 744.1 51.2 Arabian Cement Co. Saudi Arabia 68.00 (2.2) 931.8 36.0 Saudi Airlines Catering Saudi Arabia 135.50 (2.0) 119.7 73.7 Yamamah Saudi Cem. Saudi Arabia 65.25 (1.9) 975.4 37.4 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) Close* 1D% Vol. ‘000 YTD% Qatari Investors Group 39.50 9.9 2,478.7 71.7 Qatar Cinema & Film Distr. Co. 48.70 7.0 0.1 (14.4) Barwa Real Estate Co. 29.20 5.4 4,524.2 Al Ahli Bank 55.90 3.5 2.4 Qatar Gas Transport Co. 20.44 3.3 2,500.2 33.9 Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 Islamic Holding Group 40.00 (2.4) 45.5 5.3 Gulf International Services 58.70 (0.7) 130.8 95.7 6.4 National Leasing 31.05 (0.6) 595.6 (31.3) 14.1 Widam Food Co. 48.40 (0.5) 46.0 (17.7) Gulf Warehousing Co. 39.80 (0.5) 14.4 18.8 YTD% Qatar Exchange Top Losers YTD% Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 Barwa Real Estate Co. 29.20 5.4 4,524.2 6.4 Barwa Real Estate Co. 29.20 5.4 128,893.9 6.4 Qatar Gas Transport Co. 20.44 3.3 2,500.2 33.9 Qatari Investors Group 39.50 9.9 94,245.1 71.7 Qatari Investors Group 39.50 9.9 2,478.7 71.7 United Development Co. 23.52 0.6 56,524.2 32.1 United Development Co. 23.52 0.6 2,407.8 32.1 Qatar Gas Transport Co. 20.44 3.3 50,428.1 33.9 Vodafone Qatar 10.09 2.1 1,681.0 20.8 Masraf Al Rayan 32.35 0.3 46,160.6 30.5 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) (Data for Qatar is as of November 18, 2013) Regional Indices Qatar*# Dubai Abu Dhabi Saudi Arabia Kuwait# Oman Bahrai Qatar Exchange Top Val. Trades Source: Bloomberg (* in QR) (Data for Qatar is as of November 18, 2013) Close 1D% WTD% MTD% YTD% 10,359.41 2,855.63 3,823.90 8,359.59 7,868.93 6,771.06 1,199.04 N/A (0.0) (0.2) (0.6) N/A 0.0 (0.0) 1.4 1.1 0.8 0.5 (0.4) 0.1 (0.4) 5.3 (2.3) (0.6) 3.9 (1.0) 1.5 (0.2) 23.9 76.0 45.3 22.9 32.6 17.5 12.5 Exch. Val. Traded ($ mn) N/A 215.18 87.90 1,212.48 N/A 15.42 1.41 Exchange Mkt. Cap. ($ mn) 152,855.5# 68,733.5 109,497.1 454,351.6 108,772.6 24,116.0 16,818.5 P/E** P/B** 13.2 16.8 10.6 17.1 18.2 10.8 8.1 1.8 1.1 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.4 3.1 4.7 3.6 3.5 3.8 4.0 # Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as of Nov. 18, 2013) Page 1 of 5
  2. 2. Qatar Market Commentary  The QE index rose 0.7% to close at 10,359.4. The Real Estate and Transportation indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Qatari Investors Group and Qatar Cinema & Film Distr. Co. were the top gainers, rising 9.9% and 7.0% respectively. Among the top losers, Islamic Holding Group fell 2.4%, while Gulf International Services declined 0.7%. Overall Activity# Buy %* Sell %* Net (QR) Qatari 73.89% 78.87% (31,926,727.26) Non-Qatari 26.11% 21.12% 31,926,727.26 # Source: Qatar Exchange (* as a % of traded value) ( Data as of November 18, 2013)  Volume of shares traded on Monday rose by 37.9% to 19.7mn from 14.3mn on Sunday. Further, as compared to the 30-day moving average of 8.0mn, volume for the day was 147.1% higher. Barwa Real Estate Co. and Qatar Gas Transport Co. were the most active stocks, contributing 23.0% and 12.7% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Agency National Bank of Bahrain (NBB) CI Market Bahrain Type* Old Rating LT FCR/ ST FCR New Rating Outlook Outlook Change BBB/ A2 BBB+/ A2 Rating Change  Stable – # Source: News reports (* LT – Long Term, ST – Short Term, FCR – Foreign Credit Rating) (#Rating downgrade for LT FCR) Earnings Releases Company Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY KD 3.7 -41.4% – – 0.9 N/A USD 98.8 22.0% – – – – Market International Financial Advisors (IFA) Topaz Energy and Marine Currency Kuwait Oman Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period 11/19 Germany ZEW ZEW Survey Expectations November 11/19 Germany ZEW Consensus Previous 60.2 – 59.1 November ZEW Survey Expectations Actual 54.6 54.0 52.8 – 2.2% – 1.0% 11/19 Italy Istat Industrial Orders MoM September 1.6% 11/19 Italy Istat Industrial Sales MoM September 0.1% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QE cancels day's trade due to technical incident – The Qatar Exchange cancelled all executed transactions yesterday (November 19, 2013) because of a technical incident on its trading platform. The exchange said after consultation with the Qatar Financial Markets Authority, it has agreed to cancel all transactions that took place on November 19 and any other orders that had not been executed. (QE, Reuters)  DHBK to raise capital via private placement or bonds; opens office in Sharjah – Doha Bank’s (DHBK) CEO Raghavan Seetharaman said the bank is planning to raise its capital via private placement or bonds. He added that depending on market conditions, DHBK will either opt for a private placement or bond issuance. He also said that DHBK is planning to expand its capital by QR2bn within this year (deadline is end-1Q2014, EOGM to be held on Nov. 24, 2013) and seeks approval for a $549mn perpetual bond issue. Meanwhile, the bank has opened its first representative office in Sharjah, following regulatory approval from the UAE Central Bank. (Bloomberg, Gulf-Times.com)  GISS updates investors on Al Koot – Gulf International Services Company (GISS) has confirmed that discussions regarding change of ownership of Al Koot (wholly-owned insurance and reinsurance firm) have been put indefinitely on hold. Hence, no major change is expected in the company structure or in its operation. (QE)  Doha Metro works begin at several sites – Construction work has begun at a number of project sites of the Doha Metro and Rail network. The initial work of clearing, fencing and drilling studies is being set in motion at several station locations including Al Sadd, next to Toyota Tower, and in front of Sheraton Hotel in Dafna. Work has also started at a few other sites including the Sports City in Al Waab, Souq Waqif and the Diwan. Drilling work has commenced at 20 station locations. (Qatar Tribune)  Qatar has the lowest break-even oil price in region – According to Moody’s, Qatar has the lowest break-even oil price in the Gulf region. Furthermore, Qatar’s vast oil and gas resources, robust non-hydrocarbon growth, a high per capita income, and persistent surpluses in fiscal and external accounts support its highest sovereign ratings. (Gulf-Times.com)  Qatari government to audit all state entities and projects – The Qatari government has placed all institutions and projects that receive its financing, as well as overseas investments made by the sovereign wealth fund under its audit agency, the State Audit Bureau (SAB). (Peninsula Qatar) Page 2 of 5
  3. 3.  Ministry to issue new specifications for building materials – The Laboratory and Standardization Department at the Ministry of Environment said that it will issue a new set of specifications for construction materials in Qatar by early 2014. The new specifications will be mandatory for all companies. (Peninsula Qatar)  PetroChina’s new LNG terminal gets first cargo from Qatargas – Qatargas has delivered the first LNG cargo to China National Petroleum Corporation’s (PetroChina) Tangshan Caofeidian LNG Terminal in the Hebei province of China. The cargo was delivered onboard a Q-Flex class LNG vessel, AlGharrafa and will be used to commission the third LNG terminal owned by PetroChina in the country. (Gulf-Times.com)  QPI, Total sign deal for joint participation in Congo – Qatar Petroleum International (QPI) and Total have signed a detailed agreement for QPI’s participation in Total E&P Congo. This participation will be through a share capital increase of Total E&P Congo, resulting in QPI holding 15% share after the subscription. Earlier in May, the two companies had signed a framework agreement to this effect. QPI will be an active nonoperating partner and will support the ambitious development programs undertaken in the Republic of Congo. (GulfTimes.com)  ORDS CEO urges operators to reduce mobile broadband costs – Ooredoo’s (ORDS) Chairman Sheikh Abdullah bin Mohammed bin Saud al Thani has called on the global communications industry to take on the challenge of providing more people with broadband internet access. Abdullah urged operators to work together to lower mobile broadband costs and improve networks. (Qatar Tribune)  Upgraded weather forecasting facilities to be installed at HIA – The multi-billion dollar Hamad International Airport (HIA) will have upgraded weather forecasting capabilities. The stateof-the-art facility will be installed under a new project to be executed by the Qatar Civil Aviation Authority, in association with the Qatar Meteorology Department and Qatar Datamation Systems. (Peninsula Qatar) International  Bernanke: US Fed committed to easy policy for as long as needed – The US Federal Reserve Chairman Ben Bernanke said the Fed will maintain its ultra-easy monetary policy for as long as needed and will only begin to taper bond-buying once it is assured that labor market improvements would continue. Bernanke said that while the US economy had made significant progress, it was still far from where officials wanted it to be. He said the Federal Open Market Committee remains committed to maintaining highly accommodative policies. Since 2008, the Fed has maintained its interest rates at near zero and quadrupled its balance sheet to $3.9 trillion through three massive rounds of bond buying. In October 2013, the Fed decided to maintain asset purchases at an $85 billion monthly pace. (Reuters)  Chinese central bank vows faster foreign exchange reform; IPO hopes tempered – China's central bank chief Zhou Xiaochuan vowed to quicken the process of full convertibility for the Chinese yuan, which would allow the free movement of capital across China's borders. This has been a demand of many of the country's major trading partners. Meanwhile, the China Securities Regulatory Commission has reiterated its commitment to ease the government's control over the initial public offering process, but said the government will also intensify its auditing of companies that hope to list on the market. (Reuters)  OECD calls on ECB to buy Eurozone assets; ECB says all options on the table – The Organization for Economic Cooperation & Development (OECD) said the European Central Bank (ECB) must consider buying government and corporate bonds to help the Eurozone to avoid a Japanese-style deflationary spiral. In October, inflation in the 17-nation Eurozone fell to its lowest in nearly four years, along with the economy struggling to recover after emerging from its longest ever recession. Despite a surprise ECB rate cut this month, the OECD said that the bank needs to take bolder measures at a time of massive unemployment and difficult credit. Meanwhile, ECB’s Vice President Vitor Constancio said all policy options are open for the ECB and it has discussed the broad possibility of asset buying. (Reuters)  OECD sees China’s growth accelerating in 2014, urges more reforms – The OECD said China's annual economic growth is likely to accelerate to 8.2% in 2014 from an expected 7.7% this year, on the back of stronger domestic demand. The OECD said growth is picking up, inflation remains low, and domestic demand has led the turnaround. The organization highlighted the need for China to quicken structural reforms in favor of stronger domestic consumption, since economic expansion still relies heavily on investment. The OECD said with the economy recovering, there is now a favorable window to push forward with various structural reforms, particularly financial liberalization, encouraging labor mobility and tax reform. (Reuters)  OECD: Emerging markets hold back global recovery – The OECD said slowing emerging markets are dragging down the global economic recovery, while advanced countries are struggling to pick up the slack after years of debt crises. The OECD has trimmed its global growth forecasts, expecting the world economy to grow 3.6% next year. The OECD’s Chief Economist Pier Carlo Padoan said forecasts have been lowered for many reasons, but the most important ones are the growth downgrade in emerging countries, slower trade and subdued investment. Padoan said advanced economies would not be able to make up for the momentum lost by major emerging economies, which are hit by capital outflows triggered by the US Federal Reserve’s plans to rein in its exceptional monetary stimulus. The OECD said the Fed should scale down its bond purchases as activity strengthens next year, forecasting that growth in the US economy would reach 2.9% in 2014, its strongest performance since 2005, after an estimated 1.7% this year. (Gulf-Times.com) Regional  S&P: minimal impact of US shale boom on Gulf energy – According to Standard & Poor’s (S&P), the shale boom in the US has only a minimal impact on Gulf-based oil & gas producers, which can endure a 15-20% drop in global oil prices for now. S&P’s Credit Analyst Karim Nassif said notwithstanding the potential consequences of shale oil production in North America on the level of oil imports, there will be a limited effect on the GCC producers at present. He said this reflects Gulfbased oil producers’ ability to redirect oil exports, as well as the fact that many of them export heavier crude that are not displaced by shale volumes. (Gulf-Times.com)  BCG: Digital technologies to raise quality in GCC healthcare sector – According to a recent study by the Boston Consulting Group (BCG), GCC governments need to implement digital technologies in the healthcare sector to increase its quality and productivity. The study noted that the move will also support the transition to a prevention-focused healthcare Page 3 of 5
  4. 4. system, which is the need of the hour for the local markets. (GulfBase.com)  Italy woos UAE funds on Alitalia – According to Fabrizio Pagani, a senior economic adviser to the Italian Prime Minister, Italy’s government has spoken to sovereign wealth funds from the UAE for the possibility of investing in its struggling airline, Alitalia. He said Alitalia is looking for a partner outside Europe, following Air France-KLM's decision not to take part in a capital increase and allow its 25% stake to be diluted to just 7%. (Reuters)  Cluttons: Dubai property growth cools after new measures – According to a report by Cluttons, the measures introduced recently to regulate the Dubai property market have already begun to have an impact with its growth rate cooling down. The Cluttons report found that the steps initiated by the UAE Central Bank to limit the size of mortgage loans, along with the Dubai Land Department’s recent doubling of property registration fees from 2% to 4%, are affecting the volume of deals being registered in the residential market. (GulfBase.com)  DGCX to list plastics futures contract – The Dubai Gold and Commodities Exchange (DGCX) will launch its new plastics futures contract on February 28, 2014. The contract is designed to provide enhanced liquidity in the global plastics trade and will be the first ever plastics contract to be listed in the MENA region. (GulfBase.com)  Dubai Airports to bring more cargo carriers to new hub – Dubai Airports said it is in talks with many cargo carriers to persuade them to operate from the new Al Maktoum airport hub, while it is continuing to work on adding more passenger airlines after the facility opened last month. (Bloomberg)  Etihad, CFM sign $2.8bn aircraft engine deal – Abu Dhabibased Etihad Airways has selected CFM International’s advanced Leap-1A engine worth $2.8bn to power its 26 Airbus A321neo, which is scheduled to be delivered in 2018. To support its new fleet, the airline has signed a 15-year rate-perflight-hour agreement, under which CFM will guarantee the maintenance costs on a dollar per engine flight hour basis. (GulfBase.com)  Mubadala to service Rolls Royce Trent XWB engines – Rolls-Royce has entered into a strategic agreement with Abu Dhabi's Mubadala Aerospace that will allow the governmentowned company to service the engine manufacturer's Trent XWB engines. According to Rolls-Royce, Mubadala will become an approved provider of Trent engine maintenance, repair & overhaul, Rolls-Royce's first such designation in the Middle East. As part of the deal, the engine manufacturer will also source $500mn worth of spare parts from Mubadala over a 10year period. (Reuters)  Abu Dhabi’s CPI up 1.1% in first 10 months – According to the Statistics Centre–Abu Dhabi (SCAD), the inflation rate of consumer prices for the first 10 months of 2013 in Abu Dhabi was 1.1% YoY. The CPI increased from 123.7 points in October 2012 to 125.7 points in October 2013, indicating a 1.6% rise. However, the CPI decreased by 0.2% in October 2013 compared with September 2013. (GulfBase.com)  ADNOC eyes Saudi market next year – The Abu Dhabi National Oil Company (ADNOC) has revealed plans to expand into the Saudi market in 2014 by providing service stations as well as aviation services in the Kingdom. ADNOC’s CEO Abdullah Al Dhaheri said the company is in final stages of discussion with the operator who will be operating as a franchisee to ADNOC’s distribution. Al Dhaheri said there are currently around 110 stations under discussion, of which 21 are under construction and around 80 are under design. These service stations are expected to be operational over the next two years. (GulfBase.com)  Aldar Properties picks banks for sukuk sale – Aldar Properties has hired five banks to arrange the sale of a benchmark-sized Islamic bond to refinance its debt. The firm has hired the National Bank of Abu Dhabi, First Gulf Bank, Dubai Islamic Bank, Standard Chartered and Goldman Sachs. The company is reportedly planning to issue the sukuk by the year-end. (GulfBase.com)  Ashmore seeks buyer for Alphaland stake – London-based private equity fund Ashmore Group reportedly is in talks with several parties, including a member of Abu Dhabi's ruling family, for the acquisition of its stake in Ongpin-led upscale property developer Alphaland Corp. (Reuters)  Abu Dhabi’s Cepsa pays $2.2bn for Coastal Energy – Abu Dhabi-owned oil refiner Cia. Espanola de Petroleos (Cepsa) and partner Strategic Resources (Global) Ltd. agreed to buy Coastal Energy for $2.2bn. Citigroup and Credit Suisse Group are the financial advisers for Coastal Energy, while Goldman Sachs is the financial adviser for Cepsa. PriceWaterhouseCoopers is advising both Cepsa and Strategic Resources. (Reuters)  The National Investor’s CEO resigns – Abu Dhabi-based investment firm, The National Investor’s Chief Executive Orhan Osmansoy has resigned and his replacement is yet to be named. Osmansoy, who joined the firm in 2004, was instrumental in expanding the company into a regional investment firm, operating in private equity, investment advisory and asset management businesses. However the company was hard hit during the global financial crisis. (Peninsula Qatar)  LS2 Consulting wins 5 energy contracts – LS2 Consulting, a leading business solution provider, has secured five different new contracts in the oil & gas contracting industry. These new deals have raised the group's portfolio value to over AED10mn ($2.7mn) in the UAE. (GulfBase.com)  Kuwait offers $2bn in loans to African states – Kuwait's Emir Sheikh Sabah al Ahmad al Sabah has pledged $1bn in lowinterest loans and a similar amount in investments to African states over the next five years. (Qatar Tribune)  CBO warns against higher credit ceiling for salaried employees – The Central Bank of Oman (CBO) has issued a warning for all licensed banks in the country to abide strictly by the royal orders regarding the standardization of grades and salaries of all the staff in the civil sector. The CBO has warned all banks against any abuse or exploitation of the resulting increase in the salaries of the intended recipients. The CBO stressed that banks should not raise the personal loan ceiling limits or loan interest rates of the beneficiaries or take any other measure of similar effect. (GulfBase.com)  Oman Oil Marketing signs agreement with Duqm Port – The Oman Oil Marketing Company has signed a bunkering license & land lease agreement with Port of Duqm Company to develop a bunkering terminal and ancillary facilities at the Duqm Port. This terminal will offer heavy fuel oil, marine diesel oil and marine lubricants to ships calling at the port. (Bloomberg) Page 4 of 5
  5. 5. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 0.4% 148.9 130.9 0.0% 0.0% 0.0% 0.0% (0.0%) (0.0%) 118.9 (0.2%) (0.4%) S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Dubai Oman Bahrain Jul-13 Abu Dhabi QE Index May-12 Dec-12 Kuwait* Oct-11 Qatar * Jan-10 Aug-10 Mar-11 (0.6%) Saudi Arabia (0.8%) Source: Bloomberg (*As of November 19, 2013) Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,275.19 (0.0) (1.1) (23.9) DJ Industrial 15,967.00 (0.1) 0.0 21.8 20.38 (0.2) (2.1) (32.8) S&P 500 1,787.87 (0.2) (0.6) 25.3 107.36 (1.0) (1.0) (3.4) NASDAQ 100 3,931.55 (0.4) (1.3) 30.2 3.63 (2.2) 2.1 6.0 322.56 (0.7) (0.2) 15.3 118.50 (0.2) (0.1) 32.4 DAX 9,193.29 (0.3) 0.2 20.8 142.75 (0.3) (0.5) (17.5) FTSE 100 6,698.01 (0.4) 0.0 13.6 STOXX 600 Euro 1.36 0.4 0.5 2.8 Yen 99.96 (0.0) (0.2) 15.3 Nikkei 4,272.29 (1.1) (0.4) 17.4 15,132.22 (0.2) (0.2) 45.6 GBP 1.61 0.1 (0.0) (0.8) CHF 1.10 (0.1) 0.1 0.2 MSCI EM 1,024.53 (0.1) 1.9 (2.9) SHANGHAI SE Composite 2,193.13 (0.2) 2.7 (3.4) AUD 0.94 0.1 0.2 (9.7) HANG SENG 23,657.80 (0.0) 2.7 4.4 USD Index 80.70 (0.2) (0.2) RUB 32.71 0.5 0.4 1.1 BSE SENSEX 20,890.80 0.2 2.4 7.5 7.1 Bovespa 53,032.90 (2.3) (0.8) (13.0) BRL 0.44 0.1 2.5 (9.3) 1,455.04 (0.5) 0.8 (4.7) Source: Bloomberg CAC 40 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