Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.4% to close at 9,870.90. Gains were led by the Tele...
Page 2 of 6
Qatar Market Commentary
 The QE index rose 0.4% to close at 9,870.90. The Telecoms and
Consumer Goods & Servi...
Page 3 of 6
results for the period ending September 30, 2013 on October
30, 2013. (QE)
 DOHI to disclose its 3Q2013 finan...
Page 4 of 6
cut in the overnight borrowing rate that the central bank had
temporarily raised by 200 bps in July to support...
Page 5 of 6
crude to Sitra refinery to 350,000 bpd capacity to feed the
expansion, which is expected to complete in 2017. ...
Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui
Head of Research Head of Trading Head of Sales Manag...
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19 September Daily Market Report

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19 September Daily Market Report

  1. 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index rose 0.4% to close at 9,870.90. Gains were led by the Telecoms and Consumer Goods & Services indices, gaining 1.1% and 0.9% respectively. Top gainers were Qatar Cinema & Film Distribution Co. and Islamic Holding Group, rising 1.8% and 1.7% respectively. Among the top losers, Zad Holding Co. fell 2.0%, while Qatar German Co. for Medical Devices declined 1.3%. GCC Commentary Saudi Arabia: The TASI index rose 0.3% to close at 8,024.7. Gains were led by the Multi-Inv. and Real Est. Dev. indices, rising 1.6% and 0.8% respectively. WAFA Insurance rose 5.6%, while Al-Jouf Agri. Dev. was up 5.0%. Dubai: The DFM index gained 2.2% to close at 2,666.1. The Banking and Real Estate & Construction indices rose 2.7% each. Mashreq Bank surged 15.0%, while Agility gained 14.8%. Abu Dhabi: The ADX benchmark index rose 1.2% to close at 3,812.1. The Consumer index gained 2.0%, while the Real Estate index was up 1.8%. Waha Capital surged 14.1%, while Methaq Takaful Insurance Co. was up 8.2%. Kuwait: The KSE index gained 0.5% to close at 7,848.3. Gains were led by the Telecomm. and Fin. Services indices, gaining 2.9% and 1.3% respectively. Kuwait Insurance Co. gained 9.3%, while Al-Deera Holding Co. was up 8.5%. Oman: The MSM index rose 0.3% to close at 6,603.3. The Industrial index gained 0.4%, while the Banking & Investment index was up 0.1%. Galfar Engineering & Con. rose 2.6%, while Raysut Cement was up 1.0%. Bahrain: The BHB index gained 0.5% to close at 1,199.1. The Commercial Banking index rose 0.9%, while the Services index was up 0.6%. Bahrain Cinema Co. gained 7.4%, while Bank of Bahrain & Kuwait was up 2.5%. Qatar Exchange Top Gainers Close* 1D% Vol. „000 YTD% Qatar Cinema & Film Dist. Co. 50.00 1.8 0.5 (12.1) Islamic Holding Group 41.20 1.7 16.2 8.4 Qatar General Ins. & Reins. Co. 52.30 1.6 6.0 13.7 United Development Co. 22.20 1.4 1,443.7 24.7 Ooredoo 144.90 1.3 125.1 39.3 Qatar Exchange Top Vol. Trades Close* 1D% Vol. „000 YTD% United Development Co. 22.20 1.4 1,443.7 24.7 Qatar Gas Transport Co. 19.91 0.6 753.6 30.5 Industries Qatar 153.60 0.0 530.6 8.9 Masraf Al Rayan 29.70 0.5 436.0 19.8 Vodafone Qatar 9.13 0.3 268.5 9.3 Source: Bloomberg (* in QR) Market Indicators 19 Sep 13 18 Sep 13 %Chg. Value Traded (QR mn) 319.2 258.6 23.4 Exch. Market Cap. (QR mn) 537,350.8 536,079.5 0.2 Volume (mn) 6.5 5.9 9.2 Number of Transactions 3,736 3,416 9.4 Companies Traded 39 37 5.4 Market Breadth 26:8 13:15 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 14,103.25 0.4 2.6 24.7 N/A All Share Index 2,479.86 0.4 2.4 23.1 13.1 Banks 2,412.00 0.1 2.1 23.7 12.8 Industrials 3,107.86 0.2 2.0 18.3 11.2 Transportation 1,828.87 0.6 3.3 36.5 12.5 Real Estate 1,797.06 0.9 3.6 11.5 13.6 Insurance 2,253.03 0.4 1.3 14.7 9.3 Telecoms 1,492.32 1.1 4.1 40.1 15.7 Consumer 5,921.47 0.9 2.2 26.8 24.3 Al Rayan Islamic Index 2,812.36 0.3 1.9 13.0 14.2 GCC Top Gainers## Exchange Close# 1D% Vol. „000 YTD% NBQ Abu Dhabi 3.00 7.1 50.0 62.2 Deyaar Development Dubai 0.66 6.3 251,675.5 88.4 Nat. Mobile Tel. Co. Kuwait 2.00 4.2 2.5 (14.5) Union National Bank Abu Dhabi 5.15 4.0 3,591.1 78.2 Dana Gas Abu Dhabi 0.59 3.5 55,471.3 31.1 GCC Top Losers## Exchange Close# 1D% Vol. „000 YTD% Gulf Cable & Elec. Ind. Kuwait 1.00 (2.0) 52.2 (20.6) Nat. Ind. Group Holding Kuwait 0.26 (1.9) 2,463.8 21.5 Kuwait Projects Co. Kuwait 0.54 (1.8) 138.6 45.4 Mabanee Co. Kuwait 1.10 (1.8) 357.5 2.5 ALAFCO Kuwait 0.28 (1.8) 365.7 (21.1) 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% Zad Holding Co. 65.20 (2.0) 3.3 10.9 Qatar German Co. for Med. Dev. 15.25 (1.3) 26.8 3.2 Qatari Investors Group 29.70 (0.8) 163.1 29.1 Ezdan Holding Group 17.40 (0.5) 14.2 (4.4) National Leasing 34.55 (0.4) 242.6 (23.6) Qatar Exchange Top Val. Trades Close* 1D% Val. „000 YTD% Industries Qatar 153.60 0.0 81,496.9 8.9 United Development Co. 22.20 1.4 32,155.0 24.7 QNB Group 174.60 (0.2) 23,463.9 33.4 Ooredoo 144.90 1.3 18,055.9 39.3 Qatar Gas Transport Co. 19.91 0.6 15,055.2 30.5 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* 9,870.90 0.4 2.6 2.6 18.1 87.68 147,610.3 12.4 1.7 4.7 Dubai 2,666.14 2.2 5.0 5.7 64.3 277.83 65,344.6 15.5 1.1 3.3 Abu Dhabi 3,812.09 1.2 2.5 2.1 44.9 149.66 109,618.9 10.8 1.4 4.7 Saudi Arabia 8,024.71 0.3 1.7 3.3 18.0 1,507.72 425,107.0 16.8 2.1 3.6 Kuwait 7,848.27 0.5 3.4 2.8 32.3 207.49 110,957.0 18.4 1.2 3.6 Oman 6,603.28 0.3 0.4 (1.3) 14.6 13.78 23,402.7 10.9 1.6 3.9 Bahrain 1,199.09 0.5 1.5 0.9 12.5 0.68 21,927.3 8.4 0.9 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) 9,820 9,840 9,860 9,880 9,900 9,920 9,940 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QE index rose 0.4% to close at 9,870.90. The Telecoms and Consumer Goods & Services indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders.  Qatar Cinema & Film Distribution Co. and Islamic Holding Group were the top gainers, rising 1.8% and 1.7% respectively. Among the top losers, Zad Holding Co. fell 2.0%, while Qatar German Co. for Medical Devices declined 1.3%.  Volume of shares traded on Thursday rose by 9.2% to 6.5mn from 5.9mn on Wednesday. However, as compared to the 30- day moving average of 8.7mn, volume for the day was 25.3% lower. United Development Co. and Qatar Gas Transport Co. were the most active stocks, contributing 22.4% and 11.7% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Al Hilal Bank (AHB) Moody's Abu Dhabi AHB Sukuk Company Ltd.’s $2.5bn Trust Certificate program’s senior unsecured ratings – (P)A1# – Stable – Al Hilal Bank (AHB) Fitch Abu Dhabi AHB Sukuk Company Ltd.’s $2.5bn Trust Certificate program’s expected LT rating / expected ST rating – A+(EXP)/ F1(EXP) – – – Gulf International Bank (GIB) S&P Bahrain LT counterparty credit ratings/ ST counterparty credit ratings/ SCP BBB+/ A-2/ bbb- BBB+/ A-2/ bbb – Positive  Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency, SCP- Standalone Credit Profile) ( # Provisional) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 09/19 US Labor Department Initial Jobless Claims 14-September 309K 330K 294K 09/19 US Labor Department Continuing Claims 7-September 2,787K 2,900K 2,815K 09/19 US Bloomberg Bloomberg Economic Expectations September -9 – -5 09/19 US Bloomberg Bloomberg Consumer Comfort 15-September -29.4 – -32.1 09/19 US National Ass. of Realtors Existing Home Sales August 5.48M 5.25M 5.39M 09/19 US National Ass. of Realtors Existing Home Sales MoM August 1.70% -2.60% 6.50% 09/19 US Conference Board Leading Index August 0.70% 0.60% 0.50% 09/20 EU Eurostat Consumer Confidence September -14.9 -14.5 -15.6 09/20 UK ONS Public Sector Net Borrowing (£) August 11.5B 11.9B -1.1B 09/20 Italy Istat Industrial Orders MoM July -0.70% – -2.50% 09/20 Italy Istat Industrial Orders NSA YoY July -2.20% – -4.20% 09/20 Italy Istat Industrial Sales MoM July -0.80% – 0.60% 09/20 Italy Istat Industrial Sales WDA YoY July -3.60% – -1.00% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Banking sector‟s monthly update for August 2013 – Banking sector data for the month of August 2013 shows limited activity. Deposits increased by 0.10% MoM (+11.2% YTD) while loans were flattish (-0.03% MoM, +9.0% YTD) in the month of August 2013. In our view, Ramadan along with the summer break led to this subdued activity. Going forward, we expect activity in the banking sector to pick up in the coming months. Hence, we maintain our loan growth estimate of ~15% for 2013 vs. 9.0% YTD. Furthermore, we expect NIMs to stabilize during 4Q2013. The banking sector’s loan-to-deposit ratio (LDR) remained at 109% in August 2013. In our view, liquidity remains healthy and we believe the banks are in a comfortable position to finance upcoming infrastructure projects. We believe some banks are contemplating issuing Tier I bonds, which will help improve their capital adequacy ratios (CARs) as well as provide additional funds propelling loan book growth. (QNBFS & QCB)  CBQK to disclose its 3Q2013 financials on October 30 – Commercial Bank (CBQK) will disclose its 3Q2013 financial Overall Activity Buy %* Sell %* Net (QR) Qatari 56.04% 50.48% 17,715,161.97 Non-Qatari 43.97% 49.51% (17,715,161.97)
  3. 3. Page 3 of 6 results for the period ending September 30, 2013 on October 30, 2013. (QE)  DOHI to disclose its 3Q2013 financial results on October 22 – Doha Insurance Company (DOHI) will disclose its 3Q2013 financial results for the period ending September 30, 2013 on October 22, 2013. (QE)  ORDS‟ subsidiary announces date to pay interest to bondholders – Ooredoo (ORDS) has announced that QTEL International Finance Limited (QIFL), its wholly owned subsidiary, pursuant to the terms and conditions of the notes and the final terms, will pay its global medium term note (GMTN) holders interest payments on October 15 and 21, 2013. (QE)  MERS signs a lease agreement for supermarket stores – Al Meera Consumer Goods Company (MERS) has announced that the company has signed a lease agreement for supermarket stores with “Gulf Mall”. (QE)  Barwa Bank closes its $125mn finance deal with Topaz – Barwa Bank has closed a deal worth $125mn with Dubai-based Topaz Energy & Marine (Topaz) to finance 12 vessels, including two newly-built ships that will be operated in the Arabian Gulf and Caspian Sea. (Gulf-Times.com)  QIMD signs design contract with Hill International for Corniche tower – Qatar Industrial Manufacturing Company (QIMD) has signed a contract with Hill International Company to manage the design stage of its tower project to be built at an estimated cost of QR500mn. The proposed tower on the Corniche Road will replace its present headquarters. (GulfBase.com)  QInvest mandated for Turkey sovereign sukuk – Turkey has mandated Qatar’s QInvest, HSBC and Standard Chartered Bank for its sovereign sukuk issue. Beginning from September 23, the lenders will hold investor meetings targeting fixed income investors in Doha, followed by Dubai, Riyadh, Jeddah, Singapore and Kuala Lumpur. Istanbul has been planning to borrow a total of up to $6.5bn through a mix of Eurobond, samurai and sukuk issues by the end of this year. (Gulf- Times.com)  Commercial complex for workers set to open in October – The Grand Mall Hypermarket, a commercial and entertainment complex specially meant to cater for single male workers in the Industrial Area, is set to open in the first week of October. The facility, to be fully operational by mid-2014, is built for workers from India, Pakistan, Nepal, Sri Lanka, Bangladesh and other Southeast Asian countries. The industrial city “West End Park”, within an area of 671,000 square meters, houses sporting, recreational, entertainment and commercial facilities. (Peninsula Qatar)  Retaj Hotels & Hospitality to expand overseas business – Qatar-based Retaj Hotels & Hospitality Group announced an expansion of its footprint in overseas business, especially in the GCC countries. Retaj’s CEO Maagid Saarany said the group is working on plans to open new hotels in Dubai and Saudi Arabia. Currently, these projects are still at study and negotiation stages. The construction on these upcoming projects is expected to begin from 2014. (Peninsula Qatar)  Kahramaa gets new MoE regulations for importing electrical appliances – The Qatar General Electricity & Water Corporation (Kahramaa) has received a new regulation from the Ministry of Environment (MoE) for importing electrical appliances, which will be effective from the first day of next year. This new regulation covers energy-saving air conditioners, incandescent light bulbs and lamps. It will allow the import of energy-saving air conditioners, which are in accordance with the approved Qatari standard, QS 2663. The Energy Efficiency Rate (EER) of these air conditioners should not be less than 8.5 Btu/hour. The MoE has banned the import of incandescent light bulbs and lamps (tungsten) for its negative impact on energy consumption and environment. (Qatar Tribune)  Qatari head assumes charge of Maersk research facility – Maersk Oil has appointed Abdulrahman al-Emadi as the new head of its global research center located at the Qatar Science & Technology Park (QSTP) in Doha. The Maersk Oil Research & Technology Centre (MO-RTC) was established in 2011 to focus on applied research & development in the areas of horizontal well technology, enhanced oil recovery in carbonate reservoirs, and the offshore environment. (Gulf-Times.com)  QTA opens representative office in France – Qatar Tourism Authority (QTA) has opened a representative office in France, which is its second representative office in Europe and the first in Continental Europe. QTA has selected Interface Tourism to operate the office. The opening of this representative office enables QTA to expand its footprint and promote the destinations in Qatar among key markets around the world. (AME Info) International  IMF urges US to bury budget hatchet, back reforms in the fund – The International Monetary Fund urged US policymakers to support major reforms at the global financial institution, as well as bury political differences over the country’s budget to ease a major source of risk to the global economy. IMF Managing Director Christine Lagarde said the reforms will give the IMF access to more money to prevent and resolve crises. Earlier in 2010, the IMF had agreed to reform its governance structure for giving greater influence to emerging economies and making China the third-largest member. However, the reform of voting rights cannot proceed without approval from the US Congress, which is the Fund's largest member. Lagarde called on the US to quickly resolve the political uncertainty over the country’s budget and the debt ceiling, while US lawmakers continue to wrangle over raising the legal limit on the nation's borrowing. (Reuters)  ECB: Ireland should stick to austerity target – The European Central Bank’s (ECB) Executive Board Member Joerg Asmussen said Ireland should not ease up on austerity in its annual budget to be presented next month, but stick to a target of €3.1bn worth of spending cuts and tax hikes. Last year, Ireland beat the deficit target under its bailout conditions, leading to calls by government ministers for a more modest fiscal adjustment than agreed with lenders in the IMF and ECB. (Reuters)  Italy to meet EU deficit-to-GDP limit in 2013 – Italy’s Finance Undersecretary Pier Paolo Baretta said the country will maintain its deficit within the European Union’s (EU) limit of 3% of GDP this year. He said the government may need to find an additional €1.5bn of savings to reach the EU requirement, because of the sluggish economy and payments of overdue debts to companies. (Bloomberg)  India unexpectedly raises rates; rolls back rupee support steps – The new Reserve Bank of India Governor Raghuram Rajan surprised the markets in his maiden policy review by raising interest rates to ward off rising inflation, while scaling back some of the emergency measures put in place to support the ailing rupee. The RBI has increased the policy repo rate by 25 basis points (bps) to 7.5%. While raising the traditional policy rate, Rajan freed up market liquidity with a three-quarter point
  4. 4. Page 4 of 6 cut in the overnight borrowing rate that the central bank had temporarily raised by 200 bps in July to support the rupee. (Reuters)  BoJ gives positive outlook for overseas economies – The Bank of Japan (BoJ) Governor Haruhiko Kuroda has offered a positive outlook for overseas economies including the US, saying the economic growth would gradually pick up and support Japanese exports. He said BoJ expects that overseas economies will gradually pick up as the US and European economies improve, which will in turn support increases in global exports and output, as well as a pickup in capital expenditure in Japan. (Reuters)  QNB Group: Positive UK data due to short-term factors – The recent positive economic data on the UK economy has raised expectations that country may be emerging from an extended period of stagnation following the global economic crisis. However, according to QNB Group, much of the improvement can be attributed to short-term temporary factors, while structural weaknesses are likely to dampen the medium- term growth outlook, preventing a much needed recovery in investment. (Qatar Tribune) Regional  Oil Movements: OPEC exports to increase on Saudi supply – According to tanker tracker Oil Movements, the Organization of Petroleum Exporting Countries (OPEC) will increase crude shipments by 1.4% by early October as Saudi Arabia boosts output amid production losses in Libya. OPEC will raise exports by 320,000 barrels a day to about 23.9mn bpd in the four weeks to October 5 as compared to the period to September 7, 2013. The figures exclude two OPEC members, Angola and Ecuador, and may have to be revised lower to reflect recent disruptions in Libya production. (Bloomberg)  SABIC hires banks for dollar bond sale, Al Hilal to start investor meetings – Saudi Basic Industries Corp (SABIC) has hired banks for its dollar bond sale and Al Hilal Bank was said to start investor meetings as the US Federal Reserve refrained from cutting stimulus. SABIC enlisted Citigroup, HSBC Holdings, Mizuho and the Royal Bank of Scotland to arrange meetings with investors from next week. Meanwhile, Abu Dhabi government-owned Al Hilal plans to gauge investor appetite for a debut sale of Islamic bonds during similar meetings. (Gulf- Times.com)  SIDF approves SR1.1bn aid for industrial projects – The Saudi Industrial Development Fund (SIDF) has approved 11 loans worth SR1.1bn for the establishment of nine new industrial projects and the expansion of another two existing projects with investments worth SR2.3bn. The consumer industries sector accounted for a major share of loans totaling SR425mn, followed by building materials sector (SR410mn), supportive industrial services (SR99mn), chemical industries (SR86mn), and engineering industries (SR41mn). (GulfBase.com)  Rotana board approves restructuring plans – Rotana Holding’s board reviewed its 2013 strategic plans, the operating and financial budget. The board also referred to the latest developments of Rotana and approved its expansion and restructuring plans. (GulfBase.com)  Saudi Hollandi opens new branch in Riyadh – Saudi Hollandi Bank has launched a new branch in Al-Sahafa District in northern Riyadh. With this, the bank has raised the number of its branches in the Kingdom to 47. (GulfBase.com)  Al Maktoum Airport set to open for passengers – The Dubai World Central’s Al Maktoum International Airport is set to open for passenger flights next month, following the certification of its new passenger terminal. The General Civil Aviation Authority has certified Al Maktoum for passenger operations after assessing the full compliance of the aerodrome based on its stringent requirements. (GulfBase.com)  Senergy plans M&A after Lloyd‟s Register stake sale – UAE- based energy services company, Senergy is planning to hit the merger & acquisition trail after selling its controlling stake to a UK-based Lloyd’s Register. With a capital boost from its new parent group, Senergy plans to use this capital for acquisitions and organic growth to help achieve its target to increase its turnover by two thirds to AED1.18bn by 2015. (Bloomberg)  Al Futtaim offers to buy CMC Holdings for 13 shillings per share – Dubai-based conglomerate Al Futtaim Group has offered a price of 13 shillings per share to buy Kenya-based car retailer, CMC Holdings. The offer stands at 3.7% discount to CMC’s last traded share price and values the auto retailer at $87mn. Al Futtaim has irrevocable undertakings from CMC’s stockholders representing 50.6% of outstanding shares to accept the offer. Moreover, Al Futtaim planning to delist CMC from Nairobi Securities Exchange. (Bloomberg)  UAE developers launch AED16.6bn Baghdad project – Two UAE-based developers have announced an investment plan worth AED16.6bn to build a “City of the Future” in the Iraqi capital, Baghdad. Dubai-based Al Handal International Group and Abu Dhabi-based Bloom Properties signed a deal to develop a residential project, spreading across an area of 58mn square feet and accommodating up to 150,000 people. The project is expected to be completed by 2020. (GulfBase.com)  Emirates NBD sees surge in UAE retail banking as economy recovers – Emirates NBD’s Head of Retail Banking Suvo Sarkar said lenders in the UAE will boost their retail banking revenue at nearly double digit rates as consumer lending increases amid the region’s accelerating economic growth. Sarkar said retail banking covering products like credit cards and personal loans, is likely account for 50% of the total revenue at most banks over the next three years, increasing from about 35% now. (Bloomberg)  Etihad plans major increase in flights to India – Etihad Airways said it will increase options for travel to and from India by introducing more flights and wide-bodied jets within the end of this year. Subject to regulatory approval, the airline will also launch new routes next year. From November 1, 2013, Etihad plans to more than triple the number of seats offered on the prime Abu Dhabi–Mumbai and Abu Dhabi–New Delhi routes. Meanwhile, the company said it remains focused on taking a stake in India’s Jet Airways. (GulfBase.com)  S&P affirms ratings on Kuwait at “AA/A-1+” – S&P has affirmed its “AA/A-1+” rating for long and short-term foreign and local currency sovereign credit ratings on Kuwait. The outlook remains Stable, which balances the agency’s view of Kuwait's very strong fiscal and external positions against the uncertainties in its political system, undiversified economy, and the lack of transparency in government assets. (Bloomberg)  BAPCO‟s refinery expansion to be completed by 2019 – The Bahrain Petroleum Company’s (BAPCO) Chairman & CEO Adel al-Moayyed said the company expects to complete an upgrade of its Sitra refinery in 2019, which will increase its processing capacity by 35%. BAPCO is planning to start work on upgrading the Sitra refinery in 2015 in order to boost its capacity to 360,000 bpd from the current 267,000 bpd. Further, al-Moayyed said BAPCO and Saudi Aramco are in the final stages of approving work on enlarging a pipeline that carries Saudi light
  5. 5. Page 5 of 6 crude to Sitra refinery to 350,000 bpd capacity to feed the expansion, which is expected to complete in 2017. (Bloomberg)
  6. 6. 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 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg (*Markets closed on September 20, 2013) 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 QE Index S&PPan Arab S&P GCC 0.3% 0.4% 0.5% 0.5% 0.3% 1.2% 2.2% 0.0% 0.4% 0.8% 1.2% 1.6% 2.0% 2.4% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,326.05 (2.9) (0.0) (20.8) DJ Industrial 15,451.09 (1.2) 0.5 17.9 Silver/Ounce 21.78 (5.6) (2.0) (28.2) S&P 500 1,709.91 (0.7) 1.3 19.9 Crude Oil (Brent)/Barrel (FM Future) 109.22 0.4 (3.2) (1.7) NASDAQ 100 3,774.73 (0.4) 1.4 25.0 Natural Gas (Henry Hub)/MMBtu 3.68 (1.2) 2.2 7.4 STOXX 600 314.20 (0.3) 0.9 12.3 North American Spot LPG Propane Price 109.88 (1.0) (3.5) 22.1 DAX 8,675.73 (0.2) 2.0 14.0 North American Spot LPG Normal Butane Price 134.75 1.8 0.1 (23.7) FTSE 100 6,596.43 (0.4) 0.2 11.8 Euro 1.35 (0.0) 1.7 2.5 CAC 40 4,203.66 (0.1) 2.2 15.5 Yen 99.36 (0.1) (0.0) 14.5 Nikkei 14,742.42 (0.2) 2.3 41.8 GBP 1.60 (0.2) 0.8 (1.5) MSCI EM 1,013.17 (0.9) 2.7 (4.0) CHF 1.10 0.0 2.1 0.5 SHANGHAI SE Composite* 2,191.85 0.0 (2.0) (3.4) AUD 0.94 (0.5) 1.6 (9.6) HANG SENG* 23,502.51 0.0 2.6 3.7 USD Index 80.43 0.1 (1.3) 0.8 BSE SENSEX 20,263.71 (1.9) 2.7 4.3 RUB 31.81 0.5 (2.0) 4.2 Bovespa 54,110.03 (1.8) 0.6 (11.2) BRL 0.45 (0.5) 3.0 (7.4) RTS 1,462.92 (1.1) 4.8 (4.2) 141.8 126.3 114.3

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