Your SlideShare is downloading. ×
2 December Daily Market Report
2 December Daily Market Report
2 December Daily Market Report
2 December Daily Market Report
2 December Daily Market Report
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

2 December Daily Market Report

387

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
387
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. QE Intra-Day Movement Market Indicators 10,410 10,400 10,390 10,380 10,370 01 Dec 13 %Chg. 268.2 554,177.1 9.2 4,133 40 15:19 288.5 556,004.9 9.6 4,540 40 18:16 (7.0) (0.3) (3.8) (9.0) 0.0 – Market Indices 10,360 10,350 9:30 02 Dec 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 QE index declined 0.3% to close at 10,366.2. Losses were led by the Transportation and Telecoms indices, declining 0.8% and 0.7% respectively. Top losers were Mannai Corp. and Qatar & Oman Investment Co., falling 2.2% and 1.9% respectively. Among the top gainers, Widam Food Co. rose 5.9%, while Zad Holding Co. gained 1.8%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,810.93 2,581.79 2,451.26 3,397.38 1,935.95 1,978.64 2,395.16 1,444.45 5,988.20 3,041.46 (0.3) (0.3) (0.4) (0.0) (0.8) (0.2) (0.0) (0.7) 0.2 0.1 (0.1) (0.0) 0.2 (0.2) (0.3) (0.8) 1.3 (0.7) 0.1 0.3 30.9 28.2 25.8 29.3 44.4 22.8 22.0 35.6 28.2 22.2 N/A 13.1 13.1 12.3 13.1 13.6 9.8 19.6 22.7 15.8 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index rose 0.4% to close at 8,334.3. Gains were led by the Hotel & Tourism and Media & Publishing indices, rising 1.3% and 1.0% respectively. ANB Ins. rose 9.9%, while Tourism Enterprise was up 6.3%. Nat. Bank of Fujairah Abu Dhabi 4.28 14.7 1.0 (5.9) Nat. Marine Dredging Abu Dhabi 8.31 7.6 0.5 (16.9) Dubai: The DFM index gained 1.4% to close at 2,987.2. The Real Estate & Construction index rose 2.1%, while the Banking index was up 1.9%. Takaful Emarat - Insurance gained 5.9%, while Ekttitab Holding Co. was up 4.5%. Dubai Financial Market Dubai 2.35 4.4 128,014.2 130.4 Saudi Print. & Pack. Saudi Arabia 22.75 3.6 1,974.3 (38.5) Abu Dhabi: The ADX benchmark index rose 1.2% to close at 3,896.2. The Real Estate index gained 3.2%, while the Inv. & Fin. Ser. index was up 2.1%. Nat. Bank of Fujairah surged 14.8%, while Al Buhaira Nat. Ins. gained 13.2%. Dubai Islamic Bank Dubai 3.4 14,388.0 128.9 GCC Top Losers Exchange 1D% Vol. ‘000 YTD% Kuwait: The KSE index fell 0.2% to close at 7,724.1. The Health Care index declined 2.2%, while the Technology index was down 2.1%. Zima Holding Co. fell 7.8%, while Gulf Franchising Holding Co. was down 6.1%. United Arab Bank Abu Dhabi 6.71 (9.9) 45.0 117.9 Gulf Cable & Electrical Kuwait 0.83 (5.7) 140.5 (34.1) Oman: The MSM index gained marginally to close at 6,758.4. Gains were led by the Banking & Investment and Industrial indices, rising 0.3% each. National Gas Co. gained 9.8%, while Areej Vegetable Oils & Derivatives was up 9.1%. Salhia Real Estate Co. Kuwait Hail Cement Saudi Arabia Comm. Bank of Kuwait Kuwait Bahrain: The BHB index fell 0.4% to close at 1,201.9. The Commercial Banking index declined 0.8%, while the Hotel & Tourism index was down 0.5%. Ahli United Bank fell 1.4%, while Gulf Hotel Group was down 0.8%. ## 4.60 # Close Vol. ‘000 YTD% 0.38 (5.0) 123.9 2.7 21.40 (3.4) 2,968.2 15.4 0.71 (2.7) 4.4 0.0 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) Widam Food Co. Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% 51.90 Qatar Exchange Top Gainers 5.9 382.9 (11.7) Mannai Corp. 86.00 (2.2) 0.1 6.2 12.70 (1.9) 7.0 2.5 Zad Holding Co. 68.00 1.8 0.3 15.6 Qatar & Oman Investment Co. Qatar Islamic Insurance 59.00 1.0 131.6 (4.8) Medicare Group 54.00 (1.6) 100.8 51.3 Salam International Investment Co. 12.36 1.0 570.3 (2.4) Qatar Gas Transport Co. 20.97 (1.5) 2,001.0 37.4 Vodafone Qatar 11.20 0.9 2,723.1 34.1 Qatar General Ins. & Rein. 49.80 (1.2) 46.3 8.3 Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Vodafone Qatar 11.20 0.9 2,723.1 34.1 Qatar Gas Transport Co. 20.97 (1.6) 42,274.3 37.4 Qatar Gas Transport Co. 20.97 (1.5) 2,001.0 37.4 Vodafone Qatar 11.20 0.9 30,460.9 34.1 Masraf Al Rayan 33.20 (0.2) 673.3 33.9 Masraf Al Rayan 33.20 (0.2) 22,285.1 33.9 Salam International Investment Co. 12.36 1.0 570.3 (2.4) Widam Food Co. 51.90 5.9 19,406.5 (11.7) Barwa Real Estate Co. 29.80 (0.7) 462.1 8.6 Commercial Bank of Qatar 69.30 0.6 15,004.0 (2.3) Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 10,366.21 2,987.17 3,896.15 8,334.31 7,724.10 6,758.40 1,201.92 (0.3) 1.4 1.2 0.4 (0.2) 0.0 (0.4) (0.1) 1.4 1.2 0.1 (0.8) 0.5 (0.5) (0.1) 1.4 1.2 0.1 (0.8) 0.5 (0.5) 24.0 84.1 48.1 22.5 30.2 17.3 12.8 Exch. Val. Traded ($ mn) 73.66 247.23 106.90 1,124.80 79.92 28.99 1.54 Exchange Mkt. Cap. ($ mn) 152,177.0 71,002.9 110,999.7 452,727.4 109,561.1 24,212.5 49,766.5 P/E** P/B** 13.2 17.6 10.9 17.1 17.0 10.6 8.0 1.8 1.2 1.3 2.1 1.2 1.6 0.8 Dividend Yield 4.4 3.0 4.6 3.5 3.6 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) Page 1 of 5
  • 2. Qatar Market Commentary  The QE index declined 0.3% to close at 10,366.2. The Transportation and Telecoms indices led the losses. The index declined on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 74.04% 69.14% 13,128,636.46 Non-Qatari  Mannai Corp. and Qatar & Oman Investment Co. were the top losers, falling 2.2% and 1.9% respectively. Among the top gainers, Widam Food Co. rose 5.9%, while Zad Holding Co. gained 1.8%. Buy %* 25.96% 30.85% (13,128,636.46) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Monday declined by 3.8% to 9.2mn from 9.6mn on Sunday. Further, as compared to the 30-day moving average of 11.2mn, volume for the day was 17.8% lower. Vodafone Qatar and Qatar Gas Transport Co. were the most active stocks, contributing 29.6% and 21.8% to the total volume respectively. Ratings and Global Economic Data Ratings Updates Company Ooredoo Tamweel Limited Agency Fitch Market Qatar Type* Old Rating New Rating Rating Change Outlook Outlook Change – A+ – – – $1.25bn five year 3.039% trust certificate program (Sukuk) Source: News reports (*Rating assigned) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/02 US Bloomberg Markit US PMI Final 12/02 US ISM ISM Manufacturing November 54.7 54.3 54.3 November 57.3 55.1 12/02 US ISM 56.4 ISM Prices Paid November 52.5 55.0 12/02 US 55.5 US Census Bureau Construction Spending MoM September -0.30% 0.50% 0.10% 12/02 12/02 US US Census Bureau Construction Spending MoM October 0.80% 0.40% -0.30% EU Markit PMI Manufacturing November 51.6 51.5 51.3 12/02 France Markit PMI Manufacturing November 48.4 47.8 49.1 12/02 Germany Markit PMI Manufacturing November 52.7 52.5 51.7 12/02 UK Hometrack Hometrack Housing Survey MoM November 0.50% – 0.50% 12/02 UK Hometrack Hometrack Housing Survey YoY November 3.80% – 3.10% 12/02 UK Markit PMI Manufacturing November 58.4 56.1 56.5 12/02 Italy Markit PMI Manufacturing November 51.4 50.8 50.7 12/02 China HSBC Bank HSBC/Markit Manufacturing PMI November 50.8 50.5 50.9 12/02 China National Bureau of Stat. Leading Index October 99.54 – 99.57 12/02 Japan Ministry of Finance Capital Spending YoY 3Q2013 1.50% 3.60% 0.00% 12/02 Japan Ministry of Finance Capital Spending Ex Software 3Q2013 2.30% 4.50% 1.40% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QNNS ends its 6-month buyback period – Milaha (QNNS) announced the completion of its six-month buyback period on November 30, 2013 as per the Qatar Financial Markets Authority’s regulations. QNNS has bought back 908,725 shares that accounted for 0.8% of its total outstanding shares. (QE)  Fitch assigns A+ rating to Ooredoo Tamweel’s $1.25bn sukuk – Fitch Ratings has assigned a final “A+” instrument rating for Ooredoo Tamweel Limited's $1.25bn five-year 3.04% trust certificate program (sukuk). The rating is in line with Ooredoo's long-term issuer default rating (IDR) and senior unsecured rating (A+/Stable). (Bloomberg)  ORDS awards tower deployments contract to Digicel – Ooredoo (ORDS) has awarded a contract to deploy telecoms towers in its Myanmar subsidiary to a consortium lead by the Digicel Group. The consortium which is made up of Digicel Group, YSH Finance and First Myanmar Investment, will be amongst the first telecoms tower companies to begin construction in Myanmar and will accept multi-tenancy agreements. Earlier, Digicel failed to secure a mobile operating license on its own, having lost out to Ooredoo and Telenor. (Bloomberg)  AREDC: Qatar residential ROI leads Middle East – According to a report by Al Asmakh Real Estate Development Company (AREDC), Qatar’s residential market offers 6-8% return on investment (ROI), which is one of the highest in the Middle East. AREDC said residential property is a prominent segment in the Qatari realty market and owing to rising demand, well maintained units get higher returns than those that are not maintained well. The segment is slated to see higher rents and sales in the coming quarters. The report also highlighted that apartment prices rose 5% QoQ in 3Q2013. (Gulf-Times.com) Page 2 of 5
  • 3.  RasGas resumes output at its Train 7 after maintenance – Ras Laffan Liquefied Natural Gas Company (RasGas) has resumed the production at its Train 7 liquefaction plant after completing works. Train 7 can produce 7.8mn metric tons of LNG per year, making it the biggest along with five other plants in Qatar. (Bloomberg)  Health insurance to cover all Qatari nationals by 2014 – Qatar’s National Health Insurance Scheme (NHIS) project manager Husein Reka said the new health insurance scheme will be expanded to cover all Qatari nationals by the spring of 2014. He said the scheme would include all specializations and cover all Qatari nationals, and the same services would be provided to expatriates by 2015. (Peninsula Qatar)  Sphinex, Katara sign deal to run 5-star hotel – Sphinex Hotels & Resorts for Touristic Assets Management has signed an agreement with Katara Hospitality Group for the management of the five-star Merweb Plaza Hotel located in Al Sadd area. (Peninsula Qatar) International  Fed approves capital plans of Goldman and JPMorgan – The US Federal Reserve said it approved new capital plans by Goldman Sachs and JPMorgan Chase, after initially ordering the banks to fix flaws in their capital planning processes. The plans are part of the stress-testing regime meant to determine how the biggest US banks would fare in a financial meltdown. Earlier, the Fed said Goldman and JPMorgan could move forward with plans to buy back shares and pay dividends. But regulators said the stress tests, or comprehensive capital analysis and review (CCAR), showed both banks had flawed processes for determining capital payouts to shareholders. Regulators told the two banks to fix the problems and submit new plans by the end of the third quarter. (Reuters)  US Chamber of Commerce seeks changes to financial risk council – The US Chamber of Commerce has called for changes to the US financial risk council that could slow the process by which it designates large financial firms as systemic, subjecting them to tougher supervision. (Reuters)  EU Nations approve pact with China on solar-panel imports – European Union countries has approved a deal with China to curb imports of Chinese solar panels, bringing to an end the EU’s biggest trade dispute of its kind. EU governments endorsed an agreement struck by their trade chief and China in July that sets a minimum price and a volume limit on European imports of Chinese solar panels until the end of 2015. Participating Chinese manufacturers will be spared EU tariffs meant to counter alleged below-cost sales, a practice known as dumping, and subsidies. (Bloomberg)  BOJ's Governor unwavering on inflation goal – Bank of Japan Governor Haruhiko Kuroda said he saw no need to water down the bank's commitment to achieve 2% inflation in two years, stressing that the country was on track to meet the target despite risks from soft overseas growth. He also signaled the bank's readiness to maintain its ultra-loose policy for as long as needed to sustainably achieve the inflation target, or expand stimulus further if the economy and prices sharply undershoot its forecasts. (Reuters) Regional  QNB Group: GCC set for growth spurt from Qatar World Cup, Dubai Expo – According to QNB Group, Dubai’s successful bid for the World Expo 2020 and Qatar hosting the FIFA World Cup 2022 bode well for the GCC region’s future, providing a healthy GDP boost. QNB Group said the combination of the two events in a reasonably short timeframe should provide considerable impetus for growth in the UAE, Qatar and the entire GCC region. QNB Group said these events can be leveraged to showcase the region and promote the GCC region as a leading destination for business, research and development, culture and tourism. QNB Group said Dubai’s successful bid to host the World Expo in 2020 will help boost GDP growth in the UAE as well as the GCC region, and also help drive the long-term economic diversification of the region into an innovation and services hub. (Gulf-Times.com, Peninsula Qatar)  CSC: Average private investments in MENA estimated at 1315% of GDP – The Council of Saudi Chambers’ (CSC) Chairman Abdullah Al Mabti said the average rate of private sector investments in the GDP of MENA countries is estimated at 13-15%. Meanwhile, Mohamed Al-Hamadi, a member of Riyadh Chamber of Commerce & Industry, stressed the need for cooperation between the private and public sectors in order to boost work opportunities for coping with the increased population growth and economic slowdowns. (GulfBase.com)  SMBC: Saudi-Moroccan trade poised to reach SR26.25bn in 2014 – The Saudi Moroccan Business Council’s (SMBC) Head Mohammed Al Hammadi said the trade exchange between Saudi Arabia and Morocco is poised to jump to SR26.25bn by early 2014. The proposed new shipping line between Jeddah and Casablanca will boost commercial and investment ties between the two countries and will boost trade exchange by about 20% in 2014. He also said that SMBC has approved a mechanism to encourage investment opportunities in order to ensure food security through the development of the agricultural sector. (GulfBase.com)  SHB redeems its 2008 Mudaraba Certificates – Saudi Hollandi Bank (SHB) has announced the redemption of its 2008 Mudaraba Certificates (sukuk) at their face value by the end of the fifth year. These Mudaraba Certificates were issued in December 2008 with an original maturity of 10 years and were callable in December 2013. For this, SHB has obtained an approval from the Saudi Stock Exchange. The redemption amount along with the periodic distribution amount will be transferred to certificate holders on December 31, 2013 based on their respective holding as of December 21, 2013. (Tadawul)  UAE to finance waste water projects in Egypt – The UAE’s Minister of Local Development Adel Labib said that the Emirates will finance about 135 waste water projects worth 1.8bn Egyptian pounds. These projects will be implemented in various Egyptian villages in December 2013. (Bloomberg)  DFRE: Dubai to overtake London as world’s premier retailer hub – Dubai Festivals & Retail Establishment’s (DFRE) CEO HE Laila Mohammed Suhail said that the Emirate will soon overtake London as the world’s premier retailer hub. Suhail said that DFRE is working closely with its partners from the private sector and government bodies to create new retail festival concepts that will enhance the experience of millions of visitors who will attend the 2020 World Expo. (GulfBase.com)  DFM accredits Al Ramz Securities to provide DMA – The Dubai Financial Market (DFM) has accredited Al Ramz Securities to provide direct market access (DMA) for global brokers, lifting the total number of DMA service providers to six. DMA allows brokerage companies to mandate a global broker who could use their access point to trade on DFM through electronic trading. (DFM)  ADNEC CEO: Atrush block’s first phase production to reach 30,000 bpd by 2015 – The Abu Dhabi National Energy Page 3 of 5
  • 4. Company’s (ADNEC) CEO David B. Cook said the first phase of crude oil production from Atrush block in Kurdistan is set to reach 30,000 barrels per day (bpd) by early 2015. Cook said the company will raise its crude production to 100,000 bpd in a phased manner. ADNEC holds 40% stake in Atrush block. (Bloomberg)  Etisalat may restart talks to sell Canar to Zain – According to sources, Emirates Telecommunications Corporation (Etisalat) could resurrect talks to sell its Sudan-based Canar Telecommunications Company to Kuwait-based Mobile Telecommunications Company (Zain). Etisalat took an impairment of AED459mn against Canar in 2012. (Bloomberg)  Kuwait Airways to buy 25 new aircraft, lease 12 more from Airbus – Kuwait Airways has entered into an agreement with Airbus to buy 25 new aircraft and lease 12 more aircraft. Under this agreement, the airline will buy 25 Airbus planes, comprising 10 A350-900s and 15 A320neos, and lease 12 aircraft while awaiting the delivery of new planes from 2019. Kuwait Airways will receive its first leased aircraft in 2Q2014. (Bloomberg)  SGT to insure $450mn PPP housing project in Bahrain – Bahrain-based Solidarity General Takaful (SGT) will insure public-private partnership (PPP) housing project in the Bahrain. This $450mn housing project is a partnership between Bahrain’s Ministry of Housing & Works, Naseej & Sharaka for Housing Projects. This is the largest housing project ever to be developed in Bahrain under PPP, which involves the development of around 2,800 affordable housing units in Al Madina, Al Shamaliya and Al Luwzi areas. (GulfBase.com)  Batelco’s deal for C&W’s business falls through – Cable & Wireless Communications (C&W) said the sale of its business in Seychelles to Bahrain Telecommunications Company (Batelco) has fallen through. Earlier, C&W had announced the sale of its Monaco & Islands division, which owned stakes in various operators in 12 markets, to Batelco as part of a restructuring for a group previously spread across the world. C&W said Batelco has failed to secure the approval to buy the business within the required date. (Gulf-Times.com)  CMH, Capivest, Elaf to operate as Ibdar Bank – Bahrainbased Capital Management House (CMH), Capivest Investment Bank and Elaf Bank have renamed their new combined entity as “Ibdar Bank”. The new entity’s launch follows a three-way Islamic banking merger. This has resulted in the creation of a diversified and financially robust institution with $300mn of paidup capital, $329mn in equity, and an asset base of $360mn. (GulfBase.com) Page 4 of 5
  • 5. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 2.1% 149.0 1.4% 1.2% 1.4% 130.9 118.8 0.6% 0.4% 0.0% (0.2%) S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Dubai Oman Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance 1,219.75 (2.7) (2.7) (27.2) DJ Industrial 19.16 (4.2) (4.2) (36.9) 111.45 1.6 1.6 0.3 3.84 1.3 1.3 12.0 STOXX 600 120.00 2.6 2.6 34.1 137.25 0.0 0.0 (20.7) 1.35 (0.4) (0.4) 2.6 102.94 0.5 0.5 18.7 GBP 1.64 (0.1) (0.1) 0.6 CHF 1.10 (0.3) (0.3) 0.7 AUD 0.91 (0.0) (0.0) (12.4) USD Index 80.93 0.3 0.3 RUB 33.22 0.3 0.3 BRL 0.42 (0.9) (0.9) (13.0) Yen Bahrain Jul-13 Kuwait May-12 Dec-12 Abu Dhabi QE Index Oct-11 Qatar Jan-10 Aug-10 Mar-11 (0.3%) (0.2%) (0.4%) Saudi Arabia (0.9%) Close 1D% WTD% YTD% 16,008.77 (0.5) (0.5) 22.2 S&P 500 1,800.90 (0.3) (0.3) 26.3 NASDAQ 100 4,045.26 (0.4) (0.4) 34.0 324.10 (0.3) (0.3) 15.9 DAX 9,401.96 (0.0) (0.0) 23.5 FTSE 100 6,595.33 (0.8) (0.8) 11.8 4,285.81 (0.2) (0.2) 17.7 15,655.07 (0.0) (0.0) 50.6 MSCI EM 1,013.44 (0.5) (0.5) (4.0) SHANGHAI SE Composite 2,207.37 (0.6) (0.6) (2.7) HANG SENG 24,038.55 0.7 0.7 6.1 1.4 BSE SENSEX 20,898.01 0.5 0.5 7.6 8.8 Bovespa 51,244.87 (2.4) (2.4) (15.9) 1,398.74 (0.3) (0.3) (8.4) Source: Bloomberg CAC 40 Nikkei 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

×