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2 February Daily market report

2 February Daily market report






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    2 February Daily market report 2 February Daily market report Document Transcript

    • QE Intra-Day Movement Market Indicators 11,190 11,180 11,170 11,160 Market Indices 11,150 11,140 9:30 02 Feb 14 353.5 589,741.7 11.0 4,458 41 17:19 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 rose 0.2% to close at 11,174.0. Gains were led by the Transportation and Industrials indices, gaining 0.8% and 0.4% respectively. Top gainers were Gulf International Services and Mazaya Qatar Real Estate Dev. rising 5.0% and 3.2% respectively. Among the top losers, Qatar Cinema & Film Dist. Co. fell 7.0%, while Qatar General Ins. & Rein. Co. was down 4.2%. %Chg. (28.8) 0.1 6.6 (14.6) (2.4) – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 15,965.04 2,761.52 2,631.44 3,725.85 1,952.28 2,024.03 2,607.31 1,563.43 6,077.59 3,211.50 0.2 0.1 (0.0) 0.4 0.8 0.3 (0.3) (0.7) 0.1 (0.2) 0.2 0.1 (0.0) 0.4 0.8 0.3 (0.3) (0.7) 0.1 (0.2) 7.7 6.7 7.7 6.5 5.1 3.6 11.6 7.5 2.2 5.8 N/A 13.7 13.3 13.5 13.2 13.9 10.4 21.0 23.1 16.4 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index rose 0.9% to close at 8,835.1. Gains were led by the Hotel & Tourism and Real Estate Dev. indices, rising 2.3% and 1.9% respectively. Nat. Agri. Mark. rose 6.1%, while Saudi Investment was up 5.8%. Saudi Investment Bank Saudi Arabia Ahli United Bank Dubai: The DFM index declined 0.4% to close at 3,754.4. The Services index fell 1.7%, while the Investment & Financial Services index was down 1.4%. Al Salam Sudan declined 6.4%, while Al Salam Bank - Bahrain was down 4.5%. Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,692.9. The Services index gained 1.5%, while the Banking index was up 1.2%. Ras Al Khaimah Cement Co. surged 14.6% and Gulf Med. Projects Co. gained 8.3%. Abu Dhabi Comm. Bank Kuwait: The KSE index gained 0.7% to close at 7,810.1. The Consumer Services and Real Estate indices rose 1.1% each. Amar for Finance & Leasing Co. gained 8.8%, while Alrai Media Group Co. was up 6.8%. Oman: The MSM index rose 0.1% to close at 7,092.5. The Financial and Services indices, gained 0.1% each. Al Madina Takaful rose 5.9%, while Al Madina Investment was up 4.5%. Bahrain: The BHB index declined 0.2% to close at 1,291.2. The Industrial index fell 1.6%, while the Commercial Banking index was down 0.4%. Al Salam Bank declined 9.3%, while Khaleeji Commercial Bank was down 4.7%. 30 Jan 14 496.7 589,352.1 10.3 5,219 42 10:27 Close# 1D% 30.90 5.8 1,583.4 7.7 Kuwait 0.75 5.6 836.7 4.2 Gulf International Ser. Qatar 79.30 5.0 443.4 30.0 Alinma Bank Saudi Arabia 17.40 4.8 78,589.3 16.8 Abu Dhabi 6.88 3.9 3,786.2 5.8 GCC Top Losers Exchange # Gulf Pharma. Industry Abu Dhabi 3.22 (9.3) 731.7 (1.5) Atheeb Telecom Saudi Arabia 14.85 (4.5) 10,583.3 3.1 Qatar Gen. Ins. & Rein. Qatar 43.10 (4.2) 13.8 (10.0) Al-Qurain Petrochem. Kuwait 0.23 (3.4) 119.9 3.6 Deyaar Development Dubai 1.26 (3.1) 30,511.5 24.8 ## Close Vol. ‘000 1D% Vol. ‘000 YTD% 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% Qatar Exchange Top Losers Close* 1D% Gulf International Services 79.30 5.0 443.4 30.0 Qatar Cinema & Film Dist. Co. 40.00 (7.0) 0.5 (0.2) Mazaya Qatar Real Estate Dev. 12.59 3.2 2,564.8 12.6 Qatar General Ins. & Rein. Co. 43.10 (4.2) 13.8 (10.0) Doha Insurance Co. 30.85 2.8 62.9 23.4 Zad Holding Co. 69.50 (3.5) 4.5 0.0 Salam International Investment Co. 13.70 1.5 2,495.3 5.3 Dlala Brok. & Inv. Holding Co. 22.00 (2.7) 42.8 (0.5) Medicare Group 53.60 1.1 171.1 2.1 Qatari Investors Group 47.00 (2.4) 176.2 7.6 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 179.70 (0.1) 38,749.9 6.4 30.0 Qatar Exchange Top Gainers Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 12.59 3.2 2,564.8 12.6 Salam International Investment Co. 13.70 1.5 2,495.3 5.3 Gulf International Services 79.30 5.0 34,567.8 Qatar Gas Transport Co. 21.00 0.9 1,090.0 3.7 Salam International Investment 13.70 1.5 34,027.0 5.3 United Development Co. 22.71 0.4 820.1 0.4 Mazaya Qatar Real Estate Dev. 12.59 3.2 32,816.1 12.6 Vodafone Qatar 11.31 (1.0) 630.8 5.6 Qatar Navigation 88.90 1.0 25,254.3 7.1 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Source: Bloomberg (* in QR) Close 1D% WTD% MTD% YTD% 11,173.97 3,754.43 4,692.88 8,835.12 7,810.11 7,092.53 1,291.17 0.2 (0.4) 0.4 0.9 0.7 0.1 (0.2) 0.2 (0.4) 0.4 0.9 0.7 0.1 (0.2) 0.2 (0.4) 0.4 0.9 0.7 0.1 (0.2) 7.7 11.4 9.4 3.5 3.5 3.8 3.4 Exch. Val. Traded ($ mn) 97.06 302.53 277.20 1,914.84 112.99 28.16 1.72 Exchange Mkt. Cap. ($ mn) 161,943.1 76,442.6 131,486.3 484,819.9 110,752.0 25,471.5 50,487.8 P/E** P/B** 14.0 19.1 12.9 17.7 17.1 11.0 8.5 1.9 1.4 1.6 2.2 1.2 1.6 0.9 Dividend Yield 4.1 2.4 3.8 3.3 3.6 3.7 3.7 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6
    • Qatar Market Commentary  The QE index rose 0.2% to close at 11,174.0. The Transportation and Industrials indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Gulf International Services and Mazaya Qatar Real Estate Dev., were top gainers, rising 5.0% and 3.2% respectively. Among the top losers, Qatar Cinema & Film Dist. Co. fell 7.0%, while Qatar General Ins. & Rein. Co. declined 4.2%. Overall Activity Buy %* Sell %* Net (QR) Qatari 59.78% 64.74% (17,540,297.71) Non-Qatari 40.23% 35.26% 17,540,297.71 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Sunday rose by 6.6% to 11.0mn from 10.3mn on Thursday. Further, as compared to the 30-day moving average of 10.4mn, volume for the day was 6.2% higher. Mazaya Qatar Real Estate Dev. and Salam International Investment Co. were the most active stocks, contributing 23.3% and 22.7% to the total volume respectively. Earnings Earnings Releases Company Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 AED 1,511.6 10.5% 140.3 0.1% 235.8 9.9% AED 850.0 5.2% – – 76.4 16.3% Dubai AED 310.8 11.9% – – 54.5 94.5% Dubai AED 1,331.7 18.3% 118.5 -46.5% 241.8 1.0% Abu Dhabi AED 303.1 6.7% – – 48.8 -1.1% Abu Dhabi AED 12.3 -1.6% – – 24.5 148.3% Abu Dhabi AED 219.9 0.4% 7.6 NA 7.9 NA Abu Dhabi AED 2,390.0 3.0% – – 571.0 -5.6% Kuwait KD 26.0 -22.5% – – 6.0 1965.4% Kuwait KD – – – – 9.0 125.0% Oman OMR 2.2 8.0% 0.7 5.2% 0.6 175.9% Oman OMR 4.4 4541.3% – – – – Market Currency Orient Insurance Co. (OIC)* Dubai Aramex AI Sagar National Insurance Co.* Oman Insurance Co.* Dubai Al Dhafra Insurance Co.* Umm Al Qaiwain Cement Industries Co.* Ras AI Khaimah Cement Co. (RAK Cement)* Dana Gas Co. * Al Mazaya Holding Co.* Qurain Petrochemical Industries Co. (QPIC)** Oman Chromite Co. (OCC) * Packaging Co. Ltd * % Change YoY Source: Company data, DFM, ADX, MSM (*FY2013 results) (**9 months ended December 31, 2013) News Qatar  Qatar posts QR30.9bn trade surplus in November – According to the preliminary data released by the Ministry of Development Planning & Statistics, Qatar registered a foreign trade surplus of QR30.9bn in November 2013. This indicates a decline of QR1.3bn as compared to November 2012. Qatar‟s total exports of goods – including exports of domestic origin and re-exports – amounted to QR39.8bn in November 2013, showing a drop of 0.9% over November 2012. However, total imports in November 2013 stood at QR8.9bn, a 12.4% increase over the value recorded in November 2012. Qatar‟s main exporting destinations were Japan, with a share of 29% of total exports, followed by South Korea (17%) and India (9%). Automobiles, aircraft spare parts, telephone sets, mobiles and ancillaries were the main items imported by Qatar in November 2013. The US was the leading country exporting to Qatar with a share of 11% of the total imports, followed by China (9%), Germany and the UAE (7% each). (Gulf-Times.com)  QNB Group eyes MENA, Sub-Saharan Africa for expansion – QNB Group – which now has presence in 26 countries – said it will continue to invest strategically across the MENA region as well as Sub-Saharan Africa. Further, QNB Group is also planning to expand its retail banking operations in selected markets and to extend its loyalty rewards program for overseas transactions as well through additional partners. HE the Finance Minister Ali Sharif al-Emadi said that the group‟s primary focus is to retain its leading position by diversifying income sources and expanding the range of activities across the group. Meanwhile, during its AGM, QNB Group‟s shareholders approved the board‟s proposal to distribute 70% cash dividend for 2013. (GulfTimes.com)  QNB expansion plans to focus on global deals – QNB Group's expansion plans for the next three years will refocus on global expansions while maintaining its dominant position in Qatar. By 2017, the bank expects 60% of its net profit contribution and 55% of net assets contribution from its international operations, thus positioning QNB as a transactionbanking leader in the MENA region. QNB's Group Corporate & Institutional Banking (GCI) continued to be the key engine of the Group's profit and growth in 2013. The corporate banking department within the GCI provided several bilateral financing facilities last year for clients such as Nakilat, Halul Offshore and Gulf LPG. The contracting unit of GCI financed a wide range of key projects in 2013. These included a 10-year loan facility agreement with United Development Company (UDC), the master developer of The Pearl-Qatar, and a term loan financing the development of the Mall of Qatar, a large mall under construction near Qatar Foundation. A QNB Group-led syndicate of banks was mandated for the provision of the full banking facilities and associated requirements for the new Doha Page 2 of 6
    • Metro Project-Red Line South package. GCI is highly supportive of a key pillar of the Qatar National Vision 2030-nurturing growth of SMEs. In 2013, GCI's Global Structure Finance (GSF) department was involved in several significant transactions. Within Qatar, QNB Group supported Ooredoo as general financial adviser, documentation coordinator, facility agent as well as initial mandated lead arranger in arranging a $1bn Revolving Credit Facility, among others. (Peninsula Qatar)  Brand Finance: QNB Group is Middle East’s most valuable bank brand – According to an annual study "The Brand Finance Banking 500" conducted by Brand Finance, Middle East banks have had an extremely successful year, almost all improving their global rank with at least double-digit brand value % growth. QNB Group leads the group for another year with a brand value of $1.8bn. This is up 38.5% on 2013, an increase of over half a billion dollars. This puts QNB just outside the global top 100, but with such impressive growth, it is sure to break into that group next year. (Bloomberg)  QFCRA implements changes to Controller Framework for QFC-authorized firms – The Qatar Financial Centre Regulatory Authority‟s (QFCRA) board has approved the changes in rules relating to significant ownership positions in QFC-authorized firms with effect from February 1, 2014. The implementation follows a period of consultation with industry in 4Q2013, during which the QFCRA issued a consultation paper seeking input on the proposed changes. The amendments to the general rules include the following: controller band threshold approval, letter of comfort, and maintain systems & controls. QFCRA has introduced thresholds for the approval of controller shareholding, based on propriety and the financial capability of the shareholder. Similarly, it has stipulated requirements for significant controller shareholders who cross a 49% or 74% shareholding threshold to provide a „letter of comfort‟ to QFCRA, confirming the shareholders‟ capability to support the firm. Further, QFCRA has stipulated requirements for authorized firms to submit specific reports and maintain systems & controls that allow the firm to monitor controller shareholder positions; make required applications for approval; and prevent shareholding increases across band thresholds. These proposals are relevant to all QFC authorized firms and any firms considering doing business in the QFC. (GulfBase.com)  ORDS: All buildings in Qatar to be fiber-connected by 2014end – Ooredoo‟s (ORDS) COO Waleed Mohamed al-Sayed said that all residential and commercial buildings in the country will be connected through optic fiber before the year-end. In terms of migration of customers to the fiber network (FTTH), Ooredoo plans to complete the work by end-2014. ORDS has already connected around 100,000 customers to its fiber network. The nationwide rollout of the fiber network is in line with the country‟s ambitious Qatar National Vision 2030, which aims to develop a knowledge-based economy built upon a strong infrastructure foundation. (Gulf-Times.com)  QIFL to pay GMTN interest payments – Ooredoo (ORDS) announced that its subsidiary QTEL International Finance Limited (QIFL) will pay interest payments to its global medium term note (GMTN) holders on February 18 & 21, 2014. (QE)  MERS’ BoD to meet on February 17 – Al Meera Consumer Goods Company‟s (MERS) board of directors will meet on February 17, 2014 to discuss the company‟s financial results ending on December 31, 2013. (QE)  AKHI opens candidacy for board directorship – Al Khaleej Takaful Group‟s (AKHI) board has announced the opening of candidacy for its board directorship for the next three years, which is open for applications from January 26, 2014 until February 9, 2014. (QE)  IQCD announces dates for board meeting, AGM – Industries Qatar Company‟s (IQCD) board will meet on February 16, 2014 to discuss the company‟s financial results ending on December 31, 2013. Meanwhile, IQCD‟s AGM will be held on March 10, 2014. (QE)  QOIS’ BoD to meet on February 26, AGM on March 24 – Qatar Oman Investment Company‟s (QOIS) board will meet on February 26, 2014 to discuss the company‟s financial results ending on December 31, 2013. Meanwhile, QOIS‟ AGM will be held on March 24, 2014. (QE) International  ECB set to reveal further detail of bank health checks – The European Central Bank (ECB) will reveal more detail on how it plans to go about checking that top Eurozone banks have the risks on their balance sheets under control. The ECB's asset quality review (AQR) is part of a broader examination that also includes a stress test to see how banks hold up under shock scenarios, to avoid nasty surprises once the ECB takes up responsibility for supervising them from November. It aims to encourage banks to recognize losses on loans or investments that have soured over time, allowing them to regain investors' trust and free up capacity to grant new loans to help along the euro zone's fragile economic recovery. (Reuters)  China's January official services PMI falls to 53.4 – Growth in China's services sector cooled in January to its slowest pace in at least a year. The official non-manufacturing Purchasing Managers' Index slipped to 53.4 from December's 54.6, the lowest reading in at least a year but still above the 50-point level that indicates growth. (ET) Regional  GPCA: GCC petrochemicals set for export surge – The Gulf Petrochemicals & Chemicals Association (GPCA) stated that the petrochemical industry in the GCC region is set to record a rapid increase in exports in 2014 due to the World Trade Organization's (WTO) Bali Package. According to the WTO, the benefits accruing to the world economy from the Trade Facilitation Agreement adopted as part of WTO‟s Bali Package are estimated to be anywhere between $400bn and $1tn. Costs of trade are set to decrease by 10-15%, contributing to increased trade flows and higher revenues while creating a stable business environment. (GulfBase.com)  ABCC: Brazilian imports from Arab nations reach $11.4bn in 2013 – According to the Arab-Brazilian Chamber of Commerce (ABCC), Brazilian imports from Arab nations in 2013 were recorded at $11.4bn. These imports consisted of petroleum, fertilizers, plastic, glass and glassware, seafood, and electric machinery. Arab countries collectively accounted for a 2.72% growth in Brazilian imports in 2013 over the previous year. Saudi Arabia was the biggest exporter with $3.2bn, followed by Algeria ($3.1bn), Morocco ($1.4bn), Kuwait ($1.0bn), and Iraq ($691mn). (GulfBase.com)  SEC raises SR4.5bn from sukuk – The Saudi Electricity Company (SEC) has raised SR4.5bn from the sale of an Islamic bond. The sukuk was priced at 70 basis points over the threemonth Saudi Interbank Offered Rate (Saibor). In early January, SEC stated that it had chosen banks to arrange for the riyaldenominated transaction. (GulfBase.com)  Al Khodari renews SR290.1mn Islamic credit facilities with GIB – Abdullah A. M. Al Khodari Sons Company has renewed its Islamic credit facilities agreement worth SR290.1mn with Gulf Page 3 of 6
    • International Bank (GIB). These credit facilities provide bonding commitments and fund the company‟s working capital and capex requirements. Around 36% of these facilities are funded under Murabaha modes of financing, whereas 64% limits are for multipurpose bonds and documentary credits. The credit limits‟ tenor ranges from 6 months to 48 months, depending upon the purpose of their utilization. (Tadawul)  Saudi Orix’s BoD recommends SR25.5mn dividends – Saudi ORIX Leasing Company‟s board of directors has recommended the distribution of dividends worth SR25.5mn to its shareholders for FY2013. The dividend per share will be SR0.75, representing 7.5% of the face value of the share. Shareholders registered on the day of the general assembly meeting will be eligible for this dividend. (Tadawul)  SAMA approves UCA’s insurance products – The United Cooperative Assurance Company (UCA) has obtained SAMA‟s approval for the extension of its temporary approval for its motor insurance – all risks both commercial and private and motor third party liability insurance for three months until April 30, 2014. (Tadawul)  Knight Frank: Dubai’s prime industrial rents rise – According to a report by Knight Frank, the prime industrial rents in Dubai appear to be on a firm path to recovery. In the last six months of 2013, the average rental values for class 1 property rose by 12% semi-annually and were up 18% as compared to the same period the year before. (GulfBase.com)  Emaar to launch 98 new villas in Dubai on February 8 – Emaar Properties is set to launch its first Arabesque-style villa community named “Yasmin” in Arabian Ranches in Dubai on February 8, 2014. The Yasmin villa community features 98 villas to be built in five different types of four-to-six bedrooms and nestled in landscaped green spaces and private gardens. Emaar has launched numerous new residential units over the past few weeks including Vida Residence, The Hills, Lila in Arabian Ranches, Vida Residence in Downtown Dubai, Rasha in Arabian Ranches, Boulevard Point in Downtown Dubai. (GulfBase.com)  Arqaam becomes Nasdaq Dubai trading member – Arqaam Capital has become an equities trading member of Nasdaq Dubai, enabling it to offer its clients any opportunity to trade shares directly on Nasdaq Dubai. Arqaam is already a member of NASDAQ Dubai's equity derivatives market, which comprises futures on the FTSE NASDAQ Dubai UAE 20 index and on 20 companies listed in the UAE. (GulfBase.com)  DFM proposes 5% cash dividend – The Dubai Financial Market (DFM) has proposed a cash dividend of 5% of the capital. Meanwhile, DFM‟s AGM will be held on March 3, 2014. (DFM)  Ras Al Khaimah DCA inks partnership deal with Air Arabia – Ras Al Khaimah‟s Department of Civil Aviation (DCA) has signed a strategic partnership with Air Arabia for operating services from Ras Al Khaimah International Airport. This partnership will increase the number of destinations accessible to Ras Al Khaimah and neighboring Northern Emirates, and is expected to support its standing as an attractive tourist destination. Air Arabia will now become the official carrier for Ras Al Khaimah Emirate. (DFM)  Orient’s BoD approves 20% cash dividend, recommends capital increase – The Orient Insurance Company‟s (Orient) board of directors has recommended 20% cash dividends for its shareholders. Orient‟s BoD has also recommended increasing the company‟s capital from AED405mn to AED500mn by issuing bonus shares. (DFM)  UNB reports AED1,748mn profit for FY2013 – Union National Bank (UNB) has reported a profit of AED1,748mn for FY2013, an increase of 9% YoY. EPS for 2013 improved to AED0.62 from AED0.56 in 2012. Total assets increased by 1% YoY to AED87.5bn in 2013. Customer deposits recorded a growth of 3% YoY reaching AED65.1bn as on December 31, 2013, while loans & advances increased by 5% YoY in 2013 to reach AED60.0bn. Meanwhile, the bank‟s board has recommended a 15% cash dividend and 5% bonus shares. (ADX)  Abu Dhabi renews buildings contract with ADCB unit – The Department of Finance–Abu Dhabi (DoF) has renewed the management agreement signed with Abu Dhabi Commercial Properties (ADCP), a subsidiary of Abu Dhabi Commercial Bank (ADCB). The contract aims to promote further stability across the Abu Dhabi property market and the overall economy, by ensuring first-class services for both commercial and residential buildings. (GulfBase.com)  Etihad in final stage for Alitalia stake buy – Etihad Airways is in the final phase of a due diligence process that may result in an investment in the troubled Italian airline, Alitalia. According to sources, Alitalia and Etihad have been in talks for several weeks on a possible investment by the Abu Dhabi-based carrier, which could involve Etihad buying a 40% stake in Alitalia for $404.6mn. (GulfBase.com)  Bank of Sharjah’s BoD approves 12.5% cash dividend – The Bank of Sharjah‟s board of directors has approved the distribution of 12.5% cash dividend 60,000,000 buy back shares, representing 2.86% of the paid-up capital. (ADX)  QCEM’s BoD recommends 7% cash dividend – Umm Al Qaiwain Cement Industries Company‟s (QCEM) board of directors has recommended a cash dividend of 7% of the paidup capital for 2013. (ADX)  CBK announces implementation of Basel III norms – HE the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al Hashel announced the implementation of Basel III capital adequacy standards by all Kuwaiti banks. CBK is raising the minimum capital adequacy ratio requirement for Kuwaiti banks from 12% in two stages: first to 12.5% by 2015 and then to 13% by 2016. The Basel III norms include an increase in the total ratio of the regulatory capital and a redefinition of the regulatory capital. (GulfBase.com)  Dolphin Village adds 70 more villas, apartments – Yahya Group has announced an addition of 70 villas and apartments and a second swimming pool to its Dolphin Village in Bausher. By August 2014, the Dolphin Village‟s expansion will be completed with 59 additional homes that are currently under construction. This will take the total number of luxury housing units at the Village to 337. (GulfBase.com)  Investcorp’s net income jumps 53% YoY to $60.1mn 1H FY2014 – Investcorp Bank‟s net income for 1H FY2014 increased by 53% YoY to $60.1mn. Total assets decreased by 4.8% YoY to $2.357bn. Basic EPS grew to $100 from $66 in 1H FY2013. (Bahrain Bourse)  KHCB reports BHD19.21mn net loss in 2013 – Khaleeji Commercial Bank (KHCB) has reported a loss of BHD19.21mn in 2013 as compared to the profit of BHD0.75mn a year earlier. The bank‟s total assets grew by 14.6% YoY to BHD542.2mn. EPS fell to -17.07 fils from 0.67 fils in 2012. Meanwhile, KHCB‟s board announced that the bank would not be paying a dividend for 2013. (GulfBase.com)  ASSB reports BHD12.4mn net profit – Al Salam Bank-Bahrain (ASBB) has reported a net profit of BHD12.4mn in 2013, Page 4 of 6
    • reflecting an increase of 20% YoY. Income from financing contracts jumped by 27% YoY to BHD26.1mn in 2013 from BHD20.5mn in 2012. Total assets grew by 15.5% YoY to BHD1.088bn from BHD0.942bn. EPS stood at 8.3 fils in 2013 as compared to 6.9 fils in 2012. (Bahrain Bourse)  Bapco’s output soars to 96.3mn barrels – The Bahrain Petroleum Company‟s (Bapco) refinery processed 96.3mn barrels of crude oil in 2013, an increase of 9.6% over the previous year. Bapco‟s Chairman & Acting Chief Executive Adel Khalil Almoayyed said that refining activities were once again the focus of performance optimization efforts, with a number of notable results last year. (GulfBase.com) Page 5 of 6
    • Daily Index Performance 0.9% 0.7% 0.8% 0.2% 0.1% 0.0% (0.4%) Aug-11 QE Index Mar-12 Oct-12 May-13 S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro (0.4%) Source: Bloomberg Close ($) 1D% WTD% YTD% 1,244.55 0.0 0.0 3.2 19.18 0.0 0.0 (1.5) 106.40 0.0 0.0 5.01 0.0 157.00 Global Indices Performance Close 1D% WTD% YTD% 15,698.85 0.0 0.0 (5.3) S&P 500 1,782.59 0.0 0.0 (3.6) (4.0) NASDAQ 100 4,103.88 0.0 0.0 (1.7) 0.0 15.3 STOXX 600 322.52 0.0 0.0 (1.7) 0.0 0.0 24.1 DAX 9,306.48 0.0 0.0 (2.6) 154.00 0.0 0.0 13.4 FTSE 100 6,510.44 0.0 0.0 (3.5) DJ Industrial 1.35 0.0 0.0 (1.9) CAC 40 102.04 0.0 0.0 (3.1) Nikkei GBP 1.64 0.0 0.0 (0.7) MSCI EM CHF 1.10 0.0 0.0 (1.5) SHANGHAI SE Composite AUD 0.88 0.0 0.0 (1.8) USD Index 81.31 0.0 0.0 RUB 35.15 0.0 0.0 BRL 0.41 0.0 0.0 (2.1) Yen Kuwait Jan-11 (0.2%) Qatar (0.8%) Dubai 127.8 0.4% 0.4% Abu Dhabi 140.6 Saudi Arabia Jun-10 1.2% 160.6 Oman 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 Bahrain Rebased Performance 4,165.72 0.0 0.0 (3.0) 14,914.53 0.0 0.0 (8.5) 936.53 0.0 0.0 (6.6) 2,033.08 0.0 0.0 (3.9) HANG SENG 22,035.42 0.0 0.0 (5.5) 1.6 BSE SENSEX 20,513.85 0.0 0.0 (3.1) 6.9 Bovespa 47,638.99 0.0 0.0 (7.5) 1,301.02 0.0 0.0 (9.8) Source: Bloomberg 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 6 of 6