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20 August Daily Market Report
 

20 August Daily Market Report

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    20 August Daily Market Report 20 August Daily Market Report Document Transcript

    • Page 1 of 4 QE Intra-Day Movement Qatar Commentary The QE index rose 0.1% to close at 10,044.1. Gains were led by the Real Estate and Telecoms indices, gaining 1.1% and 0.5% respectively. Top gainers were Al Khaliji and Zad Holding Co., rising 3.8% and 2.7% respectively. Among the top losers, Qatar Gas Transport Co. fell 2.9%, while Qatar Islamic Insurance declined 1.2%. GCC Commentary Saudi Arabia: The TASI index fell 0.3% to close at 8,179.9. Losses were led by the Trans. and Agri. & Food Ind. indices, declining 1.5% and 1.3% respectively. Aswak Al Othaim Mar. fell 3.2%, while Sanad Ins. & Rein. Cooperative Co. was down 2.8%. Dubai: The DFM index declined 0.1% to close at 2,664.4. The Insurance index fell 0.8%, while the Investment & Financial Services index was down 0.6%. Al Salam Bank - Sudan declined 6.3%, while Dubai Nat. Ins. & Rein. fell 2.1%. Abu Dhabi: The ADX benchmark index rose 0.1% to close at 3,900.9. The Real Estate and Energy index gained 1.0% each. Abu Dhabi National Hotels surged 14.8%, while United Arab Bank was up 2.8%. Kuwait: The KSE index fell 0.1% to close at 8,122.6. The Banking index declined 0.7%, while the Oil & Gas index was down 0.4%. Osoul Investment Co. and Real Estate Asset Management Co. fell 7.3% each. Oman: The MSM index rose 0.4% to close at 6,924.1. Gains were led by the Ind. and Services & Insurance indices, rising 0.6% and 0.3% respectively. Oman Refreshment gained 4.1%, while Oman Packaging was up 3.4%. Bahrain: The BHB index fell 0.1% to close at 1,201.9. The Ind. index declined 3.5%, while the Ser. index was down 1.6%. Bahrain Telecom. Co. fell 2.9%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Al Khaliji 18.26 3.8 802.9 7.5 Zad Holding Co. 68.80 2.7 7.7 17.0 Qatar Navigation 80.10 2.4 580.0 26.9 Qatar & Oman Investment Co. 13.35 2.3 71.9 7.7 Barwa Real Estate Co. 26.20 1.9 1,104.8 (4.6) Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Barwa Real Estate Co. 26.20 1.9 1,104.8 (4.6) Mazaya Qatar Real Estate Dev. 12.07 1.1 932.4 9.7 Qatar Gas Transport Co. 20.39 (2.9) 907.0 33.6 Qatari Investors Group 30.35 1.8 885.9 32.0 Al Khaliji 18.26 3.8 802.9 7.5 Market Indicators 20 Aug 13 19 Aug 13 %Chg. Value Traded (QR mn) 337.1 400.2 (15.8) Exch. Market Cap. (QR mn) 548,645.9 548,583.0 0.0 Volume (mn) 8.6 11.8 (27.7) Number of Transactions 4,154 4,617 (10.0) Companies Traded 40 42 (4.8) Market Breadth 18:17 32:8 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 14,350.76 0.1 1.6 26.9 N/A All Share Index 2,526.74 0.0 1.4 25.4 13.4 Banks 2,442.77 (0.1) 1.1 25.3 12.9 Industrials 3,216.26 (0.0) 1.2 22.4 11.8 Transportation 1,840.72 (0.7) 2.9 37.3 12.6 Real Estate 1,838.93 1.1 3.1 14.1 13.9 Insurance 2,300.99 (0.1) 0.2 17.2 9.5 Telecoms 1,503.16 0.5 2.3 41.1 15.8 Consumer 6,015.55 0.3 0.6 28.8 25.2 Al Rayan Islamic Index 2,881.39 0.2 1.8 15.8 14.9 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Abu Dhabi Nat. Hotels Abu Dhabi 2.48 14.8 146.3 40.1 Aviation Lease & Fin. Kuwait 0.31 5.2 3,280.4 (14.1) Al Khaliji Qatar 18.26 3.8 802.9 7.5 Al Abdullatif Ind. Inv. Saudi Arabia 44.50 3.7 394.9 40.4 Deyaar Development Dubai 0.48 2.8 50,777.1 35.8 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Abu Dhabi Nat. Ins. Co Abu Dhabi 5.60 (3.4) 2.5 3.7 Sharjah Islamic Bank Abu Dhabi 1.47 (3.3) 355.9 59.8 Aswak Al Othaim Mar. Saudi Arabia 128.50 (3.2) 135.6 56.2 Qatar Gas Trans. Co. Qatar 20.39 (2.9) 907.0 33.6 RAKBANK Abu Dhabi 6.80 (2.9) 205.9 82.3 Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Gas Transport Co. 20.39 (2.9) 907.0 33.6 Qatar Islamic Insurance 59.00 (1.2) 7.4 (4.8) Masraf Al Rayan 30.00 (0.7) 474.3 21.0 Gulf International Services 50.50 (0.6) 56.7 68.3 QNB Group 178.10 (0.5) 111.5 36.1 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Qatar Navigation 80.10 2.4 46,258.9 26.9 Barwa Real Estate Co. 26.20 1.9 28,803.9 (4.6) Ooredoo 145.90 0.6 28,667.5 40.3 Qatari Investors Group 30.35 1.8 26,803.3 32.0 Doha Bank 56.00 0.9 20,592.7 20.8 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* 10,044.13 0.1 1.6 3.5 20.2 92.57 150,658.2 12.6 1.8 4.6 Dubai 2,664.38 (0.1) 1.2 2.9 64.2 151.49 65,833.3 15.5 1.1 3.0 Abu Dhabi 3,900.85 0.1 0.5 1.4 48.3 67.57 111,899.0 11.1 1.4 4.6 Saudi Arabia 8,179.90 (0.3) 0.6 3.3 20.3 1,610.15 431,872.2 17.1 2.1 3.6 Kuwait 8,122.61 (0.1) 0.4 0.6 36.9 75.67 110,886.9 20.0 1.3 3.5 Oman 6,924.08 0.4 1.3 4.2 20.2 30.80 23,972.1 11.4 1.7 4.0 Bahrain 1,201.86 (0.1) 0.1 0.6 12.8 1.25 21,967.7 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) 10,010 10,020 10,030 10,040 10,050 10,060 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
    • Page 2 of 4 Qatar Market Commentary  The QE index rose 0.1% to close at 10,044.1. The Real Estate and Telecoms indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Al Khaliji and Zad Holding Co. were the top gainers, rising 3.8% and 2.7% respectively. Among the top losers, Qatar Gas Transport Co. fell 2.9%, while Qatar Islamic Insurance declined 1.2%.  Volume of shares traded on Tuesday declined by 27.7% to 8.6mn from 11.8mn on Monday. However, as compared to the 30-day moving average of 5.9mn, volume for the day was 44.1% higher. Barwa Real Estate Co. and Mazaya Qatar Real Estate Dev. were the most active stocks, contributing 12.9% and 10.9% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 08/20 EU Eurostat Construction Output MoM June 0.70% – 0.50% 08/20 EU Eurostat Construction Output YoY June -3.00% – -3.80% 08/20 Germany Destasis PPI MoM July -0.10% 0.20% 0.00% 08/20 Germany Destasis PPI YoY July 0.50% 0.70% 0.60% 08/20 Japan METI All Industry Activity Index MoM June -0.60% -0.70% 1.20% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  FDI outflow from Qatar slips by 8.5% in 2012 – According to the annual World Investment Report 2013 of the United Nations Conference on Trade & Development (UNCTAD), FDI outflows from Qatar to other countries declined by 8.5% to $1.8bn in 2012. UNCTAD’s country fact sheet on Qatar’s cross-border merger & acquisitions shows the country’s net purchases reached $4.61bn in 2012. Meanwhile, Qatar’s inward fund flow saw a marginal increase of 0.6% to $327mn. (Peninsula Qatar)  QA increases flights to Nairobi, raises baggage allowance from September 1 – Qatar Airways (QA) is set to increase its flight frequency to Nairobi, Kenya from the current 14 flights to 18 flights per week from September 1. Meanwhile, QA has also announced to increase the baggage allowance for passengers on all its worldwide routes from September 1. The check-in baggage allowance has been increased from 23 kilograms to 30 kilograms for economy, 30kg to 40kg for business and 40kg to 50kg for first class. (Bloomberg, Gulf-Times.com)  Markhiya infrastructure upgrade gathers steam – Several infrastructure projects are being implemented in Markhiya as part of the Central Municipal Council’s plans to upgrade public services and facilities in the area. The Central Municipal Council’s Member for Markhiya constituency, Dr Mohamed Jassim al-Mislimani said several projects have been completed as part of Hazm Al Markhiya’s infrastructure development undertaken at an estimated cost of QR400mn. These projects include constructing new streets, providing adequate lighting, paving and other road works, developing a water and sanitation grid, and building cycling tracks and public gardens. (Gulf- Times.com)  Qatar sees 75,000 visitors from GCC during Eid-al-Fitr holiday – According to the Qatar Tourism Authority, nearly 75,000 visitors from the GCC region had chosen Qatar as their destination of choice for the Eid-al-Fitr holiday. Tourists joined celebrations across the country in programs at Doha Exhibition Center, Katara Cultural Village, Souq Waqif, malls, museums, Aquapark, The Pearl Qatar and other locations. (AME Info) International  Moody's revises outlook for US states to Stable from Negative – Moody's Investors Service has revised its outlook for US states to Stable from Negative, marking a significant improvement in its assessment of state finances after cutting its outlook for the sector more than five years ago. The ratings agency said the uncertainty surrounding federal budget cuts has diminished, revenue growth for many states has exceeded expectations, and budget reserves are continuing to grow. The ratings agency said federal deficit reduction, especially cutbacks in government employment and procurement, could create an economic drag, while employment remains below its pre- recession peak. The agency further added that pension contributions will continue to squeeze budgets and the regional divide in economic growth across the US is delaying full fiscal recovery in some states. (Reuters)  China to create agency to align financial supervision – China is set to create an agency led by the central bank to coordinate financial supervision, without changing the roles of the existing industry watchdogs. The State Council said in its approval of the proposal from the People's Bank of China (PBOC) that the new office will coordinate China's monetary policies and financial regulations, maintain financial stability and reduce systemic risks. (Reuters)  S&P maintains Negative outlook on India's rating – Ratings agency S&P has maintained its Negative outlook on India's BBB- sovereign credit rating. S&P said the country’s recent measures on restricting capital outflows have increased uncertainty among foreign and domestic investors. The ratings Overall Activity Buy %* Sell %* Net (QR) Qatari 64.95% 72.22% (24,514,379.14) Non-Qatari 35.06% 27.78% 24,514,379.14
    • Page 3 of 4 agency said if the uncertainty continues, business financing conditions could deteriorate further and investment growth could slow down further. S&P stated that India's long-term growth prospects could weaken on a sustained basis, with negative implications for the sovereign credit fundamentals. (Reuters)  Kuroda: BoJ may ease further if downside risks increase – The Bank of Japan Governor Haruhiko Kuroda said he would not hesitate to provide further monetary stimulus if downside risks from a planned sales tax hike or overseas economies increase. Kuroda also said the Japanese government should take firm steps toward fiscal discipline and the economy is not likely to slow if the government proceeds with a plan to raise the sales tax. (Reuters) Regional  SABIC’s affiliate awards EPC contract for CO2 project to Linde Group – Saudi Basic Industries Corporation’s (SABIC) affiliate, the United Jubail Petrochemical Company has awarded an EPC contract for its carbon dioxide (CO2) utilization project to Germany-based Linde Group. This contract includes construction of CO2 purification and liquefaction plant, which will compress and purify about 1,500 tons per day of raw CO2 coming from ethylene glycol plants. This purified gas will be supplied through pipes to three SABIC-affiliated companies for enhanced methanol and urea production. This plant will also be capable of producing 200 tons per day of liquid CO2 with food grade quality. (AME Info)  Bahri signs MoU with Saudi Aramco, Sembcorp to study maritime yard development – The National Shipping Company of Saudi Arabia (Bahri) has entered into a MoU with Saudi Aramco and Singapore-based Sembcorp Marine Ltd to prepare a detailed feasibility assessment toward the development of a world class maritime yard in the Kingdom. This maritime yard will provide engineering, manufacturing and repair services for oil rigs, platforms, commercial vessels and offshore service vessels. The MoU will be valid until an investment decision is made or will be terminated within 15 months from its effective date. The financial implications of this venture on Bahri will only be established after completing the feasibility assessment. (Tadawul)  Saudi approves 22 water & sanitation projects worth $105mn – Saudi Arabia’s Minister of Water & Electricity Abdullah Al-Hussayen said the Kingdom has approved 22 projects worth $105mn for carrying out water & sanitation works across the country. These projects include reservoirs, water- treatment plants and pumping stations throughout the Kingdom. (Bloomberg)  ADA appoints Ricardo-AEA to provide waste management strategy – ArRiyadh Development Authority (ADA) has appointed UK-based Ricardo-AEA to deliver a comprehensive integrated waste management strategy and the associated implementation plan for the city of Riyadh. (Bloomberg)  SEC replaces its chief executive with Saudi Aramco – The Saudi Electricity Company (SEC) will replace its long-serving Chief Executive with the Saudi Arabian Oil Company’s (Saudi Aramco) executive director for power systems Ziad bin Mohammed Al-Shiha. (GulfBase.com)  NMC Healthcare reports net profit of $32.3mn in 1H2013 – UAE-base healthcare provider NMC Healthcare has reported a net profit of $32.3mn in 1H2013, indicating an increase of 17.4% YoY. Revenues of its healthcare division grew 17.3% YoY to $143.2mn in 1H2013, while revenues in its distribution division grew 11.9% YoY to $147.1mn. NMC Healthcare’s new medical center in the UAE is due to open later in 2013 and two more hospitals are expected to open in 1H2014. (Reuters)  DEWA plans to launch 1,200 MW clean coal power plant – The Dubai Electricity & Water Authority (DEWA) is planning to build a 1,200 MW clean coal power plant and is seeking bidders for the plant from the Gulf Arab region. The plant is to be built in two phases, generating 600 MW each when completed in 2020 and 2021 respectively. (Bloomberg)  du Telecom’s shareholders approve special and interim dividend payments – The Emirates Integrated Telecommunications Company’s (du Telecom) shareholders have approved a special dividend payment of AED0.10 per share with a one-off payment in 2Q2013 and an interim dividend of AED0.12 per share for the period ended December 31, 2013. (DFM)  Five companies compete for design expansion of BIA – According to sources, at least five companies are competing to design a major expansion of the Bahrain International Airport (BIA), which includes construction of a new terminal at a cost of up to BHD20mn. The organizations contending for the design contract are Dar Al Handasah Consultants, HOK, Aecom, ADPI and NACO. These companies have already submitted their tenders to the Bahrain Airport Company for the first step of the overhaul project. The 50% expansion is being carried out in cooperation with Mumtalakat and Bahraini Transportation Ministry. (GulfBase.com)  NBK Bahrain reports BHD20.3mn net profit in 1H2013 – The National Bank of Kuwait Bahrain (NBK Bahrain) has reported a net profit of BHD20.3mn in 1H2013, indicating an increase of 44% YoY. Total assets at the end of June 2013 rose by 18% YoY to $6.48bn. (AME Info)  BMI Bank repays $80mn loan – BMI Bank has successfully repaid its three-year syndicated term loan worth $80mn, six months ahead of its scheduled due date. (AME Info)
    • 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 4 of 4 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg (*July 09, 2013) Source: Bloomberg 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%) 0.1% (0.1%) (0.1%) 0.4% 0.1% (0.1%) (0.6%) (0.3%) 0.0% 0.3% 0.6% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,371.17 0.4 (0.4) (18.2) DJ Industrial 15,002.99 (0.1) (0.5) 14.5 Silver/Ounce 23.02 (0.6) (1.0) (24.1) S&P 500 1,652.35 0.4 (0.2) 15.9 Crude Oil (Brent)/Barrel (FM Future) 110.15 0.2 (0.2) (0.9) NASDAQ 100 3,613.59 0.7 0.3 19.7 Natural Gas (Henry Hub)/MMBtu 3.4827 0.7 4.0 1.6 STOXX 600 302.25 (0.8) (1.3) 8.1 LPG Propane (Arab Gulf)/Ton* 810.00 0.0 0.0 (16.4) DAX 8,300.03 (0.8) (1.1) 9.0 LPG Butane (Arab Gulf)/Ton* 807.00 0.0 0.0 (16.7) FTSE 100 6,453.46 (0.2) (0.7) 9.4 Euro 1.34 0.6 0.7 1.7 CAC 40 4,028.93 (1.3) (2.3) 10.7 Yen 97.27 (0.3) (0.3) 12.1 Nikkei 13,396.38 (2.6) (1.9) 28.9 GBP 1.57 0.1 0.2 (3.6) MSCI EM 932.15 (1.3) (2.7) (11.7) CHF 1.09 0.7 1.0 (0.2) SHANGHAI SE Composite 2,072.60 (0.6) 0.2 (8.7) AUD 0.91 (0.4) (1.2) (12.7) HANG SENG 21,970.29 (2.2) (2.4) (3.0) USD Index 80.91 (0.4) (0.4) 1.4 BSE SENSEX 18,246.04 (0.3) (1.9) (6.1) RUB 32.93 (0.1) 0.0 7.9 Bovespa 50,507.02 (2.1) (2.0) (17.1) BRL 0.42 1.0 (0.2) (14.4) RTS 1,317.77 (0.3) (0.4) (13.7) 144.3 127.9 115.6