Your SlideShare is downloading. ×
21 July Technical Market Report
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Introducing the official SlideShare app

Stunning, full-screen experience for iPhone and Android

Text the download link to your phone

Standard text messaging rates apply

21 July Technical Market Report

177
views

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
177
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
2
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. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index declined 0.1% to close at 9,540.7. Losses were led by the Insurance and Banking & Financial Services indices, declining 1.2% and 0.3% respectively. Top losers were Qatar Gen. Ins. & Rein. Co. and Qatar Electricity & Water Co., falling 3.7% and 1.5% respectively. Among the top gainers, Al Khaleej Takaful Group rose 3.2%, while National Leasing gained 2.2%. GCC Commentary Saudi Arabia: The TASI index gained 1.0% to close at 7,740.5. Gains were led by the Agriculture & Food Ind. and Retail indices, rising 2.2% and 2.0% respectively. Aljazira Takaful rose 10.0%, while Allied Coop. Ins. was up 8.6%. Dubai: The DFM index rose 1.8% to close at 2,541.5. The Inv. & Financial Ser. index gained 5.4%, while the Real Estate & Construction index was up 1.7%. Mashreq Bank rose 11.5%, while Dubai Nat. Ins. & Rein. was up 6.7%. Abu Dhabi: The ADX benchmark index gained 0.9% to close at 3,857.5. The Real Estate index rose 5.7%, while the Energy index was up 1.0%. FOODCO Holding gained 10.0%, while Gulf Cement Co. was up 9.2%. Kuwait: The KSE index rose 0.6% to close at 7,988.4. The Technology index gained 1.9%, while the Health Care index was up 1.2%. Kuwait Gypsum Manu. & Trading Co. rose 12.5%, while Securities House was up 8.2%. Oman: The MSM index gained 0.2% to close at 6,633.5. The Banking & Investment index rose 0.5% while all other sub-indices ended in red. National Bank of Oman and Dhofar Int. Dev. & Inv. gained 1.8% each. Bahrain: The BHB index declined 0.3% to close at 1,185.5. The Commercial Banking index fell 0.9% while all other sub-indices ended in green. Ithmaar Bank declined 3.8%, while National Bank of Bahrain was down 2.4%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Al Khaleej Takaful Group 44.50 3.2 20.4 21.4 National Leasing 36.45 2.2 187.1 (19.4) Medicare Group 47.20 1.8 383.1 32.2 Qatar Fuel Co. 262.00 1.2 35.4 19.1 Dlala Brok. & Inv. Holding Co. 27.50 1.1 65.0 (11.5) Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 23.05 0.7 1,219.8 29.5 Gulf International Services 46.50 1.1 612.2 55.0 Doha Bank 47.85 0.5 586.4 3.2 Masraf Al Rayan 27.60 (0.7) 420.3 11.3 Medicare Group 47.20 1.8 383.1 32.2 Market Indicators 21 July 13 18 July 13 %Chg. Value Traded (QR mn) 244.0 252.1 (3.2) Exch. Market Cap. (QR mn) 524,111.0 524,619.1 (0.1) Volume (mn) 5.4 6.1 (11.4) Number of Transactions 2,908 3,312 (12.2) Companies Traded 41 39 5.1 Market Breadth 23:15 26:07 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,631.49 (0.1) (0.1) 20.5 N/A All Share Index 2,411.94 (0.1) (0.1) 19.7 13.0 Banks 2,294.78 (0.3) (0.3) 17.7 12.1 Industrials 3,205.12 (0.2) (0.2) 22.0 11.9 Transportation 1,686.25 0.0 0.0 25.8 12.1 Real Estate 1,868.72 (0.1) (0.1) 15.9 11.9 Insurance 2,236.02 (1.2) (1.2) 13.9 15.6 Telecoms 1,328.71 0.5 0.5 24.8 15.1 Consumer 5,647.84 0.9 0.9 20.9 23.0 Al Rayan Islamic Index 2,843.11 0.1 0.1 14.3 14.2 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Fawaz Alhokair & Co. Saudi Arabia 124.75 6.4 420.6 79.9 Aldar Properties Abu Dhabi 2.60 6.1 133,055.1 104.7 Dubai Investments Dubai 1.91 6.1 91,685.6 124.2 Nat. Marine Dredging Abu Dhabi 9.70 4.9 47.1 (3.0) Abu Dhabi Nat. Hotels Abu Dhabi 2.20 4.8 300.0 24.3 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Ithmaar Bank Bahrain 0.26 (3.8) 426.4 50.0 Qatar Gen. Ins. & Rein. Qatar 46.60 (3.7) 1.5 1.3 Al-Hassan G.I. Shaker Saudi Arabia 88.75 (3.5) 301.2 37.6 Co. for Coop. Ins. Saudi Arabia 30.00 (3.2) 900.1 (12.9) United Arab Bank Abu Dhabi 5.40 (2.7) 596.4 75.3 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 General Ins. & Rein. Co. 46.60 (3.7) 1.5 1.3 Qatar Electricity & Water Co. 161.40 (1.5) 39.1 21.9 Qatar Insurance Co. 61.10 (1.0) 80.4 13.3 QNB Group 164.50 (0.9) 156.2 25.7 Barwa Real Estate Co. 27.10 (0.7) 354.2 (1.3) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Gulf International Services 46.50 1.1 28,474.2 55.0 United Development Co. 23.05 0.7 28,054.1 29.5 Doha Bank 47.85 0.5 27,869.0 3.2 QNB Group 164.50 (0.9) 25,736.4 25.7 Industries Qatar 164.70 (0.1) 22,949.0 16.8 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* 9,540.71 (0.1) (0.1) 2.9 14.1 60.24 143,920.9 12.0 1.7 4.8 Dubai 2,541.52 1.8 1.8 14.4 56.6 202.68 63,407.7 16.3 1.0 3.2 Abu Dhabi 3,857.52 0.9 0.9 8.6 46.6 128.02 111,028.3 11.6 1.4 4.5 Saudi Arabia 7,740.46 1.0 1.0 3.3 13.8 1,231.27 409,801.6 16.2 2.0 3.7 Kuwait 7,988.36 0.6 0.6 2.8 34.6 121.07 110,496.3 23.1 1.3 3.5 Oman 6,633.54 0.2 0.2 4.7 15.1 11.94 22,944.5 10.9 1.7 4.1 Bahrain 1,185.52 (0.3) (0.3) (0.2) 11.3 0.66 21,197.5 8.4 0.8 4.1 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,510 9,520 9,530 9,540 9,550 9,560 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 6 Qatar Market Commentary  The QE index declined 0.1% to close at 9,540.7. The Insurance and Banking & Financial Services indices led the losses. The index declined on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Qatar General Ins. & Rein. Co. and Qatar Electricity & Water Co. were the top losers, falling 3.7% and 1.5% respectively. Among the top gainers, Al Khaleej Takaful Group rose 3.2%, while National Leasing gained 2.2%.  Volume of shares traded on Sunday declined by 11.4% to 5.4mn from 6.1mn on Thursday. Further, as compared to the 30-day moving average of 8.1mn, volume for the day was 32.8% lower. United Development Co. and Gulf International Services were the most active stocks, contributing 22.5% and 11.3% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings and Earnings Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Kuwait Finance House (KFH) CI Kuwait FSR/ Support level/ LT FCR/ ST FCR BBB+/2/A+/A1 BBB+/2/A+/A 1 – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating) (*Preliminary Rating Assigned) Earnings Releases Company Market Currency Revenue (mn) 2Q2013 % Change YoY Operating Profit (mn) 2Q2013 % Change YoY Net Profit (mn) 2Q2013 % Change YoY Saudi Basic Industries Corp. (SABIC) Saudi Arabia SR – – 9,970.0 5.5% 6,040.0 14.0% Saudi United Cooperative Insurance Co. (Wala'a) Saudi Arabia SR 39.9 -11.1% – – – – Alinma Tokio Marine Co. (Alinma Tokio M) Saudi Arabia SR 17.6 N/A – – – – Al-Babtain Power & Telecommunication Co. (Al- Babtain) Saudi Arabia SR – – 39.3 112.4% 51.0 153.7% Saudi Enaya Cooperative Insurance Co. Saudi Arabia SR 18.1 N/A – – – – Tihama Advertising & Public Relations Co. (Tihama) Saudi Arabia SR – – (13.1) N/A (13.8) N/A Al-Rajhi Co. for Cooperative Insurance (AlRajhi Takaful) Saudi Arabia SR 139.7 43.0% – – – – Trade Union Cooperative Insurance Co. (Trade Union) Saudi Arabia SR 94.4 8.4% – – – – Al Jouf Cement Co. (ALjouf cement) Saudi Arabia SR – – 17.0 -42.5% 13.8 -47.3% National Gas & Industrialization Co. (NATIONAL GAS) Saudi Arabia SR – – 37.6 26.6% 37.8 11.8% Middle East Specialized Cables Co. (MESC) Saudi Arabia SR – – 7.7 -50.0% 0.0 -99.9% United Cooperative Assurance Co. (UCA) Saudi Arabia SR 150.2 -0.5% – – – – Wataniya Insurance Co. (Wataniya) Saudi Arabia SR 53.9 194.4% – – – – Amana Cooperative Insurance Co. (Amana Insurance) Saudi Arabia SR 5.2 -50.6% – – – – Saudi Industrial Services Co. (SISCO) Saudi Arabia SR – – 43.9 53.5% 19.6 78.7% Arabia Insurance Cooperative Co. (AICC) Saudi Arabia SR 143.3 65.7% – – – – Salama Cooperative Insurance Co. (Salama) Saudi Arabia SR 59.2 32.9% – – – – Anaam International Holding Group Co. (Anaam Holding) Saudi Arabia SR – – (6.6) N/A (7.9) N/A Sadara Basic Services Co. (Sadara) Saudi Arabia SR – – – – (199.1) 139.3% The Co. for Cooperative Insurance Saudi Arabia SR 1,144.7 16.1% – – – – Gulf General Cooperative Insurance Co. (GGI) Saudi Arabia SR 42.8 -5.2% – – – – Emaar The Economic City Saudi Arabia SR – – 23.3 -78.9% 3.1 -96.6% Overall Activity Buy %* Sell %* Net (QR) Qatari 71.44% 82.32% (26,519,459.73) Non-Qatari 28.55% 17.68% 26,519,459.73
  • 3. Page 3 of 6 Dallah Healthcare Holding Co. (Dallah Health) Saudi Arabia SR – – 30.2 -20.9% 23.6 -36.4% Weqaya Takaful Ins. & Rein. Co. (Weqaya Takaful) Saudi Arabia SR 60.3 -3.3% – – – – Saudia Dairy & Foodstuff Co. (SADAFCO) Saudi Arabia SR – – 37.2 5.1% 33.3 4.2% Knowledge Economic City (KEC) Saudi Arabia SR – – (4.8) -49.4% (3.0) 288.5% Saudi Aramco Total Refining & Petrochemical (SATORP) Saudi Arabia SR – – – – (145.1) 99.2% Abdullah A. M. Al-khodari Sons Co. (ALKHODARI) Saudi Arabia SR – – 32.5 -32.7% 25.4 -42.9% City Cement Co. Saudi Arabia SR – – 78.9 0.8% 72.9 -5.2% Kingdom Holding Co. (KINGDOM) Saudi Arabia SR – – 327.9 12.7% 181.2 1.3% Al-Ahsa Development Co. Saudi Arabia SR – – 3.7 -26.4% 3.5 -20.6% Saudi Arabian Cooperative Insurance Co. (SAICO) Saudi Arabia SR 83.9 30.1% – – – – Abdullah Al Othaim Markets Co. (A.Othaim Market) Saudi Arabia SR – – 33.2 -6.3% 39.7 8.1% Buruj Cooperative Insurance Co. (Buruj Insurance) Saudi Arabia SR 49.2 -11.4% – – – – Bishah Agriculture Development Co. (Bisha Agri) Saudi Arabia SR – – (0.2) -23.9% (0.1) -1.6% Saudi Research & Marketing Group (SRMG)* Saudi Arabia SR – – 69.5 76.8% 12.2 -60.3% Dubai Financial Market Co. (DFM) Dubai AED 112.7 127.2% – – 69.5 581.4% National Detergent Co. (NDC)* Oman OMR – – – – 0.6 32.4% Dhofar Poultry Co. (DPC) Oman OMR – – – – 0.2 8.3% Oman United Insurance Co. (OUIC)* Oman OMR 24.4 14.2% – – 2.7 22.4% Source: Company data, Tadawul, MSM (* 1H2013 Reusults) News Qatar  DHBK net profit declines 10.7% QoQ – Doha Bank (DHBK) has reported a net profit of QR353.1mn in 2Q2013, reflecting a QoQ decline of 10.7% (+ 0.9% YoY). The reported net income fell below our estimate of QR368.7mn. The bank’s net profit rose by 1.1% YoY to QR748.4mn in 1H2013. EPS stood at QR3.14 in 1H2013 as compared with QR3.35 in 1H2012. Net interest income rose by 9.0% QoQ (+13.2% YoY) to QR464.2mn, while it was up 4.8% YoY to QR890mn in 1H2013. Total assets at the end of June 2013 stood at QR59.2bn, indicating YTD increase of 7.3%. Loans & advances rose by 7.1% YTD to QR36.2bn, while customer deposits declined by 1% YTD to QR34.1bn. (Gulf-Times.com, QNBFS Research)  GWCS reports net profit of QR52.1mn in 1H2013 – Gulf Warehousing Company (GWCS) has reported a net profit of QR31.4mn in 2Q2013 vs. our estimate of QR28.4mn and 1Q2013 net income of QR20.6mn. Earnings per share amounted to QR1.10 in 1H2013 versus QR0.85 in 1H2012. (QE)  QNNS reports net profit of QR473.7mn in 1H2013 – Qatar Navigation or Milaha (QNNS) has reported a net profit of QR473.7mn in 1H2013 in comparisons to QR441mn in 1H2012. Earnings per share amounted to QR5.01 as of June 30, 2013 versus QR3.85 for the corresponding period in 2012. (QE)  Qatari fund eyes assets of Italian Risanamento – Qatar's sovereign wealth fund, Qatar Holding could team up with the real estate company Hines to buy assets from a troubled Italian developer, Risanamento. Qatar Holding has approached some of Risanamento's shareholders for a potential bid on the assets owned by the Italian group in France and its Santa Giulia redevelopment area in Italy. The total value of the assets is unknown, but Qatar may offer around €1.3bn for the French properties. (Reuters)  QPI acquires 25% stake in Greek power plant – Qatar Petroleum International (QPI) has signed a definitive agreement with GEK TERNA to acquire a 25% stake in the Heron II Power Plant in Greece. This would be QPI’s first investment in Greece. (Gulf-Times.com)  Laffan refinery hydrotreater to commence in 2Q2014 – QatarGas said the Laffan refinery hydrotreater will start its operation in 2Q2014. QatarGas said that this hydrotreater will produce diesel with sulfur content of less than 10 parts per million and will process 54,000 bpd of light gasoil feedstock. (Bloomberg)  Qatar may award $32.8bn contracts in 2013 – According to Ventures Middle East Report, Qatar is likely to award $32.8bn worth of contracts in 2013 as the country builds momentum to beat its construction deadlines well before the beginning of the FIFA World Cup in 2022. The report mentioned that Qatar's preparation for the FIFA World Cup has intensified with the government speeding up the pace of construction activities in the country. The report also said that construction remains a cornerstone of growth in the country. (Qatar Tribune)  Masraf Al Rayan’s arm bags MENA Sukuk Manager award – Masraf Al Rayan’s asset management arm, Al Rayan Investment has been recognized as the “MENA Sukuk Manager of the Year” at the 2013 Investment Excellence Awards. (Gulf- Times.com)  Enterprise Qatar appoints new CEO – Enterprise Qatar has announced the appointment of Abdulaziz Bin Nasser Al-Khalifa as its new CEO. (AME Info) International  UK PM: Improving economy may allow UK to cut taxes – The UK Prime Minister David Cameron said the UK economy is healing, which should allow the government to reduce taxes. Cameron added that the government’s fiscal plans show further
  • 4. Page 4 of 6 need for spending reductions in order to meet deficit targets, but they do not include any plans for tax rise. (Bloomberg)  BoJ not to rule out further steps if risks materialize – The Bank of Japan’s (BoJ) board member Takehiro Sato said the central bank has abandoned its previous approach of taking incremental policy action, but will not rule out offering additional stimulus if unexpected economic risks materialize. Sato also said China's economic slowdown is worrying, but it is unlikely to be a huge constraint on Japan's economic recovery. (Reuters)  China's FM: economy set to turn around, no hard landing – China's Finance Minister Lou Jiwei has denied that the world's second-largest economy was entering into a crisis period, while on the contrary, he believed that the economic growth could even accelerate. Lou said the country’s power generation and electricity consumption increased by 4% with the service industry's consumption increasing by 8%. He stated that this increased consumption indicated that the efforts to shift the Chinese economy towards services from manufacturing are bearing fruit. (Reuters) Regional  Egypt's central bank receives $2bn Saudi loan – The Egyptian Central Bank has received $2bn funds from Saudi Arabia in the form of a five-year interest-free loan. These funds were deposited with the bank as part of a $5bn aid package to Egypt that Saudi Arabia had pledged earlier. The aid will also include $2bn in energy products and $1bn in cash. (Reuters)  Rail projects awarded in MENA reach $434mn in 1Q2013 – MEED Events Chairman Edmund O' Sullivan said the total value of rail contracts awarded across the MENA region reached $434mn in 1Q2013. This is roughly 17% of the total $2.55bn contracts awarded in the overall transport sector. The contract value is likely to rise further in 2013 as contracts to build about 33,712 kilometers of mainline routes and over 3,000 kilometers of monorail and tram are expected to be awarded in 2H2013. (AME Info)  Kingdom approves SR3bn for infrastructure contracts – The Saudi Ministry of Transportation and Ministry of Higher Education have signed around 20 construction contracts worth SR3bn, which include maintenance, construction, and infrastructure projects around the Kingdom. (Bloomberg)  SABIC looks at US Investments as Europe slowdown hurts sales – Saudi Basic Industries Corp’s (SABIC) CEO Mohamed Al-Mady said the company is studying investment opportunities in the US as the economic slowdown in Europe and China has pressured its sales in 2Q2013. He said that the company is in the process of hiring management board for a JV with the Saudi Arabian Oil Company and the Saudi Public Investment Fund. (Bloomberg)  Saudi Telecom in talks to sell Axis Telekom Indonesia – Saudi Telecom Company (STC) has entered into negotiations to sell its subsidiary in Indonesia, PT Axis Telekom Indonesia. STC owns 80.10% shareholding directly and 3.725% indirectly in Axis. The company has evaluated all alternatives related to the continuity of Axis, and established that selling the company is one of the best alternative available for Axis stakeholders. (Bloomberg)  RSH gets ECA approval to construct a labor camp in KAEC – The Red Sea Housing Services Company (RSH) has received approval from the Economic Cities Authority (ECA) to construct an industrial labor camp in King Abdullah Economic City (KAEC) in Rabigh at an estimated cost of SR50mn. The first phase of the labor camp’s construction is scheduled to start by 1Q2014 and be operational by 3Q2014. This project will be financed through RSH’s internal cash flow, along with credit facility lines and banking loans that will be arranged locally. The financial impact of this project is expected to be visible by 3Q2014. (Tadawul)  Najran Cement’s BoD recommends SR102mn dividend for 1H2013 – Najran Cement Company’s board of directors has recommended to distribute dividends worth SR102mn (SR0.6 per share), representing 6% of the face value, to its shareholders for 1H2013. Shareholders who are registered with the Securities Depository Center on July 22, 2013 are eligible for this dividend. (Tadawul)  SPCC’s board recommends SR420mn dividend for 1H2013 – The Southern Province Cement Company’s (SPCC) board has recommended distribution of dividends amounting to SR420mn (SR3 per share), representing 30% of the face value, to its shareholders for 1H2013. Shareholders who are registered with the Securities Depository Center on July 23, 2013 are eligible for this dividend. (Tadawul)  Zamil Industrial’s BoD recommends SR45mn dividend for 1H2013 – Zamil Industrial Investment Company’s board has recommended distributing dividends worth SR45mn (SR0.75 per share), representing 7.5% of the face value, to its shareholders for 1H2013. Shareholders who are registered with the Securities Depository Center on July 28, 2013 are eligible for this dividend. (Tadawul)  Dubai's GDP up by 4.7% in 2Q2013 – Dubai’s economy has continued steadily on its post-crisis recovery and has expanded by around 4.7% in 2Q2013, driven by strong performance in trade and most of the non-hydrocarbon sectors. The Emirate’s real GDP grew by 4.1% in 1Q2013 before rising further in 2Q2013, indicating a steady recovery after a drastic slowdown in the wake of the 2008 global financial distress. The government data showed that the Emirate is making consistent progress in its programs to ease reliance on volatile oil exports, with the hydrocarbon sector expected to contribute only around 12% in the 2013 budget. Non-oil sectors dominated the Emirate’s GDP with a share of 28% for trade, 16% for manufacturing, 14% for financial enterprises, 13% for real estate and 8% for construction. The government data showed the fiscal deficit has declined from around AED1.8bn in 2012 to AED1.5bn in 2013 despite a 5.8% increase in expenditure. It attributed the decline to a 7.2% rise in revenues to AED32.6bn in 2013 from AED30.6bn in 2012. Oil revenues were estimated at AED3.9bn in 2013, consisting of only around 12% of the total earnings. (GulfBase.com)  Dubai Investments’ subsidiary achieves 10% YoY growth in retail sales – Dubai Investments’ subsidiary Marmum Dairy Farm has achieved 10% YoY growth in retail sales during FY2012-13. The company has announced that it is targeting 15% growth in the dairy segment and 20-25% growth in the juice category this year, backed by plans to introduce premium products in both segments. (AME Info)  UAE Exchange confident of getting bank license in India – Leading forex company UAE Exchange said it is confident of getting a banking license in India and has already initiated work for setting up an 800-branch network in the country with a focus mostly on rural areas. (Bloomberg)  RAKBANK reports AED760.1mn profit in 1H2013 – The National Bank of Ras Al Khaimah (RAKBANK) has reported a net profit of AED760.1mn in 1H2013, reflecting an increase of 13.7% YoY. Net interest income along with the net profit from Islamic financing grew 5.3% YoY to AED1.15bn. Non-performing
  • 5. Page 5 of 6 loans made up 2.3% of the loan portfolio. Total assets increased by AED1.1bn over December 31, 2012 and stood at AED28.4bn as at June 30, 2013. (GulfBase.com)  AUB posts KD23.2mn net profit in 1H2013 – Ahli United Bank (AUB) has posted KD23.2mn in net profit for 1H2013, up 12.9% YoY. AUB’s profit per share stood at 19.8 fils. Total assets amounted to KD2.98bn, up 13.5%. Total deposits were up 14.5% to KD2.62bn. (Bloomberg)  Boubyan Bank reports net profit of KD6.3mn – Boubyan Bank has reported a net profit of KD6.3mn for 1H2013, increasing by 20% YoY. Earnings per share stood at 3.4 fils. Financing income rose by 19% YoY to KD28.8mn. The bank’s assets exceeded KD2bn, growing by 18% YoY. Customer deposits rose by 20% YoY to KD1.6bn, while the financing portfolio were up by 18% YoY to KD1.4bn. (Bloomberg)  KFH consolidates all its direct investment activities – Kuwait Finance House’s (KFH) Acting CIO Shaheen Al-Ghanim said all of the company’s investment holdings and activities across the world shall be now consolidated and supervised by KFH Investment Company (previously named Liquidity Management House). Last week, shareholders of LMH, the fully owned subsidiary of KFH, approved changing the company’s name to KFH Investment Company. (GulfBase.com)  OOMCO intends to buy 40% stake in Lubechem – The Oman Oil Marketing Company (OOMCO) has announced that it is in negotiations with the shareholders of Lubechem International Industry to acquire 40% shareholding in Lubechem for approximately AED1.5mn. OOMCO expects this transaction to be concluded within the next 30 days. (MSM)  Renaissance completes refinancing program for OMR200.5mn – Renaissance Services has completed the second and final phase of a marine refinancing program worth OMR200.5mn. Around OMR130mn of this initiative has been secured with Omani financial institutions such as Bank Muscat, National Bank of Oman, Oman Arab Bank, Bank Sohar, Bank Dhofar and Al Ahli Bank. The rest of the OMR70.5mn has been secured with Renaissance’s marine subsidiary, Topaz. The marine refinancing includes OMR22.5mn secured from Bahrain- based Gulf International Bank and OMR48mn through Islamic financing with Qatar-based Barwa Bank. (MSM)  Bank Dhofar reports OMR40.8mn net profit in 1H2013 – Bank Dhofar has reported a net profit of OMR40.8mn in 1H2013, indicating a YoY increase of 109.6%. Total assets at the end of June 30, 2013 stood at OMR2.4bn, reflecting a rise of 12.1% YoY. Loans & advances were up by 11.9% YoY to OMR1.8bn, while deposits from customers rose by 8.0% YoY to OMR1.7bn. (MSM)  ABC, NBB, BNP Paribas close $55mn term loan facility for BCFC – The Arab Banking Corporation (ABC), the National Bank of Bahrain (NBB) and BNP Paribas have acted as the mandated lead arrangers to successfully close a $55mn four- year term-loan facility for Bahrain Commercial Facilities Company (BCFC). The loan facility would support BCFC’s growing business activities in Bahrain. (Bahrain Bourse)
  • 6. Contacts Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui Head of Trading Head of Sales Head of Research Manager - HNWI Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@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 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&P Pan Arab S&P GCC 1.0% (0.1%) 0.6% (0.3%) 0.2% 0.9% 1.8% (0.6%) 0.0% 0.6% 1.2% 1.8% 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 1,296.10 0.0 0.0 (22.6) DJ Industrial 15,543.74 0.0 0.0 18.6 Silver/Ounce 19.51 0.0 0.0 (35.7) S&P 500 1,692.09 0.0 0.0 18.6 Crude Oil (Brent)/Barrel 109.36 0.0 0.0 (3.1) NASDAQ 100 3,587.62 0.0 0.0 18.8 Natural Gas (Henry Hub)/MMBtu 3.78 0.0 0.0 6.4 STOXX 600 299.85 0.0 0.0 7.2 LPG Propane (Arab Gulf)/Ton 810.00 0.0 0.0 (16.4) DAX 8,331.57 0.0 0.0 9.4 LPG Butane (Arab Gulf)/Ton 807.00 0.0 0.0 (16.7) FTSE 100 6,630.67 0.0 0.0 12.4 Euro 1.31 0.0 0.0 (0.4) CAC 40 3,925.32 0.0 0.0 7.8 Yen 100.65 0.0 0.0 16.0 Nikkei 14,589.91 0.0 0.0 40.4 GBP 1.53 0.0 0.0 (6.1) MSCI EM 950.47 0.0 0.0 (9.9) CHF 1.06 0.0 0.0 (2.7) SHANGHAI SE Composite 1,992.65 0.0 0.0 (12.2) AUD 0.92 0.0 0.0 (11.8) HANG SENG 21,362.42 0.0 0.0 (5.7) USD Index 82.61 0.0 0.0 3.6 BSE SENSEX 20,149.85 0.0 0.0 3.7 RUB 32.37 0.0 0.0 6.0 Bovespa 47,400.23 0.0 0.0 (22.2) BRL 0.44 0.0 0.0 (8.8) RTS 1,382.33 0.0 0.0 (9.5) 137.1 122.5 111.4