QE Intra-Day Movement

Market Indicators

10,340

10,320
10,300
10,280
9:30

21 Nov 13

20 Nov 13

%Chg.

Value Traded (QR...
Qatar Market Commentary
 The QE index declined 0.5% to close at 10,283.0. The
Transportation and Telecoms indices led the...
already secured. This could lead to an easing of real estate
prices. The Group has analyzed data on land transactions in
Q...
plants in Riyadh. Under these contracts, 12 gas units and 4
steam turbines will be built and tested within 40 months.
(Gul...
Daily Index Performance

1.0%
147.8

0.5%

132.3
118.9

0.7%

0.1%

0.0%
0.0%
(0.1%)

QE Index

S&P Pan Arab

Jul-13

S&P ...
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21 November Daily Market Report

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21 November Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,340 10,320 10,300 10,280 9:30 21 Nov 13 20 Nov 13 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 545.9 553,188.4 18.4 8,604 42 16:20 909.0 555,297.7 29.7 11,132 41 13:28 (39.9) (0.4) (37.9) (22.7) 2.4 – Market Indices 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index declined 0.5% to close at 10,283.0. Losses were led by the Transportation and Telecoms indices, declining 0.6% and 0.5% respectively. Top losers were Qatari Investors Group and Medicare Group, falling 5.6% and 1.5% respectively. Among the top gainers, Dlala Brok. & Inv. Holding Co. rose 4.8%, while Zad Holding Co. gained 4.6%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,692.05 2,565.09 2,438.28 3,368.19 1,883.42 1,981.64 2,343.61 1,457.17 5,988.93 2,980.89 (0.5) (0.4) (0.4) (1.1) (0.6) 2.0 (0.4) (0.5) 0.5 (0.3) 0.7 0.6 0.1 0.3 1.2 4.9 (0.7) 0.9 1.4 2.0 29.9 27.3 25.1 28.2 40.5 23.0 19.4 36.8 28.2 19.8 N/A 13.0 13.1 12.2 12.8 13.6 9.6 19.8 22.7 15.5 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 Saudi Arabia: The TASI index gained marginally to close at 8,337.8. Gains were led by the Transport and Agri. & Food Ind. indices, rising 1.0% and 0.8% respectively. South. Prov. Cem. rose 4.2%, while Arriyadh Dev. was up 2.5%. Abu Dhabi Nat. Hotels Abu Dhabi 2.45 10.4 1,246.0 38.4 Combined Group Cont. Kuwait 1.32 4.8 6.5 (9.6) Dubai: The DFM index rose 0.1% to close at 2,891.2. The Services index gained 2.2%, while the Investment & Financial Services index was up 1.7%. Ajman Bank rose 3.9%, while Dubai Investment was up 2.8%. Comm. Bank of Kuwait Kuwait Southern Prov. Cement Saudi Arabia Abu Dhabi: The ADX benchmark index declined 0.2% to close at 3,831.8. The Consumer index fell 1.5%, while the Insurance index was down 0.7%. Int. Fish Farming Holding declined 10.0%, while Nat. Marine Dredging was down 9.8%. Ajman Bank Dubai GCC Top Losers Exchange Kuwait: The KSE index fell 0.4% to close at 7,841.4. The Telecommunication index declined 1.9%, while the Consumer Services index was down 1.1%. Zima Holding Co. fell 7.7%, while Credit Rating & Collection was down 6.7%. Nat. Marine Dredging Abu Dhabi Qatari Investors Group Qatar Oman: The MSM index declined 0.1% to close at 6,772.5. Losses were led by the Banking & Investment and Industrial indices, declining 0.3% each. Dhofar Insurance declined 4.0%, while Salalah Mills was down 2.1%. ALAFCO Kuwait Yamamah Saudi Cem. Saudi Arabia Al Abdullatif Industrial Saudi Arabia 42.50 Bahrain: The BHB index rose 0.7% to close at 1,201.7. The Commercial Banking index gained 1.6%, while the Services index was up 0.1%. National Bank of Bahrain rose 3.2%, while Ahli United Bank was up 2.2%. Qatar Exchange Top Gainers Dlala Brok. & Inv. Holding Co. ## YTD% 0.73 4.3 0.0 2.8 124.50 4.2 602.6 24.5 2.16 3.9 8,103.8 52.1 # 1D% Vol. ‘000 YTD% 8.50 (9.8) 1.0 (15.0) 38.15 (5.6) 1,816.6 65.9 0.27 (3.6) 2,885.5 (23.9) 61.00 (3.2) 742.5 (28.4) (3.0) 685.1 34.1 Close 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% Vol. ‘000 YTD% 22.00 4.8 558.8 (29.2) Qatari Investors Group 38.15 (5.6) 1,816.6 65.9 Medicare Group 53.90 (1.5) 1,138.1 51.0 Zad Holding Co. 68.80 4.6 1.8 17.0 Barwa Real Estate Co. 29.60 2.8 2,749.8 7.8 Al Khaleej Takaful Group 38.35 (1.4) 2.8 4.6 Qatar & Oman Investment Co. 12.68 2.3 771.3 2.3 Qatar German Co. for Med. Dev. 14.65 (1.3) 77.8 (0.9) Mazaya Qatar Real Estate Dev. 11.60 1.8 4,046.9 5.5 Qatar National Cement Co. 103.00 (1.3) 14.5 (3.7) Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 Mazaya Qatar Real Estate Dev. 11.60 1.8 4,046.9 5.5 Barwa Real Estate Co. 29.60 2.8 80,403.9 7.8 Barwa Real Estate Co. 29.60 2.8 2,749.8 7.8 Qatari Investors Group 38.15 (5.6) 69,359.2 65.9 United Development Co. 23.60 0.9 2,055.7 32.6 Medicare Group Qatari Investors Group 38.15 (5.6) 1,816.6 65.9 QNB Group Vodafone Qatar 10.56 (0.5) 1,758.9 26.5 United Development Co. Qatar Exchange Top Vol. Trades Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain YTD% 53.90 (1.5) 62,583.8 51.0 173.00 (0.5) 60,424.6 32.2 23.60 0.9 48,569.8 32.6 Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 10,283.00 2,891.16 3,831.78 8,337.78 7,841.40 6,772.48 1,201.70 (0.5) 0.1 (0.2) 0.0 (0.4) (0.1) 0.7 0.7 2.3 1.0 0.2 (0.8) 0.2 (0.2) 4.5 (1.1) (0.4) 3.6 (1.3) 1.5 (0.0) 23.0 78.2 45.6 22.6 32.1 17.6 12.8 Exch. Val. Traded ($ mn) 149.95 166.33 92.59 1055.54 196.12 23.60 1.18 Exchange Mkt. Cap. ($ mn) 151,960.8 69,303.71 110,027.3 452,545.4 108,474.5 24,119.5 16,705.9 P/E** P/B** 13.1 17.1 10.6 17.1 18.1 10.8 8.1 1.8 1.2 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.5 3.1 4.7 3.6 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. 2. Qatar Market Commentary  The QE index declined 0.5% to close at 10,283.0. The Transportation and Telecoms indices led the losses. The index declined on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Qatari Investors Group and Medicare Group were the top losers, falling 5.6% and 1.5% respectively. Among the top gainers, Dlala Brok. & Inv. Holding Co. rose 4.8%, while Zad Holding Co. gained 4.6%. Overall Activity Buy %* Sell %* Net (QR) Qatari 67.89% 69.08% (6,531,748.88) Non-Qatari 32.11% 30.91% 6,531,748.88 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Thursday declined by 37.9% to 18.4mn from 29.7mn on Wednesday. Further, as compared to the 30-day moving average of 9.3mn, volume for the day was 99.1% higher. Mazaya Qatar Real Estate Dev. and Barwa Real Estate Co. were the most active stocks, contributing 22.0% and 14.9% to the total volume respectively. Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 11/21 US Department of Labor Initial Jobless Claims 16-November 323K 335K 344K 11/21 US Department of Labor Continuing Claims 9-November 2876K 2870K 2810K 11/21 US Bureau of Labor Stat. PPI MoM October -0.20% -0.20% -0.10% 11/21 US Bureau of Labor Stat. PPI YoY October 0.30% 0.30% 0.30% 11/21 US Bloomberg Indices Markit US PMI Preliminary November 54.3 52.3 51.8 11/21 US Bloomberg Bloomberg Economic Expectations November -14 – -31 11/21 US Bloomberg Bloomberg Consumer Comfort 17-November -34.6 – -33.9 11/22 US Bureau of Labor Stat. JOLTs Job Openings September 3913 3850 3844 11/21 EU Markit PMI Manufacturing November 51.5 51.5 51.3 11/21 EU Markit PMI Services November 50.9 51.9 51.6 11/21 EU Markit PMI Composite November 51.5 52.0 51.9 11/21 EU European Commission Consumer Confidence November -15.4 -14 -14.5 11/21 France Markit PMI Manufacturing November 47.8 49.5 49.1 11/21 France Markit PMI Services November 48.8 51.0 50.9 11/21 Germany Markit PMI Manufacturing November 52.5 52.0 51.7 11/21 Germany Markit PMI Services November 54.5 53.0 52.9 11/22 Germany Destasis GDP SA QoQ 3Q2013 0.30% 0.30% 0.70% 11/22 Germany Destasis GDP WDA YoY 3Q2013 0.60% 0.60% 0.50% 11/22 Germany Destasis GDP NSA YoY 3Q2013 1.10% 1.10% 0.90% 11/22 Germany Destasis Exports QoQ 3Q2013 0.10% 0.30% 2.40% 11/22 Germany Destasis Imports QoQ 3Q2013 0.80% 0.60% 1.90% 11/22 Germany IFO IFO Business Climate November 109.3 107.7 107.4 11/22 Germany IFO IFO Current Assessment November 112.2 111.5 111.3 11/22 Germany IFO IFO Expectations November 106.3 104.0 103.7 11/21 UK ONS Public Finances (PSNCR) October -16.8B – -0.5B 11/21 UK CBI CBI Trends Total Orders November 11 1 -4 11/21 UK CBI CBI Trends Selling Prices November 5 -3 -2 11/22 Italy ISTAT Retail Sales MoM September -0.30% 0.10% 0.00% 11/22 Italy ISTAT Retail Sales YoY September -2.80% – 0.20% 11/21 China HSBC Bank HSBC/Markit Flash Mfg PMI November 50.4 50.8 50.9 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Real estate prices fall seen slowing – The fall in land prices in Qatar since May this year is expected to slow down the rate of increase in rents, a QNB Group analysis has said. According to the QNB Group, the fundamental driver of real estate prices is the cost of land. If land prices rise, the price of villas, apartments and other property is also likely to go up. The QNB Group, while analyzing the Real Estate Price Index of the Qatar Central Bank (QCB), said that the rise in the land prices up to May 2013 was mainly due to the acquisition of land for major projects that are being implemented in Qatar, particularly land for the Doha metro, large shopping malls and mixed use real estate development, like Msheireb and Lusail. Since these projects have reached the construction phase, much of the land is Page 2 of 5
  3. 3. already secured. This could lead to an easing of real estate prices. The Group has analyzed data on land transactions in Qatar, based on weekly statistics published by the Ministry of Justice, which indicates that the cost of land has fallen in the last five months from May to September. This is likely to ease upward pressures on rents, enhancing the competitiveness of the Qatari economy and relieving concerns that the real estate sector is again experiencing an asset-price bubble like the one in 2007-08. (Peninsula Qatar) Azevedo said WTO may agree on its first worldwide trade reform package within the next few days. The deal would streamline customs procedures worldwide, making bordercrossing processes more predictable and transparent. Azevedo forced the marathon negotiations to try to get the deal before a meeting of WTO ministers in Bali in the first week of December. Meanwhile, studies by the World Bank and the OECD have found this deal would add hundreds of billions of dollars to the world economy. (Reuters)  Qatar to export 23mn tons of petrochemicals per year by 2020 – Muntajat’s CEO Abdulrahman Ali Al-Abdulla said planned investments in Qatar’s chemical and petrochemical industry will enhance the country’s export portfolio to 23mn tons per year by 2020 from 10mn tons in 2013. Al-Abdulla said the Gulf petrochemicals industry continues to be the largest producer and exporter in the world, accounting for 11% of the $600bn global market. (Gulf-Times.com)  ECB warns of deflationary pressures in Eurozone – The European Central Bank's Chief Economist Peter Praet said the Eurozone faces deflationary pressures, while the bank's President Mario Draghi stressed that interest rates must remain low because the economy remains weak. Peter Praet said the financial crisis had saddled the Eurozone with an unprecedented debt burden in Europe's post-war history, because it has created a more deflationary environment. Meanwhile, with Eurozone inflation running at 0.7%, which is well below its target of around 2% this week, a raft of ECB speakers said that fresh measures may have to be taken to support the economy. (Reuters)  Kahramaa: Power demand to rise 10% in 5 years – The Qatar General Electricity & Water Corporation (Kahramaa) said the electricity demand in Qatar is set to rise 10% YoY over the next five years. The rising demand in Qatar has fuelled the recent decision to pre-qualify bidders for the tender to build Kahramaa’s next independent water & power project, which is expected to deliver its first electricity output by 2016. (GulfBase.com)  Plans for new medical commission units, 836 more hospital beds – According to sources, Qatari Supreme Council of Health (SCH) and Hamad Medical Corporation (HMC) are implementing plans that include the establishment of two new units of the Medical Commission and addition of 836 beds to hospitals by 2015, among other key projects. The key future projects include the establishment of three hospitals attached to SCH, six hospitals attached to HMC and 18 health centers attached to the Primary Health Care Corporation. There will also be expansion in other health services and facilities, including pharmacies, ambulance, X-ray, laboratories and outpatient clinics. (Gulf-Times.com)  Qatar Steel’s sustainability report gets A rating from GRI – Qatar Steel’s 2012 sustainability report has achieved an “A” rating from Global Reporting Initiative (GRI) following an external audit for assurance of the accuracy of its content. (Peninsula Qatar)  Indian Ambassador: Great potential for solar energy tie-ups with Qatar – Indian Ambassador to Qatar Sanjiv Arora said there is enormous potential for tie-ups in developing solar energy among the two countries as both are looking forward to more areas of efficient application of renewable energies in the coming years. (Gulf-Times.com) International  Iran agrees to curb its nuclear program – Iran and world powers struck an accord, setting limits on the Islamic Republic’s nuclear program in exchange for limited relief from sanctions. The accord was reached after foreign ministers from the US, Europe, China and Russia made unscheduled trips to Geneva to push the third round of talks to a conclusion. The accord is intended to be a first step toward a comprehensive agreement, and is reversible if reciprocal measures are not taken. Iran will get about $7bn in relief from economic sanctions over six months under the first-step agreement. In return for Iran limiting its nuclear program, the first-step agreement will release $4.2bn in frozen assets from Iran’s diminished oil revenue. (Bloomberg)  WTO chief hopeful of global trade reform deal within days – The World Trade Organization’s General Director Roberto  EU trade Chief: China investment pact must address opening markets – EU Trade Commissioner Karel De Gucht said Europe has no interest in a bilateral investment pact with China that omits measures to open up markets in the Asian giant. These comments were made after a summit with Chinese leaders announced plans for treaty talks. EU officials said talks on the pact – a widely expected outcome of the summit – will be a test of China's willingness to compromise and play by the rules set by the World Trade Organization. De Gucht said he expected talks would begin within weeks, but he would not estimate how long a deal would take. (Reuters)  OECD: Luxembourg, Cyprus, Switzerland fail tax transparency test – According to the Global Forum on Transparency & Exchange of Information for Tax Purposes (an Organization for Economic Cooperation & Development (OECD) forum), Luxembourg, Cyprus, the British Virgin Islands, Switzerland and the Seychelles did not meet international standards on tax transparency. The five countries either failed to share taxpayer information with other countries or gather information on beneficial ownership of corporate entities registered on their territory, or both, which potentially puts investments in the countries at risk. The OECD, which oversees the forum, has been asked by the group of 20 leading economies, to lead efforts on curbing international tax evasion and avoidance. (Reuters) Regional  Oil market to remains well supplied – Saudi Arabia’s Assistant Minister for Petroleum Affairs Abdulaziz bin Salman bin Abdulaziz said that the oil market remains well supplied for maintaining the balance in the global economy. Abdulaziz said concerns over tight oil supply have now been replaced by perceptions of abundant oil resources. (GulfBase.com)  SDF signs deals with SAIB, Saudi Export Co – The Saudi Development Fund (SDF) has signed a MoU worth SR145mn with the Saudi Investment Bank (SAIB), under which SDF will offer guarantees to exports of Saudi non-oil products. Meanwhile, SDF has also entered into a SR11.25mn deal with Saudi Export Company to finance the export of electrical products and other Saudi commodities to Ghana through Lumiere Energy Services Company. (GulfBase.com)  SEC awards SR2.1bn turbine contracts – The Saudi Electricity Company (SEC) has awarded contracts worth SR2.1bn to supply gas and steam turbines for its two new power Page 3 of 5
  4. 4. plants in Riyadh. Under these contracts, 12 gas units and 4 steam turbines will be built and tested within 40 months. (GulfBase.com)  Alstom SA secures €170mn generator contract from HHI for Shuqaiq project – Alstom Saudi Arabia Transport & Power Limited (Alstom SA) has secured a contract worth €170mn from South Korea-based Hyundai Heavy Industries (HHI) to supply four 720MW steam turbine generators for the Shuqaiq power plant project. Under this contract, Alstom SA will provide engineering, manufacturing, supply and field services for the steam turbines and generators, which will also include all direct control and auxiliary systems. The Shuqaiq plant is due to enter into commercial operation in 2017. (GulfBase.com)  FIPCO signs SR11.4mn loan deal with SIDF – Filling & Packing Materials Manufacturing Company (FIPCO) has entered into a long-term loan agreement worth SR11.4mn with the Saudi Industrial Development Fund (SIDF) to finance its project of form fill seal (FFS) bags. (Tadawul)  DAAR closes second tranche of Sukuk program – The Dar Al Arkan Real Estate Development Company (DAAR) has successfully closed the second Sukuk tranche under its International Islamic Sukuk Program by raising SR1.1bn. The order book was oversubscribed by twice the amount and the Sukuk was issued at a profit rate of 5.75% per annum, which matures on November 25, 2016. DAAR appointed Bank Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD, Bank of America Merrill and Al Hilal bank to manage this second tranche. (Tadawul)  KEC’s unit begins delivery of villas to customers – The Knowledge Economic City Company (KEC) announced that its subsidiary, the Knowledge Real Estate Company Ltd has begun the delivery of 206 villas in the Phase 1 of Dar Al Jiwar project to residential customers. This is considered to be the first gated community center in Al Madinah Al Munawwarah. The delivery of these villas is expected to continue from 4Q2013 through the next financial year ending December 31, 2014. (Tadawul)  Alwaleed weighs options for Four Seasons, Fairmont Hotels – Saudi billionaire Prince Alwaleed bin Talal is weighing stake sale options including an IPO for his US-based hotels, Four Seasons Holdings and Fairmont Hotels & Resorts. Alwaleed, who took a 95% stake in the Four Seasons chain, said he is considering strategic options for the two companies including an IPO or a merger. (GulfBase.com)  ADC signs deal with SFC for portfolio management – AlAhsa Development Company (ADC) has signed an agreement with Saudi Fransi Capital (SFC) for discretionary portfolio management and transfer of all its portfolios to the SFC for the purpose of Saudi equities listed trading. The portfolio’s conservative assessment stood at SR105mn on October 31, 2013, and then re-evaluated after conversion to the new portfolio at SR110mn on November 10, 2013. (Tadawul)  SCC delays re-operation of Kilns 4 & 5 in Hofuf factory – The Saudi Cement Company (SCC) stated that the re-operation of Kilns 4 & 5 in its Hofuf factory has been delayed due to technical reasons, which is now expected to take place in 3Q2014. (Tadawul) could not confirm projections on its financial performance. Earlier, the Saudi CMA had given approval for selling 11mn shares, which represents 40% of the company’s shares. (GulfBase.com)  EIB changes name to Emirates Islamic – The Emirates Islamic Bank (EIB) has changed its name to “Emirates Islamic” as a part of a comprehensive rebranding exercise undertaken by the bank.  Abu Dhabi scraps 5% cap on annual rent increase – The Abu Dhabi Executive Council said the Emirate has decided to scrap a 5% cap on annual rent increase. In January 2008, Abu Dhabi had imposed this cap on annual rent hikes after surging demand had boosted rents and inflation. (GulfBase.com)  Emaar Chairman: Good time to weigh retail spinoff – Emaar Properties said the current environment makes it good time to for the company to consider spinning of its retail business into a separate company to increase investor returns. (GulfTimes.com)  ADCCI, Masdar sign MoU to promote Abu Dhabi and Masdar City – The Abu Dhabi Chamber of Commerce & Industry (ADCCI) has entered into a MoU with the Abu Dhabi Future Energy Company (Masdar) to promote Abu Dhabi and Masdar City as key investment destinations in the UAE. Under this MoU, ADCCI and Masdar will showcase the Emirate's unique commercial offerings and attract international investors. (GulfBase.com)  Mubadala Aerospace eyes US acquisitions to expand manufacturing capabilities – Mubadala Aerospace’s Executive Director Homaid Al Shemmari said that the company is targeting acquisitions in the US to expand its manufacturing capabilities, after securing billion dollar contracts at the Dubai Airshow. This expansion will include acquisitions of companies in aero structures, engineering, and research & development areas. Shemmari also said that the company aims to become the world’s top three manufacturers of composite and metal parts for airplanes by 2020. (GulfBase.com)  Kuwait Airways resumes flights to Iraq – Kuwait Airways has resumed flights to Iraq and has planned to begin two weekly flights to Najaf in Iraq. For the first time since the 1990 Iraqi invasion, a Kuwait Airways flight landed in Iraq on Wednesday, indicating improved ties between the neighbors. (GulfBase.com)  Oman’s Advisory Committee proposes tax on remittances – Oman’s Advisory Committee has proposed that the Sultanate should tax the billions of dollars that foreign workers send back to their home countries every year. According to Central Bank of Oman’s data, outward worker remittances stood at OMR3.1bn in 2012, indicating an increase of 12.1%. (GulfBase.com)  Takamul signs 25-year deal with SEZAD to provide industrial utilities – The Takamul Investment Company, through its newly incorporated Centralised Utilities Company (CUC) has signed a 25-year agreement with the Special Economic Zone Authority at Duqm (SEZAD) to provide industrial utilities within the Duqm SEZ. This agreement provides CUC exclusive rights to provide all utilities to the industrial zone within the Duqm SEZ. (GulfBase.com)  Saudi CMA approves SEC’s sukuk – The Saudi CMA’s board has approved Saudi Electricity Company's (SEC) sukuk. The total offering size will be determined at a later stage by the Company. (Tadawul)  AFCO cancels IPO plan – The Astra Food Company (AFCO) has canceled its plan to go for an IPO of its shares, since it Page 4 of 5
  5. 5. Daily Index Performance 1.0% 147.8 0.5% 132.3 118.9 0.7% 0.1% 0.0% 0.0% (0.1%) QE Index S&P Pan Arab Jul-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 Oman May-12 Dec-12 Bahrain Oct-11 Qatar (1.0%) Jan-10 Aug-10 Mar-11 Saudi Arabia (0.5%) (0.2%) (0.4%) Kuwait (0.5%) Dubai 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 Abu Dhabi Rebased Performance Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,243.83 0.1 (3.6) (25.8) DJ Industrial 16,064.80 0.3 0.6 22.6 19.87 (0.5) (4.5) (34.5) S&P 500 1,807.65 0.4 0.5 26.7 111.05 0.0 2.4 (0.1) NASDAQ 100 3,991.65 0.6 0.1 32.2 3.77 2.5 6.0 10.1 STOXX 600 322.77 0.1 (0.1) 15.4 119.75 (0.4) 0.9 33.8 DAX 9,219.04 0.2 0.5 21.1 143.00 (1.2) (0.3) (17.3) FTSE 100 6,674.30 (0.1) (0.3) 13.2 4,278.53 0.6 (0.3) 17.5 15,381.72 0.1 1.4 48.0 1.36 0.6 0.5 2.8 101.27 0.1 1.1 16.7 Nikkei GBP 1.62 0.2 0.7 (0.2) MSCI EM 1,009.17 0.5 0.4 (4.4) CHF 1.10 0.7 0.9 1.0 SHANGHAI SE Composite 2,196.38 (0.4) 2.8 (3.2) AUD 0.92 (0.4) (1.8) (11.5) HANG SENG 23,696.30 0.5 2.9 4.6 USD Index 80.71 (0.5) (0.2) 1.2 BSE SENSEX 20,217.40 (0.1) (0.9) 4.1 RUB 32.77 (0.8) 0.6 7.4 Bovespa 52,800.70 0.2 (1.2) (13.4) BRL 0.44 1.1 1.7 (10.0) 1,444.91 1.3 0.0 (5.4) Yen Source: Bloomberg CAC 40 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

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