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22 January Daily market report
 

22 January Daily market report

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    22 January Daily market report 22 January Daily market report Document Transcript

    • QE Intra-Day Movement Market Indicators 11,200 11,150 11,100 11,050 9:30 22 Jan 14 419.9 590,620.8 8.7 4,792 40 24:10 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth Market Indices 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.3% to close at 11,179.6. Gains were led by the Telecoms and Banking & Financial Services indices, gaining 1.2% and 0.8% respectively. Top gainers were Qatari Investors Group and Widam Food Co., rising 7.6% and 1.9% respectively. Among the top losers, Qatar Insurance Co. fell 1.7%, while Barwa Real Estate Co. declined 1.5%. 21 Jan 14 432.2 587,937.0 9.2 5,030 41 17:20 %Chg. (2.8) 0.5 (5.6) (4.7) (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 15,973.10 2,766.02 2,662.27 3,676.62 1,955.86 2,065.33 2,520.15 1,572.90 6,051.05 3,234.28 0.3 0.4 0.8 0.3 (0.2) (0.9) (1.3) 1.2 0.4 0.6 0.7 0.7 1.3 (0.7) (0.2) 0.8 1.2 2.9 (0.6) 0.2 7.7 6.9 8.9 5.0 5.2 5.7 7.9 8.2 1.7 6.5 N/A 13.8 13.7 13.3 13.2 14.1 10.1 21.4 23.0 16.7 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index rose 0.3% to close at 8,761.2. Gains were led by the Petrochemical Industries and Cement indices, rising 1.2% and 1.0% respectively. Alujain Corp. rose 7.5%, while Atheeb Telecom was up 6.9%. Investbank Abu Dhabi 3.40 9.7 731.2 26.4 Qatari Investors Group Qatar 48.65 7.6 1,121.0 11.3 Dubai: The DFM index gained 0.6% to close at 3,687.3. The Insurance index rose 8.5%, while the Real Estate & Construction index was up 1.4%. Gulf General Investment Co. surged 14.8%, while Islamic Arab Ins. gained 14.4%. Arabtec Holding Co. Dubai 3.78 7.1 127,201.1 31.7 Atheeb Telecom Saudi Arabia 15.50 6.9 13,042.8 7.6 Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,578.2. The Inv. & Financial Services index declined 1.1%, while the Energy index was down 0.9%. Gulf Medical Projects fell 9.4%, while National Takaful was down 5.3%. Bank Albilad Saudi Arabia 39.90 5.6 999.1 14.0 GCC Top Losers Exchange Kuwait: The KSE index declined 0.1% to close at 7,749.4. The Telecommunication index fell 2.4%, while the Industrial index was down 1.0%. Al Masaken declined 6.3%, while Contracting & Marine Ser. was down 5.8%. MEDGULF Saudi Arabia Nat. Bank Of Bahrain Bahrain Oman: The MSM index rose 0.2% to close at 7,188.0. Gains were led by the Services and Industrial indices, gaining 0.8% and 0.2% respectively. National Gas rose 9.8%, while National Securities was up 7.4%. Solidarity Saudi Takaful Saudi Arabia Mobile Telecomm. Co. Kuwait Saudi Enaya Coop. Ins. Saudi Arabia Bahrain: The BHB index gained 0.2% to close at 1,279.0. The Services index rose 0.9%, while the Commercial Banking index was up 0.8%. Nass Corporation gained 4.6%, while Ahli United Bank was up 3.4%. Qatari Investors Group Widam Food Co. Close* 1D% Vol. ‘000 YTD% 48.65 Qatar Exchange Top Gainers 7.6 1,121.0 11.3 53.00 1.9 Al Ahli Bank 66.00 QNB Group 185.10 2.5 1.5 6.7 20.0 1.5 488.6 7.6 41.00 Gulf Warehousing Co. 70.4 1.5 12.5 (1.2) ## # Vol. ‘000 YTD% 1D% Vol. ‘000 YTD% 28.70 (9.2) 2,189.6 (17.8) 0.70 (4.8) 43.4 0.7 23.30 (4.7) 2,140.5 (10.0) 0.64 (4.5) 11,493.5 (7.2) 35.30 (3.3) 1,098.1 (12.4) 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 Insurance Co. 74.00 (1.7) 355.5 11.3 Barwa Real Estate Co. 32.00 (1.5) 1,528.4 7.4 Qatar General Ins. & Rein. Co. 45.50 (1.1) 0.6 (5.0) Commercial Bank of Qatar 74.10 (0.9) 395.9 4.7 Qatar Navigation 90.00 (0.8) 23.1 8.4 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 Vodafone Qatar 11.56 0.8 1,565.4 7.9 QNB Group 185.10 1.5 90,181.5 7.6 Barwa Real Estate Co. 32.00 (1.5) 1,528.4 7.4 Qatari Investors Group 48.65 7.6 53,414.7 11.3 7.4 Qatar Exchange Top Vol. Trades 48.65 QNB Group Mazaya Qatar Real Estate Dev. 7.6 1,121.0 11.3 Barwa Real Estate Co. 32.00 (1.5) 49,302.6 185.10 Qatari Investors Group 1.5 488.6 7.6 Commercial Bank of Qatar 74.10 (0.9) 29,348.9 4.7 12.15 0.4 455.9 8.7 Qatar Insurance Co. 74.00 (1.7) 26,537.9 11.3 Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Close 1D% WTD% MTD% YTD% 11,179.61 3,687.32 4,578.19 8,761.16 7,749.44 7,188.00 1,279.02 0.3 0.6 (0.1) 0.3 (0.1) 0.2 0.2 0.7 2.2 1.3 0.0 1.1 0.7 0.8 7.7 9.4 6.7 2.6 2.6 5.2 2.4 7.7 9.4 6.7 2.6 2.6 5.2 2.4 Exch. Val. Traded ($ mn) 122.25 557.11 239.99 1,837.82 212.56 43.12 3.77 Exchange Mkt. Cap. ($ mn) 162,184.5 74,613.8 129,718.4 481,067.1 109,488.0 25,609.1 50,275.0 P/E** P/B** 14.1 21.7 12.8 17.3 17.2 11.4 8.3 1.9 1.5 1.6 2.2 1.2 1.7 0.9 Dividend Yield 4.1 2.4 3.9 3.4 3.7 3.6 3.8 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 0.3% to close at 11,179.6. The Telecoms and Banking & Financial Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 52.10% 68.30% (68,023,031.02) Non-Qatari  Qatari Investors Group and Widam Food Co. were the top gainers, rising 7.6% and 1.9% respectively. Among the top losers, Qatar Insurance Co. fell 1.7%, while Barwa Real Estate Co. declined 1.5%. Buy %* 47.89% 31.70% 68,023,031.02 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Wednesday fell by 5.6% to 8.7mn from 9.2mn on Tuesday. Further, as compared to the 30-day moving average of 11.1mn, volume for the day was 22.1% lower. Vodafone Qatar and Barwa Real Estate Co. were the most active stocks, contributing 18.1% and 17.6% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Arab Banking Corporation (ABC) Agency Market Moody's Type* Bahrain Not-Prime deposit ratings/ BFSR Old Rating New Rating Rating Change Outlook Outlook Change Ba1/D Ba1/D – Positive  Source: News reports (* LT – Long Term, ST – Short Term, BFSR- Bank Financial Strength Rating) Earnings Releases Company Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY SR – – 424.1 14.2% 231.2 10.3% Saudi Arabia SR – – 498.4 380.2% 1,240.0 1720.9% Saudi Arabia SR 123.2 88.1% – – 3.1 59.2% Saudi Arabia SR 447.0 -19.7% – – 4.4 14.6% Saudi Arabia SR – – 446.0 NA 203.0 612.3% Abu Dhabi AED – – – – 9.6 26.8% Oman OMR – – – – 3.2 2.5% Market Currency Kingdom Holding Co. (KHC) Rabigh Refining & Petrochemical Co. (Petro Rabigh) Weqaya Takaful insurance & reinsurance Co.(Weqaya Takaful) The Mediterranean & Gulf Ins. & Reins. Co.(MEDGULF) Saudi Ind. Investment Group (SIIG) Insurance House Co. (IH)* Saudi Arabia Oman Chlorine Co. (OCHL)* Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period 01/22 US MBA MBA Mortgage Applications 17-January 01/22 UK ONS Jobless Claims Change December 01/22 UK ONS ILO Unemployment Rate 3Mths November 01/22 UK ONS Employment Change 3M/3M 01/22 Japan METI 01/22 Japan 01/22 Japan Actual Consensus Previous 4.70% – 11.90% -24.0K -32.0K -34.3K 7.10% 7.30% 7.40% November 280K 256K 250K All Industry Activity Index MoM November 0.30% 0.30% -0.40% ESRI I Leading Index CI November 111.1 – 109.8 ESRI Coincident Index November 110.7 – 110.4 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 6
    • News Qatar  MEED: $32bn Qatar construction market GCC’s third largest – According to a report released by MEED, Qatar’s civil construction market is now valued at $32bn, making it the GCC region’s third largest. Saudi Arabia is the region’s largest civil construction market, with $81bn worth of contracts under construction. The UAE market is the second largest with $66bn worth of contracts under construction. The report said the overall GCC civil construction market has returned to growth with a total of $59bn worth of contracts awarded last year, a level not seen since 2008. The report said historically, the civil construction market has been the largest sector among GCC projects, driven by booming economies and growing populations. (GulfTimes.com)  Qatar plans to complete New Doha Port soon – Qatar is planning to advance the completion of its mammoth QR27bn New Doha Port coming up near Mesaieed by 2020 rather than the original deadline of 2030, as the country prepares to host the FIFA World Cup in 2022. HE the Transport Minister Jassim Seif Ahmed al-Sulaiti stated that attempt is being made to merge the first and second phases of the project with an aim to complete the third phase of a total container capacity of 6mn twenty-foot equivalent units (TEUs) containers by 2020 itself. As per the original plan, the first phase was slated to become operational by 1Q2016 with a capacity of 2mn TEUs, 2mn TEUs expected to be operational by 2022 and another 2mn TEUs by 2030. (GulfTimes.com)  MPHC raises QR3.2bn in Qatar’s first IPO since 2010 – Qatar Petroleum’s (QP) unit Mesaieed Petrochemical Holding Company (MPHC) has raised QR3.2bn in the first IPO in Qatar since 2010. All the 323.19mn shares offered, representing 25.7%, have been successfully sold. QP said the stock would start trading on the market next month. (Reuters)  Ashghal lines up projects to develop Al Ruwais City – The Public Works Authority (Ashghal) is working on several projects to develop Al Ruwais City in the north of the country to provide necessary services to residents. A general hospital, a primary health centre, three schools and two kindergartens are among the projects. It also includes the development and expansion of the port, and construction of three docks for dhows and fishing boats. Some facilities are being built for ministries and government organizations to cater to local residents so they need not come to Doha. (Peninsula Qatar)  DOHI reports net profit of QR28mn in 4Q2013 – Doha Insurance Company (DOHI) reported a net profit of QR28mn in 4Q2013, reflecting an increase of 854.8% QoQ. Net profit for 2013 amounted to QR67mn, rising 11.2% YoY. Net premiums rose by 14.6% QoQ to QR21.9mn in 4Q2013, while it was up marginally YoY to QR106.3mn in 2013. EPS amounted to QR2.60 in 2013 as compared to QR2.34 in 2012. Meanwhile, DOHI’s board of directors has proposed dividend distribution of 20% from the share par value i.e. QR2.00 for each share to its shareholders. (QE)  Qatar Shipping secures QR1.55bn in ship refinancing – Qatar Shipping, a subsidiary of Milaha, has secured a 12-year QR1.55bn fixed-term ship financing facility with a consortium of banks. The consortium includes Bank of Tokyo Mitsubishi Ltd., Mizuho Bank Ltd., Sumitomo Mitsui Banking Corporation Europe Ltd., Sumitomo Mitsui Trust Bank Ltd., Mitsubishi UFJ Trust & Banking Corporation, Shinsei Bank Ltd., Development Bank of Japan Inc. and Standard Chartered Bank. Proceeds from the facility will be utilized by all four JV partners to refinance existing debt facilities on four LNG vessels - S/S “Fuwairit”, S/S “Lusail”, S/S “Al Thakhira” and S/S “Al-Deebel”. The four vessels are owned by JV companies, wholly-owned by vessel sponsors: Qatar Shipping Company (the largest shareholder), Mitsui O.S.K. Lines, Nippon Yusen Kabushiki Kaisha and Kawasaki Kisen Kaisha – all chartered to Ras Laffan Liquefied Natural Gas Company in Qatar on a long-time charter basis. (QE)  QR1bn real estate deals last week – Real estate sale transactions worth QR1bn were registered between January 12 and 16 at the Ministry of Justice in Qatar. The Real Estate Registration Department at the ministry said that traded properties included open plots, two-floor villas, annexes, residential buildings, houses and shops in Umm Salal, Al Khor, Al Shamal, Doha, Al Rayyan, Al Daayen and Al Wakra. (Peninsula Qatar)  QIIK’s EGM to be held on February 9 – Qatar International Islamic Bank (QIIK) announced that its EGM will be held on February 9, 2014 at Sheraton Hotel, Doha. The agenda of the EGM is to consider the recommendation of QIIK’s board to amend the clause related to board membership requirements to change the percentage of ownership required for board members from 0.50% to 0.25%. (QE)  CBQK opens candidacy for board directorship – The Commercial Bank of Qatar’s (CBQK) board of directors announced the candidacy for its board directorship for the next three years is open, beginning from January 26, 2014 until February 9, 2014. (QE)  ACSI in talks with Qatar to open HQ in Doha – The Arab Coalition of Services Industries (ACSI) Chairman Talal Abu Ghazaleh said the coalition has given a proposal to Qatar to set up its head office in Doha. Ghazaleh said that talks with officials at the Ministry of Business & Trade in Qatar regarding setting up the headquarters of ACSI in Doha are in final stages and he hopes to get a positive response soon. (Qatar Tribune)  Mahindra Holiday & Resorts to enter Doha – India-based Mahindra Holiday & Resorts India Ltd is set to launch its Doha operations on January 24. Part of the $162bn Mahindra Group, the entry of Club Mahindra brand of resorts in Qatar presents greater interest for communities as its resorts are spread across the globe. (Peninsula Qatar) International  Treasury: US debt ceiling to bind by February – The Obama administration warned the US Congress that the government would likely run out of borrowing authority needed to help pay its bills by late February 2014, if lawmakers do not swiftly raise the federal debt ceiling. Previously, the administration had projected the borrowing authority could last until early March, but the Treasury Department said it now believed Congress had a more narrow window in which to act. (Reuters)  EU trims 2030 climate goals – The European Union has scaled back its long-term climate and energy ambitions, proposing less stringent targets than in the past, because of tougher economic conditions and the need to curb rising energy costs. The European Commission said that EU governments should adhere to a single binding target to reduce carbon dioxide emissions by 2030 to 40% lesser volumes than 1990 levels. (Gulf-Times.com)  UK jobless data dips, BoE in no rush to hike rates – British unemployment fell to within a whisker of the Bank of England’s (BOE) level for considering an increase in interest rates, but the central bank stressed it would be in no rush to act. The unemployment rate dropped to 7.1% in the three months to Page 3 of 6
    • November, a fraction above the 7% level, which is the bank’s threshold for thinking about raising interest rates from their current all-time low of 0.5%. (Qatar Tribune)  EU issues framework for shale gas exploitation – The European Commission has issued recommendations to ensure that clear environmental safeguards are in place when the controversial technique of "fracking" is used to tap shale gas reserves. Environment Commissioner Janez Potocnik said with a number of European countries looking to begin drilling for shale gas, the Commission is responding to calls for minimum principles to address environmental and health concerns and give operators and investors the predictability they need. (Bloomberg) Regional  SABIC expects to enter US shale market this year – Saudi Basic Industries’ (SABIC) Chief Executive Mohamed al-Mady said the company is in talks with several large US-based firms to invest in the US shale gas industry, and expects to enter that market this year. Last year al-Mady had said SABIC planned to build a new shale gas cracker in the US. (Peninsula Qatar)  HGISC declares SR87.5mn dividends for FY2013 – Al Hassan Ghazi Ibrahim Shaker Company’s (HGISC) broad has recommended the distribution of dividend worth SR87.5mn to its shareholders for FY2013. The dividend per share will be SR2.5, representing is 25% of the face value of the share. (Tadawul)  Al Qahtani Aviation to buy $1.99bn Bombardier aircraft – Dammam-based Al Qahtani Aviation Company has signed a purchase agreement with Bombardier Aerospace for 16 CS300 aircraft with options for an additional 10 CS300 jetliners. The aircraft will be operated by SaudiGulf Airlines. Al Qahtani Aviation Company and SaudiGulf Airlines are both owned by Abdel Hadi Abdullah Al-Qahtani & Sons Group of Companies. Based on the list price of the aircraft, the firm order for the 16 CS300 aircraft is valued at approximately $1.21bn. If all the 10 options are exercised, the order value would increase to $1.99bn. (GulfBase.com)  UAE, New Zealand agree to boost cooperation – The UAE and New Zealand have agreed to accelerate cooperation in the field of renewable energy particularly among Pacific Island countries. The Ministry of Foreign Affairs and Abu Dhabi Future Energy Company (Masdar) have signed a partnership arrangement with New Zealand’s Ministry of Foreign Affairs & Trade during the Abu Dhabi Sustainability Week. Potential project financing comes from a $54mn pledge by the New Zealand government and a $50mn grant for the UAE-Pacific Partnership Fund, which is endowed by the Abu Dhabi Fund for Development. (GulfBase.com)  Dubai Chamber sees new laws, 5% GDP growth in 2014 – The Dubai Chamber of Commerce & Industry has announced that 2013 was a record year in many ways for the chamber and its members, and it expects 2014 will be another successful year as well. The chamber’s President & CEO Hamad Buamim said the chamber anticipates 5% GDP growth in both 2013 and 2014. Buamim expects that the new laws such as the Companies Law, the Arbitration Law and the Bankruptcy Law will be introduced in 2014. He added that other laws including the Labor Law are also under discussion. (GulfBase.com)  S&P: UAE banking sector has good prospects in 2014 – According to a report released by S&P, banks in the UAE have good prospects in 2014 because of healthy economic growth and an upbeat corporate sector. S&P’s Credit Analyst Engin Timucin said real estate prices have been inching upward since late 2012, particularly in Dubai, and banks’ credit losses are gradually decreasing. He added that over the past six months, they have also seen signs that credit growth is picking up. He expects these trends to provide banks with another year of strong financial performance, and support their stable rating outlooks in the sector. Engin added they believe the key risk factor to watch over the next 24 months will be developments relating to certain large restructured transactions. The report said asset quality of the UAE banks are set to improve over the course of 2014 with the decline in non-performing loan (NPL) ratios and improving coverage ratios supported by asset and profit growth. Most UAE banks’ NPL ratios have been stabilizing over the past 12 months, after a significant deterioration in asset quality over the past few years. The banks continue to generate strong pre-provision earnings and increase their coverage of reported NPLs, and the incidence of new NPLs has slowed substantially. (Bloomberg)  Arabtec expands, opens regional HQ in Belgrade – Arabtec Holding announced that it intends to open a regional headquarters in Belgrade, Serbia to drive its expansion into the Balkan Region. The regional headquarters will serve as a launch pad for Arabtec’s planned expansion into the wider Balkan region. Arabtec is already in advanced discussions with developers regarding projects in the Balkan region where the company is ideally-placed to undertake construction activities. (DFM)  MAF to invest $2.3bn in Egypt – Dubai-based retailer Majid Al Futtaim’s (MAF) CEO Iyad Malas said that the company is planning to invest about $2.3bn in Egypt over the next few years. MAF plans to expand its shopping mall in Cairo's Maadi district and build another mall next to Cairo's main airport. The investment plan is positive for support from Egypt's armybacked government. Further, sovereign wealth funds from countries such as the UAE, Saudi Arabia and Kuwait are also looking at opportunities in Egypt. (Reuters)  Etihad secures US route-sharing deal with JetBlue – Etihad Airways has secured a route-sharing deal with US-based carrier JetBlue Airways, starting with 40 JetBlue routes within the US from New York and Washington. This will extend Etihad’s reach in the US and nearby markets, since it has codeshare agreement with American Airlines too. (Reuters)  Emirates Steel seeks $1.3bn loan to refinance debt, buy assets – According to sources, Emirates Steel is in talks with banks for a $1.3bn loan to refinance an existing facility and to purchase assets from its parent firm, General Holding Corp (Senaat). The deal will cut the costs of a loan signed in 2010 to fund an expansion of Emirates Steel's operations, which was worth $1.1bn, split between a $733mn conventional loan and a $367mn Shari’ah-compliant loan. (Reuters)  NBK’s net profit drops 48% YoY in 4Q2013 – The National Bank of Kuwait’s (NBK) posted a 48% YoY drop to $142mn in its 4Q2013 net profit. Further, net profit for the entire 2013 amounted to $844mn, down from $1.08bn recorded in 2012. Loans & advances stood at $37.9bn by the end of 2013, up 8.5% YoY, while customer deposits reached $37.1bn, a 10.2% rise. Meanwhile, NBK's board recommended a cash dividend worth KD0.03 per share and a bonus share dividend of 5%. (Reuters)  KIPCO plans $500mn bond sale – The Kuwait Projects Company (KIPCO) is planning to issue up to $500mn worth of medium-term bonds and has hired a group of international banks to help arrange the sale. KIPCO has chosen three banks to arrange the sale that would start with roadshows in Asia, the Middle East and Europe from January 23. (Reuters) Page 4 of 6
    •  NCSI: Oman’s non-oil exports grow by 8.4% – Oman’s National Centre for Statistics & Information (NCSI) said that there was an 8.4% growth in non-oil exports, while non-oil imports grew at a faster pace of 22.8% in the first eight months ending August 2013. Goods worth OMR2.333bn were exported from Oman during this period, as against OMR2.151bn for the same period in 2012. Similarly, goods worth OMR8.635bn were imported into Oman by the end August 2013, as against OMR7.032bn for the same period in 2012. The NCSI statistics reveal that the UAE stood first in terms of Omani non-oil exports with OMR427.5mn at the end of August 2013, showing a growth of 24.3% YoY. The UAE also provided the largest share of nonoil imports with a total of OMR2.394bn, growing 38.6% YoY. (GulfBase.com)  NGC gets LPG project in Qaryan Steel – The National Gas Company (NGC) has bagged a LPG project in Saudi Arabia worth $968,000 from the Qaryan Steel Company. The project is for the design, supply, fabrication, installation and commissioning of LPG system. Work on the project is expected to commence soon, which is expected to be commissioned in 2014. (MSM)  Topaz acquires two modern anchor handling vessels – Renaissance’s subsidiary Topaz Energy & Marine has acquired two large and modern anchor handling towage and supply vessels (AHTSV) at a price of around $100mn. The vessels, the Caspian Challenger and the Caspian Endeavour, are built by Kleven Maritime in Norway in 2008 and 2009, respectively. The vessels are equipped with dynamic positioning DP2, automated safe anchor handing capabilities and are currently the most powerful vessels operating in the Caspian basin at 17,200 BHP and 190 tons bollard pull. (MSM)  Bank Dhofar’s net profit rises 3.6% YoY in 4Q2013 – Bank Dhofar has reported a net profit of OMR9.3mn in 4Q2013, reflecting a 3.6% increase YoY. The net profit for 2013 amounted to OMR58.4mn as compared to OMR37.7mn in 2012. Net loans & advances grew 13.7% to OMR1.9bn from OMR1.67bn at the end of 2012. Deposits were up over the same period, rising 24.3% YoY to OMR2.03bn. (Reuters)  NBO’s BoD declares 15% cash & 10% stock dividends – The National Bank of Oman’s (NBO) board of directors approved its annual financial statements and recommended a cash dividend of 15% and stock shares of 10% (1 share for every 10 shares) of the paid-up capital for year ended on December 31, 2013. This recommendation is subject to the bank shareholders’ approval during the AGM proposed to be held in March 2014. (MSM)  ORPIC forms JV with CLH – The Oman Oil Refineries & Petroleum Industries Company (ORPIC) has signed an agreement with Spain-based Compania Logistica de Hidrocarburos (CLH) for creating a JV that will invest $200mn for the construction and operation of new logistics infrastructure in Oman. (Bloomberg)  Bahrain seeks investments from India – Bahrain has sought huge investments from Indian firms across various sectors and a high-profile delegation led by its king is likely to visit India next month. The Bahrain Economic Development Board’s (BEDB) Head Kamal bin Ahmed Mohammed said Bahrain also wants to sign a double taxation avoidance agreement with India, since it already has an investment protection pact in place. (Qatar Tribune) Page 5 of 6
    • Rebased Performance Daily Index Performance 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 0.6% 139.4 0.4% 0.3% 0.3% 0.2% 0.2% 127.0 0.0% S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Yen Oman May-13 Bahrain Oct-12 Abu Dhabi QE Index Mar-12 Kuwait Aug-11 Qatar Jan-11 Dubai (0.1%) (0.1%) (0.4%) Saudi Arabia Jun-10 0.8% 160.6 Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,237.08 (0.3) (1.4) 2.6 DJ Industrial 16,373.34 (0.3) (0.5) (1.2) 19.79 (0.4) (2.6) 1.7 S&P 500 1,844.86 0.1 0.3 (0.2) 108.27 1.4 1.7 (2.3) NASDAQ 100 4,243.00 0.4 1.1 1.6 4.91 7.1 11.7 13.0 STOXX 600 336.06 0.1 0.1 2.4 151.25 2.2 9.8 19.6 DAX 9,720.11 (0.1) (0.2) 1.8 158.00 1.3 5.9 16.4 FTSE 100 6,826.33 (0.1) (0.0) 1.1 1.35 (0.1) 0.0 (1.4) CAC 40 104.52 0.2 0.2 (0.8) Nikkei GBP 1.66 0.6 0.9 0.1 CHF 1.10 (0.2) (0.2) (2.0) SHANGHAI SE Composite AUD 0.89 0.5 0.8 (0.7) USD Index 81.17 0.1 (0.1) RUB 33.95 0.0 1.2 BRL 0.42 (0.4) (1.0) (0.4) 0.0 (0.1) 0.7 0.2 0.5 (2.9) 976.47 0.6 0.4 (2.6) 2,051.75 2.2 2.3 (3.0) HANG SENG 23,082.25 0.2 (0.2) (1.0) 1.4 BSE SENSEX 21,337.67 0.4 1.3 0.8 3.3 Bovespa 49,299.66 1.6 0.2 (4.3) 1,391.75 (0.3) (0.3) (3.5) Source: Bloomberg MSCI EM 4,324.98 15,820.96 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