QE Intra-Day Movement

Market Indicators

11,900

11,880
11,860

20 Feb 14

%Chg.

502.2
625,301.2
10.4
5,498
40
14:24

76...
Qatar Market Commentary
 The QE index rose 0.1% to close at 11,885.8. The Telecoms and
Industrials indices led the gains....
number of tourists that travel across international borders
reached 1bn with Qatar receiving up to 1.2mn. Al-Mohannadi
ass...
exports aided by Dubai Exports saw a 114% rise from
AED605mn to AED1.3bn. (GulfBase.com)

the distribution of a cash divid...
Rebased Performance

Daily Index Performance

180.0
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0

0.5%

144.1...
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23 February Daily market report

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  1. 1. QE Intra-Day Movement Market Indicators 11,900 11,880 11,860 20 Feb 14 %Chg. 502.2 625,301.2 10.4 5,498 40 14:24 764.3 623,914.0 19.0 6,415 40 23:14 (34.3) 0.2 (45.3) (14.3) 0.0 – Market Indices 11,840 11,820 9:30 23 Feb 14 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.1% to close at 11,885.8. Gains were led by the Telecoms and Industrials indices, gaining 1.2% and 0.5% respectively. Top gainers were Gulf Warehousing Co. and Qatar National Cement Co. rising 3.3% and 3.1% respectively. Among the top losers, Widam Food Co. fell 10.0%, while Qatar Cinema & Film Distribution Co. declined 5.4%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 17,098.55 2,964.20 2,859.97 3,939.67 2,094.99 2,071.49 2,809.32 1,647.43 6,803.53 3,393.22 0.1 0.1 (0.1) 0.5 (0.4) (0.2) (2.2) 1.2 0.3 0.2 0.1 0.1 (0.1) 0.5 (0.4) (0.2) (2.2) 1.2 0.3 0.2 15.3 14.6 17.0 12.6 12.7 6.1 20.3 13.3 14.4 11.8 N/A 14.4 14.6 14.9 14.2 14.2 6.8 22.2 26.1 17.5 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index rose 0.4% to close at 9,023.4. Gains were led by the Hotel & Tour. and Telecom. & Info. Tech. indices, rising 1.6% and 1.5% respectively. Saudi Mark. rose 10.0%, while Amanah Coop. Ins. was up 9.8%. Arab Banking Corp. Bahrain Saudi Enaya Coop. Ins. Saudi Arabia Dubai: The DFM index declined 1.4% to close at 4,122.9. The Services and Investment & Financial Services indices fell 2.9% each. International Financial Advisors and National General Insurance Co. declined 10.0% each. United Real Estate Co. Nat. Mobile Telecom. Abu Dhabi: The ADX benchmark index fell 0.9% to close at 4,871.6. The Real Estate index declined 2.7%, while the Energy index was down 2.5%. National Takaful Co. fell 6.21%, while Sharjah Cement & Ind. Dev. Co. was down 5.7%. IFA Hotels & Resorts GCC Top Losers Exchange Kuwait: The KSE index declined 0.1% to close at 7,728.1. The Technology index fell 1.1%, while the Banking index was down 0.7%. Kuwait Hotels Co. declined 7.3%, while Jeeran Holding Co. was down 7.1%. Drake & Scull Int. Dubai 1.66 (7.3) 47,694.0 15.3 Mobile Telecom. Kuwait 0.64 (5.9) 2,402.2 (7.2) Oman: The MSM index declined 0.4% to close at 7,136.9. Losses were led by the Financial and Industrial indices, falling 0.6% and 0.5% respectively. National Aluminium Products fell 3.2%, while Global Fin. Inv. was down 2.8%. Investbank Abu Dhabi 3.27 (5.2) 2.5 21.6 Aamal Co. Qatar 14.39 (4.8) 152.5 (4.1) Qatar Gen. Ins. & Rein. Qatar 47.50 (4.1) 3.0 (0.8) Bahrain: The BHB index gained 0.8% to close at 1,376.2. The Investment index rose 3.0%, while the Commercial Banking index was up 0.2%. Arab Banking Corp. gained 9.4%, while Khaleeji Commercial Bank was up 8.5%. Gulf Warehousing Co. Qatar National Cement Co. Close* 1D% Vol. ‘000 YTD% 43.50 Qatar Exchange Top Gainers 3.3 30.1 4.8 82.6 (0.8) ## Close# 1D% 0.53 9.4 804.8 40.0 42.30 5.7 5,313.2 5.0 Kuwait 0.12 5.2 1,954.9 3.4 Kuwait 1.92 4.3 1.1 9.1 Kuwait 0.26 4.0 1.2 (8.8) # Close Vol. ‘000 1D% Vol. ‘000 YTD% YTD% Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Close* 1D% Vol. ‘000 YTD% Widam Food Co. 45.90 (10.0) 539.4 (11.2) Qatar Cinema & Film Distribution 40.50 (5.4) 0.2 1.0 Qatar Exchange Top Losers 118.00 3.1 Zad Holding Co. 72.40 2.0 2.9 4.2 Aamal Co. 14.39 (4.8) 152.5 (4.1) Industries Qatar 197.00 1.5 490.6 16.6 Qatar General Ins. & Rein. Co. 47.50 (4.1) 3.0 (0.8) Ooredoo 154.90 1.5 97.2 12.9 Qatar Insurance Co. 65.00 (2.3) 40.2 22.2 Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Salam Int. Investment Co. 14.00 (0.8) 2,112.5 7.6 Industries Qatar 197.00 1.5 96,405.6 16.6 Vodafone Qatar 12.40 (0.5) 1,429.3 15.8 Qatar Fuel Co. 333.00 1.2 37,096.4 17.2 Barwa Real Estate Co. 32.70 0.3 928.4 9.7 Barwa Real Estate Co. 32.70 0.3 30,193.9 9.7 Widam Food Co. 45.90 (10.0) 539.4 (11.2) Salam Int. Investment Co. 14.00 (0.8) 29,406.3 7.6 Qatar Gas Transport Co. 22.00 (0.5) 537.0 8.6 194.40 (0.3) 27,881.5 13.0 Qatar Exchange Top Vol. Trad. Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain QNB Group Close 1D% WTD% MTD% YTD% 11,885.78 4,122.88 4,871.57 9,023.42 7,728.07 7,136.89 1,376.19 0.1 (1.4) (0.9) 0.4 (0.1) (0.4) 0.8 0.1 (1.4) (0.9) 0.4 (0.1) (0.4) 0.8 6.5 9.3 4.2 3.0 (0.4) 0.7 6.3 14.5 22.3 13.5 5.7 2.4 4.4 10.2 Exch. Val. Traded ($ mn) 137.91 395.93 157.56 1,873.36 47.61 18.40 1.38 Exchange Mkt. Cap. ($ mn) 171,707.7 83,193.7 135,380.9 493,769.5 112,088.6 25,538.6 51,755.9 P/E** P/B** 15.2 17.7 13.1 18.1 16.1 11.0 9.7 2.0 1.5 1.6 2.2 1.2 1.6 1.0 Dividend Yield 3.9 2.0 3.7 3.3 3.7 3.6 3.5 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 rose 0.1% to close at 11,885.8. The Telecoms and Industrials indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Gulf Warehousing Co. and Qatar National Cement Co. were the top gainers, rising 3.3% and 3.1% respectively. Among the top losers, Widam Food Co. fell 10.0%, while Qatar Cinema & Film Distribution Co. declined 5.4%. Overall Activity Buy %* Sell %* Net (QR) Qatari 61.32% 76.01% (73,806,460.48) Non-Qatari 38.68% 23.99% 73,806,460.48 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Sunday fell by 45.3% to 10.4mn from 19.0mn on Thursday. Further, as compared to the 30-day moving average of 12.7mn, volume for the day was 18.1% lower. Salam International Investment Co. and Vodafone Qatar were the most active stocks, contributing 20.3% and 13.8% to the total volume respectively. Earnings Earnings Releases Company Gulf Pharmaceutical Industries (Julphar)* Fujairah Cement Industries Co (FCI)* Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY AED 1,362.07 15.4% – – 230.36 14.9% AED 588.22 3.3% – – -12.19 NA Market Currency Abu Dhabi Abu Dhabi Source: Company data, DFM, ADX, MSM (*FY2013 results) News Qatar  GISS reports QR217.8mn net profit in 4Q2013 – Gulf International Services (GISS) reported a net profit of QR217.8mn in 4Q2013, an increase of 31.1% QoQ. Net profit for 2013 amounted to QR677mn, rising 45.8% YoY. Revenue rose by 5.6% QoQ to QR607.3mn, while it rose by 46.2% YoY to QR2,301.7mn in 2013. EPS amounted to QR4.55 in 2013 as compared to QR3.12 in 2012. GISS board of directors has proposed an annual dividend distribution of QR2 per share and 25% bonus shares. Delving into details, GISS posted annual revenue of QR2.3bn up 47.1% YoY and 18.1% above their own guidance (2013 budget). Revenue in the drilling segment was QR912.2mn, up 46.3% YoY. This performance was driven largely by the offshore sector, which contributed QR181.0 million of additional revenue compared to last year, and can be further attributed to the deployment of Al-Jassra and Leshat (previously referred to as „B-341‟) offshore rigs in the second and fourth quarters of 2013 respectively, and the roll-over of three other rigs, Al-Doha, Al-Zubarah and Al-Rayyan, on new, higher rate contracts. Additional contributions to the overall revenue improvement came from the two land rigs, GDI-5 and GDI-6, which completed their first full year of operation, and the lift boat, Dixie Patriot, that commenced operations in the early part of 2013. QoQ, the results were higher by QR52.8mn, primarily due to the deployment of the Leshat rig. Aviation segment revenue touched QR618.5mn, up 20.4% YoY. A number of factors contributed to this increase on last year: revised contract rates, an increase in the number of helicopters in the fleet (2013, Q4: 45 helicopters versus 2012, Q4: 42 helicopters) in operations in a number of new territories. The group‟s insurance subsidiary registered gross insurance revenue of QR707.0mn, a growth of 13.2% YoY. The main contributor to this growth was the medical line of business, as an additional 15,000 members joined Al Koot Global Care Medical Insurance Scheme during the year. The medical line of business has now grown on average by an annual average of ~20% per year since 2009, and now contributes ~33.9% of Al Koot‟s annual revenue. Results in the core Energy line showed a growth of 5.1%, in line with Qatar Petroleum‟s reduced capital expenditure activity. Revenue was up on the last quarter by QR8.5mn, or 4.7%, mainly due to an increase in net commission income in the Energy insurance business. The Catering segment (Amwaj) was the largest contributor to group revenue, accounting for QR976.9mn, or 42.4%; it was up 123.8% YoY following its acquisition on June 1, 2012; the growth was also due to the expansion of the core industrial catering and manpower contracting services to almost 100 projects throughout Qatar. On a quarterly basis, Amwaj‟s performance was strong with revenue increasing by 10.0%. (QE, GISS Press Release)  KCBK gets nod to hike foreign ownership to 49% – Al Khalij Commercial Bank (KCBK) has received approval from its shareholders to increase the foreign ownership limit to 49% from the current 25%. The bank is not only planning to raise funds through specific private placements, but also seeking bigger contribution from its Paris-based subsidiary, Al Khaliji France. KCBK‟s Chairman & Managing Director Sheikh Hamad bin Faisal Thani al-Thani said that higher foreign ownership limit allows the bank to open up to international investors and increase the liquidity of its shares. He said the bank had reviewed its foreign ownership limit to qualify for the inclusion in the MSCI Index, once Qatar gets upgraded to the emerging market status. KCBK shareholders also approved its board's proposal to distribute 10% cash dividend of the shares nominal value (QR1.00 per share) for the year ended 31 December 2013 (Gulf-Times.com, QE)  QTA: $45bn to be spent on tourism by 2030 – The Qatar Tourism Authority‟s (QTA) Chairman Issa bin Mohamed alMohannadi disclosed that up to $45bn will be spent to boost tourism in Qatar by 2030 in anticipation of around 7mn international travelers visiting the country every year. Tourism currently accounts for 1% of Qatar‟s GDP, which is one of the highest in the world, while its contribution to global GDP has reached 9.3%. Tourism is expected to grow four fold, boosting Qatar‟s GDP by up to 3% by 2030. For the first time in 2012, the Page 2 of 5
  3. 3. number of tourists that travel across international borders reached 1bn with Qatar receiving up to 1.2mn. Al-Mohannadi asserted that focusing on tourism would enable Qatar to improve its infrastructure and visitor facilities and services. He described the target of welcoming more than 7mn tourists a year as “the cornerstone” of the QTA‟s National Tourism Strategy, pointing out that the figure was a seven-fold increase from the current number. (Gulf-Times.com)  Qatar trade surplus shrinks 7% YoY QR33.92bn in December – A double-digit growth in imports and lower exports led Qatar report 7% YoY shrinkage in trade surplus to QR33.92bn in December 2013. According to the preliminary estimates of the Ministry of Development Planning and Statistics (MD&PS), the energy-rich Gulf country‟s total exports (valued free-on-board) fell 3% to QR43.32bn, mainly on a double-digit fall in shipments to South Korea and India. Japan continued to be the top destination of Qatar‟s exports, followed by South Korea, China, India and Singapore. However, Qatar‟s re-exports surged 52% to QR0.6bn during the review period. The country‟s total exports of domestic products shrank 3% to QR42.72bn in December, mainly on lower shipments of gas and non-crude products as well as other commodities; even as crude were on the rise. Qatar‟s exports of petroleum gases and other gaseous hydrocarbons (liquefied natural gas, condensates, propane and butane) fell 2% to QR27.65bn, non-crude petroleum oils and oil obtained from bituminous minerals by 6% to QR2.44bn and other commodities by 17% to QR4.93bn. However, crude petroleum exports expanded 7% to QR7.69bn. (GulfTimes.com)  Barwa project first phase to house 24,000 workers – Barwa Real Estate‟s Project Manager Engineer Abdulla Hiji said that the company‟s mega project Barwa Al Baraha will be ready to accommodate 24,000 workers in 32 residential buildings by 3Q2014. Hiji said that Barwa Al Baraha extends over 1.8mn square meters, with a total planned capacity of accommodating 53,000 workers. He added that the company has signed a MoU with Qatar Navigation, while other companies such as Qatar Airways, Qatari Diar and QDVC have shown interest. (GulfTimes.com) International  G20 aims to lift GDP by another 2% in five years – The world‟s largest economies have set a target of adding more than $2tn to the global economy over the next five years, signaling optimism following years of crisis-era austerity. Finance ministers and central bankers at the G20 meeting in Sydney said they would take concrete action to increase investment, boost employment and promote competition. The G20 group of countries accounts for around 85% of the global economy. Australian Treasurer Joe Hockey hailed the announcement as a new dawn for cooperation in the G20. He also said the G20 is putting a real number to achieve for the first time, aiming to add over $2tn more in economic activity and tens of millions of new jobs. (The Telegraph, Peninsula Qatar)  BoE not to take risks with UK recovery – The Bank of England‟s (BoE) Governor Mark Carney said a new phase of forward guidance has been introduced to give assurance that officials will support the economic rebound. Carney said that BoE will not take risks with the UK‟s economic recovery. He added that BoE is going to set the path of monetary policy in a way that ensures that a sustainable growth is seen in jobs, income and spending. Carney said the revised framework for forward guidance introduced earlier this month reflects the need for a more complex set of judgments than was needed in the first phase, where there was a single link to the unemployment rate. The bank changed its approach after the jobless rate fell faster than forecast toward a 7% threshold for considering an interest-rate increase. (Bloomberg)  ECB prepared for stimulus if deflation risks rise – The European Central Bank‟s (ECB) President Mario Draghi said that policy makers are ready to add more stimulus if the outlook for prices deteriorates, though there are currently no signs of deflation in the Eurozone. Draghi said that ECB does not find any evidence of people postponing their expenditure plans with a view to buying the same thing at lower prices. He added that ECB is aware of the deflation risk and its Governing Council is willing to take any action in case these risks were to gain strength. (Bloomberg)  US urges Ukraine to begin IMF discussions soon – The US Treasury Secretary Jack Lew has appealed Ukraine to begin discussions with the International Monetary Fund (IMF) for an assistance package as soon as possible once a transitional government is in place in Kiev. Lew said, the US along with Europe and others in the international community is ready to supplement an IMF program to cushion the impact of harsh reforms on low-income Ukrainians. (Reuters) Regional  SEC: No plans to rely on solar energy for power – The Saudi Electricity Company (SEC) stated that the cost of solar energy is currently too high to replace traditional methods of energy production. SEC‟s Chief Executive, Zeyad Al-Sheha said that electricity production from fossil fuel currently costs seven halala per kilowatt-hour (kwh), compared to 50 halala per kwh from solar energy. SEC currently uses 2mn bpd to generate electricity and would not stop using oil any time soon. (GulfBase.com)  UAE Central Bank’s board to review reports – The Central Bank of the UAE has reviewed numerous reports during its recent board meeting and has approved applications from various banks and financial institutions for the extension of activities and opening new branches. The board reviewed a report on the study of money changing business project, along with a report on the preparation of an IT strategy for the central bank and the actions taken so far. Further, the board reviewed a report on systemic prudential ratios for the banking system, banking stability, and liquidity indicators of the banking sector, submitted by the Monetary Policy & Financial Stability Department. (GulfBase.com)  Deloitte ranks LuLu as fastest growing retailer – Deloitte ranked UAE-based LuLu Group 11th in a list of the biggest growing retail businesses over a five-year period. The list included the world‟s 250 biggest names in the sector. Emerging market retailers accounted for more than half (26) of the world‟s top 50 fastest growing retailers. Deloitte said that LuLu has averaged a CAGR of around 25% between 2007-2012. LuLu, with revenues exceeding $4.5bn in 2012, has been ranked 197th in the Global 250 list. The company plans to open 42 new Lulu Hypermarkets in the next two years, with 7 outlets in the UAE, 6 in Oman, 4 each in Qatar, Kuwait, 3 each in Bahrain, Egypt and 15 in Saudi Arabia. (GulfBase.com)  Dubai’s food trade jumps to AED46bn in 9M2013 – According to the data compiled by Dubai Exports, Dubai‟s local food trade strikes a healthy balance between imports, exports and reexports, in addition to targeting new export markets. Dubai‟s total foreign trade in food products during 9M2013 rose to AED46bn from AED43bn in 9M2012, with imports increasing to AED31-32bn. Further, exports and re-exports rose from AED1214bn between the corresponding periods. In this, the value of Page 3 of 5
  4. 4. exports aided by Dubai Exports saw a 114% rise from AED605mn to AED1.3bn. (GulfBase.com) the distribution of a cash dividend of 20 baisas per share for the year ended December 31, 2013. (MSM)  DED: Stability boosts business outlook in Dubai – According to a quarterly survey by the Department of Economic Development (DED), around 97% businesses expect their sales to rise or remain steady in 1Q2014, as compared to 96% in 4Q2013 and 94% in 4Q2012. A total of 502 companies in Dubai were covered in the survey that was conducted between October to December 2013. The Composite Business Confidence Index for 4Q2013 rose to 144.3 points, up 8.4 points from 4Q2012 and the 141.6 points recorded in 3Q2013. The overall business outlook for 1Q2014 also improved with 63% businesses foreseeing better business conditions as against 58% for 4Q2013. (GulfBase.com)  ABG’s net profit rises 9% to $144.5mn – Al Baraka Banking Group‟s (ABG) net profit increased by 9% to $144.5mn in 2013 as compared to $133mn in 2012. Total operating income grew to $909.5mn in 2013 as compared to $879.8mn in 2012. Total assets at the end of 2013 stood at $21bn, up 10% from $19bn a year earlier. The bank‟s EPS stood at $13.90 as of December 31, 2013 as against $12.79 a year earlier. (Bahrain Bourse)  Nakheel initiates repayment of AED2.35bn bank debt – Dubai-based developer Nakheel has initiated early repayment of bank debts worth AED2.35bn ($639.8mn), nearly 18 months ahead of their maturity in September 2015. Till now, the company has accumulated bank debts worth AED6.8bn, while building ambitious mega projects such as the Palm Island off Dubai's coast. (Reuters)  UNB reports AED1,743mn net profit in 2013 – The Union National Bank (UNB) has reported a net profit of AED1,743mn in 2013 as compared to AED1,600mn in 2012. The bank‟s net interest income grew to AED2,270mn in 2013 as against AED2,188mn in 2012. EPS amounted to AED0.62 at the end of 2013 as compared to AED0.56 a year earlier. Total assets stood at AED87.5bn for the year ended December 31, 2013 as compared to AED87.1bn a year earlier. Net loans & advances grew to AED60bn in 2013 as against AED57bn in 2012, while customer deposits stood at AED65bn as compared to AED63bn. (ADX)  SCIDC’s BoD recommends 5% cash dividend – Sharjah Cement & Industrial Development Company‟s (SCIDC) board of directors has recommended the distribution of 5% cash dividend to its shareholders for the year ended December 31, 2013. (ADX)  Julphar’s BoD recommends 10% dividends, bonus shares – Gulf Pharmaceutical Industries‟ (Julphar) board of directors has recommended the distribution of 10% cash dividends and 10% bonus shares to its shareholders. (ADX)  Burgan Bank’s Q4 net profit slumps – Kuwait-based Burgan Bank reported a big drop in its 4Q2013 net profit, with its fullyear earnings also significantly lower than the previous period. The bank, 58% owned by conglomerate Kuwait Projects Company, made a net profit of KD2.52mn 4Q2013. This compares poorly with KD9.22mn in the corresponding period of 2012. Burgan Bank reported a net profit of KD20.1mn in 2013, 63.8% lower YoY. This was due to the bank reporting a KD10.3mn loss in the 3Q2013. Meanwhile, the bank said it is recommending a cash dividend of 7 fils per share and a 7% bonus share issue for 2013. (Reuters)  CBO declares results of OMR287mn certificates of deposit – The results of certificates of deposit tender held at the Central Bank of Oman (CBO), with the allotted amount of OMR287mn for the Issue No 855, have been declared. CBO stated that the average interest rate of these certificates was 0.13%, while the maximum accepted interest rate was also 0.13%. The tenor of these certificates is 28 days with maturity date on March 19. The Repo rate during February 19-25 stood at 1%. (GulfBase.com)  ATMI’s BoD proposes cash dividend – Al Jazeera Steel Products Company‟s (ATMI) board of directors has proposed Page 4 of 5
  5. 5. Rebased Performance Daily Index Performance 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 0.5% 144.1 0.1% 0.0% 131.2 0.4% (0.5%) (0.1%) (0.4%) (1.0%) (0.9%) (1.5%) 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 Source: Bloomberg Close ($) 1D% WTD% YTD% 1,324.28 0.0 0.0 9.8 21.85 0.0 0.0 12.2 109.85 0.0 0.0 6.21 0.0 135.38 Global Indices Performance Close 1D% WTD% YTD% 16,103.30 0.0 0.0 (2.9) S&P 500 1,836.25 0.0 0.0 (0.7) (0.9) NASDAQ 100 4,263.41 0.0 0.0 2.1 0.0 43.1 STOXX 600 336.09 0.0 0.0 2.4 0.0 0.0 7.2 DAX 9,656.95 0.0 0.0 1.1 134.63 0.0 0.0 (1.4) FTSE 100 6,838.06 0.0 0.0 1.3 DJ Industrial 1.37 0.0 0.0 0.0 102.51 0.0 0.0 (2.7) GBP 1.66 0.0 0.0 0.4 MSCI EM CHF 1.13 0.0 0.0 0.6 SHANGHAI SE Composite AUD 0.90 0.0 0.0 0.7 USD Index 80.24 0.0 0.0 RUB 35.53 0.0 0.0 BRL 0.43 0.0 0.0 0.7 Yen Dubai May-13 Oman Oct-12 Abu Dhabi QE Index Mar-12 Bahrain Aug-11 Kuwait Jan-11 (1.4%) Qatar (2.0%) Saudi Arabia Jun-10 0.8% 1.0% 170.8 CAC 40 Nikkei 4,381.06 0.0 0.0 2.0 14,865.67 0.0 0.0 (8.8) 959.26 0.0 0.0 (4.3) 2,113.69 0.0 0.0 (0.1) HANG SENG 22,568.24 0.0 0.0 (3.2) 0.3 BSE SENSEX 20,700.75 0.0 0.0 (2.2) 8.1 Bovespa 47,380.24 0.0 0.0 (8.0) 1,315.54 0.0 0.0 (8.8) Source: Bloomberg RTS Source: Bloomberg Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5

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