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23 June Technical Market Report

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  • 1. Page 1 of 4QE Intra-Day MovementQatar CommentaryThe QE index declined 0.2% to close at 9,231.6. Losses were led by theInsurance and Industrials indices, declining 0.6% and 0.4% respectively. Toplosers were Qatar German Co. for Med. Dev. and Qatar National Cement Co.,falling 1.9% and 1.5% respectively. Among the top gainers, Islamic HoldingGroup rose 9.9%, while Medicare Group gained 1.7%.GCC CommentarySaudi Arabia: The TASI index gained 0.5% to close at 7,561.5. Gains wereled by the Industrial Investment and Insurance indices, rising 1.0% and 0.9%respectively. Gulf General Cooperative Insurance Co. rose 10.0%, whileAllianz Saudi Fransi Cooperative Insurance Co. was up 7.3%.Dubai: The DFM index fell 2.6% to close at 2,299.8. The Investment &Financial Services index declined 4.3%, while the Real Estate & Constructionindex was down 3.4%. Dubai Refreshments fell 9.7%, while Takaful-Emaratwas down 8.0%.Abu Dhabi: The ADX benchmark index declined 1.9% to close at 3,564.4. TheReal Estate index fell 5.3%, while the Industrial index was down 3.1%. ArkanBuilding Materials Co. declined 9.5%, while RAK White Cement fell 6.7%.Kuwait: The KSE index rose 0.1% to close at 8,067.6. Gains were led by theConsumer Services and Real Estate indices, gaining 1.3% and 0.5%respectively. Future Kid Entertainment & Real Estate rose 8.8%, while KoutFood Group was up 8.6%.Oman: The MSM index gained 0.3% to close at 6,408.1. The Banking &Investment index rose 0.5%, while the Services & Insurance index gainedmarginally. Al Anwar Holding gained 2.5%, while Bank Muscat was up 2.4%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Islamic Holding Group 42.00 9.9 6.5 10.5Medicare Group 42.20 1.7 207.7 18.2Vodafone Qatar 9.14 1.4 422.1 9.5Barwa Real Estate Co. 26.85 1.3 1,713.2 (2.2)Qatari Investors Group 26.85 0.9 69.7 16.7Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%United Development Co. 23.25 (0.4) 1,804.5 30.6Barwa Real Estate Co. 26.85 1.3 1,713.2 (2.2)Masraf Al Rayan 27.45 0.5 1,480.4 10.7Qatar Gas Transport Co. 17.72 (0.5) 939.4 16.1National Leasing 37.00 (1.2) 489.8 (18.1)Market Indicators 23 June 13 20 June 13 %Chg.Value Traded (QR mn) 341.7 372.7 (8.3)Exch. Market Cap. (QR mn) 507,657.0 509,085.3 (0.3)Volume (mn) 9.4 10.3 (8.6)Number of Transactions 4,104 4,589 (10.6)Companies Traded 38 37 2.7Market Breadth 15:19 7:30 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,189.78 (0.2) (0.2) 16.6 N/AAll Share Index 2,337.42 (0.2) (0.2) 16.0 12.7Banks 2,194.19 (0.1) (0.1) 12.6 11.8Industrials 3,134.85 (0.4) (0.4) 19.3 11.7Transportation 1,637.16 (0.4) (0.4) 22.1 11.6Real Estate 1,864.12 0.6 0.6 15.7 11.9Insurance 2,255.99 (0.6) (0.6) 14.9 14.8Telecoms 1,276.11 (0.2) (0.2) 19.8 14.5Consumer 5,479.07 (0.0) (0.0) 17.3 22.4Al Rayan Islamic Index 2,813.60 0.1 0.1 13.1 14.0GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Mabanee Co. Kuwait 1.12 3.7 169.3 4.4Aseer Saudi Arabia 17.95 2.9 2,047.3 8.5Sharjah Islamic Bank Abu Dhabi 1.45 2.8 110.4 57.6Nat. Real Estate Co. Kuwait 184.00 2.8 232.3 53.3Saudi Arabian Mining Saudi Arabia 30.10 2.4 829.5 (7.1)GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Sorouh Real Estate Co. Abu Dhabi 2.68 (6.0) 17,492.3 114.4Dubai Financial Market Dubai 1.79 (5.8) 38,178.6 75.5Abu Dhabi Nat. Hotels Abu Dhabi 2.34 (5.6) 11.2 32.2Arabtec Holding Co. Dubai 2.15 (5.3) 22,581.2 15.6Aldar Properties Abu Dhabi 2.15 (4.4) 31,405.5 69.3Source: Bloomberg (#in Local Currency) (##GCC Top gainers/losers derived from the Bloomberg GCC200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%Qatar German Co. for Med. Dev. 15.50 (1.9) 43.6 4.9Qatar National Cement Co. 99.50 (1.5) 17.5 (7.0)Qatar Industrial Manufacturing Co. 52.10 (1.3) 37.2 (1.9)Gulf International Services 41.95 (1.3) 327.1 39.8National Leasing 37.00 (1.2) 489.8 (18.1)Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%Barwa Real Estate Co. 26.85 1.3 45,730.8 (2.2)United Development Co. 23.25 (0.4) 41,693.3 30.6Masraf Al Rayan 27.45 0.5 40,573.5 10.7Industries Qatar 161.70 (0.7) 34,790.6 14.7QNB Group 151.10 0.1 27,666.7 15.4Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,231.56 (0.2) (0.2) (0.1) 10.4 93.85 139,402.6 11.7 1.7 5.0Dubai 2,299.78 (2.6) (2.6) (2.8) 41.7 104.88 59,541.5 14.8 0.9 3.7Abu Dhabi 3,564.42 (1.9) (1.9) 0.0 35.5 57.21 103,578.9 10.9 1.3 4.9Saudi Arabia 7,561.50 0.5 0.5 2.1 11.2 1,588.89 402,898.6 16.1 2.0 3.6Kuwait 8,067.55 0.1 0.1 (2.8) 35.9 108.07 109,029.5 25.3 1.4 3.3Oman 6,408.05 0.3 0.3 (0.2) 11.2 8.21 22,448.6 10.9 1.7 4.3Bahrain 1,202.73 0.1 0.1 0.5 12.9 0.46 21,360.5 8.8 0.8 4.1Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)9,1009,1509,2009,2509,3009:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 4Qatar Market Commentary The QE index declined 0.2% to close at 9,231.6. The Insuranceand Industrials indices led the losses. The index declined on theback of selling pressure from non-Qatari shareholders despitebuying support from Qatari shareholders. Qatar German Co. for Med. Dev. and Qatar National Cement Co.were the top losers, falling 1.9% and 1.5% respectively. Amongthe top gainers, Islamic Holding Group rose 9.9%, whileMedicare Group gained 1.7%. Volume of shares traded on Sunday declined by 8.6% to 9.4mnfrom 10.3mn on Thursday. Further, as compared to the 30-daymoving average of 12.2mn, volume for the day was 22.7% lower.United Development Co. and Barwa Real Estate Co. were themost active stocks, contributing 19.1% and 18.2% to the totalvolume respectively.Source: Qatar Exchange (* as a % of traded value)NewsQatar QDVC bags two contracts; Ashghal gives road contract toEgis – Qatar Rail earlier awarded Qatari Diar Filiale Vinci(QDVC) a tender of QR7.4bn. Moreover, QDVC was awardedtwo projects; to build the car park and Sheraton project valued ataround QR2bn. Meanwhile, another contract was signedbetween Ashghal and French construction company Egis,wherein the latter obtained two contracts of road works andinfrastructure worth QR780mn. (Gulf-Times.com) BofAML: Qatar GDP growth rate seen at 5% in 2013, 4.9% in2014 – Bank of America Merrill Lynch (BofAML) has maintainedits GDP growth forecast for Qatar at 5% in 2013 and 4.9% in2014, even as it projected a rise in CPI inflation to 2% in 2013and 2.5% in 2014. Meanwhile, the QNB Group has said Qatar’sreal GDP growth is expected to reach 6.5% in 2013 and 6.8% in2014, on the back of continued economic diversification andnon-oil sector’s performance. (Gulf-Times.com) GISS’ subsidiary signs deal with Weststar Aviation – GulfHelicopters, a subsidiary of the Gulf International Services(GISS) has entered into a contract with Weststar AviationServices to use two AW 139 helicopters to support its petroleumoperations in Malaysia. The duration of this contract is one yearwith optional extension of another year. The contract isscheduled to commence from July 1, 2013. (QE) Total CEO invites Qatar to rise its 3% stake – The oil & gasmultinational Total’s CEO Christophe de Margerie said Qatar’sstake in Total is just over 3%. He also said that Qatar is mostwelcome to increase its stake further. (Bloomberg) Qatar Coral makes substantial progress on iconic project –The Qatar Coral for Real Estate Development Company statedthat 100% of the building structures, 97% of mechanical,electrical & plumbing works, and 97% of interior finishing havebeen completed on its twin luxury properties – VB22 & VB23 inViva Bahriya on The Pearl. Qatar Coral’s customers are all setto move into their homes by August 2013. (AME Info) QA to boost flights to Cairo from July 1 – Qatar Airways (QA)is set to increase its flights frequency on the Cairo-Doha route tothrice daily beginning from July 1, 2013 ahead of the busysummer travel season and Ramadan holidays. QA is adding fiveflights to its current 16 services a week, taking the frequency upto three flights every day. (Gulf-Times.com)International EU FMs fail to agree on bank rules – The finance ministers inthe European Union have failed to secure an agreement on thebest ways to downsize or close troubled banks without seekinggovernment funds. An agreement on the rules would have beenan important step for stabilizing Europes financial system andestablish a so-called EU Banking Union, which aims to handover the supervision and rescue of banks to Europeaninstitutions rather than let weaker member states to fend forthemselves. It is a key aspect of EU plans to restore financialand economic stability in the region. (Economic Times) Britain reaches deal on spending cuts – The British financeminister George Osborne concluded talks with variousgovernment departments aimed at securing spending cuts worth£11.5bn in 2015-16 to help reduce the countrys budget deficit.The finance ministry said it had reached agreement with alldepartments, three days before Osborne is due to publishdetails of their spending limits on June 26. (Reuters)Regional Kingdom changes weekend to Friday, Saturday – SaudiArabia has shifted the official weekend to Friday and Saturday toalign the Kingdom’s economy with its regional markets. Thischange will be implemented from June 29, 2013 and will beapplicable to all government bodies and monetary agencies,including the central bank, the capital market authority and thestock exchange. (Bloomberg) Saudi’s M3 money supply growth accelerated to 16.2% YoY– According to the data released by the Saudi Arabias centralbank, M3 money supply growth in the Kingdom accelerated to16.2% YoY (+14.1% MoM) by the end of May 2013. The datashowed that bank lending to the private sector rose 16.5% inMay, after a 16% increase in April. The data also indicated thatthe central banks net foreign assets reached a record high ofSR2.5tn in May. (Bloomberg) Latham & Watkins, Al-Sudairi advise on combined realestate Murabaha financings – Latham & Watkins inassociation with the Law Office of Salman M. Al-Sudairi hasrepresented Arabian Centers Company Limited (ACCL) on aSR2.7bn Murabaha facility and Saudi FAS on a SR1.9bnMurabaha facility. The lenders for the ACCL facility are AlinmaBank, Gulf International Bank, National Commercial Bank,Samba Financial Group and Saudi Hollandi Bank, while thelender for the Saudi FAS facility is Alinma Bank. ACCL said theOverall Activity Buy %* Sell %* Net (QR)Qatari 73.88% 61.56% 42,087,629.64Non-Qatari 26.13% 38.45% (42,087,629.64)
  • 3. Page 3 of 4financing proceeds will be utilized to expand its real estatedevelopments in Saudi Arabia. (GulfBase.com) Jarir sells its building in Riyadh – Jarir Marketing Companyhas sold its building located in Al Ahsa Street in Riyadh City toMaceen Logistics Projects Company, for an amount ofSR71.4mn. Jarir said the financial impact of this agreement willbe visible in the 2Q2013 results. (Tadawul) ACWA expects to keep Saudi power plant project after fuelchange – Saudi-based developer ACWA Power’s CEO PaddyPadmanathan said the company expects to retain a contract tobuild a 1,800 MW power plant for the Saudi Electricity Company,despite the utility changing the fuel for the project. (Reuters) Virgin Mobile wins virtual telecom licenses in Saudi – VirginMobile Middle East & Africa (VMMEA) has won a virtual telecomlicense in Saudi Arabia. Five companies had bid for the Saudimobile virtual network operator (MVNO) licenses. VMMEA willlaunch an MVNO on former monopoly Saudi TelecomCompanys network. (Reuters) Starwood H&RW expands presence in Kingdom with threehotels in Makkah – Starwood Hotels & Resorts Worldwide(Starwood H&RW) has signed an agreement with Jabal OmarDevelopment Company to open three new hotels in Makkah.Starwood H&RW will add 1,496 rooms to the city under thecompanys brands Sheraton, Westin and Four Points bySheraton, when the hotels are ready in 2015. (AME Info) Clifford Chance advises on major regional insurancedisposal – Clifford Chance has advised SLH Holding on thesale of SLH’s 25.7% stake in the regional insurance leader, theMediterranean & Gulf Insurance & Reinsurance Company(MEDGULF) to a Japanese financial institution, ORIXCorporation. (AME Info) Dubai’s LD launches new licensing system for onlinetransactions – The Land Department in the Government ofDubai (LD) has launched a new licensing system for onlineproperty transactions named “Tarakhisi”, which will easetransaction processing and save time for all stakeholders. Thisnew e-system allows all real estate brokers and entitiesoperating in the Emirate to complete their transactions onlinethrough the LD’s website, and without the need for any physicalpresence at the department. (GulfBase.com) DFM agrees on transfer of securities with KSE – The DubaiFinancial Market (DFM) has agreed on new arrangements withthe Kuwait Clearing Company to promptly transfer securitiesbetween the DFM and the Kuwait Stock Exchange (KSE). DFMhas begun implementing these arrangements that will enableshareholders of Kuwaiti companies to easily transfer theirshares to and from DFM and KSE. (GulfBase.com) DFG agrees to sell stake in Dubai First amid restructuring –The Dubai Financial Group (DFG) has agreed to sell its stake inDubai First to the First Gulf Bank (FGB), as it restructures debt.DFG will sell Dubai First – a consumer finance lenderspecializing in liability and credit-card products – to FGB forAED601mn. Dubai First has 4.5% share in the UAE’s credit cardmarket. (Bloomberg) Dubai Holding’s unit hires Citigroup for Axiom stake sale –The Dubai Holdings’ unit, Emirates InternationalTelecommunications has hired Citigroup to advice on a potentialsale of its remaining 26% stake in mobile telephone retailer,Axiom Telecom. (Reuters) Gulftainer acquires 51% stake in Saudi Gulf Stevedoring –UAE-based port operator Gulftainer Company has acquired a51% stake in Saudi Arabias Gulf Stevedoring ContractingCompany. The acquisition allowed Gulftainer to assume fullmanagement of three Saudi terminals, located in Jeddah andJubail, making it the largest port operator in the Middle East bynumber of terminals. At the Jeddah Islamic Port, Gulftainer willoperate the Northern Container Terminal (NCT) on the westcoast of Saudi Arabia, Jubail Commercial Port (JCP) and JubailIndustrial Port (JIP) on the east coast. (Reuters) Aldar-Sorouh merged entity to trade from June 30 – AbuDhabi-based developers Aldar Properties and Sorouh RealEstate will trade as a single merged entity from June 30, 2013,with a capital of AED7.9bn. (GulfBase.com) Arabtec wins AED179mn contract in Dubai Silicon Oasis;extends $650mn rights period – Dubai-based builder ArabtecHolding has obtained a AED179mn construction contract for thethird phase of Cedra Villas project in Dubai Silicon Oasis freetrade zone. The construction contract will be completed over aperiod of 15 months, which will add 160 villas to Cedra VillasComplex. Meanwhile, Arabtec Holding has extended thesubscription period for its $650mn equity rights issue until July 4,instead of June 23. (AME Info) (DFM) DSI, Habtoor Leighton JV wins SR522mn contract – A JVbetween Dubai-based Drake & Scull International (DSI), HabtoorLeighton Specon has won a SR522mn contract for mechanical,electrical, plumbing works at National Institute of Neurosciences,and Cancer & Cardiac Centers in King Fahad Medical City,Saudi Arabia. DSI’s share of contract is SR261mn. (DFM) SIB’s subsidiary opens renovated Oceanic Khorfakkanhotel – Sharjah Islamic Bank’s (SIB) subsidiary, the SharjahNational Hotel Corporation has opened its Oceanic KhorfakkanHotel & Resort in Sharjah after the completion of expansionworks worth AED200mn. (AME Info) S&P affirms Oman’s rating, expects its GDP growth toreach 5% in 2013 – Ratings agency S&P has affirmed Oman’slong and short-term foreign and local currency sovereign creditratings at A/A-1, with a Stable outlook. S&P said the transfer &convertibility assessment remains at AA-. Further, S&P saidOman’s real GDP growth is expected to reach 5% in 2013,underpinned by an increase in oil production to an average of0.94mn bpd from 0.92mn bpd in 2012. (GulfBase.com) NHI’s BoD intends to call unpaid 50% share capital – TheNational Hospitality Institute’s (NHI) board of directors intends tocall the unpaid 50% of the share capital and reverse the EGM’sresolution on the capital reduction resolved in 2005. (MSM) OCI, EHC sign supply agreement for cables & conductorproducts – The Oman Cables Industry and the ElectricityHolding Company have signed a supply agreement for cables &conductor products and services over the next three years. Thetotal value of this agreement is expected to be OMR80.2mn overa period of three years. (MSM)
  • 4. ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager - HNWITel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qaQNB Financial Services SPCContact Center: (+974) 4476 6666PO Box 24025Doha, QatarDISCLAIMER: 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 QatarFinancial 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 anoffer, 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 potentialinvestors 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 bereliable, 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 theright 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, theviews and opinions included in this report.COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.Page 4 of 4Rebased Performance Daily Index PerformanceSource: Bloomberg Source: BloombergSource: Bloomberg Source: Bloomberg80.090.0100.0110.0120.0130.0140.0Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13QE Index S&P Pan Arab S&P GCC0.5%(0.2%)0.1% 0.1%0.3%(1.9%)(2.6%)(3.2%)(2.4%)(1.6%)(0.8%)0.0%0.8%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,296.40 0.0 0.0 (22.6) DJ Industrial 14,799.40 0.0 0.0 12.9Silver 20.13 0.0 0.0 (33.7) S&P 500 1,592.43 0.0 0.0 11.7Crude Oil (Brent) 101.44 0.0 0.0 (10.1) NASDAQ 100 3,357.25 0.0 0.0 11.2Euro 1.31 0.0 0.0 (0.5) DAX 7,789.24 0.0 0.0 2.3Yen 97.90 0.0 0.0 12.9 FTSE 100 6,116.17 0.0 0.0 3.7GBP 1.54 0.0 0.0 (5.1) CAC 40 3,658.04 0.0 0.0 0.5CHF 1.07 0.0 0.0 (2.0) Nikkei 13,230.13 0.0 0.0 27.3AUD 0.92 0.0 0.0 (11.3) Shanghai 2,073.10 0.0 0.0 (8.6)USD Index 82.32 0.0 0.0 3.2 BSE Sensex 18,774.24 0.0 0.0 (3.4)RUB 32.83 0.0 0.0 7.5 Bovespa 47,056.04 0.0 0.0 (22.8)BRL 0.45 0.0 0.0 (8.7) RTS 1,245.72 0.0 0.0 (18.4)132.7119.1108.2