23 June Daily market report

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23 June Daily market report

  1. 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index declined 0.2% to close at 12,436.1. Losses were led by the Transportation and Banking & Financial Services indices, declining 0.8% each. Top losers were Widam Food Co. and Aamal Co., falling 2.9% and 2.5%, respectively. Among the top gainers, Zad Holding Co. rose 2.5%, while Qatar Electricity & Water Co. was up 1.9%. GCC Commentary Saudi Arabia: The TASI index fell 1.1% to close at 9,553.6. Losses were led by the Hotel & Tourism and Building & Cons. indices, declining 3.0% and 1.8% respectively. Wafrah fell 9.9%, while Al Alamiya for Coop Ins. was down 7.0%. Dubai: The DFM index declined 4.3% to close at 4,296.0. The Financial & Investment Services index fell 6.8%, while the Real Estate & Const. index was down 6.3%. Arabtec declined 9.9%, while Gulf Navigation was down 9.5%. Abu Dhabi: The ADX benchmark index fell 2.0% to close at 4,709.6. The Real Estate index declined 6.7%, while the Inv. & Fin. Services index was down 5.8%. Abu Dhabi National Takaful and United Arab Bank declined 10.0% each. Kuwait: The KSE index fell 0.7% to close at 6,972.9. The Consumer Goods index declined 2.2%, while the Health Care index was down 1.8%. Al-Deera Holding Co. fell 8.5%, while Palms Agro Production Co. was down 8.3%. Oman: The MSM index rose 0.3% to close at 6,934.7. Gains were led by the Financial and Services indices, rising 0.4% and 0.1%, respectively. Al Batinah Power gained 25.8%, while Al Suwadi Power was up 24.6%. Bahrain: The BHB index fell 0.2% to close at 1,427.8. The Investment index declined 0.3%, while the Commercial Banking index was down 0.2%. Ithmaar Bank fell 6.9%, while Al Salam Bank was down 1.7%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Zad Holding Co. 81.50 2.5 0.6 17.3 Qatar Electricity & Water Co. 185.50 1.9 81.7 12.2 Ooredoo 135.00 1.9 126.0 (1.6) Qatar International Islamic Bank 79.80 1.4 48.4 29.3 Qatar Islamic Bank 91.00 1.1 117.9 31.9 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Masraf Al Rayan 49.50 (2.0) 1,244.9 58.1 Vodafone Qatar 19.50 1.0 1,030.8 82.1 Ezdan Holding Group 21.01 (2.3) 786.4 23.6 Barwa Real Estate Co. 38.85 (0.4) 566.1 30.4 Mesaieed Petrochemical Hold. Co. 32.05 (0.5) 363.9 220.5 Market Indicators 23 Jun 14 22 Jun 14 %Chg. Value Traded (QR mn) 336.8 351.2 (4.1) Exch. Market Cap. (QR mn) 679,958.5 682,430.7 (0.4) Volume (mn) 7.1 8.3 (14.9) Number of Transactions 5,191 6,288 (17.4) Companies Traded 42 43 (2.3) Market Breadth 14:26 19:22 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,548.25 (0.2) (0.1) 25.1 N/A All Share Index 3,161.18 (0.3) (0.2) 22.2 15.2 Banks 2,994.44 (0.8) (0.8) 22.5 14.9 Industrials 4,272.93 0.3 0.6 22.1 16.6 Transportation 2,190.01 (0.8) (0.9) 17.8 14.1 Real Estate 2,584.80 (0.3) (0.1) 32.3 12.9 Insurance 3,400.80 (0.6) (0.6) 45.6 8.9 Telecoms 1,650.67 1.7 2.8 13.5 22.8 Consumer 6,696.91 (0.8) (1.2) 12.6 26.3 Al Rayan Islamic Index 4,137.37 (0.3) (0.8) 36.3 17.9 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Gulf Pharmaceutical Abu Dhabi 3.24 7.3 40.0 9.0 DP World Ltd. Dubai 19.75 3.9 56.5 11.5 IFA Hotels & Resorts Kuwait 0.23 3.6 25.2 (18.6) Salhia Real Estate Kuwait 0.37 2.7 14.7 (6.3) Saudi Printing & Pack. Saudi Arabia 25.82 2.0 891.5 8.3 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% United Arab Bank Abu Dhabi 6.30 (10.0) 0.4 12.3 Arabtec Holding Co. Dubai 3.46 (9.9) 131,878.8 68.8 Dubai Fin. Market Dubai 3.41 (9.1) 16,291.5 38.1 Ajman Bank Dubai 2.88 (8.6) 152.2 16.1 Deyaar Development Dubai 1.07 (7.8) 49,387.0 5.9 Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Widam Food Co. 56.30 (2.9) 10.8 8.9 Aamal Co. 16.38 (2.5) 84.9 9.2 Ezdan Holding Group 21.01 (2.3) 786.4 23.6 Al Khaleej Takaful Group 43.70 (2.2) 33.7 55.6 Doha Bank 58.00 (2.2) 357.9 (0.3) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 49.50 (2.0) 61,871.2 58.1 QNB Group 176.00 (1.1) 33,135.7 2.3 Barwa Real Estate Co. 38.85 (0.4) 22,036.0 30.4 Doha Bank 58.00 (2.2) 20,868.2 (0.3) Vodafone Qatar 19.50 1.0 20,123.4 82.1 Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 12,436.05 (0.2) (0.1) (9.2) 19.8 92.51 186,716.6 15.5 2.1 4.0 Dubai 4,296.00 (4.3) (6.5) (15.6) 27.5 401.61 85,349.1 17.2 1.7 2.4 Abu Dhabi 4,709.63 (2.0) (2.0) (10.4) 9.8 108.57 132,285.8 13.9 1.7 3.5 Saudi Arabia 9,553.56 (1.1) (1.0) (2.7) 11.9 1,986.57 520,205.9 19.0 2.3 3.0 Kuwait 6,972.89 (0.7) 0.5 (4.4) (7.6) 65.76 109,787.3 16.5 1.1 4.0 Oman 6,934.72 0.3 0.3 1.1 1.5 76.84 25,754.2 12.0 1.7 4.0 Bahrain 1,427.76 (0.2) (0.5) (2.2) 14.3 0.48 53,432.4 11.2 1.0 4.8 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 12,380 12,400 12,420 12,440 12,460 12,480 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QE index declined 0.2% to close at 12,436.1. The Transportation and Banking & Financial Services indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Widam Food Co. and Aamal Co. were the top losers, falling 2.9% and 2.5%, respectively. Among the top gainers, Zad Holding Co. rose 2.5%, while Qatar Electricity & Water Co. was up 1.9%.  Volume of shares traded on Monday fell by 14.9% to 7.1mn from 8.3mn on Sunday. Further, as compared to the 30-day moving average of 24.5mn, volume for the day was 71.0% lower. Masraf Al Rayan and Vodafone Qatar were the most active stocks, contributing 17.5% and 14.5% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Bank Sohar Fitch Oman LT IDR/ST IDR/VR/SR BBB+/F2/bb/2 BBB+/F2/bb/2 – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency, VR– Viability Rating) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/23 US Markit Markit US Manufacturing PMI June 57.5 56.0 56.4 06/23 EU Markit Markit Eurozone Manufacturing PMI June 51.9 52.2 52.2 06/23 EU Markit Markit Eurozone Services PMI June 52.8 53.3 53.2 06/23 EU Markit Markit Eurozone Composite PMI June 52.8 53.4 53.5 06/23 France Markit Markit France Composite PMI June 48.0 49.3 49.3 06/23 France Markit Markit France Manufacturing PMI June 47.8 49.5 49.6 06/23 France Markit Markit France Services PMI June 48.2 49.4 49.1 06/23 Germany Markit Markit/BME Germany Manu. PMI June 52.4 52.5 52.3 06/23 Germany Markit Markit Germany Services PMI June 54.8 55.8 56.0 06/23 Germany Markit Markit/BME Germany Composite PMI June 54.2 55.5 55.6 06/23 China Markit HSBC China Manufacturing PMI June 50.8 49.7 49.4 06/23 Japan Markit Markit/JMMA Japan Manufacturing PMI June 51.1 50.1 49.9 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  BRES selling project to Qatari Diar for $2.5bn – Qatari property developer Barwa Real Estate (BRES) said that it was selling its 95% stake in Barwa Commercial Avenue Co. to the property arm of the country's sovereign wealth fund for $2.5bn. The deal is part of an agreement by Barwa to sell assets worth a total of $7.1bn to Qatari Diar, which was originally announced in June last year. The stake will be sold to Labregah Real Estate Co, a wholly owned subsidiary of Qatari Diar. (Reuters)  Woqod to set up 100 fuel stations by 2018 – Woqod’s (QFLS) CEO Ibrahim Jaham Al-Kuwari said that the company plans to have around 100 fuel stations in Qatar by 2017-18. Currently, Woqod owns 23 fuel stations across Qatar and by 2015, it will have 40 fuel stations. Al-Kuwari said that in order to cater to growing Qatar’s population, currently estimated at 2.1mn, and the increased demand for various petroleum products, there is an urgent need to expand current fuel stations to meet the needs of residential, industrial and trade sectors. Currently, work on five new stations is in progress at Al Wakrah, Al Wajba, Al Jumailiya, Lusail and Al Thakhira. He said some of these are nearing completion, but all of the projects are expected to be in operation by 1Q2015. (Gulf-Times.com)  AREDC: Qatar office property to remain stable till 2Q2015 – According to Al Asmakh Real Estate Development Company (AREDC), Qatar’s office real estate market is expected to remain stable with additional supply coming online by 2Q2015. AREDC’s report said that the overall outlook for the commercial real estate sector seems to be stable in the upcoming quarters as ongoing projects would deliver additional supply presumably after 2Q2015. The report highlighted that the gross annual yield in commercial real estate investment is as high as 7%, but average yield may be realized at 6.5%. Newly constructed buildings may fetch substantially lower yield owing to low occupancies, it said, noting that the location, specification, rents and building maintenance are the driving factors for commercial leasing. The highest rents are seen in West Bay offices, starting at QR180 which can go up to QR250 per sq m per month, the report found. West Bay is preferred by large local and international corporate companies as well as government sectors. The Grand Hamad Street has a preference mainly from banking and financial institutions. (Gulf-Times.com) Overall Activity Buy %* Sell %* Net (QR) Qatari 50.67% 58.86% (27,599,985.62) Non-Qatari 49.34% 41.14% 27,599,985.62
  3. 3. Page 3 of 6  Vinci, Alstom win $2.72bn Lusail tram contract – French conglomerates Alstom and Vinci have signed a $2.72bn deal with Qatar to build a tram system in the future Lusail City, which will see the light rail system starting to operate in 2018-2020. Lusail City is expected to house up to 200,000 people and contain commercial districts, including the $275mn Marina Mall project, 22 hotels, four islands and two golf courses. The estimated $45bn development will also feature the 80,000-seat Lusail Stadium, where the championship match of the FIFA 2022 World Cup will be played. (Gulf-Times.com)  Ooredoo Kuwait appoints new CEO – Ooredoo Kuwait has appointed Sheikh Mohammed bin Abdullah bin Mohammed Al Thani as the company’s Chief Executive Officer. He will succeed Abdulaziz Ibrahim Fakhroo, who has stepped down from his position at the end of the term. (Bloomberg)  Hill International wins PM services contract for Boulevard Mall – US-based Hill International has been awarded a contract to provide project management (PM) services for the Boulevard Mall in Doha, Qatar. The three-year contract has an estimated value of approximately QR11mn. The Boulevard Mall will have a total built-up area of approximately 182,000 square meters, which will include a hypermarket, cinema and family entertainment center. The mall is expected to be completed by April 2017. (Bloomberg)  QDF to have more luxury brand outlets – Qatar Duty Free’s (QDF) Senior Vice President Keith Hunter said that QDF will have more than 70 retail outlets at the iconic Hamad International Airport, offering a selection of designer labels, high street fashion, electronics and gourmet foods before the year- end. Hunter said QDF, which is already hosts many world-class luxury brands, will have some luxury brand outlets opening before Eid and many more by the year-end. (Gulf-Times.com)  Citigroup appoints Qatar business CEO – Citigroup has appointed Carmen Haddad as the Chief Executive Officer for Qatar business. Citigroup plans to further invest in Qatar to serve its governmental, financial and corporate clients. (Bloomberg) International  US housing regains footing as supply improves – Home resales in the US rose more than expected in May 2014 and the stock of saleable properties was the highest in more than 1-1/2 years, suggesting that the housing market was pulling out of a recent slump. The National Association of Realtors said that existing home sales increased 4.9% to an annual rate of 4.89mn units. May's increase was the highest since August 2011. Economists had forecast sales to rise only 2.2% to a 4.73mn- unit pace last month. Higher sales in all four regions were driven by the single-family home segment, the largest portion of the market. They likely reflected a pause in mortgage rates. Earlier, the housing recovery had stalled in the second half of 2013 as interest rates increased and prices surged against the backdrop of a dwindling supply of properties available for sale. (Reuters)  Manufacturing picks up pace in leading economies; Europe lags – Manufacturing activity across the globe appeared to accelerate in June 2014, buoyed by a return to growth in China and Japan, and the fastest expansion in the US factory sector in more than four years. Surveys of manufacturers around the world released gave some positive signals for the global economic outlook, but dark clouds remained over Europe, where an unexpectedly sharp fall in French business activity dragged down the wider Eurozone. The data suggested that Beijing's targeted stimulus measures and Japan's improving labor market were helping domestic demand in Asia's dominant economies. The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index rose more than expected to 50.8 in June from 49.4 a month earlier. The Markit/JMMA Flash Japan Manufacturing PMI also rose to 51.1 in June, showing the first growth in three months. External demand remained weak for the two export powerhouses, and some analysts think China may need more stimuli to offset a cooling housing market and avoid a sharp slowdown in economic growth. Japan's weak exports also take the gloss off the government's efforts to breathe new life into its economic reform agenda. (Reuters)  German private sector expands in June, PMI points to robust 2Q2014 growth – A survey of purchasing managers showed Germany's private sector expanded for the 14th consecutive month in June, suggesting that Europe's largest economy has seen robust growth in the second quarter. Markit's preliminary composite Purchasing Managers' Index (PMI), which tracks activity in the manufacturing and services sectors, stood at 54.2. That was weaker than May's reading of 55.6 but still well above the 50 mark. Markit’s Chief Economist Chris Williamson said that is a fairly decent picture for an economy which is seeing broad-based, fairly robust growth. He said these figures suggested that the economy would expand by up to 0.7% in the April-June quarter. The German economy grew 0.8% in the first quarter – its fastest rate in three years – thanks largely to an unusually mild winter. The Bundesbank, the government and most economists expect it to slow down in the second. (Reuters)  ECB will link up with bank watchdog to monitor stability risks – The European Central Bank’s Vice President Vitor Constancio said the ECB will begin to hold regular meetings with the EU’s new bank supervisor to keep a closer watch on risks to financial stability. Constancio warned that historically low interest rates and unconventional monetary policies to support economic recoveries with too low rates of inflation are causing some markets to overheat. Constancio said right now, the low nominal growth requires low interest rates, and this creates the possibility of activating the risk-taking channel and search for yield, and restrictive macro-prudential measures become necessary. Coordinating the two functions of monetary policy and macro-prudential policy would help control future risks. Consequently, the ECB Governing Council and the Supervisor Board of the Single Supervisory Mechanism (SSM) will hold regular joint meetings. (Reuters) Regional  JLL: Qatar property shows biggest improvement; Dubai most transparent in region – According to the ‘Global Real Estate Transparency Index’ for 2014 released by Jones Lang LaSalle (JLL), Dubai has retained its status as the most transparent regional property market for global investors, but Qatar has shown the biggest improvement. Dubai was ranked 49th in JLL’s findings with a composite score of 3.11, while Abu Dhabi stood 53rd with 3.20. These scores placed them in the list of countries rated as being semi-transparent. Qatar’s regulatory regime too has seen a marked openness. Qatar has been the biggest improver over the past two years with the launch of an open data policy under which the government has provided increased public access to non-personal data. (GulfBase.com)  ICD to set up SME funds – According to the Islamic Corporation for the Development of the Private Sector’s (ICD) CEO & General Manager, Khaled Al-Aboodi, ICD has plans to set up SME funds with local partners for equity and quasi equity investments, and debt financing in small & medium enterprises (SMEs). (GulfBase.com)
  4. 4. Page 4 of 6  Al Tayyar partners with Jet Asia Airways – Al Tayyar Travel Group has been named as the General Sales Agent (GSA) in Saudi Arabia for the Thai airline, Jet Asia Airways. As the GSA, the group will support sales of Jet Asia Airways in the region. (GulfBase.com)  Bahri to arrange long-term financing to replace bridge loan – The National Shipping Company of Saudi Arabia (Bahri) is planning to arrange long-term Shari’ah-compliant financing in 2015 to replace a bridge loan backing its $1.3bn acquisition of Saudi Aramco's marine unit. Bahri is funding the acquisition with new shares issued to Aramco and $848mn, 12-month Shari’ah- compliant bridge loan. The funding was provided by JP Morgan, Samba Financial Group and Saudi British Bank, which is secured against the vessels it is receiving from Saudi Aramco. This will be refinanced in 2015 with long-term Islamic financing, details of which will be announced soon. (GulfBase.com)  SAFCO delays new plant operations until 1Q2015; declares dividend for 1H2014 – Saudi Arabian Fertilizer Company (SAFCO), the fertilizer unit of Saudi Basic Industries Corporation, said that commercial operations at its Safco-5 plant have been delayed until 1Q2015. The delay in the plant’s start- up, originally scheduled for 3Q2014, was due to construction work falling behind the original timetable. Once completed, Safco-5 will be one of the largest urea plants in the world with an annual production capacity of 1.1mn tons. The delay would not increase the total cost of building the plant, which has been put at SR2bn. The plant is being built by Italian contractor, Saipem. Construction began in December 2011 and was expected to take 26 months to complete. Meanwhile, the company has declared a dividend of SR4 per share for 1H2014. This is down from SR6 per share in 1H2013. (GulfBase.com)  Gulftainer signs $100mn cargo deal at Port Canaveral – UAE-based Gulftainer’s US subsidiary, GT USA, has signed a 35-year, $100mn agreement to boost its cargo operations with a new terminal at Port Canaveral, US. The company has agreed to invest in infrastructure, equipment and personnel. (Bloomberg)  Arabtec laid off some staff – Arabtec has laid off a limited number of staff in order to improve productivity and reduce costs, adding that all its actions have aimed to protect shareholders' rights. The brief statement to the Dubai bourse was issued after the company's shares plunged 48% this month following a decision by major shareholder Aabar to cut its stake, and last week's resignation of chief executive Hasan Ismaik. Arabtec said its structure and administration remained strong, contrary to inaccurate rumors in media. It did not comment directly, however, on its business plans post-Ismaik, on how the company would be managed, or on what would happen to Ismaik's 28.85% stake in the firm. Abu Dhabi state fund Aabar, which owns 18.94% and has considerable management influence on Arabtec, has declined to comment on its intentions. (Reuters)  NBAD’s head of asset management quits – According to sources, the chief investment officer (CIO) of National Bank of Abu Dhabi’s (NBAD) asset management group, Mark Watts, is leaving the bank. The sources added that he became the general manager and CIO of the asset management operation in May 2013 and has resigned for personal reasons. (Reuters)  Al Hilal Bank plans $500m sukuk – According to a document from lead arrangers, Abu Dhabi's Al Hilal Bank plans to raise $500mn from a capital-boosting Islamic bond issue. The transaction, which has a perpetual tenor but can be bought back by the lender after the fifth year, is earmarked to price in the area of 6%. Order books for the trade are currently worth around $1bn. The sukuk will boost the bank's Tier 1 - or core capital. The unlisted Islamic lender, owned by the Abu Dhabi Investment Council, has chosen itself as well as Citigroup , Emirates NBD, HSBC, National Bank of Abu Dhabi and Standard Chartered to arrange the deal. (GulfBase.com)  Cylingas, Pyramid Engineering sign contract – Emirates National Oil Company’s (ENOC) subsidiary Cylingas has signed a contract with Pyramid Engineering for a modular refinery plant developed by Ecomar Energy Solutions in Fujairah. As per the agreement, Cylingas will design, install, and commission 19 above-ground tanks and associated piping system within the new refinery terminal as well as the connecting pipelines to the jetty. The refinery has a processing capacity of 7,500 bpd and the storage tank terminal has a capacity of 91,000 cubic meters. (GulfBase.com)  Emirates REIT acquires office for AED613.5mn – Emirates REIT has signed an agreement with Emirates NBD Properties to acquire 15.64 office floors and 706 car parking spaces in DIFC’s Index Tower for about AED613.5mn, excluding transfer fees. The office floors comprise about 372,000 sq ft of commercial space. (Bloomberg)  DIC raises foreign ownership to 35% – Dubai Investments (DIC) has increased the foreign ownership limit from 20% to 35%, effective from June 23, 2014. (DFM)  UAEU awards Tabreed 17,500 tons cooling contract – National Central Cooling Company (Tabreed) has been awarded a contract by UAE University (UAEU) to provide with 17,500 tons of cooling for the university’s existing and future projects. The agreement paves the way for UAEU to make further connections to Tabreed’s dedicated plant once its future projects are completed. Currently, the project is under construction by the UAEU include storage facilities and student accommodation. They are expected to be connected to Tabreed’s district cooling plant at the end of 2014. (DFM)  APWC to acquire remaining stake in MRC – Agility Public Warehousing Company’s (APWC) has received approval from the Kuwaiti Capital Markets Authority to publish the offer document for the mandatory acquisition of remaining shares of the Metal Recycling Company (MRC). The offer period for purchase of the shares at 125 fils per share will be valid from July 3, 2014 until August 10, 2014. (DFM)  Adnoc Distribution receives UAE Superbrand status – Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) has received the UAE Superbrand status for 2014, which recognizes its excellence in the distribution & marketing of petroleum products within and outside the UAE. Adnoc Distribution was awarded the distinction by the Superbrands Council, the largest global independent authority and arbiter of branding excellence. (GulfBase.com)  AHB, SDIC sign customer home finance deal – Al Hilal Bank (AHB) and Saadiyat Development & Investment Company (SDIC) have signed a partnership agreement offering potential home seekers the opportunity to own their home through home finance options. SDIC is developing the beachfront residential development Hidd Al Saadiyat. Through the agreement with AHB, SDIC is increasing the number of competitive mortgage options available to buyers interested in the project. (GulfBase.com)  OSRC’ sugar refinery work to start in 3Q2014 – The work on building Oman's first sugar refinery in Sohar, Oman Sugar Refinery Company (OSRC) is expected to commence by 3Q2014. The refinery is coming up in a large 180,000 square meters water front site near Terminal B, which will have an
  5. 5. Page 5 of 6 envisaged capacity of 700,000 tons in the first phase, and 1mn tons in the second phase. It is expected that the $200mn sugar refinery will be ready by the end of 2015. Further, a grain storage project work will start at the same time, which will take 18 months to complete. The grain storage facility is for Oman Flour Mill, which is setting up a flour mill close to the facility. (GulfBase.com)  MoH allocates land to GMPC for compost plant – Gulf Mushroom Products (GMPC) has announced that the Ministry of Housing (MoH) has allocated land to the company in Thumrait near Salalah for setting up its new compost plant. (MSM)
  6. 6. Contacts Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025 sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 200.0 210.0 Jul-10 Jul-11 Jul-12 Jul-13 QE Index S&P Pan Arab S&P GCC (1.1%) (0.2%) (0.7%) (0.2%) 0.3% (2.0%) (4.3%) (6.0%) (4.5%) (3.0%) (1.5%) 0.0% 1.5% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,317.36 0.2 0.2 9.3 DJ Industrial 16,937.26 (0.1) (0.1) 2.2 Silver/Ounce 20.89 0.0 0.0 7.3 S&P 500 1,962.61 (0.0) (0.0) 6.2 Crude Oil (Brent)/Barrel (FM Future) 114.12 (0.6) (0.6) 3.0 NASDAQ 100 4,368.68 0.0 0.0 4.6 Natural Gas (Henry Hub)/MMBtu 4.48 (0.8) (0.8) 3.0 STOXX 600 346.31 (0.5) (0.5) 5.5 LPG Propane (Arab Gulf)/Ton 108.00 (0.7) (0.7) (14.6) DAX 9,920.92 (0.7) (0.7) 3.9 LPG Butane (Arab Gulf)/Ton 127.50 (0.8) (0.8) (6.1) FTSE 100 6,800.56 (0.4) (0.4) 0.8 Euro 1.36 0.0 0.0 (1.0) CAC 40 4,515.57 (0.6) (0.6) 5.1 Yen 101.93 (0.1) (0.1) (3.2) Nikkei 15,369.28 0.1 0.1 (5.7) GBP 1.70 0.1 0.1 2.8 MSCI EM 1,042.33 (0.1) (0.1) 4.0 CHF 1.12 0.1 0.1 (0.2) SHANGHAI SE Composite 2,024.37 (0.1) (0.1) (4.3) AUD 0.94 0.4 0.4 5.7 HANG SENG 22,804.81 (1.7) (1.7) (2.2) USD Index 80.27 (0.1) (0.1) 0.3 BSE SENSEX 25,031.32 (0.3) (0.3) 18.2 RUB 34.16 (0.9) (0.9) 3.9 Bovespa 54,210.05 (0.8) (0.8) 5.2 BRL 0.45 0.6 0.6 6.6 RTS 1,369.10 0.8 0.8 (5.1) 178.7 148.8 135.1

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