QE Intra-Day Movement

Market Indicators

9,740
9,720

9,700

22 Oct 13

%Chg.

326.8
525,059.7
8.8
3,179
40
11:23

293.3
...
Qatar Market Commentary
 The QE index declined 0.3% to close at 9,693.9. The Banking &
Financial Services and Real Estate...
 QNB Group plans to issue dual-tranche dollar denominated
bonds – QNB Group is planning to issue a benchmark-sized,
dual-...
 HSBC shuffles senior banking roles in MENA region –
HSBC Holdings has shuffled the roles of some senior bankers in
the M...
 RAKBANK reports AED377.4mn net profit in 3Q2013 – The
National Bank of Ras Al Khaimah (RAKBANK) has reported a
net profi...
Rebased Performance

Daily Index Performance

150.0

1.0%

140.0

139.3

130.0

116.5

110.0

0.3%

0.1%

0.0%
(0.5%)

100...
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23 October Daily Market Report

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23 October Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 9,740 9,720 9,700 22 Oct 13 %Chg. 326.8 525,059.7 8.8 3,179 40 11:23 293.3 527,529.2 6.0 2,905 37 21:12 11.4 (0.5) 46.3 9.4 8.1 – Market Indices 9,680 9,660 9:30 23 Oct 13 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 declined 0.3% to close at 9,693.9. Losses were led by the Banking & Financial Services and Real Estate indices, declining 0.9% and 0.3% respectively. Top losers were Islamic Holding Group and Gulf Warehousing Co., falling 3.3% and 2.1% respectively. Among the top gainers, Qatar General Ins. & Rein. Co. rose 5.5%, while Qatar Electricity & Water Co. gained 2.2%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 13,850.40 2,434.54 2,315.90 3,110.69 1,815.00 1,813.83 2,339.79 1,446.37 5,903.14 2,793.84 (0.3) (0.4) (0.9) 0.1 (0.2) (0.3) 1.6 0.0 (0.2) (0.2) (0.3) (0.4) (1.6) (0.4) 1.1 1.3 2.6 1.3 0.2 0.3 22.4 20.8 18.8 18.4 35.4 12.5 19.2 35.8 26.4 12.3 N/A 12.2 12.3 11.4 12.3 13.1 9.7 15.2 22.0 14.8 GCC Commentary GCC Top Gainers## Exchange Close# Saudi Arabia: The TASI index rose 0.1% to close at 8,150.3. Gains were led by the Retail and Hotel & Tourism indices, rising 2.9% and 2.4% respectively. Jarir Marketing rose 6.4%, while Saudi Hotels & Resort Areas was up 5.8%. Arab Banking Corp. Bahrain 1D% Vol. ‘000 0.35 7.8 25.0 (25.0) Jarir Marketing Co. Saudi Arabia 247.00 6.4 245.0 59.1 Dubai: The DFM index declined 0.8% to close at 2,901.7. The Banking index fell 1.5%, while the Investment & Financial Services index was down 1.3%. Oman Insurance Co. declined 10.0%, while Mashreq Bank was down 7.0%. SHARACO Saudi Arabia 38.30 5.8 3,820.5 43.4 Qatar Gen. Ins. & Rein. Qatar 57.90 5.5 0.3 25.9 Abu Dhabi: The ADX benchmark index rose 0.3% to close at 3,873.3. The Industrial index gained 2.9%, while the Services index was up 1.6%. FOODCO Holding surged 15.0%, while Arkan Building Materials Co. gained 14.9%. Abu Dhabi Nat. Hotels Abu Dhabi 2.50 4.6 400.0 41.2 GCC Top Losers Exchange # Kuwait: The KSE index gained 0.4% to close at 7,906.5. The Consumer Services index rose 1.2%, while the Oil & Gas index was up 1.0%. Al Deera Holding Co. gained 7.9%, while Tameer Real Estate Investment was up 7.8%. IFA Hotels & Resorts Kuwait 0.40 (5.9) 9.8 12.8 ALAFCO Kuwait 0.28 (3.4) 1,373.0 (21.1) Oman: The MSM index rose 0.1% to close at 6,649.0. Gains were led by the Industrial and Banking & Inv. indices, rising 0.4% and 0.3% respectively. Sharqiyah Desalination Co. rose 7.4%, while Gulf Inv. Ser. was up 3.2%. United Electronics Co. Saudi Arabia 107.50 (2.3) 387.3 29.5 Dubai Islamic Bank Dubai 4.10 (2.1) 8,394.4 104.0 Sharjah Islamic Bank Abu Dhabi 1.41 (2.1) 499.5 53.3 Bahrain: The BHB index gained 0.3% to close at 1,200.6. The Investment index rose 2.0%, while the Commercial Banking index was up 0.1%. Arab Banking Corp. gained 7.8%, while Khaleeji Commercial Bank was up 4.1%. ## Close 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) Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 Qatar General Ins. & Rein. Co. 57.90 5.5 0.3 25.9 Islamic Holding Group 40.60 (3.3) 0.8 6.8 19.0 Gulf Warehousing Co. 40.00 (2.1) 35.8 19.4 24.4 Qatar Electricity & Water Co. Qatar Exchange Top Losers YTD% 157.50 2.2 22.7 Qatar German Co. for Med. Dev. 15.29 1.9 2.6 3.5 162.80 (2.0) 174.7 Masraf Al Rayan 29.50 0.9 548.3 19.0 Doha Insurance Co. 25.50 (1.9) 71.0 3.9 Qatar Insurance Co. 62.00 0.8 516.4 14.9 Doha Bank 54.40 (1.1) 201.3 17.3 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Salam International Investment Co. 12.30 (0.8) 3,971.4 (2.8) Industries Qatar 151.00 (0.2) 61,084.4 7.1 Masraf Al Rayan 29.50 0.9 548.3 19.0 Salam International Investment 12.30 (0.8) 48,997.0 (2.8) Qatar Insurance Co. 62.00 0.8 516.4 14.9 Qatar Insurance Co. United Development Co. 21.85 (0.5) 433.6 22.8 QNB Group 151.00 (0.2) 404.3 7.1 Industries Qatar Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Medicare Group 62.00 0.8 31,768.0 14.9 162.80 (2.0) 28,579.7 24.4 50.80 0.2 19,247.1 42.3 Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices QNB Group Close 1D% WTD% MTD% YTD% 9,693.93 2,901.74 3,873.32 8,150.27 7,906.46 6,648.98 1,200.64 (0.3) (0.8) 0.3 0.1 0.4 0.1 0.3 (0.3) 2.5 0.8 2.1 1.8 (0.3) 0.5 0.9 5.0 0.8 2.3 1.8 0.0 0.6 16.0 78.8 47.2 19.8 33.2 15.4 12.7 Exch. Val. Traded ($ mn) 89.75 214.09 48.22 1,337.40 173.96 27.48 1.76 Exchange Mkt. Cap. ($ mn) 144,181.4 70,106.3 111,181.9 436,566.0 136,397.0 23,663.3 17,829.8 P/E** P/B** 12.2 16.9 10.9 16.6 19.1 10.9 8.4 1.7 1.2 1.4 2.1 1.3 1.6 0.9 Dividend Yield 4.7 3.1 4.7 3.6 3.5 3.9 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6
  2. 2. Qatar Market Commentary  The QE index declined 0.3% to close at 9,693.9. The Banking & Financial Services and Real Estate indices led the losses. The index declined on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 64.63% 63.26% 4,483,935.70 Non-Qatari  Islamic Holding Group and Gulf Warehousing Co. were the top losers, falling 3.3% and 2.1% respectively. Among the top gainers, Qatar General Ins. & Rein. Co. rose 5.5%, while Qatar Electricity & Water Co. gained 2.2%. Buy %* 35.37% 36.74% (4,483,935.70) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Wednesday rose by 46.3% to 8.8mn from 6.0mn on Tuesday. Further, as compared to the 30-day moving average of 6.9mn, volume for the day was 27.8% higher. Salam International Investment Co. and Masraf Al Rayan were the most active stocks, contributing 45.2% and 6.2% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Aldar Properties Market Moody's Abu Dhabi Type* Old Rating New Rating Rating Change Outlook Outlook Change B1/B1-PD/B2 Corporate family rating/ Probability of default rating/ $1.25bn of bonds due 2014 Ba1/Ba1PD/Ba2  Positive – Source: News reports Earnings Releases Company Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 SR – – 39.5 9.0% 24.6 1.3% SR – – 48.3 7.6% 62.9 20.7% Saudi Arabia SR – – 318.8 10.7% 185.2 18.9% Oman OMR 50.8 8.3% – – 8.0 11.1% Oman OMR 195.2 – – – 11.8 71.0% Market Currency Saudi ORIX Leasing Co. Saudi Arabia Taiba Holding Co. (Taiba) Saudi International Petrochemical Co. (SIPCHEM) Omani Qatari Telecommunications Co. (Nawras) Oman Cables Industry (OCI)* Saudi Arabia % Change YoY Source: Company data, DFM, ADX, MSM (*Results for nine months ended September 30, 2013) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 10/23 US MBA MBA Mortgage Applications 18-October 10/23 US Bureau of Labor Stat. Import Price Index MoM September -0.60% – 0.30% 0.20% 0.20% 10/23 US Import Price Index YoY September 10/23 US House Price Index MoM 10/23 EU Bureau of Labor Stat. Federal Housing Fin. Agency European Commission 0.20% -1.00% -1.00% -0.20% August 0.30% 0.80% 0.80% 10/23 France INSEE Consumer Confidence October -14.5 -14.5 -14.9 Production Outlook Indicator October -5 -11 10/23 France -10 INSEE Business Confidence October 98 98 10/23 UK 97 BBA BBA Loans for House Purchase September 42,990 39,500 38,834 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QATI reports net profit of QR119.3mn in 3Q2013 – The Qatar Insurance Company (QATI) has reported a net profit of QR119.3mn for 3Q2013, indicating a decline of 10.8% QoQ (+6.0% YoY). EPS amounted to QR4.36 for the nine months ended September 30, 2013 as compared to QR3.81 for the corresponding period in 2012. (QE)  MCGS reports net profit of QR9.8mn in 3Q2013 – Medicare Group (MCGS) has reported a net profit of QR9.8mn in 3Q2013, indicating a decrease of 53% QoQ. Operating income fell by 18.9% QoQ (+17.0% YoY) to QR90mn in 3Q2013. However, for the first nine-months of 2013 net income QR55.2mn vs. QR38.5mn for the corresponding period in 2012. (QE)  QISI reports net income of QR14.8mn in 3Q2013 – Qatar Islamic Insurance (QISI) has reported a net income of QR14.8mn in 3Q2013, reflecting a decline of 20.5% QoQ. However, for the first nine-months of 2013 net income QR50.6mn vs. QR45.3mn for the corresponding period in 2012. (QE) Page 2 of 6
  3. 3.  QNB Group plans to issue dual-tranche dollar denominated bonds – QNB Group is planning to issue a benchmark-sized, dual-tranche dollar denominated bonds. The group will issue three-year floating rate notes with initial price guidance at 140 basis points (bps) over the three-month LIBOR. QNB Group will also issue a five-year, fixed-rate tranche with initial pricing guidance of 155 bps over mid-swaps. The group has mandated HSBC Holdings, Standard Chartered, JP Morgan Chase, Royal Bank of Scotland and its own investment banking arm for this sale. (Reuters)  QNB bags three prestigious GFM awards in US – Qatar National Bank (QNB) has secured three prestigious awards from Global Finance Magazine at an awards ceremony held during the recent IMF and World Bank annual meetings in Washington DC. QNB was recognized as „Best Investment Bank in Frontier Markets‟, „Best Investment Bank in Qatar‟, and „Best Bank in Qatar‟. QNB is the world‟s first recipient of the „Best Investment Bank in Frontier Markets‟, which is given for the first time by the Global Finance Magazine. QNB was selected based on the global franchise that the bank has built, which focuses on frontier markets in the Middle East, Asia and Africa. (QNB Press Release & Gulf-Times.com)  DOHI seeks nod for QR500mn capital hike – Doha Insurance‟s (DOHI) board of directors has proposed to increase the company‟s capital to QR500mn from the current QR257.4mn through an issuance of additional shares to its shareholders. The 94.25% increase in DOHI‟s capital will be realized through additional shares issued at the rate of 9 shares for every 10 shares. In total, 24,260,000 additional shares will be issued at a par value of QR10 per share in addition to a premium of QR8 a share. DOHI said that existing shareholders will be given priority in subscription on the day before its EGM. DOHI‟s Chairman Sheikh Nawaf Nasser bin Khalid al-Thani said the proposed capital increase was aimed at boosting the company‟s credit ranking and the solvency margin. (Gulf-Times.com)  Qatari Investors Group signs an agreement to double Al Khaleej Cement’s production capacity to 14,000 tons/day – Al Khaleej Cement, the industrial arm of Qatari Investors Group (QIGD), has finalized an agreement to expand the production line of the company. This project will double the clinker production capacity to 12,000 tons/day and the cement production capacity to 14,000 tons/day and will be completed with the cooperation of the Danish company, FLS, for the importation of the industrial equipment and machinery; and the Chinese company CNBM International for the carrying out of the civil works. The project will cost QR700 million with production commencing 20 months following the commencement of work on the project. (QE)  ORDS makes two new appointments for its subsidiaries – Ooredoo (ORDS) has approved two new appointments at the CEO level for two of its international operations. Ross Cormack, the former CEO of Nawras has been named as the CEO for Ooredoo Myanmar, the newest operation of the group. Greg Young will take on the role of CEO for Nawras, with effect from October 23. Ross Cormack was instrumental in the original bid for gaining a telecoms license in Oman in 2004, and has led the company since then. Greg Young is a telecom professional with nearly 30 years of experience in the telecom industry. Prior to joining Nawras, he worked as the CEO of Sri Lanka Telecom. (Bloomberg)  NLCS’ BoD to meet on October 27 – Alijarah Holding (NLCS) has announced that its board of directors will hold a meeting on October 27, 2013 to discuss routine agenda matters. (QE)  BRES to disclose its 3Q2013 financials on October 27 – Barwa Real Estate Company (BRES) will disclose its quarterly financial results for the period ending September 30, 2013 on October 27, 2013. (QE) International  ECB: Bank review to be more credible than before – The European Central Bank‟s (ECB) Director General for Financial Stability, Ignazio Angeloni said the ECB‟s probe into the health of European banks will be more credible than its previous exercises, because the institution itself will have to deal with the outcome. The ECB released details of a three-stage asset review, which it is running as a condition for taking over lender supervision. As part of Europe‟s attempt to sever the link between fragile banks and debt-laden states, the institution has set a threshold of 8% capital-to-assets ratio for those lenders. (Bloomberg)  Spain ends two-year recession – Spain emerged from a twoyear long recession in 3Q2013, strengthened by the government‟s efforts to repair the nation‟s finances and reduce the 26% jobless rate. Spain‟s GDP expanded 0.1% from 2Q2013 and fell 1.2% from a year ago. The latest data matched the median estimate of 37 economists in a Bloomberg News monthly survey. (Bloomberg)  China’s HSBC flash PMI hits 7-month high in October – According to the data released by Markit/HSBC survey, strong new orders have driven the fastest expansion in China's manufacturing sector in seven months. The flash Markit/HSBC Purchasing Managers Index (PMI) stood at 50.9 in October, above September's final reading of 50.2. New orders rose to 51.6, the highest in seven months and well above the 50 mark separating expansion from contraction. HSBC economist Qu Hongbin said China's growth recovery is becoming consolidated into the fourth quarter following the bottoming out in the third quarter. (Reuters)  Japan plans to use extra tax revenue for stimulus spending – The Japanese Prime Minister Shinzo Abe said the government is planning to use higher-than-expected tax revenue to fund the economic stimulus spending, rather than rely on issuing new debt. In early December, the government will announce details of a five trillion yen economic stimulus package meant to offset the drag from an increase in the sales tax next April. (Reuters) Regional  QNB Group: Saudi non-oil sector continues to grow strongly – According to a report by QNB Group, the non-oil sector in Saudi Arabia will continue to grow strongly powered by government-led infrastructure and mining projects. The report points out that Saudi Arabia had the second best economic growth performance among G-20 countries in 2012 (6.8%) and the third highest real GDP growth rate in 2008-12 (6.1%), just below the growth rates of China and India. QNB Group forecasts a slight slowdown in Saudi‟s real GDP growth to 4% in 2013 as oil production declines due to weakening global demand, but it is expected to pick up to 4.4% in 2014 due to a slight recovery in the oil sector and continued strong non-oil activity. Saudi inflation is expected to remain moderate over the medium-term. Both the current account surplus and the fiscal surplus are projected to narrow down in 2013 and 2014, as lower oil prices, production, higher government infrastructure spending and higher imports. Further, the report said that the outlook for the Saudi banking sector remains positive as loan growth is set to pick up due to brighter profitability prospects with interest rates trend going up. (GulfBase.com) Page 3 of 6
  4. 4.  HSBC shuffles senior banking roles in MENA region – HSBC Holdings has shuffled the roles of some senior bankers in the MENA region. Jonathan Robinson, currently the head of project finance for MENA and a managing director, will take on the role as the banking head for the region. He will replace Paul Skelton, who will become the regional head of commercial banking. Both appointments are effective from January 1, 2014. (Bloomberg)  SEC signs 8 contracts to construct new sub-stations – The Saudi Electricity Company (SEC) has signed eight contracts worth SR3.2bn for the construction of new sub-stations to meet the rising demand for electricity in the Kingdom. SEC‟s CEO Ali bin Saleh Al-Barrak said these projects will raise the level of electrical services provided by the company and increase its reliability by providing stable and uninterrupted usage. These contracts include the construction of sub-stations in Riyadh, Jeddah and Qassim to meet the power demand in these areas. The construction of these projects is expected to be completed over the next one year. (GulfBase.com)  Marafiq, SABIC implement various projects in Kingdom – The Power & Water Utility Company for Jubail & Yanbu (Marafiq) will construct a water desalination plant worth SR850mn for Sadara Chemical Company in Jubail. Based on the reverse osmosis system (ROS), this plant will serve petrochemical complexes that will be operated by Sadara. Marafiq has also begun implementing other projects in Jubail that include: an SR372mn ROS desalination plant (4), expansion of water pump station for SR120mn, construction of a new water pump station in Matarafiyya area for SR100mn, an SR420mn rent-to-own housing program, and developing its headquarters at a cost of SR140mn. Meanwhile, the Saudi Arabian Basic Industrial Corporation (SABIC) is implementing an industrial rubber project worth SR12bn for Al Jubail Petrochemical Company, a port berth project for petrochemical products for SR1.3bn, styrene butadiene acryl project worth SR2.25bn for the Arabian Petrochemical Company. SABIC is also implementing the expansion project of Saudi Arabian Fertilizer Company (SAFCO) at SR2bn, another project for the National Methanol Company (Ibn Sina) at SR1.9bn, and SABIC staff housing project at Jalmouda District at the cost of SR3.5bn. (GulfBase.com)  JMC’s BoD recommends 50% capital increase to SR900mn, distribute SR150mn dividend – Jarir Marketing Company‟s (JMC) BoD has recommended to increase the company‟s capital by 50% to SR900mn. JMC will issue 300mn bonus shares by offering 1 bonus shares for every 2 shares owned. This increase will be done through a capitalization of SR300mn from the statutory reserve & retained earnings account. JMC will utilize this capital to manage the recent and future expansions of its branches. These bonus shares are limited to those shareholders who are registered with the Securities Depository Center (Tadawul) at the close of trading on the EGM day, which is to be determined later. Moreover, JMC‟s BoD has recommended the distribution of dividends worth SR150mn (SR2.5 per share), representing 25% of the face value to its shareholders. JMC‟s shareholders who are registered with the Securities Depository Center on October 30, 2013 will be eligible for this dividend, which will be distributed on November 7, 2013. (Tadawul)  Dubai, Abu Dhabi consumer prices rise in September – According to the latest government data, consumer prices in Dubai rose 1.9% YoY in September, which is the fastest pace since December 2009. Meanwhile, Abu Dhabi‟s inflation accelerated to 1.8% in September from 1.4% in August, the highest level since April 2012. In Dubai‟s case, higher inflation was driven by a jump in housing and utility costs, which account for 44% of consumer expenses in the Emirate. (Gulf-Times.com)  CBD reports AED752mn net profit for 9M2013 – The Commercial Bank of Dubai (CBD) has reported a net profit of AED752mn for the nine months ended on September 30, 2013, indicating an increase of 1.1% YoY. Net interest income rose by 3% YoY to AED1.04bn. Total assets were AED42.3bn as at September 30, 2013, reflecting an increase of 7.4% YTD. Loans & advances rose by 11.9% YTD to AED30.4bn, while customer deposits stood at AED28.7bn, up 2.4% YTD. (Bloomberg)  UAE PM appoints new DFM Chairman – The UAE Prime Minister HE Shaikh Mohammed bin Rashid AI Maktoum has issued a decree to appoint Essa Kazim as the new Chairman for the Dubai Financial Market. (DFM)  Fitch: Doubling of property transaction fees in Dubai to limit speculative buying – Fitch Ratings said the doubling of property transaction fees in Dubai will limit speculative buying, which is reinforced by planned caps for mortgage lending. This could help contain rising property risk for UAE banks as the real estate sector recovers. The banks have built up capital buffers since the 2008 property crisis, which give them some protection against asset-quality problems. Fitch also said that the new 4% property registration fee effective from October 6 should help property prices recover at more sustainable levels in Dubai. From credit perspective, the UAE‟s central bank is planning to impose maximum loan-to-value limits for residential mortgages. Impaired loans have slightly declined to 7.5% on an average in 1H2013 for the nine largest banks, from 7.8% in 2012. Fitch further said that it is likely that non-performing loans have peaked. The more upbeat operating environment and a return of market confidence in the UAE should prevent any further widescale asset-quality deterioration in the short term. Oversupply in the real estate sector could lead to asset-quality issues, but Fitch expects medium to long-term nature of major new projects to reduce this risk. (Reuters)  Arabtec wins AED196mn tower contract from Tiara Hotel – Arabtec Holding has won a contract worth AED196mn to construct two mixed-use towers for Tiara Hotel on Palm Jumierah. The work on these towers will begin in 1Q2014. (Reuters)  DAMAC Properties urges for non-resident mortgage in Dubai – DAMAC Properties Company‟s Managing Director Ziad El Chaar has called upon UAE banks to provide non-resident mortgage and support the resurgence in the real estate market. El Chaar said that banks must increase their lending to encourage international buyers to engage in property ownership in Dubai. (GulfBase.com)  Drydocks World signs alliance deal to manage NSC Holding’s 56 vessels – Drydocks World & Maritime World has entered into a strategic alliance agreement with Germany-based NSC Holding to manage 56 vessels. (GulfBase.com)  ADCB reports AED874.2mn net profit in 3Q2013 – The Abu Dhabi Commercial Bank (ADCB) has reported a net profit attributed to equity holders of AED874.2mn in 3Q2013, reflecting an increase of 47.1% YoY. Net interest income decreased 5.2% YoY to AED1.2bn in 3Q2013. EPS amounted to AED0.43 for the nine months ended September 30, 2013 as compared to AED0.34 for the corresponding period in 2012. Total assets stood at AED174.7bn as on September 30, 2013, declining 3.4% YTD. Loans & advances declined 2.4% YTD to AED120.2bn, while customer deposits rose 2.6% YTD to AED112bn. (ADX) Page 4 of 6
  5. 5.  RAKBANK reports AED377.4mn net profit in 3Q2013 – The National Bank of Ras Al Khaimah (RAKBANK) has reported a net profit of AED377.4mn in 3Q2013, indicating an increase of 2.1% YoY. Net interest income rose by 3.7% YoY to AED588.9mn. EPS stood at AED0.68 for the nine months ended on September 30, 2013 as compared to AED0.62 at the end of September 30, 2012. Total assets at the end of September 2013 stood at AED28.9bn, up 5.9% YTD. Loans & advances rose by 2.3% YoY to AED20.8bn, while customer deposits declined 2.1% YoY to AED20.3bn at the end of September 2013. (ADX)  Etisalat signs various partnership agreements – The Emirates Telecommunications Corporation (Etisalat) has signed various partnership agreements with Fujairah Municipality, AirWatch, Germany-based SAP and NetComm Wireless Ltd. to enhance and strengthen its strategic partnership, services, special offers and projects. Etisalat has also entered into a partnership agreement with Dubai Courts to offer a cloud-based managed web security solution. (GulfBase.com)  Etihad to begin double-daily flights to Colombo – Etihad Airways will begin double-daily flights between Abu Dhabi and Colombo from February 16, 2014. The airline currently operates seven flights per week to the Sri Lankan capital. (Bloomberg)  NBK reports KD198.6mn net profit for 9M2013 – The National Bank of Kuwait (NBK) has reported a net profit of KD198.6mn for the nine months ended on September 30, 2013 as compared to KD228.9mn for the corresponding period in 2012. The bank‟s total assets at the end of September 30, 2013 stood at KD19bn, indicating an increase of 15.5% YoY. Loans & advances rose by 9.3% YoY to KD10.5bn, while customer deposits were up 16% YoY to KD10bn. (GulfBase.com)  NBO reports OMR31.2mn net profit for 9M2013 – The National Bank of Oman (NBO) has reported a net profit of OMR31.2mn for the first nine months of 2013, indicating an increase of 2% YoY. Net interest income rose 11% YoY to OMR55.3mn. Total assets for the nine months ended on September 30, 2013 stood at OMR3bn, reflecting a YoY increase of 19%. Loans, advances & financing activities for customers increased 12% YoY to OMR2.1bn, while customer deposits & unrestricted investment accounts were up 15% YoY to OMR2.2bn. (MSM)  Gulf Air signs MoU with DAC to begin flights to Al Maktoum – Gulf Air has entered into a MoU with Dubai Airports Company (DAC) to begin flights to Al Maktoum International at Dubai World Central (DWC). The airline is planning to operate a daily service linking DWC to its home base in Bahrain from December 8, 2013. Gulf Air already operates 51 flights per week to Dubai International. (GulfBase.com) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 150.0 1.0% 140.0 139.3 130.0 116.5 110.0 0.3% 0.1% 0.0% (0.5%) 100.0 0.3% 0.1% 127.9 120.0 0.4% 0.5% (0.3%) 90.0 S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance 1,333.42 (0.5) 1.3 (20.4) DJ Industrial 22.55 (0.7) 2.8 (25.7) 107.80 (2.0) (1.9) (3.0) 3.66 (1.2) (1.6) 6.7 114.50 (0.7) (0.9) 27.9 147.13 (2.5) (3.4) (15.0) Euro 1.38 (0.0) 0.7 4.4 Yen 97.38 (0.8) (0.3) 12.3 Nikkei GBP 1.62 (0.4) (0.0) (0.6) CHF 1.12 0.3 1.0 2.6 AUD 0.96 (0.9) (0.6) (7.4) USD Index 79.26 0.0 (0.5) (0.6) RUB 31.75 0.2 (0.2) 4.0 BRL 0.46 (0.3) (0.4) (5.9) 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 Dubai Jul-13 Oman May-12 Dec-12 Abu Dhabi QE Index Oct-11 Bahrain Mar-11 Kuwait Aug-10 Qatar Jan-10 (0.8%) Saudi Arabia (1.0%) 80.0 Source: Bloomberg Close 1D% WTD% YTD% 15,413.33 (0.4) 0.1 17.6 S&P 500 1,746.38 (0.5) 0.1 22.5 NASDAQ 100 3,907.07 (0.6) (0.2) 29.4 318.99 (0.6) 0.2 14.1 DAX 8,919.86 (0.3) 0.6 17.2 FTSE 100 6,674.48 (0.3) 0.8 13.2 STOXX 600 CAC 40 4,260.66 (0.8) (0.6) 17.0 14,426.05 (2.0) (0.9) 38.8 MSCI EM 1,033.47 (1.1) (0.8) (2.1) SHANGHAI SE Composite 2,183.11 (1.2) (0.5) (3.8) HANG SENG 22,999.95 (1.4) (1.5) 1.5 BSE SENSEX 20,767.88 (0.5) (0.6) 6.9 Bovespa 55,440.03 (1.8) 0.1 (9.0) 1,494.96 (1.6) (1.4) (2.1) 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

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