24 September Daily Market Report


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24 September Daily Market Report

  1. 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index declined 1.0% to close at 9,697.5. Losses were led by the Telecoms and Real Estate indices, declining 1.5% each. Top losers were United Development Co. and Qatar Insurance Co., falling 2.2% and 1.8% respectively. Among the top gainers, Qatar German Co. for Med. Dev. rose 2.9%, while National Leasing gained 1.5%. GCC Commentary Saudi Arabia: The TASI index declined 0.3% to close at 8,003.4. Losses were led by the Telecomm. & Info. Tech. and Petrochem. Ind. indices, falling 0.5% each. Saudi Ind. Inv. declined 2.5%, while Middle East Spec. Cables fell 2.4%. Dubai: The DFM index rose 0.3% to close at 2,716.2. The Services index gained 2.1%, while the Investment & Financial Services index was up 1.8%. Int. Financial Advisors and Gulf Navigation Holding surged 14.8% each. Abu Dhabi: The ADX benchmark index gained 0.3% to close at 3,828.4. The Industrial index rose 6.1%, while the Consumer index was up 4.6%. Int. Fish Farming Holding Co. and National Bank of Umm Al Qaiwain surged 15% each. Kuwait: The KSE index declined marginally to close at 7,897.7. The Technology index fell 1.4%, while the Industrial index was down 0.6%. ACICO Industries Co. declined 7.7%, while IFA Hotels & Resorts Co. was down 7.0%. Oman: The MSM index rose 0.1% to close at 6,594.1. Gains were led by the Industrial and Ser. & Ins. indices, rising 0.3% and 0.1% respectively. Alizz Islamic Bank rose 2.8%, while Galfar Engineering & Contracting was up 1.9%. Bahrain: The BHB index declined 0.1% to close at 1,190.9. The Commercial Banking index fell 0.7%. United Gulf Investment Corp. declined 8.3%, while Ahli United Bank was down 2.9%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar German Co. for Med. Dev. 15.80 2.9 53.9 6.9 National Leasing 35.00 1.5 512.9 (22.6) Gulf International Services 52.50 1.0 294.5 75.0 Widam Food Co. 52.60 1.0 213.4 (10.5) Qatar National Cement Co. 102.00 0.9 150.1 (4.7) Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 21.60 (2.2) 940.5 21.3 Masraf Al Rayan 29.25 (1.4) 802.1 18.0 Medicare Group 50.20 (0.6) 584.5 40.6 National Leasing 35.00 1.5 512.9 (22.6) Qatar Gas Transport Co. 19.60 (1.0) 459.9 28.4 Source: Bloomberg (* in QR) Market Indicators 24 Sep 13 23 Sep 13 %Chg. Value Traded (QR mn) 325.5 301.4 8.0 Exch. Market Cap. (QR mn) 527,965.2 532,559.2 (0.9) Volume (mn) 6.6 5.0 32.0 Number of Transactions 3,925 2,935 33.7 Companies Traded 34 39 (12.8) Market Breadth 10:22 20:13 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,855.49 (1.0) (1.8) 22.5 N/A All Share Index 2,439.00 (0.9) (1.6) 21.1 12.9 Banks 2,365.55 (1.0) (1.9) 21.4 12.5 Industrials 3,074.21 (0.6) (1.1) 17.0 11.3 Transportation 1,807.92 (0.5) (1.1) 34.9 12.4 Real Estate 1,756.03 (1.5) (2.3) 9.0 13.2 Insurance 2,219.96 (1.2) (1.5) 13.1 9.2 Telecoms 1,447.28 (1.5) (3.0) 35.9 15.2 Consumer 5,889.87 (0.3) (0.5) 26.1 24.2 Al Rayan Islamic Index 2,780.56 (0.8) (1.1) 11.8 14.3 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% NBQ Abu Dhabi 3.45 15.0 1.0 86.5 Drake & Scull Int. Dubai 1.23 4.2 85,839.9 74.7 MEDGULF Saudi Arabia 27.60 3.0 2,166.6 22.3 Bank of Bahrain & Kuwait Bahrain 0.43 2.4 20.0 19.0 Najran Cement Co. Saudi Arabia 26.50 2.3 2,341.5 40.2 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% IFA Hotels & Resorts Kuwait 0.53 (7.0) 1.0 20.5 Sharjah Islamic Bank Abu Dhabi 1.40 (6.0) 1,100.0 52.2 Boubyan Bank Kuwait 0.60 (3.2) 963.3 (1.6) Ahli United Bank Bahrain 0.67 (2.9) 969.5 19.4 Mobile Telecomm. Co. Kuwait 0.71 (2.7) 2,974.8 (9.0) 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% United Development Co. 21.60 (2.2) 940.5 21.3 Qatar Insurance Co. 59.80 (1.8) 63.5 10.8 Qatar International Islamic Bank 56.30 (1.8) 56.5 8.3 Dlala Brok. & Inv. Holding Co. 21.50 (1.7) 36.3 (30.8) Ooredoo 140.10 (1.7) 78.3 34.7 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 150.50 (1.0) 59,050.1 6.7 Medicare Group 50.20 (0.6) 29,687.8 40.6 Masraf Al Rayan 29.25 (1.4) 23,554.5 18.0 QNB Group 169.70 (1.1) 20,471.1 29.6 United Development Co. 21.60 (2.2) 20,445.4 21.3 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* 9,697.49 (1.0) (1.8) 0.8 16.0 89.42 145,032.0 12.2 1.7 4.8 Dubai 2,716.16 0.3 1.9 7.7 67.4 316.75 66,438.7 15.8 1.1 3.3 Abu Dhabi 3,828.43 0.3 0.3 2.4 45.4 39.00 109,846.8 10.9 1.4 4.7 Saudi Arabia 8,003.44 (0.3) (0.3) 3.1 17.7 1,154.05 424,123.5 16.7 2.1 3.7 Kuwait 7,897.65 (0.0) 0.6 3.5 33.1 193.11 110,889.3 18.5 1.2 3.6 Oman 6,594.14 0.1 (0.1) (1.5) 14.5 6.61 23,115.3 10.9 1.6 3.9 Bahrain 1,190.85 (0.1) (0.7) 0.2 11.8 2.11 21,805.4 8.3 0.8 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) 9,650 9,700 9,750 9,800 9,850 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 1.0% to close at 9,697.5. The Telecoms and Real Estate indices led the losses. The index declined on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  United Development Co. and Qatar Insurance Co. were the top losers, falling 2.2% and 1.8% respectively. Among the top gainers, Qatar German Co. for Med. Dev. rose 2.9%, while National Leasing gained 1.5%.  Volume of shares traded on Tuesday rose by 32.0% to 6.6mn from 5.0mn on Monday. However, as compared to the 30-day moving average of 8.5mn, volume for the day was 23.2% lower. United Development Co. and Masraf Al Rayan were the most active stocks, contributing 14.3% and 12.2% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 09/24 US S&P/Case-Shiller S&P/CS 20 City MoM SA July 0.62% 0.80% 0.88% 09/24 US S&P/Case-Shiller S&P/CS Composite-20 YoY July 12.39% 12.40% 12.07% 09/24 US S&P/Case-Shiller S&P/CaseShiller Home Price Index NSA July 162.49 162.69 159.54 09/24 US FHFA House Price Index MoM July 1.00% 0.80% 0.70% 09/24 US Conference Board Consumer Confidence Index September 79.7 79.9 81.8 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Qatar put on watch for upgrade to emerging-market status at FTSE – According to a report published by FTSE, Qatar’s stocks may be promoted to secondary-emerging market status at global index compiler from frontier ranking. Qatar may be upgraded based on improvements in the settlement processes. FTSE said further improvements are required in increasing foreign ownership limits and improving broad market liquidity to meet secondary emerging eligibility requirements in full. Moreover, Kuwait is put on watch list for potential inclusion as secondary-emerging market and Morocco on watch list for possible demotion from secondary-emerging market status to frontier due to continued decline in broad market liquidity below the level sufficient to support sizable global investment. FTSE has ranked Egypt, UAE as secondary-emerging markets and Bahrain, Jordan, Oman, Tunisia as frontier markets. (Bloomberg)  75% of Corniche road work over; traffic signals to come up in weeks – The Public Works Authority (Ashghal) said about 75% of the ongoing Doha Corniche renovation project has already been completed. Ashghal stated that the installation of traffic signals at the new intersections that replace roundabouts in and around Doha Corniche will be completed over the next couple of weeks. The work involves converting roundabouts on Corniche Street and surrounding areas into signal-controlled intersections in order to enhance traffic flow to and from West Bay, and between the north and south of Doha. (Gulf- Times.com)  New senior management for QFC Regulatory Tribunal – The Rt Hon Sir David Keene has been appointed as the Chairman of the Qatar Financial Center’s (QFC) Regulatory Tribunal. Meanwhile, Justice Frances Kirkham CBE, will head “Q- Construct,” a specialist fast-track construction dispute resolution scheme. Christopher Grout has been promoted from Acting Registrar to Registrar, who will perform a legal, judicial and managerial role for the Qatar International Court & Dispute Resolution Centre (QICDRC). (Peninsula Qatar) International  Moody's: Debt limit row, government shutdown unlikely to hit US rating – Moody's Investors Service said an impasse over the US government's debt ceiling would be worse for financial markets than a government shutdown, but neither issue is likely to hurt the US sovereign credit rating. The rating agency expects the country to avoid a shutdown as well as increase its debt limit. However, it also said failure to lift the cap on government borrowings could theoretically affect all categories of government spending, including debt service. Meanwhile, Moody's said at this juncture, it does not foresee a rating cut as a consequence of these short-term events. Moody's also expects the US to keep paying the interest on Treasuries in the event of a debt ceiling standoff. (Reuters)  OECD warns Eurozone still remains a risk source, sees growth in 2014 – The Organization for Economic Cooperation and Development (OECD) said the European common currency area remains a considerable source of risk, even though the systemic risk from its debt crisis is scaling back. The OECD's Chief Economist Pier Carlo Padoan said a positive economic growth in the Eurozone should return only in 2014, expecting growth to be still negative this year despite a recovery in many countries. Padoan said that while pursuing structural fiscal consolidation in 2014, Eurozone countries should allow automatic stabilizers to work, and focus on fighting high unemployment rates. (Reuters)  Greece, lenders foresee reduced recession of 4.0% in 2013 – Greece and its international lenders have agreed on a joint forecast that the country's economy will contract by 4.0% in Overall Activity Buy %* Sell %* Net (QR) Qatari 62.23% 73.73% (37,434,755.04) Non-Qatari 37.77% 26.27% 37,434,755.04
  3. 3. Page 3 of 6 2013, slightly less than previously projected. The previous estimate by the European Union, European Central Bank and International Monetary Fund (lender troika) was that the economy would shrink by 4.2% in 2013, its sixth straight year of recession. (Reuters)  Japan’s PM: Japanese economy on a path of solid growth – Japanese Prime Minister Shinzo Abe said the country’s economy is now surely on a solid growth and recovery path. Abe said that the government will create a robust set of measures to support and promote this growth path. (Bloomberg) Regional  Middle East, Africa shows mixed performance in hotel occupancy in August 2013 – According to a report by STR Global, the Middle East & Africa region has reported mixed performance in hotel occupancy during August 2013. The region has reported an increase of 3.7% in occupancy rate to 56.1% YoY in August 2013. The report showed a decrease of 0.8% YoY in the average daily rate to $154.99, while the revenue per available room (RevPAR) rose 2.9% YoY to $86.97 in August 2013. STR Global’s Managing Director Elizabeth Winkle said that Ramadan holidays falling in August 2013 has affected the performance, especially in the Middle East. The report showed that the RevPAR for Amman increased 41.4% YoY to $97.69, Doha (+38.4% YoY to $99.55), Dubai (+33.7% YoY to $145.14) and Manama, Bahrain (+31.2% YoY to $88.42). (AME Info)  Saudi oil supply sufficient, ready to meet shortages – Saudi Oil Minister Ali al-Naimi said the global oil market has enough supply and prices are at a favorable level, affirming the willingness of the Kingdom to meet shortages. Saudi Arabia pumped oil at a record rate of around 10mn bpd in August, helping to cushion the market from the shutdown of Libya’s exports and reduced output from other countries including Nigeria and Iraq. (Gulf-Times.com)  Apicorp’s net profit surges 31% YoY in 1H2013 – Arab Petroleum Investments Corporation (Apicorp), a Saudi-based multilateral bank owned by Arab states, said its net profit grew 31% YoY to $66mn in 1H2013. (GulfBase.com)  Saudi GDP reaches SR2.66tn in 2012 – According to a report released by Saudi Arabia’s Central Department of Statistics & Information (CDSI), the country’s GDP has registered a record growth to reach SR2.66tn in 2012 as compared to SR1.95tn in 2008. GDP per capita increased from SR76,000 in 2008 to more than SR91,000 in 2012. The report found that real GDP has registered a growth of 5.1% in 2012, while the average growth rate during 2008-2012 stood at 6.3%, higher than the growth rates prevailing among GCC and G20 countries. The private sector’s share in the GDP has reached 57.6% during 2008-2012 as compared to 48.9% during 2003-2007. Share of the oil sector in Kingdom’s GDP has reduced from 29.5% to 22.2%, which indicates that the Saudi economy has been increasingly supported by the private and non-oil sectors. The ratio of Saudi exports of non-oil goods to imports has increased from 28.2% in 2008 to 32.7% in 2012. The volume of non-oil exports has increased 57% to SR191bn in 2012 as compared to SR121.6bn in 2008, while imports rose 35.1% to SR583.5bn in 2012. (GulfBase.com)  SR900bn invested in 600 Jubail and Yanbu projects – The Royal Commission for Jubail & Yanbu’s (RCJY) Chairman Prince Saud bin Abdullah bin Thunayan said RCJY has invested around SR900bn in the industrial cities of Jubail and Yanbu. Prince Saud said these investments were focused on setting up more than 600 plants to produce 92 basic products. With this expansion, the total number of residents in these cities has increased to 300,000 people. He also said that RCJY’s share to the GDP stands at 12%, while its share to the industrial sector is 65%, which is two-thirds of the total industrial sector. He further said that RCJY has attracted investments worth SR11.72bn for the Yanbu Project 2 to produce various products such as titanium dioxide, reinforced iron, solar-related industries, lubricating and motor oils. (GulfBase.com)  Al Khodari Sons obtains SR828mn credit facilities from BSF – Abdullah Abdul Mohsin Al-Khodari Sons Company has entered into an Islamic credit facilities agreement worth SR828mn with Banque Saudi Fransi (BSF). This agreement consists of new credit facilities along with the renewal of existing outstanding limits. These facilities will provide bonding commitments and fund the company’s working capital & capex requirements, of which 41% has been funded under Morabaha/Tawarroq modes of financing, while the remaining 59% are for multi-bonds and documentary credits. This agreement will expire on August 31, 2014 and the facilities are secured by promissory notes and proceeds from the financed projects. (Tadawul)  CPC opens $15mn marble factory in China – Saudi-based Construction Products Holding Company (CPC) has opened its wholly-owned high quality marble factory in China through its Global New Material Technology Company with an investment of $15mn. CPC is expanding its production capacity in major emerging markets to deliver its innovative building technologies to the growing number of customers based in China, Saudi Arabia and the GCC region. This new factory comprises 66,000 square meters of space and is expected to produce 400,000 square meters of interior & exterior flooring, wall panels and interior decorations for all types of buildings. CPC International’s Chief Operating Officer Riad Kiwan said that 50% of the factory’s production will be allocated for domestic consumption in China and 50% will be exported to Saudi Arabia and GCC countries. (AME Info)  EPCC to begin operating its new production line from October 1 – The Eastern Province Cement Company (EPCC) has announced that the commercial operation of its new production line of specialized types of cement will begin from October 1, 2013. EPCC expects this new production line will result in an increase of profits by SR15mn in 2014. (Tadawul)  Mobily signs MVNO agreement with Etihad Jawraa – The Etihad Etisalat Company (Mobily) has entered into a mobile virtual network operator (MVNO) agreement with Etihad Jawraa Telecommunications & Information Technology Company (Etihad Jawraa). Under this agreement, Etihad Jawraa will use Mobily’s network infrastructure to provide mobile services to its retail customers as a MVNO, after obtaining the necessary license from competent authorities. (Tadawul)  Al Mouwasat Medical Services obtains SR106.1mn loan facility from MoF – Al Mouwasat Medical Services has obtained a SR106.1mn loan facility from the Saudi’s Ministry of Finance (MoF) to build a hospital with 175 beds in Riyadh. The company will repay these funds in 20 equal installments, after a grace period of five years. Saudi Fransi Bank has provided SR10.1mn guarantee for the facility. (Bloomberg)  New Companies Law to be enacted within 2013 – The UAE’s Minister of Economy Sultan bin Saeed Al Mansouri said that the new Commercial Companies Law will be enacted before the end of 2013. This proposed law was passed by the Federal National Council in May 2013 and is now waiting for the final clearance from the UAE Cabinet. (GulfBase.com)
  4. 4. Page 4 of 6  Dubai working on rules to avert another property bubble – Dubai's Supreme Fiscal Committee Chairman Sheikh Ahmed bin Saeed al Maktoum said the government is working on new rules to protect its real estate market and prevent any excessive rise of property prices that could end in a crash. The bursting of a property bubble in 2009-2010 caused prices to plunge by more than 50%, pushing Dubai close to a debt default. The Emirate’s market has recovered strongly in 2013, with apartment prices up by about 20% over a year earlier, but the International Monetary Fund has warned of the danger of another bubble. (Gulf-Times.com)  Dubai not negotiating with Abu Dhabi to refinance its $20bn loan – Dubai's Supreme Fiscal Committee Chairman Sheikh Ahmed bin Saeed al Maktoum said that the Emirate is currently not negotiating with Abu Dhabi to refinance its $20bn worth of crisis-related debt, which is due in 2014. This consists of $10bn loan from the UAE Central Bank and $5bn loan each from the National Bank of Abu Dhabi and Al Hilal Bank. The central bank’s loan is due to mature in February 2014, and the commercial banks’ debt will mature in November 2014. Earlier in 2009, Dubai had borrowed $20bn from Abu Dhabi and the federal government when its real estate market crashed and state-linked companies struggled with their debt. (GulfBase.com)  DIA’s passenger traffic increases 23.8% to 5.9mn in August – According to a traffic report released by Dubai Airports Company (DAC), the monthly passenger traffic at the Dubai International Airport (DIA) reached 5.9mn in August 2013, reflecting an increase of 23.8% YoY (+16.4% YTD). This increase in August has made it the busiest month in terms of passenger traffic in DIA’s history. This surge was due to a strong growth in almost all the markets and the effect of Ramadan and Eid holidays. The report found that Eastern Europe had topped among the regions in terms of traffic growth with 82%, followed by Australasia (45%) and Asia Pacific (40.4%). DIA’s aircraft movement during August has reached 31,198, indicating an increase of 11.5% YoY. GulfBase.com)  Dubai government’s sukuk bonds lead global ranking – According to the data compiled by Bloomberg, seven of the top ten best-performing government sukuk bonds in the world this quarter are from Dubai. This is due to its economy gathering steam, powered by steady rise in bank profits, tourist numbers and real estate prices. Dubai's $650mn notes due in May 2022 have returned 5.3%, the most among 33 Shari’ah-compliant sovereign bonds tracked by Bloomberg. The average return on these notes was 1.3%. (GulfBase.com)  Emirates may issue bonds in early 2014 to raise $4.5bn – The Emirates Airline’s Senior Vice President for Corporate Treasury Brian Jeffery said that the airline may issue bonds as early as January or February 2014 to raise $4.5bn for the purchase of 21 new planes in FY 2014. The airline has to raise $22bn over the next four years at an average of $5.5bn per year to finance its aircraft deliveries. (Reuters)  Arabtec, Samsung Engineering launch new MENA EPC company – Dubai-based Arabtec Holding and South Korea- based Samsung Engineering Company have launched a new JV EPC company, “Arabtec-Samsung Engineering”, which will operate in the MENA oil & gas, power and related infrastructure sectors. This new JV will be headquartered in Abu Dhabi and its 40% stake will be owned by Arabtec and Samsung Engineering each, while the remaining 20% is owned by Tasameem Property Investment. This company will engage in a range of sectors from hydrocarbon (hydrocarbon processing, refining, petrochemicals and fertilizers) to industrial and related infrastructure projects (power plants, water treatment, environmental, metallurgy and industrial projects). (GulfBase.com)  GPS obtains gas compression contract from Apache Energy – The Global Process Systems (GPS) has obtained a contract from an Australian firm Apache Energy Ltd. for its Varanus Island Compression Project. This contract involves installation of two gas compression modules and associated utility systems to support enhanced well deliverability from the John Brookes Field, in the north-western region of Australia. (AME Info)  Abu Dhabi’s power demand to grow slightly in 2013 – The Abu Dhabi Water & Electricity Authority’s (ADWEA) Director General Abdulla Saif Al Nuaimi said that the demand for electric power in athe Emirate will grow slightly in 2013 as compared to a growth of 9% in 2012. Al Nuaimi said that the expansion of Mirfa power plant is expected to be completed by 2Q2016, which will generate 1,600 MW electricity and 52.5mn imperial gallons of water. He also said that the construction work on Shuwaihat power plant is expected to be completed by 1Q2014 and will add 1,647 megawatt of electric power. (GulfBase.com)  SEHA collaborates with Musanada to build AED103mn SKMC Dialysis Centre – The Abu Dhabi Health Services Company (SEHA) has collaborated with the Abu Dhabi General Services (Musanada) to construct AED103mn Sheikh Khalifa Medical City (SKMC) Dialysis Centre. The construction will commence once an approval is obtained from the Abu Dhabi Executive Council. (AME Info)  TAQA plans AED1.7bn IPO for Moroccan power unit – The Abu Dhabi National Energy Company (TAQA) is planning an IPO worth AED1.7bn for its Moroccan power unit, Jorf Lasfar Energy Company in a bid to expand its output in the country. TAQA has met with Attijariwafa Bank, Banque Centrale Populaire and Societe Generale, and has spoken with the Moroccan regulators on the potential IPO, but has not given a time frame for the sale. (Bloomberg)  MREI, Gulf Related refinance AED248mn debt with NBAD – The Mubadala Real Estate & Infrastructure (MREI) and Gulf Related, a UAE-based real estate developer have successfully refinanced a AED248mn debt with the National Bank of Abu Dhabi (NBAD) of their joint project, “The Galleria” on Al Maryah Island. This eight-year loan facility will strengthen the project’s capital structure, reduce its borrowing cost and generate over 50% in annual interest expense savings. The debt facility represents 60% of the total project cost of the project. (GulfBase.com)  DGCA: Jazeera Airways registers 21% rise in passengers in August – According to the figures provided by Kuwait’s Directorate General for Civil Aviation (DGCA), Jazeera Airways has registered an increase of 21% YoY in the number of passengers flown in August 2013. This increase was supported by the rise in passengers travelling on 11 routes that serve the cities of Dubai, Bahrain, Beirut, Amman, Riyadh, Istanbul, Mashhad and Egypt’s Sharm El Sheikh, Luxor, Assiut and Sohag. (GulfBase.com)  OEIHC’s BoD approves to subscribe in SAOG’s IPO – Oman & Emirates Investment Holding Company’s (OEIHC) board of directors has approved to subscribe in the IPO of Sembcorp Salalah Power & Water Company (SAOG). SAOG will offer 1mn shares at a value of OMR1.59mn. (MSM)  Bahrain’s TRA awards spectrum for next-generation networks – The Telecommunications Regulatory Authority of Bahrain (TRA) has awarded radio spectrum for next-generation networks to Bahrain Telecommunications Company (Batelco),
  5. 5. Page 5 of 6 Kuwait's Mobile Telecommunications Company (Zain Group) and Viva Bahrain (STC Bahrain). Viva Bahrain has received six lots of this spectrum, while Batelco got four, and Zain Group two lots of the spectrum. (Reuters)  Gulf Opportunity Fund gets 30% stake in Saudi car rental firm – The Investcorp Bank’s Gulf Opportunity Fund has obtained 30% stake in a Saudi Arabian car rental firm, Theeb Rent-a-Car Company (Theeb). Under this agreement, the Gulf Opportunity Fund will be represented on Theeb’s board and will play an active role in making decisions on governance and future exit strategies. (GulfBase.com)  Investcorp acquires Paper Source – Bahrain-based Investcorp Bank has acquired Paper Source Inc, a US-based multi-chain retailer offering a premium selection of gifts, stationary and crafting supplies, from Los Angeles-based private equity firm Brentwood Associates. The terms of this transaction were not disclosed. (Bahrain Bourse)
  6. 6. 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 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 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 QE Index S&PPan Arab S&P GCC (0.3%) (1.0%) (0.0%) (0.1%) 0.1% 0.3% 0.3% (1.4%) (0.7%) 0.0% 0.7% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,323.35 0.0 (0.2) (21.0) DJ Industrial 15,334.59 (0.4) (0.8) 17.0 Silver/Ounce 21.71 0.2 (0.3) (28.5) S&P 500 1,697.42 (0.3) (0.7) 19.0 Crude Oil (Brent)/Barrel (FM Future) 108.64 0.4 (0.5) (2.2) NASDAQ 100 3,768.25 0.1 (0.2) 24.8 Natural Gas (Henry Hub)/MMBtu 3.59 (1.4) (2.5) 4.8 STOXX 600 313.20 0.2 (0.3) 12.0 North American Spot LPG Propane Price 105.38 (2.0) (4.1) 17.7 DAX 8,664.60 0.3 (0.1) 13.8 North American Spot LPG Normal Butane Price 133.25 0.0 0.1 (23.0) FTSE 100 6,571.46 0.2 (0.4) 11.4 Euro 1.35 (0.1) (0.4) 2.1 CAC 40 4,195.61 0.6 (0.2) 15.2 Yen 98.75 (0.1) (0.6) 13.8 Nikkei 14,732.61 (0.1) (0.1) 41.7 GBP 1.60 (0.2) (0.0) (1.5) MSCI EM 1,010.56 (0.6) (0.3) (4.2) CHF 1.10 (0.2) (0.3) 0.3 SHANGHAI SE Composite 2,207.53 (0.6) 0.7 (2.7) AUD 0.94 (0.4) (0.0) (9.6) HANG SENG 23,179.04 (0.8) (1.4) 2.3 USD Index 80.56 0.1 0.2 1.0 BSE SENSEX 19,920.21 0.1 (1.7) 2.5 RUB 31.86 0.2 0.2 4.4 Bovespa 54,431.05 (0.3) 0.6 (10.7) BRL 0.45 0.0 0.7 (6.7) RTS 1,446.41 (0.3) (1.1) (5.3) 139.3 125.7 114.2