QE Intra-Day Movement

Market Indicators

11,880

11,860
11,840

11,820

25 Feb 14

%Chg.

1,086.3
690,438.7
18.7
15,120
3...
Qatar Market Commentary
 The QE index declined 0.1% to close at 11,839.5. The Real
Estate and Telecoms indices led the lo...
 UDCD posts a net loss of QR183mn in 4Q2013 – The United
Development Company's (UDCD) posted a net loss of
QR183mn in 4Q2...
Regional
 Saudi CMA approves ASLAK’s capital rise – The Saudi
CMA’s board has approved the United Wire Factories
Company’...
 CINEMA declares 50% cash dividend – Bahrain Cinema
Company’s (CINEMA) board of directors has recommended a
cash dividend...
Rebased Performance

Daily Index Performance

180.0
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0

1.0%
0.5%
0...
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26 February Daily market report

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26 February Daily market report

  1. 1. QE Intra-Day Movement Market Indicators 11,880 11,860 11,840 11,820 25 Feb 14 %Chg. 1,086.3 690,438.7 18.7 15,120 37 20:16 722.6 623,820.6 13.2 5,065 39 12:25 50.3 10.7 41.2 198.5 (5.1) – Market Indices 11,800 11,780 9:30 26 Feb 14 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index declined 0.1% to close at 11,839.5. Losses were led by the Real Estate and Telecoms indices, declining 1.7% and 0.8% respectively. Top losers were United Development Co. and Al Khaleej Takaful Group, falling 4.2% and 3.6% respectively. Among the top gainers, Mesaieed Petrochemical Holding Co. rose 450.0%, while Qatar General Ins. & Rein. Co. rose 4.7%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 17,083.81 2,958.63 2,859.39 3,968.32 2,049.73 2,041.26 2,891.20 1,603.64 6,726.23 3,373.92 (0.1) (0.2) (0.1) (0.5) 0.1 (1.7) 3.7 (0.8) (0.5) (0.1) 0.0 (0.1) (0.1) 1.3 (2.6) (1.7) 0.6 (1.5) (0.9) (0.4) 15.2 14.3 17.0 13.4 10.3 4.5 23.8 10.3 13.1 11.1 N/A 14.3 14.6 14.8 14.1 14.0 7.0 21.6 25.8 17.4 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index fell marginally to close at 9,058.5. Losses were led by the Real Estate Development and Hotel & Tourism indices, declining 1.4% and 1.0% respectively. Alkhaleej Training and Education Co. fell 4.2%, while Dar Alarkan Real Estate Development Co. was down 2.9%. Abu Dhabi Nat. Ins. Co. Abu Dhabi 7.00 7.7 5.9 18.6 Comm. Bank of Dubai Dubai 6.30 5.0 500.0 32.9 Bank Al-Jazira Saudi Arabia 39.00 4.8 6,937.0 3.7 Qatar Gen. Ins. & Rein. Qatar 49.30 4.7 0.5 2.9 Qatar Insurance Co. Qatar 67.50 4.3 26.8 26.9 Dubai: The DFM index gained marginally to close at 4,198.1. The Real Estate & Construction index rose 0.7%, while other indices remained unchanged or negative. Al Salam Sudan gained 5.8%, while CBD was up 5.0%. Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,985.5. The Investment & Financial Services gained 2.9%, while the Insurance index was up 2.4%. National Takaful Co. rose 9.6%, while Abu Dhabi National Insurance Co. was up 7.7%. ## GCC Top Losers Exchange Arab Banking Corp. Bahrain Kuwait: The KSE index was closed on February 26, 2014. United Development Qatar Oman: The MSM index rose marginally to close at 7,102.8. Industrial Index gained 0.1%, while all other sub indices ended in red. National Gas rose 9.7%, while Al Sharqia Investment Holding was up 5.6%. Emirates NBD Gulf Warehousing Co. Dar Al Arkan # Bahrain: The BHB index declined 0.6% to close at 1,377.5. The Investment index fell 2.2%, while the Industrial was down 1.7%. Arab Banking Corporation declined 7.1%, while Aluminum Bahrain was down 1.8%. Qatar Exchange Top Gainers Mesaieed Petrochemical Holding Qatar General Ins. & Rein. Co. YTD% 0.52 (7.1) 654.0 38.7 21.90 (4.2) 2,325.9 (3.1) Dubai 8.05 (4.2) 162.4 26.8 Qatar 41.55 (3.1) 0.2 0.1 Saudi Arabia 11.85 (2.9) 71,661.4 20.3 Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% 55.00 450.0 11,005.6 450.0 United Development Co. 21.90 (4.2) 2,325.9 (3.1) Al Khaleej Takaful Group 37.25 (3.6) 5.9 2.1 49.30 4.7 0.5 2.9 Qatar Exchange Top Losers 67.50 Al Khaliji 4.3 26.8 26.9 Gulf Warehousing Co. 41.55 (3.1) 0.2 0.1 2.7 4.0 18.4 Salam International Investment 12.31 (3.0) 121.7 (5.4) 21.33 Mannai Corp. 2.6 46.4 6.7 QNB Group 193.30 (1.5) 262.0 12.4 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% 55.00 450.0 674,414.7 450.0 197.00 (0.6) 94,369.0 16.6 21.90 (4.2) 51,225.9 (3.1) 193.30 (1.5) 50,923.5 12.4 32.45 (0.5) 27,475.3 8.9 Close* 1D% Vol. ‘000 YTD% Mesaieed Petrochemical Holding 55.00 450.0 11,005.6 450.0 United Development Co. 21.90 (4.2) 2,325.9 (3.1) Barwa Real Estate Co. 32.45 (0.5) 844.2 8.9 Vodafone Qatar 12.20 0.1 590.7 13.9 Qatar Gas Transport Co. 21.72 (0.6) 569.6 7.3 Qatar Exchange Top Vol. Trades Mesaieed Petrochemical Holding Industries Qatar United Development Co. Qatar National Bank Barwa Real Estate Co. Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait# Oman Bahrain 1D% Vol. ‘000 YTD% 106.40 Qatar Insurance Co. Regional Indices Close Vol. ‘000 Close 1D% WTD% MTD% YTD% 11,839.46 4,198.07 4,985.49 9,058.54 7,692.75 7,102.77 1,377.53 (0.1) 0.0 0.5 (0.0) (0.5) 0.0 (0.6) (0.3) 0.4 1.4 0.8 (0.6) (0.9) 0.9 6.1 11.3 6.7 3.4 (0.8) 0.2 6.4 14.1 24.6 16.2 6.1 1.9 3.9 10.3 Exch. Val. Traded ($ mn) 298.29 416.88 138.86 2,234.02 93.35 25.38 2.26 Exchange Mkt. Cap. ($ mn) 189,594.5 84,070.5 138,240.0 493,995.3 111,758.5 25,475.3 51,823.8 P/E** P/B** 15.1 18.0 13.5 18.2 15.7 11.0 9.6 2.0 1.6 1.7 2.2 1.2 1.6 0.9 Dividend Yield 4.0 1.9 3.6 3.3 3.7 3.6 3.5 Source: Bloomberg, Qatar Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) (# Data as of February 24, 2014) Page 1 of 6
  2. 2. Qatar Market Commentary  The QE index declined 0.1% to close at 11,839.5. The Real Estate and Telecoms indices led the losses. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 75.79% 79.62% (41,611,053.22) Non-Qatari  United Development Co. and Al Khaleej Takaful Group were the top losers, falling 4.2% and 3.6% respectively. Among the top gainers, Mesaieed Petrochemical Holding Co. rose 450.0%, while Qatar General Ins. & Rein. Co. rose 4.7%. Buy %* 24.21% 20.37% 41,611,053.22 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Wednesday rose by 41.2% to 18.7mn from 13.2mn on Tuesday. Further, as compared to the 30-day moving average of 13.0mn, volume for the day was 44.1% higher. Mesaieed Petrochemical Holding and United Development Co. were the most active stocks, contributing 58.9% and 12.5% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY AED 716.6 28.7% – – 123.3 23.9% Bahrain BHD 17.3 35.9% – – 6.3 41.9% Bahrain BHD 4.5 -16.1% – – 1.0 -29.3% Market National Corporation for Tourism and Hotels * Bahrain Cinema Co. * The Bahrain Ship Repairing and Engineering Co. * Currency Abu Dhabi Source: Company data, DFM, ADX, MSM (*FY2013 Results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 02/26 US MBA MBA Mortgage Applications 21-February 02/26 US US Census Bureau New Home Sales January -8.50% – -4.10% 468K 400K 02/26 US US Census Bureau New Home Sales MoM January 427K 9.60% -3.40% -3.80% 02/26 Germany GfK AG GfK Consumer Confidence March 8.5 8.2 8.3 02/26 UK ONS GDP QoQ 4Q2013 0.70% 0.70% 0.70% 02/26 UK ONS GDP YoY 4Q2013 2.70% 2.80% 2.80% 02/26 UK ONS Government Spending QoQ 4Q2013 0.30% 0.50% 0.60% 02/26 UK ONS Exports QoQ 4Q2013 0.40% 0.20% -2.80% 02/26 UK ONS Imports QoQ 4Q2013 -0.90% -1.00% 0.70% 02/26 UK ONS Index of Services MoM December 0.20% 0.40% 0.50% 02/26 UK ONS Index of Services 3M/3M December 0.80% 0.80% 0.90% 02/26 UK ONS Total Business Investment QoQ 4Q2013 2.40% 1.30% 2.00% 02/26 UK ONS Total Business Investment YoY 4Q2013 8.50% – -2.40% 02/26 Spain INE Total Mortgage Lending YoY December -26.30% – -26.90% 02/26 Spain INE House Mortgage Approvals YoY December -30.10% – -27.40% 02/26 Italy ISTAT Hourly Wages MoM January 0.60% – 0.00% 02/26 Italy ISTAT Hourly Wages YoY January 1.40% – 1.30% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Qatar bourse to see QR5bn inflows after MSCI upgrade – The Qatar Exchange (QE) expects as much as QR5bn worth of foreign funds to flow in after its upgrade by MSCI to emerging market status in June 2014. QE’s Acting Chairman Dr Hussain Ali al-Abdullah said the bourse, which is slated to see more listings in future, could soon witness the advent of exchange traded funds. Dr Hussain added that around QR3bn to QR5bn is expected to come from foreign investors to Qatar, after the market upgrade. Last year, global index compiler MSCI had upgraded Qatar and the UAE to emerging market from frontier status. (Gulf-Times.com)  MPHC shares jump to QR55 on debut – Mesaieed Petrochemical Holding Company (MPHC) shares witnessed impressive buying interest, apparently from local retail investors. MPHC constituted more than 60% of the bourse’s total value traded yesterday. (Gulf-Times.com)  QNNS’ net income down 16% and 13% QoQ and YoY, respectively – QNNS posted a net profit of QR172mn in 4Q2013, declining by 16% QoQ. One of the main reasons for the drop in profitability was due to a slowdown in Milaha Maritime & Logistics divisions. On the positive side, the company declared a cash dividend of QR5.00/share (DY: 5.2%) vs. QR3.50/share in 2012. (QNNS Press Release, QNBFS Research) Page 2 of 6
  3. 3.  UDCD posts a net loss of QR183mn in 4Q2013 – The United Development Company's (UDCD) posted a net loss of QR183mn in 4Q2013. The loss is primarily due to loss from share of associates. According to the 2013 annual report footnote, “Middle East Dredging Company Q.S.C. (the associate) is involved in project related dredging and reclamation activities in the Gulf states and other neighboring countries. The associate sustained losses relating to the Satah Al Razboot (SARB) Project. The project has been characterized by various delays and difficulties resulting in a cost overrun on the part of the associate. The management of the associate has submitted a claim to the counterparty in an effort to recover a portion of the cost overruns and the settlement amount is under negotiation. As a result the 45.9% equity holding in the associate is impaired in full as at 31 December 2013”. We note that the SARB project is based in Abu Dhabi and the carrying value of the firm was QR263.8mn in 2012. For FY2013 UDCD’s revenue reached QR2,081.3mn, down by 23.8% YoY as compared to QR2,730.9mn in 2012. The company’s FY2013 net profit decreased by 55.8% YoY to QR322.8mn. EPS amounted to QR0.96 for 2013 as compared to QR2.17 in 2012. Meanwhile, UDCD's board of directors has recommended a cash dividend of 10%, which translates into QR1.00 per share (same as last year), in addition to 5% bonus shares. (QE, Gulf-Times.com)  AKHI posts net profit of QR66mn in 2013 – Al Khaleej Takaful Group (AKHI) posted a net profit of QR66mn in 2013 vs. QR78.2mn in 2012. EPS was QR3.87 in 2013 compared to QR5.50 in 2012. The Board of Directors recommended 30% bonus shares 30% with the results (QR1.00 and 20% stock dividend in 2012). (QE)  QOIS posts net profit of QR19.8mn in 2013 – Qatar Oman Investment Company (QOIS) posted a net profit of QR19.8mn 2013 vs. QR18.8mn in 2012. EPS was QR0.629 in 2013 compared to QR0.596 in 2012. The Board of Directors recommended cash dividends of QR0.60 per share (QR0.50 in 2012). (QE)  QCB to issue T-bills worth QR4bn – The Qatar Central Bank (QCB) will issue treasury bills for periods of three, six and nine months on March 4, 2014. The total amount of issuance is worth QR4bn. (QCB)  QEWS’ AGM approves 75% dividend – Qatar Electricity & Water Company’s (QEWS) AGM approved the distribution of profits of 75% dividend from the original share value. One bonus share will be issued for every ten shares held. (QE)  CBQK’s AGM, EGM to be held on March 16 – The Commercial Bank of Qatar’s (CBQK) announced that its AGM and EGM will be held on March 16, 2014 at Commercial Bank Plaza located on Al Markhiyah Street. The agenda includes board’s approval for increasing the bank’s capital from QR2,474.5mn to QR2,969.4mn by issuing one bonus share to its shareholders for every five shares held, and authorize the board to dispose of fractional shares. (QE)  ABQK approves agenda, 30% bonus shares – Ahli Bank’s (ABQK) AGM has approved its board’s proposal to distribute free shares among its shareholders by an amount of 30% of the bank’s capital. Hence, ABQK approved increasing the bank’s capital by adding 38,122,501 free shares, so that the capital rises to 165,197,503 shares. (QE)  BRES closes candidacy for board membership for 20142016 – Barwa Real Estate Company’s (BRES) announced the closure of nominations for its board of directors for the new term of three years (2014-2016). (QE)  QGRI’s AGM, EGM to be held on March 16 – Qatar General Insurance & Reinsurance Company (QGRI) announced that its AGM and EGM are scheduled to be held on March 16, 2014. The agenda includes the board’s proposal to increase the company’s capital by 20% by giving bonus shares equivalent to one new share for every five existing shares. With this, QGRI’s capital will be raised to QR691.8mn from QR576.5mn. (QE)  Official holiday for Qatar Exchange on March 2 – The Qatar Exchange (QE) will be closed on March 2, 2014 due to an official holiday declared by the Qatar Central Bank. Trading on the exchange will resume on March 3, 2014. (QE)  Lusail Expressway to be ready by 2016 – Ashghal’s Senior Civil Engineer Mohamed Eissa Shamya said that the authority has completed 18% of its overall work on the Lusail Expressway project and expects it to be ready by 4Q2016. Shamya stated that the project includes the reconstruction of the current Lusail Expressway south of the former Arch roundabout to the northern canal corridor. It consists of a 5.3-kilometer long four-lane highway in addition to extra lanes to facilitate traffic between intersections. The project includes three major interchanges: the Wahda Interchange; the Onaiza Interchange, which will be a complete free-flow interchange built on three levels; and the Pearl Interchange that will become a three-level interchange to provide a visually appealing access to Pearl Qatar. (GulfTimes.com) International  UK recovery broadens due to long-awaited investment – Britain's economic recovery broadened in the last three months of 2013, driven by a pick-up in business investment and trade, which will hearten the Bank of England and the government. Consumer spending and a turnaround in the housing market have been the main drivers behind Britain's surprisingly rapid upturn, which started last year. However, recent data suggested a more balanced recovery may be building, little more than a year before a general election. The Office for National Statistics said the UK’s GDP rose by 0.7% in the fourth quarter, which is in line with forecasts and its earlier estimate. That rise capped off the fastest rate of full-year growth since the financial crisis. (Reuters)  French jobless figure rises to record in January – The number of people out of work in France rose by 8,900 in January to reach a record level, with President Francois Hollande's goal of taming unemployment eluded him yet again. The Labor Ministry’s data showed that the number of people registered as jobless reached 3,316,200 in mainland France, up 0.3% MoM and 4.4% YoY. With this, Hollande's popularity has plummeted to record lows, since he failed to live up to his pledge to reduce unemployment by the end of 2013, in the face of a weak recovery in the Eurozone's second-biggest economy. (Reuters)  China lifts FC deposit rates cap in Shanghai FTZ – In a move to further liberalize foreign currency (FC) deposits, China's central bank said it will remove interest rate ceilings on smaller foreign currency deposits in Shanghai Free Trade Zone (FTZ) from March 1 as part of its long-anticipated financial reforms. The People's Bank of China said deposits worth less than $3mn owned by businesses and individuals registered in the FTZ will receive the same rate of interest. Currently, regulatory caps apply to one-year or other shorter-term deposits in US dollars, Japanese yen, Euros and Hong Kong dollars. Deposits worth more than $3mn are not subject to ceilings. Last year, China launched the Shanghai FTZ as a part of its new set of fiscal reforms to halt the slowdown and revitalize its economy. (ET) Page 3 of 6
  4. 4. Regional  Saudi CMA approves ASLAK’s capital rise – The Saudi CMA’s board has approved the United Wire Factories Company’s (ASLAK) request to increase its capital from SR390mn to SR438.8mn by issuing one bonus share for every eight existing shares. This increase will be paid by transferring an amount of SR48.8mn from the retained earnings account. Consequently, the company's outstanding shares will increase from 39mn to 43.9mn shares. Eligibility for the bonus shares is limited to those shareholders who are registered at the close of trading on the day of the extraordinary general assembly, which will be determined later. (Tadawul)  AIG proposes SR129.7mn cash dividend for 2013 – Astra Industrial Group’s (AIG) board of directors has proposed the distribution of cash dividend worth SR129.7mn to its shareholders for 2013. The dividend per share will be SR1.75, representing 17.5% of the par value. Those shareholders who are registered with the Securities Depository Center on the day of the general assembly will be eligible for this dividend (to be announced). (Tadawul)  Bahri receives dry bulk vessel Bahri Wafi – The National Shipping Company of Saudi Arabia (Bahri) announced that its subsidiary Bahri Dry Bulk has received a dry bulk vessel named Bahri Wafi from a Japanese shipyard. This is the fourth vessel delivered among the five vessels that were contracted in 2012. These vessels have a capacity of 82,000dwt and a length of 229 meters, consuming less fuel and ecofriendly. The last vessel under construction is expected to be delivered in 1H2014. The financial impact of the delivered vessel will materialize during 1Q2014. (Tadawul)  APC declares SR204.99mn cash dividends for 2H2013 – Advanced Petrochemical Company’s (APC) board of directors approved to distribute cash dividends of SR204.99mn for 2H2013 by SR1.25 per share, which represents 12.5% of the share capital. Shareholders who are registered with the company at the end of trading on the day of the fifth extraordinary general assembly shall be eligible for this dividend. This brings the total earnings to SR368.89mn for the year ended December 31, 2013, indicating SR2.25 per share. (Tadawul)  SCCI: 96% of Sharjah firms optimistic – The Sharjah Chamber of Commerce & Industry (SCCI), in collaboration with Dun & Bradstreet, released the first Sharjah Chamber Business Confidence Survey, which found that 96% of businesses in the Emirate expect the overall business situation to either improve or maintain its current level over the coming months. The Sharjah Chamber Business Confidence Index stands at 137.6 points in 1Q2014, indicating positive and rising sentiments among the business community. The Sharjah Chamber Business Confidence Survey and its accompanying business confidence indices are expected to become important tools for businesses and policymakers to forecast the short-term economic growth in the Emirate. (GulfBase.com)  UAE’s loan growth exceeds 7% in 2013 – According to the UAE Central Bank, bank lending in the UAE grew 7.1% YoY in 2013. Bank loans grew at their fastest pace since 4Q2009, reaching 7.1% YoY in December 2013. However, loans & advances rose just 0.3% on a MoM basis after a big jump in November. The acceleration in credit growth averaged 5.5% through 2013 (compared with average 2.7% in 2012), providing further evidence of the broader economic expansion in the UAE last year, although private sector credit growth remains lower than in Saudi Arabia and Qatar. (Bloomberg)  MAG Group invests AED15bn in UAE – Dubai-based MAG Group said that it is investing up to AED15bn in Dubai and the rest of the UAE. The group’s projects include a residential development worth AED2bn, located in the Meydan district, which features 106 townhouses and 29 five-storey apartment buildings. MAG Group also expects to launch a AED750mn residential project in Sharjah, a AED700mn Art Centre in Barsha and a AED865mn City of Arabia residential project. (Bloomberg)  Cars Taxi enters Qatari market – Dubai-based Cars Taxi is set to expand its operations by driving into Qatar in the next quarter. Cars Taxi’s Group Executive Director Abdulla Sultan Al Sabbagh said the company will start its operations in the Gulf country in May 2014 with 300 taxis and will expand its fleet by another 200 by the end of June. The company has operations in Singapore, Malaysia, India and Bahrain. (Bloomberg)  Dubai launches 2 more Halal Zones – Economic Zones World (EZW), in collaboration with Dubai Islamic Economy Development Centre (DIEDC), announced a plan to develop two Halal Zones, specifically designed to cater to the Halal product markets. Earlier this week, Dubai Industrial City, a member of Tecom Investments, also announced the launch of Halal Cluster at Gulfood exhibition. (Bloomberg)  Arabtec denies plans to acquire Kuwait's Kharafi National – Dubai-based builder Arabtec denied that it planned to acquire Kuwaiti construction firm Kharafi National. According to sources, Arabtec had been in talks with Kharafi National – a part of the Kharafi Group – to fully acquire the company. (Reuters)  ADPC signs deal with Etihad Rail – Abu Dhabi Ports Company (ADPC) has signed a deal with Etihad Rail to provide the framework for an integrated bulk and container railway terminal facility to be built at the Khalifa Port. The 1,200 kilometers long Etihad Rail network will complement ADPC’s transportation and industrial infrastructure interlinking its facilities, Khalifa Industrial Zone Abu Dhabi (Kizad) and the adjacent Khalifa Port. After it is integrated with ADPC’s infrastructure, the railway network will offer an enhanced transportation system to logistics companies, combining sea, road and rail transport. The network will also form a vital part of a wider GCC railway network, connecting the UAE with Bahrain, Kuwait, Oman, Qatar and Saudi Arabia. (Bloomberg)  HSBC Bank Oman approves CEO transition plans – HSBC Bank Oman’s board of directors has approved the transition plans for the bank’s Chief Executive Officer as part of the succession plans for senior executives. Mr. Ewan Stirling will take on a new role as Head of UK Transformation with the HSBC Group based in London. A senior and well-experienced successor has been identified from within the HSBC Group. These appointments will be effective only on regulatory approval and following HSBC Bank Oman’s Annual General Meeting. (MSM)  BEDB: Bahrain attracts 35 foreign investments in 2013 – Bahrain Economic Development Board (BEDB) revealed that 35 new international businesses established operations in the Kingdom in 2013 as a result of direct outreach activities carried out by the BEDB. This is in line with BEDB’s efforts to promote Bahrain’s business environment and to attract more FDI to the Kingdom. In 2013, the BEDB attracted $114mn worth of foreign investment into the country from North America, Europe and Asia – a 12% rise over 2012. This boost will help create around 800 jobs in the Kingdom over the next three years across a range of sectors, including financial and professional services, logistics, manufacturing and healthcare. (GulfBase.com) Page 4 of 6
  5. 5.  CINEMA declares 50% cash dividend – Bahrain Cinema Company’s (CINEMA) board of directors has recommended a cash dividend of 50% (20% bonus share) to its shareholders who are registered on the date of the AGM & EGM. (Bahrain Bourse) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 1.0% 0.5% 0.5% 144.4 (0.0%) (0.5%) S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price* Euro Source: Bloomberg (*Market Closed on February 26, 2014) Close ($) 1D% WTD% YTD% 1,330.57 (0.8) 0.5 10.4 21.24 (2.8) (2.8) 9.1 109.52 0.0 (0.3) 4.84 (7.3) 116.75 Global Indices Performance Close 1D% WTD% YTD% 16,198.41 0.1 0.6 (2.3) S&P 500 1,845.16 0.0 0.5 (0.2) (1.2) NASDAQ 100 4,292.06 0.1 0.7 2.8 (22.1) 11.4 STOXX 600 337.70 (0.2) 0.5 2.9 (3.7) (13.7) (7.7) DAX 9,661.73 (0.4) 0.0 1.1 123.00 0.0 (4.3) (9.4) FTSE 100 6,799.15 (0.5) (0.6) 0.7 DJ Industrial 1.37 (0.4) (0.4) (0.4) CAC 40 102.38 0.1 (0.1) (2.8) Nikkei GBP 1.67 (0.1) 0.3 0.7 MSCI EM CHF 1.12 (0.4) (0.3) 0.3 SHANGHAI SE Composite AUD 0.90 (0.6) (0.1) 0.6 USD Index 80.43 0.4 0.2 RUB 36.02 1.0 1.4 BRL 0.43 (0.4) (0.2) 0.6 Yen Dubai May-13 Oman Oct-12 Abu Dhabi QE Index Mar-12 (0.6%) Bahrain Aug-11 (0.1%) Kuwait * (1.0%) Jan-11 0.0% 0.0% 0.0% 0.0% Qatar 131.5 Saudi Arabia Jun-10 170.1 4,396.91 (0.4) 0.4 2.4 14,970.97 (0.5) 0.7 (8.1) 956.26 0.1 (0.3) (4.6) 2,041.25 0.3 (3.4) (3.5) HANG SENG 22,437.44 0.5 (0.6) (3.7) 0.5 BSE SENSEX 20,986.99 0.6 1.4 (0.9) 9.6 Bovespa 46,599.21 (0.2) (1.6) (9.5) 1,286.07 (1.6) (2.2) (10.9) Source: Bloomberg (*Market closed on February 26, 2014) 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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