Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.7% to close at 12,860.3. Losses were led by the...
Page 2 of 5
Qatar Market Commentary
 The QE index declined 0.7% to close at 12,860.3. The Telecoms
and Industrials indice...
Page 3 of 5
 QE deposits DOHI’s rights issue shares – The Qatar Central
Securities Depository (QCSD) announced that the r...
Page 4 of 5
Company’s (RSH) EGM has approved the board’s
recommendation of 50% increase in its share capital from
SR400mn ...
Contacts
Saugata Sarkar Keith Whitney Sahbi Kasraoui
Head of Research Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 T...
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27 April Daily market report

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27 April Daily market report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 0.7% to close at 12,860.3. Losses were led by the Telecoms and Industrials indices, falling 1.9% and 1.4% respectively. Top losers were Ezdan Holding Group and Aamal Co., falling 9.9% and 8.1% respectively. Among the top gainers, United Development Co. rose 7.0%, while Gulf Warehousing Co. gained 2.5%. GCC Commentary Saudi Arabia: The TASI index rose 0.2% to close at 9,574.9. Gains were led by the Ins. and Agri. & Food Ind. indices, rising 3.0% and 2.1% respectively. Al Rajhi Co. for Coop. Ins. gained 10.0%, while Walaa Insurance was up 9.8%. Dubai: The DFM index gained 0.6% to close at 5,116.5. The Telecom. index rose 1.7%, while the Real Estate & Construction index was up 1.6%. Gulf Navi. Holding Co. surged 14.7%, while The National Ind. Group was up 10.6%. Abu Dhabi: The ADX benchmark index declined 0.3% to close at 5,153.2. The Inv. & Fin. Services index fell 3.4%, while Industrial index was down 1.6%. Al Khazna Ins. Co. declined 9.4%, while RAK White Cement was down 5.8%. Kuwait: The KSE index fell 0.3% to close at 7,426.2. The Telecom. index declined 2.2%, while the Consumer Serv. index was down 0.7%. Kuwait Build. Materials Manu. fell 10.9%, while Future Kid Ent. & Real Est. was down 6.7%. Oman: The MSM index declined 0.8% to close at 6,717.1. Losses were led by the Services and Financial indices, falling 0.6% and 0.5% respectively. Oman Telecom. declined 4.7%, while Alizz Islamic Bank was down 4.0%. Bahrain: The BHB index rose marginally to close at 1,418.9. The Services index gained 0.8%, while Investment index was up 0.4%. Albaraka Banking Group gained 9.0%, while Esterad Investment Co. was up 6.3%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% United Development Co. 26.10 7.0 6,746.2 21.2 Gulf Warehousing Co. 57.00 2.5 32.2 37.3 Medicare Group 87.10 2.5 474.3 65.9 Islamic Holding Group 72.00 2.1 532.1 56.5 Al Ahli Bank 53.80 1.5 0.6 27.2 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 26.10 7.0 6,746.2 21.2 Barwa Real Estate Co. 38.20 (1.5) 2,880.9 28.2 Mazaya Qatar Real Estate Dev. 19.91 (7.4) 2,500.7 78.1 Qatar German Co for Med. Dev. 15.05 (2.3) 2,052.6 8.7 Qatar Gas Transport Co. 23.97 0.5 1,641.2 18.4 Market Indicators 27 Apr 14 24 Apr 14 %Chg. Value Traded (QR mn) 1,062.8 1,192.9 (10.9) Exch. Market Cap. (QR mn) 777,289.3 796,220.0 (2.4) Volume (mn) 28.8 30.2 (4.7) Number of Transactions 12,158 13,406 (9.3) Companies Traded 43 42 2.4 Market Breadth 11:29 20:20 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 19,177.55 (0.7) (0.7) 29.3 N/A All Share Index 3,306.73 (0.8) (0.8) 27.8 15.9 Banks 3,150.43 (1.0) (1.0) 28.9 15.6 Industrials 4,394.49 (1.4) (1.4) 25.6 16.0 Transportation 2,388.50 0.9 0.9 28.5 15.7 Real Estate 2,638.46 0.8 0.8 35.1 16.9 Insurance 3,342.09 (0.9) (0.9) 43.1 8.8 Telecoms 1,703.27 (1.9) (1.9) 17.2 24.1 Consumer 7,572.44 0.6 0.6 27.3 30.4 Al Rayan Islamic Index 4,237.60 (0.9) (0.9) 39.6 19.1 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Enaya Coop. Ins. Saudi Arabia 47.97 9.7 4,449.9 19.0 Albaraka Banking Bahrain 0.85 9.0 10.0 19.9 Nat. Mar. Dred. Co. Abu Dhabi 9.30 7.4 15.2 8.1 United Develop. Co. Qatar 26.10 7.0 6,746.2 21.2 Med.& Gulf Ins. & Rein. Saudi Arabia 36.95 5.9 6,359.7 5.9 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Ezdan Holding Group Qatar 45.30 (9.9) 1,114.9 166.5 Aamal Co. Qatar 18.40 (8.1) 662.7 22.7 Mannai Corp Qatar 115.00 (5.7) 40.1 27.9 Oman Telecom. Co. Muscat 1.42 (4.7) 20,987.5 (5.6) Saudi Printing & Pack. Saudi Arabia 27.01 (4.5) 3,511.0 13.2 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% Ezdan Holding Group 45.30 (9.9) 1,114.9 166.5 Aamal Co. 18.40 (8.1) 662.7 22.7 Mazaya Qatar Real Estate Dev. 19.91 (7.4) 2,500.7 78.1 Mannai Corp. 115.00 (5.7) 40.1 27.9 Vodafone Qatar 17.41 (3.1) 1,572.8 62.6 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% United Development Co. 26.10 7.0 170,802.6 21.2 Barwa Real Estate Co. 38.20 (1.5) 110,347.9 28.2 Industries Qatar 184.50 (0.3) 58,606.7 9.2 Ezdan Holding Group 45.30 (9.9) 57,444.8 166.5 Mazaya Qatar Real Estate Dev. 19.91 (7.4) 50,828.4 78.1 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* 12,860.34 (0.7) (0.7) 10.5 23.9 291.88 213,443.6 16.2 2.1 3.9 Dubai 5,116.49 0.6 0.6 15.0 51.8 608.70 98,784.9 21.4 1.9 2.0 Abu Dhabi 5,153.15 (0.3) (0.3) 5.3 20.1 193.83 138,253.7 15.5 2.0 3.4 Saudi Arabia 9,574.86 0.2 0.2 1.1 12.2 2,823.01 519,753.7 19.1 2.4 3.0 Kuwait 7,426.23 (0.3) (0.3) (1.9) (1.6) 73.33 115,598.6 16.8 1.2 4.1 Oman 6,717.12 (0.8) (0.8) (2.0) (1.7) 83.89 24,166.9 11.6 1.6 3.9 Bahrain 1,418.94 0.0 0.0 4.6 13.6 1.52 53,316.9 9.9 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) 12,800 12,850 12,900 12,950 13,000 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5 Qatar Market Commentary  The QE index declined 0.7% to close at 12,860.3. The Telecoms and Industrials indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Ezdan Holding Group and Aamal Co. were the top losers, falling 9.9% and 8.1% respectively. Among the top gainers, United Development Co. rose 7.0%, while Gulf Warehousing Co. gained 2.5%.  Volume of shares traded on Sunday fell by 4.7% to 28.8mn from 30.2mn on Thursday. However, as compared to the 30-day moving average of 26.8mn, volume for the day was 7.5% higher. United Development Co. and Barwa Real Estate Co. were the most active stocks, contributing 23.4% and 10.0% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings Earnings Releases Company Market Currency Revenue (mn)1Q2014 % Change YoY Operating Profit (mn) 1Q2014 % Change YoY Net Profit (mn) 1Q2014 % Change YoY Aramex (ARMX) Dubai AED 852.0 6.1% – – 78.7 NA Emirates Telecommunications Corporation (Etisalat) Abu Dhabi AED 9899.0 3.1% – – 2024.0 10.9% Mabanee Real Estate Co.* Kuwait KD 79.4 NA – – 47.9 43.8% Al Rai Media Group Co. Kuwait KD 4.0 NA – – 1.0 NA Oman Cables Industry (OCI) Oman OMR 64.7 NA – – 3.5 9.4% Dhofar Insurance Co. Oman OMR 18.4 13.1% 3.3 39.2% 1.7 5.1% BMMI Bahrain BHD 25.9 7.4% 2.4 22.6% 2.9 15.1% Source: Company data, DFM, ADX, MSM (* FY2013 results) News Qatar  IQCD posts QR1.59bn net profit in 1Q2014 missing our estimate by 5.6% and consensus by 12.3% – Industries Qatar (IQCD) posted a net profit of QR1.59bn in 1Q2014 vs. our estimate of QR1.68bn and Bloomberg consensus estimate of QR1.81bn. The group reported revenue of QR1.32bn (steel segment only) for 1Q2014, down 20.6% as compared to 1Q2013. However, on a like-for-like basis, management reporting revenue - assuming proportionate consolidation - was QR4.2bn, a decrease of QR1.1bn (-20.9%). Results in the quarter were impacted by planned maintenance-related shutdowns. The Minister of Energy & Industry and IQCD Chairman and Managing Director, HE Dr Mohamed bin Saleh al- Sada said the timely completion of a significant proportion of the group’s 2014 shut-down plan is an important development, as it assures shareholders on the importance placed on regular and thorough maintenance of the group’s assets. We maintain our Market Perform rating along with a price target of QR195.77. (QNBFS Research, Gulf-Times.com, Peninsula Qatar)  UDCD reports QR352mn net profit in 1Q2014 – The United Development Company (UDCD) has reported a net profit (attributable to shareholders) of QR352mn in 1Q2014. Earnings per share stood at QR0.99 in 1Q2014 as compared to QR0.59 in 1Q2013, up 68%. (Gulf-Times.com)  QIMD posts net profit of QR46mn in 1Q2014 – Qatar Industrial Manufacturing Company (QIMD) posted a net profit of QR46mn vs. QR40mn for the corresponding period in 2013. EPS amounted to QR0.97 as of March 31, 2014 versus QR0.85 of the same period in 2013. (QE)  Ashghal starts work on a new East-West expressway – The Public Works Authority (Ashghal) has commenced work on a new expressway project – the East West Corridor in south Doha, which will connect the Orbital Highway to the Hamad International Airport. The new East West Corridor road – described as Qatar’s widest – will feature five lanes in each direction stretching from west of Barwa City to Al Matar Street south of the Air Force Roundabout. Construction will be simultaneously undertaken on the East and the West Corridor and the preliminary work, including temporary fencing and debris clearance, has already begun. The project, comprising construction of 22 kilometers of a new dual carriageway, will have eight grade-separated interchanges. They will provide new access to key roads and residential areas like Al Matar Street, Najma Street Extension, Barwa Access Road and the new Al Wakrah Bypass. (Gulf-Times.com)  Qatar Rail deal places insurance firms on fast lane of growth – The domestic insurance industry in Qatar, appears to be bullish with Qatar Rail awarding a largest-ever deal to the Qatar Insurance Company-led consortium. According to sources, this deal is going to change the scenario in the insurance industry, which has been facing margin erosion in the recent past. Qatar Rail – which is building the Doha Metro, Lusail Light Rail Transit and Long Distance Freight and Passenger rail lines – recently awarded the insurance of single project tunneling & rail construction to a consortium of insurance companies. (Gulf-Times.com)  MRDS to disclose 1Q2014 results on April 30 – Mazaya Qatar Real Estate Development Company (MRDS) will disclose its 1Q2014 financial results on April 30, 2014. (QE)  ZHCD to disclose 1Q2014 results on April 30 – Zad Holding Company (ZHCD) will disclose its 1Q2014 financial results on April 30, 2014. (QE) Overall Activity Buy %* Sell %* Net (QR) Qatari 75.68% 76.43% (8,094,670.88) Non-Qatari 24.33% 23.57% 8,094,670.88
  3. 3. Page 3 of 5  QE deposits DOHI’s rights issue shares – The Qatar Central Securities Depository (QCSD) announced that the rights issue shares have been added to the accounts of Doha Insurance Company’s (DOHI) shareholders, which was done after the company’s capital was increased to QR500mn distributed over 50mn shares. The company’s shareholders will be able to trade these shares from today. Further, the free float number of shares has increased to 49.45mn. (QE) International  Fed may offer clues on rate timing conundrum – Policymakers in the US are expected to give clear guidance on the future path of interest rates this week and settle markets that are uncertain about how and when a hike would occur. Global financial markets are still on alert regarding developments in Ukraine, with the US and its G7 partners preparing tougher sanctions against Russia. However, investors will have much to chew over, including the Federal Reserve and the Bank of Japan policy meetings, along with data from the US growth and jobs to Eurozone inflation. The US central bank is likely to announce a further $10bn reduction of its monthly bond purchases, but markets will read its latest statement closely for clues to when interest rates might start rising. In March 2014, the Fed jettisoned its specific promise to maintain low borrowing costs until unemployment falls below 6.5%, which stood at 6.7% in March. Instead, the Fed said rates would stay low for a considerable time after its bond-buying program ends later this year. (Reuters)  German FM open to tax cuts when budget allows – According to sources, German Finance Minister Wolfgang Schaeuble is open to reforming the country’s tax system in a way that would cut the tax bill for many, provided the budget allows it. Record tax revenues have triggered calls from some conservatives to change the mechanism of so-called ‘cold progression’, under which income tax brackets are not adjusted for inflation. The Finance Ministry ends up raking in billions of euros in extra revenues as a result. Schaeuble stated that the subject of cold progression would be tackled as soon as there is room in the budget and there is willingness among all the coalition partners. He added that he had always pushed for lowering hidden tax rises resulting from a rigid system. (Reuters)  Deflation, EM concerns set scene for toughest EU bank tests – Fears of deflation in the Eurozone, turmoil in emerging markets (EMs) and a determination not to repeat past mistakes mean that European regulators are likely to come up with the toughest ever set of tests for the region's banks. The European Banking Authority will shortly reveal the crisis scenarios that banks will have to prove they can withstand without resorting to the kind of taxpayer bailouts that nearly bankrupted some countries during the financial crisis. Banks that fall short of capital under the hypothetical scenarios will have to produce a plan to boost their reserves by raising fresh funds from investors, selling assets or hanging on to profits instead of paying dividends. Banks have already raised billions in capital and made other reforms ahead of the tests, which regulators hope will finally banish any investor doubts. The European economy has rallied since the last round of bank stress tests three years ago, supporting the notion that the worst of the euro zone crisis has passed. (Reuters)  Japan retail sales rise at fastest pace in 17 years before tax hike – Retail sales in Japan rose in March at their fastest pace in 17 years as consumers went on a shopping spree before a national sales tax hike took effect on April 1, 2014. The 11% annual increase in retail sales matched the median estimate and marked the fastest gain since the last time the government raised the sales tax in 1997, as consumers stocked up on electronics, toiletries and clothes to avoid paying higher prices. The data suggest that in the immediate aftermath of the sales tax increase consumer spending will fall, but the decline will still be within the central bank's expectations. Economists also expect sales to bounce back in May 2014, meaning the economic recovery is unlikely to be derailed. (Reuters) Regional  PetroRabigh restarts VGO unit after maintenance – Rabigh Refining & Petrochemical Company (PetroRabigh) announced that the catalyst replacement work at its Vacuum Gas Oil Hydro Treating Unit (VGO) has been completed. The mentioned unit and other units that are integrated to it have been successfully started on April 25, 2014 after the maintenance work. (Tadawul)  UCA’s BoD recommends capital increase through rights issue – The United Cooperative Assurance Company’s (UCA) board of directors has recommended an increase in the company's capital through a rights issue of a total value of SR140mn. The issue date will be the close of trading on the extraordinary general assembly day. The company intends to use the issue proceeds to maintain the solvency margin of the business and support its future growth. (Tadawul)  Al Alamiya’s BoD recommends capital rise through rights issue – Al Alamiya for Cooperative Insurance Company’s (Al Alamiya) board has recommended an increase in the company's capital through a rights issue of a total value of SR200mn. The issue date will be the close of trading on the extraordinary general assembly day. The company intends to use the issue proceeds to maintain the solvency margin of its business and support its future growth. (Tadawul)  UAE regulator cuts minimum sukuk size, eases securities borrowing – The UAE's financial market regulator has set new rules for Islamic and corporate bonds to encourage trading in them, and amended rules on securities lending and borrowing to make it easier for foreign institutions to operate. The Securities and Commodities Authority’s (SCA) CEO Abdullah Salem al- Turifi said that the changes are part of plans to introduce at least two new rules covering the stock exchanges every year, in an effort to have the Arab world's second biggest economy upgraded to developed market status in 2018. UAE equity markets are expected to see more participation by foreign investors after late May, when international index compiler MSCI will raise the country to emerging market from frontier market status. (Reuters)  Shurooq signs deal with Ex-Im Bank – The Sharjah Investment & Development Authority (Shurooq) has signed a MoU with Export-Import Bank of the US (Ex-Im Bank) with an aim to promote cooperation and serve their common objectives. Under the agreement terms, both Shurooq and Ex-Im Bank have agreed to exchange information on trade and business opportunities. (GulfBase.com)  Zulekha Hospital plans to tap banks for loans – UAE-based Zulekha Hospital's CEO Zanubia Shams said the hospital plans to raise AED500mn through bank loans and internal resources to support its expansion and doubling of staff over the next few years. Zanubia Shams said the group plans to expand its Dubai facility, open a new hospital in India as well as look for starting operations in Abu Dhabi and Ras Al Khaimah. She said that the group will expand its existing facility in Al Qusais, Dubai, which is scheduled to open in 2017 and the number of employees are expected to be doubled to 2,000. (Bloomberg)  RSH’s EGM approves 50% capital rise; Tadawul deposits RSH’s bonus shares – The Red Sea Housing Services
  4. 4. Page 4 of 5 Company’s (RSH) EGM has approved the board’s recommendation of 50% increase in its share capital from SR400mn to SR600mn, by issuing one bonus share for every two shares owned. This increase will be financed through transferring SR200mn from the retained earnings account. Consequently, the company’s outstanding shares will increase from 40mn to 60mn shares. The EGM further approved the board’s recommendation for distributing 12.5% cash dividends (SR1.25 per share), amounting to SR75mn to its shareholders. Meanwhile, the Saudi Stock Exchange (Tadawul) has added RSH’s bonus shares into its investors’ portfolios. The fluctuation limit for the company’s shares on April 27, 2014 will be based on a stock price of SR60.95. (Tadawul)  Ajman Bank signs deal with Al Ramz Capital – Ajman Bank has signed a strategic alliance with Al Ramz Capital, aiming to provide its customers with the services to trade on the UAE's stock market. (GulfBase.com)  UFC declares 10% dividend for FY2013 – The United Foods Company’s (UFC) AGM has approved the board’s recommendation for distributing 10% cash dividend for the year ended December 31, 2013. (DFM)  SICO declares AED13.75mn dividend – The Sharjah Insurance Company’s (SICO) AGM has approved the distribution of 10% cash dividend, amounting to AED13.75mn to its shareholders. (ADX)  Kuwait issues new rules for increasing company stakes – Kuwait's financial regulator issued new rules which will allow major shareholders to increase their ownership in listed companies without having to make an offer for all of the shares, a move which could help drive acquisitions. At present, investors wishing to increase their stake in a company to more than 30% must offer to buy all of its shares under the same price and conditions. The Capital Markets Authority (CMA) said that under the new rules, shareholders with a stake of between 30 and 49% can increase their holding by up to 2% points without triggering the automatic offer. Shareholders with 50% or more can increase their stake by up to 5% points without making an offer to all shareholders. (Reuters)  Kuwait Airways brings down cost of Airbus deal by 10% – Kuwait Airways Corporation has revised the specifications and the conditions in the deal involving a lease of 12 and purchase of another 25 new Airbus planes. This has brought down the cost of the deal by 10%. (GulfBase.com)  Kuwait’s traveling expenditure up by 17.5% in 2013 – According to the figures released by the Central Bank of Kuwait (CBK), traveling expenditure in Kuwait has increased by 17.5% in 2013, registering KD2.96bn from KD2.52bn in 2012. The annual travel expenditure is rising rapidly, especially due to the growing number of travelers and the security and political turmoil in some Arab countries considered as the favorite traveling destinations for Kuwaitis, such as Egypt, Lebanon and Syria. Some European countries, Turkey and the UAE have benefited from the conflict, attracting a large number of Kuwaiti tourists. (GulfBase.com)  KPC signs LNG importing contract with Qatargas – Kuwait Petroleum Corporation (KPC) has signed a contract with Qatargas to import a part of its needs of liquefied natural gas (LNG) till the end of 2014. (Bloomberg)  Mabanee’s BoD recommends cash dividend, bonus shares – Mabanee Real Estate Company’s board has recommended the distribution of cash dividend worth 25 fils per share and 5% bonus shares for the year ended December 31, 2013. (Gulfbase.com)  Duqm Frontier Town launched – Duqm Development Company has launched the first phase of the Duqm Frontier Town Project in the Duqm industrial zone. The first phase is spread over 23 hectares and offers 344 fully furnished residential units, including 250 apartments and 94 villas. Further, the construction of the second phase, which will deliver over 500 residential units, is expected to be completed by 2018. The second phase will be constructed over an area of 29 hectares with an investment of around OMR60mn. (GulfBase.com)  OCL’s container feeder service surges in 2013 – Oman Container Lines (OCL) has reported a dramatic rise in the utilization of its flagship container feeder service, the Gulf Express Service (GEX). GEX connects the ports of Muscat and Sohar with Jebel Ali in the UAE. Container volumes carried in 2013 surged to around 174,000 TEUs, up from 34,740 TEUs in 2012. Average utilization soared to 81.86% in 2013, up from 35% in 2012. (GulfBase.com)  Oman Oil hires JPMorgan to advice on credit rating plans – According to sources, the Oman Oil Company has hired JPMorgan Chase & Co. to advice on its plans to seek credit rating. A credit rating from a leading agency such as Standard & Poor’s or Moody’s would allow the oil producer to potentially sell bonds and tap a larger group of investors. (GulfBase.com)  HLG secures $32mn EPC contract with OARC – Habtoor Leighton Group (HLG) has secured a contract worth $32mn from Oman Aluminium Rolling Company (OARC) for the engineering, procurement and construction (EPC) of a state-of- the-art coil coating plant. The coil coating plant is part of OARC’s new rolling facilities that began commercial operations in 2014, with the plant reaching its full 160,000 ton production capacity by 2019. (Bloomberg)  Batelco to provide complete ICT infrastructure for ABG – Bahrain Telecommunications Company (Batelco) has signed an agreement with Al Baraka Banking Group (ABG) to provide ICT Infrastructure and system works for Al Baraka’s ABG Towers Project, the banking group’s new headquarters at Bahrain Bay. (Bahrain Bourse)
  5. 5. Contacts Saugata Sarkar Keith Whitney Sahbi Kasraoui Head of Research Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@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 5 of 5 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 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC 0.2% (0.7%) (0.3%) 0.0% (0.8%) (0.3%) 0.6% (1.2%) (0.8%) (0.4%) 0.0% 0.4% 0.8% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,303.20 0.0 0.0 8.1 DJ Industrial 16,361.46 0.0 0.0 (1.3) Silver/Ounce 19.69 0.0 0.0 1.1 S&P 500 1,863.40 0.0 0.0 0.8 Crude Oil (Brent)/Barrel (FM Future) 109.58 0.0 0.0 (1.1) NASDAQ 100 4,075.56 0.0 0.0 (2.4) Natural Gas (Henry Hub)/MMBtu 4.70 0.0 0.0 8.2 STOXX 600 333.50 0.0 0.0 1.6 LPG Propane (Arab Gulf)/Ton 110.75 0.0 0.0 (12.3) DAX 9,401.55 0.0 0.0 (1.6) LPG Butane (Arab Gulf)/Ton 122.63 0.0 0.0 (10.2) FTSE 100 6,685.69 0.0 0.0 (0.9) Euro 1.38 0.0 0.0 0.7 CAC 40 4,443.63 0.0 0.0 3.4 Yen 102.16 0.0 0.0 (3.0) Nikkei 14,429.26 0.0 0.0 (11.4) GBP 1.68 0.0 0.0 1.5 MSCI EM 993.35 0.0 0.0 (0.9) CHF 1.13 0.0 0.0 1.3 SHANGHAI SE Composite 2,036.52 0.0 0.0 (3.8) AUD 0.93 0.0 0.0 4.1 HANG SENG 22,223.53 0.0 0.0 (4.6) USD Index 79.75 0.0 0.0 (0.4) BSE SENSEX 22,688.07 0.0 0.0 7.2 RUB 36.04 0.0 0.0 9.6 Bovespa 51,399.35 0.0 0.0 (0.2) BRL 0.45 0.0 0.0 5.4 RTS 1,119.37 0.0 0.0 (22.4) 184.8 152.7 139.3

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