QE Intra-Day Movement
24 Oct 13
27 Oct 13
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Number of Transactions
The QE index rose 0.2% to close at 9,669.7. Gains were led by the Telecoms
and Consumer Goods & Services indices, gaining 0.6% and 0.4% respectively.
Top gainers were Islamic Holding Group and Qatar Industrial Manufacturing
Co., rising 3.8% and 3.0% respectively. Among the top losers, Qatar General
Ins. & Rein. Co. fell 1.8%, while Salam International Inv. Co. declined 1.4%.
All Share Index
Al Rayan Islamic Index
GCC Top Gainers##
Saudi Arabia: The TASI index declined 0.6% to close at 8,125.4. The Hotel &
Tourism index fell 5.5%, while the Petrochem Ind. index was down 1.8%. AlTayyar Travel Group declined 6.8%, while National Petrochemical fell 3.9%.
Nat. Marine Dredging
United Arab Bank
Dubai: The DFM index rose 0.5% to close at 2,924.0. The Insurance index
gained 2.3%, while the Real Estate & Construction index gained 1.2%. Arab
Ins. Group surged 14.6%, while National General Insurance gained 10.5%.
Abu Dhabi: The ADX benchmark index gained 0.2% to close at 3,891.1. The
Industrial and Investment & Financial Ser. indices rose 2.8% each. Arkan
Build. Mat. surged 14.5%, while Umm Al-Qaiwain Cement Ind. gained 14.4%.
Qatar Ind. Manuf. Co.
GCC Top Losers
Kuwait: The KSE index rose 0.4% to close at 7,989.6. Gains were led by the
Oil & Gas and Basic Material indices, rising 1.5% and 1.1% respectively. AlMassaleh Real Estate rose 9.4%, while Real Est. Trade Centers was up 8.9%.
Abu Dhabi Nat. Hotels
Al Tayyar Travel Group
Oman: The MSM index declined 0.2% to close at 6,651.2. Losses were led by
the Banking & Investment and Industrial indices, declining 0.2% each. Oman
United Insurance fell 1.8%, while Al Sharqia Inv. Holding was down 1.6%.
Nat. Bank Of Bahrain
National Petro. Co.
Nat. Mobile Telecom.
Bahrain: The BHB index fell 0.4% to close at 1,198.2. The Commercial
Banking and Services indices declined 0.7% each. National Bank of Bahrain
fell 4.7%, while Khaleeji Commercial Bank was down 1.9%.
1D% Vol. ‘000
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)
Islamic Holding Group
Qatar Exchange Top Gainers
Qatar General Ins. & Reins. Co.
Salam International Inv. Co.
Qatar Exchange Top Losers
Qatar Industrial Manufacturing Co.
Qatar German Co. for Med. Dev.
Doha Insurance Co.
Qatar & Oman Investment Co.
United Development Co.
Qatar Electricity & Water Co.
Gulf International Services
Qatar Exchange Top Vol. Trades
Qatar Exchange Top Val. Trades
Barwa Real Estate Co.
Salam International Investment Co.
Barwa Real Estate Co.
United Development Co.
Commercial Bank of Qatar
Qatari Investors Group
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Exch. Val. Traded
Cap. ($ mn)
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 5
Qatar Market Commentary
The QE index rose 0.2% to close at 9,669.7. The Telecoms and
Consumer Goods & Services indices led the gains. The index
rose on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
Islamic Holding Group and Qatar Industrial Manufacturing Co.
were the top gainers, rising 3.8% and 3.0% respectively. Among
the top losers, Qatar General Ins. & Rein. Co. fell 1.8%, while
Salam International Investment Co. declined 1.4%.
Source: Qatar Exchange (* as a % of traded value)
Volume of shares traded on Sunday declined by 5.2% to 4.0mn
from 4.2mn on Thursday. Further, as compared to the 30-day
moving average of 6.8mn, volume for the day was 41.2% lower.
Barwa Real Estate Co. and Salam International Investment Co.
were the most active stocks, contributing 20.7% and 16.1% to
the total volume respectively.
Saudi Basic Industries Corp.
Al Sagr Co-operative
Insurance Co. (ASCIC)
Saudi Printing & Packaging
Saudi Steel Pipe Co. (SSP)
Saudi Automotive Services
Saudi Industrial Investment
Saudi Research and
Marketing Group (SRMG)
Emaar The Economic City
Saudi Industrial Export Co.
Arabian Cement Co. (ACC)
Al Hassan Ghazi Ibrahim
Mouwasat Medical Services
SABB Takaful (SABB)
Company Saudi Arabia
The National Shipping Co. of
Saudi Arabia (Bahri)
Allied Cooperative Insurance
Tabuk Cement Co. (TCC)
Saudi Electricity Co. (Saudi
Saudi Airlines Catering Co.
Allianz Saudi Fransi
Cooperative Insurance Co.
Oman Flour Mills*
Dhofar Insurance Co. (DIC)*
National Hotels Co. (NHC)
Net Profit (mn)
Source: Company data, DFM, ADX, MSM (*Results for nine months ended September 30, 2013)
Page 2 of 5
BCG adjudges QNB Group among Top Ten Value Creators –
QNB Group has been adjudged as one of the Top Ten Value
Creators during the post-2008 financial crisis period. Boston
Consulting Group’s (BCG), 15th annual Value Creators Report
analyzed the performances of various global banks during 20082012, and ranked QNB Group at the seventh position in the
―Global Top Ten Banks‖ category, above other banking majors
from countries like Indonesia, India and Malaysia. In BCG’s
global ranking, QNB Group found its place among the top 10
value creators in 25 industrial sectors that delivered growth
ranging from 6% to 27% on average per year. (Peninsula Qatar)
BRES reports net profit of QR268.3mn in 3Q2013 – Barwa
Real Estate Company (BRES) reported a net profit of
QR268.3mn in 3Q2013 as compared to QR40.6mn in 2Q2013
(up 44.7% YoY). Total revenues and gains rose by 56.9% QoQ
(+19.8% YoY) to QR571.3mn in 3Q2013. EPS amounted to
QR1.20 for the nine months ended September 30, 2013 as
compared to QR2.00 for the corresponding period in 2012. (QE)
MERS reports net profit of QR33.4mn in 3Q2013 – Al Meera
Consumer Goods Company (MERS) reported a net profit of
QR33.4mn in 3Q2013, indicating an increase of 4.9% QoQ
(+22.9% YoY). Sales rose by 5.9% QoQ (+16.1% YoY) to
QR472.8mn in 3Q2013. (QE)
AKHI’s net profit declines 61% QoQ in 3Q2013 – Al Khaleej
Takaful Group (AKHI) has reported a net profit of QR4.6mn in
3Q2013, reflecting a decline of 61% QoQ (+8.5% YoY).
Earnings per share (EPS) amounted to QR1.93 for the nine
months ended September 30, 2013 as compared to QR4.45 for
the corresponding period in 2012. Total investment and other
income in 3Q2013 fell 34.7% QoQ (-3.4% YoY) to QR13.9mn.
QA to add new routes to UAE – Qatar Airways (QA) will
launch two new routes to Sharjah and Dubai World Central in
the UAE from March 1, 2014. QA said there will be 14 flights a
week to each of these destinations. (Gulf-Times.com)
ECB's Christian Noyer: Tobin tax poses enormous risk,
must be revised – European Central Bank (ECB) policymaker
Christian Noyer said the proposed financial transactions tax
(FTT) across 11 Eurozone countries needs to be revised,
otherwise it could result in financial instability. Having failed to
persuade all the 27 EU member states to sign in, 11 countries
led by France and Germany have agreed to press ahead with
the so-called ―Tobin tax‖ on stocks, bonds, derivatives,
repurchase agreements and securities lending. Noyer said the
proposals by the European Commission pose an enormous risk
in terms of output reduction in the FTT jurisdiction; increased
cost of capital for governments and corporate enterprises; a
significant relocation of trading activities and decreased liquidity
in the markets. (Economic Times)
German FM drops debt repayment goal – German Finance
Minister Wolfgang Schaeuble appears to have dropped his
insistence on starting to pay back the country's debt from 2015,
focusing instead on not borrowing more and not raising taxes.
Schaeuble said the aim is to issue no new debt from 2015 and
to cut the debt-to-GDP ratio to below 60% from the current 80%
within 10 years. (Reuters)
QOIS’ net profit declines 23.7% QoQ in 3Q2013 – Qatar
Oman Investment Company (QOIS) has reported a net profit of
QR2.3mn in 3Q2013, indicating a decline of 23.7% QoQ (64.2% YoY). EPS amounted to QR0.49 for the nine months
ended September 30, 2013 as compared to QR0.609 for the
corresponding period in 2012. Net investment & interest income
fell by 16.4% QoQ (-52.1% YoY) to QR3.4mn. (QE)
SABIC finds improving outlook for 2014; plans second
bond sale this year – Saudi Basic Industries Corp’s (SABIC)
CEO Mohamed al-Mady said the outlook for 2014 is improving
and it will be similar to 2013 or slightly better. Mady said he
expects petrochemical demand from SABIC's main markets –
the US, China and Europe – to grow steadily next year as the
global economy improves. Meanwhile, the company is planning
a second sale of bonds this year as it seeks to benefit from low
interest rates. SABIC’s Chief Financial Officer Mutlaq alMorished said the company will sell euro-denominated securities
before the end of this year, although it has not decided the
amount it will raise. (Reuters, Bloomberg)
MCCS net profit declines 10.2% QoQ in 3Q2013 – Mannai
Corporation (MCCS) has reported a net profit of QR96.3mn in
3Q2013, indicating a decline of 10.2% QoQ (+7.2% YoY).
Earnings per share for the nine months ended on September
2013 stood at QR6.36 as compared to QR7.55 in the same
period last year. Revenue in 3Q2013 fell by 26.8% QoQ (-3.5%
YoY) to QR 1,158mn. (Gulf-Times.com)
Sipchem, Sahara study potential merger – Saudi International
Petrochemical Company (Sipchem) and Sahara Petrochemical
Company announced that they are progressing with detailed
studies and negotiations for a potential merger. If the merger is
agreed, it will still be subject to various conditions including
approval at the general assembly of each company and the
approval of regulatory authorities. (Tadawul)
Qatar to have 60,000 private firms in 5 years – The Qatar
Chamber’s CEO Remy Rowhani said the number of private
companies operating in Qatar increased from 22,000 in 2011 to
33,000 in 2013. Rowhani expects this number may cross the
60,000-mark over the next five years. Any new private company
in Qatar has to be registered mandatorily with the Qatar
Chamber. (Qatar Tribune)
Yansab eyes early November restart for plant – Yanbu
National Petrochemical Company (Yansab) said production at
its complex has been shut down since October 23, and the key
olefins cracker unit is expected to remain off line for a total of 12
days. Yansab added that other units at the complex are
expected to restart before then. Operations were halted on due
to a technical problem with water cooling network and the olefins
cracker will be unable to restart until the water system is fixed.
Capstone to handle Qatar Coral’s residential units at PearlQatar – Qatar Coral for Real Estate Development has appointed
Capstone Property Services Qatar to facilitate the renting,
leasing, and managing of residential units located at VB22, Viva
Bahriya, The Pearl-Qatar. Qatar Coral has also appointed the
Maintenance Management Group Qatar (MMG Qatar) as its
facility management provider for the towers VB22 & VB23. (GulfTimes.com)
Saudi CMA approves Jarir’s request for capital increase –
The Saudi Capital Market Authority (CMA) has approved Jarir
Marketing Company’s request to increase its capital from
SR600mn to SR900mn. This will be through an issue of one
bonus share for every two existing shares owned by its
shareholders, who are registered at the closing day of its EGM.
Page 3 of 5
Dubai’s GDP grows 4.7% in 2Q2013 – According to a report by
the Dubai Economic Council (DEC), Dubai’s GDP is expected to
post a 4.7% growth in 2Q2013 as compared to the same period
last year, with the Emirate witnessing a new wave of economic
growth during the first six months of 2013. The report attributed
2Q2013’s growth to the expansion in four sectors — wholesale
& retail, transportation, manufacturing and real estate. The DEC
found that most of macroeconomic and sector indicators
witnessed growth in the second quarter, exceeding those in the
first quarter of this year and the last quarter of 2012.
CBI reports AED136.26mn net profit in 9M2013 – Commercial
Bank International (CBI) has reported a net profit of
AED136.26mn at the end of September 2013 as compared to
AED227.02mn in the same period last year. EPS stood at
AED0.09 as on September 30, 2013. Total assets increased by
20% YTD to AED15.28bn at the end of September 2013 as
compared to AED12.74bn at the end of December 2012.
Customer deposits were up by 27% YTD to AED11.27bn, while
loans & advances rose by 18% YTD to AED10.30bn. (ADX)
Dubai launches much-delayed passenger services at new
Al Maktoum airport – Dubai officially launched the passenger
services at its new Al Maktoum International Airport after a delay
of nearly four years, with three airlines agreeing to operate from
the facility for now. Al Maktoum's passenger terminal was
initially slated to launch in 2009, but it was pushed back after
Dubai's debt crisis. Meanwhile, cargo operations started there in
June 2010. (Reuters)
Emaar launches $3bn project in Iraqi Kurdistan – Dubaibased Emaar Properties has launched a $3bn mixed-use
development in Arbil, the capital of Iraq's Kurdistan region. The
"Erbil Downtown" project is due to be completed in three stages
over a period of five years or may be sooner if market conditions
are favorable. The development will cover an area of 541,000
square meters near the city center and include residential
apartments, hotels and a shopping center. (Reuters)
Bank Muscat posts OMR102.51mn net profit in 9M2013 –
Bank Muscat posted a net profit of OMR102.51mn for the nine
month period ending September 30, 2013, as compared to
OMR104.19mn reported during the same period in 2012. Net
interest income from conventional banking fell by 2.6% YoY to
OMR163.83mn. Net loans & advances increased by 7% to
OMR5.7bn over OMR5.4bn as on 30 September 2012.
Customer deposits rose by 11.5% to OMR5.5bn over OMR5bn
as on 30 September 2012. (Bloomberg)
Topaz Marine prices $350mn debut bond – Topaz Marine, a
unit of Oman's Renaissance Services, priced its $350mn debut
bond. The five-year offering carried a coupon of 8.625% and it
was oversubscribed by investors. The final interest rate was
tighter than the initial guidance given on Thursday at around
8.75-9%. Topaz will use the money raised to repay its existing
debt, increase cash on its balance sheet and fund an expansion
of its offshore support vessel fleet. (Reuters)
Bahrain Central Bank: Bahrain in early stages of bank
merger wave – Bahrain’s central bank Governor Rasheed alMaraj said the country is still in the early stages of a series of
bank mergers designed to strengthen the sector in the face of
regional competition. Al-Maraj said the merger wave is still only
starting and would eventually have a bigger impact on the
sector. Al-Maraj said that in the wake of the global crisis,
Bahraini banks had restructured their businesses by shifting
focus towards relatively stable activities and reducing their real
estate exposure. (Reuters)
Batelco and Oman Data Park sign MoU – The Bahrain
Telecommunications Company (Batelco) and Oman Data Park
have signed a MoU aimed at enhancing their long standing
successful partnership. This agreement is part of Batelco’s
ongoing efforts to expand its network of partners across the
globe and achieve its goal of providing its customers with the
latest telecommunications and information technologies.
Huawei inks strategic alliance with DSI for data center
technology – Huawei and Drake & Scull International (DSI)
have signed a strategic partnership agreement. Huawei and DSI
said the agreement will assist organizations across the MENA
region in building up data center technology through a new
jointly- created turnkey solution. (GulfBase.com)
SEWA to raise gas tariff for industrial and commercial users
– The Sharjah Electricity & Water Authority (SEWA) has
increased the natural gas tariff by 50 fils per cubic meters to
AED1.75 for industrial and commercial sectors. The authority
said the new tariff will be effective from November 1, but it will
not affect the residential sector. (GulfBase.com)
Zain seeks to expand in North Africa – Kuwait-based Mobile
Gegenheimer said the group wants to expand in Arabicspeaking North Africa by taking controlling stakes in companies
or winning management contracts in the region. He said the firm
would like to increase its holding in Morocco mobile firm INWI
and also seek management control among other operators in
North Africa as opportunities arise. He described the region as a
good fit for Zain's existing portfolio in terms of branding and
operational synergies. (Reuters)
Jazeera Airways considers ordering 15 planes – Kuwaitbased Jazeera Airways’ Chairman Marwan Boodai said the
airline may soon start negotiations with manufacturers for new
aircraft. The company is considering ordering more than 15
planes in 4Q2014. (Bloomberg)
Page 4 of 5
Daily Index Performance
S&P Pan Arab
Global Indices Performance
LPG Propane (Arab Gulf)/Ton
LPG Butane (Arab Gulf)/Ton
Crude Oil (Brent)/Barrel
Natural Gas (Henry
SHANGHAI SE Composite
Ahmed M. Shehada
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
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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