QE Intra-Day Movement

Market Indicators

9,700
9,680
9,660

24 Oct 13

%Chg.

155.7
523,602.0
4.0
1,831
37
19:14

253.8
5...
Qatar Market Commentary
 The QE index rose 0.2% to close at 9,669.7. The Telecoms and
Consumer Goods & Services indices l...
News
Qatar
 BCG adjudges QNB Group among Top Ten Value Creators –
QNB Group has been adjudged as one of the Top Ten Value...
 Dubai’s GDP grows 4.7% in 2Q2013 – According to a report by
the Dubai Economic Council (DEC), Dubai’s GDP is expected to...
Rebased Performance

Daily Index Performance

150.0

0.8%

140.0

138.9

130.0

116.6

110.0

0.0%
(0.4%)

100.0

(0.2%)
(...
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27 October Daily Market Report

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27 October Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 9,700 9,680 9,660 24 Oct 13 %Chg. 155.7 523,602.0 4.0 1,831 37 19:14 253.8 522,486.1 4.2 2,765 39 6:28 (38.7) 0.2 (5.2) (33.8) (5.1) – Market Indices 9,640 9,620 9:30 27 Oct 13 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index 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%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 13,815.77 2,428.81 2,303.82 3,131.78 1,803.64 1,807.88 2,305.51 1,437.12 5,891.62 2,783.59 0.2 0.2 0.3 0.3 (0.1) 0.1 (0.8) 0.6 0.4 0.1 0.2 0.2 0.3 0.3 (0.1) 0.1 (0.8) 0.6 0.4 0.1 22.1 20.6 18.2 19.2 34.6 12.2 17.4 34.9 26.1 11.9 N/A 12.1 12.2 11.4 12.3 13.1 9.4 15.1 21.9 14.7 GCC Commentary GCC Top Gainers## Exchange Close# 1D% 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 Abu Dhabi 9.99 11.0 0.2 (0.1) United Arab Bank Abu Dhabi 5.76 10.6 9.6 87.0 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%. MEDGULF Saudi Arabia 28.50 5.2 3,158.5 26.3 Aramex Dubai 2.68 3.1 1,207.7 34.0 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. Qatar 51.50 3.0 17.4 (3.0) GCC Top Losers Exchange 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 Abu Dhabi Al Tayyar Travel Group Saudi Arabia 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 Bahrain National Petro. Co. Saudi Arabia Nat. Mobile Telecom. Kuwait 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%. ## # Close Vol. ‘000 1D% Vol. ‘000 YTD% YTD% 2.30 (8.0) 150.0 29.9 92.75 (6.8) 1,940.2 119.9 0.62 (4.7) 5.0 27.6 22.10 (3.9) 1,671.8 10.5 1.92 (3.0) 11.2 (17.9) 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 Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 41.90 Qatar Exchange Top Gainers 3.8 6.3 10.3 Qatar General Ins. & Reins. Co. 56.00 (1.8) 63.9 21.7 Salam International Inv. Co. 12.08 (1.4) 645.8 (4.6) Qatar Exchange Top Losers YTD% Qatar Industrial Manufacturing Co. 51.50 3.0 17.4 (3.0) Qatar German Co. for Med. Dev. 15.19 2.6 35.1 2.8 Doha Insurance Co. 25.55 (1.2) 57.9 4.1 Qatar & Oman Investment Co. 12.43 1.5 2.9 0.3 United Development Co. 21.38 (1.0) 403.8 20.1 Qatar Electricity & Water Co. 157.20 1.4 1.0 18.7 Gulf International Services 56.30 (0.9) 31.7 87.7 Qatar Exchange Top Vol. Trades YTD% Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 Barwa Real Estate Co. 26.90 0.9 828.3 (2.0) Industries Qatar 152.90 (0.1) 29,382.2 8.4 Salam International Investment Co. 12.08 (1.4) 645.8 (4.6) Barwa Real Estate Co. 26.90 0.9 22,213.7 (2.0) United Development Co. 21.38 (1.0) 403.8 20.1 Doha Bank 54.90 0.7 19,765.0 18.4 Doha Bank 54.90 0.7 361.1 18.4 Commercial Bank of Qatar 67.00 0.9 10,027.0 (5.5) Qatari Investors Group 31.40 0.5 250.9 36.5 160.90 0.6 8,955.7 22.9 Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain QNB Group Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Close 1D% WTD% MTD% YTD% 9,669.69 2,923.98 3,891.14 8,125.40 7,989.55 6,651.19 1,198.21 0.2 0.5 0.2 (0.6) 0.4 (0.2) (0.4) 0.2 0.5 0.2 (0.6) 0.4 (0.2) (0.4) 0.6 5.8 1.3 2.0 2.9 0.1 0.4 15.7 80.2 47.9 19.5 34.6 15.5 12.4 Exch. Val. Traded ($ mn) 42.75 282.09 76.81 1,100.91 132.13 10.89 1.79 Exchange Mkt. Cap. ($ mn) 143,833.5 70,397.8 111,571.8 434,434.9 136,806.0 23,675.6 17,793.6 P/E** P/B** 12.1 16.5 10.9 16.6 19.3 10.8 8.4 1.7 1.2 1.4 2.1 1.3 1.6 0.8 Dividend Yield 4.7 3.1 4.6 3.6 3.5 3.9 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 5
  2. 2. 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%. Overall Activity Buy %* Sell %* Net (QR) Qatari 75.34% 80.50% (8,032,820.28) Non-Qatari 24.66% 19.50% 8,032,820.28 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. Earnings Earnings Releases Company Saudi Basic Industries Corp. (SABIC) Al Sagr Co-operative Insurance Co. (ASCIC) Saudi Printing & Packaging Co. (SPPC) Saudi Steel Pipe Co. (SSP) Saudi Automotive Services Co. (SASCO) Saudi Industrial Investment Group (SIIG) Saudi Research and Marketing Group (SRMG) Emaar The Economic City (Emaar) Saudi Industrial Export Co. (SIECO) Arabian Cement Co. (ACC) Al Hassan Ghazi Ibrahim Shaker (SHAKER) Mouwasat Medical Services Co. (Mouasat) SABB Takaful (SABB) Mobile Telecommunications Company Saudi Arabia (ZAIN KSA) The National Shipping Co. of Saudi Arabia (Bahri) Allied Cooperative Insurance Group (ACIG) Tabuk Cement Co. (TCC) Saudi Electricity Co. (Saudi Electric.) Saudi Airlines Catering Co. (SACC) Al-Babtain Power &Telecommunication Co. (Al-Babtain) Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) Oman Flour Mills* Dhofar Insurance Co. (DIC)* National Hotels Co. (NHC) Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY SR – – 11,270.0 14.3% 6,470.0 2.5% Saudi Arabia SR 48.5 -48.0% – – – – Saudi Arabia SR – – 25.8 -8.2% 14.4 -28.0% Saudi Arabia SR – – 17.8 89.8% 16.4 83.3% Saudi Arabia SR – – 3.2 42.1% 11.1 363.6% Saudi Arabia SR – – 136.0 -29.2% 221.0 2.3% Saudi Arabia SR – – 10.7 -65.0% 1.1 -94.8% Saudi Arabia SR – – 33.2 -49.1% 18.4 -58.6% Saudi Arabia SR – – 1.5 341.2% 1.3 0.0% Saudi Arabia SR – – 0.3 -99.7% 16.8 -80.7% Saudi Arabia SR – – 38.0 -47.5% 31.3 -46.3% Saudi Arabia SR – – 48.8 31.5% 44.1 24.6% Saudi Arabia SR 38.9 -12.9% – – – – Saudi Arabia SR – – -239.0 -21.6% -421.0 -14.6% Saudi Arabia SR – – 109.6 42.9% 146.1 142.7% Saudi Arabia SR 38.8 102.6% – – – – Saudi Arabia SR – – 29.2 -23.0% 28.4 -20.7% Saudi Arabia SR – – 2,724.0 -3.0% 2,853.0 -0.8% Saudi Arabia SR – – 126.6 -4.8% 133.4 -0.6% Saudi Arabia SR – – 21.0 101.9% 16.4 15.5% Saudi Arabia SR 97.0 12.0% – – – – Oman OMR 18.5 18.1% 1.3 -1.6% 1.3 10.6% Oman OMR – – 2.7 16.8% 2.4 11.4% Bahrain BHD – – – – 0.4 -0.8% Market Currency Saudi Arabia Source: Company data, DFM, ADX, MSM (*Results for nine months ended September 30, 2013) Page 2 of 5
  3. 3. News Qatar  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. (QE)  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) International  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) Regional  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. (Gulf-Times.com)  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. (Tadawul) Page 3 of 5
  4. 4.  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. (GulfBase.com)  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. (Bahrain Bourse)  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 Telecommunications Company’s (Zain) CEO Scott 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
  5. 5. Rebased Performance Daily Index Performance 150.0 0.8% 140.0 138.9 130.0 116.6 110.0 0.0% (0.4%) 100.0 (0.2%) (0.4%) S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance 1,350.80 0.0 0.0 (19.4) DJ Industrial 22.54 0.0 0.0 (25.7) 106.93 0.0 0.0 (3.8) 3.68 0.0 0.0 7.3 LPG Propane (Arab Gulf)/Ton 115.50 0.0 0.0 28.3 LPG Butane (Arab Gulf)/Ton Crude Oil (Brent)/Barrel Natural Gas (Henry Hub)/MMBtu Dubai Jul-13 Oman May-12 Dec-12 Abu Dhabi QE Index Oct-11 Bahrain Mar-11 Kuwait Aug-10 (0.6%) Qatar (0.8%) 80.0 Saudi Arabia 90.0 Jan-10 0.2% 0.2% 127.6 120.0 0.5% 0.4% 0.4% Close 1D% WTD% YTD% 15,570.28 0.0 0.0 18.8 S&P 500 1,759.77 0.0 0.0 23.4 NASDAQ 100 3,943.36 0.0 0.0 30.6 320.09 0.0 0.0 14.4 DAX 8,985.74 0.0 0.0 18.0 FTSE 100 6,721.34 0.0 0.0 14.0 CAC 40 4,272.31 0.0 0.0 17.3 14,088.19 0.0 0.0 35.5 STOXX 600 145.50 0.0 0.0 (17.6) Euro 1.38 0.0 0.0 4.6 Yen 97.42 0.0 0.0 12.3 Nikkei GBP 1.62 0.0 0.0 (0.6) MSCI EM 1,027.27 0.0 0.0 (2.6) CHF 1.12 0.0 0.0 2.5 SHANGHAI SE Composite 2,132.96 0.0 0.0 (6.0) AUD 0.96 0.0 0.0 (7.8) HANG SENG 22,698.34 0.0 0.0 0.2 USD Index 79.19 0.0 0.0 (0.7) BSE SENSEX 20,683.52 0.0 0.0 6.5 RUB 31.81 0.0 0.0 4.2 Bovespa 54,154.15 0.0 0.0 (11.2) BRL 0.46 0.0 0.0 (6.3) 1,492.20 0.0 0.0 (2.3) Source: Bloomberg 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 5 of 5

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