28 May Technical Market Report

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28 May Technical Market Report

  1. 1. Page 1 of 5QE Intra-Day MovementQatar CommentaryThe QE index declined marginally to close at 9,067.6. Losses were led by theTransportation and Real Estate indices, declining 0.4% each. Top losers wereDoha Insurance Co. and Qatar Islamic Insurance, falling 1.6% and 1.3%respectively. Among the top gainers, Islamic Holding Group rose 3.0%, whileQatar German Co. for Med. Dev. gained 1.4%.GCC CommentarySaudi Arabia: The TASI index gained 0.7% to close at 7,378.0. Gains wereled by the Multi-Investment and Hotel & Tourism indices, rising 2.2% and 2.1%respectively. Tabuk Cement Co. rose 6.2%, while Saudi Transport &Investment Co. was up 5.8%.Dubai: The DFM index rose 0.7% to close at 2,321.5. The Services indexgained 5.2%, while the Investment & Financial Ser. index was up 4.1%. Al-Mazaya Holding Co. surged 14.7%, while Dubai Financial Market rose 8.1%.Abu Dhabi: The ADX benchmark index gained 0.6% to close at 3,489.2. TheReal Estate index rose 2.4%, while the Consumer index was up 1.9%. AbuDhabi Ship Building Co. gained 13.2%, while International Fish FarmingHolding Co. was up 11.9%.Kuwait: The KSE index rose 0.5% to close at 8,430.7. Gains were led by theOil & Gas and Telecommunication indices, gaining 2.0% and 1.7%respectively. Sanam Real Estate Co. rose 9.8%, while Aqar Real EstateInvestments Co. was up 9.1%.Oman: The MSM index gained marginally to close at 6,396.1. The Banking &Investment and Industrial indices rose 0.1% each. Al Batinah Dev. Inv. Holdinggained 4.9%, while Sohar Power was up 4.4%.Qatar Exchange Top Gainers Close* 1D% Vol. „000 YTD%Islamic Holding Group 40.90 3.0 96.8 7.6Qatar German Co. for Med. Dev. 14.70 1.4 180.5 (0.5)Dlala Brok. & Inv. Holding Co. 26.80 1.3 182.6 (13.8)Qatar National Cement Co. 100.60 1.0 27.9 (6.0)Gulf International Services 43.15 0.9 456.6 43.8Qatar Exchange Top Vol. Trades Close* 1D% Vol. „000 YTD%United Development Co. 20.30 (1.0) 1,356.4 14.0Masraf Al Rayan 26.65 0.4 1,101.3 7.5Qatar & Oman Investment Co. 12.97 (0.2) 458.4 4.7Gulf International Services 43.15 0.9 456.6 43.8Mazaya Qatar Real Estate Dev. 11.07 0.2 438.0 0.6Market Indicators 28 May 13 27 May 13 %Chg.Value Traded (QR mn) 248.6 284.8 (12.7)Exch. Market Cap. (QR mn) 503,038.2 503,226.6 (0.0)Volume (mn) 7.2 9.0 (20.2)Number of Transactions 3,461 4,298 (19.5)Companies Traded 36 38 (5.3)Market Breadth 15:16 13:19 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 12,955.46 (0.0) 0.2 14.5 N/AAll Share Index 2,309.34 0.0 0.3 14.6 12.5Banks 2,140.08 0.0 0.4 9.8 11.6Industrials 3,148.25 0.3 0.8 19.8 11.7Transportation 1,633.88 (0.4) (0.8) 21.9 11.6Real Estate 1,733.29 (0.4) (1.6) 7.5 11.5Insurance 2,309.06 0.2 1.8 17.6 13.6Telecoms 1,270.01 (0.3) (0.1) 19.3 14.7Consumer 5,555.19 0.1 0.2 18.9 19.2Al Rayan Islamic Index 2,746.38 (0.0) 0.2 10.4 13.7GCC Top Gainers##Exchange Close#1D% Vol. „000 YTD%Dubai Financial Market Dubai 1.47 8.1 108,257.2 44.1Tabuk Cement Saudi Arabia 32.70 6.2 1,497.1 34.8Nat. Investments Co. Kuwait 0.18 6.0 12,056.4 34.8Comm. Real Estate Co. Kuwait 0.11 5.9 32,915.9 52.1Ithmaar Bank Bahrain 0.27 5.9 1,585.0 58.8GCC Top Losers##Exchange Close#1D% Vol. „000 YTD%NBQ Abu Dhabi 2.90 (9.4) 995.0 56.8Comm. Bank of Dubai Dubai 3.90 (6.0) 2.6 30.0Combined Group Con. Kuwait 1.26 (4.5) 12.5 (13.7)Arabtec Holding Co. Dubai 2.27 (3.4) 35,839.3 1.3Ajman Bank Dubai 2.01 (2.9) 547.2 41.5Source: Bloomberg (#in Local Currency) (##GCC Top gainers/losers derived from the Bloomberg GCC200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)Qatar Exchange Top Losers Close* 1D% Vol. „000 YTD%Doha Insurance Co. 25.20 (1.6) 11.0 2.6Qatar Islamic Insurance 59.00 (1.3) 7.7 (4.8)United Development Co. 20.30 (1.0) 1,356.4 14.0Qatar Navigation 72.30 (0.8) 116.2 14.6National Leasing 36.15 (0.7) 290.1 (20.0)Qatar Exchange Top Val. Trades Close* 1D% Val. „000 YTD%Industries Qatar 166.20 0.2 30,641.7 17.9Masraf Al Rayan 26.65 0.4 29,318.3 7.5United Development Co. 20.30 (1.0) 27,493.0 14.0Gulf International Services 43.15 0.9 19,709.1 43.8Al Meera Consumer Goods Co. 137.80 0.6 12,181.5 12.6Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,067.56 (0.0) 0.2 4.5 8.5 68.29 138,134.3 11.5 1.6 5.1Dubai 2,321.50 0.7 0.7 8.7 43.1 264.00 63,935.6 14.9 0.9 3.6Abu Dhabi 3,489.19 0.6 0.8 6.6 32.6 163.99 102,327.4 10.7 1.3 5.0Saudi Arabia 7,378.00 0.7 0.2 2.8 8.5 1,465.93 396,597.5 15.7 1.9 3.8Kuwait 8,430.73 0.5 3.4 13.5 42.1 458.92 112,313.9 25.9 1.5 3.2Oman 6,396.10 0.0 0.5 4.4 11.0 23.72 22,487.6 11.1 1.7 4.4Bahrain 1,182.16 0.4 1.0 7.1 10.9 1.27 21,061.6 8.6 0.8 4.1Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)9,0409,0509,0609,0709,0809:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5Qatar Market Commentary The QE index declined marginally to close at 9,067.6. TheTransportation and Real Estate indices led the losses. The indexdeclined on the back of selling pressure from Qatarishareholders despite buying support from non-Qatarishareholders. Doha Insurance Co. and Qatar Islamic Insurance were the toplosers, falling 1.6% and 1.3% respectively. Among the topgainers, Islamic Holding Group rose 3.0%, while Qatar GermanCo. for Med. Dev. gained 1.4%. Volume of shares traded on Tuesday declined by 20.2% to7.2mn from 9.0mn on Monday. Further, as compared to the 30-day moving average of 8.7mn, volume for the day was 17.5%lower. United Development Co. and Masraf Al Rayan were themost active stocks, contributing 18.9% and 15.4% to the totalvolume respectively.Source: Qatar Exchange (* as a % of traded value)Ratings and Global Economic DataRatings UpdatesCompany Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook ChangeSaudi HollandiBank (SHB)CISaudiArabiaFSR/ LT FCR/ ST FCR/Support levela-/a/a2/2 a-/a/a2/2 – Positive Arab Bank and itsbranches inBahrain, Dubai,Qatar andSingaporeS&P JordanLT counterparty creditratings/ STcounterparty creditratingsBB/ B BB-/ B #Negative –Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating) (#LT counterparty creditratings lowered)Global Economic DataDate Market Source Indicator Period Actual Consensus Previous05/28 US Conference Board Consumer Confidence May 76.2 71.2 69.005/28 France INSEE Consumer Confidence Indicator May 79.0 85.0 83.005/28 Germany Destasis Import Price Index (MoM) April -1.40% -0.40% -0.10%05/28 Germany Destasis Import Price Index (YoY) April -3.20% -2.30% -2.30%Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)NewsQatar QCB Governor: Qatar may change its peg to US dollar onceeconomy less dependent on hydrocarbons – Qatar CentralBank (QCB) Governor H.E. Sheikh Abdullah bin Saud Al-Thanisaid the country may change its peg to the US dollar once theeconomy becomes less dependent on hydrocarbons and localfinancial markets deepen. He added although no changes arebeing considered currently. He said with increasing integration ininternational trade and asset markets, a higher degree ofexchange rate flexibility may become more desirable to ensureexternal stability and competitiveness of Qatar’s exports.(Reuters) QNB Finance prices 2016 bond worth 200mn Swiss francs –QNB Finance Limited has issued a bond worth 200mn Swissfrancs with a maturity date of June 27, 2016. The issue isguaranteed by its parent, the QNB Group. The bond will pay aninterest of 0.5% and is priced at 100.510 Swiss francs. Leadmanagers for the issue were Deutsche Bank and the QNBGroup. (Reuters) Kahramaa President: Qatar negotiating power sales to twoneighboring countries – Qatar General Electricity & WaterCorp’s (Kahramaa) President H.E. Eng. Essa al Kuwari saidQatar is in talks with its neighboring countries to sell powerthrough the GCC Region Interconnection Authority Grid. Headded that the country is negotiating a sale of 300MW for thissummer with one country and a sale of 500MW for three-yearperiod with another country. He also said that price of electricitywill be based on the international price of gas, plus productioncosts and profit. (Bloomberg) QNB Group: Qatars overall credit facilities up 26% in 2012 –According to a report by QNB Group, Qatar’s overall creditfacilities have increased by 26% to $140bn in 2012, even as thepublic sector remains the largest recipient and driver of overallcredit growth. The report said lending to the public sector shotup by 47% in 2012 to $60bn and has been increasing by anaverage of 43% over the past three years. This is mainly due tothe increasing use of short to medium-term funding to financeongoing public infrastructure projects. Moreover, the report saiddeposits in the banking sector increased by 26% in 2012 to$126bn. (Gulf-Times.com) QNB Group: Qatar BoP swings to $16bn surplus in 2012 –According to a report by QNB Group, Qatar’s overall balance ofpayments (BoP) have swung to a $16bn surplus in 2012 from a$14bn deficit in 2011, which reflects changes in the country’sinternational reserves. The group said that it expects the overallsurplus to shrink slightly in 2013-14, mainly due to lowerhydrocarbon prices. The report indicated QCB’s foreignexchange reserves stood at $33.1bn in 2012, which can providecover for more than 16 months of imports, well above the IMFOverall Activity Buy %* Sell %* Net (QR)Qatari 65.44% 66.94% (3,727,198.07)Non-Qatari 34.56% 33.07% 3,727,198.07
  3. 3. Page 3 of 5suggested minimum of three months. The QNB Group hasforecasted that QCB’s international reserves will move upgradually in 2013-14, despite strong investments overseas.(Gulf-Times.com) QNB Group: Expats accounted for 94% of Qatar‟s laborforce in 2012 – According to a report by QNB Group,expatriates accounted for 94% of the country’s total labor forceof 1.3mn in 2012. This was mainly due to large requirements inthe construction sector, which is also the largest employer in thecountry. The private sector currently accounts for 74% of thetotal jobs in the market, with expatriates taking up the vastmajority of available positions. (Gulf-Times.com) QMLS CEO: Import of Qatar-supervised Australian meat tobegin soon – Widam Food Company’s (QMLS) CEO AhmedNasser Sraiya Al Kaabi said the import of the first shipment ofsheep and frozen meat, produced under Qatari supervision inAustralia, will begin soon through Hassad Food. (Gulf-Times.com) QE urges use of social media for periodical corporatereporting – The Qatar Exchange has asked its listed companiesto undertake periodical corporate reporting through social mediaand the dedicated investor relations section on their corporatewebsite, in view of the changing needs of investing community.(Gulf-Times.com) LuLu plans to open one outlet every year in Qatar – Leadingretail chain, LuLu Group is planning to open one outlet everyyear in Qatar from 2014. (Gulf-Times.com) Alewijnse establishes operations in Qatar – Alewijnse MarineSystems – a systems integrator in the commercial, naval andsuper yacht markets – has formed a new company, AlewijnseMiddle East in Qatar to establish operations in high growthdeveloping markets. (Bloomberg) QA resumes full service 787 flights to Heathrow – QatarAirways (QA) has resumed full services of the Boeing 787Dreamliner flight between Doha and London’s Heathrow airport.(Qatar Tribune)International Britains government agrees spending cuts – Britishgovernment said it had secured billions of pounds of spendingcuts at various government ministries, but still faces an uphillstruggle to get further reductions to reach 80% of its £11.5bntarget. Chancellor George Osborne said seven governmentdepartments have agreed to cut 8-10% from their 2015-16budgets as part of a government spending review due to beannounced on June 26. (Reuters) Bank of Portugal: Bad loan impairments far from over – TheBank of Portugal said the country’s deep recession means creditrisks will persist for Portuguese lenders, even if levels of badloans in the banking system have fallen since early last year.The central bank said that Portuguese banks were benefitingfrom better access to funding, and deposits have risen againafter a dip in 2012. The central bank said individual bankdeposits dropped 2.3% in 2012 following a sharp rise in 2011,but bounced back again in 1Q2013. (Reuters) IMF cuts Chinese growth outlook, urges cap on socialfinancing – The IMF has cut its growth forecast for China to7.75% in 2013 from a previous 8%, citing a weak globaleconomy and exports. IMF said the countrys current priorityshould be on reining in its social financing growth. The IMF alsorecommended China to conduct fiscal stimulus if growth fallsbelow the IMFs forecast. (Reuters) BoJ Governor urges flexible approach to capital controls –The Bank of Japan Governor Haruhiko Kuroda said globalpolicymakers must allow some emerging countries to set capitalcontrols to mitigate the impact from financial crises such asthose recently triggered by advanced economies. (Reuters)Regional Egypt sets up $12bn bond program; eyes sukuk early 2014– Egypt has set up a new $12bn bond program and is planningto issue its debut sukuk in early 2014, which could help easepressure on its public finances. The country has appointed QNBCapital and HSBC Holdings as joint lead arrangers and dealersfor the program. (Reuters) IDB sets guidance for $1bn sukuk – Jeddah-basedmultilateral institution, Islamic Development Bank (IDB), has setthe price guidance for a $1bn Islamic bond sale. IDB is offeringa price guidance of mid-swaps plus high 30 basis points for thefive-year sukuk. IDB is expected to price this deal on May 29,2013. Banks arranging the sukuk are: Barwa Bank, CreditAgricole, CIMB, National Bank of Abu Dhabi, Natixis, NCBCapital, Royal Bank of Scotland and Standard Chartered.(Reuters) S&P cuts Arab Bank‟s ratings on Jordan‟s sovereigndowngrade – Ratings agency S&P has lowered its long-termcounterparty credit ratings on Jordan-based Arab Bank and itsbranches, Arab Bank (Bahrain), Arab Bank (Dubai), Arab Bank(Qatar), and Arab Bank (Singapore) from BB to BB-. The short-term counterparty credit ratings for the bank and itsaforementioned branches were affirmed at B. The outlook isNegative. The downgrade of Arab Bank follows the recentdowngrade of Jordan. (Bloomberg) Al Naimi: Current situation ideal for oil – Saudi Arabia’sPetroleum Minister Ali al-Naimi said the Kingdom is satisfiedwith current conditions in the global crude oil market. He alsosaid that this is the best environment for the market and demandis great. (Bloomberg) Saudi FM: Economy to grow higher than IMF estimate –Saudi Arabia’s Finance Minister Ibrahim al-Assaf said theKingdom does not agree with the IMF’s growth estimate, whichsees Saudi Arabia’s overall GDP growth at 4.4% in 2013, sincelast year’s government forecast was more accurate.(Bloomberg) Saudi bank deposits push loan benchmark down – Depositsin Saudi Arabian banks rose to their highest level on record inApril 2013, helping to drive a benchmark used by lenders toprice loans to the least in seven months. According to datareleased by the central bank, total deposits in the Kingdomjumped 15% YoY to SR1.3tn in April 2013. (Bloomberg) Saudi-US business group formed to boost investments –Saudi and American business communities have established theSaudi American Trade Group (SATG) in the Kingdom to attractnew investments into Saudi Arabia that work on cutting-edgetechnologies. (GulfBase.com) Saudi Arabia, US sign “Open Skies” deal – Saudi Arabia andthe US have signed an “Open Skies” air transport agreement,which will eliminate restrictions on how often their carriers willfly, the kind of aircraft they use and the prices they charge.(Bloomberg) KAEC completes infrastructure work of Al-Talah – KingAbdullah Economic City (KAEC) has completed all the basic andsecondary infrastructure works for the first phase of the Al-TalahGardens District, and has begun work on the project’s second
  4. 4. Page 4 of 5phase. In addition, KAEC is set to launch the third phase of thedistrict that includes residential villas and land plots atcompetitive prices. (AME Info) Ma‟aden-Alcoa JV completes first engineered wetlandssystem to treat water – The Saudi Arabian Mining Company(Ma’aden) and US-based Alcoa completed a first-of-its-kindengineered wetlands wastewater management system in SaudiArabia at the Ma’aden-Alcoa JV project site. The newlyconstructed system will reduce water demand by nearly 7.5mnliters per day and save more than SR26mn per annum thatwould have been otherwise used to purchase fresh water.(Bloomberg) Salama Cooperative Insurance gets SAMA approval to open25 points of sales – Salama Cooperative Insurance Companyhas obtained approval from the Saudi Arabian Monetary Agency(SAMA) for opening 25 points of sales across the Kingdom.(Tadawul) UAE surplus up by 31% YoY to AED244.4bn in 2012 –According to the preliminary data released by the central bank,the UAE’s current account surplus jumped nearly 31% YoY toAED244.4bn in 2012 on the back of rising hydrocarbon exports.Meanwhile, Reuters calculation based on the official datashowed that this surplus accounted for around 17.3% of the oilexporter’s 2012 GDP. Meanwhile, analysts polled by Reuters inApril expect the UAE current account surplus to shrink to 7.3%of GDP in 2013 and 5.0% in 2014. (GulfBase.com) UAE Exchange joins hands with AADC – The UAE Exchangehas entered into an agreement with Al Ain Distribution Company(AADC) for bill payments by cash. (GulfBase.com) UAE companies law passed by FNC – The Federal NationalCouncil (FNC) has passed the new UAE companies law,following a final debate on changing the name and amendingthe law to cover only commercial enterprises. (Bloomberg) Dubai DED, CBD sign agreement to facilitate businessregistration & licensing – The Department of EconomicDevelopment (DED) in Dubai and the Commercial Bank ofDubai (CBD) have signed an agreement to provide automatedbusiness registration & licensing services across CBD’scounters. This agreement will enable customers to make feepayments, complete business registration and licensingtransactions in all the CBD branches across the UAE.(GulfBase.com) Etisalat gets shareholder support for Maroc Telecom bid –UAE-based telecom operator Etisalat has secured itsshareholders’ approval for the financing package to back its bidfor Vivendis 53% stake in Maroc Telecom. Shareholdersapproved that Etisalat can borrow an amount that can exceed itscapital but not more than $8.57bn. (Reuters) DP World to add 10mn TEU to its portfolio – Dubai portoperator, DP World is set to add a capacity of 10mn twenty-footequivalent units (TEU) to its global portfolio, which includes 5mnTEU at Jebel Ali Port. DP World CEO Mohammed Sharaf saidthe company is currently embarking on a $3bn expansion planfor 2013-14, which is on track to add 10mn TEU during thisperiod. (GulfBase.com) Abraaj picks EFG-Hermes for possible Spinneys sale –Egypt-based EFG-Hermes Holding said it has been hired byDubai-based Abraaj Group to advise on the sale of its controllingstake in the Spinneys supermarket chain. (Bloomberg) DSI bags AED158mn contract from Arabtec Construction –Drake & Scull International (DSI) has won AED158mn contractfor mechanical electrical and plumbing works on St. Regis Hoteland Residences Project in Amman from Arabtec Construction.(DFM) Deyaar registers AED170mn sales at a property event –Deyaar Development has secured deals worth aroundAED170mn at a property sales event held in May 2013. (DFM) Noor Islamic to lend AED5bn to SMEs – Noor Islamic Bank isseeking to extend AED5bn loan to SMEs over the next fiveyears. (Bloomberg) Emirates NBD, Dubai SME partner for AED50mn fund –Emirates NBD and Dubai SME have entered into partnership toextend up to AED50mn in new loans dedicated to Emiratientrepreneurs and small businesses. (Bloomberg) Tasweek begins operations in Dubai – Tasweek Real EstateDevelopment & Marketing has begun operations in Dubai aspart of its ongoing global expansion efforts. (Bloomberg) Emirates resumes flights to Libya – Emirates Airlines is set torestart passenger flights to Libyan capital Tripoli fromSeptember 1, 2013. (AME Info) NewBridge secures $48mn investment from Elan to boostgrowth – NewBridge Pharmaceuticals has closed a $48mnSeries C equity fundraising with an outsized investment of$40mn from the Irish corporation, Elan to expand its commercial& manufacturing operations in Turkey, Africa, and the MiddleEast regions. (AME Info) Al Noor to raise $150mn from IPO, seeks LSE listing – AbuDhabi-based Al Noor Hospitals Group is planning to raise$150mn from the sale of its shares in an IPO, and the companyseeks to list shares on the London Stock Exchange (LSE). AlNoor said that it plans to use the proceeds from the sale tofinance acquisitions and repay debt. Deutsche Bank, GoldmanSachs Group, HSBC Holdings and Rothschild are appointed tomanage this deal. (Bloomberg) KNPC, Daelim sign contract worth KD147mn – The KuwaitNational Petroleum Company (KNPC) has signed a contractworth KD147mn with Korean Daelim Industrial Company toestablish new facilities and renovation of existing facilities for thesulfur-handling project at Mina Al-Ahmadi refinery. (Bloomberg) GIH sells KD2.2mn stake in real estate investments – TheGulf Investment House (GIH) has exited a stake worth KD2.2mnin a real estate investment portfolio. GIH said that it has realizeda profit of about KD274,000 on the divestment, which will beincluded in its FY2013. (Bloomberg) ORPIC plans to start work on $3.6bn Sohar plastics project– Oman Refineries & Petroleum Industries Company (ORPIC) isplanning to start work on the front engine engineering designand selection of a technology provider for its $3.6bn integratedSohar plastics project by 2013. This project is scheduled to becompleted by 2018. (GulfBase.com) Altaaqa Global installs 24MW temporary power plant inOman – Altaaqa Global CAT Rental Power has designed andinstalled a 24MW temporary power plant in Oman. Thetemporary rental power plant will supply power to the country’selectricity grid when there is a significant increase in the use oftemperature control equipment such as air conditioning anddistrict cooling. (AME Info)
  5. 5. ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager - HNWITel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qaQNB Financial Services SPCContact Center: (+974) 4476 6666PO Box 24025Doha, QatarDISCLAIMER: 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 QatarFinancial 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 anoffer, 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 potentialinvestors 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 bereliable, 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 theright 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, theviews 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 5Rebased Performance Daily Index PerformanceSource: Bloomberg Source: BloombergSource: Bloomberg Source: Bloomberg80.090.0100.0110.0120.0130.0140.0Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13QE Index S&P Pan Arab S&P GCC0.7%(0.0%)0.5%0.4%0.0%0.6%0.7%(0.2%)0.0%0.2%0.4%0.6%0.8%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,381.23 (1.0) (0.4) (17.6) DJ Industrial 15,409.39 0.7 0.7 17.6Silver 22.34 (1.5) (0.3) (26.4) S&P 500 1,660.06 0.6 0.6 16.4Crude Oil (Brent) 104.12 2.1 1.8 (7.7) NASDAQ 100 3,488.89 0.9 0.9 15.5Euro 1.29 (0.6) (0.6) (2.6) DAX 8,480.87 1.2 2.1 11.4Yen 102.37 1.4 1.0 18.0 FTSE 100 6,762.01 1.6 1.6 14.7GBP 1.50 (0.4) (0.6) (7.5) CAC 40 4,050.56 1.4 2.4 11.2CHF 1.02 (1.4) (1.6) (6.3) Nikkei 14,311.98 1.2 (2.1) 37.7AUD 0.96 (0.2) (0.4) (7.5) Shanghai 2,321.32 1.2 1.4 2.3USD Index 84.10 0.5 0.5 5.4 BSE Sensex 20,160.82 0.6 2.3 3.8RUB 31.49 0.4 0.3 3.2 Bovespa 56,036.26 (0.6) (0.7) (8.1)BRL 0.48 (0.8) (1.0) (1.0) RTS 1,399.11 1.0 0.8 (8.4)130.3117.6108.2

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