28 November Daily Market Report


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28 November Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,390 10,380 10,370 10,360 27 Nov 13 %Chg. 317.4 555,026.7 10.5 4,386 38 15:20 422.5 555,390.4 14.8 6,007 41 21:17 (24.9) (0.1) (29.0) (27.0) (7.3) – Market Indices 10,350 10,340 9:30 28 Nov 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 10,375.1. Gains were led by the Insurance and Transportation indices, gaining 0.8% and 0.7% respectively. Top gainers were Qatar Cinema & Film Dist. Co. and Qatar Gas Transport Co., rising 5.4% and 1.7% respectively. Among the top losers, Al Ahli Bank fell 6.3%, while Islamic Holding Group declined 2.0%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,823.59 2,582.45 2,446.53 3,402.94 1,942.49 1,995.09 2,365.07 1,454.25 5,980.53 3,031.88 0.2 0.1 (0.2) 0.1 0.7 0.0 0.8 0.6 0.4 0.1 0.9 0.7 0.3 1.0 3.1 0.7 0.9 (0.2) (0.1) 1.7 31.0 28.2 25.5 29.5 44.9 23.8 20.4 36.6 28.0 21.9 N/A 13.1 13.1 12.3 13.2 13.7 9.7 19.8 22.7 15.7 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 Saudi Arabia: The TASI index rose 0.3% to close at 8,325.3. Gains were led by the Transport and Multi-Investment indices, rising 3.1% and 1.4% respectively. MetLife AIG ANB Cooperative Insurance Co. gained 9.9%, while The National Shipping Co. of Saudi Arabia was up 4.4%. Nat. Bank of Fujairah Abu Dhabi 3.73 14.8 1.0 (18.0) United Real Estate Co. Kuwait 0.13 6.7 1,054.2 6.7 Ajman Bank Dubai 2.32 5.0 313.7 63.4 National Shipping Co. Saudi Arabia 26.20 4.4 4,893.8 36.8 United Int. Trans. Co. Saudi Arabia 70.75 4.0 592.9 66.9 Dubai: The DFM index gained 1.6% to close at 2,945.9. The Investment & Financial Services index rose 3.3%, while the Banking index was up 2.1%. Dar Al Takaful surged 15.0%, while Mashreq Bank gained 8.3%. Abu Dhabi: The ADX benchmark index rose 0.3% to close at 3,849.8. The Industrial index gained 2.6%, while the Banking index was up 0.5%. Abu Dhabi National Co. for B & M rose 12.2%, while Gulf Cement Co. was up 7.1%. ## # 1D% Vol. ‘000 Oman: The MSM index was closed on November 28, 2013. Bahrain: The BHB index gained 0.9% to close at 1,208.6. The Services index rose 1.8%, while the Commercial Banking index was up 1.5%. Ahli United Bank gained 3.6%, while Bahrain Telecommunications Co. was up 3.3%. GCC Top Losers Exchange Al Ahli Bank Qatar 52.50 (6.3) 1.2 7.1 Comm. Bank of Kuwait Kuwait 0.70 (4.1) 0.4 (1.4) Astra Industrial Group Saudi Arabia 50.75 (2.9) 322.7 30.1 Ithmaar Bank Kuwait: The KSE index declined 0.7% to close at 7,785.5. The Technology index fell 2.3%, while the Telecommunication index was down 1.9%. Kuwait Real Estate Holding Co. declined 6.9%, while Gulf Petroleum Investment was down 6.7%. Close YTD% YTD% Bahrain 0.23 (2.2) 2,533.7 32.4 Kuwait Food Co. Kuwait 2.42 (1.6) 10.0 39.1 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 Gainers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Cinema & Film Dist. Co. 44.25 5.4 0.0 (22.2) Al Ahli Bank 52.50 (6.3) 1.2 7.1 39.60 (2.0) 112.5 4.2 Qatar Gas Transport Co. 20.85 1,865.1 1.7 36.6 Islamic Holding Group 168.80 1.4 13.1 27.5 Medicare Group 53.50 (0.9) 150.7 49.9 Qatar Insurance Co. 66.50 1.2 114.3 23.3 Qatari Investors Group 39.65 (0.9) 134.3 72.4 Masraf Al Rayan 33.00 0.9 2,542.1 33.1 Mazaya Qatar Real Estate Dev. 11.60 (0.9) 522.6 5.5 Qatar Electricity & Water Co. Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 33.00 0.9 2,542.1 33.1 Masraf Al Rayan 33.00 0.9 83,995.8 33.1 Vodafone Qatar 11.10 0.8 2,096.7 32.9 Qatar Gas Transport Co. 20.85 1.7 38,700.4 36.6 Qatar Gas Transport Co. 20.85 1.7 1,865.1 36.6 Vodafone Qatar 11.10 0.8 23,239.5 32.9 Barwa Real Estate Co. 30.15 0.5 557.9 9.8 Industries Qatar 168.20 (0.2) 19,441.8 19.3 Mazaya Qatar Real Estate Dev. 11.60 (0.9) 522.6 5.5 Barwa Real Estate Co. 30.15 0.5 16,780.7 9.8 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 10,375.06 2,945.91 3,849.84 8,325.28 7,785.48 6,726.29 1,208.55 0.2 1.6 0.3 0.3 (0.7) N/A 0.9 0.9 1.9 0.5 (0.1) (0.7) (0.7) 0.6 5.5 0.8 0.1 3.5 (2.0) 0.8 0.6 24.1 81.6 46.3 22.4 31.2 16.8 13.4 Exch. Val. Traded ($ mn) 87.17 397.14 94.89 1,076.36 100.45 N/A 1.77 Exchange Mkt. Cap. ($ mn) 152,465.8 70,205.0 110,441.3 452,393.4 110,460.3 24,072.2# 49,472.1 P/E** P/B** 13.3 17.4 10.7 17.1 17.1 10.6 8.1 1.8 1.2 1.3 2.1 1.3 1.6 0.9 Dividend Yield 4.4 3.0 4.7 3.6 3.6 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) ( Data as of Nov. 26, 2013) Page 1 of 6
  2. 2. Qatar Market Commentary  The QE index rose 0.2% to close at 10,375.1. The Insurance and Transportation indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 76.39% 71.80% 14,572,735.46 Non-Qatari  Qatar Cinema & Film Dist. Co. and Qatar Gas Transport Co. were the top gainers, rising 5.4% and 1.7% respectively. Among the top losers, Al Ahli Bank fell 6.3%, while Islamic Holding Group declined 2.0%. Buy %* 23.62% 28.20% (14,572,735.46) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Thursday declined by 29.0% to 10.5mn from 14.8mn on Wednesday. Further, as compared to the 30-day moving average of 11.2mn, volume for the day was 6.0% lower. Masraf Al Rayan and Vodafone Qatar were the most active stocks, contributing 24.2% and 20.0% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Market Sudatel Telecom Group (STG) Currency Abu Dhabi Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY 123.7 17.3% – – -5.8 -69.4% USD Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 11/28 EU Eurostat Business Climate Indicator 11/28 EU Eurostat Economic Confidence November 0.18 0.05 -0.08 November 98.5 98.0 11/28 EU Eurostat 97.7 Industrial Confidence November -3.9 -4.4 11/28 EU -5.0 Eurostat Consumer Confidence November -15.4 -15.4 -14.5 11/28 11/29 EU Eurostat Services Confidence November -0.8 -3.5 -3.7 EU Eurostat CPI Estimate YoY November 0.90% 0.80% 0.70% 11/29 EU Eurostat CPI Core YoY November 1.00% 0.90% 0.80% 11/29 France Insee PPI MoM October -0.20% – 0.30% 11/29 France Insee PPI YoY October -1.40% -0.80% -0.70% 11/29 France Insee Consumer Spending MoM October -0.20% 0.20% -0.10% 11/29 France Insee Consumer Spending YoY October -0.10% 0.20% -0.10% 11/28 Germany Destasis Import Price Index MoM October -0.70% -0.30% 0.00% 11/28 Germany Destasis Import Price Index YoY October -3.00% -2.60% -2.80% 11/28 Germany Destasis CPI Saxony YoY November 1.40% – 1.10% 11/28 Germany Destasis CPI MoM November 0.20% 0.10% -0.20% 11/28 Germany Destasis CPI YoY November 1.30% 1.20% 1.20% 11/29 Germany Destasis Retail Sales MoM October -0.80% 0.50% -0.20% 11/29 Germany Destasis Retail Sales YoY October -0.20% 1.40% 0.30% 11/28 UK Lloyds Bank Lloyds Business Barometer November 50 – 63 11/29 UK GfK GfK Consumer Confidence November -12 -10 -11 11/29 UK Nat'wide Nationwide House PX MoM November 0.60% 0.60% 1.00% 11/29 UK Nat'wide Nationwide House Px NSA YoY November 6.50% 6.20% 5.80% 11/28 Spain INE GDP YoY 3Q2013 -1.10% -1.20% -1.60% 11/28 Spain INE GDP QoQ 3Q2013 0.10% 0.10% -0.10% 11/28 Spain INE CPI YoY November 0.20% 0.20% -0.10% 11/28 Spain INS House Price Index QoQ 3Q2013 -0.40% – -2.40% 11/28 Spain INS House Price Index YoY 3Q2013 -4.50% – -7.60% 11/29 Japan Markit Markit/JMMA Manufacturing PMI November 55.1 – 54.2 11/29 Japan METI Industrial Production MoM October 0.50% 2.00% 1.30% 11/29 Japan METI Industrial Production YoY October 4.70% 6.30% 5.10% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 6
  3. 3. News Qatar  Qatar to maintain LNG lead despite US shale gas revolution – The development of US shale gas extraction to tap previously inaccessible reserves, the so called US shale gas revolution, is not proving to be a game changer for Qatar, according to QNB Group. Fracking techniques, namely the process of forcing water, chemicals and sand at high pressure into shale rock deposits to extract high volumes of gas have been refined only over the last decade to make US shale gas commercially viable. This has virtually eliminated the need for the US to import liquefied natural gas (LNG), including from Qatar. The drop in demand from the US, however, has been replaced by strong demand from Asia, particularly from Japan after the Fukushima nuclear accident in March 2011. As a result, QNB Group expects global LNG demand to remain strong over the next decade. Qatar is therefore unlikely to lose its leading role in the global energy market for years to come. (QNB, Gulf-Times.com)  MARK inches closer to acquire IBB – Masraf Al Rayan (MARK) and Islamic Bank of Britain (IBB) have announced that they have reached an agreement on the terms of a recommended cash offer by Al Rayan (UK) Limited, a wholly owned subsidiary of MARK for the entire issued and to be issued share capital of IBB. Earlier on September 30, 2013, MARK had offered £24.1mn for the acquisition, with each IBB shareholder entitled to receive 0.53 pence in cash for every IBB share. (Peninsula Qatar)  QCB to issue QR4bn T-bills on December 3 – The Qatar Central Bank (QCB) will issue treasury bills with a maturity of 91 days, 182 days and 273 days on December 3, 2013. The total amount of this issuance is QR4bn. (QCB)  Qatar’s Producer Price Index rises by 1.4% – Qatar’s Producer Price Index (PPI) of the Industrial Sector for 3Q2013 stood at 168.6, showing 1.4% increase over the PPI in 2Q2013. Released by the Ministry of Development Planning & Statistics (MDPS), the PPI showed that the “mining” group increased by 1.4%, primarily due to 1.4% price rise seen in the crude oil & natural gas group. The 2.4% rise in the PPI for the “manufacturing” group is mainly due to increasing prices in basic chemicals (3.6%), refined petroleum products (2.4%), and basic metals (1%). On the other hand, price declines were recorded in the dairy products and glass & glass products, which went down by 1% and 0.6% respectively. Similarly, the PPI for “electricity & water” showed a decrease of 0.7%. The year-on-year comparison of PPI for 3Q2013 over PPI for 3Q2012 showed a rise of 1.6%. (Peninsula Qatar)  QNB launches Al Safwa services – The Qatar National Bank (QNB) has launched “Al Safwa” services that provide an innovative gateway and a one-stop solution for both Egyptian expatriates as well as QNB First Qatari citizens. The service also builds on the successful acquisition of a controlling stake of 97.12% in its QNB Al Ahli operations in Egypt (formerly NSGB). (Peninsula Qatar)  India to increase airline seats for Qatar under bilateral pact – India is set to increase Qatar's entitlement of airline seats under their bilateral air traffic rights. This move can help in developing Doha as a major regional hub for westbound traffic from India. Under the pact, Qatar seeks to enhance its weekly quota to 72,600 seats from the current 24,800, which was nearly exhausted. Qatar Airways, is the fifth largest carrier of India's international traffic, with nearly 4% share of the 45 million passengers travelling to and from India in 2012-13. (Bloomberg)  QIBK opens Dar Al Salam Mall branch – Qatar Islamic Bank (QIBK) has opened a branch at Dar Al Salam Mall in Abu Hamour as part of its expansion strategy. (Peninsula Qatar)  Hotel occupancy rises to 57% in 3Q2013 – According to the data released by Qatar's Tourism Authority, the hotel occupancy rate in Qatar averaged at 57% in 3Q2013, up from 50% in 3Q2012. This is despite an addition of 600 rooms and a 4.73% increase in inventory. The total revenue among four and five star hotels stood at $193mn, indicating an increase of 13.8% YoY. (Bloomberg)  Kahramaa’s $3bn project to boost water security – The Qatar General Electricity & Water Corporation (Kahramaa) is undertaking a $3bn project designed to provide seven days of strategic water storage in its network. Kahramaa’s Technical Director Ahmed al-Naser said the Water Security Mega Reservoirs project will increase the capacity of water storage in Qatar by 10 times to about 3,500mn gallons. Kahramaa has also planned an independent water & power plant (IWPP) with a power generation capacity of 2,400MW and a desalination capacity of 130mn gallons per day to meet the growing demand for water and electricity. The IWPP known as “Facility D” will be located at the Qatar Economic Zone near Doha. (GulfTimes.com)  QA, JAL enter into code share agreement – Qatar Airways (QA) and Japan Airlines (JAL) have entered into a code share agreement for the first time. The airlines will commence their code share flights from December 3, 2013 on QA operated flights between Tokyo and Doha as well as Osaka and Doha. Meanwhile, QA will place its flight indicator on JAL operated flights. (Bloomberg) International  S&P removes Dutch from triple-A club, lifts outlook for Spain – S&P’s has cut the Netherlands' credit rating, reducing the Eurozone club of full triple-A nations to just three, while rewarding Spain for efforts to reform its public finances. S&P lowered the Netherlands, which is suffering from an anemic economy, slumping house prices and falling consumer confidence, to "AA+" from "AAA". This left Germany, Luxembourg and Finland as the only members of the 17-nation euro zone with the top rating from all three leading credit agencies. However, it raised the outlook for Spanish debt to Stable from Negative and upgraded bailed-out Cyprus, highlighting diverging fortunes within the common currency bloc. (Reuters)  Moody’s raises Greece to Caa3 on fiscal progress – Moody’s has raised Greece’s government bond rating to Caa3 from C with a Stable outlook. Moody’s said it expects Greece to achieve (and possibly outperform) its target of a primary balance in 2013, and record a surplus in 2014. It also said that a cyclical recovery in the economy is another reason for the credit grade increase. Moody’s said the Greek economy is bottoming out after nearly six years of recession. The ratings company said it expects the government’s budget focus to remain on savings generated from structural reform measures as opposed to further spending cuts. (Bloomberg)  China’s manufacturing index beats estimates as output rises – A Chinese manufacturing gauge exceeded analysts’ estimates in November, indicating the nation’s economic recovery is sustaining momentum amid government efforts to rein in credit growth. Chinese National Bureau of Statistics and China Federation of Logistics & Purchasing said the Purchasing Managers’ Index was 51.4. That’s the same reading as October Page 3 of 6
  4. 4. and was higher than 24 out of 26 estimates in a Bloomberg News survey that had a median forecast of 51.1. (Bloomberg)  China sets IPO reform plan signaling end of freeze on listings – The China Securities Regulatory Commission has issued a reform plan for IPOs, as the government prepares to lift a more than one-year freeze on new listings in the country. The regulator said about 50 companies are expected to complete the IPO approval preparations and list or be ready to do so by the end of January. The regulator said there are more than 760 companies in the queue for approval and it will take about a year to complete an audit of all the applications. (Bloomberg)  India growth quickens from four-year low as rate increases loom – Indian economic growth quickened last quarter from a four-year low on higher factory output, a revival threatened by looming interest-rate increases to fight rising prices in the nation of 1.2bn people. The Indian Statistics Ministry said GDP rose 4.8% in the three months ended September from a year earlier, compared with 4.4 in the previous quarter. The median of 44 estimates in a Bloomberg News Survey was for a 4.6% gain. (Bloomberg)  S&P sees Islamic finance flourishing next year – According to a report by S&P, growth of the global Islamic finance market has continued unabated this year, despite the uncertain recovery elsewhere in the world’s financial markets. S&P’s Regional Head of Eastern Europe, Middle East & Africa Zeynep Holmes said S&P believes that global Shari’ah-compliant assets, which are estimated at around $1.4tn, are likely to sustain double-digit growth in the coming 2-3 years. Islamic finance remains a demand-driven market with scarce supply, which is still hampered by a limited range of financial centers and their various regulatory frameworks. The S&P report said it is only a matter of time before Islamic finance achieves critical mass, as the pool of assets broadens, enhancing liquidity. The report said starting from 2014, the regulatory efforts needed to accommodate Islamic finance and the establishment of additional industry bodies at national levels will take centre stage. (Peninsula Qatar) Regional  Reuters: Mideast fund managers more cautious on equities – According to a survey conducted by Reuters, fund managers in the Middle East are showing signs of becoming more cautious toward some equity markets as change looms in the global economic environment. The Reuters monthly survey showed that 47% out of 15 managers expect raising their overall equity allocation to the region in the next three months, while the rest expect maintaining it steady. The survey also showed a rise in the proportion of managers who expect to decrease their allocations to fixed income in the Middle East over the next three months from 19% in October to 33% in November. (Reuters)  GCC countries plan a navigation maintenance hub for shipments – Countries in the GCC region are planning to set up a common navigation maintenance hub for the better integration of cargo movements within the GCC waters. Ports across the region will work in tandem to handle the huge pressure expected from the heavy volume of shipments during the next few years. GCC countries are set to witness a huge volume of cargo movements with $3tn worth of development works projected in the Middle East over the coming years. The contract for this project is expected to be signed in the coming months. (GulfBase.com)  Saudi investments on aquaculture projects to reach SR60bn – The Saudi Ministry of Agriculture’s Undersecretary for Fishery Affairs Jabir Al Shihri said that investments on aquaculture projects will be increased from SR20bn to SR60bn in order to produce 1mn tons of fish products over the next 16 years. (GulfBase.com)  SCC’s Turkish unit signs deal to supply SR132mn power equipment – The Saudi Cable Company’s (SCC) Turkish subsidiary, Demirer Kablo has signed a contract to supply 132kV power cables and related materials worth SR132mn. These materials will be delivered over a period of 12 months from the date of receipt of the letter of credit. The financial impact of this contract will appear in 3Q2014. (Tadawul)  Sumitomo Chemical expects approval for Rabigh II project expansion in 1H2014 – Japan-based Sumitomo Chemical Company’s President Masakazu Tokura said the company expects to win project finance approval for the expansion of Rabigh II project in Saudi Arabia in 1H2014. This $7bn project will be operational in 2016. (GulfBase.com)  Invensys signs deal to set up R&D center in DTV – UKbased Invensys has signed an agreement to set up a R&D center in automation & control systems for oil & gas, energy and construction sectors in Dhahran Techno Valley (DTV) located at King Fahd University of Petroleum & Minerals. (GulfBase.com)  ADC signs credit facilities deal with Saudi Fransi Capital – Al Ahsa Development Company (ADC) has entered into an agreement for credit facilities (on draft) for guarantee with Saudi Fransi Capital to ensure the portfolio securities owned by ADC and the limited facilities at the company to participate in the IPOs. ADC has announced that the purpose of this agreement is to increase the sources of income for the company and its financial impact is expected in 1Q2014. (Tadawul)  Mobily extend talks with EATC shareholders until January 30, 2014 – The Etihad Etisalat Company (Mobily) has extended talks with four shareholders in Etihad Atheeb Telecommunication Company (EATC) until January 30, 2014. If concluded, this deal will give Mobily a majority control in EATC and enable it to provide fixed-line services directly and attract customers with bundled packages of internet, television and phone calls. (GulfBase.com)  JMC’s BoD recommends 50% capital increase through bonus shares – Jarir Marketing Company’s (JMC) board of directors has recommended increasing the company’s capital by 50% to SR900mn through the issue of bonus shares. JMC will issue 30mn additional shares and offer one bonus share for every two shares owned. (Tadawul)  LG Electronics appoints Shaker Co as distributor – LG Electronics has appointed the Shaker Company as a nonexclusive distributor for its LED lighting products in Saudi Arabia for a period of two years. The financial impact of this agreement is expected to be visible in 1Q2014. (Tadawul)  SABIC opens technical center in Bangalore – Saudi Basic Industries Corporation’s (SABIC) Chairman of the Board of Directors Prince Saud Bin Abdullah Bin Thunayan opened $100mn worth SABIC Technical Center in Bangalore. The newly opened center is the latest of SABIC technical centers in Asia, which will have around 300 scientists, engineers and technicians working for it in India. (GulfBase.com)  ANB Insurance receives approval from Saudi CMA – The MetLife-AIG ANB Cooperative Insurance Company (ANB Insurance) has received approval from Saudi Capital Market Authority (CMA) to be exempt from the requirements of disclosing its interim financial results for 2013. However, the company shall disclose its annual audited financial statements for 2013 according to the listing rules requirements. (Tadawul) Page 4 of 6
  5. 5.  SACO obtains SAMA’s approval for insurance products – The Saudi Arabian Cooperative Insurance Company (SAICO) has obtained a temporary approval from the Saudi Arabian Monetary Agency (SAMA) to use its insurance products for six months. (Tadawul)  UAE to participate in WTO conference – The UAE will participate in the 9th Ministerial Conference of the World Trade Organization (WTO), which will take place on December 3 in Bali, Indonesi. (GulfBase.com)  Kingston Holdings signs JV deal with Glen Dimplex – Sharjah-based Kingston Holdings and Ireland’s Glen Dimplex entered into JV named “Xpelair Middle East” to provide customers with access to full range of Glen Dimplex products. The total investment for this production unit is estimated to be $33mn. Apart from the Middle East and Africa region, this JV will cover India, Sri Lanka, Nepal, Bangladesh, and Maldives as well. (GulfBase.com)  DEL signs MoU with Nord Stream AG – Dolphin Energy Ltd (DEL) has entered into a five-year MoU with Nord Stream AG to exchange operational & maintenance knowledge, and expertise regarding high pressure gas networks and subsea pipeline systems. This MoU will also explore opportunities where both the companies can lend support to each other’s Emergency Pipeline Repair System, which is essential to ensure minimum disruption to gas throughput in the event of pipeline repairs. (GulfBase.com)  IPIC seeks $2bn refinancing loan – According to sources, the International Petroleum Investment Company (IPIC) is arranging for a $2bn refinancing loan. This loan will be split between a three-year facility worth $1bn paying a margin of 40 basis points (bps) over LIBOR and a five-year facility worth $1bn paying a margin of 50 bps over LIBOR, with both tranches paying utilization fees on top. This facility, which is expected to be completed as a club loan, will be provided by around 12 banks. (Reuters)  Etihad adds more seats on Abu Dhabi-Melbourne route – Etihad Airways has added more seats between Abu Dhabi and Melbourne in Australia by introducing a Boeing 777-300ER on this route. Operating from December 1, this larger aircraft will offer 328 seats in a three-class configuration, offering 36 more than the Airbus A340-600. (GulfBase.com)  MOIC, EDB, GIA sign MoU to develop GPTLB – Bahrain’s Ministry of Industry & Commerce (MOIC), the Bahrain Economic Development Board (EDB) and the Gemological Institute of America (GIA) have entered into a MoU to develop Gemstone & Pearl Testing Laboratory (GPTLB) in Bahrain for research into the production of natural pearls. Under this MoU, all three parties will work together to enhance Bahrain’s pearling industry, with the aim of developing capacity, research, expertise and technological know-how at GPTLB, and identify further opportunities for the sector to grow in Bahrain. (GulfBase.com)  Fitch: Dubai should generate activity; boost confidence over next few years – According to Fitch Ratings, Dubai's successful bid for the 2020 World Expo should generate activity and boost confidence across the Emirate's infrastructure, real estate and hospitality sectors over the next few years. However, the ambitious plan of Dubai could throw off the balance of supply and demand after this expo. Dubai expects 25mn visitors to visit this expo, which will drive major new construction projects across a 438-hectare site and significant infrastructure upgrades. Fitch said that this activity should support rents and real estate prices up to the event and boost the demand in construction and hospitality sectors in the Emirate. Fitch expects government entities to be responsible for infrastructure improvements, while major developers will handle other projects such as hotel facilities for visitors. Meanwhile, a well-managed expo could attract more businesses to the Emirate's free zones and raise its standing as a travel destination. (GulfBase.com) (GulfBase.com)  Dubai proposes UAE to create Shari’ah-compliant retirement packages for foreign workers – Dubai has proposed to the UAE Federal Government to create a Shari’ahcompliant retirement savings scheme for foreign workers. This scheme could help in developing the Islamic funds industry in the Emirates. (GulfBase.com)  MEED Projects: Major investment seen in Dubai after 2020 World Expo win – According to MEED Projects, major investments are expected to be seen in various infrastructure projects in Dubai after the successful bid of Dubai World Expo 2020. MEED expects the total value of contracts awarded such as the metro, new airport and construction of the Expo center to be around $30bn in 2013. (GulfBase.com)  Emaar Properties bans agents from reselling off-plan properties – Dubai property developer Emaar Properties has banned real estate agents from reselling off-plan properties. Any off-plan property purchase will not be subject to transfer until handover. (GulfBase.com) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 2.1% 149.1 1.4% 130.8 0.7% 1.6% 118.7 0.9% 0.3% 0.2% 0.0% 0.3% 0.0% (0.7%) S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance 1D% WTD% YTD% Global Indices Performance 1,253.49 0.8 0.8 (25.2) DJ Industrial 19.99 1.4 0.6 (34.1) 109.69 (1.1) (1.2) 3.79 0.0 LPG Propane (Arab Gulf)/Ton 116.00 LPG Butane (Arab Gulf)/Ton Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu Euro Yen Dubai Oman* Source: Bloomberg (*Market closed on November 28, 2013) Close ($) Gold/Ounce Bahrain Jul-13 Kuwait May-12 Dec-12 Abu Dhabi QE Index Oct-11 Qatar Jan-10 Aug-10 Mar-11 Saudi Arabia (0.7%) (1.4%) Close 1D% WTD% YTD% 16,086.41 (0.1) 0.1 22.8 S&P 500 1,805.81 (0.1) 0.1 26.6 (1.3) NASDAQ 100 4,059.89 0.4 1.7 34.5 0.5 10.6 STOXX 600 325.16 (0.0) 0.7 16.3 0.0 (3.1) 28.9 DAX 9,405.30 0.2 2.0 23.6 138.75 0.0 (3.0) (21.4) FTSE 100 6,650.57 (0.1) (0.4) 12.8 1.36 (0.1) 0.2 3.0 CAC 40 4,295.21 (0.2) 0.4 18.0 102.44 0.1 1.2 18.1 15,661.87 (0.4) 1.8 50.7 GBP 1.64 0.2 0.9 0.7 MSCI EM 1,018.28 0.6 0.9 (3.5) CHF 1.10 (0.1) 0.1 1.0 SHANGHAI SE Composite 2,220.50 0.1 1.1 (2.1) AUD Nikkei 0.91 0.1 (0.8) (12.4) HANG SENG 23,881.29 0.4 0.8 5.4 USD Index 80.68 0.1 (0.0) 1.1 BSE SENSEX 20,791.93 1.3 2.8 7.0 RUB 33.12 (0.1) 1.1 8.5 Bovespa 52,482.49 1.2 (0.6) (13.9) BRL 0.43 (0.7) (2.3) (12.2) 1,402.93 (0.3) (2.9) (8.1) 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 6 of 6