29 December Daily Market Report

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29 December Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,420 10,400 10,380 10,360 26 Dec 13 %Chg. 289.4 555,218.5 7.8 5,038 38 16:20 337.7 554,963.3 11.0 6,275 39 10:20 (14.3) 0.0 (28.9) (19.7) (2.6) – Market Indices 10,340 10,320 9:30 29 Dec 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 declined 0.3% to close at 10,360.0. The Transportation and Industrials indices declined 0.3% each. Top losers were Qatari Investors Group and Widam Food Co., falling 9.8% and 4.5% respectively. Among the top gainers, Islamic Holding Group rose 2.8%, while Zad Holding Co. gained 2.3%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,802.09 2,584.38 2,446.85 3,468.78 1,870.22 1,957.12 2,326.31 1,457.64 5,955.03 3,037.66 (0.3) (0.2) (0.2) (0.3) (0.3) (0.2) (0.2) (0.1) (0.0) (0.8) (0.3) (0.2) (0.2) (0.3) (0.3) (0.2) (0.2) (0.1) (0.0) (0.8) 30.8 28.3 25.5 32.0 39.5 21.4 18.5 36.9 27.5 22.1 N/A 13.1 13.1 12.6 12.7 13.4 9.5 19.8 22.6 15.8 GCC Commentary GCC Top Gainers## Exchange Close# Saudi Arabia: The TASI index rose 0.2% to close at 8,494.8. Gains were led by the Hotel & Tourism and Agri. & Food Industries indices, rising 1.7% and 1.1% respectively. ANB Insurance rose 9.9%, while Bawan Co. was up 9.8%. Al Baraka Banking 1D% Bahrain 0.72 5.9 93.3 (3.4) Dubai: The DFM index declined 0.6% to close at 3,287.6. The Services index fell 1.7%, while the Investment & Financial Services index was down 1.6%. Nat. Industries Group declined 10.0%, while Takaful House was down 3.9%. Ithmaar Bank Bahrain 0.24 4.4 100.0 38.2 RAKBANK Abu Dhabi 7.15 2.9 180.3 91.7 Nat. Bank of Abu Dhabi Abu Dhabi 13.50 2.7 117.7 44.2 Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,209.5. The Energy index gained 1.7%, while the Banking index was up 0.9%. Abu Dhabi Ship Building rose 7.5%, while Green Crescent Insurance Co. was up 6.1%. MEDGULF Saudi Arabia 33.90 2.4 1,060.2 50.3 GCC Top Losers Exchange Kuwait: The KSE index declined 0.5% to close at 7,586.5. The Financial Services index fell 1.3%, while the Oil & Gas index was down 1.1%. Taiba Kuwaiti Holding declined 7.7%, while Pearl of Kuwait Real Estate fell 6.9%. Qatari Investors Group Qatar 44.10 (9.8) 1,077.1 91.7 Combined Group Cont. Kuwait 1.22 (4.7) 1.0 (16.4) Oman: The MSM index rose 0.3% to close at 6,808.1. Gains were led by the Banking & Investment and Services & Ins. indices, gaining 0.4% each. Al Omaniya Financial Ser. rose 5.4%, while Oman Holding Int. Co. was up 4.7%. Qatar Gen. Ins. & Rein. Qatar 46.80 (4.5) 15.6 1.7 Kuwait Cement Co. Kuwait 0.37 (3.9) 5.3 (15.7) Samba Financial Group Saudi Arabia 50.00 (3.8) 1,445.5 11.9 Bahrain: The BHB index gained 0.4% to close at 1,228.1. The Investment index rose 1.0%, while the Industrial index was up 0.4%. Al Baraka Banking Group gained 5.9%, while Ithmaar Bank was up 4.4%. ## # Close Vol. ‘000 1D% Vol. ‘000 YTD% YTD% 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) Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 Islamic Holding Group 45.25 2.8 248.6 19.1 Qatari Investors Group 44.10 (9.8) 1,077.1 91.7 Zad Holding Co. 70.10 2.3 1.3 19.2 Widam Food Co. 51.00 (4.5) 60.9 (13.3) Qatar Insurance Co. 66.40 1.2 3.3 23.1 Qatar Gen. Ins. & Rein. Co. 46.80 (4.5) 15.6 1.7 Gulf Warehousing Co. 41.50 1.2 44.7 23.9 Salam International Investment 12.99 (2.7) 904.4 2.6 Ezdan Holding Group 17.06 0.9 7.4 (6.3) Dlala Brok. & Inv. Holding Co 22.80 (1.3) 344.8 (26.6) Qatar Exchange Top Gainers Qatar Exchange Top Losers YTD% Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Qatari Investors Group 44.10 (9.8) 1,077.1 91.7 Qatari Investors Group 44.10 (9.8) 48,683.0 91.7 Masraf Al Rayan 31.55 (1.3) 954.2 27.3 Masraf Al Rayan 31.55 (1.3) 30,336.3 27.3 Salam International Investment Co. 12.99 (2.7) 904.4 2.6 QNB Group 173.00 0.2 20,268.3 32.2 Barwa Real Estate Co. 29.95 (0.3) 622.9 9.1 Barwa Real Estate Co. 29.95 (0.3) 18,666.3 9.1 Qatar Gas Transport Co. 20.35 (0.3) 572.8 33.4 167.50 0.9 17,002.7 18.8 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Exchange Top Val. Trades Industries Qatar Source: Bloomberg (* in QR) Close 1D% WTD% MTD% YTD% 10,360.02 3,287.57 4,209.48 8,494.76 7,586.45 6,808.12 1,228.07 (0.3) (0.6) 0.6 0.2 (0.5) 0.3 0.4 (0.3) (0.6) 0.6 0.2 (0.5) 0.3 0.4 (0.1) 11.6 9.3 2.0 (2.6) 1.2 1.6 23.9 102.6 60.0 24.9 27.8 18.2 15.2 Exch. Val. Traded ($ mn) 79.48 157.49 113.54 1,311.61 61.05 19.86 0.39 Exchange Mkt. Cap. ($ mn) 152,463.0 69,146.0 117,004.8 466,263.0 109,399.6 24,484.9 50,110.0 P/E** P/B** 13.2 19.4 11.8 17.3 16.4 10.7 8.2 1.8 1.3 1.5 2.2 1.2 1.6 0.9 Dividend Yield 4.4 2.7 4.3 3.5 3.7 3.8 3.9 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 4
  2. 2. Qatar Market Commentary  The QE index declined 0.3% to close at 10,360.0. The Transportation and Industrials indices led the losses. The index declined on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Qatari Investors Group and Widam Food Co. were the top losers, falling 9.8% and 4.5% respectively. Among the top gainers, Islamic Holding Group rose 2.8%, while Zad Holding Co. gained 2.3%. Overall Activity Buy %* Sell %* Net (QR) Qatari 59.84% 73.46% (39,410,295.35) Non-Qatari 40.17% 26.54% 39,410,295.35 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Sunday fell by 28.9% to 7.8mn from 11.0mn on Thursday. Further, as compared to the 30-day moving average of 13.1mn, volume for the day was 40.2% lower. Qatari Investors Group and Masraf Al Rayan were the most active stocks, contributing 13.8% and 12.2% to the total volume respectively. News Qatar  Barwa Bank participates in finance facility for QPI unit – Barwa Bank has announced its participation of $123mn in a finance facility for Qatar Petroleum International Upstream OPC, a fully owned subsidiary of Qatar Petroleum International Limited (QPI). This facility will be utilized to part finance Qatar Petroleum International Upstream OPC for its investment in Total’s operations in Congo. The investment is through a share capital increase in Total E&P Congo resulting in QPI holding a 15% share of the company. (Gulf-Times.com)  GDI to become a wholly owned subsidiary of GISS – Gulf International Services (GISS) has entered into discussions with the foreign partner in its joint venture, Gulf Drilling International (GDI), regarding the acquisition of its 30% stake in the capital of GDI in order for GDI to become a wholly owned subsidiary of Gulf International Services. (Company Press Release)  Medical Commission unit opens in Industrial Area – The Supreme Council of Health (SCH) has announced the opening of the new Medical Commission unit at Industrial Area, financed and established under the supervision of SCH in cooperation with the Ministry of Energy & Industry. (Gulf-Times.com)  Burj Damac Marina to be ready over 12 months – DAMAC Properties has announced that the 13th storey slab has been cast at its luxury serviced hotel apartments project, Burj Damac Marina. The 20-storey mixed-use development, which is set in the heart of the marina district of Lusail in Doha, is scheduled for completion over the next twelve months. (Qatar Tribune)  Bait Al Mashura, World Bank sign agreement – Bait Al Mashura Finance Consultations has signed an agreement with the World Bank in order to reinforce cooperation in host of areas, including research and knowledge sharing in the field of Islamic finance. (Peninsula Qatar)  MARK’s BoD to meet on January 27 – Masraf Al Rayan (MARK) announced that its board of directors will hold a meeting on January 27, 2014 to discuss the company’s financial results for the period ending on December 31, 2013. (QE)  VFQS to announce 3Q2014 financial results on January 29 – Vodafone Qatar (VFQS) will announce its financial results for the quarter ending December 31, 2013 on January 29, 2014. (Qatar Tribune) International  US average daily oil production to surge by 1mn barrels per day this year – According to the data released by the US Energy Information Administration, the country' average daily oil production is on track to surge by 1mn barrels per day this year, the biggest one-year jump in the nation's history. The country has pumped an average of 7.5mn barrels of crude per day in 2013, up from 6.5mn barrels per day in 2012. This breaks last year's record, when oil production jumped by 837,000 barrels per day YoY. The US Energy Information Administration projects that oil production will jump by another 1mn barrels per day in 2014, largely buoyed by drilling activity in Texas' Eagle Ford Shale and Permian Basin regions, as well as North Dakota's Bakken Shale. The Gulf of Mexico also is seeing a boom, with oil production expected to grow to 1.4mn barrels per day in 2014, up by 100,000 barrels. (ET)  Rompuy sees European economic revival in 2014 – European Council President Herman Van Rompuy sees an economic upswing for Europe in 2014. Rompuy said even eurostrugglers such as Spain and Greece are showing signs of positive growth. He added that while 2013 saw European Union nations overcome the crisis, 2014 will be the year of revival though this is not yet visible in continuingly poor unemployment data. He said in the Eurozone, except Slovenia and Cyprus, they will go to positive economic growth, referring to the 17 nations currently sharing the euro. (Qatar Tribune)  France President gets court approval for 75% millionaire tax – French President Francois Hollande has received approval from the country’s constitutional court to proceed with his plan to tax salaries above €1mn at 75% for this year and next. Under Hollande’s proposal, companies will have to pay a 50% duty on wages above €1mn. In combination with other taxes and social charges, the rate will amount to 75% of salaries above the threshold. (Bloomberg)  Chinese PM Li Keqiang pledges appropriate liquidity in 2014 – Chinese Premier Li Keqiang said the government will keep liquidity at an appropriate level in 2014 to maintain the stability of financial markets and the broader economy. He added that they will stick to the prudent monetary policy, keep appropriate liquidity, realize reasonable growth in credit and total social financing and keep prices largely stable. (ET) Regional  RSH unable to finalize preparation process for Libya factory – The Red Sea Housing Services Company (RSH) announced that the company has been unable to finalize the maintenance & Page 2 of 4
  3. 3. preparation process for the factory in Libya due to the deteriorating security situation in the region. This has resulted in the deferral of numerous anticipated projects in the oil & gas sector. RSH will announce the new date for launching the operations in 2014, once the security situation stabilizes and business conditions improve. (Tadawul) working toward ensuring the implementation of this decree for the stability of the real estate market. DLD’s Head of Real Estate Relations Management Mohammad Khalifa Bin Hammad said that the Real Estate Regulatory Agency (RERA) is currently working on updating rent-related data for various parts of the Emirate as per Dubai’s rent index. (Bloomberg)  MA'ADEN restarts first potline at MAC’s smelter – The Saudi Arabian Mining Company (MA'ADEN) has restarted the first potline at the smelter of its subsidiary MA'ADEN Aluminum Company (MAC). The ramp-up in the first potline is expected to reach its designed capacity of 740 kmt per year by 2Q2014. This will have no significant financial impact on the company’s results in 4Q2013 as the project is yet to reach commercial production. (Tadawul)  Siemens obtains SR660mn contract from SEC – Germanybased Siemens has obtained a turnkey project worth SR660mn from the Saudi Electricity Company (SEC) to build 380 kV Hail 3 substations. Under this contract, Siemens will supply all key components such as gas insulated switchgear, transformers, reactors, protection and telecommunication systems as well as civil and electromechanical works. (GulfBase.com)  Tadawul includes AIG ANB to its indices – The Saudi Stock Exchange (Tadawul) has announced that MetLife AIG ANB Cooperative Insurance Company (AIG ANB) has been included to Tadawul indices. (Tadawul)  Tadawul revises free-floated shares for all companies for 4Q2013 – Tadawul has revised the number of free-floated shares for all companies for 4Q2013. This revised number of free-floated shares per company is effective from December 29, 2013.  Almarai’s BoD recommends SR600mn cash dividends for 2013 – Almarai Company’s BoD has recommended cash dividends worth SR600mn (SR1 per share), representing 10% of the nominal value of each share for 2013. (Tadawul)  SVCP’s BoD recommends SR30mn dividends – The Saudi Vitrified Clay Pipe Company’s (SVCP) BoD has recommended the distribution of dividends worth SR30mn (SR2 per share), representing 20% of the face value of shares for 4Q2013. SVCP’s shareholders, who are registered with the Securities Depository Center on January 1, 2014, will be eligible for this dividend. (Tadawul)  SMC’s BoD recommends cash dividend – Salalah Mills Company’s (SMC) BoD has recommended paying a cash dividend of 60% of the paid-up capital for the financial year ended December 31, 2013. (GulfBase.com)  ATMC obtains SAMA's approval for its products – Alinma Tokio Marine Company (ATMC) has obtained the Saudi Arabian Monetary Agency’s (SAMA) final approval for its cooperative health insurance product. (Tadawul)  Dubai 3Q2013 non-oil foreign trade surges to AED1.009tn – According to the statistics from Dubai Customs, the Emirate’s non-oil foreign trade has crossed the AED1tn threshold to hit AED1.009tn by the end of 3Q2013 as compared to AED918bn in 3Q2012. Dubai’s non-oil foreign trade growth was due to the increase in imports that stood at AED610bn in 3Q2013 as compared to AED546bn in 3Q2012. The data also showed that exports and re-exports rose to AED399bn in 3Q2013 as compared to AED372bn in 3Q2012. Direct trade has accounted for 64% of Dubai’s foreign trade. Meanwhile, Dubai Customs’ Director General Ahmed Butti Ahmed said that India ranked first on Dubai's non-oil foreign trade partner list, as trade volumes between them reached AED111bn, followed by China with AED99bn and the US with AED65bn. China has topped the list of import partners with AED96bn, followed by the US with AED58bn and India with AED55bn. (GulfBase.com)  DLD to fully implement rent decree – The Dubai Land Department (DLD) is continuing its efforts to develop the mechanisms for implementing the decree number 43 of 2013 that pertains to the rate of rent increases in the Emirate. DLD is  DSI wins contract for MEP solutions in India – Drake & Scull International (DSI) has been awarded a contract worth $16mn to provide turnkey mechanical, electrical & plumbing (MEP) solutions in the New Cuffe Parade project in Mumbai, India. Under this contract signed with Lodha Group, DSI will perform MEP works for four towers under development that are spread across 23 acres in the new Mumbai Metropolitan Region Development Area (MMRDA). This contract reflects DSI’s aggressive expansion drive across India. (DFM)  GFH Capital acquires residential property in London – GFH Capital has acquired a residential property in London worth approximately $25mn with an area of 9,373 square foot. The target investment is up to 36 months and GFH Capital is planning to refurbish the building and down sell the apartments to end users. The management expects a positive impact on the 4Q2013 financials as a result of this transaction. (DFM)  DLD appoints new Secretary General of Rental Dispute Settlement Centre – The Dubai Land Department (DLD) has appointed Dr. Ahmed Al Shehi as the Secretary General of the Rental Dispute Settlement Centre. Prior to this, Dr. Al Shehi was the Senior Director of the Information Technology Department at DLD. (GulfBase.com)  Abu Dhabi hotels report 26% YoY rise in guests – According to the data released by the Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi), a total number of 260,810 guests have checked in at Abu Dhabi’s 149 hotels and hotel apartments in November 2013, indicating an increase of 26% YoY. Hotel nights have reached 856,785, representing a 27% YoY rise in November, while occupancy levels rose to 83%. The total revenue jumped 19% to AED669mn. The data showed that during January-November 2013, 2.53mn guests have stayed in Abu Dhabi’s accommodation, rising 17% YoY. Occupancy rate stood at 70% YTD, while total hotel revenues were up 11% to AED5bn. However, average room rate declined 1% YoY to AED477.22 in November 2013. Meanwhile, the data showed that India has remained top overseas source market with 157,594 Indians checking into Abu Dhabi in 2013, indicating an increase of 26% YoY, followed by the UK with 24% YoY. (GulfBase.com)  Abu Dhabi’s exports rose marginally during JanuaryAugust – According to Abu Dhabi’s Department of Economic Development (ADDED), the Emirate’s exports and re-exports rose marginally to AED21.31bn during January-August 2013. (GulfBase.com)  Bahrain economy may expand almost 5% this year – According to data released by the Economic Development Board, Bahrain’s economy may expand almost 5% this year driven by gains in oil and gas industries. The annual pace of non-oil economy expanded 3% in 3Q2013 as compared to 2.5% in 2Q2013. (Bloomberg) Page 3 of 4
  4. 4. Daily Index Performance 0.8% 0.6% 0.4% 148.9 0.4% 134.2 0.0% (0.4%) QE Index S&P Pan Arab Jul-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,213.35 0.0 0.0 (27.6) DJ Industrial 16,478.41 0.0 0.0 25.7 20.08 0.0 0.0 (33.8) S&P 500 1,841.40 0.0 0.0 29.1 112.18 0.0 0.0 1.0 NASDAQ 100 4,156.59 0.0 0.0 37.7 4.32 0.0 0.0 26.1 STOXX 600 327.68 0.0 0.0 17.2 127.50 0.0 0.0 41.7 DAX 9,589.39 0.0 0.0 26.0 139.50 0.0 0.0 (21.0) FTSE 100 6,750.87 0.0 0.0 14.5 1.37 0.0 0.0 4.2 105.17 0.0 0.0 21.2 GBP 1.65 0.0 0.0 1.4 MSCI EM CHF 1.12 0.0 0.0 2.7 SHANGHAI SE Composite AUD 0.89 0.0 0.0 (14.7) USD Index 80.39 0.0 0.0 RUB 32.58 0.0 0.0 BRL 0.43 0.0 0.0 (12.4) Yen Oman May-12 Dec-12 (0.6%) Bahrain Oct-11 Kuwait Jan-10 Aug-10 Mar-11 (0.5%) Saudi Arabia (0.8%) (0.3%) Qatar 121.9 0.3% 0.2% Dubai 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 Abu Dhabi Rebased Performance CAC 40 Nikkei 4,277.65 0.0 0.0 17.5 16,178.94 0.0 0.0 55.6 997.56 0.0 0.0 (5.5) 2,101.25 0.0 0.0 (7.4) HANG SENG 23,243.24 0.0 0.0 2.6 0.8 BSE SENSEX 21,193.58 0.0 0.0 9.1 6.7 Bovespa 51,266.56 0.0 0.0 (15.9) 1,445.39 0.0 0.0 (5.3) 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 4 of 4

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