29 MayTechnical Market Report


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29 MayTechnical Market Report

  1. 1. Page 1 of 6QE Intra-Day MovementQatar CommentaryThe QE index rose 1.0% to close at 9,158.7. Gains were led by the Real Estateand Banking & Financial Services indices, gaining 3.9% and 1.0% respectively.Top gainers were United Development Co. and Gulf International Services,rising 6.9% and 4.5% respectively. Among the top losers, Qatar & OmanInvestment Co. fell 1.0%, while Qatari Investors Group declined 0.8%.GCC CommentarySaudi Arabia: The TASI index gained 0.4% to close at 7,404.1. Gains wereled by the Agriculture & Food Industries and Retail indices, rising 2.7% and1.6% respectively. Almarai Co. rose 5.7%, while Savola Group was up 3.7%.Dubai: The DFM index rose 0.7% to close at 2,338.1. The Real Estate &Construction index gained 2.0%, while the Transportation index was up 0.6%.Arabtec Holding rose 7.7%, while Gulf General Investment Co. was up 4.4%.Abu Dhabi: The ADX benchmark index gained 1.2% to close at 3,529.3. TheBanking index rose 1.8%, while the Real Estate index was up 0.5%.Commercial Bank International surged 14.5%, while National Bank of Umm Al-Qaiwain was up 12.1%.Kuwait: The KSE index fell 0.3% to close at 8,407.3. Losses were led by theOil & Gas and Parallel Market indices, declining 3.0% and 1.8% respectively.Al Safat Real Estate Co. fell 8.1%, while Gulf Franchising Holding Co. wasdown 7.7%.Oman: The MSM index rose 0.2% to close at 6,406.1. The Services &Insurance index gained 0.3%, while the Industrial index was up 0.2%.Construction Materials Ind. rose 5.9%, while Al Anwar Holding was up 3.5%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%United Development Co. 21.70 6.9 4,888.7 21.9Gulf International Services 45.10 4.5 608.2 50.3Mannai Corp 88.00 3.5 2.1 8.6Al Meera Consumer Goods Co. 142.00 3.0 233.4 16.0Doha Insurance Co. 25.90 2.8 133.6 5.5Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%United Development Co. 21.70 6.9 4,888.7 21.9Barwa Real Estate Co. 26.55 2.3 2,227.8 (3.3)Qatari Investors Group 25.05 (0.8) 1,793.2 8.9Masraf Al Rayan 26.75 0.4 1,108.3 7.9Qatar Gas Transport Co. 17.59 0.2 888.8 15.3Market Indicators 29 May 13 28 May 13 %Chg.Value Traded (QR mn) 562.1 248.6 126.1Exch. Market Cap. (QR mn) 506,850.9 503,038.2 0.8Volume (mn) 16.7 7.2 133.0Number of Transactions 5,841 3,461 68.8Companies Traded 39 36 8.3Market Breadth 29:8 15:16 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,085.73 1.0 1.2 15.7 N/AAll Share Index 2,330.11 0.9 1.2 15.7 12.6Banks 2,160.83 1.0 1.4 10.9 11.7Industrials 3,166.65 0.6 1.4 20.5 11.8Transportation 1,643.30 0.6 (0.2) 22.6 11.6Real Estate 1,801.12 3.9 2.3 11.8 11.9Insurance 2,302.63 (0.3) 1.5 17.3 13.5Telecoms 1,277.53 0.6 0.5 20.0 14.8Consumer 5,583.66 0.5 0.7 19.6 19.3Al Rayan Islamic Index 2,780.23 1.2 1.4 11.7 13.9GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%NBQ Abu Dhabi 3.25 12.1 5.0 75.7Nat. Industries Group Kuwait 0.29 9.4 38,718.5 35.5Arabtec Holding Co. Dubai 2.03 7.7 120,857.6 9.1United Dev. Co. Qatar 21.70 6.9 4,888.7 21.9Almarai Co. Saudi Arabia 70.00 5.7 5,322.1 10.2GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Gulf Pharma. Industry Abu Dhabi 3.00 (2.6) 50.0 9.1Atheeb Communication Saudi Arabia 13.25 (2.6) 13,479.7 3.5Saudi Airlines Catering Saudi Arabia 115.00 (2.1) 130.2 47.4Solidarity Saudi Takaful Saudi Arabia 27.90 (2.1) 634.2 (24.4)Al-Qurain Petrochem. Kuwait 0.21 (1.9) 93.0 18.0Source: 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%Qatar & Oman Investment Co. 12.84 (1.0) 744.6 3.6Qatari Investors Group 25.05 (0.8) 1,793.2 8.9Qatar Insurance Co. 64.10 (0.8) 13.5 18.8Qatar German Co. for Med. Dev. 14.60 (0.7) 177.1 (1.2)Ezdan Holding Group 17.41 (0.5) 57.2 (4.3)Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%United Development Co. 21.70 6.9 103,852.5 21.9Barwa Real Estate Co. 26.55 2.3 58,522.3 (3.3)Industries Qatar 166.70 0.3 54,963.8 18.2Qatari Investors Group 25.05 (0.8) 45,050.0 8.9Al Meera Consumer Goods Co. 142.00 3.0 33,290.8 16.0Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,158.73 1.0 1.2 5.6 9.6 154.38 139,181.3 11.6 1.6 5.0Dubai 2,338.07 0.7 1.4 9.5 44.1 261.97 63,587.5 15.0 1.0 3.6Abu Dhabi 3,529.33 1.2 2.0 7.8 34.2 116.10 103,337.7 10.8 1.3 5.0Saudi Arabia 7,404.12 0.4 0.6 3.1 8.9 1,622.73 398,186.5 15.8 1.9 3.7Kuwait 8,407.34 (0.3) 3.1 13.1 41.7 441.30 112,120.7 25.7 1.5 3.2Oman 6,406.10 0.2 0.7 4.6 11.2 28.94 22,556.8 11.1 1.7 4.3Bahrain 1,182.69 0.0 1.1 7.1 11.0 1.21 21,069.2 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)9,0509,1009,1509,2009:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6Qatar Market Commentary The QE index rose 1.0% to close at 9,158.7. The Real Estateand Banking & Financial Services indices led the gains. Theindex rose on the back of buying support from non-Qatarishareholders despite selling pressure from Qatari shareholders. United Development Co. and Gulf International Services werethe top gainers, rising 6.9% and 4.5% respectively. Among thetop losers, Qatar & Oman Investment Co. fell 1.0%, while QatariInvestors Group declined 0.8%. Volume of shares traded on Wednesday rose by 133.0% to16.7mn from 7.2mn on Tuesday. Further, as compared to the 30-day moving average of 9.1mn, volume for the day was 82.7%higher. United Development Co. and Barwa Real Estate Co.were the most active stocks, contributing 29.3% and 13.3% tothe total volume 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 ChangeQatar Islamic Bank(QIBK)CI QatarFSR/LT FCR/STFCR/SRA/A/A2/2 A/A/A2/2 – Stable –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, SR – Support Rating)Global Economic DataDate Market Source Indicator Period Actual Consensus Previous05/29 US MBA MBA Mortgage Applications 24-May -8.80% – -9.80%05/29 EU ECB Euro-Zone M3 s.a. (YoY) April 3.20% 2.90% 2.60%05/29 EU ECB Euro-Zone M3 s.a. 3 mth ave. April 3.00% 2.90% 3.00%05/29 Germany Bundesbank Unemployment Change (000s) May 21K 5K 6K05/29 Germany Bundesbank Unemployment Rate (s.a) May 6.90% 6.90% 6.90%05/29 Germany Destasis Consumer Price Index (MoM) May 0.40% 0.20% -0.50%05/29 Germany Destasis Consumer Price Index (YoY) May 1.50% 1.30% 1.20%05/29 UK CBI CBI Reported Sales May -11 3 -105/29 Spain INE Adjusted Real Retail Sales YoY April -4.90% -6.40% -8.60%05/29 Spain INE Retail Sales (Real) (YoY) April -2.60% – -10.90%05/29 Italy ISTAT Economic Sentiment May 79.8 – 74.905/29 Italy ISTAT Business Confidence May 88.5 88.1 87.9Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)NewsQatar Qatar’s foreign merchandise trade surplus increases 7.9%in 1Q2013 – According to a report released by the QatarStatistical Authority (QSA), foreign merchandise trade balanceshowed a surplus of QR107bn in 1Q2013, an increase ofQR8bn (+7.9% YoY) compared to 1Q2012. The report showedthat exports recorded an increase of 7.2% YoY to QR129.8bn,whereas imports rose by 3.9% YoY to QR22.8bn. The export ofpetroleum gas & other gaseous hydrocarbons increased by9.4% YoY, while the export of petroleum & oils from bituminousminerals (crude) dropped by 13.5% YoY. The main destinationcountries were Japan, South Korea and China. Meanwhile,imports of passenger motor cars, aircraft spare parts andtelecommunication equipment topped the list. The maincountries of origin were the US with a share of 11%, China andthe UAE with 9.2% each. (QSA) Qatar’s share in GCC aviation to grow 17% by 2023 –According to a report by aviation intelligence firm, OAG, Qatar’smarket share in the GCC region aviation industry is expected togrow by 17%, whereas the GCC’s share in the global aviationmarket is likely to increase by 5% by 2023. The report alsoshows that in terms of scheduled seat capacity, Doha’s annualgrowth rate stands at 15% as compared to the 9% for GCC and3% of the world market. (Qatar Tribune) QCB to issue QR4bn t-bills on June 4 – Qatar Central Banksaid it will issue treasury bills for a period of 91 days, 182 days,273 days on June 4, 2013. The total amount of issuance isQR4bn. (QCB) QNB Group wins best bank award – The QNB Group hasbeen awarded the best bank in Qatar Award by Euromoney.(Qatar Tribune) CI affirms QIBK’s A financial rating – Capital Intelligence (CI)has affirmed Qatar Islamic Bank’s (QIBK) financial strengthrating at “A”. CI has also affirmed the bank’s long & short termforeign currency ratings at “A” and “A2”, respectively, on aStable outlook. Moreover, QIBK’s support rating has beenaffirmed at “2”. (QE) KCBK extends QR1.7bn financing to Lusail infrastructuredevelopment – Al Khalij Commercial Bank (KCBK) hasextended contract financing facilities worth QR1.7bn to a JVbetween Midmac Contracting Company and Yuksel Insaat fortheir primary infrastructure project in Lusail City. Meanwhile, theOverall Activity Buy %* Sell %* Net (QR)Qatari 68.30% 70.67% (13,273,471.03)Non-Qatari 31.69% 29.34% 13,273,471.03
  3. 3. Page 3 of 6bank’s CEO Robin McCall said KCBK is set to issue a five-yearunsecured bond shortly. (Bloomberg, QE) BRES to build Dara development – Barwa Real EstateCompany’s (BRES) CEO Abdulla Abdulaziz Al Subaie said thefirm has launched its Dara project to sell residential units to bothnationals and foreigners. Al Subaie also said that the Daraproject will account for a fifth of the $1.9bn Fox Hillsdevelopment at Lusail city, and it will comprise 6 buildings with162 apartments. (Bloomberg) Barwa project to be ready in two years – Barwa Real EstateGroup Director (Qatar–Real Estate Investments) MohamadIsmail Al Emadi said work is on full swing to complete Barwa AlBaraha project. The project is being developed in two phases:Phase one will be completed in 18 months, while Phase two willbe completed in two years. Facilities at Barwa Al Baraha includea hotel, entertainment center, laundry, health center, mosque,police station, civil defense center, fire-control center, sportsfacilities, shops, restaurants and offices. (Qatar Tribune) Hill International receives QR15.2mn contract on PearlQatar development – Hill International (HIL) has received acontract from the Land Investment & Real Estate DevelopmentCompany to provide project management services in connectionwith the Viva Bahriya and Porto Arabia towers development atPearl Qatar. The 20-month contract has an estimated value ofQR15.2mn. (Bloomberg) Qatar 2022 Supreme Committee appoints project manager,consultant for Wakrah Stadium – The Qatar 2022 SupremeCommittee has appointed KEO as the project manager andAECOM as the design consultant for Al Wakrah Stadium, whichwill have a capacity of 45,000 during the 2022 FIFA World Cup.(Gulf-Times.com) DHBK to set up office in Hong Kong – Doha Bank (DHBK)aims to set up office in Hong Kong. The bank plans to openoffice to promote trade, investment banking and finance withGulf States. (Bloomberg) Cabinet approves clinics in shopping malls – The QatarCabinet has approved an amendment in the rules that enablesestablishment of private clinics at commercial complexes. Theamendment aims to encourage private investment in healthcaresector by allowing private clinics to operate in commercialcomplexes across the country. (Peninsula Qatar) Qatar Airways to fly non-stop to Tripoli, Casablanca – QatarAirways has announced an increase in route capacity betweenQatar and North Africa, with its flights to Tripoli and Casablancagoing non-stop from June 01, 2013. (Gulf-Times.com)International OECD cuts global economic forecast to 3.1% in 2013 – TheOrganization for Economic Cooperation and Development(OECD) in its latest economic outlook said the recession-hitEurozone will fall further behind a generally improving US and arebounding Japan in 2013. The OECD has forecasted that theglobal economy would grow 3.1% in 2013 before accelerating to4% in 2014. The current forecast for global growth is lower thanthe forecast the OECD made in November 2012 (3.4% for 2013and 4.2% for 2014). Meanwhile, the OECD has slashed itsforecast for Chinas economic growth to 7.8% in 2013, from aprevious 8.5%, citing weakening domestic demand amid globaluncertainties. (Reuters) OECD: US interest rates could spike when Fed reducesbond buying – The OECD said after flooding US banks withcash to fight an economic crisis, the US Federal Reserve mustnow find a way to slowly tighten the money supply withoutdealing a painful shock to businesses. The OECD said lowinterest rates have helped the US economy, but could inflatebubbles in the financial market and suggests the Fed might haveto slow down its bond buying program in the near future.(Reuters) OECD: ECB needs to rescue Eurozone again – The OECDsaid the European Central Bank needs to act again to lift theeconomic bloc out of recession and called for bold steps beyondjust interest rate cuts. Predicting an economic contraction of0.6% in the Eurozones economic output this year, the OECDsaid the ECB should also consider cutting its deposit rate belowzero because interest rates are already at a record low.(Reuters) EU shifts policy focus in quest for growth – The EuropeanUnion urged that Eurozone countries must focus on structuraleconomic reforms to boost growth, while not abandoning budgetdiscipline. The EU said budget cuts would still have to be made,but since financial markets have calmed down after three yearsof crisis, there is now more breathing space, which should beutilized to make long-needed reforms. The EU said it wouldallow France, Spain and five other Eurozone nations more timeto meet their mandatory budget deficit targets. (Reuters) EU, OECD press Spain to focus on reforms, growth – TheEuropean Union and the OECD countries have piled pressureon Spain to step up economic reforms and focus on growth,rather than just cutting deficit. The European Commission saidthe Spanish economy continues to show major imbalances,calling the country to review its labor laws, speed up publicpension reforms, streamline its administration and move tocorrect its energy tariff deficit. (Reuters) Portugal sticks to bailout targets, plays down OECDwarning – Portugals Finance Minister Vitor Gaspar playeddown a forecast by OECD that a deeper than expectedrecession could prevent the country from meeting its budgetdeficit goals. Vitor Gaspar has reaffirmed the targets agreed bythe country with its lenders in March, which gave it an extra yearuntil 2015 to cut the deficit below the EU’s 3% threshold andeased the aims for this year and next. (Reuters) BoJ aims to reduce bond volatility to lower long-term yields– The Bank of Japan Governor Haruhiko Kuroda said the centralbank will try to reduce bond market volatility in order to applystrong downward pressure on long-term yields. Kuroda said theBoJ will not tolerate increased volatility and the impact of itsexpanded quantitative easing will grow as it purchases moregovernment debt. (Reuters)Regional S&P raises Saudi Arabia outlook to Positive – Ratingsagency S&P has raised Saudi Arabia’s credit rating outlook toPositive from Stable, due to an improved outlook for growth inthe Kingdom. The ratings agency said Saudi Arabia’s AA- ratingmay be raised in the next 24 months if its economic growthremains strong. S&P has affirmed the long- and short-termforeign and local currency sovereign credit ratings at “AA-/A-1+”.The transfer & convertibility (T&C) assessment for Saudi Arabiais unchanged at “AA+” (Bloomberg) IDB sells $1bn 5-year sukuk – The Islamic Development Bank(IDB) has raised $1bn from the sale of a five-year sukuk at parand at a profit rate of 1.5%. The bank had earlier set a priceguidance for the issue at a spread of 30 basis points overmidswaps. (Reuters)
  4. 4. Page 4 of 6 MENA Infrastructure Fund acquires a 20% of SPC – TheMENA Infrastructure Fund – sponsored by Waha Capital, FajrCapital and HSBC Group – has acquired a 20% shareholding inOman-based Sohar Power Company (SPC). (Bloomberg) Saudi, Egypt to sign electricity-sharing agreement – SaudiArabia is expected to sign an electricity-sharing agreement withEgypt that would kick-start the construction of power linesconnecting North Africa to the Arabian Gulf by 2019. SaudiArabia’s Electricity Co-Generation Regulatory AuthorityGovernor Abdullah Al Shehri said 3GW power lines betweenRiyadh, Jeddah, Medina and Tabouk are expected to becompleted in the next three to four years, and by 2019, SaudiArabia should be able to export electricity to Egypt.(GulfBase.com) ZAIN KSA further extends maturity of its Murabaha facility –The Mobile Telecommunications Company (ZAIN KSA) hasfurther extended the maturity date of its syndicated SR9bnMurabaha facility to June 26, 2013. (Tadawul) Zamil Industrial’s subsidiary opens new factory – ZamilIndustrial Investment Company’s subsidiary, Arabian FiberglassInsulation Company (AFICO) has opened a new manufacturingfacility in the Dammam Second Industrial City. AFICO saidcommercial production has commenced and will be graduallyramped up to full capacity. The company expects to realize thereturns from 3Q2013 onwards. (Tadawul) Almarai’s BoD proposes share capital increase, approvescapital investment program – Almarai Company’s board ofdirectors has recommended for an increase in the company’sshare capital from SR4bn to SR6bn. This will be carried out bydistributing one bonus share for every two outstanding shares,and increasing the number of shares from 400mn to 600mn. Theboard also approved the company’s capital investment programworth SR15.7bn for the next five years. (Tadawul) JAZADCO sells two land plots at SR222mn – JazanDevelopment Company (JAZADCO) has sold two plots of landat Makkah for SR222mn, realizing a net profit of SR141mn. Thistransaction will be reflected in the companys 2Q2013 financialresults and the money will be utilized to finance its real estateprojects under construction and to meet other commitments.(Tadawul) Latham & Watkins advises Dar Al-Arkan on trust certificateissuance – Latham & Watkins has advised Dar Al-Arkan RealEstate Development Company on the establishment of a$750mn trust certificate issuance program. (GulfBase.com) Saudi Cement declares interim dividends for 1H2013 – TheSaudi Cement Company’s board has approved the distributionof interim dividends at the rate SR3.5 per share (35 % of thenominal value) for 1H2013, which amounts to SR535.5mn.Shareholders who are registered on the exchange as on July 1,2013 are entitled to this distribution. (Tadawul) Advanced Petrochemical to distribute SR163.9mn cashdividends for 1H2013 – The Advanced PetrochemicalCompany’s board has decided to distribute a cash dividend ofSR1 per share (10% of the nominal value), amounting toSR163.9mn for 1H2013. The dividend will be distributed to thoseshareholders who are registered on the company’s records atthe end of trading on June 30, 2013. (Tadawul) UAE’s Central Bank: LDR in UAE declines in April –According to data released by the UAE Central Bank’s monthlyindicators, loan-to-deposit ratio (LDR) in the country dropped to91% in April 2013 from 94% in April 2012. The data also showedthat total bank deposits increased by 2.6% by end of March andby 2.9% by end of April due to increase in resident and non-resident deposits. During the first four months of 2013, M2increased by 5.4%, while bank loans & advances increased by2.1%. Total bank deposits increased by 6.3% as a result of anincrease in resident deposits by 7.9%, while non-residentdeposits stood at AED137bn by end of March 2013.(Bloomberg) UAE revives plans to build currency mint – UAE’s CentralBank said the Emirates Investment Authority has revived plansto set up its first currency mint to meet the countrys needs. Thecurrency printing unit will cater to demand from other markets.(Reuters) Abraaj to raise $250mn for second North Africa fund –Abraaj Group Head for the MENA Region Ahmed Badreldin saidthe company is planning to raise as much as $250mn for itssecond North Africa fund after fully investing its first fund.(Bloomberg) MAF to buy Metro supermarket chain in Egypt – Majid AlFuttaim Holding (MAF) CEO Iyad Malas said the company isbuying the Metro supermarket chain in Egypt and is alsobuilding a mall outside Cairo. (Bloomberg) Arabtec rights issue deemed Ex-Rights from May 29 –Arabtec Holding announced that its shares are deemed as being“Ex-Rights” with effect from May 29, 2013. Arabtec’s shareswere traded at the Ex-Rights price on May 29, 2013. Arabtec’sshareholders who are registered on the official Dubai FinancialMarket at the end of trading on May 30, 2013 are entitled toapply for one additional share for every share they hold. (DFM) NBAD raises convertible bond sale to $500mn – TheNational Bank of Abu Dhabi (NBAD) has raised its convertiblebond sale value to $500mn. The over-allotment option of $35mnhas been exercised. The expected date of issue, settlement anddelivery of bonds is June 5, 2013. Earlier, NBAD has raised$465mn from convertible bonds. (Bloomberg) Abu Dhabi cuts nuclear plant funding by $5bn – The AbuDhabi government has trimmed down the size of financing byaround $5bn for the Emirates Nuclear Energy Corp’s (ENEC)nuclear power project at Baraka. ENEC’s borrowing has beencut back since the government is worried about the hugeinterest bill it would have to pay on a $20bn debt package.(Bloomberg) ADAC signs 5-year contract with Tejari – The Abu DhabiAirports Company (ADAC) has signed a five-year contract withTejari to implement eProcurement technology across allcontracting and supply management systems. (GulfBase.com) ADNIC signs MoU with Universal Hospital – The Abu DhabiNational Insurance Company (ADNIC) has signed a MoU withthe newly launched Universal Hospital to provide medicalservices to ADNIC’s customers. (GulfBase.com) (Bloomberg) Cluttons: Sharjah rents rise as Dubai residents go north –According to Cluttons, rents in Sharjahs popular areas haveincreased by more than 15% over the past six months as Dubairesidents head north in search of more affordable housing.Cluttons added that the rents could climb another 15% in2H2013. Cluttons also added that the average rent for one-bedroom flats in popular areas such as Al Majaz, Al Nahda andQassimiya have risen from an average of AED24,000 in October2012 to around AED28,000 in April 2013, indicating an increaseof 17%. (GulfBase.com) KPC plans talks with Asian naphtha buyers next week inLondon – The Kuwait Petroleum Corp (KPC) is planning tomeet Asian buyers in the first week of June 2013 to discuss the
  5. 5. Page 5 of 6price and quantity of a year’s supply of naphtha, which begins inAugust 2013. KPC will meet customers in London for a weeklong discussion. Starting in April, KPC has set prices of theannual contract of its full range naphtha at a premium of $35 permetric ton to Middle East prices and light naphtha at a premiumof $36 per ton. (Bloomberg) A.M. Best: Kuwaiti insurance sector faces regulatoryuncertainty – According to a report by the A.M. Best Company,the insurance market in Kuwait is experiencing a period ofuncertainty, as premium growth has been volatile in recent yearsand insurers currently await regulatory developments. Thereport said that while Kuwait’s total gross written premium(GWP) is expected to rise at a faster pace than that of othermore mature insurance markets in 2013, it will increase at aslower pace than most of the GCC countries. (GulfBase.com) Oman considers dollar bond issue in 2014 – Oman’s centralbank said the government is considering a proposal to issuedollar-denominated sovereign bonds by 2014, which could leadto regular debt sales in the future. (Gulf-Times.com) OOCEP awards NPCC $40mn Musandam offshore pipelineEPC contract – The Oman Oil Company Exploration &Production (OOCEP) has awarded an EPC contract worth$40mn to UAE-based National Petroleum ConstructionCompany (NPCC) for installing two offshore pipelines in theMusandam area, Oman. (Bloomberg) Bahrain-Amman air passenger numbers up 216% – UAE-based Gulf Air and Royal Jordanian Airways have announcedthat the number of passengers transported by Gulf Air betweenBahrain and Amman surged by 216% after a year of signing acode-share partnership between the two carriers.(GulfBase.com)
  6. 6. 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 6 of 6Rebased 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 GCC0.4%1.0%(0.3%)0.0%0.2%1.2%0.7%(0.6%)(0.3%)0.0%0.3%0.6%0.9%1.2%1.5%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,393.10 0.9 0.5 (16.8) DJ Industrial 15,302.80 (0.7) (0.0) 16.8Silver 22.49 0.7 0.4 (25.9) S&P 500 1,648.36 (0.7) (0.1) 15.6Crude Oil (Brent) 102.06 (2.0) (0.2) (9.6) NASDAQ 100 3,467.52 (0.6) 0.2 14.8Euro 1.29 0.7 0.1 (1.9) DAX 8,336.58 (1.7) 0.4 9.5Yen 101.16 (1.2) (0.1) 16.6 FTSE 100 6,627.17 (2.0) (0.4) 12.4GBP 1.51 0.6 0.0 (6.9) CAC 40 3,974.12 (1.9) 0.4 9.1CHF 1.04 1.6 (0.0) (4.8) Nikkei 14,326.46 0.1 (2.0) 37.8AUD 0.96 0.2 (0.2) (7.3) Shanghai 2,324.02 0.1 1.6 2.4USD Index 83.66 (0.5) (0.0) 4.9 BSE Sensex 20,147.64 (0.1) 2.2 3.7RUB 31.63 0.4 0.8 3.6 Bovespa 54,634.69 (2.5) (3.1) (10.4)BRL 0.47 (1.8) (2.7) (2.8) RTS 1,360.06 (2.8) (2.0) (10.9)131.6118.1108.5