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QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.4% to close at 11,339.5. Gains were led by the Consumer Goods &
Services and Industrials indices, gaining 1.8% and 1.3%, respectively. Top gainers were
Islamic Holding Group and Qatar Fuel, rising 4.8% and 2.9%, respectively. Among the
top losers, Qatar Insurance Co. fell 1.7%, while Qatari Investors Group declined 1.5%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.1% to close at 7,690.4. Gains were led by the
Transport and Real Estate Dev. indices, rising 3.3% and 3.2%, respectively. SABB
Takaful Co. rose 10.0%, while Al Alamiya for Cooperative Insurance was up 9.6%.
Dubai: The DFM Index gained 1.1% to close at 3,689.6. The Insurance index rose 2.8%,
while the Telecommunication index gained 2.4%. Takaful Al Emarat Insurance Co. rose
10.0%, while Dar Al Takaful was up 8.1%.
Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,453.6. The Consumer
Staples index declined 4.1%, while the Insurance index fell 2.3%. Abu Dhabi National
Insurance Co. declined 9.7%, while Agthia Group was down 5.0%.
Kuwait: The KSE Index gained 0.5% to close at 5,904.1. The Real Estate index rose 1.5%,
while the Consumer Services index gained 1.2%. Manazel Holding rose 6.9%, while Al
Dar National Real Estate Co. was up 6.8%.
Oman: The MSM Index rose 1.5% to close at 5,904.4. Gains were led by the Financial
and Services indices, rising 2.0% and 1.8%, respectively. Oman Textile Holding rose
9.9%, while Al Anwar Holding was up 8.3%.
Bahrain: The BHB Index declined 0.1% to close at 1,301.1. The Industrial index fell
1.2%, while the Services index declined 0.2%. Aluminium Bahrain fell 1.3%, while Al
Baraka Banking Group was down 0.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 114.80 4.8 159.4 (7.8)
Qatar Fuel 160.00 2.9 63.1 (21.7)
Industries Qatar 131.00 2.5 134.6 (22.0)
Zad Holding Co. 94.60 2.3 0.6 12.6
Medicare Group 168.00 2.1 18.0 43.6
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 13.96 0.1 1,209.6 (15.1)
Barwa Real Estate Co. 44.00 1.1 1,178.2 5.0
Gulf International Services 60.50 0.8 856.8 (37.7)
Ezdan Holding Group 17.61 (1.5) 819.2 18.0
Commercial Bank 55.20 0.2 732.0 (11.4)
Market Indicators 30 Aug 15 27 Aug 15 %Chg.
Value Traded (QR mn) 391.8 485.6 (19.3)
Exch. Market Cap. (QR mn) 600,126.0 596,014.1 0.7
Volume (mn) 9.7 11.4 (14.5)
Number of Transactions 6,924 7,445 (7.0)
Companies Traded 41 42 (2.4)
Market Breadth 24:17 38:4 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,625.63 0.4 0.4 (3.8) N/A
All Share Index 3,028.94 0.5 0.5 (3.9) 12.5
Banks 3,062.20 0.7 0.7 (4.4) 13.5
Industrials 3,518.94 1.3 1.3 (12.9) 12.4
Transportation 2,416.15 0.5 0.5 4.2 12.4
Real Estate 2,587.48 (0.8) (0.8) 15.3 8.6
Insurance 4,599.47 (0.9) (0.9) 16.2 21.7
Telecoms 949.45 (0.5) (0.5) (36.1) 25.0
Consumer 6,885.43 1.8 1.8 (0.3) 26.6
Al Rayan Islamic Index 4,364.65 0.3 0.3 6.4 12.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Ind. Inv. Group Saudi Arabia 20.46 6.8 2,088.9 (19.6)
Saudi Int. Petrochem. Saudi Arabia 20.58 6.7 3,095.6 (22.5)
Bank Nizwa Oman 0.07 6.5 946.7 (17.5)
Nat. Shipping Co. Saudi Arabia 35.41 6.2 3,467.3 4.2
A. Al Othaim Markets Saudi Arabia 96.54 5.7 195.0 (8.3)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Ins. Abu Dhabi 3.90 (9.7) 50.0 (35.5)
Tihama Adv. & Public Saudi Arabia 52.75 (9.7) 1,389.8 (41.7)
Mouwasat Med. Ser. Co. Saudi Arabia 123.83 (5.7) 57.7 0.3
Al Tayyar Travel Group Saudi Arabia 79.51 (5.2) 1,269.1 (10.9)
Fawaz Al Hokair Saudi Arabia 81.22 (3.9) 247.1 (18.0)
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)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Insurance Co. 94.20 (1.7) 4.2 19.6
Qatari Investors Group 47.75 (1.5) 17.7 15.3
Ezdan Holding Group 17.61 (1.5) 819.2 18.0
Doha Bank 51.40 (1.2) 112.9 (9.8)
Qatar German Co for Medical Dev. 14.00 (1.1) 187.1 37.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 60.50 0.8 52,565.9 (37.7)
Barwa Real Estate Co. 44.00 1.1 52,379.3 5.0
Commercial Bank 55.20 0.2 40,741.5 (11.4)
Masraf Al Rayan 43.65 1.7 28,113.2 (1.2)
Ooredoo 68.40 (0.7) 23,130.7 (44.8)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar 11,339.50 0.4 0.4 (3.8) (7.7) 107.60 164,794.6 11.6 1.7 4.5
Dubai 3,689.55 1.1 1.1 (10.9) (2.2) 264.90 95,573.7 11.9 1.1 7.1
Abu Dhabi 4,453.62 (0.2) (0.2) (7.9) (1.7) 63.57 121,070.6 11.9 1.4 5.1
Saudi Arabia 7,690.40 1.1 1.1 (15.5) (7.7) 1,846.55 459,747.5 16.2 1.8 3.5
Kuwait 5,904.12 0.5 0.5 (5.6) (9.7) 58.24 90,067.3 14.7 1.0 4.4
Oman 5,904.44 1.5 1.5 (10.0) (6.9) 11.11 23,878.2 10.8 1.4 4.3
Bahrain 1,301.08 (0.1) (0.1) (2.3) (8.8) 5.15 20,350.3 8.2 0.8 5.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,250
11,300
11,350
11,400
11,450
11,500
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Page 2 of 5
Qatar Market Commentary
 The QSE Index rose 0.4% to close at 11,339.5. The Consumer Goods &
Services and Industrials indices led the gains. The index rose on the back of
buying support from non-Qatari and GCC shareholders despite selling
pressure from Qatari shareholders.
 Islamic Holding Group and Qatar Fuel were the top gainers, rising 4.8% and
2.9%, respectively. Among the top losers, Qatar Insurance Co. fell 1.7%,
while Qatari Investors Group declined 1.5%.
 Volume of shares traded on Sunday fell by 14.5% to 9.7mn from 11.4mn on
Thursday. However, as compared to the 30-day moving average of 5.1mn,
volume for the day was 90.5% higher. Vodafone Qatar and Barwa Real
Estate Co. were the most active stocks, contributing 12.5% and 12.1% to the
total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
News
Qatar
 BMI: Qatar construction to grow by an average of 10.4% till 2022;
little impact due to oil fall – BMI Research has said that Qatar’s
infrastructure spending will be “insulated” despite lower oil prices,
as it forecasts the “strongest” construction industry growth in the
GCC for the country with average annual real growth of 10.4% up
to 2022. The 2022 FIFA World Cup is a “catalyst” for growth, but
Qatar’s need to diversify its economy will mean most of the major
infrastructure projects would be needed, even with the event. The
industry is navigating capacity constraints seemingly well,
although BMI believes wage and material price pressures will be a
drag. Qatar is the fastest growing construction & infrastructure
market in the GCC and remains one of BMI’s “favorite”
construction markets, buoyed by huge government investment, a
stable business environment and growing consumer demand.
BMI’s country risk team believes Qatari economic activity will
continue to expand at a strong pace throughout 2015, driven
primarily by growth in the non-oil sector. Therefore, the dramatic
fall in oil prices witnessed over recent quarters would have little
impact on growth. Robust private consumption, on the back of a
fast-growing population, large government spending
commitments, and continued progress on infrastructure projects
will lead the residential and non-residential sector, in particular, to
outperform over the long term. BMI said oil prices are a minimal
downside risk to its forecast, as Qatar is the least exposed out of
the six GCC economies to the drop in oil prices. The agency does
not expect government spending or consumer confidence to be
impacted over coming quarters. (Gulf-Times.com)
 QCB extends deadline for insurance regulations – The Qatar Central
bank (QCB) has extended the deadline set for insurance,
reinsurance and Takaful companies to implement its new
regulations. As per the original schedule, the institutions were
supposed to comply with the new regulations from the end of May.
Al Sharq reported that after realizing that the insurance companies
needed more time to reposition themselves to implement the new
regulations, the central bank had extended the deadline to
November 30. The new operational instructions to the insurance
sector is intended to further tightening the control over the
agencies engaged in the business and their representative offices.
The proposed regulations restrict the companies and insurance
practitioners from getting involved in cross-border activities.
QCB’s new regulations demand better transparency, good
governance and effective risk management from the companies.
The regulatory body will suspend or cancel the operational license
of a company if it fails to adhere to the regulations, without prior
notice. The review mechanism will have the legitimacy of Shari’ah
Supervisory Board. (Peninsula Qatar)
 India’s Reliance Group seeks to expand business ties with Qatar –
Indian business magnate and Reliance Group Chairman, Anil
Dhirubhai Ambani has discussed possible areas of interest for
expanding business cooperation with Qatar for the mutual benefit
of both sides, during a visit to Doha. The Indian embassy said the
Ambani’s visit, accompanied by a team of senior executives,
underlined Reliance Group’s keen interest to play a larger role in
the growing economic partnership between India and the State of
Qatar. (Gulf-Times.com)
 Langham Hospitality plans to set up hotel in Doha – Langham
Hospitality Group is planning to set up a hotel in Doha. The group
is a Hong Kong-based luxury hotels operator and is wholly owned
by the Great Eagle Holdings. (GulfBase.com)
International
 Fed, ECB, BoE officials say inflation would rise – According to
Federal Reserve Vice Chairman Stanley Fischer, European Central
Bank Vice President Vitor Constancio and Bank of England
Governor Mark Carney, stronger growth will pull inflation higher
in the US and Europe. The top three central bankers on Saturday
voiced confidence that their regions will escape from headwinds
that are keeping inflation too low, during a panel at the Kansas City
Fed’s annual retreat in Jackson Hole, Wyoming. Fischer said that
with low inflation, Fed can probably remove accommodation at a
gradual pace. Price increases in the US and Europe have been
running well below levels targeted by the central banks, where
officials are debating what slower Chinese growth and weaker
commodity prices could mean for future inflation. While US
officials are weighing the timing of their first interest-rate increase
since 2006, and the Bank of England may tighten in early 2016, the
ECB has heard calls to extend its quantitative easing program to
provide more protection against potential deflation. (Bloomberg)
 Japan industrial production drops unexpectedly in July – Japan’s
industrial production unexpectedly fell in July, sapping a rebound
in the economy from a slump last quarter. According to data
released by the Trade Ministry, output fell 0.6% from June, when it
increased 1.1%. Production cutbacks in the electrical components
and the transport equipment industries led the decline in
manufacturing. Companies trimmed inventories by 0.8% MoM in
July, the first reduction since May. According to a survey by Trade
Ministry, manufacturers plan to boost production by 2.8% in
August and then reduce it 1.7% in September. Japan is struggling
to recover from a contraction, as slowing growth in China, its
biggest trading partner, weighs on exports. (Bloomberg)
 Premier Li: China growing at reasonable pace despite pressures –
Chinese Premier Li Keqiang has said that China’s economy is
growing at a “reasonable” pace and the government can handle
Overall Activity Buy %* Sell %* Net (QR)
Qatari 50.53% 62.35% (46,343,355.74)
GCC 11.40% 8.92% 9,690,134.60
Non-Qatari 38.08% 28.73% 36,653,221.14
Page 3 of 5
well risks the country faces despite growing pressure. Li said
instability in the international market has given rise to
uncertainties about the global economic recovery. The impact on
China’s financial market and imports and exports has also
deepened, with the economy facing new pressures. He said China
would enact more targeted and responsive macro-regulations to
offset downward economic pressure, more robust reforms and
innovation efforts to energize the market, and more effective
delivery to secure a positive momentum for growth. The premier
reiterated his earlier remarks that there was no basis for
continued depreciation of the yuan following its devaluation on
August 11. (Reuters)
 Brazil President drops plan to restore unpopular tax – Brazilian
newspapers ‘Folha de S.Paulo’ and ‘Estado de S.Paulo’ reported
that President Dilma Rousseff dropped the idea of reinstating a tax
on financial transactions to bridge a gaping fiscal deficit after it ran
into a barrage of criticism even from within her coalition. The
newspapers, citing presidential aides, said Rousseff abandoned the
proposal because she realized there was no time to win its
approval in Congress, where the 2016 budget was to be presented
by August 31. The government was planning a bill reintroducing a
0.38% levy on financial transactions, known as CPMF, to raise an
estimated reais 68bn a year in revenue. Both newspapers
estimated that there would be shortfall in the 2016 budget of
about reais 80bn. The fiscal savings target for next year of 0.7% of
GDP might have to be reduced, if additional revenues are not
found. The fiscal crunch in the middle of a severe recession has
undermined investor confidence and put Brazil at risk of losing its
prized investment-grade credit rating next year. (Reuters)
Regional
 Islamic finance assets to hit $3.24tn – According to the State of
Global Islamic Economy’s (SGIE) upcoming report, the value of
assets in the Islamic finance sector is expected to increase 80%
over the next five years and touch $3.24tn by 2020. The report was
commissioned and supported by the Dubai Islamic Economy
Development Center in partnership with Thomson Reuters and
DinarStandard. In 2014, Islamic finance assets had an estimated
value of $1.8tn, with Islamic banking representing 74% of the total
Shari’ah-compliant assets, followed by 16% in outstanding Sukuk
based on ICD Thomson Reuters Islamic Finance Development
Indicator (IFDI 2015). (GulfBase.com)
 Saudi CMA approves Itqan Capital’s request to amend business
profile – The Saudi Capital Market Authority (CMA) has approved
Itqan Capital Company's request to amend its business profile by
cancelling dealing as underwriter activity. Itqan Capital is now
authorized to conduct dealing as principal, managing investment
fund, discretionary portfolio management, arranging, and advising
as well as custody activities. (Tadawul)
 Othaim Malls raises SR1bn in debut Sukuk issue – According to
sources, Saudi-based Al Othaim Real Estate and Investment
Company (Othaim Malls) has raised SR1bn through a debut Sukuk
issue. The five-year issue was priced at 170 basis points over the
six-month Saudi interbank offered rate. The company would use
the proceeds to fund its expansion plans. Othaim Malls is building
five shopping centers, three of which are likely to be completed by
2015-end, with the rest to be finalized by 2016-end. The
transaction was arranged by the investment banking arms of
Banque Saudi Fransi, Gulf International Bank and National
Commercial Bank. (Reuters)
 Tadawul announces Eid Al Adha holiday – The Saudi Stock
Exchange (Tadawul) has announced that Eid al-Adha holiday will
commence by the end of the trading day on September 21, 2015.
Trading will resume on September 28, 2015. (Tadawul)
 Salama Cooperative Insurance reduces accumulated losses – Salama
Cooperative Insurance Company has announced that it has
reduced its accumulated losses below 50% of its capital. The Saudi
Stock Exchange (Tadawul), under the aforementioned instructions
and procedures will suspend trading of the company’s shares for
two hours from session opening of August 31, 2015, while orders
maintenance will start from 12:30 pm. (Tadawul)
 Emaar awards Burj Khalifa contract to Bee'ah – Sharjah-based
waste management company, Bee’ah, has been awarded a five-
year contract by Emaar Prosperities. As per the contract, Bee’ah
has been tasked in implementing recycling logistics and integrated
waste management services to the Burj Khalifa. The firm will
manage collection, transportation and processing of waste
produced by the mega structure at its dedicated Waste
Management Center in Sharjah. (GulfBase.com, Bloomberg)
 Deyaar signs MoU with Turkey-based Ascıoglu – Deyaar
Development and Turkey-based Ascıoglu Group have signed a
MoU to jointly develop master developments in both Turkey and
the UAE. More specifically, the MoU will facilitate Ascıoglu’s
engagement in Dubai’s hospitality and real estate sectors, while
enabling Deyaar to explore new opportunities in Turkey. The MoU
articulates Deyaar’s strategy to expand its presence in the wider
Middle East region. (DFM)
 GIH: Dubai corporate earnings surge to $4.1bn in 1H2015 –Global
Investment House (GIH) said Dubai's corporate earnings
expanded 3.7% YoY to $4.1bn in 1H2015, driven by strong
banking sector growth. The banking sector, which contributed
12.4% to the Dubai Financial Market's incremental earnings,
recorded 32% growth in 1H2015. However, this was partly offset
by the real estate & construction sector (-9.9%), which accounted
for 32.5% of the consolidated earnings of the bourse. But the
consolidated corporate earnings of the UAE declined 0.6% in
1H2015 as Abu Dhabi recorded a 3.7% drop during 1H2015. On
the DFM, out of the nine sectors, banks was the major gainer as a
sector with 32% rise in earnings, followed by consumer staples
(12.1%), industrials (4.7%), services (4.3%) and transportation
(2.3%). Investment and financial services (-45.2%) was the major
loser, followed by insurance (-25.8%), real estate & construction (-
9.9%) and telecommunications (-4.7%). (GulfBase.com)
 Etihad Airways seeks $500mn for fleet expansion – According to
sources, Etihad Airways is seeking to raise as much as $500mn for
fleet expansion. The fundraising may include financing from
export credit agencies, operating leases and bank loans for five
airplanes. Reportedly, several groups of local and international
banks are bidding to provide financing. (Bloomberg)
 OETI appoints CEO – Oman Education & Training Investment
Holding Company (OETI) has appointed Mr. Anis Mohammed
Marhoun Al-Maamary as its Chief Executive Officer (CEO) effective
from September 1, 2015. (MSM)
 Salalah to add new mill by 2017 – Salalah Mills’s board of directors
(BoD) has decided to increase the company’s paid-up capital by
10% through the issuance of right preference to shareholders at
OMR0.75 per share in 1Q2016. Additionally, based on a feasibility
study conduct by Expert House, the BoD decided to build a new
flour mill with a production capacity of 600 metric tons per day.
The project cost will be around OMR7.5mn and is expected to
commence production in 1Q2017. The company said 50% cost of
the new project will be financed by facilities from the machinery
supplier and 50% by issuing new shares. The new project is in line
with its strategy to promote as the biggest flour mill in Oman and
one of the largest flour mill in GCC countries. (MSM)
 Oman Textile bags fabric supply order – Oman Textile Holding
Company has announced that it will supply a total quantity of
around 600 thousand meters of fabric to a government institution.
Page 4 of 5
This order will have a positive impact on the company’s operations
and performance over the next few months. (MSM)
 Bank Muscat launches PoS receivables financing for micro and small
businesses – Bank Muscat has launched a first-of-its-kind point of
sale (PoS) receivables financing for micro and small businesses.
The specially designed short-term finance is aimed at meeting the
working capital requirements of small businesses and maintaining
cash flow. The key features of najahi PoS receivables financing
include short tenor (ranging from one to six months) with daily
installment repayments. (GulfBase.com)
 Oman’s oil production still profitable despite price slump – The
Ministry of Oil & Gas Oman Undersecretary HE Salim bin Nasser
bin Said Al Aufi said that oil companies operating in Oman will
continue to turn a profit even if oil prices plummet below the
present average of $46 per barrel for Omani crude. He said that
production costs averaging $12 per barrel will ensure that oil
producers enjoy attractive bottom-lines even if prices tank below
the current levels. (GulfBase.com)
 Oman’s electricity production logs 13.8% growth – Oman’s total
production of electricity and water recorded a significant increase
at the end of June 2015. The total electricity production increased
to over 15,290 gigawatts (GW), achieving a growth of 13.8% as
compared to the production recorded in 2014. The same applies to
the water sector in which the production grew to exceed 106.6mn
cubic meters with an increase of 10.6%. (GulfBase.com)
 Oman to consider importing LNG as domestic gas use surges –
According to sources, Oman may start importing liquefied natural
gas (LNG) to meet surging domestic energy demand, a shift in
trade that would make it the fourth Arab country to buy LNG.
Oman currently exports liquefied gas under long-term contracts to
Spain and several Asian countries, including Japan and South
Korea. The potential imports would arrive at the port of Sohar
north of the capital city Muscat. Oman’s possible shift to importing
fuel follows years of rising local gas consumption and shrinking
exports of LNG. (Bloomberg)
 GFH distributes $53mn to funds’ investors – GFH Financial Group
has distributed $53mn to its funds’ investors who currently have
underlying investments in Bahrain, the UAE, the US and India.
Based on its revised strategy, GFH has over the last 18 months
invested in projects which provide steady cash yields for its
investors. In line with this, the Diversified US Residential Portfolio
(DURP) – an investment in multi-family US residential assets –
distributed dividend of $1.3mn to its investors. The properties
together comprise around 1,300 apartments and have an overall
occupancy of 94%. The GFH Group has also distributed
semiannual dividend of $1mn for 2014-2015 for Philadelphia
Private School (PPS) based in Dubai-UAE. The estimated worth of
the school is AED140mn, which provides excellent education for a
growing base of students with a capacity of up to 1,900 students.
Focusing on the industrial sector, Cemena Investment Company
has distributed a dividend of $7.9mn. (Bahrain Bourse)
 Investcorp reports $116.7mn net income in FY2014-15,
recommends $15 per share cash dividend – Investcorp Bank
reported a net income of $116.7mn in FY2014-15, up 13% as
compared to $103.1mn in FY2013-14. Fee income for FY2014-15
totaled $308.2mn and asset based income was $73.0mn
($315.8mn and $47.6mn, respectively in FY2013-14). The bank’s
total asset stood at $2.16bn at the end of June 30, 2015 as
compared to $2.30bn at the end of June 30, 2014. Diluted EPS
amounted to $129 in FY2014-15 as compared to $76 in FY2013-
14. Investcorp’s net leverage ratio at 0.7x and Basel III capital
adequacy ratio 28.7% remain above regulatory requirements.
Meanwhile, Investcorp’s board of directors has recommended
distributing $15 per share cash dividend to its shareholder
registered on the date of the AGM. The recommendation is subject
to approval by the relevant regulators. (Bahrain Bourse)
Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS accepts no liability whatsoever for any direct or indirect
losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment 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. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or
contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the
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included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
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Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Aug-11 Aug-12 Aug-13 Aug-14 Aug-15
QSE Index S&P Pan Arab S&P GCC
1.1%
0.4% 0.5%
(0.1%)
1.5%
(0.2%)
1.1%
(0.4%)
0.0%
0.4%
0.8%
1.2%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,133.55 0.8 (2.4) (4.3) MSCI World Index 1,658.07 0.5 0.4 (3.0)
Silver/Ounce 14.60 0.8 (4.7) (7.0) DJ Industrial 16,643.01 (0.1) 1.1 (6.6)
Crude Oil (Brent)/Barrel (FM
Future)
50.05 5.2 10.1 (12.7) S&P 500 1,988.87 0.1 0.9 (3.4)
Crude Oil (WTI)/Barrel (FM
Future)
45.22 6.3 11.8 (15.1) NASDAQ 100 4,828.33 0.3 2.6 1.9
Natural Gas (Henry
Hub)/MMBtu
2.66 (1.0) (1.5) (11.3) STOXX 600 363.28 (0.2) (1.0) (2.0)
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30 August Daily market report

  • 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.4% to close at 11,339.5. Gains were led by the Consumer Goods & Services and Industrials indices, gaining 1.8% and 1.3%, respectively. Top gainers were Islamic Holding Group and Qatar Fuel, rising 4.8% and 2.9%, respectively. Among the top losers, Qatar Insurance Co. fell 1.7%, while Qatari Investors Group declined 1.5%. GCC Commentary Saudi Arabia: The TASI Index rose 1.1% to close at 7,690.4. Gains were led by the Transport and Real Estate Dev. indices, rising 3.3% and 3.2%, respectively. SABB Takaful Co. rose 10.0%, while Al Alamiya for Cooperative Insurance was up 9.6%. Dubai: The DFM Index gained 1.1% to close at 3,689.6. The Insurance index rose 2.8%, while the Telecommunication index gained 2.4%. Takaful Al Emarat Insurance Co. rose 10.0%, while Dar Al Takaful was up 8.1%. Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,453.6. The Consumer Staples index declined 4.1%, while the Insurance index fell 2.3%. Abu Dhabi National Insurance Co. declined 9.7%, while Agthia Group was down 5.0%. Kuwait: The KSE Index gained 0.5% to close at 5,904.1. The Real Estate index rose 1.5%, while the Consumer Services index gained 1.2%. Manazel Holding rose 6.9%, while Al Dar National Real Estate Co. was up 6.8%. Oman: The MSM Index rose 1.5% to close at 5,904.4. Gains were led by the Financial and Services indices, rising 2.0% and 1.8%, respectively. Oman Textile Holding rose 9.9%, while Al Anwar Holding was up 8.3%. Bahrain: The BHB Index declined 0.1% to close at 1,301.1. The Industrial index fell 1.2%, while the Services index declined 0.2%. Aluminium Bahrain fell 1.3%, while Al Baraka Banking Group was down 0.7%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Islamic Holding Group 114.80 4.8 159.4 (7.8) Qatar Fuel 160.00 2.9 63.1 (21.7) Industries Qatar 131.00 2.5 134.6 (22.0) Zad Holding Co. 94.60 2.3 0.6 12.6 Medicare Group 168.00 2.1 18.0 43.6 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 13.96 0.1 1,209.6 (15.1) Barwa Real Estate Co. 44.00 1.1 1,178.2 5.0 Gulf International Services 60.50 0.8 856.8 (37.7) Ezdan Holding Group 17.61 (1.5) 819.2 18.0 Commercial Bank 55.20 0.2 732.0 (11.4) Market Indicators 30 Aug 15 27 Aug 15 %Chg. Value Traded (QR mn) 391.8 485.6 (19.3) Exch. Market Cap. (QR mn) 600,126.0 596,014.1 0.7 Volume (mn) 9.7 11.4 (14.5) Number of Transactions 6,924 7,445 (7.0) Companies Traded 41 42 (2.4) Market Breadth 24:17 38:4 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17,625.63 0.4 0.4 (3.8) N/A All Share Index 3,028.94 0.5 0.5 (3.9) 12.5 Banks 3,062.20 0.7 0.7 (4.4) 13.5 Industrials 3,518.94 1.3 1.3 (12.9) 12.4 Transportation 2,416.15 0.5 0.5 4.2 12.4 Real Estate 2,587.48 (0.8) (0.8) 15.3 8.6 Insurance 4,599.47 (0.9) (0.9) 16.2 21.7 Telecoms 949.45 (0.5) (0.5) (36.1) 25.0 Consumer 6,885.43 1.8 1.8 (0.3) 26.6 Al Rayan Islamic Index 4,364.65 0.3 0.3 6.4 12.7 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Ind. Inv. Group Saudi Arabia 20.46 6.8 2,088.9 (19.6) Saudi Int. Petrochem. Saudi Arabia 20.58 6.7 3,095.6 (22.5) Bank Nizwa Oman 0.07 6.5 946.7 (17.5) Nat. Shipping Co. Saudi Arabia 35.41 6.2 3,467.3 4.2 A. Al Othaim Markets Saudi Arabia 96.54 5.7 195.0 (8.3) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Abu Dhabi Nat. Ins. Abu Dhabi 3.90 (9.7) 50.0 (35.5) Tihama Adv. & Public Saudi Arabia 52.75 (9.7) 1,389.8 (41.7) Mouwasat Med. Ser. Co. Saudi Arabia 123.83 (5.7) 57.7 0.3 Al Tayyar Travel Group Saudi Arabia 79.51 (5.2) 1,269.1 (10.9) Fawaz Al Hokair Saudi Arabia 81.22 (3.9) 247.1 (18.0) 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) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Insurance Co. 94.20 (1.7) 4.2 19.6 Qatari Investors Group 47.75 (1.5) 17.7 15.3 Ezdan Holding Group 17.61 (1.5) 819.2 18.0 Doha Bank 51.40 (1.2) 112.9 (9.8) Qatar German Co for Medical Dev. 14.00 (1.1) 187.1 37.9 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Gulf International Services 60.50 0.8 52,565.9 (37.7) Barwa Real Estate Co. 44.00 1.1 52,379.3 5.0 Commercial Bank 55.20 0.2 40,741.5 (11.4) Masraf Al Rayan 43.65 1.7 28,113.2 (1.2) Ooredoo 68.40 (0.7) 23,130.7 (44.8) Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar 11,339.50 0.4 0.4 (3.8) (7.7) 107.60 164,794.6 11.6 1.7 4.5 Dubai 3,689.55 1.1 1.1 (10.9) (2.2) 264.90 95,573.7 11.9 1.1 7.1 Abu Dhabi 4,453.62 (0.2) (0.2) (7.9) (1.7) 63.57 121,070.6 11.9 1.4 5.1 Saudi Arabia 7,690.40 1.1 1.1 (15.5) (7.7) 1,846.55 459,747.5 16.2 1.8 3.5 Kuwait 5,904.12 0.5 0.5 (5.6) (9.7) 58.24 90,067.3 14.7 1.0 4.4 Oman 5,904.44 1.5 1.5 (10.0) (6.9) 11.11 23,878.2 10.8 1.4 4.3 Bahrain 1,301.08 (0.1) (0.1) (2.3) (8.8) 5.15 20,350.3 8.2 0.8 5.3 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 11,250 11,300 11,350 11,400 11,450 11,500 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 5 Qatar Market Commentary  The QSE Index rose 0.4% to close at 11,339.5. The Consumer Goods & Services and Industrials indices led the gains. The index rose on the back of buying support from non-Qatari and GCC shareholders despite selling pressure from Qatari shareholders.  Islamic Holding Group and Qatar Fuel were the top gainers, rising 4.8% and 2.9%, respectively. Among the top losers, Qatar Insurance Co. fell 1.7%, while Qatari Investors Group declined 1.5%.  Volume of shares traded on Sunday fell by 14.5% to 9.7mn from 11.4mn on Thursday. However, as compared to the 30-day moving average of 5.1mn, volume for the day was 90.5% higher. Vodafone Qatar and Barwa Real Estate Co. were the most active stocks, contributing 12.5% and 12.1% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) News Qatar  BMI: Qatar construction to grow by an average of 10.4% till 2022; little impact due to oil fall – BMI Research has said that Qatar’s infrastructure spending will be “insulated” despite lower oil prices, as it forecasts the “strongest” construction industry growth in the GCC for the country with average annual real growth of 10.4% up to 2022. The 2022 FIFA World Cup is a “catalyst” for growth, but Qatar’s need to diversify its economy will mean most of the major infrastructure projects would be needed, even with the event. The industry is navigating capacity constraints seemingly well, although BMI believes wage and material price pressures will be a drag. Qatar is the fastest growing construction & infrastructure market in the GCC and remains one of BMI’s “favorite” construction markets, buoyed by huge government investment, a stable business environment and growing consumer demand. BMI’s country risk team believes Qatari economic activity will continue to expand at a strong pace throughout 2015, driven primarily by growth in the non-oil sector. Therefore, the dramatic fall in oil prices witnessed over recent quarters would have little impact on growth. Robust private consumption, on the back of a fast-growing population, large government spending commitments, and continued progress on infrastructure projects will lead the residential and non-residential sector, in particular, to outperform over the long term. BMI said oil prices are a minimal downside risk to its forecast, as Qatar is the least exposed out of the six GCC economies to the drop in oil prices. The agency does not expect government spending or consumer confidence to be impacted over coming quarters. (Gulf-Times.com)  QCB extends deadline for insurance regulations – The Qatar Central bank (QCB) has extended the deadline set for insurance, reinsurance and Takaful companies to implement its new regulations. As per the original schedule, the institutions were supposed to comply with the new regulations from the end of May. Al Sharq reported that after realizing that the insurance companies needed more time to reposition themselves to implement the new regulations, the central bank had extended the deadline to November 30. The new operational instructions to the insurance sector is intended to further tightening the control over the agencies engaged in the business and their representative offices. The proposed regulations restrict the companies and insurance practitioners from getting involved in cross-border activities. QCB’s new regulations demand better transparency, good governance and effective risk management from the companies. The regulatory body will suspend or cancel the operational license of a company if it fails to adhere to the regulations, without prior notice. The review mechanism will have the legitimacy of Shari’ah Supervisory Board. (Peninsula Qatar)  India’s Reliance Group seeks to expand business ties with Qatar – Indian business magnate and Reliance Group Chairman, Anil Dhirubhai Ambani has discussed possible areas of interest for expanding business cooperation with Qatar for the mutual benefit of both sides, during a visit to Doha. The Indian embassy said the Ambani’s visit, accompanied by a team of senior executives, underlined Reliance Group’s keen interest to play a larger role in the growing economic partnership between India and the State of Qatar. (Gulf-Times.com)  Langham Hospitality plans to set up hotel in Doha – Langham Hospitality Group is planning to set up a hotel in Doha. The group is a Hong Kong-based luxury hotels operator and is wholly owned by the Great Eagle Holdings. (GulfBase.com) International  Fed, ECB, BoE officials say inflation would rise – According to Federal Reserve Vice Chairman Stanley Fischer, European Central Bank Vice President Vitor Constancio and Bank of England Governor Mark Carney, stronger growth will pull inflation higher in the US and Europe. The top three central bankers on Saturday voiced confidence that their regions will escape from headwinds that are keeping inflation too low, during a panel at the Kansas City Fed’s annual retreat in Jackson Hole, Wyoming. Fischer said that with low inflation, Fed can probably remove accommodation at a gradual pace. Price increases in the US and Europe have been running well below levels targeted by the central banks, where officials are debating what slower Chinese growth and weaker commodity prices could mean for future inflation. While US officials are weighing the timing of their first interest-rate increase since 2006, and the Bank of England may tighten in early 2016, the ECB has heard calls to extend its quantitative easing program to provide more protection against potential deflation. (Bloomberg)  Japan industrial production drops unexpectedly in July – Japan’s industrial production unexpectedly fell in July, sapping a rebound in the economy from a slump last quarter. According to data released by the Trade Ministry, output fell 0.6% from June, when it increased 1.1%. Production cutbacks in the electrical components and the transport equipment industries led the decline in manufacturing. Companies trimmed inventories by 0.8% MoM in July, the first reduction since May. According to a survey by Trade Ministry, manufacturers plan to boost production by 2.8% in August and then reduce it 1.7% in September. Japan is struggling to recover from a contraction, as slowing growth in China, its biggest trading partner, weighs on exports. (Bloomberg)  Premier Li: China growing at reasonable pace despite pressures – Chinese Premier Li Keqiang has said that China’s economy is growing at a “reasonable” pace and the government can handle Overall Activity Buy %* Sell %* Net (QR) Qatari 50.53% 62.35% (46,343,355.74) GCC 11.40% 8.92% 9,690,134.60 Non-Qatari 38.08% 28.73% 36,653,221.14
  • 3. Page 3 of 5 well risks the country faces despite growing pressure. Li said instability in the international market has given rise to uncertainties about the global economic recovery. The impact on China’s financial market and imports and exports has also deepened, with the economy facing new pressures. He said China would enact more targeted and responsive macro-regulations to offset downward economic pressure, more robust reforms and innovation efforts to energize the market, and more effective delivery to secure a positive momentum for growth. The premier reiterated his earlier remarks that there was no basis for continued depreciation of the yuan following its devaluation on August 11. (Reuters)  Brazil President drops plan to restore unpopular tax – Brazilian newspapers ‘Folha de S.Paulo’ and ‘Estado de S.Paulo’ reported that President Dilma Rousseff dropped the idea of reinstating a tax on financial transactions to bridge a gaping fiscal deficit after it ran into a barrage of criticism even from within her coalition. The newspapers, citing presidential aides, said Rousseff abandoned the proposal because she realized there was no time to win its approval in Congress, where the 2016 budget was to be presented by August 31. The government was planning a bill reintroducing a 0.38% levy on financial transactions, known as CPMF, to raise an estimated reais 68bn a year in revenue. Both newspapers estimated that there would be shortfall in the 2016 budget of about reais 80bn. The fiscal savings target for next year of 0.7% of GDP might have to be reduced, if additional revenues are not found. The fiscal crunch in the middle of a severe recession has undermined investor confidence and put Brazil at risk of losing its prized investment-grade credit rating next year. (Reuters) Regional  Islamic finance assets to hit $3.24tn – According to the State of Global Islamic Economy’s (SGIE) upcoming report, the value of assets in the Islamic finance sector is expected to increase 80% over the next five years and touch $3.24tn by 2020. The report was commissioned and supported by the Dubai Islamic Economy Development Center in partnership with Thomson Reuters and DinarStandard. In 2014, Islamic finance assets had an estimated value of $1.8tn, with Islamic banking representing 74% of the total Shari’ah-compliant assets, followed by 16% in outstanding Sukuk based on ICD Thomson Reuters Islamic Finance Development Indicator (IFDI 2015). (GulfBase.com)  Saudi CMA approves Itqan Capital’s request to amend business profile – The Saudi Capital Market Authority (CMA) has approved Itqan Capital Company's request to amend its business profile by cancelling dealing as underwriter activity. Itqan Capital is now authorized to conduct dealing as principal, managing investment fund, discretionary portfolio management, arranging, and advising as well as custody activities. (Tadawul)  Othaim Malls raises SR1bn in debut Sukuk issue – According to sources, Saudi-based Al Othaim Real Estate and Investment Company (Othaim Malls) has raised SR1bn through a debut Sukuk issue. The five-year issue was priced at 170 basis points over the six-month Saudi interbank offered rate. The company would use the proceeds to fund its expansion plans. Othaim Malls is building five shopping centers, three of which are likely to be completed by 2015-end, with the rest to be finalized by 2016-end. The transaction was arranged by the investment banking arms of Banque Saudi Fransi, Gulf International Bank and National Commercial Bank. (Reuters)  Tadawul announces Eid Al Adha holiday – The Saudi Stock Exchange (Tadawul) has announced that Eid al-Adha holiday will commence by the end of the trading day on September 21, 2015. Trading will resume on September 28, 2015. (Tadawul)  Salama Cooperative Insurance reduces accumulated losses – Salama Cooperative Insurance Company has announced that it has reduced its accumulated losses below 50% of its capital. The Saudi Stock Exchange (Tadawul), under the aforementioned instructions and procedures will suspend trading of the company’s shares for two hours from session opening of August 31, 2015, while orders maintenance will start from 12:30 pm. (Tadawul)  Emaar awards Burj Khalifa contract to Bee'ah – Sharjah-based waste management company, Bee’ah, has been awarded a five- year contract by Emaar Prosperities. As per the contract, Bee’ah has been tasked in implementing recycling logistics and integrated waste management services to the Burj Khalifa. The firm will manage collection, transportation and processing of waste produced by the mega structure at its dedicated Waste Management Center in Sharjah. (GulfBase.com, Bloomberg)  Deyaar signs MoU with Turkey-based Ascıoglu – Deyaar Development and Turkey-based Ascıoglu Group have signed a MoU to jointly develop master developments in both Turkey and the UAE. More specifically, the MoU will facilitate Ascıoglu’s engagement in Dubai’s hospitality and real estate sectors, while enabling Deyaar to explore new opportunities in Turkey. The MoU articulates Deyaar’s strategy to expand its presence in the wider Middle East region. (DFM)  GIH: Dubai corporate earnings surge to $4.1bn in 1H2015 –Global Investment House (GIH) said Dubai's corporate earnings expanded 3.7% YoY to $4.1bn in 1H2015, driven by strong banking sector growth. The banking sector, which contributed 12.4% to the Dubai Financial Market's incremental earnings, recorded 32% growth in 1H2015. However, this was partly offset by the real estate & construction sector (-9.9%), which accounted for 32.5% of the consolidated earnings of the bourse. But the consolidated corporate earnings of the UAE declined 0.6% in 1H2015 as Abu Dhabi recorded a 3.7% drop during 1H2015. On the DFM, out of the nine sectors, banks was the major gainer as a sector with 32% rise in earnings, followed by consumer staples (12.1%), industrials (4.7%), services (4.3%) and transportation (2.3%). Investment and financial services (-45.2%) was the major loser, followed by insurance (-25.8%), real estate & construction (- 9.9%) and telecommunications (-4.7%). (GulfBase.com)  Etihad Airways seeks $500mn for fleet expansion – According to sources, Etihad Airways is seeking to raise as much as $500mn for fleet expansion. The fundraising may include financing from export credit agencies, operating leases and bank loans for five airplanes. Reportedly, several groups of local and international banks are bidding to provide financing. (Bloomberg)  OETI appoints CEO – Oman Education & Training Investment Holding Company (OETI) has appointed Mr. Anis Mohammed Marhoun Al-Maamary as its Chief Executive Officer (CEO) effective from September 1, 2015. (MSM)  Salalah to add new mill by 2017 – Salalah Mills’s board of directors (BoD) has decided to increase the company’s paid-up capital by 10% through the issuance of right preference to shareholders at OMR0.75 per share in 1Q2016. Additionally, based on a feasibility study conduct by Expert House, the BoD decided to build a new flour mill with a production capacity of 600 metric tons per day. The project cost will be around OMR7.5mn and is expected to commence production in 1Q2017. The company said 50% cost of the new project will be financed by facilities from the machinery supplier and 50% by issuing new shares. The new project is in line with its strategy to promote as the biggest flour mill in Oman and one of the largest flour mill in GCC countries. (MSM)  Oman Textile bags fabric supply order – Oman Textile Holding Company has announced that it will supply a total quantity of around 600 thousand meters of fabric to a government institution.
  • 4. Page 4 of 5 This order will have a positive impact on the company’s operations and performance over the next few months. (MSM)  Bank Muscat launches PoS receivables financing for micro and small businesses – Bank Muscat has launched a first-of-its-kind point of sale (PoS) receivables financing for micro and small businesses. The specially designed short-term finance is aimed at meeting the working capital requirements of small businesses and maintaining cash flow. The key features of najahi PoS receivables financing include short tenor (ranging from one to six months) with daily installment repayments. (GulfBase.com)  Oman’s oil production still profitable despite price slump – The Ministry of Oil & Gas Oman Undersecretary HE Salim bin Nasser bin Said Al Aufi said that oil companies operating in Oman will continue to turn a profit even if oil prices plummet below the present average of $46 per barrel for Omani crude. He said that production costs averaging $12 per barrel will ensure that oil producers enjoy attractive bottom-lines even if prices tank below the current levels. (GulfBase.com)  Oman’s electricity production logs 13.8% growth – Oman’s total production of electricity and water recorded a significant increase at the end of June 2015. The total electricity production increased to over 15,290 gigawatts (GW), achieving a growth of 13.8% as compared to the production recorded in 2014. The same applies to the water sector in which the production grew to exceed 106.6mn cubic meters with an increase of 10.6%. (GulfBase.com)  Oman to consider importing LNG as domestic gas use surges – According to sources, Oman may start importing liquefied natural gas (LNG) to meet surging domestic energy demand, a shift in trade that would make it the fourth Arab country to buy LNG. Oman currently exports liquefied gas under long-term contracts to Spain and several Asian countries, including Japan and South Korea. The potential imports would arrive at the port of Sohar north of the capital city Muscat. Oman’s possible shift to importing fuel follows years of rising local gas consumption and shrinking exports of LNG. (Bloomberg)  GFH distributes $53mn to funds’ investors – GFH Financial Group has distributed $53mn to its funds’ investors who currently have underlying investments in Bahrain, the UAE, the US and India. Based on its revised strategy, GFH has over the last 18 months invested in projects which provide steady cash yields for its investors. In line with this, the Diversified US Residential Portfolio (DURP) – an investment in multi-family US residential assets – distributed dividend of $1.3mn to its investors. The properties together comprise around 1,300 apartments and have an overall occupancy of 94%. The GFH Group has also distributed semiannual dividend of $1mn for 2014-2015 for Philadelphia Private School (PPS) based in Dubai-UAE. The estimated worth of the school is AED140mn, which provides excellent education for a growing base of students with a capacity of up to 1,900 students. Focusing on the industrial sector, Cemena Investment Company has distributed a dividend of $7.9mn. (Bahrain Bourse)  Investcorp reports $116.7mn net income in FY2014-15, recommends $15 per share cash dividend – Investcorp Bank reported a net income of $116.7mn in FY2014-15, up 13% as compared to $103.1mn in FY2013-14. Fee income for FY2014-15 totaled $308.2mn and asset based income was $73.0mn ($315.8mn and $47.6mn, respectively in FY2013-14). The bank’s total asset stood at $2.16bn at the end of June 30, 2015 as compared to $2.30bn at the end of June 30, 2014. Diluted EPS amounted to $129 in FY2014-15 as compared to $76 in FY2013- 14. Investcorp’s net leverage ratio at 0.7x and Basel III capital adequacy ratio 28.7% remain above regulatory requirements. Meanwhile, Investcorp’s board of directors has recommended distributing $15 per share cash dividend to its shareholder registered on the date of the AGM. The recommendation is subject to approval by the relevant regulators. (Bahrain Bourse)
  • 5. Contacts Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC Head of Research Head of HNI Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025 saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment 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. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in part without permission from QNBFS COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg (*$ adjusted returns) 80.0 100.0 120.0 140.0 160.0 180.0 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 QSE Index S&P Pan Arab S&P GCC 1.1% 0.4% 0.5% (0.1%) 1.5% (0.2%) 1.1% (0.4%) 0.0% 0.4% 0.8% 1.2% 1.6% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,133.55 0.8 (2.4) (4.3) MSCI World Index 1,658.07 0.5 0.4 (3.0) Silver/Ounce 14.60 0.8 (4.7) (7.0) DJ Industrial 16,643.01 (0.1) 1.1 (6.6) Crude Oil (Brent)/Barrel (FM Future) 50.05 5.2 10.1 (12.7) S&P 500 1,988.87 0.1 0.9 (3.4) Crude Oil (WTI)/Barrel (FM Future) 45.22 6.3 11.8 (15.1) NASDAQ 100 4,828.33 0.3 2.6 1.9 Natural Gas (Henry Hub)/MMBtu 2.66 (1.0) (1.5) (11.3) STOXX 600 363.28 (0.2) (1.0) (2.0) LPG Propane (Arab Gulf)/Ton 40.75 11.6 10.1 (16.8) DAX 10,298.53 (0.6) 0.1 (3.4) LPG Butane (Arab Gulf)/Ton 51.00 6.3 4.3 (22.1) FTSE 100 6,247.94 0.8 (1.1) (6.0) Euro 1.12 (0.5) (1.8) (7.5) CAC 40 4,675.13 (0.1) (0.6) 1.1 Yen 121.71 0.6 (0.3) 1.6 Nikkei 19,136.32 2.9 (1.2) 7.9 GBP 1.54 (0.1) (1.9) (1.2) MSCI EM 820.25 0.9 1.0 (14.2) CHF 1.04 0.4 (1.7) 3.3 SHANGHAI SE Composite 3,232.35 5.1 (7.9) (2.9) AUD 0.72 0.1 (2.0) (12.3) HANG SENG 21,612.39 (1.0) (3.5) (8.4) USD Index 96.11 0.5 1.2 6.5 BSE SENSEX 26,392.38 0.3 (3.6) (8.4) RUB 65.21 (1.0) (5.7) 7.4 Bovespa 47,153.87 (2.3) 0.6 (30.4) BRL 0.28 (0.7) (2.2) (26.0) RTS 829.95 3.1 8.9 5.0 135.6 109.7 105.3