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30 March Daily market report

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  • 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index rose 0.7% to close at 11,562.9. Gains were led by the Banking and Insurance indices, gaining 1.2% and 0.9% respectively. Top gainers were Widam Food Co. and Medicare Group, rising 7.0% and 3.9% respectively. Among the top losers, Qatar Cinema & Film Dist. Co. fell 4.0%, while Qatar German Co for Medical Devices declined 2.8%. GCC Commentary Saudi Arabia: The TASI index rose 0.4% to close at 9,463.0. Gains were led by Media & Publishing and Insurance indices, rising 5.7% and 1.3% respectively. Tihama rose 10.0%, while Bupa Arabia was up 9.3%. Dubai: The DFM index gained 1.3% to close at 4,348.4. The Insurance index gained 8.6%, while the Services index rose 3.8%. Salama rose 14.9%, while Takaful House was up 14.7%. Abu Dhabi: The ADX benchmark index rose 0.9% to close at 4,900.9. The Services Index was up 3.7%, while the Consumer index rose 3.2%. NCTH surged 15.0%, while National Takaful Company was up 10.2%. Kuwait: The KSE index declined marginally to close at 7,584.0. The Consumer Services index was down 1.3%, while the Banking index declined 0.6%. AL-NAWADI declined 8.1%, while KPCC was down 6.1%. Oman: The MSM index fell 0.1% to close at 6,915.3. Losses were led by Industrial and Services Indices falling 0.9% and 0.5% respectively. Al Jazeera steel products declined 9.1%, while Taageer Finance was down 7.6%. Bahrain: The BHB index gained 0.2% to close at 1,344.3. The Industrial index rose 2.0%, while the Commercial Banking Index was up 0.3%. Aluminium Bahrain gained 2.1%, while Khaleeji Commercial Bank was up 2.0% Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Widam Food Co. 49.15 7.0 1,220.1 (4.9) Medicare Group 71.70 3.9 666.8 36.6 Ezdan Holding Group 16.40 2.9 143.9 (3.5) Masraf Al Rayan 39.40 2.1 1,010.2 25.9 Doha Bank 62.10 2.0 658.8 6.7 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Mesaieed Petrochemical Holding 35.95 (2.7) 2,178.2 260.0 Barwa Real Estate Co. 36.20 (0.1) 1,233.7 21.5 Widam Food Co. 49.15 7.0 1,220.1 (4.9) Vodafone Qatar 12.20 1.7 1,106.0 13.9 Masraf Al Rayan 39.40 2.1 1,010.2 25.9 Market Indicators 30 Mar 14 27 Mar 14 %Chg. Value Traded (QR mn) 606.1 856.8 (29.3) Exch. Market Cap. (QR mn) 647,183.3 643,530.9 0.6 Volume (mn) 13.0 18.2 (28.5) Number of Transactions 8,286 9,490 (12.7) Companies Traded 41 43 (4.7) Market Breadth 25:14 33:9 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17,159.88 0.7 0.7 15.7 N/A All Share Index 2,966.04 0.7 0.7 14.6 15.0 Banks 2,827.13 1.2 1.2 15.7 14.8 Industrials 4,085.97 0.3 0.3 16.7 15.9 Transportation 2,021.18 (0.1) (0.1) 8.8 14.0 Real Estate 2,218.35 0.0 0.0 13.6 14.4 Insurance 2,833.14 0.9 0.9 21.3 7.8 Telecoms 1,499.51 0.3 0.3 3.1 20.7 Consumer 6,921.55 0.5 0.5 16.4 31.6 Al Rayan Islamic Index 3,556.52 0.7 0.7 17.1 18.0 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Tihama Saudi Arabia 201.25 10.0 455.5 83.4 Abu Dhabi Nat. Hotels Abu Dhabi 3.87 4.9 3.8 24.8 ADIB Abu Dhabi 8.87 4.6 3,496.0 52.9 Al Ahli Bank of Kuwait Kuwait 0.46 4.5 258.6 4.5 Makkah Const. & Dev. Saudi Arabia 86.50 4.2 1,124.7 34.1 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Omani Qatari Telecom. Muscat 0.60 (5.6) 322.8 0.7 Ahli United Bank Kuwait 0.76 (5.1) 170.8 4.2 Abu Dhabi Nat. Ins. Abu Dhabi 6.40 (4.5) 14.8 8.5 IFA Hotels & Resorts Kuwait 0.26 (3.8) 39.0 (10.5) Comm. Real Estate Kuwait 95.00 (3.1) 2,627.9 3.3 Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Cinema & Film Distribution 41.25 (4.0) 0.1 2.9 Qatar German Co for Med. Dev. 13.00 (2.8) 5.1 (6.1) Mesaieed Petrochemical Holding 35.95 (2.7) 2,178.2 260.0 Qatar Gen. Ins. and Reinsurance 41.00 (2.1) 1.0 2.7 Qatar Navigation 89.90 (0.9) 65.1 8.3 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mesaieed Petrochemical Holding 35.95 (2.7) 80,198.4 260.0 Widam Food Co. 49.15 7.0 59,681.8 (4.9) Medicare Group 71.70 3.9 47,645.8 36.6 Industries Qatar 183.30 0.2 44,743.7 8.5 Barwa Real Estate Co. 36.20 (0.1) 44,732.3 21.5 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* 11,562.87 0.7 0.7 (1.8) 11.4 166.44 177,716.5 15.1 2.0 4.2 Dubai 4,438.35 1.3 1.3 5.2 31.7 406.53 88,844.0 19.3 1.6 2.2 Abu Dhabi 4,900.86 0.9 0.9 (1.2) 14.2 108.93 129,717.4 14.7 1.7 3.7 Saudi Arabia 9,462.98 0.4 0.4 3.9 10.9 2,111.23 513,649.7 19.4 2.4 3.2 Kuwait 7,584.00 (0.0) (0.0) (1.4) 0.5 152.93 115,479.2 16.4 1.2 3.8 Oman 6,915.26 (0.1) (0.1) (2.8) 1.2 30.66 24,788.3 11.4 1.6 3.6 Bahrain 1,344.28 0.2 0.2 (2.1) 7.6 0.48 51,375.0 9.3 0.9 5.1 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 11,480 11,500 11,520 11,540 11,560 11,580 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 6 Qatar Market Commentary  The QE index rose 0.7% to close at 11,562.9. The Banking and Insurance indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Widam Food Co. and Medicare Group were the top gainers, rising 7.0% and 3.9% respectively. Among the top losers, Qatar Cinema & Film Dist. Co. fell 4.0%, while Qatar German Co for Medical Devices declined 2.8%.  Volume of shares traded on Sunday fell by 28.5% to 13.0mn from 18.2mn on Thursday. Further, as compared to the 30-day moving average of 16.2mn, volume for the day was 19.5% lower. Mesaieed Petrochemical Holding Co. and Barwa Real Estate Co. were the most active stocks, contributing 16.7% and 9.5% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings Earnings Releases Company Market Currency Revenue (mn) FY2013 % Change YoY Operating Profit (mn) FY2013 % Change YoY Net Profit (mn) FY2013 % Change YoY Dubai Holding Commercial Operations Group * Dubai AED 11,645.15 27.0% 3,301.73 121.3% 3,299.00 176.6% Dubai Islamic Insurance & Reinsurance Co. (Aman) * Dubai AED 504.6 2.2% – – -52.8 NA United Food Co. * Dubai AED 370.0 -3.2% – – 14.4 -6.6% Ras Al Khaimah National Insurance Co. * Abu Dhabi AED 250.6 19.1% – – 34.5 22.8% Al Khazna Insurance Co. * Abu Dhabi AED 95.4 -31.7% – – -162.9 NA Arkan Building Materials Co. (ARKAN) * Abu Dhabi AED 387.3 -2.4% – – 42.8 -9.0% Source: Company data, DFM, ADX, MSM (*FY2013 results) News Qatar  Qatar’s FY2014/15 budget focuses on balancing revenues and expenditures to promote sustainable development – Projections of total revenues in FY 2014/2015 budget amount to QR225.7 billion compared to QR218.0 billion in the previous budget with a QR7.7 billion increase (3.5 percent). Projections of total expenditures amount to QR218.4 billion compared to QR210.6 billion in the last FY budget with a QR7.8 increase (3.7 percent). A budget surplus of QR7.3 billion is expected to be achieved. The overall budget aims to provide strong support for the private sector’s participation in the development process. Also effective measures to control inflationary pressures have been considered in the budget. The framework of the budget was drawn up clearly aiming that it would help translate the key pillars of Qatar National Vision 2030 into reality (Ministry of Finance Press Release, Gulf-Times.com)  MDPS: Trade surplus widens to QR35bn in February 2014 – The Ministry of Development Planning and Statistics have released preliminary figures of the value of exports, re-exports and imports for February 2014. In February 2014, total exports of goods (including exports of domestic origin and re-exports) amounted to QR 43.3 billion, showing an increase of 2.6% compared to the total export value of the corresponding month of 2013. On the other hand, the imports of January 2014 amounted to 8.3 billion, an increase of 4.5% over the value recorded in the same month last year. In February 2014, the trade balance of goods, which represents the difference between total exports and imports, showed a surplus of QR 35.0 billion, an increase of QR 0.8 billion (2.2) compared to the trade balance of goods of February 2013. The year on year (February 2014 to February 2013) rise in total exports was due to higher exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching QR 30.1 billion in February 2014, i.e. an increase of 8.9% compared to February 2013; however, the increase was partially offset by the drop in exports of Petroleum oils & oils from bituminous minerals (crude) to reach QR 6.5 billion (11.5%) and Petroleum oils & oils from bituminous minerals (not crude) to reach QR 1.5 billion (13.0%). In February 2014, the major countries of destination for Qatar’s exports were Japan with QR 12.7 billion, a share of 29% of total exports, South Korea with QR 10.4 billion (24%), and India with QR 5.4 billion (12%). The group Motor cars & other passenger vehicles was at the top of the imported group of commodities, with QR 0.6 billion in February 2014, showing a decrease of 16.0% compared to February 2013, followed by Aircraft spare parts with QR 0.5 billion, increased by 12.6%, and Telephone sets with QR 0.2 billion, increased by 19.5%. In February 2014, United States of America was the leading country of origin with QR 0.9billion, a share of 11% of the imports, followed by China with QR 0.9 billion (11%), United Arab Emirates with QR 0.7 billion (8%). (Ministry of Development Planning and Statistics, QNB Group)  Qatar to invest QR4bn in new healthcare facilities – The Qatar Chamber’s Head of the Health Committee Ibteihaj al- Ahmadani said Qatar will be investing more than QR4bn over the next five years to build hospitals and medical cities. Al- Ahmadani said that the country had spent QR51.3bn on the health sector over the last decade. She said that the health sector in the country has witnessed the largest increase in provisions during the current year as it registered a 63% rise over the previous year. Qatar spends about $1,900 per capita on healthcare, one of the highest in the world, while the per capita allocation in the neighboring countries does not exceed $900. (Gulf-Times.com) Overall Activity Buy %* Sell %* Net (QR) Qatari 65.72% 73.57% (47,599,318.28) Non-Qatari 34.28% 26.43% 47,599,318.28
  • 3. Page 3 of 6  All amenities ready at Barwa City in Mesaimeer – Barwa announced that the construction of all amenities inside Barwa City is complete and units – including the shopping mall, hypermarket, and schools and nurseries – have been handed over to anchor tenants. LuLu Hypermarket, an anchor tenant in Barwa City, has leased the shopping center (scheduled to open during 2Q2014) and a multipurpose hall next to it. All the schools and kindergartens within Barwa City are leased by Newton International School. The residential city in the Mesaimeer area is a self-sufficient community, offering 128 buildings with 6,000 residential units and a capacity to accommodate up to 25,000 residents. (Gulf-Times.com)  Jaidah Group unit strikes dealership pact with Bobcat – Jaidah Heavy Equipment division, a subsidiary of Jaidah Group, announced the signing of an exclusive dealership agreement with construction equipment manufacturer, Bobcat Company. Under the agreement, Jaidah Group will be the sole dealer of Bobcat machines in Qatar, reinforcing the group’s position as the trusted provider of construction equipment and industrial products in Qatar. Jaidah Group’s Group Executive Director Mohamed Jaidah said Jaidah Group has longstanding relationships with major international manufacturers, making the group perfectly suited for satisfying the rising demand for construction equipment in Qatar. (Gulf-Times.com)  QNCD, French firm in deal for Cement Plant Line-5 – Qatar National Cement Company (QNCD) has signed a letter of intent with Fives FCB, France for the construction of its Cement Plant Line-5 with a capacity of 5,000 tons per day (tpd) of clinker at an estimated cost of QR950mn. The fifth production line is expected to become operational within the next 27 months, after which the company’s total clinker capacity would reach 17,000 tpd and its grinding capacity would touch 20,000 tpd of cement. The cement company’s move to have a fifth production line comes in view of an expected increase in demand for products due to the mammoth infrastructure works being carried out in the run-up to Qatar hosting the 2022 FIFA World Cup. (QE, Gulf-Times.com)  CBQK’s subsidiary in Turkey-ABank appoints new CEO – Turkey-based Alternatifbank (ABank) – 75% owned by the Commercial Bank of Qatar (CBQK) – has appointed Ms. Meric Ulusahin as its Chief Executive Officer. Ms. Ulusahin joins ABank from Sekerbank, where she was the General Manager and a member of the board. She will assume her new role at ABank from mid-April 2014. (QE)  ORDS AGM approves 40% cash dividend – Ooredoo (ORDS) AGM has approved the distribution of 40% cash dividend of the nominal share value (QR4 per share) for its shareholders. (Bloomberg)  ABQK to disclose 1Q2014 results on April 15 – Ahli Bank (ABQK) has announced its intent to disclose its 1Q2014 financial statements on April 15, 2014. (QE) International  FSB races toward weekend blueprint for stricken banks – Moving toward a common set of bank resolution rules is one of the key issues when the Financial Stability Board meets in London on March 31, as the club of central bankers and regulators seeks to complete its mission of avoiding a repeat of the turmoil that followed the 2008 collapse of Lehman Brothers. Mark Carney, Governor of the Bank of England (BoE) and Chairman of the FSB, said that the board aims to finish a package of measures for preventing lenders from becoming too big to fail before this November when the G20 meeting of global leaders meet in Brisbane. Without clear rules, the death throes of international banks can trigger havoc throughout the financial system, leaving taxpayers to pick up the tab for repairs. (Bloomberg)  ECB wrestles with danger zone inflation – The European Central Bank's (ECB) dilemma over barely rising prices and the US Federal Reserve’s policy based on unemployment data come back into focus this week when the figures for March 2014 are published. After more than a month of East-West tensions centered on Russia's annexation of Crimea, the US President Barack Obama and Russia's Vladimir Putin have finally spoken to each other, suggesting a possible diplomatic path out of the crisis. With geopolitical issues calmer, the financial markets are more likely to be guided by global economic data and central bank deliberations. The ECB's Governing Council meets on Thursday and, although economists expect it to hold interest rates, the central bank is wrestling with a proper response to flagging inflation that is persistently below its target of 2%. (Reuters)  Japanese industrial output drops as tax hike looms – Industrial production in Japan fell in February, undershooting all forecasts given by Bloomberg surveys, as the first sales-tax increase since 1997 comes into effect. The trade ministry said output fell 2.3% from the previous month, the steepest drop in eight months. The median estimate of 28 economists polled by Bloomberg expected a 0.3% gain. A separate gauge for manufacturing also fell in March 2014 for a second straight month. While the weakness partly reflected disruptions from heavy snowfall, the data showed manufacturers are bracing for a slump in demand following tomorrow’s sales-tax increase. Inventories fell for a seventh straight month, lessening the likelihood of even sharper output cuts as the higher consumption levy pushes the economy into a one-quarter contraction in April- June. (Bloomberg)  China's FX regulator says foreign debt risk decreasing – SAFE, China's foreign exchange regulator said that it does not see any risk in the country's relatively high ratio of short-term foreign debt to total foreign debt, noting that the country had a large pile of foreign reserves to fall back on. China's outstanding short-term foreign debt accounted for 78% of total outstanding foreign debt at the end of 2013. The figure is much higher than the internationally accepted safety line of 25%. However, Guo Song, Deputy Director of the Capital Account Management Department at SAFE, said China has large foreign exchange reserves and the ratio between short-term debt to the reserves was only 17.7%. (Reuters) Regional  GOIC: GCC maintains export growth during 2008–2012 – Qatar’s Minister of Energy & Industry, HE Dr. Mohammed bin Saleh Al Sada, confirmed that the member states of the GCC region are continuing their efforts for industrial verifications and maintaining export growth despite the global economic crisis. The minister cited the statistics issued recently by the Gulf Organisation for Industrial Consulting (GOIC), showing an increase in industrial exports from $160bn in 2008 to about $257bn in 2012, growing at about 13%. Dr Al Sada said it is interesting to note that the annual growth of total Gulf exports increased by 10% during the same period. (Peninsula Qatar)  Top Saudi IPO adviser sees two big years ahead for share sales – Saudi Fransi Capital, the top adviser for IPOs in the Kingdom since 2012, expects the pace of share issuances in the Gulf’s largest stock market to accelerate as equity valuations improve. The investment banking arm of Banque Saudi Fransi has advised on seven equity offerings worth AED8.4bn since 2011. Saudi Fransi Capital’s CEO Yasir Al-Rumayyan said that
  • 4. Page 4 of 6 the Saudi market is looking for new issuances and two big years for IPOs can be expected. Saudi Arabian companies are joining their counterparts across the Gulf in planning share sales as asset values and investor demand increase. (Bloomberg)  Tadawul announces 1Q2014 update to free-floated shares – The Saudi Stock Exchange (Tadawul) announced that the number of free-floated shares for all companies has been revised for 1Q2014 (March 27, 2014). The revised number of free-floated shares per company is used in the calculation of Tadawul indices, replacing the previous number, and is effective from March 30, 2014. (Tadawul)  Lebara to launch mobile services in KSA in 2Q2014 – London-based telecom company Lebara has been awarded a license in Saudi Arabia and expects to launch its services in 2Q2014 by partnering with Mobily (Etihad Etisalat). Lebara said the average revenue per user (ARPU) in the Gulf kingdom is expected to steadily increase from its current mark of $23.3 in the long-term, representing a strong opportunity. Lebara Group has operations in the UK, Germany, France, Denmark, the Netherlands, Poland, Spain and Australia. (Gulf-Base.com)  7 KSA projects win MEED’s National Quality Awards – MEED announced the names of Saudi Arabia’s projects of the year during the MEED Quality Awards for Projects 2014, in association with Mashreq. After a rigorous judging process, MEED revealed that the projects of the year in Saudi Arabia are: Rafal Real Estate Development Company’s Burj Rafal project, Saudi Aramco’s King Abdullah Petroleum Studies & Research Centre Phase 1 project, MARS Inc.’s MARS Chocolate Factory, King Fahd National Library’s King Fahad National Library project, Arriyadh Development Authority’s Extension of Roads of Arriyadh Old Airport (ERAOA) and the National Water Company’s Riyadh Water Supply project. (Zawya)  Aramco plant sees full production by mid-2014 – France's Total said that Jubail refinery, its JV with Saudi Aramco in Saudi Arabia, will reach full production capacity by around mid-2014. Saudi Aramco Total Refining & Petrochemical Company's refinery, with 400,000 bpd capacity, began a gradual startup of its operations last year. Total said all the refining and petrochemicals units should be operational by the end of 1Q2014. (Gulf-Base.com)  Vallourec wins order for power plant in KSA – Vallourec announced that it has been selected to supply 10,000 tons of tubes for the construction of the Shuqaiq Steam Power Plant in Saudi Arabia. Deliveries are scheduled for during 1Q-3Q2014. Vallourec’s products will be used in the boilers of the oil-fired steam power plant, which will be built by Yantai Hyundai Heavy Industries Company Ltd for the Saudi Electricity Company in Shuqaiq, approximately 580 kilometers to the south of Jeddah on the Red Sea coast. (Gulf-Base.com)  BMI: UAE’s inflation to rise to 2% in 2014 on higher property prices – Inflation in the UAE continues to tick higher, with Dubai leading the price rise. Business Monitor International (BMI) has forecast inflation to average at 2.0% in 2014, up from 1.1 % in 2013. BMI said the key driver for inflation will be house prices, as the inflationary impact of food diminishes. On the back of a stronger-than-expected recovery in Dubai’s residential property sector, BMI revised up its average inflation forecast for 2014. Earlier this month, Moody’s Investor Service also forecast a rise in the UAE’s inflation in 2014. BMI projected relatively solid growth over the coming quarters, with the UAE real GDP forecast to expand 3.9% and 4.1% in 2014 and 2015, respectively. (Gulf-Base.com)  IDC: UAE public sector leads in IT spending – According to a report by International Data Corporation (IDC), business information technology (IT) spending in the UAE is forecast to reach $4.36bn in 2014, increasing 8.3% YoY. The country’s public sector will account for a major chunk of business IT spending with the government predicted to spend around $1.12bn, constituting around 24.3% of total IT expenditure. The UAE has seen a steady rise in government initiatives offering official services on mobile and online platforms. Dubai’s Smart City initiative, unveiled last year, has called for 1,000 government services to go online during the next three years. In addition, IDC said banking, insurance and securities service providers are also predicted to spend heavily on IT this year. Organizations in these sectors are forecast to invest $719mn to develop IT in 2014. (Bloomberg)  Nakheel wants to clear debt before considering IPO – Nakheel’s Chairman, Ali Rashid Lootah has said the Dubai- based developer would seriously consider going for an IPO at some point, although the priority right now is to clear its debt. Nakheel has paid off AED2.35bn last month, well before it was actually due. The company also reported a 27% gain in its net profit for 2013, to AED2.57bn. Next month, the developer is getting set to launch a brand new residential community in April, with a shopping center to be the first component. (Gulf- Base.com)  Reem Investments posts AED152mn net profit, approves 10% dividend – Abu Dhabi-based investment company Reem’s board of directors announced a net profit of AED152mn for FY2013. Further, the company’s board also proposed a 10% cash dividend distribution based on the capital of AED777.5mn, which has been approved by the AGM. (gulfbase.com)  Able appoints SHUAA for IPO on DFM – Able Logistics Group (Able) has appointed SHUAA Capital as the exclusive financial advisor, lead manager and bookrunner for its IPO to take place on the Dubai Financial Market in 2014. Established in 2001, Able has evolved from an airfreight forwarder into a major logistics group that caters to government agencies, multinational corporations and conglomerates operating in Asia, Europe, Africa and the Middle East. (DFM)  Oman Air to raise capital by $519mn – The sultanate’s national carrier, Oman Air said it is set to raise its capital by $519.48mn, after reporting a widening annual loss. Oman Air’s Chairman Darwish bin Ismail al-Balushi said the airline will have 700mn shares worth OMR1 each. Oman Air’s annual loss widened by 16% to OMR113.34mn in 2013. Al-Balushi said that the loss was due to the airline’s continued investment in new aircraft. He said the arrival of 20 new planes later this year would signal the start of a new phase in Oman Air’s growth. The airline will also spin off some of its business units into separate companies. Oman Air’s annual revenue rose 10% to OMR381.7mn in 2013 as it carried 4.99mn passengers last year, up nearly 13% on 2012. (Gulf-Times.com)  NCSI: power consumption surges 149% in Oman – According to a study by the National Centre for Statistics & Information (NCSI), electricity consumption in Oman increased by 149.5% over a period of seven years. NCSI revealed that electricity consumption in the Sultanate during 2005-2012 showed that energy usage jumped from 8,402 GW/H in 2005 to 20,958.2 GW/H in 2012. The consumption of power has risen steadily over the seven-year period, with total consumption in 2009 stood at 14,483 GW/H, which rose to 20,958.2 GW/H in 2012. The residential consumption went up from 4,759 GW/H in 2005 to 10,039 GW/H in 2012, representing 110.9% rise. (Bloomberg)
  • 5. Page 5 of 6  Taageer’s AGM approves 10% dividend – Taageer Finance Company’s AGM has approved the distribution of 10% cash dividend and 7% bonus shares for the year 2013. (Gulf- Base.com)  HSBC Bank Oman appoints Chairman – HSBC Bank Oman has appointed David Gordon Eldon as Chairman of the Board of Directors. (MSM)  Oman Chlorine’s BoD proposes 20% dividend – Oman Chlorine’s board of directors proposed the distribution of cash dividends at the rate of 20% of the issued capital (OMR0.02 per share) for the financial year ended December 31, 2013. (MSM)  GIC’s AGM approves 10.5% dividend – Gulf International Chemicals’ (GIC) board of directors approved the distribution of 10.5% cash dividend (10.5 baizas for each share of nominal value 100 baizas) for the financial year ended December 31, 2013. (MSM)  Muscat Gases’ AGM approves 40% dividend – Muscat Gases’ AGM has approved the distribution of cash dividend of 40% of the paid-up capital (40 baizas per share). (MSM)  Muscat Finance’ AGM approves 8% dividend – Muscat Finance’ AGM approves a cash dividend of 8% for the shareholders from the capital (equivalent to 8 baizas per share) and 8% stock dividend of the capital (equivalent to 8 shares for each 100 shares). (MSM)  Tamkeen unveils $212mn spending plan for 2014 – Tamkeen's total program expenditure for 2014 is expected to be around BHD80mn, the highest ever. The board reviewed last year's management report and financial statements, as well as the progress of a number of key programs. The board also reviewed the progress of the ongoing impact assessments and restructuring process of Tamkeen's programs. Among the programs discussed was the Enterprise Development Support program, which has served 7,600 businesses since it was launched, with Tamkeen's contribution exceeding BHD46.3mn as of December 2013. (Gulf-Base.com)  TRA relaxes broadband restrictions on Batelco – The Telecommunications Regulatory Authority (TRA) has decided to remove regulatory obligations on Batelco for mass-market fixed broadband services. This will result in the deregulation of approximately 90% of broadband services in Bahrain. (Gulf- Base.com)
  • 6. Contacts Saugata Sarkar Keith Whitney Sahbi Kasraoui Head of Research Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC 0.4% 0.7% (0.0%) 0.2% (0.1%) 0.9% 1.3% (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 1,295.27 0.0 0.0 7.4 DJ Industrial 16,323.06 0.0 0.0 (1.5) Silver/Ounce 19.83 0.0 0.0 1.9 S&P 500 1,857.62 0.0 0.0 0.5 Crude Oil (Brent)/Barrel (FM Future) 108.07 0.0 0.0 (2.5) NASDAQ 100 4,155.76 0.0 0.0 (0.5) Natural Gas (Henry Hub)/MMBtu 4.48 0.0 0.0 3.2 STOXX 600 333.76 0.0 0.0 1.7 LPG Propane (Arab Gulf)/Ton 106.50 0.0 0.0 (15.6) DAX 9,587.19 0.0 0.0 0.4 LPG Butane (Arab Gulf)/Ton 121.00 0.0 0.0 (11.4) FTSE 100 6,615.58 0.0 0.0 (2.0) Euro 1.38 0.0 0.0 0.1 CAC 40 4,411.26 0.0 0.0 2.7 Yen 102.83 0.0 0.0 (2.4) Nikkei 14,696.03 0.0 0.0 (9.8) GBP 1.66 0.0 0.0 0.5 MSCI EM 984.91 0.0 0.0 (1.8) CHF 1.13 0.0 0.0 0.7 SHANGHAI SE Composite 2,041.71 0.0 0.0 (3.5) AUD 0.92 0.0 0.0 3.7 HANG SENG 22,065.53 0.0 0.0 (5.3) USD Index 80.18 0.0 0.0 0.2 BSE SENSEX 22,339.97 0.0 0.0 5.5 RUB 35.76 0.0 0.0 8.8 Bovespa 49,768.06 0.0 0.0 (3.4) BRL 0.44 0.0 0.0 4.5 RTS 1,186.28 0.0 0.0 (17.8) 166.2 148.8 135.2