Your SlideShare is downloading. ×
30 September Daily Market Report
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

30 September Daily Market Report

135
views

Published on

Published in: Economy & Finance, Business

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
135
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index declined 0.2% to close at 9,608.3. Losses were led by the Transportation and Real Estate indices, declining 1.2% and 0.6% respectively. Top losers were Gulf International Services and Qatar Gas Transport Co., falling 1.8% and 1.5% respectively. Among the top gainers, Zad Holding Co. rose 2.5%, while Islamic Holding Group gained 2.4%. GCC Commentary Saudi Arabia: The TASI index rose 0.2% to close at 7,964.9. Gains were led by the Retail and Energy & Utilities indices, rising 1.4% and 0.7% respectively. United Int. Trans. Co. rose 5.5%, while Al Jouf Agriculture Dev. was up 4.3%. Dubai: The DFM index declined 0.3% to close at 2,762.5. The Services index fell 1.2%, while the Telecommunication index was down 1.1%. Int. Financial Advisors declined 9.6%, while Al Salam Group was down 9.4%. Abu Dhabi: The ADX benchmark index rose 0.1% to close at 3,843.0. The Consumer index gained 4.9%, while the Service index was up 2.8%. Int. Fish Farming Holding Co. surged 14.9%, while FOODCO Holding gained 14.0%. Kuwait: The KSE index declined 0.5% to close at 7,767.0. The Oil & Gas and Consumer Services indices fell 1.2% each. Al Nawadi Holding Co. declined 8.1%, while Kuwait United Poultry Co. was down 7.0%. Oman: The MSM index fell 0.5% to close at 6,646.9. Losses were led by the Banking & Investment and Ind. indices, declining 0.4% and 0.2% respectively. Al Sharqia Inv. Holding fell 2.3%, while Al Batinah Dev. & Inv. was down 2.2%. Bahrain: The BHB index declined 0.1% to close at 1,193.9. The Services index fell 1.6%, while the Commercial Banking index was down 0.2%. Bahrain Telecomm. Co. declined 2.9%, while Ithmaar Bank was down 2.1%. Qatar Exchange Top Gainers Close* 1D% Vol. „000 YTD% Zad Holding Co. 66.40 2.5 4.7 12.9 Islamic Holding Group 42.00 2.4 10.8 10.5 Qatar & Oman Investment Co. 12.90 0.8 10.2 4.1 Qatar Fuel Co. 282.70 0.6 7.3 28.5 Industries Qatar 149.90 0.5 161.1 6.3 Qatar Exchange Top Vol. Trades Close* 1D% Vol. „000 YTD% Masraf Al Rayan 28.75 0.2 4,403.6 16.0 United Development Co. 21.69 (0.4) 659.6 21.9 Qatar Gas Transport Co. 19.01 (1.5) 411.7 24.6 Barwa Real Estate Co. 25.00 (0.8) 254.5 (8.9) Doha Bank 53.80 0.4 243.0 16.0 Source: Bloomberg (* in QR) Market Indicators 30 Sep 13 29 Sep 13 %Chg. Value Traded (QR mn) 283.4 278.5 1.8 Exch. Market Cap. (QR mn) 524,052.9 524,609.9 (0.1) Volume (mn) 7.6 6.7 12.9 Number of Transactions 2,849 2,471 15.3 Companies Traded 37 38 (2.6) Market Breadth 12:21 21:14 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,728.09 (0.2) 0.3 21.4 N/A All Share Index 2,418.42 (0.2) 0.2 20.0 12.8 Banks 2,339.24 (0.1) 0.0 20.0 12.4 Industrials 3,051.76 (0.0) 0.7 16.2 11.2 Transportation 1,771.89 (1.2) 0.1 32.2 12.1 Real Estate 1,747.05 (0.6) 0.9 8.4 13.2 Insurance 2,233.44 (0.4) (0.5) 13.7 9.3 Telecoms 1,443.97 (0.2) 0.2 35.6 15.2 Consumer 5,872.36 0.5 (0.4) 25.7 24.1 Al Rayan Islamic Index 2,758.17 (0.1) 0.6 10.9 14.2 GCC Top Gainers## Exchange Close# 1D% Vol. „000 YTD% Nat. Marine Dredging Abu Dhabi 9.45 10.3 8.0 (5.5) United Int. Trans. Co. Saudi Arabia 72.25 5.5 534.3 70.4 Yanbu Nat. Petrochem. Saudi Arabia 62.25 3.8 990.0 31.6 Fawaz Alhokair & Co. Saudi Arabia 135.00 3.1 351.6 94.7 Astra Industrial Group Saudi Arabia 45.60 2.9 502.4 16.9 GCC Top Losers## Exchange Close# 1D% Vol. „000 YTD% Investbank Abu Dhabi 2.18 (8.4) 137.1 34.6 Gulf Pharma. Industry Abu Dhabi 3.10 (7.2) 31.3 12.7 Taiba Holding Co. Saudi Arabia 42.70 (3.8) 1,903.3 71.8 Bahrain Telecomm. Co. Bahrain 0.34 (2.9) 36.8 (8.4) Saudi Hotels & Resort Saudi Arabia 36.20 (2.4) 1,314.4 35.6 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% Gulf International Services 50.10 (1.8) 106.3 67.0 Qatar Gas Transport Co. 19.01 (1.5) 411.7 24.6 Gulf Warehousing Co. 40.45 (1.3) 3.1 20.7 Aamal Co. 14.30 (1.2) 7.0 5.1 Qatar National Cement Co. 101.00 (1.0) 1.0 (5.6) Qatar Exchange Top Val. Trades Close* 1D% Val. „000 YTD% Masraf Al Rayan 28.75 0.2 126,755.1 16.0 QNB Group 166.80 (0.4) 30,273.2 27.4 Industries Qatar 149.90 0.5 24,030.5 6.3 United Development Co. 21.69 (0.4) 14,361.8 21.9 Qatar Islamic Bank 68.70 0.4 13,099.2 (8.4) 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* 9,608.32 (0.2) 0.3 (0.1) 14.9 77.84 143,904.9 12.1 1.7 4.8 Dubai 2,762.50 (0.3) 0.9 9.5 70.3 244.52 67,795.6 16.1 1.1 3.2 Abu Dhabi 3,842.98 0.1 0.1 2.9 46.1 85.02 110,112.7 10.9 1.4 4.7 Saudi Arabia 7,964.91 0.2 (0.2) 2.6 17.1 1,056.72 422,776.8 16.6 2.1 3.7 Kuwait 7,766.98 (0.5) (0.2) 1.8 30.9 149.09 110,580.1 18.7 1.3 3.6 Oman 6,646.85 (0.5) (0.2) (0.7) 15.4 22.78 23,257.1 11.0 1.6 3.9 Bahrain 1,193.93 (0.1) (0.3) 0.5 12.0 0.55 21,823.9 8.4 0.8 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,590 9,600 9,610 9,620 9,630 9,640 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 declined 0.2% to close at 9,608.3. The Transportation and Real Estate indices led the losses. The index declined on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Gulf International Services and Qatar Gas Transport Co. were the top losers, falling 1.8% and 1.5% respectively. Among the top gainers, Zad Holding Co. rose 2.5%, while Islamic Holding Group gained 2.4%.  Volume of shares traded on Monday rose by 12.9% to 7.6mn from 6.7mn on Sunday. However, as compared to the 30-day moving average of 8.6mn, volume for the day was 11.2% lower. Masraf Al Rayan and United Development Co. were the most active stocks, contributing 57.9% and 8.7% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 09/30 EU Eurostat CPI Core YoY September 1.00% 1.10% 1.10% 09/30 France INSEE PPI MoM August 0.30% – 0.70% 09/30 France INSEE PPI YoY August -0.40% – 0.30% 09/30 Germany Destasis Retail Sales MoM August 0.50% 0.80% -0.20% 09/30 Germany Destasis Retail Sales YoY August 0.30% 0.60% 2.90% 09/30 Italy ISTAT PPI MoM August 0.20% – -0.40% 09/30 Italy ISTAT PPI YoY August -2.30% – -1.50% 09/30 China HSBC HSBC/Markit Manufacturing PMI September 50.2 51.2 50.1 09/30 Japan Markit Markit/JMMA Manufacturing PMI September 52.5 – 52.2 09/30 Japan METI Industrial Production MoM August -0.70% -0.30% 3.40% 09/30 Japan METI Industrial Production YoY August -0.20% 0.50% 1.80% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QNB Group launches its new Business Banking program – QNB Group has launched a new program called “Business Banking”, which is an innovative product that supports national economic development and comes in time to address mandates of Qatar National Vision 2030. Business banking is an innovative platform studded with detailed business oriented solutions from QNB that will enable all current and future business owners to expand or start a business by granting them easy, convenient and quick access to finance their small to medium businesses. (QNB Press Release & AME Info)  QIBK contributes to co-finance Qatar Rail Red Line-North underground project – Qatar Islamic Bank (QIBK) has contributed to co-finance the Qatar Rail - Red Line North underground project as part of a consortium of banks. This will extend a club deal to the tune of QR2.1bn to a JV that is constructing the Red Line North underground for Qatar Railways. The club financing from the consortium, whose other members are Barwa Bank and Union National Bank, is for the JV among Impreglio, S K Engineering & Construction and Galfar Al Misnad Engineering & Contracting. (QE, Gulf-Times.com)  MERS, QATI replaces KCBK, MRDS on the QE Index – Al Meera Consumer Goods Company (MERS) and the Qatar Insurance Company (QATI) have replaced Al Khalij Commercial Bank (KCBK) and Mazaya Qatar (MRDS) in the 20-stock QE Index effective from October 1, 2013. Meanwhile, a total of 40 stocks have been included in the QE All Share Index calculation as of October 1. Ahlibank Qatar has joined the index, while Mannai Corporation has been removed. Further, Qatar National Cement has joined the QE Al Rayan Islamic Index, which has increased that index’s member count to 18. Ezdan is yet to qualify for All Share inclusion. (QE)  Qatar insurance market second fastest growing in Gulf – According to a report by Moody's, Qatar, which is the third largest insurance market in the Gulf region, has seen a CAGR of 17.9% over the last six years, making it the second fastest growing insurance market. Despite this rapid growth, Qatar has one of the lowest insurance penetrations in the region at 0.6% of GDP and an insurance density of $695.9 as of 2012. Moody’s said this implies that there is room for significant further growth in the Qatari insurance market. (Gulf-Times.com)  Global index ranks Qatar as top financial center in Middle East – According to the latest Global Financial Centers Index (GFCI) published by London-based Z/Yen Group, Qatar has been ranked the top financial center in the Middle East region with its standing moving six places up to 24. GFCI said Qatar’s rating rose by 11 points, driven by the economy’s growth prospects, improving infrastructure, international connectivity, low employee taxation and a commitment to human development. Meanwhile, regional rival Dubai declined two places to 25th position in the world. Istanbul continued on its strong performance to achieve 44th position (13 places up), while Riyadh is ranked 47th over 33th in the previous round. (Gulf-Times.com) Overall Activity Buy %* Sell %* Net (QR) Qatari 62.23% 67.46% (14,833,813.20) Non-Qatari 37.77% 32.53% 14,833,813.20
  • 3. Page 3 of 6  QA honored at Business Traveller Asia-Pacific Awards – Qatar Airways (QA) has been voted as the Best Middle East Airline by readers of Business Traveller Asia-Pacific magazine in China. The carrier has been recognized for the fourth consecutive year at the Annual Business Traveller Asia-Pacific Awards. (Gulf-Times.com)  MRDS amends clip board as “Mazaya Qatar” – Mazaya Real Estate Development (MRDS) has been amended on the clip boards from “Mazaya” to “Mazaya Qatar” effective from October 1, 2013. (QE)  QIGD to disclose its 3Q2013 results on October 9 – The Qatari Investors Group (QIGD) will disclose its quarterly financial results for the period ending September 30, 2013 on October 9, 2013. (QE)  SIIS to publish its 3Q2013 financials on October 22 – Salam International Investment (SIIS) will disclose its quarterly financial results for the period ending September 30, 2013 on October 22, 2013. (QE)  ORDS to disclose its 3Q2013 results on October 30 – Ooredoo (ORDS) will disclose its financial results for 3Q2013 on October 30, 2013. (ADX) International  US begins partial government shutdown as budget deadline passes – The US government has begun a partial shutdown after the Republican-led House of Representatives refused to approve a budget for next year. A midnight deadline passed without agreement despite a last-gasp appeal by President Barack Obama. More than 700,000 US government workers face unpaid leave with no guarantee of back pay once the deadlock is over. (BBC)  Portugal set to meet its 2013 deficit target – Portugal’s National Statistics Institute (INE) said the country is on track to meet its budget deficit target of 5.5% of GDP as stipulated under the EU/IMF bailout but its debt is set to rise. INE said that the country’s public deficit fell to 6.1% of GDP in 2Q2013 from 7% in 1Q2013, on the back of higher tax revenues and spending cuts brought by austerity measures. INE maintained its forecast that the deficit would stand at 5.5% of GDP at year-end, but the country's total debt is seen rising to 127.8% of GDP in 2013, higher than the forecast of 122.4% made by Portugal's creditors in March 2013, and up from the actual 124.1% seen in 2012. (Reuters)  Spain's public debt to approach 100% of GDP by end-2014 – According to its 2014 budget proposal, Spain's public debt will rise to almost 100% of the national output by the end of next year, the highest level in more than a century. The debt-to-GDP ratio will rise to 99.8% by the end of 2014 from 94.2% currently. Spain's debt stood at 92.2% of GDP at June 2013. Meanwhile, Spain’s Treasury Minister Cristobal Montoro reiterated that more austerity measures would not be necessary in 2014 to meet fiscal targets set by the government, as the country is expected to return to growth within this year. (Reuters)  China‟s manufacturing tepid in September, small firms struggle – China's manufacturing growth edged up only slightly in September. The official Purchasing Managers' Index (PMI) stood at 51.1 in September from 51.0 in August, slightly below expectations in a Reuters poll of 51.5. With this, Chinese factories have sent mixed signals on the extent of their latest rebound. The data showed the sub-index for small firms stood at 48.4, down from 48.8 the previous month, while the sub-index for large companies rose to 52.1 from 51.8. The overall new orders sub-index rose to 52.8 from the previous month's 52.4, with export orders at 50.7 over 50.2. (Reuters) Regional  OPEC‟s output reaches near 2-year low – According to a survey of Reuters, the Organization of the Petroleum Exporting Countries’ (OPEC) oil output has fallen in September to the lowest point in almost two years, because of Libyan protests and ongoing work at Iraq’s main export outlet. Supply from the OPEC has averaged 30.07mn bpd, down from 30.32mn bpd in August, although record Saudi Arabian output prevented a larger decline. Despite signs of recovery, the Libyan output is less than half what it was in early 2013 and the Nigerian production is far below its potential, underlining the drag casued by the internal strife in OPEC’s African members. (Gulf- Times.com)  Saudi Aramco‟s Al-Madi to replace Mufti as OPEC Governor – According to sources, Saudi Arabian Oil Company’s Head of the Korean unit Mohammed Al-Madi is set to replace Yasser Mufti as the Kingdom’s OPEC Governor. Al-Madi will probably take up the position next year as Mufti is stepping down by the end of 2013. (Bloomberg)  GCC telecom consortium establishes MEETS to cater to bandwidth demand – A GCC-wide telecommunication consortium has been formed to build a high-bandwidth regional transmission cable system for the region. The new system named “Middle East-Europe Terrestrial System” (MEETS) has been conceived and co-promoted by Dubai-based Emirates Integrated Telecommunications Company (du Telecom), Vodafone Qatar (VFQS), Saudi-based Mobile Telecommunications Company (Zain) and Kuwait-based Zajil International Telecommunication Co. This consortium will construct a 100 gigabit optical transport network on top of the existing 1,400-kilometer long terrestrial fiber optic cable network to cater to the growing bandwidth demand in the GCC region. MEETS will cater to both regional and international telecom companies, by meeting their wholesale capacity needs, while providing a connection to new areas and end customers. (GulfBase.com)  Middle East remains favorite for fund managers despite geopolitical threats – According to a survey by Reuters, fund managers in the Middle East are set to pump in more money into Saudi Arabia over coming months, but may withdraw some funds from Dubai due to concern over its overheating market. Half of the survey participants said they expect to increase their overall equity allocations in the Middle East over the next three months, while only 13% said they would decrease them. Fund managers cited strong economic growth in the Gulf, which is being aided by high oil prices and consumer spending booms in many countries, as well as growing populations across the Middle East. For many managers, these factors outweigh jitters over geopolitical threats such as the civil war in Syria. (Gulf- Times.com)  Robust growth seen in GCC in 2014 despite cheaper oil – According to Reuters, Gulf countries are likely to see their oil & gas revenues drop in 2014, but heavy government spending and increasingly energetic private sectors will keep their economic growth robust. Global oil prices are expected to fall moderately in 2014 as new supply comes on line from the US, Iraq and other countries. Futures markets indicate lower prices next year. This will probably push down hydrocarbon export revenues throughout the Gulf. A Reuters poll of 15 analysts predicted that Saudi Arabia's revenues would slip to a median $293.3bn in 2014 from $312.1bn in 2013. Nevertheless, with the exception of Bahrain, state finances in the GCC region are expected to
  • 4. Page 4 of 6 remain healthy enough for governments to boost their spending. Saudi Arabia's fiscal surplus is projected to fall from a median estimate of 8.1% of GDP in 2013 to a still-high 5.2% in 2014. (Bloomberg)  Egypt, Kingdom to sign deals for power grid project in October – Egypt’s Electricity Minister Ahmed Emam said the country will sign the commercial and operational agreements needed to build a $1.6bn project linking the power grids of the country with Saudi Arabia in October. Emam said the two parties have already reviewed the technical terms of the project and agreed to sign the agreements by the end of next month. Expected to start operations in 2016, the power grid aims to exchange 3,000 megawatts of electricity between the two countries through direct-current electrical lines. (Gulf- Times.com)  KFMC signs deal with GE Healthcare to develop skills training institute – King Fahad Medical City (KFMC) has entered into an agreement with General Electric Healthcare to set up a comprehensive Healthcare Skills Training Institute within KFMC. This training institute will offer technical, clinical and healthcare management courses and will be part of GE’s $1bn investment commitment to the Kingdom. (GulfBase.com)  Almarai completes hybrid bond offer; sells SR1.7bn sukuk – Saudi Arabian dairy producer Almarai Company has completed its first hybrid bond offer by selling SR1.7bn sukuk. The issue is a perpetual sukuk, which in some ways resembles an equity instrument and has no maturity date. The issuer can choose to redeem the sukuk after five years. This issue has been priced at 200 basis points (bps) over three-month LIBOR, in line with the previous guidance. If this sukuk is not redeemed, the profit rate will increase by 750 bps. BNP Paribas, HSBC, Saudi Fransi and Standard Chartered were the lead bankers for this issue. (GulfBase.com)  TASNEE inks deal with SAPCO for trial of its polymer plant – The National Industrialization Company (TASNEE) announced that Saudi Acrylic Polymers Company (SAPCO) has inked the Mechanical Completion Certificate for its super-absorbent polymers plant in preparation for an experimental operation. (Tadawul)  UAE‟s non-oil growth to reach 4.5% in 2013 – The UAE Central Bank’s Governor Sultan bin Nasser Al Suwaidi said the UAE’s non-oil economic growth is set to reach 4% to 4.5% by the end of 2013 on the back of strong performance put up by the services and tourism sectors. He added that the progress made by the country in last few years has helped in overcoming the effects of global economic crisis. The governor also pointed out that the UAE’s non-oil GDP rose at a rate between 2.3% and 3.5% annually at constant prices. (GulfBase.com)  UAE eager to launch GCC Customs Union by early 2015 – The UAE Federal Customs Authority’s (FCA) Acting Director General Khalid Al Bustani said the UAE is eager to witness the full launch of the GCC Customs Union by early 2015 after removing all the hiccups. He added the progress of the GCC Customs Union has seen many important developments in recent times that indicate the keenness of GCC countries to overcome obstacles to the union’s full application. Meanwhile, Al Bustani highlighted the positive impact of the union, noting that the trade between the UAE and the GCC region has surged 405% to reach AED86.5bn in 2012 from AED17.1bn in 2003. The trade volume in the 2003-12 period has reached AED459.2bn, which includes AED195.8bn in imports; AED97.1bn in exports and AED166.1bn in re-exports. (GulfBase.com)  Ras Al Khaimah plans to issue dollar denominated sukuk – The Government of Ras Al Khaimah is embarking on a roadshow to sell its dollar denominated sukuk. It has mandated Citigroup, Standard Chartered, Mashreq Bank, the National Bank of Abu Dhabi and Al Hilal Bank to arrange for investor meetings in Singapore, Kuala Lumpur, Abu Dhabi, Dubai and London between October 2 and 10. This issue is the RAK government’s third one in its $2bn sukuk program. (Bloomberg)  DTCM grants incentives to develop mid-range hotels in Dubai – Dubai’s hotel investment industry has been granted a financial incentive to develop more mid-range hotels in order to increase the supply of three and four star properties in the Emirate. This move is a part of the Department of Tourism & Commerce Marketing’s (DTCM) strategy to achieve Dubai’s 2020 Tourism Vision’s aim to attract 20mn annual visitors to Dubai by 2020. The hotels eligible for this incentive will be granted a standard 10% concession on the municipality fee, which is levied on the room rate for each night of the occupancy. This initiative motivates hotel owners to bring forward their construction timelines and quickly develop more three and four star hotels. (GulfBase.com)  DAFZ offers companies with two types of registrations – The Dubai Airport Freezone (DAFZ) will offer two types of registrations to companies: a Branch for companies who wish to operate as an overseas branch of their mother companies and Free Zone Establishment for companies who wish to register in DAFZ as a separate entity. This move is a part of DAFZ’s aim to facilitate business operations and meet tenants’ needs. (GulfBase.com)  Emirates starts daily flights to Philippines – The Emirates Airlines has begun non-stop daily flights from Dubai to Clark International Airport in the Philippines. This daily service will benefit thousands of Filipino expatriates working in the UAE, especially those based in Northern Luzon region. (Bloomberg)  Nakheel to float tender for Nakheel Mall on October 2 – Dubai-based property developer Nakheel will float a tender on October 2 to construct the Nakheel Mall worth AED2.5bn on Palm Jumeirah. The ground preparation and piling work for this project is already underway, while the construction contract will be awarded by the end of 2013. Due to open in 2016, this mall will have 200 shops, a 4,200 square meter supermarket, two anchor department stores, an indoor garden, a nine-screen cinema theater and six medical clinics. It will also have three levels of basement parking, 4,000 parking bays, and a 180- meter high viewing deck with panoramic views of the Dubai skyline. Meanwhile, Nakheel will also award a separate contract to build a 50-storey five star hotel to be built alongside the Nakheel Mall. (AME Info)  DAMAC launches Paramount H&R serviced residences in Kingdom – DAMAC Properties Company has launched its Paramount Hotels & Resorts branded serviced residences tower in Riyadh, Saudi Arabia. Built in Californian style, this tower reflects the Hollywood glamour and features high-end restaurants, a spa and a five-star hotel servicing. (AME Info)  ENOC enters in JV with Tristar Transport to provide logistics in Kingdom – The Emirates National Oil Company (ENOC) has entered into a joint venture agreement with Tristar Transport to provide specialized logistics services in Saudi Arabia. This JV will have an initial capital outlay of SR30mn and will operate a small fleet of vehicles in 2013 to support the logistics requirements of the oil, gas and chemicals sectors in the Kingdom. ENOC plans to expand the JV’s fleet strength to 500 vehicles by 2017. (AME Info)
  • 5. Page 5 of 6  Empower supplies 54,000 RT cooling for Dubai's hotel industry – The Emirates Central Cooling Systems Corporation (Empower) announced that it is currently supplying around 54,000 refrigeration tons (RT) for the hotel industry in Dubai, which represents 15% of its total portfolio. Empower expects this figure to increase further due to the increasing number of hotels that are in pipeline to support Dubai’s 2020 Tourism Vision’s to welcome 20mn tourists by 2020. (AME Info)  DP World electrifies eight RTGs at Jebel Ali port – DP World Limited has successfully converted eight diesel-powered Rubber Tyred Gantry (RTG) cranes to electricity at Jebel Ali port. This switch from fossil fuels to electricity will reduce the RTG’s monthly diesel consumption by 109,000 liters on an average. This in turn will further save DPW’s energy costs and reduce carbon dioxide emissions by almost 2,000 tons of per year. (AME Info)  ADNOC delivers 2mn barrels to Korean storage – According to Bloomberg, Abu Dhabi National Oil Company (ADNOC) supplied 2mn barrels of crude oil to South Korea’s storage facility in Yeosu, the first shipment since an oil stockpiling treaty was signed in 2011. The deal allows the supplier to store 6mn barrels of crude, which is equivalent to 2.7 days of the Asian nation’s consumption. The remaining 4mn barrels will be delivered within the next six months. (Gulf-Times.com)  ADMA-OPCO signs AED6.2bn EPC contract with NPCC, Technip France Consortium – Abu Dhabi Marine Operating Company (ADMA-OPCO) has entered into an Engineering, Procurement & Construction (EPC) contract worth AED6.2bn for Umm Lulu Full-Field Development Project’s Package-2 with the National Petroleum Construction Company (NPCC) and Technip France Consortium. Under this contract, ADMA-OPCO will add 300mn barrels per day (mbpd) of additional output from its new oil fields of UL, Nasr and Satah Al Razboot. This Project Package 2 will provide a stand-alone oil production facility consisting of a large offshore super complex of six bridge-linked platforms. It also involves laying subsea composite power cables that provide power and control signaling to six new wellhead towers, which are part of Package 1 work, and two existing wellhead towers. This contract is a part of ADMA- OPCO’s overall strategy to raise oil production from 600,000 bpd to around 1mn bpd by 2020. (Bloomberg)  TDIC begins to sell 70 apartments at Saadiyat Beach Residences – The Tourism Development & Investment Company (TDIC) has begun the sales of 70 apartments from the second Phase of its Saadiyat Beach Residences, with prices starting from AED1.4mn. This second phase comprises three residential buildings inside an exclusive gated community. (AME Info)  Etisalat partners with Tata Communications to develop MSRNI – The Emirates Telecommunications Corporation (Etisalat) has entered into a partnership agreement with India- based Tata Communications Limited to develop a multi-service regional network infrastructure (MSRNI) accessed from Etisalat's SmartHub facility in the UAE. This new MSRNI will include a core network node in the Smarthub that will provide improved connectivity between Etisalat's Multiprotocol Label Switching, Ethernet & Internet Protocol services and Tata Communications’ global network. This will enable direct routing of traffic between the Middle East, Africa, Asia and Europe. (AME Info)  Etisalat Facilities signs MoU to reduce UAE‟s energy consumption – Etisalat Facilities Management has entered into a MoU with Etihad Energy Services and the Regulatory & Supervisory Bureau for Water & Electricity to the reduce the energy consumption in the UAE. (AME Info)  Musanada completes Abu Samra Residential Complex – The Abu Dhabi General Services Company (Musanada) has completed all the infrastructure and housing works for its Abu Samra Residential Complex project located in Al Ain. Musanada will imminently hand over the project to the competent authorities who will distribute the houses to eligible UAE nationals. (AME Info)  IMF cuts Kuwait growth forecasts – The International Monetary Fund (IMF) has cut Kuwait’s growth forecast to 0.8% in 2013 from 1.1%, and to 2.6% in 2014 from 3.1%. (Bloomberg)  ADNIC opens new branch in Sharjah – The Abu Dhabi National Insurance Company (ADNIC) has opened its new branch in Sharjah. This new branch will provide insurance sales and claims services to Sharjah and the northern Emirates. ADNIC now has two regional offices, five branches and ten sales & service centers across the UAE. (GulfBase.com)  CBB‟s weekly T-bills oversubscribed by 122% – The Central Bank of Bahrain’s (CBB) this week’s issue of BHD45mn treasury bills has been oversubscribed by 122%. These bills carry a maturity of 91 days and will mature on January 1, 2014. The weighted average rate of interest is 0.80%, as compared to 0.79% for the previous issue. (AME Info)  KHCB deploys electrical power to Oryx Hills project – Khaleeji Commercial Bank (KHCB) has successfully deployed electrical power to Oryx Hills project located in the Al Areen area. This project has been developed by Surooh Real Estate Company, an investment vehicle managed by KHCB. This project consists of 70 high-end modern villas built to the highest architectural standards. (Bahrain Bourse)
  • 6. Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6 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 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 QE Index S&PPan Arab S&P GCC 0.2% (0.2%) (0.5%) (0.1%) (0.5%) 0.1% (0.3%) (0.8%) (0.4%) 0.0% 0.4% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,328.94 (0.6) (0.6) (20.7) DJ Industrial 15,129.67 (0.8) (0.8) 15.5 Silver/Ounce 21.70 (0.4) (0.4) (28.5) S&P 500 1,681.55 (0.6) (0.6) 17.9 Crude Oil (Brent)/Barrel (FM Future) 108.37 (0.2) (0.2) (2.5) NASDAQ 100 3,771.48 (0.3) (0.3) 24.9 Natural Gas (Henry Hub)/MMBtu 3.49 (0.2) (0.2) 1.9 STOXX 600 310.46 (0.6) (0.6) 11.0 North American Spot LPG Propane Price 106.75 0.7 0.7 19.3 DAX 8,594.40 (0.8) (0.8) 12.9 North American Spot LPG Normal Butane Price 138.00 0.0 0.0 (20.2) FTSE 100 6,462.22 (0.8) (0.8) 9.6 Euro 1.35 0.0 0.0 2.5 CAC 40 4,143.44 (1.0) (1.0) 13.8 Yen 98.27 0.0 0.0 13.3 Nikkei 14,455.80 (2.1) (2.1) 39.1 GBP 1.62 0.3 0.3 (0.4) MSCI EM 987.46 (1.2) (1.2) (6.4) CHF 1.11 0.1 0.1 1.2 SHANGHAI SE Composite 2,174.67 0.7 0.7 (4.2) AUD 0.93 0.0 0.0 (10.4) HANG SENG 22,859.86 (1.5) (1.5) 0.9 USD Index 80.22 (0.1) (0.1) 0.6 BSE SENSEX 19,379.77 (1.8) (1.8) (0.2) RUB 32.39 0.2 0.2 6.1 Bovespa 52,338.19 (2.6) (2.6) (14.1) BRL 0.45 1.6 1.6 (7.6) RTS 1,422.49 (0.7) (0.7) (6.8) 138.1 125.4 114.0