3 June Technical Market Report

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3 June Technical Market Report

  1. 1. Page 1 of 6QE Intra-Day MovementQatar CommentaryThe QE index rose 0.5% to close at 9,287.2. Gains were led by the Real Estateand Banking & Financial Services indices, gaining 0.8% and 0.7% respectively.Top gainers were Al Ahli Bank and United Development Co., rising 3.2% and2.5% respectively. Among the top losers, Qatar Islamic Insurance fell 2.2%,while Gulf Warehousing Co. declined 1.3%.GCC CommentarySaudi Arabia: The TASI index gained 1.1% to close at 7,557.2. Gains wereled by the Banking & Financial Services and Transport indices, rising 2.5% and2.1% respectively. Arabian Shield Cooperative Insurance Co. rose 9.8%, whileMobile Telecommunications Co. was up 9.7%.Dubai: The DFM index fell 0.3% to close at 2,422.3. The Services indexdeclined 4.6%, while the Real Estate & Construction index was down 1.6%.Agility Public Warehousing Co. fell 9.8%, while Dubai Islamic Insurance Co.was down 9.5%.Abu Dhabi: The ADX benchmark index gained 0.1% to close at 3,591.8. TheTelecommunication and the Consumer indices rose 0.4% each. SharjahCement & Industrial Development Co. surged 14.3%, while Ras Al KhaimahWhite Cement gained 13.5%.Kuwait: The KSE index rose 1.9% to close at 8,201.9. Gains were led by theTechnology and Real Estate indices, gaining 3.8% and 3.6% respectively. AlSafat Real Estate rose 9.8%, while Boubyan Int. Ind. Holding was up 8.8%.Oman: The MSM index gained 0.2% to close at 6,423.9. The Banking &Investment index rose 1.2%, while the Industrial index was up 0.4%. AlSharqia Investment Holding gained 6.4%, while Financial Services rose 6.3%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Al Ahli Bank 57.70 3.2 11.9 17.8United Development Co. 22.25 2.5 3,436.1 25.0Qatar Industrial Manufacturing Co. 52.50 2.3 26.4 (1.1)Qatar National Cement Co. 101.90 1.9 21.4 (4.8)Qatar Electricity & Water Co. 147.60 1.8 41.9 11.5Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%United Development Co. 22.25 2.5 3,436.1 25.0Vodafone Qatar 9.47 1.6 2,189.9 13.4Mazaya Qatar Real Estate Dev. 11.30 1.2 1,560.2 2.7National Leasing 37.00 (0.9) 1,238.4 (18.1)Qatar Gas Transport Co. 18.78 1.0 1,081.0 23.1Market Indicators 03 June 13 02 June 13 %Chg.Value Traded (QR mn) 475.5 452.6 5.1Exch. Market Cap. (QR mn) 511,398.8 508,297.9 0.6Volume (mn) 15.9 13.2 20.7Number of Transactions 5,971 5,997 (0.4)Companies Traded 39 38 2.6Market Breadth 26:9 18:16 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,269.25 0.5 0.5 17.3 N/AAll Share Index 2,352.97 0.5 0.3 16.8 12.8Banks 2,174.70 0.7 (0.6) 11.6 11.7Industrials 3,185.23 0.6 0.3 21.2 11.8Transportation 1,729.85 0.4 4.0 29.1 12.2Real Estate 1,819.16 0.8 1.5 12.9 11.6Insurance 2,286.34 (0.2) (0.3) 16.4 15.0Telecoms 1,306.16 (0.3) 1.5 22.6 15.1Consumer 5,603.55 0.2 0.8 20.0 22.9Al Rayan Islamic Index 2,808.24 0.4 0.7 12.9 14.1GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Mobile Telecomm. Co. Saudi Arabia 9.65 9.7 35,043.0 22.2United Arab Bank Abu Dhabi 4.40 6.0 21.2 42.9IFA Hotels & Resorts Kuwait 0.48 5.6 0.1 8.0Saudi Investment Bank Saudi Arabia 22.00 5.5 650.3 21.5Atheeb Communication Saudi Arabia 16.10 5.2 31,910.7 25.8GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Drake & Scull Int. DFM 1.02 (6.4) 115,195.4 44.9Investbank Abu Dhabi 2.40 (5.9) 5,400.0 48.1Ithmaar Bank Bahrain 0.27 (5.4) 4,335.0 55.9Ajman Bank Dubai 1.98 (3.4) 1,227.9 39.4Arabtec Holding Co. Dubai 2.09 (2.3) 40,493.1 12.4Source: Bloomberg (#in Local Currency) (##GCC Top gainers/losers derived from the Bloomberg GCC200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%Qatar Islamic Insurance 58.20 (2.2) 3.1 (6.1)Gulf Warehousing Co. 41.10 (1.3) 126.5 22.7Doha Insurance Co. 26.00 (1.1) 10.0 5.9National Leasing 37.00 (0.9) 1,238.4 (18.1)Zad Holding Co. 59.70 (0.7) 1.7 1.5Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%United Development Co. 22.25 2.5 76,023.1 25.0Industries Qatar 166.30 0.4 50,526.3 17.9National Leasing 37.00 (0.9) 45,904.4 (18.1)Commercial Bank of Qatar 70.10 0.9 28,225.3 (1.1)QNB Group 147.20 1.1 26,908.2 12.5Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,287.18 0.5 0.5 0.5 11.1 130.59 140,430.1 11.8 1.7 5.0Dubai 2,422.32 (0.3) 2.3 2.3 49.3 561.45 62,236.0 15.6 1.0 3.5Abu Dhabi 3,591.75 0.1 0.8 0.8 36.5 213.58 104,945.5 11.0 1.3 4.9Saudi Arabia 7,557.24 1.1 2.1 2.1 11.1 2,268.27 405,926.6 16.1 2.0 3.7Kuwait 8,201.89 1.9 (1.2) (1.2) 38.2 439.26 112,052.1 25.1 1.4 3.3Oman 6,423.91 0.2 0.1 0.1 11.5 41.45 22,647.7 11.2 1.7 4.3Bahrain 1,198.94 0.0 0.2 0.2 12.5 2.17 21,298.7 8.7 0.8 4.1Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)9,2209,2409,2609,2809,3009:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6Qatar Market Commentary The QE index rose 0.5% to close at 9,287.2. The Real Estateand Banking & Financial Services indices led the gains. Theindex rose on the back of buying support from Qatarishareholders despite selling pressure from non-Qatarishareholders. Al Ahli Bank and United Development Co. were the top gainers,rising 3.2% and 2.5% respectively. Among the top losers, QatarIslamic Insurance fell 2.2%, while Gulf Warehousing Co.declined 1.3%. Volume of shares traded on Monday rose by 20.7% to 15.9mnfrom 13.2mn on Sunday. Further, as compared to the 30-daymoving average of 9.8mn, volume for the day was 62.5% higher.United Development Co. and Vodafone Qatar were the mostactive stocks, contributing 21.5% and 13.7% to the total volumerespectively.Source: Qatar Exchange (* as a % of traded value)Ratings, Earnings and Global Economic DataRatings UpdatesCompany Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook ChangeSaudi Electric Co.(SEC)S&PSaudiArabiaLT corporate creditratingsAA- AA- – Positive Kuwait FinanceHouse (KFH)S&P KuwaitLT CPCR/ STCPCR/SACPA-/A-2/bbb- A-/A-2/bb * NegativeSource: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, SACP - Stand-Alone CreditProfile, CPCR – Counterparty Credit Ratings) (*Rating upgrade for SACP)Earnings ReleasesCompany Market CurrencyRevenue(mn) 1Q2013% ChangeYoYOperating Profit(mn) 1Q2013% ChangeYoYNet Profit (mn)1Q2013% ChangeYoYOman Fisheries Co. (OFCI)* Oman OMR 21.5 3.7% -0.2 N/A – –Source: Gulfbase.com (* For the financial year ended March 31, 2013)Global Economic DataDate Market Source Indicator Period Actual Consensus Previous06/03 US Bloomberg Markit US PMI Final May 52.3 52.0 –06/03 US US Census Bureau Construction Spending MoM April 0.40% 0.90% -0.80%06/03 EU Markit PMI Manufacturing May 48.3 47.8 46.706/03 France Markit PMI Manufacturing May 46.4 45.5 44.406/03 Germany Markit PMI Manufacturing May 49.4 49.0 48.106/03 UK Markit PMI Manufacturing May 51.3 50.3 50.206/03 Italy Markit PMI Manufacturing May 47.3 46.2 45.506/03 China CFLP Non-manufacturing PMI May 54.3 – 54.506/03 China HSBC HSBC Manufacturing PMI May 49.2 49.6 50.4Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)NewsQatar VFQS reports a net loss of QR73.9mn for 4QFY2013 –Vodafone Qatar (VFQS) reported a net loss of QR74mn for4QFY2013 vs. our estimate of QR80mn and analyst consensusestimate of QR82mn. The company reported revenue ofQR436mn for 4QFY2013 vs. our estimate of QR408mn andanalyst consensus of QR405mn. However, for the full yearFY2013, VFQS reported a distributable profit of QR2mn. Wemaintain our estimates. We project QR1.9bn and QR2.2bn inFY2014 and FY2015 revenue, respectively. Our EBITDAestimates are unchanged at QR446mn and QR589mn forFY2014 and FY2015, respectively. We do not expect thecompany to post a full year net profit until FY2016. Finally, weexpect VFQS to pay QR0.10 in dividends per share in FY2014.Our estimates factor in VFQS’ strong subscriber traction but weremain conservative on our blended ARPU assumptions givenour concerns regarding potential medium-term ARPU pressures(due to competition and encroachment by unlicensed VoIPproviders). On a YTD basis, the stock is up 13.41% vs. the QEIndex which is up 11.10%. We will provide a detailed analysis ofthe results post the analyst call. (QNBFS, Gulf Times & Reuters) VFQS to have new CEO from July – Vodafone Qatar (VFQS)has introduced its new CEO Kyle Whitehill, who will join thetelecom company from July, 2013. (Qatar Tribune) VFQS to reinvest positive distributable gain, urges for banon VoIP, to roll out 4G service – Vodafone Qatar (VFQS) CEORichard Daly Vodafone said the company has closed the first fullyear of “positive distributable profit” in March 2013 and since it isonly QR2mn, the company will reinvest it in its growingbusiness. He also said that voice over internet protocol (VoIP)remains a major threat to licensed telecommunication providersin Qatar and it should be stopped as it is illegal. Moreover, heOverall Activity Buy %* Sell %* Net (QR)Qatari 69.44% 64.12% 25,242,679.02Non-Qatari 30.57% 35.87% (25,242,679.02)
  3. 3. Page 3 of 6said that the company is planning to roll out 4G service by theend of 2013. (Gulf-Times.com) (Qatar Tribune) UDCD places Plots 24 & 26 of Viva Bahriya area for auction– United Development Company (UDCD) has decided to auctionPlots 24 & 26 of Viva Bahriya area in the Pearl Qatar for a basicprice of QR1000/per foot. The bid commenced on June 2, 2013and will end on June 16, 2013. (QE) QSA: Qatar population reaches highest level – According tothe latest figures released by the Qatar Statistical Authority(QSA), the country’s population is at its highest-ever level at1,963,124 as of May 31, 2013. The data showed that anincrease of 19,071 people in May as compared to the figures of1,944,953 people in April 30. (Gulf-Times.com) Qatar health insurance law comes into effect – The Emir, HHSheikh Hamad bin Khalifa Al-Thani has issued a new law tolaunch the universal health insurance scheme in Qatar. Thehealth insurance system ensures mandatory basic healthcare,including preventive, medical, rehabilitation and diagnosticservices to all residents and visitors. According to the law, thegovernment shall be responsible for the payment of the healthinsurance premiums of all citizens, while employers will pay thepremiums of their non-Qatari employees and their familymembers. Moreover, the law states that visitors will have to payfor their health insurance premium on the basis of their period ofstay in Qatar and a visit visa will not be issued or renewedwithout the premium payment. (Gulf-Times.com) Station to connect Doha Metro with GCC railway network –The Qatar Railways Company’s Senior Program Director AdrianShaw said a large railway station of international standards willbe built on the outskirts of Doha as part of Qatar’s rail project,whose work has already begun across different parts of the city.He added that the station would connect the Doha Metro withthe planned GCC region railway network. (Gulf-Times.com) SCH plans three new hospitals exclusively for workers –The Supreme Council of Health (SCH) is set to beginconstruction of three new hospitals and four primary healthcarecenters in 2013 to meet the specific needs of single malelaborers in Qatar. These healthcare centers are to be located inthe Doha Industrial Area, Mesaieed and the Ras LaffanIndustrial Area, and are scheduled to open in 2015. (Gulf-Times.com)International IATA: Airlines to post $12.7bn profit in 2013 – TheInternational Air Transport Association (IATA) has revised itsforecast for global airlines and said they are set to post profitsworth $12.7bn by the end of 2013. IATA added that thiscompares well with the $7.6bn in profits made in 2012 and wasan improvement on IATA’s forecast of $10.6bn given in March.(Gulf-Times.com) SF Fed sees potential QE taper this summer – The FederalReserve Bank of San Francisco’s (SF Fed) President JohnWilliams said US policy makers may start reducing the pace ofbond purchases over the next three months and conclude thequantitative easing by year-end. Earlier on May 22, US FedChairman Ben Bernanke had said that the central bank couldconsider reducing the amount of treasuries and mortgage debt itbuys during the next few meetings, if officials see signs ofsustained improvement in the labor market. (Bloomberg) China’s Xi offers $3bn in loans to Caribbean nations – TheChinese President Xi Jinping promised more than $3bn in loansto 10 Caribbean nations and Costa Rica ahead of a summit inCalifornia with US President Barack Obama. (Bloomberg) Banque Misr, NBE subscribe to $200mn in internationalbonds – Banque Misr and the National Bank of Egypt (NBE)have subscribed to $200mn in Egyptian government bonds. Thiscame as part of a $2.7bn bond package released by theEgyptian government several days ago. The Qatar NationalBank (QNB) bought the remaining $2.5bn in bonds. QNBdeposited the value of the remaining bonds in Egypt’s CentralBank a month ago. (Bloomberg)Regional STIRC: Domestic tourism to see a upsurge this summer –According to a report by the Saudi Tourism Information &Research Center (STIRC), there will be a 10% YoY increase inincoming tourist flights in 2013, which would carry 4.8mntourists. The report added that domestic tourism spending willreach SR10.5bn in 2013, indicating an increase of 18% higherthan last year’s SR8.9bn. (GulfBase.com) SABB HSBC PMI: Saudi non-oil business activity slows –According to a survey by SABB HSBC Saudi Arabia PurchasingManagers’ Index (PMI), growth in the business activity of theSaudi Arabian non-oil, private sector slowed down to a six-month low in May 2013, as output rose at the slowest pace inthe past few years. The PMI data showed that its seasonallyadjusted index fell to 57.3 points in May from 58.0 in April, butremaining well above the 50-point mark that separatesexpansion from contraction. The survey registered the weakestexpansion in output levels since it began collecting data inAugust 2009, with growth slowing to 59.6 points in May from62.0 in April. (Gulf-Times.com) Saudi Arabia may cut July crude prices for Asia – Accordingto a Reuters survey, Saudi Arabia is expected to reduce theofficial selling prices (OSP) for most of the crude oil grades itsells to Asia in July due to weaker Dubai prices. The survey datashowed that Saudi Arabia may drop the OSPs for Arab ExtraLight and Arab Light by 15 and 45 cents per barrel, while ArabMedium and Arab Heavy could see cuts of 60 and 50 centsrespectively. (Bloomberg) Green building projects in Kingdom to hit over SR100bn –The Saudi Green Building Forum Secretary General Faisal Al-Fadl said investment in eco-friendly building projects in SaudiArabia is set to reach SR100bn across 76 projects over the nextthree years. (GulfBase.com) Zain Saudi to defer $1.5bn license fee payment – The SaudiMobile Telecommunications Company (Zain Saudi) hasreceived an approval from the government to defer license feepayments totaling $1.5bn over the next seven years. Therescheduled payment will be treated as a commercial loan withthe first payment due in 2021. (GulfBase.com) Binladin Group plans local currency sukuk – Saudi BinladinGroup is meeting investors for a potential sale of local currencysukuk with a lifespan of 364 days. BNP Paribas and theinvestment banking arm of Gulf International Bank are arrangingthe investor meetings, which are likely to go on for around twoweeks. (Gulf-Times.com) Marafiq successfully closes SR2.5bn sukuk issuance – ThePower & Water Utility Company for Jubail and Yanbu (Marafiq)has successfully closed its debut sukuk issuance worthSR2.5bn. HSBC Saudi Arabia was the sole lead manager to theissue, which also acted as Shari’ah structure agent, paymentadministrator and sukuk holders’ agent. (GulfBase.com) Al-Khodari Sons signs SR44.5mn contract for Almadinahwater networks – Abdullah A. M. Al-Khodari Sons Companyhas signed a contract valued SR44.5mn with the Ministry of
  4. 4. Page 4 of 6Water & Electricity (General Directorate of Water in AlmadinahAlmunawarh region) for the maintenance of water networks inAlmadinah province for 36 months. Al-Khodari expects thefinancial impact of this contract to start in 2Q2013. (Tadawul) SIPCHEM’s subsidiary signs financing agreement with SIDF– The Saudi International Petrochemical Company’s (SIPCHEM)subsidiary, Sipchem Chemcials Company has signed aSR257.5mn loan agreement with the Saudi IndustrialDevelopment Fund (SIDF). The loan is payable over 10 yearson a semi-annual basis (including a three-year grace period)with increasing installments based on project cash flow.(Tadawul) GO announces possibility of acquiring stake by Mobily’ssubsidiary – Etihad Atheeb Telecom (GO) announced thatthere is a possibility of one of the subsidiaries of Etihad EtisalatCompany (Mobily) acquiring a stake in GO. (Tadawul) Dubal, Emal create $15bn aluminum giant – Dubai Aluminum(Dubal) and Emirates Aluminum (Emal) have agreed to merge tocreate a new entity, “Emirates Global Aluminum” with anenterprise value of $15bn. Emirates Global Aluminum will havea production capacity of 2.4mn tons per year after thecompletion of Emal’s $4bn phase two expansion by mid-2014.Emal is on track to complete its phase two by mid-2014, whichwill increase its capacity to 1.3mn tons from the current 800,000tons a year. (GulfBase.com) Asia Capital Re opens branch office in DIFC – Singapore-based Asia Capital Reinsurance Group has opened its branchoffice in the Dubai International Financial Center (DIFC), afterreceiving the final regulatory approval. (GulfBase.com) Arabtec gets Al Maabar’s $197mn project in Amman – AlMaabar has awarded a contract worth $197mn to ArabtecHoldings for the construction of a mixed-use realty project inAmman. (GulfBase.com) Emirates launches daily flights to Tokyo – Emirates Airwayshas launched a daily non-stop service from Dubai to TokyoHaneda International Airport. Meanwhile, Etihad Airways hasextended its code-share agreement with Air Seychelles toinclude new connections to Australia. (AME Info) IPIC plans bond sales as costs recede – Abu DhabisInternational Petroleum Investment Co. plans to sell bonds torepay part of a $2bn loan due in September, taking advantage ofnarrowing spreads between its debt and US Treasury notes.The yield on the state-owned companys bonds due in May 2016dropped to a record 1.285% on May 2. The bonds spread overfive-year Treasuries narrowed on May 20 to 13 basis points.(Bloomberg) Aldar to open Yas Mall on March 26 – Aldar Properties hasannounced that Yas Mall will be opened for public on March 26,2014. Aldar said the construction is currently 78% complete andis ahead of its schedule. (AME Info) Al-Futtaim Engineering gets MEP contracts from MoPW –Al-Futtaim Engineering has signed two contracts with theMinistry of Public Works (MoPW) to provide mechanical,electrical & plumbing (MEP) and civil maintenance work for 500buildings across the UAE. The multi-million dirham contracts arefor a two-year period, in which Al-Futtaim’s FacilitiesManagement division will maintain 334 buildings in the Eastern& Northern Emirates and 189 buildings in Dubai and Ajman.(AME Info) ADCED: Abu Dhabi’s non-oil sector to grow 54% by 2020,57% by 2030 – The Abu Dhabi Council for EconomicDevelopment (ADCED) said the Emirate’s non-oil sector willgrow to 54% by 2020 and to 57% in 2030. The council addedthat Abu Dhabi has reformed its economy to encourage theprivate sector to actively take part in industrial activities. This isnow evident as the contribution of the private sector to theeconomy increased by 6.5% in 2012 to reach AED232bn,accounting for 33% of the Emirate’s GDP. (GulfBase.com) Abu Dhabi airport traffic grows by 14% in Jan-Apr 2013 –According to the data released by Abu Dhabi Airports Company,the first four months of 2013 witnessed a double digit increase of14% YoY in passenger traffic, as more than 5.2mn passengerspassed through the international airport. (AME Info) ADTCA targets Japan, Korea tourists – The Abu DhabiTourism & Culture Authority (ADTCA) plans to conductroadshows in Japan and Korea in June 2013 in order to expandits tourism proposition to the Far East. ADTCA will lead an 11-member delegation comprising transport, hotel & resortoperators, Mice facilities and destination managementcompanies. (GulfBase.com) Abu Dhabi Cabinet approves AED250mn for government ITnetwork – Abu Dhabi’s Cabinet approved AED250mn spendingfor a federal joint-integrated electronic network to provide high-speed IT services to all government entities in a safe, advancedinfrastructure. (Bloomberg) Kuwait to burn 900,000 bpd oil for electricity & water by2030 – The Ministry of Electricity & Water’s AssistantUndersecretary Dr. Mershan Al-Otaibi said Kuwait will have toutilize 700,000 to 900,000 bpd of fuel to generate electricity anddesalinate water by 2030. He also said that this representsabout 20% of Kuwait’s fuel generation capacity. Al-Otaibi furthersaid that short-to-medium term savings in electricity generationcould be derived through a new energy-saving code for newbuildings, which will reduce costs by 20%. Over the long-term,Kuwait could be generating 15% of its electricity requirementsfrom renewable energy by 2030. (GulfBase.com) S&P affirms its rating on Kuwait Finance House; outlookremains Negative – Standard & Poors Ratings Servicesaffirmed its “A-/A-2” long-term and short-term counterparty creditratings on Kuwait Finance House (KFH), as the company islaunching a 20% rights offering to be completed in the next fewweeks, which should strengthen its capitalization. However, therating agency maintained its negative Outlook on the company,which reflects its view that despite the expected capital increase,limited earnings generation and continued balance sheet growthwill continue to put pressure on the companys capitalization andrisk position. (S&P) Severn Trent rejects sweetened bid from Canada, KuwaitSWF – Severn Trent Plc, the second-largest publicly traded UKwater utility, rejected a sweetened takeover proposal from aCanadian infrastructure investor and Kuwait’s sovereign wealthfund that valued the company at GBP5.2bn ($7.98bn), sayingthe offer was too low. (Bloomberg) Kuwaiti banks to finance Vietnam refinery – KuwaitPetroleum International’s (KPI) Managing Director Bahkit Al-Rashidi said National Bank of Kuwait, Commercial Bank ofKuwait and Al-Ahli Bank of Kuwait are participating in financingthe second refinery in Vietnam. He added that KPI will not offerguarantees for the entire project, but will only guarantee its 35%share. (Bloomberg) TIHC’s shareholders approve merger, share capitalincrease, name change – The shareholders of TransgulfInvestment Holding Company (TIHC) have approved the mergerbetween TIHC and Al Madina Financial & Investment ServicesCompany with full authorization to register the merger with the
  5. 5. Page 5 of 6concerned authorities. TIHC shareholders also approved theincrease in authorized capital from OMR15mn to OMR50mn andincrease of its paid-up capital from OMR6.7mn to OMR18.8mn,with an allocation of increased shares to Al Madina’sshareholders. Moreover, TIHC shareholders agreed to changethe company’s name from Transgulf Investment HoldingCompany to Al Madina Investment Company, subject toapproval from the concerned authorities. (MSM) Oman Fisheries to set up processing plants in Duqm andBarka – The Oman Fisheries Company is planning to add twonew fish processing plants at Duqm and Barka. The new plantswill have 35-ton capacity per day each, which are in addition totwo other processing units under construction at Salalah andSoqrah. Meanwhile, Oman Fisheries’ board has given itsapproval for the implementation of a Black Tiger shrimp farmingproject with an investment of OMR3mn. (GulfBase.com) National Ferries gets its own dedicated base – The NationalFerries Company is set to use Port Sultan Qaboos as a hub forits operations after the planned conversion of the capital’smaritime gateway into a tourism port. (GulfBase.com) S&P places BMI Bank on Creditwatch negative – S&P placedBahrain-based BMI Bank on Creditwatch negative on itsproposed merger with Al-Salam Bank-Bahrain. Bank Muscats49% stake in BMI Bank could be significantly diluted post themerger, which could reduce the likelihood of it providingextraordinary support. Thus, S&P placed its "BB+" long-termrating on BMI Bank on CreditWatch negative. S&P also affirmedits "B" short-term rating on the bank. (S&P) Bahrain plans BHD6bn industrial city – Bahrain’s Industry &Commerce Minister Dr Hassan Fakhro said the country will builda new BHD6bn industrial city, covering 95 square kilometers by2040 or 2050, and its feasibility studies are underway. He saidthis city will increase the countrys GDP by 20% and will offer24,000 job opportunities. (GulfBase.com) KHCB signs MoU with Bank Al Khair – Khaleeji CommercialBank (KHCB) has signed a MoU with Bank Al Khair to evaluatethe feasibility of merging the two institutions into a largerfinancial institution. (Bahrain Bourse)
  6. 6. ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager - HNWITel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qaQNB Financial Services SPCContact Center: (+974) 4476 6666PO Box 24025Doha, QatarDISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the QatarFinancial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not anoffer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potentialinvestors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to bereliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves theright to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, theviews and opinions included in this report.COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.Page 6 of 6Rebased Performance Daily Index PerformanceSource: Bloomberg Source: BloombergSource: Bloomberg Source: Bloomberg80.090.0100.0110.0120.0130.0140.0Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13QE Index S&P Pan Arab S&P GCC1.1%0.5%1.9%0.0%0.2%0.1%(0.3%)(0.6%)0.0%0.6%1.2%1.8%2.4%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,411.40 1.7 1.7 (15.8) DJ Industrial 15,254.03 0.9 0.9 16.4Silver 22.74 2.2 2.2 (25.1) S&P 500 1,640.42 0.6 0.6 15.0Crude Oil (Brent) 101.75 1.7 1.7 (9.8) NASDAQ 100 3,465.37 0.3 0.3 14.8Euro 1.31 0.6 0.6 (0.9) DAX 8,285.80 (0.8) (0.8) 8.8Yen 99.53 (0.9) (0.9) 14.7 FTSE 100 6,525.12 (0.9) (0.9) 10.6GBP 1.53 0.8 0.8 (5.7) CAC 40 3,920.67 (0.7) (0.7) 7.7CHF 1.06 0.9 0.9 (3.4) Nikkei 13,261.82 (3.7) (3.7) 27.6AUD 0.98 2.1 2.1 (6.0) Shanghai 2,299.25 (0.1) (0.1) 1.3USD Index 82.66 (0.9) (0.9) 3.6 BSE Sensex 19,610.48 (0.8) (0.8) 0.9RUB 31.79 (0.3) (0.3) 4.2 Bovespa 53,944.36 0.8 0.8 (11.5)BRL 0.47 0.8 0.8 (3.4) RTS 1,319.01 (0.9) (0.9) (13.6)133.5120.3110.0

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