4 December Daily Market Report


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4 December Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,380 10,360 10,340 10,320 03 Dec 13 %Chg. 287.7 552,029.0 9.9 4,244 39 8:28 269.1 554,367.8 9.1 4,138 41 18:17 6.9 (0.4) 9.2 2.6 (4.9) – Market Indices 10,300 10,280 9:30 04 Dec 13 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index declined 0.3% to close at 10,336.5. Losses were led by the Transportation and Industrials indices, declining 1.2% and 0.9% respectively. Top losers were Qatar Navigation and Medicare Group, falling 2.3% and 1.7% respectively. Among the top gainers, Dlala Brok. & Inv. Holding Co. rose 2.2%, while Vodafone Qatar gained 2.1%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,768.48 2,571.44 2,443.96 3,374.16 1,902.67 1,968.24 2,388.10 1,463.02 5,962.78 3,044.70 (0.3) (0.4) (0.2) (0.9) (1.2) (0.8) 0.3 1.0 (0.7) (0.3) (0.4) (0.4) (0.1) (0.8) (2.0) (1.3) 1.0 0.6 (0.3) 0.4 30.5 27.6 25.4 28.4 42.0 22.1 21.6 37.4 27.7 22.4 N/A 13.0 13.1 12.2 12.9 13.5 9.8 19.9 22.6 15.8 GCC Commentary GCC Top Gainers## Exchange Close# Saudi Arabia: The TASI index gained marginally to close at 8,231.1. Gains were led by the Build. & Cons. and Hotel & Tourism indices, rising 0.9% and 0.4% respectively. ANB Ins. gained 10.0%, while Saudi Ceramic was up 3.1%. IFA Hotels & Resorts Kuwait 1D% Vol. ‘000 0.27 3.8 125.3 (23.9) Saudi Ceramic Saudi Arabia 109.50 3.1 186.7 48.5 Dubai: The DFM index fell 0.3% to close at 2,986.6. The Investment & Financial Services index declined 1.1%, while the Transportation index was down 0.8%. Mashreq Bank fell 10.0%, while Al Salam Group was down 1.9%. Saudi British Bank Saudi Arabia 40.80 2.5 256.7 36.5 Sahara Petrochem. Co. Saudi Arabia 19.15 2.4 5,514.1 41.3 Abu Dhabi: The ADX benchmark index gained 0.3% to close at 3,930.4. The Energy index rose 1.3%, while the Telecomm. index was up 0.9%. Methaq Takaful Ins. Co. surged 14.8%, while Abu Dhabi Ship Building gained 14.5%. Vodafone Qatar Qatar 11.59 2.1 3,663.3 38.8 GCC Top Losers Exchange 1D% Vol. ‘000 YTD% Kuwait: The KSE index rose 0.2% to close at 7,737.2. The Consumer Goods and Health Care indices gained 1.8% each. Palms Agro Production Co. surged 17.2%, while National Petroleum Services Co. gained 10.0%. United Arab Bank Abu Dhabi 6.40 (4.6) 56.7 107.8 Nat. Mobile Telecomm. Kuwait 1.74 (3.3) 1.5 (25.6) Oman: The MSM index gained 0.1% to close at 6,781.3. Gains were led by the Ind. and Services & Ins. indices, gaining 0.4% and 0.1% respectively. National Gas Co. gained 9.6%, while National Securities Co. was up 9.2%. Salhia Real Estate Co. Kuwait 0.37 (2.6) 23.5 0.0 SPIMACO Saudi Arabia 59.00 (2.5) 228.6 35.0 Qatar Navigation Qatar 85.00 (2.3) 147.0 34.7 Bahrain: The BHB index fell 0.1% to close at 1,196.8. The Commercial Banking index declined 0.2%, while the Services index was down 0.1%. Ithmaar Bank fell 2.2%, while Seef Properties was down 1.3%. Qatar Exchange Top Gainers Dlala Brok. & Inv. Holding Co. ## # Close YTD% 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) Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% 21.89 2.2 40.4 (29.6) Qatar Navigation 85.00 (2.3) 147.0 34.7 53.50 (1.7) 117.9 49.9 Vodafone Qatar 11.59 2.1 3,663.3 38.8 Medicare Group Masraf Al Rayan 33.65 1.1 980.3 35.7 Qatar Cinema & Film Dist. Co. Qatar Insurance Co. 67.50 0.7 10.0 25.1 Industries Qatar Ooredoo 136.30 0.7 35.9 31.1 Gulf Warehousing Co. Qatar Exchange Top Vol. Trades 41.00 (1.4) 0.6 (27.9) 165.90 (1.3) 162.0 17.7 40.50 (1.2) 25.2 20.9 Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Vodafone Qatar 11.59 2.1 3,663.3 38.8 Vodafone Qatar 11.59 2.1 42,097.5 38.8 Masraf Al Rayan 33.65 1.1 980.3 35.7 Masraf Al Rayan 33.65 1.1 32,731.2 35.7 Mazaya Qatar Real Estate Dev. 11.50 (0.1) 922.4 4.5 Industries Qatar 165.90 (1.3) 26,905.7 17.7 Qatari Investors Group 40.65 0.6 636.5 76.7 Qatari Investors Group 40.65 0.6 25,897.2 76.7 Barwa Real Estate Co. 29.70 (0.8) 608.3 8.2 Barwa Real Estate Co. 29.70 (0.8) 18,108.0 8.2 Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 10,336.50 2,986.60 3,930.43 8,231.13 7,737.17 6,781.32 1,196.82 (0.3) (0.3) 0.3 0.0 0.2 0.1 (0.1) (0.4) 1.4 2.1 (1.1) (0.6) 0.8 (1.0) (0.4) 1.4 2.1 (1.1) (0.6) 0.8 (1.0) 23.7 84.1 49.4 21.0 30.4 17.7 12.3 Exch. Val. Traded ($ mn) 79.01 168.54 114.67 1,078.78 89.33 77.53 0.37 Exchange Mkt. Cap. ($ mn) 151,587.2 70,997.2 112,345.3 448,434.0 109,144.6 24,273.6 49,678.1 P/E** P/B** 13.2 17.6 11.0 16.9 17.0 10.7 8.0 1.8 1.2 1.4 2.1 1.2 1.6 0.8 Dividend Yield 4.4 3.0 4.6 3.6 3.6 3.8 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) Page 1 of 6
  2. 2. Qatar Market Commentary  The QE index declined 0.3% to close at 10,336.5. The Transportation and Industrials indices led the losses.  Qatar Navigation and Medicare Group were the top losers, falling 2.3% and 1.7% respectively. Among the top gainers, Dlala Brok. & Inv. Holding Co. rose 2.2%, while Vodafone Qatar gained 2.1%. Overall Activity Buy %* Sell %* Net (QR) Qatari 73.10% 72.20% 2,582,627.90 Non-Qatari 26.89% 27.79% (2,582,627.90) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Wednesday rose by 9.2% to 9.9mn from 9.1mn on Tuesday. However, as compared to the 30-day moving average of 11.3mn, volume for the day was 12.1% lower. Vodafone Qatar and Masraf Al Rayan were the most active stocks, contributing 36.9% and 9.9% to the total volume respectively. Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/04 US Bloomberg Total Vehicle Sales November 16.31M 15.80M 15.15M 12/04 US Bloomberg Domestic Vehicle Sales November 12.62M 12.10M 11.73M 12/04 US MBA MBA Mortgage Applications 29-November -12.80% – -0.30% 12/04 US US Census Bureau Trade Balance October -$40.6B -$40.0B -$43.0B 12/04 US ISM ISM Non-Manf. Composite November 53.9 55.0 55.4 12/04 US US Census Bureau New Home Sales September 354K 425K 379K 12/04 US US Census Bureau New Home Sales MoM September -6.60% – 1.60% 12/04 EU Markit PMI Services November 51.2 50.9 51.6 12/04 EU Markit PMI Composite November 51.7 51.5 51.9 12/04 EU Eurostat GDP SA QoQ 3Q2013 0.10% 0.10% 0.10% 12/04 EU Eurostat GDP SA YoY 3Q2013 -0.40% -0.40% -0.40% 12/04 EU Eurostat Household Cons QoQ 3Q2013 0.10% 0.10% 0.20% 12/04 EU Eurostat Govt Expend QoQ 3Q2013 0.20% 0.10% 0.00% 12/04 EU Eurostat Retail Sales MoM October -0.20% 0.00% -0.60% 12/04 EU Eurostat Retail Sales YoY October -0.10% 1.00% 0.30% 12/04 France Markit PMI Services November 48.0 48.8 50.9 12/04 Germany Markit PMI Services November 55.7 54.5 52.9 12/04 UK BRC BRC Shop Price Index YoY November -0.30% – -0.50% 12/04 UK Markit PMI Services November 60.0 62.0 62.5 12/04 UK HM Treasury Official Reserves Changes November -$868M – -$208M 12/04 Italy Markit PMI Services November 47.2 50.4 50.5 12/04 China HSBC Bank HSBC/Markit Services PMI November 52.5 – 52.6 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Qatar, Turkey sign pact for energy generation – Qatar and Turkey have signed a MoU on energy generation following a round of talks between HH the Emir Sheikh Tamim bin Hamad al-Thani and the Turkish Prime Minister Recep Tayyip Erdogan. In their presence, a MoU in energy generation cooperation was signed between the Qatar Holding and Electric Ortime Company of Turkey. (Gulf-Times.com)  QNB Group gets Bank of the Year–Middle East award – QNB Group has received the prestigious “Bank of the Year–Middle East” Regional Award from the Banker Magazine in London. (QNB Group Press Release)  Qatar expects 1mn visitors for 2022 FIFA World Cup – Qatar 2022 Supreme Committee‟s Secretary General Hassan Al Thawadi said close to a million visitors are expected to descend in Qatar to watch the FIFA World Cup in 2022. (Peninsula Qatar)  Qatar to set up monitoring committee for building materials, pricing – Qatar is planning to set up a committee that will monitor the availability of primary building raw materials and their pricing. The Cabinet has approved plans to set up the panel that will have representations from the Ministry of Development Planning & Statistics and the 2022 Supreme Committee. The panel at the Ministry of Economy & Commerce will monitor supplies, availability, pricing and consumption of primary raw materials. The Cabinet also approved a draft law that will provide state subsidy to the government-run transport company, Mowasalat, to help in meeting its costs. (Peninsula Qatar)  Commercial hubs planned in Doha, Al Rayan – Qatar‟s Ministry of Municipality & Urban Planning announced plans to convert several major areas of Doha and some areas in the neighboring municipality of Al Rayan into commercial hubs. Shops, showrooms and offices will be located on both sides of these proposed hubs, which will be known as commercial Page 2 of 6
  3. 3. streets. Each of these commercial streets may be exclusively reserved for certain businesses. (Peninsula Qatar)  QCCI: Qatar private sector to establish a construction firm – The Qatar Chamber of Commerce & Industry‟s (QCCI) Deputy Chairman Mohammed Al Kuwari said the private sector in Qatar is planning to establish a company with QR2bn capital to build industrial plants and related projects. The ownership of this new company will be confined to Qatari businessmen first, before being listed on the Qatar Stock Exchange. He added that the chamber has already obtained government approval for the new venture, which will be announced within two months. (Zawya)  Al Khaliji Bank opens branch in City Center – Al Khaliji Bank has opened a branch at the Doha City Center Mall as part of its strategy to expand its network in Qatar. (Gulf-Times.com)  MERS opens new branch in Al Qutaifiya – Al Meera Consumer Goods Company (MERS) has opened a new branch in Al Qutaifiya. The branch opening is in line with MERS‟ strategic expansion plan in the Qatari market. The Al Qutaifiya branch consists of a ground floor complex that includes Al Meera supermarket, shopping outlets and restaurants. (GulfTimes.com)  QA to begin flights to DFW from July 1 – Qatar Airways (QA) will begin flights to Dallas-Fort Worth (DFW) from July 1, 2014. This will be the airline‟s second route to the state of Texas in the US. (Bloomberg) International  EU fines banks €1.7bn for rate rigging – EU antitrust regulators vowed to continue investigating the rate-rigging incident as they slapped a record €1.7bn penalty on six financial institutions including Deutsche Bank, RBS and JPMorgan. The European Commission, along with authorities around the globe has been examining the manipulation of London interbank offered rate (LIBOR) and its euro equivalent EURIBOR. Deutsche Bank, which is yet to be fined by the US and UK regulators on separate investigations, received the highest fine of €725.4mn. RBS were fined for its involvement in both the EURIBOR and LIBOR cartels. JPMorgan, Citigroup, Societe Generale and RP Martin were also fined. Swiss bank UBS and Britain's Barclays avoided fines of €2.5bn and €690mn respectively for revealing the existence of the cartel. (Bloomberg)  OPEC agrees to maintain output cap at 30mn bpd – Energy ministers from the OPEC countries have agreed to maintain the group‟s target for crude oil output unchanged at 30mn barrels per day. Venezuela‟s Energy Minister Rafael Ramirez said maintaining the current target for the 12-nation group will ensure stability in oil prices. The UAE‟s Oil Minister Suhail Mohammed al-Mazrouei said the cap adequately matches demand and is unlikely to change much in 2014. Saudi Arabia‟s Oil Minister Ali al-Naimi said OPEC will hold its next meeting on June 11, 2014. Further, Al-Naimi said there is no need for Saudi Arabia to cut its own production level. Meanwhile, a Bloomberg survey found that the Kingdom had produced 9.65mn bpd last month. (GulfTimes.com)  Osborne tells Cabinet to cut budgets by £1bn – The UK Chancellor of the Exchequer George Osborne has written to ministers saying he will cut the amount of money their departments can spend in the next three years by £1bn each year. The Treasury in London said the government will reduce central departmental spending over the three years through 2015-2016. The annual reserve of £3bn will be cut by £1bn in 2013-14, with cuts to resource budgets over the following two years. (Bloomberg)  Moody’s boosts Spain’s credit rating outlook on growth prospects – Moody‟s has increased Spain‟s credit rating outlook to Stable from Negative amid evidence of a sustained economic rebalancing and improving growth prospects. Spain‟s Baa3 rating, the lowest-investment grade ranking, was also affirmed by New York-based Moody‟s. (Bloomberg)  E&Y: Global Islamic banking assets to reach $1.72tn in 2013 – According to E&Y‟s World Islamic Banking Competitiveness Report 2013-14, global Islamic banking assets held by commercial banks are expected to reach $1.72tn in 2013, growing over $1.54tn in 2012. This includes both pure-play Islamic banks and windows of conventional banks. The report showed that Qatar, Indonesia, Saudi Arabia, Malaysia, the UAE and Turkey (QISMUT) represented 78% of the international Islamic banking assets held by commercial banks, excluding Iran. Further, the E&Y report also showed that Islamic banks now serve approximately 38mn customers globally, two third of whom reside in QISMUT. Meanwhile, the biggest challenges for Islamic banks are: finding ways to become the mainstream form of banking in their home markets, building regional brands and taking a more socially responsible approach to differentiate themselves from conventional banks. E&Y expects the industry‟s growth to remain moderate in 2014, as several Islamic banks contemplate large-scale operational transformation. (GulfBase.com) Regional  IATA: Mideast carriers post fastest freight growth in October – The International Air Transport Association (IATA) said Middle East carriers, driven by Qatar Airways, Emirates and Etihad, recorded the fastest growth in air freight in October. IATA said Middle Eastern airlines recorded a rise in freight ton kilometers (FTKs) in October in line with the trend so far in 2013 (12.3%). This is the fastest rate of expansion among all regions. IATA said the trend is likely to continue with October data showing a record high increase in exports orders from the UAE, which bodes well for steady growth in the region‟s trade volumes. IATA said global air freight markets improved in October after a brief pause in September. Global FTKs were up 4.0% YoY in October, a rebound from the 0.3% contraction in September. (Gulf-Times.com)  Saudi economy expands 3.1% in 3Q2013 – According to the latest data from the Central Statistics Office, Saudi Arabia's economy expanded at an annual rate of 3.1% in 3Q2013, which is only half as fast as it grew a year ago. The annual inflationadjusted growth slowed to 2.1% during 1Q2013, followed by a rise of 2.7% in 2Q2013, which continued to grow as output increased in 3Q2013. Meanwhile, according to Reuters, Saudi real GDP grew 1.1% QoQ in July-September 2013, reversing the decline seen in the previous quarter. (Reuters)  Saudi PMI rises to 57.1 in November – The Saudi Arabian Purchasing Managers‟ Index (PMI) compiled by the Saudi British Bank (SABB) and HSBC rose to 57.1 in November 2013 from 56.7 in October. This signals an improvement in overall operating conditions in the Saudi non-oil producing private sector companies. The rate of expansion was up slightly from the previous month, but remained below the series average, whereas new orders increased robustly. In order to meet the higher business requirements, non-oil producing private sector companies have hired additional workers in November. The rate of job creation increased in November as compared to October, but has remained below the long-run series average. (Bloomberg)  MEED: Volume of canceled projects in Saudi Arabia estimated at SR735bn – According to a report by the MEED Page 3 of 6
  4. 4. GCC Projects Index, the volume of canceled projects in Saudi Arabia is estimated to be SR735bn, while other delayed projects stood at SR626.25mn. However, the Kingdom has been ranked second at the GCC level with the biggest project growth index at 31% in 2013, jumping over the SR3.75tn mark in November. The report indicated the five biggest contracts in the region were awarded in Saudi Arabia. Meanwhile, the Kingdom is expected to spend around SR3tn on future projects by 2030. (GulfBase.com)  Riyadh the most sought after city in Kingdom – According to the real estate index released by Saudi Ministry of Justice, Riyadh is ranked as the most sought after city with real estate transactions worth SR99bn. This index recorded 43,476 real estate deals in Riyadh with SR47bn worth of commercial transactions and around SR51bn worth of residential transactions, covering a total area of 227 square meters. Jeddah ranks second in this index with SR50.6bn residential transactions and SR39.9bn commercial transactions, representing 40,132 deals spread over 90 square meters. (GulfBase.com)  SIPCHEM signs MoU with Sahara to begin due diligence for merger – The Saudi International Petrochemical Company (SIPCHEM) has entered into a MoU with Sahara Petrochemical Company to begin confirmatory due diligence and continue the non-binding negotiations for their proposed business merger. Both companies have agreed that the proposed merger will be implemented by way of an exchange of shares where, Sahara will become a subsidiary of SIPCHEM. Accordingly, based on the agreed exchange ratio, SIPCHEM will issue 300,574,575 new shares to Sahara's shareholders in exchange for all issued shares in Sahar. So, following completion of the proposed merger, the total number of the company's issued shares will be 667,241,241 shares with capital of SR6.67bn. Sipchem currently has 366,666,666 shares with capital of SR3.67bn. (Tadawul)  SEC awards 9 contracts worth €130mn to Alstom SA – The Saudi Electricity Company (SEC) has awarded nine contracts worth €130mn to Alstom Saudi Arabia Transport & Power Ltd. (Alstom SA). These contracts include: turnkey installation of six new 110 kV gas insulated substations, turnkey supply of a Static VAR Compensator for Quwayyah 132 kV substation, supply of four auto transformers for the Ashbliyah substation, installation of three complete automation and protection systems for three 380 kV substations, a fiber optic telecom system and civil works modifications of Madina‟s distribution substation, installation of a turnkey telecom system to connect the Al Mashaaer 380 kV substation to SEC‟s telecoms network. (GulfBase.com)  SAAC offers to sale its stake in CPIC – The Saudi Arabian Amiantit Company (SAAC) has offered to sale its 5.4975% stake in China-based Chongqing Polycomp International Corporation (CPIC) in order to create liquidities and value for the shareholders of the group. SAAC had bought this stake between 2001 and 2005. SAAC has appointed Grand Avenue Capital to identify buyers. (Tadawul)  Sahara Petrochem’s BoD recommends SR372.97mn dividend – The Sahara Petrochemical Company‟s board of directors has recommended the distribution of dividends worth SR372.97mn (SR0.85 per share), representing 8.5% of the face value. (Tadawul)  UAE PMI rises to 58.1 points in November – The HSBC UAE PMI rose to 58.1 points in November 2013 from 56.3 points in October. The survey showed that business activity growth in the UAE‟s non-oil private sector accelerated to a record high in November, with both output and new orders increasing sharply. New orders were at 66.9, also the highest level since the survey started in August 2009 and well up from 64.6 in October. Growth in new export orders picked up to a record high of 59.3 points from 58.9 points in October. Meanwhile, employment creation across the UAE's non-oil private sector rose to a five-month high of 53.6 points in November from 52.7 in October. (GulfBase.com)  StanChart: UAE economy poised to gain new momentum in 2014 – According to a report by the Standard Chartered Bank (StanChart), the UAE economy is poised to gain new momentum in 2014 led by three key sectors that include non-oil sector investments, buoyant trade & services sector and the booming tourism industry. This will primarily drive the upswing in the UAE‟s GDP from 4.4% in 2013 to 4.5% in 2014. Abu Dhabi‟s non-oil project spending is estimated to reach $34bn in 2014 in line with the Emirate‟s long-term diversification goals. StanChart said that Dubai‟s core trade & services sector will continue to benefit from strong regional dynamics, while Dubai‟s tourism sector is likely to have another strong year. The number of tourists arriving in Dubai reached 5.5mn in 1H2013, indicating 11% YoY growth. Dubai‟s hotels have reported 7.9mn visitors in 9M2013, reflecting an increase of 9.8% YoY. StanChart expects the UAE‟s inflation to pick up to around 4.2% in 2014 as the major housing component reflects better market conditions. The bank believes that the hydrocarbon sector is unlikely to directly contribute to real GDP growth in 2014. (GulfBase.com)  UAE, China study ways to cooperate in new energy resources – The China Council for the Promotion of International Trade„s (CCPIT) Vice President Sheliv said that the UAE and China are working out ways to expand cooperation in the fields of new energy resources, high-end technology and service trade. (GulfBase.com)  GVI to invest AED200mn in Turkish realty projects – UAEbased Green Valley International Real Estate (GVI) is planning to invest AED200mn in real estate projects in Turkey. The company has launched three projects to tap the growth potential. These projects include a compound with 80 villas in Bursa equipped with all facilities, a compound with 30 villas in Sabanja and a compound with 15 buildings, encompassing 105 residential apartments in Bursa. (Bloomberg)  UAB sets up Turkey desk in UAE – The United Arab Bank (UAB), a Commercial Bank affiliate, has set up a dedicated desk to support Turkish businesses in the UAE, in its quest to become their preferred local bank in the Emirates. This mutual relationship with the Turkish business community will also support UAE businesses when they trade in the Turkish market. (Gulf-Times.com)  Dubai Municipality to build 5 residential parks, public square projects – Dubai Municipality will begin work on five residential parks and public squares projects worth AED17mn in Dubai. (Bloomberg)  Nakheel awards construction contracts worth AED174mn – Dubai-based developer Nakheel has awarded contracts worth AED174mn for the construction of two new beachfront projects on Palm Jumeirah. Nakheel has AED135.5mn contract to the United National Engineering Company (UNEC) to construct 170 apartments and a swimming pool in Azure Residences, while Al Ghurair Contracting & Engineering Works has been awarded AED38.7mn contract to build Club Vista Mare project. The Azure Residences project will have a timeline of two years, while Club Vista Mare project will be completed in 18 months. (GulfBase.com)  Emirates NBD AM forms advisory partnership with Jupiter AM – Emirates NBD Asset Management Ltd. (Emirates NBD Page 4 of 6
  5. 5. AM) has partnered with UK-based Jupiter Asset Management to get advice on four global funds as its assets under management surge. Emirates NBD AM‟s Senior Executive Officer David Marshall said that Jupiter AM will advice on funds worth AED400mn spread across the bank‟s four funds. Marshall said that the bank will benefit from Jupiter‟s global expertise, which should boost its assets over the next 12 to 18 months. (Bloomberg)  ADNEC’s unit gets approval to list on Casablanca Stock Exchange – The Abu Dhabi National Energy Company‟s (ADNEC) Moroccan subsidiary, Jorf Lasfar Energy Company (JLEC) has received approval to be listed on the Casablanca Stock Exchange. JLEC will float 2.23mn new shares (representing 9.47%) at a price of 447.5 Moroccan dirhams with a nominal value of 100 Moroccan dirhams. Prior this IPO, the company‟s 4.74% shares were fully subscribed through a private placement to key Moroccan institutional investors. However, ADNEC will retain its 85.79% stake in JLEC. ADNEC‟s CEO Carl Sheldon said that JLEC will use proceeds from this IPO for investing in their largest electricity generator. (ADX)  Kuwait awards $105mn EPC contract to Isolux Corsan – Kuwait has awarded a contract worth $105mn to Spain-based Isolux Corsan for the engineering, procurement & construction (EPC) of 172-kilometer long 300 kV transmission lines. This will be a turnkey contract that will have a maximum execution period of 22 months. These new transmission lines will connect the Subiya power plant to several key regions and new cities in Kuwait. (GulfBase.com)  Sezad invites bids for building works of Duqm airport – Oman‟s Special Economic Zone Authority at Duqm (Sezad) has invited tenders for the main building works of the new airport project. This new airport is considered to be a new gateway of Duqm, which is being developed as the Oman‟s next major industrial and shipping hub. The terminal will have a total gross floor area of 13,350 square meters, along with a four-kilometer long runway and a parking space for 200 cars. The tender is open to local grade one contractors as well as international contractors, and bids are expected to be submitted by January 19, 2014. (GulfBase.com)  Galfar wins OMR67.4mn construction contract – Galfar Engineering & Contracting has won a contract worth OMR67.4mn to construct a new catering facility at Muscat International Airport. This project will be completed in two years. (Bloomberg)  OTM appoints COO – The Oman Textile Mills Company (OTM) has appointed Jitendrasingh J. Rajput as the company‟s COO. Rajput has an extensive experience in the textile industry. (MSM)  Seef Properties signs contract with MJG to build 3 restaurants at Seef Mall – Seef Properties has entered into a contract worth BHD950,000 with Mohammed Jalal & Sons Company (MJG) to construct three new casual dining restaurants at Seef Mall in Al Seef. This contract will build three stand-alone restaurants in a landscaped boulevard adjacent to the newly refurbished Marks & Spencer outlet. (Bahrain Bourse) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 1.0% 148.5 0.6% 0.2% 130.0 0.0% (0.2%) S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,243.78 1.7 (0.8) (25.8) DJ Industrial 15,889.77 (0.2) (1.2) 21.3 19.69 2.9 (1.5) (35.1) S&P 500 1,792.81 (0.1) (0.7) 25.7 111.88 (0.7) 2.0 0.7 NASDAQ 100 4,038.00 0.0 (0.5) 33.7 3.88 1.3 2.4 13.3 STOXX 600 317.24 (0.6) (2.4) 13.4 126.50 2.6 8.1 41.3 DAX 9,140.63 (0.9) (2.8) 20.1 139.00 1.5 1.3 (19.7) FTSE 100 6,509.97 (0.3) (2.1) 10.4 1.36 0.0 0.0 3.0 102.36 (0.1) (0.1) 18.0 GBP 1.64 (0.0) 0.1 0.8 MSCI EM CHF 1.11 0.2 0.4 1.4 SHANGHAI SE Composite AUD 0.90 (1.2) (0.9) (13.1) Yen Dubai Jul-13 Kuwait May-12 Dec-12 (0.3%) Abu Dhabi QE Index Oct-11 Qatar Jan-10 Aug-10 Mar-11 (0.1%) Saudi Arabia (0.6%) 0.3% (0.3%) Oman 0.2% Bahrain 118.1 0.1% CAC 40 Nikkei 4,148.52 (0.6) (3.4) 13.9 15,407.94 (2.2) (1.6) 48.2 995.75 (0.7) (2.2) (5.6) 2,251.76 1.3 1.4 (0.8) HANG SENG 23,728.70 (0.8) (0.6) 4.7 USD Index 80.62 0.0 (0.1) 1.1 BSE SENSEX 20,708.71 (0.7) (0.4) 6.6 RUB 33.19 (0.2) 0.2 8.7 Bovespa 50,215.79 (0.3) (4.3) (17.6) BRL 0.42 (0.3) (2.0) (13.9) 1,364.44 (0.6) (2.7) (10.6) Source: Bloomberg RTS Source: Bloomberg 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