1. QE Intra-Day Movement
Market Indicators
10,700
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10,650
10,600
Market Indices
10,550
10,500
9:30
05 Jan 14
503.8
566,143.7
13.0
6,120
40
26:11
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 1.1% to close at 10,664.2. Gains were led by the Insurance
and Transportation indices, gaining 1.4% each. Top gainers were Qatari
Investors Group and Al Ahli Bank, rising 9.9% and 3.6% respectively. Among
the top losers, Qatari German Co. for Medical Devices fell 2.9%, while
Vodafone Qatar declined 1.1%.
02 Jan 14
330.7
561,701.3
7.8
4,496
40
26:12
%Chg.
52.3
0.8
67.7
36.1
0.0
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
15,236.64
2,646.32
2,498.54
3,591.13
1,909.45
2,012.50
2,387.27
1,467.50
6,032.93
3,151.22
1.1
0.9
1.1
0.6
1.4
0.5
1.4
1.2
0.1
1.5
1.1
0.9
1.1
0.6
1.4
0.5
1.4
1.2
0.1
1.5
2.7
2.3
2.2
2.6
2.7
3.0
2.2
0.9
1.4
3.8
N/A
13.4
13.4
13.0
12.9
13.8
9.8
20.0
22.9
16.4
Close#
1D%
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index rose 0.2% to close at 8,637.7. Gains were led
by the Real Estate Dev. and Building & Construction indices, rising 2.6% and
1.3% respectively. Red Sea gained 9.9%, while Arabian Pipes was up 6.9%.
Qatari Investors Group
Qatar
52.80
9.9
1,159.9
20.8
Jabal Omar Dev. Co.
Saudi Arabia
31.50
5.4
9,577.6
7.9
Dubai: The DFM index declined 0.1% to close at 3,467.2. The Inv. & Financial
Services index fell 1.0%, while the Transportation index was down 0.9%. Int.
Financial Advisor fell 7.4%, while Commercial Bank of Dubai was down 7.2%.
Nat. Marine Dredging
Abu Dhabi
9.00
4.7
1.0
4.7
Union National Bank
Abu Dhabi
6.13
3.9
1,149.0
4.4
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,383.7. The
Industrial index rose 4.5%, while the Consumer index was up 1.2%. Ras Al
Khaimah Cement surged 14.8%, while Fujairah Building Ind. gained 14.4%.
United Int. Trans. Co.
Saudi Arabia
74.25
3.8
270.5
3.5
GCC Top Losers
Exchange
Kuwait: The KSE index gained marginally to close at 7,551.1. The Health
Care index rose 2.0%, while the Industrial index was up 0.9%. Gulf Cement
Co. gained 9.4%, while RAK White Cement was up 6.6%.
Comm. Bank of Dubai
Dubai
Saudi Enaya Coop. Ins.
Saudi Arabia
Oman: The MSM index rose 0.1% to close at 6,899.1. The Industrial index
gained 0.5%, while the Services & Insurance index rose marginally. Al Sharqia
Investment gained 2.9%, while Voltamp Energy was up 2.5%.
ALAFCO
Investbank
Saudi Investment Bank
Saudi Arabia
Bahrain: The BHB index gained marginally to close at 1,248.4. The Insurance
index rose 1.0%, while the Investment index was up 0.4%. Al Ahlia Insurance
Co. gained 9.6%, while Al Salam Bank was up 3.0%.
Close*
1D%
Vol. ‘000
YTD%
Qatari Investors Group
52.80
9.9
1,159.9
20.8
Al Ahli Bank
57.00
3.6
1.6
3.6
Qatar Navigation
87.50
3.4
111.7
Masraf Al Rayan
33.65
3.4
Gulf International Services
66.20
3.0
Qatar Exchange Top Gainers
##
#
Close
Vol. ‘000
1D% Vol. ‘000
YTD%
YTD%
4.40
(7.2)
47.9
(7.2)
37.30
(3.9)
846.6
(7.4)
Kuwait
0.28
(3.5)
141.2
(3.5)
Abu Dhabi
2.60
(3.3)
115.7
(3.3)
28.50
(2.7)
331.0
(0.7)
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)
Vol. ‘000
YTD%
(2.9)
1.0
(0.9)
(1.1)
890.9
1.8
89.00
(1.0)
4.3
(1.0)
Dlala Brok. & Inv. Holding Co.
21.90
(0.8)
143.7
(0.9)
Qatar Electricity & Water Co.
178.20
(0.7)
46.7
(2.0)
Qatar Exchange Top Val. Trades
Qatar Exchange Top Losers
Close*
1D%
Qatar German Co. for Med. Dev.
13.72
Vodafone Qatar
10.90
5.4
Mannai Corp.
1,067.2
7.5
932.0
8.5
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Barwa Real Estate Co.
30.85
0.8
2,053.6
3.5
Barwa Real Estate Co.
30.85
0.8
63,486.1
3.5
Mazaya Qatar Real Estate Dev.
11.53
1.6
1,834.9
3.1
Gulf International Services
66.20
3.0
61,897.3
8.5
Qatari Investors Group
52.80
9.9
1,159.9
20.8
Qatari Investors Group
52.80
9.9
60,480.6
20.8
Masraf Al Rayan
33.65
3.4
1,067.2
7.5
Industries Qatar
171.50
(0.5)
46,845.5
1.5
Gulf International Services
66.20
3.0
932.0
8.5
Masraf Al Rayan
33.65
3.4
35,456.2
7.5
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Source: Bloomberg (* in QR)
Close
1D%
WTD%
MTD%
YTD%
10,664.16
3,467.18
4,383.68
8,637.74
7,551.13
6,899.14
1,248.35
1.1
(0.1)
0.6
0.2
0.0
0.1
0.0
1.1
(0.1)
0.6
0.2
0.0
0.1
0.0
2.7
2.9
2.2
1.2
0.0
0.9
(0.0)
2.7
2.9
2.2
1.2
0.0
0.9
(0.0)
Exch. Val. Traded
($ mn)
138.36
291.13
208.23
1,865.19
91.67
24.54
1.45
Exchange Mkt.
Cap. ($ mn)
155,463.1
72,076.0
120,892.0
472,539.7
108,864.5
24,762.7
50,071.4
P/E**
P/B**
13.6
20.5
12.2
17.6
16.7
10.9
8.1
1.9
1.4
1.5
2.2
1.2
1.6
0.9
Dividend
Yield
4.3
2.6
4.1
3.4
3.7
3.8
3.9
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 4

2. Qatar Market Commentary
 The QE index rose 1.1% to close at 10,664.2. The Insurance and
Transportation indices led the gains.
 Qatari Investors Group and Al Ahli Bank were the top gainers,
rising 9.9% and 3.6% respectively. Among the top losers, Qatari
German Co. for Medical Devices fell 2.9%, while Vodafone Qatar
declined 1.1%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
69.51%
75.02%
(27,692,399.46)
Non-Qatari
30.49%
24.99%
27,692,399.46
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Sunday rose by 67.7% to 13.0mn
from 7.8mn on Thursday. Further, as compared to the 30-day
moving average of 12.3mn, volume for the day was 6.2% higher.
Barwa Real Estate Co. and Mazaya Qatar Real Estate
Development were the most active stocks, contributing 15.8%
and 14.1% to the total volume respectively.
Earnings
Earnings Releases
Company
Yamamah Saudi Cement
Co. (YAMAMA CEMENT)
Market
Currency
Saudi Arabia
SR
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
–
–
152.0
-23.2%
178.0
2.3%
Source: Company data, DFM, ADX, MSM
News
Qatar
 Qatar’s mega water plant to be ready by June 2015 – Qatar’s
mega water distribution system will be ready by the middle of
2015. Eversheds, the global law firm that advised Qatar General
Electricity & Water Corporation (Kahramaa) on the 25-year
supply deal with Qatar Electricity & Water Company (QEWS),
announced that the 36mn imperial gallons per day plant will
deliver the first pail of water in June 2015. The law firm also
assisted Kahramaa in the financial close of its $500mn
Independent Water Plant (IWP). (Peninsula Qatar)
 Nakilat Damen Shipyards lays keel for 2 tugboats – Nakilat
Damen Shipyards Qatar (NDSQ), a JV between Nakilat and
Dutch shipbuilder Damen, has laid the keels for two 16 meterlong stan tugboats. This is part of a seven-vessel order for
marine services provider Nakilat SvitzerWijsmuller (NSW), which
is owned by Nakilat and Svitzer Middle East. The two twin-screw
stan tugs have a bollard pull of 15 tons and will be used for
mooring vessels visiting the Port of Ras Laffan. NDSQ is also
currently building five other vessels for the NSW order: two 28mlong azimuth stern drive (ASD) tugs, two 31m-long ASD tugs
and one 22m-long glass reinforced plastic pilot boat. These
boats will be delivered to NSW for use at Ras Laffan port. (GulfTimes.com)
 QTA: Tourism jobs on the rise in Qatar – The Qatar Tourism
Authority’s (QTA) Strategy Development Director Hassan
Abdulrahman al-Ibrahim said Qatar will require around 127,000
hospitality professionals by 2030 to meet the demands from
various tourism sectors. He added that at present there are only
20,000 hospitality professionals in Qatar. Currently, there are 81
hotels in operation in the country with another 110 under
construction. (Gulf-Times.com)
 Qatar to host first global tourism conference – Qatar’s first
major international tourism conference will be hosted next month
by Stenden University Qatar in partnership with the Qatar
Tourism Authority (QTA). Being hosted under the patronage of
HE the Prime Minister Sheikh Abdullah bin Nasser bin Khalifa
al-Thani, the conference titled “Tourism in Tomorrow’s World:
What the future holds for tourism in the region,” will take place
on February 23 and 24, 2014 at the Renaissance Doha City
Center. (Gulf-Times.com)
International
 OPEC: World oil demand to grow by 1mn bpd in 2014 –
According to a report by the Organization of Petroleum
Exporting Countries (OPEC), with the global economic growth
projected to increase to 3.5% in 2014 from 2.9% in 2013, world
oil demand is forecast to rise by 1mn bpd. The OPEC stated that
world oil demand is expected to grow by 1mn bpd in 2014 as
compared with 900,000 bpd last year, supported by improved
performance by emerging economies. The report showed that
oil demand growth continues to come mainly from non-OECD
countries, while the OECD oil demand is expected to show a
further contraction, albeit at a slower rate. However, the report
pointed out there are uncertainties related to the pace of
economic growth in the OECD region, China and India, as well
as to policy reforms in oil product retail prices in some emerging
economies. On the supply side, non-OPEC supply growth in
2014 is expected at almost the same level as last year at 1.2mn
bpd with some risks associated with political, technical and
meteorological factors. Output of OPEC natural gas liquids is
expected to rise by 100,000 bpd in 2014, following an increase
of 200,000 bpd last year. The report noted that non-OPEC
supply growth in 2013 has performed better than expected,
supported mainly by the US and Canada, which added around
1mn bpd. (Qatar Tribune)
 European Union will not seek law to separate banking
activities – According to sources, the European Union is set to
drop financial reforms that would force big banks to ring fence
their retail departments from riskier investment operations. A
draft European Commission paper would no longer make banks
automatically split operations and would give national
supervisors more leeway in applying the reforms. (ET)
 Osborne: UK spending cuts needed to fund tax reductions
– According to extracts released by the Treasury, Chancellor of
the Exchequer George Osborne will set out his plan to ease the
burden on families while reiterating his goal to shrink the deficit
as he says tax cuts will have to be funded by reductions in
spending. He will set out the five points of a long-term economic
Page 2 of 4

3. plan that includes freezes in fuel duty and cuts in income tax, as
well as lower jobs taxes for employers, while sticking to his
austerity goals, stating that the way to cut taxes permanently is
to cut permanently the spending those taxes pay for.
(Bloomberg)
Regional
 Hossein Adeli is new GECF Secretary-General – Dr. SM
Hossein Adeli, an economist and diplomat with international
experience, has been appointed as the Secretary-General of the
Gas Exporting Countries Forum (GECF) for the 2014-2016
period. Dr. Adeli is the second Secretary-General since GECF’s
establishment as a formal international organization in 2008.
(Peninsula Qatar)
 GACA: KAIA airport to be ready within 2014 – The General
Authority of Civil Aviation’s (GACA) President Prince Fahd bin
Abdullah said that about 60% of the work on Jeddah’s new King
Abdulaziz International Airport (KAIA) has been completed and it
will be ready by the end of 2014. Prince Fahd said the trial
operations of the airport would happen during the first five
months of 2015. The SR27bn worth expansion project will
increase the airport’s annual capacity to 30mn passengers in the
first phase and 80mn in the final phase. With this expansion, the
KAIA spread over 670,000 square meters is set to become one
of the largest hubs in the world with two new terminals for
domestic and international passengers. (GulfBase.com)
 Altayyar Travel signs contract with Naseel Holding –
Altayyar Travel Group has signed a supplementary contract with
Naseel Holding Company to decrease the rental amount by total
amount of SR78.8mn from the contract value signed earlier and
also extending the contract period by three extra years. The
financial effect of the contract will begin in 2Q2014. (Tadawul)
 KEC appoints new CEO – The Knowledge Economic City
Company (KEC) has appointed Engineer Ibrahim Ahmed bin
Mohammed Al Balushi as the Chief Executive Officer effective
from February 5, 2014. Meanwhile, Dr. Marwan Mohammed
Fahmie, the previously-designated acting CEO, will continue in
his duties as Vice President for Projects & Operations.
(Tadawul)
the country's securities markets can be passed in 1H2014.
(Reuters)
 Emirates REIT buys commercial space in Dubai’s Index
Tower – Emirates REIT Ltd, the first UAE-regulated real estate
investment trust, has announced a number of transactions to
expand its portfolio. Emirates REIT Ltd has acquired commercial
space comprising 22,000 square foot on the seventh floor of the
Index Tower located in DIFC from EFG Hermes in return for 4%
shareholding in the REIT. Emirates REIT have also acquired all
the remaining car parking spaces in the Index Tower from
Emirates NBD. The REIT now owns 698 car parking spaces in
Index Tower. In addition to EFG Hermes, Emirates REIT has
expanded its shareholder base in the last quarter of 2013
through capital increase, and by adding regional and
international investors. (GulfBase.com)
 Oman seeks Saudi tourists and investors – Oman Ministry of
Tourism’s Director of Development Alem Al-Mamari said that the
country is seeking to attract more Saudi tourists and
businessmen by offering better infrastructure, services and
financial incentives. Al-Mamari said that 17,000 Saudi nationals
visited Oman in 2013, mostly to Salalah, which is quite a small
number in relation to the country’s population. Moreover, he said
the Omani government plans to increase the number of hotel
rooms from 14,000 to 32,000 by 2020. Al-Mamari added that the
country is developing five international airports including one in
Salalah that would open in 2014, and another one in Muscat that
would open in 2015. (GulfBase.com)
 Alba posts new production record in 2013 – Aluminium
Bahrain (Alba) has achieved a production record of 912,700
metric tons per annum (mtpa) in 2013, which is a substantial
leap of 22,483 mtpa over the 890,217 mtpa produced in 2012.
Alba’s CEO Tim Murray said that the company has been able to
exceed 900,000 mtpa for the first time in its 40-year history. Alba
expects to go even higher in terms of operational improvements
and plant reliability in 2014. (GulfBase.com)
 UAE market regulator changes margin lending rules – The
UAE stock market regulator has introduced new margin lending
rules and vowed to crack down on unlicensed lending. Margin
lending – borrowing with cash or shareholdings as security –
has been in high demand as investors sought to maximize gains
from a market surge, with Dubai and Abu Dhabi’s bourses
jumping 108% and 63.1% last year. Limits on such lending were
introduced in 2008, but many brokers ignored these and faced
few repercussions. Now, on the request of brokers, the
Securities & Commodities Authority (SCA) has made changes.
Previously, firms could lend each client 10% of the capital they
set aside for margin lending, but now they can lend three times
that amount. The new rules are to take immediate effect.
(Peninsula Qatar)
 SCA sets rules for covered bonds in UAE – The UAE has
announced new rules for the issuance and trading of covered
bonds. The Securities & Commodities Authority (SCA) – the
UAE's financial market regulator – has set the licensing
conditions for banks and other companies that would allow them
to issue covered bonds. The SCA also set requirements for
issuers to disclose information, affecting the bond prices. The
UAE’s Economy Minister Sultan bin Saeed al-Mansouri said
these covered bond rules will add depth to the UAE's financial
markets. The SCA's board also ordered a study of best
international practices, so that a regulation for listing of bonds on
Page 3 of 4

4. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
153.2
136.6
123.8
0.8%
0.4%
0.6%
0.2%
0.0%
0.0%
0.1%
0.0%
S&P Pan Arab
Dec-13
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%
1,237.01
0.0
0.0
2.6
DJ Industrial
16,469.99
0.0
0.0
(0.6)
20.16
0.0
0.0
3.5
S&P 500
1,831.37
0.0
0.0
(0.9)
106.89
0.0
0.0
(3.5)
NASDAQ 100
4,131.91
0.0
0.0
(1.1)
4.34
0.0
0.0
(0.1)
STOXX 600
327.64
0.0
0.0
(0.2)
123.00
0.0
0.0
(2.6)
DAX
9,435.15
0.0
0.0
(1.2)
138.25
0.0
0.0
1.3
FTSE 100
6,730.67
0.0
0.0
(0.3)
1.36
0.0
0.0
(1.1)
CAC 40
104.86
0.0
0.0
(0.4)
Nikkei
GBP
1.64
0.0
0.0
(0.8)
MSCI EM
CHF
1.10
0.0
0.0
(1.4)
SHANGHAI SE Composite
AUD
0.89
0.0
0.0
0.3
USD Index
80.79
0.0
0.0
RUB
33.20
0.0
0.0
BRL
0.42
0.0
0.0
(0.8)
Yen
Dubai
May-13
Oman
Oct-12
Abu Dhabi
QE Index
Mar-12
Bahrain
Aug-11
Kuwait
Jan-11
(0.1%)
Qatar
(0.4%)
Saudi Arabia
Jun-10
1.1%
1.2%
4,247.65
0.0
0.0
(1.1)
16,291.31
0.0
0.0
0.0
979.49
0.0
0.0
(2.3)
2,083.14
0.0
0.0
(1.6)
HANG SENG
22,817.28
0.0
0.0
(2.1)
0.9
BSE SENSEX
20,851.33
0.0
0.0
(1.5)
1.0
Bovespa
50,981.09
0.0
0.0
(1.0)
1,442.73
0.0
0.0
0.0
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
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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
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Page 4 of 4