The QE index in Qatar declined 2.1% led by losses in the telecom and transportation indices. Top losers were Zad Holding Co. and Ezdan Holding Group, falling 8.6% and 7.2% respectively. Mesaieed Petrochemical Holding and Masraf Al Rayan were the most active stocks by trading volume. Regional indices were mixed with Qatar, Kuwait, and Bahrain declining while Dubai, Abu Dhabi, and Oman rose.

1. QE Intra-Day Movement
Market Indicators
11,800
11,700
11,600
11,500
11,400
Market Indices
11,300
11,200
9:30
5 Mar 14
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index declined 2.1% to close at 11,346.6. Losses were led by the
Telecoms and Transportation indices, declining 6.3% and 2.6% respectively.
Top losers were Zad Holding Co. and Ezdan Holding Group, falling 8.6% and
7.2% respectively. Among the top gainers, Qatar General Ins. & Reins. Co.
rose 4.3%, while Gulf International Services rose 4.0%.
4 Mar 14
%Chg.
1,209.2
646,339.2
26.6
15,444
42
4:37
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
651.6
663,033.3
14.4
11,549
41
18:19
85.6
(2.5)
84.2
33.7
2.4
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
16,532.42
2,875.00
2,765.03
3,919.84
2,003.97
1,968.78
2,780.53
1,468.07
6,762.53
3,307.72
(2.1)
(1.9)
(2.5)
(0.2)
(2.6)
(2.2)
(1.2)
(6.3)
(0.7)
(1.7)
(2.9)
(2.8)
(3.6)
(1.2)
(0.6)
(2.5)
(1.1)
(8.1)
(1.4)
(2.0)
11.5
11.1
13.1
12.0
7.8
0.8
19.0
1.0
13.7
8.9
N/A
14.3
14.2
14.9
13.9
19.5
6.7
20.2
25.4
18.1
GCC Commentary
GCC Top Gainers##
Exchange
Close#
Saudi Arabia: The TASI index rose 0.1% to close at 9,161.3. The Real Estate
Dev. Index gained 0.6%, while the Banking & Fin. Serv. index was up 0.4%. Al
Ahlia Ins. Co. rose 9.7%, while Saudi Arabian Coop. Ins.Co. was up 9.5%.
Etihad Atheeb
1D%
Saudi Arabia
15.20
5.6
30,673.4
5.6
Qatar Gen. Ins.&Reins.
Qatar
49.00
4.3
0.5
2.3
Dubai: The DFM index declined 0.5% to close at 4,100.7. The Services index
fell 0.9%, while the Insurance index was down 0.8%. Agility Public
Warehousing Co. declined 9.7%, while The National Ind. Group fell 3.5%.
Gulf International Serv.
Qatar
90.00
4.0
638.1
47.5
Bank Dhofar
Muscat
0.38
3.8
1,267.5
6.1
Abu Dhabi: The ADX benchmark index gained 0.4% to close at 4,938.1. The
Banking index rose 1.4%, while the Services index was up 1.0%. International
Fish Farming Co. surged 12.7%, while Finance House Co. gained 9.0%.
Bank Al-Jazira
39.70
3.1
7,894.4
5.6
GCC Top Losers
Exchange
Kuwait: The KSE index declined 0.7% to close at 7,476.7. The Consumer
Services index fell 2.8%, while the Telecom. index was down 1.8%. Zima
Holding Co. fell 26.0%, while Contracting & Marine Serv. Co. declined 5.9%.
Ezdan Holding Group
Qatar
15.50
(7.2)
96.8
(8.8)
Ooredoo
Qatar
136.40
(7.0)
337.1
(0.6)
Oman: The MSM index rose 0.4 to close at 7,129.3.Gains were led by the
Financial and Services Indices gaining 0.5% and 0.4% respectively. Al Madina
Investment rose 4.0%, while Al Madina Takaful was up 3.8%.
Mabanee Co.
Kuwait
1.10
(3.5)
511.2
(1.8)
QNB Group
Qatar
185.10
(3.3)
425.7
7.6
Qatar Islamic Bank
Qatar
73.00
(3.3)
216.4
5.8
Bahrain: The BHB index gained 0.1% to close at 1,369.6. The Industrial index
rose 1.6%, while the Commercial Banking index was up 0.2%. Al Salam Bank
gained 9.4%, while Aluminium Bahrain Co. was up 1.6%.
Qatar Exchange Top Gainers
Qatar General Ins. & Reins. Co.
Close*
1D%
Vol. ‘000
YTD%
49.00
4.3
0.5
2.3
Saudi Arabia
##
#
Close
Vol. ‘000
1D% Vol. ‘000
YTD%
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%
Zad Holding Co
64.60
(8.6)
7.9
(7.1)
15.50
(7.2)
96.8
(8.8)
Qatar Exchange Top Losers
Gulf International Services
90.00
4.0
638.1
47.5
Ezdan Holding Group
Islamic Holding Group
44.00
3.0
656.2
(4.3)
Ooredoo
136.40
(7.0)
337.1
(0.6)
Qatar German Co for Medical Dev.
13.70
0.7
263.6
(1.1)
QNB Group
185.10
(3.3)
425.7
7.6
73.00
(3.3)
216.4
5.8
Qatar Islamic Bank
Close*
1D%
Val. ‘000
YTD%
Mesaieed Petrochemical Holding
39.00
(2.7)
253,120.0
290.0
18.8
Masraf Al Rayan
37.20
(0.3)
118,113.6
18.8
2,608.9
10.2
Industries Qatar
193.00
(0.5)
82,966.2
14.3
(2.5)
2,137.4
5.0
QNB Group
185.10
(3.3)
79,844.7
7.6
(2.7)
1,662.2
5.7
Doha Bank
59.40
(2.5)
78,093.9
2.1
Close*
1D%
Vol. ‘000
YTD%
Mesaieed Petrochemical Holding
39.00
(2.7)
6,344.7
290.0
Masraf Al Rayan
37.20
(0.3)
3,097.2
Vodafone Qatar
11.80
(2.1)
Barwa Real Estate Co.
31.30
Qatar Gas Transport Co.
21.40
Qatar Exchange Top Vol. Trades
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%
11,346.58
4,100.71
4,938.07
9,161.33
7,476.72
7,129.27
1,369.56
(2.1)
(0.5)
0.4
0.1
(0.7)
0.4
0.1
(3.6)
(2.8)
(0.4)
0.6
(2.8)
0.2
(0.6)
(3.6)
(2.8)
(0.4)
0.6
(2.8)
0.2
(0.6)
9.3
21.7
15.1
7.3
(1.0)
4.3
9.6
Exch. Val. Traded
($ mn)
386.75
683.30
132.65
3,123.58
113.05
26.26
6.82
Exchange Mkt.
Cap. ($ mn)
177,484.8
83,831.5
136,438.4
499,504.7
110,106.6
25,584.4
51,708.0
P/E**
P/B**
15.0
17.6
13.1
18.3
15.3
10.9
9.5
1.9
1.5
1.7
2.3
1.2
1.6
0.9
Dividend
Yield
4.3
2.0
3.7
3.2
3.8
3.6
3.8
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. Qatar Market Commentary
 The QE index declined 2.1% to close at 11,346.6. The Telecoms
and Transportation indices led the losses.
 Zad Holding Co. and Ezdan holding group were the top losers,
falling 8.6% and 7.2% respectively. Among the top gainers,
Qatar General Ins. & Reins. Co. rose 4.3%, while Gulf
International Services rose 4.0%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
65.49%
60.51%
60,215,531.57
Non-Qatari
34.51%
39.49%
(60,215,531.57)
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Wednesday rose by 84.2% to
26.6mn from 14.4mn on Tuesday. Further, as compared to the
30-day moving average of 12.2mn, volume for the day was
117.1% higher. Mesaieed Petrochemical Holding Co. and Masraf
Al Rayan were the most active stocks, contributing 23.9% and
11.6% to the total volume respectively.
Global Economic Data
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
03/05
US
MBA
MBA Mortgage Applications
28-February
03/05
US
ISM
ISM Non-Manf. Composite
February
9.40%
–
-8.50%
51.6
53.5
03/05
EU
Markit
PMI Services
54.0
February
52.6
51.7
03/05
EU
Markit
51.6
PMI Composite
February
53.3
52.7
03/05
EU
52.9
Eurostat
Retail Sales MoM
January
1.60%
0.80%
-1.30%
03/05
03/05
EU
Eurostat
Retail Sales YoY
January
1.30%
-0.20%
-0.40%
EU
Eurostat
GDP SA QoQ
4Q2013
0.30%
0.30%
0.30%
03/05
EU
Eurostat
GDP SA YoY
4Q2013
0.50%
0.50%
0.50%
03/05
France
Markit
PMI Services
February
47.2
46.9
48.9
03/05
Germany
Markit
PMI Services
February
55.9
55.4
53.1
03/05
UK
Markit
PMI Services
February
58.2
58.0
58.3
03/05
Italy
Markit
PMI Services
February
52.9
49.9
49.4
03/05
China
Markit
HSBC/Markit Services PMI
February
51.0
–
50.7
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Al Khaliji to finance QR117mn greenfield recycling project
in Qatar – Al Khalij Commercial Bank (Al Khaliji) is financing
one of the largest greenfield projects for recycling materials in
Qatar, estimated to cost QR117mn. The 20,000-square meter
modern recycling plant located in Mesaieed Industrial City is
focused on recycling used tires and rubber materials in line with
government‟s efforts to make recycling a standard practice that
promotes environmental sustainability, as well as creating
economic opportunities that contribute to diversifying state
revenues. The funding initiative comes as part of the Generation
Green Program at Al Khaliji, which is the first incentive-driven
loan initiative for green projects by a bank in Qatar. (GulfTimes.com)
 EFG-Hermes sells Damas stake to MCCS for $150mn –
According to sources, the Egyptian investment bank EFGHermes has sold its 19% stake in UAE-based jeweler Damas to
Mannai Corporation (MCCS) for $150mn. MCCS and EFGHermes took control of the jeweler in April 2012, with MCCS
holding 66% of shares and EFG-Hermes owning 19%. (Reuters)
 Qatar Cool to open third district cooling plant in Doha –
Qatar Cool is preparing to open its third plant in the Doha region
to meet the cooling demands of residential and commercial
towers in West Bay. Qatar Cool said its two existing cooling
plants in West Bay are currently serving some 46 towers. With
the opening of its third plant, the company can provide around
40,000 tons of refrigeration of cooling. Qatar Cool‟s Chairman
Bader al-Meer said that developers prefer district cooling, since
not only does it reduce operating costs and building
maintenance costs but it also helps reduce carbon footprints.
(Gulf-Times.com)
 Qatar Steel, Vale sign iron ore supply contract – Qatar Steel
has signed an iron ore pellets supply contract with Vale, a global
player specializing in the exploration of iron ore utilized for steel
production. The contract is for a period of three years and is
renewable for another three years. The contract was signed by
Ali bin Hassan Al Muraikhi, Managing Director & General
Manager of Qatar Steel. (Peninsula Qatar)
 QA to get 3 A380s in June; to receive the first A350 – Qatar
Airways‟ (QA) Chief Executive Akbar Al Baker said that the
airline will take delivery of its first three Airbus A380 aircraft in
June 2014 and inaugurate its superjumbo services with a daily
flight to London. Al Baker said QA has also ordered 10 more
A380s and said it has a total of 300 Airbus and Boeing jets on
order. Further, Al Baker said that Airbus was on schedule to
deliver its first A350 to Qatar towards the end of this year. QA is
the launch customer for Airbus‟ new mid-sized passenger jet,
with 80 A350s on order. (Reuters)
 QE deposits QFLS’ bonus shares – The Qatar Exchange (QE)
announced the addition of bonus shares to the shareholder
Page 2 of 6

3. accounts of QFLS. With this, the company‟s new capital stands
at QR844.6mn. (QE)
 QGMD’s BoD to meet on March 20 – Qatari German Company
for Medical Devices‟ (QGMD) board of directors will meet on
March 20, 2014 to discuss the company‟s financial results
ending on December 31, 2013. (QE)
 MERS’ AGM scheduled on March 26 – Al Meera Consumer
Goods Company‟s (MERS) AGM is scheduled to meet on March
26, 2014 at the Regency Halls in Doha. In case of lack of
quorum, an alternate meeting will be held on April 7, 2014. The
AGM‟s agenda includes discussing and approving the board‟s
recommendation for the distribution of 80% cash dividends,
representing QR8 per share for the year 2013, among others.
(QE)
 QOIS’ AGM scheduled on March 24 – Qatar Oman Investment
Company‟s (QOIS) AGM is scheduled to be held on March 24,
2014 in Doha. In case of lack of quorum, an alternate meeting
will be held on March 31, 2014. The AGM‟s agenda includes
discussing the board‟s proposal of distributing 6% cash
dividends, which represent 60 Dirhams per share, among
others. (QE)
International
 Yellen commits Fed to boost weak US economy – The US
Federal Reserve (Fed) Chair Janet Yellen vowed to take all
possible measures to boost the US economy that is performing
well short of the central bank's objectives. Yellen said the
economy continues to operate considerably short of Fed's
objectives of maximum employment and stable prices, though
she said the economy is stronger and the financial system is
sounder. The brief comments broadly reiterated what she told
two congressional committees last month: that the US appears
to be clawing its way back from the 2007-2009 recession but
that the Fed is in no rush to tighten policy. The world's biggest
economy expanded at a decent 2.4% rate in the fourth quarter,
but has slowed later this year due to severe weather. The US
unemployment rate is down to 6.6%, from a high of 10% in
2009, but it still remains high and jobs growth is erratic. The Fed
is targeting 2% inflation and is seeking to bring down
unemployment to around 5.5%. (Reuters)
 Fed confirms weather’s effect on US economy in early 2014
– The US Federal Reserve stated that severe weather across
the US took a toll on shopping and consumer spending in recent
weeks, leading to slower economic growth or outright
contraction in some areas of the country. Growth slowed in
Chicago but activity was stable in Kansas City. While the other
eight districts reported growth, the Fed said it was characterized
as "modest to moderate" in most cases, an overall downgrade
from its last report on January 15, which showed "moderate"
growth in nine regions. However, the report showed business
contracts were still upbeat, with real estate picking up in some
areas and travel & tourism remaining strong. The Fed said that
the outlook for most districts remained optimistic. (Reuters)
 IMF calls for ECB rate cut, quantitative easing – IMF officials
said that the European Central Bank (ECB) should cut its
interest rates or inject more liquidity into the banking system via
its Long-Term Refinancing Operations (LTRO) or start asset
purchases. The ECB is due to hold a meeting on its monetary
policy this week. Consumer inflation has been stuck in what the
ECB called „the danger zone of below 1%‟ for five months.
(Reuters)
 China signals focus on reforms; job creation to be main
goal – China has sent the strongest signal yet that its days of
chasing breakneck economic growth were over, promising to
wage a war on pollution and reduce the pace of investment to a
decade-low as it pursues more sustainable expansion. China's
Finance Minister Lou Jiwei has set job creation as the country's
most important policy goal, saying it was less important whether
GDP growth was slightly above or below the government's 7.5%
target. Jiwei's comments echoed those of Chinese Premier Li
Keqiang, who told the parliament that reform would be the
government's priority rather than the fast growth witnessed in
recent years. Li Keqiang said China aimed to expand its
economy by 7.5% this year, the highest among the world's
major powers, although he stressed that growth would not get in
the way of reforms. To aid the transformation, the National
Development & Reform Commission will target 17.5% growth in
fixed-asset investment this year, the slowest in 12 years.
(Reuters)
Regional
 Moody’s: GCC inflation to rise in 2014 – According to a report
by Moody‟s, all GCC economies, except Bahrain, are expected
to witness a rise in inflation in 2014. The report said that despite
the governments‟ efforts to control price increases, inflation has
picked up in Saudi Arabia, Qatar and the UAE and it is expected
to rise further in 2014. While the rise in inflation will absorb some
of the benefits from government spending on per capita income,
the report predicted that headline rates will stay at manageable,
low single-digit levels in the region. Unlike previous periods of
high oil prices, inflation has remained subdued during 20112013. Inflationary pressures in the UAE, Qatar and Kuwait were
contained due to a domestic boom-bust cycle in real estate,
which reigned in rising rents. The report also highlighted a sharp
fiscal divide between the oil exporting GCC and rest of the
MENA region. Moody‟s predicted that GCC economies would
grow 4.3% in 2014 and 4.2% in 2015, fueled by the nonhydrocarbon sector. However, fiscal policies will not provide
much of a boost to growth in the GCC, the report said.
(GulfBase.com)
 Mobily forms alliance with Etisalat on LTE roaming –
Emirates Telecommunications Corporation (Etisalat) has formed
a partnership with Etihad Etisalat Company (Mobily) to provide a
seamless 4G-LTE roaming experience to subscribers in Saudi
Arabia and the UAE. Mobily connects its subscribers via
Etisalat‟s SmartHub IPX, which provides 4G-LTE roaming
services, voice service, signaling, messaging service, GRX data
exchange between mobile network operators, fixed network
operators, application service providers and other players
through a single connection. Saudi Arabia and the UAE are the
top roaming destinations for Mobily, therefore this partnership
can deliver LTE roaming services to users in both countries.
(GulfBase.com)
 Ras Al Khaimah explores stake sale in RAK Ceramics –
According to sources, the ruling Al Qasimi family of Ras Al
Khaimah is exploring a sale of its shares in Ras Al Khaimah
Ceramic Company (RAK Ceramics). Talks on the possible sale
have been underway over the last six months. Members of the
Emirate's ruling family own at least 45% of RAK Ceramics.
(GulfBase.com)
 Saudi non-oil private sector economy expands – According
to the headline SABB HSBC Saudi Arabia Purchasing
Managers‟ Index (PMI) for February 2014, growth in the non-oil
business activity in Saudi Arabia slowed to a three-month low in
February. The PMI report found that output increases and new
orders have moderated, but growth was still faster than in most
months of 2013. However, growth rates were a little softer with
the headline PMI falling to a three-month low of 58.6 as
compared to 59.7 in January. The report published by the Saudi
Page 3 of 6

4. British Bank (SABB) and HSBC, reflects the economic
performance of non-oil producing private sector companies in
the Kingdom. (GulfBase.com)
 United Investment, SCCI to build hotel in Sharjah – United
Investment and Sharjah Chamber of Commerce & Industry
(SCCI) have signed an agreement to build a hotel named „Expo
Hotel Sharjah‟ at a cost of AED100mn. Located near the Expo
Centre Sharjah, the 200-room hotel will primarily cater to the
participants of numerous events at the Expo Centre as well as
serve touristic purposes in the Emirate. (GulfBase.com)
 Dubai World prepays $284.5mn debt – According to sources,
Dubai World has prepaid $284.5mn worth of debt to creditors
under its $25bn debt restructuring plan. The conglomerate
obtained money for the prepayment from asset sales. Under the
terms of the restructuring deal, cash raised from asset sales
above a threshold of $300mn is to be distributed as early
repayments to creditors, which include big Western and Gulf
banks. Under its restructuring plan, Dubai World is to completely
repay creditors over coming years by selling its assets that were
bought at peak prices in 2006-07. The plan includes a $4.4bn
loan maturity in May 2015. In December 2013, a unit of Dubai
World sold its 50% stake in Miami Beach‟s landmark
Fontainebleau hotel back to Florida developer, Turnberry.
(Peninsula Qatar)
 Emirates NBD declares 25% cash dividend – Emirates NBD‟s
AGM has approved the distribution of 25% cash dividend (25 fils
per share) for the year ended December 31, 2013. (DFM)
 DSI’s German unit secures AED50mn contracts in India –
Passavant-Roediger, a wholly-owned German subsidiary of
Drake & Scull International (DSI), has been awarded two major
contracts of a combined value of AED50mn for water and
wastewater treatment plants in India. Passavant-Roediger will
undertake the work for the state government of Rajasthan and
Ford India at its new plant in Ahmedabad, Gujarat. (DFM)
 Arabtec wins AED1.037bn construction contract – Arabtec
Holding‟s subsidiary ArabTec Construction has been awarded a
contract worth AED1.037bn to construct 1,582 townhouses
developed by Emaar Properties in Reem. These villa
townhouses are part of the Mira community, the first phase of
Reem. The villas are being built in four different types, covering
a total built area of 337,805 square meters. Construction work is
scheduled to begin in 1Q2014 and the project will be delivered
in 24 months. (DFM)
 Juma Al Majid tops the Consumer Friendliness Index – The
Dubai Department of Economic Development announced that
Juma Al Majid Automobiles has topped the Consumer
Friendliness Index 2013. The main criteria for the index are:
service quality, billing transparency, sharing of warranty
information by salespersons and overall customer satisfaction.
Juam Al Majid Automobiles took top spot in both the overall
rating and the automobiles category. (GulfBase.com)
 Petrixo to invest $800mn in Fujairah bio-fuel refinery –
Dubai-based Petrixo Oil & Gas will invest $800mn in a bio-fuel
refinery in Fujairah. The company has plans to be a leader in
bio-fuel production in the Middle East. Petrixo has completed the
preparation of engineering designs to set up a bio-fuel refinery
with a design capacity of 1mn tons per year of bio-fuel products,
which include bio-diesel, green diesel, bio-jet, bio-naphtha and
bio-LPG. The project will be set up over a 460,000-square meter
land in proximity to Fujairah Free Zone and the Port of Fujairah.
Petrixo has incorporated a consortium of major international
companies and financial institutions to set up the project.
(GulfBase.com)
 DMCC, BGC Partners to launch murabaha contracts – The
Dubai Multi Commodity Centre (DMCC) and a US-based
brokerage firm BGC Partners have signed a deal to promote
murabaha products, as part of a drive to turn Dubai into an
Islamic finance hub. Under the agreement, commodity
murabaha contracts can be traded on the DMCC Tradeflow
Platform. (GulfBase.com)
 Raytheon wins $655m Patriot missile deal in Kuwait –
Raytheon Company has received a $655mn contract for newproduction fire units of the combat-proven Patriot Air & Missile
Defense System for Kuwait. These units are an addition to the
Patriot fire units, currently owned by Kuwait to counter threats.
The US Army Aviation and Missile Command, Redstone Arsenal
awarded the contract as a foreign military sale agreement and
includes new Patriot fire units with increased computing power
and radar processing efficiency. (GulfBase.com)
 MISC signs OMR27mn EPC contract with Six Construct –
Majis Industrial Services Company (MISC) has signed an EPC
contract (engineering, procurement and construction) worth
OMR27mn with Six Construct for the construction of the Sea
Water Intake Pumping Station 2 at SOHAR Port and Freezone.
The contract is expected to be completed in 27 months inclusive
of the three-month trial phase. The pumping station will be able
to provide nearly 320,000 cubic meters per hour of industrial
cooling water for the tenants at the Sohar Industrial Port Area.
(GulfBase.com)
 GlassPoint appoints Oman project head – GlassPoint Sohar
has appointed Tarik Hussain as the Director of Oman Projects
based in Muscat. Hussain has in-depth engineering and project
management experience, delivering large industrial and
infrastructure projects in Oman. (GulfBase.com)
 AMIC’s BoD proposes distribution of free shares – Al
Madina Takaful‟s (AMIC) board of directors has recommended
the distribution of 8,333,330 free shares from the share
premium. The proposed distribution is equivalent to 5% of the
issued share capital of OMR16.7mn. The free shares would
equate to 5 shares for every 100 shares held. (MSM)
 Oxy Oman surpasses production forecast in 2013 –
Occidental Petroleum Corporation‟s (Oxy Oman) Vice President
for Mukhaizna Operation, Robert Swain, said that the company
has fulfilled its commitments to its projects in Oman in 2013 and
even outperformed its forecasts. Oxy Oman had promised a
production rate of 222,000 barrels of oil equivalent per day
(boepd) in 2013, but its production reached 228,000 boepd. The
promised production volume was 81mn boepd, but the company
achieved the production volume of 83mn boepd. Further, Oxy
Oman has made over 20 oil & gas discoveries in the last three
years. Oxy Oman's average rig count in 2013 stood at 14 and
the expected average rig count in 2014 would be 15.
(GulfBase.com)
 Bahrain to see further bank mergers in 2014 – Bahrain's
central bank governor said that he expects further consolidation
among Bahraini banks in 2014 after a spree of tie-ups in 2013,
and the regulator is encouraging Islamic banks to get credit
ratings to improve their transparency. Mergers in the Middle
Eastern banking sector are rare as powerful local shareholders
are often unwilling to give up controlling positions except for
vastly-inflated valuations. However, in Bahrain, the central bank
has been encouraging smaller lenders to merge to bolster
institutions weakened by a local real estate crash and fall-out
from the island kingdom's political unrest in 2011.
(GulfBase.com)
Page 4 of 6

5.  BKIC declares 30% cash dividend – Bahrain Kuwait Insurance
Company‟s (BKIC) AGM has approved the distribution of 30%
cash dividends (30 fils per share) amounting to BHD2.1mn for
2013. (Bahrain Bourse)
 CPARK declares 10% cash dividend – Bahrain Car Park
Company‟s (CPARK) AGM has approved the distribution of 10%
cash dividends (10 fils per share) for 2013. (Bahrain Bourse)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
180.0
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
143.9
131.2
0.5%
0.4%
0.1%
0.1%
0.4%
0.0%
(0.5%)
(1.0%)
(0.5%)
(0.7%)
(1.5%)
(2.0%)
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%
1,336.90
0.2
0.8
10.9
21.17
(0.0)
(0.3)
8.7
107.76
(1.4)
(1.2)
6.42
(19.0)
106.75
Global Indices Performance
Close
1D%
WTD%
YTD%
16,360.18
(0.2)
0.2
(1.3)
S&P 500
1,873.81
(0.0)
0.8
1.4
(2.7)
NASDAQ 100
4,357.97
0.1
1.2
4.3
36.7
47.7
STOXX 600
337.06
(0.0)
(0.3)
2.7
(2.3)
(4.7)
(15.6)
DAX
9,542.02
(0.5)
(1.5)
(0.1)
119.50
(1.8)
(2.0)
(12.0)
FTSE 100
6,775.42
(0.7)
(0.5)
0.4
4,391.25
(0.1)
(0.4)
2.2
14,897.63
1.2
0.4
(8.6)
DJ Industrial
1.37
(0.1)
(0.5)
(0.1)
CAC 40
102.30
0.1
0.5
(2.9)
Nikkei
GBP
1.67
0.3
(0.1)
1.0
MSCI EM
CHF
1.13
0.0
(0.8)
0.7
SHANGHAI SE Composite
AUD
0.90
0.4
0.7
0.8
USD Index
80.11
(0.1)
0.5
RUB
36.10
0.0
0.7
BRL
0.43
1.0
1.0
2.0
Yen
Dubai
May-13
Oman
Oct-12
Abu Dhabi
QE Index
Mar-12
Bahrain
Aug-11
Kuwait
Jan-11
(2.1%)
Qatar
(2.5%)
Saudi Arabia
Jun-10
1.0%
163.0
959.18
0.3
(0.7)
(4.3)
2,053.08
(0.9)
(0.2)
(3.0)
HANG SENG
22,579.78
(0.3)
(1.1)
(3.1)
0.1
BSE SENSEX
21,276.86
0.3
0.7
0.5
9.8
Bovespa
46,589.00
(1.1)
(1.1)
(9.5)
1,182.05
(0.2)
(6.7)
(18.1)
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,
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