6 October Daily Market Report


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6 October Daily Market Report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 0.3% to close at 9,731.5. Losses were led by the Insurance and Telecoms indices, declining 1.6% and 0.7% respectively. Top losers were Qatar General Ins. & Rein. Co. and Widam Food Co., falling 6.4% and 2.1% respectively. Among the top gainers, Qatar Industrial Manufacturing Co. rose 1.4%, while Qatar German Co. for Med. Dev. gained 1.1%. GCC Commentary Saudi Arabia: The TASI index fell 0.2% to close at 8,002.7. Losses were led by the Multi-Inv. and Ins. indices, declining 2.5% and 1.5% respectively. Saudi Trans. & Inv. Co. fell 7.9%, while The Nat. Co. for Glass Ind. was down 6.8%. Dubai: The DFM index declined 0.3% to close at 2,814.6. The Investment & Financial Services and Transportation indices fell 0.7% each. International Financial Advisors declined 9.9%, while Mashreqbank was down 3.6%. Abu Dhabi: The ADX benchmark index rose 0.3% to close at 3,868.0. The Telecomm. index gained 0.9%, while the Industrial index was up 0.5%. Sharjah Cement & Industrial Dev. rose 9.2%, while Invest Bank was up 2.2%. Kuwait: The KSE index gained 0.4% to close at 7,655.1. The Con. Ser. index rose 1.2%, while the Consumer Goods index was up 0.8%. Safwan Trading & Cont. Co. gained 9.4%, while Future Kid Ent. & Real Estate Co. was up 8.9%. Oman: The MSM index rose 0.1% to close at 6,656.0. Gains were led by the Ser. & Ins. and Banking & Investment indices, rising 0.3% and 0.2% respectively. Nat. Securities rose 6.5%, while Oman Inv. & Fin. was up 2.7%. Bahrain: The BHB index gained marginally to close at 1,194.2. The Investment index rose 0.7%. Gulf Finance House gained 7.7%, while Khaleeji Commercial Bank was up 2.1%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Industrial Manufacturing Co. 50.80 1.4 0.1 (4.3) Qatar German Co. for Med. Dev. 15.78 1.1 102.7 6.8 Islamic Holding Group 42.20 0.5 4.1 11.1 Gulf International Services 53.90 0.4 113.2 79.7 United Development Co. 22.18 0.4 696.3 24.6 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 22.18 0.4 696.3 24.6 Barwa Real Estate Co. 26.00 (0.6) 413.8 (5.3) Masraf Al Rayan 29.00 (0.5) 281.8 17.0 Qatar Gas Transport Co. 19.65 (0.2) 276.2 28.8 Doha Bank 54.40 0.0 238.7 17.3 Source: Bloomberg (* in QR) Market Indicators 06 Oct 13 03 Oct 13 %Chg. Value Traded (QR mn) 166.8 289.7 (42.4) Exch. Market Cap. (QR mn) 528,500.1 530,140.4 (0.3) Volume (mn) 3.7 6.9 (46.5) Number of Transactions 2,227 3,750 (40.6) Companies Traded 37 38 (2.6) Market Breadth 9:25 30:5 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,904.08 (0.3) (0.3) 22.9 N/A All Share Index 2,443.61 (0.3) (0.3) 21.3 12.1 Banks 2,355.02 (0.2) (0.2) 20.8 12.5 Industrials 3,102.91 (0.3) (0.3) 18.1 10.9 Transportation 1,813.59 (0.3) (0.3) 35.3 12.4 Real Estate 1,800.01 (0.2) (0.2) 11.7 13.6 Insurance 2,229.17 (1.6) (1.6) 13.5 9.3 Telecoms 1,444.37 (0.7) (0.7) 35.6 15.2 Consumer 5,870.96 (0.5) (0.5) 25.7 24.1 Al Rayan Islamic Index 2,793.43 (0.4) (0.4) 12.3 14.4 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Deyaar Development Dubai 0.67 4.2 122,770.7 89.5 Yanbu Nat. Petrochem. Saudi Arabia 64.50 4.0 842.3 36.4 Kuwait Projects Co. Kuwait 0.60 3.4 1,249.7 61.5 Arriyadh Dev. Co. Saudi Arabia 25.00 2.9 4,413.9 9.4 Investbank Abu Dhabi 2.30 2.2 520.8 42.0 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Qatar Gen. Ins. & Rein. Qatar 50.00 (6.4) 3.0 8.7 Kingdom Holding Co. Saudi Arabia 19.15 (3.3) 1,135.1 (8.4) Saudi Enaya Coop. Ins. Saudi Arabia 34.20 (3.1) 459.8 (28.2) DP World Ltd. Dubai 15.80 (3.1) 2.7 35.0 Al Ahli Bank of Kuwait Kuwait 0.49 (3.0) 10.0 (7.3) Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar General Ins. & Rein. Co. 50.00 (6.4) 3.0 8.7 Widam Food Co. 50.50 (2.1) 83.3 (14.1) Qatari Investors Group 29.90 (1.2) 57.3 30.0 Gulf Warehousing Co. 40.25 (1.1) 0.9 20.1 Qatar National Cement Co. 102.00 (0.9) 1.0 (4.7) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% QNB Group 168.00 (0.2) 17,683.4 28.3 Industries Qatar 151.30 (0.4) 16,813.6 7.3 United Development Co. 22.18 0.4 15,467.0 24.6 Qatar Insurance Co. 60.50 (0.2) 14,211.3 12.1 Doha Bank 54.40 0.0 12,990.8 17.3 Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9,731.50 (0.3) (0.3) 1.3 16.4 45.82 145,126.1 12.1 1.7 4.7 Dubai 2,814.58 (0.3) (0.3) 1.9 73.5 256.46 68,304.5 16.4 1.1 3.2 Abu Dhabi 3,867.99 0.3 0.3 0.7 47.0 76.05 110,749.0 11.0 1.4 4.7 Saudi Arabia 8,002.65 (0.2) (0.2) 0.5 17.7 1,429.60 425,064.5 16.7 2.1 3.7 Kuwait 7,655.07 0.4 0.4 (1.4) 29.0 106.27 135,857.1 18.4 1.2 3.6 Oman 6,655.99 0.1 0.1 0.1 15.5 15.48 23,229.3 11.0 1.6 3.9 Bahrain 1,194.17 0.0 0.0 0.0 12.1 0.47 23,301.7 8.4 0.8 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any,) 9,720 9,730 9,740 9,750 9,760 9,770 9,780 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5 Qatar Market Commentary  The QE index declined 0.3% to close at 9,731.5. The Insurance and Telecoms indices led the losses. The index declined on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders.  Qatar General Ins. & Rein. Co. and Widam Food Co. were the top losers, falling 6.4% and 2.1% respectively. Among the top gainers, Qatar Industrial Manufacturing Co. rose 1.4%, while Qatar German Co. for Med. Dev. gained 1.1%.  Volume of shares traded on Sunday declined by 46.5% to 3.7mn from 6.9mn on Thursday. Further, as compared to the 30-day moving average of 7.9mn, volume for the day was 53.5% lower. United Development Co. and Barwa Real Estate Co. were the most active stocks, contributing 18.8% and 11.2% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings Earnings Releases Company Market Currency Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY Jarir Marketing Co. (JMC) Saudi Arabia SR – – 184.5 15.3% 186.2 15.9% Yamama Cement Co. (YCC) Saudi Arabia SR – – 141.0 -14.5% 148.0 -5.7% Advanced Petrochemical Co. (ADVANCED) Saudi Arabia SR – – 144.0 36.5% 141.0 40.6% Almarai Co. Saudi Arabia SR – – 553.6 8.8% 475.6 5.7% Yanbu Cement Co. (YCC) Saudi Arabia SR – – 148.0 -11.4% 140.0 -10.8% Source: Company data, DFM, ADX, MSM News Qatar  Nakilat reports 3Q2013 net profit of QR193mn – Qatar Gas Transport Company Ltd. (QGTS) has reported a net profit of QR193mn for 3Q2013 (+6% QoQ, +7% YoY), which was 8% below our estimate of QR211mn. QGTS has reported a net profit of QR552.5mn for the nine months period ended September 30, 2013 in comparison to a net profit of QR562.2mn for the corresponding period last year. Earnings per Share (EPS) amounted to QR1.00 for the period ended September 30, 2013 as compared to QR1.02 for the corresponding period in 2012. (QE, QNBFS Research)  DHBK seeks nod for its Tier 1 capital notes worth QR2bn – Doha Bank’s (DHBK) board of directors has recommended to the extraordinary general assembly of shareholders to approve the issuance of Tier 1 capital notes amounting to QR2bn. The issuer will either be Doha Bank or a special purpose vehicle wholly owned by the Qatari lender as deemed appropriate by its management. Doha Bank said the issue date will be on or before March 30, 2014 and will be perpetual, but callable only after six years. DHBK’s Chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said the proposed Tier 1 Capital Notes will enhance the bank’s prospects in achieving its strategic goals and will strengthen its lending capacity in view of the anticipated boom in the Qatari economy in the coming years. In our view, the bond will help improve the Tier I ratio of the bank, and the bank is unlikely to go ahead with the previously announced international GDR option. Furthermore, we expect other medium sized banks to announce their plans of Tier I bonds over the coming months. (Gulf-Times.com, QNBFS Research)  Qatar to lead Gulf nations’ robust growth – According to a report by Ernst & Young (E&Y), Gulf countries can expect to see robust economic growth over the medium term, while the Middle East region is poised to witness slowdown. The report said factors like strong foreign direct investment (FDI) flows, easier access to credit and entrepreneurial growth are fuelling the development of new businesses and sectors in the Middle Eastern rapid-growing markets. Qatar, in particular, is slated to see 6% expansion in the medium term, while the UAE’s economy is expected to grow by 3.9% and Saudi Arabia by 4.3%. Qatar has focused on diversification in non-oil sectors such as manufacturing, construction, transport, communications, trade, hotels and government services, which are projected to grow by around 10% annually. (Gulf-Times.com)  Construction of Al Meera mall begins in Al Wajba – The Central Municipal Council member representing New Rayyan, Mohammed bin Hamoud Shafi al Shafi said the construction of a new branch of Al Meera Supermarket in Al Wajba Area of New Rayyan has started. He added that all necessary designs of the project have been completed and approvals from various competent authorities have been received. (Qatar Tribune)  GWCS to announce its 3Q2013 results on October 10 – The Gulf Warehousing Company (GWCS) will disclose its quarterly financial results for the period ending September 30, 2013 on October 10, 2013. (QE)  GISS to publish its 3Q2013 figures on October 22 – The Gulf International Services Company (GISS) will disclose its quarterly financial results for the period ending September 30, 2013 on October 22, 2013. (QE)  AHCS to disclose its 3Q2013 financials on October 30 – Aamal Company (AHCS) will disclose its quarterly financial results for the period ending September 30, 2013 on October 30, 2013. (QE)  QFCA plans legal upgrades to support its world class financial setup – The Qatar Financial Centre Authority (QFCA) is proposing legislative improvements in three important areas of the QFC legal environment. The proposed changes pertain to regulations on insolvency, single family offices and special Overall Activity Buy %* Sell %* Net (QR) Qatari 66.48% 65.63% 1,425,633.31 Non-Qatari 33.53% 34.38% (1,425,633.31)
  3. 3. Page 3 of 5 companies. In addition to these amendments, new rules are being proposed to supplement and provide further details on the modalities of the respective regulations. In this regard, the authority has issued a consultation paper covering each area. (Gulf-Times.com)  Muntajat launches its global arm Muntajat Besloten Vennoot – Qatar Chemical & Petrochemical Marketing & Distribution Company (Muntajat) has launched a new international marketing company named “Muntajat Besloten Vennoot” (Muntajat BV). Muntajat BV will run its business from The Hague city in Holland. Muntajat holds exclusive rights to purchase and sell Qatar's 10mn tons of chemicals and petrochemicals in the global market. The Netherlands Foreign Investment Agency and the West Holland Foreign Investment Agency advised and assisted Muntajat to decide on its location. (Peninsula Qatar)  QC to promote health insurance for employees – The Qatar Chamber (QC) will encourage companies to cover their employees under the country’s ambitious health insurance scheme. QC Director General Remy Rohani said it is important for company owners to realize that they need to be efficient by ensuring that their employees and their families are fully insured. (Peninsula Qatar)  Qatar Cool to expand within West Bay – The Qatar District Cooling Company’s (Qatar Cool) Vice-President Mohannad Khader said the company is planning to expand within West Bay in the first phase and will carve out further districts all over the country. He added that the reason why Qatar Cool was particularly operating in the West Bay and The Pearl-Qatar areas of Doha only at the moment since the company has looked for places where there is a concentration of towers. (Gulf-Times.com)  Msheireb to showcase its QR20bn MDD project in Dubai – Msheireb Properties will showcase its QR20bn Msheireb Downtown Doha (MDD) project at the Cityscape Global 2013 exhibition, which begins in Dubai tomorrow. (Peninsula Qatar) International  WB reduces China, East Asia growth forecasts – The World Bank (WB) lowered its 2013 and 2014 economic growth forecasts for China and most of developing East Asia, citing slower growth as well as weaker commodity prices that have hurt exports and investments in these countries. The World Bank said developing East Asia is expanding at a slower pace as China shifts away from an export-oriented economy to an economy led by domestic demand. The World Bank feels the massive, investment-heavy stimulus program supported by credit expansion had run its course in China, and its policymakers must focus on containing the rapid growth of credit and tighten financial supervision. Meanwhile, the bank expects developing East Asia to expand by 7.1% this year and by 7.2% in 2014, down from its April estimate of 7.8% and 7.6% respectively. (Reuters)  Greece mulls swapping bailout loans with 50-year bond issue – Greece is reportedly looking into swapping a big chunk of its bailout loans with a 50-year government bond as a way to achieve debt relief once it attains a primary budget surplus this year. Eurozone countries provided Greece with €52.9bn worth of loans and the IMF gave €20bn of loans in the first €110bn bailout program. The remainder of the aid came from the EFSF rescue fund. Repayment of these bilateral loans is set to begin in 2025. The swap would extend repayment over decades. (Reuters) Regional  Riyad Bank reports SR998mn net profit in 3Q2013 – Riyad Bank has reported a net profit of SR998mn in 3Q2013, reflecting an increase of 3.1% QoQ (+18.8% YoY). EPS for nine months ended on September 30, 2013 stood at SR1.94 compared with SR1.77 for nine months ended on September 30, 2012. Total assets as on September 30, 2013 stood at SR201.8bn, which has increased 13.9% from the similar period for previous year. Loans & advances rose by 12.7% to SR129.9bn, while customer deposits were up by 14.3% to SR154.2bn. (Tadawul)  SAIB reports SR325.4mn net profit in 3Q2013 – The Saudi Investment Bank (SAIB) has reported a net profit of SR325.4mn in 3Q2013, reflecting an increase of 1.6% QoQ (+40.4% YoY). EPS for nine months ended on September 30, 2013 stood at SR1.75 compared with SR1.21 for nine months ended on September 30, 2012. Total assets as on September 30, 2013 stood at SR70.8bn, which has increased 28.6% from the similar period for previous year. Loans & advances rose by 34.4% to SR42.7bn, while customer deposits were up by 33.5% to SR51.8bn. (Tadawul)  Tadawul declares Eid Al Adha holidays – The Saudi Stock Exchange (Tadawul) has declared Eid Al Adha holidays. The exchange will be closed from October 11, 2013 to October 20, 2013. (Tadawul)  SAMA abolishes various banking service fees for new personal accounts – The Saudi Arabian Monetary Agency (SAMA) has asked all Saudi banks to stop imposing any service fees for opening personal bank accounts. All banks have been instructed not to impose any fees on clients who want to open a new account or whose balance is less than SR1,000. Under the new instructions effective from the beginning of October 2013, SAMA has also asked banks to issue free-of-charge ATM cards to clients when they open an account, who should not be charged for the renewal of ATM card as well. Earlier, a client had to pay SR30 when applying for an ATM card. A check book having 25 checks will be issued freely, while additional check books will be charged at SR10 each. For online services, transfers from one account to another in the same bank will be free, while for overseas banks, the client has to pay SR50 per transaction. (GulfBase.com)  Riyadh Pharma plans to develop first cosmetics production in Kingdom – The Medical & Cosmetic Products Company (Riyadh Pharma) is planning to develop its first cosmetic manufacturing plant in Saudi Arabia over the next five years. Riyadh Pharma’s Director General Dr. Shafiq Salah said Saudi women will play a pioneering role to work in this proposed factory as women are the key drivers of cosmetic market growth in the Kingdom. He added that the creation of the Saudi Food & Drug Authority (FDA) has made a positive impact on the quality of cosmetic products available in the Saudi market. (GulfBase.com)  UAE banks' foreign assets up AED39bn at end of June – According to the data released by the UAE’s Central Bank, UAE banks’ foreign assets surged by nearly AED39bn to one of their highest levels at the end of June and most of the increase was in securities abroad, deposits with foreign banks and due from headquarters and branches. The data showed that from around AED306.5bn at the end of 2012, the combined foreign assets of the country’s 23 national banks and 28 foreign units swelled to nearly AED345.2bn at the end of June, 2013. Growth in foreign liabilities was much slower as they increased by around AED13bn to AED328.1bn at the end of June from AED315.3bn at the end of 2012. The bulk of the deposit growth was in time deposits which soared to around AED100.5bn from AED84.5bn.
  4. 4. Page 4 of 5 Demand deposits grew to AED16.2bn from AED14.6bn. Loans & advances to foreign banks also increased to around AED82bn at the end from AED75.6bn after stabilizing in the previous three years. (Bloomberg)  Rasmala, EIIB act as lead arrangers for FWU Group’s Sukuk Al Wakala program – Dubai-based Rasmala Group and the European Islamic Investment Bank (EIIB) have acted as the lead arrangers and book-runners by Europe-based FWU Group on its $100mn Sukuk al-Wakala program. The first tranche of this program worth $20mn has been closed after it was oversubscribed. This sukuk will be issued in amortizing tranches, each having a term of five years and an average life of approximately 2.5 years. Distributions to investors will be made every quarter on a fully amortizing basis and the profit rate is expected to be 7% per annum. (GulfBase.com)  DIA MAF to consult Dalkia for energy management strategies – MAF Dalkia has obtained contract from Dubai International Airport (DIA) to provide consultation on energy management and conservation strategies across all key facilities. Under this contract, MAF Dalkia will conduct energy audits, set a roadmap to implement sustainable measures to reduce DIA’s energy consumption in the long-term. (Bloomberg)  Al Futtaim Capital buys Depa’s 39.26mn ordinary shares – Al Futtaim Capital has purchased 39.26mn ordinary shares of Depa Limited at $0.44 per share. Al Futtaim now holds 85.56mn shares, representing 13.9% of Depa’s issued-share capital. Depa said its CEO Mohannad Sweid has sold 17.83mn shares on September 30 and another 10.01mn shares on October 3, 2013. Sweid does not hold any shares in Depa now. (Bloomberg)  Ajman Bank sacks its CEO – Ajman Bank has sacked its Chief Executive Mohammed Zaqout within six months of his appointment. The bank said it has terminated the services of Zaqout with effect from October 6, 2013, and has replaced him with Chief Financial Officer Seifeldin Abdelkareem as the acting CEO. (Peninsula Qatar)  ADX signs registrar deal with Manazel to provide ESS system – The Abu Dhabi Securities Exchange (ADX) has entered into a registrar agreement with Manazel Real Estate to provide an electronic stock-saving (ESS) system for transferring stock ownerships in the company. This includes dismantling mortgage procedures, closure and others, which are in accordance with existing market laws. This agreement is the third registrar agreement signed by ADX. The first two agreements were signed with Injaz Mena Investment Company and Tasweek Real Estate Development & Marketing. (ADX)  Kuwaiti Oil Minister: $100-110 oil price acceptable – Kuwaiti Oil Minister Mustafa Al Shamali said a global oil price between $100 and $110 per barrel is acceptable to both producers and consumers. He added these prices help producers to complete their production and exploration projects, besides they are suitable to consumers and the global economy. (Peninsula Qatar)  CBO issues CDs worth OMR373mn – The Central Bank of Oman’s (CBO) has issued a tender for allotting certificates of deposit (CDs) worth OMR373mn. The average interest rate of these certificates is 0.13%, while the maximum accepted interest rate is also 0.13%. The tenor of these certificates is 28 days, which will mature on October 30, 2013. (Bloomberg)  Renaissance to construct OMR80mn worker accommodation in Duqm EZ – Renaissance Services is planning to construct a large permanent accommodation facility worth OMR80mn for blue-collar workers working in contracting firms in Duqm Economic Zone. These facilities will accommodate as many as 16,000 workers who are engaged in building the various planned mega projects. Renaissance has already entered into a land utilization agreement with the Special Economic Zone Authority at Duqm (SEZAD) to develop this project, which will be spread across a total area of 192,000 square meters. (GulfBase.com)  Omran awards OMR78mn construction contract to Carillion Alawi – Omran has awarded a contract worth OMR78mn to Carillion Alawi for the construction of the Package Two of the Oman Convention & Exhibition Centre (OCEC). This contract includes construction of a structured car park facility for 4,200 vehicles on three parking levels, exhibition halls with a leasable space of approximately 22,000 square meters, fully equipped production kitchen & three cafes, hospitality suites, a central landscaped courtyard, etc. The Package Two also covers the construction of ancillary buildings such as the Energy Center including a district cooling plant, a security screening facility, taxi amenity, waste management, landscape maintenance and electrical substation facility. (Bloomberg)  HSBC Bank Oman appoints three senior executives – HSBC Bank Oman has appointed Saud bin Said Al Shidhani as the new Deputy Chief Operating Officer of the bank. The bank has also appointed Abdul Qadir bin Ahmed Al Sumali as the new Deputy General Manager for Retail Banking & Wealth Management and Sulaiman bin Said Al Lamki as the new Deputy Chief Risk Officer. (GulfBase.com)  SDC submits bid to expand its plant in Sur – The Sharqiyah Desalination Company (SDC) has submitted a bid to the tender board to expand its plant in Sur by 10.6mn gallons per day (MIGD). This will expand SDC’s overall water producing capacity to a total of 30 MIGD. The company is the sole bidder for the expansion of the Sharqiyah water project. (MSM)  BMMI acquires assets & shares in Gabon and Sudan – Bahrain-based BMMI has completed the acquisition of land occupation rights and a logistics base in Port Gentil, in the Republic of Gabon for BHD2mn. Meanwhile, the company has also acquired its partner's shares in JV companies in North and South Sudan for $747,700. (Bahrain Bourse)
  5. 5. 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 5 of 5 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 QE Index S&PPan Arab S&P GCC (0.2%) (0.3%) 0.4% 0.0% 0.1% 0.3% (0.3%) (0.6%) (0.3%) 0.0% 0.3% 0.6% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,310.80 0.0 0.0 (21.8) DJ Industrial 15,072.58 0.0 0.0 15.0 Silver/Ounce 21.74 0.0 0.0 (28.3) S&P 500 1,690.50 0.0 0.0 18.5 Crude Oil (Brent)/Barrel (FM Future) 109.46 0.0 0.0 (1.5) NASDAQ 100 3,807.75 0.0 0.0 26.1 Natural Gas (Henry Hub)/MMBtu 3.56 0.0 0.0 3.9 STOXX 600 309.89 0.0 0.0 10.8 North American Spot LPG Propane Price 109.38 0.0 0.0 21.5 DAX 8,622.97 0.0 0.0 13.3 North American Spot LPG Normal Butane Price 144.25 0.0 0.0 (18.3) FTSE 100 6,453.88 0.0 0.0 9.4 Euro 1.36 0.0 0.0 2.8 CAC 40 4,164.25 0.0 0.0 14.4 Yen 97.48 0.0 0.0 12.4 Nikkei 14,024.31 0.0 0.0 34.9 GBP 1.60 0.0 0.0 (1.5) MSCI EM 1,007.92 0.0 0.0 (4.5) CHF 1.10 0.0 0.0 0.9 SHANGHAI SE Composite 2,174.67 0.0 0.0 (4.2) AUD 0.94 0.0 0.0 (9.2) HANG SENG 23,138.54 0.0 0.0 2.1 USD Index 80.12 0.0 0.0 0.4 BSE SENSEX 19,915.95 0.0 0.0 2.5 RUB 32.18 0.0 0.0 5.4 Bovespa 52,848.97 0.0 0.0 (13.3) BRL 0.45 0.0 0.0 (7.3) RTS 1,443.15 0.0 0.0 (5.5) 139.8 126.0 114.6