QE Intra-Day Movement

Market Indicators

9,980

9,960
9,940
9,920
9:30

07 Nov 13

06 Nov 13

%Chg.

Value Traded (QR mn)...
Qatar Market Commentary
 The QE index rose 0.2% to close at 9,976.2. The Insurance and
Transportation indices led the gai...
11/08

US

Bureau of Labor Stat.

Change in Private Payrolls

October

212K

125K

11/08

US

Bureau of Labor Stat.

Chang...
 BoE sits tight on policy as recovery builds – The Bank of
England (BoE) left its policy unchanged, sticking to its
commi...
 SEC plans to raise Qassim power plant capacity by 360 MW
– The Saudi Electricity Company’s (SEC) CEO Ali bin Saleh Al
Ba...
Rebased Performance

Daily Index Performance

150.0

1.2%

140.0

143.4

130.0

0.9%

0.9%

0.8%

129.4

120.0

117.9

110...
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7 November Daily Market Report

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7 November Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 9,980 9,960 9,940 9,920 9:30 07 Nov 13 06 Nov 13 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 330.8 537,220.8 7.4 5,128 40 25:13 486.8 537,177.1 10.6 7,750 42 23:12 (32.0) 0.0 (30.0) (33.8) (4.8) – Market Indices 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.2% to close at 9,976.2. Gains were led by the Insurance and Transportation indices, gaining 0.5% and 0.4% respectively. Top gainers were Vodafone Qatar and Commercial Bank of Qatar, rising 1.3% and 1.2% respectively. Among the top losers, Al Ahli Bank fell 4.3%, while Widam Food Co. declined 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 14,253.71 2,492.69 2,360.15 3,276.33 1,871.95 1,848.22 2,333.55 1,426.19 5,901.98 2,846.85 0.2 0.1 (0.0) (0.0) 0.4 0.3 0.5 0.4 (0.0) 0.2 1.4 1.1 1.0 1.7 2.3 1.4 0.1 (0.9) 0.2 1.2 26.0 23.7 21.1 24.7 39.7 14.7 18.8 33.9 26.4 14.4 N/A 12.6 12.7 11.9 12.7 12.7 9.6 19.7 22.4 14.8 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index rose 0.9% to close at 8,262.8. Gains were led by the Energy & Utilities and Telecomm. & Info. Tech. indices, rising 2.4% and 2.2% respectively. Tawuniya gained 9.8%, while Saudi Telecom rose 6.4%. The Co. for Coop. Ins. Saudi Arabia Arab Banking Corp. Bahrain Dubai: The DFM index fell 0.1% to close at 2,898.4. The Telecomm. Index declined 0.6%, while the Insurance index was down 0.4%. Agility fell 10.0%, while Takaful Emarat – Insurance was down 5.2%. Saudi Telecom Co. Yamamah Cement Co. Abu Dhabi: The ADX benchmark index rose 0.2% to close at 3,851.8. The Services index gained 1.3%, while the Telecommunication index was up 0.4%. Abu Dhabi Aviation Co. rose 9.1%, while Finance House was up 4.6%. Southern Cement GCC Top Losers Exchange Kuwait: The KSE index gained 0.3% to close at 7,939.5. The Consumer Goods index rose 2.3%, while the Oil & Gas index was up 1.2%. Bayan Investment Co. gained 8.5%, while Al-Deera Holding Co. was up 7.5%. Al Ahli Bank Qatar Bank of Sharjah Oman: The MSM index rose 0.3% to close at 6,754.27. Gains were led by the Banking & Investment and Ind. indices, rising 0.4% and 0.2% respectively. National Gas Co. gained 6.6%, while Voltamp Energy Co. was up 5.3%. Bahrain: The BHB index gained 0.9% to close at 1,206.2. The Industrial index rose 2.9%, while the Investment index was up 2.6%. Arab Banking Corp. gained 8.7%, while Bahrain Car Park Co. was up 5.0%. ## Close# 1D% Vol. ‘000 36.00 9.8 1,988.0 4.6 0.38 8.7 11.0 (18.5) Saudi Arabia 54.00 6.4 5,888.2 24.7 Saudi Arabia 57.00 3.6 804.4 20.0 Saudi Arabia 111.00 3.0 103.5 11.0 # Close 1D% Vol. ‘000 YTD% YTD% 53.10 (4.3) 0.1 8.4 Abu Dhabi 1.64 (3.5) 514.5 28.1 Nat. Bank Of Bahrain Bahrain 0.63 (2.3) 2.5 29.7 Nat. Mobile Telecomm. Kuwait 1.86 (2.1) 11.7 (20.5) United Electronics Co. Saudi Arabia 103.00 (1.9) 123.6 24.1 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) Vodafone Qatar Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 9.22 Qatar Exchange Top Gainers 1.3 581.1 10.4 Al Ahli Bank 53.10 (4.3) 0.1 8.4 (4.1) Widam Food Co. 47.50 (2.1) 197.6 (19.2) Qatar General Ins. & Rein. Co. 50.20 (1.8) 39.2 9.1 Qatar German Co. for Med. Dev. 15.00 (0.9) 6.6 1.5 20.22 (0.8) 11.1 (34.9) Qatar Exchange Top Losers Commercial Bank of Qatar 68.00 1.2 351.3 Al Khaleej Takaful Group 39.65 1.1 11.0 8.1 Qatar Insurance Co. 65.00 1.1 242.4 20.5 Qatar Cinema & Film Dist. Co. 39.90 1.0 199.5 (29.9) Dlala Brok. & Inv. Holding Co. YTD% Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 30.05 0.5 1,437.8 21.2 Industries Qatar 163.30 (0.1) 60,167.4 15.8 United Development Co. 22.60 0.0 1,116.8 27.0 Masraf Al Rayan 30.05 0.5 43,081.3 21.2 9.22 1.3 581.1 10.4 United Development Co. 22.60 0.0 25,198.7 27.0 12.20 0.2 547.5 (3.6) Commercial Bank of Qatar 68.00 1.2 23,843.0 (4.1) 163.30 (0.1) 369.0 15.8 165.90 (0.4) 20,057.0 26.7 Qatar Exchange Top Vol. Trades Vodafone Qatar Salam International Investment Co. Industries Qatar Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain QNB Group Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Close 1D% WTD% MTD% YTD% 9,976.21 2,898.43 3,851.81 8,262.79 7,939.51 6,754.27 1,206.19 0.2 (0.1) 0.2 0.9 0.3 0.3 0.9 1.4 (0.8) 0.2 2.7 (0.1) 1.2 0.4 1.4 (0.8) 0.2 2.7 (0.1) 1.2 0.4 19.3 78.6 46.4 21.5 33.8 17.2 13.2 Exch. Val. Traded ($ mn) 366.01 133.44 154.28 1,552.86 132.24 26.92 1.54 Exchange Mkt. Cap. ($ mn) 147,574.5 69,675.6 111,017.6 446,689.9 110,205.1 23,954.2# 16,795.7 P/E** P/B** 12.8 15.7 10.7 16.9 18.5 10.9 8.1 1.7 1.1 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.6 3.1 4.7 3.6 3.5 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) ( Data as of Nov. 06, 2013) Page 1 of 6
  2. 2. Qatar Market Commentary  The QE index rose 0.2% to close at 9,976.2. The Insurance and Transportation indices led the gains. Overall Activity Sell %* Net (QR) Qatari 60.09% 60.63% (1,774,422.47) Non-Qatari  Vodafone Qatar and Commercial Bank of Qatar were the top gainers, rising 1.3% and 1.2% respectively. Among the top losers, Al Ahli Bank fell 4.3%, while Widam Food Co. declined 2.1%. Buy %* 39.91% 39.37% 1,774,422.47 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Thursday declined by 30.0% to 7.4mn from 10.6mn on Wednesday. However, as compared to the 30-day moving average of 6.4mn, volume for the day was 16.8% higher. Masraf Al Rayan and United Development Co. were the most active stocks, contributing 19.4% and 15.0% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Type* A.M. Best Saudi Arabia A.M. Best Abu Dhabi Saudi United Cooperative Insurance Co. (WALA'A) Union Insurance Co. (UIC) Old Rating New Rating Rating Change Outlook Outlook Change FSR/ ICR B++/bbb B++ /bbb – Stable – FSR/ ICR – B++/bbb – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency, ICR- Issuer Credit Rating) Earnings Releases Company Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY AED 14.6 11.1% – – 0.9 7.2% Abu Dhabi AED 1,168.5 -27.2% – – 407.5 98.1% Kuwait KD – – – – 8.0 21.2% Oman OMR 5.2 8.1% – – 1.6 30.0% Oman OMR 59.7 24.0% – – 2.1 224.4% Oman OMR – – – – 45.7 N/A N/A Market Gulfa Mineral Water and Processing Industries Co. (Gulfa) Aldar Properties Currency Dubai Kuwait Projects Co. (KIPCO) Oman Hotels & Tourism Co. (OHTC) Oman Holdings International Co. (OHI)** Al Hassan Engineering Co. (AHEC) Muscat National Holding Co. (MNH)* Aluminium Bahrain (Alba) Oman OMR – – – – 0.4 Bahrain BHD 183.3 6.6% – – 4.9 N/A Nass Corporation Bahrain BHD 19.7 -40.4% – – 1.2 85.5% BMMI United Gulf Investment Corp. (UGIC) Bahrain Kuwait Insurance Co. (BKIC) Bahrain BHD 22.8 4.7% 1.7 -6.6% 1.7 -12.6% Bahrain BHD 6.6 -9.5% – – 0.7 N/A Bahrain BHD 3.0 1.0% – – 0.8 -48.3% Source: Company data, DFM, ADX, MSM (* Nine months ended on September 30, 2013; **2Q2013) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 11/07 US Department of Labor Initial Jobless Claims 2-November 336K 335K 345K 11/07 US Department of Labor Continuing Claims 26-October 2868K 2875K 2864K 11/07 US Bureau of Eco. Analysis GDP Annualized QoQ 3Q2013 2.80% 2.00% 2.50% 11/07 US Bureau of Eco. Analysis Personal Consumption 3Q2013 1.50% 1.60% 1.80% 11/07 US Bureau of Eco. Analysis GDP Price Index 3Q2013 1.90% 1.40% 0.60% 11/07 US Bureau of Eco. Analysis Core PCE QoQ 3Q2013 1.40% 1.50% 0.60% 11/07 US Bloomberg Bloomberg Consumer Comfort 3-November -37.9 – -37.6 11/07 US MBA Mortgage Delinquencies 3Q2013 6.41% – 6.96% 11/07 US MBA MBA Mortgage Foreclosures 3Q2013 3.08% – 3.33% 11/08 US Bureau of Labor Stat. Change in Nonfarm Payrolls October 204K 120K 163K 11/08 US Bloomberg Two-Month Payroll Net Revision October 60K – – Page 2 of 6
  3. 3. 11/08 US Bureau of Labor Stat. Change in Private Payrolls October 212K 125K 11/08 US Bureau of Labor Stat. Change in Manufact. Payrolls October 19K 5K 150K 4K 11/08 US Bureau of Labor Stat. Unemployment Rate October 7.30% 7.30% 7.20% 11/08 US Bureau of Labor Stat. Underemployment Rate October 13.80% – 13.60% 11/08 US Bureau of Labor Stat. Labor Force Participation Rate October 62.80% – 63.20% 11/08 US Bureau of Eco. Analysis Personal Income September 0.50% 0.30% 0.50% 11/08 US Bureau of Eco .Analysis Personal Spending September 0.20% 0.20% 0.30% 11/07 EU ECB ECB Announces Interest Rates 7-November 0.25% 0.50% 0.50% 11/08 France INSEE Industrial Production MoM September -0.50% 0.10% 0.70% 11/08 France INSEE Industrial Production YoY September -0.90% -0.90% -2.00% 11/08 France INSEE Manufacturing Production MoM September -0.70% 0.40% 0.90% 11/08 France INSEE Manufacturing Production YoY September -1.30% -1.10% -2.70% 11/07 Germany Bundesbank Industrial Production SA MoM September -0.90% 0.00% 1.60% 11/07 Germany Destasis Industrial Production WDA YoY September 1.00% 0.80% 0.90% 11/08 Germany Bundesbank Exports SA MoM September 1.70% 0.40% 1.00% 11/08 Germany Bundesbank Imports SA MoM September -1.90% 0.60% 0.10% 11/07 UK Lloyds Bank Lloyds Employment Confidence October -11 – -13 11/07 Spain INE Industrial Output WDA YoY September 1.40% -1.40% -2.10% 11/07 Spain INE Industrial Output NSA YoY September 3.50% – -4.20% 11/08 China National Bureau of Stat. Exports YoY October 5.60% 1.70% -0.30% 11/08 China National Bureau of Stat. Imports YoY October 7.60% 7.40% 7.40% 11/09 China National Bureau of Stat. Industrial Production YTD YoY October 9.70% 9.60% 9.60% 11/09 China National Bureau of Stat. Industrial Production YoY October 10.30% 10.00% 10.20% 11/09 China National Bureau of Stat. Retail Sales YTD YoY October 13.00% 13.00% 12.90% 11/09 China National Bureau of Stat. Retail Sales YoY October 13.30% 13.40% 13.30% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QNB Group listed again among world’s 50 safest banks – QNB Group has again been named among the “World’s 50 safest banks in the emerging markets” in the latest update published by Global Finance magazine. QNB topped Qatar and was ranked number three among Arab banks in the Global Finance list. (Gulf-Times.com)  RasGas installs Barzan Gas project’s 4 offshore platform modules – RasGas Company Ltd announced that the Barzan Gas project’s four offshore platform topside modules have been successfully installed. With the installation of these modules, which collectively weigh a total of 9,500 tons, more than 80% of the project’s offshore and onshore construction has been completed. (Gulf-Times.com)  S&P: Qatari Islamic banks’ balance sheet to cross $100bn by 2017 – According to a report by S&P, the total balance sheet of Qatar’s Islamic banks is expected to cross $100bn by 2017. S&P said that Qatar, Saudi Arabia and the UAE will enhance their importance as global centers of Islamic finance over the coming years, as the three markets have experienced rising international demand for financing. (Gulf-Times.com)  KPMG: Qatar’s petrochem expansion plans top Gulf trends – KPMG said Qatar has large petrochemical expansion plans than any other country in the GCC region over the next 5-10 years and is well positioned for success. Paul Harnick, COO of KPMG’s Global Chemicals Practice said Qatar is striding on the right steps to continue its success in the petrochemical industry and respond to potential threats in the international marketplace. Petrochemical companies in Qatar have made some big decisions ahead of them. They are facing the choice of defending their markets in Asia against the low-cost product from the US – with a potential impact on price and margins. KPMG feels the real challenge for Qatar and the rest of the Middle East countries is to move away from just petrochemical production to more specialty downstream chemical areas where increased margins can be achieved. (Gulf-Times.com)  Ashghal to complete Industrial Area’s eastern road by May – The Public Works Authority (Ashghal) will complete the Industrial Area’s eastern road by May 2014. The 3.3-kilometer long road with a 1.8-kilometer flyover connects the existing Industrial Area Road with Salwa Road. (Gulf-Times.com) International  Obama urges infrastructure spending to spur US economy – US President Barack Obama has urged the Congress to get past partisan battles and approve a budget that increases spending on science, research and education, as well as on upgrading roads, bridges and ports. Obama said his proposed program for infrastructure spending is not a partisan issue and it will create jobs for people. Obama also prodded lawmakers to pass a farm bill and immigration legislation, two items on his agenda that he has said he wants finished by the end of the year. (Bloomberg)  ECB cuts rates to new low; extends liquidity to banks until mid-2015 – The European Central Bank (ECB) cut its interest rates to a record low and said it could take them further lower to prevent the Eurozone's recovery from stalling as inflation tumbles. The ECB cut its main refinancing rate by 25 basis points to 0.25%. It held the rate it pays on bank deposits at zero and cut its emergency borrowing rate to 0.75% from 1.00%. The IMF welcomed the ECB’s decision to cut interest rates, saying the move could help boost the weak growth in the Eurozone. Meanwhile, the ECB President Mario Draghi said the central bank would continue to give banks as much liquidity as they needed until mid-2015. Draghi said the ECB is ready to consider all available instruments and has decided to continue conducting the main refinancing operations as fixed rate tender procedures with full allotment for as long as necessary. (Reuters) Page 3 of 6
  4. 4.  BoE sits tight on policy as recovery builds – The Bank of England (BoE) left its policy unchanged, sticking to its commitment to keep rates at rock-bottom until the country's recovery is more firmly established. The central bank has kept interest rates at a record-low of 0.5% since March 2009 to shore up an economy battered by the financial crisis and a heavy overhang of debt. Further, the Bank's Monetary Policy Committee opted to leave its bond-buying program unchanged at £375bn, as expected by the economists in a Reuters’ survey. (Reuters)  S&P lowers French credit rating, cites slow reform pace – S&P has cut France's sovereign credit rating by one notch to AA from AA+. S&P said it believes the French government's reforms for taxation, as well as product, services and labor markets will not substantially raise the country’s medium-term growth prospects. The ratings agency said the current high unemployment is weakening support for further fiscal and structural policy measures. The ratings agency adjusted its outlook for French debt to Stable from Negative, citing the government's commitment to containing net general debt, which it expects to peak at 86% of GDP in 2015. (Reuters)  IMF gives next aid tranche to Portugal, warns of risks – The IMF said Portugal is on track to fulfill the conditions of its bailout program and gave the indebted Eurozone country another €1.9bn. The IMF's board also waived certain conditions Portugal was supposed to meet by September 2013, because it did not have access to all the needed data. The IMF said there are still risks that Portugal may not be able to finance itself through markets and called on the government to continue its austerity policies. The IMF also called on Portugal to intensify its efforts to restructure banks to help them deal with the corporate debt pile. (Reuters)  China’s inflation hits eight-month high – China's annual inflation climbed to an eight-month high of 3.2% in October as food costs soared, increasing market worries about policy tightening as both factory output and investment data pointed toward signs of stabilization in the economy. Inflation, which moved up slightly from 3.1% in September, was still lower than a median forecast of 3.3% in a Reuters poll and was below the official target of 3.5% for 2013. (Reuters)  S&P: New government's agenda to determine India's rating – S&P said it may cut India's sovereign rating to below investment grade if the next government fails to provide a credible plan to reverse the country's low economic growth after the elections. Alternatively, the credit ratings agency said it may revise India's outlook back to Stable if the new government has an agenda to restore growth, improve the country's finances, or allow the implementation of an effective monetary policy. (Reuters) Regional  OPEC could lose 8% of its market share by 2018 to shale, rivals – According to OPEC’s annual World Oil Outlook, OPEC could lose almost 8% of its oil market share by 2018 due to the shale energy boom and other competing sources who have boosted the supply. OPEC said that it expects the global demand for its crude oil to average at 29.2mn barrels per day (bpd) in 2018, declining 1.1mn bpd from 2013, due to increased supply from outside the 12-member group. Under another upside supply scenario, OPEC sees an even larger drop in demand for its crude to 28mn bpd in 2018 – 7.6% less than what it is currently producing. (Reuters)  QNB Group: GCC inflation remains in check due to lower international food prices – According to QNB Group, inflation in the GCC region has continued to remain under control due to lower international food prices and will not act as a growth deterrent. The Consumer Price Index (CPI) in the GCC region has slowed to 2.5% in September 2013, from a peak of close to 3.0% in April 2013. Although the region’s rental inflation has continued to accelerate, lower international commodity prices have brought down inflation in food and other CPI components. QNB Group expects inflation to pick up again in 2014 to around 3% as rents continue to rise, international food prices stabilize and heavy public investment drive up inflationary pressures. GCC’s average annual house price inflation has accelerated to 3.2% in 9M2013 from just 0.6% in 2012. In Qatar, housing costs have increased 6.1% over the same period. (Gulf-Times.com)  S&P: Strengthening corporate governance could boost capital market access for GCC companies – According to a report by S&P, strengthening corporate governance could improve the access to capital markets and lower the fund cost for the GCC region’s companies. The report showed that just 6.3% of the 32 GCC companies rated by S&P had strong corporate governance scores as compared to 9.5% in the EMEA region (Europe, the Middle East & Africa) and 7.5% of for global companies. This indicates that GCC companies are open to weak management risks and, in extreme cases, fraud. Meanwhile, the report showed that excess liquidity had led some GCC corporations to invest opportunistically in promising projects in the past, without adequately recognizing the risks involved. (GulfBase.com)  SATORP loads second diesel cargo from Jubail refinery – Saudi Aramco Total Refining & Petrochemical Company (SATORP) has loaded the second diesel cargo from its new Jubail refinery. This cargo is expected to remain within Saudi Arabia. (GulfBase.com)  Saudi Aramco sells first jet fuel cargo from Jubail refinery – According to sources, the Saudi Arabian Oil Company (Saudi Aramco) has sold its first jet fuel cargo from a new joint-venture refinery in Jubail. This shipment is likely to head to Europe. The 40,000-ton cargo, which is likely be loaded in mid-November, was sold to oil majors and could be the company's only sale of jet fuel from the refinery this year. (GulfBase.com)  Samsung Engineering wins expansion contract for Shaybah oil field – South Korea-based Samsung Engineering has won a contract from Saudi Aramco to expand gas-oil separation plants in Saudi Arabia’s Shaybah oil field. This contract is in addition to Samsung’s current assignment on one of the construction packages of the $2.8bn Natural Gas Liquids (NGL) program in the southeastern field. Saudi Aramco is planning to increase its light sour crude output from Shaybah and Khurais by 550,000 barrels per day (bpd) in 2016-2017, in order to rebalance its crude quality and extend the lifespan of mature fields. (GulfBase.com)  MA'ADEN expects bauxite production in 2Q2014 – The Saudi Arabian Mining Company (MA'ADEN) expects to begin the bauxite production from a new mine in 2Q2014. MA'ADEN and its US partner, Alcoa are developing a mine that has a capacity to produce 4mn tons of raw material per year for their new aluminum complex in Saudi Arabia. (GulfBase.com)  Saudi Kayan drops plans to build UHMWPE plant in Jubail – Saudi Kayan Petrochemical Company has dropped its plans to build an Ultra High Molecular Weight Polyethylene (UHMWPE) plant in Jubail. In 2012, Saudi Kayan and Petrokemya – both affiliates of SABIC – had signed a MoU to own and finance the project located at Saudi Kayan’s petrochemicals complex. (GulfBase.com) Page 4 of 6
  5. 5.  SEC plans to raise Qassim power plant capacity by 360 MW – The Saudi Electricity Company’s (SEC) CEO Ali bin Saleh Al Barrak said that the company is planning to raise the capacity of Qassim oil-fired power plant by around 360 MW over the next three years. SEC has already raised the plant’s capacity by 720 MW to 1,700 MW in the last few months and is planning to push it above 2,000 MW by installing the combined cycle technology to boost its efficiency. (GulfBase.com)  SEC awards manpower contract to Sawary Energy – SEC has awarded a contract to Sawary Energy for supplying specialized manpower for all its power plants in the Western Region. Sawary will provide its services to operate gas turbines, steam turbines and combined cycle turbines of SEC. (GulfBase.com)  Riyad Bank prices SR4bn sukuk – Riyad Bank sold an Islamic bond worth SR4bn through a private placement. The bank priced the issue at 0.68% over the three-month Saudi interbank lending rate. The sukuk has a lifespan of seven years, but can be called or repaid by the bank at the end of the fifth year. The sukuk’s funds will be used to diversify its funding sources, extend the maturity of its funding and support the financing of its Shari’ah-compliant business. (Reuters)  Al Munajem to buy minority stake in Doux – Abdullah Al Munajem & Sons Company will buy a minority stake in French poultry group, Doux. The deal, which is due to be signed in the next few days, would see D&P, a family-owned investment firm led by Didier Calmels, take 52.5% of Doux, with Almunajem and the Doux family taking the rest. (GulfBase.com)  EIBank reports AED2.8mn net profit in 3Q2013 – The Emirates Investment Bank (EIBank) has reported a net profit of AED2.8mn in 3Q2013 as compared to AED1.3mn in 3Q2012. The bank’s total assets rose 48% YTD to AED2.7bn at the end of September 30, 2013, while customer deposits were up 96% YTD to AED1.6bn. (DFM)  Dubai’s foreign trade in motor vehicles rises 18% in 1H2013 – According to the data released by Dubai Customs, the Emirate’s foreign trade in motor vehicles stood at AED32bn in 1H2013, indicating a rise of 18% YoY. Imports rose 21% YoY to AED23bn, while the value of car re-export grew by 13% to AED9bn in 1H2013. (GulfBase.com)  Dubai hotels welcome 7.9mn visitors in 9M2013 – Dubai’s Department of Tourism & Commerce Marketing (DTCM) said that hotels in the Emirate have hosted around 7.9mn visitors during January-September 2013, reflecting a rise of 9.8% YoY, while their revenues increased 17% YoY to AED15.33bn. Hotel room occupancy averaged at 78.6% over the nine-month period, while hotel apartment occupancy saw a steady growth to 81% compared with 75.5% in the first nine months of 2012. DTCM said that total guest nights have also increased 13.7% YoY to 30.9mn guests during January-September 2013. (GulfBase.com)  S&P affirms ratings on Abu Dhabi at AA/A-1+ – S&P has affirmed its “AA/A-1+” rating for long and short-term foreign & local currency sovereign credit ratings of Abu Dhabi with a Stable outlook. S&P said Abu Dhabi’s ratings are supported by its strong fiscal and external positions, which enable flexibility in fiscal policy. The exceptional strength of Abu Dhabi’s net asset positions also provides a buffer to counter the negative impact of oil price volatility on economic growth and government revenues, as well as on the external account. (GulfBase.com) has increased by 9.4% per annum during the last five years due to new developments and increased population. He said that power demand in Abu Dhabi is forecasted to grow 11.9% per annum until 2015. (GulfBase.com)  StanChart, Citigroup fall out with Etisalat’s $400mn loan – Standard Chartered (StanChart) and Citigroup have fallen out with Emirates Telecommunications Corporation (Etisalat) over its loan facility worth $400mn, which they lent to Etisalat's Indian affiliate Etisalat DB. StanChart has around $300mn exposure on the loan, while Citi has $100mn. (GulfBase.com)  UAB appoints new Executive VP for Wholesale & International Banking – The United Arab Bank (UAB) has appointed Howard Kitson as the new Executive Vice President for its Wholesale & International Banking business. Kitson will be responsible for the development of UAB’s international corporate banking services. Kitson brings with him an extensive international banking experience of 25 years and has held senior roles with HSBC as well as regional banks. Prior to joining UAB, Kitson was Mashreq Bank Qatar’s Country Head. (Bloomberg)  Kuwait expects OPEC to keep crude output target unchanged – Kuwait's oil minister Mustapha al-Shamali said Kuwait expected the Organization of Petroleum Exporting Countries (OPEC) to keep its crude oil output target unchanged at its next meeting. He also said Kuwait is currently producing 2.9mn barrels per day of oil and had the capacity to produce 3.2mn bpd. He mentioned that Kuwait could achieve oil production capacity of 4mn bpd by 2020. (Reuters)  Agility’s unit enters into $200mn contract with Shell – The Agility Public Warehousing Company’s subsidiary, Tristar Transport has entered into a seven-year charter contract worth $200mn with Shell for six new medium range product tankers. These vessels will be delivered in 2016. (DFM)  Iran, Oman consider subsea gas pipeline – Iran’s Petroleum Minister Bijan Namdar Zanganeh said that Oman could receive gas supplies through a new subsea pipeline. He said the two countries have discussed five options for gas transmission, and hope to finalize a deal within five months. (Bloomberg)  BMB reports $1.1mn net loss in 3Q2013 – Bahrain Middle East Bank (BMB) has reported a net loss of $1.1mn in 3Q2013 as compared to a net profit of $0.03mn in 3Q2012. Loss per share stood at 1.36 cents for 9M2013 as compared to EPS of 0.76 cents for 9M2012. The bank’s net interest income stood at $2mn in 3Q2013 as compared to $0.1mn in 3Q2012. Total assets at the end of September 2013 stood at $168.1mn, reflecting an YTD increase of 204.1%. Loan & advances rose by 408.7% YTD to $106.6mn, while customer deposits were up 9.1% YTD to $5.6mn. (Bahrain Bourse)  Bank Muscat to exit stake in Indian securities firm Mangal Keshav Securities – Bank Muscat is planning to exit its 45.7% stake in an Indian securities firm, Mangal Keshav Securities. The bank had received approval from its board for the planned move. (Bloomberg)  Abu Dhabi’s power demand rises 9.4% in last 5 years – The Abu Dhabi Water & Electricity Authority’s (ADWEA) Technical Advisor Saeed Nassouri said that power demand in the Emirate Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 150.0 1.2% 140.0 143.4 130.0 0.9% 0.9% 0.8% 129.4 120.0 117.9 110.0 0.4% 0.2% 0.3% 0.3% 0.2% 0.0% 100.0 90.0 S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance 1D% WTD% YTD% Global Indices Performance 1,288.60 (1.5) (2.1) (23.1) DJ Industrial 21.51 (0.7) (1.7) (29.1) 105.12 1.6 (0.7) (5.4) 3.54 (0.8) 2.5 3.4 118.13 0.0 1.6 31.3 142.63 1.2 1.4 (19.2) Euro 1.34 (0.4) (0.9) 1.3 Yen 99.05 1.0 0.4 14.2 Nikkei GBP 1.60 (0.5) 0.6 (1.5) MSCI EM CHF 1.09 (0.6) (1.0) (0.7) SHANGHAI SE Composite AUD 0.94 (0.7) (0.6) (9.7) USD Index 81.30 0.6 0.7 RUB 32.65 0.8 0.8 BRL 0.43 (0.5) (2.6) (11.5) Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Dubai Oman Source: Bloomberg Close ($) Gold/Ounce Bahrain Jul-13 Kuwait May-12 Dec-12 Abu Dhabi QE Index Oct-11 Qatar Jan-10 Aug-10 Mar-11 (0.1%) Saudi Arabia (0.4%) 80.0 Close 1D% WTD% YTD% 15,761.78 1.1 0.9 20.3 S&P 500 1,770.61 1.3 0.5 24.1 NASDAQ 100 3,919.23 1.6 (0.1) 29.8 322.72 (0.2) 0.4 15.4 DAX 9,078.28 (0.0) 0.8 19.3 FTSE 100 6,708.42 0.2 (0.4) 13.7 STOXX 600 CAC 40 4,260.44 (0.5) (0.3) 17.0 14,086.80 (1.0) (0.8) 35.5 995.30 (1.5) (3.2) (5.7) 2,106.13 (1.1) (2.0) (7.2) HANG SENG 22,744.39 (0.6) (2.2) 0.4 1.9 BSE SENSEX 20,666.15 (0.8) (2.5) 6.4 7.0 Bovespa 52,248.86 (0.9) (3.3) (14.3) 1,435.12 (2.3) (2.7) (6.0) 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 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

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