Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.2% to close at 9,716.4. Losses were led by the
...
Page 2 of 5
Qatar Market Commentary
 The QE index declined 0.2% to close at 9,716.4. The
Transportation and Telecoms indi...
Page 3 of 5
breathing room, but that would not address the substantial
issues preventing an agreement. (Reuters)
 IMF war...
Page 4 of 5
 UBF ink MoU with ABI for banking cooperation – The UAE
Banks Federation (UBF) has signed a MoU with Italian ...
Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui
Head of Research Head of Trading Head of Sales Manag...
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7 October Daily Market Report

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7 October Daily Market Report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 0.2% to close at 9,716.4. Losses were led by the Transportation and Telecoms indices, declining 1.0% and 0.2% respectively. Top losers were Qatar Gas Transport Co. and Qatar Electricity & Water Co., falling 1.8% and 1.1% respectively. Among the top gainers, Qatar Islamic Insurance rose 2.5%, while Zad Holding Co. gained 1.9%. GCC Commentary Saudi Arabia: The TASI index fell 0.3% to close at 7,976.8. Losses were led by the Retail and Hotel & Tourism indices, declining 2.0% and 1.5% respectively. Saudi Trans. & Inv. fell 9.9%, while United Elec. was down 6.4%. Dubai: The DFM index declined 1.3% to close at 2,777.7. The Services index fell 2.5%, while the Inv. & Fin. Services index was down 2.2%. Gulf Finance House declined 5.6%, while Dubai National Ins. & Rein. was down 4.6%. Abu Dhabi: The ADX benchmark index fell 0.5% to close at 3,850.5. The Energy index declined 3.0%, while the Real Estate index was down 1.7%. Sharjah Cement & Ind. Dev. Co. fell 7.6%, while Dana Gas was down 4.4%. Kuwait: The KSE index gained 0.1% to close at 7,664.6. The Real Estate index rose 0.9%, while the Technology index was up 0.8%. Safwan Trading & Contracting gained 8.6%, while First Dubai For Real Estate Dev. was up 7.6%. Oman: The MSM index fell 0.1% to close at 6,647.7. Losses were led by the Industrial and Banking & Invest. indices, falling 0.3% and 0.1% respectively. Con. Mat. Ind. & Cont. fell 2.7%, while Galfar Eng. & Cont. was down 2.4%. Bahrain: The BHB index gained 0.4% to close at 1,198.7. The Investment index rose 0.8%, while the Commercial Banking index was up 0.5%. Gulf Finance House gained 7.1%, while Al Salam Bank was up 2.1%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Islamic Insurance 58.00 2.5 15.5 (6.5) Zad Holding Co. 69.00 1.9 0.1 17.3 Gulf International Services 54.90 1.9 186.4 83.0 Dlala Brok. & Inv. Holding Co. 21.77 1.6 35.0 (30.0) Gulf Warehousing Co. 40.80 1.4 4.5 21.8 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Barwa Real Estate Co. 26.30 1.2 1,258.5 (4.2) United Development Co. 22.10 (0.4) 595.0 24.2 Vodafone Qatar 9.03 (0.1) 368.3 8.1 Qatar Gas Transport Co. 19.30 (1.8) 365.0 26.5 Masraf Al Rayan 29.00 0.0 335.3 17.0 Source: Bloomberg (* in QR) Market Indicators 07 Oct 13 06 Oct 13 %Chg. Value Traded (QR mn) 164.9 166.8 (1.1) Exch. Market Cap. (QR mn) 528,192.1 528,500.1 (0.1) Volume (mn) 4.5 3.7 20.4 Number of Transactions 2,189 2,227 (1.7) Companies Traded 37 37 0.0 Market Breadth 16:13 9:25 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,882.55 (0.2) (0.5) 22.7 N/A All Share Index 2,442.11 (0.1) (0.4) 21.2 12.1 Banks 2,351.96 (0.1) (0.4) 20.7 12.5 Industrials 3,106.16 0.1 (0.2) 18.2 10.9 Transportation 1,795.84 (1.0) (1.3) 34.0 12.2 Real Estate 1,808.74 0.5 0.3 12.2 13.6 Insurance 2,231.71 0.1 (1.5) 13.7 9.3 Telecoms 1,441.45 (0.2) (0.9) 35.3 15.2 Consumer 5,885.42 0.2 (0.2) 26.0 24.2 Al Rayan Islamic Index 2,799.43 0.2 (0.2) 12.5 14.4 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Makkah Cons. & Dev. Saudi Arabia 68.50 3.8 600.1 68.7 Southern Cement Co. Saudi Arabia 110.50 3.3 145.9 10.5 Saudi Fisheries Saudi Arabia 29.70 2.4 3,480.6 (2.6) Kingdom Holding Co. Saudi Arabia 19.60 2.3 2,625.7 (6.2) Riyad Bank Saudi Arabia 26.70 2.3 758.5 16.1 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% United Electronics Co. Saudi Arabia 118.00 (6.3) 177.7 42.2 Herfy Food Services Saudi Arabia 117.00 (5.6) 80.3 22.6 Dana Gas Abu Dhabi 0.65 (4.4) 36,954.7 44.4 Air Arabia Dubai 1.41 (3.4) 17,923.1 68.9 Drake & Scull Int. Dubai 1.21 (3.2) 38,622.3 71.9 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 Gas Transport Co. 19.30 (1.8) 365.0 26.5 Qatar Electricity & Water Co. 159.50 (1.1) 0.6 20.5 Doha Insurance Co. 25.50 (1.0) 11.5 3.9 Qatar & Oman Investment Co. 12.66 (0.7) 0.9 2.2 Commercial Bank of Qatar 67.90 (0.6) 132.1 (4.2) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Barwa Real Estate Co. 26.30 1.2 33,084.4 (4.2) Industries Qatar 151.40 0.1 17,290.3 7.4 United Development Co. 22.10 (0.4) 13,151.4 24.2 QNB Group 168.00 0.0 10,921.2 28.3 Gulf International Services 54.90 1.9 10,157.4 83.0 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* 9,716.43 (0.2) (0.5) 1.1 16.2 45.28 145,041.5 12.1 1.7 4.7 Dubai 2,777.71 (1.3) (1.6) 0.6 71.2 297.22 68,304.5# 16.2 1.1 3.2 Abu Dhabi 3,850.47 (0.5) (0.2) 0.2 46.4 95.54 110,839.3 11.0 1.4 4.7 Saudi Arabia 7,976.80 (0.3) (0.5) 0.1 17.3 1,270.35 425,275.4 16.6 2.1 3.7 Kuwait 7,664.59 0.1 0.5 (1.3) 29.2 148.00 136,295.4 18.4 1.2 3.6 Oman 6,647.74 (0.1) 0.0 0.0 15.4 11.93 23,210.3 11.0 1.6 3.9 Bahrain 1,198.74 0.4 0.4 0.4 12.5 0.55 22,814.4 8.4 0.9 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, #- Value as of October 06) 9,700 9,710 9,720 9,730 9,740 9,750 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 0.2% to close at 9,716.4. The Transportation and Telecoms indices led the losses. The index declined on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Qatar Gas Transport Co. and Qatar Electricity & Water Co. were the top losers, falling 1.8% and 1.1% respectively. Among the top gainers, Qatar Islamic Insurance rose 2.5%, while Zad Holding Co. gained 1.9%.  Volume of shares traded on Monday rose by 20.4% to 4.5mn from 3.7mn on Sunday. However, as compared to the 30-day moving average of 7.9mn, volume for the day was 43.8% lower. Barwa Real Estate Co. and United Development Co. were the most active stocks, contributing 28.3% and 13.4% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change RAK Capital Fitch UAE USD trust certificates’ (sukuk) senior unsecured rating – A(EXP)# – – – Gulf International Bank (GIB) S&P Bahrain SACP/ LT ICR/ ST ICR BBB-/BBB+/A- 2 BBB/BBB+/A- 2 ## Positive  Source: News reports (* LT – Long Term, ST – Short Term, SACP- Stand Alone Credit Profile, ICR- Issuer Credit Ratings) ( # Rating assigned) ( ## Rating upgraded for SACP) Earnings Releases Company Market Currency Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY United Electronic Co. (UEC) Saudi Arabia SR – – 30.4 3.6% 29.4 3.8% Qassim Cement Co. (QCC) Saudi Arabia SR – – 120.1 6.1% 114.7 3.8% Halwani Brothers Co. (HB) Saudi Arabia SR – – 26.0 -14.5% 17.0 -17.9% Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 10/07 EU Sentix Behavioral Indices Sentix Investor Confidence October 6.1 8.5 6.5 10/07 Japan ESRI Leading Index CI August 106.5 106.6 107.9 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Qatar’s MoF sets up credit bureau for government firms – Qatar’s Ministry of Finance (MoF) has set up a new credit bureau for government and semi-government organizations to assess their creditworthiness. The bureau would then recommend to banks and financial institutions if credit facilities can be extended to or renewed for these organizations. The credit bureau is the government version of a centralized bureau supervised by the Qatar Central Bank (QCB) that exists for individuals and corporate borrowers. The QCB has asked all banks and financial institutions to directly contact the bureau if a government or quasi-state organization or any of their subsidiaries approach them for a loan facility or renewal. (Peninsula Qatar)  Ooredoo’s Indosat launches fast internet service in Indonesia – Indonesia-based Indosat (owned by Ooredoo Group) has launched a new UMTS 900MHz network that will provide a faster and better internet experience to Indonesians. With this, Indosat has become the first telecom operator to commercially operate a UMTS 900MHz network in Indonesia after an initial trial in West Sumatra in September 2012. (Gulf- Times.com)  QA awarded the best Middle East airline again – Qatar Airways (QA) has been awarded with the “Best Middle Eastern Airline” title eight years in a row, at the TTG Asia Travel Awards in Bangkok. (Peninsula Qatar)  MERS to disclose its 3Q2013 financial results on October 28 – Al Meera Consumer Goods Company (MERS) will disclose its 3Q2013 financial results for the period ending September 30, 2013 on October 28, 2013. (QE) International  US still in fiscal deadlock, but hope glimmers – A few faint glimmers of hope surfaced in the US fiscal standoff with President Barack Obama saying he would accept a short-term increase in the nation's borrowing authority to avoid a default. Obama's press secretary, Jay Carney said the president would be willing to accept a short-term debt ceiling increase in order to get past the potential crisis date of October 17, when the government hits the $16.7tn borrowing limit. A short-term increase would give Republicans and Democrats some Overall Activity Buy %* Sell %* Net (QR) Qatari 62.07% 64.70% (4,325,455.69) Non-Qatari 37.93% 35.30% 4,325,455.69
  3. 3. Page 3 of 5 breathing room, but that would not address the substantial issues preventing an agreement. (Reuters)  IMF warns difficulty in exiting unconventional monetary policies – According to the IMF, tighter monetary policy in advanced economies could create a bumpy ride for financial markets around the world that central banks may be unable to control. The IMF said unconventional monetary policies such as the US Federal Reserve's massive bond-buying programs helped restore order and lift global growth in the wake of the financial crisis in 2007-2009. However, unwinding these policies may have much more profound negative effects, especially for countries that received the largest capital inflows. The IMF warned that India and Indonesia in particular have more limited policies to deal with the fallout. (Reuters)  Greek budget sees end to six-year recession next year – According to the draft budget forecast, Greece will emerge from six years of recession next year. The Greek economy, which has shrunk by about a quarter since its peak in 2007, will grow by a modest 0.6% next year mainly due to a rebound in investment and exports including tourism. (Reuters)  China services PMI slows to 52.4 in September – According to the survey by Markit/HSBC, growth in China's services industry slowed in September and optimism over the business outlook weakened. The Markit/HSBC services PMI for September dipped to 52.4 from 52.8 in August. The reading is in contrast to China's official services PMI, released last week, which showed the sector expanded at the fastest pace in six months in September as demand grew. The official PMI rose to 55.4 in September from 53.9 in August. (Reuters)  World Bank to cut $400mn from budget in reorganization – The World Bank is planning to cut $400mn from its budget as part of a sweeping reorganization activity to make the global lender more efficient and responsive. The savings are part of the World Bank's first major strategic realignment in 17 years. World Bank's Chief Financial Officer Bertrand Badre said the $400mn in savings will be phased in over three years, marking an 8% cut from the bank's current $5bn in annual expenses. Badre said the ultimate goal of the cuts, along with planned increases in revenue, was to help the bank grow and better serve governments. (Reuters) Regional  Moody’s: Global Takaful premiums to exceed $20bn by 2017 – According to a report released by the Moody’s, Islamic insurance Takaful has grown faster than conventional insurance and is expected to see premiums in excess of $20bn by 2017, even as challenges remain. Moody’s said the rising popularity of Takaful across the globe is primarily supported by countries in the GCC region, Levant, Africa and South East Asia. Moody’s expect that the global growth in Takaful premiums will continue strongly. Moody’s added that the GCC region’s current insurance penetration and density is relatively low compared to more developed markets, primarily due to low awareness of insurance benefits and the relatively recent growth in substantial insurable assets (real estate). Given the expected continued growth in insurable wealth, as well as greater awareness of the insurance’s value, Moody’s expect insurance penetration to converge toward global levels over time. (Gulf-Times.com)  Moody's: Saudi Arabia's banking system outlook remains Stable – According to a report published by Moody’s, the outlook for Saudi Arabia's banking system remains Stable. The report showed that the key drivers of the outlook are namely, a benign operating environment; low problem loan levels; strong loss-absorption capacity, underpinned by high capital buffers and solid profitability; and the sector's stable, low-cost deposit base and ample liquidity. However, Moody's said that these system-wide strengths will remain counterbalanced by structural weaknesses - high loan and deposit concentrations and the financial opacity of certain family conglomerates - over the 12-18 month outlook period. (Bloomberg)  Alinma Bank reports SR262mn net profit in 3Q2013 – Alinma Bank has reported a net profit of SR262mn in 3Q2013, indicating an increase of 8.7% QoQ (+33.7% YoY). EPS stood at SR0.49 for nine months ended on September 30, 2013 as compared to SR0.35 for nine months ended on September 30, 2012. The bank’s total assets at the end of September 2013 stood at SR59.1bn over SR49.9bn over September 30, 2012. Loans & advances rose by 19.8% YoY to SR41.9bn, while customer deposits were up by 31.7% YoY to SR37.6bn. (Tadawul)  SHB reports SR433.3mn net profit in 3Q2013 – Saudi Hollandi Bank (SHB) has reported a net profit of SR433.3mn in 3Q2013, reflecting an increase of 15.6% QoQ (+36.6% YoY). EPS for nine months ended on September 30, 2013 stood at SR2.91 as compared to SR2.37 for nine months ended on September 30, 2012. Total assets rose 19.3% YoY to SR78bn. The bank’s loans & advances increased 23% YoY to SR53.7bn, while customer deposits were up by 16.4% YoY to SR61.4bn at the end of September 2013. (Tadawul)  Kingdom ranks 14th in McKinsey’s HQD index – According to a report released by McKinsey & Company, Saudi Arabia has one of the world’s highest concentration of large companies and has been ranked 14th in the Headquarters Density (HQD) Index. This index is calculated based on the ratio of sum of global consolidated revenues of all large companies headquartered in a jurisdiction as compared to the nation’s GDP. The report showed that Riyadh is the powerhouse of the Middle East, hosting 19 large companies that generate revenues of more than $1bn per year. McKinsey’s estimates show that more than 45% of the Fortune Global 500 companies will be based in emerging economies by 2025, reflecting a 5% rise since 2000. (GulfBase.com)  TCC obtains SR500mn credit facility from Bank Albilad – Tabuk Cement Company (TCC) has entered into a credit facility agreement worth SR500mn with Bank Albilad to finance its cement plant expansion. TCC’s Chairman Khalid bin Saleh Al Shathri said that this credit facility will be used to implement the second phase of construction of its new cement production line, which represents 45% of the clinker production line of 5,000 tons per day, a power station and desalination plant. The company will finance the remaining project cost amounting to SR600mn. He stated that the project’s financial impact will be seen in 4Q2015. Al Shathri also said that the project’s pilot production will begin by the end of 3Q2015, while its commercial production will begin at the end of 4Q2015. (GulfBase.com)  Saudi CMA approves Savola’s capital increase – The Saudi Capital Market Authority’s (Saudi CMA) board has approved the request of Savola Group to increase its capital from SR5bn to SR5.3bn. This will enable Savola to acquire the entire ownership of Al Muhaidib Holding Company’s stakes, 10% shares of Savola Foods Company and 18.6% shares of Azizia Panda United Company. (Tadawul)  Saudi CMA grants license to Musharaka Capital – The Saudi CMA has issued a resolution authorizing Musharaka Capital Company to conduct dealings as a principal, which will manage investment funds, custody, and advise on investment activities. (Tadawul)
  4. 4. Page 4 of 5  UBF ink MoU with ABI for banking cooperation – The UAE Banks Federation (UBF) has signed a MoU with Italian Banking Association (ABI) to cooperate on mutual banking industry activities. Under this agreement, UBF and ABI have agreed to cooperate on activities, which include the exchange of information about policies & procedures, conducting workshops and training programs. The UBF and ABI will establish channels to support the business development of their member banks in the UAE and Italy. (GulfBase.com)  RAK Properties to launch two projects in Dubai – RAK Properties is planning to launch two new projects with an investment of approximately AED400mn on the first day of Cityscape Global 2013 exhibition. (GulfBase.com)  Nakheel’s net profit rises 58% to AED1.77bn – Dubai-based developer Nakheel has reported a net profit of AED1.77bn for the nine months ended on September 30, 2013, reflecting an increase of 58% YoY. Revenues rose by 50% YoY to AED6.83bn during this period. (GulfBase.com)  Al Habtoor to construct three more towers in Al Habtoor City – Al Habtoor Group is planning to construct three more towers in Al Habtoor City on Sheikh Zayed Road in Dubai that will include penthouses worth $245mn. The Al Habtoor City will include 1,460 apartments and three hotels with around 1,600 hotel rooms. Al Habtoor’s Chairman Khalaf al Habtoor said that these additional towers will boost the value of the Al Habtoor City project to AED11bn. This project will have 11 penthouses, which will be sold for more than AED900mn. This project will also have a French-style garden and an air conditioned tennis court. Al Habtoor will finance this project from its own resources and the construction will be completed by early 2016. (Bloomberg)  Abraaj to invest in AIS – The Abraaj Group will invest in the African Industrial Services Group (AIS) through one of its funds. This investment will allow AIS to expand its services to both existing and new customers, and upgrade its inventory management system across West Africa. AIS will focus on developing its four core areas of business: product range extension, geographical expansion, consolidation of new markets and in-house production capacity increase. (GulfBase.com)  DH signs JV with Emaar to develop waterfront within MBR City – Dubai Holding (DH) has entered into a JV agreement with Emaar Properties to develop “The Lagoons”, a waterfront city within the Mohammed Bin Rashid City (MBR City). This 6mn square meter project will be built by the banks of the Dubai Creek. (DFM)  DIRC begins work on its new Dubai projects – Dubai Investments Real Estate Company (DIRC) has begun work on its new residential and commercial projects in Dubai. These new projects are located within Mirdif, Meydan and Jumeirah areas. (GulfBase.com)  ADNEC obtains Kurdistan’s approval to develop the Atrush Block – The Abu Dhabi National Energy Company (ADNEC) has obtained approval from the Kurdistan Regional Government (KRG) to develop the Atrush Block in the autonomous region of Iraq. The block’s first phase of development is expected to produce around 30,000 bpd of oil, with the first batch expected to flow by early 2015. The second phase could add another 30,000 bpd of oil production, along with some associated gas for the domestic market, which is subject to KRG’s approval and further field appraisals. (Bloomberg)  Etihad reports passenger revenue of $1.03bn in 3Q2013 – Etihad Airways said growth from code-share deals and equity partners raised passenger revenue to a record $1.03 billion in 3Q2013 with around 3mn passengers flying in the carrier. The airline’s total revenue rose 11% to $1.41bn, with contribution from alliance partners increasing 36% to $247mn. The partnerships have accounted for 23% of passenger revenue. (Bloomberg)  Al Hilal successfully places $500mn debut sukuk – Al Hilal Bank has successfully placed its $500mn debut sukuk whose order book was oversubscribed by more than 12 times. The total investor demand for this sukuk reached $6.3bn from 220 investors. This sukuk has a maturity of five years and will pay a fixed coupon of 3.267% per annum. (GulfBase.com)  OSC closes OMR137mn loan facility from Bank Muscat and Bank Dhofar – The Oman Shipping Company (OSC) has successfully closed a financing facility worth OMR137mn from Bank Muscat and Bank Dhofar. This facility will used to acquire four very large ore carriers (VLOCs), each having a capacity of 400,000 deadweight tonnage (dwt). Bank Muscat was the mandated lead arranger, while Bank Dhofar acted as the participating bank for this facility. Bank Muscat contributed OMR107mn, while Bank Dhofar provided OMR30mn for this facility. (GulfBase.com)  Al Fajar Al Alamia’s BoD approves 5% cash dividend – The Al Fajar Al Alamia Company’s board of directors have approved to distribute a cash dividend of 5% (OMR0.005 per share) for the year ended on June 30, 2013. (MSM)  Gulf Hotels (Oman)’s BoD approves 40% cash dividend – The Gulf Hotels (Oman) Company’s board of directors have approved to distribute a cash dividend of 40% of the paid-up capital to its shareholders (400 baisas per share). (MSM)  Alba’s sales increase 4.2% YoY in 3Q2013 – Aluminum Bahrain (Alba) has reported that its sales figures were up by 4.2% YoY to reach 227,758 metric tons (mt) in 3Q2013 while production figures increased by 10,377 mt to reach 230,058 mt as compared to the same period of 2012. Sales figures for the month of September alone rose by 14.7% to reach 94,000 mt. In addition, Alba closed 3Q2013 with an average of 66% of total shipments versus 65% for the same period in 2012. Sales figures for the first nine months of 2013 inched up by 2.7% YoY to 682,188 mt ahead of the company’s own forecast for the period. Production figures were up by 3% YTD reaching 682,785 mt versus 663,214 mt for the same period in 2012. (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 (*Market closed on October 07, 2013) Source: Bloomberg (*Market closed on October 07, 2013) 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 (0.3%) (0.2%) 0.1% 0.4% (0.1%) (0.5%) (1.3%) (1.8%) (1.2%) (0.6%) 0.0% 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 1,323.23 0.9 0.9 (21.0) DJ Industrial 14,936.24 (0.9) (0.9) 14.0 Silver/Ounce 22.37 2.9 2.9 (26.3) S&P 500 1,676.12 (0.9) (0.9) 17.5 Crude Oil (Brent)/Barrel (FM Future) 109.68 0.2 0.2 (1.3) NASDAQ 100 3,770.38 (1.0) (1.0) 24.9 Natural Gas (Henry Hub)/MMBtu 3.61 1.4 1.4 5.3 STOXX 600 309.18 (0.2) (0.2) 10.5 North American Spot LPG Propane Price 109.38 (0.1) (0.1) 22.2 DAX 8,591.58 (0.4) (0.4) 12.9 North American Spot LPG Normal Butane Price* 143.75 0.0 0.0 (16.9) FTSE 100 6,437.28 (0.3) (0.3) 9.1 Euro 1.36 0.2 0.2 2.9 CAC 40 4,165.58 0.0 0.0 14.4 Yen 96.71 (0.8) (0.8) 11.5 Nikkei 13,853.32 (1.2) (1.2) 33.3 GBP 1.61 0.5 0.5 (1.0) MSCI EM 1,004.66 (0.3) (0.3) (4.8) CHF 1.11 0.5 0.5 1.4 SHANGHAI SE Composite* 2,174.67 0.0 0.0 (4.2) AUD 0.94 (0.1) (0.1) (9.3) HANG SENG 22,973.95 (0.7) (0.7) 1.4 USD Index 79.94 (0.2) (0.2) 0.2 BSE SENSEX 19,895.10 (0.1) (0.1) 2.4 RUB 32.25 0.2 0.2 5.6 Bovespa 52,417.10 (0.8) (0.8) (14.0) BRL 0.45 0.3 0.3 (7.0) RTS 1,444.32 0.1 0.1 (5.4) 139.6 125.7 114.2

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