10 June Technical Market Report


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10 June Technical Market Report

  1. 1. Page 1 of 6QE Intra-Day MovementQatar CommentaryThe QE index rose 0.4% to close at 9,372.9. Gains were led by the Telecomsand Industrials indices, gaining 1.0% and 0.5% respectively. Top gainers wereQatar & Oman Investment Co. and Qatar Electricity & Water Co., rising 3.8%and 1.7% respectively. Among the top losers, Qatari Investors Group fell 1.8%,while Mazaya Qatar Real Estate Dev. declined 1.6%.GCC CommentarySaudi Arabia: The TASI index declined 0.1% to close at 7,635.8. Losses wereled by the Agriculture & Food Industries and Insurance indices, declining 1.7%and 1.4% respectively. Saudi Indian Co. for Cooperative Insurance fell 7.9%,while Arabian Shield Cooperative Insurance Co. was down 7.0%.Dubai: The DFM index fell 2.3% to close at 2,344.8. The Transportation indexdeclined 5.2%, while the Investment & Financial Services index was down4.3%. Aramex fell 6.8%, while Hits Telecom was down 5.2%.Abu Dhabi: The ADX benchmark index declined 1.0% to close at 3,556.4. TheReal Estate index fell 2.9%, while the Industrial index was down 1.5%.Commercial Bank International and Qatar Telecom declined 7.9% each.Kuwait: The KSE index rose 0.3% to close at 7,927.9. Gains were led by theConsumer Goods and Insurance indices, rising 2.5% and 2.0% respectively.First Takaful Insurance Co. surged 15.8%, while Danah Alsafat Foodstuff Co.was up 9.3%.Oman: The MSM index gained 1.3% to close at 6,633.4. The Banking &Investment index rose 1.1%, while the Services & Insurance index was up0.9%. Bank Sohar gained 6.7%, while Al Batinah Dev. Inv. Holding was up6.0%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Qatar & Oman Investment Co. 13.60 3.8 4,249.9 9.8Qatar Electricity & Water Co. 149.00 1.7 60.5 12.5Qatar Navigation 76.50 1.2 169.5 21.2Mannai Corp 88.00 1.1 12.0 8.6Qatar Telecom 125.70 1.1 20.5 20.9Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%Qatar & Oman Investment Co. 13.60 3.8 4,249.9 9.8Barwa Real Estate Co. 28.00 (0.7) 3,777.3 2.0Vodafone Qatar 9.31 0.1 1,379.1 11.5National Leasing 39.30 (0.1) 1,341.2 (13.1)United Development Co. 23.60 0.1 1,100.4 32.6Market Indicators 10 June 13 09 June 13 %Chg.Value Traded (QR mn) 488.6 825.0 (40.8)Exch. Market Cap. (QR mn) 514,972.2 512,686.5 0.4Volume (mn) 17.2 24.5 (30.0)Number of Transactions 5,786 7,266 (20.4)Companies Traded 39 40 (2.5)Market Breadth 21:13 18:17 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,391.69 0.4 0.9 18.4 N/AAll Share Index 2,370.95 0.4 0.7 17.7 12.9Banks 2,194.60 0.4 0.7 12.6 11.8Industrials 3,174.32 0.5 0.7 20.8 11.8Transportation 1,731.69 0.3 0.1 29.2 12.2Real Estate 1,922.86 (0.4) 2.7 19.3 12.3Insurance 2,324.37 (0.0) (0.0) 18.4 15.3Telecoms 1,322.02 1.0 1.1 24.1 15.1Consumer 5,581.76 (0.2) (0.4) 19.5 22.8Al Rayan Islamic Index 2,865.08 (0.1) 1.0 15.1 14.3GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Makkah Con. & Dev. Saudi Arabia 69.75 9.8 2,248.2 71.8Taiba Holding Co. Saudi Arabia 35.90 7.2 5,356.7 44.5Bank Sohar Muscat 0.21 6.7 5,906.7 18.2NBQ Abu Dhabi 3.45 6.2 1.0 86.5Bank of Sharjah Abu Dhabi 1.75 6.1 945.0 36.7GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Abu Dhabi Nat. Hotels Abu Dhabi 2.57 (7.2) 239.4 45.2Aramex Dubai 2.20 (6.8) 3,493.5 10.0Union National Bank Abu Dhabi 4.55 (5.8) 780.9 57.4Dubai Investments Dubai 1.49 (5.1) 65,381.2 74.9Comm. Bank of Dubai Dubai 3.80 (5.0) 30.0 26.7Source: Bloomberg (#in Local Currency) (##GCC Top gainers/losers derived from the Bloomberg GCC200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%Qatari Investors Group 27.10 (1.8) 446.3 17.8Mazaya Qatar Real Estate Dev. 11.71 (1.6) 768.2 6.5Qatar Islamic Insurance 60.40 (1.3) 41.8 (2.6)Qatar Meat & Livestock Co. 63.50 (1.1) 150.7 8.0Dlala Brok. & Inv. Holding Co. 26.70 (0.7) 117.0 (14.1)Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%Barwa Real Estate Co. 28.00 (0.7) 106,231.9 2.0Qatar & Oman Investment Co. 13.60 3.8 57,115.3 9.8National Leasing 39.30 (0.1) 52,362.0 (13.1)Industries Qatar 163.80 0.4 32,015.2 16.2United Development Co. 23.60 0.1 25,923.8 32.6Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,372.87 0.4 0.9 1.5 12.1 134.18 141,411.4 11.9 1.7 4.9Dubai 2,344.76 (2.3) (3.2) (0.9) 44.5 162.22 60,842.2 15.1 1.0 3.6Abu Dhabi 3,556.40 (1.0) (1.2) (0.2) 35.2 72.64 103,669.2 10.9 1.3 4.9Saudi Arabia 7,635.75 (0.1) 0.3 3.1 12.3 1,700.74 408,445.8 16.3 2.0 3.6Kuwait 7,927.92 0.3 (1.2) (4.5) 33.6 203.15 109,134.0 24.3 1.4 3.4Oman 6,633.41 1.3 2.1 3.4 15.1 30.33 23,135.9 11.3 1.8 4.2Bahrain 1,196.01 0.1 (0.5) (0.0) 12.2 0.48 21,255.9 8.7 0.8 4.1Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)9,3009,3209,3409,3609,3809:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6Qatar Market Commentary The QE index rose 0.4% to close at 9,372.9. The Telecoms andIndustrials indices led the gains. The index rose on the back ofbuying support from non-Qatari shareholders despite sellingpressure from Qatari shareholders. Qatar & Oman Investment Co. and Qatar Electricity & Water Co.were the top gainers, rising 3.8% and 1.7% respectively. Amongthe top losers, Qatari Investors Group fell 1.8%, while MazayaQatar Real Estate Dev. declined 1.6%. Volume of shares traded on Monday declined by 30.0% to17.2mn from 24.5mn on Sunday. However, as compared to the30-day moving average of 11.2mn, volume for the day was53.3% higher. Qatar & Oman Investment Co. and Barwa RealEstate Co. were the most active stocks, contributing 24.8% and22.0% to the total volume respectively.Source: Qatar Exchange (* as a % of traded value)Ratings and Global Economic DataRatings UpdatesCompany Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook ChangeGulf InternationalBank (GIB)CISaudiArabiaLT FCR/STFCR/Support level/FSRA/A1/1/BBB+ A/A1/1/BBB+ – Stable –Al Rajhi Bank FitchSaudiArabiaLT IDR/ ST IDR/ VR/SR/ SR FloorA+/ F1/ a/ 1/A+A+/ F1/ a/ 1/A+– Stable –NationalCommercial BankFitchSaudiArabiaLT IDR/ ST IDR/ VR/SR/ SR Floor/ EMTNProgramA+/ F1/ a/ 1/A+/ (A+/F1)A+/ F1/ a/ 1/A+/ (A+/F1)– Stable –Riyad Bank FitchSaudiArabiaLT IDR/ ST IDR/ VR/SR/ SR Floor/ EMTNProgramA+/ F1/ a/ 1/A+/ (A+/F1)A+/ F1/ a/ 1/A+/ (A+/F1)– Stable –SAMBA FinancialGroupFitchSaudiArabiaLT IDR/ ST IDR/ VR/SR/ SR Floor/ EMTNProgramA+/ F1/ a/ 1/A+/ (A+/F1)A+/ F1/ a/ 1/A+/ (A+/F1)– Stable –Arab National Bank FitchSaudiArabiaLT IDR/ ST IDR/ VR/SR/ SR FloorA/ F1/ a/ 1/ A- A/ F1/ a/ 1/ A- – Negative Banque SaudiFransi (BSF)FitchSaudiArabiaLT IDR/ ST IDR/ VR/SR/ SR Floor/ EMTNProgram/ Seniorunsecured notes/ BSFSukuk Limited TrustCertificate IssuanceProgram/ Seniorunsecured trustcertificatesA/ F1/ a/ 1/ A-/A/ (A / F1)/ A/AA/ F1/ a/ 1/ A-/ A/ (A / F1)/A/ A– Negative Saudi British Bank(SABB)FitchSaudiArabiaLT IDR/ ST IDR/ LTlocal currency IDR/ VR/SR/ SR Floor/ EMTNProgram/ Seniorunsecured notesA/ F1/ A/ a/ 1/A-/ (A / F1)/ AA/ F1/ a/ 1/ A-/ A/ (A / F1)– Negative Saudi HollandiBankFitchSaudiArabiaLT IDR/ ST IDR/ VR/SR/ SR FloorA-/ F2/ bbb/ 1/A-A-/ F2/ bbb/1/ A-– Stable –Saudi InvestmentBankFitchSaudiArabiaLT IDR/ ST IDR/ VR/SR/ SR FloorA-/ F2/ bbb-/ 1/A-A-/ F2/ bbb-/1/ A-– Stable –Alinma Bank FitchSaudiArabiaLT IDR/ ST IDR/ VR/SR/ SR FloorA-/ F2/ bbb-/ 1/A-A-/ F2/ bbb-/1/ A-– Stable –Bank Aljazira FitchSaudiArabiaLT IDR/ ST IDR/ VR/SR/ SR Floor/ AljaziraCapital LT IDR/ AljaziraCapital ST IDR/ AljaziraCapital SRA-/ F2/ bbb-/ 1/A-/ A-/ F2/ 1A-/ F2/ bbb-/1/ A-/ A-/ F2/1– Stable –Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating)Global Economic DataDate Market Source Indicator Period Actual Consensus Previous06/10 EU Sentix Sentix Investor Confidence June -11.60 -11.30 -15.6006/10 France INSEE Industrial Production (MoM) April 2.20% 0.30% -0.60%06/10 France INSEE Industrial Production (YoY) April -0.50% -4.00% -2.10%06/10 France INSEE Manufacturing Production (MoM) April 2.60% 0.50% -0.70%06/10 France INSEE Manufacturing Production (YoY) April -0.20% -3.50% -4.40%06/10 Italy ISTAT Industrial Production sa (MoM) April -0.30% 0.00% -0.90%06/10 Italy ISTAT Industrial Production wda(YoY) April -4.60% -3.60% -5.30%Overall Activity Buy %* Sell %* Net (QR)Qatari 71.07% 71.81% (3,602,432.52)Non-Qatari 28.93% 28.19% 3,602,432.52
  3. 3. Page 3 of 606/10 Italy ISTAT GDP sa and wda (QoQ) 1Q2013 -0.60% -0.50% -0.90%06/10 Italy ISTAT GDP sa and wda (YoY) 1Q2013 -2.40% -2.30% -2.80%06/10 JapanEconomic & SocialResearch InstituteGDP Annualized 1Q2013 4.10% 3.50% 1.20%06/10 JapanEconomic & SocialResearch InstituteGross Domestic Product (QoQ) 1Q2013 1.00% 0.90% 0.30%06/10 JapanEconomic & SocialResearch InstituteConsumer Confidence May 45.70 44.70 44.50Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)NewsQatar MSCI to review Qatar Exchange status today – The indexcompiler Morgan Stanley Capital International (MSCI) is set toannounce the results of its market classification review of theQatar Exchange today. (Peninsula Qatar) QNB Group: Qatar’s crude output dips 3.1% YoY in April –According to a report by QNB Group, Qatar’s crude oilproduction declined 3.1% YoY to 720,000bpd in April 2013. Thereport stated that the country’s crude production was expectedto recover by the end of 2014 as redevelopment plans areimplemented. The QNB Group’s latest monthly monitor said theaverage price fetched by Qatari crude was $103.1 in April, down13.5% YoY. (Gulf-Times.com) SCH: New NHIC to manage scheme of NHIS which begins inJuly – The Supreme Council of Health (SCH) has announcedthe establishment of the National Health Insurance Company(NHIC), which will manage the first stage implementation of theNational Health Insurance Scheme (NHIS). Implemented fromJuly 2013, the NHIS will provide coverage for all Qatari womenaged above 12 years for their maternity, obstetrics, andgynecology-related healthcare issues. The SCH added thataround 90,000 Qatari women are expected to be covered duringthe first stage of the mandatory scheme, which is beinglaunched in five stages until 2015 to cover the entire populationin the country, including single male laborers and domesticworkers. (Gulf-Times.com) QGMD wins QR8.5mn medical devices contract from SGH –The Qatar German Company for Medical Devices (QGMD) hasobtained a QR8.5mn contract to supply medical devices for theSaudi German Hospital (SGH) in Riyadh. (QE) TFI’s US realty project to get $390mn Shari’ah financing –The First Investor (TFI), the investment banking arm of BarwaBank, and Hines have closed a loan syndicate to provideconstruction financing for the landmark CityCenterDC (CCDC)project under construction in downtown Washington DC. The JPMorgan-led syndicate will provide $390mn in Shari’ah-compliantreal estate construction financing for the project. TFI wasinstrumental in structuring the transaction together with the TFIUS Real Estate Fund’s CityCenterDC development partner,Hines. (Gulf-Times.com) Siemens to supply wet air oxidation system to QAPCO –Siemens has secured a contract to supply a wastewatertreatment system to Qatar Petrochemical Company (QAPCO).(AME Info) QIBK awarded Islamic Bank of the Year-Qatar 2013 – TheQatar Islamic Bank (QIBK) has been awarded the title of“Islamic Bank of the Year–Qatar 2013” by The Bankermagazine. (QE)International S&P revises US credit outlook to Stable from Negative –Ratings agency S&P has removed the near-term threat ofanother credit rating downgrade for the US by revising itsoutlook to Stable from Negative, citing an improved economicand fiscal outlook. The change effectively means there is lesschance of a downgrade in the next two years. S&P said a keyfactor to its revision in the US rating outlook was the agreementreached by the US Congress to avoid the fiscal cliff, which hadthreatened to introduce automatic tax increases and spendingcuts worth $600bn. (Reuters) OECD: US, Japan leading recovery in major economies –The Organization for Economic Cooperation & Development(OECD) said major developed economies are gradually gainingmomentum led by faster growth in Japan and the US. TheOECD’s latest monthly leading indicator rose to 100.6 in April2013 from 100.5 in March. The indicator for the US remainedunchanged at 101.0, while Japan’s reading improved to 101.1from 100.9. The Eurozone’s reading rose to 100.1 from 100.0.(Reuters) Draghi: ECB will not buy bonds to save collapsing states –The European Central Bank (ECB) President Mario Draghi saidthe bank would not use its yet-to-be-activated bond-buyingprogram to save profligate countries from insolvency, but only topreserve the euro. The central banks program has helped calmthe markets over the past few months, but it has raised aconcern in Germany, which is the most exposed as the ECBslargest shareholder. The ECB said if there is a confidence crisisin the euro, which is threatening the solvency of the countriesnot beyond what their fundamentals are, then it is ready tointervene. (Reuters) BoJ holds monetary policy steady – The Bank of Japan (BoJ)has kept its monetary policy steady and revised up itsassessment of the Japanese economy. As expected, the centralbank voted unanimously to maintain its pledge of increasingbase money or deposits at the BoJ, at an annual pace of 60-70tn yen. (Bloomberg) Fitch warns on risks from shadow banking in China –According to rating agency Fitch, Chinas unregulated shadowbanking sector poses an increasing risk to the countrys financialstability that could spread contagion to other countries. Fitchsaid China has many non-bank lenders outside the mainstreamregulated banking sector, who are providing increasing amountsof credit to businesses and government, a situation that isstoking systemic risk. Fitch said it is hard to get a handle on aproblem that hurts the effectiveness of the monetary policy, willcomplicate the winding down of any institutions that fail andcould eventually put downward pressure on Chinas sovereignrating as well. (Reuters)Regional Saudi to sell more crude to India in July – Saudi Arabia isselling more crude to India in July as two Indian refiners have
  4. 4. Page 4 of 6asked for additional cargoes to make up for a loss of suppliesfrom Iran. (Gulf-Times.com) CSC pleads for establishing industrial authority – TheCouncil of Saudi Chambers (CSC) has urged for theestablishment of an industrial authority to ensure the smoothimplementation of the private sector’s industrial plans throughoutthe Kingdom. (GulfBase.com) Three consortiums bid for Riyadh Metro – The HighCommission for Riyadh Development (HCRD) has announcedthat three major global consortiums have submitted theirtechnical and financial offers for the Riyadh Metro. The metrosystem for Riyadh city will have 96 air-conditioned stations intotal, which includes the main stations, four transfer stations,and five park-and-ride stations. (GulfBase.com) Saudi Binladin completes new SR1.3bn sukuk – SaudiBinladin Group has successfully completed its sukuk issue worthSR1.3bn. (AME Info) Tabuk Cement to establish second clinker line and powerplant – Tabuk Cement Company is planning to establish asecond clinker line along with a new power plant. Tabuk hasawarded the $141mn contract to CDI, a Chinese company fordesigning and installing the new 5,000 tons per day clinker line.Meanwhile, leading engineering company Caterpillar is providingthe 30 MW power plant, while Veolia won the $9.5mn contract toprovide a new water treatment plant capable of processing1500mn cubic feet per day. Tabuk said the project will befinanced through a combination of bank loans and thecompany’s own resources. Tabuk expects the trial production tobegin by 3Q2015, while the full commercial production isexpected to start in 4Q2015. (Bloomberg) Al-Khodari Sons gets several contracts for city cleaning –Abdullah A. M. Al-Khodari Sons Company has obtained aSR156mn contract from the Ministry of Municipal & Rural Affairs(Riyadh Municipality) for cleaning of Shumaisi for a period of fiveyears from the date of site hand over. Moreover, the Ministryhas also awarded another SR300mn contract to Al-KhodariSons for cleaning of Nassim and Suali for a period of five yearsfrom the date of site hand over. (Tadawul) Saudi Methanol to take its plant off-stream for maintenance– According to sources, the Saudi Methanol Company is likely totake its Ar-Razi No.5 methanol plant off-stream for maintenanceworks. The plant is likely to undergo maintenance in 4Q2013.(Bloomberg) UAE banks ask central bank to permit loan transfers fornationals – The UAE Banks Federation said commercialbankers in the UAE have requested the Emirate’s central bankto remove a ban on transfers of consumer personal loansbetween banks. The federation also said that it has initiatedtalks with the central bank in an effort to get the ban lifted.(Reuters) Citigroup to exit UAE interbank rate setting panel – US-based Citigroup Inc is set to leave the interbank interest ratesetting panel in the UAE from June 25, 2013. Citigroup will notbe replaced by another bank, so its exit will bring down thepanel – which sets the Emirates Interbank Offered Rate(EIBOR) – to 11 members from the current 12. (Reuters) ICD signs upsized $2.6bn loan with local banks – InvestmentCorp of Dubai (ICD) has signed an upsized $2.6bn, five-yearloan facility deal, in which 17 lenders participated. The new dealwas arranged by a group of eight local and international bankswho will refinance an existing $2bn facility that is due to maturein August 2013. (Reuters) Dubai Group’s battered asset values are fifth of its debt –The assets of Dubai Group – a investment unit of Dubai Holding– are worth just a fifth of its $10bn worth debt. Creditors, whosign up for a debt deal with Dubai Group, may face big losseswithout a major improvement in values. (Gulf-Times.com) Emirates NBD concludes the acquisition of BNP Paribas’shares – Emirates NBD has completed the acquisition of sharesof BNP Paribas in a $500mn deal, after fulfilling the requiredapprovals from the Central Bank of Egypt and the GeneralAuthority for Investment. These majority shares represent 95.2%of the total shares, while necessary approvals are currently inprocess for the minorities shares representing 4.8% owned byBank Misr and Banque du Caire Employee Insurance Fund. Bythis acquisition, Emirates NBD will take over BNP Paribas’ Egyptoperation and will serve a client base of over 200,000customers, 3,000 corporate and 700 financial institutionsthrough a network of 68 branches. (Bloomberg) Tamweel’s BoD recommends conversion, delisting ofcompany – Tamweel’s board of directors has recommended itsshareholders to approve the conversion of the company into aprivate joint stock company and delisting its shares from theDubai Financial Market. This move is subject to the relevantregulatory approval. (DFM) Deyaar to launch two property projects, opens new branchat Business Bay – Deyaar Development’s CEO Saeed AlQatami said the company is planning to launch two new projectsin 2013. One of Deyaars new projects is a residentialdevelopment in the Business Bay area of Dubai worth aboutAED500mn, while the second project is in the finalization stage.Meanwhile, the company has opened a new full-fledged branchat Business Bay. (DFM) Construction firms plan to bid for Abu Dhabis AED7bnmetro – According to sources, construction companies aregearing up to bid on the AED7bn Abu Dhabi metro and light-railscheme, as the Emirate’s Department of Transport initiates thetendering process this week. (GulfBase.com) ABEA records 21% increase in traffic in Jan-Apr 2013 – AbuDhabi Airports Company announced that its business aviationairport, the Al Bateen Executive Airport (ABEA) witnessed a21% increase in visiting aircraft traffic during January-April 2013period versus the same period in 2012. (AME Info) Al Noor Hospitals seeks $390mn in London IPO – AbuDhabi-based Al Noor Hospitals is planning to raise between$320mn and $390mn by offloading up to 34% of the companysstock through a flotation in London. Al Noor has set a pricerange of £5.25-7.25 for the IPO. Al Noor’s free float will bebetween 31% and 34% of the total offering, while $150mn willbe sourced from the issue of new shares. The remaining shareswill be sold by existing shareholders. (Reuters) KPI MD: Construction of Vietnam KPI refinery project tostart in July – Kuwait Petroleum International Company’s (KPI)Managing Director Bakheet Al-Rashidi said the constructionwork for a major joint refinery & petrochemical complex worth$9bn in Vietnam will start in July 2013. He added that thecompany expects the work to be completed by late 2016 with itscommercial production to commence in 2Q2017. (Bloomberg) Kuwait SWF led consortium’s bid for Severn Trent to bedropped – Borealis Infrastructure Management Inc and itspartners in the LongRiver Group including Kuwait sovereignwealth fund (SWF) will abandon a £5.3bn offer for Severn Trentbecause the UK water utility declined to negotiate with thegroup. (Bloomberg)
  5. 5. Page 5 of 6 Oman crude exports rose 3.9% in May from April – Oman’sOil Ministry said the country’s exports increased in May by 3.9%MoM to 26.8mn barrels, which averaged at 864,782 bpd. TheMinistry added that Oman’s output of crude and condensaterose 0.97% MoM to 28.1mn barrels in May. China was thebiggest buyer of Omani crude for May, with 61% share andTaiwan stood second with 15%. (Bloomberg) ONICH invests in Takaful Oman as a founding shareholder– ONIC Holding (ONICH) is investing in the first takafulinsurance company in the country, Takaful Oman, as one of itsfounding shareholders. Takaful Oman’s initial capital will beOMR10mn and ONICH will hold a 7.5% stake. (MSM) CBB T-bills oversubscribed by 123% – The Central Bank ofBahrain’s (CBB) this week’s issue of BHD35mn governmenttreasury bills has been oversubscribed by 123%. These billscarry a maturity of 91 days and maturity date is September 11,2013. The weighted average rate of interest is 0.7%, equivalentto 0.7% for the previous issue. (AME Info) VCBank reported 15-month net profit of $20.2mn – Bahrain-based Venture Capital Bank (VCBank) has reported a net profitof $20.2mn from its total revenue of $39.6mn for the 15 monthsended March 31, 2013. This compares well with a loss of$58.7mn and revenues of $6.7mn in 2011. As on March 31,2013, total assets increased to $216.1mn compared to$198.5mn at the end of 2011. (GulfBase.com) Bahrain chooses banks for potential dollar bond issue –Bahrain has picked BNP Paribas, Citigroup, JP Morgan and GIBCapital to arrange investor meetings in Los Angeles, Boston,New York, London, Riyadh and Abu Dhabi commencing on June12 2013. These meetings are arranged ahead of a the country’spotential sovereign bond and Eurobond issue, whose proceedsare likely to be used to plug an expected budget deficit for 2013.(GulfBase.com)
  6. 6. ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager - HNWITel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qaQNB Financial Services SPCContact Center: (+974) 4476 6666PO Box 24025Doha, QatarDISCLAIMER: 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 QatarFinancial 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 anoffer, 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 potentialinvestors 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 bereliable, 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 theright 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, theviews 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 6Rebased Performance Daily Index PerformanceSource: Bloomberg Source: BloombergSource: Bloomberg Source: Bloomberg80.090.0100.0110.0120.0130.0140.0Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13QEIndex S&P Pan Arab S&P GCC(0.1%)0.4% 0.3%0.1%1.3%(1.0%)(2.3%)(3.2%)(2.4%)(1.6%)(0.8%)0.0%0.8%1.6%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,386.50 0.2 0.2 (17.2) DJ Industrial 15,238.59 (0.1) (0.1) 16.3Silver 21.93 1.3 1.3 (27.7) S&P 500 1,642.81 (0.0) (0.0) 15.2Crude Oil (Brent) 103.64 (0.8) (0.8) (8.2) NASDAQ 100 3,473.77 0.1 0.1 15.0Euro 1.33 0.3 0.3 0.5 DAX 8,307.69 0.6 0.6 9.1Yen 98.76 1.2 1.2 13.8 FTSE 100 6,400.45 (0.2) (0.2) 8.5GBP 1.56 0.1 0.1 (4.2) CAC 40 3,864.36 (0.2) (0.2) 6.1CHF 1.07 0.2 0.2 (2.0) Nikkei 13,514.20 4.9 4.9 30.0AUD 0.95 (0.3) (0.3) (8.9) Shanghai 2,210.90 0.0 0.0 (2.6)USD Index 81.65 (0.0) (0.0) 2.4 BSE Sensex 19,441.07 0.1 0.1 0.1RUB 32.29 0.4 0.4 5.8 Bovespa 51,316.65 (0.6) (0.6) (15.8)BRL 0.47 (0.6) (0.6) (4.5) RTS 1,300.54 (1.1) (1.1) (14.8)134.7120.4109.5