11 June Technical Market Report


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11 June Technical Market Report

  1. 1. Page 1 of 5QE Intra-Day MovementQatar CommentaryThe QE index declined 0.2% to close at 9,354.5. Losses were led by theTelecoms and Industrials indices, declining 1.0% and 0.7% respectively. Toplosers were Al Khaleej Takaful Group and Qatar Navigation, falling 2.2% and1.7% respectively. Among the top gainers, Qatar & Oman Investment Co. rose2.6%, while Qatari Investors Group gained 2.2%.GCC CommentarySaudi Arabia: The TASI index declined 0.7% to close at 7,583.3. Losses wereled by the Agriculture & Food Industries and Real Estate Development indices,declining 1.5% and 1.2% respectively. Tabuk Cement Co. fell 7.9%, whileMakkah Construction & Development Co. was down 6.1%.Dubai: The DFM index rose 0.6% to close at 2,358.3. The Services indexgained 2.2%, while the Investment & Financial Services index was up 1.7%.Ekttitab Holding Co. rose 2.8%, while Dubai Investment Co. was up 2.7%.Abu Dhabi: The ADX benchmark index gained 0.3% to close at 3,565.9. TheEnergy index rose 1.7%, while the Real Estate index was up 1.1%. GulfMedical Projects Co. gained 8.0%, while Eshraq Properties Co. was up 5.5%.Kuwait: The KSE index rose 1.3% to close at 8,029.3. Gains were led by theInsurance and Real Estate indices, rising 1.9% and 1.7% respectively. GulfFranchising Holding Co. rose 9.3%, while Al-Dar National Real Estate Co. wasup 9.1%.Oman: The MSM index gained 0.4% to close at 6,657.2. The Banking &Investment index rose 1.0%, while the Services & Insurance index was up0.4%. Oman Holding International gained 8.8%, while Bank Dhofar was up5.1%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Qatar & Oman Investment Co. 13.95 2.6 3,941.1 12.6Qatari Investors Group 27.70 2.2 1,019.2 20.4Qatar Islamic Insurance 61.70 2.2 116.6 (0.5)Zad Holding Co. 61.00 1.8 12.6 3.7Gulf Warehousing Co. 42.50 1.4 281.4 26.9Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%Qatar & Oman Investment Co. 13.95 2.6 3,941.1 12.6National Leasing 39.40 0.3 1,668.7 (12.8)Barwa Real Estate Co. 28.15 0.5 1,481.6 2.6United Development Co. 23.60 0.0 1,343.8 32.6Qatari Investors Group 27.70 2.2 1,019.2 20.4Market Indicators 11 June 13 10 June 13 %Chg.Value Traded (QR mn) 487.3 488.6 (0.3)Exch. Market Cap. (QR mn) 513,260.1 514,972.2 (0.3)Volume (mn) 14.6 17.2 (15.0)Number of Transactions 4,791 5,786 (17.2)Companies Traded 38 39 (2.6)Market Breadth 19:15 21:13 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,365.43 (0.2) 0.7 18.1 N/AAll Share Index 2,366.84 (0.2) 0.6 17.5 12.9Banks 2,198.92 0.2 0.9 12.8 11.9Industrials 3,153.14 (0.7) 0.0 20.0 11.7Transportation 1,725.81 (0.3) (0.2) 28.8 12.2Real Estate 1,928.47 0.3 3.0 19.7 12.3Insurance 2,322.67 (0.1) (0.1) 18.3 15.2Telecoms 1,308.55 (1.0) 0.1 22.9 14.9Consumer 5,595.74 0.3 (0.2) 19.8 22.8Al Rayan Islamic Index 2,868.22 0.1 1.2 15.3 14.3GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Bank Dhofar Oman 0.37 5.1 796.0 13.5Ithmaar Bank Bahrain 0.26 4.0 653.0 52.9United Real Estate Co. Kuwait 0.11 3.7 2,499.2 (6.7)Burgan Bank Kuwait 0.65 3.2 2,496.5 28.8Al Ahli Bank of Kuwait Kuwait 0.49 3.2 12.0 (6.4)GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Abu Dhabi Nat. Hotels Abu Dhabi 2.36 (8.2) 0.5 33.3Tabuk Cement Saudi Arabia 28.00 (7.9) 3,142.5 15.5Makkah Cons. & Dev. Saudi Arabia 65.50 (6.1) 2,269.1 61.3Oman Cement Co. Muscat 0.78 (4.7) 1,019.2 20.8Taiba Holding Co. Saudi Arabia 34.50 (3.9) 3,655.3 38.8Source: 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%Al Khaleej Takaful Group 44.85 (2.2) 67.4 22.3Qatar Navigation 75.20 (1.7) 87.6 19.2Ezdan Holding Group 17.77 (1.2) 163.9 (2.4)Industries Qatar 161.90 (1.2) 381.7 14.8Qatar Telecom 124.30 (1.1) 165.8 19.5Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%National Leasing 39.40 0.3 65,529.3 (12.8)Industries Qatar 161.90 (1.2) 61,849.5 14.8Qatar & Oman Investment Co. 13.95 2.6 54,635.3 12.6Barwa Real Estate Co. 28.15 0.5 41,611.6 2.6QNB Group 149.40 0.5 32,193.5 14.1Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,354.50 (0.2) 0.7 1.3 11.9 133.80 140,941.2 11.9 1.7 4.9Dubai 2,358.28 0.6 (2.6) (0.4) 45.3 123.67 60,943.7 15.2 1.0 3.6Abu Dhabi 3,565.89 0.3 (0.9) 0.1 35.6 64.02 103,759.8 10.9 1.3 4.9Saudi Arabia 7,583.28 (0.7) (0.4) 2.4 11.5 1,521.95 405,890.0 16.1 2.0 3.6Kuwait 8,029.31 1.3 0.0 (3.3) 35.3 218.83 109,984.5 24.7 1.4 3.3Oman 6,657.22 0.4 2.4 3.7 15.6 30.86 23,220.8 11.3 1.8 4.2Bahrain 1,199.63 0.3 (0.1) 0.3 12.6 1.69 21,312.0 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 5Qatar Market Commentary The QE index declined 0.2% to close at 9,354.5. The Telecomsand Industrials indices led the losses. The index declined on theback of selling pressure from non-Qatari shareholders despitebuying support from Qatari shareholders. Al Khaleej Takaful Group and Qatar Navigation were the toplosers, falling 2.2% and 1.7% respectively. Among the topgainers, Qatar & Oman Investment Co. rose 2.6%, while QatariInvestors Group gained 2.2%. Volume of shares traded on Tuesday declined by 15.0% to14.6mn from 17.2mn on Monday. However, as compared to the30-day moving average of 11.7mn, volume for the day was25.0% higher. Qatar & Oman Investment Co. and NationalLeasing were the most active stocks, contributing 27.0% and11.4% 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 Bank (GB) Fitch KuwaitVR/ LT IDR/ ST IDR/SR/ SR floorb+/A+/F1/1/A+bb-/A+/F1/1/A+ #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, VR - Viability Rating, SR –Support Rating) (#VR upgraded)Global Economic DataDate Market Source Indicator Period Actual Consensus Previous06/11 US NFIB NFIB Small Business Optimism May 94.4 92.1 92.106/11 US US Census Bureau Wholesale Inventories April 0.20% 0.20% 0.30%06/11 US US Census Bureau Wholesale Sales MoM April 0.50% -0.10% -1.40%06/11 UK RICS RICS House Price Balance May 5.0% 3.0% 1.0%06/11 UK ONS Industrial Production (MoM) April 0.10% 0.00% 0.70%06/11 UK ONS Industrial Production (YoY) April -0.60% -0.60% -1.40%06/11 UK ONS Manufacturing Production (MoM) April -0.20% -0.20% 1.10%06/11 UK ONS Manufacturing Production (YoY) April -0.50% -0.30% -1.40%06/11 UK NIESR NIESR GDP Estimate May 0.60% – 1.00%Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)NewsQatar Qatar, UAE upgraded to emerging markets – MSCI hasupgraded Qatar and the UAE to emerging-market status fromtheir frontier market classification. The index provider hasdowngraded Morocco to a frontier market and lowered Greeceto emerging market from developed market status. Thereclassification of Qatar and the UAE will coincide with the May2014 semi-annual index review, while the status lowering of bothGreece and Morocco will coincide with the November 2013semi-annual index review. Meanwhile, MSCI said it is monitoringEgyptian markets, with a particular concern over the recentshortage of foreign currency in the domestic foreign exchangemarket. (Bloomberg, Reuters) QGTS signs $917mn refinancing deal with QNB Group –Nakilat Inc., a wholly owned subsidiary of Qatar Gas TransportCompany Ltd. (Nakilat), has successfully arranged refinancingamounting to US $917 million with Qatar National Bank SAQ(QNB). Nakilat Inc. established its Program Financing structureto fund the construction of a fleet of 25 LNG vessels, each ofwhich is subject to a 25-year time charter. These vessels serveas part of the floating pipeline carrying LNG for Qatargas andRasGas, which together produce over 77 MTA of LNG. (QE) Qatar earmarks QR38bn for healthcare for next five years –Qatar’s Minister of Health and the Supreme Council of Health’sSecretary General HE Abdullah bin Khalid Al Qahtani said atotal of QR38bn will be spent on Qatar’s healthcare sector overthe next five years. The SCH is set to launch a new mentalhealth strategy by the end of 2013, which is expected totransform mental health services in the country. (Gulf-Times.com) Ashghal awards several major expressway contracts – ThePublic Works Authority (Ashghal) has awarded design &supervision contracts worth QR540mn for a dual carriageway tobe built to connect Al Khor with Mesaieed to Aecom MiddleEast. Ashghal has also awarded other major works contracts inZubara, Umm Bab-Mekenis link road, Al Shahaniya -AlJemailiya road, Jemailiya-Abu Sidra road, and Jemailiya-AlBusayyir road at a cost of QR433mn to Egis International.Similarly, contracts worth QR348mn for the widening &upgrading work on Al Rayyan road and Al Bustan Street havebeen given to Egis International. Further, Ashghal has alsoawarded road contracts worth QR7.2bn to about half a dozencompanies, including a 20-kilometer long East West Corridorworth QR3.9bn, which is aimed at reducing pressure on existingroutes to the Hamad International Airport. Two packages of theEast West corridor were awarded to a consortium of J&P-AvaxOverall Activity Buy %* Sell %* Net (QR)Qatari 71.37% 66.16% 25,414,140.03Non-Qatari 28.63% 33.84% (25,414,140.03)
  3. 3. Page 3 of 5S A (QR1.67bn) and the China Harbour Engineering Company(QR2.23bn). (Gulf-Times.com) Tasweeq CEO: Naphtha exports to reduce by 2017 as Qatarconsumes more – Tasweeq CEO Saad A Al Kuwari said thecompany expects naphtha exports to decline by 2017 asdomestic demand in Qatar is increasing. He said in 2013, thecompany expects to export 8mn tons of naphtha and about 24cargoes of jet fuel cargo (35,000 tons). He added that Tasweeqis set to sell about two jet fuel cargoes a month starting fromJune 2013. (Bloomberg) Qatar Airways signs alliance to boost East African reach –Qatar Airways has partnered with a low cost carrier Fly540Kenya to expand its reach into East Africa. Under the alliance,passengers of Qatar Airways will be able to travel from Doha toJomo Kenyatta International Airport in Nairobi and connect withFly540 Kenya’s flights to destinations in Kenya, South Sudanand Zanzibar using one itinerary. Meanwhile, the company hasannounced that its scheduled Seychelles flights will besuspended from September 1 until further notice, owing tocommercial reasons. (Qatar Tribune, Bloomberg) Qatar aromatics project likely in 2017 – Tasweeq’s petroleumproducts marketing arm’s CEO Saad al Kuwari said Qatar isbuilding a new aromatics project that it hopes to launch by4Q2017. (Qatar Tribune)International OPEC sees stronger oil demand in 2H2013 – TheOrganization of the Petroleum Exporting Countries (OPEC) saidthe global oil demand will grow more quickly in 2H2013 than1H2013 due to economic recovery and higher seasonalconsumption. According to its monthly report, OPEC forecaststhe world oil demand to expand by 900,000 bpd in 2H2013, upfrom 700,000 bpd in 1H2013. The report added that OPECsown production rose by 106,000 bpd in May to 30.6mn bpd, ledby higher output in Saudi Arabia. Further, the report said that forthe entire year, the world oil demand would grow by 780,000bpd, slightly lower than last months estimate of 790,000 bpd.(Reuters) Greece to ask lenders to lower asset sale target – The Greekgovernment is planning to ask foreign lenders to reset its assetsales target due to its failure to sell the natural gas firm, DEPA.Greece will miss its asset sale target by roughly €1bn this yearafter its privatization schedule was derailed by Russian energygiant Gazprom’s withdrawal from the process of buying DEPA.The sale had initially been expected to raise as much as €1bnand now, the country will ask the European Union and the IMFto postpone raising that sum to 2014. (Reuters) BoJ: Will consider steps to calm bond market if needed –The Bank of Japan (BoJ) Governor Haruhiko Kuroda said thecentral bank will consider extending its fixed-rate marketoperation in the future if necessary, to stem any spike in bondyields. Kuroda also said he does not see much room to sharplyincrease the BoJs purchase of real estate investment trusts inthe short term, because the Japanese market is still small.(Reuters)Regional Kingdom to invest $45bn to set up railway networks – SaudiArabia is expected to invest $45bn to establish railway networksacross the Kingdom. These projects include the SaudiLandbridge, the North-South Railway Line, the Haramain HighSpeed Rail, the GCC Rail, the Riyadh Light Railway andMakkah Metro. The total length of these railway projects isexpected to be 7,000 kilometers, which will establish acomprehensive rail network for commuters in Saudi Arabia.Moreover, it is expected that the number of railway passengerswho use the existing railway system – North-South line and theHaramain high speed rail will increase to 3.4mn by 2014.(GulfBase.com) GACA hires HSBA, NCB, StanChart for sukuk issue – SaudiArabia’s General Authority of Civil Aviation (GACA) has hiredHSBC Holdings (HSBA), National Commercial Bank’s (NCB)investment banking unit and Standard Chartered (StanChart) forits local-currency sukuk offering. Reuters reported that GACAmay sell SR15bn in an offering before the start of Ramadanholidays. (Bloomberg) Saudi Arabia to build a pilgrim city in Madinah – TheGovernor of Madinah Prince Faisal Bin Salman Bin Abdul Azizsaid the Kingdom plans to build a pilgrims’ city in the vicinity ofAl Masjid Al Nabawi, the Prophet’s Mosque in Madinah. He saidthat the city will be built over 1.6mn square meters of area andwill be able to accommodate up to 200,000 people. He addedthat this city will feature hotels, offices, a hospital, a bus stationand a train station. (Bloomberg) Maaden to raise funds for SR28bn phosphates project byJuly – The Saudi Arabian Mining Company (Maaden) is set tobegin its meetings with various export credit agencies by theend of June, as it tries to raise funding for its SR28bn newphosphates project in the north of the Kingdom. Maaden CFOKhalid Al-Rowais said the company is also planning to approachcommercial banks by the end of July. He added that thecompany is still evaluating whether to issue a sukuk to fund theproject or not. (GulfBase.com) SIPCHEM obtains SR704mn long term financing from PublicInvestment Fund – Saudi International PetrochemicalCompany (SIPCHEM) has signed a SR704mn long-termfinancing agreement with the Public Investment Fund for theperiod of 2013-2027. The loan will be used to finance aproduction plant that will produce ethylene vinyl acetate and lowdensity poly ethylene with an annual production capacity of200,000 metric tons in its industrial complex in Jubail IndustrialCity. This plant’s launch is scheduled in 3Q2013. (Tadawul) Al-Khodari Sons gets SR406.9mn construction contract tobuild hospital – Abdullah A. M. Al-Khodari Sons Company hasobtained a contract from the Ministry of Health to build a 300-bed maternity hospital in Qatif within a period of 48 months fromthe date of site handing over. The two phases of this project arevalued at SR406.9mn. (Tadawul) Saudi Aramco to supply full volume of July crude to Europe– According to sources, the Saudi Arabian Oil Company (SaudiAramco) is set to supply full volumes in July to customers inEurope, unchanged from this month. Saudi Aramco will provide100% of crude cargoes sold under long-term contracts.(Bloomberg) Dubai economy expands most since 2007 due to hospitalitygrowth – According to the data released by the Dubai StatisticsCenter (DSC), Dubai’s GDP expanded the most in the last fiveyears as the Emirate rebounded on hotel and restaurantactivities in 2012. The data showed that the Emirate’s economyaccelerated to 5.3% YoY in 4Q2012 and grew 4.4% YoY in2012, compared with 3.6% in 2011 and 3.5% in 2010. The dataalso showed that the sub-index for restaurants & hotels grew17% in 2012, while manufacturing expanded 13%. Moreover,the data showed that wholesale, retail trade & repairingservices, which account for 30% of Dubai’s GDP, climbed 2.3%.(Bloomberg, Reuters)
  4. 4. Page 4 of 5 UAE emerges as major trade partner for Russia – TheRussian Ambassador to the UAE Alexander Efimov said theUAE has emerged as the leading trade partner for Russia withthe total bilateral trade volume reaching AED7.3bn in 2012. Hesaid that Russia expects the bilateral trade to surge further in2013 due to a steady increase in joint ventures, tradeexchanges and tourism activities. He also said that more than amillion Russian tourists are expected to visit the UAE in 2013.(Bloomberg) Emirates LNG picks Excelerate Energy to build LNGterminal – US-based Excelerate Energy has obtained a contractfrom the Emirates LNG to build a LNG import terminal in theUAE. Emirates LNG said the LNG facility at Fujairah, which lieson the east coast of the UAE outside the Strait of Hormuz, isexpected to have an annual import capacity of 9mn tons.(Reuters) Dubai World’s subsidiary sells its UK asset to Canadianfirm – Dubai World’s subsidiary, Economic Zones World hassold its UK-based logistics warehouse developer Gazeley toToronto-based Brookfield Asset Management as part of itsefforts to repay creditors. (Reuters) EIB to open new branches, aims to boost retail loan bookby 35%, customer deposits by 25% – Emirates Islamic Bank’s(EIB) Deputy CEO Faisal Aqil said the bank is gearing up to anaggressive push in the competitive retail, small & mediumbusiness, and priority & private banking segments. The bankplans to open about 10 to 12 new branches in 2013. He addedthat EIB is aiming to boost retail loan book by 35% andcustomer deposits by 25% in 2013. Further, EIB has allocated10% of its assets for SME lending. (Bloomberg) FTSE opens office in DIFC – The global index provider FTSEGroup has opened an office in the Dubai International FinancialCentre (DIFC). (AME Info) Cayan launches its AED1bn Cayan Tower in Dubai – CayanReal Estate Investment & Development Company (Cayan) haslaunched its Cayan Tower worth AED1bn in Dubai. CayanGroup President & Chairman Ahmed Alhatti said the company isplanning a new Saudi project to be built in Riyadh in 2013. (AMEInfo, Bloomberg) Al Noor Hospitals expects $1bn valuation after listing inLondon – Al Noor Hospitals is expecting a valuation of morethan $1bn after its planned listing on the London StockExchange. (GulfBase.com) Kuwaiti telecom body approved by parliament – KuwaitsNational Assembly has approved a draft law for the formation ofa telecommunications and IT authority. The law is crucial forsolving of discrepancies in the telecommunications sector,particularly in the obligatory role of scrutiny on companies.(Bloomberg) Kuwait Petroleum offers full-range naphtha for loading inJuly – Kuwait Petroleum Corp has offered to sell 25,000 metrictons of full-range naphtha for loading on July 3-4. The bids forthis offer are due today. (Bloomberg) UASC to place $2bn ship order with Hyundai – Kuwait-basedUnited Arab Shipping Company (UASC) is set to order 15-17container ships from Hyundai Heavy Industries in a $2bn dealthat will include five Triple-Es, the world’s largest containerships. (Qatar Tribune) Oman’s M2 money supply grew slowest since June 2011 –According to the data released by the Oman Central Bank, M2money supply in the country grew 8.9% YoY by the end of April2013, which is the slowest pace since June 2011 and down froma 9.6% rise in the previous month. The data showed that banklending grew 7.6% in April, the weakest rate since November2010 and down from 8.7% in March. (Bloomberg) Bank Sohar signs $45mn financing agreement with USG-Zawawi for gypsum venture – Oman-based Bank Sohar hassigned a $45mn financing agreement with USG-Zawawi Groupto set up a gypsum quarry and state-of-the-art gypsum boardmanufacturing plant in the Salalah Free Zone. Themanufacturing plant will have an annual capacity of 8mn squaremeters of gypsum board in the first phase and will expandcapacity to 16mn square meters per year in the second phase,depending on the demand in future. (Bloomberg) OCC shuts cement mill for repair works – The Oman CementCompany (OCC) has announced that one of its cement millswith a production capacity of 150 metric tons (mts) per hour hasdeveloped a major technical problem and has been shut downfor repairs. Due to this repair work, OCC expects its productionwill be lower by about 360,000mts during the June-September2013 period. (MSM) Arcapitas bankruptcy plan approved – Bahrain-basedinvestment firm Arcapita Bank received approval from a USBankruptcy Court for its plan to repay creditors, thought to bethe first that is compliant with the Shari’ah law. Under thereorganization plan, Arcapita will repay its only secured creditor,Standard Chartered Plc, in full. In an attempt to avoid liquidation,Arcapita will transfer its assets to a new holding company, whichwill dispose of its investments over time. (Reuters) Nass Contracting gets BHD1.1mn construction contract –Nass Contracting Company has obtained a BHD1.1mnconstruction contract of marine, earthworks project from BareeqAI Retaj Real Estate Services. (Bahrain Bourse)
  5. 5. 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 5 of 5Rebased 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-13QE Index S&P Pan Arab S&P GCC(0.7%)(0.2%)1.3%0.3% 0.4% 0.3%0.6%(1.0%)(0.5%)0.0%0.5%1.0%1.5%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,378.37 (0.6) (0.3) (17.7) DJ Industrial 15,122.02 (0.8) (0.8) 15.4Silver 21.67 (1.2) 0.0 (28.6) S&P 500 1,626.13 (1.0) (1.0) 14.0Crude Oil (Brent) 102.23 (1.4) (2.2) (9.4) NASDAQ 100 3,436.95 (1.1) (0.9) 13.8Euro 1.33 0.4 0.7 0.9 DAX 8,222.46 (1.0) (0.4) 8.0Yen 96.03 (2.8) (1.6) 10.7 FTSE 100 6,340.08 (0.9) (1.1) 7.5GBP 1.56 0.5 0.6 (3.7) CAC 40 3,810.56 (1.4) (1.6) 4.7CHF 1.08 1.0 1.2 (1.0) Nikkei 13,317.62 (1.5) 3.4 28.1AUD 0.94 (0.4) (0.7) (9.3) Shanghai 2,210.90 0.0 0.0 (2.6)USD Index 81.11 (0.7) (0.7) 1.7 BSE Sensex 19,143.00 (1.5) (1.5) (1.5)RUB 32.41 0.4 0.8 6.2 Bovespa 49,769.93 (3.0) (3.6) (18.3)BRL 0.47 0.7 0.1 (3.8) RTS 1,263.66 (2.8) (3.9) (17.2)134.4120.1109.4