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16 June Technical Market report

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  • 1. Page 1 of 4QE Intra-Day MovementQatar CommentaryThe QE index declined 0.6% to close at 9,424.4. Losses were led by the RealEstate and Industrials indices, declining 0.8% and 0.7% respectively. Top loserswere Masraf Al Rayan and Gulf International Services, falling 1.8% and 1.7%respectively. Among the top gainers, Qatar Electricity & Water Co. rose 1.6%,while Al Meera Consumer Goods Co. gained 0.8%.GCC CommentarySaudi Arabia: The TASI index gained 0.5% to close at 7,330.5. Gains wereled by the Real Estate Development and Hotel & Tourism indices, rising 3.7%and 2.3% respectively. Makkah Construction & Development Co. rose 8.8%,while Tourism Enterprise Co. was up 7.6%.Dubai: The DFM index fell 2.3% to close at 2,345.5. The Investment &Financial Services index declined 3.6%, while the Services index was down3.0%. Ekttitab Holding Co. fell 4.5%, while Dubai Investment was down 3.8%.Abu Dhabi: The ADX benchmark index declined 0.9% to close at 3,630.4. TheReal Estate index fell 2.9%, while the Industrial index was down 0.9%.National Marine Dredging Co. declined 10.0%, while Green CrescentInsurance Co. was down 9.9%.Kuwait: The KSE index rose 0.3% to close at 7,955.1. Gains were led by theOil & Gas and Telecommunication indices, gaining 1.5% and 0.9%respectively. Hayat Communications Co. rose 8.9%, while Kuwait Co. forProcess Plant Cons. & Cont. was up 7.7%.Oman: The MSM index declined 1.1% to close at 6,484.2. The Banking &Investment index fell 1.6%, while the Services & Insurance index was down0.9%. Oman Oil Marketing declined 5.4%, while Gulf Int. Chemicals fell 4.5%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Qatar Electricity & Water Co. 155.70 1.6 51.9 17.6Al Meera Consumer Goods Co. 139.10 0.8 62.5 13.6Dlala Brok. & Inv. Holding Co. 28.90 0.7 536.3 (7.0)Qatar German Co. for Med. Dev. 15.70 0.6 805.3 6.2Qatar Fuel Co. 259.40 0.5 37.1 17.9Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%United Development Co. 24.09 0.2 2,485.0 35.3Barwa Real Estate Co. 27.35 (1.6) 1,240.0 (0.4)Qatar Gas Transport Co. 18.50 0.0 933.7 21.2Masraf Al Rayan 27.35 (1.8) 918.7 10.3Qatar German Co. for Med. Dev. 15.70 0.6 805.3 6.2Market Indicators 16 June 13 13 June 13 %Chg.Value Traded (QR mn) 440.9 654.1 (32.6)Exch. Market Cap. (QR mn) 517,552.9 519,959.2 (0.5)Volume (mn) 12.2 14.9 (18.2)Number of Transactions 5,317 6,776 (21.5)Companies Traded 37 40 (7.5)Market Breadth 8:28 14:22 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,465.32 (0.6) (0.6) 19.0 N/AAll Share Index 2,384.61 (0.5) (0.5) 18.4 13.0Banks 2,230.15 (0.5) (0.5) 14.4 12.0Industrials 3,185.56 (0.7) (0.7) 21.3 11.8Transportation 1,703.50 (0.6) (0.6) 27.1 12.0Real Estate 1,913.64 (0.8) (0.8) 18.7 12.2Insurance 2,317.70 (0.6) (0.6) 18.0 15.2Telecoms 1,313.28 (0.2) (0.2) 23.3 15.0Consumer 5,596.20 0.3 0.3 19.8 22.8Al Rayan Islamic Index 2,860.82 (0.9) (0.9) 15.0 14.3GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Makkah Cons. & Dev. Saudi Arabia 65.00 8.8 1,189.0 60.1Taiba Holding Co. Saudi Arabia 33.10 6.1 3,105.5 33.2Tabuk Cement Saudi Arabia 26.60 4.3 810.0 9.7Dar Al Arkan Saudi Arabia 9.90 4.2 65,314.6 20.0Al-Hassan G.I. Shaker Saudi Arabia 84.25 4.0 136.2 30.6GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Nat. Marine Dredging Abu Dhabi 8.56 (10.0) 3.6 (14.4)Abu Dhabi Nat. Hotels Abu Dhabi 2.30 (5.3) 150.3 29.9Dubai Investments Dubai 1.52 (3.8) 26,529.8 78.4Dubai Financial Market Dubai 1.94 (3.5) 43,699.8 90.2Aldar Properties Abu Dhabi 2.34 (3.3) 89,299.3 84.3Source: 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%Masraf Al Rayan 27.35 (1.8) 918.7 10.3Gulf International Services 45.80 (1.7) 238.0 52.7Doha Insurance Co. 27.05 (1.6) 18.6 10.2Barwa Real Estate Co. 27.35 (1.6) 1,240.0 (0.4)Gulf Warehousing Co. 42.90 (1.6) 58.0 28.1Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%United Development Co. 24.09 0.2 59,264.2 35.3Industries Qatar 164.50 (1.2) 51,021.6 16.7Barwa Real Estate Co. 27.35 (1.6) 33,902.8 (0.4)Commercial Bank of Qatar 71.30 (1.0) 31,260.7 0.6QNB Group 154.00 0.3 26,086.0 17.6Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,424.41 (0.6) (0.6) 2.0 12.7 121.09 142,120.0 11.9 1.7 4.9Dubai 2,345.47 (2.3) (2.3) (0.9) 44.6 129.73 60,798.3 15.1 1.0 3.6Abu Dhabi 3,630.37 (0.9) (0.9) 1.9 38.0 125.74 104,655.1 11.1 1.3 4.8Saudi Arabia 7,330.48 0.5 (3.8) (1.0) 7.8 1,910.82 392,478.6 15.6 1.9 3.7Kuwait 7,955.12 0.3 0.3 (4.2) 34.1 218.59 108,927.8 24.8 1.4 3.4Oman 6,484.23 (1.1) (1.1) 1.0 12.6 15.10 22,913.8#11.0 1.7 4.3Bahrain 1,198.80 0.0 0.0 0.2 12.5 0.24 21,300.2 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) (#Data as of June 13)9,3009,3509,4009,4509,5009:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 4Qatar Market Commentary The QE index declined 0.6% to close at 9,424.4. The RealEstate and Industrials indices led the losses. The index declinedon the back of selling pressure from non-Qatari shareholdersdespite buying support from Qatari shareholders. Masraf Al Rayan and Gulf International Services were the toplosers, falling 1.8% and 1.7% respectively. Among the topgainers, Qatar Electricity & Water Co. rose 1.6%, while Al MeeraConsumer Goods Co. gained 0.8%. Volume of shares traded on Sunday declined by 18.2% to12.2mn from 14.9mn on Thursday. Further, as compared to the30-day moving average of 12.3mn, volume for the day was 1.0%lower. United Development Co. and Barwa Real Estate Co. werethe most active stocks, contributing 20.4% and 10.2% to the totalvolume respectively.Source: Qatar Exchange (* as a % of traded value)NewsQatar QSA: 5,834 ships docked at Qatar ports in 2012 – Accordingto a report released by Qatar Statistics Authority (QSA), 5,834vessels docked at different ports in Qatar in 2012. Their grosstonnage amounted to 294.9mn, an increase of 8.1% comparedto the previous year. Net tonnage was 128.0mn, an increase of7.6% compared to the previous year. The main types of vesselswere oil and gas tankers totaling 2,636 vessels with a tonnageof 238.7mn, an increase of 3.7% compared to 2011. Ras Laffanport accounted for the highest share, with 2,123 vessels dockedin, followed by Mesaieed (2,082 vessels). Most of the vesselswere registered in Panama (961), followed by Marshal Islandswith 626 vessels and Bahamas with 402 vessels. (Gulf-Times.com) RasGas targets 90% flare reduction by 2017 – RasGas istargeting a 90% reduction in gas flaring by 2017 based on the2005 level as part of its five-year plan launched in 2012. (Gulf-Times.com) Qatar Airways takes delivery of sixth 787 Dreamliner – QatarAirways has taken delivery of its sixth Boeing 787 Dreamlinerand plans to announce new destinations on which the aircraftwill operate. (Bloomberg)International Britain tries to stem tax dodges ahead of G8 summit –Britain turned up the pressure on other rich economies to clampdown on secretive money flows at the upcoming G8 summit bypressing its own overseas tax havens into a transparency dealand announcing new disclosure rules for British firms. The UKPrime Minister David Cameron wants to make progress onclosing global tax loopholes, when he hosts a meeting of leadersof the Group of Eight economies in Northern Ireland this week.(Economic Times) Italy approves measures aimed at boosting economy – TheItalian government has adopted a series of measures aimed atboosting the economy, including the release of €3bn forinfrastructure projects projected to create 30,000 new jobs.Italian Premier Enrico Letta said the measures, based onrecommendations from the European Commission, would helpItalians contribute to restarting the moribund economy.(Economic Times) India sets up special window for SWFs – India is creating aspecial window in the government securities (G-Secs) segmentfor sovereign wealth funds (SWFs) and other long-term funds,with ease of entry and exit. Under this, India enhanced the limitfor foreign investment in government securities from $25bn to$30bn with immediate effect. The $5bn increase shall beavailable for investments only to foreign institutional investors(FIIs) registered with the Securities and Exchange Board ofIndia (SEBI) under the categories of SWFs, multilateralagencies, endowment funds, insurance funds, pension fundsand foreign central banks. (Gulf-Times.com)Regional Saudi inflation slows to 3.8% YoY in May – According to thedata released by the Central Department for Statistics &Information (CDSI), inflation in Saudi Arabia for May 2013slowed down to 3.8% YoY as compared with 4% in April. Thedata showed that the main contributor to the overall easing ofinflation was a fall in the core index – which excludes food &housing components – to 2.6% in May from 3.4% in April.Meanwhile, food & beverage prices edged up to 6.4% in Mayversus 6.2% in April, while rental & housing prices rose to 3.6%from 3.0%. The data also showed that Saudi Arabia’s non-oilexports rose 3.3% YoY to SR17.8bn in April and imports rose8.5% YoY to SR53.5bn. (GulfBase.com) Moody’s: Saudi Banks to benefit from growth in domesticsukuk market – The rating agency Moody’s said the Saudisukuk market will continue to grow over the next 12-18 months,following a new record SR25.2bn issuance of Riyal-denominated sukuk in 2012. The rating agency said strongsukuk issuance has continued in 2013, with SR11.6bn alreadyissued during 1Q2013. Moody’s believe that the growing sukukmarket will be credit positive for Saudi Banks because it willprovide a deeper pool of Shariah compliant securities tofacilitate liquidity management and support profitability at Islamicfinancial institutions (IFIs). It also believe that growth will supportmore term funding for all banks and ultimately encourage thereduction of persistent asset-liability mismatches, whilstfacilitating further loan growth given regulatory constraints onloan-to-deposit ratios. (Moody’s) BMI: Saudi agribusiness market value to rise 6.3% till 2017– According to a report by Business Monitor International (BMI),the value of Saudi Arabia’s agribusiness market stands at$2.2bn in 2013, which will increase by 6.3% on average per yearbetween 2012 and 2017. The report said that the country’s realGDP growth stands at 4.1% YoY in 2013, down from 6.8% in2012, but projected to grow at an average 3.4% from 2012 to2017. The report also said that consumer price index is forecastOverall Activity Buy %* Sell %* Net (QR)Qatari 72.11% 68.25% 16,987,913.20Non-Qatari 27.90% 31.75% (16,987,913.20)
  • 3. Page 3 of 4to average at 4.5% in 2013, similar to the rate between 2012and 2017. (GulfBase.com) Saudi Kayan signs agreement with Sadara, SAAC for n-butanol project – Saudi Kayan Petrochemical Company hassigned tolling & processing agreements with Sadara ChemicalCompany, Saudi Acrylic Acid Company (SAAC) and SaudiButanol Company (Sabuco). Sabuco is a special purpose jointventure established by Saudi Kayan, Sadara and SAAC for thepurpose of owning and funding a butanol production plant. Thetolling & processing agreement governs the terms on whichSaudi Kayan, Sadara and SAAC shall supply propylene to thebutanol plant for conversion into butanol products, and theirrights to off-take these butanol products. Scheduled to go onstream in 1Q2015, the design capacity of the butanol plant is330,000 metric tons of n-butanol and 11,000 metric tons of iso-butanol per annum. (Tadawul) Saudi Aramco-Dow JV raises funding for $19.3bn project –Sadara Chemical Company, a JV between Saudi Aramco andDow Chemical, has signed a fundraising package for a $19.3bnpetrochemical complex being built at Jubail Industrial City inSaudi Arabias Eastern Province. The financing package totalsaround $12.5bn and consists of loans from banks, export creditagencies and the state-owned Public Investment Fund, as wellas proceeds from an Islamic bond issue. The remaining fundswill be arranged by the two partners. The facility will be theworlds largest chemical complex ever built in a single phase.When completed in 2016, the facility will produce around 3mntons of petrochemicals every year. (Reuters) Jouf Cement to halt production for maintenance – Saudi-based Al Jouf Cement Company (Jouf Cement) said it will stopits cement production line for unscheduled maintenance worksfrom June 17 to June 30, 2013. Jouf Cement said that themaintenance work is expected to cost about SR6mn, which willbe reflected in its 2Q2013 financial results. (Gulf-Times.com) Mubarrad extends MoU with BHCC – The Saudi Transport &Investment Company (Mubarrad) has approved the request ofthe Beautiful Home Contracting Company (BHCC) to extend theduration of their MoU by three months commencing from June17, 2013. (Tadawul) Metito gets $70mn loan to boost expansion – UAE-basedwater & waste-water specialist Metito has secured a $70mnlong-term financing to support its expansion plans in Indonesia,Egypt and China. Metito said that it remains interested in aninternational public listing as well. (Qatar Tribune) Etihad starts flights to Belgrade – Abu Dhabi-based EtihadAirways has begun flight services to Belgrade, the capital ofSerbia. Etihad Airways is using the JU code of Serbia’s nationalcarrier, JatAirways. (GulfBase.com) DWC unveils new storage facility in Logistics District – TheDubai World Central (DWC) has announced that a new storagefacility owned by RSA-TALKE is being constructed in DWCsLogistics District, which is expected to be operational by1Q2014. (AME Info) Waha Capital acquires AAH – Waha Capital has acquiredAnglo Arabian Healthcare Company (AAH), a new healthcaregroup set up to own & operate hospitals, clinics, pharmacies anddiagnostic centers across the UAE. (ADX) SEWA signs substation deal with Siemens to boost powerreliability, efficiency in Sharjah – The Sharjah Electricity &Water Authority (SEWA) has awarded a turnkey contract toSiemens for the supply of three high-voltage substations toboost power reliability and efficiency in the Emirate. This projectis scheduled to be completed in 16 months. (AME Info) CBO issues CDs worth OMR372mn – The Central Bank ofOman’s (CBO) last week’s tender of certificates of deposits(CD) allotted OMR372mn with an average interest rate at0.13%, while the maximum accepted interest rate was 0.13%.The tenor of these certificates is 28 days and their maturity dateis July 10, 2013. (GulfBase.com) BAS gets tender for catering services to Salmaniya MedicalCentre – Bahrain Airport Services (BAS) has obtained a tenderfrom the Ministry of Health to provide breakfast catering servicesto the patients of Salmaniya Medical Centre for an initial trialperiod of six months. (AME Info)
  • 4. 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 4 of 4Rebased 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 GCC0.5%(0.6%)0.3%0.0%(1.1%)(0.9%)(2.3%)(2.8%)(2.1%)(1.4%)(0.7%)0.0%0.7%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,390.74 0.0 0.0 (17.0) DJ Industrial 15,070.18 0.0 0.0 15.0Silver 22.09 0.0 0.0 (27.2) S&P 500 1,626.73 0.0 0.0 14.1Crude Oil (Brent) 105.95 0.0 0.0 (6.1) NASDAQ 100 3,423.56 0.0 0.0 13.4Euro 1.33 0.0 0.0 1.2 DAX 8,127.96 0.0 0.0 6.8Yen 94.31 0.0 0.0 8.7 FTSE 100 6,308.26 0.0 0.0 7.0GBP 1.57 0.0 0.0 (3.4) CAC 40 3,805.16 0.0 0.0 4.5CHF 1.09 0.0 0.0 (0.6) Nikkei 12,686.52 0.0 0.0 22.0AUD 0.96 0.0 0.0 (7.9) Shanghai 2,162.04 0.0 0.0 (4.7)USD Index 80.67 0.0 0.0 1.1 BSE Sensex 19,177.93 0.0 0.0 (1.3)RUB 31.72 0.0 0.0 3.9 Bovespa 49,332.34 0.0 0.0 (19.1)BRL 0.47 0.0 0.0 (4.6) RTS 1,293.88 0.0 0.0 (15.3)135.4117.7107.0

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