23 July Technical Market Report

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23 July Technical Market Report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index rose 0.2% to close at 9,671.8. Gains were led by the Telecom and Banking & Financial Services indices, gaining 2.1% and 0.1% respectively. Top gainers were Ooredoo and Masraf Al Rayan, rising 2.6% and 2.0% respectively. Among the top losers, Doha Insurance Co. fell 2.3%, while Medicare Group declined 1.3%. GCC Commentary Saudi Arabia: The TASI index declined 0.1% to close at 7,800.9. Losses were led by the Hotel & Tourism and Retail indices, declining 3.7% and 0.5% respectively. Al-Tayyar Travel Group declined 5.4%, while Allied Cooperative Insurance Group was down 4.7%. Dubai: The DFM index gained 0.5% to close at 2,561.4. The Banking index rose 1.2%, while the Investment & Financial Services index was up 1.0%. Drake & Scull Int. gained 8.4%, while Tamweel was up 8.3%. Abu Dhabi: The ADX benchmark index rose 0.7% to close at 3,891.2. The Real Estate index gained 3.2%, while the Energy index was up 2.2%. National Bank of Umm Al-Qaiwain surged 14.0%, while Gulf Cement Co. rose 10.8%. Kuwait: The KSE index gained 0.1% to close at 8,046.6. The Consumer Services index rose 1.0%, while the Consumer Goods index was up 0.9%. Burgan Co. for Well Drilling gained 9.3%, while IFA Hotels & Resorts rose 6.7%. Oman: The MSM index was close on July 23, 2013. Bahrain: The BHB index declined marginally to close at 1,185.1. The Services index was down 0.3% while all other sub-indices ended in green. Al Salam Bank declined 2.0%, while Bahrain Telecommunications Co. fell 0.6%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Ooredoo 133.40 2.6 121.7 28.3 Masraf Al Rayan 28.30 2.0 1,640.1 14.2 Qatar Islamic Insurance 61.00 1.2 2.9 (1.6) Dlala Brok. & Inv. Holding Co. 27.30 0.7 6.7 (12.2) Doha Bank 48.45 0.7 512.4 4.5 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Masraf Al Rayan 28.30 2.0 1,640.1 14.2 Doha Bank 48.45 0.7 512.4 4.5 Qatar Gas Transport Co. 18.30 (0.2) 411.3 19.9 United Development Co. 23.18 (0.4) 353.9 30.2 Vodafone Qatar 9.09 (1.2) 214.4 8.9 Market Indicators 23 July 13 22 July 13 %Chg. Value Traded (QR mn) 233.4 307.1 (24.0) Exch. Market Cap. (QR mn) 530,441.30 530,131.9 0.1 Volume (mn) 5.3 5.8 (8.7) Number of Transactions 3,146 3,875 (18.8) Companies Traded 40 39 2.6 Market Breadth 13:23 29:10 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,818.85 0.2 1.3 22.2 N/A All Share Index 2,441.63 0.1 1.1 21.2 13.1 Banks 2,331.46 0.1 1.3 19.6 12.2 Industrials 3,214.74 (0.1) 0.1 22.4 12.0 Transportation 1,707.74 (0.4) 1.3 27.4 11.7 Real Estate 1,875.66 (0.2) 0.2 16.4 12.0 Insurance 2,224.74 (0.2) (1.7) 13.3 15.7 Telecoms 1,387.40 2.1 5.0 30.3 15.8 Consumer 5,713.27 (0.7) 2.1 22.3 23.3 Al Rayan Islamic Index 2,860.99 0.1 0.7 15.0 14.1 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% NBQ Abu Dhabi 3.42 14.0 3.9 84.9 Drake & Scull Int. Dubai 1.16 8.4 258,616.0 64.8 IFA Hotels & Resorts Kuwait 0.64 6.7 0.1 45.5 Atheeb Communication Saudi Arabia 15.15 4.8 14,132.2 18.4 Dana Gas Abu Dhabi 0.66 4.8 32,306.2 46.7 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Al Tayyar Travel Group Saudi Arabia 83.00 (5.4) 2,006.0 96.8 Saudi Int. Petrochem. Saudi Arabia 24.15 (3.0) 651.1 26.4 RAKBANK Abu Dhabi 6.75 (2.9) 1.0 81.0 Comm. Bank of Kuwait Kuwait 0.69 (2.8) 10.0 (2.8) Al Mouwasat Med. Ser. Saudi Arabia 76.25 (2.6) 160.0 41.9 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% Doha Insurance Co. 25.90 (2.3) 1.8 5.5 Medicare Group 47.05 (1.3) 171.8 31.8 Vodafone Qatar 9.09 (1.2) 214.4 8.9 Al Ahli Bank 56.00 (1.1) 5.6 14.3 Qatar Fuel Co. 265.20 (1.0) 22.4 20.5 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 28.30 2.0 46,099.5 14.2 Doha Bank 48.45 0.7 24,859.1 4.5 QNB Group 169.10 (0.4) 19,818.4 29.2 Industries Qatar 164.80 0.0 16,244.6 16.9 Ooredoo 133.40 2.6 16,082.2 28.3 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* 9,671.84 0.2 1.3 4.3 15.7 64.09 145,659.2 12.1 1.7 4.8 Dubai 2,561.44 0.5 2.6 15.2 57.9 217.53 63,876.1 16.1 1.0 3.1 Abu Dhabi 3,891.23 0.7 1.8 9.6 47.9 105.52 111,879.7 11.7 1.4 4.5 Saudi Arabia 7,800.92 (0.1) 1.7 4.1 14.7 1,463.13 412,546.0 16.3 2.0 3.7 Kuwait 8,046.64 0.1 1.3 3.5 35.6 114.60 110,809.6 23.2 1.3 3.5 Oman * 6,631.79 N/A 0.1 4.6 15.1 N/A 22,937.2 10.9 1.7 4.1 Bahrain 1,185.10 (0.0) (0.3) (0.2) 11.2 0.42 21,199.5 8.4 0.8 4.1 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) (*Data as July 22) 9,630 9,640 9,650 9,660 9,670 9,680 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 rose 0.2% to close at 9,671.8. The Telecom and Banking & Financial Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Ooredoo and Masraf Al Rayan were the top gainers, rising 2.6% and 2.0% respectively. Among the top losers, Doha Insurance Co. fell 2.3%, while Medicare Group declined 1.3%.  Volume of shares traded on Tuesday declined by 8.7% to 5.3mn from 5.8mn on Monday. Further, as compared to the 30-day moving average of 7.2mn, volume for the day was 26.3% lower. Masraf Al Rayan and Doha Bank were the most active stocks, contributing 30.8% and 9.6% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings and Global Economic Data Earnings Releases Company Market Currency Revenue (mn) 2Q2013 % Change YoY Operating Profit (mn) 2Q2013 % Change YoY Net Profit (mn) 2Q2013 % Change YoY Dubai Insurance Co. (DIC) Dubai AED 73.3 8.4% – – 5.4 -36.8% Emirates Telecommunications Corp (Etisalat) Abu Dhabi AED 9,882.0 19.7% – – 1,976.0 5.9% United Industries Co. (UIC)* Kuwait KD – – – – 5.3 111.6% Gulf Hotel Group (BHOTEL) Bahrain BHD – – – – 3.0 5.8% Source: Company data, ADX, DFM (* 1H2013 Results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 07/23 US FHFA House Price Index MoM May 0.70% 0.80% 0.50% 07/23 Europe Eurostat Euro-Zone Consumer Confidence July -17.4 -18.3 -18.8 07/23 France INSEE Production Outlook Indicator July -30 -42 -41 07/23 France INSEE Business Confidence July 95 94 93 07/23 UK BBA BBA Loans for House Purchase June 37278 38300 36290 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  CBQK’s net profit rises 2.4% QoQ in 2Q2013 – Commercial Bank of Qatar (CBQK) has reported a net profit of QR518mn in 2Q2013, indicating a QoQ increase of 2.4% (-5.1% YoY). The bank’s net profit was up 0.7% YoY to QR1.024bn in 1H2013. EPS stood at QR4.14 in 1H2013 as compared to QR4.11 in 1H2012. According to a Reuters poll, analysts had projected an average net profit of QR530.6mn in 2Q2013. Net interest income declined by 3% YoY in 1H2013 to QR914mn. Total assets at the end of June 30, 2013 stood at QR85.4bn, indicating a YTD increase of 7%. Customer loans & advances rose by 7% YTD to QR52bn, while customer deposits increased by 13% YTD (+1.1% QoQ) to QR46.9bn. The bank’s non- performing loan ratio has risen to 3.49% as at June 30, 2013 as compared to 1.39% at the end of March 2013. Non-performing loans rested at QR1.8bn in 1H2013 vs. QR725mn in 1Q2013 (Reuters, AME Info)  Fitch upgrades Alternatifbank on ownership change – Fitch Ratings has upgraded Alternatifbank’s long-term foreign currency Issuer Default Rating (IDR) to “BBB” from “BB” and its long-term local currency IDR to “BBB+” from “BB” and removed them from Rating Watch Positive (RWP). The outlooks are Stable and the bank’s Support Rating Floor (SRF) has been withdrawn, while the bank’s Viability Rating of “bb” is unaffected. The rating actions follow a change of ownership, effective last Thursday when Commercial Bank of Qatar acquired a 70.84% stake in the bank. (Gulf-Times.com)  Al Jazeera appoints interim CEO, President for American channel – Qatar-based Al Jazeera has appointed Ehab al- Shihabi as the interim CEO and Kate O’Brian as the President of its Al Jazeera America TV network, which is set to be launched in the US on August 20. (Gulf-Times.com)  QAFAC signs pact with GreenGulf – Qatar Fuel Additives Company Limited (QAFAC) and GreenGulf Inc have signed an agreement to identify and develop projects of mutual interest. This will include integration of solar power into QAFAC-affiliated projects, carbon capture to serve as a feedstock for QAFAC’s methanol production stream, waste-to-energy solutions focused on process engineered fuels and deployment of methanol powered vehicles in Qatar. (Gulf-Times.com)  Qatar real estate transactions reach QR1.75bn during July 14-18 – According to the data released by the Department of Real Estate Registration in Qatar’s Ministry of Justice, the volume of trading in real estate contracts registered with the department from July 14 to 18 reached QR1.76bn. The list of sales included land plots, a two-storey villa, duplexes, houses, apartment buildings, schools and shops. Most of the Overall Activity Buy %* Sell %* Net (QR) Qatari 60.37% 70.85% (24,480,858.85) Non-Qatari 39.64% 29.14% 24,480,858.85
  3. 3. Page 3 of 5 transactions were registered in the municipalities of Umm Salal, Al Khor, Al Shamal, Doha, Al Rayyan, Al Za’ayen and Al Wakra. (Peninsula Qatar)  ORDS’ subsidiary to pay $23.75mn interest to $1bn GMTN holders – Ooredoo’s (ORDS) subsidiary, QTEL International Finance Limited (QIFL) is set to pay $23.75mn as interest to the holders of its $1bn global medium term note (GMTN) on August 16, 2013. (QE)  BRES appoints Salah Bin Ghanim Al Ali as Chairman – Barwa Real Estate Company (BRES) has announced a change in Qatari Diar’s representation in its board of directors. The group declared HE Salah Bin Ghanim Al Ali as the new Chairman, along with Issa Mohammed Almohannadi and Khalid Mohammed Ibrahim Alsayed as members of the board. The BoD consists of seven members: three are from Qatari Diar, while the remaining four are elected by the shareholders of Barwa Group. (QE) International  China’s manufacturing weakens further as slowdown deepens – Activity in China's manufacturing sector slowed to a 11-month low in July as new orders faltered and the job market weakened, suggesting that the country’s economy is still losing momentum. The flash HSBC/Markit Purchasing Managers' Index fell to 47.7 in July from June's final reading of 48.2. Meanwhile, the employment sub-index slid down to 47.3 in July, the weakest level since March 2009. (Reuters)  BoS: Spanish economy shrinks slightly in 2Q2013 – The Bank of Spain (BoS) estimated that the Spanish economy has shrunk 0.1% in 2Q2013. The central bank said the country’s GDP probably dropped 1.8% YoY in 2Q2013, after falling 2% a quarter earlier. Meanwhile, the government has said it expects the economy to emerge from the recession by the third quarter, although many economists are less optimistic, with the International Monetary Fund seeing economic contraction stretching into next year. (Reuters) Regional  Bahri receives new cargo vessel Bahri Tabuk – The National Shipping Company of Saudi Arabia (Bahri) has received its new vessel “Bahri Tabuk”. The new vessel is specialized in carrying general cargo of 26,000 deadweight tonnage. This is the third vessel delivered from the batch of six vessels that were contracted by Bahri for a total value of SR1,543mn in 2011. The ship was built by Hyundai MIPO in South Korea. The financial impact of this ship will be visible during 3Q2013. (Tadawul)  SPC obtains SR500mn long term loan from SABB for housing project – Sahara Petrochemical Company (SPC) has signed a long-term loan agreement worth SR500mn with Saudi British Bank (SABB) for a period beginning from July 23, 2013 till July 23, 2026. The loan will finance the total cost of 280 units of the housing project being built for SPC and its affiliate’s employees in Jubail Industrial City. The loan will be repaid through salary deductions from beneficiary employees by deducting the housing allowance and a specific percentage from their basic salary. The overall housing and development costs will be paid by the company and its affiliates. (Tadawul)  Bahra Cables signs a SR1.3bn contract with SEC – Bahra Advanced Cable Manufacturer Company has signed a SR1.3bn contract with the Saudi Electricity Company (SEC) for the supply of low & medium voltage cables for SEC’s projects over the next 12 months. (AME Info)  Tatweer awards $21mn contract to AECOM – Tatweer Buildings Company (Tatweer) has awarded a three-year contract worth $21mn to AECOM Technology Corporation. The contract will provide consultancy services and support Tatweer as it develops its internal project & program management capabilities to deliver 2,100 educational facilities throughout the Kingdom. (GulfBase.com)  GGCIC gets SAMA’s approval for its insurance products – The Gulf General Cooperative Insurance Company (GGCIC) has obtained a temporary approval from the Saudi Arabian Monetary Agency’s (SAMA) to sell its insurance products for six months. (Tadawul)  Saudi H&R’s board recommends SR50mn dividends for 1H2013 – Saudi Hotels & Resort Areas Company’s (Saudi H&R) board has recommended the distribution of dividends worth SR50mn (SR0.5 per share), representing 5% of the face value, to its shareholders for 1H2013. Shareholders who are registered with the Securities Depository Center on July 29, 2013 are eligible for this dividend. (Tadawul)  UAE inflation rises 0.26% in June – According to data released by the National Bureau of Statistics, the consumer price index in the UAE reached 117.98 in June 2013, rising by 0.26% MoM (+1.25% YoY). Inflationary trends were monitored across the Emirates and the highest increase of 0.46% was recorded in Abu Dhabi and Sharjah. Dubai’s inflation stood at 0.41% followed by Umm Al Quwain at 0.40%. (GulfBase.com)  TRA: telecom revenue in UAE reaches AED20.4bn in 2012 – According to the Telecommunications Regulatory Authority (TRA), revenues from mobile telecom services in the UAE have recorded sustained growth to reach AED20.4bn in 2012. The telecom market continued to thrive in the UAE with fixed-line subscriptions reaching almost 2mn and active mobile subscriptions surging to 13.8mn. There was an increase of 5.6% in the amount of talk time used per mobile subscriber. The number of internet service subscriptions reached around 958,000, while the percentage of internet subscriptions connected by fiber technology rose by 37.2%. (GulfBase.com)  UAE, Finland ink open skies agreement – The UAE’s General Civil Aviation Authority (GCAA) has signed an open skies agreement with the government of Finland. The agreement allows full flexibility on the number of routes, flight capacity, frequencies and types of aircraft, in both passenger and cargo services. (AME Info)  DIB appoints new MD and CEO – Dubai Islamic Bank (DIB) has appointed Abdulla Al Hamli as the new Managing Director and the board member along with Dr. Adnan Chilwan as the bank’s CEO. (GulfBase.com)  Vivendi in talks to sell Maroc Telecom stake to Etisalat – Vivendi has been in talks with Emirates Telecommunications Corp (Etisalat) to sell its stake in Moroccan phone company, Maroc Telecom for €4.2bn. Etisalat’s offer values each share of Vivendi at 92.6 Moroccan dirhams, amounting to a total consideration of Vivendi’s 53% stake in Maroc Telecom at €3.9bn (equivalent to AED18.8bn). Etisalat would also pay €310mn as a dividend that Vivendi was set to receive from Maroc Telecom. (Bloomberg, ADX)  S2 power plant to price project bond worth $825mn – Abu Dhabi's Shuweihat 2 (S2) Power & Water Plant is planning to price a project bond worth up to $825mn on July 25. Early price talk for the bond, which matures in 2036 is set in the 6.25% area. The deal is open to US institutional investors due to its 144a-compliant structure, and will be issued as a bond by Ruwais Power Company. BNP Paribas, Citigroup Inc, HSBC Holdings, Mitsubishi UFJ Securities, National Bank of Abu Dhabi
  4. 4. Page 4 of 5 and Standard Chartered are mandated as book-runners for this transaction. (Reuters)  FGB reports net profit of AED1.17bn in 2Q2013 – First Gulf Bank (FGB) has reported a net profit of AED1.17bn in 2Q2013, reflecting a YoY increase of 15%. The bank’s net profit in 1H2013 rose by 13% YoY to AED2.21bn. Net interest, Islamic financing income rose by 9%to AED1.48bn. Loans, advances grew 7% in 1H2013, while ratio of NPLs to gross loans stood at 3.6%. (Bloomberg)  NBAD reports net profit of AED2.6bn in 1H2013 – The National Bank of Abu Dhabi (NBAD) has reported a net profit of AED2.6bn in 1H2013, reflecting an increase of 25.6% YoY. Net interest and Islamic financing income were up 7.5% YoY to AED3.2bn in 1H2013. EPS stood at AED0.58 in 1H2013 as compared to AED0.46 in 1H2012. Non-performing loans stood at AED6.1bn, representing 3.4% of the loan book. Total assets at the end of June 2013 stood at AED326.7bn, an increase of 8.7% YTD. Loan & advances were up by 5.4% YTD at AED173.5bn, while customer deposits rose by 15.3% YTD to AED219.4bn. (ADX)  ADIB reports net profit of AED371.4mn in 2Q2013 – Abu Dhabi Islamic Bank (ADIB) has reported a net profit of AED371.4mn in 2Q2013, reflecting a YoY increase of 15%. Capital adequacy ratio is stood at 17.32%, while total credit provisions, impairments stood at AED179.8mn. Group net revenue reached at AED950.6mn, while operating profit rose to AED551.2mn. (Bloomberg)  Finance House reports net profit of AED56.5mn in 1H2013 – Finance House has reported a consolidated net profit of AED56.5mn in 1H2013 as compared to AED72.2mn in FY2012. Net interest income grew by 7.5% YoY to AED64mn in 1H2013. Islamic financing & investing assets grew by 54% YoY to reach AED100mn as of June 30, 2013. Net loans & advances grew by a robust 15.5% YoY to reach AED1.42bn, while customer deposits grew steadily to reach AED1.77bn. (Bloomberg)  JLL: 43,000 new residential units in Abu Dhabi by 2015 – According to a report by Jones Lang LaSalle (JLL), over 43,000 residential units are set to come online in Abu Dhabi by 2015, adding to the current residential stock of 211,000 units. The report stated that these new apartments are being built within master developments such as Rawdhat, Danet, Reem Island and Saadiyat Island, in addition to sizeable national housing developments. (GulfBase.com)  Etisalat’s BoD recommends 35 fils per share dividend for 1H2013 – Etisalat’s board of directors has recommended an interim dividend distribution of 35 fils per share for 1H2013 to its shareholders out of the total payment of 70 fils per share for the entire 2013. This dividend distribution of 35 fils per share will commence on August 15, 2013. (ADX)  Passenger traffic at Sharjah Airport rises 15.46% in 1H2013 – The Sharjah International Airport has recorded a 15.46% increase in passenger traffic in 1H2013, marking its busiest first half ever. A total of 4.26mn passengers passed through the airport from January to June 2013 compared to the 3.69mn in the same period last year. Aircraft movements were up 0.69% YTD in the first half to reach 32,923. (Gulfbase.com)  RAK Airways in talks with Boeing, Airbus, Bombardier – RAK Airways said it is in talks with leading aircraft builders such as Boeing, Airbus and Bombardier to place an order for at least 10 single-aisle aircraft to meet its expansion plans. RAK Airways CEO Murabit al-Sawaf said the airline is considering existing versions of the Boeing 737-800, Airbus’s A320, and the new C- Series jet from Bombardier. The airline aims to make a choice by the end of 2013 or early 2014. (Gulf-Times.com)  NBK reports net profit of KD128.5mn for 1H2013 – The National Bank of Kuwait (NBK) has reported a net profit of KD128.5mn for 1H2013, reflecting an increase of 6.4% YoY. Total assets at the end of June 2013 stood at KD17.9bn, up by 25.3% YoY. (AMEinfo)  Gulf Bank reports KD6.3mn net profit in 2Q2013 – The Gulf Bank has reported a net profit of KD6.3mn for 2Q2013, reflecting an increase of 17% YoY. (GulfBase.com)  Oman to invite bids for $3.5bn steam cracker – Oman is planning to invite bids to build a steam cracker plant worth $3.5bn with a production capacity of 1mn tons a year of petrochemical products. To be built in the northern industrial port of Sohar, the planned cracker plant will produce polypropylene and polyethylene, which are used in making plastics. The project will include building a 300-kilometre pipeline, a gas extraction plant and the headquarter building. State-owned Oman Oil Refineries & Petroleum Industries Company will finance this new plant. The bids would be invited next month and the project is scheduled to be completed in 2016. (Peninsula Qatar)
  5. 5. Contacts Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui Head of Trading Head of Sales Head of Research Manager - HNWI Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@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 Source: Bloomberg 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 QEIndex S&PPan Arab S&P GCC (0.1%) 0.2% 0.1% (0.0%) 0.0% 0.7% 0.5% (0.3%) 0.0% 0.3% 0.6% 0.9% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,345.20 0.7 3.8 (19.7) DJ Industrial 15,567.74 0.1 0.2 18.8 Silver/Ounce 20.49 (0.3) 5.0 (32.5) S&P 500 1,692.39 (0.2) 0.0 18.7 Crude Oil (Brent)/Barrel 109.36 0.0 0.0 (3.1) NASDAQ 100 3,579.27 (0.6) (0.2) 18.5 Natural Gas (Henry Hub)/MMBtu 3.68 (0.0) (0.0) 6.4 STOXX 600 299.44 (0.3) (0.1) 7.1 LPG Propane (Arab Gulf)/Ton 810.00 0.0 0.0 (16.4) DAX 8,314.23 (0.2) (0.2) 9.2 LPG Butane (Arab Gulf)/Ton 807.00 0.0 0.0 (16.7) FTSE 100 6,597.44 (0.4) (0.5) 11.9 Euro 1.32 0.3 0.6 0.2 CAC 40 3,923.09 (0.4) (0.1) 7.7 Yen 99.43 (0.2) (1.2) 14.6 Nikkei 14,778.51 0.8 1.3 42.2 GBP 1.54 0.1 0.7 (5.5) MSCI EM 969.04 1.6 2.0 (8.2) CHF 1.07 0.1 0.6 (2.1) SHANGHAI SE Composite 2,043.88 2.0 2.6 (9.9) AUD 0.93 0.5 1.4 (10.6) HANG SENG 21,915.42 2.3 2.6 (3.3) USD Index 81.95 (0.3) (0.8) 2.7 BSE SENSEX 20,302.13 0.7 0.8 4.5 RUB 32.33 0.1 (0.1) 5.9 Bovespa 48,819.52 0.5 3.0 (19.9) BRL 0.45 0.8 1.4 (7.4) RTS 1,379.88 (0.0) (0.2) (9.6) 139.0 123.1 111.9

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