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QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.2% to close at 12,397.2. Gains were led by the Insu...
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Qatar Market Commentary
 The QE index rose 0.2% to close at 12,397.2. The Insurance and
Transportation indice...
Page 3 of 5
04/10 Japan ESRI Machine Orders MoM February -8.80% -2.60% 13.40%
04/10 Japan ESRI Machine Orders YoY February...
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2014 as compared to 3.8% in 2013. The UAE is to grow by 4.4%
as compared to IMF’s estimate of 3.9%. Inflation ...
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10 April Daily market report

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Transcript of "10 April Daily market report "

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index rose 0.2% to close at 12,397.2. Gains were led by the Insurance and Transportation indices, gaining 1.7% and 1.6% respectively. Top gainers were Aamal Co. and Gulf Warehousing Co., rising 10.0% and 9.9% respectively. Among the top losers, Gulf International Services and Barwa Real Estate Co.fell 1.9% each. GCC Commentary Saudi Arabia: The TASI index fell 0.4% to close at 9,508.6. Losses were led by the Agri. & Food Ind. and Transport, falling 1.5% and 1.2% respectively. Weqaya Takaful fell 5.8%, while The Nat. Co. for Glass Ind. was down 3.5%. Dubai: The DFM index gained 1.1% to close at 4,839.4. The Real Estate & Construction index rose 2.1%, while the Insurance Index was up 1.3%. Gulf General Inv. Co. gained 8.2%, while Union Properties Co. was up 4.4%. Abu Dhabi: The ADX benchmark index rose 2.0% to close at 5,171.9. The Real Estate index gained 3.5%, while the Banking Index was up 2.5%. Ras Al Khaimah Poultry & Feeding surged 14.6%, while Invest Bank was up 11.4%. Kuwait: The KSE index rose marginally to close at 7,573.8. The Banking index rose 0.5%, while the Consumer Services index was up 0.4%. Manafae Investment Co. gained 8.3%, while Mashaer Holding Co. was up 4.7%. Oman: The MSM index rose marginally to close at 6,809.4. Gains were led by the Financial index and Services index gaining 0.2% and 0.1% respectively. Oman & Emirates Inv. rose 4.0% while Al Jazeera services was up 2.7%. Bahrain: The BHB index declined 0.5% to close at 1,382.2. The Investment index fell 1.8%, while the Industrial Index was down 1.2%. Arab Banking Corporation declined 5.1%, while Bahrain Islamic Bank was down 1.4%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Aamal Co. 16.77 10.0 975.0 11.8 Gulf Warehousing Co. 63.30 9.9 297.1 52.5 Ezdan Holding Group 25.20 9.9 628.8 48.2 National Leasing 32.90 8.0 3,123.7 9.1 Qatar International Islamic Bank 83.50 6.6 505.9 35.3 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 22.00 5.6 7,561.4 96.8 United Development Co. 22.40 0.5 5,816.7 4.0 Barwa Real Estate Co. 37.00 (1.9) 3,434.1 24.2 National Leasing 32.90 8.0 3,123.7 9.1 Salam International Investment Co. 13.29 3.8 2,697.2 2.2 Market Indicators 10 Apr 14 9 Apr 14 %Chg. Value Traded (QR mn) 1,429.4 1,531.1 (6.6) Exch. Market Cap. (QR mn) 709,196.8 700,710.6 1.2 Volume (mn) 39.1 43.2 (9.4) Number of Transactions 16,340 14,716 11.0 Companies Traded 42 42 0.0 Market Breadth 27:14 36:4 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,486.91 0.2 3.7 24.7 N/A All Share Index 3,198.27 0.6 4.0 23.6 15.5 Banks 3,042.81 0.9 3.4 24.5 15.1 Industrials 4,306.85 0.3 2.0 23.0 16.1 Transportation 2,237.95 1.6 7.1 20.4 14.7 Real Estate 2,472.88 (0.5) 7.3 26.6 15.8 Insurance 3,159.85 1.7 8.9 35.3 8.3 Telecoms 1,651.58 (1.3) 4.6 13.6 23.4 Consumer 7,529.51 1.1 6.6 26.6 30.6 Al Rayan Islamic Index 4,007.19 1.5 8.2 32.0 18.4 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Investbank Abu Dhabi 3.03 11.4 41.3 23.9 Aamal Co. Qatar 16.77 10.0 975.0 11.8 Tihama Saudi Arabia 268.25 9.9 446.9 144.4 Gulf Warehousing Co. Qatar 63.30 9.9 297.1 52.5 Ezdan Holding Group Qatar 25.20 9.9 628.8 48.2 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Arab Banking Corp. Bahrain 0.56 (5.1) 50.0 49.3 Nat. Real Estate Co. Kuwait 0.16 (4.8) 6496.2 3.9 Al-Qurain Petrochem. Kuwait 0.26 (3.8) 185.7 14.9 Dallah Healthcare Saudi Arabia 86.25 (3.4) 1018.6 23.7 Saudi Int. Petrochem. Saudi Arabia 30.00 (2.9) 1466.0 (5.7) 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% Gulf International Services 91.00 (1.9) 255.2 86.5 Barwa Real Estate Co. 37.00 (1.9) 3,434.1 24.2 Ooredoo 147.90 (1.4) 216.5 7.8 Qatari Investors Group 59.00 (1.2) 379.0 35.0 Qatar & Oman Investment Co. 13.50 (1.1) 673.6 7.8 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mazaya Qatar Real Estate Dev. 22.00 5.6 165,101.5 96.8 United Development Co. 22.40 0.5 130,465.4 4.0 Barwa Real Estate Co. 37.00 (1.9) 129,342.5 24.2 National Leasing 32.90 8.0 101,283.2 9.1 Industries Qatar 184.50 (0.8) 91,184.0 9.2 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* 12,397.21 0.2 3.4 6.5 19.4 392.56 194,745.5 15.7 2.0 4.0 Dubai 4,839.39 1.1 4.8 8.7 43.6 613.77 96,267.3 20.8 1.8 2.1 Abu Dhabi 5,171.90 2.0 5.0 5.7 20.5 338.79 135,874.4 15.7 1.9 3.5 Saudi Arabia 9,508.57 (0.4) (0.5) 0.4 11.4 2,782.51 517,195.1 19.5 2.4 3.1 Kuwait 7,573.84 0.0 0.0 0.0 0.3 108.22 118,058.7 17.3 1.2 3.9 Oman 6,809.37 0.0 0.5 (0.7) (0.4) 28.88 24,565.7 11.3 1.6 3.9 Bahrain 1,382.19 (0.5) 1.1 1.9 10.7 0.94 52,751.4 9.7 0.9 5.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 12,300 12,350 12,400 12,450 12,500 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 12,397.2. The Insurance and Transportation indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Aamal Co. and Gulf Warehousing Co. were the top gainers, rising 10.0% and 9.9% respectively. Among the top losers, Gulf International Services and Barwa Real Estate Co.fell 1.9% each.  Volume of shares traded on Thursday fell by 9.4% to 39.1mn from 43.2mn on Wednesday. However, as compared to the 30- day moving average of 19.8mn, volume for the day was 97.4% higher. Mazaya Qatar Real Estate Dev. and United Development Co. were the most active stocks, contributing 19.3% and 14.9% 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)1Q2014 % Change YoY Operating Profit (mn) 1Q2014 % Change YoY Net Profit (mn) 1Q2014 % Change YoY Saudi International Petrochemical Co. (Sipchem) Saudi SR – – 167.7 12.0% 68.7 6.5% Hits Telecom Holding Co. * Kuwait KD – – – – -5.7 NA Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 04/10 US Bureau of Labor Stat. Import Price Index MoM March 0.60% 0.20% 0.90% 04/10 US Bureau of Labor Stat. Import Price Index YoY March -0.60% -0.90% -1.20% 04/10 US Bloomberg Bloomberg Consumer Comfort 6-April -31.9 – -30 04/10 US US Treasury Monthly Budget Statement March -$36.9B -$36.0B -$106.5B 04/11 US Bureau of Labor Stat. PPI Final Demand MoM March 0.50% 0.10% -0.10% 04/11 US Bureau of Labor Stat. PPI Ex Food and Energy MoM March 0.60% 0.20% -0.20% 04/11 US Bureau of Labor Stat. PPI Final Demand YoY March 1.40% 1.10% 0.90% 04/11 US Bureau of Labor Stat. PPI Ex Food and Energy YoY March 1.40% 1.10% 1.10% 04/10 US Department of Labor Initial Jobless Claims 5-April 300K 320K 332K 04/10 US Department of Labor Continuing Claims 29-March 2776K 2835K 2838K 04/10 France INSEE Industrial Production MoM February 0.10% 0.20% -0.30% 04/10 France INSEE Industrial Production YoY February -0.80% -0.30% 0.20% 04/10 France INSEE Manufacturing Production MoM February 0.30% 0.30% 0.40% 04/10 France INSEE Manufacturing Production YoY February 1.20% 1.00% 1.60% 04/10 France INSEE CPI MoM March 0.40% 0.60% 0.60% 04/10 France INSEE CPI YoY March 0.60% 0.70% 0.90% 04/10 France INSEE CPI Ex-Tobacco Index March 126.29 126.32 125.71 04/11 Germany Destatis Wholesale Price Index YoY March -1.70% – -1.80% 04/11 Germany Destatis CPI MoM March 0.30% 0.30% 0.30% 04/11 Germany Destatis CPI YoY March 1.00% 1.00% 1.00% 04/10 UK RICS RICS House Price Balance Mar 57.00% 43.00% 47.00% 04/10 UK Bank of England Bank of England Bank Rate 10-April 0.50% 0.50% 0.50% 04/10 UK Bank of England BOE Asset Purchase Target April 375B 375B 375B 04/11 Spain INE CPI Core MoM March 0.50% – 0.00% 04/11 Spain INE CPI MoM March 0.20% 0.20% 0.00% 04/11 Spain INE CPI YoY March -0.10% -0.20% -0.20% 04/10 Italy ISTAT Industrial Production MoM February -0.50% -0.30% 1.10% 04/10 Italy ISTAT Industrial Production WDA YoY February 0.40% 1.10% 1.20% 04/10 Italy ISTAT Industrial Production NSA YoY February 0.40% – -1.90% 04/10 China Nat. Bureau of Statistics Exports YoY March -6.60% 4.80% -18.10% 04/10 China Nat. Bureau of Statistics Imports YoY March -11.30% 3.90% 10.10% 04/11 China Nat. Bureau of Statistics PPI YoY March -2.30% -2.20% -2.00% 04/11 China Nat. Bureau of Statistics CPI YoY March 2.40% 2.40% 2.00% Overall Activity Buy %* Sell %* Net (QR) Qatari 66.04% 69.80% (53,783,070.63) Non-Qatari 33.96% 30.20% 53,783,070.63
  3. 3. Page 3 of 5 04/10 Japan ESRI Machine Orders MoM February -8.80% -2.60% 13.40% 04/10 Japan ESRI Machine Orders YoY February 10.80% 17.50% 23.60% 04/11 Japan Bank of Japan Domestic CGPI YoY March 1.70% 1.80% 1.80% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  MDPS: Qatar inflation up 2.6% YoY in March – According to the Ministry of Development Planning & Statistics, Qatar’s consumer price index (CPI) rose 2.6% in March 2014 as compared to the same period in 2013. CPI was estimated at 116.6 in March, indicating an increase of 0.3% month-on-month. Rents & energy costs, which accounts for 32.2% of the overall inflation basket, increased 5.7% year-on-year (up 0.6% month- on-month). Food, beverage & tobacco prices, accounting for 13.2% of the inflation basket, rose 1.0% year-on-year but fell 0.2% month-on-month. (Gulf-Times.com) (Gulf-Times.com)  10 airlines to start operating from Hamad airport – According to sources, around 10 airlines including budget carriers are set to operate from the new state-of-the-art Hamad International Airport (HIA) from April 30, 2014. The start of operations by these 10 airlines from HIA from April 30 would mark the soft launch of the $16bn ultra-modern airport. (Gulf-Times.com)  Systra, Parsons win contract for Doha Metro design & technical tests – The contract for conducting design and technical tests for the operation of the Phase 1 of Doha Metro project has been awarded to France-based Systra and US- based Parsons Corporation. The contract is worth €170mn (QR860.29mn). Both companies will be responsible for all operational tests required before commissioning the metro’s Phase 1 by 2017. According to the contract, both firms will design and supervise implementation of technical tests for the final operations of trains, including signals, control room for automatic switching of tracks, and other technical modalities. (Peninsula Qatar)  MPHC’s AGM approves 3.5% dividend – Mesaieed Petrochemical Holding Company’s (MPHC) AGM has approved its board of directors’ recommendation for the distribution of 3.5% cash dividend (QR0.35 per share) for the period, September 01 – December 31, 2013. (QE) International  US urges global leaders to avoid complacency on boosting growth – The US Treasury Secretary Jacob J. Lew urged global leaders to step up measures to boost economic growth and reduce unemployment and reiterated concerns about feeble demand in Europe. Lew stated that this is no time for complacency, and leaders must not succumb to accepting subpar growth and high unemployment rates. Growth has been the top priority for the US and must continue to be at the top of the global economic agenda. Global finance ministers and central bankers are meeting in Washington to discuss ways to boost their economies. This week, the IMF predicted world growth of 3.6% for this year, compared with an estimate of 3.7% in January. The expansion will accelerate to 3.9% next year, little changed from the prior forecast. (Bloomberg)  Draghi: Euro appreciation would trigger ECB stimulus – The European Central Bank’s (ECB) President Mario Draghi said that a further appreciation of the euro would trigger more monetary stimulus, which is his strongest warning yet about the region’s rising currency. He said the strengthening of the exchange rate would require a monetary policy stance that is equally accommodative and further monetary stimulus is needed. This is the toughest comment from Draghi and fellow ECB officials that has came after the Euro appreciated 6% versus the dollar over the past year. A rising exchange rate threatens the central bank’s ability to deliver inflation of just below 2% because it would cheapen imports and hurt exporters. (Bloomberg)  G20 gives US year-end deadline to undertake IMF reforms – Finance chiefs from around the globe gave the United States time until the end of this year to ratify long-delayed reforms to the International Monetary Fund, and threatened to move forward without it if it fails to do so. The inability to give emerging markets a more powerful voice at the IMF and shoring up the lender's resources appeared to be the most contentious issues for officials from the Group of 20 leading economies and the representatives for all IMF member nations. In a final communiqué, G20 finance ministers and central bankers said they were deeply disappointed with the delay. The reforms would double the fund's resources and hand more voting power to BRICS countries – Brazil, Russia, India, China and South Africa. (Reuters)  PBoC: China’s normal growth needs only minor policy changes – The People’s Bank of China (PBoC) Governor Zhou Xiaochuan said the nation needs only minor policy adjustments if growth is within a normal range, adding to signals that the government will avoid taking broader action to counter a slowdown. The State Council has a target for 7.5% growth and has studied the range. Zhou said if growth diverts from the range, the country’s monetary policy will be fine-tuned or perhaps a slightly bigger adjustment will be undertaken. Zhou’s remarks build on comments by Chinese Premier Li Keqiang, who said the nation will roll out more policies to support growth while avoiding stronger stimulus. Indicators suggesting that the world’s second-largest economy grew at the slowest pace since 2009 in the first quarter of 2014 have spurred speculation that the PBOC may cut banks’ reserve requirements. (Bloomberg) Regional  OPEC: Natural gas to meet 26% of global energy demand by 2035 – The OPEC’s Secretary General, Abdalla Salem El-Badri, said that natural gas will have a greater share in meeting the global energy demand at 26% by 2035 as compared to 22% in 2010. In OPEC’s 2013 World Oil Outlook, energy demand across the globe is set to rise by 52% over the 2010-2035 period. Renewable energy, from wind, solar, small hydro and geothermal, is expected to grow at more than 7% a year. However, the shares of biomass and nuclear energy will remain at steady levels throughout the 2010-2035 period, at around 9% and 6% respectively. So fossil fuels will continue to play the dominant role in meeting demand, although their overall share will fall from 82% to 80%. Throughout this period, oil will remain the dominant energy source, although its overall share would decline from 33% to 27%. Coal’s share remains relatively stable at around 27%. (GulfBase.com)  IMF: Gulf economies to have substantial buffers to cover lower crude price – The International Monetary Fund stated that most GCC economies continue to have substantial buffers to cope with short-lived oil price shocks despite an expected drop in their current account surpluses. The IMF said economic growth in most of the GCC economies will hover near the rates registered in 2013, with Saudi Arabia expanding by 4.1% in
  4. 4. Page 4 of 5 2014 as compared to 3.8% in 2013. The UAE is to grow by 4.4% as compared to IMF’s estimate of 3.9%. Inflation in the UAE is forecast to be 2.2% in 2014 as compared to 1.1% in 2013 due to a drastic rise in rents in Dubai and Abu Dhabi. The fund also raised GDP forecasts for Qatar to 5.9% from 5% and Kuwait to 2.6% in 2014 and 3% in 2015. (GulfBase.com)  IATA: Mideast airlines grow faster globally – The International Air Transport Association’s (IATA) Director General & CEO Antony Tyler said that the share of the Middle Eastern airlines in global air traffic has more than doubled in a decade to 9% from 4%. Much of this growth has been realized by the fast growing Gulf carriers such as Qatar Airways. Tyler said that this growth trend is set to continue, adding an example of growth prospects in 2014. IATA expects the global passenger traffic to increase by 5.8% in 2014. However, Middle East airlines will more than double that with 13% growth—again driven primarily growth in the Gulf market. (Bloomberg)  SABIC to lift steel capacity to 10mn tons by 2025 – Saudi Basic Industries Corporation’s (SABIC) metals affiliate, Saudi Iron & Steel Company (Hadeed), is planning to add 4mn tons of annual steel output capacity to reach 10mn tons by 2025. (GulfBase.com)  Saudi real estate finance to cross SR50bn mark – According to financial and property experts, the volume of real estate finance in Saudi Arabia is set to cross the SR50bn mark by the end of 2Q2014, with an increase of 5% YoY. This comes on the back of a number of positive changes in the property market, notably the Saudi Arabian Monetary Agency (SAMA) giving licenses to a group of financial institutions to render funding facilities to housing projects. (GulfBase.com)  FDI flow into UAE reaches $12 billion in 2013 – According to Fortress Investments, foreign direct investment in the UAE reached $12bn in 2013 and is projected to grow 20% in 2014 to reach $14.4bn. The estimated growth rate in 2014 would represent a 260% increase over 2008, which not only demonstrates the full recovery from the global financial crisis, but also reflects the future growth potential for the UAE economy. (Bloomberg)  NCB’s Q1 net profit rises to SR2.5 billion – The National Commercial Bank (NCB) announced that its net income for 1Q2014 reached SR2.535bn as compared to SR2.332bn for 1Q2013. Further, the quarter’s net profit increased by 41.2% as compared to SR1.795bn during the previous quarter. NCB’s Chairman Mansour Al-Maiman said the bank’s growth and diversity of its financing and investment products have contributed to an increase in net special commission income and foreign exchange income, which are up by 4.5% and 16.4% respectively. Al-Maiman said the bank’s total assets grew to reach SR420bn as compared to SR358bn at the end of the same period of the previous year. Earnings per share reached SR1.69 as compared to SR1.56. (Bloomberg)  Al Masah plans $250mn IPO investment fund – Al Masah Capital Management is planning to set up a fund of up to $250mn for investing in initial public offerings (IPOs) across MENA and South East Asia. The IPO fund will be based in Luxembourg and invest in key sectors across the region. The two-year closed-end fund will be operational by June, 2014. (GulfBase.com)  ZonesCorp sign AED1bn contract with III – The Higher Corporation for Specialized Economic Zones (ZonesCorp) has signed a contract worth AED1bn with Ittihad International Investment (III). This AED1bn project will have an annual capacity of 600,000 tons spread over two phases and will generate employment for 200 people. It will be spread across 230,000 square meters of prime industrial real estate. The project envisages large volumes of cargo movement through Khalifa Port with an estimated annual dry cargo and container movement of 200,000 tons which will comprise 85% exports. (GulfBase.com)  Julphar declares 10% cash dividend, 10% bonus shares – Gulf Pharmaceutical Industries’ (Julphar) AGM has approved its board’s proposal for the distribution of 10% cash dividend and 10% bonus shares for the year ended December 31, 2013. (ADX)  JTC partners with Chicago Maintenance for 4MW power plant – Kuwait-based Jassim Transport & Stevedoring Company (JTC) has entered into an agreement with Chicago Maintenance & Construction Company to install and maintain a 4MW power project at a major construction site in Qatar. JTC will manage the entire power project at the construction site, right from design and load calculations, to installation, commissioning and maintenance. The installation will power a site spread over an area of 43,100 square meters, with JTC’s power rental service ensuring uninterrupted supply of power round the clock. (GulfBase.com)  Boubyan Bank’s net profit rises 84% in 1Q2014 – Boubyan Bank’s (BB) net profit has increased by 84% to KD5.7mn for 1Q2014. The bank’s total assets grew by 18% to reach KD2.3bn at the end of 1Q2014. Operating earnings increased by 22% to KD18.2mn in 1Q2014 from KD15mn in 1Q2013, while customer deposits reached KD1.7bn, up by 17%. The bank’s EPS stood at 2.9 fils. (Bloomberg)  WB: Oman to post 5% growth in 2015 – The World Bank (WB) has forecasted that Oman will post a 5% growth rate in 2015, as compared to 4.9% in 2014. In its latest regional economic update, the World Bank projected growth in the MENA region to accelerate from an average of 2.6% in 2013 to 4.6% in 2015. Oil exporters in the MENA region, especially the GCC countries, are expected to lead the regional recovery with growth reaching 3.5% in 2014 and 4.8% in 2015. (GulfBase.com)  ODB to disburse OMR50mn in 2014 to fund SMEs – The Oman Development Bank (ODB) – the Sultanate's specialized institution for funding SMEs – plans to disburse OMR50mn in 2014. ODB's acting General Manager Al Harthy said that the bank had disbursed OMR35mn last year. Al Harthy said the bank was able to bring down its non-performing loan ratio to 8% by end-2013, from a high of 60% in 2004. The ODB chief said that the bank has introduced two new products – working capital schemes for farmers and SMEs. The working capital for farmers, called Mawsimi, is for one year and is provided at a low interest rate of 3% by the bank, which has 15 branches across the country. (Bloomberg)  Omani CMA approves 5% dividend for AMIC – Al Madina Takaful (AMIC) has received approval from the Capital Market Authority (CMA) for the distribution of 5% cash dividend (5 baizas per share) to its shareholders. (MSM)  AOFS declares 17.5% dividend – Al Omaniya Financial Services’ (AOFS) AGM has approved the distribution of 17.5% cash dividend for FY2013.  Bahrain-UK sign Islamic finance deal – Bahrain and the UK have signed a MoU for a joint framework to enhance collaboration on Islamic finance. The agreement aims at creating plans to boost cooperation through an education & skills program, and the establishment of a working group devoted to the development of Islamic finance-driven trade and investment between the two countries. (GulfBase.com)
  5. 5. Contacts Saugata Sarkar Keith Whitney Sahbi Kasraoui Head of Research Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (―QNBFS‖) a wholly-owned subsidiary of Qatar National Bank (―QNB‖). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC (0.4%) 0.2% 0.0% (0.5%) 0.0% 2.0% 1.1% (0.8%) 0.0% 0.8% 1.6% 2.4% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,318.42 (0.0) 1.1 9.4 DJ Industrial 16,026.75 (0.9) (2.4) (3.3) Silver/Ounce 20.00 (0.2) 0.2 2.7 S&P 500 1,815.69 (0.9) (2.6) (1.8) Crude Oil (Brent)/Barrel (FM Future) 107.33 (0.1) 0.6 (3.1) NASDAQ 100 3,999.73 (1.3) (3.1) (4.2) Natural Gas (Henry Hub)/MMBtu 4.65 1.8 3.8 7.1 STOXX 600 328.77 (1.4) (3.1) 0.2 LPG Propane (Arab Gulf)/Ton 111.38 0.7 3.1 (11.8) DAX 9,315.29 (1.5) (3.9) (2.5) LPG Butane (Arab Gulf)/Ton 122.00 0.4 0.8 (10.6) FTSE 100 6,561.70 (1.2) (2.0) (2.8) Euro 1.39 (0.0) 1.3 1.0 CAC 40 4,365.86 (1.1) (2.6) 1.6 Yen 101.62 0.1 (1.6) (3.5) Nikkei 13,960.05 (2.4) (7.3) (14.3) GBP 1.67 (0.3) 1.0 1.1 MSCI EM 1,015.44 (0.6) 1.3 1.3 CHF 1.14 0.0 1.8 1.9 SHANGHAI SE Composite 2,130.54 (0.2) 3.5 0.7 AUD 0.94 (0.2) 1.1 5.4 HANG SENG 23,003.64 (0.8) 2.2 (1.3) USD Index 79.45 0.1 (1.2) (0.7) BSE SENSEX 22,628.96 (0.4) 1.2 6.9 RUB 35.64 0.3 1.1 8.4 Bovespa 51,867.29 1.4 1.5 0.7 BRL 0.45 (1.1) 1.1 6.5 RTS 1,204.07 (0.8) (2.4) (16.5) 178.1 153.1 138.9

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