24 March Daily Market Report


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24 March Daily Market Report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 0.7% to close at 11,258.5. Losses were led by the Industrials and Real Estate indices, declining 1.4% each. Top losers were Qatari Investors Group and Al Ahli Bank, falling 3.0% and 2.8% respectively. Among the top gainers, Zad Holding Co. and Mazaya Qatar Real Estate Dev. rose 6.7% and 6.6% respectively. GCC Commentary Saudi Arabia: The TASI index rose marginally to close at 9,429.2. Gains were led by the Multi-Invest. and Petrochemical Ind. indices, rising 0.9% and 0.6% respectively. Saudi Adv. Ind. rose 7.0%, while Al Ahsa Dev. Co. was up 5.6%. Dubai: The DFM index fell 0.7% to close at 4,318.5. The Inv. & Financial Services index declined 1.4%, while the Insurance index was down 1.0%. Al Salam Sudan fell 9.9%, while Gulf Navigation Holding Co. was down 2.9%. Abu Dhabi: The ADX benchmark index gained 0.2% to close at 4,802.8. The Consumer index rose 6.5%, while the Inv. & Financial Services index was up 1.1%. Agthia Group gained 8.9%, while RAK White Cement was up 2.8%. Kuwait: The KSE index rose 0.2% to close at 7,554.1. The Consumer Services index gained 2.0%, while the Consumer Goods index was up 1.6%. Al-Nawadi Holding rose 8.8%, while Agility Public Warehousing was up 7.4%. Oman: The MSM index gained 0.3% to close at 6,937.8. Gains were led by the Financial and Industrial indices, rising 0.1% each. Gulf Mushroom Products gained 2.8%, while Oman Fisheries was up 2.1%. Bahrain: The BHB index fell 1.4% to close at 1,377.7. The Investment index declined 3.5% while the Commercial Banking index was down 0.9%. Arab Banking Corporation fell 10.0%, while Al Salam Bank was down 2.7%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Zad Holding Co. 89.20 6.7 119.0 28.3 Mazaya Qatar Real Estate Dev. 13.38 6.6 6,275.5 19.7 Qatar General Ins. & Reins. Co. 40.50 3.8 0.0 1.5 Doha Bank 58.50 1.7 260.0 0.5 Widam Food Co. 45.00 1.0 297.0 (13.0) Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 13.38 6.6 6,275.5 19.7 Mesaieed Petrochemical Holding 31.15 (2.2) 2,209.9 212.0 United Development Co. 21.40 (1.9) 1,947.6 (5.4) Qatar Gas Transport Co. 19.15 (0.8) 743.0 (5.4) Barwa Real Estate Co. 34.20 (1.9) 703.7 14.8 Source: Bloomberg (* in QR) Market Indicators 24 Mar 14 23 Mar 14 %Chg. Value Traded (QR mn) 505.8 440.3 14.9 Exch. Market Cap. (QR mn) 624,831.4 629,839.3 (0.8) Volume (mn) 15.8 11.7 35.3 Number of Transactions 7,022 8,430 (16.7) Companies Traded 38 39 (2.6) Market Breadth 12:24 16:21 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,646.69 (0.7) (1.0) 12.2 N/A All Share Index 2,882.20 (0.7) (0.8) 11.4 14.7 Banks 2,733.46 (0.3) (0.0) 11.9 14.3 Industrials 3,948.47 (1.4) (1.9) 12.8 15.3 Transportation 1,952.89 (0.8) (1.6) 5.1 13.6 Real Estate 2,099.53 (1.4) (2.3) 7.5 17.8 Insurance 2,816.07 0.9 (0.3) 20.5 7.7 Telecoms 1,499.49 (0.5) (0.5) 3.1 20.7 Consumer 6,909.48 (0.3) (0.1) 16.2 30.1 Al Rayan Islamic Index 3,452.86 (0.7) (0.9) 13.7 18.2 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Agility Pub. Ware. Co Kuwait 0.73 7.4 12,698.3 5.8 National Real Estate Kuwait 0.15 4.1 8,724.6 0.0 Qatar Gen. Ins. & Rein. Qatar 40.50 3.8 0.0 1.5 Knowledge Eco. City Saudi Arabia 20.75 3.5 6,878.0 17.2 Saudi Kayan Petro. Co Saudi Arabia 16.80 2.8 38,903.9 7.0 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Arab Banking Corp Bahrain 0.54 (10.0) 1,560.0 44.0 MedGulf Saudi Arabia 34.00 (8.6) 4,485.8 (2.6) IFA Hotels & Resorts Kuwait 0.25 (7.2) 0.0 (13.7) Bank of Sharjah Abu Dhabi 2.13 (6.6) 377.0 19.0 Com. Bank of Kuwait Kuwait 0.74 (3.9) 0.2 0.0 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% Qatari Investors Group 54.50 (3.0) 229.4 24.7 Al Ahli Bank 49.00 (2.8) 0.6 15.8 Mesaieed Petrochemical Holding 31.15 (2.2) 2,209.9 212.0 Doha Insurance Co. 22.51 (2.1) 0.8 (10.0) Dlala' Brokerage & Invest. Holding 22.40 (2.0) 68.0 1.4 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mazaya Qatar Real Estate Dev. 13.38 6.6 85,115.8 19.7 Mesaieed Petrochemical Holding 31.15 (2.2) 68,906.2 212.0 Industries Qatar 175.00 (1.7) 54,831.5 3.6 United Development Co. 21.40 (1.9) 42,172.7 (5.4) QNB Group 176.90 (0.6) 29,716.5 2.8 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* 11,258.51 (0.7) (1.0) (4.4) 8.5 138.89 171,578.7 15.1 1.9 4.3 Dubai 4,318.48 (0.7) 0.3 2.3 28.2 430.37 86,988.5 18.9 1.6 2.2 Abu Dhabi 4,802.84 0.2 0.4 (3.1) 11.9 184.69 127,614.8 13.8 1.7 3.8 Saudi Arabia 9,429.21 0.0 1.3 3.5 10.5 2,098.91 512,571.8 19.3 2.4 3.2 Kuwait 7,554.09 0.2 (0.0) (1.8) 0.1 104.37 112,509.7 16.1 1.2 3.7 Oman 6,937.78 0.3 0.1 (2.5) 1.5 12.04 24,902.2 11.1 1.6 3.7 Bahrain 1,377.65 (1.4) (0.6) 0.4 10.3 3.52 51,827.0 9.6 0.9 3.9 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 11,200 11,250 11,300 11,350 11,400 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 declined 0.7% to close at 11,258.5. The Industrials and Real Estate indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Qatari Investors Group and Al Ahli Bank were the top losers, falling 3.0% and 2.8% respectively. Among the top gainers, Zad Holding Co. and Mazaya Qatar Real Estate Dev. rose 6.7% and 6.6% respectively.  Volume of shares traded on Monday rose by 35.3% to 15.8mn from 11.7mn on Sunday. Further, as compared to the 30-day moving average of 14.1mn, volume for the day was 12.5% higher. Mazaya Qatar Real Estate Dev. and Mesaieed Petrochemical Holding Co. were the most active stocks, contributing 39.6% and 13.9% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Commercial Bank of Qatar CI Qatar FSR a a-  Stable – Qatar International Islamic Bank CI Qatar FSR A- A- – Positive  Source: News reports ( FSR- Financial Strength Rating) Earnings Releases Company Market Currency Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY Agility Public Warehousing Co.* Dubai KD 4.2 NA – – 46.2 37.1% National Marine Dredging Co. (NMDC)* Abu Dhabi AED 2546.0 -18.1% 217.4 -38.9% 206.8 -39.0% Emirates Driving Co. (EDC)* Abu Dhabi AED 157.8 13.0% – – 42.5 27.1% Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 03/24 US Markit Markit US Manufacturing PMI March 55.5 56.5 57.1 03/24 EU Markit Markit Eurozone Composite PMI March 53.2 53.2 53.3 03/24 EU Markit Markit Eurozone Manufacturing PMI March 53.0 53.0 53.2 03/24 EU Markit Markit Eurozone Services PMI March 52.4 52.6 52.6 03/24 France Markit Markit France Manufacturing PMI March 51.9 49.7 49.7 03/24 France Markit Markit France Services PMI March 51.4 47.5 47.2 03/24 France Markit Markit France Composite PMI March 51.6 – 47.9 03/24 Germany Markit Markit/BME Ger. Manufacturing PMI March 53.8 54.5 54.8 03/24 Germany Markit Markit Germany Services PMI March 54.0 55.5 55.9 03/24 Germany Markit Markit/BME Germany Composite PMI March 55.0 – 56.4 03/24 China Markit HSBC China Manufacturing PMI March 48.1 48.7 48.5 03/24 Japan JRA Supermarket Sales YoY February 1.50% – -0.20% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  MRDS posts net profit of QR134mn in 2013 – Mazaya Qatar Real Estate Development Company (MRDS) reported a net profit of QR134mn in 2013, up 113% compared to QR62.8mn in 2012. The strong growth in net profit was primarily due to the inclusion of construction profit of QR158.7mn in 2013 as well as surge in rental income by 81% to QR38.5mn. MRDS' earnings per share (EPS) amounted to QR1.34 in 2013 as compared to QR0.63 in 2012. Meanwhile, MRDS' board of directors has proposed cash dividends of 7.5% subject to the General Assembly approval or QR0.75 for every share. (QE)  QFB gets approval for hiking foreign ownership limit to 25% – Qatar First Bank (QFB), which is planning to list on the local bourse, has received approval from its shareholders to raise the foreign ownership limit to 25% from the present 20%. QFB has also received approval to enhance the authorized capital by 25% to QR2.5bn, which will facilitate further growth in its assets base and position it for the full operations of commercial banking. (Gulf-Times.com)  NDSQ to deliver 8 more Qatar-built vessels in 2014 – Nakilat Damen Shipyards Qatar (NDSQ), a JV of Nakilat and Damen Shipyard Group, will deliver 12 indigenously-built vessels to its Overall Activity Buy %* Sell %* Net (QR) Qatari 62.63% 67.38% (24,004,974.76) Non-Qatari 37.37% 32.62% 24,004,974.76
  3. 3. Page 3 of 5 Qatari and foreign customers in 2014. NDSQ’s Managing Director Jam-Wim Dekker said that the company has already delivered four vessels and eight more vessels will be delivered to its customers by the end of 2014. He said the company’s manufacturing units in Ras Laffan have the capacity to build 25 vessels in a year. (Qatar Tribune)  UDCD trading suspended today – United Development Company (UDCD) shares are suspended today due to its AGM. (QE)  MCCS’ AGM approves 55% cash dividend – Mannai Corporation’s (MCCS) AGM has approved its board of directors’ proposal to distribute 55% cash dividend (QR5.5 per share) for the year ended December 31, 2013. (QE)  QE deposits AKHI’s bonus shares – The Qatar Exchange (QE) has added the Al Khaleej Takaful Group’s (AKHI) bonus shares to its shareholders’ accounts. With this, the company’s new capital stands at QR222mn, which is distributed over 22.2mn shares. Shareholders can begin trading these shares from March 25, 2014. (QE) International  Europe loan disposals reach record €80bn before ECB review – According to PricewaterhouseCoopers, European banks will be disposing of a record €80bn of non-core loans this year as they trim their balance sheets before central bank stress tests begin. The disposal comes after lenders led by UK and Irish banks offloaded €64bn of assets in 2013, with commercial real estate debt and unsecured retail loans being the most actively-traded. This year, more than €30bn worth of holdings have been already sold, or are close to a sale. A health check of European lenders by the European Central Bank is incentivizing financial firms to get rid of their non-performing assets. They hold €2.4tn of non-core debt holdings and PricewaterhouseCoopers predict bank restructuring will continue over at least the next five years. (Bloomberg)  China’s urbanization loses momentum as growth slows – The pace of migration of rural Chinese toward cities is set to decline by a third in coming years, deepening economic-growth concerns. A government report has projected a 6.3-point rise in the share of people living in cities from 2013 to 2020, which is down from a 9.4-point gain in the previous seven years. Nomura Holdings Inc. estimates that slower urbanization will slice as much as half a percentage point from annual GDP growth over the next half decade. China’s Premier Li Keqiang is under increasing pressure to take steps to address weakening economic expansion. Meanwhile, a private report indicated a fifth straight slowdown in manufacturing in China. The premier, who has advocated an urbanization-growth strategy for coming two decades, is up against a shrinking pool of rural workers, rising local-government debt and unhealthy air pollution in almost all big cities. Diminishing returns from urbanization make it tougher to achieve economic goals including this year’s 7.5% expansion target. (Bloomberg)  BoJ warns of deflation risk if inflation stays below 1% – The Bank of Japan’s (BoJ) Deputy Governor Kikuo Iwata warned that inflation staying below 1% for a long period of time was dangerous as it heightens the risk of deflation. Iwata said the central bank has set a price target of 2%, a level deemed ambitious for a country mired in deflation for the last 15 years, and pledged to achieve it in roughly two years. However, Iwata said the price target need not be met strictly in two years. Fears of Japanese-style deflation have been a major talking point in the Eurozone, where inflation has been in the danger zone of below 1% for the past few months. However, the ECB stated that there is no risk of deflation since inflation expectations are well-anchored. (Reuters)  S&P cuts Brazil’s credit rating to BBB- – Standard & Poor's (S&P) cut Brazil's sovereign debt rating closer to speculative territory in a blow to the country’s President Dilma Rousseff, whose efforts to stir the economy from a year-long slump have eroded the country's finances. Brazil had its long-term debt rating downgraded to BBB-, the agency's lowest investment- grade rating. However, S&P changed its outlook to Stable from Negative, meaning further downgrades are unlikely for now, which comes as a relief for both policy makers and financial markets. Brazil has suffered from slow growth that averaged about 2% in recent years. Rousseff has tried her best to revive the economy with tax cuts and social spending, but has been widely criticized for intervening too much and resorting to opaque accounting moves to meet budget targets. (Reuters) Regional  HLG–Al Jaber JV wins QR6.15bn road contract – A JV between Habtoor Leighton Group (HLG) and Al Jaber Engineering has been awarded a QR6.15bn contract for the design and construction of the New Orbital Highway & Truck Route, Contract 3, being built near Doha. The work will be carried out for Ashghal, Qatar's Public Works Authority. HLG’s CEO & Managing Director, Antonio Lopez-Monis said the new project further strengthens the group's presence in Qatar, where HLG has worked successfully with government clients such as Kahramaa since 2009. (Bloomberg)  Dar Al Arkan buys back 87% of $200m sukuk – Saudi property developer, Dar Al Arkan Real Estate Development Co has repurchased 87% of its SR750m ($200m) sukuk, which is due to mature in April. The firm said the move is in line with its strategy to manage its liabilities efficiently and to fulfill its commitments proactively. (Ameinfo.com)  SFD signs $58mn health deals with Bahrain – The Saudi Fund for Development (SFD) has signed two agreements in the field of healthcare with the Kingdom of Bahrain. The first agreement aims at establishing a dialysis center in Riffa city at a cost of $21mn. The second agreement is for funding the establishment of a long-term care center in Muharraq at a cost of $37mn. (Bloomberg)  RAK FTZ to build office tower and warehouses – The Ras Al Khaimah Free Trade Zone (RAK FTZ) will construct a new office building and warehouses as part of its major expansion to accommodate new clients. The RAK FTZ is planning to build a new office tower in its business park that will accommodate around 700 new clients. It will also construct 100 new warehouses in its technology park, for clients who do business in trading and light manufacturing. (GulfBase.com)  Agility’s BoD proposes 40% dividend, 5% bonus shares – Agility Public Warehousing Company’s board of directors has proposed the distribution of 40% cash dividend (40 fils per share) and 5% bonus shares for the year ended December 31, 2013. (DFM)  DMCC signs MoU with WDM – The Dubai Multi Commodities Centre (DMCC) and the World Diamond Mark (WDM) have signed a MoU to increase consumer appeal and confidence in diamonds and the jewelry industry. DMCC will support WDM’s objectives to ensure the health and future growth of the diamond and jewelry industry in core consumer markets. In turn, WDM will recognize DMCC as a member of the World Diamond Mark and its partner for WDM project implementation in the Gulf region. (GulfBase.com)
  4. 4. Page 4 of 5  Naspers invests $75mn in Souq.com – Dubai-based Souq.com has secured $75mn in new funding from South African e-commerce firm, Naspers. The latest investment by Naspers brings the total money raised by Souq.com to $150mn, which will use the funds to invest in its technology and mobile services. As of November 2013, Naspers held a 36% stake in Souq.com. (Reuters)  UAE: Insurer blames price war for profit decline – Sharjah- based Al Buhaira National Insurance (Abnic) has reported a 41% fall in net profit to AED10mn for 2013 as compared to AED17mn for 2012. It blamed competition and new market entrants. The insurer also reported premium revenue of AED520mn for 2013 as compared to AED559mn for 2012, a drop of 7%. Its underwriting profit more than halved to AED22mn in 2013 from AED49mn in 2012. Total assets stood at AED1.95bn as compared to AED1.83bn, while shareholders equity reached AED608mn from AED609mn. The insurer said that it posted acceptable results for 2013 despite having to face severe price competition among insurance companies and in particular from some new entrants. In addition, it had to deal with increases in medical fees that continued to undermine medical business results as well as a significant increase in spare parts and labour costs for motor insurance. (Bloomberg)  Ajman Bank appoints Hisham Hammoud as COO – Ajman Bank has appointed Hisham Hammoud as Chief Operating Officer. Hisham has about 20 years of experience gained working in the financial services sector. Most recently he was the Group Chief Operating Officer at Network International and previously at Dubai Bank and Citi Bank. (Bloomberg)  Dubai's Amlak to resume trading in 2H2014 – The UAE's Economy Minister Sultan bin Saeed al-Mansouri said, Dubai's indebted mortgage lender Amlak, whose shares have been suspended since 2008, will resume trading on Dubai's bourse in 2H2014. (Reuters)  CBI declares 5% share dividend, appoints new chairman – Commercial Bank International’s (CBI) AGM has approved the board’s proposal for the distribution of 5% share dividend for FY2013. Meanwhile, CBI has appointed Mohamed Sultan AlQadi as the Chairman and Ali Ahmed Kuwari as the Vice Chairman for a term of three years. (ADX)  RAKBANK declares 50% dividend – The National Bank of Ras Al-Khaimah’s (RAKBANK) AGM has approved the board’s proposal for distributing 50% cash dividend for the year ended December 31, 2013. (ADX)  FGB to issue Kangaroo bonds – First Gulf Bank (FGB) is planning to issue Kangaroo bonds with five-year maturity. Nomura Holdings is managing the transaction along with ANZ Banking Group and HSBC. The securities are being marketed at a yield of about 155 basis points more than the swap rate. (GulfBase.com)  Insurance House to buy back 10% shares – Insurance House has secured the approval of the Securities & Commodities Authority (SCA) to launch a 10% share buyback program. Earlier, Insurance House had secured SCA’s approval for a share buyback program of up to 10% (or 12mn shares) of its paid-up capital that was valid for one year. (GulfBase.com)  Etisalat signs content deal with Abu Dhabi Media – Emirates Telecommunications Corporation (Etisalat) has signed a strategic partnership with broadcasting firm Abu Dhabi Media to strengthen its multi-play services offering. The partnership will help the telecom operator’s customers to gain access to on- demand content including TV programs and talk shows across any device. (Bloomberg)  Gulf Bank posts KD32.2mn profit in 2013 – The Gulf Bank reported a net profit of KD32.2mn for FY2013, up 4.1% over KD30.9mn in FY2012. The bank’s earnings per share went up from 11 fils in 2012 to 12 fils in 2013. The bank’s total assets during this period amounted to KD5,064.8mn, while deposits stood at KD4,086.1mn. The total shareholders’ equity stood at KD483.1mn and total liabilities amounted to KD4,581.6mn. Meanwhile, the bank’s shareholders approved the distribution of 5% bonus shares on the outstanding issued share capital as on December 31, 2013. Net interest income rose to KD121.4mn, driven by a decline in funding costs, while fee income was lower at KD26.2mn from KD28.5mn in 2012, reflecting the muted economic activity in the Kuwaiti corporate sector. (Gulf- Base.com)  Dhofar Beverages declares 8.5% dividend – Dhofar Beverages & Foodstuff Company’s AGM has approved the board’s proposal for the distribution of 8.5% cash dividend for the year ended December 31, 2013. (MSM)  ONEIC wins OMR1.6mn contract from MZEC – Oman National Engineering & Investment Company (ONEIC) has won a contract worth OMR1.6mn from Mazoon Electricity Company (MZEC). The nine-month contract is for constructing a 33KV feeder line from Al Mudhiarib Primary Station to Wadi Al Taeen Substation and a step-up transformer station at North Sharqyia Province. (MSM)  Al Jazeera Steel declares 20% dividend – Al Jazeera Steel Products Company has announced the distribution of 20% cash dividend for FY2013. (GulfBase.com)  Ubar Hotels declares 15% dividend – Ubar Hotels & Resorts’ AGM has approved the distribution of 15% cash dividend for the shareholders. (Bloomberg)  SICO declares 7.5% dividend, appoints new CEO – The Securities & Investment Company’s (SICO) AGM has approved the distribution of 7.5% cash dividend (7.5 fils per share) to its shareholders. Meanwhile, SICO has appointed Najla M. Al Shirawi as the new Chief Executive Officer to replace Anthony Mallis from April 2014. (Bahrain Bourse)  DEPCO declares 20% dividend – Delmon Poultry Company’s (DEPCO) AGM has approved the distribution of 20% cash dividend (20 fils per share) to its shareholders. (Bahrain Bourse)  BKIC completes sale of BKIC House – Bahrain Kuwait Insurance Company (BKIC) announced that it has completed the sale of its building, BKIC House, located in Diplomatic Area on March 12, 2014. The building was sold for a value of BHD1.7mn, generating a profit of BHD1.5mn. (Bahrain Bourse)  Nass Mechanical signs $4mn supply contracts – Nass Corporation’s wholly-owned subsidiary Nass Mechanical Contracting, has signed two supply contracts with Korea-based Hyundai Heavy Industries Company. The contracts are for the Az Zour North IWPP Project, Kuwait, which include supply of inlet ducts worth $2.15mn and bypass stack worth $1.85mn. (Bahrain Bourse)
  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 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC 0.0% (0.7%) 0.2% (1.4%) 0.3% 0.2% (0.7%) (1.6%) (1.2%) (0.8%) (0.4%) 0.0% 0.4% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,308.76 (1.9) (1.9) 8.6 DJ Industrial 16,276.69 (0.2) (0.2) (1.8) Silver/Ounce 19.95 (1.8) (1.8) 2.5 S&P 500 1,857.44 (0.5) (0.5) 0.5 Crude Oil (Brent)/Barrel (FM Future) 106.81 (0.1) (0.1) (3.6) NASDAQ 100 4,226.39 (1.2) (1.2) 1.2 Natural Gas (Henry Hub)/MMBtu 4.41 2.2 2.2 1.6 STOXX 600 324.39 (1.1) (1.1) (1.2) North American Spot LPG Propane Price 103.25 (0.5) (0.5) (18.4) DAX 9,188.77 (1.7) (1.7) (3.8) North American Spot LPG Normal Butane Price 121.25 1.3 1.3 (10.7) FTSE 100 6,520.39 (0.6) (0.6) (3.4) Euro 1.38 0.3 0.3 0.7 CAC 40 4,276.34 (1.4) (1.4) (0.5) Yen 102.24 (0.0) (0.0) (2.9) Nikkei 14,475.30 1.8 1.8 (11.1) GBP 1.65 0.1 0.1 (0.4) MSCI EM 953.90 0.9 0.9 (4.9) CHF 1.14 0.2 0.2 1.4 SHANGHAI SE Composite 2,066.28 0.9 0.9 (2.3) AUD 0.91 0.6 0.6 2.4 HANG SENG 21,846.45 1.9 1.9 (6.3) USD Index 79.93 (0.2) (0.2) (0.1) BSE SENSEX 22,055.48 1.4 1.4 4.2 RUB 36.12 (0.3) (0.3) 9.9 Bovespa 47,993.42 1.3 1.3 (6.8) BRL 0.43 0.1 0.1 1.8 RTS 1,131.60 (0.4) (0.4) (21.6) 161.8 147.1 134.2