29 April Daily market report


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29 April Daily market report

  1. 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index declined 0.5% to close at 12,627.0. Losses were led by the Real Estate and Transportation indices, falling 1.5% and 1.0% respectively. Top losers were Ezdan Holding Group and Dlala Brokerage & Invest. Holding Co., falling 9.9% and 9.6% respectively. Among the top gainers, Mazaya Qatar Real Estate Dev. rose 3.7%, while Qatar Insurance Co. gained 2.9%. GCC Commentary Saudi Arabia: The TASI index fell 0.1% to close at 9,562.9. Losses were led by Cement and Banking & Fin. Serv. indices, falling 0.7% and 0.6% respectively. Atheeb Tele. fell 5.7%, while Allied Coop. Ins. was down 3.5%. Dubai: The DFM index gained 0.2% to close at 5,085.0. The Banking index rose 1.2%, while the Services index was up 0.9%. Dubai National Insurance & Reinsurance Co. surged 12.5%, while Ajman Bank was up 5.1%. Abu Dhabi: The ADX benchmark index declined 0.4% to close at 5,071.6. The Real Estate index fell 1.3%, while Insurance index was down 1.2%. Sharjah Insurance Co. and Abu Dhabi National Takaful Co. declined 10.0% each. Kuwait: The KSE index fell 0.2% to close at 7,409.4. The Technology and Banking indices declined 1.0% each. Gulf Glass Manufacturing Co. fell 7.7%, while National Carpet Factory was down 6.5%. Oman: The MSM index declined 0.1% to close at 6,742.1. Losses were led by the Financial and Services indices, falling 0.4% and 0.1% respectively. National Securities declined 7.5%, while Gulf Invest. Services was down 5.4%. Bahrain: The BHB index rose marginally to close at 1,425.6. The Investment index gained 0.9%, while Industrial index was up 0.4%. Arab Banking Corporation rose 2.3%, while Al Salam Bank was up 0.9%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 19.80 3.7 1,794.2 77.1 Qatar Insurance Co. 77.30 2.9 36.5 45.3 Islamic Holding Group 73.00 2.8 212.2 58.7 Widam Food Co. 59.30 1.9 521.9 14.7 Qatar Industrial Manufacturing Co. 47.35 1.8 81.4 12.3 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 24.99 (3.3) 3,797.9 16.1 Mazaya Qatar Real Estate Dev. 19.80 3.7 1,794.2 77.1 Barwa Real Estate Co. 39.00 (1.0) 1,729.6 30.9 Vodafone Qatar 17.14 (0.1) 1,173.3 60.0 National Leasing 30.50 (2.7) 899.8 1.2 Market Indicators 29 Apr 14 28 Apr 14 %Chg. Value Traded (QR mn) 780.8 1,347.5 (42.1) Exch. Market Cap. (QR mn) 740,387.7 754,608.9 (1.9) Volume (mn) 18.8 37.1 (49.4) Number of Transactions 9,029 12,354 (26.9) Companies Traded 43 42 2.4 Market Breadth 12:28 7:35 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,829.51 (0.5) (2.5) 27.0 N/A All Share Index 3,236.31 (0.5) (2.9) 25.1 15.7 Banks 3,078.43 (0.6) (3.3) 26.0 15.2 Industrials 4,265.54 (0.9) (4.2) 21.9 16.7 Transportation 2,332.61 (1.0) (1.4) 25.5 15.1 Real Estate 2,629.14 (1.5) 0.5 34.6 15.6 Insurance 3,310.05 1.7 (1.9) 41.7 8.7 Telecoms 1,695.95 1.3 (2.3) 16.7 24.0 Consumer 7,429.84 (0.0) (1.3) 24.9 29.8 Al Rayan Islamic Index 4,170.98 (0.7) (2.4) 37.4 18.8 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Gulf Pharmaceutical Abu Dhabi 3.50 9.4 372.1 17.7 Ajman Bank Dubai 3.33 5.0 523.1 34.3 Jabal Omar Dev. Co. Saudi Arabia 48.51 4.5 23,481.4 66.1 Saudi Research & Mar. Saudi Arabia 21.13 4.4 4,145.2 (1.5) Qatar Insurance Co Qatar 77.30 2.9 36.5 45.3 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Ezdan Holding Group Qatar 36.75 (9.9) 14.5 116.2 Etihad Atheeb Saudi Arabia 17.74 (5.5) 24,589.2 23.2 Mannai Corporation Qatar 106.60 (4.8) 89.4 18.6 RAKBANK Abu Dhabi 8.20 (3.5) 348.9 14.8 IFA Hotels & Resorts Kuwait 0.22 (3.5) 0.4 (22.8) 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% Ezdan Holding Group 36.75 (9.9) 14.5 116.2 Dlala Brokerage & Invest. Holding 33.00 (9.6) 885.6 49.3 Mannai Corp. 106.60 (4.8) 89.4 18.6 Al Khaleej Takaful Group 37.95 (3.6) 177.1 35.1 United Development Co. 24.99 (3.3) 3,797.9 16.1 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% United Development Co. 24.99 (3.3) 96,050.4 16.1 Industries Qatar 176.80 (1.2) 93,004.8 4.7 Barwa Real Estate Co. 39.00 (1.0) 68,108.5 30.9 Masraf Al Rayan 47.40 (0.8) 42,786.0 51.4 Mazaya Qatar Real Estate Dev. 19.80 3.7 35,670.5 77.1 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* 12,626.95 (0.5) (2.5) 8.5 21.7 214.46 203,384.5 16.0 2.1 4.0 Dubai 5,084.97 0.2 (0.1) 14.2 50.9 301.05 98,401.8 21.1 1.9 2.0 Abu Dhabi 5,071.61 (0.4) (1.9) 3.6 18.2 182.4 138,453.4 15.2 1.9 3.4 Saudi Arabia 9,562.93 (0.1) 0.1 0.9 12.0 2,911.64 518,487.5 19.0 2.3 3.0 Kuwait 7,409.36 (0.2) (0.5) (2.2) (1.9) 52.41 115,157.0 16.6 1.2 4.1 Oman 6,742.08 (0.1) (0.5) (1.7) (1.4) 42.52 24,368.9 11.6 1.6 3.9 Bahrain 1,425.62 0.0 0.5 5.1 14.2 0.78 53,404.8 9.9 1.0 4.8 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 12,500 12,550 12,600 12,650 12,700 12,750 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QE index declined 0.5% to close at 12,627.0. The Real Estate and Transportation indices led the losses. The index fell on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders.  Ezdan Holding Group and Dlala Brokerage & Invest. Holding Co. were the top losers, falling 9.9% and 9.6% respectively. Among the top gainers, Mazaya Qatar Real Estate Dev. rose 3.7%, while Qatar Insurance Co. gained 2.9%.  Volume of shares traded on Tuesday fell by 49.4% to 18.8mn from 37.1mn on Monday. Further, as compared to the 30-day moving average of 27.9mn, volume for the day was 32.7% lower. United Development Co. and Mazaya Qatar Real Estate Dev. were the most active stocks, contributing 20.2% and 9.6% 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 Al Ahli Bank (ABQK) Fitch Qatar LT IDR/ST IDR/VR/SR A-/F2/bbb-/1 A/F1/bbb-/1  Stable – Al Khalij Commercial Bank (KCBK) Fitch Qatar LT IDR/ST IDR/VR/SR A-/ F2/ bb+/1 A/ F1 /bbb-/1  Stable – Qatar International Islamic Bank (QIIK) Fitch Qatar LT IDR/ST IDR/VR/SR A-/F2/bb+/1 A/F1/bb+/1  Stable – Commercial Bank of Qatar (CBQK) Fitch Qatar LT IDR/ ST IDR/VR/SR A/F1/bbb/1 A/ F1/bbb/1 – Stable – Doha Bank (DHBK) Fitch Qatar LT IDR/ST IDR/VR/SR A/F1/bbb/1 A/F1/bbb/1 – Stable – QNB Group (QNBK) Fitch Qatar LT IDR/ ST IDR/VR/SR A+/F1/a/1 A+/F1/a/1 – Stable – Qatar Islamic Bank (QIBK) Fitch Qatar LT IDR/ST IDR/VR/SR A/F1/bbb/1 A/F1/bbb/1 – Stable – Source: News reports (* LT – Long Term, ST – Short Term, IDR – Issuer Default Rating, SR – Support Rating, VR - Viability Rating) Earnings Releases Company Market Currency Revenue (mn)1Q2014 % Change YoY Operating Profit (mn) 1Q2014 % Change YoY Net Profit (mn) 1Q2014 % Change YoY Abu Dhabi Aviation Abu Dhabi AED 352.2 -12.5% 106.2 4.9% 53.7 4.4% Oman Cement Co. (OCC) Oman OMR 13.0 -16.7% – – 4.1 -47.3% Omani Packaging Co. (OPC) Oman OMR 3.0 -9.4% – – 0.0 -98.3% Oman & Emirates Investment Holding Co. (OEIHC) Oman OMR – – – – 1.1 -21.8% Oman International Marketing Co. Oman OMR 0.0 64.8% – – 0.0 NA Muscat Gases Co. (MGC) Oman OMR 2.6 7.3% – – 0.4 -12.4% Bahrain Family Leisure Co. (Family) Bahrain BHD – – 0.1 439.2% 0.7 -2.2% Banader Hotels Co. Bahrain BHD – – – – -0.1 NA Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 04/29 US S&P/Case-Shiller S&P/CaseShiller Home Price Index February 165.35 165.43 165.4 04/29 US Conference Board Consumer Confidence Index April 82.3 83.2 83.9 04/29 EU European Central Bank M3 Money Supply YoY March 1.10% 1.40% 1.30% 04/29 EU European Central Bank M3 3-month average March 1.20% 1.30% 1.20% 04/29 EU European Commission Economic Confidence April 102 102.9 102.5 04/29 EU European Commission Industrial Confidence April -3.6 -3.1 -3.3 04/29 EU European Commission Consumer Confidence April -8.6 -8.7 -8.7 04/29 EU European Commission Services Confidence April 3.5 4.8 4.5 04/29 EU European Commission Business Climate Indicator April 0.27 0.42 0.4 04/29 France INSEE Consumer Confidence April 85 88 88 04/29 Germany GfK AG GfK Consumer Confidence May 8.5 8.5 8.5 04/29 Germany Destatis CPI MoM April -0.20% -0.10% 0.30% 04/29 Germany Destatis CPI YoY April 1.30% 1.40% 1.00% 04/29 Germany Destatis CPI EU Harmonized MoM April -0.30% -0.10% 0.30% Overall Activity Buy %* Sell %* Net (QR) Qatari 69.69% 67.51% 16,951,430.84 Non-Qatari 30.32% 32.48% (16,951,430.84)
  3. 3. Page 3 of 6 04/29 Germany Destatis CPI EU Harmonized YoY April 1.10% 1.30% 0.90% 04/29 UK ONS GDP QoQ 1Q2014 0.80% 0.90% 0.70% 04/29 UK ONS GDP YoY 1Q2014 3.10% 3.20% 2.70% 04/29 UK ONS Index of Services MoM February 0.20% 0.30% 0.30% 04/29 UK ONS Index of Services 3M/3M February 0.90% 0.90% 0.90% 04/29 Spain INE Unemployment Rate 1Q2014 25.93% 25.85% 25.73% 04/29 Spain Ministerio de Hacienda Spain Budget Balance YtD March -9.88B – -12.40B 04/29 Italy ISTAT Retail Sales MoM February -0.20% 0.00% 0.00% 04/29 Italy ISTAT Retail Sales YoY February -1.00% -0.70% -0.90% 04/29 Italy ISTAT Business Confidence April 99.9 99.5 99.3 04/29 Italy ISTAT Economic Sentiment April 88.8 – 89.5 04/29 China NBS Leading Index March 99.93 – 99.31 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QFLS reports QR229.3mn net profit in 1Q2014 – The Qatar Fuel Company (QFLS) has posted a net profit of QR229.3mn in 1Q2014, up 12.3% vs. 1Q2013. EPS for 1Q2014 stood at QR3.0 as compared to QR2.4 for 1Q2013. QFLS’ total assets stood at QR9.1bn as compared to QR9.5bn for the same period in 1Q2013. (Gulf-Times.com)  AHCS posts QR82.7mn net profit in 1Q2014 – Aamal Company (AHCS) reported a net profit of QR82.7mn in 1Q2014 vs. QR56.6mn in 1Q2013. EPS stood at QR0.14 in 1Q2014 versus QR0.09 in 1Q2013. (QE)  BRES reports QR265.1mn net profit in 1Q2014 – Barwa Real Estate Company (BRES) has reported a net profit of QR265.1mn in 1Q2014 as compared to QR158.5mn for the corresponding period in 2013. EPS amounted to QR0.68 in 1Q2014 versus QR0.41 in 1Q2013. (QE)  ZHCD posts QR53.4mn net profit in 1Q2014 – Zad Holding Company (ZHCD) reported a net profit of QR53.4mn in 1Q2014 as compared to QR45.3mn for the corresponding period in 2013. EPS amounted to QR2.48 in 1Q2014 versus QR2.10 in 1Q2013. (QE)  DBIS reports QR16.8mn net profit in 1Q2014 – Dlala Brokerage & Investment Holding Company (DBIS) has reported a net profit of QR16.8mn for 1Q2014 as compared to QR16.5mn for 1Q2013. EPS amounted to QR0.76 in 1Q2014 as compared to QR0.74 in 1Q2013. (QE)  S&P: Insurance sector carries intermediate risk – Standard & Poor’s Ratings Services (S&P) in its latest insurance industry and country risk assessment has assessed Qatar as ‘intermediate’. S&P noted that its assessment reflects the risks typically faced by (property/casualty) insurers operating in Qatar and is derived from its view of intermediate country risk and intermediate industry risk for the P/C insurance sector. S&P added that the market is highly competitive, particularly in commoditized segments such as motor vehicle and medical insurance, although product risk in these segments is low. Nevertheless, S&P expects profitability and growth prospects to remain favorable, particularly in commercial lines as the level of insurable activity in Qatar increases. (GulfBase.com)  Nebras to develop 500MW gas power plant in Kenya – Qatar-based Nebras Power Company and the Kenya Electricity Generating Company have signed a MoU to jointly develop a 500 megawatt gas power plant in Mombasa. The plant is expected to cost $400mn and take three years to complete. Nebras Power is partly owned by the Government of Qatar through the Qatar Electricity & Water Company. (Bloomberg) International  S&P downgrades 15 European banks, cites reforms – Ratings agency Standard & Poors (S&P) said it has downgraded 15 European banks after European lawmakers agreed on a framework that prevents governments from bailing out troubled banks. Earlier this month, the European Parliament signed new laws to make it easier and less costly for taxpayers to wind down troubled banks, after wrangling over rules on an industry blamed for triggering the worst economic slump in a generation. S&P said the extraordinary government support for these banks would diminish as regulators implement these reforms, downgrading them to ‘negative’ from ‘stable’. The banks, many of which are systemically important, included Barclays, Credit Suisse, Deutsche Bank, ABN AMRO, the Bank of Ireland and ING Bank. However, S&P raised its ratings on Danske Bank and Argenta Spaarbank, while keeping 'negative' outlook on 38 banks and 'stable' outlook on 15 banks. It maintained its CreditWatch rating on five banks, with negative implications. (Reuters)  ONS: UK GDP growth quickens to 0.8% as recovery broadens – Economic growth in the UK accelerated in 1Q2014 as the recovery broadened, taking output excluding oil & gas back to its pre-recession peak. The Office for National Statistics (ONS) said GDP expanded 0.8% over the final three months of 2013, when it grew 0.7%. That compares with a median forecast of 0.9% in a Bloomberg News survey. YoY growth was the highest in more than six years. Britain is on track to have the fastest-expanding economy among the Group of Seven nations in 2014, raising the prospects for the Bank of England to raise borrowing costs by year-end. Although thunder storms depressed construction in the first quarter and BoE Governor Mark Carney said officials are prudently optimistic about the economy. (Bloomberg)  German inflation misses estimates as ECB pressure mounts – Inflation in Germany accelerated less than economists’ forecast in April 2014, increasing pressure on the European Central Bank (ECB) to add stimulus in the Eurozone. The Federal Statistics Office said inflation stood at 1.1%, up from 0.9% in March. According to a Bloomberg News survey, economists predicted a rate of 1.3%. Eurostat, the EU’s statistics office will soon release consumer-price data for the Eurozone. Meanwhile, the ECB President Mario Draghi signaled that he will use unprecedented measures to avert the risk of deflation in the 18-nation currency bloc. Inflation in the region was at 0.5% in March, the lowest rate in more than four years and well below the ECB’s goal of around 2%. (Bloomberg)  China stress test shows bad loan surge would hurt banks’ capital – According to a stress test by the Chinese central bank,
  4. 4. Page 4 of 6 systemically important banks in China may see their capital adequacy ratio (CAR) fall to 10.5% if their bad loans surge fivefold. The People’s Bank of China said the average CAR of the 17 banks, which account for 61% of China’s banking assets, may fall to 10.5% from the end-2013 level of 11.98%, if non- performing loans increase 400% in the worst-case scenario. China introduced stricter capital requirements for banks in January 2013, posing a challenge for an industry already facing slower loan growth and rising bad debts amid more competition and interest-rate deregulation. The government has stipulated the biggest Chinese banks to hold a minimum common equity Tier-1 ratio of 8.5% and total buffer of 11.5% by the end of 2018. Data from the China Banking Regulatory Commission shows that banks’ bad loans increased for a ninth straight quarter as of December 2013 to the highest level since 2008. (Bloomberg) Regional  Council of Saudi Chambers elects new president – Abdul Rahman Al-Zamil, Chairman of the Riyadh Chamber of Commerce & Industry has been unanimously elected as the President of the Council of Saudi Chambers to replace Abdullah Al-Mobty. Al-Zamil was the former Deputy Minister of Commerce. Further, two new deputies of the president have also been elected. They are Saleh bin Hasan Al-Afaliq, Chairman of Al-Ahsa Chamber of Commerce & Industry, and Hamdan bin Abdullah Al-Samrain, Chairman of Al-Jouf Chamber of Commerce & Industry. (GulfBase.com)  Saudi foreign assets climb to SR2.717tn – The Saudi Arabian Monetary Agency’s (SAMA) net foreign assets climbed to a record high of SR2.717tn in March 2014, up 9.2% from a year ago. The data from SAMA showed that M3 money supply growth accelerated to 13.6% YoY at the end of March 2014 from 13.2% in February 2014. This is the fastest growth since August 2013. Meanwhile, bank lending growth to the private sector rebounded to 12.8% in March from a two-year low of 12.2% in February. (GulfBase.com)  ICD, Nouadhibou Free Zone sign cooperation deal for Mauritania – The Islamic Corporation for the Development of the Private Sector (ICD) has signed a MoU with the Free Zone Authority of Nouadhibou to support the private sector’s development in Mauritania. The alliance will help set up a developmental roadmap for the city of Nouadhibou in Mauritania, by giving priority to projects that can utilize the city's resources such as the huge fishing industry. Additionally, both the partners will explore promising investment opportunities that could be bankable for developing the Free Zone Authority under the comprehensive development plan spelled out in the MoU. (GulfBase.com)  Marsol, Aubin sign deal to offer piping solutions – UAE- based global marine solutions provider Marsol International and chemical engineering specialist Aubin Group have entered into a partnership agreement to provide a unique total pigging solution for non-piggable pipelines. The companies delivered a unique solution to achieve a world's first by successful displacing pipeline preservation fluid in three 48-inch pipelines using sales oil and providing a cost effective, environmentally-friendly solution. (GulfBase.com)  UAE Central Bank signs MoU with Abu Dhabi Global Market – The UAE Central Bank has signed a MoU with the Abu Dhabi Global Market aimed for cooperating on regulations and information exchange. The MoU puts in place a mechanism for cooperation in regulatory matters and supervision of banks and other financial institutions operating in both jurisdictions, and the exchange of supervisory information. (GulfBase.com)  DP World’s gross container volume up by 10.5% – DP World’s Chairman, Sultan Ahmed Bin Sulayem, said that the port operator handled 14.3mn TEUs (twenty-foot equivalent units) of cargo across its global portfolio of container terminals during 1Q2014. DP World’s gross container volume rose by 10.5% on a like-for-like basis. On a reported basis, gross volumes grew by 11.6% as new volumes from London Gateway (UK) and Embraport (Brazil) contributed to the portfolio. (GulfBase.com)  Arabtec to launch new educational, training subsidiary – Arabtec Holding has launched a new subsidiary to provide education, training and certification services for UAE nationals in the construction and training sectors, particularly in the oil & gas and infrastructure fields. This new arm will support Arabtec’s recent expansion in the construction sector. Arabtec has appointed Dr. Abdulrahman AI Hammadi as the CEO of this new subsidiary, who will be in charge of planning and implementation of the foundations for these academic institutes, as well as the selection of suitable curriculums to match each sector. (DFM)  Emirates NBD to price $185.3mn Kangaroo bond on April 30 – Emirates NBD is set to price a five-year Kangaroo bond worth at least $185.3mn on April 30, 2014. The transaction, earmarked to be priced at 225 basis points over asset swaps, is being arranged by ANZ, BNP Paribas and HSBC as well as Emirates NBD's own investment banking arm. (Reuters)  MAF prices $500mn bond – Majid Al Futtaim (MAF) has priced its $500mn bond issue with ten-year lifespan on April 29, 2014. Final pricing for the deal came at the tight end of a revised guidance of around 195-200 basis points over midswaps. Earlier, the initial guidance was set in the 212.5 bps area. The coupon for the bond was 4.75% with a reoffer price of 99.835. The order book exceeded $2bn just before it was closed. High demand for the offer helped the company reduce the cost of its borrowing. The transaction is being arranged by Barclays, Credit Agricole, Citigroup, Emirates NBD, HSBC and Standard Chartered. (Reuters)  EIB reports AED19.5mn profit in 1Q2014 – Emirates Investment Bank (EIB) has reported a net profit of AED19.5mn in 1Q2014 as against AED15.4mn in 1Q2013, reflecting an increase of 26%. Total assets increased by 42% to AED6.04bn at the end of 1Q2014 from AED4.26bn in December 2013. EIB’s customer deposits grew by 22% to AED2.05bn in 1Q2014 from AED1.68bn in December 2013. (DFM)  TAQA prices $750mn 10-year bond – The Abu Dhabi National Energy Company (TAQA) has priced its $750mn bond with a ten-year lifespan on April 29, 2014. Interest from investors covered the size of the transaction by more than three times and order books for the deal were close to $2.5bn. The transaction is open to investors in the US. The initial price guidance has been set at 135 basis points over midswaps. However, it has been cut by 20bps to 115bps. The transaction is being arranged by the Bank of America-Merrill Lynch, Mitsubishi UFJ Securities, the Royal Bank of Scotland, Societe Generale and Standard Chartered. (Reuters)  CNPC secures Abu Dhabi oil field deal – China National Petroleum Corporation (CNPC) has secured the rights to produce and export oil from Abu Dhabi, helping China to secure more fuel for its rapid economic growth. Under the terms of the deal, CNPC will develop several onshore and offshore fields in Abu Dhabi and take a share of the oil produced. CNPC and state-run Abu Dhabi National Oil Company (ADNOC) will form a JV called the ‘Al Yasat Company for Petroleum Operations’, where CNPC will hold 40% stake and ADNOC will hold the 60% controlling stake. (Reuters)
  5. 5. Page 5 of 6  Samena Capital to acquire 31% stake in RAK Ceramic – Samena Capital, a UAE-based investment firm has agreed to acquire a 31% stake in Ras Al Khaimah Ceramic Company (RAK Ceramic) from its shareholder. Under the agreement, Sheikh Saud bin Saqr Al Qasimi will sell 250mn shares to Cayman Islands-incorporated Samena Limestone. The transaction would be valued at AED958mn based on RAK Ceramic's closing stock price as on April 28, 2014. (ADX, Bloomberg)  CBI’s net profit reaches AED72.82mn in 1Q2014 – Commercial Bank International (CBI) has reported net profit of AED72.82mn in 1Q2014 as compared to AED70.10mn in 1Q2013, reflecting a 4% rise. Total assets increased by 4% to AED15.40bn at the end of 1Q2014 from AED14.81bn at the end of December 2013. EPS amounted to AED0.046 in 1Q2014. Loans & advances stood at AED10.78bn as compared to AED10.62bn in December 2013. Customer deposits stood at AED10.32bn as compared to AED10.50bn. (ADX)  RAKBank’s profit drops to AED334.6mn in 1Q2014 – The National Bank of Ras Al-Khaimah (RAKBank) has reported a net profit of AED334.6mn in 1Q2014 as compared to AED368mn in 1Q2013. Net interest income grew to AED616.4mn in 1Q2014 as compared to AED594.4mn in 1Q2013. EPS amounted to AED0.20 in 1Q2014 as compared to AED0.22 in 1Q2013. Total assets stood at AED31.5bn at the end of March 2014 as compared to AED30.1bn at the end of December 2013. Total loans & advances stood at AED23.0bn as compared to AED22.4bn. Customer deposits grew by AED447mn to AED23.5bn as compared to December 31, 2013. (ADX)  JSIS’ hot trials begin in Sohar – Jindal Shadeed Iron & Steel (JSIS) started hot trials of its state-of-the-art steel melting shop at the largest integrated steel plant in Oman. The first heat for the hot trial at its Sohar plant was made in the electric arc furnace and processed through ladle refining furnace, and then it was cast in continuous casting machine to 160mm Sq. section.  Bader Group acquires remaining 10% stake in GMCI – Bader Group of Companies has acquired the remaining 10% stake in Gulf Membrane & Coating Industries (GMCI) from Bahrain Development Bank (BDB) for $0.5mn. With this, Bader Group’s stake in GMCI reaches 100%. (GulfBase.com)
  6. 6. 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 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg (* Market closed on April 29, 2014) 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 200.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC (0.1%) (0.5%) (0.2%) 0.0% (0.1%) (0.4%) 0.2% (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 1,295.90 (0.1) (0.6) 7.5 DJ Industrial 16,535.37 0.5 1.1 (0.2) Silver/Ounce 19.46 (0.7) (1.2) (0.0) S&P 500 1,878.33 0.5 0.8 1.6 Crude Oil (Brent)/Barrel (FM Future) 108.98 0.8 (0.5) (1.6) NASDAQ 100 4,103.54 0.7 0.7 (1.7) Natural Gas (Henry Hub)/MMBtu 4.82 0.9 2.6 11.0 STOXX 600 338.12 1.2 1.4 3.0 LPG Propane (Arab Gulf)/Ton 109.88 0.6 (0.9) (13.1) DAX 9,584.12 1.5 1.9 0.3 LPG Butane (Arab Gulf)/Ton 125.25 0.8 0.1 (7.7) FTSE 100 6,769.91 1.0 1.3 0.3 Euro 1.38 (0.3) (0.2) 0.5 CAC 40 4,497.68 0.8 1.2 4.7 Yen 102.64 0.1 0.5 (2.5) Nikkei* 14,288.23 0.0 (1.0) (12.3) GBP 1.68 0.1 0.1 1.6 MSCI EM 999.93 0.7 0.7 (0.3) CHF 1.13 (0.4) (0.2) 1.1 SHANGHAI SE Composite 2,020.34 0.8 (0.8) (4.5) AUD 0.93 0.1 (0.1) 3.9 HANG SENG 22,453.89 1.5 1.0 (3.7) USD Index 79.81 0.2 0.1 (0.3) BSE SENSEX 22,466.19 (0.7) (1.0) 6.1 RUB 35.65 (0.6) (1.1) 8.5 Bovespa 51,838.61 0.9 0.9 0.6 BRL 0.45 (0.5) 0.4 5.8 RTS 1,153.36 1.2 3.0 (20.1) 181.4 151.4 138.3