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1 July Technical Market Report

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1 July Technical Market Report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index rose 0.6% to close at 9,330.5. Gains were led by the Transportation and Banking & Financial Services indices, gaining 1.2% and 1.1% respectively. Top gainers were QNB Group and Qatar Navigation, rising 2.3% and 2.1% respectively. Among the top losers, Qatar Industrial Manufacturing Co. fell 3.7%, while Qatar Islamic Insurance declined 3.4%. GCC Commentary Saudi Arabia: The TASI index gained 1.0% to close at 7,567.4. Gains were led by the Agriculture & Food Industries and Industrial Investment indices, rising 1.7% and 1.6% respectively. Saudi Pharmaceutical Ind. & Med. Appliances Corp. rose 5.8%, while Saudi Steel Pipe Co. was up 4.6%. Dubai: The DFM index rose 2.5% to close at 2,277.6. The Investment & Financial Services index gained 5.5%, while the Services index was up 5.1%. Gulf General Investment Co. rose 6.4%, while Dubai Investment was up 6.1%. Abu Dhabi: The ADX benchmark index gained 1.7% to close at 3,610.2. The Real Estate index rose 6.1%, while the Energy index was up 2.1%. National Marine Dredging surged 14.9%, while Abu Dhabi National Hotels rose 14.3%. Kuwait: The KSE index rose 1.4% to close at 7,882.3. Gains were led by the Health Care and Consumer Goods indices, gaining 6.3% and 2.3% respectively. Al-Mowasat Health Care Co. rose 12.4%, while First Takaful Insurance Co. was up 9.1%. Oman: The MSM index gained 1.5% to close at 6,433.1. The Services & Insurance index rose 1.4%, while the Banking & Investment index was up 1.3%. Construction Materials Ind. gained 5.3%, while Al Sharqia Investment Holding was up 4.8%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% QNB Group 161.00 2.3 666.8 23.0 Qatar Navigation 73.50 2.1 37.7 16.5 Commercial Bank of Qatar 70.90 1.7 95.8 0.0 Gulf International Services 41.60 1.2 114.6 38.7 Qatari Investors Group 27.10 0.9 53.3 17.8 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 22.50 (2.2) 1,011.8 26.4 QNB Group 161.00 2.3 666.8 23.0 Qatar Gas Transport Co. 18.40 0.5 365.9 20.6 Masraf Al Rayan 27.65 0.2 336.1 11.5 Barwa Real Estate Co. 26.50 (0.2) 205.4 (3.5) Market Indicators 01 July 13 30 June 13 %Chg. Value Traded (QR mn) 229.8 153.6 49.6 Exch. Market Cap. (QR mn) 513,825.5 510,992.6 0.6 Volume (mn) 4.0 3.8 6.9 Number of Transactions 2,422 2,248 7.7 Companies Traded 37 34 8.8 Market Breadth 19:16 14:17 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,331.20 0.6 0.3 17.8 N/A All Share Index 2,361.06 0.5 0.3 17.2 12.8 Banks 2,262.12 1.1 0.7 16.0 12.2 Industrials 3,104.34 0.1 0.2 18.2 11.5 Transportation 1,686.89 1.2 1.1 25.9 11.9 Real Estate 1,826.76 (1.0) (1.7) 13.3 11.7 Insurance 2,216.31 (0.7) (1.3) 12.9 14.5 Telecoms 1,274.33 0.1 0.3 19.7 14.5 Consumer 5,504.87 0.2 0.5 17.9 22.5 Al Rayan Islamic Index 2,793.24 (0.3) (0.5) 12.3 13.9 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Nat. Marine Dredging Abu Dhabi 9.25 14.9 15.6 (7.5) Abu Dhabi Nat. Hotels Abu Dhabi 2.40 14.3 0.8 35.6 Al Ahli Bank of Kuwait Kuwait 0.52 7.2 288.0 (0.6) Aldar Properties Abu Dhabi 2.31 6.5 134,949.9 81.9 Dubai Investments Dubai 1.39 6.1 23,277.6 63.1 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Prin. & Pack. Co. Saudi Arabia 34.30 (10.0) 6,839.0 (7.3) Emirates NBD Dubai 4.41 (6.6) 1,190.5 54.7 Comm. Facilities Co. Kuwait 0.30 (4.8) 2.9 (14.5) Tabuk Cement Saudi Arabia 27.90 (3.8) 348.4 15.1 Qatar Ind. Manu. Co. Qatar 52.00 (3.7) 21.8 (2.1) 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% Qatar Industrial Manufacturing Co. 52.00 (3.7) 10.9 (2.1) Qatar Islamic Insurance 60.10 (3.4) 36.7 (3.1) Qatar National Cement Co. 100.50 (3.4) 2.1 (6.1) United Development Co. 22.50 (2.2) 1,011.8 26.4 Qatar Cinema & Film Dist. Co. 54.00 (1.8) 1.2 (5.1) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% QNB Group 161.00 2.3 106,887.8 23.0 United Development Co. 22.50 (2.2) 22,975.2 26.4 Industries Qatar 158.00 0.3 20,429.2 12.1 Masraf Al Rayan 27.65 0.2 9,296.6 11.5 Ooredoo 121.00 0.2 8,044.3 16.3 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* 9,330.54 0.6 0.3 0.6 11.6 63.12 141,096.5 11.8 1.7 4.9 Dubai 2,277.56 2.5 2.5 2.5 40.4 103.40 58,660.3 14.6 0.9 3.7 Abu Dhabi 3,610.22 1.7 2.0 1.7 37.2 120.06 103,959.0 10.9 1.3 4.8 Saudi Arabia 7,567.43 1.0 0.8 0.9 11.3 1,313.40 402,420.8 16.1 2.0 3.6 Kuwait 7,882.27 1.4 (0.4) 1.4 32.8 151.34 107,684.5 24.9 1.4 3.4 Oman 6,433.07 1.5 1.6 1.5 11.7 17.02 22,516.0 10.6 1.6 4.3 Bahrain 1,184.84 (0.2) (0.3) (0.2) 11.2 0.59 21,104.2 8.6 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) 9,260 9,280 9,300 9,320 9,340 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 0.6% to close at 9,330.5. The Transportation 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.  QNB Group and Qatar Navigation were the top gainers, rising 2.3% and 2.1% respectively. Among the top losers, Qatar Industrial Manufacturing Co. fell 3.7%, while Qatar Islamic Insurance declined 3.4%.  Volume of shares traded on Monday rose by 6.9%to 4.0mn from 3.8mn on Sunday. However, as compared to the 30-day moving average of 11.5mn, volume for the day was 65.1% lower. United Development Co. and QNB Group were the most active stocks, contributing 25.2% and 16.6% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Aldar Properties (Aldar) Moody Abu Dhabi CFR/ PDR/ $1.25bn bond (due in May 2014 and issued by Atlantic Finance Limited) B2/ B2-PD/ B3 B1/ B1-PD/ B2  – – Source: News reports (* FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, CFR - Corporate Family Rating, PDR - Probability of Default Rating) (*Rating Assigned) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 07/01 US Bloomberg Indices Markit US PMI Final June 51.9 52.3 52.2 07/01 US US Census Bureau Construction Spending MoM May 0.50% 0.60% 0.10% 07/01 US ISM ISM Manufacturing June 50.9 50.5 49 07/01 EU Markit PMI Manufacturing June 48.8 48.7 48.3 07/01 EU Eurostat Euro-Zone CPI Estimate (YoY) June 1.60% 1.60% 1.40% 07/01 EU Eurostat Euro-Zone Unemployment Rate May 12.10% 12.30% 12.00% 07/01 France Markit PMI Manufacturing June 48.4 48.3 46.4 07/01 Germany Markit PMI Manufacturing June 48.6 48.7 49.4 07/01 UK Hometrack Hometrack Housing Survey (MoM) June 0.40% – 0.40% 07/01 UK Hometrack Hometrack Housing Survey (YoY) June 0.80% – 0.40% 07/01 UK Markit PMI Manufacturing June 52.5 51.4 51.5 07/01 Italy Markit PMI Manufacturing June 49.1 47.8 47.3 07/01 China China Fed. of Logistics Manufacturing PMI June 50.1 50.1 50.8 07/01 China HSBC HSBC Manufacturing PMI June 48.2 48.3 49.2 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QGTS’ JV gets $662.4mn refinancing to expand fleet – The Qatar Gas Transport Company (QGTS) said its JV with Angelicoussis Shipping Group Ltd, “Maran Nakilat Company” has obtained $662.4mn in refinancing to expand its fleet of LNG carriers. Maran Nakilat has signed an Islamic refinancing agreement with the Qatar Islamic Bank (QIBK) and Barwa Bank. This refinancing will help Maran Nakilat to expand its LNG fleet the current four vessels to six, which are expected to be delivered in early 2014. Meanwhile, QGTS has increased its ownership stake in Maran Nakilat. (Bloomberg)  Ashghal awards Expressway supervision contract to CH2M HILL Halcrow – The Public Works Authority (Ashghal) has awarded a contract to CH2M HILL Halcrow to work on four projects under the Expressway Program in Qatar, which will result in strengthened road infrastructure. CH2M HILL Halcrow has been selected as the supervising engineer and design consultant for Group 1 stage, to work on two projects in the East-West Corridor, the Al Wakrah Bypass, and the Al Wakrah Main Road. This work will include site supervision and design services. (Bloomberg)  Q.media Decaux gets ad concession contract at City Center – Q.media Decaux has been awarded a 11-year contract with City Center, Doha, for the exclusive advertising concession in the mall. (Peninsula Qatar)  Ooredoo to disclose its 1H2013 results on July 30 – Ooredoo has announced its intent to disclose its interim semi- annual financial results for the period ending June 30, 2013 on July 30, 2013. (QE)  QIBK to declare its 1H2013 financials on July 15 – Qatar Islamic Bank (QIBK) is set to disclose its reviewed financial reports for the semi-annual period ending June 30, 2013 on July 15, 2013. (QE) Overall Activity Buy %* Sell %* Net (QR) Qatari 56.38% 63.36% (16,035,554.14) Non-Qatari 43.62% 36.64% 16,035,554.14
  3. 3. Page 3 of 5  MCGS postpones its EGM to July 7 – Medicare Group’s (MCGS) board of directors has decided to postpone the company’s EGM to July 7, 2013 due to lack of legal quorum. (QE)  QISI postpones its EGM due to lack of quorum – Qatar Islamic Insurance Company (QISI) announced that its EGM has been postponed to July 7, 2013 due to lack of quorum. (QE)  ABQK receives ISO certification – Ahli Bank (ABQK) has been awarded the ISO/IEC 27001:2005 information security management system certification for all its information and information processing assets by TUV SUD Management Service, Germany. (QE) International  BoE policymakers differed on risks from higher yields – Policymakers at the Bank of England had differing views on the risks facing UK banks from a future abrupt rise in global interest rates during their latest meeting. Last month, BoE had launched an investigation into the vulnerability of Britain's financial institutions and borrowers to higher interest rates as yields on government debt around the world rose. (Reuters)  EU charges banks with blocking exchanges from derivatives – EU watchdogs have charged 13 top investment banks with blocking exchanges' access to the lucrative credit derivatives market. The European Commission’s move, which could result in hefty fines, comes as major banks come under the investigation for suspected rigging of lending benchmarks including EURIBOR and LIBOR. The Commission said banks including Citigroup and Goldman Sachs, along with financial data companies had barred Deutsche Boerse and the Chicago Mercantile Exchange from the credit default swaps (CDS) business between 2006 and 2009. The lack of transparency on OTC products has been a key target of regulators following the global financial crisis. (Reuters)  China's central banker says cash crunch a reminder for banks – China's central bank Governor Zhou Xiaochuan said the recent cash squeeze in the Chinese interbank market was caused by rapid loan expansion at some banks and is a timely reminder that they need to adjust their businesses. Zhou said the market volatility was the resulted of a rapid loan growth in the first week of June, with excessive expansion in commercial paper business at some banks, reflecting lenders' strong impulse to expand credit toward the end of June. The central bank refused to inject liquidity into the market despite a surge in interbank rates because it wanted the banks to adjust their practices. (Reuters) Regional  Algosaibi plans new debt offer after corporate default – Ahmad Hamad Algosaibi & Brothers Company (Algosaibi) is planning to make a new offer on its $7.2bn debt to creditors including BNP Paribas and Standard Chartered, as it seeks to bounce back from its corporate default. (Bloomberg)  Zamil’s subsidiary wins SR44.7mn contract to supply AC units – Zamil Industrial Investment Company’s (Zamil) subsidiary Zamil Air Conditioners has obtained a new SR44.7mn contract to supply air conditioning units to numerous Ministry of Education schools across various provinces of Saudi Arabia. These air conditioning units are to be delivered to the specified provinces and regions within a period of four months. This contract's impact on Zamil Industrial’s consolidated financial results will be visible by 4Q2013. (Tadawul)  Al Alamiya gets SAMA approval for its insurance products – Al Alamiya for Cooperative Insurance Company has obtained a temporary approval from the Saudi Arabian Monetary Agency (SAMA) for its insurance products for four months. (Tadawul)  GGCIC’s insurance products gain SAMA approval – The Gulf General Cooperative Insurance Company (GGCIC) has gained a temporary approval from SAMA to use its insurance products till October 31, 2013. (Tadawul)  Allianz Saudi Fransi gets SAMA approval for its insurance products – Allianz Saudi Fransi Cooperative Insurance Company has obtained a temporary approval from SAMA to use its insurance products for four months. (Tadawul)  ACIG gains SAMA’s final approval for its insurance products – The Allied Cooperative Insurance Group (ACIG) has received the final approval from SAMA to use its insurance products. (Tadawul)  SCC announces SR535.5mn interim dividend, Yanbu offers SR562.5mn interim dividend for 1H2013 – The Saudi Cement Company (SCC) announced plans to distribute interim dividends worth SR535.5mn (SR3.5 per share) for 1H2013, representing 35% of the nominal share value. This dividend will be offered to the stockholders who are registered at the end of Tadawul trading on July 1, 2013. Meanwhile, Yanbu National Petrochemical Company has recommended the distribution of dividends worth SR562.5mn (SR1 per share) to its shareholders for 1H2013. This divided represent 10% of the face value of these shares. (GulfBase.com)  UAE extends 3.5mn barrels oil target to 2020 – According to sources, the UAE has pushed back its target date for producing 3.5mn barrels of crude oil per day from 2017 to 2020 due to delays in its exploration and production activities. (Bloomberg)  UAE Exchange applies for banking license in India – Abu Dhabi-based UAE Exchange has applied for a banking license in the country. The Reserve Bank of India has called for new banking license applications in India, which is the first call in more than a decade. The UAE Exchange is the only foreign applicant among 26 applicants. (AME Info)  Nakheel closes AED700mn land deals on Palm Jumeirah – Dubai developer Nakheel has sold two hotel plots on Palm Jumeirah Island's crescent for a combined value of around AED700mn. Nakheel said a plot to the west of the Palm Atlantis Hotel was sold for AED556mn, while a plot on the eastern crescent was sold for AED139mn. (AME Info)  Al-Futtaim gets deal to supply 14,500 AC units – Dubai- based Al-Futtaim Engineering has obtained a multi-million dirham contract to supply 14,500 air conditioner units from the Dhabi Contracting & National Transport Contracting Company. (GulfBase.com)  Dubai Airports to build new concourse – Dubai Airports is working to build new Concourse D that will be home for more than 100 international airlines that fly to Dubai International. This building is scheduled to open in 2015. (AME Info)  Dubai Properties’ records sell-out in Phase 1 of its Bay Square project – The Dubai Properties Group has recorded a sell-out response for the Phase 1 of its Bay Square project. The group has confirmed sales of over 450 commercial and residential units. (Bloomberg)  AGIS wins $4.4mn arbitration award against JSW Steel – Abu Dhabi-based Al Ghurair Iron & Steel (AGIS) has obtained an arbitration award worth $4.4mn against JSW Steel Limited as a result of a breach of a contract by Ispat Industries (which is now been taken over by JSW Steel Limited). (Bloomberg)
  4. 4. Page 4 of 5  Emirates raises $630mn through EETC issuance – The Emirates Airline has raised $630mn by issuing enhanced equipment trust certificates (EETC) to fund its purchase of four Airbus A380 aircraft. After opening books on the dual-tranche deal, leads launched a $168mn Class A tranche at 6.13% and a $462mn Class B tranche at 5.25%. (Peninsula Qatar)  KIA plans to invest $5bn in UK assets – The Kuwait Investment Authority (KIA) is planning to invest as much as $5bn in infrastructure assets mainly in the UK over the next three to five years. KIA is targeting existing infrastructure projects that generate cash. (Bloomberg)  KFH’s client settles $297mn debt – Kuwait Finance House (KFH) said a customer had settled $296.6mn of debt owed to the bank and the receipt’s impact would be reflected in its 2Q2013 financial results. (Gulf-Times.com)  Trowers & Hamlins advises TDC on its corporate sukuk issue – International law firm Trowers & Hamlins has advised Tilal Development Company (TDC) on the company’s corporate sukuk issue in Oman. The 5-year sukuk worth OMR50mn received regulatory approval from Oman's Capital Market Authority on June 26, 2013 and its private placement is on track to close in July. (AME Info)  Bahrain banks post $1.1bn profits in 1Q2013 – According to data released by the Central Bank of Bahrain (CBB), the combined net profits of Bahraini banks nearly doubled to $1.1bn in 1Q2013, compared with $427mn in cumulative profits during 1Q2012. The CBB data found that the rebound in profits was seen across all sectors of the banking industry. CBB said that the rebound in profits is a reflection of the recovery in Bahrain's banking sector. Despite a relatively weak global economic environment, banks have been able to capitalize on the strengthening domestic and regional environment. Moreover, the consolidated balance sheet of Bahrain's banking system rose to $195.3bn by the end of March 2013, its highest level in nearly one year and up 5% QoQ. (GulfBase.com)  CBB’s weekly T-bills oversubscribed by 139% – The Central Bank of Bahrain’s (CBB) this week's issue of government treasury bills worth BHD35mn has been oversubscribed by 139%. These bills carry a maturity of 91 days and their weighted average rate of interest is 0.7%, unchanged from the previous issue. (AME Info)
  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 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 QEIndex S&P Pan Arab S&P GCC 1.0% 0.6% 1.4% (0.2%) 1.5% 1.7% 2.5% (0.8%) 0.0% 0.8% 1.6% 2.4% 3.2% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,252.55 1.5 1.5 (25.2) DJ Industrial 14,974.96 0.4 0.4 14.3 Silver/Ounce 19.64 (0.2) (0.2) (35.3) S&P 500 1,614.96 0.5 0.5 13.2 Crude Oil (Brent)/Barrel 102.91 0.7 0.7 (8.8) NASDAQ 100 3,434.49 0.9 0.9 13.7 Natural Gas (Henry Hub)/MMBtu 3.52 (1.4) (1.4) 3.5 STOXX 600 288.29 1.1 1.1 3.1 LPG Propane (Arab Gulf)/Ton 791.00 0.0 0.0 (18.3) DAX 7,983.92 0.3 0.3 4.9 LPG Butane (Arab Gulf)/Ton 786.00 0.0 0.0 (18.8) FTSE 100 6,307.78 1.5 1.5 7.0 Euro 1.31 0.4 0.4 (1.0) CAC 40 3,767.48 0.8 0.8 3.5 Yen 99.66 0.5 0.5 14.9 Nikkei 13,852.50 1.3 1.3 33.3 GBP 1.52 0.0 0.0 (6.4) MSCI EM 941.93 0.2 0.2 (10.7) CHF 1.06 (0.0) (0.0) (3.2) SHANGHAI SE Composite 1,995.24 0.8 0.8 (12.1) AUD 0.92 1.1 1.1 (11.1) HANG SENG 20,803.29 0.0 0.0 (8.2) USD Index 83.05 (0.1) (0.1) 4.1 BSE SENSEX 19,577.39 0.9 0.9 0.8 RUB 32.96 0.4 0.4 8.0 Bovespa 47,229.59 (0.5) (0.5) (22.5) BRL 0.45 0.1 0.1 (8.0) RTS 1,276.85 0.1 0.1 (16.4) 134.1 118.9 108.0

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