Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index rose marginally to close at 13,697.0. Gains were led by th...
Page 2 of 5
Qatar Market Commentary
 The QE index rose marginally to close at 13,697.0. The
Transportation and Telecoms i...
Page 3 of 5
 Doha Outlet Mall to open at West End Park in 1Q2015 –
West End Park will soon have a unique mall in Qatar wh...
Page 4 of 5
architectural icon, BLVD Crescent. The project features two
towers of 39 and 21 storeys, set on a podium, loca...
Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Ana...
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1 June Daily market report

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1 June Daily market report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index rose marginally to close at 13,697.0. Gains were led by the Transportation and Telecoms indices, up 3.0% and 2.8% respectively. Top gainers were Vodafone Qatar and Qatar Navigation, rising 7.3% and 6.1% respectively. Among the top losers, Qatar National Cement Co. fell 4.6%, while National Leasing declined 3.4%. GCC Commentary Saudi Arabia: The TASI index rose 0.4% to close at 9,864.7. Gains were led by the Retail and Banking & Fin. Serv. indices, rising 0.9% and 0.7% respectively. Nat. Agri. Markt. gained 9.8%, while Jazira Takaful was up 9.6%. Dubai: The DFM index declined 0.6% to close at 5,056.3. The Real Estate & Con. index fell 1.5%, while the Inv. & Fin. Ser. index was down 0.9%. Arabian Scandinavian Ins. Co. declined 9.8%, while Shuaa Capital was down 6.8%. Abu Dhabi: The ADX benchmark index fell 1.8% to close at 5,157.7. The Consumer index declined 3.1%, while the Banking index fell 3.0%. Al Buhaira Nat. Ins. Co. fell 9.6%, while Abu Dhabi Comm. Bank was down 9.1%. Kuwait: The KSE index gained 0.4% to close at 7,321.1. The Oil & Gas and Real Estate indices rose 1.8% and 1.1% respectively. Kuwait Foundry Co. gained 8.2%, while Pearl of Kuwait Real Estate Co. was up 7.7%. Oman: The MSM index rose 0.5% to close at 6,890.8. Gains were led by the Financial and Industrial indices, rising 0.7% and 0.3% respectively. Al Batinah Dev. Inv. gained 9.3%, while Oman & Emirates Inv. Holding was up 5.7%. Bahrain: The BHB index gained 0.1% to close at 1,460.3. The Commercial Banking index rose 0.3%, while the Services index was up 0.2%. Ithmaar Bank gained 6.9%, while Bahrain Duty Free Shop Complex Co. was up 2.5%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 22.30 7.3 11,412.7 108.2 Qatar Navigation 94.40 6.1 94.6 13.7 Dlala Brokerage & Inv. Holding Co. 46.05 5.9 1,202.4 108.4 Ahli Bank 51.50 2.8 7.7 21.7 Ezdan Holding Group 24.95 2.3 2,262.6 46.8 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 22.30 7.3 11,412.7 108.2 Masraf Al Rayan 64.00 (2.4) 6,347.4 104.5 Barwa Real Estate Co. 43.15 (0.1) 3,441.5 44.8 United Development Co. 26.60 0.6 2,274.3 23.5 Ezdan Holding Group 24.95 2.3 2,262.6 46.8 Market Indicators 01 June 14 29 May 14 %Chg. Value Traded (QR mn) 1,730.6 4,583.7 (62.2) Exch. Market Cap. (QR mn) 739,812.3 736,878.6 0.4 Volume (mn) 37.4 76.1 (50.9) Number of Transactions 13,708 22,170 (38.2) Companies Traded 42 43 (2.3) Market Breadth 18:21 22:19 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 20,425.15 0.0 0.0 37.7 N/A All Share Index 3,424.17 0.0 0.0 32.3 16.4 Banks 3,364.90 (0.3) (0.3) 37.7 16.8 Industrials 4,471.91 (0.4) (0.4) 27.8 17.4 Transportation 2,263.41 3.0 3.0 21.8 14.5 Real Estate 2,844.17 0.1 0.1 45.6 14.2 Insurance 3,292.91 (1.9) (1.9) 41.0 8.7 Telecoms 1,910.77 2.8 2.8 31.4 26.3 Consumer 6,629.84 (1.0) (1.0) 11.5 26.1 Al Rayan Islamic Index 4,604.44 (0.7) (0.7) 51.7 20.0 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Comm. Bank Of Dubai Dubai 6.60 10.0 100.0 53.2 Vodafone Qatar Qatar 22.30 7.3 11,412.7 108.2 Drake & Scull Int. Dubai 1.70 6.9 60,562.9 18.1 Ithmaar Bank Bahrain 0.16 6.9 200.0 (32.6) Sharjah Islamic Bank Abu Dhabi 2.05 6.2 2,607.6 33.1 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Atheeb Telecom Saudi Arabia 12.85 (7.0) 14,134.2 (10.6) DP World Ltd Dubai 20.20 (6.8) 78 1.6 14.1 Nat. Bank of Abu Dhabi Abu Dhabi 16.10 (6.7) 8,174.0 27.4 Abu Dhabi Comm..Bank Abu Dhabi 8.90 (5.1) 10,651.0 36.9 Qatar National Cement Qatar 143.10 (4.6) 36.0 20.3 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 National Cement Co. 143.10 (4.6) 36.0 20.3 National Leasing 31.15 (3.4) 1,005.4 3.3 Qatar Industrial Manufacturing Co. 46.00 (3.2) 108.8 9.1 Qatari Investors Group 65.50 (3.0) 40.5 49.9 Commercial Bank of Qatar 69.70 (2.9) 535.4 18.1 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 64.00 (2.4) 409,349.8 104.5 Vodafone Qatar 22.30 7.3 252,472.4 108.2 Barwa Real Estate Co. 43.15 (0.1) 148,172.3 44.8 Industries Qatar 189.00 0.1 90,939.2 11.9 QNB Group 185.50 1.9 89,444.4 7.8 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* 13,696.98 0.0 0.0 0.0 32.0 475.31 203,226.4 17.1 2.3 3.6 Dubai 5,056.32 (0.6) (0.6) (0.6) 50.0 914.94 95,057.1 20.3 2.0 2.1 Abu Dhabi 5,157.66 (1.8) (1.8) (1.8) 20.2 411.43 144,031.2 15.2 1.9 3.3 Saudi Arabia 9,864.68 0.4 0.4 0.4 15.6 2,257.78 532,386.3 20.2 2.5 2.8 Kuwait 7,321.13 0.4 0.4 0.4 (3.0) 105.09 114,657.1 15.2 1.2 3.8 Oman 6,890.75 0.5 0.5 0.5 0.8 21.54 24,957.8 12.6 1.7 3.8 Bahrain 1,460.28 0.1 0.1 0.1 16.9 3.73 53,923.2 10.5 1.0 4.7 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 13,600 13,650 13,700 13,750 13,800 13,850 13,900 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 marginally to close at 13,697.0. The Transportation and Telecoms indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders.  Vodafone Qatar and Qatar Navigation were the top gainers, rising 7.3% and 6.1% respectively. Among the top losers, Qatar National Cement Co. fell 4.6%, while National Leasing declined 3.4%.  Volume of shares traded on Sunday fell by 50.9% to 37.4mn from 76.1mn on Thursday. However, as compared to the 30-day moving average of 29.6mn, volume for the day was 26.4% higher. Vodafone Qatar and Masraf Al Rayan were the most active stocks, contributing 30.5% and 17.0% 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 Qatar Islamic Insurance Co. (QISI) Moody’s Qatar IFSR Baa2 Baa2 – Positive  Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency, IFSR – Insurance Financial Strength Rating) News Qatar  QNNS takes delivery of dive support vessel – Halul Offshore Services Company (HOSC) and its parent company, Qatar Navigation (QNNS), have taken delivery of their newest state-of- the-art dive support vessel, Shaddad. Built in India by ABG Shipyard, the vessel is equipped with the latest diving equipment that qualifies it to undertake subsea maintenance with saturated diving capability up to 300 meters depth, as well as air diving and remotely operated vehicles operations. The vessel has been contracted by Halul to Qatar Petroleum as part of a five-year diving services agreement. With the delivery of Shaddad, Halul’s fleet of offshore support vessels has increased to 36, with 7 more vessels scheduled for delivery in 2014. (QE)  MERS to set up JV with Regency Group Holding, Aramex Dubai – Al Meera Consumer Goods Company (MERS) has signed a formal MoU with Regency Group Holding and Aramex Regional, Dubai, to form a JV that facilitates the development of a logistics facility & services business in Qatar. To be known as ‘Aramex Logistics Qatar’, the JV will be part of MERS’ efforts to expand its brand offerings in the domestic market. In the initial stages, a distribution center would be set up south of Doha on a 91,000 square meter plot. The centre is to be built in phases, with the first stage witnessing a 20,000 square meter warehousing facility being developed, with plans to quadruple the warehouse in the future phases. (Gulf-Times.com)  BRES to launch sale of Dara units in Cityscape Qatar – Barwa Real Estate Company (BRES) will launch the sale of its Dara units on the first day of the Cityscape Qatar 2014 exhibition on June 2, 2014. The launch will take place in the presence of the Minister of Youth & Sports HE Salah bin Ghanem bin Nasser al-Ali, who is also BRES’ Chairman and Ahmad Abdulla al-Abdulla, acting Group CEO of BRES. Information about the Dara project, which is located in the north of the Fox Hills area in Lusail City, will be revealed on this occasion. Last year, BRES had launched the Dara concept during the same event, generating interest among a number of investors. (Gulf-Times.com)  ERES to sell five villages in Cityscape Qatar – Ezdan Holding Group (ERES), as part of its long-term strategy to diversify its investment portfolio, announced plans to sell five residential villages comprising 2,660 housing units, during Cityscape Qatar 2014. ERES’ Group CEO Ali Al Obaidli said that negotiations are currently underway with several investors, and he is confident that sales operations will be completed before the end of the current year. This is in line with the group’s strategy to exit from all its real estate projects within five years from April 2013 as per Ezdan’s General Assembly decision. Obaidli noted that all residential villages enjoy up to 97% occupancy, in addition to the wide range of services they offer to their tenants. (Peninsula Qatar)  Msheireb Properties to showcase MDD project in Cityscape Qatar – Msheireb Properties, a subsidiary of Qatar Foundation will participate in Cityscape Qatar 2014 to showcase its QR20bn Msheireb Downtown Doha (MDD) project. Msheireb Properties will showcase the available retail space spread across an area of 90,000 square meters and the commercial options available in the project. MDD will have around 100 commercial buildings, 900 residential units, 5,200 solar panels and 40 underground electricity distribution substations. The construction work, which commenced in 2010, is going on schedule, with Phase 1A near completion. This phase includes the Amiri Diwan Quarter, the National Archive and four heritage houses to be converted into museums, in addition to a mosque and Doha’s Eid prayer ground. (Gulf-Times.com)  Moody's affirms Baa2 IFSR for QISI – Qatar Islamic Insurance Company (QISI) announced that ratings agency Moody’s Investors Service has affirmed its ‘Baa2’ insurance financial strength rating (IFSR). The outlook has been changed to ‘Positive’ from ‘Stable’ based on the company’s continued strong performance. Moody’s said that its positive outlook for QISI’s rating reflects the company’s improving and strong capitalization in relation to insurance risk, with the consolidated equity for 2013 increasing by QR40m to QR450m since 2011, and a Gross Underwriting Leverage of 0.7x. (Peninsula Qatar) Overall Activity Buy %* Sell %* Net (QR) Qatari 59.40% 59.19% 3,714,465.00 Non-Qatari 40.60% 40.82% (3,714,465.00)
  3. 3. Page 3 of 5  Doha Outlet Mall to open at West End Park in 1Q2015 – West End Park will soon have a unique mall in Qatar where high-end brands will be offered at discounted prices. To be known as ‘Doha Outlet Mall’, the shopping center is scheduled to be opened in 1Q2015. Chairman of Qatar Property Management Mana bin Ibrahim al Mana said that this mall will be the largest of its kind in Qatar. The Doha Outlet Mall will be spread over 20,470 square meters and have four huge department retail stores, along with 2,500 parking spaces. The mall will have 170 stores for men, women and children, with special sections for jewelry, electronics, shoes and perfumes. (Qatar Tribune)  BOI: Construction sector leads upbeat Qatar non- hydrocarbons outlook - According to the Business Optimism Index (BOI) for 2Q2014, prepared by Dun & Bradstreet (D&B), Qatar's non-hydrocarbons outlook has strengthened with the country's construction sector being the most optimistic. The BOI revealed that stronger optimism is resulting from Qatar's buoyant economy, higher demand for insurance and enhanced savings and investments by a growing population. These trends are further evidence of the extent to which the economy is diversifying as well as the strength of the government's economic diversification efforts. In the construction sector, optimism is at its highest for three years and the strongest in the non-hydrocarbon sector, it said, adding the BOI score of 54 for 2Q2014 was three points up from 1Q2014 and 13 points up from 2Q2013. Higher scores for selling prices, net profits and hiring drove the overall result for 2Q2014. (Gulf-Times.com) International  China's home prices inch down in May – According to two private surveys, China's home prices fell slightly in May 2014 from April, adding to fresh signs of cooling in a property market that has become a persistent drag on the broader economy in recent months. A poll by real estate services firm, E-House China Holdings Ltd showed that prices of new homes in 288 cities fell 0.03% in May, marking the second MoM drop in a row. On a YoY basis, home prices rose 5.8% in May, easing from a rise of 6.9% in April and marking the seventh consecutive month of slowing annual property inflation. Another survey by the China Real Estate Index System showed average prices in the 100 largest cities fell 0.32% in May from April, snapping a 23-month- long streak of monthly rise. To avoid a sharp downturn in the property sector, the Chinese central bank ordered commercial banks to quicken mortgage lending and some local governments have begun to lift home purchase restrictions. (Reuters)  Russia, Ukraine to resume gas talks – Russia and Ukraine are set to resume talks in Brussels on a deal that would keep natural gas flowing between the countries amid conflict over separatists trying to break away from the government in Kiev. After last week’s talks brokered by the European Union, Ukraine made its first payment in months to Russia’s OAO Gazprom, transferring $786mn for gas received in February and March. Russian natural gas that flows through Ukraine to other countries in Europe remains an economic flashpoint. Ukraine carries about 15% of Europe’s annual demand through its Soviet-era pipelines and accuses Russia of using gas as a political weapon by ramping up prices. However, Gazprom says Ukraine has run up $5.2bn in debt and must pay $1.7bn in advance for next month’s gas or risk a shutdown. (Bloomberg) Regional  Marafiq to build new head office in Jubail Industrial City – The Power & Water Utility Company for Jubail and Yanbu (Marafiq) is set to build its new head office in the Jubail Industrial City. Work on the project is scheduled to start by the end of 2014 and is expected to be completed within 24 months. The building designed by MTMM Engineering Consultancy will spread over a total area of 18,000 sq m. The project will comprise a main building with an annexed services block to accommodate the company offices and a customer service center. The company has signed a construction agreement with Azmeel Contracting KSA. (GulfBase.com)  MMG forms construction JV with Essar Projects – Mohammad Al Mojil Group Company (MMG) has signed a MoU with Essar Projects to establish a 50-50 JV entity in KSA to provide construction service in Jizan. The MoU will be effective from May 28, 2014 for a period of 9 months. (Tadawul)  SCC’s BoD recommends SR535.5mn dividends for 1H2014 – The Saudi Cement Company’s (SCC) board of directors has recommended the distribution of 35% dividends (SR3.5 per share), amounting to SR535.5mn for 1H2014. (Tadawul)  Al Othaim Malls plans debut local currency sukuk – Saudi- based Al Othaim Real Estate Investment & Development Company (Al Othaim Malls) is planning to issue its debut local currency sukuk in June 2014. The firm has chosen Deutsche Bank and the investment banking arm of Banque Saudi Fransi to arrange the Islamic bond. The transaction is likely to be worth between SR500mn and SR1bn. (Reuters)  Visa signs agreement with SABB – Leading payment solutions provider, Visa Inc. has partnered with the Saudi British Bank (SABB) to issue Visa debit cards to all SABB customers. Under this agreement, SABB customers will be able to conveniently pay with funds from their SABB account for goods and services directly at millions of merchants around the world. In addition, the card will include online purchases capability and Card Not Present transaction (CNP) in the near future. (Bloomberg)  DSE wins AED259mn contracts for Saraya Aqaba Resort in Jordan – Drake & Scull International’s subsidiary, Drake & Scull Engineering (DSE), has won two major contracts worth AED259mn for the Saraya Aqaba Resort, a mixed-use, themed development around a man-made lagoon in Aqaba, Jordan. Under the contract terms, DSE will provide complete MEP services for two 5-star hotels managed by the international hospitality chain Jumeirah Group, two 5-star hotels run by Starwood Hotels & Resorts, and 12 uniquely designed luxury villas. Additionally, DSE will undertake the installation work for a district cooling plant along with the seawater pumping station for the entire resort. Both projects are expected to be completed by the end of 2015. (DFM)  Al-Futtaim to build AED5.87bn Al Diriyah Festival City mall – Al-Futtaim Group signed a deal with Riyadh-based Kayannat Real Estate Company worth AED5.87bn to build Al Diriyah Festival City mall. Under the agreement, Al-Futtaim will manage all matters related to the project, including the works related to constructing, developing and operating the mall. The mall will have 250,000 square meters of gross leasable area and will be located west of Riyadh. The construction for the mall will begin shortly, which will have Ikea as an anchor tenant. (Bloomberg)  Damac plans Akoya Drive in Dubai – Damac Properties is planning to develop Akoya Drive, one of the longest shopping strip experiences in Dubai. The strip will stretch 1.3 km through the Akoya by Damac luxury golf community off Umm Suqeim Road and will include high-end eateries and retail shops, an outdoor ice-skating rink, a cinema screen and an interactive kids play area. (Bloomberg)  Emaar launches BLVD Crescent Tower II – Emaar Properties has launched second phase of Downtown Dubai’s newest
  4. 4. Page 4 of 5 architectural icon, BLVD Crescent. The project features two towers of 39 and 21 storeys, set on a podium, located on the Mohammed Bin Rashid Boulevard. Emaar will launch BLVD Crescent Tower II simultaneously in three cities Dubai, Abu Dhabi and Kuwait City. (Bloomberg)  Etihad launches daily service to Los Angeles – Etihad Airways has launched its daily EY171 service between Abu Dhabi and Los Angeles, US. Los Angeles is the airline’s fourth US destination, alongside Chicago, New York and Washington D.C. A three-cabin, long-range Airbus 340-500 aircraft will serve the Abu Dhabi-Los Angeles route, accommodating 12 first-class, 28 business-class and 200 economy-class seats. (Bloomberg)  Jazeera Airways receives new aircraft – Jazeera Airways Group has taken delivery of a new Airbus A320 aircraft, bringing its total fleet to 15 aircraft. The newly delivered aircraft passed through a diligent nine-month review process by the Jazeera Airways team, partners of the airline, and an independent inspector. The airline has received three new A320 aircraft in the last 12 months. (GulfBase.com)  Al Batinah gets approval for NCPI site sale – Al Batinah Development & Investment Holding Company’s subsidiary, National Cans & Packaging Industry (NCPI) has obtained the relevant government approval to hand over the NCPI site to another investor. The company has completed the sale of NCPI’s assets like machinery, stock and vehicles and will pay all the pending dues of employees, banks and suppliers. (MSM)  NBO opens new Al Rustaq branch – The National Bank of Oman (NBO) has opened its new Al Rustaq branch. The existing Al Rustaq branch has been merged with the new branch, which includes a Sadara Centre to provide more convenient service to customers in the South Batinah region. (GulfBase.com)  Orpic’s Sohar refinery gets $100mn loan guarantee – Oman Oil Refineries & Petroleum Industries Company's (Orpic) Sohar refinery expansion plans got a boost with the company securing a $100mn loan. The loan has been guaranteed by Italian Export Credit Agency (SACE) to finance oil & gas technology exports from Italy, which will be used for the modernization and expansion of Sohar refinery. Orpic will use the loan, issued by HSBC, to finance its engineering, procurement & construction (EPC) contract with several Italian outfits for the supply of machinery in the Sohar project. The overall project, worth $2.8bn, will lead the refinery to boost production capacity by 70% from 116,400 bpd to 198,000 bpd. (GulfBase.com)  Arcapita completes $740mn Varel sale – Bahrain-based Arcapita has completed the sale of US-based Varel International Energy Services (Varel), a manufacturer of drill bits, to Sweden- based Sandvik for a purchase consideration of $740mn. (GulfBase.com)
  5. 5. Contacts Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025 sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 200.0 210.0 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% 0.0% 0.4% 0.1% 0.5% (1.8%) (0.6%) (2.4%) (1.6%) (0.8%) 0.0% 0.8% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,249.73 0.0 0.0 3.7 DJ Industrial 16,717.17 0.0 0.0 0.8 Silver/Ounce 18.82 0.0 0.0 (3.3) S&P 500 1,923.57 0.0 0.0 4.1 Crude Oil (Brent)/Barrel (FM Future) 109.41 0.0 0.0 (1.3) NASDAQ 100 4,242.62 0.0 0.0 1.6 Natural Gas (Henry Hub)/MMBtu 4.49 0.0 0.0 3.3 STOXX 600 344.24 0.0 0.0 4.9 LPG Propane (Arab Gulf)/Ton 104.37 0.0 0.0 (17.3) DAX 9,943.27 0.0 0.0 4.1 LPG Butane (Arab Gulf)/Ton 120.00 0.0 0.0 (12.1) FTSE 100 6,844.51 0.0 0.0 1.4 Euro 1.36 0.0 0.0 (0.8) CAC 40 4,519.57 0.0 0.0 5.2 Yen 101.77 0.0 0.0 (3.4) Nikkei 14,632.38 0.0 0.0 (10.2) GBP 1.68 0.0 0.0 1.2 MSCI EM 1,027.69 0.0 0.0 2.5 CHF 1.12 0.0 0.0 (0.3) SHANGHAI SE Composite 2,039.21 0.0 0.0 (3.6) AUD 0.93 0.0 0.0 4.4 HANG SENG 23,081.65 0.0 0.0 (1.0) USD Index 80.37 0.0 0.0 0.4 BSE SENSEX 24,217.34 0.0 0.0 14.4 RUB 34.90 0.0 0.0 6.2 Bovespa 51,239.34 0.0 0.0 (0.5) BRL 0.45 0.0 0.0 5.5 RTS 1,295.75 0.0 0.0 (10.2) 196.8 156.8 142.0

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