13 April Daily market report


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13 April Daily market report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 1.4% to close at 12,225.2. Losses were led by the Transportation and Banking & Fin. Services indices, declining 2.0% and 1.6% respectively. Top losers were Gulf Warehousing Co. and Qatar International Islamic Bank, falling 5.2% and 4.3% respectively. Among the top gainers, Aamal Co. and Ezdan Holding Group rose 10.0% and 9.9% respectively. GCC Commentary Saudi Arabia: The TASI index fell 0.9% to close at 9,425.0. Losses were led by the Bank. & Fin. Ser. and Hotel & Tou., falling 1.7% and 1.2% respectively. Wafrah for Ind. & Dev. fell 9.8%, while Saudi Fisheries Co. was down 5.7%. Dubai: The DFM index declined 1.7% to close at 4,759.2. The Real Estate & Cons. index fell 2.0%, while the Inv. & Fin. Serv. Index was down 1.6%. Dubai Nat. Ins. & Reins.declined 8.6%, while Dubai Islamic Bank was down 2.9%. Abu Dhabi: The ADX benchmark index fell 0.2% to close at 5,162.9. The Consumer index declined 1.8%, while the Banking index was down 1.2%. Nat. Takaful Co. fell 9.0%, while Nat. Bank of Umm Al-Qaiwain was down 4.6%. Kuwait: The KSE index fell 0.2% to close at 7,560.2. The Telecom. index declined 1.4%, while the Consumer Goods index was down 0.8%. Kuwait Building Materials Manu. fell 14.7%, while Palms Agro Prod. was down7.3%. Oman: The MSM index gained 0.2% to close at 6,821.0. Gains were led by the Financial and Services indices, rising 0.3% and 0.2% respectively. Packaging Co. gained 28.7%, while Bank Muscat was up 1.9%. Bahrain: The BHB index declined 0.1% to close at 1,380.4. The Commercial Banking and the Services Indices fell 0.2% each. Seef Properties Co. declined 1.7%, while Nass Corporation was down 1.1%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Aamal Co. 18.44 10.0 250.3 22.9 Ezdan Holding Group 27.70 9.9 123.6 62.9 Qatar General Ins. & Reins. Co. 44.85 9.4 31.1 12.3 Qatar & Oman Investment Co. 14.41 6.7 5,724.4 15.1 Qatar Islamic Insurance 72.60 4.5 573.3 25.4 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 21.65 (1.6) 5,770.2 93.6 Qatar & Oman Investment Co. 14.41 6.7 5,724.4 15.1 National Leasing 33.00 0.3 2,518.0 9.5 Salam International Investment Co. 13.50 1.6 2,417.0 3.8 United Development Co. 22.20 (0.9) 1,532.4 3.1 Market Indicators 13 Apr 14 10 Apr 14 %Chg. Value Traded (QR mn) 925.6 1,429.4 (35.2) Exch. Market Cap. (QR mn) 709,220.8 709,196.8 0.0 Volume (mn) 29.3 39.1 (25.0) Number of Transactions 11,982 16,340 (26.7) Companies Traded 42 42 0.0 Market Breadth 12:26 27:14 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,230.39 (1.4) (1.4) 22.9 N/A All Share Index 3,168.67 (0.9) (0.9) 22.5 15.3 Banks 2,992.79 (1.6) (1.6) 22.5 14.9 Industrials 4,298.65 (0.2) (0.2) 22.8 16.1 Transportation 2,193.18 (2.0) (2.0) 18.0 14.5 Real Estate 2,450.44 (0.9) (0.9) 25.5 15.7 Insurance 3,172.32 0.4 0.4 35.8 8.4 Telecoms 1,652.51 0.1 0.1 13.7 23.4 Consumer 7,521.68 (0.1) (0.1) 26.5 30.6 Al Rayan Islamic Index 3,962.56 (1.1) (1.1) 30.5 18.2 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Aamal Co Qatar 18.44 10.0 250.3 22.9 Ezdan Holding Group Qatar 27.7 9.9 123.6 62.9 Qatar Gen Ins.& Reins. Qatar 44.85 9.4 31.1 12.3 Nat. Marine Dred. Co. Abu Dhabi 8.40 7.7 1.5 (2.3) Boubyan Bank Kuwait 0.53 6.0 2438.5 1.3 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Fisheries Saudi Arabia 37.96 (5.8) 5755.7 22.8 Gulf Warehousing Co. Qatar 60.00 (5.2) 150.2 44.6 Methanol Chem. Co. Saudi Arabia 16.55 (4.9) 5207.1 8.5 NBQ Abu Dhabi 3.15 (4.5) 200.0 (4.5) Qatar Int. Islamic Bank Qatar 79.9 (4.3) 272.3 29.5 Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Gulf Warehousing Co. 60.00 (5.2) 150.2 44.6 Qatar International Islamic Bank 79.90 (4.3) 272.3 29.5 Commercial Bank of Qatar 67.20 (3.6) 421.5 13.9 Islamic Holding Group 64.50 (2.3) 167.4 40.2 Qatar Navigation 95.00 (2.1) 9.5 14.5 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mazaya Qatar Real Estate Dev. 21.65 (1.6) 127,837.5 93.6 National Leasing 33.00 0.3 83,763.7 9.5 Qatar & Oman Investment Co. 14.41 6.7 82,199.4 15.1 Masraf Al Rayan 43.30 (1.1) 54,988.1 38.3 QNB Group 192.50 (1.7) 49,307.9 11.9 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* 12,225.19 (1.4) (1.4) 5.0 17.8 254.17 194,752.0 15.5 2.0 4.1 Dubai 4,759.15 (1.7) (1.7) 6.9 41.2 515.10 94,992.1 20.4 1.8 2.1 Abu Dhabi 5,162.92 (0.2) (0.2) 5.5 20.3 350.76 135,639.4 15.6 1.9 3.5 Saudi Arabia 9,424.95 (0.9) (0.9) (0.5) 10.4 2,443.59 512,657.3 19.3 2.4 3.1 Kuwait 7,560.22 (0.2) (0.2) (0.2) 0.1 94.69 117,412.9 17.2 1.2 3.9 Oman 6,821.04 0.2 0.2 (0.5) (0.2) 24.86 24,581.1 11.3 1.6 3.9 Bahrain 1,380.42 (0.1) (0.1) 1.7 10.5 0.44 52,724.9 9.7 0.9 5.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any;) 12,200 12,250 12,300 12,350 12,400 12,450 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 1.4% to close at 12,225.2. The Transportation and Banking & Fin. Services indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Gulf Warehousing Co. and Qatar International Islamic Bank were the top losers, falling 5.2% and 4.3% respectively. Among the top gainers, Aamal Co. and Ezdan Holding Group rose 10.0% and 9.9% respectively.  Volume of shares traded on Sunday fell by 25.0% to 29.3mn from 39.1mn on Thursday. However, as compared to the 30-day moving average of 19.8mn, volume for the day was 48.0% higher. Mazaya Qatar Real Estate Dev. and Qatar & Oman Investment Co. were the most active stocks, contributing 19.7% and 19.5% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings Earnings Releases Company Market Currency Revenue (mn)1Q2014 % Change YoY Operating Profit (mn) 1Q2014 % Change YoY Net Profit (mn) 1Q2014 % Change YoY Saudi Industrial Export Co. (SIEC) Saudi SR – – 2.2 -24.1% 1.7 -37.0% Saudi Arabian Fertilizer Co. (SAFCO) Saudi SR – – 797.0 -4.0% 843.0 -9.5% Saudi Chemical Co. (SCC) Saudi SR – – 102.9 29.1% 91.0 3.0% Taiba Holding Co. Saudi SR – – 58.9 7.3% 59.5 -18.6% Saudi Ceramic Co. (SCC) Saudi SR – – 88.5 -2.8% 87.4 6.3% Shuaa Capital Dubai AED 64.0 77.8% – – 8.2 NA Al Anwar Ceramic Tiles Co. (AACT) Oman OMR 7.2 0.1% – – 2.2 0.8% National Hotels Co. (NHOTEL) Bahrain BHD 1.9 -15.3% 0.9 -23.3% 0.7 -27.5% Source: Company data, DFM, ADX, MSM News Qatar  QE amends foreign ownership limit for CBQK – The Qatar Exchange has announced that the ownership limit of non-Qatari investors for the Commercial Bank of Qatar (CBQK) would be 25% with effect from April 13, 2014. (QE)  ETFs to debut on QE, to boost liquidity – According to sources, exchange traded funds (ETFs) are set to make their debut next week (April 23) on the Qatar Exchange (QE) as the bourse enters the MSCI „emerging‟ market grouping by June. As part of QE‟s measures to enhance liquidity in the market, foreign debt-based and general index-based ETFs are set to be launched initially, which will be followed by Islamic-index based ETFs by the end of summer. (Gulf-Times.com)  MERS to publish 1Q2014 financials on April 22 – Al Meera Consumer Goods Company (MERS) will publish its 1Q2014 financial results on April 22, 2014. (QE)  MCGS to disclose 1Q2014 results on April 23 – Medicare Group (MCGS) will disclose its 1Q2014 financial results on April 23, 2014. (QE)  UDCD to disclose 1Q2014 results on April 27 – The United Development Company (UDCD) to disclose its 1Q2014 financial results on April 27, 2014. (QE)  QNCD convenes BoD meet on April 13 – Qatar National Cement Company‟s (QNCD) board of directors held a meeting on April 13, 2014 to decide about contracting for the construction of cement plant no 5. We await more details, as of now we have incorporated 5,000 tpd of expansion in our model leading to a 12-month target price of QR137.28. (QE, QNBFS)  QA to launch 7th Saudi route from May 15 – Qatar Airways (QA) has announced that it will add Al Hofuf in Saudi Arabia to its network with four weekly flights from May 15, 2014. QA has further doubled its weekly flight frequency to Gassim, while flights to Madinah have been increased from five to seven per week. With this, QA will now fly to seven Saudi destinations with 79 flights per week. (Bloomberg)  Bayt survey shows positive economic outlook in Qatar – According to a survey by Bayt.com, close to half of Qatar‟s population believes that the country‟s economy has improved in the last six months. The survey added that while 51% of Qatar respondents share a positive sentiment about their personal financial position improving over the next six months, 70% expect the cost of living to increase. In Qatar, 30% claim their financial position has improved in the last six months, while 32% claim that there has been no change and 31% reported a decline. Almost half of the respondents (45%) claim that their savings have decreased as compared to 12 months ago. However, the outlook is positive with 51% anticipating their financial situation to improve over the next six months, despite the expected increase in cost of living within the same period. (Gulf-Times.com)  VFQS appoints senior executives – Vodafone Qatar (VFQS) has appointed Mahmud Awad as the Chief Business Officer and Ramy Reyad as the Chief Technology Officer. Awad has 18 years of telecom experience, and joins Vodafone Qatar from du Telecom where he was the Vice President of Corporate Sales. Awad has also held executive positions with Neoris, Al Wataniya Telecom and Nokia Siemens Networks. Meanwhile, Reyad has over 15 years of experience in the telecom sector and joins Overall Activity Buy %* Sell %* Net (QR) Qatari 67.79% 72.92% (47,439,038.18) Non-Qatari 32.22% 27.09% 47,439,038.18
  3. 3. Page 3 of 5 VFQS from Mobilink, where he was the Chief Technology Officer. (Gulf-Times.com) International  Euro slides against most peers as Draghi warns of ECB stimulus – The Eurozone‟s currency has weakened against most of its 16 major peers after the European Central Bank‟s President Mario Draghi said its strength requires further monetary stimulus. The shared currency snapped a gain versus the US dollar from last week that was the most in six months as Draghi‟s rhetoric about the euro‟s rise was echoed by other European policy makers, boosting speculation they will consider measures to support growth and spur inflation. The dollar gained against most peers before a report that may show retail sales gained last month by the most in 1 1/2 years. Draghi reiterated that the currency does come into ECB‟s views on monetary policy and it does naturally act as a handbrake on inflation. The Euro fell 0.3% to $1.385 after climbing 1.3% last week, the biggest gain since September 20, 2013. (Bloomberg)  Growth pickup may help France meet deficit targets – France‟s Finance Minister Michel Sapin said the French economy may grow faster than projected this year, helping the government to meet European Union budget-deficit targets. Sapin said in 2014, the economy will do slightly better than the 0.9% growth forecast by the government. President Francois Hollande‟s new government is seeking to regain economic credibility after his Socialist Party suffered a crushing defeat in the recent municipal elections. Sapin‟s remarks indicate that officials are looking for ways to stimulate growth while meeting budget pledges that Hollande put in doubt last month. France‟s deficit amounted to 4.3% of GDP in 2013. To adhere to the EU economic rules, Hollande had promised to trim the shortfall to 3.6% in 2014 and 3% in 2015. (Bloomberg)  Bloomberg: Price surge could harm public confidence on Abenomics – Japanese Prime Minister Shinzo Abe‟s efforts to vault the country out of 15 years of deflation risk losing public support by spurring too much inflation too quickly as companies add extra price increases to this month‟s sales-tax hike. Businesses have raised costs more than the 3% point levy increase. This month‟s inflation rate could be 3.5%, the fastest since 1982. The challenge for Abe and the Bank of Japan is to keep the public focused on the long-term benefits of exiting deflation when wages are yet to pick up. Any jump in inflation that is perceived as excessive by a population more used to prices falling could worsen consumer confidence and make it harder to boost growth. (Bloomberg) Regional  MEED: GCC new contract awards to approach $150bn in 2014 – According to a report released by MEED, new contract awards in the GCC region are set to approach $150bn in 2014, rising over about $135bn in the previous 12 months. The projects boom encompasses all the six GCC markets and extends across all sectors. MEED said that with more than $40bn worth of new contracts awarded in the six-nation GCC alone in 1Q2014, the projects market in the Middle East is set to enjoy a record-breaking in 2014. Among the high-profile projects that have been awarded include: the $12bn Kuwait National Petroleum Company‟s Clean Fuels Project; $3bn worth of projects awarded by Qatar‟s Ashgal for the Expressway and LRDP schemes; Abu Dhabi Musanada‟s $1bn worth of contracts for the Mafraq-Ghuweifat Road Development Project; Qatar Rail‟s $700mn worth of contracts for the elevated section of the Doha Metro‟s Red Line South project; and $705mn awarded by the Al Reem Island (UAE). Figures compiled by MEED Projects show that a total of almost $2.5tn worth of contracts have been planned or under way in the GCC. (Gulf-Times.com)  Saudia to invest $476.7mn for cargo expansion – The Saudi Arabian Airlines (Saudia) is planning to pump in $476.7mn over the next 5-7 years to boost its cargo handling facilities. About $26.7mn will be injected into Saudia Cargo for investing in its ground facilities over the next 12 months, while $450mn will be spent on its hubs at Riyadh, Jeddah and Dammam over 5-7 years. (GulfBase.com)  Chemanol to shutdown Methanol plant from April 14 – The Methanol Chemicals Company (Chemanol) announced that will begin the non-scheduled shutdown of its Methanol plant for a period of 15 days, from April 14, 2014. The non-scheduled maintenance activity will be carried out for inspecting the valve trays of the distillation column to improve the production efficiency of the plant. Such activity will result in the shutdown of the Dimethylformamide unit, which mainly uses the carbon monoxide produced by the Methanol plant. (Tadawul)  SCPMA approves Bahri’s merger – The Supreme Council for Petroleum & Mineral Affairs (SCPMA) has approved the merger of Vela‟s fleet and operations with the National Shipping Company of Saudi Arabia (Bahri). (Tadawul)  Saudi CMA approves Bank Al Jazira’s capital increase – The Saudi CMA board has approved the Bank Al Jazira‟s request to increase its capital from SR3bn to SR4bn by issuing one bonus share for every three existing shares. This increase will be paid by transferring SR500mn from the statutory reserve account and SR500mn from retained earnings account to the bank‟s capital. Consequently, the bank's outstanding shares will increase from 300mn to 400mn shares. The bonus shares‟ eligibility is limited to those shareholders who are registered at the close of trading on the day of the extraordinary general assembly, which will be determined later. (Tadawul)  Saudi CMA approves Jadwa’s capital increase – The Saudi CMA board has approved the Jadwa Investment Company‟s request to increase its capital from SR568.5mn to SR852.7mn by capitalizing a part of its retained earnings. (Tadawul)  Al Rajhi Bank’s 1Q2014 profit slips by 16.9% – Al Rajhi Bank has reported a net profit of SR1.71bn in 1Q2014 as compared to SR2.05bn in 1Q2013, reflecting 16.9% decline. The bank‟s total assets stood at SR288bn at the end of 1Q2014 as compared to SR275bn a year ago. Loans & advances grew by 7% to SR193bn in 1Q2014 from SR180bn in 1Q2013, while customer deposits grew by 2.9% to reach SR238.6bn from SR231.8bn. EPS amounted to SR1.14. (Tadawul)  UAE to issue new law to support SME sector – The UAE Minister of Economy & Foreign Trade Sultan Al-Mansouri said the UAE will issue a new law to promote the growth of SMEs. Al- Mansouri said the new law will require the federal government agencies to contract with local SMEs for not less than 10% of the total contracts that meet their purchasing, service and consulting needs. Al-Mansouri added that as a further incentive for local SMEs, government-related entities, where the state owns more than 25% of the capital, will have to grant 5% of their contract volumes to SMEs. Further, SMEs will also be exempted from bank guarantees that companies have to pay for each new worker. The government will also be committed to sponsor and organize local, specialized exhibitions for SMEs to promote their products. (Bloomberg)  Dubai airport to cut 26% flights during runway resurfacing work – Airlines flying into Dubai are preparing for diversions and schedule changes as the emirate's main airport plans to reduce the number of flights it handles during construction work on its
  4. 4. Page 4 of 5 runways. Dubai's Airports Authority said that the Dubai International Airport, which handled 66.4mn passengers in 2013, will cut flights by 26% for an 80-day period. The cut-back will occur between May 1 and July 20 as both the runways will be closed one after the other for resurfacing and other construction work. (Reuters)  Dubai property deals surge to AED60bn in 1Q2014 – According to the Land Department, property deals in Dubai have surged by 38% to top AED60bn in 1Q2014. The number of transactions for the quarter grew to 15,694, indicating 11% increase over 1Q2013. (GulfBase.com)  DSI Kuwait signs three AED128mn projects deals – Drake & Scull International‟s (DSI) subsidiary DSI Kuwait has won a major engineering contract worth AED68mn for Sheikh Jaber Al Ahmad Cultural Center in Kuwait City. The company further revealed that it has also bagged an MEP contract worth AED60mn for a healthcare facility in Shuwaikh and two commercial developments in Al-Qebla. (DFM)  Abu Dhabi ports expect spike in traffic as projects boom – Abu Dhabi Ports Company (ADPC) expects a surge in shipping traffic toward the end of 2014 as work on major infrastructure projects in the UAE capital gathers pace. ADPC‟s CEO Mohammad Juma Al Shamisi said that container traffic at Khalifa Port is expected to climb to around 1.1mn 20-foot equivalent units (TEUs) in 2014, up 22% from 905,000 TEUs in 2013, when traffic rose 17%. Meanwhile, general and bulk cargo traffic at the Emirate‟s Khalifa and Zayed ports combined is expected to top 12mn tons in 2014, up from 9.3mn tons in 2013. (Bloomberg)  AFNIC declares 7.5% dividend – Al Fujairah National Insurance Company‟s (AFNIC) AGM has approved its board of directors‟ recommendation for the distribution of 7.5% dividend for the year ended December 31, 2013. (ADX)  ADIB arranges AED1.2bn financing for IMG Theme Park – Abu Dhabi Islamic Bank (ADIB) has arranged and successfully closed an AED1.2bn syndicated Islamic facility for IMG Theme Park. The park will be a world-class tourist attraction for 10mn tourists who visit the UAE every year. ADIB acted as the mandated lead arranger, investment agent, security agent and account bank for the facility. The deal was structured by ADIB to meet lMG Theme Park's specific financing needs, including refinancing of its existing corporate facility and providing finance for the expansion of the Worlds of Adventure project. (ADX)  KNPC signs $12bn oil deals; tenders others – The Kuwait National Petroleum Company (KNPC) signed contracts worth $12bn with three international consortia to upgrade two refineries and invited bids to build a new multibillion-dollar refinery. KNPC‟s Chief Mohamed al-Mutairi signed the contracts with the three consortia led by Britain‟s Petrofac, US Fluor and Japan‟s JGC Corp. Most of the other companies in the consortia are South Korean. Al-Mutairi said the project is due to be completed in early 2018. Al-Mutairi added that these contracts – the first mega project in the country‟s oil sector for 25 years – will upgrade two of the three existing refineries by installing 37 advanced processing units that will reduce sulfur and carbon pollutants. The current production capacity of the two refineries of Mina Al-Ahmadi and Mina Abdullah is around 730,000 bpd, while the capacity of Kuwait‟s third refinery at Shuaiba is 200,000 bpd. (Gulf-Times.com)  NBK reports KD83.9mn net profit in 1Q2014 – The National Bank of Kuwait (NBK) has reported a net profit of KD83.9mn in 1Q2014 as compared to KD81.3mn in 1Q2013, reflecting an increase of 3.2%. NBK Group‟s total assets at the end of the quarter increased by 13.1% to reach KD20.5bn. Loans & advances reached KD10.95bn at end of 1Q2014 up 9.6% as compared to 1Q2013, while customer deposits reached KD11.12bn, up 12.9%. NBK‟s net operating income grew by 7.6% to KD158.4mn. (GulfBase.com)  SAC approves project to boost aluminum output – Sohar Aluminium Company (SAC) has approved plans for the implementation of a productivity optimization project that will boost output by a significant 28,000 tons of primary aluminum annually. The Amperage Creep Project is one of THE two important initiatives launched by the company for optimizing energy efficiency and productivity at its giant smelter located in Sohar Industrial Area. The other initiative concerns a comprehensive revamp of the potline designed to achieve a reduction in energy consumption. (GulfBase.com)
  5. 5. Contacts Saugata Sarkar Keith Whitney Sahbi Kasraoui Head of Research Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC (0.9%) (1.4%) (0.2%) (0.1%) 0.2% (0.2%) (1.7%) (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 1,318.42 0.0 0.0 9.4 DJ Industrial 16,026.75 0.0 0.0 (3.3) Silver/Ounce 20.00 0.0 0.0 2.7 S&P 500 1,815.69 0.0 0.0 (1.8) Crude Oil (Brent)/Barrel (FM Future) 107.33 0.0 0.0 (3.1) NASDAQ 100 3,999.73 0.0 0.0 (4.2) Natural Gas (Henry Hub)/MMBtu 4.65 0.0 0.0 7.1 STOXX 600 328.77 0.0 0.0 0.2 LPG Propane (Arab Gulf)/Ton 111.38 0.0 0.0 (11.8) DAX 9,315.29 0.0 0.0 (2.5) LPG Butane (Arab Gulf)/Ton 122.00 0.0 0.0 (10.6) FTSE 100 6,561.70 0.0 0.0 (2.8) Euro 1.39 0.0 0.0 1.0 CAC 40 4,365.86 0.0 0.0 1.6 Yen 101.62 0.0 0.0 (3.5) Nikkei 13,960.05 0.0 0.0 (14.3) GBP 1.67 0.0 0.0 1.1 MSCI EM 1,015.44 0.0 0.0 1.3 CHF 1.14 0.0 0.0 1.9 SHANGHAI SE Composite 2,130.54 0.0 0.0 0.7 AUD 0.94 0.0 0.0 5.4 HANG SENG 23,003.64 0.0 0.0 (1.3) USD Index 79.45 0.0 0.0 (0.7) BSE SENSEX 22,628.96 0.0 0.0 6.9 RUB 35.64 0.0 0.0 8.4 Bovespa 51,867.29 0.0 0.0 0.7 BRL 0.45 0.0 0.0 6.5 RTS 1,204.07 0.0 0.0 (16.5) 175.7 151.8 138.0