13 January Daily market report


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13 January Daily market report

  1. 1. QE Intra-Day Movement Market Indicators 11,050 11,000 10,950 Market Indices 10,900 10,850 9:30 13 Jan 14 724.6 580,573.6 17.4 7,200 41 24:16 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.9% to close at 11,019.9. Gains were led by the Banking & Financial Services and Insurance indices, gaining 1.2% each. Top gainers were Qatar Islamic Insurance and Zad Holding Co., rising 7.9% and 5.7% respectively. Among the top losers, Doha Insurance Co. fell 3.7%, while Dlala Brok. & Inv. Holding Co. declined 2.3%. 12 Jan 14 349.3 576,487.4 6.9 4,009 39 23:11 %Chg. 107.4 0.7 152.3 79.6 5.1 – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 15,744.85 2,723.80 2,608.69 3,650.26 1,969.48 2,018.76 2,458.12 1,509.81 6,078.17 3,228.51 0.9 0.8 1.2 0.7 0.9 0.3 1.2 (0.2) 0.0 0.8 1.3 1.3 2.2 1.0 0.9 0.5 1.1 (0.7) 0.0 1.5 6.2 5.3 6.8 4.3 6.0 3.4 5.2 3.9 2.2 6.3 N/A 13.8 13.7 13.2 13.3 13.8 10.1 20.5 23.1 16.8 GCC Commentary GCC Top Gainers## Exchange Close# Saudi Arabia: The TASI index fell marginally to close at 8,711.9. Losses were led by the Hotel & Tourism and Media & Publishing indices, declining 1.7% and 0.7% respectively. Arabian Cement Co. fell 4.4%, while Alujain Corporation was down 3.1%. United Int. Trans. Co. Saudi Arabia 1D% 91.25 9.9 333.1 27.2 Sharjah Islamic Bank Abu Dhabi 2.15 6.4 51,021.2 39.6 Riyad Bank Saudi Arabia Deyaar Development Dubai 33.70 4.7 2,445.9 15.4 1.14 4.6 168,904.1 12.9 Dana Gas Abu Dhabi 0.97 4.3 230,343.5 6.6 GCC Top Losers Exchange # Arabian Cement Saudi Arabia 65.00 (4.4) 1,041.2 1.2 Kuwait: The KSE index declined 0.2% to close at 7,628.6. The Telecommunication and Consumer Goods indices fell 1.3% each. United Projects Co. declined 6.6%, while Kout Food Group was down 6.3%. Yanbu Nat. Petrochem. Saudi Arabia 71.25 (3.1) 1,969.5 (3.4) Mobile Telecomm. Co. Kuwait 0.67 (2.9) 379.2 (2.9) Oman: The MSM index fell 0.3% to close at 7,136.9. Losses were led by the Industrial and Services indices, declining 0.7% and 0.2% respectively. Al Madina Investment fell 3.5%, while Galfar Engineering & Con. was down 3.2%. Al Mouwasat Med. Ser. Saudi Arabia 85.25 (2.8) 249.2 (7.3) DP World Ltd. Dubai 17.42 (2.8) 550.7 (1.6) Dubai: The DFM index gained 1.3% to close at 3,549.9. The Insurance index rose 2.7%, while the Real Estate & Construction index was up 2.1%. Al Salam Sudan surged 14.7%, while Dubai Islamic Insurance Co. gained 9.8%. Abu Dhabi: The ADX benchmark index rose 0.9% to close at 4,457.5. The Investment & Financial Services index gained 5.6%, while the Real Estate index was up 5.2%. RAK Properties rose 11.3%, while Sudan Telecommunication Co. was up 9.9%. ## Close Vol. ‘000 1D% Vol. ‘000 YTD% YTD% 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) Bahrain: The BHB index was closed on January 13, 2014. Qatar Islamic Insurance Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% 62.90 Qatar Exchange Top Gainers 7.9 438.1 8.6 Doha Insurance Co. 27.30 (3.7) 59.7 9.2 23.20 (2.3) 193.8 5.0 Qatar Exchange Top Losers Zad Holding Co. 74.00 5.7 36.6 6.5 Dlala Brok. & Inv. Holding Co. Qatar Cinema & Film Dist. Co. 42.75 4.3 2.6 6.6 Islamic Holding Group 51.90 (1.1) 129.1 12.8 Mannai Corp. 92.00 4.0 0.4 2.3 Qatar Islamic Bank 75.90 (1.0) 321.6 10.0 Mazaya Qatar Real Estate Dev. 11.92 3.9 3,443.4 6.6 Widam Food Co. 53.10 (0.9) 74.6 2.7 Close* 1D% Val. ‘000 YTD% Qatari Investors Group 51.40 1.8 127,846.8 17.6 17.6 Masraf Al Rayan 34.80 3.1 80,154.7 11.2 2,342.9 11.2 QNB Group 179.00 1.3 79,941.9 4.1 (0.4) 1,581.4 5.5 Mazaya Qatar Real Estate Dev. 11.92 3.9 40,925.1 6.6 1.1 745.6 2.4 Al Meera Consumer Goods Co. 145.30 (0.3) 38,097.4 9.0 Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 11.92 3.9 3,443.4 6.6 Qatari Investors Group 51.40 1.8 2,429.3 Masraf Al Rayan 34.80 3.1 Vodafone Qatar 11.30 United Development Co. 23.15 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain# Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 11,019.86 3,549.90 4,457.51 8,711.87 7,628.59 7,136.92 1,262.64 0.9 1.3 0.9 (0.0) (0.2) (0.3) N/A 1.3 1.3 0.9 0.4 (0.5) (0.3) (0.1) 6.2 5.3 3.9 2.1 1.0 4.4 1.1 6.2 5.3 3.9 2.1 1.0 4.4 1.1 Exch. Val. Traded ($ mn) 199.00 514.30 422.71 1,738.01 87.12 26.71 N/A Exchange Mkt. Cap. ($ mn) 159,425.5 73,447.1 127,077.5 477,843.5 110,278.6 25,445.8 50,541.1 P/E** P/B** 14.1 20.9 12.4 17.8 16.9 11.2 8.2 1.9 1.4 1.5 2.2 1.2 1.7 0.9 Dividend Yield 4.2 2.5 4.0 3.4 3.7 3.6 3.8 # Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as of Jan. 12, 2014) Page 1 of 5
  2. 2. Qatar Market Commentary  The QE index rose 0.9% to close at 11,019.9. The Banking & Financial Services and Insurance indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 63.67% 76.84% (95,432,816.69) Non-Qatari  Qatar Islamic Insurance and Zad Holding Co. were the top gainers, rising 7.9% and 5.7% respectively. Among the top losers, Doha Insurance Co. fell 3.7%, while Dlala Brok. & Inv. Holding Co. declined 2.3%. Buy %* 36.33% 23.15% 95,432,816.69 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Monday rose by 152.3% to 17.4mn from 6.9mn on Sunday. Further, as compared to the 30-day moving average of 11.2mn, volume for the day was 55.4% higher. Mazaya Qatar Real Estate Dev. and Qatari Investors Group were the most active stocks, contributing 19.8% and 13.9% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY SR – – 5.2 -22.4% 9.8 NA SR – – 535.3 -26.5% 442.2 -31.0% – – 33.2 -1.8% 22.5 -11.4% 198.0 44.2% 4.5 NA 2.8 NA Market The National Co. for Glass Industries (Zoujaj) Yanbu National Petrochemical Co. (YANSAB) Halwani Bros (HB) Currency Saudi Arabia Saudi Arabia Saudi Arabia SR Dubai AED Shuaa Capital (SHUAA)* Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 01/13 US US Treasury Monthly Budget Statement December $53.2B $44.0B -$1.2B 01/13 UK Lloyds Bank Lloyds Employment Confidence December -12 – -14 01/13 Italy ISTAT Industrial Production MoM November 0.30% 0.30% 0.70% 01/13 Italy ISTAT Industrial Production WDA YoY November 1.40% 0.00% -0.40% 01/13 Italy ISTAT Industrial Production NSA YoY November -1.80% – -0.40% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QCB to issue government bonds, sukuk worth QR24bn – The Qatar Central Bank (QCB) will issue government bonds and sukuk for durations of 3 years and 5 years on January 16, 2014. The total amount of issuance is worth QR24bn. (QCB)  QIBK offers 100% financing for MHPC’s IPO – Qatar Islamic Bank (QIBK) has announced it will provide Qatari nationals 100% financing for subscription to the IPO of Mesaieed Petrochemical Holding Company (MPHC). (Peninsula Qatar)  Work begins on 37 Doha Metro stations – According to sources, regarding the construction of 37 metro stations, which comprise the first phase of the Doha Metro, work has gradually begun with the demarcation and establishment of sites. Grand Hamad Street, Al Rayan, Al Messila, Al Sadd, Al Dafna and Msheireb are among the stations where work has begun. The pace of construction is expected to gather momentum with the arrival of specialized deep drilling machines after three months. (Gulf-Times.com)  MERS signs deal with Shannon Engineering to build 2 stores – Al Meera Consumer Goods Company (MERS) has signed an agreement with Shannon Engineering for the construction of two new stores in Al Muraikh and Jeryan Nejaima areas. Shannon Engineering will build the two stores – at Al Muraikh on an area of 5,526 square meters and at Jeryan Nejaima on 5,526 square meters. They are expected to be completed in nine months. MERS is planning to open about 10 new branches by the end of 2014. (Gulf-Times.com)  Nakilat, Qatargas and RasGas opt for cleaner marine fuel – Qatari shipping company and LNG producers have announced that they would choose to use cleaner marine fuel and reduce emissions of their ships. Qatari shipping company Nakilat and LNG producers Qatargas and RasGas Company have agreed with the engine manufacturer MAN Diesel & Turbo to convert a Q-Max vessel to use LNG as an alternative to heavy fuel oil in the main engines. The Q-Max vessel will be the world’s first lowspeed marine diesel engine to be converted to use LNG as a fuel, which will meet both current and future global emission regulations. (Peninsula Qatar)  MoI’s Logistics Dept. signs deal with CEG International for its new complex – The Ministry of Interior’s (MoI) Logistics Department has signed an agreement with CEG International for designing and supervising the construction work of its administrative building at Al Noaim. The Logistics Department’s Director Brigadier Abdul Aziz Abdullah al-Ansari said the total project cost is estimated at QR400mn and the work would be completed by the end of 2016. The multi-level complex for the General Directorate of borders passports, expatriates affairs, Page 2 of 5
  3. 3. nationality and travel documents will consist of administrative sections besides the rooms of auditors, and spacious area for parking. (Gulf-Times.com)  QIGD’s shareholders amend BoD selection process – The Qatari Investors Group’s (QIGD) shareholders in its EGM have approved that the company’s management shall be undertaken by seven board members elected by the AGM through a secret ballot. A legal entity can now nominate itself for more than one seat on the board of directors. This is in proportion with the shares owned by said entity in the company at the time of nomination in relation with the total number of seats stated in the company statute. The continuing ownership of the aforementioned proportion is considered a necessary condition for continuing to occupy more than one seat on the board. The period of membership thereof should not be more than three years. (QE)  QFLS’ BoD to meet on February 10 – The Qatar Fuel Company’s (QFLS) board of directors will meet on February 10, 2014 to discuss its financial results ending on December 31, 2013. (QE) International  US Fed plans to limit commodity activities by banks – According to sources, the US Federal Reserve is planning to take preliminary steps toward limiting banks’ trading activities with commodities amid a Congressional scrutiny. The Fed will soon release a notice seeking information on ways to curb bank ownership and trading of some commodities as it tries to cut risk for deposit-taking banks. Regulators and lawmakers have said raw-material assets could lead to catastrophic losses, collapses and public bailouts. The existing US law restricts banks from owning non-financial businesses unless they get special exemptions. (Bloomberg)  Germany economy grew slightly in 2013 – Germany's Economy Ministry Deputy Chancellor Sigmar Gabriel said that the country’s economy is estimated to have grown only slightly in 2013 due to a weak winter, but its growth is now picking up. Economic performance is likely to have increased further in the final quarter of the year. GDP for the entire year will be only slightly above that of the previous year, given the weak winter. (Reuters)  IMF sees tepid recovery in Emerging Europe this year – The International Monetary Fund's European Department Deputy Director Aasim Husain said Central, Eastern and Southeastern Europe is poised for just a tepid economic recovery this year, lagging other emerging markets even as major western trading partners rebound. He said countries with large current account and fiscal imbalances still risked market buffeting as central banks in advanced economies unwound their extra-loose policy. Husain also expressed concern that rising non-performing bank loans are weighing down on potential growth. Husain said the Emerging Europe region remains far removed from a robust recovery as capital flows are still below pre-crisis levels, foreign banks that dominate the region are hoarding capital and investment is staying weak. He expects that growth will be around 2.5% for 2014, which compares well with an estimated 1.75% for 2013. (Reuters)  IMF adds 4 European countries to financial risk list – The IMF added Denmark, Finland, Norway and Poland to its list of countries that must have regular check-ups of their financial sectors, under its effort to prevent a repeat of the global financial crisis. In 2010, the IMF had identified 25 other countries where financial sector evaluations would be mandatory. These reviews were voluntary prior to the 2008-2009 financial crisis, which showed how quickly financial problems in one country could spread to the rest of the world. More than half of the 29 financial sectors the IMF deems systemically important are located in Europe. (Reuters) Regional  IATA: Mid-east carriers post record 9.7% growth in November – According to a report released by the International Air Transport Association (IATA), airlines in the Middle East region exhibited the strongest YoY demand growth at 9.7% in November 2013 as against the global average of 4.8%. Their growth compares well with Latin American carriers’ growth (6.9%), Asia-Pacific (5.5%), European (4.1%) and North American (1.7%); while Africa experiences a 2% fall. The report said the Middle Eastern airlines have benefited from strong growth in business-related premium travel throughout the year, particularly to Africa and other developing markets. The report added that capacity rose 12.8%, while the load factor slipped two percentage points to 72.1%. In contrast, the international passenger demand in November 2013 rose 4.8% compared to the year-ago period. (Gulf-Times.com)  BSF reports SR274mn in net profit in 4Q2013 – Banque Saudi Fransi (BSF) has reported a net profit of SR274mn in 4Q2013, reflecting a decline of 60% QoQ (-66.09% YoY). EPS stood at SR2.66 for the period ended on December 31, 2013 as compared to SR3.34 on December 31, 2012. Total assets at the end of December 2013 stood at SR170.1bn as compared to SR157.8bn in December 2012. Loans & advances rose by 8.3% YTD to SR111.3bn, while customer deposits were up by 13.9% YTD to SR131.6bn. (Tadawul)  Bank AlJazira reports SR150mn net profit in 4Q2013 – Bank AlJazira has reported a net profit of SR150mn in 4Q2013, reflecting decline of 20.6% QoQ (+53.1% YoY). EPS stood at SR2.17 for the period ended on December 31, 2013 as compared to SR1.67 in December 2012. Total assets at the end of December 2013 stood at SR60bn as compared to SR50.8bn in December 2012. Loans & advances rose by 17.1% YTD to SR35bn, while customer deposits were up by 18.2% YTD to SR48.1bn. (Tadawul)  Jadwa Investment achieves SR165.4mn net profit in 2013 – Jadwa Investment has posted net profits of SR165.4mn in 2013, an increase of 15% YoY. Net revenues were SR322mn in 2013, representing an increase of 13% YoY. Meanwhile, Jadwa Investment’s board of directors has recommended a cash dividend of SR1.50 per share. The board also recommended increasing Jadwa’s capital through a 1-for-2 share split, once all necessary approvals have been secured. (GulfBase.com)  Kingdom holds 70% share in GCC’s packaging market – The Saudi Arabia’s packaging industry has achieved an annual growth of 15% as per the organizers of the Saudi Print & Pack 2014 Trade Exhibition. The demand for safe and sustainable packaging solutions is also on the rise along with food packaging requirements at a time when food consumption is expected to grow at an annual rate of 4.6% between 2011 and 2015 to eventually reach 51.1mn tons. The Kingdom alone commands a dominating 70% share in the total GCC region’s packaging market. (GulfBase.com)  Makkah records SR59.4bn real estate deals in 2013 – The real estate index for Makkah region surprised all forecasts that said deals in the sector will point to the downside during 2013. The value of deals in 2013 stood at SR59.4bn, as against SR16.1bn in 2012, an increase of 350%. The number of deals during 2012 registered a pickup of 4,677 deals and increased to a record of 17,920 deals in 2013, an increase of around 400%. Page 3 of 5
  4. 4. Real estate experts expected the index to rise in the holy capital this year, and the value of deals in the sector to rocket up to SR80bn in view of massive development projects in the real estate sector, and the generous expenditure on the city’s infrastructure. (GulfBase.com)  BSF to increase capital through bonus shares – Banque Saudi Fransi’s board of directors has recommended 33% increase in the bank’s capital through bonus shares, raising its capital from SR9,040.2mn to SR12,053.6mn. The number of shares before the increase stands at 904,017,875 shares, which will go up to 1,205,357,167 shares. The company said that the increase will be done through capitalization of SR3013.4mn from account-retained earnings. The bank is offering 1 bonus share for every 3 existing shares. The bonus shares are limited to those shareholders who are registered in the Securities Depository Center (Tadawul) at the close of trading on the day of the extraordinary general assembly, which will be determined later. (Tadawul)  Al-Khodari Sons signs deal to auction surplus equipment – Abdullah A. M. Al-Khodari Sons Company has signed an agreement with Abdullah Fouad Holding Company (auction division) to conduct the auction sale of the surplus equipment during February 18-20, 2014 at Al Khodari Sons’ yard in Dammam. It is expected that there will be a financial impact on 1Q2014 financials. The company will announce the results of the auction sale upon its completion. (Tadawul)  SASCO signs MoU to acquire Zalti Petroleum Services – The Saudi Automotive Service Company (SASCO) has assigned Saudi Fransi Capital as its financial advisor to evaluate the acquisition process of Zaiti Petroleum Services Co. Saudi Fransi Capital will carry out the evaluation process and arrange all the required procedures along with getting the required help from legal advisors, chartered accountants to accomplish the due diligence. The duration of the agreement is six months from the date of signing and may be extended for a similar period. (Tadawul)  Takween to open SR30mn investment portfolio – Takween Advanced Industries (Takween) has announced the opening of its investment portfolio on January 13, 2014 with a value of SR30mn for the purpose of diversifying its income sources. The portfolio will be managed by the Saudi Fransi Bank in accordance with the standard agreement as per Saudi CMA requirements. Recorded as a trading investment, this portfolio will be recorded based on its fair value with recognition of any unrealized holding gains or losses on the income statement as per the SOCPA standard. Its impact will be reflected on the company’s income statement at the end of each accounting period. (Tadawul)  UAE sees keen interest for largest oilfields on revised terms – The UAE's Oil Minister Suhail bin Mohammed al Mazroui said several companies, including those who participated in the concession have expired are interested in joining the project with revised terms. (Qatar Tribune)  Air Arabia’s BoD to meet on January 20 – Air Arabia’s board of directors will meet on January 20, 2014 to discuss the plans and budget for 2014. (DFM)  Etihad looks to Americas, China for next investment – Etihad Airways’ CEO James Hogan said that the airline is looking for purchases in the Americas and China to implement its strategy of buying airline stakes that funnel traffic through its Abu Dhabi hub. Hogan stated that the airline will continue to build on its equity alliance with partners who will allow it to stretch its network globally over the next 5-20 years. (Bloomberg)  Oman’s oil production declines; aims to keep output steady over 2-3 years – Oman's Oil & Gas Minister Mohammed bin Hamad Al Rumhy said that the country aims to produce crude oil at current levels of around 950,000 barrels per day (bpd) over the next 2-3 years despite a steady decline in its output. Rumhy said that Oman's oil and condensate production averaged at 930,000 bpd in 2013. He also said he favored ending subsidies on domestic retail fuel prices and hoped a decision would be taken soon on a price increase. Meanwhile, the monthly report released by the Ministry of Oil & Gas stated that Oman's crude oil and condensates production stood at 29.29mn barrels in December 2013 at an average of 944,736 bpd. This indicates a 1.24% decline in comparison with December 2012. The report also showed that the total exported crude oil amounted to 24.86mn barrels in December 2013 at an average of 801,838 bpd, a 3.29% decline in comparison with November 2013. (Reuters, GulfBase.com)  OHI’s decisions at EGM – Oman Holdings International (OHI) has approved to convert the company from a public joint stock company to closed joint stock company. OHI also approved unanimously to reduce the number of board members from 7 to 5 and to amend some of the articles of association of the company. (MSM)  Al Anwar Holdings to incur OMR0.5mn loss from land sales at Airport Heights – Al Anwar Holdings will sustain OMR0.5mn losses from selling a land plot located at Airport Heights. The land’s net sale price stood at OMR2.5mn, while the present carrying value is OMR3mn. The company said that the buyer has paid OMR0.5mn as non-refundable deposit for the land purchase. The transaction is to be completed before March 5. (GulfBase.com)  AHEC appoints new CEO – Al Hassan Engineering Company (AHEC) has appointed Dr. Mohammed Fahad Al Haj Bakur as its new Chief Executive Officer effective from January 12, 2014. (GulfBase.com)  BNH appoints CEO – Bahrain National Holding (BNH) has appointed Mr. Sameer AlWazzan as the company’s Chief Executive Officer effective from January 1, 2014. (Bahrain Bourse)  Drydocks World signs $730mn North Sea rig deal – Dubaibased Drydocks World stated that it has been commissioned to construct the largest rig ever built for the North Sea in a deal worth $730mn. Drydocks World’s Chairman Khamis Juma Buamim said the order from the Drill One Capital company was part of a package of contracts that could be worth a total of $1.4bn for Drydocks World by the third quarter. Buamim said the jack-up rig will be the largest ever to be built for the North Sea, with its completion set for 2017. (Qatar Tribune) Page 4 of 5
  5. 5. Rebased Performance Daily Index Performance 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 1.3% 0.9% 0.9% 1.0% 138.1 125.4 0.5% 0.0% S&P Pan Arab May-13 Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro (0.3%) Dubai Oct-12 Bahrain* QE Index Mar-12 Kuwait Aug-11 Qatar Jan-11 (0.2%) Oman (0.0%) (0.5%) Abu Dhabi 0.0% Saudi Arabia Jun-10 1.5% 158.4 Source: Bloomberg (*Market closed on January 13, 2014) Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,253.22 0.4 0.4 3.9 DJ Industrial 16,257.94 (1.1) (1.1) (1.9) 20.41 1.2 1.2 4.8 S&P 500 1,819.20 (1.3) (1.3) (1.6) 106.75 (0.5) (0.5) (3.7) NASDAQ 100 4,113.31 (1.5) (1.5) (1.5) 4.19 6.1 6.1 (3.5) STOXX 600 330.72 0.2 0.2 0.7 127.00 (0.8) (0.8) 0.4 DAX 9,510.17 0.4 0.4 (0.4) 137.50 1.5 1.5 1.3 FTSE 100 6,757.15 0.3 0.3 0.1 1.37 0.0 0.0 (0.5) CAC 40 4,263.27 0.3 0.3 (0.8) 103.00 (1.1) (1.1) (2.2) Nikkei* 15,912.06 0.0 0.0 (2.3) GBP 1.64 (0.6) (0.6) (1.1) MSCI EM CHF 1.11 0.4 0.4 (0.7) SHANGHAI SE Composite AUD 0.91 0.7 0.7 1.5 USD Index 80.51 (0.2) (0.2) RUB 33.28 0.7 0.7 BRL 0.42 0.5 0.5 0.3 Yen 977.42 0.7 0.7 (2.5) 2,009.56 (0.2) (0.2) (5.0) HANG SENG 22,888.76 0.2 0.2 (1.8) 0.6 BSE SENSEX 21,134.21 1.8 1.8 (0.2) 1.2 Bovespa 49,426.90 (0.5) (0.5) (4.0) 1,401.82 0.4 0.4 (2.8) Source: Bloomberg RTS Source: Bloomberg (*Market closed on January 13, 2014) Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@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