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QE Intra-Day Movement

Market Indicators

10,160
10,140
10,120
10,100

12 Nov 13

%Chg.

475.2
545,965.8
11.6
5,927
41
23:17

343.2
543,161.1
10.4
5,298
38
22:14

38.5
0.5
11.3
11.9
7.9
–

Market Indices

10,080
10,060
9:30

13 Nov 13

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 0.6% to close at 10,128.5. Gains were led by the Industrials
and Insurance indices, gaining 0.8% and 0.7% respectively. Top gainers were
Qatar Cinema & Film Dist. Co. and Qatar Electricity & Water Co., rising 4.9%
and 2.1% respectively. Among the top losers, Al Khaleej Takaful Group fell
1.6%, while Qatar Navigation declined 1.4%.

Close

Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index

1D%

WTD%

YTD%

TTM P/E

14,471.33
2,531.37
2,419.52
3,314.27
1,856.41
1,879.07
2,364.34
1,440.03
5,901.28
2,889.36

0.6
0.5
0.6
0.8
(0.7)
0.5
0.7
0.4
0.2
0.4

1.5
1.6
2.5
1.2
(0.8)
1.7
1.3
1.0
(0.0)
1.5

27.9
25.7
24.1
26.2
38.5
16.6
20.4
35.2
26.4
16.1

N/A
12.8
13.0
12.0
12.6
12.9
9.7
19.9
22.4
15.1

GCC Commentary

GCC Top Gainers##

Exchange

Saudi Arabia: The TASI index fell 0.4% to close at 8,297.8. Losses were led
by the Telecomm. & Info. Tech. and Cement indices, declining 1.2% and 0.9%
respectively. Saudi Telecom Co. fell 4.5%, while Southern Province Cement
Co. was down 3.1%.

Salhia Real Estate Co.

Kuwait

Saudi Investment Bank

Dubai: The DFM index gained 0.5% to close at 2,813.9. The Investment &
Financial Services index rose 1.4%, while the Services index was up 1.3%.
Oman Insurance Co. gained 10.5%, while Gulf General Investments Co. was
up 3.2%.

Close#

1D%

Vol. ‘000

0.39

6.8

6.0

5.4

Saudi Arabia

26.20

4.4

403.5

44.8

National Medical Care

Saudi Arabia

55.75

3.2

2,231.4

N/A

Etihad Atheeb Telecomm.

Saudi Arabia

15.20

2.7

5,646.1

18.8

Comm. Bank of Dubai

Dubai

4.20

2.4

26.4

40.0

##

#

YTD%

1D% Vol. ‘000

YTD%

0.28

(8.1)

288.1

(19.6)

Saudi Arabia

53.50

(4.5)

2,407.9

23.6

South. Province Cement

Saudi Arabia

118.50

(3.1)

490.0

18.5

National Real Estate

Kuwait

0.16

(2.5)

1,137.4

30.0

Taiba Holding Co.

Saudi Arabia

42.50

(1.8)

1,869.7

71.0

Abu Dhabi: The ADX benchmark index rose 0.1% to close at 3,785.1. The
Inv. & Fin. Ser. index gained 4.1%, while the Telecomm. index was up 0.4%.
BILDCO rose 13.0%, while Int Fish Farming Holding was up 10.7%.

GCC Top Losers

Exchange

IFA Hotels & Resorts

Kuwait

Kuwait: The KSE index declined 0.3% to close at 7,916.4. The Telecom index
fell 1.6%, while the Consumer Ser. index was down 1.0%. Future Kid Ent. &
Real Estate declined 8.3%, while IFA Hotels & Resorts was down 8.1%.

Saudi Telecom Co.

Oman: The MSM index rose marginally to close at 6,765.0. All the indices
ended in red. Shell Oman Marketing Co. gained 1.5%, while Construction
Materials Industries & Contracting Co. was up 1.4%.

Close

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 November 13, 2013.
Qatar Exchange Top Gainers

Close*

1D%

Vol. ‘000

YTD%

Qatar Exchange Top Losers

Close*

1D%

Vol. ‘000

Qatar Cinema & Film Dist. Co.

43.00

4.9

0.3

(24.4)

Al Khaleej Takaful Group

38.80

(1.6)

0.2

5.8

87.20

(1.4)

149.2

38.2

YTD%

166.50

2.1

58.9

25.8

Qatar Navigation

United Development Co.

23.14

1.3

3,080.5

30.0

Qatar German Co. for Med. Dev.

14.71

(0.7)

57.5

(0.5)

Qatar Insurance Co.

66.00

1.2

163.4

22.3

Al Khalij Commercial Bank

19.41

(0.5)

332.3

14.2

QNB Group

171.70

1.0

191.6

31.2

Mannai Corp.

88.50

(0.4)

5.4

9.3

Qatar Exchange Top Vol. Trades

Qatar Electricity & Water Co.

Close*

1D%

Vol. ‘000

YTD%

Qatar Exchange Top Val. Trades

Close*

1D%

Val. ‘000

YTD%

United Development Co.

23.14

1.3

3,080.5

30.0

Industries Qatar

164.60

0.8

85,611.2

16.7

Masraf Al Rayan

31.30

0.8

1,115.2

26.3

United Development Co.

23.14

1.3

71,518.5

30.0

Qatar Gas Transport Co.

19.53

(0.3)

1,085.4

28.0

Masraf Al Rayan

31.30

0.8

34,935.2

26.3

9.60

(0.2)

860.1

15.0

QNB Group

171.70

1.0

32,787.9

31.2

32.80

0.5

711.9

42.6

Ooredoo

138.10

0.4

29,589.5

32.8

Vodafone Qatar
Qatari Investors Group

Source: Bloomberg (* in QR)

Source: Bloomberg (* in QR)

Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain#

Close

1D%

WTD%

MTD%

YTD%

10,128.52
2,813.93
3,785.14
8,297.79
7,916.36
6,764.98
1,204.02

0.6
0.5
0.1
(0.4)
(0.3)
0.0
N/A

1.5
(2.9)
(1.7)
0.4
(0.3)
0.2
(0.2)

3.0
(3.7)
(1.6)
3.1
(0.4)
1.4
0.2

21.2
73.4
43.9
22.0
33.4
17.4
13.0

Exch. Val. Traded
($ mn)
130.51
137.29
68.84
1,322.45
73.02
47.53
N/A

Exchange Mkt.
Cap. ($ mn)
149,976.8
68,167.2
108,801.1
450,058.4
109,386.7
24,099.7
16,863.5

P/E**

P/B**

12.9
14.9
10.5
17.0
18.1
10.9
8.1

1.8
1.1
1.3
2.1
1.3
1.6
0.8

Dividend
Yield
4.5
3.2
4.8
3.6
3.5
3.8
4.0

#

Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as on Nov. 12, 2013)

Page 1 of 5
Qatar Market Commentary
 The QE index rose 0.6% to close at 10,128.5. The Industrials
and Insurance indices led the gains. The index rose on the back
of buying support from Qatari shareholders despite selling
pressure from non-Qatari shareholders.

Overall Activity

Buy %*

Sell %*

Net (QR)

Qatari

66.85%

9,533,834.98

Non-Qatari

 Qatar Cinema & Film Dist. Co. and Qatar Electricity & Water Co.
were the top gainers, rising 4.9% and 2.1% respectively. Among
the top losers, Al Khaleej Takaful Group fell 1.6%, while Qatar
Navigation declined 1.4%.

68.86%
31.14%

33.15%

(9,533,834.98)

Source: Qatar Exchange (* as a % of traded value)

 Volume of shares traded on Wednesday rose by 11.3% to
11.6mn from 10.4mn on Tuesday. Further, as compared to the
30-day moving average of 7.0mn, volume for the day was 65.7%
higher. United Development Co. and Masraf Al Rayan were the
most active stocks, contributing 26.5% and 9.6% to the total
volume respectively.

Earnings and Global Economic Data
Earnings Releases
Company

Revenue
(mn) 3Q2013

% Change
YoY

Operating Profit
(mn) 3Q2013

% Change
YoY

Net Profit (mn)
3Q2013

% Change
YoY

AED

193.1

-37.6%

–

–

-89.6

-41.6%

Dubai

AED

54.8

56.9%

–

–

3.6

N/A

Dubai

AED

40.5

-12.2%

-603.3

N/A

-614.3

N/A

Dubai

AED

236.4

-6.5%

27.8

-23.3%

29.4

-22.3%

Dubai

AED

84.1

-9.1%

–

–

0.2

-90.8%

Dubai

AED

3.2

37.7%

–

–

-0.3

-144.5%

Dubai

USD

48.4

-22.8%

–

–

7.5

30.1%

Dubai

AED

1,937.5

38.9%

–

–

100.8

187.9%

Abu Dhabi

AED

2.2

-8.3%

–

–

1.4

N/A

Abu Dhabi

AED

–

–

–

–

27.3

N/A

Abu Dhabi

AED

39.2

14.6%

–

–

9.1

-1.6%

Kuwait

KD

3.7

-41.4%

–

–

0.9

N/A

Oman

OMR

–

–

–

–

21.2

18.9%

Market

Islamic Arab Insurance Co.
(IAIC)
SHUAA Capital
Gulf Navigation Holding
(GNH)
Dubai Refreshments Co.
(DRC)
United Foods Co. (UFC)
Al Firdous Holdings
Arab Life & Accident
Insurance Co. (ALAI)
Arabtec Holding
Umm Al Qaiwain Cement
Industries Co. (QCEM)
Union Insurance Co. (UIC)*
Emirates Driving Co. (EDC)
International Financial
Advisors Co. (IFA)
Ominvest*

Currency

Dubai

Source: Company data, DFM, ADX, MSM (*Nine months ended on September 30, 2013)

Global Economic Data
Date

Market

Source

Indicator

Period

Actual

Consensus

Previous

11/13

US

MBA

MBA Mortgage Applications

8-November

11/13

EU

Eurostat

Industrial Production SA MoM

September

-1.80%

–

-2.80%

-0.50%

-0.30%

11/13

EU

Eurostat

Industrial Production WDA YoY

1.00%

September

1.10%

0.00%

-1.10%

11/13

UK

ONS

11/13

UK

ONS

Jobless Claims Change

October

-41.7K

-30.0K

-44.7K

Average Weekly Earnings 3M/YoY

September

0.70%

0.70%

11/13

UK

0.80%

ONS

Weekly Earnings ex Bonus 3M/YoY

September

0.80%

0.90%

11/13

0.80%

UK

ONS

ILO Unemployment Rate 3Mths

September

7.60%

7.60%

7.70%

11/13

UK

ONS

Employment Change 3M/3M

September

177K

113K

155K

11/13

Spain

INE

CPI Core MoM

October

0.80%

–

0.00%

11/13

Spain

INE

CPI Core YoY

October

0.20%

0.30%

0.80%

11/13

Spain

INE

CPI MoM

October

0.40%

0.50%

-0.20%

11/13

Spain

INE

CPI YoY

October

-0.10%

-0.10%

0.30%

Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)

Page 2 of 5
News
Qatar
 S&P: Private consumption, infrastructure boom to drive
Qatari economy – According to S&P, Qatar’s economy will
continue to show “strong, although slowing momentum”,
reflecting the country’s “robust private consumption and the
significant infrastructure development program”. The ratings
agency said economic risks for the Qatari banking sector remain
average in a global comparison. It said Qatar has made some
progress toward diversifying its economy despite its heavy
dependence on oil and LNG production. S&P expects Qatar’s
real estate market to recover from its sharp decline, where the
commercial sector still remains more vulnerable than the
housing segment. In S&P’s view, this is one of the main risks
faced by the Qatari banking sector, given its high concentration
in lending to cyclical sectors like real estate and construction.
However, S&P views the trend for industry risk in the Qatari
banking sector as stable. The sector has an adequate share of
core deposits, strong efficiency, and increasingly stringent
lending practices. However, risk appetite remains elevated, with
high exposure to real estate lending, and ambitious expansions
abroad. (Gulf-Times.com)
 S&P: Qatari Islamic bank growth on fast track due to
government support – According to S&P, Islamic banks in
Qatar are growing faster than conventional banks on the back of
government backing. The ratings agency anticipates Islamic
lenders to continue gaining market share and becoming the third
largest in the Gulf region, after Saudi Arabia and the UAE. The
total balance sheet of Qatar’s Islamic banks stood at $54bn at
the end of 2012. S&P said, assuming these Islamic banks grow
at an average of 15% over the next five years, it expects their
asset base to exceed $100bn by 2017. Although S&P observed
a visible slowdown in lending in 1H2013 due to administrative
delays on certain projects, it expects credit growth to
reaccelerate in 2014, when major infrastructure projects start in
preparation for Qatar hosting the 2022 World Cup. The ratings
agency believes this will bolster the domestic demand for credit
and support the lending activities of Islamic banks. Meanwhile,
S&P said despite the discussion in the market about a new
Islamic bank with an overseas mandate, it has not seen any
tangible progress in this regard. (Gulf-Times.com)
 Qatar plans to invest QR73bn on bridges and subways –
Qatar will invest about $20bn (QR73bn) on construction of
bridges, subways and underpasses to link its various road and
rail projects with an aim to upgrade the country’s connectivity
with neighboring countries. This amount is part of the country’s
$100bn investment plan dedicated for its transportation sector
over the next few years. (Peninsula Qatar)
 QE holds 2nd IPO Advisory Group meeting – The Qatar
Exchange (QE) held its second IPO Advisory Group meeting on
November 11, 2013 to seek input from various market
participants on its new initiatives. Both QE and the IPO Advisory
Group members intend to work together on different
mechanisms to overcome obstacles and other issues related to
the overall IPO process in Qatar. (QE)
 QDB unit helps Qatar private firms post 77% jump in
exports – The Qatar Development Bank (QDB), through its
export arm Tasdeer, has helped private sector companies in
Qatar to significantly increase their non-oil exports in 2012.
According to the Qatar Statistics Authority, companies directly
supported by QDB increased their non-oil exports from
QR597mn in 2011 to QR1.06bn, indicating 77% YoY growth.
Similarly, as a result of QDB’s export development strategy, 26
Qatari companies with exports above QR5mn increased their

exports by 50% YoY in 2012, while 16 companies with exports
of QR1-5mn registered an increase of 13.5%. (Gulf-Times.com)
 Woqod opens service station at west Mesaieed – Qatar Fuel
(Woqod) has opened a new service station at west Mesaieed. It
is the second service station inaugurated by Woqod within a
week, after the Pearl-Qatar service station on November 10.
The new station will provide gasoline and diesel fuels for
motorists and will also have special lanes for fuel trucks using
high speed dispensers. Further, a Sidra convenience store will
provide a range of hot & cold beverages in addition to fast food,
and a vast collection of daily customer needs. Currently, Woqod
has two service stations under construction and another nine
under planning consent. (Gulf-Times.com)
 Ashghal: Doha will have new zoo with additional features –
The Public Works Authority (Ashghal) announced that Doha will
soon have a new zoo with additional features and attractions.
The new zoo will cover 75 hectares, seven times the size of the
current facility, which has been closed for development work.
The new zoo will be divided into several regions representing
the natural and climatic features of three continents. Ashghal
has launched the final concept master plan for the new zoo’s
development, and has appointed KEO International Consultants
as the project supervision consultant in cooperation with
HHCP+PJA on a QR230mn contract. (Gulf-Times.com)
 QA Cargo launches new freighter services – Qatar Airways
Cargo will expand its global network by launching new dedicated
freighter services to Beirut, Madrid, Paris and Tbilisi. QA Cargo
has also increased the frequency of its flights to Seoul and
raised the capacity of its Oslo service. (Bloomberg)
 QA named best emerging airline – Qatar Airways was named
as the Best Emerging Airline on the Social Media category for
2013 by leading aviation marketing consultancy, SimpliFlying.
Qatar Airways was declared overall winner in the Best Emerging
Airline/Airport, which was given as part of the Fourth Annual
Simplifying Awards. (Peninsula Qatar)
International
 Yellen: US Fed has more work to do to support recovery –
Janet Yellen, President Barack Obama's nominee to lead the
Federal Reserve said the economy and labor markets are
performing far below their potential, and they must improve
before the Fed can begin reducing monetary stimulus. Yellen
said a strong recovery will ultimately enable the Fed to reduce
its monetary accommodation and reliance on unconventional
policy tools such as asset purchases. She believes that
supporting the recovery right now is the surest path to returning
to a more normal approach to monetary policy. (Reuters,
Bloomberg)
 BoE slashes jobless forecast– The Bank of England (BoE)
slashed its unemployment forecast but said an early fall in the
jobless rate would not trigger interest rate hikes, leaving
analysts confused over its new centerpiece policy of forward
guidance. In August, BoE promised to keep rates at a record low
at least until unemployment fell to 7% – something the bank
forecast at the time would take more than three years. But the
BoE yesterday forecasted that unemployment could hit that level
as soon as the end of next year, while at the same time
stressing heavily that higher interest rates would hinge on other
factors such as labor market productivity. (Reuters)
 Germany likely grew by 0.25% QoQ in 3Q2013 – German
Deputy Economy Minister Bernhard Heitzer said the German
economy likely expanded by a 0.25% in 3Q2013 and growth will
pick up to nearly 0.5% in 4Q2013. Economists polled by Reuters
Page 3 of 5
had expected third-quarter growth of 0.3% QoQ, down from
0.7% between April and June. Heitzer said growth is supported
by the domestic economy. (Reuters)
 Japan’s 3Q2013 GDP slows, consumption expected to pick
up again – Japan's economy slowed less than expected in
3Q2013 and is expected to pick up pace in the current quarter
as consumers spend to beat a tax rise next year. However, the
country’s business investment came in sharply below market
forecasts. The 0.5% expansion in 3Q2013 compares with the
median estimate for a 0.4% increase and followed by a 0.9%
growth in 2Q2013. It was a fourth successive quarter of growth,
the best run for the Japan’s economy in three years. (Reuters)
 Australia’s senate rejects debt ceiling raise to A$500bn –
Australia’s upper house Senate proposed a cap on the nation’s
debt ceiling at A$400bn ($374bn), frustrating the government’s
efforts to increase it to half a trillion dollars. The Liberal-National
coalition government says the current A$300bn limit will be
breached next month, and sought Senate approval for an
increase to A$500bn. However, the opposition Labor party and
the Greens amended the bill and sent it back to the lower house,
where it will be rejected by the government. (Reuters)
Regional
 Moody's: Saudi Arabia's oil revenues provide a sizeable
asset cushion to long term oil price risks – Moody's
Investors Service said Saudi Arabia's Aa3 government bond
rating and stable outlook reflect the Kingdom's considerable
economic and government financial strength. In recent years
windfall oil revenues have generated large fiscal surpluses,
allowing the government to build a sizeable asset cushion and
sharply reduce its debt ratios, to levels much lower than its
peers. According to Moody's, Saudi Arabia's rating also
incorporates an element of geopolitical risk because of its
strategic rivalry with Iran, while the authorities have been
successful in neutralizing internal terrorist threats. (Bloomberg)
 Cost of living index in Kingdom rises 1.1% YoY in October –
According to the data released by the Central Department of
Statistics & Information (CDSI), Saudi Arabia’s cost of living
index rose by 1.1% YoY in October 2013. This rise was mainly
due to an increase in the prices of foodstuffs by 2% and other
goods by 0.4%. The prices of beverages & cigarettes increased
6.6% YoY, while prices of foodstuffs & livestock rose by 4.2% in
October 2013. The equipment & transport group prices reported
an increase of 3.7%, manufactured goods rose by 0.5%, edible
oil & ghee by 0.4%, and preliminary goods by 0.3%. However,
the data for October 2013 showed that prices of other
commodities declined by 18.9%, which include chemicals by
5.7% and manufactured goods by 3%. Meanwhile, the index
showed that wholesale prices of goods reached 159.5 points in
October 2013 as compared to 159.2 points in September.
(GulfBase.com)
 MA'ADEN to close fund raising for its phosphate project
before 2013 – Saudi Arabian Mining Company (MA'ADEN) is
planning to close fund raising for its $7bn phosphate project
before the end of 2013. These funds will be used to fund the
Umm Wual development at Waad Al Shimal City as well as the
connected infrastructure at Ras Al Khair. (Reuters)
 SABIC tightens guidance on €750mn euro bond – Saudi
Basic Industries Corporation (SABIC) twice tightened the pricing
guidance for its €750mn euro-denominated bond prior to its
launch on the back of investor demand. Revised guidance for
the transaction is set at 135 basis points over midswaps, having
been tightened to 140 bps (plus or minus 5 bps). Orders from

investors totaled €3.5bn, with books given as €2.7bn, when the
guidance was tightened for the first time. (Reuters)
 HCC resume operations after maintenance – Hail Cement
Company (HCC) has resumed operations in its production line
after completing the scheduled maintenance on November 12,
2013. (Tadawul)
 Dubai World to sell hotels, utility to reduce debt – Dubai
World’s investment arm, Istithmar, is reportedly set to sell
Atlantis resort on Palm Island and a utility to raise cash before
$5.5bn repayment due in September 2015. (Bloomberg)
 Mansouri: UAE’s stock markets to gain after its recent S&P
upgrade – The UAE’s Minister of Economy Sultan bin Saeed Al
Mansouri showed confidence about the country’s stock markets
getting more investments after the recent upgrade by S&P. Last
week, S&P upgraded the Emirates Securities Markets to
Emerging Market status from Frontier. (GulfBase.com)
 UAE Banks Federation agrees on code of conduct for
banking practices – Member banks of the UAE Banks
Federation have agreed on a code of conduct to help them raise
the professional standards of banking practices and promote
greater trust in the UAE banking industry. This code of conduct
covers areas such as management & control, banks’
relationships, market conduct, customer interactions, relations
with the regulator and staff development among UAE nationals.
(Bloomberg)
 Dubai to open corporate governance center in 2Q2014 –
Dubai's Department of Economic Development’s (DED) Deputy
Director General for Planning & Development Ali Ibrahim said
the Emirate will open a center for corporate governance based
on Shari’ah principles in 2Q2014. Being a part of Dubai's push
to be an Islamic economy hub, this center will guide both
financial and non-financial companies. The standards will not be
compulsory, but the center will issue Shari’ah compliance
certificates to companies who meet these standards, which will
cover issues such as corporate transparency & disclosure, but
the certificates will not be issued for individual products.
(GulfBase.com)
 DFM accredits Vision Capital Brokerage for margin trading
– The Dubai Financial Market (DFM) has accredited the Vision
Capital Brokerage Company for providing margin trading. This
takes the total number of DFM brokerage firms providing this
service to 9 companies, of which 6 of them have been
accredited since the beginning of 2013. (DFM)
 TAQA to book $40mn profit from 40% stake sale in NGT –
The Abu Dhabi National Energy Company (TAQA) will book a
profit of $40mn from the sale of its 40% stake in Netherlands’
Noordgastransport (NGT) to Denmark-based PensionDanmark
for $240mn. This gain will be visible in the company’s full-year
financial results. (GulfBase.com)
 KFH reports KD39.3mn net profit in 3Q2013 – Kuwait Finance
House (KFH) has reported a net profit of KD39.3mn in 3Q2013,
indicating an increase of 16.6% YoY. According to Reuters, five
analysts had forecasted a net profit of KD37.4mn in 3Q2013.
(Reuters)
 Oman’s public sector wage bill may jump by OMR900mn in
2014 – Oman’s Financial Affairs Minister Darwish al Balushi said
the country’s public sector wage bill may jump by OMR900mn in
2014. Balushi said the amount has not yet been included in
Oman's 2014 budget plan, since a study needs to be conducted
on how to finance the cost. (Reuters)

Page 4 of 5
Daily Index Performance

0.8%

0.6%

145.5

118.1

110.0

0.0%

(0.3%)

Jan-10 Aug-10 Mar-11

QE Index

Oct-11

May-12 Dec-12

S&P Pan Arab

Jul-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

Qatar

(0.8%)

Saudi Arabia

(0.4%)

90.0
80.0

0.1%

0.0%
(0.4%)

100.0

0.0%

Dubai

129.8

120.0

Abu Dhabi

130.0

0.5%

0.4%

Oman

140.0

Bahrain*

150.0

Kuwait

Rebased Performance

Source: Bloomberg (*- Bahrain Bourse was closed on Nov. 13, 2013)

Close ($)

1D%

WTD%

YTD%

Global Indices Performance

Close

1D%

WTD%

YTD%

1,281.82

1.1

(0.5)

(23.5)

DJ Industrial

15,821.63

0.5

0.4

20.7

20.62

(0.5)

(4.1)

(32.0)

S&P 500

1,782.00

0.8

0.6

24.9

107.12

1.2

1.9

(3.6)

NASDAQ 100

3,965.58

1.2

1.2

31.3

3.68

(0.5)

3.7

7.2

319.82

(0.6)

(0.9)

14.4

119.38

1.1

1.1

33.4

DAX

9,054.83

(0.2)

(0.3)

18.9

142.13

1.0

1.2

(17.8)

FTSE 100

6,630.00

(1.4)

(1.2)

12.4

STOXX 600

Euro

1.35

0.4

0.9

2.2

Yen

99.25

(0.4)

0.2

14.4

CAC 40
Nikkei

GBP

1.61

1.0

0.2

(1.2)

MSCI EM

CHF

1.09

0.4

0.9

0.2

AUD

0.94

0.6

(0.3)

(9.9)

USD Index

80.93

(0.3)

(0.5)

RUB

32.76

(0.4)

0.3

BRL

0.43

(0.1)

(0.8)

(12.2)

4,239.94

(0.6)

(0.5)

16.4

14,567.16

(0.1)

3.4

40.1

979.88

(1.2)

(1.5)

(7.1)

2,087.94

(1.8)

(0.9)

(8.0)

HANG SENG

22,463.83

(1.9)

(1.2)

(0.9)

1.5

BSE SENSEX

20,194.40

(0.4)

(2.3)

4.0

7.3

Bovespa

52,230.29

0.8

(0.0)

(14.3)

1,406.92

(2.1)

(2.0)

(7.9)

Source: Bloomberg

SHANGHAI SE Composite

RTS
Source: Bloomberg

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.

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QE Intra-Day Movement Market Indicators

  • 1. QE Intra-Day Movement Market Indicators 10,160 10,140 10,120 10,100 12 Nov 13 %Chg. 475.2 545,965.8 11.6 5,927 41 23:17 343.2 543,161.1 10.4 5,298 38 22:14 38.5 0.5 11.3 11.9 7.9 – Market Indices 10,080 10,060 9:30 13 Nov 13 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 0.6% to close at 10,128.5. Gains were led by the Industrials and Insurance indices, gaining 0.8% and 0.7% respectively. Top gainers were Qatar Cinema & Film Dist. Co. and Qatar Electricity & Water Co., rising 4.9% and 2.1% respectively. Among the top losers, Al Khaleej Takaful Group fell 1.6%, while Qatar Navigation declined 1.4%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,471.33 2,531.37 2,419.52 3,314.27 1,856.41 1,879.07 2,364.34 1,440.03 5,901.28 2,889.36 0.6 0.5 0.6 0.8 (0.7) 0.5 0.7 0.4 0.2 0.4 1.5 1.6 2.5 1.2 (0.8) 1.7 1.3 1.0 (0.0) 1.5 27.9 25.7 24.1 26.2 38.5 16.6 20.4 35.2 26.4 16.1 N/A 12.8 13.0 12.0 12.6 12.9 9.7 19.9 22.4 15.1 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index fell 0.4% to close at 8,297.8. Losses were led by the Telecomm. & Info. Tech. and Cement indices, declining 1.2% and 0.9% respectively. Saudi Telecom Co. fell 4.5%, while Southern Province Cement Co. was down 3.1%. Salhia Real Estate Co. Kuwait Saudi Investment Bank Dubai: The DFM index gained 0.5% to close at 2,813.9. The Investment & Financial Services index rose 1.4%, while the Services index was up 1.3%. Oman Insurance Co. gained 10.5%, while Gulf General Investments Co. was up 3.2%. Close# 1D% Vol. ‘000 0.39 6.8 6.0 5.4 Saudi Arabia 26.20 4.4 403.5 44.8 National Medical Care Saudi Arabia 55.75 3.2 2,231.4 N/A Etihad Atheeb Telecomm. Saudi Arabia 15.20 2.7 5,646.1 18.8 Comm. Bank of Dubai Dubai 4.20 2.4 26.4 40.0 ## # YTD% 1D% Vol. ‘000 YTD% 0.28 (8.1) 288.1 (19.6) Saudi Arabia 53.50 (4.5) 2,407.9 23.6 South. Province Cement Saudi Arabia 118.50 (3.1) 490.0 18.5 National Real Estate Kuwait 0.16 (2.5) 1,137.4 30.0 Taiba Holding Co. Saudi Arabia 42.50 (1.8) 1,869.7 71.0 Abu Dhabi: The ADX benchmark index rose 0.1% to close at 3,785.1. The Inv. & Fin. Ser. index gained 4.1%, while the Telecomm. index was up 0.4%. BILDCO rose 13.0%, while Int Fish Farming Holding was up 10.7%. GCC Top Losers Exchange IFA Hotels & Resorts Kuwait Kuwait: The KSE index declined 0.3% to close at 7,916.4. The Telecom index fell 1.6%, while the Consumer Ser. index was down 1.0%. Future Kid Ent. & Real Estate declined 8.3%, while IFA Hotels & Resorts was down 8.1%. Saudi Telecom Co. Oman: The MSM index rose marginally to close at 6,765.0. All the indices ended in red. Shell Oman Marketing Co. gained 1.5%, while Construction Materials Industries & Contracting Co. was up 1.4%. Close 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 November 13, 2013. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 Qatar Cinema & Film Dist. Co. 43.00 4.9 0.3 (24.4) Al Khaleej Takaful Group 38.80 (1.6) 0.2 5.8 87.20 (1.4) 149.2 38.2 YTD% 166.50 2.1 58.9 25.8 Qatar Navigation United Development Co. 23.14 1.3 3,080.5 30.0 Qatar German Co. for Med. Dev. 14.71 (0.7) 57.5 (0.5) Qatar Insurance Co. 66.00 1.2 163.4 22.3 Al Khalij Commercial Bank 19.41 (0.5) 332.3 14.2 QNB Group 171.70 1.0 191.6 31.2 Mannai Corp. 88.50 (0.4) 5.4 9.3 Qatar Exchange Top Vol. Trades Qatar Electricity & Water Co. Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% United Development Co. 23.14 1.3 3,080.5 30.0 Industries Qatar 164.60 0.8 85,611.2 16.7 Masraf Al Rayan 31.30 0.8 1,115.2 26.3 United Development Co. 23.14 1.3 71,518.5 30.0 Qatar Gas Transport Co. 19.53 (0.3) 1,085.4 28.0 Masraf Al Rayan 31.30 0.8 34,935.2 26.3 9.60 (0.2) 860.1 15.0 QNB Group 171.70 1.0 32,787.9 31.2 32.80 0.5 711.9 42.6 Ooredoo 138.10 0.4 29,589.5 32.8 Vodafone Qatar Qatari Investors Group Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain# Close 1D% WTD% MTD% YTD% 10,128.52 2,813.93 3,785.14 8,297.79 7,916.36 6,764.98 1,204.02 0.6 0.5 0.1 (0.4) (0.3) 0.0 N/A 1.5 (2.9) (1.7) 0.4 (0.3) 0.2 (0.2) 3.0 (3.7) (1.6) 3.1 (0.4) 1.4 0.2 21.2 73.4 43.9 22.0 33.4 17.4 13.0 Exch. Val. Traded ($ mn) 130.51 137.29 68.84 1,322.45 73.02 47.53 N/A Exchange Mkt. Cap. ($ mn) 149,976.8 68,167.2 108,801.1 450,058.4 109,386.7 24,099.7 16,863.5 P/E** P/B** 12.9 14.9 10.5 17.0 18.1 10.9 8.1 1.8 1.1 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.5 3.2 4.8 3.6 3.5 3.8 4.0 # Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as on Nov. 12, 2013) Page 1 of 5
  • 2. Qatar Market Commentary  The QE index rose 0.6% to close at 10,128.5. The Industrials and Insurance indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders. Overall Activity Buy %* Sell %* Net (QR) Qatari 66.85% 9,533,834.98 Non-Qatari  Qatar Cinema & Film Dist. Co. and Qatar Electricity & Water Co. were the top gainers, rising 4.9% and 2.1% respectively. Among the top losers, Al Khaleej Takaful Group fell 1.6%, while Qatar Navigation declined 1.4%. 68.86% 31.14% 33.15% (9,533,834.98) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Wednesday rose by 11.3% to 11.6mn from 10.4mn on Tuesday. Further, as compared to the 30-day moving average of 7.0mn, volume for the day was 65.7% higher. United Development Co. and Masraf Al Rayan were the most active stocks, contributing 26.5% and 9.6% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY AED 193.1 -37.6% – – -89.6 -41.6% Dubai AED 54.8 56.9% – – 3.6 N/A Dubai AED 40.5 -12.2% -603.3 N/A -614.3 N/A Dubai AED 236.4 -6.5% 27.8 -23.3% 29.4 -22.3% Dubai AED 84.1 -9.1% – – 0.2 -90.8% Dubai AED 3.2 37.7% – – -0.3 -144.5% Dubai USD 48.4 -22.8% – – 7.5 30.1% Dubai AED 1,937.5 38.9% – – 100.8 187.9% Abu Dhabi AED 2.2 -8.3% – – 1.4 N/A Abu Dhabi AED – – – – 27.3 N/A Abu Dhabi AED 39.2 14.6% – – 9.1 -1.6% Kuwait KD 3.7 -41.4% – – 0.9 N/A Oman OMR – – – – 21.2 18.9% Market Islamic Arab Insurance Co. (IAIC) SHUAA Capital Gulf Navigation Holding (GNH) Dubai Refreshments Co. (DRC) United Foods Co. (UFC) Al Firdous Holdings Arab Life & Accident Insurance Co. (ALAI) Arabtec Holding Umm Al Qaiwain Cement Industries Co. (QCEM) Union Insurance Co. (UIC)* Emirates Driving Co. (EDC) International Financial Advisors Co. (IFA) Ominvest* Currency Dubai Source: Company data, DFM, ADX, MSM (*Nine months ended on September 30, 2013) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 11/13 US MBA MBA Mortgage Applications 8-November 11/13 EU Eurostat Industrial Production SA MoM September -1.80% – -2.80% -0.50% -0.30% 11/13 EU Eurostat Industrial Production WDA YoY 1.00% September 1.10% 0.00% -1.10% 11/13 UK ONS 11/13 UK ONS Jobless Claims Change October -41.7K -30.0K -44.7K Average Weekly Earnings 3M/YoY September 0.70% 0.70% 11/13 UK 0.80% ONS Weekly Earnings ex Bonus 3M/YoY September 0.80% 0.90% 11/13 0.80% UK ONS ILO Unemployment Rate 3Mths September 7.60% 7.60% 7.70% 11/13 UK ONS Employment Change 3M/3M September 177K 113K 155K 11/13 Spain INE CPI Core MoM October 0.80% – 0.00% 11/13 Spain INE CPI Core YoY October 0.20% 0.30% 0.80% 11/13 Spain INE CPI MoM October 0.40% 0.50% -0.20% 11/13 Spain INE CPI YoY October -0.10% -0.10% 0.30% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 5
  • 3. News Qatar  S&P: Private consumption, infrastructure boom to drive Qatari economy – According to S&P, Qatar’s economy will continue to show “strong, although slowing momentum”, reflecting the country’s “robust private consumption and the significant infrastructure development program”. The ratings agency said economic risks for the Qatari banking sector remain average in a global comparison. It said Qatar has made some progress toward diversifying its economy despite its heavy dependence on oil and LNG production. S&P expects Qatar’s real estate market to recover from its sharp decline, where the commercial sector still remains more vulnerable than the housing segment. In S&P’s view, this is one of the main risks faced by the Qatari banking sector, given its high concentration in lending to cyclical sectors like real estate and construction. However, S&P views the trend for industry risk in the Qatari banking sector as stable. The sector has an adequate share of core deposits, strong efficiency, and increasingly stringent lending practices. However, risk appetite remains elevated, with high exposure to real estate lending, and ambitious expansions abroad. (Gulf-Times.com)  S&P: Qatari Islamic bank growth on fast track due to government support – According to S&P, Islamic banks in Qatar are growing faster than conventional banks on the back of government backing. The ratings agency anticipates Islamic lenders to continue gaining market share and becoming the third largest in the Gulf region, after Saudi Arabia and the UAE. The total balance sheet of Qatar’s Islamic banks stood at $54bn at the end of 2012. S&P said, assuming these Islamic banks grow at an average of 15% over the next five years, it expects their asset base to exceed $100bn by 2017. Although S&P observed a visible slowdown in lending in 1H2013 due to administrative delays on certain projects, it expects credit growth to reaccelerate in 2014, when major infrastructure projects start in preparation for Qatar hosting the 2022 World Cup. The ratings agency believes this will bolster the domestic demand for credit and support the lending activities of Islamic banks. Meanwhile, S&P said despite the discussion in the market about a new Islamic bank with an overseas mandate, it has not seen any tangible progress in this regard. (Gulf-Times.com)  Qatar plans to invest QR73bn on bridges and subways – Qatar will invest about $20bn (QR73bn) on construction of bridges, subways and underpasses to link its various road and rail projects with an aim to upgrade the country’s connectivity with neighboring countries. This amount is part of the country’s $100bn investment plan dedicated for its transportation sector over the next few years. (Peninsula Qatar)  QE holds 2nd IPO Advisory Group meeting – The Qatar Exchange (QE) held its second IPO Advisory Group meeting on November 11, 2013 to seek input from various market participants on its new initiatives. Both QE and the IPO Advisory Group members intend to work together on different mechanisms to overcome obstacles and other issues related to the overall IPO process in Qatar. (QE)  QDB unit helps Qatar private firms post 77% jump in exports – The Qatar Development Bank (QDB), through its export arm Tasdeer, has helped private sector companies in Qatar to significantly increase their non-oil exports in 2012. According to the Qatar Statistics Authority, companies directly supported by QDB increased their non-oil exports from QR597mn in 2011 to QR1.06bn, indicating 77% YoY growth. Similarly, as a result of QDB’s export development strategy, 26 Qatari companies with exports above QR5mn increased their exports by 50% YoY in 2012, while 16 companies with exports of QR1-5mn registered an increase of 13.5%. (Gulf-Times.com)  Woqod opens service station at west Mesaieed – Qatar Fuel (Woqod) has opened a new service station at west Mesaieed. It is the second service station inaugurated by Woqod within a week, after the Pearl-Qatar service station on November 10. The new station will provide gasoline and diesel fuels for motorists and will also have special lanes for fuel trucks using high speed dispensers. Further, a Sidra convenience store will provide a range of hot & cold beverages in addition to fast food, and a vast collection of daily customer needs. Currently, Woqod has two service stations under construction and another nine under planning consent. (Gulf-Times.com)  Ashghal: Doha will have new zoo with additional features – The Public Works Authority (Ashghal) announced that Doha will soon have a new zoo with additional features and attractions. The new zoo will cover 75 hectares, seven times the size of the current facility, which has been closed for development work. The new zoo will be divided into several regions representing the natural and climatic features of three continents. Ashghal has launched the final concept master plan for the new zoo’s development, and has appointed KEO International Consultants as the project supervision consultant in cooperation with HHCP+PJA on a QR230mn contract. (Gulf-Times.com)  QA Cargo launches new freighter services – Qatar Airways Cargo will expand its global network by launching new dedicated freighter services to Beirut, Madrid, Paris and Tbilisi. QA Cargo has also increased the frequency of its flights to Seoul and raised the capacity of its Oslo service. (Bloomberg)  QA named best emerging airline – Qatar Airways was named as the Best Emerging Airline on the Social Media category for 2013 by leading aviation marketing consultancy, SimpliFlying. Qatar Airways was declared overall winner in the Best Emerging Airline/Airport, which was given as part of the Fourth Annual Simplifying Awards. (Peninsula Qatar) International  Yellen: US Fed has more work to do to support recovery – Janet Yellen, President Barack Obama's nominee to lead the Federal Reserve said the economy and labor markets are performing far below their potential, and they must improve before the Fed can begin reducing monetary stimulus. Yellen said a strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. She believes that supporting the recovery right now is the surest path to returning to a more normal approach to monetary policy. (Reuters, Bloomberg)  BoE slashes jobless forecast– The Bank of England (BoE) slashed its unemployment forecast but said an early fall in the jobless rate would not trigger interest rate hikes, leaving analysts confused over its new centerpiece policy of forward guidance. In August, BoE promised to keep rates at a record low at least until unemployment fell to 7% – something the bank forecast at the time would take more than three years. But the BoE yesterday forecasted that unemployment could hit that level as soon as the end of next year, while at the same time stressing heavily that higher interest rates would hinge on other factors such as labor market productivity. (Reuters)  Germany likely grew by 0.25% QoQ in 3Q2013 – German Deputy Economy Minister Bernhard Heitzer said the German economy likely expanded by a 0.25% in 3Q2013 and growth will pick up to nearly 0.5% in 4Q2013. Economists polled by Reuters Page 3 of 5
  • 4. had expected third-quarter growth of 0.3% QoQ, down from 0.7% between April and June. Heitzer said growth is supported by the domestic economy. (Reuters)  Japan’s 3Q2013 GDP slows, consumption expected to pick up again – Japan's economy slowed less than expected in 3Q2013 and is expected to pick up pace in the current quarter as consumers spend to beat a tax rise next year. However, the country’s business investment came in sharply below market forecasts. The 0.5% expansion in 3Q2013 compares with the median estimate for a 0.4% increase and followed by a 0.9% growth in 2Q2013. It was a fourth successive quarter of growth, the best run for the Japan’s economy in three years. (Reuters)  Australia’s senate rejects debt ceiling raise to A$500bn – Australia’s upper house Senate proposed a cap on the nation’s debt ceiling at A$400bn ($374bn), frustrating the government’s efforts to increase it to half a trillion dollars. The Liberal-National coalition government says the current A$300bn limit will be breached next month, and sought Senate approval for an increase to A$500bn. However, the opposition Labor party and the Greens amended the bill and sent it back to the lower house, where it will be rejected by the government. (Reuters) Regional  Moody's: Saudi Arabia's oil revenues provide a sizeable asset cushion to long term oil price risks – Moody's Investors Service said Saudi Arabia's Aa3 government bond rating and stable outlook reflect the Kingdom's considerable economic and government financial strength. In recent years windfall oil revenues have generated large fiscal surpluses, allowing the government to build a sizeable asset cushion and sharply reduce its debt ratios, to levels much lower than its peers. According to Moody's, Saudi Arabia's rating also incorporates an element of geopolitical risk because of its strategic rivalry with Iran, while the authorities have been successful in neutralizing internal terrorist threats. (Bloomberg)  Cost of living index in Kingdom rises 1.1% YoY in October – According to the data released by the Central Department of Statistics & Information (CDSI), Saudi Arabia’s cost of living index rose by 1.1% YoY in October 2013. This rise was mainly due to an increase in the prices of foodstuffs by 2% and other goods by 0.4%. The prices of beverages & cigarettes increased 6.6% YoY, while prices of foodstuffs & livestock rose by 4.2% in October 2013. The equipment & transport group prices reported an increase of 3.7%, manufactured goods rose by 0.5%, edible oil & ghee by 0.4%, and preliminary goods by 0.3%. However, the data for October 2013 showed that prices of other commodities declined by 18.9%, which include chemicals by 5.7% and manufactured goods by 3%. Meanwhile, the index showed that wholesale prices of goods reached 159.5 points in October 2013 as compared to 159.2 points in September. (GulfBase.com)  MA'ADEN to close fund raising for its phosphate project before 2013 – Saudi Arabian Mining Company (MA'ADEN) is planning to close fund raising for its $7bn phosphate project before the end of 2013. These funds will be used to fund the Umm Wual development at Waad Al Shimal City as well as the connected infrastructure at Ras Al Khair. (Reuters)  SABIC tightens guidance on €750mn euro bond – Saudi Basic Industries Corporation (SABIC) twice tightened the pricing guidance for its €750mn euro-denominated bond prior to its launch on the back of investor demand. Revised guidance for the transaction is set at 135 basis points over midswaps, having been tightened to 140 bps (plus or minus 5 bps). Orders from investors totaled €3.5bn, with books given as €2.7bn, when the guidance was tightened for the first time. (Reuters)  HCC resume operations after maintenance – Hail Cement Company (HCC) has resumed operations in its production line after completing the scheduled maintenance on November 12, 2013. (Tadawul)  Dubai World to sell hotels, utility to reduce debt – Dubai World’s investment arm, Istithmar, is reportedly set to sell Atlantis resort on Palm Island and a utility to raise cash before $5.5bn repayment due in September 2015. (Bloomberg)  Mansouri: UAE’s stock markets to gain after its recent S&P upgrade – The UAE’s Minister of Economy Sultan bin Saeed Al Mansouri showed confidence about the country’s stock markets getting more investments after the recent upgrade by S&P. Last week, S&P upgraded the Emirates Securities Markets to Emerging Market status from Frontier. (GulfBase.com)  UAE Banks Federation agrees on code of conduct for banking practices – Member banks of the UAE Banks Federation have agreed on a code of conduct to help them raise the professional standards of banking practices and promote greater trust in the UAE banking industry. This code of conduct covers areas such as management & control, banks’ relationships, market conduct, customer interactions, relations with the regulator and staff development among UAE nationals. (Bloomberg)  Dubai to open corporate governance center in 2Q2014 – Dubai's Department of Economic Development’s (DED) Deputy Director General for Planning & Development Ali Ibrahim said the Emirate will open a center for corporate governance based on Shari’ah principles in 2Q2014. Being a part of Dubai's push to be an Islamic economy hub, this center will guide both financial and non-financial companies. The standards will not be compulsory, but the center will issue Shari’ah compliance certificates to companies who meet these standards, which will cover issues such as corporate transparency & disclosure, but the certificates will not be issued for individual products. (GulfBase.com)  DFM accredits Vision Capital Brokerage for margin trading – The Dubai Financial Market (DFM) has accredited the Vision Capital Brokerage Company for providing margin trading. This takes the total number of DFM brokerage firms providing this service to 9 companies, of which 6 of them have been accredited since the beginning of 2013. (DFM)  TAQA to book $40mn profit from 40% stake sale in NGT – The Abu Dhabi National Energy Company (TAQA) will book a profit of $40mn from the sale of its 40% stake in Netherlands’ Noordgastransport (NGT) to Denmark-based PensionDanmark for $240mn. This gain will be visible in the company’s full-year financial results. (GulfBase.com)  KFH reports KD39.3mn net profit in 3Q2013 – Kuwait Finance House (KFH) has reported a net profit of KD39.3mn in 3Q2013, indicating an increase of 16.6% YoY. According to Reuters, five analysts had forecasted a net profit of KD37.4mn in 3Q2013. (Reuters)  Oman’s public sector wage bill may jump by OMR900mn in 2014 – Oman’s Financial Affairs Minister Darwish al Balushi said the country’s public sector wage bill may jump by OMR900mn in 2014. Balushi said the amount has not yet been included in Oman's 2014 budget plan, since a study needs to be conducted on how to finance the cost. (Reuters) Page 4 of 5
  • 5. Daily Index Performance 0.8% 0.6% 145.5 118.1 110.0 0.0% (0.3%) Jan-10 Aug-10 Mar-11 QE Index Oct-11 May-12 Dec-12 S&P Pan Arab Jul-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Qatar (0.8%) Saudi Arabia (0.4%) 90.0 80.0 0.1% 0.0% (0.4%) 100.0 0.0% Dubai 129.8 120.0 Abu Dhabi 130.0 0.5% 0.4% Oman 140.0 Bahrain* 150.0 Kuwait Rebased Performance Source: Bloomberg (*- Bahrain Bourse was closed on Nov. 13, 2013) Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,281.82 1.1 (0.5) (23.5) DJ Industrial 15,821.63 0.5 0.4 20.7 20.62 (0.5) (4.1) (32.0) S&P 500 1,782.00 0.8 0.6 24.9 107.12 1.2 1.9 (3.6) NASDAQ 100 3,965.58 1.2 1.2 31.3 3.68 (0.5) 3.7 7.2 319.82 (0.6) (0.9) 14.4 119.38 1.1 1.1 33.4 DAX 9,054.83 (0.2) (0.3) 18.9 142.13 1.0 1.2 (17.8) FTSE 100 6,630.00 (1.4) (1.2) 12.4 STOXX 600 Euro 1.35 0.4 0.9 2.2 Yen 99.25 (0.4) 0.2 14.4 CAC 40 Nikkei GBP 1.61 1.0 0.2 (1.2) MSCI EM CHF 1.09 0.4 0.9 0.2 AUD 0.94 0.6 (0.3) (9.9) USD Index 80.93 (0.3) (0.5) RUB 32.76 (0.4) 0.3 BRL 0.43 (0.1) (0.8) (12.2) 4,239.94 (0.6) (0.5) 16.4 14,567.16 (0.1) 3.4 40.1 979.88 (1.2) (1.5) (7.1) 2,087.94 (1.8) (0.9) (8.0) HANG SENG 22,463.83 (1.9) (1.2) (0.9) 1.5 BSE SENSEX 20,194.40 (0.4) (2.3) 4.0 7.3 Bovespa 52,230.29 0.8 (0.0) (14.3) 1,406.92 (2.1) (2.0) (7.9) Source: Bloomberg SHANGHAI SE Composite RTS Source: Bloomberg 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