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QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.9% to close at 10,006.4. Gains were led by the Telecoms
and Consumer Goods & Services indices, gaining 3.1% and 1.5% respectively.
Top gainers were Medicare Group and Doha Bank, rising 5.9% and 3.5%
respectively. Among the top losers, Qatar Meat & Livestock Co. fell 1.4%, while
Qatar Insurance Co. declined 1.0%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.4% to close at 8,085.5. Losses were led
by the Telecom. & Info. Tech. and Real Est. Dev. indices, declining 1.3% and
1.2% respectively. SPIMACO fell 2.7%, while Saudi Telecom was down 2.6%.
Dubai: The DFM index declined 0.3% to close at 2,648.6. The Services index
fell 1.5%, while the Transportation index was down 0.5%. Takaful Emarat
declined 5.1%, while Al Salam Bank-Sudan was down 3.8%.
Abu Dhabi: The ADX benchmark index gained marginally to close at 3,878.9.
The Consumer index rose 0.9%, while the Banking index was up 0.4%. Umm
Al-Qaiwain Cement gained 4.6%, while Abu Dhabi Islamic Bank was up 2.5%.
Kuwait: The KSE index rose 0.3% to close at 8,093.8. The Oil & Gas index
gained 1.8%, while the Consumer Services index was up 1.0%. The Energy
House Co. rose 9.3%, while Boubyan International Ind. Holding was up 6.4%.
Oman: The MSM index gained 0.6% to close at 6,812.7. Gains were led by
the Ser. & Ins. and Banking & Inv. indices, rising 0.4% and 0.3% respectively.
Majan College gained 6.1%, while Sharqiyah Desalination was up 5.9%.
Bahrain: The BHB index declined 0.1% to close at 1,197.0. The Industrial and
Services indices fell 0.8% each. Gulf Finance House declined 3.6%, while Seef
Properties was down 1.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Medicare Group 50.90 5.9 452.0 42.6
Doha Bank 56.90 3.5 436.8 22.7
Ooredoo 145.00 3.3 110.7 39.4
Qatar Gas Transport Co. 19.29 3.2 1,941.5 26.4
Zad Holding Co. 62.60 2.6 45.5 6.5
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 19.29 3.2 1,941.5 26.4
Masraf Al Rayan 30.25 0.7 529.9 22.0
Medicare Group 50.90 5.9 452.0 42.6
Doha Bank 56.90 3.5 436.8 22.7
Vodafone Qatar 9.22 1.1 432.6 10.4
Market Indicators 14 Aug 13 13 Aug 13 %Chg.
Value Traded (QR mn) 320.3 318.2 0.7
Exch. Market Cap. (QR mn) 548,505.0 544,483.8 0.7
Volume (mn) 7.4 5.7 30.7
Number of Transactions 3,858 3,789 1.8
Companies Traded 39 38 2.6
Market Breadth 23:14 25:11 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,296.79 0.9 1.6 26.4 N/A
All Share Index 2,522.52 0.8 1.7 25.2 13.4
Banks 2,452.72 0.5 1.8 25.8 13.0
Industrials 3,216.69 0.6 1.0 22.4 11.9
Transportation 1,777.93 1.4 1.7 32.6 12.2
Real Estate 1,804.86 1.0 0.4 12.0 14.0
Insurance 2,307.12 (0.5) 0.6 17.5 9.6
Telecoms 1,495.01 3.1 3.2 40.4 15.7
Consumer 6,033.56 1.5 4.4 29.2 24.9
Al Rayan Islamic Index 2,856.47 0.6 0.8 14.8 14.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ajman Bank Dubai 2.24 4.7 4,776.5 57.7
Abdullah Al Othaim Saudi Arabia 127.00 4.1 174.1 54.4
Doha Bank Qatar 56.90 3.5 436.8 22.7
Saudi Public Trans. Co. Saudi Arabia 19.65 3.4 6,684.5 19.1
Ooredoo Qatar 145.00 3.3 110.7 39.4
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Real Estate Co. Kuwait 114.00 (3.4) 1,617.1 (5.0)
SPIMACO Saudi Arabia 54.50 (2.7) 563.4 24.7
Saudi Telecom Co. Saudi Arabia 41.90 (2.6) 1,150.8 (3.2)
Emaar Economic City Saudi Arabia 11.95 (2.4) 16,045.1 44.0
Jabal Omar Dev. Co. Saudi Arabia 33.00 (2.1) 2,671.6 73.7
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Meat & Livestock Co. 56.80 (1.4) 151.3 (3.4)
Qatar Insurance Co. 61.60 (1.0) 201.6 14.2
Dlala Brok. & Inv. Holding Co. 21.02 (0.9) 96.0 (32.4)
Qatari Investors Group 28.80 (0.9) 279.9 25.2
Gulf International Services 50.00 (0.6) 66.2 66.7
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 162.40 0.9 39,360.6 15.2
Qatar Fuel Co. 291.20 1.6 38,304.6 32.4
Qatar Gas Transport Co. 19.29 3.2 37,163.5 26.4
Doha Bank 56.90 3.5 24,522.0 22.7
Medicare Group 50.90 5.9 22,412.3 42.6
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* 10,006.36 0.9 1.6 3.1 19.7 87.95 150,619.5 12.6 1.7 4.6
Dubai 2,648.62 (0.3) (1.0) 2.3 63.2 104.18 65,636.4 15.8 1.1 3.0
Abu Dhabi 3,878.92 0.0 (1.3) 0.8 47.4 59.24 111,430.8 11.0 1.4 4.6
Saudi Arabia 8,085.50 (0.4) 0.2 2.2 18.9 1,195.26 426,386.6 16.9 2.1 3.6
Kuwait 8,093.82 0.3 0.4 0.3 36.4 76.21 110,919.5 20.1 1.3 3.5
Oman 6,812.72 0.6 0.8 2.5 18.3 21.50 23,528.5 11.2 1.7 4.0
Bahrain 1,196.98 (0.1) (0.2) 0.2 12.3 0.62 21,878.1 8.4 0.9 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)
9,900
9,920
9,940
9,960
9,980
10,000
10,020
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Page 2 of 5
Qatar Market Commentary
 The QE index rose 0.9% to close at 10,006.4. The Telecoms and
Consumer Goods & Services indices led the gains. The index
rose on the back of buying support from Qatari shareholders
despite selling pressure from non-Qatari shareholders.
 Medicare Group and Doha Bank were the top gainers, rising
5.9% and 3.5% respectively. Among the top losers, Qatar Meat
& Livestock Co. fell 1.4%, while Qatar Insurance Co. declined
1.0%.
 Volume of shares traded on Wednesday rose by 30.7% to 7.4mn
from 5.7mn on Tuesday. Further, as compared to the 30-day
moving average of 5.4mn, volume for the day was 35.9% higher.
Qatar Gas Transport Co. and Masraf Al Rayan were the most
active stocks, contributing 26.3% and 7.2% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2013
% Change
YoY
Operating Profit
(mn) 2Q2013
% Change
YoY
Net Profit (mn)
2Q2013
% Change
YoY
Gulf General Investments
Co. (GGIC)*
Dubai AED 902.0 -8.8% – – 58.0 N/A
Takaful Emarat (Takaful
Emarat)
Dubai AED 1.7 381.9% – – (5.5) -12.2%
Fujairah Cement Industries
Co. (FCI)
Abu Dhabi AED 157.0 3.9% – – (4.0) N/A
Gulf Livestock (GLS) Abu Dhabi AED – – – – 16.3 290.2%
National Industries Group
Holding (NIG)
Kuwait KD 27.7 -4.4% – – 5.7 437.4%
KIPCO Asset Management
Company (KAMCO)*
Kuwait KD – – – – 1.5 N/A
Oman Flour Mills Co.
(OFM)**
Oman OMR 64.9 12.4% 7.4 -10.8% 7.5 0.9%
National Hotels Co. (NHC) Bahrain BHD – – – – 0.7 16.3%
Bahrain Duty Free Shop
Complex
Bahrain BHD 6.6 -2.9% – – 1.9 35.0%
Source: Company data, DFM, ADX, MSM (*1H2013 Result, **FY ended on June 30, 2013)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/14 US MBA MBA Mortgage Applications 9-August -4.70% – 0.20%
08/14 US Bureau of Labor Stat. PPI MoM July 0.00% 0.30% 0.80%
08/14 US Bureau of Labor Stat. PPI YoY July 2.10% 2.40% 2.50%
08/14 EU Eurostat GDP SA QoQ 2Q2013 0.30% 0.20% -0.30%
08/14 EU Eurostat GDP SA YoY 2Q2013 -0.70% -0.80% -1.10%
08/14 France INSEE CPI MoM July -0.30% -0.30% 0.20%
08/14 France INSEE CPI YoY July 1.10% 1.10% 0.90%
08/14 France INSEE GDP QoQ 2Q2013 0.50% 0.20% -0.20%
08/14 France INSEE GDP YoY 2Q2013 0.30% -0.10% -0.50%
08/14 Germany Destasis GDP SA QoQ 2Q2013 0.70% 0.60% 0.00%
08/14 Germany Destasis GDP NSA YoY 2Q2013 0.90% 0.70% -1.60%
08/14 UK ONS Jobless Claims Change July -29.2K -15.0K -29.4K
08/14 UK ONS ILO Unemployment Rate 3Mths June 7.80% 7.80% 7.80%
08/14 UK ONS Employment Change 3M/3M June 69K 34K 16K
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 70.05% 65.42% 14,830,736.39
Non-Qatari 29.95% 34.58% (14,830,736.39)
Page 3 of 5
News
Qatar
 QE-listed companies report QR20.99bn net profit in 1H2013
– The 41 companies listed on the Qatar Exchange (QE) (except
Vodafone) have reported a combined net profit of QR20.99bn as
of June 30, 2013, reflecting an increase of 13.59% YoY. (QE)
 Qatar’s QR45bn highway project to be completed by end of
2017 – Qatar’s ambitious country-wide highway road project
launched in July 2010 is expected to be completed by 4Q2017.
The highway program includes some 900 kilometers of roads
with multiple lanes on both directions and around 240 major
intersections. The overall cost for the construction and
infrastructure of the projects is estimated to be QR45bn.
Meanwhile, another report said the Public Works Authority is
expected to complete the work of the East Industrial Area Road
within a few months at an estimated cost of QR226mn. It
includes portion of a ring road that would connect the port at Al-
Shammal with the Mesaieed port in the south. It is around 3.5
kilometers long with three lanes on each direction. (Gulf-
Times.com)
 ZHCD reports QR45mn net profit in 2Q2013 – Zad Holding
Company (ZHCD) has reported a net profit of QR45mn in
2Q2013, indicating a QoQ decrease of 0.7% (+103.4% YoY).
However, the company’s net profit in 1H2013 was up 41.7%
YoY to QR90.4mn. EPS stood at QR4.20 in 1H2013 as
compared to QR2.96 in 1H2012. Total revenues increased by
11.7% QoQ (+39.1% YoY) to QR206.6mn in 2Q2013, while it
was up by 21.9% YoY to QR391.5mn in 1H2013. (QE)
 Dukhan highway project nears completion – The ongoing
phase of the Dukhan highway project worth QR1.4bn is
expected to be completed by the end of 2013. The phase starts
from the Al Wajba intersection and covers a 15-kilometer dual
carriage way with four lanes on each side. (Peninsula Qatar)
International
 Germany, France haul Eurozone out of recession – The
economies of Germany and France grew faster than expected in
the second quarter, surpassing the widely heralded expansion in
the US and pulling the Eurozone out of its one and half year-
long recession. The increased pace of recovery was primarily
driven by renewed business and consumer spending in the two
largest economies of the 17-country bloc. The economies of
Germany and France expanded 0.7% and 0.5% in 2Q2013
respectively, as compared to a 0.4% expansion in the US.
(Reuters)
 Rehn: Eurozone performance suggests recovery in sight –
EU Economic & Monetary Affairs Commissioner Olli Rehn said
the latest economic data suggest the Eurozone's recovery from
the longest recession in its history is within reach, but it would
be premature to conclude the crisis is over. He said projections
for the next year show the recovery should be on a more solid
footing, as long as the zone continues to avoid new political
crises and market turbulence. Rehn said the latest growth
figures remain low and the tentative signs of growth are still
fragile given the uneven recovery in some Eurozone countries
such as Spain or Greece, where unemployment rates remained
unacceptably high. (Reuters)
 Portuguese economy recovers in 2Q2013 – Portugal's
economy jumped back from a deep slump in 2Q2013 with its
GDP rising 1.1% after dipping 0.4% in 1Q2013. Latest data from
the National Statistics Institute indicated that the rise in quarterly
economic growth marked the first expansion in 10 quarters. The
institute also said the economy contracted 2.0% YoY in the
quarter. In 1Q2013, the economy had shrunk a revised 4.1%
from a year earlier. However, the government, which has
forecast an improvement in economic activity in the second half
of this year, still expects GDP to shrink 2.3% for the entire year.
(Reuters)
 Japan government foresees an end to deflation – The
Japanese government said the country is approaching an end to
its prolonged deflation. The government also revised up its
assessment on the job market to say it is improving, as falls in
the yen triggered by Prime Minister Shinzo Abe's reflationary
policies boosted manufacturers' profits and pushed down the
jobless rate to levels before the global financial crisis. The
government has kept its assessment on the overall economy
intact, saying it is picking up steadily and showing some moves
toward a sustained recovery. (Reuters)
Regional
 Saudi car imports reach SR76.6bn in 2012 – According to a
report of the General Statistics Department, the value of cars
exported to Saudi Arabia in 2012 has reached SR76.6bn,
indicating an increase of 42% over 2011. The report stated that
the Kingdom has imported a record number of 737,000 cars
during 2012. The number of registered cars reached 982,000,
indicating a 33% increase over 2011. Meanwhile, the Saudi
Arabian Monetary Agency said that the number of cars financed
by Saudi banks have increased during 1H2013 by 32% YoY to
SR28.16bn. (GulfBase.com)
 STC appoints Moelis & Co to advice on $1.2bn loan
restructuring – Saudi Telecom’s (STC) Indonesian unit, Axis
Telekom has appointed Moelis & Co. to advice on its
negotiations with lenders as the operator steps up efforts to
restructure its $1.2bn Islamic loan. (Reuters)
 DCCI: UAE expected to pursue its diversification program –
According to the study conducted by the Dubai Chamber of
Commerce & Industry (DCCI), the UAE is expected to pursue its
diversification program through large-scale investments in the
manufacturing sector. The potential manufacturing sectors
identified include shipbuilding & vessels, basic pharmaceuticals
products, refined petrochemical products, motor vehicles parts &
accessories, electric power generation, transmission &
distribution products. The study recommended the UAE
manufacturing sector to continue focusing on its long-term trade
openness policies to ensure sustainability, especially those that
promote the industry in exporting goods to developing markets.
The study also urged the country to focus on projects that
depend on advanced technologies, which add high value to the
economy and increase the sector’s competitiveness in
international markets. (AME Info)
 Barclays reviews UAE retail business for potential sale –
Barclays is conducting a strategic review of its retail banking
operations in the UAE, which could lead to a sale. Barclays has
confirmed that it was holding a review of its retail business in the
UAE, but did not provide any further detail. The internal review is
still at a preliminary stage and no decision has been made on
the outcome of the study. No outside consultant or financial
adviser has been hired to find potential buyers. (Bloomberg)
 Hotel occupancy in Sharjah crosses 71% in 1H2013 –
According to a report released by the Sharjah Commerce
&Tourism Development Authority, the hotel occupancy rate
reached 71% in 1H2013 as compared to 66% in 1H2012.
Further, the number of guests increased by 9% to 951,592.
(AME Info)
 MAF Ventures to invest in Gourmet Gulf – Majid Al Futtaim
Ventures (MAF Ventures), a unit of the Dubai-based mall
Page 4 of 5
developer, has announced a joint venture agreement with Daud
Arabian to invest in Gourmet Gulf Company, a food & beverage
company in the Middle East. The partnership with Daud Arabian
marks the maiden entry into the Middle East food & beverage
market for MAF Ventures. Based in Dubai, Gourmet Gulf is
scheduled to open around 10 restaurants across the Middle
East in the next six months. (Arabian Business)
 Emirates launches fifth route to Pakistan, to begin service
to Stockholm – The Emirates Airline is set to launch four
weekly flight services to Sialkot in Pakistan from November 5,
2013 with. This is the fifth route for the airline in Pakistan, which
will be operated on an Airbus A330-200 aircraft. Further, the
airline is about to begin its service to Stockholm, Sweden from
September 4, 2013. (GulfBase.com, Bloomberg)
 Mubadala in talks to buy $1bn assets of Eike Batista – Abu
Dhabi’s sovereign wealth fund, Mubadala Development
Company is in talks with Brazilian billionaire Eike Batista to buy
some of his assets worth $1bn. The negotiations are on for the
stakes in oil producer firms OGX Petroleo & Gas Participacoes,
MMX Mineracao & Metalicos and LLX Logistica’s Acu port in the
Rio de Janeiro state in Brazil. (Bloomberg)
 ADDF’s revenues reach AED437.6mn in 1H2013 – Abu Dhabi
Duty Free (ADDF) reported that its sales revenues rose by
17.4% YoY to AED437.6mn in 1H2013. The revenue growth is
largely attributed to the rapid rise witnessed in the spend per
passenger. (AME Info)
 Markaz reports KD3.45mn net profit in 1H2013 – Kuwait
Financial Centre (Markaz) has reported a net profit of KD3.45mn
in 1H2013 as compared to KD1.21mn in 1H2012. EPS stood at
7 fils in 1H2013 as compared to 2 fils in 1H2012.
(GulfBase.com)
 BankDhofar partners with Bank Nizwa to develop Omani
Islamic bank market – Maisarah Islamic Banking Services, the
Islamic window for BankDhofar has signed a wakala agreement
with Bank Nizwa. Under the agreement, both banks will work
together with other domestic Islamic banking entities to develop
Oman as one of the frontrunners in the international Islamic
banking market. (GulfBase.com)
 TDC announces expansion of Muscat Grand Mall – Tilal
Development Company (TDC) announced plans for an
expansion of the Muscat Grand Mall through an investment of
around OMR50mn. The new development will house 100 new
retail outlets in 30,000 square meters of additional mall space,
taking the total number of stores in the mall to 250. (AME Info)
 CBB’s monthly Sukuk Al-Ijara oversubscribed by 270% –
The Central Bank of Bahrain’s (CBB) monthly issue of short-
term Islamic leasing bonds, Sukuk Al-Ijara has been
oversubscribed by 270%. These bonds carry a maturity of 182
days, which will mature on February 13, 2014. The expected
return on this issue is 0.87% as compared to 0.85% for the
previous issue on July 18, 2013. (AME Info)
 UGB reports 56.7% YoY decline in net profit in 2Q2013 –
The United Gulf Bank (UGB) has reported a net profit of
BHD3.2mn in 2Q2013, reflecting a YoY decline of 56.7%. In
1H2013, the bank’s net profit fell by 41.3% YoY to BHD9.7mn.
EPS stood at BHD1.19 in 1H2013 as compared to BHD2.00 in
1H2012. Total assets at the end of June 30 stood at
BHD1.26bn, indicating a YTD increase of 2.4%. (Bahrain
Bourse)
 Ithmaar Bank reports net loss of BHD3.4mn in 2Q2013 –
Bahrain-based Ithmaar Bank has reported a net loss of
BHD3.4mn in 2Q2013 as compared to a net profit of
BHD753,000 in 2Q2012. In 1H2013, the bank reported a net
loss of BHD2.8mn, as compared to a profit of BHD583,000 in
1H2012. Murabaha and other financing increased 1.6% YoY to
BHD1.19bn in 1H2013. (AME Info)
 BMI Bank reports BHD0.2mn net profit in 2Q2013 – BMI
Bank has reported a net profit of BHD0.20mn in 2Q2013 as
compared to BHD0.14mn in 2Q2012. In 1H2013, the bank’s net
profit rose by 88% YoY to BHD0.54mn. Net interest income
grew by 8% YoY to BHD8.33mn in 1H2013. Total assets at the
end of June 2013 stood at BHD0.77bn. The bank’s total loans &
advances stood at BHD0.48bn, while customer deposits stood
at BHD0.56bn. (AME Info)
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
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
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QEIndex S&PPan Arab S&P GCC
(0.4%)
0.9%
0.3%
(0.1%)
0.6%
0.0%
(0.3%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,336.15 1.1 1.7 (20.2) DJ Industrial 15,337.66 (0.7) (0.6) 17.0
Silver/Ounce 21.88 1.9 6.4 (27.9) S&P 500 1,685.39 (0.5) (0.4) 18.2
Crude Oil (Brent)/Barrel 109.36 0.0 0.0 (3.1) NASDAQ 100 3,669.27 (0.4) 0.3 21.5
Natural Gas (Henry
Hub)/MMBtu
3.36 0.7 1.1 (2.0) STOXX 600 308.62 0.3 0.9 10.3
LPG Propane (Arab Gulf)/Ton 810.00 0.0 0.0 (16.4) DAX 8,438.12 0.3 1.2 10.8
LPG Butane (Arab Gulf)/Ton 807.00 0.0 0.0 (16.7) FTSE 100 6,587.43 (0.4) 0.1 11.7
Euro 1.33 (0.1) (0.7) 0.5 CAC 40 4,114.20 0.5 0.9 13.0
Yen 98.14 (0.1) 2.0 13.1 Nikkei 14,050.16 1.3 3.2 35.2
GBP 1.55 0.3 0.0 (4.6) MSCI EM 967.92 0.2 1.7 (8.3)
CHF 1.07 (0.3) (1.4) (2.1) SHANGHAI SE Composite 2,100.14 (0.3) 2.3 (7.4)
AUD 0.91 0.1 (0.9) (12.2) HANG SENG 22,541.13 0.0 3.4 (0.5)
USD Index 81.71 (0.1) 0.7 2.4 BSE SENSEX 19,367.59 0.7 3.1 (0.3)
RUB 33.08 (0.0) 0.7 8.4 Bovespa 50,895.92 0.6 2.0 (16.5)
BRL 0.43 (0.4) (2.2) (11.7) RTS 1,356.34 1.3 2.3 (11.2)
143.8
126.7
114.7

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14 August Daily Market Report

  • 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index rose 0.9% to close at 10,006.4. Gains were led by the Telecoms and Consumer Goods & Services indices, gaining 3.1% and 1.5% respectively. Top gainers were Medicare Group and Doha Bank, rising 5.9% and 3.5% respectively. Among the top losers, Qatar Meat & Livestock Co. fell 1.4%, while Qatar Insurance Co. declined 1.0%. GCC Commentary Saudi Arabia: The TASI index fell 0.4% to close at 8,085.5. Losses were led by the Telecom. & Info. Tech. and Real Est. Dev. indices, declining 1.3% and 1.2% respectively. SPIMACO fell 2.7%, while Saudi Telecom was down 2.6%. Dubai: The DFM index declined 0.3% to close at 2,648.6. The Services index fell 1.5%, while the Transportation index was down 0.5%. Takaful Emarat declined 5.1%, while Al Salam Bank-Sudan was down 3.8%. Abu Dhabi: The ADX benchmark index gained marginally to close at 3,878.9. The Consumer index rose 0.9%, while the Banking index was up 0.4%. Umm Al-Qaiwain Cement gained 4.6%, while Abu Dhabi Islamic Bank was up 2.5%. Kuwait: The KSE index rose 0.3% to close at 8,093.8. The Oil & Gas index gained 1.8%, while the Consumer Services index was up 1.0%. The Energy House Co. rose 9.3%, while Boubyan International Ind. Holding was up 6.4%. Oman: The MSM index gained 0.6% to close at 6,812.7. Gains were led by the Ser. & Ins. and Banking & Inv. indices, rising 0.4% and 0.3% respectively. Majan College gained 6.1%, while Sharqiyah Desalination was up 5.9%. Bahrain: The BHB index declined 0.1% to close at 1,197.0. The Industrial and Services indices fell 0.8% each. Gulf Finance House declined 3.6%, while Seef Properties was down 1.6%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Medicare Group 50.90 5.9 452.0 42.6 Doha Bank 56.90 3.5 436.8 22.7 Ooredoo 145.00 3.3 110.7 39.4 Qatar Gas Transport Co. 19.29 3.2 1,941.5 26.4 Zad Holding Co. 62.60 2.6 45.5 6.5 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar Gas Transport Co. 19.29 3.2 1,941.5 26.4 Masraf Al Rayan 30.25 0.7 529.9 22.0 Medicare Group 50.90 5.9 452.0 42.6 Doha Bank 56.90 3.5 436.8 22.7 Vodafone Qatar 9.22 1.1 432.6 10.4 Market Indicators 14 Aug 13 13 Aug 13 %Chg. Value Traded (QR mn) 320.3 318.2 0.7 Exch. Market Cap. (QR mn) 548,505.0 544,483.8 0.7 Volume (mn) 7.4 5.7 30.7 Number of Transactions 3,858 3,789 1.8 Companies Traded 39 38 2.6 Market Breadth 23:14 25:11 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 14,296.79 0.9 1.6 26.4 N/A All Share Index 2,522.52 0.8 1.7 25.2 13.4 Banks 2,452.72 0.5 1.8 25.8 13.0 Industrials 3,216.69 0.6 1.0 22.4 11.9 Transportation 1,777.93 1.4 1.7 32.6 12.2 Real Estate 1,804.86 1.0 0.4 12.0 14.0 Insurance 2,307.12 (0.5) 0.6 17.5 9.6 Telecoms 1,495.01 3.1 3.2 40.4 15.7 Consumer 6,033.56 1.5 4.4 29.2 24.9 Al Rayan Islamic Index 2,856.47 0.6 0.8 14.8 14.9 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Ajman Bank Dubai 2.24 4.7 4,776.5 57.7 Abdullah Al Othaim Saudi Arabia 127.00 4.1 174.1 54.4 Doha Bank Qatar 56.90 3.5 436.8 22.7 Saudi Public Trans. Co. Saudi Arabia 19.65 3.4 6,684.5 19.1 Ooredoo Qatar 145.00 3.3 110.7 39.4 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% United Real Estate Co. Kuwait 114.00 (3.4) 1,617.1 (5.0) SPIMACO Saudi Arabia 54.50 (2.7) 563.4 24.7 Saudi Telecom Co. Saudi Arabia 41.90 (2.6) 1,150.8 (3.2) Emaar Economic City Saudi Arabia 11.95 (2.4) 16,045.1 44.0 Jabal Omar Dev. Co. Saudi Arabia 33.00 (2.1) 2,671.6 73.7 Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Meat & Livestock Co. 56.80 (1.4) 151.3 (3.4) Qatar Insurance Co. 61.60 (1.0) 201.6 14.2 Dlala Brok. & Inv. Holding Co. 21.02 (0.9) 96.0 (32.4) Qatari Investors Group 28.80 (0.9) 279.9 25.2 Gulf International Services 50.00 (0.6) 66.2 66.7 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 162.40 0.9 39,360.6 15.2 Qatar Fuel Co. 291.20 1.6 38,304.6 32.4 Qatar Gas Transport Co. 19.29 3.2 37,163.5 26.4 Doha Bank 56.90 3.5 24,522.0 22.7 Medicare Group 50.90 5.9 22,412.3 42.6 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* 10,006.36 0.9 1.6 3.1 19.7 87.95 150,619.5 12.6 1.7 4.6 Dubai 2,648.62 (0.3) (1.0) 2.3 63.2 104.18 65,636.4 15.8 1.1 3.0 Abu Dhabi 3,878.92 0.0 (1.3) 0.8 47.4 59.24 111,430.8 11.0 1.4 4.6 Saudi Arabia 8,085.50 (0.4) 0.2 2.2 18.9 1,195.26 426,386.6 16.9 2.1 3.6 Kuwait 8,093.82 0.3 0.4 0.3 36.4 76.21 110,919.5 20.1 1.3 3.5 Oman 6,812.72 0.6 0.8 2.5 18.3 21.50 23,528.5 11.2 1.7 4.0 Bahrain 1,196.98 (0.1) (0.2) 0.2 12.3 0.62 21,878.1 8.4 0.9 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) 9,900 9,920 9,940 9,960 9,980 10,000 10,020 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 5 Qatar Market Commentary  The QE index rose 0.9% to close at 10,006.4. The Telecoms and Consumer Goods & Services indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders.  Medicare Group and Doha Bank were the top gainers, rising 5.9% and 3.5% respectively. Among the top losers, Qatar Meat & Livestock Co. fell 1.4%, while Qatar Insurance Co. declined 1.0%.  Volume of shares traded on Wednesday rose by 30.7% to 7.4mn from 5.7mn on Tuesday. Further, as compared to the 30-day moving average of 5.4mn, volume for the day was 35.9% higher. Qatar Gas Transport Co. and Masraf Al Rayan were the most active stocks, contributing 26.3% and 7.2% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings and Global Economic Data Earnings Releases Company Market Currency Revenue (mn) 2Q2013 % Change YoY Operating Profit (mn) 2Q2013 % Change YoY Net Profit (mn) 2Q2013 % Change YoY Gulf General Investments Co. (GGIC)* Dubai AED 902.0 -8.8% – – 58.0 N/A Takaful Emarat (Takaful Emarat) Dubai AED 1.7 381.9% – – (5.5) -12.2% Fujairah Cement Industries Co. (FCI) Abu Dhabi AED 157.0 3.9% – – (4.0) N/A Gulf Livestock (GLS) Abu Dhabi AED – – – – 16.3 290.2% National Industries Group Holding (NIG) Kuwait KD 27.7 -4.4% – – 5.7 437.4% KIPCO Asset Management Company (KAMCO)* Kuwait KD – – – – 1.5 N/A Oman Flour Mills Co. (OFM)** Oman OMR 64.9 12.4% 7.4 -10.8% 7.5 0.9% National Hotels Co. (NHC) Bahrain BHD – – – – 0.7 16.3% Bahrain Duty Free Shop Complex Bahrain BHD 6.6 -2.9% – – 1.9 35.0% Source: Company data, DFM, ADX, MSM (*1H2013 Result, **FY ended on June 30, 2013) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 08/14 US MBA MBA Mortgage Applications 9-August -4.70% – 0.20% 08/14 US Bureau of Labor Stat. PPI MoM July 0.00% 0.30% 0.80% 08/14 US Bureau of Labor Stat. PPI YoY July 2.10% 2.40% 2.50% 08/14 EU Eurostat GDP SA QoQ 2Q2013 0.30% 0.20% -0.30% 08/14 EU Eurostat GDP SA YoY 2Q2013 -0.70% -0.80% -1.10% 08/14 France INSEE CPI MoM July -0.30% -0.30% 0.20% 08/14 France INSEE CPI YoY July 1.10% 1.10% 0.90% 08/14 France INSEE GDP QoQ 2Q2013 0.50% 0.20% -0.20% 08/14 France INSEE GDP YoY 2Q2013 0.30% -0.10% -0.50% 08/14 Germany Destasis GDP SA QoQ 2Q2013 0.70% 0.60% 0.00% 08/14 Germany Destasis GDP NSA YoY 2Q2013 0.90% 0.70% -1.60% 08/14 UK ONS Jobless Claims Change July -29.2K -15.0K -29.4K 08/14 UK ONS ILO Unemployment Rate 3Mths June 7.80% 7.80% 7.80% 08/14 UK ONS Employment Change 3M/3M June 69K 34K 16K Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Overall Activity Buy %* Sell %* Net (QR) Qatari 70.05% 65.42% 14,830,736.39 Non-Qatari 29.95% 34.58% (14,830,736.39)
  • 3. Page 3 of 5 News Qatar  QE-listed companies report QR20.99bn net profit in 1H2013 – The 41 companies listed on the Qatar Exchange (QE) (except Vodafone) have reported a combined net profit of QR20.99bn as of June 30, 2013, reflecting an increase of 13.59% YoY. (QE)  Qatar’s QR45bn highway project to be completed by end of 2017 – Qatar’s ambitious country-wide highway road project launched in July 2010 is expected to be completed by 4Q2017. The highway program includes some 900 kilometers of roads with multiple lanes on both directions and around 240 major intersections. The overall cost for the construction and infrastructure of the projects is estimated to be QR45bn. Meanwhile, another report said the Public Works Authority is expected to complete the work of the East Industrial Area Road within a few months at an estimated cost of QR226mn. It includes portion of a ring road that would connect the port at Al- Shammal with the Mesaieed port in the south. It is around 3.5 kilometers long with three lanes on each direction. (Gulf- Times.com)  ZHCD reports QR45mn net profit in 2Q2013 – Zad Holding Company (ZHCD) has reported a net profit of QR45mn in 2Q2013, indicating a QoQ decrease of 0.7% (+103.4% YoY). However, the company’s net profit in 1H2013 was up 41.7% YoY to QR90.4mn. EPS stood at QR4.20 in 1H2013 as compared to QR2.96 in 1H2012. Total revenues increased by 11.7% QoQ (+39.1% YoY) to QR206.6mn in 2Q2013, while it was up by 21.9% YoY to QR391.5mn in 1H2013. (QE)  Dukhan highway project nears completion – The ongoing phase of the Dukhan highway project worth QR1.4bn is expected to be completed by the end of 2013. The phase starts from the Al Wajba intersection and covers a 15-kilometer dual carriage way with four lanes on each side. (Peninsula Qatar) International  Germany, France haul Eurozone out of recession – The economies of Germany and France grew faster than expected in the second quarter, surpassing the widely heralded expansion in the US and pulling the Eurozone out of its one and half year- long recession. The increased pace of recovery was primarily driven by renewed business and consumer spending in the two largest economies of the 17-country bloc. The economies of Germany and France expanded 0.7% and 0.5% in 2Q2013 respectively, as compared to a 0.4% expansion in the US. (Reuters)  Rehn: Eurozone performance suggests recovery in sight – EU Economic & Monetary Affairs Commissioner Olli Rehn said the latest economic data suggest the Eurozone's recovery from the longest recession in its history is within reach, but it would be premature to conclude the crisis is over. He said projections for the next year show the recovery should be on a more solid footing, as long as the zone continues to avoid new political crises and market turbulence. Rehn said the latest growth figures remain low and the tentative signs of growth are still fragile given the uneven recovery in some Eurozone countries such as Spain or Greece, where unemployment rates remained unacceptably high. (Reuters)  Portuguese economy recovers in 2Q2013 – Portugal's economy jumped back from a deep slump in 2Q2013 with its GDP rising 1.1% after dipping 0.4% in 1Q2013. Latest data from the National Statistics Institute indicated that the rise in quarterly economic growth marked the first expansion in 10 quarters. The institute also said the economy contracted 2.0% YoY in the quarter. In 1Q2013, the economy had shrunk a revised 4.1% from a year earlier. However, the government, which has forecast an improvement in economic activity in the second half of this year, still expects GDP to shrink 2.3% for the entire year. (Reuters)  Japan government foresees an end to deflation – The Japanese government said the country is approaching an end to its prolonged deflation. The government also revised up its assessment on the job market to say it is improving, as falls in the yen triggered by Prime Minister Shinzo Abe's reflationary policies boosted manufacturers' profits and pushed down the jobless rate to levels before the global financial crisis. The government has kept its assessment on the overall economy intact, saying it is picking up steadily and showing some moves toward a sustained recovery. (Reuters) Regional  Saudi car imports reach SR76.6bn in 2012 – According to a report of the General Statistics Department, the value of cars exported to Saudi Arabia in 2012 has reached SR76.6bn, indicating an increase of 42% over 2011. The report stated that the Kingdom has imported a record number of 737,000 cars during 2012. The number of registered cars reached 982,000, indicating a 33% increase over 2011. Meanwhile, the Saudi Arabian Monetary Agency said that the number of cars financed by Saudi banks have increased during 1H2013 by 32% YoY to SR28.16bn. (GulfBase.com)  STC appoints Moelis & Co to advice on $1.2bn loan restructuring – Saudi Telecom’s (STC) Indonesian unit, Axis Telekom has appointed Moelis & Co. to advice on its negotiations with lenders as the operator steps up efforts to restructure its $1.2bn Islamic loan. (Reuters)  DCCI: UAE expected to pursue its diversification program – According to the study conducted by the Dubai Chamber of Commerce & Industry (DCCI), the UAE is expected to pursue its diversification program through large-scale investments in the manufacturing sector. The potential manufacturing sectors identified include shipbuilding & vessels, basic pharmaceuticals products, refined petrochemical products, motor vehicles parts & accessories, electric power generation, transmission & distribution products. The study recommended the UAE manufacturing sector to continue focusing on its long-term trade openness policies to ensure sustainability, especially those that promote the industry in exporting goods to developing markets. The study also urged the country to focus on projects that depend on advanced technologies, which add high value to the economy and increase the sector’s competitiveness in international markets. (AME Info)  Barclays reviews UAE retail business for potential sale – Barclays is conducting a strategic review of its retail banking operations in the UAE, which could lead to a sale. Barclays has confirmed that it was holding a review of its retail business in the UAE, but did not provide any further detail. The internal review is still at a preliminary stage and no decision has been made on the outcome of the study. No outside consultant or financial adviser has been hired to find potential buyers. (Bloomberg)  Hotel occupancy in Sharjah crosses 71% in 1H2013 – According to a report released by the Sharjah Commerce &Tourism Development Authority, the hotel occupancy rate reached 71% in 1H2013 as compared to 66% in 1H2012. Further, the number of guests increased by 9% to 951,592. (AME Info)  MAF Ventures to invest in Gourmet Gulf – Majid Al Futtaim Ventures (MAF Ventures), a unit of the Dubai-based mall
  • 4. Page 4 of 5 developer, has announced a joint venture agreement with Daud Arabian to invest in Gourmet Gulf Company, a food & beverage company in the Middle East. The partnership with Daud Arabian marks the maiden entry into the Middle East food & beverage market for MAF Ventures. Based in Dubai, Gourmet Gulf is scheduled to open around 10 restaurants across the Middle East in the next six months. (Arabian Business)  Emirates launches fifth route to Pakistan, to begin service to Stockholm – The Emirates Airline is set to launch four weekly flight services to Sialkot in Pakistan from November 5, 2013 with. This is the fifth route for the airline in Pakistan, which will be operated on an Airbus A330-200 aircraft. Further, the airline is about to begin its service to Stockholm, Sweden from September 4, 2013. (GulfBase.com, Bloomberg)  Mubadala in talks to buy $1bn assets of Eike Batista – Abu Dhabi’s sovereign wealth fund, Mubadala Development Company is in talks with Brazilian billionaire Eike Batista to buy some of his assets worth $1bn. The negotiations are on for the stakes in oil producer firms OGX Petroleo & Gas Participacoes, MMX Mineracao & Metalicos and LLX Logistica’s Acu port in the Rio de Janeiro state in Brazil. (Bloomberg)  ADDF’s revenues reach AED437.6mn in 1H2013 – Abu Dhabi Duty Free (ADDF) reported that its sales revenues rose by 17.4% YoY to AED437.6mn in 1H2013. The revenue growth is largely attributed to the rapid rise witnessed in the spend per passenger. (AME Info)  Markaz reports KD3.45mn net profit in 1H2013 – Kuwait Financial Centre (Markaz) has reported a net profit of KD3.45mn in 1H2013 as compared to KD1.21mn in 1H2012. EPS stood at 7 fils in 1H2013 as compared to 2 fils in 1H2012. (GulfBase.com)  BankDhofar partners with Bank Nizwa to develop Omani Islamic bank market – Maisarah Islamic Banking Services, the Islamic window for BankDhofar has signed a wakala agreement with Bank Nizwa. Under the agreement, both banks will work together with other domestic Islamic banking entities to develop Oman as one of the frontrunners in the international Islamic banking market. (GulfBase.com)  TDC announces expansion of Muscat Grand Mall – Tilal Development Company (TDC) announced plans for an expansion of the Muscat Grand Mall through an investment of around OMR50mn. The new development will house 100 new retail outlets in 30,000 square meters of additional mall space, taking the total number of stores in the mall to 250. (AME Info)  CBB’s monthly Sukuk Al-Ijara oversubscribed by 270% – The Central Bank of Bahrain’s (CBB) monthly issue of short- term Islamic leasing bonds, Sukuk Al-Ijara has been oversubscribed by 270%. These bonds carry a maturity of 182 days, which will mature on February 13, 2014. The expected return on this issue is 0.87% as compared to 0.85% for the previous issue on July 18, 2013. (AME Info)  UGB reports 56.7% YoY decline in net profit in 2Q2013 – The United Gulf Bank (UGB) has reported a net profit of BHD3.2mn in 2Q2013, reflecting a YoY decline of 56.7%. In 1H2013, the bank’s net profit fell by 41.3% YoY to BHD9.7mn. EPS stood at BHD1.19 in 1H2013 as compared to BHD2.00 in 1H2012. Total assets at the end of June 30 stood at BHD1.26bn, indicating a YTD increase of 2.4%. (Bahrain Bourse)  Ithmaar Bank reports net loss of BHD3.4mn in 2Q2013 – Bahrain-based Ithmaar Bank has reported a net loss of BHD3.4mn in 2Q2013 as compared to a net profit of BHD753,000 in 2Q2012. In 1H2013, the bank reported a net loss of BHD2.8mn, as compared to a profit of BHD583,000 in 1H2012. Murabaha and other financing increased 1.6% YoY to BHD1.19bn in 1H2013. (AME Info)  BMI Bank reports BHD0.2mn net profit in 2Q2013 – BMI Bank has reported a net profit of BHD0.20mn in 2Q2013 as compared to BHD0.14mn in 2Q2012. In 1H2013, the bank’s net profit rose by 88% YoY to BHD0.54mn. Net interest income grew by 8% YoY to BHD8.33mn in 1H2013. Total assets at the end of June 2013 stood at BHD0.77bn. The bank’s total loans & advances stood at BHD0.48bn, while customer deposits stood at BHD0.56bn. (AME Info)
  • 5. 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 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 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 QEIndex S&PPan Arab S&P GCC (0.4%) 0.9% 0.3% (0.1%) 0.6% 0.0% (0.3%) (0.8%) (0.4%) 0.0% 0.4% 0.8% 1.2% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,336.15 1.1 1.7 (20.2) DJ Industrial 15,337.66 (0.7) (0.6) 17.0 Silver/Ounce 21.88 1.9 6.4 (27.9) S&P 500 1,685.39 (0.5) (0.4) 18.2 Crude Oil (Brent)/Barrel 109.36 0.0 0.0 (3.1) NASDAQ 100 3,669.27 (0.4) 0.3 21.5 Natural Gas (Henry Hub)/MMBtu 3.36 0.7 1.1 (2.0) STOXX 600 308.62 0.3 0.9 10.3 LPG Propane (Arab Gulf)/Ton 810.00 0.0 0.0 (16.4) DAX 8,438.12 0.3 1.2 10.8 LPG Butane (Arab Gulf)/Ton 807.00 0.0 0.0 (16.7) FTSE 100 6,587.43 (0.4) 0.1 11.7 Euro 1.33 (0.1) (0.7) 0.5 CAC 40 4,114.20 0.5 0.9 13.0 Yen 98.14 (0.1) 2.0 13.1 Nikkei 14,050.16 1.3 3.2 35.2 GBP 1.55 0.3 0.0 (4.6) MSCI EM 967.92 0.2 1.7 (8.3) CHF 1.07 (0.3) (1.4) (2.1) SHANGHAI SE Composite 2,100.14 (0.3) 2.3 (7.4) AUD 0.91 0.1 (0.9) (12.2) HANG SENG 22,541.13 0.0 3.4 (0.5) USD Index 81.71 (0.1) 0.7 2.4 BSE SENSEX 19,367.59 0.7 3.1 (0.3) RUB 33.08 (0.0) 0.7 8.4 Bovespa 50,895.92 0.6 2.0 (16.5) BRL 0.43 (0.4) (2.2) (11.7) RTS 1,356.34 1.3 2.3 (11.2) 143.8 126.7 114.7