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14 January Daily market report

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14 January Daily market report

  1. 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index fell 0.5% to close at 11,877.4. Losses were led by the Telecoms and Industrials indices, declining 0.7% and 0.6%, respectively. Top losers were Widam Food Co. and QNB Group, falling 2.3% and 2.1%, respectively. Among the top gainers, Qatar Oman Investment Co. rose 2.4%, while Mazaya Qatar Real Estate Development was up 2.2%. GCC Commentary Saudi Arabia: The TASI Index rose 0.7% to close at 8,551.9. Gains were led by Telecom. & Info. Tech. and Hotel & Tourism indices, rising 3.8% and 2.7%, respectively. Arabian Shield rose 9.9%, while Saudi Investment was up 6.5%. Dubai: The DFM Index declined marginally to close at 3,814.1. The Consumer Staples index fell 2.9%, while the Financial & Investment Service index was down 1.0%. DAMAC fell 6.3%, while Hits Telecom was down 4.0%. Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,506.3. The Service index declined 2.7%, while the Energy index was down 1.6%. Abu Dhabi National Hotels fell 9.9%, while BILDCO was down 5.9%. Kuwait: The KSE Index rose 0.2% to close at 6,587.7. The Telecommunication index gained 1.4%, while the Basic Material index was up 0.9%. Al-Deera Hold. Co. rose 8.0%, while Mubarrad Transport was up 7.9%. Oman: The MSM Index rose 1.0% to close at 6,432.8. Gains were led by the Financial and Services Index, rising 1.9% and 0.7%, respectively. Gulf International Chemical rose 9.0%, while Al Sharqia Invest. Hold. was up 8.8%. Bahrain: The BHB Index gained 0.3% to close at 1,426.1. The Industrial index gained 1.0%, while the Commercial Bank index was up 0.4%. Seef Properties rose 3.6%, while Bahrain Islamic Bank was up 1.4%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Oman Investment Co. 14.90 2.4 127.4 (3.2) Mazaya Qatar Real Estate Dev. 19.00 2.2 916.4 (0.8) Qatar General Ins. and Rein Co. 57.00 2.0 2.0 (3.4) Masraf Al Rayan 44.80 1.8 1,131.3 1.4 Qatar Gas Transport Co. 23.50 1.3 238.4 1.7 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Barwa Real Estate Co. 41.30 0.7 1,652.0 (1.4) Masraf Al Rayan 44.80 1.8 1,131.3 1.4 Industries Qatar 146.10 (1.3) 945.4 (13.0) Mazaya Qatar Real Estate Dev. 19.00 2.2 916.4 (0.8) Gulf International Services 99.00 (0.1) 908.5 2.0 Market Indicators 14 Jan 15 13 Jan 14 %Chg. Value Traded (QR mn) 618.9 537.3 15.2 Exch. Market Cap. (QR mn) 648,522.2 652,783.9 (0.7) Volume (mn) 9.1 10.9 (16.0) Number of Transactions 6,610 6,810 (2.9) Companies Traded 40 42 (4.8) Market Breadth 15:24 13:25 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17,715.07 (0.5) (3.5) (3.3) N/A All Share Index 3,049.94 (0.4) (3.2) (3.2) 14.5 Banks 3,175.19 (0.5) (0.8) (0.9) 14.7 Industrials 3,753.49 (0.6) (8.7) (7.1) 13.1 Transportation 2,300.31 0.1 0.1 (0.8) 13.5 Real Estate 2,184.49 (0.4) (2.6) (2.7) 19.1 Insurance 3,739.24 (0.1) (1.6) (5.5) 11.5 Telecoms 1,373.64 (0.7) (2.9) (7.5) 19.0 Consumer 6,924.47 0.3 (1.6) 0.2 27.8 Al Rayan Islamic Index 3,970.65 (0.2) (3.9) (3.2) 16.5 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Invest Bank Abu Dhabi 2.81 14.7 18.4 (0.7) Saudi Investment Bank Saudi Arabia 27.35 6.3 2,062.8 5.5 Etihad Etisalat Co. Saudi Arabia 50.50 4.5 8,709.7 15.1 Yanbu Nat. Petrochem. Saudi Arabia 42.45 4.4 3,857.2 (10.9) Al Tayyar Saudi Arabia 125.12 4.4 692.9 5.2 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Abu Dhabi Nat. Hotels Abu Dhabi 3.56 (9.9) 0.9 (11.0) Abu Dhabi Nat. Energy Abu Dhabi 0.80 (4.8) 851.8 0.0 Kuwait Food Co. Kuwait 2.72 (3.5) 90.6 (2.9) Al Ahli Bank Of Kuwait Kuwait 0.40 (2.4) 134.4 (2.4) QNB Group Qatar 205.50 (2.1) 649.6 (3.5) Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Widam Food Co. 58.30 (2.3) 16.6 (3.5) QNB Group 205.50 (2.1) 649.6 (3.5) National Leasing 20.26 (2.1) 62.9 1.3 Doha Insurance Co. 27.60 (1.4) 2.3 (4.8) United Development Co. 23.51 (1.4) 148.0 (0.3) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 146.10 (1.3) 140,801.5 (13.0) QNB Group 205.50 (2.1) 134,113.0 (3.5) Gulf International Services 99.00 (0.1) 90,916.3 2.0 Barwa Real Estate Co. 41.30 0.7 68,974.1 (1.4) Masraf Al Rayan 44.80 1.8 51,035.9 1.4 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* 11,877.43 (0.5) (3.5) (3.3) (3.3) 169.99 178,149.1 15.3 1.9 3.9 Dubai 3,814.05 (0.0) 3.8 1.1 1.1 329.06 92,270.1 11.2 1.4 5.2 Abu Dhabi 4,506.32 (0.1) 0.6 (0.5) (0.5) 57.62 125,898.3 12.1 1.5 3.7 Saudi Arabia 8,551.93 0.7 3.2 2.6 2.6 2,251.49 491,636.5 15.9 2.1 3.2 Kuwait 6,587.71 0.2 1.5 0.8 0.8 96.48 100,547.5 16.6 1.1 3.8 Oman 6,432.80 1.0 2.9 1.4 1.4 24.11 24,316.4 9.0 1.4 4.4 Bahrain 1,426.06 0.3 0.1 (0.0) (0.0) 0.35 53,561.1 10.3 0.9 4.8 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 11,700 11,800 11,900 12,000 12,100 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QSE Index fell 0.5% to close at 11,877.4. The Telecoms and Industrials indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non–Qatari shareholders.  Widam Food Co. and QNB Group were the top losers, falling 2.3% and 2.1%, respectively. Among the top gainers, Qatar Oman Investment Co. rose 2.4%, while Mazaya Qatar Real Estate Dev. was up 2.2%.  Volume of shares traded on Wednesday fell by 16.0% to 9.1mn from 10.9mn on Tuesday. Further, as compared to the 30-day moving average of 15.2mn, volume for the day was 39.9% lower. Barwa Real Estate Co. and Masraf Al Rayan were the most active stocks, contributing 18.1% and 12.4% to the total volume respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings and Global Economic Data Earnings Releases Company Market Currency Revenue (mn) 4Q2014 % Change YoY Operating Profit (mn) 4Q2014 % Change YoY Net Profit (mn) 4Q2014 % Change YoY National Agriculture Marketing Co. (Thimar) Saudi SR – – 2.3 -30.8% 5.1 -9.4% Saudi Cement Co. (SCC) Saudi SR – – 287.0 1.8% 269.0 8.9% The National Co. for Glass Industries (ZOUJAJ) Saudi SR – – 7.2 38.5% 15.7 60.2% Mohammad Al Mojil Group Co.* Saudi SR – – -26.8 NA -36.7 NA Taiba Holding Co. (Taiba) Saudi SR – – 37.4 -32.8% 278.4 331.8% Yamama Cement Co. (YCC) Saudi SR – – 171.0 25.7% 152.0 10.9% UBAR Hotels & Resorts* Oman OMR 6.2 -0.3% 1.9 -2.0% 1.4 -0.9% Al Fajar Al Alamia Co. ( Al Fajar)* Oman OMR 9.0 6.9% – – 0.8 -23.2% Oman Fisheries (OFC)** Oman OMR 18.1 27.6% – – -1.0 NA Al Batnah Hotels Co.* Oman OMR 1.1 -14.9% – – 0.1 -56.8% Omani Euro Food Industries (OEFI)* Oman OMR 1.8 -9.3% – – -0.2 NA Oman Refreshment (ORC)* Oman OMR 72.9 5.6% – – 9.9 -4.3% Salalah Port Services Co.* Oman OMR 53.1 -9.2% – – 5.4 -4.9% Source: Company data, DFM, ADX, MSM (* FY2014 results, **9M-FY2014-15 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 01/14 US BLS Import Price Index MoM December -2.50% -2.70% -1.80% 01/14 US BLS Import Price Index YoY December -5.50% -5.20% -3.00% 01/14 EU Eurostat Industrial Production SA MoM November 0.20% 0.00% 0.30% 01/14 EU Eurostat Industrial Production WDA YoY November -0.40% -0.70% 0.80% 01/14 France INSEE CPI MoM December 0.10% 0.00% -0.20% 01/14 France INSEE CPI YoY December 0.10% 0.00% 0.30% 01/14 UK LBMA Silver Price London Silver Market Fixing 14-January 1,664.0 – 1,700.0 01/14 UK London Gold Market Fix. London Gold Market PM Fix 14-January 1,235.0 – 1,231.5 01/14 Italy Banca D'Italia General Government Debt November 2,160.1B – 2,157.5B 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 59.99% 62.02% (12,549,194.71) Non-Qatari 40.01% 37.98% 12,549,194.71
  3. 3. Page 3 of 6 News Qatar  IHGS’ net profit surges 78.1% in FY2014, recommends QR3.00 cash dividend – Islamic Holding Group (IHGS) reported a net profit of QR16.1mn in FY2014, reflecting a sharp increase of 78.1% YoY. EPS stood at QR4.02 in FY2014 as compared to QR2.26 in FY2013. The surge in IHGS’ net income was mainly on account of a strong jump in its net brokerage & commission income, up 89.2% YoY to QR25.7mn in FY2014. Meanwhile, the board of directors has recommended a distribution of QR3.00 cash dividend. (QSE)  GISS BoD to meet on February 2 – Gulf International Services’ (GISS) board of directors will meet on February 2, 2015 to discuss the financial results for the year ended December 31, 2014. (GISS Press Release)  Cabinet issues draft law on protection of workers’ wages – The weekly cabinet meeting chaired by HE the Prime Minister & Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al- Thani, has issued a draft law amending some provisions of the Labor Law under the Law No 14 of 2004. According to the draft law, an employer must transfer the annual or monthly wages of recruited workers to their bank accounts at least once a month, and the wages of all other workers at least once every two weeks. The cabinet approved the draft decision of the Minister of Labor & Social Affairs on the Wage Protection System (WPS) of workers who are subject to the Labor Law. Under this, the ministry’s Labor Inspection Department shall implement the WPS for workers and it may request for a detailed report from employers on the payment of the workers’ wages. Further, the ministry has proposed strict penalties on those employers who fail to transfer salaries of their employees to their bank within a maximum seven days from the due date. (Gulf-Times.com, Peninsula Qatar)  MDPS: Qatar’s inflation declines 0.3% MoM in December – According to the latest data released by the Ministry of Development Planning & Statistics (MDPS), Qatar’s inflation (CPI) declined by 0.3% MoM in December 2014. However, the overall CPI increased by 2.7% on a YoY basis. As per the CPI, prices of various goods and services across all major groups have either remained flat or declined by varying degrees in December 2014. The decline was attributed to price falls in the food, beverages & tobacco group by 0.4%, garments & footwear by 0.1%, furniture, textiles & home appliances by 0.3%, transport & communication by 0.5% and entertainment, recreation & culture by 1.0%. On a YoY basis, price increases were observed in all of the groups except the food, beverages & tobacco group, which declined by 0.4%. (Peninsula Qatar)  QP, Shell halt $6.4bn Al Karaana Petrochemical Project – Qatar Petroleum (QP) and Royal Dutch Shell (Shell) said that they have decided not to proceed with their $6.4bn Al Karaana Petrochemical Project in the Gulf State. This is the region's second biggest energy project to be shelved since oil prices began to plunge in mid-2014. Earlier in December 2011, QP and Shell had agreed on this project to build a petrochemical complex in the Ras Laffan Industrial City, with the Qatari company owning 80% and Shell 20%. QP said that it will be conducting feasibility studies to assess utilizing the available ethane feedstock after the decision to shelve the Al Karaana Petrochemicals Project. (Reuters, Peninsula Qatar)  QFLS opens QR18mn vehicle inspection center; Reduction unlikely in retail fuel prices – Woqod (QFLS) inaugurated its second center for vehicle inspection (Fahes) in Mesaimeer. Built at an estimated cost of QR18mn, the facility is equipped with all the contemporary technologies spread over an area of 6,500 square meters. At the center, dubbed ‘Smart Fahes’, motorists can get their vehicle technical inspections done, while sitting in their cars. Four more Smart Fahes projects are in the design and construction phases in Al Wakra, Al Shamal, Al Shihaniyyah and Al Khor and are expected to open this year. As part of its plan, QFLS will be establishing several such smart inspection centers at its fuel stations wherever there is sufficient space. Meanwhile, QFLS said it is highly unlikely that the retail prices of petrol and diesel will be reduced, despite a fall in global oil prices, as these products are already heavily subsidized. However, due to the decline, the Qatari government will have a reduced gap between the subsidized retail prices and the international prices. Overall, the government will have lower revenues from oil exports due to the lower price of crude and refined products. (Peninsula Qatar)  QA Cargo launches industry’s first Pharma Express; QA expand further in Europe – Qatar Airways Cargo (QA Cargo) will commence its ‘Pharma Express’ service from January 2015, offering air freight to the global pharmaceutical industry. The ‘Pharma Express’ service, which is the first of its kind in the industry, will link two key pharmaceutical manufacturing centers — Brussels (Belgium) and Basel (Switzerland) — with the extensive QA network. The Pharma Express route will be served by an Airbus 330 freighter and will be operated from Brussels to Basel with a final stop in Doha. QA Cargo will launch twice- weekly services to Basel on January 28, marking its first freighter service in 2015. Meanwhile, Qatar Airways (QA) is continuing its expansion program across Europe in 2015 with the launch of new direct flights from Doha to Sofia (Bulgaria) from March, a destination currently served by the airline via Bucharest, Romania. (Gulf-Times.com) International  MBA: US mortgage applications surge; 30-year rate below 4% – According to the data from the Mortgage Bankers Association (MBA), applications for US home mortgages surged by the most in more than six years, with 30-year mortgage rates dropping below 4% for the first time since May 2013 on the back of falling US government bond yields. MBA said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, jumped 49.1% in the week ended January 9, its largest weekly percentage gain since November 2008, in the middle of the US financial crisis. Refinancing activity was especially heavy. Similarly, refinancing applications jumped 66.4%, the largest percentage gain in volume also since November 2008, to its highest level since July 2013. The gauge of loan requests for home purchases, a leading indicator of home sales, gained 23.6%. (Reuters)  EU court adviser paves way for ECB money printing; Germany welcomes decision – The European Central Bank (ECB) won a crucial backing for its pledge to do whatever it takes to support the euro, when a top EU legal adviser removed a hurdle to the bank's plans to buy government bonds to bolster the Eurozone economy. Pedro Cruz Villalon, Advocate General to the European Court of Justice, said a 2012 ECB bond-buying blueprint, designed at the height of the Eurozone crisis to avert a break-up of the single currency and unused so far, did not break EU law. The opinion was a clear rebuff to German critics, who argued the ECB would reward spendthrift states with cheap credit by printing fresh money and deterring the painful reforms. Meanwhile, the German government welcomed an assessment given by the advocate general about the ECB’s plan, and said it coincided with the view in Berlin. (Reuters)
  4. 4. Page 4 of 6  Moody's: 'Grexit' unlikely, less risk of contagion than in 2012 – Ratings agency Moody's said Greece remains relatively unlikely to leave the Eurozone, despite the prospect of an anti- bailout leftist party winning a snap election on January 25. The leftist Syriza Party has remained consistently ahead of its rivals in opinion polls. The party says it wants Greece to stay in the Eurozone but also wants to scrap austerity measures that underpin its bailout program and to ask Europe to write off a big chunk of Greek debt. However, citing the political turmoil triggered by the early election, Moody's added the higher risk of Greek exit (Grexit) could have negative credit implications for other Eurozone members, despite contagion risks being lower than at the peak of the crisis. Moody's said other Eurozone governments are likely to reject any request from a Syriza-led government for debt waiver, because it could lead to similar demands from other highly indebted Eurozone countries. Moody's said a 'Grexit' would be likely to trigger a renewed recession in the remaining Eurozone, which is already wrestling with falling prices and limited growth. (Reuters)  Japanese company spending picking up; Modest rise in machinery orders – UBS Group found that Japanese companies are increasing their investment in Japan, following the yen’s fall against the dollar. According to the Finance Ministry data Japanese domestic capital investment rose 5.5% YoY in 3Q2014. The ratio of domestic investment to foreign investment has climbed from 2H2013, with the bank forecasting capital expenditure will grow 2.3% in 2015. Japanese companies shifted production overseas in recent years to take advantage of higher international growth rates and escape the strong yen, which reached record highs after the global financial crisis. The government and the Bank of Japan have called for companies to increase spending in Japan to pull the economy out of a recession in 2014 and stimulate growth. Meanwhile, core machinery orders in Japan rose less than expected in November due to declining orders in the manufacturing sector, suggesting companies are still cautious about capital expenditure due to worries about domestic demand. The 1.3% rise in core orders, excluding those of ships and electric power utilities, compared poorly with a 5.0% rise in a Reuters forecast, but were better than a 6.4% decline in October. (Bloomberg, Reuters)  China’s credit growth surges as interest-rate cut spurs lending – The broadest measure of new credit in China exceeded economists’ estimates in December, signaling government efforts to spur lending have started to take effect. The People’s Bank of China (PBoC) said aggregate financing in December reached CNY1.69tn, topping the CNY1.2tn Bloomberg median estimate. New local currency loans were CNY697.3bn, and M2 money supply grew 12.2% YoY. PBoC has been injecting liquidity and has cut one-year lending and borrowing interest rates for the first time in two years. Recent data indicate such efforts have begun to translate into a pick-up in lending. (Bloomberg) Regional  GDN: GCC may cut government spending programs – Gulf Daily News (GDN) reported that Gulf States may curtail their record government spending programs in their 2015 budgets, due to a 50% decline in crude prices. The International Monetary Fund (IMF) has stated that if low oil prices persist and the current fiscal policies continue unchanged, fiscal surpluses in some Gulf oil exporting nations may turn into deficits by as early as 2015. (Gulf-Base.com)  Saudi CMA approves Wasatah Capital’s offering of investment fund – The Saudi Capital Market Authority’s (CMA) Board of Commissioners has approved the “Wasatah IPO Fund" offer by Al Wasatah Al Maliah Company (Wasatah Capital). (Tadawul)  NCB posts net profit of SR1,825mn in 4Q2014 – National Commercial Bank (NCB) posted a 1.69% rise in 4Q2014 net profit to SR1,825mn. The rise in 4Q2014 net profit has been led by an increase in operating income, which gained 9.98% to SR4,035mn. The bank’s net profit for 2014 was SR8,655mn, a 10.2% YoY increase. EPS amounted to SR4.34 in 2014 as against SR3.94 in 2013. Loans & advances at the end of December stood at SR220.72bn, gaining 17.6% YoY, while customer deposits rose 10.8% YoY to SR333.1bn. (Tadawul)  SABB’s net profit falls 0.6% in 4Q2014 – Saudi British Bank (SABB) reported a 0.6% drop in 4Q2014 net profit to SR696mn because of rise in operating expenses. SABB's net profit for 2014 was SR4.27bn, reflecting an increase of 13% YoY, led by higher operating income. EPS amounted to SR4.27 in 2014 against SR3.77 in 2013. Loans & advances stood at SR115.22bn, while customer deposits amounted to SR145.87bn. (Tadawul)  Saudi Arabia plans to tax undeveloped land – Saudi Arabia’s Minister of Housing Dr. Shuwaish bin Saudi bin Duwaihi Al- Duwaihi said that the ministry is planning to tax undeveloped land. Much of the urban land in the Kingdom is owned by wealthy individuals or companies who prefer holding it as a store of value, or trading it for speculative profits, rather than developing it. (Bloomberg)  UAE banks bid for Citigroup’s Egypt unit – According to sources, Citigroup has received 10 bids for its consumer banking business in Egypt, with banks from the UAE prominent among potential purchasers. Emirates NBD and Mashreq are among those bidding for the business put up for sale by the US lender in October. The National Bank of Abu Dhabi and Abu Dhabi Islamic Bank have also bid for the operations. (GulfBase.com)  Oil price fall could delay Dana Gas’ payments from Egypt – UAE-based Dana Gas Company said the collapse in oil prices could delay its efforts to recover overdue receivables from Egypt. The country is behind on payments to oil & gas firms because its economy has been hit by political instability since the Arab uprising in 2011. The company had signed a deal with Egypt in September 2014 that would help it recover most of the money it was owed. The deal provided Dana Gas with additional condensate production that it could sell on the international market to raise money. The company still hoped to recover all its overdue receivables by mid-2018, which now totaled around $160mn. (Gulf-Base.com)  Flydubai lists $500mn Sukuk on Nasdaq Dubai – Nasdaq Dubai said flydubai listed its $500mn Sukuk on its exchange. This is the 18th Sukuk to have listed on Nasdaq Dubai since the beginning of 2014, supporting Dubai’s rapid expansion as the global capital of the Islamic Economy. The Emirate is one of the three largest venues in the world for Sukuk listings, with current nominal value on its two exchanges totaling $24.05bn. The Sukuk saw a geographic distribution of 64% to Middle East accounts, 25% cent to European accounts, 7% to Asia, and 4% to US offshore. (Gulf-Base.com)  Cayan Group to develop SR1.2bn property projects in Riyadh, Dubai – Cayan Group announced that it is developing mega property projects worth AED1.2bn in Riyadh and Dubai in 2015. The company recently purchased prime lands in the two cities for its premier ventures. A prime commercial plot was acquired along the King Fahed Road in Riyadh where a state-of-
  5. 5. Page 5 of 6 the-art office building will soon come up. The company also acquired two lands on Umm Suqeim Road for its planned upscale residential and hotel apartment towers. (Gulf-Base.com)  Emaar, Meraas unveil mid-market hotel brand – Dubai-based developers Emaar and Meraas have unveiled details of their new mid-market hotel brand, which will be rolled out across 10 locations in Dubai and the Gulf region by 2020. Rove Hotels, the hotels arm of Emaar Properties and Meraas Holding, aims to serve as tech-savvy, social and cultural hubs for international explorers. (Bloomberg)  Sale of Americana falters on price differences – According to sources, the sale of the Kuwaiti food company (Americana) is close to being put on hold, due to differences on price and a difficult environment for deal-making. Americana, which is backed by Kuwait’s billionaire Al-Kharafi family, operates franchises for chains including KFC and Pizza Hut. Private equity funds KKR and CVC were among the main contenders for the asset in a lengthy bidding process, which also saw interest from Saudi food producer Savola Group among others. (GulfBase.com)  NBO posts OMR50.3mn net profit in 2014 – The National Bank of Oman (NBO) posted a net profit of OMR50.3mn in 2014, showing an increase of 21% on a YoY basis. The bank’s total assets stood at OMR2,976.1mn at the end of December 2014 as against OMR2,896.3mn a year ago. Loans & advances stood at OMR2,316.8mn, while customer deposits amounted to OMR2,068.2mn. (MSM)  Mondelez to set up $90mn biscuit factory in Bahrain – Project Director of Mondelez International – Bahrain, Terry Denton signed a lease agreement with Bahrain’s Industry & Commerce Minister Zayed Al Zayani to set-up a new biscuit factory with an initial investment of $90mn. Under the agreement terms, 250,000 square meters of industrial land in the Salman Industrial City, Hidd, has been made available to the American multinational confectionery, food & beverage conglomerate. (GulfBase.com)  CBB Sukuk issue oversubscribed 270% – The Central Bank of Bahrain (CBB) said that its latest monthly issue of the short- term Islamic leasing bonds, Sukuk Al Ijara, has received subscription to the tune of 270%. The BHD20mn issue received subscriptions worth BHD54mn. The Sukuk has a maturity of 182 days and an expected return of 0.82%. (GulfBase.com)
  6. 6. Contacts Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025 sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment 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. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in part without permission from QNBFS COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg (*$ adjusted returns) 80.0 100.0 120.0 140.0 160.0 180.0 200.0 220.0 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 QSE Index S&P Pan Arab S&P GCC 0.7% (0.5%) 0.2% 0.3% 1.0% (0.1%) (0.0%) (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,228.70 (0.2) 0.5 3.7 MSCI World Index 1,665.38 (0.8) (1.1) (2.6) Silver/Ounce 16.85 (1.2) 2.1 7.3 DJ Industrial 17,427.09 (1.1) (1.7) (2.2) Crude Oil (Brent)/Barrel (FM Future) 48.69 4.5 (2.8) (15.1) S&P 500 2,011.27 (0.6) (1.6) (2.3) Crude Oil (WTI)/Barrel (FM Future) 48.48 5.6 0.2 (9.0) NASDAQ 100 4,639.32 (0.5) (1.4) (2.0) Natural Gas (Henry Hub)/MMBtu 3.13 8.4 6.1 4.6 STOXX 600 339.67 (1.5) 0.2 (3.4) LPG Propane (Arab Gulf)/Ton 47.00 3.0 3.9 (4.1) DAX 9,817.08 (1.2) 1.4 (2.9) LPG Butane (Arab Gulf)/Ton 72.00 10.8 14.7 14.7 FTSE 100 6,388.46 (2.0) (1.2) (5.0) Euro 1.18 0.1 (0.4) (2.6) CAC 40 4,223.24 (1.5) 0.7 (3.7) Yen 117.33 (0.5) (1.0) (2.0) Nikkei 16,795.96 (0.9) (1.1) (1.8) GBP 1.52 0.5 0.5 (2.2) MSCI EM 955.73 (0.4) (0.6) (0.1) CHF 0.98 0.1 (0.4) (2.4) SHANGHAI SE Composite 3,222.44 (0.3) (1.8) (0.3) AUD 0.82 (0.2) (0.7) (0.3) HANG SENG 24,112.60 (0.4) 0.8 2.1 USD Index 92.16 (0.2) 0.2 2.1 BSE SENSEX 27,346.82 (0.6) (0.5) 1.2 RUB 64.65 (0.9) 4.2 6.4 Bovespa 47,645.87 (0.2) (1.5) (3.5) BRL 0.38 1.0 0.8 1.3 RTS 743.06 0.7 (5.1) (6.0) 170.7 134.0 122.8

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