15 January Daily market report

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15 January Daily market report

  1. 1. QE Intra-Day Movement Market Indicators 11,100 11,050 11,000 10,950 9:30 15 Jan 14 588.5 583,296.5 11.5 5,891 40 21:11 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth Market Indices 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.2% to close at 11,076.0. Gains were led by the Insurance and Real Estate indices, gaining 1.4% and 1.1% respectively. Top gainers were Qatar German Co. for Med. Dev. and Qatar Islamic Insurance, rising 3.3% and 2.9% respectively. Among the top losers, QNB Group fell 2.0%, while Qatari Investors Group declined 1.7%. 1D% WTD% YTD% TTM P/E 0.2 0.0 (0.7) 0.4 0.8 1.1 1.4 1.1 0.1 0.3 1.9 1.7 1.8 2.6 1.3 1.6 1.8 0.0 (0.2) 1.5 6.7 5.7 6.4 5.9 6.3 4.6 5.9 4.6 2.0 6.4 N/A 13.8 13.5 13.5 13.4 14.0 10.1 20.7 23.0 16.8 Exchange Saudi Arabia: The TASI index rose 0.6% to close at 8,745.3. Gains were led by the Telecom. & Inf. Tech. and Agri. & Food Ind. indices, rising 2.1% and 1.2%. Atheeb Telecom rose 9.7%, while Mouwasat Med. Ser. was up 2.9%. Atheeb Telecom Saudi Arabia Arabtec Holding Co. Dubai: The DFM index gained 0.3% to close at 3,579.6. The Services index rose 2.0%, while the Real Estate & Construction index was up 1.0%. Arabtec Holding gained 5.2%, while National Central Cooling Co. was up 2.0%. Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,464.6. The Real Estate index gained 2.4%, while the Services index was up 2.2%. RAPCO surged 14.7%, while Nat. Corp. for Tourism & Hotels gained 14.4%. Al Mouwasat Med. Ser. GCC Top Losers Exchange Kuwait: The KSE index gained 0.6% to close at 7,665.1. The Oil & Gas index rose 1.5%, while the Real Estate index was up 1.2%. Investors holding group Co. gained 9.4%, while Housing Finance Co. was up 8.1%. Gulf Pharma. Industry Oman: The MSM index rose 0.3% to close at 7,156.2. Gains were led by the Financial and Services indices, gaining 0.3% and 0.2% respectively. Oman Chlorine rose 7.4%, while Oman & Emirates Investment was up 5.9%. Qatar German Co. for Med. Dev. Close* 1D% Vol. ‘000 YTD% 14.41 3.3 462.4 4.0 Qatar Islamic Insurance 64.00 2.9 213.1 Al Khaleej Takaful Group 39.10 2.6 27.2 10.5 7.1 Qatar International Islamic Bank 70.30 2.3 186.3 13.9 Qatar Insurance Co. 72.40 1.7 70.2 8.9 (8.4) (0.1) (0.5) 4.5 (2.4) – 15,825.03 2,735.68 2,599.98 3,707.57 1,975.69 2,042.27 2,475.13 1,521.38 6,066.41 3,229.56 GCC Top Gainers## Qatar Exchange Top Gainers %Chg. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index GCC Commentary Bahrain: The BHB index gained 0.3% to close at 1,272.9. The Insurance index rose 2.0%, while the Industrial index was up 0.9%. Arab Insurance Group gained 9.1%, while Gulf Finance House was up 5.3%. 14 Jan 14 642.3 583,667.2 11.5 5,640 41 12:23 Close# 1D% 15.85 9.7 34,496.6 10.1 Dubai 3.25 5.2 157,705.5 13.2 Abu Dhabi Islamic Bank Abu Dhabi 6.65 3.9 4,263.8 14.7 Aldar Properties Abu Dhabi 3.00 3.1 174,203.9 8.7 88.00 2.9 346.8 (4.3) ## Saudi Arabia Vol. ‘000 YTD% # 1D% Abu Dhabi 3.25 (5.5) 230.0 (0.6) IFA Hotels & Resorts Kuwait 0.26 (3.7) 10.0 (8.8) Dana Gas Abu Dhabi 0.94 (3.1) 118,901.9 3.3 Agility Public War. Co. Kuwait 0.68 (2.9) 3,713.3 (1.4) MEDGULF Saudi Arabia 32.00 (2.7) 537.0 (8.3) Close Vol. ‘000 YTD% Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 QNB Group 178.00 (2.0) 927.7 3.5 Qatari Investors Group 49.95 (1.7) 352.6 14.3 Qatar & Oman Investment Co. 12.87 (1.0) 77.8 2.8 Al Khaliji 21.25 (0.9) 253.5 6.3 Doha Insurance Co. 27.00 (0.7) 3.5 8.0 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% QNB Group 178.00 (2.0) 165,295.9 3.5 Industries Qatar 179.50 0.8 57,756.6 6.3 YTD% Close* 1D% Vol. ‘000 YTD% Barwa Real Estate Co. 31.45 1.5 1,666.2 5.5 Masraf Al Rayan 34.80 0.0 1,332.7 11.2 Qatar Gas Transport Co. 21.15 1.4 1,028.2 4.4 Barwa Real Estate Co. 31.45 1.5 52,114.1 5.5 Mazaya Qatar Real Estate Dev. 11.89 0.8 1,022.3 6.4 Masraf Al Rayan 34.80 0.0 46,479.6 11.2 United Development Co. 23.25 0.6 994.9 2.8 United Development Co. 23.25 0.6 23,187.6 2.8 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Close 1D% WTD% MTD% YTD% 11,075.98 3,579.59 4,464.60 8,745.28 7,665.14 7,156.15 1,272.87 0.2 0.3 0.5 0.6 0.6 0.3 0.3 1.9 2.1 1.1 0.8 (0.0) (0.0) 0.7 6.7 6.2 4.1 2.5 1.5 4.7 1.9 6.7 6.2 4.1 2.5 1.5 4.7 1.9 Exch. Val. Traded ($ mn) 266.16 717.73 359.22 1,961.38 178.64 34.52 1.59 Exchange Mkt. Cap. ($ mn) 160,173.2 73,757.9 126,871.0 480,888.3 110,000.2 25,444.8# 50,652.5 P/E** P/B** 14.1 21.1 12.5 17.8 17.0 11.2 8.3 1.9 1.4 1.5 2.2 1.2 1.7 0.9 Dividend Yield 4.1 2.5 4.0 3.4 3.7 3.6 3.8 # Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as of Jan. 13, 2014) Page 1 of 6
  2. 2. Qatar Market Commentary  The QE index rose 0.2% to close at 11,076.0. The Insurance and Real Estate indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Qatar German Co. for Med. Dev. and Qatar Islamic Insurance were the top gainers, rising 3.3% and 2.9% respectively. Among the top losers, QNB Group fell 2.0%, while Qatari Investors Group declined 1.7%. Overall Activity Buy %* Sell %* Net (QR) Qatari 43.82% 76.38% (191,644,552.32) Non-Qatari 56.18% 23.62% 191,644,552.32 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Wednesday fell by 0.5% to 11.5mn from 11.5mn on Tuesday. However, as compared to the 30-day moving average of 11.3mn, volume for the day was 1.8% higher. Barwa Real Estate Co. and Masraf Al Rayan were the most active stocks, contributing 14.5% and 11.6% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Mumtalakat Holding Co. (Mumtalakat) Agency Bahrain Market Fitch Type* Old Rating New Rating BBB/F3/BBB/B BB LT IDR/ ST IDR/ Senior unsecured rating/ Mumtalakat's USD750mn 5% notes, due June 30, 2015, and MYR300M Sukuk, due October 3, 2017 Rating Change BBB/F3/BBB/ BBB Outlook Outlook Change Stable Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency) Earnings Releases Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY SR – – 1,992.0 5.6% 2,039.0 8.6% Saudi Arabia SR – – 24.3 -0.8% 24.5 3.4% Saudi Arabia SR – – 26.2 -24.8% 36.9 20.1% Saudi Arabia SR – – 10.9 -28.5% 11.8 -15.6% Saudi Arabia SR – – 35.4 103.3% 31.3 52.3% Saudi Arabia SR – – 2.8 -20.0% 7.0 75.0% Saudi Arabia SR – – 73.6 0.4% 73.3 10.9% Saudi Arabia Company SR – – 28.8 NA 28.9 NA Market Currency Etihad Etisalat Co. Saudi Vitrified Clay Pipes Co. (SVCP) Saudi Hotels & Resort Areas Co. (SHARِACO) Saudi Steel Pipe Co. (SSP) Al Khaleej Training & Education Co. Saudi Industrial Development Co. (SIDC) Saudi Ceramic Co. Saudi Arabia Hail Cement Co. Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 01/15 US Bureau of Labor Stat. PPI MoM December 0.40% 0.40% -0.10% 01/15 US Bureau of Labor Stat. PPI YoY December 1.20% 1.10% 0.70% 01/15 Germany Destatis GDP NSA YoY 5-July 0.40% 0.50% 0.70% 01/15 Spain INE CPI MoM December 0.10% 0.00% 0.20% 01/15 Spain INE CPI YoY December 0.30% 0.20% 0.20% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QE best performer among Arab stock markets since 2009 – The Qatar Exchange (QE) has posted the strongest recovery among all the Arab stock markets since March 2009, recording a surge of 139.39% in its index during 2009-2013. QE is followed by the Dubai Financial Market with an increase of 117.59%, the Saudi stock exchange (93.35%), the Egyptian Exchange (85.96%), the Abu Dhabi Securities Market (75.25%), and the Kuwait Stock Exchange (18.12%). During the 2009-2013 period, the QE Total Return index increased by 206.94% and QE Al Rayyan Islamic Index rose by 267.97% (both including dividends). Furthermore, QE’s main benchmark QE Index rose by 24.17% in 2013, while the QE Al Rayyan Islamic Index rose by 22%. The market capitalization of all shares traded in QE reached QR555.6bn at the end of 2013 as against QR459.9bn at the end of 2012, while the total value of shares traded during 2013 rose 6% to reach QR74.9bn versus QR70.7bn during 2012. (QE)  ABQK posted a net profit of QR112.1mn in 4Q2013 – Al Ahli Bank (ABQK) reported a decline of 21.5% QoQ to QR112.1mn Page 2 of 6
  3. 3. in its net profit in 4Q2013. Net profit for 2013 rose by 13% YoY to QR525.7mn. Net interest income was up by 2.6% QoQ to QR183.7mn in 4Q2013, while it increased by 27.8% YoY to QR685.4mn in 2013. EPS amounted to QR4.14 in 2013 as compared to QR3.88 in 2012. Total assets stood at QR26.2bn as at December 31, 2013, reflecting an increase of 27.0% YoY. Loans & advances rose by 23.5% YoY to QR17.3bn, while customer deposits were up by 35.4% YoY to QR18.9bn. Meanwhile, the bank’s board of directors has approved the budget and recommended the distribution of bonus shares 30% from its capital shares on December 31, 2013 subject to the approval of QCB and the general assembly meeting. Furthermore, the board has decided to open a nomination to the Qatari Shareholders to elect six members to the board of directors for a period of three years (2014-2016). The AGM of Ahlibank is determined on February 25, 2014. In case no quorum, the second meeting will be on March 4, 2014. (QE)  IHGS’ net profit declines 22.6% QoQ – The Islamic Holding Group (IHGS) has reported a net profit of QR2.0mn in 4Q2013, reflecting a fall of 22.6% QoQ. However, net profit for the entire 2013 amounted to QR9.0mn, rising 49.4% YoY. Net brokerage & commission income rose by 30.5% QoQ to reach QR4.5mn in 4Q2013, while it was up by 6% YoY to QR13.6mn in 2013. EPS amounted to QR2.26 in 2013 as compared to QR1.51 in 2012. Meanwhile, IHGS’ board has recommended distributing cash dividends of 17% of the paid-up capital of shares (by QR1.7 per share) to its shareholders. (QE)  Qatari real estate prices at new record – The Qatar Central Bank’s (QCB) annual update of the 2013 Real Estate Price Index indicates that property prices in the country are heading for a record high. The update shows that the index, which tracks price movements of the country’s real estate market, has touched 189.8 in December 2013, up by 20.7% YoY. (Peninsula Qatar)  Hamad Airport to open in phases from mid-2014 – The New Doha International Airport’s (NDIA) Steering Committee’s Chairman Abdul Aziz Mohamed al-Noaimi said the Hamad International Airport (HIA) is nearly complete and remains on track for a phased opening by mid-2014. Al-Noaimi also said that HIA will have greater capacity on its opening day than initially envisioned. Due to increased transit growth in Qatar and the region in the past few years, these modifications were necessary to deliver an airport with a capacity of 30mn on opening day. (Gulf-Times.com, Peninsula Qatar)  Katara to build luxury residential units – Katara, the Cultural Village Foundation, is set to launch a project dubbed “Katara Hills” that comprises 383 luxury residential units. These will be constructed on the hills of both sides of Katara to reflect luxurious and distinctive designs. Some 133 of these units would be villas of 4-9 bedrooms each, and the other 250 are apartments of two, three and four bedrooms each. (GulfTimes.com)  Dolphin Energy, Gasal Qatar sign nitrogen supply deal – Dolphin Energy has signed a long-term agreement with Gasal Qatar to supply the required quantities of nitrogen (N2), up to a cumulative instantaneous flow rate of 10,000 normal cubic meters an hour. The 15-year agreement will be effective two years after signing the contract. Both Dolphin and Gasal will provide necessary infrastructure, modifications and miscellaneous works. (Gulf-Time.com)  QFLS holds its AGM on March 4 – The Qatar Fuel Company’s (QFLS) ordinary general assembly meeting (AGM) is scheduled to be held on March 4, 2014. In the absence of a quorum, the alternative meeting date will be on March 18, 2014. (QE)  QIMD’s BoD to meet on February 10 – The Qatar Industrial Manufacturing Company’s (QIMD) board of directors will meet on February 10, 2014 to discuss its financial results ending on December 31, 2013. (QE) International  Britain: Reform EU or lose us as member – Britain told its European Union partners the EU's treaties were not fit for purpose and there must be reform or it would quit the bloc. Britain's Finance Minister George Osborne said EU treaties have to be changed to protect member states like his own that don't use the euro. Howeve, these comments – which are part of the Eurosceptic outlook of Conservatives in Britain's coalition government – are unlikely to be embraced by integrationists in Brussels, who want Britain to remain in the bloc but have become irritated by its demands for change. Jose Manuel Barroso, the European Commission’s President accused countries like Britain that have questioned the bloc's freedom of movement rules of having a narrow, chauvinistic idea of protecting their interests. (Reuters)  ECB to favor 6% capital requirement in stress test – According to sources, the European Central Bank (ECB) favors requiring banks to show their capital won’t fall below 6 percent of their assets when it puts them through a simulated recession later this year. A majority of policy makers and technical officials have reached consensus on the benchmark for the ECB’s stress test. The threshold must still be agreed on with the European Banking Authority that coordinates the exams, and a small number of countries wanting an easier benchmark may press for a compromise lower than 6%. (Bloomberg)  Lagarde urges policy makers to fight deflation decisively – The International Monetary Fund Managing Director Christine Lagarde has urged policy makers in advanced economies to fight risks of deflation that would threaten a global recovery she called “feeble.” Lagarde said momentum in the second half of last year should strengthen in 2014 as developed economies gain pace. While the fund is planning to raise its forecast for the global economic expansion on January 21, it remains below potential of about 4%. (Bloomberg)  China says 2014 trade growth may lag last year's rate – The Chinese Ministry of Commerce stated that growth in China's exports and imports may be volatile in the first three months of 2014, but the government is cautiously optimistic about the outlook for the entire 2014. Shen Danyang, the ministry’s spokesperson also noted that it may be difficult for growth in China's trade sector this year to exceed last year’s growth. China's exports grew 7.9% during 2013 compared with the previous year, while imports rose 7.3%, missing an official growth target of 8%. (ET) Regional  JLL: Hospitality assets to retain appeal to Mideast SWFs – According to Jones Lang LaSalle (JLL), hospitality assets across the globe are expected to remain an appealing class for the Middle Eastern sovereign wealth funds (SWFs) and high networth individuals (HNWIs). JLL’s Head of International Capital Group in the Middle East Fadi Moussalli said that Middle Eastern investors were significant contributors to global crossborder capital flows in 2013 and were ranked third behind the US and Asian investors. JLL found that transaction volumes of hotels acquired globally by the Middle Eastern SWFs and ultra HNWIs picked up in 2013. JLL said improving economic conditions and enhanced liquidity pushed global commercial real estate investment volumes to $183bn in 4Q2013, helping to drive full-year volumes to reach $549bn, an increase of 18% Page 3 of 6
  4. 4. over the previous year. JLL forecasts that these investment volumes are set to break the $600bn mark at $625bn in 2014, a 14% YoY growth. (Gulf-Times.com)  E&Y: MENA IPOs to remain strong – According to a report by Ernst & Young (E&Y), the IPOs in the MENA region are likely to remain strong this year due to better market fundamentals. E&Y MENA’s Transaction Advisory Services Leader Phil Gandier said there is a strong pipeline of good quality businesses preparing for an IPO over the coming nine months. Gandier said that since it takes 12 to 18 months for companies to get ready to float and there is plenty of preparatory work under way. If macroeconomic conditions in the region continue to improve, the next 18 months will be quite hectic. The report showed that following a strong uptick in listings in 4Q2013, seven IPOs worth $726.2mn were recorded in the MENA region with a 133% increase in terms of volume and 114% in terms of value as compared to 4Q2012. So 4Q2013 registered the highest value of IPOs since 2008. (Gulf-Times.com)  SFG reports SR1bn in net profit in 4Q2013 – Samba Financial Group (SFG) has reported a net profit of SR1bn in 4Q2013, reflecting a decline of 14.1% QoQ (+15.8% YoY). EPS stood at SR5.01 for the period ended on December 31, 2013 as compared to SR4.81 on December 31, 2012. Total assets at the end of December 2013 stood at SR205bn as compared to SR197.1bn in December 2012. Loans & advances rose by 10.6% YoY to SR113.5bn, while customer deposits were up by 6.5% YoY to SR158.3bn. (Tadawul)  First Saudi diesel cargo set for Europe in January – Diesel from the new Jubail refinery in Saudi Arabia will head to Europe for the first time in January 2014, building pressure on European refineries already battered by huge imports and poor margins. According to sources, Saudi Aramco is set to ship the first cargo of diesel out of the 400,000 barrels per day (bpd) refinery – a JV with France's Total – to the Mediterranean coast for January 23 loading. The 80,000 tons cargo on board the Pacific Sky tanker is likely go to France. European refineries have come under massive pressure in recent months amid weak domestic demand, while imports of cheaper diesel from the US, Russia and Asia reached record levels since September. (GulfBase.com)  Bahri Dry Bulk receives Bahri Grain vessel – The National Shipping Company of Saudi Arabia (Bahri) stated that its subsidiary Bahri Dry Bulk has received a dry bulk vessel named Bahri Grain. This is the second vessel delivered among the five vessels that were contracted in 2012. These vessels have a capacity of 82,000 dwt and length of 229 meters, which consume less fuel and are eco-friendly. The financial impact of the delivered vessel will materialize during 1Q2014. There are three vessels remaining under construction that are expected to be delivered in 1H2014. (Tadawul)  Al Khodari Sons wins SR313.2mn hospital contract in Rass – Abdullah A. M. Al Khodari Sons Company has received the award letter from the Ministry of Health for the construction of a 200-bed maternity and pediatrics hospital in Rass. The contract valued at SR313.2mn is for a period of 36 months from the date of site handing over. (Tadawul)  New AFICO factory opened in Dammam – The Governor of the Eastern Province HRH Prince Saud bin Naif bin Abdulaziz has inaugurated the new Arabian Fiberglass Insulation Co. (AFICO) factory in Dammam’s Second Industrial City. AFICO is a member company of the Gulf Insulation Group, a sector business of Zamil Industrial Investment Co. Gulf Insulation Group’s Chairman Khalid Abdullah Al Zamil said that the new factory has an installed capacity of 24,000mt, increasing the company’s total manufacturing capacity to 37,000mt per annum. The additional production capacity will also enable AFICO to introduce energy-efficient, environmentally friendly fiberglass insulation products to the marketplace. (GulfBase.com)  Etihad Etisalat declares SR962.5mn dividends for 4Q2013 – Etihad Etisalat Company’s board of directors has recommended the distribution of dividends worth SR962.5mn (SR1.25 per share), representing 12.5% of the face value for 4Q2013. Those shareholders who are registered in the Securities Depository Center on the day of the general assembly meeting (date to be announced) will be eligible for these dividends. (Tadawul)  Etisalat hires adviser for tower sale in Nigeria – According to sources, Etisalat has hired the Standard Bank as an adviser for the planned sale of transmitter towers of its Nigerian affiliate. Etisalat Nigeria is considering a sale of its towers in a deal that could raise about $400mn. (Peninsula Qatar)  SAICO increases its technical reserve for FY2013 – The Saudi Arabian Cooperative Insurance Company (SAICO) has assigned an additional technical reserve of SR16.6mn. This reserve is based on the independent actuary study in accordance with SAMA’s implementation regulations for insurance companies. Consequently, this additional reserve will impact negatively on the company's financial statements for 4Q2013. (Tadawul)  Emaar to launch Vida Residence Downtown Dubai in several cities on January 18 – Emaar Properties has launched its second serviced residence project under the upscale hotel concept Vida brand in Downtown Dubai. Emaar’s Vida Residence Downtown Dubai project features 320 units, including 1-4 bedroom serviced apartments. The 57-storey serviced residence will be linked directly to Vida Downtown Dubai via an air-conditioned glass bridge, giving residents seamless access to the hotel. Emaar will launch Vida Residence Downtown Dubai serviced residences in several cities on January 18, 2014, including Dubai, Abu Dhabi, London, and Baku, along with a dedicated showcase in Riyadh. (GulfBase.com)  Deyaar sells 50% stake in Turkish JV – Deyaar Development announced the sale of its 50% stake in a JV in Turkey. The company said that the interest in Alarko Deyaar Gayrimenkul Gelistirme has been sold to JV partner Alsim Alarko, a subsidiary of Alarko Holding. Deyaar confirmed that the decision was a strategic move in a bid to shift its focus toward opportunities in Dubai and the sale proceeds will be reinvested in the developer’s Dubai project pipeline. (DFM)  Mubadala awards EPCIC contract for Nong Yao development deal – Mubadala Petroleum has announced that the Engineering, Procurement, Construction, Installation & Commissioning (EPCIC) contract for the Nong Yao oilfield development in Block G11/48 in the Gulf of Thailand has been awarded to Nippon Steel & Sumikin Engineering (NSSE). Work has commenced at a fabrication yard near Bangkok and is expected to be completed by early 2015. The Nong Yao oil field development was sanctioned by Mubadala Petroleum and its partner KrisEnergy in August 2013, which consists of a wellhead platform with interconnecting pipelines to a floating storage and offloading vessel. These facilities will be capable of producing up to 15,000 bpd by mid-2015. (GulfBase.com)  Aldar offers freehold property to investors at Abu Dhabi Investment zones – Aldar Properties will begin offering freehold title deeds to all investors at Abu Dhabi investment zones, taking a major step in the development of the emirate's real estate market. In line with this, the Abu Dhabi City Municipality registered Musataha contracts (land development contracts) for Page 4 of 6
  5. 5. Aldar’s residential units located within these investment zones. According to sources, these units will be registered under the freehold law of Abu Dhabi, and property ownership deeds will be issued accordingly. (GulfBase.com)  ONGC offers stake to KPC in Indian projects – India-based ONGC has signed a partnership deal with Kuwait Petroleum Corp (KPC) in two upcoming projects – OMPL and OPaL – by offering 26% stake in each. ONGC Mangalore Petrochemicals Limited (OMPL) is promoted by ONGC and the Mangalore Refinery & Petrochemicals Ltd, both holding a total equity of 49%. The Aromatic Complex is being set up in 442 acres of land acquired in Mangalore with a project cost estimate of 5,750 crore Indian rupee to produce 0.9mtpa of paraxylene and 0.3mtpa of benzene. Aggregate demand for petrochemicals in India is likely to increase from 35mmt in 2012 to 42mmt in 2014. (GulfBase.com)  Bank of Muscat’s net profit rises 9.3% YoY in 2013 – The Bank of Muscat has reported a net profit of OMR152.2mn in 2013, reflecting an increase 9.3% YoY. Net interest income from conventional banking activities and Islamic financing stood at OMR235.3mn in 2013 as compared to OMR230.4mn in 2012. Net loans & Islamic financing increased by 9.7% to OMR6,143mn as on December 31, 2013 against OMR5,601mn as on December 31, 2012, while customer deposits increased by 5.9% to OMR5,693mn as against OMR5,378mn. (MSM)  Omran signs MoU for Omantel’s new headquarters – The Oman Tourism Development Company (Omran) has signed a memorandum of understanding (MoU) with the Oman Telecommunications Company (Omantel) to construct Omantel’s new headquarters at the Oman Convention & Exhibition Centre precinct in Seeb. The MoU appoints Omran as the master developer for the entire project that would assign responsibilities for procuring the necessary design, contracting consultancies and providing management services during construction. Omantel’s headquarters will comprise approximately 40,000 square meters of built-up area along with parking for around 1,200 vehicles. (GulfBase.com)  Bahrain plans LNG plant; increased output of Bahrain Oil Field – Government officials stated that Bahrain is planning to build a liquefied natural gas (LNG) plant, adding that the National Oil & Gas Authority has already conducted feasibility studies for the project. Finance Minister and the Minister in Charge of Oil & Gas Affairs Shaikh Ahmed bin Mohammed Al Khalifa unveiled the scheme during the 11th International Oil & Gas Conference in New Delhi, India. The minister also outlined ongoing plans to enhance the output of the Bahrain Oil Field. (GulfBase.com)  Alba breaks all time record on sales – Aluminium Bahrain (Alba) has been able to deliver a recoding breaking performance in 2013, with its sales rising by 3.3% YoY to 919,722 metric tons (mt) ahead of Alba’s own forecast for the period. Alba’s production figures were also up by 2.5% YoY to reach 912,700mt versus 890,217mt for 2012. For 4Q2013, sales figures went up to 237,534mt, a 5.2% YoY rise versus 225,740mt in 4Q2012, production figures increased by 2,912mt to reach 229,916mt. In addition, Alba closed value-added sales for 2013 with an average of 66% versus 65% in 2012. (Bahrain Bourse) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 0.6% 0.6% 0.5% 0.4% 0.3% 0.2% 126.0 0.3% 0.3% Bahrain 138.7 QE Index Oct-12 May-13 S&P Pan Arab Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro 1D% WTD% YTD% 16,481.94 0.7 0.3 (0.6) S&P 500 1,848.38 0.5 0.3 0.0 NASDAQ 100 4,214.88 0.8 1.0 0.9 334.51 1.0 1.4 1.9 DAX 9,733.81 2.0 2.8 1.9 FTSE 100 6,819.86 0.8 1.2 1.0 4,332.07 1.4 1.9 0.8 15,808.73 2.5 (0.6) (3.0) S&P GCC Source: Bloomberg Asset/Currency Performance Close Dec-13 Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance 1,241.86 (0.3) (0.5) 3.0 DJ Industrial 20.20 (0.3) 0.2 3.7 107.13 0.7 (0.1) (3.3) 4.44 1.9 12.3 2.2 STOXX 600 128.25 2.0 0.2 1.4 140.75 1.6 3.9 3.7 1.36 (0.5) (0.5) (1.0) CAC 40 104.56 0.3 0.4 (0.7) Nikkei GBP 1.64 (0.4) (0.7) (1.1) MSCI EM CHF 1.10 (0.7) (0.7) (1.7) SHANGHAI SE Composite AUD 0.89 (0.6) (0.9) (0.0) USD Index 81.03 0.5 0.5 RUB 33.37 0.2 0.9 BRL 0.42 (0.1) 0.5 0.3 Yen Dubai Mar-12 Abu Dhabi Aug-11 Qatar Jan-11 Oman 0.0% Kuwait 0.2% Saudi Arabia Jun-10 0.6% 159.2 977.87 0.3 0.8 (2.5) 2,023.35 (0.2) 0.5 (4.4) HANG SENG 22,902.00 0.5 0.2 (1.7) 1.2 BSE SENSEX 21,289.49 1.2 2.6 0.6 1.5 Bovespa 50,105.37 0.8 0.8 (2.7) 1,401.78 0.9 0.4 (2.8) Source: Bloomberg 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 6 of 6

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