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QE Intra-Day Movement

Market Indicators




16 Feb 14


Qatar Market Commentary
 The QE index rose 1.5% to close at 11,724.2. The Industrials
and Telecoms indices led the gains....
to 2018. The plan includes completing the construction of all its
current projects, including a 2.0mn MTPA integrated stee...
 TAI declares SR17.5mn dividend for 2013 – Takween
Advanced Industries’ (TAI) board of directors has recommended
recommended a cash dividend of 50 fils per share (of which 20
fils per share was already distributed as interim dividend) ...
Rebased Performance

Daily Index Performance



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17 February Daily market report


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17 February Daily market report

  1. 1. QE Intra-Day Movement Market Indicators 11,800 11,750 11,700 11,650 11,600 16 Feb 14 %Chg. 1,030.8 614,276.8 16.0 7,486 38 20:14 778.6 604,679.4 19.6 6,729 38 25:11 32.4 1.6 (18.3) 11.2 0.0 – Market Indices 11,550 11,500 9:30 17 Feb 14 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 1.5% to close at 11,724.2. Gains were led by the Industrials and Telecoms indices, gaining 4.5% and 2.0% respectively. Top gainers were Industries Qatar and Qatar Navigation, rising 7.4% and 3.5% respectively. Among the top losers, Gulf Warehousing Co. fell 5.2%, while Islamic Holding Group declined 1.9%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 16,846.89 2,912.09 2,802.86 3,912.23 2,035.97 2,028.00 2,739.06 1,624.64 6,587.34 3,362.32 1.5 1.4 (0.2) 4.5 1.8 (0.1) 0.2 2.0 0.5 1.1 1.8 1.7 (0.4) 5.2 2.1 2.1 0.2 2.3 1.4 2.1 13.6 12.5 14.7 11.8 9.6 3.8 17.2 11.8 10.7 10.7 N/A 14.0 14.3 14.4 13.8 13.9 6.3 21.9 25.1 17.3 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 Saudi Arabia: The TASI index declined 0.3% to close at 8,939.9. Losses were led by the Agri. & Food Industries and Industrial Inv. indices, falling 1.0% and 0.9% respectively. SPIMACO and Saudi Vitrified Clay Pipes fell 2.6% each. Nat. Bank of Fujairah Abu Dhabi 4.11 25.7 3,390.0 (13.5) Industries Qatar Qatar 193.10 7.4 1,921.9 14.3 Dubai: The DFM index gained 0.8% to close at 4,224.0. The Services index rose 1.7%, while the Banking index was up 1.5%. Al Salam Bank - Bahrain surged 15.0%, while GGICO was up 7.9%. Investbank Abu Dhabi Saudi Enaya Coop. Ins. Saudi Arabia Abu Dhabi: The ADX benchmark index declined 0.2% to close at 4,880.0. The Banking index fell 0.6%, while the Consumer Staples index was down 0.4%. Finance House fell 8.1%, while National Takaful Co declined 7.6%. Al Baraka Group Bahrain GCC Top Losers Exchange Kuwait: The KSE index fell 0.5% to close at 7,793.7. The Technology index declined 2.1%, while the Insurance index was down 1.7%. Al-Safat Tec Holding Co. fell 7.4%, while Kuwait Insurance Co. was down 6.5%. Gulf Warehousing Co Qatar Sharjah Islamic Bank Abu Dhabi Oman: The MSM index declined 0.4% to close at 7,151.4. Losses were led by the Industrial and Services indices, falling 0.3% each. United Power declined 7.5%, while National Aluminium Products was down 4.5%. SPIMACO Ithmaar Bank Nat. Mobile Telecomm. Bahrain: The BHB index gained 0.7% to close at 1,332.6. The Commercial Banking index rose 1.0%, while the Investment index was up 0.7%. Al Salam Bank gained 9.8%, while Al Baraka Banking Group was up 3.5%. ## YTD% 3.45 5.8 311.5 28.3 36.80 4.0 1,245.8 (8.7) 0.89 3.5 77.3 19.6 # Close 1D% Vol. ‘000 YTD% 39.80 (5.2) 4.2 (4.1) 2.03 (2.9) 2,534.6 31.8 Saudi Arabia 65.50 (2.6) 370.0 0.8 Bahrain Brse 0.22 (2.2) 899.6 (4.3) Kuwait 1.82 (2.2) 4.4 3.4 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 Gainers Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% Industries Qatar 193.10 7.4 1,921.9 14.3 Gulf Warehousing Co. 39.80 (5.2) 4.2 (4.1) 43.95 (1.9) 18.6 (4.5) Qatar Exchange Top Losers 95.10 3.5 400.3 14.6 Islamic Holding Group 158.00 3.2 189.6 18.5 Masraf Al Rayan 39.00 (1.6) 904.6 24.6 62.10 3.2 797.0 18.3 Aamal Co. 14.84 (1.1) 18.3 (1.1) Qatar Electricity & Water Co. 191.20 2.6 230.8 5.1 Ezdan Holding Group 16.72 (0.9) 22.1 (1.6) Qatar Exchange Top Vol. Trades Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 193.10 7.4 373,499.9 14.3 31.50 0.0 68,760.4 5.7 152.10 2.4 67,590.5 10.9 Qatar Navigation Al Meera Consumer Goods Co. Medicare Group Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 12.53 (0.2) 3,121.6 17.0 Barwa Real Estate Co. 31.50 0.0 2,170.3 5.7 Industries Qatar 193.10 7.4 1,921.9 14.3 Ooredoo Masraf Al Rayan 39.00 (1.6) 904.6 24.6 Commercial Bank of Qatar 74.10 0.4 52,656.3 4.7 Medicare Group 62.10 3.2 797.0 18.3 Medicare Group 62.10 3.2 48,793.1 18.3 Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Barwa Real Estate Co. Close 1D% WTD% MTD% YTD% 11,724.20 4,224.01 4,880.00 8,939.88 7,793.69 7,151.35 1,332.63 1.5 0.8 (0.2) (0.3) (0.5) (0.4) 0.7 1.8 3.1 (0.3) 0.1 (0.6) (0.3) 1.1 5.1 12.0 4.4 2.0 0.5 0.9 3.0 13.0 25.3 13.7 4.7 3.2 4.6 6.7 Exch. Val. Traded ($ mn) 310.64 680.02 205.38 1,654.58 110.70 30.66 7.87 Exchange Mkt. Cap. ($ mn) 168,680.4 84,148.1 135,228.2 488,999.1 112,885.3 25,570.4 51,107.4 P/E** P/B** 14.9 17.8 13.2 17.9 16.3 11.0 9.2 2.0 1.6 1.7 2.2 1.2 1.6 0.9 Dividend Yield 4.0 1.9 3.7 3.3 3.7 3.6 3.6 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6
  2. 2. Qatar Market Commentary  The QE index rose 1.5% to close at 11,724.2. The Industrials and Telecoms indices led the gains. The index declined on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 70.78% 70.17% 6,206,505.02 Non-Qatari  Industries Qatar and Qatar Navigation were the top gainers, rising 7.4% and 3.5% respectively. Among the top losers, Gulf Warehousing Co. fell 5.2%, while Islamic Holding Group declined 1.9%. Buy %* 29.22% 29.82% (6,206,505.02) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Monday fell by 18.3% to 16.0mn from 19.6mn on Sunday. However, as compared to the 30-day moving average of 12.1mn, volume for the day was 32.2% higher. Vodafone Qatar and Barwa Real Estate Co. were the most active stocks, contributing 19.5% and 13.6% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Emaar Properties (Emaar) Moody's Dubai Type* Old Rating Rating Change Outlook Outlook Change Ba3/Ba3 CFR/PDR New Rating Ba1/Ba1 – 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, CFR – Corporate Family Rating, PDR – Probability of Default Rating) Earnings Releases Company Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY – – 94.3 -29.2% 113.9 -18.2% – – 50.9 8.9% 34.0 20.9% 465.7 17.1% – – 92.2 -17.1% 10328.0 25.3% – – 2568.0 21.2% 48.2 160.3% – – -17.4 9.6% AED 3183.8 12.4% – – 420.7 0.3% Bahrain BHD 30.4 -9.1% – – 8.3 200.1% Bahrain BHD 8.8 3.0% 11.2 -3.5% 2.9 856.5% Market National Gas & Industrialization Co. * RAK Insurance * Gulf Medical Project Co. (GMPC) * Emaar Properties * Takaful Emarat – Insurance * Air Arabia * United Gulf Investment Corporation (UGIC) * Seef Properties * Currency Saudi Arabia SR UAE AED UAE AED Dubai AED Dubai AED Dubai Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 02/17 UK Rightmove Rightmove House Prices MoM February 3.30% – 1.00% 02/17 UK Rightmove Rightmove House Prices YoY February 6.90% – 6.30% 02/17 Japan ESRI GDP SA QoQ 4Q2013 0.30% 0.70% 0.30% 02/17 Japan ESRI GDP Annualized SA QoQ 4Q2013 1.00% 2.80% 1.10% 02/17 Japan ESRI GDP Nominal SA QoQ 4Q2013 0.40% 0.80% 0.20% 02/17 Japan ESRI GDP Deflator YoY 4Q2013 -0.40% -0.20% -0.40% 02/17 Japan ESRI GDP Consumer Spending QoQ 4Q2013 0.50% 0.80% 0.20% 02/17 Japan ESRI GDP Business Spending QoQ 4Q2013 1.30% 1.80% 0.20% 02/17 Japan METI Industrial Production MoM December 0.90% – -0.10% 02/17 Japan METI Industrial Production YoY December 7.10% – 4.80% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  MDPS: Qatar's CPI at lowest level since August 2012 – According to the Ministry of Development Planning & Statistics (MDPS), Qatar's Consumer Price Index (CPI) for January 2014 rose up by only 2.3% year-on-year, the lowest level since August 2012. On a month-on-month based, it rose 0.3% as compared to December 2013. Food prices were the key factor behind the slowdown falling 0.7% month-on-month (1.6% year- on-year, which is the slowest rate of increase since August 2010). Housing and rents (the largest weight of overall inflation with a 32.2% share) rose 1.0% month-on-month but were steady at 2.8% year-on-year in January 2014. (Peninsula Qatar, QNB Group)  IQCD plans QR5.4bn capital expenditure over five years – Industries Qatar’s (IQCD) five-year business plan envisages accumulated capital spend of an estimated QR5.4bn from 2014 Page 2 of 6
  3. 3. to 2018. The plan includes completing the construction of all its current projects, including a 2.0mn MTPA integrated steel mill in Algeria, and a mixed-feed steam cracker & petrochemical complex. IQCD’s Chief Coordinator Abdulrahman Ahmad Al Shaibi said that this expenditure may increase with the determination of final construction costs for existing projects, approval of projects currently under evaluation and the implementation of the group’s 10-year growth strategy. In 2Q2011, the group’s subsidiary, Qatar Steel, commenced work on its EF5 project consisting of a QR1.2bn green-field steel melt shop built adjacent to its main facility in Mesaieed Industrial City, Qatar. Commercial operations at the facility commenced in February 2014, which is expected to boost the group’s billets capacity by an additional 1.1mn. (  GWCS’ Logistics Village to be ready by June – The Gulf Warehousing Company's (GWCS) Chairman Fahad bin Hamad bin Jassim Al Thani announced that the fourth phase expansion of GWC's Logistics Village Qatar will be completed by June 2014. Addressing GWC's ordinary annual general assembly, Fahad said that the logistics village matters a lot for both the company’s future success as well as the future of logistics services in Qatar. The original master plan for the logistics village was completed in April 2013, with all the warehouses and services fully reserved. The company began the additional fourth phase expansion, which acts as a complement to the master. (Peninsula Qatar)  Qatari LNG exports to Argentina cross $1bn in 2013 – Argentina's LNG imports from Qatar reached an all-time high of $1bn in 2013 and are set to increase further over the coming years. Argentina's Undersecretary for Investment Development & Trade Promotion, Agustin Wydler said that while imports from Qatar were huge, Argentina's volume of trade with Qatar amounted to just around $5mn. He also added that talks are on with major oil & gas companies in Qatar to boost energy cooperation between the two countries. About the imbalance of trade between the two countries, Wydler said that Argentina imported LNG from Qatar worth around $400mn in 2012 which grew to more than $1bn in 2013. While the country exporting to Qatar only around $4-5mn worth of goods. (Gulf-Times)  GWCS’ AGM approves agenda, 15% cash dividends – The Gulf Warehousing Company (GWCS) has approved its board’s proposal in the AGM held on February 16 to distribute a cash dividend of QR1.5 per share among others. (QE)  QE suspends trading in IHGS, QNCD shares on February 18 – The Qatar Exchange (QE) has announced trading suspension in the shares of the Islamic Holding Group (IHGS) and Qatar National Cement Company (QNCD) on February 18, 2014 due to their AGM being held on that day. (QE) International  Germany, France seek to revive FTT plan – Germany and France will lead a face-saving bid this week to revive a flagging project to tax financial transactions (FTT) in 11 Eurozone countries and allay fears it could hamper economic recovery. The tax is expected to be scaled back from an original plan to introduce it from January to raise €35bn ($48bn) annually to make banks pay back some of the money received in the 200709 financial crisis. The idea of a financial transaction tax failed to win backing globally due to the US opposition, and a panEuropean Union tax or even one covering all 18 Eurozone countries also found no support. Britain, Ireland, the Netherlands and Sweden are among countries that have opposed it on grounds that it would encourage banks and finance firms to relocate trading activities. (Reuters)  Hollande offers tax stability to foreign businesses – French President Francois Hollande appealed to foreign business leaders to invest in France, offering them simpler and more stable tax policies as his unpopular government tries to spur growth and create jobs. Hosting a meeting of 30 heads of French units of foreign companies, Hollande pledged to guarantee that taxes on investments would not rise later – as has happened in the past – and VAT and duty for firms would be streamlined this year. Hollande, who last month announced France would phase out €30bn in charges on companies by 2017 to reverse its slide in trade competitiveness, said French business taxes would be harmonized with those of its neighbors, especially Germany, by 2020. (Reuters)  Eurozone regulators gather for detail on ECB bank review plans – Banks in the Eurozone are about to get greater insight into the European Central Bank’s (ECB) landmark review of their books, as national experts and their advisers meet in Frankfurt to hammer out details of the next phase of the stress tests. The ECB is carrying out a wide-ranging review of 128 regional banks in an effort to address lingering doubts about their health before it becomes their overall supervisor in November 2014. Banks have already been asked for extensive amounts of data on their loan books and trading assets for the 'Asset Quality Review', but know little about the ECB’s methodology and data interpretation. (ET, Reuters)  China January FDI rises in sign of confidence – The Chinese Commerce Ministry stated that China received $10.76bn worth of foreign direct investments (FDI) in January, up 16.1% from a year earlier. The ministry said this is a sign that confidence in the world's second-largest economy remains firm even as growth cools. The majority of the new investment worth $6.33bn, went into China's services industry, however, investment in manufacturing fell 21.7%. (Reuters) Regional  CDSI: Kingdom’s inflation falls to 2.9% in January – According to data released by the Central Department Of Statistics & Information (CDSI), the Kingdom’s annual inflation eased marginally to 2.9% in January, the lowest level since April 2007, from 3% in the previous month. Prices of food & beverages rose 5% YoY in January, but dipped 0.1% from the previous month, while housing & utility costs climbed 3.7% on an annual basis and 0.4% MoM. (  Kingdom exports SR96bn oil in January – Saudi Arabia exported 240mn barrels of oil in January 2014, which amounted to SR96.4bn. Domestic consumption during the month stood at 58.9mn barrels, or 20% of the total output. The International Energy Agency (IEA) has predicted that global oil demand would go up by 1.3mn bpd in 2014, or 92.5 mbpd. The average global demand is expected to hover around 29.58mn bpd this year due to over-supply from non-OPEC member countries. Oil production in the US will increase by 782,000 bpd to reach 8.3mn bpd in 2014. Meanwhile, the US Energy Information Administration has predicted that oil production in the country would jump from 7.5mn bpd in 2013 to 8.5mn bpd in 2014. (  Saudi Aramco likely to restart Yanbu plant by February-end – Saudi Aramco is expected to restart its 240,000 bpd refinery in Yanbu around end of February after it was shut down earlier this month for planned maintenance. The refinery exports around 50,000-75,000 tons of naphtha per month, and the volumes lost from the maintenance will be offset by large inflows of cargoes from Europe and the Mediterranean region. Saudi Aramco operates another 400,000 bpd refinery in Yanbu in partnership with ExxonMobil, which is running normally. (Reuters) Page 3 of 6
  4. 4.  TAI declares SR17.5mn dividend for 2013 – Takween Advanced Industries’ (TAI) board of directors has recommended distributing dividends worth SR17.5mn to its shareholders for 2013. The dividend per share will be SR0.5, representing 5% of the face value. Those shareholders who are registered with the Securities Depository Center on the day of the general assembly will be eligible for this dividend (to be announced later). (Tadawul)  MCC declares SR72.36mn dividend for 2013 – Methanol Chemicals Company’s (MCC) board of directors has recommended the distribution of dividends worth SR72.36mn to its shareholders for 2013. The dividend per share will be SR0.6, representing 6% of the face value. The eligibility of dividends shall be for the shareholders registered with the Securities Depository Center at the closing of the general assembly meeting’s day (to be announced later). (Tadawul)  Etihad Etisalat announces results, approves SR962.5mn dividend for 4Q2013 – Etihad Etisalat Company held its general assembly meeting and approved its board’s recommendation for distributing cash dividends worth SR962.5mn for 4Q2013. The dividend per share will be SR1.25 (12.5% of the nominal share value), in addition to interim dividends of SR2,733.5mn distributed to shareholders for the 1, 2 and 3Q2013 i.e. SR3.55 per share. The dividends will be paid to those shareholders, who are registered in the company shareholder register at the end of trading on the day of the general assembly. The 4Q2013 dividend brings the total dividends for entire FY2013 to SR3,696mn, i.e. SR4.8 per share, representing 55.36% of the net profits in 2013. The dividend will be paid on February 26, 2014. (Tadawul)  Saudi hardware retailer Saco plans maiden IPO – The Saudi Company for Tools & Hardware (Saco) – a pioneer in the hardware retail & wholesale business and home improvement superstores in the Kingdom – is set to launch its first IPO soon. The company has appointed HSBC Saudi Arabia as the financial adviser, lead manager and underwriter for its planned IPO. Saco currently operates 21 retail outlets, including 3 Saco World superstores in 12 cities across the Kingdom. The company sells over 45,000 different hardware products in stores ranging from 2,500 to 24,000 square meters. (  Mashreq raises foreign ownership limit to 49% – Dubaibased Mashreq's CEO said that the bank has increased the limit on foreign ownership to 49% shares, in line with a wider move by other companies in the UAE to open up to international investors. Companies and banks in the UAE and Qatar are reviewing their foreign ownership caps ahead of an upgrade by the international index compiler MSCI to emerging market status for these countries in May 2014, which is expected to attract fresh foreign money. Earlier in September, Mashreq had raised its foreign ownership limit to 20%. (Gulf-Times)  MAF launches AED100mn fashion district at Mall of the Emirates – Majid Al Futtaim Group (MAF) has launched a fashion district worth AED100mn at its flagship destination, Mall of the Emirates. The fashion district, spread across 5,000 square meters with 30 new stores, is the first phase of the mall's AED1bn redevelopment program, which is set for completion by the end of 2015. Fuad Mansoor Sharaf, Senior Director of Property Management, Shopping Malls said that Saudi citizens are the mall's major visitors and customers. (  GMS plans to raise $100mn through London IPO – Abu Dhabi-based oil services provider Gulf Marine Services (GMS) intends to raise $100mn in an IPO in London, which is expected to value the company at more than $1bn. Private equity firm Gulf Capital currently owns 79% of GMS, which will offer shares in the IPO through two subsidiaries. Horizon Energy and Al Ain Capital also have minor holdings. While the price of shares will be set at a later date, GMS was targeting a market capitalization of $1bn. Given that a minimum of 25% shares must be listed for inclusion in FTSE indices, this would indicate the company’s IPO will be worth at least $250mn. (Reuters)  ADPC invests AED27m in Al Gharbia Region in 2013 – Abu Dhabi Ports Company (ADPC) has invested around AED27mn in the Al-Gharbia region in the UAE during last year. ADPC has five ports in the region — Marfa, Al Sila, Sir BaniYas, Mugharrag and Delma. Being the master developer of the non-oil & gas maritime assets in the Emirate, ADPC is leading an investment program designed to boost local industries and support the port communities. The Al-Gharbia region is an area of exceptional natural beauty occupying a vast area of 60,000 square kilometers — 60% of the total area of Abu Dhabi, with a coastline stretching for 350 kilometers. Rich in natural resources such as palm trees, pearls, oil, gas and solar energy, Al Gharbia contributes 45% of the Emirate’s GDP. ADPC’s investments in the region, including AED7.5mn in Mugharrag Port, AED17mn at Marfa Port and most recently AED2.5mn for the first phase of development at Delma Port. (  GIH appoints head for $600mn distressed assets – According to sources, Global Investment House (GIH) has appointed Orhan Osmansoy to head its $600mn distressed asset-management business. Osmansoy, a former CEO of Abu Dhabi-based the National Investor, will lead the Special Situations Asset-Management Business at GIH, dealing with distressed assets and restructuring. (  MSM: Oman Oil to offer shares in Businesses – The Muscat Securities Market (MSM) said that the Oman Oil Company is planning to sell shares in some of its businesses to the public. MSM’s Director General Ahmed Saleh Al Marhoon said that one of its businesses is expected to be listed in the market this year. Oman Oil has numerous subsidiaries that are diversified in oilrelated sectors. Al Marhoon said that some GCC countries are selling shares in state-owned companies to spur stock-market trading and citizens’ participation in the economy. (Bloomberg)  OUIS’ BoD recommends 35% cash dividend – Oman United Insurance Company’s (OUIS) board of directors has recommended a cash dividend of 35% of the paid-up capital i.e. 35 baizas per share. Meanwhile, the company’s AGM is scheduled on March 30, 2014. (  Dolphin gas imports to cease once Omani output rises – According to a top official of the Ministry of Oil & Gas, Oman aims to phase out imports of Qatari gas supplied via the Dolphin network once the projected jump in domestic gas production is deemed sufficient enough to meet demand. The Ministry’s Under-Secretary Salim al Aufi said that imports of natural gas through the Dolphin network – averaging 5-7mn standard cubic meters per day (mmscmd) – represent just a small percentage of the total domestic production of around 85 mmscmd. (Bloomberg)  UGIC not to distribute dividends for 2013 – The United Gulf Investment Corporation’s (UGIC) board of directors has decided not to distribute dividends to its shareholders for the financial year ended December 31, 2013. (  SEEF’s BoD recommends 10% cash dividend – SEEF Properties Company’s board of directors recommended a cash dividend of 10% (i.e 10 fils per share) to its shareholders, who are registered on the date of the AGM. (Bahrain Boursse)  BMMI’s BoD recommends cash dividend – Bahrain Maritime & Mercantile International Company’s (BMMI) board of directors Page 4 of 6
  5. 5. recommended a cash dividend of 50 fils per share (of which 20 fils per share was already distributed as interim dividend) to its shareholders, who are registered on the date of the AGM. (Bahrain Bourse) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 1.5% 1.5% 143.6 1.0% 130.6 0.8% 0.5% 0.7% 0.0% May-13 S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu* North American Spot LPG Propane Price* North American Spot LPG Normal Butane Price* Euro Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,328.79 0.8 0.8 10.2 DJ Industrial* 16,154.39 0.0 0.0 (2.5) 21.69 1.0 1.0 11.4 S&P 500* 1,838.63 0.0 0.0 (0.5) 109.18 0.1 0.1 (1.5) NASDAQ 100* 4,244.03 0.0 0.0 1.6 5.54 0.0 0.0 27.4 STOXX 600 334.56 0.4 0.4 1.9 155.00 0.0 0.0 22.8 DAX 9,656.76 (0.1) (0.1) 1.1 138.50 0.0 0.0 1.5 FTSE 100 6,736.00 1.1 1.1 (0.2) 1.37 0.1 0.1 (0.3) CAC 40 101.92 0.1 0.1 (3.2) Nikkei GBP 1.67 (0.2) (0.2) 0.9 MSCI EM CHF 1.12 0.2 0.2 0.2 SHANGHAI SE Composite AUD 0.90 (0.0) (0.0) 1.3 USD Index* 80.14 0.0 0.0 RUB 35.25 0.2 0.2 BRL 0.42 (0.2) (0.2) (1.1) Yen Dubai Oct-12 (0.2%) Abu Dhabi QE Index Mar-12 Bahrain Aug-11 Kuwait Jan-11 (0.4%) (0.5%) Oman (0.3%) (1.0%) Qatar (0.5%) Saudi Arabia Jun-10 2.0% 168.5 4,335.17 (0.1) (0.1) 0.9 14,393.11 0.6 0.6 (11.7) 964.29 0.7 0.7 (3.8) 2,135.42 0.9 0.9 0.9 HANG SENG 22,535.94 1.1 1.1 (3.3) 0.1 BSE SENSEX 20,464.06 0.5 0.5 (3.3) 7.2 Bovespa 47,576.33 (1.3) (1.3) (7.6) 1,347.41 0.3 0.3 (6.6) Source: Bloomberg (*Market closed on February 17, 2014) RTS Source: Bloomberg (*Market closed on February 17, 2014) Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 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