1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.6% to close at 11,687.2. Losses were led by the
Insurance and Banks & Financial Services indices, falling 1.2% and 1.0%,
respectively. Top losers were Qatar General Insurance & Reinsurance Co. and
Qatar Cinema & Film Distribution Co., falling 9.9% each. Among the top
gainers, Islamic Holding Group rose 7.9%, while Zad Holding Co. was up 2.0%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.4% to close at 9,303.1. Losses were led
by the Petrochemical Industries and Industrial Invest. indices, falling 2.6% and
2.5%, respectively. AlRajhi Takaful fell 7.5%, while Wataniya was down 4.1%.
Dubai: The DFM Index gained 0.4% to close at 3534.3. The Consumer
Staples index rose 1.6%, while the Financial & Inv. Serv. index gained 1.2%.
Gulf General Invest. rose 13.0%, while Takaful Al-Emarat Ins. was up 7.4%.
Abu Dhabi: The ADX benchmark index fell 0.8% to close at 4,330.6. The
Energy index declined 1.6%, while Investment & Fin. Services index was down
1.4%. Sharjah Cement and Ind. Dev. fell 5.1%, while Foodco was down 4.3%.
Kuwait: The KSE Index declined marginally to close at 6444.1. The
Technology index fell 1.2%, while the Insurance index was down 1.0%. Gulf
Finance House fell 9.5%, while Kuwait Insurance Co. was down 8.3%.
Oman: The MSM Index fell 0.6% to close at 6,222.9. Losses were led by the
Financial and Industrial indices, falling 0.7% and 0.5%, respectively. Al Batinah
Dev. Inv. declined 5.7%, while Al Jazeera Steel Products was down 5.6%.
Bahrain: The BHB Index fell marginally to close at 1,468.1. The Commercial
Bank index declined 0.2%, while the other indices ended flat or green. Arab
Insurance Group declined 3.3%, while Al-Ahli United Bank was down 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 120.90 7.9 91.3 (2.9)
Zad Holding Co. 89.80 2.0 5.6 6.9
Qatar Insurance Co. 75.50 1.1 38.5 (4.2)
Gulf Warehousing Co. 58.50 0.9 13.1 3.7
Ooredoo 106.00 0.8 79.3 (14.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 16.82 (0.8) 1,747.0 2.2
Commercial Bank of Qatar 67.70 (1.7) 813.9 (1.2)
Salam International Investment Co. 13.33 (3.3) 640.0 (15.9)
Barwa Real Estate Co. 47.95 0.5 430.0 14.4
Masraf Al Rayan 45.15 (0.2) 391.2 2.1
Market Indicators 17 Mar 15 16 Mar 15 %Chg.
Value Traded (QR mn) 322.0 380.5 (15.4)
Exch. Market Cap. (QR mn) 635,697.3 641,037.3 (0.8)
Volume (mn) 7.3 7.6 (3.7)
Number of Transactions 4,785 5,138 (6.9)
Companies Traded 39 37 5.4
Market Breadth 10:27 0:35 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,957.65 (0.6) (3.1) (2.0) N/A
All Share Index 3,110.31 (0.7) (2.9) (1.3) 14.1
Banks 3,152.41 (1.0) (3.0) (1.6) 14.4
Industrials 3,830.53 (0.8) (3.7) (5.2) 13.1
Transportation 2,450.27 (0.6) (1.6) 5.7 13.8
Real Estate 2,360.69 (0.0) (2.5) 5.2 13.4
Insurance 4,075.17 (1.2) (2.6) 2.9 17.8
Telecoms 1,326.67 0.4 (3.0) (10.7) 21.6
Consumer 6,991.37 (0.8) (2.1) 1.2 25.1
Al Rayan Islamic Index 4,256.41 (0.4) (3.0) 3.8 14.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Knowledge Eco. City Saudi Arabia 27.36 5.5 25,561.6 61.6
Emaar Eco. City Saudi Arabia 14.83 3.3 17,203.7 24.7
Petro Rabigh Saudi Arabia 23.39 3.2 11,735.5 28.9
Drake & Scull Int. Dubai 0.70 2.5 15,506.0 (21.3)
Dubai Investments Dubai 2.34 2.2 8,856.9 (1.7)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Qatar Gen. Ins. & Re. Qatar 61.00 (9.9) 3.3 18.9
Gulf Cable & Elect. Ind. Kuwait 0.58 (6.5) 39.7 (15.9)
Saudi Basic Industries Saudi Arabia 87.14 (4.2) 11,649.5 4.4
Zamil Ind. Investment Saudi Arabia 59.03 (3.6) 523.8 25.6
Saudi Ind. Investment Saudi Arabia 24.14 (3.5) 6,102.6 (5.1)
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%
Qatar General Insur. & Reins. Co. 61.00 (9.9) 3.3 18.9
Qatar Cinema & Film Distrib. Co. 44.70 (9.9) 0.2 1.6
Qatar Islamic Insurance Co. 80.90 (6.5) 35.9 2.4
Salam International Investment Co 13.33 (3.3) 640.0 (15.9)
Qatar International Islamic Bank 77.60 (2.8) 98.9 (5.0)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Commercial Bank of Qatar 67.70 (1.7) 55,405.9 (1.2)
Gulf International Services 87.00 (1.7) 29,594.0 (10.4)
Vodafone Qatar 16.82 (0.8) 29,462.1 2.2
Industries Qatar 137.70 (1.0) 20,629.5 (18.0)
Barwa Real Estate Co. 47.95 0.5 20,552.7 14.4
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* 11,687.17 (0.6) (3.3) (6.1) (4.9) 88.43 174,562.5 13.8 1.8 4.0
Dubai 3,534.29 0.4 (4.7) (8.5) (6.4) 101.18 87,060.1 7.7 1.4 5.8
Abu Dhabi 4,330.63 (0.8) (3.4) (7.6) (4.4) 30.71 121,148.1 11.7 1.5 4.2
Saudi Arabia 9,303.13 (1.4) (4.0) (0.1) 11.6 2,770.00 537,839.5 18.6 2.2 2.8
Kuwait 6,444.14 (0.0) (1.1) (2.4) (1.4) 56.51 97,858.3 17.3 1.1 3.9
Oman 6,222.88 (0.6) (2.8) (5.1) (1.9) 13.49 23,891.4 10.3 1.4 4.6
Bahrain 1,468.12 (0.0) (1.0) (0.5) 2.9 0.69 22,945.8 9.6 1.0 4.5
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)
11,650
11,700
11,750
11,800
11,850
11,900
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 QSE Index declined 0.6% to close at 11,687.2. The
Insurance and Banks & Financial Services indices led the losses.
The index fell on the back of selling pressure from non-Qatari
shareholders despite buying support from Qatari shareholders.
Qatar General Insurance & Reinsurance Co. and Qatar Cinema
& Film Distribution Co. were the top losers, falling 9.9% each.
Among the top gainers, Islamic Holding Group rose 7.9%, while
Zad Holding Co. was up 2.0%.
Volume of shares traded on Tuesday fell by 3.7% to 7.3mn from
7.6mn on Monday. Further, as compared to the 30-day moving
average of 14.0mn, volume for the day was 47.7% lower.
Vodafone Qatar and Commercial Bank of Qatar were the most
active stocks, contributing 23.8% and 11.1% 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
Foodco Holding Co. (FHC)* Abu Dhabi AED 151.4 53.9% – – 42.5 21.2%
Majan College** Oman OMR 3.2 16.0% – – 1.3 35.2%
Source: Company data, DFM, ADX, MSM (*FY2014 results, **2Q- FY2015-16 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/17 US Census Bureau Housing Starts MoM February -17.00% -2.40% 0.00%
03/17 US Census Bureau Building Permits MoM February 3.00% 0.50% 0.00%
03/17 EU ACEA EU27 New Car Registrations February 7.30% – 6.70%
03/17 EU Eurostat Employment QoQ 4Q2014 0.10% – 0.40%
03/17 EU Eurostat Employment YoY 4Q2014 0.90% – 0.70%
03/17 EU ZEW ZEW Survey Expectations March 62.4 – 52.7
03/17 EU Eurostat CPI MoM February 0.60% 0.60% -1.60%
03/17 Germany ZEW ZEW Survey Current Situation March 55.1 52.0 45.5
03/17 Germany ZEW ZEW Survey Expectations March 54.8 59.4 53.0
03/17 Spain INE Labour Costs YoY 4Q2014 -0.50% – -0.40%
03/17 China National Bureau of Stat. Foreign Direct Investment YoY CNY February 0.90% – –
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
Qatar Exchange (QSE) announced the results of its semi-
annual index review – Aamal Company (AHCS) will replace
Medicare Group (MCGS) in the Qatar Stock Exchange’s (QSE)
main index effective from April 1, 2015. The index is rebalanced
twice a year. As per index rules, the maximum weight any stock
can have in the QE index is 15%. Any security’s weight
exceeding 15% will be capped at 15% as of market closing on
March 31, 2015. As such, the excess weight will be allocated to
the remaining stocks proportionately. Furthermore, National
Leasing (NLCS) will be removed from the QSE Al Rayan Islamic
Index. However, all the 43 listed companies will remain in the
QSE All Share Index. (QSE)
QSE suspends trading of CBQK, QNNS shares on March 18
– The Qatar Stock Exchange has announced trading
suspension in the shares of the Commercial Bank of Qatar
(CBQK) and Qatar Navigation Company (QNNS) on March 18,
2015 due to their AGM and EGM being held on that day. (QSE)
MCGS OGM approves 50% cash dividend – Medicare Group
(MCGS) announced that its ordinary general meeting (OGM)
has approved the board of directors’ recommendation for
distributing cash dividends of 50% of nominal share value, i.e.
QR5.00 per share. (QSE)
ZHCD announces agenda for OGM on April 5 – Zad Holding
Company (ZHCD) announced that its ordinary general assembly
meeting (OGM) will be held on April 5, 2015. Shareholders are
invited to discuss and approve the board of directors’
recommendations regarding distribution of cash dividends of
35% of the nominal value of the shares for FY2014. Further,
OMG will elect the members of the BoD for the three years
period from 2014 – 2016. (QSE)
Qatari banks eye bonds to shore up capital base – According
to sources, banks in Qatar are increasingly scouting for capital,
especially non-equity, in order to support the country’s
infrastructure-led growth in the future and as part of balancing
the asset-liability mismatch. The move is aimed at building a
broader domestic currency fixed income market and bringing in
more opportunities for long-term investments for pension and
other superannuation funds. Three lenders (including an Islamic
bank) have already made clear their plans on bond/Sukuk
issues, while many more are likely to do so in the coming days.
The proposed bonds are part of the Euro Medium Term Note
(EMTN) program and the need for longer-term funds comes in
Overall Activity Buy %* Sell %* Net (QR)
Qatari 66.42% 49.81% 53,454,688.14
Non-Qatari 33.58% 50.18% (53,454,688.14)
3. Page 3 of 5
the backdrop of existing shorter duration of liabilities. (Gulf-
Times.com)
Al Rayan Bank appoints Head of Marketing & Retail Sales –
Al Rayan Bank PLC, formerly known as Islamic Bank of Britain
(IBB), announced the appointment of Tim Sinclair as Senior
Head of Marketing & Retail Sales. The appointment of Mr.
Sinclair to the newly created post recognizes his achievements
during his three years as Head of Marketing at Al Rayan Bank,
which include the Bank’s successful rebranding, following its
acquisition by Masraf Al Rayan (MARK) in early 2014. (Zawya)
International
France, Germany, Italy to join China-backed AIIB; US urges
allies to rethink – According to the Financial Times (FT),
France, Germany and Italy have agreed to follow Britain's lead
and join a China-led international development bank, dealing
another blow to US efforts to keep Western nations out of the
new institution. FT said the decision by the four countries to
become members of the Asian Infrastructure Investment Bank
(AIIB) was a major setback for Washington, which has
questioned if the new bank will have high standards of
governance. However, Japan, Australia and South Korea remain
notable absentees in the Asia-Pacific region, though Australian
Prime Minister Tony Abbott said he would make a final decision
on AIIB membership soon. Meanwhile, the US has urged
countries to think twice before signing up to a new China-led
AIIB, which Washington sees as a rival to the World Bank. The
concerted move by US allies to participate is a diplomatic blow
to the US and its efforts to counter the growing economic and
diplomatic influence of China. Europe's participation reflects the
eagerness to partner with China's economy, the world's second
largest, and comes amid prickly trade negotiations between
Brussels and Washington. Both the European Union and Asian
governments are frustrated that the US Congress has held up a
reform of voting rights in the International Monetary Fund that
would give China and other emerging powers more say in global
economic governance. (Reuters)
Eurozone February consumer price falls; ECB's balance
sheet expands – According to the Eurostat data, a sharp fall in
the prices of fuel and heating oil pulled down consumer prices in
the Eurozone as expected in February, but core inflation edged
higher. Eurostat said consumer prices in the Eurozone rose
0.6% MoM (0.3% YoY fall), less sharp that a 0.6% YoY decline
in January. The data confirms an earlier Eurostat estimate and
is in line with economists’ forecasts. Energy prices rose 1.6%
MoM, but fell 7.9% YoY in February. Cheaper fuels for transport
subtracted 0.64 percentage points and less expensive heating
oil took off another 0.19 points. Meanwhile, the European
Central Bank (ECB) said that the balance sheet of the bank and
the Eurozone's national central banks expanded by €7.29bn to
reach €2.14tn in the week to March 13, 2015. The increase
came as the ECB began buying sovereign bonds under an asset
purchase plan that aims to pump €1tn into the Eurozone
economy with an aim to lift inflation from below zero back up to
its target of around 2%. The ECB's gold reserves fell by €27mn
to €343.8bn. (Reuters)
Japanese exports rise 2.4% YoY in February; no plan to
overhaul BoJ-government policy deal – The Ministry of
Finance data showed that Japanese exports rose 2.4% YoY in
February, a slowdown from January as shipments to China fell
temporarily due to the Lunar New Year holidays. The result
compared with a 0.3% increase expected by economists in a
Reuters poll and followed a 17.0% YoY rise in January, which
was the fastest growth since November 2013. Imports fell 3.6%
YoY in February, versus economists' estimate of a 3.1%
increase. That resulted in a trade deficit of JPY424.6bn, less
than a median estimate of a JPY1.05tn deficit. Meanwhile,
Japanese Prime Minister Shinzo Abe said there is no plan to
overhaul a policy agreement between the government and the
Bank of Japan (BoJ) aimed at ending deflation and repairing the
nation's tattered finances. Financial markets have questioned
Abe's commitment for fixing Japan's finances, where public debt
is well over twice GDP. The current BoJ governor, Haruhiko
Kuroda, has stressed the need for the government to fulfill its
budget-balancing commitment, sparking speculation of a rift
between the government and the central bank. (Reuters)
China’ February FDI grows slowest in six months, outbound
flows jump – Foreign direct investment (FDI) in China grew at
its weakest pace in six months in February, but analysts
cautioned that seasonality may explain the swings even as a
weakening economy continues to dent investor confidence.
February’s FDI rose just 0.9% YoY to fall to $8.6bn, down 38%
from $13.9bn in January. This showed FDI slowing sharply from
a 29.4% jump in January, adding to mostly weak February data,
which has raised expectations of further policy steps from
Beijing to spur growth. (Reuters)
Regional
GASCO BoD recommends SR26.25mn dividend for 1Q2015
– National Gas & Industrialization Company’s (GASCO) board of
directors has recommended the distribution of 3.5% dividend
(SR0.35 per share) amounting to SR26.25mn for 1Q2015.
Shareholders, who are registered in the registers of the
Securities Depository Center (Tadawul) on March 31, 2015, will
be eligible to receive the dividend. The dividend will be
distributed on April 15, 2015. (Tadawul)
Petro Rabigh amends WECA agreement with RAWEC, signs
loans worth SR19.4bn for expansion – Rabigh Refining &
Petrochemical Company (Petro Rabigh) has amended its
existing Water & Energy Conversion Agreement (WECA) with
Rabigh Arabian Water & Electricity Company (RAWEC) to
supply Petro Rabigh with additional utilities for its Rabigh 2
expansion. The amended WECA will become effective on March
16, 2015 and will expire on the 25th anniversary of the
commencement of commercial operations scheduled to occur in
June 2016. Petro Rabigh will increase its utilities usage from
RAWEC by 44% in power, 82% in steam and 41% in distilled
water. Meanwhile, the company has signed loans worth around
SR19.4bn for the expansion of its petrochemicals complex in the
Kingdom. The loans include SR7.5bn from the Japan Bank for
International Cooperation and SR4.9bn from the state-owned
Public Investment Fund. The rest of the money was in the form
of loans from local and international banks. The total cost of the
project, known as Rabigh Phase II, is estimated to be around
SR30bn. (Tadawul, Reuters)
Al Alamiya BOD recommends no dividend for 2014 – Al
Alamiya for Cooperative Insurance Company’s board of
directors has recommended non-distribution of dividend for the
fiscal year ended December 31, 2014 due to the non-realization
of profit in 2014. The recommendation will be placed for
approval before the ordinary general assembly, the date of
which will be announced later. (Tadawul)
Savola obtains necessary approvals for SPSC sale – Saudi-
based Savola Group has obtained all necessary approvals for
the sale of Savola Packaging Systems Company (SPSC) and its
subsidiaries to Takween Advanced Industries. Savola will book
a capital gain of SR265mn in 1Q2015 from the sale of SPSC.
(Reuters)
4. Page 4 of 5
IDB, Gates Foundation approve $718mn investment into
development projects – Islamic Development Bank (IDB) has
approved a funding partnership with the Bill & Melinda Gates
Foundation to invest more than $718mn in roads, power
generation, water supply, sanitation, agriculture and rural
development projects in various countries. The projects will be in
Turkey, the Sultanate of Brunei, Uganda, Uzbekistan, Cote
d'Ivoire and Benin. The technical assistance will also be given to
projects in Bahrain. (GulfBase.com)
SHUAA to act as market maker for Orascom Construction
on NASDAQ Dubai – SHUAA Capital, through its subsidiary
SHUAA Capital International, has been appointed to act as
market maker for Orascom Construction (OC) on the NASDAQ
Dubai. The share started trading on the NASDAQ Dubai from
March 9, 2015 under the symbol ‘OC’, and is dually listed on the
Egypt Stock Exchange (EGX) and NASDAQ Dubai. By acting as
a market maker, SHUAA will enhance the liquidity of OC and
help maintain tight spreads and liquidity on the shares. (DFM)
DP World acquires EZW – DP World has acquired the entire
stake of Economic Zones World (EZW) from Port & Free Zone
World, a unit of Dubai government conglomerate Dubai World.
EZW's key asset is the Jebel Ali Free Zone (Jafza), which is one
of the largest free zones in the GCC (Gulf Cooperation Council)
and a major industrial and commercial development in Dubai.
This acquisition will allow DP World to enhance its position as
the leading logistics hub in the Middle East region, accelerate
growth and deliver shareholder value. (GulfBase.com)
NGI AGM approves 25% cash dividend – National General
Insurance’s (NGI) annual general meeting (AGM) has approved
the board of directors’ recommendation to distribute 25% cash
dividend on shares held by the shareholders, whose names
appears in the share register as of March 26, 2015. (DFM)
Dafza joins DCCI’s e-commerce platform – The Dubai
Chamber of Commerce & Industry (DCCI) has signed a MoU
with the Dubai Airport Free Zone Authority (Dafza) to support,
facilitate and join its e-commerce initiative, launched by DCCI in
collaboration with the Alibaba Group, China’s leading global e-
portal. The MoU will support the two sides to enhance
international trade by promoting e-commerce, and opening of
new and promising markets for the members of Dafza besides
allowing them access to the knowledge center and free e-
commerce customer service through the e-commerce MENA
region club. (GulfBase.com)
Daman Investments to launch IPO shortly – UAE-based
asset management firm, Daman Investments is in the final
stages of obtaining regulatory approval for an initial public offer
of shares and hopes to launch it over the next few weeks.
Earlier, in November 2014, the company had announced its
plans to list on the Dubai Financial Market during 1Q2015 in
order to expand its business and fund new opportunities at
home and in the wider region. (Reuters)
Dubai to be Deutsche Bank’s hub for Africa business –
Ashok Aram, Deutsche Bank’s Head in the Middle East
announced that the bank is merging its African business into its
Middle Eastern operations as it seeks greater access to the
region’s fastest-growing economies. Dubai will be the hub for
the newly-created Middle East & Africa (MEA) region. He said
that Deutsche Bank has a critical mass of products and services
in Dubai, which it is extending to the MEA region. (Bloomberg)
Finance House AGM approves 20% cash, 2.5% stock
dividend – Finance House’s shareholders, at its annual general
meeting (AGM), have approved 20% cash dividend and 2.5%
stock dividend for the year ended December 31, 2014. (ADX)
FBI seeks shareholders’ approval for 7.5% bonus shares –
Fujairah Building Industries (FBI) has invited its shareholders to
discuss the board of directors’ proposal to issue 7.5% bonus
shares for the fiscal year ended December 31, 2014. (ADX)
KFH focuses on regional expansion, improved profitability
– Kuwait Finance House (KFH) Chairman Hamad Abdulmohsen
Al-Marzouq said that the bank will focus on regional expansion
and improved profitability to drive future growth. Meanwhile,
KFH’s general assembly meeting has approved the board of
directors’ recommendation to distribute 15% cash dividends of
the shares par value (equivalent to 15 fils per share) and 10%
bonus shares (equivalent to 10 fils per 100 shares) for the fiscal
year ended December 31, 2014. (GulfBase.com)
OHTC to raise stake in UFC – Oman Hotels & Tourism
Company (OHTC) has obtained approval from the Capital
Market Authority (CMA) to increase its stake in United Finance
Company (UFC) to 35%. The company currently holds 24.99%
stake in UFC. (MSM)
Gulf Stone shareholders approved 10% cash dividend – Gulf
Stone Company’s shareholders have approved the board of
directors’ proposal to distribute cash dividends of 10% of the
capital, i.e. 10 baizas per share. (MSM)
BNHC AGM approves 20% cash dividend – Bahrain National
Holding Company’s (BNHC) AGM has approved the proposed
agenda including the distribution of 20% cash dividend of the
paid-up capital i.e. 20 fils per share. Accordingly, BNHC share
shall trade ex-dividend starting from March 18, 2015. (Bahrain
Bourse)
BCFC AGM approves 45% cash dividend – Bahrain
Commercial Facilities Company’s (BCFC) annual general
meeting (AGM) has approved the proposed agenda, including
the distribution of 45% cash dividend from the paid-up capital,
i.e. 45 fils per share. Accordingly, BCFC shares shall trade ex-
dividend starting from March 18, 2015. (Bahrain Bourse)
Seef Properties AGM approves 11% cash dividend – Seef
Properties’ annual general meeting (AGM) has approved the
proposed agenda including the distribution of 11% cash dividend
from the paid-up capital, i.e. 11 fils per share. Accordingly, the
company’s shares shall trade ex-dividend starting from March
18, 2015. (Bahrain Bourse)
Investcorp acquires four residential properties for $300mn –
Investcorp announced that its US-based real estate arm,
through separate transactions, has acquired a portfolio of
residential properties in metropolitan areas of Washington D.C,
Orlando, San Diego and Baltimore for approximately $300mn.
Investcorp completed these acquisitions through joint ventures
with four different operating partners. (Bahrain Bourse)
BBK launches $400mn 5-year dollar bond – BBK, formerly
known as Bank of Bahrain and Kuwait, has launched a $400mn,
five-year bond which is set to price at the wide end of guidance.
A document from lead managers showed that the transaction
will have a spread of 200 basis points over midswaps. The bond
issue by BBK is being handled by BNP Paribas, HSBC and
National Bank of Abu Dhabi. (Reuters)
5. Contacts
Saugata Sarkar Abdullah Amin, CFA Ahmed Al-Khoudary
Head of Research Senior Research Analyst Head of Sales Trading – Institutional
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6548
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa
Sahbi Kasraoui QNB Financial Services SPC
Manager – HNWI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
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not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
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Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on 17 March 2015) Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Feb-11 Feb-12 Feb-13 Feb-14 Feb-15
QSE Index S&P Pan Arab S&P GCC
(1.4%)
(0.6%)
(0.0%) (0.0%)
(0.6%)
(0.8%)
0.4%
(1.8%)
(1.2%)
(0.6%)
0.0%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,149.55 (0.5) (0.8) (3.0) MSCI World Index 1,736.63 (0.2) 1.0 1.6
Silver/Ounce 15.57 (0.6) (0.6) (0.9) DJ Industrial 17,849.08 (0.7) 0.6 0.1
Crude Oil (Brent)/Barrel (FM
Future)
53.51 0.1 (2.1) (6.7) S&P 500 2,074.28 (0.3) 1.0 0.7
Crude Oil (WTI)/Barrel (FM
Future)
43.46 (1.0) (3.1) (18.4) NASDAQ 100 4,937.44 0.2 1.3 4.3
Natural Gas (Henry
Hub)/MMBtu
2.79 4.8 3.6 (6.9) STOXX 600 397.33 (0.7) 1.2 1.6
LPG Propane (Arab Gulf)/Ton#
51.75 0.0 (1.9) 5.6 DAX 11,980.85 (1.5) 1.7 6.5
LPG Butane (Arab Gulf)/Ton#
62.50 0.0 (2.5) (4.6) FTSE 100 6,837.61 (0.1) 1.6 (1.4)
Euro 1.06 0.3 1.0 (12.4) CAC 40 5,028.93 (0.6) 1.4 3.1
Yen 121.37 0.0 (0.0) 1.3 Nikkei 19,437.00 1.0 0.8 9.6
GBP 1.47 (0.5) 0.0 (5.3) MSCI EM 949.06 0.9 1.0 (0.8)
CHF 0.99 0.1 (0.1) (1.2) SHANGHAI SE Composite 3,502.85 1.8 4.0 7.6
AUD 0.76 (0.3) (0.3) (6.8) HANG SENG 23,901.49 (0.2) 0.4 1.1
USD Index 99.59 (0.0) (0.7) 10.3 BSE SENSEX 28,736.38 1.2 1.5 5.3
RUB 61.45 (1.2) (1.3) 1.2 Bovespa 50,285.12 1.3 2.7 (18.8)
BRL 0.31 0.2 0.3 (18.2) RTS 822.76 1.2 (1.3) 4.1
167.9
136.2
124.9
