Page 1 of 6QE Intra-Day MovementQatar CommentaryThe QE index declined 0.7% to close at 9,361.1. Losses were led by the Rea...
Page 2 of 6Qatar Market Commentary The QE index declined 0.7% to close at 9,361.1. The RealEstate and Transportation indi...
Page 3 of 6 GISS releases 5-year business plan; 2013 net incomeguidance below expectations, however – Gulf InternationalS...
Page 4 of 6Director Talal Al Maiman said its existing project, the 1,000meter high Kingdom Towers structure is expected to...
Page 5 of 6conserving electricity & water and reducing pollution.( Baytik Industrial Oasis signs lease agree...
ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager...
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18 June Technical Market Report


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18 June Technical Market Report

  1. 1. Page 1 of 6QE Intra-Day MovementQatar CommentaryThe QE index declined 0.7% to close at 9,361.1. Losses were led by the RealEstate and Transportation indices, declining 2.0% and 0.9% respectively. Toplosers were Dlala Brok. & Inv. Holding Co. and United Development Co., falling2.8% and 2.6% respectively. Among the top gainers, Qatar German Co. forMed. Dev. rose 1.1%, while Qatar Telecom gained 0.6%.GCC CommentarySaudi Arabia: The TASI index gained 0.8% to close at 7,526.3. Gains wereled by the Real Estate Development and Insurance indices, rising 2.4% and1.3% respectively. Saudi Indian Co. for Cooperative Insurance rose 9.9%,while Makkah Construction & Development Co. was up 7.1%.Dubai: The DFM index fell 0.1% to close at 2,379.5. The Services indexdeclined 1.5%, while the Investment & Financial Services index was down1.1%. Gulf Finance House fell 4.4%, while Ekttitab Holding Co. was down4.3%.Abu Dhabi: The ADX benchmark index gained 0.5% to close at 3,659.5. TheIndustrial index rose 1.9%, while the Banking index was up 0.8%. FinanceHouse surged 14.8%, while Arkan Building Materials Co. was up 13.6%.Kuwait: The KSE index fell 0.1% to close at 8,075.6. Losses were led by theInsurance and Basic Material indices, declining 1.1% and 0.9% respectively.Investors Holding Group fell 6.5%, while Contracting & Marine Services Co.was down 5.7%.Oman: The MSM index declined 0.3% to close at 6,493.5. The Services &Insurance index fell 0.3%, while the Banking & Investment index was down0.2%. Acwa Power Barka declined 2.1%, while Bank Sohar was down 1.5%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Qatar German Co. for Med. Dev. 15.98 1.1 167.0 8.1Qatar Telecom 124.80 0.6 98.8 20.0Aamal Co. 14.58 0.6 41.2 7.1Qatar Electricity & Water Co. 157.50 0.4 83.5 19.0Qatar Industrial Manufacturing Co. 52.20 0.2 13.3 (1.7)Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%United Development Co. 23.90 (2.6) 3,110.0 34.3Barwa Real Estate Co. 27.20 (1.6) 826.2 (0.9)Qatar Gas Transport Co. 18.22 (0.8) 781.6 19.4Masraf Al Rayan 27.35 0.2 549.2 10.3Qatar & Oman Investment Co. 13.59 (0.8) 451.4 9.7Market Indicators 18 June 13 17 June 13 %Chg.Value Traded (QR mn) 339.1 402.2 (15.7)Exch. Market Cap. (QR mn) 513,536.0 517,508.2 (0.8)Volume (mn) 8.8 11.2 (21.1)Number of Transactions 4,248 4,108 3.4Companies Traded 39 39 0.0Market Breadth 6:30 23:14 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,374.79 (0.7) (1.3) 18.2 N/AAll Share Index 2,367.00 (0.7) (1.2) 17.5 12.9Banks 2,210.97 (0.9) (1.3) 13.4 11.9Industrials 3,165.41 (0.5) (1.4) 20.5 11.8Transportation 1,684.04 (0.9) (1.7) 25.6 11.9Real Estate 1,900.83 (2.0) (1.5) 17.9 12.1Insurance 2,298.18 (0.3) (1.4) 17.0 15.1Telecoms 1,313.08 0.5 (0.2) 23.3 15.0Consumer 5,548.96 (0.8) (0.5) 18.8 22.6Al Rayan Islamic Index 2,844.67 (1.0) (1.4) 14.3 14.2GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Makkah Cons. & Dev. Saudi Arabia 75.25 7.1 2,545.5 85.3Gulf Cable & Electrical Kuwait 1.04 4.0 85.8 (17.5)United Real Estate Co. Kuwait 0.11 3.7 4,029.8 (6.7)SADAFCO Saudi Arabia 85.75 3.3 182.8 32.4Kuwait Int. Bank Kuwait 0.32 3.3 3,612.6 6.8GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Nat. Marine Dredging Abu Dhabi 7.75 (10.0) 0.1 (22.5)United Dev. Co. Qatar 23.90 (2.6) 3,110.0 34.3Gulf Warehousing Co. Qatar 42.00 (2.2) 27.7 25.4Aldar Properties Abu Dhabi 2.34 (2.1) 46,903.4 84.3Dubai Investments Dubai 1.52 (1.9) 28,066.5 78.4Source: Bloomberg (#in Local Currency) (##GCC Top gainers/losers derived from the Bloomberg GCC200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%Dlala Brok. & Inv. Holding Co. 28.20 (2.8) 138.5 (9.3)United Development Co. 23.90 (2.6) 3,110.0 34.3Doha Insurance Co. 26.50 (2.2) 4.1 7.9Gulf Warehousing Co. 42.00 (2.2) 27.7 25.4Islamic Holding Group 38.20 (1.8) 30.7 0.5Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%United Development Co. 23.90 (2.6) 75,346.2 34.3Industries Qatar 162.40 (1.0) 46,532.9 15.2Commercial Bank of Qatar 71.00 (0.1) 30,292.6 0.1QNB Group 151.70 (1.4) 25,758.2 15.9Barwa Real Estate Co. 27.20 (1.6) 22,726.1 (0.9)Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,361.05 (0.7) (1.3) 1.3 12.0 93.13 141,017.0 11.9 1.7 4.9Dubai 2,379.49 (0.1) (0.8) 0.5 46.7 142.12 61,194.9 15.3 1.0 3.5Abu Dhabi 3,659.54 0.5 (0.1) 2.7 39.1 127.83 106,197.9 11.2 1.3 4.8Saudi Arabia 7,526.29 0.8 (1.3) 1.7 10.7 1,584.28 401,611.5 16.0 2.0 3.7Kuwait 8,075.58 (0.1) 1.8 (2.7) 36.1 215.33 109,549.3 25.4 1.4 3.3Oman 6,493.46 (0.3) (1.0) 1.2 12.7 14.88 22,758.9 11.1 1.7 4.3Bahrain 1,204.41 (0.1) 0.5 0.7 13.0 0.67 21,377.2 8.8 0.9 4.1Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)9,3609,3809,4009,4209,4409:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6Qatar Market Commentary The QE index declined 0.7% to close at 9,361.1. The RealEstate and Transportation indices led the losses. The indexdeclined on the back of selling pressure from non-Qatarishareholders despite buying support from Qatari shareholders. Dlala Brok. & Inv. Holding Co. and United Development Co. werethe top losers, falling 2.8% and 2.6% respectively. Among thetop gainers, Qatar German Co. for Med. Dev. rose 1.1%, whileQatar Telecom gained 0.6%. Volume of shares traded on Tuesday declined by 21.1% to8.8mn from 11.2mn on Monday. Further, as compared to the 30-day moving average of 12.4mn, volume for the day was 28.4%lower. United Development Co. and Barwa Real Estate Co. werethe most active stocks, contributing 35.2% and 9.3% to the totalvolume respectively.Source: Qatar Exchange (* as a % of traded value)Ratings and Global Economic DataRatings UpdatesCompany Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook ChangeJebel Ali Free Zone(JAFZ)Fitch DubaiLT IDR/ JAFZ Sukuk(2019) Limiteds seniorsecured ratingB+/(B+/RR4) B+/(B+/RR4) – Stable –United Real EstateCompany (URC)CI KuwaitKD60mn unsecuredbond# – BBB- – Positive –Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating) (#Provisional rating)Global Economic DataDate Market Source Indicator Period Actual Consensus Previous06/18 US Bureau of Labor Stat. Consumer Price Index (MoM) May 0.10% 0.20% -0.40%06/18 US Bureau of Labor Stat. Consumer Price Index (YoY) May 1.40% 1.40% 1.10%06/18 US Bureau of Labor Stat. Consumer Price Index NSA May 232.95 233.06 232.5306/18 US US Census Bureau Housing Starts May 914K 950K 856K06/18 US US Census Bureau Housing Starts MOM% May 6.80% 11.40% -14.80%06/18 EU ZEW ZEW Survey (Econ. Sentiment) June 30.6 – 27.606/18 Germany ZEW ZEW Survey (Econ. Sentiment) June 38.5 38.1 36.406/18 UK ONS PPI Input NSA (MoM) May -0.30% 0.00% -2.30%06/18 UK ONS PPI Input NSA (YoY) May 2.20% 2.50% -0.10%06/18 UK ONS PPI Output n.s.a. (MoM) May 0.00% 0.00% -0.20%06/18 UK ONS PPI Output n.s.a. (YoY) May 1.20% 1.40% 0.90%06/18 UK ONS ONS House Price YoY April 2.60% 2.50% 2.70%06/18 UK ONS CPI (MoM) May 0.20% 0.10% 0.20%06/18 UK ONS CPI (YoY) May 2.70% 2.60% 2.40%06/18 UK ONS Retail Price Index May 250 250 249.506/18 UK ONS RPI (MoM) May 0.20% 0.20% 0.30%06/18 UK ONS RPI (YoY) May 3.10% 3.10% 2.90%06/18 China National Bureau of Stat. Actual FDI (YoY) May 0.30% – 0.40%06/18 JapanMinistry of EconomyTrade & IndustryIndustrial Production (MoM) April 0.90% – 0.10%06/18 JapanMinistry of EconomyTrade & IndustryIndustrial Production YOY% April -3.40% – -7.20%Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)NewsQatar Qatar monthly banking update – Deposits declined by 2.4%MoM (+11.5% YTD) due to a 7.4% MoM drop in public sectordeposits, while loans increased by 1.2% MoM (+5.5% YTD) inMay 2013. Hence, the sector loan-to-deposit ratio (LDR) rose to105% in May 2013 versus 102% at the end of April 2013. (QCB) QE introduces QCB bonds for trading – The Qatar Exchange(QE) has introduced government bonds issued by the QatarCentral Bank (QCB) for trading on the exchange commencingon June 20, 2013. Bond trading has been initiated to support thedevelopment of the financial market in Qatar on the one hand,and diversification of investment tools available for institutionsand investors on the other. The trading of government bondsfollows the trading of treasury-bills, which was launched inDecember 2011. At the launch of the government bond market,four bonds will be available for trading and it is expected thatfuture quarterly issues will also be listed on the market. (QE)Overall Activity Buy %* Sell %* Net (QR)Qatari 62.15% 58.58% 12,089,853.81Non-Qatari 37.85% 41.41% (12,089,853.81)
  3. 3. Page 3 of 6 GISS releases 5-year business plan; 2013 net incomeguidance below expectations, however – Gulf InternationalServices (GISS) said it will continue to focus on organicopportunities, principally around increasing medical insurancemarket share & acquiring additional helicopters, rigs and otherrelated drilling services under its five year plan for 2013-17. Thecompany expects its revenue and net profit to increasesignificantly over the planning period. Strong performance isexpected due to new assets deployment, new operations andmarket development. Growth is expected across all segments ofthe company. In 2013, GISS expects its revenue to reachQR1,950.3mn, up roughly 25% YoY. Net income is howeverexpected to decline ~2% YoY to QR455.6mn (23.4% NM) vs.QR464.3mn in 2012. This is lower than the consensus forecast(caveat: one estimate) of QR534mn and also below itsannualized 1Q2013 net income of QR543mn. The companyexpects a 2013 EBITDA of QR556.9mn (28.6% EBITDAmargin). GISS stated that its insurance & reinsurance sectorrevenue is expected to touch QR0.7bn in 2013 and growmoderately thereafter driven by a strong performance of themedical line. The aviation services sector is expected to reportQR537mn revenue in 2013; it is expected to grow at a steadypace thereafter. However, salaries and wage inflation of~QR50m in 2013 will crimp profitability this year. Longer-term,this segment will benefit from the new higher rate aircraft withnet fleet to grow to 51 (2017) vs. 41 (2012). Meanwhile, thedrilling services segment is expected to reach QR821.1mn in2013, with long-term growth mainly on the back of new offshorerigs and jack-up barge. This segment’s net profit for 2013 willrise sharply vs. 2012, and increase steadily thereafter. GISSsaid its catering services segment’s revenue will grow toQR750mn in 2013 and subsequently grow moderatelythereafter. The growth in this segment will be driven by QatarPetroleum’s new investment program. (GISS Press Release,QNBFS) AECOM bags $148mn Doha Expressway contract – AECOMTechnology Corporation has won a $148mn contract to provideconstruction-supervision and design-review services for a part ofthe Doha Expressway program for three years. The companywill work on a 105-mile expressway which will facilitate seafreights moving in and out of the New Port Project in Doha.(Bloomberg) QTA: Global tourists’ influx to Qatar up by 10% YoY in 2012– According to a report released by the Qatar Tourism Authority(QTA), Qatar witnessed an increase of 13% YoY in the numberof tourists arriving from the GCC region and 10% YoY fromacross the world in 2012. The report showed that 81 hotels in2012 offered a total of 13,407 rooms, achieving 60% occupancyrates. The report also showed that in 1Q2013, hotel occupancyhas surged by 68%, despite the steady increase in the numberof hotels in Doha. The report said that the hotel occupancy hasincreased to 16% YoY, even as the hotel number increased to87. Moreover, the total number of tourists arriving from the GCCregion countries totaled 952,856 in 2012. Half of these touristscame from Saudi Arabia. The report also said that 217,540visitors came to Qatar from non-GCC countries in 2012compared to 197,301 in 2011, indicating that majority of visitorsfrom non-GCC countries came for business related activities.(Qatar Tribune) Trading suspended in VFQS’ shares due to AGM, EGM –The Qatar Exchange (QE) has announced a suspension intrading of the Vodafone Qatar Company’s (VFQS) shares onJune 19, 2013 due to its AGM and EGM scheduled on that day.(QE)International EUs Rehn: Eurozone must agree on bank recaps – EUEconomic & Monetary Affairs Commissioner Olli Rehn saidEurozone finance ministers must hammer out an agreement onhow to recapitalize their banks at a meeting being held thisweek. In June 2012, the blocs leaders had agreed that theEuropean Stability Mechanism (ESM) should be able to directlyrecapitalize debt-stricken banks, if a government is unable to doso, but the exact rules for such capital injections had not beenfinalized. Now, policymakers are expected to agree a limit onhow much money the ESM may use for recapitalizations, whileensuring that they do not eat into its resources. (Reuters) Draghi: ECB rates becoming more effective again – TheEuropean Central Bank (ECB) Chief Mario Draghi said the ECBis ready to aid the Eurozone economy if needed, while thecurrent signs of market stabilization mean that interest rates arebecoming a more effective tool again. (Reuters) German economy to slow in summer – Bundesbank,Germany’s central bank, said the country’s economy will slowdown this summer despite a spring recovery, citing weakerindustrial orders and export data. The central bank saidexpectations for production for the months ahead have beenmarkedly scaled back in line with slightly weaker orders in April.However, the bank said despite a weak start to the year, realGDP is expected to grow strongly in 2Q2013. (Economic Times) Japan economic growth upgraded, likely to outperformother advanced nations – According to a Reuters poll, Japanseconomy will likely to grow faster than expected, driven byaggressive monetary stimulus despite the recent surge in theyen. The nation’s economy is expected to outperform otheradvanced nations, if only in the near term. That optimism comesfrom Prime Minister Shinzo Abes unprecedented measures tostimulate the economy suffering from two decades long on-offrecessions and persistent deflation. (Reuters)Regional FDI inflow to Arab countries grows 9.8% YoY in 2012 –According to a report of the Arab Investment & Export CreditGuarantee Corporation (Dhaman), FDI inflows into Arabcountries rose by 9.8% YoY to reach $47.1bn in 2012. Thereport showed that out of 20 Arab countries, 15 countrieswitnessed increases in FDI inflows in 2012, despite thetumultuous events of the Arab Spring. ( SABIC’s UK plant makes dramatic turnaround – Saudi BasicIndustries Corp (SABIC) has announced that its petrochemicalethylene liquefaction plant located on Teesside, UK haswitnessed a dramatic turnaround and is on track to makeproductivity gains of more than £10mn this year. This follows anintensive reliability program with change managementspecialists and reliable manufacturing. ( Saudi Council urges Saudia to shape up its operations –Saudi Arabia’s Council of Ministers has urged Saudi ArabianAirlines (Saudia) to increase the number of its domestic flightsand the number of seats to all destinations to meet risingpassenger demand. The council advised Saudia to improve thequality of its services as well. ( KHC eyes worlds big cities for mile-high tower; KingdomTower to be ready by 2017 – Kingdom Holding Company(KHC) is considering the worlds largest cities - includingShanghai, Moscow, London and New York - as possiblelocations for building a mile-high skyscraper that would be theworlds tallest building. KHC has invited Emaar Properties toteam up on this mega project. Meanwhile, KHC Executive
  4. 4. Page 4 of 6Director Talal Al Maiman said its existing project, the 1,000meter high Kingdom Towers structure is expected to reachground level by the end of 2013 and will be completed by 2017.Being built in Jeddah, the Kingdom Tower is expected to costaround SR4.6bn and will include a hotel, retail and luxuryresidential project. ( Al Khodari Sons signs SR290.1mn Islamic credit deal withGIB – Abdullah A. M. Al-Khodari Sons Company (Al KhodariSons) has signed an Islamic credit facilities agreement valuedSR290.1mn with the Gulf International Bank (GIB). These creditfacilities will provide for bonding commitments and fund theworking capital and capex requirements of the company.Moreover, 52% of these facilities are funded under Murabahamodes of financing, whereas 48% limits are for multi-purposebonds and documentary credits. These credit limits shall matureover the contractual life of the financed projects, which is 48months. The Murabaha facilities are to be liquidated through amonthly installment of SR2mn. (Tadawul) Al Khodari Sons renews Islamic credit facilities agreement– Al Khodari Sons has signed a renewal agreement forSR245mn Islamic credit facilities with Al-Rajhi Bank. Al-RajhiBank has renewed these facilities for the purpose of providingbonding commitments, fund capital requirements and workingcapital needs for specific projects and general businesses of AlKhodari Sons. In addition, 61% of the facilities shall be utilizedunder Murabaha and 39% are for multi-purpose bonds anddocumentary credit till the expiry of the agreement by March 31,2014. The repayment is to be made after the maturity ofapplicable tenor of the facility, for which it would be drawn.These facilities are secured by promissory note and assignmentof the contract proceeds of to be financed projects. (Tadawul) Sipchem awards contract for SR600mn plant toThyssenKrupp – Saudi International Petrochemical Company(Sipchem) has awarded to ThyssenKrupp a contract worthSR600mn for building a poly-butylene plant. This plant will befinanced by the Saudi Industrial Development Fund, otherpartners, and trade financing, which is expected to be completedin 4Q2014. (Bloomberg) Sipchem picks HSBC as adviser for Sahara merger –Sipchem has picked HSBC Holdings to advice on the firmsproposed merger with Sahara Petrochemical. (Reuters) Al-Khodari Sons gets SR65mn cleaning contract for EastArar – Al Khodari Sons has completed the signing of a contractworth SR65mn with the Ministry of Municipal & Rural Affairs(Northern Borders Municipality) for East Arar waste collectionand disposal. Al-Khodari Sons expects to complete the project in1,825 days from the date of site handing over and expects itsfinancial impact to be visible in 2Q2013. (Tadawul) Dubai, China trade up 19% YoY in 1Q2013 – The tradebetween the Emirate of Dubai and China grew by 19% YoY toAED31bn in 1Q2013. In terms of imports, China was Dubai’s toppartner during 2012 accounted for AED111bn with a share of15% of Dubai’s total imports. The Emirate’s trade volume fromChina grew by 13% YoY to AED115bn in 2012. ( DEWA repays $871mn sukuk – The Dubai Electricity & WaterAuthority (DEWA) has repaid AED3.2bn sukuk. The sukuk wasinitially issued in June 2008. ( Eagle Proprietary acquires Sri Lankan Heraymila – Dubai-based Eagle Proprietary Investments has acquired Sri Lanka-based Heraymila Securities Limited and Heraymila CapitalLimited. These two companies will be rebranded as CandorEquities Limited and Candor Asset Management Limited. (AMEInfo) ADNOC, Lulu subsidiary sign deal for Ruwais ShoppingMall – The Abu Dhabi National Oil Company (ADNOC) and LuluGroup International’s subsidiary, Line Investment & Property(LIP) have signed an agreement, which allows LIP to handleoperations and management of the Ruwais Shopping Mall inGharbia. (Bloomberg) Investment Dar seeks 50% debt cut with lenders –Investment Dar Company has reportedly asked its creditors totake a 50% write-down on the company’s debt as it seeks tomeet repayments after defaulting on a loan three years ago.Under the optional plan, creditors will receive a cash paymentworth 5.7% of their outstanding debt and a portion of a newIslamic loan equal to about 44% of their current exposure.Investment Dar’s stake in Aston Martin and other real estateholdings will be among the assets backing the new credit facility.(Bloomberg) NBK Group, VIVA sign $270mn multi-currency finance deal– National Bank of Kuwait Group (NBK Group) and the KuwaitTelecommunication Company (VIVA) have signed a multi-currency financing agreement worth $270mn to finance VIVAsplans to upgrade its network and expand in Kuwait. Thisfinancing includes a $70mn Murabaha facility from BoubyanBank, a member of NBK Group. The tenor of the financing is fiveyears. (AME Info) NBK opens its new branch in Abu Dhabi – The National Bankof Kuwait (NBK Group) has opened a new branch in Abu Dhabi.The Abu Dhabi branch comes as part of the NBK’s expansionstrategy in the UAE, which began with its first branch in Dubai in2008. ( Zain Kuwait to expand into cloud computing, internetservices – The Mobile Telecommunication Company’s (ZainKuwait) CEO Scott Gegenheimer said the company will makeacquisitions and build partnerships in software-based industriesin 2013 to exploit the rising demand for data and help offsetfalling income from conventional call and text. (Qatar Tribune) Oman central bank urges for fiscal reforms – The OmanCentral Bank said the country should consider fiscal reforms asa priority since continued growth in public spending may beunsustainable in the long run. The central bank’s warningechoed a report issued by the IMF last week, which statedOman needed to contain state spending and raise non-oilrevenue in the medium term to keep its finances sustainable.(Peninsula Qatar) Sembcorp JV chooses HSBC to manage Oman share sale –Singapore-based Sembcorp Utilities has appointed HSBCHoldings to manage a public share offer of its JV, SembcorpSalalah Power & Water Company in Oman. (Reuters) CBB’s Sukuk Al-Ijara oversubscribed by 135% – The CentralBank of Bahrain’s (CBB) monthly issue of the short-term Islamicleasing bonds, Sukuk Al-Ijara has been subscribed by 135%.CBB received subscriptions worth BHD27mn for the BHD20mnissue, which carries a maturity of 182 days. The expected returnon this issue, which matures on December 19, 2013, is 0.80%compared to 0.85% for the previous issue. (AME Info) Bahrain introduces new green plan to tackle power, water –Bahrain’s Minister of State for Electricity & Water Affairs DrAbdulhussain Mirza said Bahrain has introduced a three-phase“green” plan to tackle spiraling energy and water consumption.He added that Bahrain will increase its production plants,electricity transmission & distribution networks, including a gridthat connects all six Gulf countries. He also said that thescheme will also seek alternative sources of energy, aimed at
  5. 5. Page 5 of 6conserving electricity & water and reducing pollution.( Baytik Industrial Oasis signs lease agreement with MRSFashions – Kuwait Finance House’s subsidiary Baytik IndustrialOasis Company has signed a five-year renewable leaseagreement with MRS Fashions for 9,500 square meters ofpurpose-built light industrial building at Phase 1 of BaytikIndustrial Oasis, situated in the Bahrain International InvestmentPark. (AME Info)
  6. 6. ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager - HNWITel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 Financial Services SPCContact Center: (+974) 4476 6666PO Box 24025Doha, QatarDISCLAIMER: 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 QatarFinancial 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 anoffer, 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 potentialinvestors 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 bereliable, 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 theright 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, theviews 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 6Rebased Performance Daily Index PerformanceSource: Bloomberg Source: BloombergSource: Bloomberg Source: Bloomberg80.090.0100.0110.0120.0130.0140.0Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13QE Index S&P Pan Arab S&P GCC0.8%(0.7%)(0.1%) (0.1%)(0.3%)0.5%(0.1%)(1.0%)(0.5%)0.0%0.5%1.0%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,367.65 (1.3) (1.7) (18.4) DJ Industrial 15,318.23 0.9 1.6 16.9Silver 21.68 (0.9) (1.9) (28.6) S&P 500 1,651.81 0.8 1.5 15.8Crude Oil (Brent) 106.20 0.2 0.2 (5.9) NASDAQ 100 3,482.18 0.9 1.7 15.3Euro 1.34 0.2 0.3 1.5 DAX 8,229.51 0.2 1.2 8.1Yen 95.33 0.9 1.1 9.9 FTSE 100 6,374.21 0.7 1.0 8.1GBP 1.56 (0.5) (0.4) (3.8) CAC 40 3,860.55 (0.1) 1.5 6.0CHF 1.09 0.3 0.1 (0.5) Nikkei 13,007.28 (0.2) 2.5 25.1AUD 0.95 (0.6) (0.9) (8.7) Shanghai 2,159.29 0.1 (0.1) (4.8)USD Index 80.61 (0.2) (0.1) 1.1 BSE Sensex 19,223.28 (0.5) 0.2 (1.0)RUB 31.99 0.8 0.8 4.8 Bovespa 49,464.94 0.8 0.3 (18.8)BRL 0.46 (0.5) (1.5) (6.0) RTS 1,314.06 0.0 1.6 (13.9)134.5119.6108.7