1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.5% to close at 12,471.9. Losses were led by the
Real Estate and Telecoms indices, falling 3.6% and 0.8%, respectively. Top
losers were Ezdan Holding Group and Gulf Warehousing Co., falling 6.2% and
2.9%, respectively. Among the top gainers Qatar Cinema & Film Distribution Co.
rose 6.8%, while Qatari Investors Group was up 4.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.1% to close at 9,807.9. Losses were led
by the Energy & Utilities and Agriculture & Food Ind. indices, falling 1.1% and
0.6%, respectively. ACIG fell 7.5%, while Saudi Hollandi Bank was down 1.9%.
Dubai: The DFM Index gained 0.1% to close at 4,072.3. The Consumer
Staples index rose 3.6%, while the Financial & Investment Services index
gained 0.4%. Dubai Parks & Resorts rose 4.0%, while Marka was up 1.6%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,614.2. The
Consumer index gained 2.8%, while the Real Estate index rose 1.4%. Abu
Dhabi Ship Building Co. rose 9.0%, while Union National Bank was up 3.2%.
Kuwait: The KSE Index fell 0.2% to close at 6,349.8. The Consumer Services
index declined 1.4%, while the Oil & Gas index fell 0.6%. IFA Hotels & Resorts
Co. declined 14.0%, while Contracting & Marine Services was down 8.9%.
Oman: The MSM Index rose 0.3% to close at 6,379.7. Gains were led by the
Services and Industrial indices, rising 0.5% and 0.1%, respectively. Sharqiyah
Desalination rose 3.3%, while Ooredoo was up 3.2%.
Bahrain: The BHB Index gained 0.2% to close at 1,388.1. The Commercial
Bank index rose 0.2%, while the Services index gained 0.1%. Bahrain
Commercial Facilities Co. rose 1.4%, while Seef Properties was up 1.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distrib. Co. 47.00 6.8 0.1 17.5
Qatari Investors Group 55.20 4.9 421.4 33.3
Qatar German Co for Medical Dev. 17.14 4.5 722.1 68.9
Islamic Holding Group 140.00 3.7 359.1 12.4
Mazaya Qatar Real Estate Dev. 19.44 2.9 2,147.8 6.6
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 19.80 (6.2) 6,964.8 32.7
Mazaya Qatar Real Estate Dev. 19.44 2.9 2,147.8 6.6
Barwa Real Estate Co. 49.80 0.6 1,376.1 18.9
Vodafone Qatar 17.95 1.1 1,107.6 9.1
Masraf Al Rayan 46.70 1.0 972.1 5.7
Market Indicators 18 May 15 17 May 15 %Chg.
Value Traded (QR mn) 598.8 932.5 (35.8)
Exch. Market Cap. (QR mn) 664,546.3 667,281.5 (0.4)
Volume (mn) 17.2 32.4 (46.9)
Number of Transactions 7,516 9,114 (17.5)
Companies Traded 42 41 2.4
Market Breadth 28:12 15:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,381.97 (0.5) (0.4) 5.8 N/A
All Share Index 3,325.01 (0.4) (0.3) 5.5 14.0
Banks 3,265.61 0.4 0.3 1.9 14.7
Industrials 4,003.72 0.1 (0.5) (0.9) 14.1
Transportation 2,464.53 (0.6) (0.9) 6.3 13.6
Real Estate 2,883.84 (3.6) (0.5) 28.5 10.2
Insurance 4,740.01 1.2 (1.8) 19.7 21.9
Telecoms 1,302.88 (0.8) (0.2) (12.3) 25.8
Consumer 7,464.25 0.2 (0.6) 8.1 29.0
Al Rayan Islamic Index 4,750.88 (0.2) 0.0 15.8 14.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Dur Hospitality Co. Saudi Arabia 41.11 6.0 1,172.2 40.8
Qatari Investors Group Qatar 55.20 4.9 421.4 33.3
Ooredoo Oman 0.77 3.2 1,952.5 22.3
Union National Bank Abu Dhabi 6.50 3.2 598.7 12.1
HSBC Bank Oman Oman 0.14 2.9 1,257.0 1.4
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
IFA Hotels & Resorts Kuwait 0.18 (14.0) 10.0 (8.0)
Ezdan Holding Group Qatar 19.80 (6.2) 6,964.8 32.7
Gulf Cable & Ele. Ind. Kuwait 0.56 (5.1) 65.1 (18.8)
Gulf Warehousing Co. Qatar 71.20 (2.9) 69.7 26.2
Gulf Pharma. Ind. Abu Dhabi 2.53 (1.9) 133.4 (8.1)
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%
Ezdan Holding Group 19.80 (6.2) 6,964.8 32.7
Gulf Warehousing Co. 71.20 (2.9) 69.7 26.2
Ooredoo 97.00 (1.5) 88.9 (21.7)
Qatar Navigation 98.20 (0.8) 0.4 (1.3)
Mesaieed Petrochem. Holding Co. 25.70 (0.8) 157.6 (12.9)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 19.80 (6.2) 141,671.1 32.7
Barwa Real Estate Co. 49.80 0.6 68,491.8 18.9
Islamic Holding Group 140.00 3.7 50,213.9 12.4
Masraf Al Rayan 46.70 1.0 45,222.9 5.7
Mazaya Qatar Real Estate Dev. 19.44 2.9 41,422.7 6.6
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* 12,471.89 (0.5) (0.4) 2.5 1.5 164.50 182,550.9 13.1 2.0 4.1
Dubai 4,072.28 0.1 (0.0) (3.7) 7.9 175.92 99,357.6 9.4 1.5 5.3
Abu Dhabi 4,614.22 0.6 (0.3) (0.7) 1.9 64.35 124,438.0 11.6 1.5 4.9
Saudi Arabia 9,807.88 (0.1) 0.8 (0.3) 17.7 1,867.30 577,830.5 20.5 2.3 2.7
Kuwait 6,349.80 (0.2) (0.1) (0.4) (2.8) 41.06 97,815.2 16.5 1.1 4.1
Oman 6,379.68 0.3 0.3 0.9 0.6 11.56 24,330.7 9.2 1.4 4.1
Bahrain 1,388.10 0.2 (0.3) (0.2) (2.7) 2.02 21,705.1 8.9 1.0 5.1
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)
12,400
12,450
12,500
12,550
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 0.5% to close at 12,471.9. The Real
Estate and Telecoms indices led the losses. The index fell on the
back of selling pressure from Qatari and GCC shareholders
despite buying support from non-Qatari shareholders.
Ezdan Holding Group and Gulf Warehousing Co. were the top
losers, falling 6.2% and 2.9%, respectively. Among the top
gainers Qatar Cinema & Film Distribution Co. rose 6.8%, while
Qatari Investors Group was up 4.9%.
Volume of shares traded on Monday fell by 46.9% to 17.2mn
from 32.4mn on Sunday. However, as compared to the 30-day
moving average of 11.3mn, volume for the day was 51.5%
higher. Ezdan Holding Group and Mazaya Qatar Real Estate
Development were the most active stocks, contributing 40.5%
and 12.5% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/18 US NAHB NAHB Housing Market Index May 54.0 57.0 56.0
05/18 UK Rightmove Rightmove House Prices MoM May -0.10% – 1.60%
05/18 UK Rightmove Rightmove House Prices YoY May 2.50% – 4.70%
05/18 Italy ISTAT Trade Balance Total March 4,060M – 3,536M
05/18 Italy ISTAT Trade Balance EU March 487M – 689M
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
QIBK to boost capital via bond sales; QIB-UK to offer
investment solutions for London properties – Qatar Islamic
Bank’s (QIBK) CFO, Gourang Hemani said that the bank
expects to issue a Tier 1 capital-boosting bond between 2Q2015
and 3Q2015 to help boost core capital and comply with Basel III
banking standards. The bond will have a perpetual tenor. The
issue will most likely be through a private placement within
Qatar. The bank had received shareholder’s approval to issue
up to QR5.0bn to increase its core capital in February 2015.
Meanwhile, QIBK’s wholly-owned subsidiary, QIB-UK is looking
to develop suitable financial solutions for Qatari nationals, which
meets their investment and financing needs in the UK as
London is increasingly becoming a favorite destination for
business, investment, educational or personal purposes. QIB-
UK is well positioned to support interested customers throughout
the process of identifying real estate opportunities, getting
access to exclusive deals, obtaining the required financing and
concluding the deal in an efficient manner. (GulfBase.com,
Peninsula Qatar)
QATI to issue insurance for up to three years for new cars –
Qatar Insurance Company (QATI) will support the latest
amendment to the Traffic Law by issuing insurance for up to two
or three years for newly-registered cars. QATI’s new facility is
applicable for both the Comprehensive and Third Party Liability
covers and would be valid for up to two or three years from the
date of registration of the new car. The initiative is aligned to the
latest amendment to Traffic Law No. 19 of 2007, which
stipulates that new cars can now be registered for three years.
(Gulf-Times.com)
MCCS BoD to review operations – Mannai Corporation’s
(MCCS) board of directors will hold a meeting on June 9, 2015
to review the operations of the company. (QSE)
New law to speed up clearance at ports – The Advisory
Council has approved a draft legislation seeking to reduce the
time period after which goods lying unclaimed or uncared for at
the ports are auctioned. According to amendments being made
to the existing law, the current time period for auctioning
unclaimed goods is likely to be reduced from six months to two
months. The rule would apply to both, goods that are imported
and lie unclaimed in the precincts of the ports or goods that are
meant for export/re-export but are not shipped within the
specified time. The draft legislation also suggests that
perishable goods that lie unclaimed or unshipped at the ports for
long periods and can become stale or can damage other goods
at the ports can also be auctioned after thorough inspections.
Moreover, the present law authorizes the Cabinet to waive
certain fee levied on ships or importers. In the amended law this
authority is being vested with the Minister of Transport &
Communications. (Peninsula Qatar)
Al Ruwais port to be opened in 3 months – According to
officials from the Ministry of Environment’s Fisheries
Department, the Al Ruwais port will be opened within three
months after finalizing the development works. The officials
stated that the work is underway to open the port, which will
include storehouses of different sizes for fishermen, a
restaurant, toilets and a yard to prepare fishing gear. Meanwhile,
talks are continuing between the Fisheries Department and
Public Works Authority (Ashghal) to expand and develop the
ports at Al Wakrah and Al Khor and equip them with the required
infrastructure. (Gulf-Times.com)
S&P upgrades ratings of DBAC, outlook stable – Standard &
Poor’s Ratings Services has raised its long-term counterparty
credit and insurer financial strength ratings of Doha Bank
Assurance Company (DBAC) to ‘BBB+’ from ‘BBB’. The outlook
is stable. According to S&P, the upgrade reflects DBAC’s
progress in improving its risk management framework while its
enterprise risk management is appraised to be adequate now as
Overall Activity Buy %* Sell %* Net (QR)
Qatari 52.51% 66.52% (83,844,191.34)
GCC 3.94% 5.13% (7,163,167.24)
Non-Qatari 43.55% 28.36% 91,007,358.58
3. Page 3 of 5
the company has successfully embedded sufficient underwriting
controls. Also, S&P assessed DBAC’s business risk profile as
fair, constrained by its modest size and market share within the
Qatari market. DBAC sources roughly half of its gross premiums
from its parent Doha Bank (DHBK). S&P expects that the
premium income sourced through DHBK will increase over the
medium-term, but that the overall premium growth will remain
modest, at around 2% in 2015. DBAC’s market share was below
2% in terms of gross written premium in 2014. (Peninsula Qatar)
International
NAHB: US home builder sentiment slips in May – The
National Association of Home Builders (NAHB) said that the US
homebuilder sentiment fell in May but still showed that more
builders view the market conditions as favorable. The
NAHB/Wells Fargo Housing Market Index fell to 54 from 56 in
April. Readings above 50 indicate more builders view the market
conditions as favorable than poor. The index has not been
below 50 since June 2014. (Reuters)
FM: Greece nears debt deal in May – Greek Finance Minister
(FM), Yanis Varoufakis said that Greece is near a cash-for-
reforms deal with its eurozone partners and the International
Monetary Fund (IMF) that would help it meet debt repayments in
June 2015, as worries persist over a possible bankruptcy.
Greece faces payments of about €1.5bn to the IMF in June and
€6.7bn to redeem government bonds that are held by the
European Central Bank and mature in July and August. Athens
wants a deal to include a debt restructuring, a lower target for
the primary surplus to take in more than it spends apart from
debt interest payments, and a pledge to make no further cuts to
pensions or wages. (Reuters)
Brazil prepares new tax hikes to meet fiscal goal – According
to sources, the Brazilian government plans a new round of tax
hikes to meet its fiscal goal in 2015 despite the recent efforts to
limit public expenditures. President Dilma Rousseff has agreed
to increase the PIS and Cofins taxes after the administration
announces a spending freeze of up to $26.58bn later this week.
The PIS is a mandatory employer contribution to a savings fund,
while the Cofins is a levy that helps finance the social security
system. The government is also considering raising the so-
called CSLL tax on Brazilian banks to make up for the loss in
revenues resulting from Congress' recent decision to water
down austerity measures. The CSLL is a levy on the profits of
companies to contribute to the social security system. (Reuters)
China releases guidelines for economic reform priorities in
2015 – China's cabinet has announced guidelines on Monday
for reform priorities in 2015, ranging from streamlining
administrative procedures to boosting the yuan's global role, as
Beijing steps up efforts to open up the country's capital markets.
The State Council approved the guidelines drafted by the
National Development & Reform Commission (NDRC) for this
year's action plan, calling 2015 "a crucial year for deepening
reform." The specific areas targeted for reforms included state
enterprises, taxation, the Shenzhen Hong Kong stock connect,
deposit rates, the initial public offering system, and boosting the
global status of the yuan among others. Meanwhile, NDRC said
that it has approved around yuan 250bn of railway and subway
projects, in a bid to bolster the slowing economy. (Reuters)
UNCTAD: Developing Asia becomes main driver of global
FDI – According to a survey conducted by the United Nations
(UN) trade and economic thinktank UNCTAD, developing
countries in Asia became the world's largest source of foreign
direct investment (FDI) in 2014, overtaking the US which
remained the biggest single investor country. Developing Asian
countries had invested $440bn abroad in 2014, eclipsing North
American outward investment of $390bn and $286bn coming
from Europe. Global FDI outflows were estimated at $1.341tn in
2014, reflecting an increase of 6.2% from 2013. Most of the FDI
coming from developing countries went into mergers and
acquisitions, whereas 81% of the FDI from developed countries
consisted of earnings reinvested in existing investments. US
firms had invested $337bn in 2014, 3% more than in 2013. Hong
Kong and China were the second and third largest investors,
spending $150bn and $116bn respectively. (Reuters)
Regional
Gartner: MEA IT infrastructure spending to reach $3.48bn in
2015 – According to Gartner, IT infrastructure spending in the
Middle East & Africa (MEA) is forecasted to reach $3.48bn in
2015, reflecting an increase of 0.9% YoY. Gartner’s Research
Vice President, Mary Mesaglio, said that due to the continued
low oil prices globally, the macroeconomic situation in the Gulf
countries is creating increased economic pressure; this may
negatively impact IT spending, including infrastructure projects
in 2015. (GulfBase.com)
Al-Khodari renews SR290.13mn Islamic credit facility
agreement with GIB – Abdullah A. M. Al-Khodari Sons
Company (Al-Khodari) has renewed its Islamic credit facilities
amounting to SR290.13mn with the Gulf International Bank
(GIB). These credit facilities are to provide bonding
commitments and fund the working capital and capital
expenditure requirements of the projects. Moreover, 36% of the
facilities are funded under Murabaha modes of financing,
whereas 64% limits are for multi-purpose bonds and
documentary credits. The credit limits’ tenure ranges from 6-48
months, depending upon the purpose of their utilization. The
Murabaha facilities are to be liquidated in quarterly and semi-
annual installments of various values. They are secured by
promissory notes and assignment of the contract proceeds of
the financed projects. (Tadawul)
AATSC AGM approves SR3.67bn contracts with SATORP –
Arabian Aramco Total Services Company’s (AATSC) ordinary
general assembly meeting (AGM) has approved the contracts
(Sukuk) with a current amount of SR3.67bn between the AATSC
and Saudi Aramco Total Refining and Petrochemical Company
(SATORP), and their renewal for 2016. (Tadawul)
SABB appoints new COO – The Saudi British Bank (SABB)
has appointed Saad Abdulaziz Alkhalb as its Chief Operating
Officer (COO) effective May 1, 2015. (GulfBase.com)
PetroRabigh restarts vacuum distillation unit – Rabigh
Refining & Petrochemical Company (PetroRabigh) has restarted
the vacuum distillation unit (VDU) after unscheduled
maintenance at its oil refinery that produces 400,000 barrels per
day. The maintenance will cost the company around SR100mn,
which will be reflected in its 2Q2015 financial results.
(GulfBase.com)
JODI: KSA oil exports hit highest level since 2003 –
According to Joint Organisations Data Initiative (JODI), Saudi
Arabia increased its oil exports in March 2015 to the highest
level since 2003. The Kingdom’s oil exports were 7.9mn barrels
per day in (b/d) March 2015, reflecting an increase of 10% YoY,
despite rising domestic demand. The output hit 10.3mn b/d, the
highest level reported by JODI since the records began in 2002.
However, the overall exports in 1Q2015, including the large
spike in March 2015, were up by only 1.5% YoY.
(GulfBase.com)
Al Othaim agrees to reduce stake in Mueen to 68% –
Abdullah Al Othaim Markets Company (Al Othaim) has agreed,
with the founding shareholders of Mueen Recruitment Company
4. Page 4 of 5
(Mueen), to reduce its stake to 68%, whereas the remaining
shares will be allocated to the other founding shareholders.
Mueen will be engaged in manpower recruitment activities and
providing household workers to the public and private sectors. Al
Othaim had signed an agreement with other shareholders to co-
found Mueen as a Saudi closed joint stock company (under
establishment) with SR100mn share capital. (Tadawul)
Amlak Finance launches 'Istithmari' property finance –
Dubai-based Amlak Finance has launched its ‘Istithmari’ finance
product. Istithmari caters to investors in ready residential and
commercial properties. It comes with a built-in property
management services package and advisory assistance.
Moreover, Istithmari is the first-of-its-kind ‘Property Finance’
product in the region. (Zawya)
Ajman Bank begins transacting on Nasdaq Dubai Islamic
platform – Ajman Bank has begun transacting on the Nasdaq
Dubai Murabaha platform, which facilitates the provision of
streamlined Shari'ah-compliant financing services. The Nasdaq
Dubai Murabaha platform has brought significant enhancements
to the retail and institutional Murabaha financing since its official
launch in April 2014. It has completed over AED46.5bn worth of
transactions till date. (GulfBase.com)
EMCAP closes $235mn term loan facility for FirstRand
Bank, ENBD lists $951mn of bonds on Nasdaq Dubai –
Emirates NBD Capital Limited (EMCAP) has announced the
successful closure and signing of a $235mn term loan facility for
FirstRand Bank Limited (FRB). Launched at $125mn, the two-
year facility was oversubscribed to close at $235mn with the
participation of nine institutions from the GCC region.
Meanwhile, Emirates NBD (ENBD) has listed $951mn of bonds
on Nasdaq Dubai, reflecting the bank’s ongoing expansion as a
leading regional financial institution. (GulfBase.com)
ICBC Dubai branch narrows price guidance for benchmark
5-yr bond issue – Industrial & Commercial Bank of China
(ICBC) has revised the price guidance for a benchmark five-year
debut bond from its Dubai branch, which is expected to price
later on May 18, 2015. The bank has set the final price guidance
at 120 basis points over the US Treasuries. The deal, rated A1
by Moody's, has attracted orders totaling to more than $3.5bn
from investors, till date. ICBC has picked Citigroup, Emirates
NBD, National Bank of Abu Dhabi, alongside itself, to arrange
the transaction. (Reuters)
DIB picks arrangers for potential dollar Sukuk – Dubai
Islamic Bank (DIB) has picked six banks to arrange fixed income
investor meetings from May 21, 2015 for a potential benchmark
size, US dollar-denominated senior Sukuk issue. DIB has
mandated that First Gulf Bank, HSBC, Maybank, National Bank
of Abu Dhabi, Standard Chartered Bank, along with itself, would
arrange the meetings in Asia and Europe. The offer will be
under DIB’s $2.5bn Sukuk program, and is subject to market
conditions. (GulfBase.com)
Falling oil prices not to impact FGB consumer business –
First Gulf Bank’s (FGB) Executive Vice President, Girish Advani
said that falling oil prices are not expected to impact the
consumer banking sector at FGB, with the bank set to see
continued growth. He added that the continued economic growth
in the UAE meant that fluctuating prices were not causing much
of an impact on the consumer side. (GulfBase.com)
KFH may sell properties, plans to cut jobs – Kuwait Finance
House (KFH) may sell some of its properties in 2015. The bank
may auction the properties or offer them to be run by other
operators, depending on the market conditions. Further, KFH
also plans to cut jobs as part of its restructuring plan, which
would eliminate some positions. The bank is restructuring
activities ahead of a planned divestment by its largest
shareholder, the Kuwait Investment Authority. (Reuters)
Kuwait OPEC Governor: Global crude oil prices not
expected to fall in 2H2015 – Kuwait’s OPEC Governor, Nawal
Al-Fuzaia said that global crude oil prices are not expected to
fall in 2H2015, unless there was a sudden development in the
market like supply disruption or an unexpected growth in the
supplies from other producers outside OPEC. He said that
OPEC production had not increased by more than 200,000 to
400,000 barrels per day above its 30mn barrels per day cap
since 2011. (Reuters)
Bank Nizwa drops UFC merger plan – Bank Nizwa has
withdrawn its proposal for a merger with United Finance
Company (UFC), after the latter received rival offers and invited
all suitors to enter a formal bidding process. (MSM)
NCSI: Oman’s crude exports up 10.2% YoY in 1Q2015 –
According to the National Centre for Statistics & Information
(NCSI), Oman's crude oil exports surged by 10.2% YoY to
78.39mn barrels in 1Q2015. However, the average price of
Oman crude in the international market dipped by 41.5% YoY to
$61.99 per barrel in 1Q2015. Meanwhile, the country's total
crude oil and condensate production grew marginally by 1.8%
YoY to 86.86mn barrels (or 965,000 barrels per day) in 1Q2015.
Oman's ability to increase spending by 4.5% in 2015 would
depend on growth in crude oil prices. In its 2015 budget plan,
revenues were projected at OMR11.6bn, leaving a budget deficit
of OMR2.5bn – Oman's largest fiscal gap since at least 1990.
(GulfBase.com)
GFH denies incurring material operating losses by ECNM &
MITTIC – Gulf Finance house (GFH) has denied that its units
Energy City Navi Mumbai (ECNM) and Mumbai IT & Telecom
Technology Investment Company (MITTIC) have suffered any
material operating losses. GFH stated that any losses incurred
by ECNM and MITTIC are limited to changes in fair market
value and foreign exchange rate for local currency. Meanwhile,
GFH said that it did not receive any notices from any official
authorities inside or outside of Kuwait concerning lawsuits filed
against the group. GFH’s current shareholding in both projects
exceeds 6%, which is above its initial investment when the
projects were launched in 2007. The previous news reports
claimed that a number of Kuwaiti investors have filed lawsuits
against a Kuwaiti investment company and GFH regarding
ECNM and MITTIC. (Bahrain Bourse)
Cluttons: Weak oil prices may hurt Bahrain real estate
market – Property consultant Cluttons, in its 'Spring 2015
Bahrain Property Market Outlook', said that the Bahrain
residential market is at high risk of losing its growth momentum
over weak oil prices. The market is likely to see declines toward
the end of 2015 as demand starts to wane. Cluttons said rents
and values across the residential market are yet to see a
notable impact, but low oil prices are expected to further
undermine the economic growth, which slowed to 4% in 2014,
from 4.9% in 2013. The report said, unlike the residential lettings
market, the outlook for the sales market is stable as a result of
the recent policy announcements designed to bolster residential
investor sentiment over the short to medium-term.
(GulfBase.com)
5. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa 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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Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Apr-11 Apr-12 Apr-13 Apr-14 Apr-15
QSE Index S&P Pan Arab S&P GCC
(0.1%)
(0.5%)
(0.2%)
0.2%
0.3%
0.6%
0.1%
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,225.52 0.1 0.1 3.4 MSCI World Index 1,808.73 0.1 0.1 5.8
Silver/Ounce 17.73 1.3 1.3 12.9 DJ Industrial 18,298.88 0.1 0.1 2.7
Crude Oil (Brent)/Barrel (FM
Future)
66.27 (0.8) (0.8) 15.6 S&P 500 2,129.20 0.3 0.3 3.4
Crude Oil (WTI)/Barrel (FM
Future)
59.43 (0.4) (0.4) 11.6 NASDAQ 100 5,078.44 0.6 0.6 7.2
Natural Gas (Henry
Hub)/MMBtu
3.01 1.7 1.7 0.5 STOXX 600 398.09 (0.3) (0.3) 9.0
LPG Propane (Arab Gulf)/Ton 47.00 (2.1) (2.1) (4.1) DAX 11,594.28 0.6 0.6 10.4
LPG Butane (Arab Gulf)/Ton 55.50 (3.9) (3.9) (11.6) FTSE 100 6,968.87 (0.4) (0.4) 6.8
Euro 1.13 (1.2) (1.2) (6.5) CAC 40 5,012.31 (0.3) (0.3) 10.0
Yen 119.99 0.6 0.6 0.2 Nikkei 19,890.27 0.4 0.4 13.6
GBP 1.57 (0.5) (0.5) 0.5 MSCI EM 1,040.95 (0.2) (0.2) 8.9
CHF 1.08 (1.1) (1.1) 7.3 SHANGHAI SE Composite 4,283.49 (0.6) (0.6) 32.5
AUD 0.80 (0.5) (0.5) (2.3) HANG SENG 27,591.25 (0.8) (0.8) 16.9
USD Index 94.22 1.2 1.2 4.4 BSE SENSEX 27,687.30 0.8 0.8 (0.0)
RUB 49.10 (0.9) (0.9) (19.2) Bovespa 56,204.23 (2.6) (2.6) (1.2)
BRL 0.33 (0.3) (0.3) (11.8) RTS 1,075.47 0.1 0.1 36.0
179.2
144.5
130.6
