Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

18 November Daily market report

289 views

Published on

Qatar stock exchange

Published in: Economy & Finance
  • Be the first to comment

  • Be the first to like this

18 November Daily market report

  1. 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index gained 0.2% to close at 10,827.7. Gains were led by the Consumer Goods & Services and Insurance indices, rising 0.9% and 0.7%, respectively. Top gainers were Al Meera Consumer Goods Co. and Qatar General Ins. & Reinsurance Co., rising 4.5% and 3.6%, respectively. Among the top losers, Al Khaleej Takaful Group fell 4.3%, while Dlala Brokerage & Investment Holding Co. was down 3.8%. GCC Commentary Saudi Arabia: The TASI Index rose 0.5% to close at 6,953.5. Gains were led by the Media & Publishing and Industrial Inv. indices, rising 3.7% and 2.4%, respectively. Alinma Tokia Marine Co. rose 10.0%, while Saudi Fisheries was up 9.9%. Dubai: The DFM Index declined 0.3% to close at 3,180.8. The Financial & Inv. Services index fell 1.5%, while the Transportation index declined 1.1%. Dubai Islamic Insurance & Reinsurance Co. fell 5.8%, while Ajman Bank was down 3.7%. Abu Dhabi: The ADX benchmark index fell marginally to close at 4,196.9. The Energy index declined 2.0%, while the Industrial index fell 1.1%. Ras Al Khaimah Ceramic Co. declined 5.7%, while Green Crescent Ins. Company was down 3.9%. Kuwait: The KSE Index declined marginally to close at 5,698.1. The Telecommunication index fell 1.7%, while the Consumer Services index declined 0.8%. Kuwait Cable Vision fell 9.1%, while Mashaer Holding Co. was down 8.8%. Oman: The MSM Index fell 0.3% to close at 5,797.7. Losses were led by the Financial and Services indices, declining 0.8% and 0.2%, respectively. Port Services Corporation fell 4.3%, while Oman United Insurance was down 4.0%. Bahrain: The BHB Index declined 0.2% to close at 1,217.8. The Industrial and Commercial Bank indices fell 0.5% each. Esterad Investment Company declined 5.3%, while Al Salam Bank was down 1.0%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Al Meera Consumer Goods Co. 231.90 4.5 8.7 16.0 Qatar General Ins. & Reins. Co. 54.90 3.6 6.0 7.0 Aamal Co. 13.40 2.1 18.3 (11.8) Barwa Real Estate Co. 42.30 1.3 122.7 1.0 Commercial Bank 50.10 1.2 460.5 (26.9) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatar Gas Transport Co. 24.89 (0.4) 1,120.2 7.7 Commercial Bank 50.10 1.2 460.5 (26.9) Masraf Al Rayan 39.50 (0.5) 380.4 (10.6) Ezdan Holding Group 17.30 0.6 346.9 16.0 Vodafone Qatar 12.64 (0.2) 261.9 (23.2) Market Indicators 18 Nov 15 17 Nov 15 %Chg. Value Traded (QR mn) 179.6 721.2 (75.1) Exch. Market Cap. (QR mn) 568,689.8 567,733.7 0.2 Volume (mn) 4.2 17.1 (75.6) Number of Transactions 2,976 3,156 (5.7) Companies Traded 41 38 7.9 Market Breadth 14:23 17:16 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,830.05 0.2 (0.0) (8.2) 11.2 All Share Index 2,886.05 0.2 (0.2) (8.4) 11.3 Banks 2,904.52 (0.2) (1.1) (9.3) 11.8 Industrials 3,225.51 0.2 0.2 (20.2) 12.3 Transportation 2,557.64 (0.5) 1.7 10.3 12.2 Real Estate 2,522.94 0.6 0.4 12.4 8.2 Insurance 4,239.24 0.7 (2.4) 7.1 11.8 Telecoms 961.19 0.7 1.8 (35.3) 21.0 Consumer 6,473.15 0.9 0.9 (6.3) 13.8 Al Rayan Islamic Index 4,077.12 0.5 0.2 (0.6) 12.0 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Fisheries Saudi Arabia 18.40 9.9 3,313.3 (33.3) Saudi Res. & Marketing Saudi Arabia 26.52 4.5 2,830.3 59.6 Al Meera Con. Goods Qatar 231.90 4.5 8.7 16.0 Saudi Arabian Mining Saudi Arabia 32.88 4.4 8,952.2 7.5 Qatar Gen. Ins. & Rein. Qatar 54.90 3.6 6.0 7.0 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Nat. Mobile Telecom. Kuwait 1.02 (3.8) 9.1 (27.1) Ajman Bank Dubai 1.83 (3.7) 69.0 (31.4) Tabuk Cement Co. Saudi Arabia 17.27 (3.0) 191.5 (30.4) Drake & Scull Int. Dubai 0.42 (2.6) 12,418.2 (53.3) Dana Gas Abu Dhabi 0.40 (2.4) 5,939.6 (20.0) 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% Al Khaleej Takaful Group 31.50 (4.3) 1.6 (38.0) Dlala Brokerage & Inv. Holding 19.25 (3.8) 1.7 (55.0) Islamic Holding Group 97.00 (2.7) 0.7 (22.1) Doha Insurance Co. 22.98 (1.8) 3.8 (20.8) Gulf International Services 57.20 (1.4) 166.1 (41.1) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Qatar Gas Transport Co. 24.89 (0.4) 27,860.0 7.7 QNB Group 171.80 (0.1) 26,527.1 (19.3) Commercial Bank 50.10 1.2 22,955.3 (26.9) Masraf Al Rayan 39.50 (0.5) 14,992.0 (10.6) Doha Bank 46.00 (1.3) 11,965.9 (19.3) 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* 10,827.66 0.2 (0.0) (6.7) (11.9) 49.31 156,162.2 11.2 1.6 4.7 Dubai 3,180.77 (0.3) (2.6) (9.2) (15.7) 69.57 86,126.2 12.5 1.1 7.8 Abu Dhabi 4,196.85 (0.0) (0.1) (2.9) (7.3) 48.69 116,351.3 10.9 1.2 5.8 Saudi Arabia 6,953.47 0.5 (1.8) (2.4) (16.6) 1,142.56 424,656.4 15.7 1.7 3.7 Kuwait 5,698.10 (0.0) (1.2) (1.3) (12.8) 34.84 88,599.5 14.4 1.0 4.5 Oman 5,797.69 (0.3) (0.9) (2.2) (8.6) 5.81 23,519.0 10.4 1.2 4.5 Bahrain 1,217.83 (0.2) (1.3) (2.6) (14.6) 1.47 19,092.9 7.9 0.8 5.6 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) 10,740 10,760 10,780 10,800 10,820 10,840 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QSE Index gained 0.2% to close at 10,827.7. The Consumer Goods & Services and Insurance indices led the gains. The index rose on the back of buying support from Qatari and GCC shareholders despite selling pressure from non-Qatari shareholders.  Al Meera Consumer Goods Co. and Qatar General Insurance & Reinsurance Co. were the top gainers, rising 4.5% and 3.6%, respectively. Among the top losers, Al Khaleej Takaful Group fell 4.3%, while Dlala Brokerage & Investment Holding Co. was down 3.8%.  Volume of shares traded on Wednesday fell by 75.6% to 4.2mn from 17.1mn on Tuesday. Further, as compared to the 30-day moving average of 7.7mn, volume for the day was 45.7% lower. Qatar Gas Transport Co. and Commercial Bank were the most active stocks, contributing 26.9% and 11.0% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Bahrain Kuwait Insurance Co. (BKIC) A.M. Best Bahrain FSR/ICR A-/a- A-/a- – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 11/18 US Mortgage Bankers Association MBA Mortgage Applications November 13 6.20% – -1.30% 11/18 US Census Bureau Housing Starts October 1,060k 1,160k 1,191k 11/18 US Census Bureau Housing Starts MoM October -11.00% -3.80% 6.70% 11/18 US Census Bureau Building Permits October 1,150k 1,147k 1,105k 11/18 US Census Bureau Building Permits MoM October 4.10% 3.80% -4.80% 11/18 EU Eurostat Construction Output MoM September -0.40% – 0.50% 11/18 EU Eurostat Construction Output YoY September 1.80% – -1.40% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Overall Activity Buy %* Sell %* Net (QR) Qatari 59.34% 42.32% 30,553,500.71 GCC 10.60% 10.49% 203,505.60 Non-Qatari 30.06% 47.19% (30,757,006.31)
  3. 3. Page 3 of 6 News Qatar  IBQ sets IPTs for five-year dollar bond – International Bank of Qatar (IBQ) has opened books for a debut US dollar-denominated bond issue, which it expects to price as early as Wednesday. Initial price thoughts (IPTs) for the five-year bond have been set in the area of 200 basis points over mid-swaps. The Regulation S Senior offer would come under the A2/A+ rated IBQ’s $2bn euro medium-term note (EMTN) program. Citigroup, QNB Capital and Standard Chartered Bank are acting as joint lead managers for the transaction. (Reuters)  ORDS, Huawei extend strategic cooperation agreement – Ooredoo (ORDS) has announced a five-year extension of their strategic cooperation agreement with Huawei, which will see the two companies deepen their partnership to support ORDS’ market leadership across its footprint. According to the agreement, Huawei will provide a variety of solutions and professional services to benefit all Ooredoo Group’s operating companies, including advanced 2G, 3G, LTE, LTE-A, Antenna, Microwave, Virtualized Core and IP Multimedia Subsystem mobile broadband technologies. This agreement will enable the two organizations to collaborate in deploying best-in-class data, voice, multi-media, and other advanced services to help solidify ORDS’ market leadership in the Middle East, North Africa and Southeast Asia. Meanwhile, ORDS has announced that it will expand its portfolio of cyber security services, in response to requests from companies participating in the second Information Security Conference for the financial sector in Qatar. ORDS had recently introduced features such as Managed SOC (Security Operations Centre), Managed Firewall offering 24x7 monitoring & management of security devices, and SIEM (Security Information and Event Management), for monitoring customers’ assets and event correlation. (Peninsula Qatar)  AXA Gulf expands presence in Qatar – International insurer AXA Gulf has opened two new AXA Shops at the Pearl and Barwa City in Doha to meet rising customer demand. AXA Qatar Country Manager Salim Mansour said Qatar is a priority market for AXA and it is committed to introduce customized insurance solutions that address the diverse risk requirements of customers across various segments. AXA Gulf, in another indication of its commitment to growth and investment in Qatar, revealed that the two new AXA Shops will be opened to the public before 2015-end. These shops will be strategically situated in community settings to meet the growing customer needs. (Ameinfo.com)  Emir issues law regulating tenders and auctions – Qatar News Agency (QNA) has reported that HH the Emir Sheikh Tamim bin Hamad al-Thani has issued Law No. 24 of 2015 on the issuance of the law regulating tenders and auctions. The law will come into effect six months after being published in the official gazette. The legislation has 43 articles and will apply to all government ministries, agencies, authorities and institutions except Qatar Investment Authority, Qatar Petroleum, the police & defense forces and institutions where contracts could be of confidential nature. The law can be applied to entities that are fully or partially funded by the government. By-laws to help implement this law are to be issued by the Minister of Finance. The law authorizes the prime minister to set up one or more tenders and auctions committee, each with a minimum of five and a maximum of seven members, including Chairman and his Deputy. Meanwhile the Emir has issued two decrees – Decree No 50 of 2015 approving accession to the International Convention on Load Lines of 1966 and Decree No 51 of 2015 approving accession to the International Regulations for Preventing Collisions at Sea of 1972. Furthermore, the Emir has approved the Cabinet’s decisions No 36, 37, 38, 39 and 40 of 2015 on expropriating some real estate for public good. (Gulf-Times.com, Peninsula Qatar)  ConocoPhillips affirms long-term partnership with Qatari companies – ConocoPhillips, President Gary Sykes said that the company has announced its commitment to continue its long-term partnership in Qatar for the growth and development of the country’s energy sector. ConocoPhillips is the world’s largest independent energy exploration and production (E&P) company. (Peninsula Qatar)  Christine Lagarde lauds Qatar’s investments in education – International Monetary Fund (IMF) Managing Director Christine Lagarde has lauded Qatar’s diversification efforts, with special reference to the country’s strategic investments in the field of education and culture. Lagarde, while addressing students at the Georgetown University in Qatar (GU-Q), said from both a personal perspective, the IMF point of view, as well as of those who try to support development, the IMF believes the best investments Qataris can make is by investing in education. She further added that Qatar and their leaders are doing a lot toward contributing to the country’s education and culture. (Peninsula Qatar) International  US housing starts hit seven-month low; setback seen as temporary – US housing starts in October fell to a seven-month low, weighed down by a steep decline in the construction of multifamily homes, but a surge in building permits suggested the housing market remained on solid ground. While the drop in groundbreaking activity reported by the Commerce Department implied a moderation in residential investment early in 4Q2015, it did little to change the view that the Federal Reserve would hike interest rates in December 2015. The Commerce Department said groundbreaking dropped 11% to a seasonally adjusted annual pace of 1.06mn units in October, the lowest level since March. October marked the seventh straight month that starts remained above 1mn units, the longest stretch since 2007. Building permits increased 4.1% to a 1.15mn-unit rate. Meanwhile, the US Federal Reserve will conduct three longer-dated reverse repurchase agreement operations in December. The US central bank said these latest "term" reverse repos are part of its ongoing review as to how these will be used to achieve its interest rate objectives when it decides to tighten policy. The Fed said it planned to offer $300bn in term reverse repos that mature in early January in addition to its overnight reverse repos. The first of the December term reverse repos will take place on December 18, 2015, followed by one on December 23 and another on December 30. (Reuters)  NYDFS: Barclays to pay $150mn more to New York regulator in forex probe – The New York Department of Financial Services (NYDFS) said Barclays Plc will pay an additional $150mn to New York State's financial regulator to resolve allegations that it rigged foreign exchange trading by putting the bank's interests ahead of those of its clients. The British bank is also removing a head of global electronic trading for foreign exchange-related misconduct. The penalty will be reflected in Barclays' 4Q2015 results. It followed another NYDFS penalty against Barclays in May, bringing the total penalties by the regulator against the bank for forex- related conduct to $635mn. Barclays, in some instances, used a feature called “Last Look” on its forex trading platform to automatically reject client orders that would be unprofitable for Barclays because of price swings in milliseconds-long hold periods the bank imposed after trades were placed. However, Barclays did not disclose to clients that the trades were being rejected, but instead cited technical issues or gave vague responses. (Reuters)  Japan exports fall, could weigh on recovery from recession – Japan's exports in October fell for the first time in more than a year,
  4. 4. Page 4 of 6 stoking worries the world's third-largest economy may struggle to recover from a recession as weak overseas demand dims the trade outlook. The Ministry of Finance data showed that exports fell 2.1% YoY in October, matching economists' median estimate. Exports rose 0.6% MoM marking the first increase in four months. It was the first annual decline since August 2014 when a decline in US-bound exports hurt overall shipments. The soft figures follow just days after 3Q2015 data showed Japan slipped into its fourth recession in five years, casting doubts about the effectiveness of Prime Minister Shinzo Abe's reflationary policies known as "Abenomics". The run of weak data add to doubts the Bank of Japan will be able to accelerate inflation to its ambitious 2% target in the latter half of next fiscal year to March 2017. Nonetheless, the central bank is widely expected to keep monetary policy steady at its rate review. (Reuters)  China October home prices rise for first time in 14 months, outlook cloudy – Home prices in China rose for first time in over a year in October on an annual basis, signaling a housing market stabilization that could help re-energize the listless economy. A swift rebound in property prices, however, is unlikely due to high inventories in all but the biggest cities, forcing developers to slow the pace of or even stop expansion to protect their cash flows. According to Reuters calculation from National Statistics Bureau (NBS) data, average new home prices rose 0.1% YoY in October, reversing September's 0.9% drop, marking the first YoY gains since August 2014. Meanwhile, Chinese President Xi Jinping said that Beijing will "substantially cut" restrictions on market access for foreign investment, as the country works to reinvigorate its slowing economy. His remarks, made at a meeting of the Asia Pacific Economic Cooperation (APEC) in Manila, come as China faces criticism from foreign firms over obstacles to market access and what critics see as Beijing's unwillingness to sufficiently protect multinationals' intellectual property. Xi added that the fundamentals of China's economy remain positive, the economy is proving resilient to the pains of deepening reforms and there is ample room to fend off downward pressure. He added that the world economy was beset with uncertainties with growth continuing to fall short of expectations. (Reuters)  Russia ready to ease some Ukraine debt terms – Russia signaled that it was ready to make some concessions in its new offer on restructuring Ukraine's debt, but reiterated it would never agree to have it treated in the same way as debt belonging to private creditors. Finance Minister Anton Siluanov said Russia had discussed the proposal, which envisages Ukraine repaying the $3bn in Eurobonds held by Moscow in $1bn tranches over the next three years, with the International Monetary Fund's key shareholders. President Vladimir Putin, who unexpectedly announced the proposal on the sidelines of a Group of 20 (G20) summit in Turkey, said the terms Russia was offering Ukraine were better than what the IMF had been suggesting. Siluanov said the ministry was ready to meet its Ukrainian partners to discuss the offer, provided it was supported by the IMF, its shareholders and Ukraine by December 8, 2015. (Reuters) Regional  JODI: Saudi Arabian crude exports rose in Sept – According to data published by the Joint Organizations Data Initiative (JODI), Saudi Arabia had raised its oil exports in September 2015 by 113,000 barrels per day (bpd) to 7.111mn bpd from 6.998mn bpd in August 2015. The Kingdom pumped out 10.226mn bpd in September, slightly lower than 10.265mn bpd in August but it still maintained high output in line with its strategy of defending market share. Domestic refineries processed 2.501mn bpd of crude, higher than the August level of 2.214mn bpd. Exports of refined oil products in September dropped to 1.190mn bpd from 1.347mn bpd in August. Monthly export figures are provided by Riyadh and other members of OPEC to JODI, which publishes them on its website. (Reuters)  ICAEW: GCC countries with dollar peg to face challenges when Fed hikes rate – According to a recent report released by the Institute of Chartered Accountants in England and Wales (ICAEW), Qatar and other countries in the Middle East that maintain a currency peg to the dollar may be impacted when the US Federal Reserve raises interest rates. The ICAEW in its report ‘economic insight’ jointly produced with Cebr, said Qatar and six other Middle Eastern countries (Bahrain, Oman, Saudi Arabia, the UAE, Jordan and Lebanon) maintain a currency peg to the dollar. Kuwait’s currency is pegged to a basket that includes the dollar. As such, when the Fed raises interest rates, most likely by early 2016, an impact on countries across the Middle East can be expected. However, due to the unique nature of the region, these countries, which are dubbed ‘GCC+5’ will not be impacted by a US rate rise in the same way as is expected in many of the world’s emerging markets such as Brazil and Indonesia. (Gulf-Times.com)  ANB Insurance gets SAMA final approval for its insurance product – MetLife AIG ANB Cooperative Insurance Company (ANB Insurance) has obtained the Saudi Arabian Monetary Agency’s (SAMA) final approval to use group credit life product. (Tadawul)  Ma’aden subsidiary receives commitments from lenders to replace existing debt – Maaden Phosphate Company (MPC), a subsidiary of Saudi Arabian Mining Company (Ma’aden), has received commitment letters from local and international lenders to provide new financing facilities for a loan amount up to SR11.5bn. The new debt will replace the existing debt and is on more favorable terms reflecting MPC’s status as a successful operating company. (Tadawul)  SEPCO signs gas booster deal for Saudi Aramco – According to sources, China’s Shandong Electric Power Construction Corporation (SEPCO) has signed a contract to build a gas compressor station as part of the expansion of Saudi Arabia’s main gas pipeline. Overseen by Saudi Arabian Oil Company (Saudi Aramco), the project, known as Master Gas System 2 (MGS 2), will raise the system’s capacity to 12.5bn cubic feet of gas per day (cfd) by 2018 from 8.4bn cfd currently. Saudi Aramco is pressing ahead with gas-related projects to meet rising domestic demand and conserve oil for export and refining. (Gulfbase.com)  KSA plans to set up state-owned mortgage company – According to sources, Saudi Arabia is working with the Boston Consulting Group to help start a state-owned mortgage firm similar to the US’ Fannie Mae and Freddie Mac as it seeks to develop a secondary market for home loans. The Kingdom’s sovereign wealth fund, Public Investment Fund will provide most of the institution’s capital of around SR10bn. (Bloomberg)  CBUAE foreign assets rise 3.9% YoY in October – Central Bank of the UAE’s (CBUAE) foreign assets rose 3.9% YoY to reach AED285.5bn in October 2015. Deposits increased from AED125.9bn in October 2014 to AED154.0bn in October 2015. On the other hand, foreign securities declined from AED141.8bn in October 2014 to AED127.3bn in October 2015. (Reuters)  Mashreqbank expects retail profit to grow over 20% in 2016 – Mashreqbank PSC expects its retail-banking profit to climb by over 20% in 2016 even as concerns increase about the rising number of small company owners fleeing the country, leaving unpaid debt. Mashreqbank Retail Banking head Farhad Irani said the bank’s retail assets, accounting for around a third of its earnings, will expand at a “mid-teen” clip in 2016, helped by its wealth, insurance and small and medium enterprise businesses. He said gains in Islamic banking and consumer operations in Qatar and Egypt will further bolster expansion. The bancassurance and
  5. 5. Page 5 of 6 wealth management divisions should benefit as the UAE builds its position as a regional business and tourist hub. (Bloomberg)  Al Najah Education acquires majority stake in Sabari Indian School – Al Najah Education has acquired a majority equity stake in Dubai- based Sabari Indian School (SIS). The latest move has taken the firm’s total investments in the Middle East, North Africa and Southeast Asia (MENASEA) region to AED300mn. Al Najah Education is the second private equity unit of Al Masah Capital, a Dubai-based alternative asset management firm. With a capacity of 900 students, SIS is the third school in Al Najah’s portfolio and the first school offering Indian curriculum. The firm has a strategy to acquire and build assets in the education sector spanning the MENASEA region. (GulfBase.com)  ICD chief: Dubai property slump helps competitive position – Investment Corporation of Dubai (ICD) CEO Mohammed Al Shaibani has said that falling property prices in Dubai would help keep the emirate’s competitive position as a business hub for the Middle East & Africa region. He said the outlook for real estate prices is more positive over the long-term as the emirate prepares to host the World Expo in 2020 and develops a new business cluster around the Al-Maktoum International airport. The ICD chief added Dubai’s government is seeking more investment from the financial sector in its infrastructure projects. Shaibani said low oil prices would not alter Dubai’s spending or investment plans, and predicted that ground-breaking on the airport revamp would start by 2017-end. (Bloomberg, Reuters)  AXA Green Crescent gets capital increase approval – AXA Green Crescent Insurance Company has received the Securities and Commodities Authority’s (SCA) approval to increase its capital through converting bonds into newly issued shares. Following SCA’s approval, the company will issue 40.46mn new shares at AED1 per share to AXA Mediterranean Holding and 59.54mn new shares will be issued at AED1 per share to Kanoo Group. After the issuance of these new shares, AXA Mediterranean and Kanoo Group will hold 20.2% and 29.8% stake, respectively, in the company. Meanwhile, the company has changed its name to AXA Green Crescent Insurance Company from Green Crescent Insurance Company subsequent to receiving approval by the SCA. (ADX)  Etisalat Group completes necessary requirements for name change – Emirates Telecommunications Group Company (Etisalat Group) has completed the necessary requirements to change the name and legal form of Emirates Telecommunications Corporation (Etisalat) to a public joint stock company, registered in the public stock companies register with the Securities and Commodities Authority (SCA), according to companies law no. 2 for year 2015. Accordingly, the company will be known as Emirates Telecommunications Group Company PJSC. (ADX)  Abu Dhabi Ports witnesses 36% volume increase in first 10 months – Abu Dhabi Ports – developer, operator and manager of ports and industrial zones – has witnessed a significant surge in cargo volumes during the 10 months of 2015. Container volumes at the Khalifa Port Container Terminal, which is operated by Abu Dhabi Terminals, increased to 1,204,993 TEUs (twenty foot equivalent units/containers) during January-October 2015, reflecting an increase of around 36.0% YoY. Abu Dhabi Ports CEO Captain Mohamed Juma Al Shamisi said that the company’s growth is set to continue throughout in 2015. (Ameinfo.com)  NBK issues KD125mn bonds to boost capital – National Bank of Kuwait (NBK) has raised KD125mn through an issue of capital- boosting bonds. The lender issued the bonds in equal proportion between fixed and floating rate tranches. The 10-year, non-call five subordinated bonds with a fixed rate will pay 275 basis points (bps) over the local benchmark rate for the first five years, after which the rate will be reset to the prevalent local benchmark rate at that time. The floating rate bonds will pay 250 bps over the same benchmark, capped at 1% above the interest paid on the fixed-rate bonds. NBK Capital and KAMCO Investment Company acted as the joint lead managers for the transaction. The Basel III- compliant bonds will enhance the bank’s Tier 2 or supplementary capital. (Reuters)  Agility plans $1bn fundraising to support expansion – Agility CEO Tarek Sultan has said that the transport logistics company plans to raise around $1bn to fund future growth across its businesses. He said the company is focusing on diversifying its business across emerging markets as low oil prices risk delaying some projects in the Middle East. Sultan said Agility’s bulk fuel storage, distribution and supply chain business require financing to meet plans to expand its shipping capacity for transporting refined products & gas. (Reuters)  Mumtalakat, Synergies Castings to build aluminum plant in Bahrain – Bahrain Mumtalakat Holding Company (Mumtalakat) and Synergies Castings will build a $150mn downstream aluminum facility in Bahrain. The aluminum casting and specialty alloy wheel manufacturing plant will take around 18 months to build, and is expected to open by late-2017. The facility will have an annual production capacity of around 25,000 metric tons, equivalent to around 2mn wheel alloys. Synergies Castings will hold a 51% stake in the joint venture, while the remaining 49% will be held by Mumtalakat. Mumtalakat will help to secure loans from Bahraini banks to finance its construction. Mumtalakat CEO Mahmood Al Kooheji said the amount of cash to be raised from banks would be determined later but both partners had pledged enough money to complete the plant without it. Mumtalakat is the sovereign wealth fund of Bahrain, while Synergies Castings is an India-based manufacturer of alloy wheels and other precision aluminum castings. (Reuters)  Bahrain ministry vows to boost transportation sector – Bahraini Transportation & Telecommunications Minister Kamal Ahmed has stressed that his ministry is committed to improve the transportation and telecommunications infrastructures and overall services in order to deliver projects that meet the nation’s future needs. He stressed the importance of enhancing and capitalizing upon bilateral business relationships and seeking opportunities to develop the land, sea and air transportation industries in the kingdom in line with international standards. (Gulfbase.com)  Bahrain mulls cutting fuel, power subsidies – Bahrain is planning to cut subsidies on fuel and electricity as its economy gets hit due to low oil prices, which have plunged by over 50% since 2014. Bahraini Minister of Industry & Commerce Zayed R. Al Zayani said the kingdom wants to improve revenue through services extended by the government and could impose some charges. He said Bahrain is discussing the possibility of imposing Value Added Tax (VAT) at the GCC level. (Gulfbase.com)
  6. 6. Contacts Saugata Sarkar Sahbi Kasraoui Shahan Keushgerian Head of Research Manager – HNWI Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 Tel: (+974) 4476 6509 saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 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 Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment 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. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in part without permission from QNBFS COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg (#Market closed on November 18, 2015) Source: Bloomberg (*$ adjusted returns) 80.0 100.0 120.0 140.0 160.0 180.0 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 QSE Inde x S&P Pa n Ara b S&P GCC 0.5% 0.2% (0.0%) (0.2%) (0.3%) (0.0%) (0.3%)(0.5%) 0.3% 1.1% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,070.70 0.0 (1.2) (9.6) MSCI World Index 1,691.55 0.9 2.3 (1.1) Silver/Ounce 14.18 (0.1) (0.6) (9.7) DJ Industrial 17,737.16 1.4 2.9 (0.5) Crude Oil (Brent)/Barrel (FM Future) 44.14 1.3 1.2 (23.0) S&P 500 2,083.58 1.6 3.0 1.2 Crude Oil (WTI)/Barrel (FM Future) 40.75 0.2 0.0 (23.5) NASDAQ 100 5,075.20 1.8 3.0 7.2 Natural Gas (Henry Hub)/MMBtu 2.10 2.4 4.4 (29.9) STOXX 600 379.33 (0.2) 1.8 (2.6) LPG Propane (Arab Gulf)/Ton 41.13 1.2 0.9 (16.1) DAX 10,959.95 (0.2) 1.5 (2.2) LPG Butane (Arab Gulf)/Ton# 59.75 0.0 (0.4) (4.8) FTSE 100 6,278.97 0.1 2.7 (6.6) Euro 1.07 0.2 (1.0) (11.9) CAC 40 4,906.72 (0.7) 1.2 1.0 Yen 123.64 0.2 0.8 3.2 Nikkei 19,649.18 0.0 (0.2) 8.9 GBP 1.52 0.2 0.0 (2.2) MSCI EM 822.84 (0.2) 0.2 (14.0) CHF 0.98 (0.5) (1.3) (2.5) SHANGHAI SE Composite 3,568.47 (1.1) (0.5) 7.3 AUD# 0.71 0.0 (0.2) (13.0) HANG SENG 22,188.26 (0.3) (0.9) (6.0) USD Index 99.65 0.0 0.7 10.4 BSE SENSEX 25,482.52 (1.7) (0.6) (11.4) RUB 64.76 (0.6) (3.0) 6.6 Bovespa 47,435.58 0.9 3.1 (33.7) BRL 0.27 1.1 2.1 (29.6) RTS 876.56 1.6 7.6 10.9 129.0 107.6 104.8

×