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19 February Daily market report


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19 February Daily market report

  1. 1. QE Intra-Day Movement Market Indicators 11,850 11,800 11,750 18 Feb 14 %Chg. 955.6 620,136.9 20.5 6,570 39 25:10 611.4 613,260.4 14.0 5,513 38 19:18 56.3 1.1 46.3 19.2 2.6 – Market Indices 11,700 11,650 9:30 19 Feb 14 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 1.1% to close at 11,822.8. Gains were led by the Transportation and Insurance indices, gaining 3.3% and 2.5% respectively. Top gainers were Qatar Navigation and Qatar Gas Transport Co., rising 4.1% and 3.1% respectively. Among the top losers, Doha Insurance Co. fell 10.0%, while Qatar National Cement Co. declined 5.1%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 17,007.92 2,941.05 2,839.41 3,904.38 2,107.96 2,067.12 2,832.76 1,616.45 6,645.70 3,375.12 1.2 1.2 1.7 (0.1) 3.3 1.5 2.5 0.5 0.6 0.5 2.8 2.7 0.9 5.0 5.7 4.1 3.6 1.7 2.3 2.5 14.7 13.7 16.2 11.6 13.4 5.8 21.3 11.2 11.7 11.2 N/A 14.2 14.5 14.5 14.3 14.2 6.9 21.7 25.4 17.4 Close# 1D% Vol. ‘000 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index rose 0.1% to close at 8,967.6. Gains were led by the Real Estate Dev. and Industrial Inv. indices, rising 1.6% and 1.1% respectively. Saudi Marketing Co. rose 9.8%, while WAFA Ins. was up 4.7%. Arab Banking Corp. Bahrain 0.44 10.0 1,010.0 17.3 NMDC Abu Dhabi 9.90 6.5 20.8 15.1 Dubai: The DFM index declined 0.6% to close at 4,152.4. The Banking index fell 1.4%, while the Transportation index was down 1.0%. Int. Financial Advisors declined 7.9%, while Al Madina was down 2.9%. Qatar Navigation Qatar 99.90 4.1 556.8 20.4 Gulf Cable & Electrical Kuwait 0.82 3.8 206.1 (3.5) Abu Dhabi: The ADX benchmark index gained 0.3% to close at 4,883.2. The Telecommunication index rose 1.3%, while the Industrial index was up 1.2%. Al Khazna Insu. Co. surged 12.5%, while Union Insu. Co. gained 11.1%. DP World Dubai 18.45 3.7 177.5 4.2 GCC Top Losers Exchange Close 1D% Vol. ‘000 Kuwait: The KSE index fell 0.1% to close at 7,797.3. The Consumer Goods and Technology indices declined 1.0% each. NAFAIS Holding Co. fell 6.0%, while Al Safat Tec Holding Co. was down 5.9%. Qatar National Cement Qatar 114.40 (5.1) 97.1 (3.9) Co for Cooperative Ins. Saudi Arabia 33.00 (2.7) 489.8 (6.3) Oman: The MSM index rose 0.4% to close at 7,189.2. Gains were led by the Services and Financial indices, gaining 0.4% and 0.3% respectively. Gulf International Chemicals rose 7.1%, while Port Serv. Corporation was up 4.6%. Ithmaar Bank Bahrain 0.22 (2.3) 5,005.7 (6.5) Dana Gas Abu Dhabi 0.87 (2.2) 41,148.9 (4.4) Union National Bank Abu Dhabi 6.55 (2.2) 485.0 11.6 Bahrain: The BHB index gained 0.8% to close at 1,358.1. The Investment index rose 2.6%, while the Commercial Banks index was up 0.4%. Arab Banking Corp. gained 10.0%, while Bahrain Islamic Bank was up 2.6%. ## Qatar Navigation Qatar Gas Transport Co. Close* 1D% Vol. ‘000 YTD% 4.1 556.8 20.4 1,897.1 10.4 3.1 1D% Vol. ‘000 YTD% (10.0) 1,014.4 (0.8) 114.40 Qatar National Cement Co. Qatar Exchange Top Losers Close* 24.80 Doha Insurance Co. 22.35 YTD% 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) 99.90 Qatar Exchange Top Gainers # YTD% (5.1) 97.1 (3.9) 192.50 2.8 788.7 11.9 Islamic Holding Group 42.50 (3.3) 25.1 (7.6) Barwa Real Estate Co. 32.30 2.2 4,216.6 8.4 Qatari Investors Group 41.50 (2.1) 72.8 (5.0) Ezdan Holding Group 16.99 1.7 21.5 (0.1) Gulf International Services 82.00 (1.9) 107.3 34.4 QNB Group Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Barwa Real Estate Co. 32.30 2.2 4,216.6 8.4 QNB Group 192.50 2.8 149,663.0 11.9 United Development Co. 22.84 0.6 2,362.1 1.0 Barwa Real Estate Co. 32.30 2.2 134,724.2 8.4 Qatar Gas Transport Co. 22.35 3.1 1,897.1 10.4 Doha Bank 66.50 0.8 84,645.0 14.3 Doha Bank 66.50 0.8 1,281.4 14.3 Qatar Navigation 99.90 4.1 55,107.1 20.4 Salam International Investment Co. 14.10 (0.2) 1,232.5 8.4 United Development Co. 22.84 0.6 54,018.4 1.0 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Close 1D% WTD% MTD% YTD% 11,822.78 4,152.39 4,883.18 8,967.62 7,797.26 7,189.22 1,358.14 1.1 (0.6) 0.3 0.1 (0.1) 0.4 0.8 2.7 1.3 (0.2) 0.4 (0.6) 0.2 3.1 6.0 10.1 4.5 2.4 0.5 1.4 4.9 13.9 23.2 13.8 5.1 3.3 5.2 8.8 Exch. Val. Traded ($ mn) 262.41 474.79 140.20 1,674.26 90.10 34.82 12.76 Exchange Mkt. Cap. ($ mn) 170,289.6 83,319.1 135,700.1 490,786.1 112,924.3 25,675.4 51,486.0 P/E** P/B** 15.1 17.8 13.2 18.0 15.8 11.1 9.5 2.0 1.5 1.6 2.2 1.2 1.6 0.9 Dividend Yield 3.9 2.0 3.7 3.3 3.7 3.6 3.5 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6
  2. 2. Qatar Market Commentary  The QE index rose 1.1% to close at 11,822.8. The Transportation and Insurance indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 59.70% 63.52% (36,471,274.18) Non-Qatari  Qatar Navigation and Qatar Gas Transport Co. were the top gainers, rising 4.1% and 3.1% respectively. Among the top losers, Doha Insurance Co. fell 10.0%, while Qatar National Cement Co. declined 5.1%. Buy %* 40.30% 36.48% 36,471,274.18 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Wednesday rose by 46.3% to 20.5mn from 14.0mn on Tuesday. Further, as compared to the 30-day moving average of 12.1mn, volume for the day was 68.9% higher. Barwa Real Estate Co. and United Development Co. were the most active stocks, contributing 20.5% and 11.5% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Revenue (mn) 4Q2013 % Change YoY SR – – 315.0 -2.2% 301.0 3.4% SR – – 3,087.8 -25.0% 1,177.4 -33.2% Saudi SR – – 298.0 -20.3% 309.0 -20.2% Abu Dhabi AED 205.3 9.6% 59.7 2.2% 42.2 -16.1% Abu Dhabi AED 624.6 2.9% – – 68.5 NA Kuwait KD – – – – 76.1 0.8% Bahrain BHD 14.3 -0.3% 1.3 -14.7% 3.0 38.2% Bahrain BHD 26.0 -5.4% – – 6.4 0.8% Market Saudi Chemical Co. * National Industrialization Co. * Eastern Province Cement Co. * Al Ain Ahlia Insurance Company (ALAIN) * Gulf Cement Company (GCEM) * National Mobile Telecommunications Co. (Wataniya) * Bahrain National Holding Co. (BNH) * Bahrain Duty Free Shop Complex (DUTYF) * Currency Saudi Saudi Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 02/19 US MBA MBA Mortgage Applications 14-Februay 02/19 US BLS PPI Final Demand MoM January -4.10% – -2.00% 0.20% 0.10% 02/19 US BLS PPI Ex Food and Energy MoM 0.10% January 0.20% 0.10% 02/19 US BLS 0.00% PPI Final Demand YoY January 1.20% 1.20% 02/19 US 1.10% BLS PPI Ex Food and Energy YoY January 1.30% 1.40% 02/19 1.20% US US Census Bureau Housing Starts January 880K 950K 1048K 02/19 US US Census Bureau Housing Starts MoM January -16.00% -4.90% -4.80% 02/19 US US Census Bureau Building Permits January 937K 975K 991K 02/19 US US Census Bureau Building Permits MoM January -5.40% -1.60% -2.60% 02/19 EU Eurostat Construction Output MoM December 0.90% – -0.20% 02/19 EU Eurostat Construction Output YoY December -0.20% – -1.60% 02/19 UK ONS Jobless Claims Change January -27.6K -20.0K -27.7K 02/19 UK ONS Average Weekly Earnings 3M/YoY December 1.10% 1.00% 0.90% 02/19 UK ONS ILO Unemployment Rate 3Mths December 7.20% 7.10% 7.10% 02/19 UK ONS Employment Change 3M/3M December 193K 250K 280K 02/19 Japan METI All Industry Activity Index MoM December -0.10% 0.10% 0.40% 02/19 Japan ESRI Leading Index CI December 111.7 – 111.3 02/19 Japan Japan Dep. Store Asso. Nationwide Dept Sales YoY January 2.90% – 1.70% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 6
  3. 3. News Qatar  Doha Metro tunnel work to start in 3Q2014 – The tunnel boring work for Doha Metro will start in 3Q2014, while the construction work is progressing on 21 stations. Business Development Manager Sara al-Muhannadi said 15 tunnel-boring machines (TBMs) for the metro rail project are now being manufactured. The delivery of the first train will be in 3Q2017, followed by the power-on for the first test section in 4Q2017. Qatar Rail‟s Senior Program Director Markus Demmler said that the completion of all stations and tunnels will be in 4Q2018 and the operations are scheduled to start in 4Q2019. (  Cabinet approves draft law on natural resources – The weekly Cabinet meeting, chaired by HE the Prime Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani, approved a draft law amending some provisions of Law No 3 of 2007 concerning exploitation of natural resources. As per the amendment, the Ministry of Environment is allowed to license any legal entity to extract, transport or exploit soil, sand and stones and their derivatives, which are used in construction as per the conditions to be issued by a law from the Minister of Environment. The Cabinet also approved a draft law exempting the share of non-Qatari investors in the profits of some companies and investment funds from income tax, and to refer it to the Advisory Council. (  Mowasalat forms JV with Turkish company – Mowasalat has signed an agreement with a Turkey-based IT solutions company Kentkart for providing technological support to its public transport operations. The new JV will be responsible for creating new market opportunities, commissioning & operating intelligent transport systems, and providing technical support & maintenance for customers. Mowasalat will acquire the facilities, infrastructure and other resources for the establishment of the JV. Kentkart will implement and maintain intelligent solution systems for public transport vehicles, including hardware, software and other systems. The Turkish company will provide technical support & training for the staff. (  QA unveils FC Barcelona livery on Boeing 777 – Qatar Airways (QA) and FC Barcelona are taking their partnership to the skies as the airline introduces FC Barcelona‟s livery for the first time on a Boeing 777. The aircraft, which features the distinctive „Barça‟ scarlet and blue or „Blaugrana‟ as it is known in Catalan, arrived from Bangkok this week to the Doha International Airport. Building on the concept of “a team that unites the world”, the design incorporates the colorful Barça flag draped across the fuselage of a Boeing 777. The aircraft was sent to Dublin, Ireland where it took a team one week to hand paint the custom-made design onto the aircraft. Using an airbrush, the team produced a shading effect to help create the illusion of the Barça flag moving as the aircraft takes to the skies. (  QE adds QATI’s bonus shares to shareholder accounts – The Qatar Exchange (QE) announced the addition of the bonus shares to Qatar Insurance Company‟s (QATI) shareholder accounts. Now, QATI‟s new capital is worth QR1,605.4mn, which is distributed over 160,540,380 shares. Shareholders may trade on these shares from February 19, 2014. (QE)  QNCD’s AGM approves 60% cash dividend – Qatar National Cement Company‟s (QNCD) shareholders have approved the board‟s proposal to distribute 60% cash dividends from the company‟s share capital in the AGM held on February 18. (QE)  QCFS’ AGM to be held on March 24 – Qatar Cinema & Film Distribution Company (QCFS) announced that its AGM will be held on March 24, 2014 at Radisson Blu Hotel. In case of lack of quorum, another meeting will be held on March 31, 2014 at the same hotel. (QE)  QFLS’ AGM scheduled on March 4 – Qatar Fuel Company (QFLS) announced that its AGM is scheduled to be held on March 4, 2014 at Al-Dana Club. In case of lack of quorum, another meeting will be held on March 18, 2014 at the same place. The AGM‟s agenda includes approving the board‟s recommendation for a cash dividend of 100% of the nominal value of the share, in addition to the distribution of 30% free shares (3 free shares for every 10 shares), for FY2013. (QE) International  IMF urges stronger growth efforts from G20 –The International Monetary Fund (IMF) called for the Group of 20 countries to boost growth, warning of risks to the global economy from deflation in Europe to high volatility in emerging economies. The IMF said advanced economies, which include most of the G20 countries are still leading a pickup in economic growth overall around the world. However, it said more coordinated work is needed to keep output expanding and boost demand, as the global economy still struggles to leave behind the financial crisis that began in 2008. The recovery has been disappointing with the G20 output still below the longer-term trend, so a joint action is needed to boost output and to lower global risks substantially through more balanced growth. (ET)  Japan trade deficit swells as import costs surge – Japan‟s trade deficit widened to a record in January 2014 as surging import costs weighed on Prime Minister Shinzo Abe‟s campaign to drive a sustained recovery. The Ministry of Finance reported a shortfall of 2.79tn yen ($27.3bn), exceeding the 2.49tn yen median estimate. Imports rose 25% from a year earlier and outbound shipments gained 9.5%. Declines in the yen are driving up import costs as the nation‟s nuclear reactors remain shuttered, while exports have seen only limited gains from the currency‟s slide of more than 20% against the dollar in the past two years. The trade deficit enabled the Japanese economy to grow at a less-than-forecast 1% in the fourth quarter, underscoring the risk that Abenomics may falter after a sales-tax increase in April. (Bloomberg) Regional  Qatar, UAE lead MENA M&A deals – According to a report by Ernst & Young (E&Y), mergers and acquisitions (M&A) deals in the MENA region grew 13% in 2013 to reach $50.7bn as compared to $44.8bn a year ago, with Qatar and the UAE leading the deal activity. Among the top 10 announced deals in 2013, five of the deals were done by UAE companies and two by Qatari companies. The trend of telecommunications representing mega deal values continued in 2013 with Qatar Foundation buying a 5% stake in Bharti Airtel for $1.3bn. Higher deal activity was witnessed in 4Q2013 yet the deal value was lower as compared to 4Q2012. Announced deal volumes increased by 11% from 107 deals in 4Q2012 to 119 deals in 4Q2013. However, deal values declined by 40% from $13.3bn in 4Q2012 to $8bn in 4Q2013. (Peninsula Qatar)  GCC rail project to cost $15.4bn – The railway project to connect the GCC region – linking Kuwait to Muscat – is estimated to cost around $15.4bn. Abdullah Al Shibli, Assistant Secretary-General for Economic Affairs at the GCC General Secretariat, said the length of the track is likely to be 2,117km. Al Shibli said the rail would start from Kuwait, pass through Page 3 of 6
  4. 4. Saudi Arabia, Bahrain, Qatar and the UAE, and culminate in Oman. He said the project has been taken up because of its positive impact on GCC trade and freedom of movement of people. It would also encourage mutual investment among the member countries. (Peninsula Qatar)  STC, Ericsson sign deal to expand broadband service – Saudi Telecom Company (STC) has signed an agreement to expand the Evolved Packet Gateway (EPG) network by using Ericsson SSR 8020 solutions as advanced base packets along SGSN–MME. Beside its integration with the 4G networks, the EPG network offers an integrated set of high quality multimedia applications and broadband telecom services across Saudi Arabia. Ericsson will mobilize its consultations and expertise in the area of system integration. The scope of the agreement covers fitting STC‟s network with state of the art technologies via multiple platforms and high efficiency tie channels. (  Tadawul, MYX sign cooperation deal – The Saudi Stock Exchange (Tadawul) and Bursa Malaysia (MYX) have entered into a MoU, which will serve to deepen and formalize the existing cooperation between the two exchanges. The MoU enables the two parties to share expertise, opens the door for people skills development and allows both parties to explore future opportunities in capital market development, particularly in the area of Islamic finance. (Tadawul)  Saudi CMA approves NADEC’s capital increase – The Saudi CMA‟s board has approved the National Agriculture Development Company‟s (NADEC) request to increase its capital from SR600mn to SR700mn by issuing one bonus share for every six existing shares. This increase will be paid by transferring SR100mn from the retained earnings account to the company‟s capital. Consequently, the company‟s outstanding shares will increase from 60mn to 70mn shares. The bonus shares eligibility is limited to the shareholders who are registered at the close of trading on the day of the extraordinary general assembly, which will be determined later. (Tadawul)  Al Khaleej declares SR30mn dividend for 2013 – Al Khaleej Training & Education Company‟s board of directors has recommended the distribution of SR30mn dividends to its shareholders for 2013. The divided per share will be SR1, representing 10% of the face value. Those shareholders who are registered with the Securities Depository Center on the day of the general assembly will be eligible for this dividend (to be announced later). (Tadawul)  DHC declares SR70.8mn dividend for 2013 – Dallah Healthcare Holding Company‟s (DHC) board of directors has recommended the distribution of SR70.8mn dividend to its shareholders for 2013. The divided per share will be SR1.5, representing 15% of the face value. Those shareholders who are registered with the Securities Depository Center on the day of the general assembly will be eligible for this dividend (to be announced later). (Tadawul)  JD plans IPO in US by 2H2014 – Jingdong Inc. (JD), backed by the Kingdom Holding Company (KHC) and Prince Alwaleed bin Talal, is planning the largest IPO in the US by a Chinese company in a decade by 2H2014. JD is the largest online direct sales company with annual sales of $16.7bn in a market with sales of $213bn in 2013. (  EFECO wins AED1bn MEP contract at Abu Dhabi Plaza – Arabtec Holding has announced that its subsidiary, Emirates Falcon Electromechanical Company (EFECO), has been awarded a AED1bn contract to carry out mechanical, electrical & plumbing (MEP) work at the Abu Dhabi Plaza development in Astana, Kazakhstan. The Abu Dhabi Plaza is a 500,000-square meter mixed-use development located at the heart of the Kazakh capital. The development comprises five towers, featuring 566 luxury residential apartments, 107,000 square meters of commercial office space, a five-star hotel along with serviced apartments and a 50,000 square meter retail podium. The development is under construction by a JV of Arabtec and Consolidated Contractors Company (CCC), under an AED4bn contract with Aldar Properties. (DFM)  NDC inaugurates new jackup rig Hamriyah – The National Drilling Company (NDC) has inaugurated its new state-of-the-art jackup rig Qarnin at a ceremony held in Hamriyah Free Zone. Qarnin is the third rig in a series of six similar drilling rigs being acquired by NDC and manufactured by Lamprell. Qarnin will join the two existing rigs – Makasib and Muhaiyimat – which were received earlier. Construction of the remaining three rigs is proceeding on schedule and will be received as planned in 2014-15. (  Dubai’s January inflation up marginally – According to the data released by Dubai Statistics Center, Dubai‟s Consumer Price Index (CPI) in January rose 0.5% as compared to previous month, while the annual inflation rate increased to 2.2% over same period last year. The housing & utility costs – the CPI heavyweight that accounts for 44% of the index – climbed 3.9% from a year earlier and 2% from the previous month. Food & beverage prices, (11% weight), rose 3.7% YoY, but fell 2% MoM. Education climbed by 4% over last year, but didn‟t change MoM, while the clothing & footwear group declined by 3% YoY. Alcoholic beverages & tobacco rose by 1.65%, while furniture & household items and repair rose by 0.98% YoY. The transport group rose marginally by 0.78%, while the recreation & culture group by 0.56% YoY. Miscellaneous goods & services increased by 0.30%, while the restaurants & hotels group rose by 0.06%. (  Dubai to roll over $10bn crisis debt – According to sources, Dubai has reached an agreement to roll over $10bn debt extended by the Central Bank of the UAE during the global financial crisis. The Emirate had borrowed money five years ago and the debt is due to mature next month. (  ADPC’s volumes rise steadily in 2013 – Abu Dhabi Ports Company's (ADPC) Khalifa Port and Zayed Port saw increased volumes last year with container traffic and RORO (roll on, roll off vehicles) seeing significant growth in 2013. RORO traffic, which comes into Zayed Port in the centre of Abu Dhabi has grown by 11.7% over the last 12 months. The increase reflects consumer demand and a growing population in the region. Container traffic at Khalifa Port's container terminal has increased by 14.6% and its import & export activities are bound to to grow as the adjacent Khalifa Industrial Zone Abu Dhabi (Kizad) is now completed. Around 40 national, regional and international investors have signed lease agreements and started construction of their facilities in Kizad. (Bloomberg)  Abu Dhabi’s January inflation edges down to 2.1% – According to the data released by Statistics Centre–Abu Dhabi, the Emirate‟s inflation in January edged down to 2.1% YoY. Housing & utility costs, which account for almost 38% of consumer expenses, rose 1.5% YoY. (  Dana Gas to increase share capital – Dana Gas has approved the increase of its share capital by AED101.1mn (101,116,167 ordinary shares), amounting to $20.7mn of convertible Sukuk. The company has submitted the required application to the Abu Dhabi Securities Exchange (ADX) to deliver the said ordinary shares to the relevant convertible Sukuk certificate holders, in accordance with the ADX‟s applicable procedures. (ADX) Page 4 of 6
  5. 5.  GCEM’s BoD recommends 5% cash dividend – The Gulf Cement Company‟s (GCEM) board of directors has recommended the distribution of 5% cash dividends for 2013. (ADX)  Kuwait Airways signs contract to buy 25 Airbus jets – Kuwait Airways has signed a contract with Airbus to buy 25 aircraft and lease 12 more, firming up the order that was announced late last year. In December 2013, the carrier had signed a provisional agreement with Airbus to buy 25 aircraft in a deal worth $4.4bn at list prices. The order includes 10 A350900 and 15 medium-haul A320neo airliners. (Reuters)  Wataniya’s BoD recommends cash dividend – National Mobile Telecommunications Company‟s (Wataniya) board has recommended a cash dividend of 0.125 dinars per share for 2013. ( recommended the distribution of 18% cash dividend from the paid-up capital, i.e. 18 fils per share, to those shareholders who are registered on the date of the AGM. (Bahrain Bourse)  DUTYF’s BoD recommends 55% cash dividend – Bahrain Duty Free Shop Complex‟s (DUTYF) board of directors has recommended the distribution of 55% cash dividend to its those shareholders who are registered on the date of the AGM. However, around 20% of its paid-up capital has already been distributed as interim dividend. (Bahrain Bourse)  ABC appoints Group CEO – Bahrain-based Arab Banking Corporation (ABC) has appointed Ray Ferguson as the Group Chief Executive Officer, effective from 2Q2014. ( set to sell 71.2mn shares – Oman  Omantel Telecommunications Company (Omantel) announced that the first phase of its share allocation will begin next week. This announcement follows the Ministry of Finance‟s intention to sell part of the government's 19% share in Omantel, which is equal to 142.5mn shares of equity capital. The first stage includes offering the company‟s 71.25mn shares for subscription by Omani individuals and institutions, which meet the eligibility requirements. The minimum subscription at this phase will be 2mn shares. (Bloomberg)  UBAR’s BoD recommends 15% cash dividend – UBAR Hotels & Resorts‟ board of directors has recommended a cash dividend of 15% on the company‟s paid-up share capital, amounting to 15 baizas per share for the year ended December 31, 2013. (MSM)  AUB’s net profit jumps 72.6% in 2013 – Ahli United Bank (AUB) reported a 72.6% increase in the net profit to $579.4mn for 2013 as compared to $335.7mn in 2012. This included an exceptional non-recurring gain of $212.9mn due to the sale of its 29.4% stake in Ahli Bank Qatar. The net profit increased by 8% QoQ to $77.2mn in 4Q2013 from $71.5mn in 4Q2012. The operating income increased by 12.9% from $848.7mn to $958.3mn in 2013, driven largely by a rise in net interest income and fee income. The bank‟s total assets grew by $2.8bn to reach $32.7bn by the end of 2013. Loans & advances grew to $17.3bn from $16bn as of December 31, 2012. Meanwhile, the bank‟s board has recommended a cash dividend of $0.045 per share and a 5% bonus share issue for 2013. (Bloomberg, Reuters)  NBK Bahrain’s net profit rises by 24% in 2013 – The National Bank of Kuwait‟s (NBK) Bahraini unit reported a 24% YoY growth in its net profit to $114mn in 2013 from $92mn the previous year. NBK Bahrain‟s total assets increased by 41% YoY to $7.75bn for the period ending December 2013 as compared to $5.5bn a year earlier. Customer deposits surged 114% YoY to $4.5bn at the end of 2013 as compared to $2.1bn at the end of 2012. (  Batelco signs MoU for broadband network – Batelco and the Ministry of State for Communications have signed a MoU to explore the opportunity of building a National Broadband Network using Batelco‟s existing optic fiber network across Bahrain. Building the National Broadband Network is part of the National Telecommunications Plan adopted by the Cabinet of Ministers. The plan includes the provision of a countrywide access to ultrafast broadband services using optic fiber. (Bahrain Bourse)  BNH’s BoD recommends 18% cash dividend – The Bahrain National Holding Company‟s (BNH) board of directors has Page 5 of 6
  6. 6. Daily Index Performance 1.1% 0.8% 1.0% 0.4% 0.1% (0.1%) (0.5%) QE Index Mar-12 Oct-12 May-13 S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Source: Bloomberg Close ($) 1D% WTD% YTD% 1,311.60 (0.8) (0.5) 8.8 21.53 (1.9) 0.2 10.6 110.47 0.0 1.3 5.96 3.9 158.00 Global Indices Performance Close 1D% WTD% YTD% 16,040.56 (0.6) (0.7) (3.2) S&P 500 1,828.75 (0.7) (0.5) (1.1) (0.3) NASDAQ 100 4,237.95 (0.8) (0.1) 1.5 7.7 37.2 STOXX 600 334.94 0.1 0.5 2.0 1.4 1.4 24.9 DAX 9,660.05 0.0 (0.0) 1.1 133.00 1.1 1.1 (2.0) FTSE 100 6,796.71 0.0 2.0 0.7 DJ Industrial 1.37 (0.2) 0.3 (0.1) CAC 40 102.31 (0.0) 0.5 (2.8) Nikkei GBP 1.67 (0.0) (0.4) 0.7 MSCI EM CHF 1.13 (0.1) 0.5 0.5 SHANGHAI SE Composite AUD 0.90 (0.3) (0.4) 0.9 USD Index 80.14 0.2 0.0 RUB 35.65 0.6 1.4 BRL 0.42 0.1 (0.3) (1.3) Yen Dubai Aug-11 (0.6%) Qatar (1.0%) Jan-11 0.3% 0.0% Bahrain 131.0 0.5% Kuwait 143.9 Saudi Arabia Jun-10 1.5% 169.9 Abu Dhabi 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 Oman Rebased Performance 4,341.10 0.2 0.0 1.1 14,766.53 (0.5) 3.2 (9.4) 959.09 0.0 0.2 (4.3) 2,142.55 1.1 1.3 1.3 HANG SENG 22,664.52 0.3 1.6 (2.8) 0.1 BSE SENSEX 20,722.97 0.4 1.7 (2.1) 8.5 Bovespa 47,150.83 1.2 (2.2) (8.5) 1,306.00 (2.8) (2.8) (9.5) Source: Bloomberg RTS Source: Bloomberg Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6