19 May Daily market report

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19 May Daily market report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 1.8% to close at 12,788.2. Losses were led by the Insurance and Industrials indices, declining 2.4% and 2.3% respectively. Top losers were Qatar Islamic Bank and Industries Qatar falling 3.5% and 2.9% respectively. Among the top gainers, Al Ahli Bank rose 2.7%, while Ooredoo gained 0.3%. GCC Commentary Saudi Arabia: The TASI index fell 0.9% to close at 9,724.8. The Hotel & Tourism and Insurance indices declined 2.2% each. Saudi Indian Co. for Coop. Insurance fell 9.8%, while Salama Coop. Insurance was down 4.8%. Dubai: The DFM index declined 5.5% to close at 4,855.5. The Inv. & Fin. Serv. index fell 7.6%, while the Real Estate & Const. Index was down 6.3%. Shuaa Capital declined 8.8%, while Dubai National Ins. & Reins. Co. was down 8.7%. Abu Dhabi: The ADX benchmark index fell 2.3% to close at 4,869.6. The Inv. & Fin. Services index declined 7.0%, while Banking index was down 2.9%. Union Cement Co. fell 9.9%, while Abu Dhabi Shipbuild. Co. was down 9.7%. Kuwait: The KSE index fell 0.8% to close at 7,348.8. Losses were led by the Oil & Gas and Telecom. indices falling 1.2% and 1.1% respectively. United Projects Group declined 6.7%, while Alrai Media Group Co. was down 6.5%. Oman: The MSM index rose 0.4% to close at 6,774.4. Gains were led by the Financial and Services indices, rising 0.5% and 0.1% respectively. The Financial Corporation gained 7.3%, while National Gas was up 7.0%. Bahrain: The BHB index fell 0.6% to close at 1,454.8. The Industrial index declined 0.8%, while Commercial Banking index was down 0.7%. Khaleeji Commercial Bank fell 3.9%, while Ithmaar Bank was down 2.9%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Al Ahli Bank 52.40 2.7 33.2 23.9 Ooredoo 145.50 0.3 214.1 6.0 Dlala Brokerage & Inv. Holding Co. 40.00 0.3 483.4 81.0 Al Khalij Commercial Bank 23.00 0.1 553.7 15.1 Zad Holding Co. 76.90 0.0 0.2 10.6 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 30.10 (1.0) 4,003.4 77.1 National Leasing 31.60 (0.3) 2,203.4 4.8 Vodafone Qatar 18.19 (2.9) 1,789.9 69.8 Masraf Al Rayan 49.50 (2.0) 1,685.1 58.1 United Development Co. 25.30 (1.4) 1,656.1 17.5 Market Indicators 19 May 14 18 May 14 %Chg. Value Traded (QR mn) 947.2 787.4 20.3 Exch. Market Cap. (QR mn) 724,123.1 736,380.6 (1.7) Volume (mn) 21.2 22.0 (3.6) Number of Transactions 10,167 9,240 10.0 Companies Traded 42 43 (2.3) Market Breadth 4:37 9:29 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 19,070.01 (1.8) (2.4) 28.6 N/A All Share Index 3,256.73 (1.7) (2.2) 25.9 15.6 Banks 3,105.02 (1.7) (2.4) 27.1 15.5 Industrials 4,376.78 (2.3) (2.8) 25.0 17.0 Transportation 2,315.43 (1.6) (2.8) 24.6 14.9 Real Estate 2,627.51 (0.9) (1.0) 34.5 13.1 Insurance 3,213.72 (2.4) (2.6) 37.6 8.5 Telecoms 1,718.12 (0.4) (0.6) 18.2 24.0 Consumer 7,035.01 (0.8) (0.8) 18.3 27.5 Al Rayan Islamic Index 4,243.32 (1.7) (2.1) 39.8 18.5 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Tihama Saudi Arabia 332.00 9.9 339.9 202.5 Com. Bank Of Kuwait Kuwait 0.69 3.0 29.6 3.5 Al Ahli Bank Qatar 52.40 2.7 33.2 23.9 Nat. Bank Of Oman Muscat 0.31 2.0 3,526.0 6.6 Omani Qatari Telecom. Muscat 0.56 1.8 175.6 (6.3) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Dubai Investments Dubai 3.27 (7.9) 27,458.2 40.5 Deyaar Development Dubai 1.30 (7.1) 67,717.3 28.7 Dubai Financial Market Dubai 3.35 (6.9) 17,090.0 35.6 Emaar Properties Dubai 9.60 (6.3) 49,784.2 38.2 Dubai Islamic Bank Dubai 7.14 (6.2) 29,992.7 33.2 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) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Islamic Bank 92.60 (3.5) 214.6 34.2 Industries Qatar 181.00 (2.9) 426.5 7.2 Vodafone Qatar 18.19 (2.9) 1,789.9 69.8 Qatar Insurance Co. 75.00 (2.6) 72.9 41.0 Aamal Co. 18.00 (2.5) 1,264.8 20.0 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Ezdan Holding Group 30.10 (1.0) 123,503.9 77.1 Masraf Al Rayan 49.50 (2.0) 84,086.2 58.1 Industries Qatar 181.00 (2.9) 78,080.1 7.2 National Leasing 31.60 (0.3) 70,436.1 4.8 QNB Group 185.00 (2.1) 66,027.1 7.6 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* 12,788.23 (1.8) (2.4) 0.9 23.2 260.16 198,916.6 15.9 2.2 3.9 Dubai 4,855.50 (5.5) (6.3) (4.0) 44.1 599.27 90,900.3 19.5 1.9 2.1 Abu Dhabi 4,869.57 (2.3) (3.0) (3.5) 13.5 178.48 134,535.5 14.3 1.8 3.5 Saudi Arabia 9,724.75 (0.9) (0.8) 1.5 13.9 3,873.07 527,182.8 19.3 2.4 2.9 Kuwait 7,348.76 (0.8) (0.7) (0.8) (2.7) 89.27 114,977.3 15.4 1.2 3.8 Oman 6,774.39 0.4 0.6 0.7 (0.9) 23.12 24,585.9 12.3 1.7 3.9 Bahrain 1,454.83 (0.6) (0.6) 1.9 16.5 0.96 53,842.4 10.5 1.0 4.7 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 12,700 12,800 12,900 13,000 13,100 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5 Qatar Market Commentary  The QE index declined 1.8% to close at 12,788.2. The Insurance and Industrials indices led the losses. The index fell on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders.  Qatar Islamic Bank and Industries Qatar were the top losers, falling 3.5% and 2.9% respectively. Among the top gainers, Al Ahli Bank rose 2.7%, while Ooredoo gained 0.3%.  Volume of shares traded on Monday fell by 3.6% to 21.2mn from 22.0mn on Sunday. Further, as compared to the 30-day moving average of 30.5mn, volume for the day was 30.5% lower. Ezdan Holding Group and National Leasing were the most active stocks, contributing 18.9% and 10.4% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings and Global Economic Data Earnings Releases Company Market Currency Revenue (mn)1Q2014 % Change YoY Operating Profit (mn) 1Q2014 % Change YoY Net Profit (mn) 1Q2014 % Change YoY Jabal Omar Development Co. (JODC) Saudi SR – – -2.7 NA -0.5 NA Arzan Financial Group for Financing & Investment Kuwait KD – – – – 1.8 213.9% The Securities House (SH) Kuwait KD – – – – 0.7 53.4% Kuwait Cement Co. (KCC) Kuwait KD – – – – 5.2 3.9% Automated Systems Co. (ASC) Kuwait KD – – – – 0.6 22.6% Bayan Investment Co. Kuwait KD – – – – 2.8 259.5% Kout Food Group (KFG) Kuwait KD – – – – 1.0 -2.2% Heavy Engineering Industries & Shipbuilding Co. (HEISCO) Kuwait KD – – – – 0.5 368.4% Union Real Estate Co. (UREC) Kuwait KD – – – – 0.3 -6.1% Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 05/19 EU Eurostat Construction Output MoM March -0.60% – 0.40% 05/19 EU Eurostat Construction Output YoY March 5.20% – 7.50% 05/19 UK Rightmove Rightmove House Prices MoM May 3.60% – 2.60% 05/19 UK Rightmove Rightmove House Prices YoY May 8.90% – 7.30% 05/19 Japan Bank of Japan Housing Loans YoY 1Q2014 2.90% – 2.90% 05/19 Japan ESRI Machine Orders MoM March 19.10% 5.80% -4.60% 05/19 Japan ESRI Machine Orders YoY March 16.10% 4.30% 10.80% 05/19 Japan ESRI Tokyo Condominium Sales YoY April -39.60% – -9.70% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Karwa taxi service to be privatized – The Karwa taxi service in Qatar will be fully privatized by 2017 with six private companies expected to run the service. Mowasalat, the state transport company, will remain the regulator for private taxi operators. Karwa has awarded contracts to four private taxi companies and two of them are already operating their services. The contracts awarded would be for a period of five years and would be renewable. Plans are afoot to increase the number of private taxi operators to six, with Mowasalat not operating any taxis and just functioning as the regulator. (Peninsula Qatar)  BRES appoints acting CEO – Barwa Real Estate Company (BRES) has appointed Ahmad Abdulla Ali Al Abdulla as the acting CEO for the group, effective from May 19, 2014, following the resignation of the former Group CEO Abdulla Al Subaie. Ahmad Al Abdulla had previously served as BRES’ Deputy Group CEO. (QE)  KCBK’s Group CEO resigns; BoD to meet on June 3 – Al Khalij Commercial Bank’s (KCBK) Group CEO Robin McCall has resigned from his duties citing personal reasons. The company’s board of directors has accepted his resignation. However, McCall will continue to work as the CEO until a suitable replacement is appointed. Meanwhile, KCBK’s BoD will meet on June 3, 2014 to discuss and approve various business- related items. We recommend a Market Perform rating on the stocks with a 12-month target price of QR23.41. (QE, QNBFS Research)  Moody's withdraws QAFCO's ratings for its own business reasons – Moody's Investors Service, (Moody's) has withdrawn its Aa3 issuer rating for Qatar Fertiliser Company (QAFCO) for Overall Activity Buy %* Sell %* Net (QR) Qatari 61.20% 60.68% 4,793,803.44 Non-Qatari 38.81% 39.31% (4,793,803.44)
  3. 3. Page 3 of 5 its own business reasons. Our conversation with Moody’s indicated that there were no QAFCO-specific negative factors behind the ratings withdrawal. (Bloomberg, QNBFS Research)  ORDS announces date to pay interest and principal to bondholders – Ooredoo International Finance Limited (OIFL) will pay its Global Medium Term Note (GMTN) holders principal and interest payments on 10 June 2014. (QE)  Qatar agrees to supply 200 mmcfd LNG to Pakistan – Pakistani Officials said that Qatar has given a firm commitment to Pakistan for exporting 200mn cubic feet of liquefied natural gas per day (mmcfd) next year. (Bloomberg)  Four more airlines to move to HIA – Hamad International Airport (HIA) airline operations are gaining momentum with four additional airlines moving from DIA from May 22. They are Lufthansa, Air France- KLM, Saudi Arabian Airlines and Oman Air. This latest announcement is part of the phased opening of HIA following the soft launch on April 30. (Gulf-Times.com)  QFB launches sale of Leinster Square project – Qatar First Bank (QFB) has announced the sales launch of luxury townhouses and apartments in its real estate development in Leinster Square, Central London W2. The project, which is managed by Alchemi Group, a London-based residential property developer, consists of 6 three-bedroom apartments and 5 townhouses. The completion date is expected in mid-2015. (Bloomberg)  Realty deals register 36.9% rise in week ending May 8 – Qatar’s real estate sector registered 36.9% increase in the value of transactions during the week ended May 8, 2014. Total value of transactions amounted to QR885.7mn during the week as compared to QR647mn in the previous week. (Peninsula Qatar) International  Bernanke finds no need for Fed to shrink balance sheet – Former Fed Chair Ben Bernanke said the US Federal Reserve does not need to shrink its $4tn-plus balance sheet by even a dime for it to normalize monetary policy when the time comes. Bernanke told a monetary policy conference that the Fed has worked very carefully to figure out how to raise rates at the appropriate time. When the Fed does tighten, he said there could some bumpiness as markets potentially react to the changes, but overall, it will be a fairly normal process. The Fed under Bernanke bought trillions of dollars of long-term securities to help boost the US economy and keep deflation from taking hold. As the Fed exits from those extraordinary policies, Bernanke felt there is absolutely no need for the balance sheet to go back to normal as monetary policy normalizes. The balance sheet could be kept where it is for a very long time if necessary. (Reuters)  Russia to finalize $400bn gas pipeline deal with China – According to Russian Prime Minister Dmitry Medvedev, the country is close to signing a contract to supply natural gas to China at a price that would value the deal at about $400bn. Medvedev's boss Vladimir Putin arrives in Shanghai today to finalize an agreement after more than 10 years of talks. The stumbling block has been the price, but with Russia facing trade and financial sanctions after it annexed Crimea from Ukraine, a deal is seen as probable. Russian executives have said OAO Gazprom, the world's largest natural gas producer, aims to sign a contract with China National Petroleum Corp. during the visit. China was Russia's largest trading partner with $94.5bn of business last year. (Bloomberg)  China plans additional 100 IPOs in 2H2014 – China plans to have about 100 initial public offerings from June 2014 through the end of this year as the government pushes for development in the capital markets. China Securities Regulatory Commission Chairman Xiao Gang said the stock sales will be evenly spread over time to ensure there is an equal number of IPOs each month. China’s State Council said that it will deepen reforms to improve the nation’s securities markets. President Xi Jinping is pushing sweeping changes to loosen the government control in diverse areas right from energy pricing to banking. The country reopened its IPO market in January after a 15-month freeze during which it overhauled the rules. According to China International Capital Corp, 557 companies are awaiting approval for their first-time share sales. The government last month said it plans to connect the stock exchanges of Hong Kong and Shanghai to promote trading volumes and the use of the Yuan. Chinese policy makers are seeking to bolster capital markets as the benchmark stock index declines amid economic growth concern. (Bloomberg) Regional  EY: Islamic bank profits across QISMUT set to top $25bn by 2018 – According to global consultant Ernst & Young (EY), the combined profits of all Islamic banks in Qatar, Indonesia, Saudi Arabia, Malaysia, the UAE and Turkey (QISMUT) is poised to exceed $25bn by 2018. EY said that across QISMUT countries, the combined profits of Islamic banks broke the $10bn mark for the first time at the end of 2013. While the profit numbers for Islamic banks are impressive, they are still, on average, 15-19% points lower than traditional banks in these markets. According to Ashar Nazim, Global Islamic Finance Leader at EY, regionalization and operational transformation, which are currently underway in several Islamic banks, will help to close this gap. The report said global Islamic banking assets with commercial banks are on course to exceed $3.4tn by 2018, fuelled by growing economic activity in core Islamic finance markets. (Gulf-Times.com)  Saudi Aramco in policy shift seeks solar power authority – The Saudi Arabian Oil Company (Saudi Aramco) is planning to add more solar power, a move that would limit domestic fossil- fuel consumption in the world’s biggest exporter of crude oil. Saudi Aramco’s CEO Khalid al-Falih said the company is looking at solar power investments with great interest. To date, the Saudi renewable strategy has been managed by King Abdullah City for Atomic & Renewable Energy (KACARE), an organization chartered by the government to work outside the energy ministry. Earlier in May 2012, KACARE officials had said the nation was seeking to create a solar industry worth $109bn by 2032, though there has been little evidence of progress since then. (Gulf-Times.com)  SABIC expands technology center in Jubail – Saudi Basic Industries Corporation (SABIC) is expanding its technology center in Jubail Industrial City. The Jubail center is a part of the company’s global research network of 19 technology and innovation facilities. The expansion project includes a new building adjacent to the existing center to be built at a cost of $11mn, which is scheduled for commissioning by 2017. The new building will have a buildup area of 3,300 sq m on two floors, out of which 1,500 sq m will be allotted for labs. The site’s total occupancy will be increased by 50% to accommodate 450 employees. (GulfBase.com)  Gammon to develop industrial city in Jazan – International companies including Shenhua Group, Kalliyath Steel, Trina Solar and China Communications Construction Company have agreed to partner with Gammon Group to develop new industrial city in Jazan with a capital investment of SR75bn. Gammon is trying to establish automobile industries, IT parks, food
  4. 4. Page 4 of 5 processing industries, factories, hospitals and hotels in Jazan to make it one of the best commercial cities in Saudi Arabia. (GulfBase.com)  Saudi CMA approves Al Hammadi’s 22.5mn share IPO – Saudi CMA’s board has approved the initial public offering (IPO) of Al Hammadi Company for Development & Investment's for 22.5mn new shares. This offering will increase the company’s capital from SR525mn to SR750mn. The offered shares represent 30% of the company’s total shares after the capital increase. A portion of the offered shares will be allocated to mutual funds and authorized investors. The company's shares will be offered during the period from June 6, 2014 to June 17, 2014, once the book-building process is complete. (Tadawul)  Dow awards EPC contract to Fluor – The Dow Chemical Company has awarded Fluor Corporation the engineering, procurement & construction (EPC) contract for its reverse osmosis (RO) manufacturing facility in Saudi Arabia. Located in Jubail Industrial City II at the Sadara Chemical Company complex, the facility will locally manufacture high-tech RO elements that purify water for drinking and industrial uses. (GulfBase.com)  DIB to buy 40% of Bank Panin Syariah – Dubai Islamic Bank (DIB) has entered into a relationship to jointly manage and operate Indonesia-based PT Bank Panin Syariah Tbk. The envisaged investment in Bank Panin Syariah will involve DIB in accumulating around 25% stake in Bank Panin Syariah in the initial phase, with a view to subsequently increasing its shareholding in the bank to 40% upon obtaining the relevant regulatory approval, including from the Financial Services Authority (OJK) in Indonesia. Following this investment, DIB will become a substantial shareholder in Bank Panin Syariah, and Bank Panin will remain as controlling shareholder of Bank Panin Syariah. (DFM)  Lulu Group plans entry into Malaysia, Indonesia – UAE- based Lulu Group is planning to invest $200mn on halal outlets in Malaysia in the next two years ahead of its expansion into other south Asian markets. Lulu is planning to open five hypermarkets in Malaysia and its first one is scheduled to open by the end of 2015. Lulu has signed an agreement with Malaysia's Federal Land Development Authority. The five stores will provide direct jobs for 2,500 Malaysians and indirect employment to 5,000 more. Further, Lulu Group plans to enter Indonesia in 2015. (Reuters)  Select Group signs deal with TEC – Dubai-based Select Group has signed an agreement with Trans Emirates Contracting (TEC) as the official construction partner of its ninth residential development in the Dubai Marina – No.9. Further, Select Group has signed agreements with the National Engineering Bureau and Draw Link Group as the architectural and interior design partners for the No.9 development. (GulfBase.com)  StanChart: Dubai’s non-oil trade to grow – According to Standard Chartered Bank, Dubai’s non-oil trade growth is likely to moderate to 6-7% this year. In 2013, the Emirate’s trade expanded by 7.6%, which was in line with expectations for a 7- 8% growth. In February, the Saudi Export Development Authority pointed that of its $190bn of exports, 45% go through the UAE. StanChart feels the challenge for the UAE is not to generate growth, but rather to manage the boom by ensuring that inflation remains in check and the economy does not begin to overheat. (GulfBase.com)  Etihad raises stake in Virgin Australia – Etihad Airways has increased its stake in Virgin Australia from 19.9% to 21.24% following regulatory approval by the Australian Foreign Investment Review Board. Etihad acquired the stake in an open market transaction. (Bloomberg)  NBO gets CBO nod to appoint CEO – The National Bank of Oman (NBO) has received approval from the Central Bank of Oman (CBO) to appoint Ahmed Al Musalmi as the new Chief Executive Officer (CEO) for the bank. (GulfBase.com)  Anwar Al Jabri to officiate as MD of ONIC Holding – Anwar Al Jabri, Investment Director of Oman Investment Fund (OIF) and board member of Oman National Investment Corporation Holding (ONIC Holding), will officiate as the Managing Director (MD) of the group until a new group CEO is identified. (GulfBase.com)  AACT’s BoD approves capacity expansion project – Al Anwar Ceramic Tiles Company’s (AACT) board of directors has approved an expansion plan to enhance its capacity by 4mn square meters per annum. The company is looking to use alternative energy options till the regular natural gas allotment from the government is obtained. (GulfBase.com)  RAECO to invest OMR391mn in power generation projects – Rural Areas Electricity Company (RAECO) is planning an additional investment of OMR391mn to raise power generation capacity by 336 megawatt (MW) over the next five years. Currently, RAECO has an installed capacity of 436 MW and is expanding its capacity by 22% every year. RAECO is planning to generate 25% or around 90 MW power from renewable energy projects, which will cost $200mn. The additional power is to meet the power demand of 15,000 households and other customers. Additionally, RAECO is planning to convert two diesel power plants with a combined capacity of 120 MW to use LPG as feedstock. (GulfBase.com)  FBREDC to start $50mn project in Janabiya – First Bahrain Real Estate Development Company (FBREDC) is expecting to start work on a $50mn mixed-use commercial and residential development project in Janabiya this year. The project will be built in two phases with 12,000 square meters of land earmarked for residential use and another 8,000 square meters for non-residential developments. (GulfBase.com)  Bahrain awards BHD16.9mn project tenders – The Bahraini Ministry of Works has awarded five tenders worth BHD16.9mn for roads and sanitary works, besides inviting bids for 10 tenders worth BHD30.3mn in April 2014. The awarded tenders included the first phase of Muharraq Ring Road Project; which is being implemented at a cost of BHD2.99mn. The other awarded projects include: the construction of a sanitary & rain water drainage project in Sitra Block 602, Malkiya Primary/Intermediate School for Girls at a cost of BHD4.49mn, Hunainiya Secondary School for Boys at a cost of BHD4.61mn, and Busaiteen Intermediate School for Girls at a cost of BHD4.4mn. (GulfBase.com)  Foulath appoints Qatar Steel MD as Vice Chairman – Bahrain-based integrated steelmaker Foulath has appointed Qatar Steel’s MD & GM Ali Al Muraikhi as the Vice Chairman of its board of directors. Qatar Steel is a strategic partner of Foulath. (Bloomberg)
  5. 5. Contacts Saugata Sarkar Keith Whitney Sahbi Kasraoui Head of Research Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa 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 5 of 5 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg (*Market closed on May 19, 2014) Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 200.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC (0.9%) (1.8%) (0.8%) (0.6%) 0.4% (2.3%) (5.5%)(6.4%) (4.8%) (3.2%) (1.6%) 0.0% 1.6% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,293.07 (0.0) (0.0) 7.3 DJ Industrial 16,511.86 0.1 0.1 (0.4) Silver/Ounce 19.36 (0.1) (0.1) (0.6) S&P 500 1,885.08 0.4 0.4 2.0 Crude Oil (Brent)/Barrel (FM Future) 109.37 (0.3) (0.3) (1.3) NASDAQ 100 4,125.82 0.9 0.9 (1.2) Natural Gas (Henry Hub)/MMBtu 4.51 1.9 1.9 3.9 STOXX 600 338.51 (0.1) (0.1) 3.1 LPG Propane (Arab Gulf)/Ton 101.75 1.4 1.4 (19.6) DAX 9,659.39 0.3 0.3 1.1 LPG Butane (Arab Gulf)/Ton 119.88 0.9 0.9 (11.7) FTSE 100 6,844.55 (0.2) (0.2) 1.4 Euro 1.37 0.1 0.1 (0.2) CAC 40 4,469.76 0.3 0.3 4.0 Yen* 101.50 0.0 0.0 (3.6) Nikkei 14,006.44 (0.6) (0.6) (14.0) GBP 1.68 0.0 0.0 1.6 MSCI EM 1,035.43 0.3 0.3 3.3 CHF 1.12 0.1 0.1 0.1 SHANGHAI SE Composite 2,005.18 (1.1) (1.1) (5.2) AUD 0.93 (0.3) (0.3) 4.6 HANG SENG 22,704.50 (0.0) (0.0) (2.6) USD Index 79.99 (0.1) (0.1) (0.1) BSE SENSEX 24,363.05 1.0 1.0 15.1 RUB 34.54 (0.6) (0.6) 5.1 Bovespa 53,353.10 (1.2) (1.2) 3.6 BRL 0.45 0.3 0.3 7.0 RTS 1,289.98 2.2 2.2 (10.6) 183.8 152.7 139.4

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