QE Intra-Day Movement

Market Indicators

11,160
11,140

11,120
11,100

Market Indices

11,080
11,060
9:30

21 Jan 14
432....
Qatar Market Commentary
 The QE index rose 0.7% to close at 11,147.4. The Telecoms and
Real Estate indices led the gains....
Port Ser. Corporation*

Oman

OMR

–

–

9.4

4.2%

6.3

11.5%

Source: Company data, DFM, ADX, MSM (*FY2013 results)

Glo...
start to fall in the Eurozone. He said their model gives a 10-20%
probability to inflation turning negative (in the Eurozo...
planning permission for all hotel establishments in Dubai will be
standardized through the Dubai Municipality. (GulfBase.c...
Rebased Performance

Daily Index Performance

170.0
160.0
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140.0
130.0
120.0
110.0
100.0
90.0
80.0

0.7%

0.6%
0.2%

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21 January Daily market report

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21 January Daily market report

  1. 1. QE Intra-Day Movement Market Indicators 11,160 11,140 11,120 11,100 Market Indices 11,080 11,060 9:30 21 Jan 14 432.2 587,937.0 9.2 5,030 41 17:20 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 0.7% to close at 11,147.4. Gains were led by the Telecoms and Real Estate indices, gaining 2.1% and 2.0% respectively. Top gainers were Qatar Islamic Insurance and Barwa Real Estate Co., rising 3.4% and 3.3% respectively. Among the top losers, Zad Holding Co. fell 2.9%, while Islamic Holding Group declined 2.2%. 20 Jan 14 423.7 583,970.7 8.9 4,698 42 12:28 %Chg. 2.0 0.7 2.7 7.1 (2.4) – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 15,927.06 2,754.84 2,642.16 3,665.19 1,960.14 2,083.55 2,553.29 1,554.82 6,027.87 3,214.15 0.7 0.6 0.3 0.7 0.1 2.0 (0.1) 2.1 (0.4) 0.5 0.4 0.2 0.6 (1.0) (0.0) 1.7 2.5 1.8 (1.0) (0.4) 7.4 6.5 8.1 4.7 5.5 6.7 9.3 6.9 1.3 5.9 N/A 13.8 13.6 13.3 13.3 14.3 10.3 21.1 22.9 16.6 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index rose 0.1% to close at 8,734.5. Gains were led by the Hotel & Tour. and Telecom. & Inf. Tech. indices, rising 2.4% and 1.6% respectively. Allied Coop. Ins. rose 9.8%, while Dallah Health was up 9.5%. Investbank Abu Dhabi 3.10 14.0 819.7 15.2 Abu Dhabi Nat. Hotels Abu Dhabi 3.40 9.7 13.9 9.7 Dubai: The DFM index declined 0.1% to close at 3,665.4. The Transportation index fell 1.3%, while the Investment & Financial Services index was down 0.7%. Agility declined 9.8%, while National Industries Group was down 6.7%. Dallah Health.Holding Saudi Arabia 77.50 9.5 2,311.7 11.1 Comm. Bank of Dubai Dubai 4.88 8.4 33.0 3.0 Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,581.0. The Services index gained 3.6%, while the Telecom. index was up 0.4%. Invest Bank surged 14.0%, while Ras Al Khaimah Poultry & Feeding gained 13.4%. Saudi Telecom Co. Saudi Arabia 62.00 5.5 8,801.5 15.9 GCC Top Losers Exchange Kuwait: The KSE index gained 0.2% to close at 7,756.1. The Telecom. index rose 1.6%, while the Financial Services index was up 0.8%. Al-Madina for Finance & Inv. gained 8.2%, while Pearl Of Kuwait Real Estate was up 6.8%. Ithmaar Bank Bahrain Saudi Real Estate Co. Oman: The MSM index rose 0.2% to close at 7,176.3. The Financial Index gained 0.2%, while all other sub indices ended in red. National Securities rose 6.7%, while Al Sharqia Investment Holding was up 4.4%. Bahrain: The BHB index declined 0.3% to close at 1,276.7. The Services index fell 1.1%, while the Commercial Banking index was down 0.9%. Ithmaar Bank declined 4.2%, while Nass Corporation was down 3.3%. Qatar Islamic Insurance Close* 1D% Vol. ‘000 YTD% 64.00 Qatar Exchange Top Gainers 3.4 56.1 10.5 ## # Close Vol. ‘000 1D% Vol. ‘000 YTD% YTD% 0.23 (4.2) 3,637.0 0.0 Saudi Arabia 32.90 (3.8) 2,819.2 (4.9) SADAFCO Saudi Arabia 78.25 (3.7) 229.3 (9.3) United Int. Transp. Co. Saudi Arabia 85.00 (3.7) 498.9 18.5 Air Arabia Dubai 1.54 (3.1) 51,309.6 (0.6) 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) Close* 1D% Vol. ‘000 Zad Holding Co. 69.90 (2.9) 0.6 0.6 45.00 (2.2) 16.8 (2.2) Qatar Exchange Top Losers YTD% Barwa Real Estate Co. 32.50 3.3 2,624.7 9.1 Islamic Holding Group Al Khaleej Takaful Group 39.30 2.3 3.5 7.7 Widam Food Co. 52.00 (1.5) 46.6 0.6 146.70 2.2 70.1 6.9 Gulf Warehousing Co. 40.40 (1.3) 22.1 (2.7) 11.47 1.2 1,199.3 7.1 Aamal Co. 14.71 (1.3) 175.8 (1.9) Close* 1D% Val. ‘000 YTD% 32.50 3.3 85,219.7 9.1 Ooredoo Vodafone Qatar Close* 1D% Vol. ‘000 YTD% Barwa Real Estate Co. 32.50 3.3 2,624.7 9.1 Barwa Real Estate Co. Vodafone Qatar 11.47 1.2 1,199.3 7.1 QNB Group 182.30 1.1 56,731.1 6.0 Doha Bank 64.90 (0.8) 678.3 11.5 Doha Bank 64.90 (0.8) 44,404.9 11.5 Masraf Al Rayan 35.05 0.1 489.2 12.0 Industries Qatar 179.00 1.2 42,339.1 6.0 Mazaya Qatar Real Estate Dev. 12.10 (0.8) 452.6 8.2 74.50 (0.7) 21,171.3 8.0 Qatar Exchange Top Vol. Trades Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Islamic Bank Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 11,147.39 3,665.42 4,580.97 8,734.49 7,756.11 7,176.27 1,276.66 0.7 (0.1) 0.2 0.1 0.2 0.2 (0.3) 0.4 1.6 1.3 (0.3) 1.2 0.5 0.6 7.4 8.8 6.8 2.3 2.7 5.0 2.2 7.4 8.8 6.8 2.3 2.7 5.0 2.2 Exch. Val. Traded ($ mn) 118.68 691.39 428.47 1,928.81 181.91 31.98 2.42 Exchange Mkt. Cap. ($ mn) 161,447.5 74,318.1 129,944.1 479,872.6 110,575.3 25,530.5 50,827.8 P/E** P/B** 14.1 21.6 12.8 17.5 17.1 11.2 8.3 1.9 1.5 1.6 2.2 1.2 1.7 0.9 Dividend Yield 4.1 2.4 3.9 3.4 3.7 3.6 3.8 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 0.7% to close at 11,147.4. The Telecoms and Real Estate indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Qatar Islamic Insurance and Barwa Real Estate Co. were the top gainers, rising 3.4% and 3.3% respectively. Among the top losers, Zad Holding Co. fell 2.9%, while Islamic Holding Group declined 2.2%. Overall Activity Buy %* Sell %* Net (QR) Qatari 52.08% 70.65% (80,208,228.25) Non-Qatari 47.91% 29.35% 80,208,228.25 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday rose by 2.7% to 9.2mn from 8.9mn on Monday. However, as compared to the 30-day moving average of 11.4mn, volume for the day was 19.6% lower. Barwa Real Estate Co. and Vodafone Qatar were the most active stocks, contributing 28.6% and 13.1% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY SR 43.9 59.2% – – 1.2 82.5% Saudi Arabia SR – – -66.1 19.9% -66.4 21.3% Saudi Arabia SR – – -11.9 -6.7% -14.1 0.4% Saudi Arabia SR – – -18.5 NA -31.0 NA Saudi Arabia SR 72.0 -58.8% – – 1.6 -61.2% Saudi Arabia SR 21.9 178.5% – – 23.9 11466.7% Saudi Arabia SR 43.1 344.8% – – 7.6 44.3% Al-Ahlia Insurance Co. Qassim Agriculture Co. (Gaco) Saudi Cable Co. (SCC) Saudi Arabian Mining Co. (MA'ADEN) Al-Ahsa Development Co. Tihama Advertising & Public Relations Co. National Agriculture Marketing Co. (THIMAR) Al Jouf Cement Co. National Metal Manufacturing and Casting Co. (MAADANIYAH) Allianz Saudi Fransi Cooperative Insurance Co. Filing & Packing Materials Manufacturing Co. (FIPCO) Sadara Basic Services Co. Saudi Arabia SR 47.7 102.3% – – 0.1 23.2% Saudi Arabia SR – – -6.3 46.8% -5.6 54.4% Saudi Arabia SR – – -60.7 64.2% -74.7 60.3% Saudi Arabia SR – – 111.8 -83.8% -29.2 NA Saudi Arabia SR – – 14.0 NA 10.7 NA Saudi Arabia SR – – -12.3 -1437.5% -15.3 -537.5% Saudi Arabia SR – – 3.3 226.0% 5.6 516.3% Saudi Arabia SR – – 8.4 -74.6% 6.1 -74.6% Saudi Arabia SR – – 3.2 NA 1.7 NA Saudi Arabia SR 101.8 22.0% – – 1.0 -41.1% Saudi Arabia SR – – 6.7 6.7% 6.2 25.1% Saudi Arabia SR – – -0.4 -25.7% -0.4 -26.5% Nama Chemicals Co. Saudi Arabia SR – – -12.8 NA -16.3 NA SABB Takaful Saudi Indian Company for Co- operative Insurance Saudi Paper Manufacturing Co. Mohammad Al Mojil Group Co. (MMG) Dallah Healthcare Holding Co. Abdullah A. M. Al-Khodari Sons Co. (ALKHODARI) Gulf General Cooperative Insurance Co. (GGI) Gulf Union Cooperative Insurance Co. Oman National Engine. Invt.* Saudi Arabia SR 43.7 34.4% – – 1.5 8.6% Saudi Arabia SR 37.2 17.1% – – 1.2 13455.6% Saudi Arabia SR – – 16.2 24.6% 7.2 -72.6% Saudi Arabia SR – – -6.5 99.0% -18.0 97.2% Saudi Arabia SR – – 46.3 43.8% 50.4 46.5% Saudi Arabia SR – – 21.4 53.0% 8.5 -68.9% Saudi Arabia SR 26.0 21.6% – – 2.6 4085.5% Saudi Arabia SR 30.2 -2.8% – – 0.3 -66.6% Oman OMR – – – – 1.8 -17.7% Company Salama Cooperative Insurance Co. (Salama) Etihad Atheeb Telecomm. Co. (GO) Saudi Fisheries Co. (alasmak) Al Hassan Ghazi Ibrahim Shaker (SHAKER) Arabia Insurance Cooperative Co. (AICC) Amana Cooperative Insurance Co. Solidarity Saudi Takaful Co. Market Currency Saudi Arabia Page 2 of 6
  3. 3. Port Ser. Corporation* Oman OMR – – 9.4 4.2% 6.3 11.5% Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period 01/21 EU ZEW ZEW Survey Expectations January 01/21 Germany ZEW ZEW Survey Current Situation January 01/21 Germany ZEW ZEW Survey Expectations 01/21 UK CBI 01/21 UK 01/21 UK Actual Consensus Previous 73.3 – 68.3 41.2 35.0 32.4 January 61.7 64.0 62.0 CBI Trends Total Orders January -2.0 10.0 12.0 CBI CBI Trends Selling Prices January 20.0 12.0 11.0 CBI CBI Business Optimism January 21.0 25.0 24.0 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Qatar PPI falls 0.3% in October 2013 on lower crude, LNG prices – According to data released by the Ministry of Development Planning & Statistics (MDPS), lower prices for crude, natural gas, basic metals and refined petroleum goods resulted in Qatar’s producer price index (PPI) to fall 0.3% in October from the previous month. The PPI for mining, which carries the maximum weight of 77% in the basket, was down 0.4% in October, mainly due to a 0.4% fall in the price of crude petroleum and gas. However, the manufacturing sector, with a weight of 21% in the PPI basket, reported 0.3% gain in October over September 2013 due to a 2.5% rise in the price of basic chemicals. However, basic metals prices were lower by 1%; refined petroleum products, beverages, dairy products and grain mill products by 0.3% each, and glass and glass products by 0.1%. The electricity and water group, which has a 2% weight in the PPI basket, saw its index fall 0.4% in October against September 2013. Electricity prices decreased 1.6%, while water prices rose 1.7%. (Gulf-Times.com)  Qatar water reserves get big boost – HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa alThani has launched projects with a total value of QR3.2bn, intended to boost Qatar’s water reserves by 126%. The projects include new water reservoirs & pumping stations at Duhail, Umm Qarn, Mesaimeer, South Doha and Muathier, and reservoirs at existing stations. This is the largest expansion of Qatar’s water reserves, which will take its total capacity to 561mn gallons. (Gulf-Times.com)  DHBK eyes 50% assets from global operations in 5 years – Doha Bank (DHBK) is aiming to have 50% of its total assets from international operations over the next five years. DHBK’s CEO R Seetharaman said at present, its international assets allocation is 10% of total, but the bank plans to scale it up to 50% in the next five years with more international presence. Seetharaman said he expects loans & advances to grow in the range of 15-20% this year. Meanwhile, Doha Bank will start a full-fledged branch in India this year and will adopt a GCCbanking model tailored to domestic needs to differentiate it from numerous other banks in the Asian country. Further, the bank cautioned that the return on equity and net interest margins are likely to shrink this year owing to investment caps and heightened competition in the domestic space. (Gulf-Times.com)  Gulf Helicopters signs order for 15 AgustaWestland aircraft – Gulf Helicopters, owned by Gulf International Services, has signed a firm order with AgustaWestland for 15 AW189 helicopters. Under the contract, the first two aircrafts are planned to be delivered in 2014 and all helicopters will be in operation by 2017. (Gulf-Times.com)  Fitch affirms Dolphin Energy’s bonds A+ rating – Fitch has affirmed Dolphin Energy Limited’s (DEL) $1,250mn 5.888% bonds at “A+”; outlook Stable. The Ratings Agency has also affirmed DEL’s $1,300mn 5.5% secured bonds at “A+”; outlook Stable. The $1,250mn bond is due June 15, 2019 and the $1,300mn bond is due December 15, 2021. (Peninsula Qatar)  IHGS’ AGM to be held on February 18 – The Islamic Holding Group (IHGS) announced that its AGM will be held on February 18, 2014 at Ezdan Towers. The AGM’s agenda includes approving the board’s recommendation to distribute cash dividends of 1.7% of the capital (QR1.7 per share). In the absence of required quorum, the second meeting will be organized on March 17, 2014 at the same place. (QE)  Westin Doha Hotel & Spa to open in 2015 – Starwood Hotels & Resorts Worldwide announced that it has begun work on the 372-room Westin Doha Hotel & Spa in Qatar, which is scheduled to open in 2015. The Westin brand has two properties in the UAE currently, and four more hotels are planned in the region. (Gulf-Times.com)  QA gets Best Business Class award – Qatar Airways (QA) has received the Best Business Class award at the 25th Annual Best in Business Travel Awards held in Los Angeles. The airline was additionally recognized as the Best Business Class in the Middle East and named the Best Airline in the World for International Travel for the fifth consecutive year. (GulfTimes.com) International  IMF raises global growth forecast – The International Monetary Fund (IMF) has raised its global economic growth outlook for the year, with expansion to be fueled by the US, Eurozone and Japanese growth, though deflation and financialsector risks threaten a full recovery. IMF Chief Economist Olivier Blanchard said the recovery is strengthening, though it is still weak and uneven. The IMF has raised its 2014 global growth forecast to 3.7%, up 0.1 percentage point from its last outlook in October. Blanchard said the financial system is slowly healing, uncertainty among investors is abating and the drag from budget belt-tightening around the globe is decreasing. The IMF raised its forecast for the US economic growth this year by 0.2 percentage point to 2.8%, though it downgraded its 2015 outlook by 0.4 percentage point to 3% amid the fights in Congress over the federal balance sheet and spending. The fund said the Federal Reserve's plans to exit its easy-money policies are broadly appropriate, and it expects an increase in the Fed's policy rate in 2015. (WSJ)  IMF sees up to 20% chance of prices falling in Europe – The International Monetary Fund's (IMF) Chief Economist Olivier Blanchard said there is a one-in-five chance that prices could Page 3 of 6
  4. 4. start to fall in the Eurozone. He said their model gives a 10-20% probability to inflation turning negative (in the Eurozone), adding that the IMF still sees positive price growth in its baseline forecasts. He called on the European Central Bank to do all it can to anchor price expectations and boost demand in the euro currency bloc, where southern countries like Portugal and Greece continue to face weak demand. (Reuters)  EBRD cuts Turkey outlook, but sees improving euro zone steadying region – The European Bank for Reconstruction & Development (EBRD) has cut its economic growth projections for Turkey but otherwise barely trimmed its overall view for its regional emerging markets. The EBRD has trimmed 0.1 percentage points off its 2014 forecast for the overall bloc to leave it at a relatively unspectacular 2.7%. It said the improved situation in the Eurozone, a driver for much of its region, should help counterbalance rising pressures elsewhere. (Reuters)  China eases credit squeeze with lots of cash and surprising transparency – China's central bank moved to head off another destabilizing cash squeeze with a big injection of cash - flagged in advance in a surprising act of transparency to relieve anxious markets. The People's Bank of China (PBOC) announced it had provided an unspecified amount of emergency cash directly to some banks through its short-term lending facility (SLF). It also committed to injecting money into the financial system during regularly scheduled open market operations - an unusual behavioral change for the central bank, which usually remains cagey about such plans. The PBOC dumped 255bn yuan into the interbank market, the first injection since December 24 and the largest amount in one day in 11 months. The central bank also set up a lending facility specifically for smaller banks, who often complain they are squeezed out of the interbank market by bigger players. (Reuters)  BoJ sticks to record easing as inflation picks up – The Bank of Japan (BOJ) refrained from boosting unprecedented easing as accelerating inflation marks progress in its bid to stamp out 15 years of falling prices in its economy. Governor Haruhiko Kuroda’s board stuck to its pledge to expand the monetary base by an annual 60tn to 70tn yen. The BOJ maintained its forecast that core consumer prices will rise 1.9% in the year starting April 2015, excluding the effect of sales-tax increases, and scrapped a reference to the economy facing uncertainty. (Bloomberg)  IEA: Oil demand to rise faster in 2014 as global economy picks up – The International Energy Agency (IEA) said the global oil demand will rise more quickly this year as economic growth in industrialized countries accelerates, absorbing more supply even as the US shale oil production reaches record highs. IEA said the world oil consumption would increase by 1.3mn bpd in 2014, 50,000 bpd higher than previously forecast. The report said most OECD economies have largely exited recession, with strong gains made in manufacturing and petrochemical sectors in some countries. Oil demand growth has been boosted by a robust economic rebound in the US, where the IEA has revised up its 2013 demand estimate by 180,000 bpd to 18.9mn bpd. The US oil production is increasing rapidly and is forecast to rise by 780,000 bpd this year, but the OPEC will also have to pump more to meet increasing demand. The IEA has raised its demand forecast for OPEC oil this year by 200,000 bpd to 29.4mn bpd. (Qatar Tribune) Regional  Fitch: Saudi Banks to perform strongly in 2014 – According to a report by Fitch Ratings, Saudi banks would continue to see strong performance with ample lending opportunities provided by a favorable economic outlook. The prospects for Saudi Arabia’s economy are strong due to high oil prices, significant government spending on infrastructure projects and an expanding non-oil private sector. Fitch’s outlook on the banking sector is positive, while its rating outlook on the sector and on all rated banks is Stable. The financial performance of Saudi banks remains sound, driven by business growth and declining loan impairment charges. The banks expanded their loan portfolios in 9M2013 by an annualized 12.4% and Fitch expects credit growth to remain strong in 2014. (GulfBase.com)  ARC plans sukuk push, sees better year for IPOs – Al Rajhi Capital’s (ARC) CEO Gaurav Shah said the bank is planning to expand its sukuk business, tapping into the heavy demand for Shari’ah-compliant products in the Kingdom. He added that corporate enterprises and state-owned entities in Saudi Arabia raised around $15bn from sukuk sales in 2013, compared with $11bn in 2012 and just $2.8bn in 2011. Shah said ARC plans to play a central role in underwriting, arranging and investing activities in sukuk. (Reuters)  RSH to increase its capital through bonus shares – The Red Sea Housing Services Company’s (RSH) board of directors has recommended an increase in the company’s capital through bonus shares. The company’s capital is to be raised from SR400mn to SR600mn. The total number of issued shares will increase by 50% to 60mn from 40mn shares. The capital increase will be financed from retained earnings through the transfer of SR200mn. The bonus shares will be allotted for registered shareholders on the day of the EGM. (Tadawul)  Saudi CMA approves capital raise request for APTSCO – The Saudi Capital Market Authority (Saudi CMA) has approved Aldrees Petroleum & Transport Services Company’s (APTSCO) request to increase its capital from SR300mn to SR400mn by issuing one bonus share. This increase will be paid by transferring SR93.6mn from the retained earnings account and SR6.4mn from the statutory reserve account to the company's capital. Consequently, the company's outstanding shares will be increased from 30mn shares to 40mn shares. Those shareholders who are registered in the shareholders registry at the close of trading on the day of the EGM will be eligible for these dividends. (Tadawul)  RSH declares SR75mn dividends for 2013 – The Red Sea Housing Services Company’s board of directors has recommended the distribution of dividends worth SR75mn (SR1.25 per share), representing 12.5% of the company share capital after the increase for 2013 to its shareholders. Shareholders registered on the day of the EGM will be eligible for these dividends. (Tadawul)  MA’ADEN recommends no dividends for FY2013 – The Saudi Arabian Mining Company’s (MA’ADEN) board of directors has decided not to distribute any dividends for FY2013 to its shareholders, since MA’ADEN is still in the process of developing and financing major projects. (Tadawul)  Dubai reduces hotel pre-approval process to 2 months – Dubai announced a number of new regulations that will reduce the hotel construction pre-approval process to two months, as the Emirate prepares to welcome 20mn annual visitors by 2020. Dubai also announced a range of attractive offers for three and four-star hotels. According to the directives issued by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, the period of the pre-approval process for hotel construction will be reduced to two months. Currently, the approval process for private developers ranges from three to six months. A single streamlined system will be managed by the Dubai Municipality to help reduce red-tape and ensure the new reduced approval timeframes are met. In addition, the approval process of Page 4 of 6
  5. 5. planning permission for all hotel establishments in Dubai will be standardized through the Dubai Municipality. (GulfBase.com)  Invest Bank reports AED328.1mn net profit in 2013 – Invest Bank has reported a net profit of AED328.1mn in 2013, reflecting an increase of 1.0% YoY. Net interest income amounted to AED439.9mn, rising by 3.6% YoY. EPS for 2013 stood at AED0.25 as compared to AED0.247 in 2012. Total assets increased by 7.8% YoY to AED12.3bn as on December 31, 2013. Loans & advances rose by 0.3% YoY to AED8.2bn, while customer deposits were up by 5.7% YoY to AED9bn. (ADX)  TAQA eyes investments in water projects in MENA, India – Abu Dhabi National Energy Company’s (TAQA) is planning to grow its water business through new projects and acquisitions across the MENA region as well as India by way of creating an independent operation. TAQA’s Global Water Operations Head Ahmed bin Abbod al Adawi said the company may also invest in Ghana's water sector after the African state sought the UAE's expertise in this field. The state-owned utility has investments in the energy and power sector across the Middle East, India, Africa, the UK and North America. However, its desalination assets are all located in the UAE. (Qatar Tribune)  Zain seeks new loan as $867mn facility nears maturity – Kuwait-based Zain Group has sought proposals from banks for a loan worth millions of dollars, as the telecom company raises cash before its existing debt facility of $867mn matures. The telecom operator has invited lenders to participate in the deal and has sought their views on the likely interest rate for the new loan, which will be self-arranged by Zain and is expected to be completed by 1Q2014. (Qatar Tribune)  NBB registered an 8.1% YoY increase in net profit – National Bank of Bahrain (NBB) has registered an 8.1% YoY increase in net profit to BHD51.36mn in 2013. For 4Q2013, net profit grew 7.6% to BHD11.27mn from BHD10.47mn for the corresponding period of the previous year. EPS improved from 50.5 fils in 2012 to 54.6 fils in 2013. Net interest income for 2013 amounted to BHD59.82mn which decreased 3.4% YoY. Customers' deposits stood at BHD2.1bn as of December 31, 2013. Meanwhile, the board has recommended cash dividend of 35% for FY2013. (Bloomberg)  Bank Sohar’s net profit rise 16.8% YoY in 2013 – Bank Sohar has reported a net profit of OMR26.9mn in 2013, reflecting an increase of 16.8% YoY. Total assets stood at OMR1.9bn as on December 31, 2013, indicating an increase of 5.5% YoY. Net loans & advances rose by 11.5% YoY to OMR1.3bn, while customer deposits were up by 3.4% YoY to OMR1.4bn. (MSM) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 0.7% 0.6% 0.2% (0.1%) S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Yen Dubai May-13 Kuwait Oct-12 Abu Dhabi QE Index Mar-12 (0.3%) Qatar (0.6%) Aug-11 0.2% 0.0% (0.3%) Jan-11 0.2% 0.1% Oman 126.5 0.3% Bahrain 139.0 Saudi Arabia Jun-10 0.9% 160.2 Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,241.41 (1.1) (1.0) 3.0 DJ Industrial 16,414.44 (0.3) (0.3) (1.0) 19.88 (2.2) (2.2) 2.1 S&P 500 1,843.80 0.3 0.3 (0.2) 106.73 0.4 0.2 (3.7) NASDAQ 100 4,225.76 0.7 0.7 1.2 4.58 4.3 4.3 5.5 335.76 0.1 (0.0) 2.3 148.00 7.4 7.4 17.0 DAX 9,730.12 0.1 (0.1) 1.9 156.00 4.5 4.5 14.9 FTSE 100 6,834.26 (0.0) 0.1 1.3 1.36 0.1 104.30 0.1 0.1 (1.3) CAC 40 (0.0) (1.0) Nikkei STOXX 600 GBP 1.65 0.3 0.3 (0.5) MSCI EM CHF 1.10 (0.0) (0.0) (1.9) SHANGHAI SE Composite AUD 0.88 (0.1) 0.3 (1.2) USD Index 81.10 (0.2) (0.2) RUB 33.94 0.5 1.1 BRL 0.42 (0.7) (0.6) 0.0 4,323.87 0.0 (0.1) 0.6 15,795.96 1.0 0.4 (3.0) 970.75 (0.0) (0.2) (3.2) 2,008.31 0.9 0.2 (5.1) HANG SENG 23,033.12 0.5 (0.4) (1.2) 1.3 BSE SENSEX 21,251.12 0.2 0.9 0.4 3.3 Bovespa 48,542.07 (0.3) (1.3) (5.8) 1,395.87 0.1 0.0 (3.2) 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 saugata.sarkar@qnbfs.com.qa ahmed.shehada@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 6 of 6

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