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QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 1.1% to close at 12,031.2. Gains were led by the Real
Estate and Telecoms indices, rising 3.8% and 0.8%, respectively. Top gainers
were Ezdan Holding Group and Qatar Industrial Manufacturing Co., rising 5.8%
and 1.8%, respectively. Among the top losers, Qatar Fuel Co. fell 1.6%, while
Dlala Brokerage & Investments Holding Co. was down 0.5%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.7% to close at 9,344.1. Losses were led
by the Industrial Inv. and Banks & Fin. Ser. indices, falling 2.7% and 2.1%,
respectively. MAADEN fell 4.3%, while Amana Insurance was down 4.2%.
Dubai: The DFM Index gained 0.8% to close at 4,096.2. The Financial &
Investment Services and Banks index rose 1.7% each. Amlak Finance surged
14.8%, while Ekttitab Holding was up 8.7%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,590.1. The
Consumer Staples index gained 2.0%, while the Telecom. index rose 1.7%.
National Takaful gained 7.6%, while Sharjah Cement & Ind. Dev. was up 5.9%.
Kuwait: The KSE Index declined 0.4% to close at 6,213.0. The Technology
index fell 3.6%, while the Banks index declined 1.1%. Al-Qurain Holding Co.
fell 11.5%, while Yiaco Medical Co. was down 6.4%.
Oman: The MSM Index fell 0.1% to close at 6,451.6. Losses were led by the
Financial and Industrial indices, falling 0.2% and 0.1%, respectively. Oman &
Emirates Inv. fell 1.7%, while Al Batinah Dev. Inv. was down 1.6%.
Bahrain: The BHB Index declined 0.1% to close at 1,366.1. The Commercial
Banks index fell 0.2%, while Investment index declined 0.1%. Esterad
Investment Co. fell 4.7%, while Al Salam Bank – Bahrain was down 1.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.10 5.8 3,072.4 21.3
Qatar Industrial Manufacturing Co. 46.85 1.8 0.3 8.1
Qatar Islamic Bank 105.70 1.6 43.3 3.4
Islamic Holding Group 134.00 1.6 16.9 7.6
Aamal Co. 15.32 1.6 468.5 5.9
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.10 5.8 3,072.4 21.3
Mazaya Qatar Real Estate Dev. 18.80 0.3 671.3 3.1
Barwa Real Estate Co. 53.80 1.5 566.6 28.4
Vodafone Qatar 16.45 1.0 524.7 0.0
Aamal Co. 15.32 1.6 468.5 5.9
Market Indicators 21 June 15 18 June 15 %Chg.
Value Traded (QR mn) 198.4 229.4 (13.5)
Exch. Market Cap. (QR mn) 638,352.6 634,120.0 0.7
Volume (mn) 6.6 4.9 35.4
Number of Transactions 2,925 2,609 12.1
Companies Traded 37 37 0.0
Market Breadth 25:10 14:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,697.03 1.1 1.1 2.0 N/A
All Share Index 3,215.29 0.9 0.9 2.0 13.6
Banks 3,136.46 0.1 0.1 (2.1) 14.2
Industrials 3,886.16 0.5 0.5 (3.8) 13.7
Transportation 2,467.26 0.5 0.5 6.4 13.6
Real Estate 2,792.14 3.8 3.8 24.4 9.8
Insurance 4,738.52 0.7 0.7 19.7 21.9
Telecoms 1,168.22 0.8 0.8 (21.4) 23.5
Consumer 7,352.47 (0.6) (0.6) 6.4 28.5
Al Rayan Islamic Index 4,676.71 1.1 1.1 14.0 14.2
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ezdan Holding Group Qatar 18.10 5.8 3,072.4 21.3
Arabtec Holding Co. Dubai 2.69 3.9 43,657.2 (3.6)
Emirates NBD Dubai 9.55 3.8 1,195.5 7.4
Dubai Financial Market Dubai 2.00 2.6 4,130.7 (0.5)
Dana Gas Abu Dhabi 0.45 2.3 7,438.5 (10.0)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Bank of Fujairah Abu Dhabi 4.51 (10.0) 8.6 (0.0)
United Real Estate Co. Kuwait 0.10 (5.0) 43.8 (5.0)
Saudi Arabian Mining Saudi Arabia 42.49 (4.3) 3,880.0 38.9
Bank Al-Jazira Saudi Arabia 28.20 (4.0) 1,535.0 1.5
Saudi Print. & Pac. Saudi Arabia 18.75 (3.9) 322.9 0.3
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%
Qatar Fuel Co. 171.00 (1.6) 53.2 (16.3)
Dlala Brokerage & Inv Holding Co. 27.25 (0.5) 13.0 (18.5)
QNB Group 187.00 (0.5) 112.9 (12.2)
Gulf Warehousing Co. 75.20 (0.5) 14.2 33.3
National Leasing 20.60 (0.5) 83.6 3.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 18.10 5.8 55,116.3 21.3
Barwa Real Estate Co. 53.80 1.5 30,302.5 28.4
QNB Group 187.00 (0.5) 21,172.3 (12.2)
Mazaya Qatar Real Estate Dev. 18.80 0.3 12,623.3 3.1
Qatar Fuel Co. 171.00 (1.6) 9,135.1 (16.3)
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* 12,031.15 1.1 1.1 (0.1) (2.1) 54.48 175,355.5 12.7 1.9 4.2
Dubai 4,096.18 0.8 0.8 4.4 8.5 191.56 99,820.5 9.5 1.5 5.3
Abu Dhabi 4,590.12 0.4 0.4 1.4 1.4 25.01 124,077.8 11.6 1.5 4.8
Saudi Arabia 9,344.11 (1.7) (1.7) (3.6) 12.1 1,197.39 547,186.6 19.6 2.2 2.9
Kuwait 6,213.00 (0.4) (0.4) (1.3) (4.9) 32.25 97,015.5 15.5 1.0 4.4
Oman 6,451.56 (0.1) (0.1) 1.0 1.7 3.45 25,169.4 9.8 1.5 3.9
Bahrain 1,366.09 (0.1) (0.1) 0.2 (4.2) 0.28 21,364.9 8.8 1.0 5.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,850
11,900
11,950
12,000
12,050
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Page 2 of 5
Qatar Market Commentary
 The QSE Index gained 1.1% to close at 12,031.2. The Real
Estate and Telecoms indices led the gains. The index rose on
the back of buying support from non-Qatari and GCC
shareholders despite selling pressure from Qatari shareholders.
 Ezdan Holding Group and Qatar Industrial Manufacturing Co.
were the top gainers, rising 5.8% and 1.8%, respectively. Among
the top losers, Qatar Fuel Co. fell 1.6%, while Dlala Brokerage &
Investments Holding Co. was down 0.5%.
 Volume of shares traded on Sunday rose by 35.4% to 6.6mn
from 4.9mn on Thursday. However, as compared to the 30-day
moving average of 15.1mn, volume for the day was 56.2% lower.
Ezdan Holding Group and Mazaya Qatar Real Estate
Development were the most active stocks, contributing 46.3%
and 10.1% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
News
Qatar
 QIBK to disclose financials on July 13 – The Qatar Islamic
Bank (QIBK) will disclose the reviewed financial reports for the
period ending June 30, 2015 on July 13, 2015. (QSE)
 MARK to announce financials on July 13 – Masraf Al Rayan
(MARK) will announce the reviewed financial reports for the
period ending June 30, 2015 on July 13, 2015. (QSE)
 Woqod to complete 9 fuel stations by 2015-end – According
to Sheikh Hamad bin Saud Al Thani, acting CEO of Woqod
(QFLS), the firm is currently working to set up 20 new fuel
stations across the country and nine of them are expected to be
completed by 2015-end. Meanwhile, work on the remaining 11
stations is scheduled to be completed by 2016-end. He said the
new facilities, once operational, will reduce the rush at existing
fuel stations. The nine stations to be opened this year are in
addition to the Jumailiya and Al Wajba stations opened early in
2015. (Peninsula Qatar)
 British Water officials to visit Qatar in October –
Representatives of British Water, the UK’s leading business
development organization for water in industry supply chain, is
scheduled to visit Qatar in October 2015. They will hold
discussions with government agencies and Qatari companies
working on water and sanitation sectors, including Qatar
General Electricity and Water Corporation (Kahramaa) and The
Public Works Authority (Ashghal). British Water is looking to
partner with all companies seeking to grow their business in the
water and wastewater industry in Qatar. The program will enable
participants to present their company to business contacts and
include meetings with leading contractors, consultants and
government departments and other key organizations. Technical
workshops will be arranged in Doha with Kahramaa and
Ashghal as well as leading consultants, contractors and
organizations involved in the 2022 FIFA World Cup. British
Water is an association, which has a wide and varied
membership covering all sectors of the water industry.
(Peninsula Qatar)
 Ashghal opens new main road – The Public Works Authority,
Ashghal, has opened a new main road connecting the Abdullah
Abdul Ghani Roundabout in Al Wakrah with the Al Mashaf area
in Al Wukair. The new road, opened to traffic on June 16, is
around 3.6 kilometers long. It comprises three lanes in each
direction and a signal-controlled intersection with a median. The
new road aims to reduce traffic jam in Al Wakrah and to connect
the Abdullah Abdul Ghani Roundabout with the Al Mashaf area
directly, reducing the effect of backed up traffic at the Al Sadafa
Roundabout in the middle of Al Wakrah. (Gulf-Times.com)
International
 EU report proposes EU-wide deposit insurance by mid-2017
– The presidents of five European Union (EU) institutions have
proposed in a report, which is to be published today, that the EU
savers should have their deposits guaranteed against a bank
default by an EU-wide guarantee that would complement
existing national schemes by mid-2017. To prevent European
taxpayers from being forced to rescue banks as happened after
the financial crash of 2008, European Commission President
Jean-Claude Juncker, in a report prepared with among others
European Central Bank chief Mario Draghi, proposed a
European Deposit Insurance Scheme (EDIS). According to the
plan, banks would fund EDIS, adding to the levies already
imposed on European credit institutions to set up a bank bailout
facility, known as Single Resolution Fund (SRF). The proposal
includes changes to the SRF so that it could benefit from a
backstop provided by the €500bn Eurozone bailout fund until
2024, when the SRF target capital of €55bn is expected to be
fully covered by banks. The Eurozone bailout fund, known as
the European Stability Mechanism, would provide emergency
loans to the SRF, in case its capital proved not enough to bail
out a bank. The plan makes clear that banks would pay back the
loans. (Reuters)
 German Finance Ministry claims economic upturn to
maintain moderate pace – The German Finance Ministry, in its
monthly report, has said that the economy had a good start to
2Q2015 and indicators suggest the economic upturn would
continue in 2Q2015 at a moderate pace. The report stated that
industry, in particular, had started the April-June period on a
strong footing, adding that fuller order books pointed to a
“marked expansion” in the sector in the coming months.
According to the report, private consumption, a key growth
driver in early 2015, would continue to rise - albeit at a more
moderate pace - thanks to higher employment and low inflation,
which boosts purchasing power, though the stimulative effect
from low oil prices might have decreased somewhat. The
construction sector looks set to experience an “accelerated
upswing” in 2Q2015. However, certain indicators have been
more downbeat, of late. Business morale weakened slightly in
May, while investor sentiment slipped in June. The report added
that the consumer price inflation would remain moderate as
energy prices continue to be lower as compared to the same
period last year. (Reuters)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 61.04% 68.44% (14,684,968.83)
GCC 5.93% 1.90% 7,992,777.21
Non-Qatari 33.03% 29.66% 6,692,191.62
Page 3 of 5
 EU welcomes 11th hour Greek proposals in ‘forceps
delivery’ – The European Union (EU) welcomed new proposals
from Greek Prime Minister Alexis Tsipras as a “good basis for
progress” at talks today, where the creditors want 11th hour
concessions to haul Athens back from the brink of bankruptcy.
EU Chief Executive Jean-Claude Juncker's Chief-of-Staff spoke
of a “forceps delivery” as officials worked late into the night to
produce a deal ahead of a summit of eurozone leaders in
Brussels that they hope can keep Greece in the currency bloc. It
was not immediately clear how far the new proposal yielded to
creditors’ demands for additional spending cuts and tax hikes,
but the offer was a ray of hope that a last-minute deal may yet
be wrangled before Athens runs out of cash. Tsipras spent
much of Sunday holed up in a marathon cabinet meeting and
discussed the new offer with the leaders of Germany, France
and the European Commission on the phone. (Reuters)
 Chinese investments into US R&D rise in shift to innovation
– Surging investment by Chinese companies into US research
labs is yielding a fast-growing trove of patents, part of a push to
mine America for ideas to help China shift from being the world's
factory floor to a driver of innovation. According to an analysis of
Thomson Reuters global intellectual property database, Chinese
firms, including Huawei Technologies and ZTE Corp, which
were largely absent from American research hubs a decade
ago, are now hiring US researchers to create patents ranging
from new software to internet infrastructure. The rapid growth in
China’s US investments will be a key topic at economic and
security talks on Tuesday and Wednesday between top US and
Chinese officials in Washington. They are negotiating a bilateral
investment treaty that could deepen ties between the world’s
two largest economies even amid tensions over China’s military
assertiveness. (Reuters)
Regional
 UK-based Interserve targeting oil & gas contracts in GCC
region – UK-based Interserve is targeting about £2.8bn worth of
contracts serving the GCC region’s oil & gas markets over the
next three years. Interserve Managing Director Andrew Beaney
said that £85bn worth of opportunities are likely to emerge in the
sector over the next three years. He further added that the
company’s engineering and construction division already has
£800m worth of work that it is in talks about, has pre-qualified
for, or is tendering. (GulfBase.com)
 PIF to acquire 38% stake in Posco E&C, signs MoU with
RDIF – POSCO, a South Korea-based steelmaker, has agreed
to sell 38% stake in its engineering and construction division,
Posco Engineering & Construction (Posco E&C) to Saudi
Arabia’s Public Investment Fund (PIF) for $1.08bn. POSCO
Chairman Kwon Oh-Joon said that it would also collaborate with
PIF with a view toward setting up a Saudi government-run
construction firm. The joint venture would target major railroads,
hotels and other government-commissioned building programs
in the Kingdom. Meanwhile, PIF and Russian Direct Investment
Fund (RDIF) have signed a MoU that commits investments
worth $10bn. The two countries have also signed six landmark
agreements, including one on peaceful use of nuclear
technology. (GulfBase.com)
 CI: Saudi Arabia sovereign ratings affirmed – Capital
Intelligence (CI) has affirmed Saudi Arabia’s long-term foreign
and local currency ratings of ‘AA-’ and its short-term foreign and
local currency ratings of ‘A1+’. The Outlook for the ratings is
‘Stable’. CI said that the government’s balance sheet appears to
be sound, characterized by sizeable financial assets and
minimal debt. However, the fiscal pressures are mounting in
view of low international oil prices and high public expenditures.
Therefore, CI expects the budget to post a double-digit deficit in
the region of 14.2% of GDP in 2015, before narrowing to a
deficit of 8.1% in 2016 based on an average oil price of $60 per
barrel. CI expects the real output growth to increase by an
average of 2.9% during 2015-17, fueled by the growth in non-oil
activity and the continuation of double-digit private sector credit.
Moreover, GDP per capita is expected to grow slightly by an
average of 0.9% during the same period. The banking system
remains sound, and poses low risks to the sovereign.
(GulfBase.com)
 First phase of new Saudi airport to be ready by mid-2016 –
Saudi Arabia’s new King Abdulaziz International Airport (KAIA)
is nearly 60% complete with the first phase expected to be ready
by mid-2016. The new airport, which is estimated to cost around
SR27bn, will be able to serve 70 aircraft at a time once the
project gets completed. The first phase comprises the
construction of a 700,000 square meter (sqm) terminal complex
enabling all airlines to operate under one roof. The complex will
have two new crescent-shaped terminals for domestic and
international passengers. With first phase completion, the airport
will be able to handle 30mn passengers and 50mn and 80mn
passengers with the completion of the second and third phase,
respectively. (GulfBase.com)
 Saudi Arabia’s government to boost Sukuk issuance –
According to sources, Saudi Arabia’s return to debt issuance
could encourage growth in the country’s corporate Sukuk
market. Saudi Arabia was the second-largest Sukuk issuer in
2014 with 15 issuances worth $12.1bn, yet in terms of value the
issuances declined by 20.5% YoY. In 2014, Sukuk trading had
amounted to a mere SR108.1mn and by the end of 1Q2015, a
single deal was done amounting to SR213.5mn, a weak
showing for a market that has listed issuances worth SR25.5bn.
Reportedly, even without sovereign issuance lower oil prices
may affect banks’ lending appetite, which could reduce the cost
difference between loans and Sukuk or bonds for issuers.
(GulfBase.com)
 Bupa Arabia renews insurance contract with SABIC – Bupa
Arabia for Cooperative Insurance has received the confirmation
to renew its contract as the health insurance provider for the
Saudi Basic Industries Corporation (SABIC) to provide health
insurance for its employees and their families for one year
starting July 5, 2015. The contract revenue are expected to be
greater than 5% of the 2014 annual gross written premium of
Bupa Arabia and is expected to have an impact on its 2015
financial results. (Tadawul)
 ASPCL signs Direct Debt deal with Mashreq Bank – Ajman
Sewerage Private Company Limited (ASPCL) has signed a
Direct Debt deal with Mashreq Bank, providing ASPCL
customers a convenient option to remotely offset their monthly
bills. This agreement facilitates payment of wastewater bills by
property owners and residents in Ajman. (GulfBase.com)
 NBS: UAE CPI grew by 0.27% in May 2015 – According to a
report released by the National Bureau of Statistics (NBS), the
UAE’s consumer price index (CPI) grew by 0.27% in May 2015
as compared to the end of April 2015. The CPI rose to 4.32% as
compared to the end of May 2014. The CPI hit 125.27 points in
May 2015 as compared with the base year (2007=100), up from
124.94 in April 2015. As per the report, the largest increase was
in transportation and furniture and household goods, both at
11%. (GulfBase.com)
 RAK Ceramics expands management team with three
senior appointments – Ras Al Khaimah Ceramics Company
(RAK Ceramics) has further expanded its management team
with three new senior appointments. The company has
Page 4 of 5
appointed George Rabahie, as Chief Legal Counsel & Company
Secretary and René Maan as Regional Vice President. Philippe
Habeichi was appointed as Head of Investor Relations.
(GulfBase.com)
 LABTEC targets 10% YoY growth in 3 years in UAE & KSA –
LABTEC is targeting 10% YoY growth in the next three years,
riding on the crest of new healthcare projects in the UAE and
Saudi Arabia. The company’s growth goes in line with annual
growth projection in the GCC healthcare market, expected to
grow at an annual rate of 11%. The investments in the UAE
healthcare sector have soared from $3.2bn in 2012 to $11.9bn
in 2015, while new healthcare projects worth over $3bn are
underway in Saudi Arabia. Amid this growth curve, LABTEC
recently won a new contract worth over AED18mn for the supply
and installation of laboratory furniture at The Petroleum Institute
in Abu Dhabi. The project is scheduled for completion at the end
of September 2015. LABTEC is technological laboratory
furniture manufacturer and part of Masharie, a subsidiary of
Dubai Investments. (DFM)
 Kuwait's Securities House CEO to step down – Kuwait's
Securities House has announced that its CEO Ayman Boodai is
stepping down from his position and would be replaced by
Fahed Boodai, the current Chairman of UK-based Islamic lender
Gatehouse Bank. (Reuters)
 Investment Dar loses appeal against lifting of legal
protection – Kuwait's Investment Dar said that a Kuwaiti court
had rejected the company's appeal against a ruling to lift
protection it had against legal action by creditors. The company
will be reviewing available options with its advisers over the next
few days and would announce the result of these conversations
in the coming period. Investment Dar was one of a clutch of
local financial firms which struggled to refinance debt in the
aftermath of the global economic crisis. (Reuters)
 CBO: Omani banks witness credit growth of 10.6% –
According to the Central Bank of Oman (CBO), Oman
commercial banks witnessed a double-digit rise in credit growth.
The credit disbursement registered an increase of 10.6% to
reach OMR17.5bn at the end of April 2015. Monetary
management during the year continued to be faced with
abundance of bank liquidity and the primary focus of the Central
Bank was to ensure appropriate levels of liquidity in the banking
system. While the banks’ total assets increased by 9.5% to
OMR26.5bn, credit to the private sector increased by 9.6% over
the same period to reach OMR15.1bn. As per the CBO, the
aggregate deposits held with the commercial banks in the
Sultanate registered an increase of 5.7% to OMR17.8bn in April
2015 from OMR16.8bn in April 2014. (GulfBase.com)
 SGRF names CIO, CFO – The State General Reserve Fund
(SGRF) has appointed Mulham al Jarf as Chief Investment
Officer (CIO) to lead SGRF’s investment activities of both public
and private markets, including real estates and assets
management. Additionally, SGRF has promoted Abdullah a-l
Harthy to the position of Chief Financial Officer (CFO) to lead
SGRF’s finance and investment performance activities. With his
new role, Al Harthy will be also responsible for overseeing
business strategy, and information technology. (GulfBase.com)
Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
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 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
May-11 May-12 May-13 May-14 May-15
QSE Index S&P Pan Arab S&P GCC
(1.7%)
1.1%
(0.4%)
(0.1%) (0.1%)
0.4%
0.8%
(4.0%)
(3.0%)
(2.0%)
(1.0%)
0.0%
1.0%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,200.27 (0.1) 1.6 1.3 MSCI World Index 1,774.88 (0.3) 0.3 3.8
Silver/Ounce 16.11 (0.5) 0.8 2.6 DJ Industrial 18,015.95 (0.6) 0.7 1.1
Crude Oil (Brent)/Barrel (FM
Future)
63.02 (1.9) (1.3) 9.9 S&P 500 2,109.99 (0.5) 0.8 2.5
Crude Oil (WTI)/Barrel (FM
Future)
59.61 (1.4) (0.6) 11.9 NASDAQ 100 5,117.00 (0.3) 1.3 8.0
Natural Gas (Henry
Hub)/MMBtu
2.81 (1.7) 1.6 (6.2) STOXX 600 385.59 0.1 (0.4) 5.5
LPG Propane (Arab Gulf)/Ton 35.00 (4.4) (15.7) (28.6) DAX 11,040.10 (0.8) (0.8) 5.0
LPG Butane (Arab Gulf)/Ton 47.13 (6.2) (14.7) (28.0) FTSE 100 6,710.45 0.1 0.9 4.1
Euro 1.14 (0.1) 0.8 (6.2) CAC 40 4,815.37 (0.0) (1.2) 5.6
Yen 122.71 (0.2) (0.6) 2.4 Nikkei 20,174.24 1.2 (0.5) 12.6
GBP 1.59 0.0 2.1 2.0 MSCI EM 974.56 (0.3) (0.5) 1.9
CHF 1.09 0.4 1.2 8.3 SHANGHAI SE Composite 4,478.36 (6.5) (13.3) 38.4
AUD 0.78 (0.4) 0.5 (4.9) HANG SENG 26,760.53 0.3 (1.9) 13.4
USD Index 94.09 0.0 (0.9) 4.2 BSE SENSEX 27,316.17 1.0 4.3 (1.0)
RUB 54.04 1.1 (2.2) (11.0) Bovespa 53,749.41 (2.0) 1.8 (7.7)
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21 June Daily market report

  • 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index gained 1.1% to close at 12,031.2. Gains were led by the Real Estate and Telecoms indices, rising 3.8% and 0.8%, respectively. Top gainers were Ezdan Holding Group and Qatar Industrial Manufacturing Co., rising 5.8% and 1.8%, respectively. Among the top losers, Qatar Fuel Co. fell 1.6%, while Dlala Brokerage & Investments Holding Co. was down 0.5%. GCC Commentary Saudi Arabia: The TASI Index fell 1.7% to close at 9,344.1. Losses were led by the Industrial Inv. and Banks & Fin. Ser. indices, falling 2.7% and 2.1%, respectively. MAADEN fell 4.3%, while Amana Insurance was down 4.2%. Dubai: The DFM Index gained 0.8% to close at 4,096.2. The Financial & Investment Services and Banks index rose 1.7% each. Amlak Finance surged 14.8%, while Ekttitab Holding was up 8.7%. Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,590.1. The Consumer Staples index gained 2.0%, while the Telecom. index rose 1.7%. National Takaful gained 7.6%, while Sharjah Cement & Ind. Dev. was up 5.9%. Kuwait: The KSE Index declined 0.4% to close at 6,213.0. The Technology index fell 3.6%, while the Banks index declined 1.1%. Al-Qurain Holding Co. fell 11.5%, while Yiaco Medical Co. was down 6.4%. Oman: The MSM Index fell 0.1% to close at 6,451.6. Losses were led by the Financial and Industrial indices, falling 0.2% and 0.1%, respectively. Oman & Emirates Inv. fell 1.7%, while Al Batinah Dev. Inv. was down 1.6%. Bahrain: The BHB Index declined 0.1% to close at 1,366.1. The Commercial Banks index fell 0.2%, while Investment index declined 0.1%. Esterad Investment Co. fell 4.7%, while Al Salam Bank – Bahrain was down 1.5%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 18.10 5.8 3,072.4 21.3 Qatar Industrial Manufacturing Co. 46.85 1.8 0.3 8.1 Qatar Islamic Bank 105.70 1.6 43.3 3.4 Islamic Holding Group 134.00 1.6 16.9 7.6 Aamal Co. 15.32 1.6 468.5 5.9 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 18.10 5.8 3,072.4 21.3 Mazaya Qatar Real Estate Dev. 18.80 0.3 671.3 3.1 Barwa Real Estate Co. 53.80 1.5 566.6 28.4 Vodafone Qatar 16.45 1.0 524.7 0.0 Aamal Co. 15.32 1.6 468.5 5.9 Market Indicators 21 June 15 18 June 15 %Chg. Value Traded (QR mn) 198.4 229.4 (13.5) Exch. Market Cap. (QR mn) 638,352.6 634,120.0 0.7 Volume (mn) 6.6 4.9 35.4 Number of Transactions 2,925 2,609 12.1 Companies Traded 37 37 0.0 Market Breadth 25:10 14:18 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,697.03 1.1 1.1 2.0 N/A All Share Index 3,215.29 0.9 0.9 2.0 13.6 Banks 3,136.46 0.1 0.1 (2.1) 14.2 Industrials 3,886.16 0.5 0.5 (3.8) 13.7 Transportation 2,467.26 0.5 0.5 6.4 13.6 Real Estate 2,792.14 3.8 3.8 24.4 9.8 Insurance 4,738.52 0.7 0.7 19.7 21.9 Telecoms 1,168.22 0.8 0.8 (21.4) 23.5 Consumer 7,352.47 (0.6) (0.6) 6.4 28.5 Al Rayan Islamic Index 4,676.71 1.1 1.1 14.0 14.2 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Ezdan Holding Group Qatar 18.10 5.8 3,072.4 21.3 Arabtec Holding Co. Dubai 2.69 3.9 43,657.2 (3.6) Emirates NBD Dubai 9.55 3.8 1,195.5 7.4 Dubai Financial Market Dubai 2.00 2.6 4,130.7 (0.5) Dana Gas Abu Dhabi 0.45 2.3 7,438.5 (10.0) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Nat. Bank of Fujairah Abu Dhabi 4.51 (10.0) 8.6 (0.0) United Real Estate Co. Kuwait 0.10 (5.0) 43.8 (5.0) Saudi Arabian Mining Saudi Arabia 42.49 (4.3) 3,880.0 38.9 Bank Al-Jazira Saudi Arabia 28.20 (4.0) 1,535.0 1.5 Saudi Print. & Pac. Saudi Arabia 18.75 (3.9) 322.9 0.3 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% Qatar Fuel Co. 171.00 (1.6) 53.2 (16.3) Dlala Brokerage & Inv Holding Co. 27.25 (0.5) 13.0 (18.5) QNB Group 187.00 (0.5) 112.9 (12.2) Gulf Warehousing Co. 75.20 (0.5) 14.2 33.3 National Leasing 20.60 (0.5) 83.6 3.0 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Ezdan Holding Group 18.10 5.8 55,116.3 21.3 Barwa Real Estate Co. 53.80 1.5 30,302.5 28.4 QNB Group 187.00 (0.5) 21,172.3 (12.2) Mazaya Qatar Real Estate Dev. 18.80 0.3 12,623.3 3.1 Qatar Fuel Co. 171.00 (1.6) 9,135.1 (16.3) 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* 12,031.15 1.1 1.1 (0.1) (2.1) 54.48 175,355.5 12.7 1.9 4.2 Dubai 4,096.18 0.8 0.8 4.4 8.5 191.56 99,820.5 9.5 1.5 5.3 Abu Dhabi 4,590.12 0.4 0.4 1.4 1.4 25.01 124,077.8 11.6 1.5 4.8 Saudi Arabia 9,344.11 (1.7) (1.7) (3.6) 12.1 1,197.39 547,186.6 19.6 2.2 2.9 Kuwait 6,213.00 (0.4) (0.4) (1.3) (4.9) 32.25 97,015.5 15.5 1.0 4.4 Oman 6,451.56 (0.1) (0.1) 1.0 1.7 3.45 25,169.4 9.8 1.5 3.9 Bahrain 1,366.09 (0.1) (0.1) 0.2 (4.2) 0.28 21,364.9 8.8 1.0 5.1 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 11,850 11,900 11,950 12,000 12,050 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 5 Qatar Market Commentary  The QSE Index gained 1.1% to close at 12,031.2. The Real Estate and Telecoms indices led the gains. The index rose on the back of buying support from non-Qatari and GCC shareholders despite selling pressure from Qatari shareholders.  Ezdan Holding Group and Qatar Industrial Manufacturing Co. were the top gainers, rising 5.8% and 1.8%, respectively. Among the top losers, Qatar Fuel Co. fell 1.6%, while Dlala Brokerage & Investments Holding Co. was down 0.5%.  Volume of shares traded on Sunday rose by 35.4% to 6.6mn from 4.9mn on Thursday. However, as compared to the 30-day moving average of 15.1mn, volume for the day was 56.2% lower. Ezdan Holding Group and Mazaya Qatar Real Estate Development were the most active stocks, contributing 46.3% and 10.1% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) News Qatar  QIBK to disclose financials on July 13 – The Qatar Islamic Bank (QIBK) will disclose the reviewed financial reports for the period ending June 30, 2015 on July 13, 2015. (QSE)  MARK to announce financials on July 13 – Masraf Al Rayan (MARK) will announce the reviewed financial reports for the period ending June 30, 2015 on July 13, 2015. (QSE)  Woqod to complete 9 fuel stations by 2015-end – According to Sheikh Hamad bin Saud Al Thani, acting CEO of Woqod (QFLS), the firm is currently working to set up 20 new fuel stations across the country and nine of them are expected to be completed by 2015-end. Meanwhile, work on the remaining 11 stations is scheduled to be completed by 2016-end. He said the new facilities, once operational, will reduce the rush at existing fuel stations. The nine stations to be opened this year are in addition to the Jumailiya and Al Wajba stations opened early in 2015. (Peninsula Qatar)  British Water officials to visit Qatar in October – Representatives of British Water, the UK’s leading business development organization for water in industry supply chain, is scheduled to visit Qatar in October 2015. They will hold discussions with government agencies and Qatari companies working on water and sanitation sectors, including Qatar General Electricity and Water Corporation (Kahramaa) and The Public Works Authority (Ashghal). British Water is looking to partner with all companies seeking to grow their business in the water and wastewater industry in Qatar. The program will enable participants to present their company to business contacts and include meetings with leading contractors, consultants and government departments and other key organizations. Technical workshops will be arranged in Doha with Kahramaa and Ashghal as well as leading consultants, contractors and organizations involved in the 2022 FIFA World Cup. British Water is an association, which has a wide and varied membership covering all sectors of the water industry. (Peninsula Qatar)  Ashghal opens new main road – The Public Works Authority, Ashghal, has opened a new main road connecting the Abdullah Abdul Ghani Roundabout in Al Wakrah with the Al Mashaf area in Al Wukair. The new road, opened to traffic on June 16, is around 3.6 kilometers long. It comprises three lanes in each direction and a signal-controlled intersection with a median. The new road aims to reduce traffic jam in Al Wakrah and to connect the Abdullah Abdul Ghani Roundabout with the Al Mashaf area directly, reducing the effect of backed up traffic at the Al Sadafa Roundabout in the middle of Al Wakrah. (Gulf-Times.com) International  EU report proposes EU-wide deposit insurance by mid-2017 – The presidents of five European Union (EU) institutions have proposed in a report, which is to be published today, that the EU savers should have their deposits guaranteed against a bank default by an EU-wide guarantee that would complement existing national schemes by mid-2017. To prevent European taxpayers from being forced to rescue banks as happened after the financial crash of 2008, European Commission President Jean-Claude Juncker, in a report prepared with among others European Central Bank chief Mario Draghi, proposed a European Deposit Insurance Scheme (EDIS). According to the plan, banks would fund EDIS, adding to the levies already imposed on European credit institutions to set up a bank bailout facility, known as Single Resolution Fund (SRF). The proposal includes changes to the SRF so that it could benefit from a backstop provided by the €500bn Eurozone bailout fund until 2024, when the SRF target capital of €55bn is expected to be fully covered by banks. The Eurozone bailout fund, known as the European Stability Mechanism, would provide emergency loans to the SRF, in case its capital proved not enough to bail out a bank. The plan makes clear that banks would pay back the loans. (Reuters)  German Finance Ministry claims economic upturn to maintain moderate pace – The German Finance Ministry, in its monthly report, has said that the economy had a good start to 2Q2015 and indicators suggest the economic upturn would continue in 2Q2015 at a moderate pace. The report stated that industry, in particular, had started the April-June period on a strong footing, adding that fuller order books pointed to a “marked expansion” in the sector in the coming months. According to the report, private consumption, a key growth driver in early 2015, would continue to rise - albeit at a more moderate pace - thanks to higher employment and low inflation, which boosts purchasing power, though the stimulative effect from low oil prices might have decreased somewhat. The construction sector looks set to experience an “accelerated upswing” in 2Q2015. However, certain indicators have been more downbeat, of late. Business morale weakened slightly in May, while investor sentiment slipped in June. The report added that the consumer price inflation would remain moderate as energy prices continue to be lower as compared to the same period last year. (Reuters) Overall Activity Buy %* Sell %* Net (QR) Qatari 61.04% 68.44% (14,684,968.83) GCC 5.93% 1.90% 7,992,777.21 Non-Qatari 33.03% 29.66% 6,692,191.62
  • 3. Page 3 of 5  EU welcomes 11th hour Greek proposals in ‘forceps delivery’ – The European Union (EU) welcomed new proposals from Greek Prime Minister Alexis Tsipras as a “good basis for progress” at talks today, where the creditors want 11th hour concessions to haul Athens back from the brink of bankruptcy. EU Chief Executive Jean-Claude Juncker's Chief-of-Staff spoke of a “forceps delivery” as officials worked late into the night to produce a deal ahead of a summit of eurozone leaders in Brussels that they hope can keep Greece in the currency bloc. It was not immediately clear how far the new proposal yielded to creditors’ demands for additional spending cuts and tax hikes, but the offer was a ray of hope that a last-minute deal may yet be wrangled before Athens runs out of cash. Tsipras spent much of Sunday holed up in a marathon cabinet meeting and discussed the new offer with the leaders of Germany, France and the European Commission on the phone. (Reuters)  Chinese investments into US R&D rise in shift to innovation – Surging investment by Chinese companies into US research labs is yielding a fast-growing trove of patents, part of a push to mine America for ideas to help China shift from being the world's factory floor to a driver of innovation. According to an analysis of Thomson Reuters global intellectual property database, Chinese firms, including Huawei Technologies and ZTE Corp, which were largely absent from American research hubs a decade ago, are now hiring US researchers to create patents ranging from new software to internet infrastructure. The rapid growth in China’s US investments will be a key topic at economic and security talks on Tuesday and Wednesday between top US and Chinese officials in Washington. They are negotiating a bilateral investment treaty that could deepen ties between the world’s two largest economies even amid tensions over China’s military assertiveness. (Reuters) Regional  UK-based Interserve targeting oil & gas contracts in GCC region – UK-based Interserve is targeting about £2.8bn worth of contracts serving the GCC region’s oil & gas markets over the next three years. Interserve Managing Director Andrew Beaney said that £85bn worth of opportunities are likely to emerge in the sector over the next three years. He further added that the company’s engineering and construction division already has £800m worth of work that it is in talks about, has pre-qualified for, or is tendering. (GulfBase.com)  PIF to acquire 38% stake in Posco E&C, signs MoU with RDIF – POSCO, a South Korea-based steelmaker, has agreed to sell 38% stake in its engineering and construction division, Posco Engineering & Construction (Posco E&C) to Saudi Arabia’s Public Investment Fund (PIF) for $1.08bn. POSCO Chairman Kwon Oh-Joon said that it would also collaborate with PIF with a view toward setting up a Saudi government-run construction firm. The joint venture would target major railroads, hotels and other government-commissioned building programs in the Kingdom. Meanwhile, PIF and Russian Direct Investment Fund (RDIF) have signed a MoU that commits investments worth $10bn. The two countries have also signed six landmark agreements, including one on peaceful use of nuclear technology. (GulfBase.com)  CI: Saudi Arabia sovereign ratings affirmed – Capital Intelligence (CI) has affirmed Saudi Arabia’s long-term foreign and local currency ratings of ‘AA-’ and its short-term foreign and local currency ratings of ‘A1+’. The Outlook for the ratings is ‘Stable’. CI said that the government’s balance sheet appears to be sound, characterized by sizeable financial assets and minimal debt. However, the fiscal pressures are mounting in view of low international oil prices and high public expenditures. Therefore, CI expects the budget to post a double-digit deficit in the region of 14.2% of GDP in 2015, before narrowing to a deficit of 8.1% in 2016 based on an average oil price of $60 per barrel. CI expects the real output growth to increase by an average of 2.9% during 2015-17, fueled by the growth in non-oil activity and the continuation of double-digit private sector credit. Moreover, GDP per capita is expected to grow slightly by an average of 0.9% during the same period. The banking system remains sound, and poses low risks to the sovereign. (GulfBase.com)  First phase of new Saudi airport to be ready by mid-2016 – Saudi Arabia’s new King Abdulaziz International Airport (KAIA) is nearly 60% complete with the first phase expected to be ready by mid-2016. The new airport, which is estimated to cost around SR27bn, will be able to serve 70 aircraft at a time once the project gets completed. The first phase comprises the construction of a 700,000 square meter (sqm) terminal complex enabling all airlines to operate under one roof. The complex will have two new crescent-shaped terminals for domestic and international passengers. With first phase completion, the airport will be able to handle 30mn passengers and 50mn and 80mn passengers with the completion of the second and third phase, respectively. (GulfBase.com)  Saudi Arabia’s government to boost Sukuk issuance – According to sources, Saudi Arabia’s return to debt issuance could encourage growth in the country’s corporate Sukuk market. Saudi Arabia was the second-largest Sukuk issuer in 2014 with 15 issuances worth $12.1bn, yet in terms of value the issuances declined by 20.5% YoY. In 2014, Sukuk trading had amounted to a mere SR108.1mn and by the end of 1Q2015, a single deal was done amounting to SR213.5mn, a weak showing for a market that has listed issuances worth SR25.5bn. Reportedly, even without sovereign issuance lower oil prices may affect banks’ lending appetite, which could reduce the cost difference between loans and Sukuk or bonds for issuers. (GulfBase.com)  Bupa Arabia renews insurance contract with SABIC – Bupa Arabia for Cooperative Insurance has received the confirmation to renew its contract as the health insurance provider for the Saudi Basic Industries Corporation (SABIC) to provide health insurance for its employees and their families for one year starting July 5, 2015. The contract revenue are expected to be greater than 5% of the 2014 annual gross written premium of Bupa Arabia and is expected to have an impact on its 2015 financial results. (Tadawul)  ASPCL signs Direct Debt deal with Mashreq Bank – Ajman Sewerage Private Company Limited (ASPCL) has signed a Direct Debt deal with Mashreq Bank, providing ASPCL customers a convenient option to remotely offset their monthly bills. This agreement facilitates payment of wastewater bills by property owners and residents in Ajman. (GulfBase.com)  NBS: UAE CPI grew by 0.27% in May 2015 – According to a report released by the National Bureau of Statistics (NBS), the UAE’s consumer price index (CPI) grew by 0.27% in May 2015 as compared to the end of April 2015. The CPI rose to 4.32% as compared to the end of May 2014. The CPI hit 125.27 points in May 2015 as compared with the base year (2007=100), up from 124.94 in April 2015. As per the report, the largest increase was in transportation and furniture and household goods, both at 11%. (GulfBase.com)  RAK Ceramics expands management team with three senior appointments – Ras Al Khaimah Ceramics Company (RAK Ceramics) has further expanded its management team with three new senior appointments. The company has
  • 4. Page 4 of 5 appointed George Rabahie, as Chief Legal Counsel & Company Secretary and René Maan as Regional Vice President. Philippe Habeichi was appointed as Head of Investor Relations. (GulfBase.com)  LABTEC targets 10% YoY growth in 3 years in UAE & KSA – LABTEC is targeting 10% YoY growth in the next three years, riding on the crest of new healthcare projects in the UAE and Saudi Arabia. The company’s growth goes in line with annual growth projection in the GCC healthcare market, expected to grow at an annual rate of 11%. The investments in the UAE healthcare sector have soared from $3.2bn in 2012 to $11.9bn in 2015, while new healthcare projects worth over $3bn are underway in Saudi Arabia. Amid this growth curve, LABTEC recently won a new contract worth over AED18mn for the supply and installation of laboratory furniture at The Petroleum Institute in Abu Dhabi. The project is scheduled for completion at the end of September 2015. LABTEC is technological laboratory furniture manufacturer and part of Masharie, a subsidiary of Dubai Investments. (DFM)  Kuwait's Securities House CEO to step down – Kuwait's Securities House has announced that its CEO Ayman Boodai is stepping down from his position and would be replaced by Fahed Boodai, the current Chairman of UK-based Islamic lender Gatehouse Bank. (Reuters)  Investment Dar loses appeal against lifting of legal protection – Kuwait's Investment Dar said that a Kuwaiti court had rejected the company's appeal against a ruling to lift protection it had against legal action by creditors. The company will be reviewing available options with its advisers over the next few days and would announce the result of these conversations in the coming period. Investment Dar was one of a clutch of local financial firms which struggled to refinance debt in the aftermath of the global economic crisis. (Reuters)  CBO: Omani banks witness credit growth of 10.6% – According to the Central Bank of Oman (CBO), Oman commercial banks witnessed a double-digit rise in credit growth. The credit disbursement registered an increase of 10.6% to reach OMR17.5bn at the end of April 2015. Monetary management during the year continued to be faced with abundance of bank liquidity and the primary focus of the Central Bank was to ensure appropriate levels of liquidity in the banking system. While the banks’ total assets increased by 9.5% to OMR26.5bn, credit to the private sector increased by 9.6% over the same period to reach OMR15.1bn. As per the CBO, the aggregate deposits held with the commercial banks in the Sultanate registered an increase of 5.7% to OMR17.8bn in April 2015 from OMR16.8bn in April 2014. (GulfBase.com)  SGRF names CIO, CFO – The State General Reserve Fund (SGRF) has appointed Mulham al Jarf as Chief Investment Officer (CIO) to lead SGRF’s investment activities of both public and private markets, including real estates and assets management. Additionally, SGRF has promoted Abdullah a-l Harthy to the position of Chief Financial Officer (CFO) to lead SGRF’s finance and investment performance activities. With his new role, Al Harthy will be also responsible for overseeing business strategy, and information technology. (GulfBase.com)
  • 5. Contacts Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC Head of Research Head of HNI Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025 saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the 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 5 of 5 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg (*$ adjusted returns) 80.0 100.0 120.0 140.0 160.0 180.0 200.0 220.0 May-11 May-12 May-13 May-14 May-15 QSE Index S&P Pan Arab S&P GCC (1.7%) 1.1% (0.4%) (0.1%) (0.1%) 0.4% 0.8% (4.0%) (3.0%) (2.0%) (1.0%) 0.0% 1.0% 2.0% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,200.27 (0.1) 1.6 1.3 MSCI World Index 1,774.88 (0.3) 0.3 3.8 Silver/Ounce 16.11 (0.5) 0.8 2.6 DJ Industrial 18,015.95 (0.6) 0.7 1.1 Crude Oil (Brent)/Barrel (FM Future) 63.02 (1.9) (1.3) 9.9 S&P 500 2,109.99 (0.5) 0.8 2.5 Crude Oil (WTI)/Barrel (FM Future) 59.61 (1.4) (0.6) 11.9 NASDAQ 100 5,117.00 (0.3) 1.3 8.0 Natural Gas (Henry Hub)/MMBtu 2.81 (1.7) 1.6 (6.2) STOXX 600 385.59 0.1 (0.4) 5.5 LPG Propane (Arab Gulf)/Ton 35.00 (4.4) (15.7) (28.6) DAX 11,040.10 (0.8) (0.8) 5.0 LPG Butane (Arab Gulf)/Ton 47.13 (6.2) (14.7) (28.0) FTSE 100 6,710.45 0.1 0.9 4.1 Euro 1.14 (0.1) 0.8 (6.2) CAC 40 4,815.37 (0.0) (1.2) 5.6 Yen 122.71 (0.2) (0.6) 2.4 Nikkei 20,174.24 1.2 (0.5) 12.6 GBP 1.59 0.0 2.1 2.0 MSCI EM 974.56 (0.3) (0.5) 1.9 CHF 1.09 0.4 1.2 8.3 SHANGHAI SE Composite 4,478.36 (6.5) (13.3) 38.4 AUD 0.78 (0.4) 0.5 (4.9) HANG SENG 26,760.53 0.3 (1.9) 13.4 USD Index 94.09 0.0 (0.9) 4.2 BSE SENSEX 27,316.17 1.0 4.3 (1.0) RUB 54.04 1.1 (2.2) (11.0) Bovespa 53,749.41 (2.0) 1.8 (7.7) BRL 0.32 (1.3) 0.7 (14.4) RTS 966.90 (1.5) 1.7 22.3 172.9 138.7 125.9