QE Intra-Day Movement

Market Indicators

10,500
10,450
10,400

22 Dec 13

%Chg.

519.6
556,952.5
14.9
6,989
40
18:20

355...
Qatar Market Commentary
 The QE index rose 0.5% to close at 10,453.2. The Industrials
and Real Estate indices led the gai...
riyal is pegged) lost value against the currencies of Qatar’s
major trading partners. (Gulf-Times.com)
 Nakilat Shipyard ...
four loans, engineering industry sectors & building materials
industry with three loans each, and cement industry sector &...
and services that target the new and emerging consumer market
segments. (GulfBase.com)
 Al Fajar Group wins contracts for...
Rebased Performance

Daily Index Performance

160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0

0.8%
150.2
134.9

0.5%
...
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23 December Daily Market Report

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23 December Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,500 10,450 10,400 22 Dec 13 %Chg. 519.6 556,952.5 14.9 6,989 40 18:20 355.4 556,284.3 9.2 5,365 40 9:29 46.2 0.1 61.8 30.3 0.0 – Market Indices 10,350 10,300 9:30 23 Dec 13 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 0.5% to close at 10,453.2. Gains were led by the Industrials and Real Estate indices, gaining 1.0% and 0.8% respectively. Top gainers were Qatari Investors Group and Mannai Corp., rising 9.9% and 3.0% respectively. Among the top losers, Qatar German Co. for Med. Dev. fell 4.3%, while Al Ahli Bank declined 3.4%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,935.15 2,601.12 2,474.76 3,464.94 1,908.56 1,975.20 2,329.44 1,459.60 5,940.87 3,065.16 0.5 0.3 0.0 1.0 0.2 0.8 (0.3) (0.5) (0.2) 0.6 (0.1) (0.3) (0.4) 0.7 (1.7) (1.1) (1.3) (0.8) (1.0) (0.0) 32.0 29.1 27.0 31.9 42.4 22.6 18.6 37.1 27.2 23.2 N/A 13.2 13.3 12.6 12.9 13.5 9.5 19.8 22.5 15.9 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. „000 Saudi Arabia: The TASI index gained 0.1% to close at 8,561.8. Gains were led by the Media & Publishing and Cement indices, rising 5.2% and 0.7% respectively. ANB Insurance gained 10.0%, while Tihama was up 9.9%. Abu Dhabi Nat. Hotels Abu Dhabi 3.04 14.7 161.3 71.8 Qatari Investors Group Qatar 47.70 9.9 1,816.5 107.4 Dubai: The DFM index rose 0.4% to close at 3,237.2. The Services index gained 1.7%, while the Insurance index was up 1.5%. Takaful EmaratInsurance rose 5.0%, while Gulf Finance House was up 4.1%. Tihama Saudi Arabia 103.00 9.9 821.9 21.5 Gulf Cable & Electrical Kuwait 0.85 3.7 201.9 (32.5) Abu Dhabi: The ADX benchmark index gained 0.1% to close at 4,149.6. The Services index rose 5.8%, while the Energy index was up 2.0%. Abu Dhabi National Hotels surged 14.7%, while Int. Fish Farming Holding gained 4.7%. Mannai Corp. Qatar 90.00 3.0 0.0 11.1 GCC Top Losers Exchange Kuwait: The KSE index rose 0.1% to close at 7,635.2. The Telecomm. index gained 1.2%, while the Real Estate index was up 0.9%. Kuwait Hotels Co. rose 7.1%, while First Dubai Real Estate Development Co. was up 7.0%. United Real Estate Co. Kuwait 0.12 (4.9) 124.5 (3.3) Al Ahli Bank Qatar 54.10 (3.4) 0.1 10.4 Oman: The MSM index declined 0.1% to close at 6,793.4. Losses were led by the Ind. and Bank. & Inv. indices, falling 0.4% and 0.3% respectively. Galfar Eng. & Cont. declined 2.5%, while Al Batinah Dev. & Inv. was down 2.4%. Aramex Dubai 2.91 (3.0) 285.8 45.5 Qatar National Cement Qatar 109.30 (2.3) 7.6 2.1 Invest Bank Abu Dhabi 2.55 (1.9) 2,519.6 57.4 Bahrain: The BHB index fell 0.2% to close at 1,204.4. The Industrial index declined 0.4%, while the Investment index was down 0.3%. Khaleeji Commercial Bank fell 2.1%, while Al Baraka Banking Group was down 1.5%. Qatari Investors Group Mannai Corp. YTD% Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) 1D% Vol. „000 YTD% (4.3) 129.9 (8.6) 11.1 Al Ahli Bank 54.10 (3.4) 0.1 10.4 2.1 YTD% 1,816.5 107.4 0.0 1D% Vol. „000 13.51 Vol. „000 9.9 3.0 Close Close* 1D% 90.00 # Qatar German Co. for Med. Dev. Close* 47.70 Qatar Exchange Top Gainers ## YTD% Qatar Exchange Top Losers 171.50 2.1 27.7 29.5 Qatar National Cement Co. 109.30 (2.3) 7.6 Qatar Islamic Insurance 58.00 1.4 3.3 (6.5) Islamic Holding Group 40.50 (1.8) 90.9 6.6 Dlala Brok. & Inv. Holding Co. 21.99 1.3 89.7 (29.2) Ezdan Holding Group 16.80 (1.6) 32.9 (7.7) Qatar Exchange Top Val. Trades Qatar Electricity & Water Co. Close* 1D% Vol. „000 YTD% Vodafone Qatar 11.05 (0.5) 2,835.5 32.3 Qatari Investors Group 47.70 9.9 1,816.5 107.4 Qatar Gas Transport Co. 21.03 0.5 1,645.4 37.8 Barwa Real Estate Co. 30.00 0.8 1,625.3 9.3 Masraf Al Rayan 32.95 (1.1) 1,503.7 32.9 Qatar Exchange Top Vol. Trades Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain 1D% Val. „000 YTD% 47.70 9.9 83,284.5 107.4 Masraf Al Rayan 32.95 (1.1) 49,556.5 32.9 Barwa Real Estate Co. 30.00 0.8 48,472.0 9.3 167.00 0.4 38,812.5 18.4 21.03 0.5 34,333.4 37.8 Industries Qatar Qatar Gas Transport Co. Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Close* Qatari Investors Group Close 1D% WTD% MTD% YTD% 10,453.15 3,237.19 4,149.59 8,561.84 7,635.22 6,793.43 1,204.36 0.5 0.4 0.1 0.1 0.1 (0.1) (0.2) (0.1) (0.2) 0.3 0.6 0.4 (0.4) (0.2) 0.8 9.9 7.8 2.8 (1.9) 1.0 (0.3) 25.1 99.5 57.7 25.9 28.7 17.9 13.0 Exch. Val. Traded ($ mn) 163.39 230.27 168.23 1,586.18 79.51 15.46 4.40 Exchange Mkt. Cap. ($ mn) 152,939.2 69,453.3 116,004.7 467,388.3 109,158.5 24,401.8 49,738.5 P/E** P/B** 13.3 19.1 11.6 17.5 16.5 10.7 8.0 1.8 1.3 1.4 2.2 1.2 1.6 0.8 Dividend Yield 4.4 2.8 4.3 3.5 3.7 3.8 4.0 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 0.5% to close at 10,453.2. The Industrials 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. Overall Activity Sell %* Net (QR) Qatari 67.12% 73.55% (33,392,888.49) Non-Qatari  Qatari Investors Group and Mannai Corp. were the top gainers, rising 9.9% and 3.0% respectively. Among the top losers, Qatar German Co. for Med. Dev. fell 4.3%, while Al Ahli Bank declined 3.4%. Buy %* 32.87% 26.46% 33,392,888.49 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Monday rose by 61.8% to 14.9mn from 9.2mn on Sunday. Further, as compared to the 30-day moving average of 12.9mn, volume for the day was 16.2% higher. Vodafone Qatar and Qatari Investors Group were the most active stocks, contributing 19.0% and 12.2% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Ahli Bank (ABQK) CI Market Qatar Type* Old Rating New Rating Rating Change Outlook Outlook Change A-/A2/BBB+/2 LT FCR/ ST FCR/ FSR/ SR A/A2/A-/1  – – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, SR – Support Rating) Earnings Releases Company Market Makkah Construction & Development Co. (MC&D) Currency Saudi Arabia Revenue (mn) 3Q2014 % Change YoY Operating Profit (mn) 3Q2014 % Change YoY Net Profit (mn) 3Q2014 % Change YoY – – 84.0 -22.9% 78.0 -24.3% SR Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/23 US Bureau of Eco. Analysis Personal Income November 0.20% 0.50% -0.10% 12/23 US Bureau of Eco. Analysis Personal Spending November 0.50% 0.50% 0.40% 12/23 US Bureau of Eco. Analysis PCE Deflator MoM November 0.00% 0.10% 0.00% 12/23 US Bureau of Eco. Analysis PCE Deflator YoY November 0.90% 0.90% 0.70% 12/23 US Bureau of Eco. Analysis PCE Core MoM November 0.10% 0.10% 0.10% 12/23 US Bureau of Eco. Analysis PCE Core YoY November 1.10% 1.20% 1.10% 12/23 Germany Destatis Import Price Index MoM November 0.10% -0.10% -0.70% 12/23 Germany Destatis Import Price Index YoY November -2.90% -3.10% -3.00% 12/23 Spain INE PPI MoM November -0.90% – -0.50% 12/23 Spain INE PPI YoY November -0.60% – -0.20% 12/23 Italy ISTAT Consumer Confidence Index December 96.2 98.7 98.2 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  MDPS: Qatar forex reserves strong enough to cover for 6month imports – According to a report released by the Ministry of Development Planning & Statistics (MDPS), Qatar’s foreign exchange cover is likely to remain “strong”, equivalent to around six months of total imports. The ministry asserted this in its report, which, however, found the country’s external current account surplus to drift down in 2013 and 2014, but remain sizeable at 26.6% and 22.7% of GDP in 2013 and 2014, respectively. The report said an expected decline in hydrocarbon export revenue, coupled with higher imports on the back of stronger domestic demand, will narrow the surplus. Since a bulk of these surpluses are recycled in overseas investments funded by export earnings, the overall surplus on the balance of payments will be much smaller than the current account surplus and is likely to fall to $5.5bn in 2013 and to $1.5bn in 2014. Qatar posted a trade surplus of QR200.3bn in 1H2013, equivalent to 54.7% of nominal GDP. In contrast to the sharp import growth in 2011 and 1H2012, Qatar Central Bank’s estimate of imports fell in 2H2012 and subsequently fell further by 9.4% in 1H2013. The report indicated that the decline may reflect a strong base effect as a consequence of sizeable imports of machinery and materials in 2011 and 2012, although it could be a reflection of short-run or seasonal influences that will dissipate. The report stated that export revenues rose 4.4% in 1H2013, mainly on oil & gas as non-hydrocarbon exports are still small, accounting for just 12.2% of the total. According to the report, the deficits on income & services accounts and large outward remittances (19.3% of nominal GDP), yielded a “stout” current account surplus of 35.4%. According to MDPS estimates, on the real effective exchange rate (REER), Qatar’s REER stood 3.1% lower in June 2013 as compared to the 2012 period. This was largely because the US dollar (to which the Page 2 of 6
  3. 3. riyal is pegged) lost value against the currencies of Qatar’s major trading partners. (Gulf-Times.com)  Nakilat Shipyard JVs receive QR583mn financing from Al Khaliji – Nakilat Shipyard JVs have received a total financing of QR583mn from Al Khaliji. Al Khaliji has provided QR437mn financing to Nakilat-Keppel Offshore & Marine (N-KOM) and QR146mn to Nakilat Damen Shipyards Qatar (NDSQ). (GulfTimes.com)  Capital Intelligence upgrades Ahlibank financial strength rating to “A-” – Capital Intelligence (CI) has upgraded Ahlibank’s financial strength rating upgraded to “A-” from “BBB+” and support rating to “1” from “2”. The agency raised the bank’s long-term foreign currency rating (FCR) to “A” from “A-”, while affirming the short-term FCR at “A2”. (Gulf-Times.com)  IBAN will become mandatory for cash transfers in Qatar from May 1 – International Bank Account Number (IBAN) will become mandatory in Qatar for customers’ cross-border money transfers from May 1, 2014. The IBAN scheme will go live in Qatar on January 1 based on a Qatar Central Bank directive, but will become compulsory for cross-border money transfers only after the expiry of the transition period on April 30, 2014. IBAN will facilitate automatic processing of money transfers between countries, which are IBAN-compliant. (Gulf-Times.com)  QIA in talks with Kotak to invest $200mn on residential property in India – Qatar Investment Authority (QIA) is engaged in talks with Kotak Realty Fund to invest $200mn in residential property in India. Kotak will manage QIA’s investments; it will make a small investment and has drawn up plans to focus on residential property developments across major cities in India. (Reuters)  QDB announces new financing scheme for Qatar‟s farm owners – Qatar Development Bank (QDB) has announced a new financing scheme for Qatar’s farm owners. The authorities hope that the new scheme will decrease the country’s dependency on imported produce. QDB as part of its food security strategy will also offer other services, such as financially supporting a number of projects in the livestock, fish and agriculture sectors. Under this new Shari’ah-compliant scheme, QDB will provide financial loans of up to QAR250,000 to small farm owners – these loans will have a payment period of up to five years. Meanwhile, the bank will provide financial loans of up to QAR750,000 to big farm owners, with a payment period of up to eight years and interest rates of just 1%. (Bloomberg)  Wataniya Maldives rebrands to Ooredoo – Communications provider Wataniya Maldives has changed its name to Ooredoo Maldives. The operator is the first operating company in Asia to transform into Ooredoo, adopting the new global brand of the Ooredoo group. (Bloomberg)  Meeza appoints Ghada Philip El Rassi as new CEO – Meeza has appointed Ghada Philip El Rassi as its new chief executive officer. Previously, she served as the deputy CEO of the company. (Gulf-Times.com) International  Fed proposes rule to scale back emergency lending powers – The US Federal Reserve Board of Governors has unveiled a proposal that would limit the scope of its authority to bail out a large financial company on the brink of collapse through its emergency-lending programs. The Fed's proposal would implement a key provision in the 2010 Dodd-Frank Wall Street reform law that sought to prevent future big bailouts after the Fed extended more than $1tn in emergency credit during the height of the financial crisis. (Reuters)  US Consumer spending rises most in five months – According to the US Commerce Department, Consumer spending in November rose by the most in five months as discounts lured early holiday shoppers, giving the US economy a boost at the end of 2013. Purchases increased 0.5% after a 0.4% gain in October that was larger than previously estimated. (Bloomberg)  Japanese PM gets cabinet approval on draft budget for next fiscal – Japanese Prime Minister Shinzo Abe has secured cabinet approval for a draft budget for the next fiscal year that aims to split the benefits of higher tax revenue between trimming fresh borrowing and stimulating the economy with record spending. Of projected record spending of 95.88 trillion yen in 2014-15, about one-third will be spent on social security while debt servicing costs will account for nearly one-quarter. (Reuters) Regional  Saudi government forecasts spending to increase modest 4.3% in 2014 – The Saudi government has forecasted that its spending will increase by a modest 4.3% in 2014 as compared to 2013’s planned amount. The Kingdom’s spending and revenues are both projected to reach SR855bn in 2014 as compared to the planned expenditure of SR820bn and planned revenues of SR829bn for 2013. Meanwhile, Saudi Arabia’s actual expenditure and revenues often turn out to be much larger than the projected figure, which allows the Kingdom to post big budget surpluses, as oil prices generally come in higher than its conservative assumptions. (Reuters)  IMF: Saudi revenues poised to reach SR1.26tn in 2013 – According to a report released by the International Monetary Fund (IMF), Saudi Arabia is forecasted to achieve a budget surplus of around SR259.5bn in the fiscal year 2013. The country’s total revenues are poised to reach SR1.26tn, whereas total spending will touch SR996bn. IMF has forecasted that the Kingdom is prepared to continue achieving surpluses until 2017. Meanwhile, the report showed that the total financial surpluses are estimated to accumulate to SR842bn during the 2014-2017 period. The oil revenues have averaged more than 90% of Saudi Arabia’s total income in the last three years. (GulfBase.com)  SCTA: 155 new hotels expected to open in Saudi Arabia over 2014-15 – According to the Supreme Commission for Tourism & Antiquities (SCTA), as many as 155 new hotels are expected to open in Saudi Arabia over 2014-2015. The Kingdom's hospitality sector is growing at an annual rate that exceeds 8.5%. The number of hotel rooms in five-star, four-star and three-star properties currently exceeds 24,000 rooms across various categories. There are around 55 hotels in Riyadh City, of which 15 are five-star properties. Meanwhile, Riyadh enjoys 20% of the Saudi hospitality market share. (GulfBase.com)  SIDF approves loans worth SR2.8bn for 19 industrial projects – The Saudi Industrial Development Fund’s (SIDF) BoD has approved 19 loans worth SR2.8bn to establish 15 new industrial projects and expand four existing industrial projects, whose total investments stood at SR5.4bn. SIDF’s CEO Ali bin Abdullah Al Ayid said the chemical industry sector was ranked first among all other industrial sectors, receiving the highest value of loans with SR1.45bn, followed by the cement industry with a loan of SR624mn, engineering industry at SR368mn, consumer industry sector at SR184mn, building materials industry sector at SR160mn and the other industry sector at SR40mn loans. The chemical industry has obtained the highest share with seven loans, followed by consumer industries with Page 3 of 6
  4. 4. four loans, engineering industry sectors & building materials industry with three loans each, and cement industry sector & other industries with one loan each. Meanwhile, 82% of the value of these approved loans was allocated to establish new projects and expand the existing ones in the least developed areas that represent 47% of the number of approved loans. (GulfBase.com) world-class standards. Further, this study will form the nucleus of the second phase in addition to the other planned projects at the site. KHC has also inked an agreement with Saudi Telecom Company (STC) to provide telecom infrastructure for the Kingdom Riyadh Land. This agreement will set the foundation for establishing a smart city based on information & communication technology. (GulfBase.com)  Saudi investors invest SR375mn to set up insulin plant in Bahrain – Saudi investors have agreed to pump SR375mn for setting up an insulin plant at Salman Industrial City in Bahrain. Gulf Biotech Company will undertake the establishment of this 16,000 square meters insulin project. This plant will kickstart commercial operations in mid-2015 and will have a production capacity of 42mn units per year. (GulfBase.com)  DAAR completes purchase of SR650mn local Islamic Sukuk – Dar Al Arkan Real Estate Development Company (DAAR) has completed the purchase of SR650mn, which is 87% of its SR750mn local Islamic Sukuk (Sukuk III) that is due to mature in April 15, 2014. The remaining SR100mn of this Sukuk III series is due for maturity on April 15, 2014. This purchase was in line with DAAR’s strategy to efficiently manage its liabilities as well as to fulfill its commitments proactively. (Tadawul)  Saudi Aramco awards FEED contract to Swiss-based Foster Wheeler – The Saudi Arabian Oil Company (Saudi Aramco) has awarded a front-end engineering design (FEED) and a project management services contract for its Fadhili gas plant project to Swiss-based Foster Wheeler. This gas plant project has a planned total processing capacity of 1.5bn standard cubic feet per day of non-associated gas and will be built 30 kilometer southwest of the existing Khursaniyah Gas Plant. Under the terms of this contract, Foster Wheeler will also provide onshore Khursaniyah upstream facilities, Fadhili downstream pipelines, a residential camp and industrial support facilities at the new gas plant. (GulfBase.com)  MA‟ADEN awards EPC contracts – The Saudi Arabian Mining Company (MA’ADEN) has awarded engineering, procurement & construction (EPC) contracts worth SR2.865bn on a lump sum basis to SNC Lavalin Arabia (SLA) and Sinopec E&C Middle East Company Ltd. This sulphuric acid plant consists of three sulphuric acid lines and will have a production capacity of 4.9mn tons. This contract will be completed in 35 months, starting from the date of the award and is expected to be completed in 4Q2016. Meanwhile, MA’ADEN has also awarded a contract to Hanwha Engineering & Construction Company and Hanwha Saudi Contracting Company to build a SR3.506bn phosphoric acid plant on a lump sum turnkey basis. This plant will consist of three phosphoric acid lines and when completed, will have a production capacity of 1.5mn tons. This contract will be completed in 33 months, starting from the date of the award and is expected to be completed in 4Q2016. Further, China Huanqiu Contracting & Engineering Corporation and HQC Middle East Company have won a contract worth SR2.089bn on a lump sum turnkey basis to build an ore beneficiation plant. This ore beneficiation plant when completed, will have a production capacity of 5.3mn tons. This contract will be completed in 32 months, starting from the date of the award and is expected to be completed in 3Q2016. All the three projects will be built at Waad Al Shamal Mineral Industrial City as part of MA’ADENs Waad Al Shamal Phosphate project. (Tadawul)  KHC‟s real estate projects on road to success – Kingdom Holding Company’s (KHC) Chairman Prince Alwaleed bin Talal said KHC’s real estate projects are on the path of success and will deliver positive returns for its shareholders. KHC further added that the Kingdom Real Estate Development Company (KRED), which is developing the Kingdom Riyadh project, expects the first phase of 4.9mn square meters to be completed in four months. This project’s 75% of the excavation, cut & fill and drainage works on the main roads has been completed. Meanwhile, KRED has signed an agreement with Colliers International to conduct a feasibility study based on the market needs in terms of residential, office and commercial lands. This study will also take into consideration the demands of investors, who are willing and capable of developing lands, based on  Bawan will commence listing, trading from December 24 – The Saudi Capital Market Authority (Saudi CMA) has announced that the Bawan Company will commence listing and trading from December 24, 2013. (Tadawul)  Al Basel Real Estate Brokers reports AED575mn sales in 2013 – Al Basel Real Estate Brokers has reported sales of over AED575mn in 2013. The company has also predicted to achieve sales worth AED250mn in 1Q2014. Meanwhile, Al Basel Real Estate Brokers will open a new branch in Saudi Arabia. (GulfBase.com)  Chinese companies keen to set up base of operations in Dubai – The Jafza & Economic Zones World’s Deputy CEO & Chief Commercial Officer Ibrahim Mohamed Al Janahi said Chinese companies have evinced keen interest to set up their base of operations in Dubai, specifically at Jafza and Technopark. Al Janahi further added that trade between UAE and China has witnessed a constant growth in the past years, with approximately 60% of China’s total trade passing through the UAE for re-export. Meanwhile, the total UAE-China trade is expected to be around $42bn-$43bn in 2013. (GulfBase.com)  Arabtec plans to raise EFECO‟s share capital by AED500mn – Arabtec Holding plans to raise the share capital of its subsidiary Emirates Falcon Electromechanical Company (EFECO) by AED500mn. This increase in capital will be used to expand its business by investing in equipment and machinery that will enable EFECO to bid for higher value projects. Moreover, this capital increase will also enable EFECO to expand into other Gulf region countries as well as Egypt and other North African countries. (DFM)  Oman, US sign open skies agreement – Oman and US have signed an open skies agreement that paves the way for unrestricted travel between the two countries. Meanwhile, all other GCC region countries, including the UAE, already have an open skies agreement of some degree with the US. (Bloomberg)  OMEIC obtains tender to construct primary substations at Samail – The Oman National Engineering & Investment (ONEIC) has obtained a tender worth OMR780, 000 from Mazoon Electricity Company (MZEC) to construct three 20 MVA primary substations at Samail. This work will be completed in approximately twelve months. Further, the company has also obtained a tender from MZEC to build two 20 MVA primary substations at barkat Almoazl-Nizwa for OMR840, 000. This work will be completed in approximately ten months. Meanwhile, ONEIC expects to gain reasonable profit for its shareholders. (MSM)  OUE plans to introduce new services – The Oman United Exchange Company (OUE) plans to introduce other products Page 4 of 6
  5. 5. and services that target the new and emerging consumer market segments. (GulfBase.com)  Al Fajar Group wins contracts for drilling, blasting works – The Al Fajar Group has won a contract worth OMR4mn from Arabian Projects & Transport Company (APTC) for carrying out drilling and blasting works at the construction of the Wadi Miah Road. This project completion period is 24 months. Meanwhile, the company has also obtained a OMR2mn contract from Premier International Projects to undertake blasting works at dualization of existing Mahdah-Al Rawdha Road in the governorate of Buraimi. This project completion period is 26 months. (MSM)  Bahrain to gradually lift diesel prices to reduce heavy subsidy burden – Bahrain’s National Oil & Gas Authority said the country will gradually raise its domestic selling price of diesel fuel, almost doubling it by 2017, in order to reduce a heavy subsidy burden on state finances. The prices will rise by 20 fils to 120 fils per liter next January 15, 160 fils in January 2016 and 180 fils in January 2017. (Gulf-Times.com)  BMMI obtains $16mn contract from USAID – BMMI obtained a new contract worth $16mn from the US government to provide life support services to the US mission in Juba, South Sudan. This contract is with the United State Agency for International Development (USAID) in South Sudan. Under the terms of this contract, BMMI will offer services such as hospitality & housekeeping, food services, facilities maintenance, procurement & logistics to USAID and will include the US Embassy, US Mission Officer & all residences & compounds. (Bahrain Bourse)  Borealis, First Energy Bank form JV to buy 20.3% stake in Bulgaria-based Neochim – Bahrain’s First Energy Bank has entered into a JV with Austria-based Borealis to purchase a 20.3% stake in Bulgarian firm Neochim. (Reuters) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 0.8% 150.2 134.9 0.5% 0.4% 0.4% 0.1% 122.3 0.1% 0.1% 0.0% S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Dubai Oman Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,198.82 (0.4) (0.4) (28.4) DJ Industrial 16,294.61 0.5 0.5 24.3 19.46 0.1 0.1 (35.9) S&P 500 1,827.99 0.5 0.5 28.2 111.56 (0.2) (0.2) 0.4 NASDAQ 100 4,148.90 1.1 1.1 37.4 4.52 3.9 3.9 31.9 STOXX 600 323.40 0.7 0.7 15.6 125.00 (0.8) (0.8) 39.7 DAX 9,488.82 0.9 0.9 24.6 135.50 0.0 0.0 (21.7) FTSE 100 6,678.61 1.1 1.1 13.2 1.37 0.2 0.2 3.8 104.11 0.0 0.0 20.0 GBP 1.64 0.1 0.1 0.6 MSCI EM CHF 1.12 0.3 0.3 2.4 SHANGHAI SE Composite AUD 0.89 0.1 0.1 (14.0) USD Index 80.45 (0.2) (0.2) RUB 32.63 (1.1) (1.1) BRL 0.42 0.8 0.8 (13.1) Yen Bahrain Jul-13 Abu Dhabi QE Index May-12 Dec-12 Kuwait Oct-11 Qatar Jan-10 Aug-10 Mar-11 Saudi Arabia (0.2%) (0.1%) (0.4%) CAC 40 Nikkei 4,215.29 0.5 0.5 15.8 15,870.42 0.0 0.0 52.7 992.69 0.4 0.4 (5.9) 2,089.71 0.2 0.2 (7.9) HANG SENG 22,921.56 0.5 0.5 1.2 0.8 BSE SENSEX 21,101.03 0.1 0.1 8.6 6.9 Bovespa 51,356.10 0.3 0.3 (15.7) 1,453.10 1.6 1.6 (4.8) 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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