24 June Technical Market Report


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24 June Technical Market Report

  1. 1. Page 1 of 6QE Intra-Day MovementQatar CommentaryThe QE index declined 0.6% to close at 9,178.0. Losses were led by theTelecoms and Industrials indices, declining 1.6% and 0.8% respectively. Toplosers were Qatar Telecom and Dlala Brok. & Inv. Holding Co., falling 1.8% and1.6% respectively. Among the top gainers, Islamic Holding Group rose 2.5%,while Qatar Gas Transport Co. gained 2.1%.GCC CommentarySaudi Arabia: The TASI index gained 0.2% to close at 7,517.4. Gains wereled by the Hotel & Tourism and Real Estate Development indices, rising 1.5%and 0.9% respectively. Middle East Specialized Cables Co. rose 6.6%, whileHalwani Bros. was up 4.9%.Dubai: The DFM index rose 0.4% to close at 2,265.9. The Investment &Financial Services index gained 1.9%, while the Real Estate & Constructionindex was up 0.6%. Takaful House rose 7.8%, while Mashreq Bank was up6.3%.Abu Dhabi: The ADX benchmark index gained 0.4% to close at 3,538.9. TheReal Estate index rose 4.9%, while the Telecommunication index was up2.7%. Aldar Properties gained 5.8%, while Sharjah Islamic Bank was up 5.3%.Kuwait: The KSE index fell 0.2% to close at 7,926.3. Losses were led by theOil & Gas and Consumer Services indices, declining 1.8% and 0.7%respectively. National Consumer Holding Co. fell 7.6%, while Burgan Co. forWell Drilling was down 7.4%.Oman: The MSM index declined 0.6% to close at 6,313.7. The Banking &Investment index fell 0.7%, while the Industrial index was down 0.2%. AlBatinah Dev. Inv. Holding fell 5.1%, while Global Financial Inv. declined 3.5%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Islamic Holding Group 43.05 2.5 83.9 13.3Qatar Gas Transport Co. 18.10 2.1 1,100.4 18.6Al Ahli Bank 57.00 1.8 15.0 16.3Ezdan Holding Group 17.50 1.4 17.7 (3.8)Gulf International Services 42.40 1.1 234.2 41.3Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%Qatar Gas Transport Co. 18.10 2.1 1,100.4 18.6Masraf Al Rayan 27.35 (0.4) 910.2 10.3United Development Co. 23.01 (1.0) 695.5 29.3Industries Qatar 159.60 (1.3) 365.3 13.2QNB Group 151.50 0.3 307.1 15.7Market Indicators 24 June 13 23 June 13 %Chg.Value Traded (QR mn) 301.9 341.7 (11.6)Exch. Market Cap. (QR mn) 505,871.0 507,657.0 (0.4)Volume (mn) 6.2 9.4 (33.8)Number of Transactions 3,989 4,104 (2.8)Companies Traded 38 38 0.0Market Breadth 11:23 15:19 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,113.23 (0.6) (0.7) 15.9 N/AAll Share Index 2,325.82 (0.5) (0.7) 15.4 12.6Banks 2,187.63 (0.3) (0.4) 12.2 11.8Industrials 3,108.85 (0.8) (1.3) 18.3 11.6Transportation 1,645.25 0.5 0.1 22.8 11.6Real Estate 1,855.49 (0.5) 0.1 15.1 11.9Insurance 2,253.28 (0.1) (0.7) 14.8 14.8Telecoms 1,255.79 (1.6) (1.8) 17.9 14.3Consumer 5,462.01 (0.3) (0.3) 16.9 22.3Al Rayan Islamic Index 2,799.73 (0.5) (0.4) 12.5 13.9GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Aldar Properties Abu Dhabi 2.18 5.8 71,806.0 71.7Sharjah Islamic Bank Abu Dhabi 1.40 5.3 238.5 52.2Sorouh Real Estate Co. Abu Dhabi 2.69 5.1 35,338.7 115.2Deyaar Development Dubai 0.38 5.0 9,530.1 7.1United Real Estate Co. Kuwait 0.11 3.6 6,663.1 (5.0)GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Abu Dhabi Nat. Hotels Abu Dhabi 2.19 (6.4) 1.0 23.7Investbank Abu Dhabi 2.30 (6.1) 261.6 42.0Nat. Real Estate Co. Kuwait 0.17 (5.4) 2,783.8 45.0Agility Kuwait 0.69 (4.2) 4,203.4 35.3Ithmaar Bank Bahrain 0.24 (4.0) 17.6 41.2Source: Bloomberg (#in Local Currency) (##GCC Top gainers/losers derived from the Bloomberg GCC200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%Qatar Telecom 118.80 (1.8) 138.4 14.2Dlala Brok. & Inv. Holding Co. 27.30 (1.6) 83.8 (12.2)Qatar Electricity & Water Co. 154.70 (1.5) 40.1 16.8Qatar Navigation 70.50 (1.4) 188.4 11.7Industries Qatar 159.60 (1.3) 365.3 13.2Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%Industries Qatar 159.60 (1.3) 58,683.8 13.2QNB Group 151.50 0.3 46,479.8 15.7Masraf Al Rayan 27.35 (0.4) 24,924.1 10.3Qatar Gas Transport Co. 18.10 2.1 19,811.7 18.6Qatar Telecom 118.80 (1.8) 16,609.1 14.2Source: Bloomberg (* in QR) (All QE listed companies data as of June 24)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar*#9,177.98 (0.6) (0.7) (0.6) 9.8 82.91 138,912.2 11.6 1.6 5.0Dubai 2,265.85 0.4 (4.0) (4.3) 39.6 119.73 58,943.9 14.6 0.9 3.7Abu Dhabi 3,538.88 0.4 (2.6) (0.7) 34.5 95.94 102,447.7 10.8 1.3 5.0Saudi Arabia 7,517.36 0.2 (0.1) 1.5 10.5 1,376.80 400,283.7 16.0 2.0 3.7Kuwait 7,926.29 (0.2) (1.7) (4.5) 33.6 127.52 108,405.3 24.9 1.4 3.4Oman 6,313.71 (0.6) (1.2) (1.6) 9.6 15.99 22,176.1 10.8 1.7 4.4Bahrain 1,194.46 (0.3) (0.6) (0.2) 12.1 0.52 21,236.8 8.7 0.8 4.1Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) (#Data as of June 24)9,1609,1809,2009,2209,2409:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6Qatar Market Commentary The QE index declined 0.6% to close at 9,178.0. The Telecomsand Industrials indices led the losses. The index declined on theback of selling pressure from non-Qatari shareholders despitebuying support from Qatari shareholders. Qatar Telecom and Dlala Brok. & Inv. Holding Co. were the toplosers, falling 1.8% and 1.6% respectively. Among the topgainers, Islamic Holding Group rose 2.5%, while Qatar GasTransport Co. gained 2.1%. Volume of shares traded on Monday declined by 33.8% to 6.2mnfrom 9.4mn on Sunday. Further, as compared to the 30-daymoving average of 12.0mn, volume for the day was 47.8% lower.Qatar Gas Transport Co. and Masraf Al Rayan were the mostactive stocks, contributing 17.6% and 14.6% to the total volumerespectively.Source: Qatar Exchange (* as a % of traded value)Ratings and Global Economic DataRatings UpdatesCompany Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook ChangeRas LaffanLiquefied NaturalGas Co. Ltd. (II)s(RasGas (II)) andRas LaffanLiquefied NaturalGas Co. Ltd. (3)s(RasGas (3))Fitch Qatar Senior secured bonds A+ A+ – Stable –Mashreq Bank(MASQ)CI DubaiFSR/ LT FCR/ ST FCR/SRBBB+/A-/A1/3 BBB+/A-/A1/3 – Stable –First Gulf Bank(FGB)CI Abu DhabiFSR/ LT FCR/ ST FCR/SRA/A+/A1/2 A+/A+/A1/2 * Stable –Gulf InternationalBank (GIB)CI BahrainLT FCR/ ST FCR/ FSR/Support levelA/A1/BBB+/1 A/A1/BBB+/1 – Stable –Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, SR – Support Rating)(*Rating upgrade for FSR)Global Economic DataDate Market Source Indicator Period Actual Consensus Previous06/25 US US Census Bureau Durable Goods Orders May 3.60% 3.00% 3.60%06/25 US FHFA House Price Index MoM April 0.70% 1.10% 1.50%06/25 US Conference Board Consumer Confidence June 81.4 75.1 74.306/25 US US Census Bureau New Home Sales May 476K 460K 466K06/25 US US Census Bureau New Home Sales MoM May 2.10% 1.30% 3.30%06/25 France INSEE Production Outlook Indicator June -42 -44 -4606/25 France INSEE Business Confidence Indicator June 93 93 9206/24 Germany IFO IFO - Business Climate June 105.9 105.9 105.706/24 Germany IFO IFO - Current Assessment June 109.4 109.6 11006/24 Germany IFO IFO - Expectations June 102.5 102 101.606/25 UK CBI CBI Reported Sales June 1 -3 -1106/25 Spain INE Producer Prices (MoM) May 1.30% 0.10% -1.20%06/25 Spain INE Producer Prices (YoY) May 0.80% -0.30% -0.60%06/24 Italy ISTAT Consumer Confidence Ind. sa June 95.7 86.2 86.406/25 Italy ISTAT Retail Sales s.a. (MoM) April -0.10% -0.10% -0.30%06/25 Italy ISTAT Retail Sales (YoY) April -2.90% -2.60% -3.20%Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)Overall Activity Buy %* Sell %* Net (QR)Qatari 62.60% 43.72% 56,997,219.02Non-Qatari 37.40% 56.28% (56,997,219.02)
  3. 3. Page 3 of 6NewsQatar S&P: Qatar ratings to remain amid transfer of power – S&Psaid the transfer of power in Qatar has no immediate effect onthe sovereign credit ratings of the country. The ratings agencysaid it expects to gain a clearer understanding of the extent towhich a change in Emir will lead to a reshuffle of ministerialpositions and affect the elections to the advisory council, whichare expected later in 2013. (Gulf-Times.com) QNB Group to disclose 2Q2013 financial results on July 10– QNB Group announced its intent to disclose 2Q2013 reviewedfinancial statements on July 10, 2013. (QE) QNB Group signs MoU with Attijariwafa Bank of Morocco –QNB Group has signed a MoU with Attijariwafa Bank of Moroccoto focus on mutual business in various areas such as capitalmarkets, trade finance and investment flows between Qatar andMorocco. (QNB Group Press Release) Fitch affirms RasGas II & 3 bonds at A+; outlook Stable –Fitch Ratings has affirmed Ras Laffan Liquefied Natural GasCompany Limited (II)’s (RasGas (II)) and Ras Laffan LiquefiedNatural Gas Company Limited (3)’s (RasGas (3)) senior securedbonds at “A+” with “Stable” outlook. (Reuters) Turk Telekom signs $100mn loan with CBQK – The Turkishtelecommunications company, Turk Telekom has signed a$100mn loan deal with the Commercial Bank of Qatar (CBQK).Turk Telekom said the annual rate on the three-year bond willbe LIBOR plus 2.75%. (Reuters) QA to fly Boeing 787 Dreamliners to Scandinavian routes –Qatar Airways (QA) has announced an expansion of its Boeing787 Dreamliner services to Europe, deploying them on threeScandinavian routes. QA will fly the new state-of-the-art aircraftto the Swedish capital Stockholm on August 1, 2013, followedby flights to Copenhagen, Denmark and Oslo, Norway, effectivefrom September 1. (GulfBase.com)International IMF: Fed’s talk on QE exit could trigger volatility – The IMF’sChief Economist Olivier Blanchard said the US FederalReserves recent talk of exiting from its stimulus program couldtrigger more volatility in global markets. Olivier Blanchard saidthe problem was that the rules for exiting from quantitativeeasing were not clear and the Fed has not made anycommitments in terms of quantities. (Reuters) G20 task force to study LIBOR reform – The FinancialStability Board (FSB), set up by the G20, will establish a taskforce to look at reforming the London Interbank Offered Rate(LIBOR) after a scandal surfaced, in which three banks werefound rigging the global interest rate benchmark. The FSB willreport next year on whether the LIBOR benchmark should bechanged and over what period. (Reuters) Brazil: BRICS seek to limit fallout of US stimulus withdrawal– The Brazilian government said major emerging-market nationswill work together to limit the effects of a stronger US dollar ontheir economies as the US Federal Reserve signals plans toscale back its massive stimulus program. The BrazilianPresident Dilma Rousseff and her Chinese counterpart, XiJinping discussed ways to strengthen policy coordination.Rousseff will contact other leaders of the BRICS Group, whichinclude Russia, India and South Africa, later this week to discussconcrete measures. (Reuters) Chinas central bank seeks to allay fears of credit crunch –Chinas central bank, the Peoples Bank of China (PBOC) hasmoved to further assure markets it would provide cash totroubled financial institutions following days of turmoil thatpushed shares to their lowest level in more than four years onfears of a banking crisis. PBOC said it has already providedcash to some institutions facing temporary shortages and wouldcontinue to do so if needed. The central bank said it will use alltools to safeguard stability in its money markets and ease thetight liquidity. (Reuters, Bloomberg)Regional Tadawul announces holidays during June 27-29 amidchange in working days – The Saudi Stock Exchange(Tadawul) has announced that due to a change in its officialworking days, the coming weekly holiday will start from June 27,2013 till June 29, 2013. (Tadawul) Saudi non-oil exports decline to SR46.8bn in 1Q2013 –According to a report released by the Department of Statistics &Information (DSI), Saudi Arabias non-oil exports for 1Q2013amounted to SR46.8bn, representing a fall of 2.1% YoY (adecline of SR1bn). Meanwhile, the Kingdoms imports amountedto SR154.9bn, representing a climb of 13.5% YoY in 1Q2013 (arise of SR18.4bn). Kingdom implements SR7bn tourism & heritage projects –Saudi Arabia is implementing a number of tourism and heritageprojects amounting to around SR7bn in various regions during2013. These projects are being carried out to support thedevelopment of tourism & architectural heritage activities in theKingdom, which include rehabilitation of heritage sites, roads,tourist cities, parks, gardens, museums, airport expansion andothers. The investment in private sector projects for thedevelopment of tourism in the Kingdom amounts to SR3.5bnand these projects include commercial and recreationalcomplexes, resorts, hotels, exhibitions, festivals and privatemuseums. (Bloomberg) SaBuCo receives ministry approval to build butanol plant inJubail – Saudi Butanol Company (SaBuCo) has receivedapproval from the Saudi Ministry of Commerce & Industry tobuild $517mn butanol plant, which will be located in Jubail,Saudi Arabia. The plant is scheduled to go on-stream in 2015with a design capacity of 330,000 metric tons per annum of n-butanol and 11,000 metric tons per annum of iso-butanol. (AMEInfo) Saudi Aramco-Dow JV to pay 1.25% over LIBOR on loans –Sadara Chemical Company, a JV between Saudi Aramco andDow Chemical, which had raised $10.5bn in a recent financingdeal, will pay the initial interest of 125 basis points over theLIBOR benchmark rate on its dollar loans. Interest on the loanswill increase to 155 basis points above the London interbankoffered rate (LIBOR) for the first five years after the constructionof its chemicals facilities is completed. This rate will climb to 185basis points above the benchmark for the remainder of theloan’s 16-year tenure. (GulfBase.com) Al-Khodari Sons gets SR64.8mn city cleaning contract –Abdullah A. M. Al-Khodari Sons Company has signed aSR64.8mn contract with the Ministry of Municipal & Rural Affairs(Eastern Province Municipality) for sanitary cleaning of citiesnamely, Safwa, Qudaih, Awwamiyah and their surroundingvillages. Al-Khodari Sons expects the financial impact of thisproject to be visible in 2Q2013. (Tadawul)
  4. 4. Page 4 of 6 Almarai gets CMA approval to increase its capital by bonusshares – Almarai Company has obtained approval from theSaudi Capital Market Authority (CMA) to increase its capital fromSR4bn to SR6bn. This will be carried out through an issue of 1bonus share for every 2 existing shares owned by itsshareholders who are registered in the registry at the closing oftrading on the day of EGM. (Tadawul) MESC obtains CMA approval to increase its capital – TheMiddle East Specialized Cables Company (MESC) has receivedan approval from the Saudi CMA to increase its capital bySR200mn through a rights issue. (Tadawul) SADAFCO declares SR97.5mn dividends for FY2013 –Saudia Dairy & Foodstuff Company’s (SADAFCO) shareholdershave approved the board’s recommendation to distributedividends worth SR97.5mn (SR3 per share) – equivalent to 30%of its capital – to shareholders registered at the closing of thetrading day of its AGM on June 24, 2013. (Tadawul) Axiom led-consortium gets Saudi MVNO license – Aconsortium led by Axiom Mobile has been selected for a mobilevirtual network operator (MVNO) license in Saudi Arabia,enabling it to provide mobile telecom services across theKingdom. Axiom said it is now entering the final phase of theinitiation process with the Saudi Communications & InformationTechnology Commission. (Bloomberg) UAE’s inflation up 0.97% YoY in May – According to the datareleased by the UAE National Bureau of Statistics (NBS),consumer prices in the UAE increased 0.97% YoY in May 2013,as food & soft drinks items featured prominently among theitems that pushed the inflationary trends. The data showed thatinflation rose 0.26% MoM to reach 117.67 points in May.Meanwhile, analysts polled by Reuters in April had forecastedan average inflation in the UAE to accelerate 1.6% in 2013 from0.7% in 2012, which was the lowest level since 1990. However,the IMF had expected inflation to climb further to reach 2% in2013. Meanwhile, the NBS said the food & drinks segment,which makes up nearly 14% of the basket, contributed thebiggest increase of 1.1%, while vegetables prices rose 6.3%,fish 4.8%, and milk & eggs 1.1% in the April-May period.(GulfBase.com) Dubai Chamber, ICC RBC-MENA issue rules for bankpayment obligation – The Dubai Chamber of Commerce &Industry in partnership with the International Chamber ofCommerce’s Regional Banking Commission-MENA Region hasestablished the Uniform Rules for Bank Payment Obligation(URBPO). The URBPO – regarded as the electronic letters ofcredit and an alternative means of settlement in internationaltrade – have been developed by the ICC Regional BankingCommission and are set to come into force from July 1, 2013.URBPO provide the benefits of a letter of credit in an automatedenvironment, and enable banks to offer flexible risk mitigationand financing services across the supply chain to their corporatecustomers. (GulfBase.com) Dubai to make medical insurance compulsory – The DubaiHealth Authority’s (DHA) Director General Essa Al Haj AlMaidoor said the Emirate’s plan to make medical insurancecompulsory would pave the way for collaborative ventures andincrease the private sector’s contribution to growth. He addedthat the new regulations governing healthcare and thecompulsory insurance scheme are expected to boost investmentacross the sector by producing significant partnershipopportunities. (GulfBase.com) Etihad may invest $50mn in Serbia-based JAT Airways –According to sources, Etihad Airways may invest around $40-50mn in Serbian airline JAT Airways in 2013 as part of a newstrategic partnership. Meanwhile, Etihad is set to increase itsAbu Dhabi-Sao Paulo service from the current three flights perweek to a daily schedule from August 1, 2013. (Bloomberg,AME Info) Gulftainer to invest SR750mn in Saudi terminals – UAE-based port operator, Gulftainer Company is planning to investSR750mn in Saudi port terminals in which it had acquired 51%stake. (GulfBase.com) CSCEC-SKAI JV to invest in Dubai Island project – TheChina State Construction Engineering Corp (CSCEC) hasformed a joint venture with SKAI Holdings to invest $1bn in hoteland luxury-residential project on Dubai’s Palm Jumeirah.(Bloomberg) Kempinski to open a hotel in Business Bay – Europe-basedKempinski Hotels is set to open a hotel in Business Bay ashospitality groups tap rising visitor numbers to Dubai.Kempinskis President for the Middle East, Africa & India, UlrichEckhardt said work to build the company’s latest hotel isexpected to begin over the next 6-10 months, which could becompleted in two years from now. He added that this hotel islocated on the edge of the Dubai Design District.(GulfBase.com) Nakheel launches sale of slots on Jumeirah Islands – Dubai-based developer Nakheel has launched the sale of 84townhouses and a 608,000 square feet waterfront recreationalarea at Jumeirah Islands. (GulfBase.com) Limitless signs MoU with Vietnam to implement Halong Starproject – Dubai-based developer Limitless has signed a MoUwith the Vietnamese government for the implementation ofHalong Star, a mixed-use residential & tourism project inVietnams Halong Bay. (AME Info) Aldar & Sorouh merger receives ADEC approval – AldarProperties and Sorouh Real Estate have announced that theAbu Dhabi Executive Council (ADEC) has approved theproposed merger of the two companies. They also said that theMinister of Economy has issued its resolution on the declarationof the merger pursuant to which the merger becomes effectiveat the close of trading on June 27, 2013. After the Abu DhabiSecurities Exchange completes its process to register the newAldar shares in the name of the entitled Sorouh shareholders,trading in the new Aldar shares is expected to commence onJune 30, 2013. (ADX) Abu Dhabi power plant picks banks for $800 million bondissue – Abu Dhabi-based Shuweihat 2 Power & Water Planthas mandated BNP Paribas, Citigroup, HSBC Holdings,Mitsubishi UFJ Securities, the National Bank of Abu Dhabi andStandard Chartered to help arrange a potential bond issue.Expected to be around $800 million, its successful transactionwould be a rare example of a project bond issued from theregion. (Reuters) China Mobile, Etisalat weighing bids for Pakistan telecom –According to sources, Pakistani mobile operator Warid Telecomhas been put up for sale by its Abu Dhabi owners and is likely todraw interest from China Mobile and Etisalat. The Abu DhabiGroup is seeking to sell all of its 100% shares in Warid Telecom.The group has mandated US investment bank Lazard andBritish lender Standard Chartered as advisers for the process.(Peninsula Qatar) ADNOC, OMV sign deal for joint exploration – The Abu DhabiNational Oil Company (ADNOC) and OMV East Abu DhabiExploration have signed an agreement to jointly unlock the oil &
  5. 5. Page 5 of 6gas potential in the Eastern Region of Abu Dhabi.(GulfBase.com) Emirates Steel’s unit diversifies its products for offshoreprojects – Abu Dhabi-based Emirates Steel’s Heavy SectionsMill is diversifying its product range to include a new range ofstructural steel for supplying to offshore oil & gas structures.(GulfBase.com) TDIC appoints Jannah H&R to operate Eastern MangrovesSuites – The Tourism Development & Investment Company(TDIC) has appointed UAE-based Jannah Hotels & Resorts(Jannah H&R) to operate the Eastern Mangroves Suites, whichcomprises 88 luxury units that are set to open in 3Q2013. (AMEInfo) Farglory begins work on $1bn housing project in Al Maryah– Taiwan-based property developer Farglory has commencedthe work on its $1bn worth housing & hotel tower project in AbuDhabis Al Maryah island. Mubadala Real Estate is the masterplanner for the project. (GulfBase.com) Shurooq: logistics in Sharjah to grow 15% during 2013-17 –According to a report released by the Sharjah Investment &Development Authority (Shurooq), the transport & logisticssector in Sharjah is expected to grow at 15% annually over thenext four years, driven by its fast growing sea-air traffic.Shurooq’s CEO Marwan bin Jassim Al Sarkal said transport &logistics is a dynamic market in the Emirate, whose total marketsize reached AED3.5bn in 2012. Out of this, around AED1.3bnwas sea freight and AED0.7bn was air freight, which offeredrewarding investment opportunities for both local and foreigninvestors. (GulfBase.com) UREC raises KD60mn via 5-year bonds – Kuwait-basedUnited Real Estate Company (UREC) has raised KD60mn in abond sale, which would be mainly used to refinance its existingpaper. UREC said the five-year bonds were issued in fixed andfloating rate tranches and were oversubscribed by almost 50%.Maturing in June 2018, UREC said that the first tranche will paya fixed annual rate of 5.75%, while the other will pay 3.25% overthe central banks discount rate. UREC will utilize the proceedsto refinance its existing KD40mn bond that matured in June2013 and for general corporate purposes as well. Gulf Bank,Burgan Bank and KAMCO were the joint lead managers for thisbond offering. (GulfBase.com) Kipco’s units buy stake in Malta-based FIMBank – KuwaitProjects Company (Kipco) said two of its units have togetherbought a 38% stake in Maltese trade finance bank FIMBank.Kipco said that the Kuwait-based Burgan Bank has acquired a25% interest, while Bahrain-based United Gulf Bank a 13%stake in FIMBank. (Bloomberg) Cluttons: Muscat Hills Phase II work begins – UK-baseddeveloper Cluttons announced that the construction of theMuscat Hills Phase II Golf & Country Club integrated tourismcomplex has commenced. (Bloomberg) Bahrain approves 11% rise in 2013 budget spending –Bahrain’s parliament has approved to increase its statespending by 11% in 2013, after it approved BHD174.2mn inadditional expenditure. Budget expenditure in Bahrain is nowexpected to reach BHD3.6bn in total in 2013, up from BHD3.3bnspent in 2012. Similarly, Bahrain’s 2014 spending plan wasraised by BHD164.5mn from the initial finance ministry proposal,to BHD3.7bn. (Reuters) CBB’s Sukuk Al-Salam securities oversubscribed by 150%– The Central Bank of Bahrain’s (CBB) monthly issue of theSukuk Al-Salam Islamic securities worth BHD18mm has beenoversubscribed by 150%. The expected return on this issuecarrying a maturity of 91 days is 0.72%, as compared with0.72% for the previous issue. (AME Info) Diyar sells 60% plots in new residence project – Diyar AlMuharraq announced that 60% of the land plots in its new Saratresidences project are already sold. (GulfBase.com) Türkiye Finans successfully closes $426mn and €57mnfinancing facilities – Türkiye Finans Katilim Bankasi (TürkiyeFinans) has successfully closed a dual tranche Murabahafinancing facility worth $426mn and €57mn syndicated dualcurrency. ABC Islamic Bank, Al Hilal Bank, Emirates NBDCapital Limited, Noor Islamic Bank, Standard Chartered, SaudiBritish Bank were the initial mandated lead arrangers and ABC,Al Hilal, EMCAP, Noor, Standard Chartered were the book-runners. (AME Info)
  6. 6. ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager - HNWITel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qaQNB Financial Services SPCContact Center: (+974) 4476 6666PO Box 24025Doha, QatarDISCLAIMER: 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 QatarFinancial 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 anoffer, 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 potentialinvestors 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 bereliable, 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 theright 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, theviews 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 6Rebased Performance Daily Index PerformanceSource: Bloomberg Source: Bloomberg (*Data as of June 24)Source: Bloomberg Source: Bloomberg80.090.0100.0110.0120.0130.0140.0Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13QE Index S&P Pan Arab S&P GCC0.2%(0.6%)(0.2%)(0.3%)(0.6%)0.4% 0.4%(0.8%)(0.4%)0.0%0.4%0.8%SaudiArabiaQatar*KuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,277.65 (0.4) (1.4) (23.7) DJ Industrial 14,760.31 0.7 (0.3) 12.6Silver 19.64 (0.3) (2.4) (35.3) S&P 500 1,588.03 0.9 (0.3) 11.3Crude Oil (Brent) 101.20 (0.3) (0.2) (10.3) NASDAQ 100 3,347.89 0.8 (0.3) 10.9Euro 1.31 (0.3) (0.3) (0.9) DAX 7,811.30 1.5 0.3 2.6Yen 97.81 0.1 (0.1) 12.7 FTSE 100 6,101.91 1.2 (0.2) 3.5GBP 1.54 (0.1) 0.0 (5.1) CAC 40 3,649.82 1.5 (0.2) 0.2CHF 1.07 (0.5) (0.4) (2.4) Nikkei 12,969.34 (0.7) (2.0) 24.8AUD 0.93 0.1 0.4 (10.9) Shanghai 1,959.51 (0.2) (5.5) (13.6)USD Index 82.58 0.2 0.3 3.5 BSE Sensex 18,629.15 0.5 (0.8) (4.1)RUB 32.86 (0.2) 0.1 7.6 Bovespa 46,893.04 2.0 (0.3) (23.1)BRL 0.45 0.6 1.4 (7.4) RTS 1,243.20 0.8 (0.2) (18.6)131.9118.0107.3