QE Intra-Day Movement

Market Indicators

10,380
10,360
10,340
10,320

21 Nov 13

%Chg.

627.3
553,580.9
17.8
8,308
39
23:...
Qatar Market Commentary
 The QE index rose 0.4% to close at 10,325.7. The Real Estate
and Industrials indices led the gai...
structural reform. He also called for new, targeted cuts in the
next two years, whilst noting that horizontal cuts should ...
 Oman CMA approves ANC Holdings’ stake purchase in
DFIC – Oman’s Capital Market Authority (Oman CMA) has
approved Dubai-b...
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%
148.4

0.6%
0.4%

...
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24 November Daily Market Report

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24 November Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,380 10,360 10,340 10,320 21 Nov 13 %Chg. 627.3 553,580.9 17.8 8,308 39 23:12 545.9 553,188.4 18.4 8,604 42 16:20 14.9 0.1 (3.4) (3.4) (7.1) – Market Indices 10,300 10,280 9:30 24 Nov 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 0.4% to close at 10,325.7. Gains were led by the Real Estate and Industrials indices, gaining 2.2% and 1.1% respectively. Top gainers were Qatari Investors Group and Gulf Warehousing Co., rising 7.5% and 3.1% respectively. Among the top losers, Ooredoo fell 2.2%, while Zad Holding Co. declined 1.6%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,753.09 2,573.09 2,437.20 3,406.79 1,897.73 2,024.39 2,347.17 1,432.77 5,957.58 3,026.87 0.4 0.3 (0.0) 1.1 0.8 2.2 0.2 (1.7) (0.5) 1.5 1.1 1.0 0.1 1.5 1.9 7.2 (0.5) (0.8) 0.9 3.6 30.4 27.7 25.0 29.7 41.6 25.6 19.5 34.5 27.6 21.7 N/A 13.0 13.1 12.4 12.9 13.9 9.6 19.5 22.6 15.7 GCC Commentary GCC Top Gainers## Exchange Close# Saudi Arabia: The TASI index rose 0.6% to close at 8,388.2. Gains were led by the Multi-Investment and Cement indices, rising 1.5% each. Etihad Atheeb Telecomm. rose 6.0%, while Abdullah Al Othaim Markets Co. was up 4.5%. Qatari Investors Group 1D% Vol. ‘000 Qatar 41.00 7.5 2,076.1 78.3 Atheeb Comm. Saudi Arabia 15.80 6.0 12,886.5 23.4 Dubai: The DFM index declined 0.5% to close at 2,877.4. The Real Estate & Cons. index fell 1.7%, while the Inv. & Fin. Ser. index was down 0.6%. Gulf Navigation declined 5.7%, while Dubai Islamic Ins. & Rein. was down 3.8%. Nat. Mobile Telecomm. Kuwait Abdullah Al Othaim Saudi Arabia Abu Dhabi: The ADX benchmark index fell 0.3% to close at 3,820.9. The Real Estate index declined 1.0%, while the Con. index was down 0.8%. Abu Dhabi Ship Building fell 4.5%, while Abu Dhabi Nat. Co. for B & M was down 3.7%. Ajman Bank Dubai GCC Top Losers Exchange Kuwait: The KSE index gained 0.4% to close at 7,875.0. The Telecomm. index rose 3.0%, while the Real Estate index was up 1.7%. Sokouk Holding Co. gained 8.8%, while Tameer Real Estate Investment Co. was up 7.9%. Comm. Bank of Kuwait Kuwait 0.73 (4.1) 0.1 (1.4) Nat. Bank of Bahrain Bahrain 0.62 (3.9) 2.5 28.7 Oman: The MSM index fell 0.1% to close at 6,763.0. Losses were led by the Industrial and Banking & Inv. indices declining 0.4% and 0.3% respectively. National Gas Co. fell 2.3%, while Dhofar Int. Dev. & Inv. Co. was down 1.9%. IFA Hotels & Resorts Kuwait 0.28 (3.5) 267.7 (22.5) Deyaar Development Dubai 0.69 (2.8) 25,047.4 96.0 Emirates NBD Dubai 5.17 (2.5) 4,530.8 81.4 Bahrain: The BHB index fell 0.3% to close at 1,198.2. The Commercial Banking index declined 0.8%, while the Services index was down 0.7%. Nat. Bank of Bahrain fell 3.9%, while Bahrain Telecomm. Co. was down 1.2%. ## YTD% 1.80 5.9 6.0 (23.1) 122.75 4.5 169.9 49.2 2.25 4.2 618.4 58.5 # Close 1D% Vol. ‘000 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) Qatari Investors Group Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% 41.00 Qatar Exchange Top Gainers 7.5 2,076.1 78.3 Ooredoo 134.90 (2.2) 287.8 29.7 67.70 (1.6) 2.2 15.1 (4.3) Gulf Warehousing Co. 41.00 3.1 60.8 22.4 Zad Holding Co. Barwa Real Estate Co. 30.50 3.0 4,863.0 11.1 Ezdan Holding Group 17.41 (1.3) 143.7 Qatar German Co. for Med. Dev. 15.00 2.4 23.7 1.5 Qatar General Ins. & Rein. 50.30 (1.2) 2.0 9.4 Medicare Group 55.00 2.0 763.9 54.1 Qatar Fuel Co. 285.70 (1.0) 76.9 29.9 Qatar Exchange Top Val. Trades Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Barwa Real Estate Co. 30.50 3.0 4,863.0 11.1 Barwa Real Estate Co. 30.50 3.0 148,122.6 11.1 United Development Co. 23.89 1.2 2,914.5 34.2 Qatari Investors Group 41.00 7.5 83,692.8 78.3 Qatari Investors Group 41.00 7.5 2,076.1 78.3 United Development Co. 23.89 1.2 69,669.6 34.2 Vodafone Qatar 10.70 1.3 1,847.7 28.1 Medicare Group 55.00 2.0 42,030.6 54.1 Mazaya Qatar Real Estate Dev. 11.57 (0.3) 1,017.1 5.2 134.90 (2.2) 39,142.8 29.7 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Ooredoo Close 1D% WTD% MTD% YTD% 10,325.72 2,877.37 3,820.89 8,388.17 7,875.02 6,762.99 1,198.20 0.4 (0.5) (0.3) 0.6 0.4 (0.1) (0.3) 0.4 (0.5) (0.3) 0.6 0.4 (0.1) (0.3) 5.0 (1.5) (0.6) 4.3 (0.9) 1.3 (0.3) 23.5 77.3 45.2 23.3 32.7 17.4 12.4 Exch. Val. Traded ($ mn) 172.31 184.23 72.33 1,194.03 86.71 30.37 1.16 Exchange Mkt. Cap. ($ mn) 152,068.7 68,921.8 109,703.1 455,693.2 108,997.5 24,103.3 16,673.9 P/E** P/B** 13.2 17.0 10.6 17.2 18.2 10.8 8.1 1.8 1.1 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.4 3.1 4.7 3.6 3.5 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 5
  2. 2. Qatar Market Commentary  The QE index rose 0.4% to close at 10,325.7. The Real Estate and Industrials indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders.  Qatari Investors Group and Gulf Warehousing Co. were the top gainers, rising 7.5% and 3.1% respectively. Among the top losers, Ooredoo fell 2.2%, while Zad Holding Co. declined 1.6%. Overall Activity Buy %* Sell %* Net (QR) Qatari 77.90% 66.54% 71,235,363.79 Non-Qatari 22.11% 33.46% (71,235,363.79) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Sunday declined by 3.4% to 17.8mn from 18.4mn on Thursday. However, as compared to the 30-day moving average of 9.6mn, volume for the day was 85.1% higher. Barwa Real Estate Co. and United Development Co. were the most active stocks, contributing 27.3% and 16.4% to the total volume respectively. News Qatar  DHBK to raise QR2bn through private placement of Tier I note – Doha Bank (DHBK), which is aiming for a 15-20% asset growth over the next four to five years, plans to raise up to QR2bn from the market through a private placement of a Tier I note. DHBK’s shareholders have approved this issue. Doha Bank’s Group CEO R. Seetharaman said this issue will raise the bank’s capital adequacy ratio to 19.1% from the present 13.7%. The capital mop-up – which is likely to happen either by year end or by 1Q2014 – is part of the bank’s efforts to significantly shore up its capital base in view of the Basel III norms. These instruments will be treated as equity instruments with a fixed return. Managed by a special purpose vehicle, the issue would be undertaken through private placements to Qatari institutions, and its maturity would be perpetual. The investors in this issue would most likely be government entities or other institutional investors in Qatar. (Gulf-Times.com)  CBQK’s Turkish unit buys 99.9% stake in ALease for QR215.2mn – The Commercial Bank of Qatar’s (CBQK) Turkish subsidiary, Alternatif Bank has purchased 99.9% stake in Alternatif Finansal Kiralam (ALease). Alternatif Bank purchased 2.73bn shares from Anadolu Endustri Holding and 115.5mn shares from minority shareholders for a total cost of QR215.2mn. (QE)  QNB signs deal with QBC to finance Hyundai equipment – QNB has signed an agreement with the Qatar Building Company (QBC), an agent for Hyundai, for equipment finance. As per this agreement, QBC will be referring their Hyundai customers to QNB for assisting with financing of their purchases. QNB, through its business banking division, has launched an equipment finance program tailored to small & medium enterprises (SMEs) in the construction sector in Qatar. Financing would range from 75% to 84% of the equipment’s value and will be available for around one to three years. (GulfTimes.com)  Ashghal to announce plans for Passage of Gulf project – Qatar’s Public Works Authority (Ashghal) will soon announce the construction plan for the “Passage of Gulf” project, which will connect the West Bay district with the southern side of Doha city, near the Sharq Village & Spa. Ashghal’s President Nasser bin Ali al-Mawlawi said the massive project, which includes two tunnels, each having three-way road tracks, would be built both under sea and above water along the Corniche. He also announced that the final stage of the Corniche project would begin in January 2014, which involves conversion of roundabouts near Sheraton and Four Seasons Hotel into signalized intersections. (Gulf-Times.com)  Msheireb Downtown Doha to feature extensive retail outlets – Msheireb Properties’ CEO Sikkat Al Wadi said the Msheireb Downtown Doha project will feature extensive retail outlets including a mall. The Galleria will comprise approximately 100 stores placed across four levels of shopping and entertainment space. This 48,000 square meter gross leasable space will have an anchor supermarket on the lower ground floor and a sixscreen cinema theatre. On completion in 2016, the project will include more than 100 buildings that offer housing, workspace, cultural and community facilities, while preserving key heritage buildings. (Bloomberg)  Qatar to be global meetings center; WTTC expects tourism sector to grow 4% during 2013-2023 – A statement from the Gulf Incentives, Business, Travel & Meetings (GIBTM) said that Qatar aims to become a global meetings destination by investing more than $20bn in tourism-related infrastructure that will boost its meetings, incentives, conferencing, exhibitions (MICE) credentials. Meanwhile, according to the World Tourism & Travel Council (WTTC), anticipates the sector to grow at 7.1% in 2013 and grow at an annual average of 4% between 2013 and 2023. (Peninsula Qatar) International  Atlanta Fed's President: QE taper talk on table in December – The Atlanta Federal Reserve President Dennis Lockhart said debate over reducing the pace of the Federal Reserve's massive bond buying program will be on the table at its next policy meeting in December. Dennis Lockhart said he expected the Federal Open Market Committee, the central bank's policysetting arm, to be debating when to begin cutting back on its program of $85bn a month in bond purchases over the next several meetings. The committee next meets on December 1718. (Reuters)  ECB's Coeure: Disinflation to continue in Europe – European Central Bank Executive board member Benoit Coeure said slowing price growth, or disinflation, in Europe is likely to continue for now, but will not progress to deflation because the economy is recovering and inflation expectations remain anchored around 2%. Coeure said Europe's economy is stabilizing and the banking sector is strengthening, but policymakers need to make progress with structural reforms to bring down unemployment and encourage business investment. (Reuters)  IMF: Greek economic recovery fragile – Greece's IMF auditor Poul Thomsen said the economic recovery touted by Greece's embattled government is fragile and will be hurt if the government does not stay the course of fiscal adjustment and Page 2 of 5
  3. 3. structural reform. He also called for new, targeted cuts in the next two years, whilst noting that horizontal cuts should be avoided in a country now gripped in a six-year recession. (ET) Regional  E&Y: Kingdom biggest Islamic banking market with $245bn assets in 2012 – According to EY's Global Islamic Banking Center, Saudi Arabia was the biggest market with an estimated $245bn in assets in 2012. The total global Islamic banking assets held by commercial banks stood at $1.54tn in 2012, which included both Islamic banks and Islamic windows of conventional banks. In the GCC region, Islamic banking assets reached $452bn in 2012 and are expected to exceed $515bn by the end of 2013. The UAE’s Islamic banking assets, including windows were estimated at $80bn, while Qatar’s assets reached $53bn in 2012. The annual growth in the Islamic banking industry was 16% (five-year CAGR), which is faster than the growth of conventional banking assets across all the core Islamic finance markets. (GulfBase.com)  GE signs 2 maintenance contracts worth SR1.7bn with SEC – The Saudi Electricity Company (SEC) has signed two contracts worth SR1.7bn with US-based General Electric (GE) for the maintenance of gas turbines at its new power plants in Riyadh. This 25-year contract, which will be split between 8 basic years and 17 optional years, will cover maintenance work on the 12 gas units for the combined cycle power plants. (Bloomberg)  Petrofac Saudi Arabia awards EPC contract to CB&I – Petrofac Saudi Arabia has awarded a contract valued around $70mn to US-based CB&I. This contract includes engineering, procurement & construction (EPC) of crude oil storage tanks at a grassroots refinery that is being constructed in Saudi Arabia. (Bloomberg)  Takween BoD re-appoints board chairman, managing director – Takween Advanced Industries’ board of directors has approved the re-appointment of Abdullah M. Al Othman as the Chairman of the board and Abdulmohsen M. Al Othman as the Managing Director of the company. (Tadawul)  NCB opens new Rahwat Albar branch in Baha – The National Commercial Bank (NCB) has opened its new Rahwat Albar branch in Baha. This new branch will help achieve NCB’s mission to provide all customers in Baha region with banking, finance and investment services that are Shari’ah-compliant. (GulfBase.com)  IDB sets $5.5bn 2014 budget – Islamic Development Bank (IDB) President Ahmed Ali Al Madani said the bank has set a $5.5bn budget for 2014. He expects bank to match 2013’s $1bn debt sales in financial year started 3 weeks ago. He also said that the bank is working to develop short-term debt instruments to tackle liquidity management which is the major challenge to sukuk industry. (Bloomberg)  S&P affirms ratings on Ras Al Khaimah at A/A-1 – S&P has affirmed its “A/A-1” rating for long and short-term foreign & local currency sovereign credit ratings of Ras Al Khaimah with a Stable outlook. S&P said Ras Al Khaimah’s ratings are supported by its limited fiscal risks due to government's minimal spending responsibilities, its strong government balance sheet and ongoing indirect financial support from the UAE. Meanwhile, S&P forecasts Ras Al Khaimah's net general government asset position to be at 4% of GDP during 2013-2016, including debt and liquid assets of all publicly-owned entities. (GulfBase.com)  Dubai DED signs MoU with HDC to promote business, investment in halal sector – Dubai’s Department of Economic Development (Dubai DED) and Malaysia’s Halal Industry Development Corporation (HDC) have entered into a MoU to jointly promote business and investment in their respective halal sectors. Under the MoU, DED and HDC will cooperate in developing policies as well as an institutional infrastructure for the halal industry and also encourage their respective halal companies to engage in trade and investment partnerships. Further, both the parties will organize joint halal promotion activities and provide background checks on companies from both sides. (GulfBase.com)  Emirates Reit signs acquisition leaseback deal with GEMS Education – Emirates Reit has entered into an acquisition leaseback deal with Global Education Management Systems (GEMS Education) to acquire a long leasehold interest in a school campus in Dubai. This deal will increase Emirates Reit’s assets to eight properties with a value of around AED1.1bn. Emirates Reit will own the facilities and related assets of GEMS World Academy in Dubai. Meanwhile, GEMS Education will continue to manage the property as usual, and there will be no impact on the school’s operations. (GulfBase.com)  Lord Corporation opens Dubai office to tap MENA opportunities – US-based Lord Corporation has opened its office in Dubai to tap huge business opportunities offered by the MENA region in the aerospace, construction, infrastructure and automotive segments. This new office will house Lord Corporation’s regional management team, marketing staff and a technical centre, and will cater to 16 countries in the MENA region. (GulfBase.com)  Swedfund, AHF to invest $6.5mn in Nairobi Women’s Hospital – Sweden-based Swedfund and the Africa Health Fund (AHF) through Abraaj Group, have invested $6.5mn in the Nairobi Women’s Hospital in Kenya. This investment will enable the hospital to complete the financing of its modernization and expansion plan in East Africa. This will increase the range of treatments and services offered to patients in the region. (GulfBase.com)  OSN closes $200mn syndicated financing facility – Pay-TV company OSN has successfully closed its first syndicated fiveyear financing facility worth $200mn. Mashreqbank acted as the sole mandated lead arranger, book runner and underwriter for this facility. Barclays Bank, BNP Paribas Fortis, Citibank, HSBC Bank Middle East and National Bank of Kuwait were the participating banks for this facility. The facility’s proceeds will be utilized to strengthen OSN’s core business in line with the company’s objective to provide viewers with the ultimate entertainment experience. (GulfBase.com)  FH acquires CAPM Investment – The Finance House (FH) has acquired Abu Dhabi-based CAPM Investment. (ADX)  TNI appoints new CEO – The National Investor (TNI) has appointed Yasser Geissah as the company’s new CEO Yasser Geissah replaces Orhan Osmansoy and he joins TNI after working with Abu Dhabi Investment Company, National Bank of Abu Dhabi and CAPM Investment. (Reuters)  Moody's assigns Baa3 IFS rating to Al Muthanna Takaful Insurance – Moody's has assigned a first-time Baa3 insurance financial strength rating (IFSR) to Kuwait-based Al Muthanna Takaful Insurance Company. The rating was assigned with a Stable outlook. (Bloomberg)  Bank Muscat, VMP Co sign MoU for baituna home finance – Bank Muscat and the Vantage Modern Project Company (VMP Co) have entered into MoU to provide attractive baituna home finance for VMP Co’s residential units in the Seeb wilayat. (GulfBase.com) Page 3 of 5
  4. 4.  Oman CMA approves ANC Holdings’ stake purchase in DFIC – Oman’s Capital Market Authority (Oman CMA) has approved Dubai-based ANC Holdings’ request to acquire 39.126% stake in Dhofar Fisheries & Food Industries Company (DFIC) from Flag Holding of Abu Dhabi. (MSM) Page 4 of 5
  5. 5. 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% 148.4 0.6% 0.4% 0.4% 0.4% 131.0 119.1 0.0% (0.1%) (0.4%) (0.3%) (0.3%) 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% 1,243.83 0.0 0.0 (25.8) DJ Industrial 16,064.80 0.0 0.0 22.6 19.87 0.0 0.0 (34.5) S&P 500 1,807.65 0.0 0.0 26.7 111.05 0.0 0.0 (0.1) NASDAQ 100 3,991.65 0.0 0.0 32.2 3.77 0.0 0.0 10.1 STOXX 600 322.77 0.0 0.0 15.4 119.75 0.0 0.0 33.8 DAX 9,219.04 0.0 0.0 21.1 143.00 0.0 0.0 (17.3) FTSE 100 6,674.30 0.0 0.0 13.2 1.36 0.0 0.0 2.8 101.27 0.0 0.0 16.7 Nikkei GBP 1.62 0.0 0.0 (0.2) CHF 1.10 0.0 0.0 1.0 AUD 0.92 0.0 0.0 (11.5) USD Index 80.71 0.0 0.0 RUB 32.77 0.0 0.0 BRL 0.44 0.0 0.0 (10.0) Yen Bahrain Jul-13 Abu Dhabi QE Index May-12 Dec-12 Kuwait Oct-11 Qatar Jan-10 Aug-10 Mar-11 Saudi Arabia (0.5%) (0.8%) 4,278.53 0.0 0.0 17.5 15,381.72 0.0 0.0 48.0 MSCI EM 1,009.17 0.0 0.0 (4.4) SHANGHAI SE Composite 2,196.38 0.0 0.0 (3.2) HANG SENG 23,696.30 0.0 0.0 4.6 1.2 BSE SENSEX 20,217.40 0.0 0.0 4.1 7.4 Bovespa 52,800.70 0.0 0.0 (13.4) 1,444.91 0.0 0.0 (5.4) Source: Bloomberg CAC 40 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 5 of 5

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