25 may Daily market report

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25 may Daily market report

  1. 1. Page 1 of 4 QE Intra-Day Movement Qatar Commentary The QE index rose 2.6% to close at 13,350.5. Gains were led by the Banking & Financial Services and Real Estate indices, gaining 2.9% and 2.8% respectively. Top gainers were Masraf Al Rayan and Qatar Islamic Bank, rising 10.0% and 5.4% respectively. Among the top losers, Qatar Fuel Co. fell 3.4%, while Ahli Bank declined 2.3%. GCC Commentary Saudi Arabia: The TASI index rose 0.2% to close at 9,772.5. Gains were led by Hotel & Tourism and Building & Construction indices, rising 1.4% and 0.9% respectively. Saudi Hotels & Resort Areas gained 6.0% and Methanol Chemicals Co. was up 5.6%. Dubai: The DFM index was closed on May 25, 2014. Abu Dhabi: The ADX was closed on May 25, 2014. Kuwait: The KSE index fell 0.5% to close at 7,310.3. The Parallel Market index declined 1.5%, while Real Estate index was down 1.0%. Ajwan Gulf Real Estate Co. fell 9.1%, while Future Kid Entertainment & Real Estate was down 8.5%. Oman: The MSM index declined 0.3% to close at 6,725.0. Losses were led by the Services and Financial indices, falling 0.9% and 0.1% respectively. National Securities declined 9.1%, while Almaha Petroleum Products was down 5.8%. Bahrain: The BHB index gained 0.4% to close at 1,465.8. The Insurance index rose 2.2%, while the Commercial Banking index was up 0.7%. Bahrain Kuwait Insurance Co. gained 9.3%, while Khaleeji Commercial Bank was up 2.0%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Masraf Al Rayan 57.30 10.0 5,226.9 83.1 Qatar Islamic Bank 100.10 5.4 644.7 45.1 Barwa Real Estate Co. 41.00 4.6 4,662.8 37.6 Qatar Cinema & Film Dist. Co. 43.00 4.0 0.9 7.2 Industries Qatar 190.00 3.8 485.9 12.5 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Masraf Al Rayan 57.30 10.0 5,226.9 83.1 Barwa Real Estate Co. 41.00 4.6 4,662.8 37.6 Vodafone Qatar 18.59 1.3 4,057.8 73.6 Ezdan Holding Group 27.15 (0.4) 1,913.9 59.7 National Leasing 33.10 3.0 1,562.0 9.8 Market Indicators 25 May 14 22 May 14 %Chg. Value Traded (QR mn) 1,326.5 1,158.6 14.5 Exch. Market Cap. (QR mn) 735,325.1 724,621.1 1.5 Volume (mn) 26.8 24.1 11.6 Number of Transactions 11,611 9,827 18.2 Companies Traded 43 43 0.0 Market Breadth 26:10 33:9 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 19,908.54 2.6 2.6 34.2 N/A All Share Index 3,367.88 2.0 2.0 30.2 16.2 Banks 3,286.71 2.9 2.9 34.5 16.4 Industrials 4,476.38 2.2 2.2 27.9 17.4 Transportation 2,298.60 0.9 0.9 23.7 14.8 Real Estate 2,752.73 2.8 2.8 40.9 13.8 Insurance 3,278.92 0.6 0.6 40.4 8.6 Telecoms 1,754.05 0.3 0.3 20.7 24.5 Consumer 6,775.32 (2.2) (2.2) 13.9 26.5 Al Rayan Islamic Index 4,444.86 3.0 3.0 46.4 19.3 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Masraf Al Rayan Qatar 57.30 10.0 5,226.9 83.1 Saudi Hotels & Resort Saudi Arabia 42.00 6.0 3,841.6 22.0 Methanol Chemicals Saudi Arabia 17.90 5.6 12,735.0 17.2 Qatar Islamic Bank Qatar 100.10 5.4 644.7 45.1 Barwa Real Estate Co. Qatar 41.00 4.6 4,662.8 37.6 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Tihama Saudi Arabia 325.50 (10.0) 1.8 196.6 Agility Kuwait 0.79 (4.8) 173.7 14.5 Qatar Fuel Co. Qatar 216.20 (3.4) 424.0 (1.1) Ithmaar Bank Bsc Bahrain 0.16 (3.1) 40.0 (32.6) Nat. Medical Care Co. Saudi Arabia 75.25 (2.8) 4,232.0 0.4 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) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Fuel Co. 216.20 (3.4) 424.0 (1.1) Ahli Bank 50.80 (2.3) 1.5 20.1 Medicare Group 86.00 (1.9) 153.2 63.8 Gulf International Services 95.00 (1.0) 176.5 94.7 Aamal Co. 17.13 (0.6) 285.7 14.2 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 57.30 10.0 289,923.8 83.1 Barwa Real Estate Co. 41.00 4.6 186,822.7 37.6 Qatar Fuel Co. 216.20 (3.4) 92,254.3 (1.1) Industries Qatar 190.00 3.8 90,738.8 12.5 Vodafone Qatar 18.59 1.3 75,221.2 73.6 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* 13,350.54 2.6 2.6 5.3 28.6 364.35 201,993.8 16.6 2.3 3.7 Dubai# 4,864.03 0.3 (6.1) (3.9) 44.3 559.11 91,389.5 19.5 1.9 2.1 Abu Dhabi# 4,925.71 2.0 (1.9) (2.4) 14.8 177.74 135,082.4 14.5 1.8 3.5 Saudi Arabia 9,772.48 0.2 0.2 2.0 14.5 2,985.93 527,948.5 19.5 2.4 2.9 Kuwait 7,310.28 (0.5) (0.5) (1.3) (3.2) 31.36 113,764.5 15.2 1.2 3.8 Oman 6,725.03 (0.3) (0.3) (0.0) (1.6) 15.87 24,474.1 12.3 1.7 3.9 Bahrain 1,465.76 0.4 0.4 2.7 17.4 1.16 54,006.8 10.6 1.0 4.7 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any; # Values as of May 22, 2014) 12,900 13,000 13,100 13,200 13,300 13,400 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 4 Qatar Market Commentary  The QE index rose 2.6% to close at 13,350.5. The Banking & Financial Services 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.  Masraf Al Rayan and Qatar Islamic Bank were the top gainers, rising 10.0% and 5.4% respectively. Among the top losers, Qatar Fuel Co. fell 3.4%, while Ahli Bank declined 2.3%.  Volume of shares traded on Sunday rose by 11.6% to 26.8mn from 24.1mn on Thursday. However, as compared to the 30-day moving average of 28.7mn, volume for the day was 6.4% lower. Masraf Al Rayan and Barwa Real Estate Co. were the most active stocks, contributing 19.5% and 17.4% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) News Qatar  Kahramaa inks electricity contracts worth QR7.5bn – The Qatar General Electricity & Water Corporation (Kahramaa) has signed a slew of contracts worth QR7.5bn to develop the electricity network in Qatar. The contracts, ranging between QR26mn and QR1.5bn, have been awarded to 13 companies for undertaking 25 works related to Phase 11 – Qatar Power Transmission System Expansion Plan. Along with these new projects, works amounting to QR13bn are in different stages of execution in the electricity sector. HE the Minister of Energy & Industry, Dr. Mohamed bin Saleh al-Sada urged the companies executing major projects to ensure their completion on schedule, without making any compromises in their work quality. Al-Sada said works close to QR50bn were either executed or in the process of being executed in the last five years, and works amounting to about QR30bn will be awarded in the next three to four years in the utilities sector. (Gulf-Times.com)  BASREC awards QR1.65bn construction contract for Doha Festival City Mall – Bawabat Al Shamal Real Estate Company (BASREC) – owner of Doha Festival City (DFC) – has awarded the main works contract for the Doha Festival City Mall worth QR1.65bn to the Gulf Contracting Company in a JV with ALEC Qatar. Upon completion, Doha Festival City Mall (which is scheduled to open in 3Q2016) will be Qatar's largest shopping mall with a gross leasable area of around 250,000 square meters. The mall will house 550 outlets including 85 restaurants and cafes, along with an entertainment zone that will include VOX Cinemas and a snow park. (Bloomberg)  MoICT: Mobile phone use reaches 100% in Qatar – According to a report by the Ministry of Information & Communications Technology (MoICT), all segments of Qatar’s population have now access to internet-enabled ICT devices – particularly mobile phones - with newer devices such as smartphones and tablets yet to penetrate fully. The report, “Qatar’s ICT Landscape 2014: Households & Individuals”, is based on a study of ICT access and the usage behavior of residents in Qatar. The report shows that there has been an ongoing transition from general access to ICT devices and technologies to the use of advanced online services. Usage of portable devices such as laptops, tablet computers and smartphones among the overall population has increased, with mobile phones now used by nearly 100% of the population. Although smartphone penetration stands at 65%, the penetration of laptops increased from 83% in 2012 to 93% in 2013, while the penetration of tablets tripled over the same period to 29% in 2013. (Gulf-Times.com)  QNB Group participates in Qitcom 2014 ICT conference – QNG Group (QNBK) will be the official Bank in Qatar’s largest ICT event QITCOM 2014 which starts on 26th May 2014 at the Qatar National Convention Centre (QNCC). QITCOM 2014 will be a platform for all aspects of ICT development and innovation in Qatar, the region and internationally. (QNB Group Press release)  URC sells land in Qatar – The United Real Estate Company (URC) has sold its 10,105 square meters plot in Qatar, for KD6.17mn. The sale represents 0.6% of URC’s total assets, and is in line with its objective of reducing exposure to non-earning assets, which do not possess any strategic value in its portfolio. (GulfBase.com)  Enterprise Qatar appoints new CEO – Small & medium enterprises development company, Enterprise Qatar (EQ) has appointed Omran Hamad al-Kuwari as its new Chief Executive Officer. Established in 2011 under the leadership of HH the Emir, EQ provides education, coaching, research, and access to financial facilities for SMEs to achieve their goals. (Gulf- Times.com)  ORDS announces Qanz Card as Nojoom partner – Ooredoo (ORDS) announced Azadea's Qanz Card as the latest redemption partner for its Nojoom rewards program, as the company pushes forward to provide more redemption opportunities in 2014. (Qatar Tribune) International  Merkel’s bloc wins German EU election amid anti-euro insurgency – The German chancellor Angela Merkel’s bloc won 35.5% votes in Germany’s election for the European Parliament, even as a campaign to ditch the euro gained support. The Alternative for Germany party, which wants to dismantle the euro currency union, took an estimated 7% share for its first seats in any election. Social Democrats, Merkel’s coalition partner, won 27.2% after an all-time low of 20.8% in 2009. The party campaigned for the EU socialist candidate, European Parliament President Martin Schulz, who is vying to head the European Commission. Merkel used a month-long campaign for European elections to showcase her defense of Germany’s interests in the debt crisis as well as her management of the turmoil in Ukraine. (Bloomberg)  Credit Suisse offers map to 13 Swiss banks in US tax probes – Thirteen Swiss banks face serious implications in criminal tax-evasion probes after Credit Suisse Group set a new standard for punishment in the US crackdown on offshore tax evasion. Julius Baer Group, Zuercher Kantonalbank and the Swiss unit of HSBC Holdings are among those seeking to avoid pleading guilty of helping Americans cheat the Internal Revenue Service - an unprecedented step taken by Credit Suisse on May 19. The guilty plea by Credit Suisse’s main bank subsidiary and Overall Activity Buy %* Sell %* Net (QR) Qatari 62.12% 69.55% (98,465,542.33) Non-Qatari 37.88% 30.45% 98,465,542.33
  3. 3. Page 3 of 4 $2.6bn penalty last week marks a watershed in a campaign that has led to charges against more than 100 people since 2009. The 13 Swiss banks vary in size and scope of business, with only HSBC having substantial operations in the US. Like Credit Suisse, HSBC could seek the blessing of regulators to operate in the US if it pleads guilty. The smaller banks without a US presence could lose the ability to engage in US dollar clearing if they are charged or plead guilty. (Bloomberg)  Chinese public sector told to cut ties with US consulting firms – The Chinese government has told its state-owned enterprises to sever links with American consulting firms just days after the US charged five Chinese military officers with hacking US companies. China's action, which targets companies like McKinsey & Co and the Boston Consulting Group, stems from fears that the firms are providing trade secrets to the US government. China warned this week it would retaliate if Washington pressed ahead with allegations that the Chinese officers hacked into various US nuclear, metal and solar companies. China also said it would investigate providers of IT products and services to guard national security and economic and social development. It also banned new central government computers from using Windows 8, Microsoft Corp's latest operating system. (Reuters)  Bloomberg: PBoC cuts corporate yield spread most since global crisis – China’s corporate borrowing costs are falling to the lowest level since the global financial crisis as the People’s Bank of China (PBoC) eases its monetary policy to revive bond issuance and spur a flagging economy. The expanding bond market is helping Chinese Premier Li Keqiang as he seeks to staunch off-balance sheet lending known as ‘shadow banking’, while ensuring companies get enough cash to avoid default as manufacturing activity and the property market cool down. The PBoC pumped CNY120bn into the economy last week, the most since January 2014. Rising cash supply has helped lower benchmark borrowing costs. The yield on China’s 10-year sovereign note dropped 35 basis points since March to 4.16% as of May 23, 2014. The seven-day repurchase rate, a gauge of interbank funding availability, has averaged 3.41% this quarter, the lowest since the three months ended March 2013. (Bloomberg)  IMF calls for closer cooperation among central banks – The International Monetary Fund’s Managing Director, Christine Lagarde, called for closer cooperation among the world's central banks to cope with the challenges of increasingly interlinked and complex financial systems. She said that the financial crisis has shown that coordinated international action helped prevent disruption spreading across economies around the globe. She also said that advanced economies could help reduce volatility by communicating clearly about the course of their monetary policy. Lagarde said the current environment in the Eurozone was a sobering reminder of how balance sheet weakness could constrain the ability of banks to support credit and investment, ultimately contributing to low inflation. (Reuters) Regional  Savola sells Kazakh edible oil assets for SR107mn – Saudi- based Savola Group has sold its entire assets and operations of edible oils in the Republic of Kazakhstan to a Russia-based company, for a purchase consideration of SR107mn. Through the transaction, Savola has realized a capital gain of about SR17mn. The company intends to use these proceeds for financing its development activities in the foods sector. (Tadawul)  SADAFCO’s BoD recommends SR113.75mn dividends – Saudi Dairy & Foodstuff Company’s (SADAFCO) board of directors has recommended distributing 35% dividend (SR3.5 per share), amounting to SR113.75m to shareholders for FY2014. (Tadawul)  Saudi exports down by 3.2%; imports rise 8.1% – Non-oil commodity exports from Saudi Arabia were down by 3.2% in 2013, while its imports amounted to SR630.68bn in 2013, up 8.1% YoY. The total weight of the imports amounted to 83,062 tons, up 11.5%. Imports of machinery, equipment and electrical appliances and their parts represented the highest value at SR165.23bn, 26.2% of the total value, followed by transport equipment and their parts worth of SR107.55bn. (GulfBase.com)  Bee’ah to build largest waste energy plant in Sharjah – Bee’ah, a UAE-based waste management company, will build the world’s largest advanced thermal energy-from-waste facility in Sharjah. A $505mn contract to build the facility has been awarded to UK-based research group, Chinook Sciences. (Bloomberg)  Agility starts Kizad operations – Agility logistics company has started operating out of the new 11,133-square meter facility in the Kizad Logistics Park in Abu Dhabi. The transaction is Abu Dhabi’s largest private sector warehouse leasing deal, as per a statement from Agility and Khalifa Industrial Zone Abu Dhabi (Kizad). By taking over the largest warehouse space leased to date in Kizad, Agility is expanding its capacities in the UAE, and specifically, in Abu Dhabi. (Bloomberg)  NSCI appoints president – The National Securities Company (NSCI) has appointed Hussam Al-Jundi as the company’s President. Hussam has 13 years of experience in various fields related to banking, business development and management. (MSM)  FTI plans OMR80mn mega resort at Darsait hills – Falcon for Tourism Investments (FTI) has planned a mega resort to be built at the Darsait hills in Oman with an investment of OMR80mn. The resort will come up next to The Cave, an OMR7mn restaurant complex. The mega resort will feature a seven-star hotel with 350 rooms, multipurpose halls, a conference center, spa, shopping facilities, and multi-storey parking lots. The resort would include 24,000 square meters of shopping area, 14,000 square meters of water features, and 14,000 square meters of a commercial facility for gift items. (Bloomberg)  Batelco signs supply deal with Riedel Networks – Batelco has signed a master bilateral supply agreement with Riedel Networks. Under the agreement, Batelco will utilize Riedel’s network to reach its customers in Europe and beyond, while Riedel can use Batelco’s presence across the Middle East region. This agreement allows both the companies to extend their reach into new locations. (Bahrain Bourse)
  4. 4. Contacts Saugata Sarkar Keith Whitney Sahbi Kasraoui Head of Research Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@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 4 of 4 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg, * Markets closed on May 25, 2014 Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 200.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC 0.2% 2.6% (0.5%) 0.4% (0.3%) 0.0% 0.0% (1.2%) 0.0% 1.2% 2.4% 3.6% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi* Dubai* Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,292.56 0.0 0.0 7.2 DJ Industrial 16,606.27 0.0 0.0 0.2 Silver/Ounce 19.46 0.0 0.0 (0.0) S&P 500 1,900.53 0.0 0.0 2.8 Crude Oil (Brent)/Barrel (FM Future) 110.54 0.0 0.0 (0.2) NASDAQ 100 4,185.81 0.0 0.0 0.2 Natural Gas (Henry Hub)/MMBtu 4.38 0.0 0.0 0.9 STOXX 600 341.76 0.0 0.0 4.1 LPG Propane (Arab Gulf)/Ton 105.63 0.0 0.0 (16.3) DAX 9,768.01 0.0 0.0 2.3 LPG Butane (Arab Gulf)/Ton 118.00 0.0 0.0 (13.6) FTSE 100 6,815.75 0.0 0.0 1.0 Euro 1.36 0.0 0.0 (0.8) CAC 40 4,493.15 0.0 0.0 4.6 Yen 101.97 0.0 0.0 (3.2) Nikkei 14,462.17 0.0 0.0 (11.2) GBP 1.68 0.0 0.0 1.7 MSCI EM 1,042.92 0.0 0.0 4.0 CHF 1.12 0.0 0.0 (0.3) SHANGHAI SE Composite 2,034.57 0.0 0.0 (3.8) AUD 0.92 0.0 0.0 3.5 HANG SENG 22,965.86 0.0 0.0 (1.5) USD Index 80.39 0.0 0.0 0.4 BSE SENSEX 24,693.35 0.0 0.0 16.6 RUB 34.16 0.0 0.0 3.9 Bovespa 52,626.41 0.0 0.0 2.2 BRL 0.45 0.0 0.0 6.3 RTS 1,326.58 0.0 0.0 (8.1) 191.8 153.5 140.1

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