26 March Daily market report

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26 March Daily market report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index rose 0.2% to close at 11,331.5. Gains were led by the Real Estate and Industrials indices, gaining 0.9% and 0.3% respectively. Top gainers were Islamic Holding Group and Mesaieed Petrochemical Holding Co., rising 10.0% and 7.2% respectively. Among the top losers, Zad Holding Co. fell 9.4%, while Mannai Corp. declined 3.6%. GCC Commentary Saudi Arabia: The TASI index rose 0.2% to close at 9,449.9. Gains were led by Tele. & Info. Tech. and Cement indices, rising 0.8% and 0.5% respectively. Saudi Tran. & Inv. rose 6.3%, while Al Rajhi Co. for Coop. Ins. was up 3.9%. Dubai: The DFM index gained 0.9% to close at 4,383.2. The Telecom. index rose 2.7%, while Real Estate & Construction index was up 1.5%. Shuaa Capital surged 14.7%, while Union Properties Co. was up 3.8%. Abu Dhabi: The ADX benchmark index rose 0.8% to close at 4,852.7. The Real Estate index gained 5.0%, while the Services index was up 1.1%. Foodco Holding rose 15.0%, while Abu Dhabi Aviation Co. was up 8.2%. Kuwait: The KSE index gained 0.1% to close at 7,592.0. The Parallel Market index rose 1.0%, while the Banking index was up 0.9%. National Consumer Holding Co. gained 8.8%, while IFA Hotels & Resorts Co. was up 6.9%. Oman: The MSM index declined 0.2% to close at 6,926.0. Losses were led by the Services index, falling 0.6%, while other indices ended in green. National Bank Of Oman fell 7.8%, while Al Anwar Ceramic Tiles was down 4.8%. Bahrain: The BHB index fell 0.1% to close at 1,355.0. The Comm. Banking index declined 0.7%, while other indices remained unchanged or ended in green. Nass Corp. fell 2.7%, while Al Ahli United Bank was down 1.4%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Islamic Holding Group 71.60 10.0 491.1 55.7 Mesaieed Petrochemical Holding 36.70 7.2 5,805.5 267.0 Medicare Group 68.60 4.9 1,433.8 30.7 Qatar German Co for Med. Dev. 13.39 2.9 1.3 (3.3) Barwa Real Estate Co. 36.30 1.5 3,511.6 21.8 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Mesaieed Petrochemical Holding 36.70 7.2 5,805.5 267.0 Barwa Real Estate Co. 36.30 1.5 3,511.6 21.8 Mazaya Qatar Real Estate Dev. 13.65 (0.9) 1,474.6 22.1 Medicare Group 68.60 4.9 1,433.8 30.7 Vodafone Qatar 11.96 0.1 525.2 11.7 Source: Bloomberg (* in QR) Market Indicators 26 Mar 14 25 Mar 14 %Chg. Value Traded (QR mn) 716.9 642.2 11.6 Exch. Market Cap. (QR mn) 634,804.2 630,962.2 0.6 Volume (mn) 16.7 15.7 6.9 Number of Transactions 9,634 9,125 5.6 Companies Traded 38 42 (9.5) Market Breadth 22:13 20:18 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,754.55 0.2 (0.3) 13.0 N/A All Share Index 2,903.21 0.2 (0.1) 12.2 14.6 Banks 2,741.90 0.2 0.3 12.2 14.4 Industrials 3,997.33 0.3 (0.7) 14.2 15.5 Transportation 1,997.72 (0.1) 0.7 7.5 13.9 Real Estate 2,180.65 0.9 1.5 11.7 14.1 Insurance 2,771.17 (0.1) (1.9) 18.6 7.7 Telecoms 1,493.86 0.0 (0.9) 2.8 20.6 Consumer 6,888.21 (0.2) (0.4) 15.8 30.0 Al Rayan Islamic Index 3,494.13 0.6 0.2 15.1 17.4 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Nat. Bank Of Oman Muscat 0.32 11.3 384.1 10.6 IFA Hotels & Resorts Kuwait 0.27 6.9 1.6 (7.0) Aldar Properties Abu Dhabi 3.56 5.3 196,969.3 29.0 Gulf Bank Kuwait 0.37 4.2 4,742.5 (1.3) National Real Estate Kuwait 0.16 3.8 10,417.6 5.2 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Oman Telecom. Co. Muscat 1.49 (4.5) 164.2 (1.3) Abu Dhabi Nat. Energy Abu Dhabi 1.21 (4.0) 12,007.0 (17.7) Mannai Corp. Qatar 94.50 (3.6) 1.2 5.1 Al Ahli Bank of Kuwait Kuwait 0.43 (3.4) 568.9 (2.3) Ajman Bank Dubai 3.35 (3.2) 201.0 35.1 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% Zad Holding Co. 78.10 (9.4) 76.0 12.4 Mannai Corp. 94.50 (3.6) 1.2 5.1 Mazaya Qatar Real Estate Dev. 13.65 (0.9) 1,474.6 22.1 Commercial Bank of Qatar 60.50 (0.8) 265.7 2.5 Widam Food Co. 44.70 (0.7) 241.4 (13.5) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mesaieed Petrochemical Holding 36.70 7.2 214,115.1 267.0 Barwa Real Estate Co. 36.30 1.5 127,023.6 21.8 Medicare Group 68.60 4.9 99,041.1 30.7 Industries Qatar 177.70 0.2 37,296.1 5.2 Islamic Holding Group 71.60 10.0 34,412.1 55.7 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* 11,331.46 0.2 (0.3) (3.7) 9.2 196.86 174,317.2 14.8 1.9 4.3 Dubai 4,383.20 0.9 1.9 3.9 30.1 369.34 87,915.1 19.1 1.6 2.2 Abu Dhabi 4,852.68 0.8 1.4 (2.1) 13.1 346.61 128,348.2 14.6 1.7 3.7 Saudi Arabia 9,449.92 0.2 1.6 3.8 10.7 1,955.68 513,436.9 19.4 2.4 3.2 Kuwait 7,592.04 0.1 0.5 (1.3) 0.6 131.15 114,467.6 16.1 1.2 3.8 Oman 6,925.96 (0.2) (0.1) (2.6) 1.3 19.15 24,720.7 11.2 1.6 3.8 Bahrain 1,354.95 (0.1) (2.3) (1.3) 8.5 0.66 51,493.3 9.4 0.9 5.1 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 11,200 11,250 11,300 11,350 11,400 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5 Qatar Market Commentary  The QE index rose 0.2% to close at 11,331.5. The Real Estate and Industrials indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Islamic Holding Group and Mesaieed Petrochemical Holding Co. were the top gainers, rising 10.0% and 7.2% respectively. Among the top losers, Zad Holding Co. fell 9.4%, while Mannai Corp. declined 3.6%.  Volume of shares traded on Wednesday rose by 6.9% to 16.7mn from 15.7mn on Tuesday. Further, as compared to the 30-day moving average of 14.1mn, volume for the day was 18.6% higher. Mesaieed Petrochemical Holding Co. and Barwa Real Estate Co. were the most active stocks, contributing 34.7% and 21.0% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change DAMAC Real Estate Development S&P UAE LT Foreign Issuer Credit/ LT Local Issuer Credit – BB / BB – Stable – Saudi Electricity Co. Fitch Saudi Arabia LT IDR – AA-(EXP) – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency) (EXP – Expected Rating) Earnings Releases Company Market Currency Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY DAR AL TAKAFUL* Dubai AED 85.6 91.6 – – 0.8 NA Gulf General Investment Co.* Dubai AED 1,719.0 (10.9) – – 110.0 NA Abu Dhabi National Co. for Build. Mat.* Abu Dhabi AED 56.3 (70.1) – – (22.4) 2.9 Methaq Takaful Insurance Co.* Abu Dhabi AED 109.5 76.2 – – 2.6 NA Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 03/26 US MBA MBA Mortgage Applications 21-March -3.50% – 0.20% 03/26 US US Census Bureau Durable Goods Orders February 2.20% 0.80% -1.30% 03/26 US Markit Markit US Composite PMI March 55.8 – 54.1 03/26 US Markit Markit US Services PMI March 55.5 54 53.3 03/26 Germany GfK AG GfK Consumer Confidence April 8.5 8.5 8.5 03/26 Italy ISTAT Retail Sales MoM January 0.00% 0.10% -0.30% 03/26 Italy ISTAT Retail Sales YoY January -0.90% -1.60% -2.60% 03/26 Italy ISTAT Consumer Confidence Index March 101.7 98.4 97.7 03/26 Japan Bank of Japan Corporate Service Px Index YoY February 0.70% 0.80% 0.70% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QCB to issue T-bills worth QR4bn – The Qatar Central Bank (QCB) will issue treasury bills for a period of three, six and nine months on April 1, 2014. The total amount of issuance is worth QR4bn. (QCB)  ABank’s CEO to step down– The Commercial Bank of Qatar (CBQK) announced that Hamit Aydogan, Chief Executive Officer (CEO) and General Manager (GM) of Alternatifbank (ABank), will be stepping down from his position effective from March 28, 2014. Muzaffer Ozturk, Executive Vice President & Head of Business, will assume the role as the Interim General Manager. The Bank is expecting to announce his successor shortly. (QE)  MERS eyes strong growth with 15 new malls – Al Meera Consumer Goods Company’s (MERS) Chairman HE Abdullah bin Khalid al-Qhtani stated that the completion of nine malls this year reflects MERS’ strong expansion growth as it plans to build another 15 malls within the next two to five years. Al-Qahtani, who is also the Minister of Public Health & Secretary General of the Supreme Council of Health, said besides the nine malls currently under construction, MERS is also building one leased Overall Activity Buy %* Sell %* Net (QR) Qatari 67.68% 71.40% (26,652,889.67) Non-Qatari 32.32% 28.60% 26,652,889.67
  3. 3. Page 3 of 5 store, which is also set for completion this year. (Gulf- Times.com)  Indosat exits TBIG tower business for $122mn – Ooredoo (ORDS) announced that its subsidiary, PT Indosat Tbk (Indosat), has agreed to sell its remaining 5% of shares in PT Tower Bersama Infrastructure Tbk (TBIG) for a total consideration of $122mn. 239,826,310 of TBIG’s issued and paid up share capital were placed via an accelerated book build offering to institutional investors at a sale price of IDR5,800 per share. The proceeds of the sale will be used to optimize Indosat’s capital structure. The sale completes the equity divestment process that began in August 2012, when Indosat completed a sale and leaseback agreement with TBIG. (GulfBase.com)  CBQK joins hands with MPHC for dividend distribution – Mesaieed Petrochemical Holding Company (MPHC) has partnered with the Commercial Bank of Qatar for exclusive distribution of its dividends to be declared for the period between 2013 and 2016. MPHC’s Chief Coordinator Khalid al-Subaey said that the company has an obligation to its shareholders to distribute dividends with optimum efficiency. For MPHC, this is the maiden year for dividend distribution after its listing last month. Commercial Bank has extended MPHC’s dividend distribution channels through all its branches. (Gulf-Times.com)  QInvest to refinance NWP’s unit Petainer Group – UK-based Next Wave Partners (NWP) said it has obtained $45mn refinancing from QInvest for its subsidiary, Petainer. The refinancing from QInvest will provide capital for the development of new facilities for Petainer as its business continues to grow in new and existing markets. (Gulf-Times.com)  UDCD approves 10% dividend, 5% bonus shares – The United Development Company’s (UDCD) AGM has approved its board of directors’ recommendation for distributing 10% cash dividend. The EGM has approved the distribution of 16,861,250 bonus shares at the rate of 5%, raising the company’s paid-up capital to QR3.54bn. (QE)  QE deposits UDCD’s bonus shares – The Qatar Exchange (QE) announced the addition of bonus shares to UDCD’s shareholder accounts. With this, the company’s new capital stands at QR3.54bn distributed over 354mn shares. Shareholders can begin trading these shares from March 27, 2014. (QE)  QA seeks acquisitions – Qatar Airways’ (QA) CEO Akbar al- Baker said that he is pursuing acquisitions after reviving an investment strategy that saw the company getting stake offers in carriers including the Italian carrier, Alitalia. Al-Baker said the second-biggest Gulf airline is actively discussing opportunities with other passenger carriers. Al-Baker said QA has been offered stake in unprofitable Greek carrier Olympic Airlines, Air Seychelles and Air Serbia, while Alitalia, which has suffered years of losses, has indicated its availability several times over the past five years. (Gulf-Times.com) International  Fed: US jobless rate to fall below 6% this year – A US Federal Reserve official said the unemployment rate in the US is set to fall below 6% by the end of 2014, offering a bullish view on the country's economy. James Bullard, President of the Federal Reserve Bank of St. Louis, said that the outlook for the US economy is quite good, despite dismal data from early in the year. However, Bullard said that more progress is needed in the labor market before US policymakers can consider raising the interest rates. Bullard had previously advocated for a rate hike as early as 2014, a stance he appears to have backed away from. The tightening of the US monetary policy took center stage last week after a policy meeting, where the Fed said it would keep benchmark interest rates near zero for a considerable time. However, it decided to wrap up a bond-buying stimulus program, which it is widely expected to happen toward the end of this year. (Reuters)  Spanish economy to grow 1.2% in 2014 – The Bank of Spain stated that the Spanish economy will grow by 1.2% in 2014 after shaking off a long, job-destroying downturn. The central bank's outlook for Spain –the Eurozone's fourth-largest economy – paints a picture of gradual, modest recovery with stubbornly high rates of unemployment. Following a 1.2% economic contraction in 2013, the central bank said it was expecting a GDP growth of 1.2% this year and 1.7% in 2015. (ET)  German consumer mood upbeat but Crimea casts a dark cloud – Consumer morale in Germany held steady going into April 2014 as shoppers were more upbeat about the outlook for Europe's largest economy. However, their mood could worsen if the Crimea crisis spreads and leads to tougher sanctions on Russia from the West. The market research group, GfK’s forward-looking consumer sentiment indicator was flat at 8.5 going into April. The indicator matched the highest reading since January 2007 and was in line with the consensus forecast in a Reuters poll. (Reuters) Regional  600,000 Saudi nationals flood job market annually – A senior Labor Ministry official said some 600,000 young Saudi nationals, who graduate every year and enter the job market, pose a big challenge to the Saudi government for providing them with employment. Abdul Monem Al-Shahri, Director of the Labor Office in Makkah, said around 330,000 Saudi students graduate from schools every year, while nearly 318,000 graduates emerge from Saudi universities. He emphasized the need to provide job-oriented education to solve the rising problem. (Bloomberg)  SABIC opens technology center in South Korea – The Innovative Plastics business division of Saudi Basic Industries Corporation’s (SABIC) has opened a new global technology center in South Korea in partnership with the Sungkyunkwan University in Suwon. The center will focus on research on electronics, electrical and lighting technologies. (GulfBase.com)  IDB approves $515.6mn to finance new projects – The Islamic Development Bank’s (IDB) board has approved $515.6mn to support various socio-economic development projects in its member countries as well as Muslim communities in non-member countries. The approvals are mainly in the energy sector worth a total of $490mn, while the education sector received $17.8mn. In the transport sector, the board approved a $6mn technical assistance loan to the Republic of Niger. Among other approvals was a $1mn emergency assistance for the refugees from the Central African Republic now living in neighboring countries. The board also approved $780,000 as grant under the IDB Waqf Fund to Muslim communities in non-member countries for four educational projects in Bosnia and Herzegovina, Burundi, India and Malawi. (GulfBase.com)  GLC forms JV with Philips to manufacture LED lights – Saudi-based General Lighting Company (GLC) and Philips Lighting have formed a joint venture to provide a full range of LED lighting solutions and strengthen GLC’s market position in the Kingdom. The JV will focus on LED products, systems and services for the entire lighting market and will manufacture professional LED lighting fixtures. Under the agreement terms,
  4. 4. Page 4 of 5 Philips will acquire 51% of GLC from a consortium of shareholders for a total amount of $235mn. Philips’ current lighting activities in the Kingdom will be combined with GLC. (Gulfbase.com)  AHB reports 42% rise in net profit for 2013 – Al Hilal Bank (AHB) stated that its net profit for 2013 reached AED441.4mn, reflecting a 42% increase over AED310.3mn posted in 2012. The record high net profit for the full year of 2013 is largely attributed to growth in assets along with improvement in asset quality and liability mix. Al Hilal’s assets stood at AED38.71bn at the end of 2013, up 20% over 2012. Customer deposits improved by 13% to AED28.2bn from AED25.0bn in 2012. In addition, financings grew by 18.3% during 2013 to reach AED27.1bn. The bank revealed that it is planning to open two new branches in the UAE within the year; bringing the number of branches to 24, including three overseas branches in Kazakhstan. (Gulf-Times.com)  DNIR to distribute 20% dividend – Dubai National Insurance & Reinsurance’s (DNIR) AGM has approved to distribute 20% of its paid-up capital of AED23.1mn. Shareholders who are registered by the end of April 4, 2014 are eligible to receive dividend. (DFM)  du Telecom declares AED0.19 dividend for 2H2013 – Emirates Integrated Telecommunications Company’s (du Telecom) AGM has approved the distribution of cash dividends of AED0.19 per share for 2H2013. (DFM)  Nakheel plans two malls at Jumeirah, targets 15% rise in profit in 2014 – Dubai-based Nakheel will build two new shopping malls covering a total of 1.5mn square feet in its Jumeirah Village complexes as part of its growing portfolio of retail projects. The regional mall at Jumeirah Village Triangle will feature a 15-screen cinema, a hypermarket, an entertainment area, a department store, restaurants and cafes. The mall will serve Nakheel’s communities including Al Furjan, Jumeirah Park, Jumeirah Village as well as Al Barsha area and all other surrounding areas in Dubai. The second mall will be located in Jumeirah Village Circle and it will contain cinemas, a large supermarket, retail outlets, restaurants and cafes. Meanwhile, Nakheel’s Chairman said Ali Rashid Lootah said it is a targeting a 15% increase in annual profit in 2014 as it launches new projects and expands its leasing income. (GulfBase.com, Peninsula Qatar)  Etihad gets approval to buy 49% stake in Air Serbia; to raise $2bn – Etihad Airways has secured the approval from Serbian regulatory authorities to buy 49% stake in Air Serbia. Earlier, Etihad had announced it would inject $200mn into Air Serbia to become a minority stakeholder. Etihad’s initial loan of $40mn to Air Serbia will now be converted to equity. The two airlines already have a codeshare agreement with Air Serbia flying from Belgrade to Abu Dhabi. Meanwhile, Etihad is planning to raise $2bn to finance its fleet deliveries in 2014, which will include its first A380 and Boeing 787 aircraft. Etihad will take delivery of 18 new aircraft this year that include 10 Airbus aircraft and 8 Boeing planes. (GulfBase.com) (Reuters)  KFH appoints new chairman – Kuwait Finance House (KFH) has appointed Dr. Sayyed Mohammad Al-Sayyid Abdul Razzaq Al-Tabtabae as the company’s Chairman. (GulfBase.com)  Al Maha declares 100% cash dividend – Al Maha Petroleum Products Marketing Company’s (Al Maha) AGM has approved the distribution of 100% cash dividend (OMR1 per share) for the year ended December 31, 2013. The company’s EGM has approved the amendment to increase the issued share capital from 6.9mn shares to 69mn shares and the authorized share capital from 8.5mn shares to 85mn shares. (MSM)  ORPIC awards two contracts for plastics complex – Oman Oil Refineries & Petroleum Industries Company (ORPIC) has awarded two contracts for the construction of a $3.6bn plastics production complex named the Liwa Plastics Project. ORPIC said Engineers India Ltd will operate the project management company, while the contract for front-end engineering & design was given to Netherlands-based Chicago Bridge & Iron Company. The plant will be built in Oman's northern industrial city of Sohar, next to ORPIC's existing oil refinery. ORPIC said the Liwa Plastics Project is due to be completed in 2018, which will double ORPIC's profitability by allowing it to extract more value from Omani crude oil and natural gas. ORPIC added that the project will also boost its annual production of polypropylene and polyethylene to 1.4mn tons, increasing Oman's exports, while the additional production of 1mn tons of plastics will help in developing downstream industries within the country. (Reuters)  OFO re-launches operations after fire incident – The Oman Fiber Optic Company (OFO) has re-launched its operations at Rusayl Industrial Area headquarters. The company had to halt its production line due to fire in its premises in 2012. The totally renovated plant can now produce around 14,000 to 18,000 km of optic fiber per year and is in an aggressive mode to expand to other regions besides Europe and Africa. (GulfBase.com)  PAEW: Sur Power Project to start within weeks – According to the Omani Public Authority for Electricity and Water’s (PAEW) Chairman, Mohammed bin Abdullah Al Mahrooqi, the Sur Power Plant will begin operations within a few weeks. Built to meet the growing demand for electricity in the Sultanate, the 2,000 MW independent power project is owned by Phoenix Power Company. With its launch, the country's total installed capacity will reach 7,150 MW, which will be sufficient until 2018. (GulfBase.com)  IMF: Bahrain's banking sector in good health – The International Monetary Fund (IMF) said the banking sector in Bahrain is now in good health. Capitalization of the banking system is high on average, with around 18% for retail banks and 22% for wholesale banks. The ratio of non-performing loans (NPLs) to gross loans now ranges between 5-7% and has continued on a downward trajectory in both retail and wholesale banking. IMF said, while the Islamic retail banking segment has been tackling its high NPLs, capital buffers for this segment remain adequate at about 17%, with NPLs falling to about 13% of gross loans. Bahrain has not been affected by the recent bout of volatility in global financial markets. (Bloomberg)  BCC declares 50% cash dividend, 20% bonus shares – The Bahrain Cinema Company’s (BCC) AGM and EGM have approved the distribution of 50% cash dividend (50 fils per share) and 20% bonus shares. (Bahrain Bourse)  BFM declares 10% dividend – Bahrain Flour Mills Company’s (BFM) AGM has approved the distribution of 10% cash dividend (10 fils per share) to its shareholders. (Bahrain Bourse)
  5. 5. 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 5 of 5 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg 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 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% 0.2% 0.1% (0.1%) (0.2%) 0.8% 0.9% (0.4%) 0.0% 0.4% 0.8% 1.2% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,304.47 (0.5) (2.3) 8.2 DJ Industrial 16,268.99 (0.6) (0.2) (1.9) Silver/Ounce 19.77 (1.1) (2.7) 1.5 S&P 500 1,852.56 (0.7) (0.7) 0.2 Crude Oil (Brent)/Barrel (FM Future) 107.03 0.0 0.1 (3.4) NASDAQ 100 4,173.58 (1.4) (2.4) (0.1) Natural Gas (Henry Hub)/MMBtu 4.42 (1.7) 2.5 1.8 STOXX 600 330.93 0.7 0.9 0.8 North American Spot LPG Propane Price 103.88 0.6 0.1 (17.9) DAX 9,448.58 1.2 1.1 (1.1) North American Spot LPG Normal Butane Price 121.00 (0.2) 1.0 (10.9) FTSE 100 6,605.30 0.0 0.7 (2.1) Euro 1.38 (0.3) (0.1) 0.3 CAC 40 4,385.15 0.9 1.2 2.1 Yen 102.04 (0.2) (0.2) (3.1) Nikkei 14,477.16 0.4 1.8 (11.1) GBP 1.66 0.3 0.6 0.2 MSCI EM 968.23 1.0 2.5 (3.4) CHF 1.13 (0.3) (0.2) 0.9 SHANGHAI SE Composite 2,063.67 (0.2) 0.8 (2.5) AUD 0.92 0.7 1.6 3.5 HANG SENG 21,887.75 0.7 2.1 (6.1) USD Index 80.03 0.1 (0.1) (0.0) BSE SENSEX 22,095.30 0.2 1.6 4.4 RUB 35.53 (0.2) (2.0) 8.1 Bovespa 47,965.61 (0.4) 1.2 (6.9) BRL 0.43 0.3 0.9 2.6 RTS 1,198.89 2.5 5.5 (16.9) 162.8 148.1 135.1

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