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28 January Daily market report

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28 January Daily market report

  1. 1. QE Intra-Day Movement Market Indicators 11,260 11,240 11,220 11,200 Market Indices 11,180 11,160 9:30 28 Jan 14 451.1 590,492.5 7.7 4,347 39 19:16 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 declined 0.7% to close at 11,170.3. Losses were led by the Telecoms and Banking & Financial Services indices, declining 3.5% and 0.8% respectively. Top losers were Ooredoo and Mannai Corp., falling 4.2% and 2.7% respectively. Among the top gainers, Qatar German Co. for Med. Dev. rose 1.8%, while Doha Insurance Co. gained 1.6%. 27 Jan 14 525.3 594,781.4 8.7 5,567 41 8:29 %Chg. (14.1) (0.7) (11.1) (21.9) (4.9) – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 15,959.73 2,761.10 2,624.48 3,741.72 1,942.97 2,036.96 2,574.11 1,578.08 6,036.15 3,220.96 (0.7) (0.6) (0.8) 0.1 (0.3) (0.1) 0.9 (3.5) 0.3 0.1 (1.5) (1.4) (2.2) 0.3 (1.0) (1.5) 1.7 (4.8) (0.5) (0.8) 7.6 6.7 7.4 6.9 4.6 4.3 10.2 8.5 1.5 6.1 N/A 13.7 13.3 13.6 13.1 14.0 10.3 21.5 22.9 16.5 GCC Commentary GCC Top Gainers## Exchange Close# Saudi Arabia: The TASI index rose marginally to close at 8,656.1. Gains were led by the Media & Pub. and Retail indices, rising 1.3% and 0.9% respectively. Bupa Arabia rose 6.6%, while Alkhaleej Training & Education was up 4.2%. Emaar Properties 1D% Dubai 8.24 6.3 36,525.6 7.9 Dubai Islamic Bank Dubai 6.16 6.2 25,444.1 14.9 Dubai: The DFM index gained 3.2% to close at 3,805.2. The Insurance index rose 4.9%, while the Banking index was up 3.7%. National Industries Group surged 14.5%, while Islamic Arab Insurance gained 10.4%. Investbank Abu Dhabi 3.50 6.1 3,296.3 30.1 RAKBANK Abu Dhabi 8.00 4.6 333.7 12.0 Abu Dhabi: The ADX benchmark index rose 1.3% to close at 4,585.8. The Inv. & Fin. Ser. index gained 8.9%, while the Real Estate index was up 2.5%. Abu Dhabi Ship Build. surged 14.9%, while Abu Dhabi Aviation gained 13.6%. Nat. Mobile Telecom. Kuwait 1.84 4.5 20.1 4.5 GCC Top Losers Exchange Close 1D% Vol. ‘000 Kuwait: The KSE index declined 0.4% to close at 7,749.5. The Parallel Market index fell 1.0%, while the Real Estate index was down 0.7%. Future Kid Enter. & Real Estate fell 8.3%, while Investors Holding Group was down 8.2%. Ooredoo Qatar 149.40 (4.2) 422.6 8.9 Abu Dhabi Nat. Hotels Abu Dhabi 3.40 (4.2) 914.3 9.7 Oman: The MSM index fell 0.1% to close at 7,148.2. The Services Index declined 0.3%, while all other sub indices ended in green. Oman Chromite fell 6.7%, while Oman Textile Holding was down 3.5%. Mannai Corp. Qatar 101.00 (2.7) 0.6 12.3 Saudi Investment Bank Saudi Arabia 28.10 (2.1) 760.1 (2.1) Yanbu Nat. Petrochem. Saudi Arabia 73.75 (2.0) 489.2 0.0 Bahrain: The BHB index gained 0.5% to close at 1,277.8. The Investment index rose 1.0%, while the Services index was up 0.5%. Gulf Finance House gained 6.7%, while Bahrain Duty Free Shop Complex was up 5.3%. Qatar Exchange Top Gainers Qatar German Co. for Med. Dev. Close* 1D% Vol. ‘000 YTD% 14.20 1.8 21.0 2.5 ## # Vol. ‘000 YTD% 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) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 Ooredoo 149.40 (4.2) 422.6 8.9 Mannai Corp. 101.00 (2.7) 0.6 12.3 Doha Insurance Co. 31.00 1.6 81.7 24.0 Qatar Islamic Insurance 63.00 1.6 3.6 8.8 Islamic Holding Group Vodafone Qatar 11.41 1.2 1,242.9 6.5 QNB Group Qatar Insurance Co. 76.40 1.1 71.8 14.9 YTD% 45.65 Dlala Brok. & Inv. Holding Co. (1.6) 248.9 (0.8) 183.00 (1.6) 179.0 6.4 22.50 (1.3) 13.1 1.8 Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Vodafone Qatar 11.41 1.2 1,242.9 6.5 Industries Qatar 181.20 0.2 90,717.0 7.3 Masraf Al Rayan 34.35 (0.3) 1,007.2 9.7 Ooredoo 149.40 (4.2) 63,851.7 8.9 Commercial Bank of Qatar 71.50 (1.2) 618.2 1.0 Commercial Bank of Qatar 71.50 (1.2) 44,632.8 1.0 181.20 0.2 498.4 7.3 Masraf Al Rayan 34.35 (0.3) 34,659.1 9.7 20.90 (0.1) 456.2 3.2 QNB Group 183.00 (1.6) 33,025.7 6.4 Qatar Exchange Top Vol. Trades Industries Qatar Qatar Gas Transport Co. Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Close 1D% WTD% MTD% YTD% 11,170.25 3,805.16 4,585.81 8,656.11 7,749.49 7,148.21 1,277.78 (0.7) 3.2 1.3 0.0 (0.4) (0.1) 0.5 (1.5) (0.4) (1.5) (1.3) (0.4) (0.7) 0.1 7.6 12.9 6.9 1.4 2.6 4.6 2.3 7.6 12.9 6.9 1.4 2.6 4.6 2.3 Exch. Val. Traded ($ mn) 123.86 430.69 248.51 1,567.53 161.09 52.35 0.65 Exchange Mkt. Cap. ($ mn) 162,149.2 76,862.0 129,351.4 474,864.9 109,990.6 25,564.3 50,225.0 P/E** P/B** 14.0 21.1 12.7 17.3 17.1 11.4 8.4 1.9 1.4 1.6 2.2 1.2 1.7 0.9 Dividend Yield 4.1 2.3 3.9 3.4 3.6 3.6 3.8 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 declined 0.7% to close at 11,170.3. The Telecoms and Banking & Financial Services indices led the losses. The index declined on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 49.19% 48.24% 4,313,187.38 Non-Qatari  Ooredoo and Mannai Corp. were the top losers, falling 4.2% and 2.7% respectively. Among the top gainers, Qatar German Co. for Med. Dev. rose 1.8%, while Doha Insurance Co. gained 1.6%. Buy %* 50.81% 51.76% (4,313,187.38) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday fell by 11.1% to 7.7mn from 8.7mn on Monday. Further, as compared to the 30-day moving average of 10.5mn, volume for the day was 26.1% lower. Vodafone Qatar and Masraf Al Rayan were the most active stocks, contributing 16.0% and 13.0% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Market Currency Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY Abu Dhabi AED 516.5 11.8% – – 42.2 -16.1% Al Mazaya Holding Co.* Al Maha Petroleum Products Mar * Shell Oman Marketing Co. * Kuwait AED 336.1 NA – – 77.6 1942.1% Oman OMR 318.5 4.5% – – 10.4 3.5% Oman OMR 430.6 6.7% – – 12.1 -1.6% Oman Chromite * Dhofar Beverages Food Stuff * Bahrain Telecommunications Co. (Batelco) * Oman OMR 2.2 9.9% – – 0.6 175.9% Oman OMR 4.5 3.7% – – 0.2 30.1% Bahrain BHD 370.6 21.6% – – 43.6 -27.7% Al Ain Ahlia Insurance Co.* Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 01/28 US US Census Bureau Durable Goods Orders December -4.30% 1.80% 2.60% 01/28 US S&P/Case-Shiller S&P/CS 20 City MoM SA November 0.88% 0.80% 1.05% 01/28 US S&P/Case-Shiller S&P/CS Composite-20 YoY November 13.71% 13.80% 13.61% 01/28 US S&P/Case-Shiller S&P/CaseShiller Home Price Index November 165.8 165.72 165.9 01/28 US Conference Board Consumer Confidence Index January 80.7 78.0 77.5 01/28 US Richmond Fed Richmond Fed Manufact. Index January 12 13 13 01/28 France INSEE Consumer Confidence January 86 85 85 01/28 Germany Destatis Import Price Index MoM December 0.00% 0.20% 0.10% 01/28 Germany Destatis Import Price Index YoY December -2.30% -2.20% -2.90% 01/28 UK ONS GDP QoQ 4Q2013 0.70% 0.70% 0.80% 01/28 UK ONS GDP YoY 4Q2013 2.80% 2.80% 1.90% 01/28 UK ONS Index of Services MoM November 0.40% 0.30% 0.10% 01/28 UK ONS Index of Services 3M/3M November 0.80% 0.70% 0.80% 01/28 Spain INE Total Mortgage Lending YoY November -26.90% – -15.50% 01/28 Spain INE House Mortgage Approvals YoY November -27.40% – -23.20% 01/28 Italy ISTAT Consumer Confidence Index January 98.0 96.7 96.4 01/28 China NBS Industrial Profits YTD YoY December 12.20% – 13.20% 01/28 China NBS Leading Index December 99.48 – 99.46 01/28 Japan Shoko Chukin Bank Small Business Confidence January 51.3 – 51.1 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 5
  3. 3. News Qatar  S&P: Lending growth in Qatar banks to recover in 2014 – Standard & Poor’s expects lending growth in Qatar’s banking industry to pick-up this year on the back of accelerated infrastructure projects. S&P’s report stated that some projects in Qatar faced administrative delays last year, but as they accelerate in 2014, credit growth is expected to make a commensurate recovery. Meanwhile, according to MEED, a major overhaul of roads and highways is also under way with Qatar’s Public Works Authority awarding seven contracts worth QR10.1bn for a series of road projects across the country last week. Two major contracts valued at $3bn are expected to be awarded for the tunneling works for the Blue and Gold Lines of the Doha Metro are expected. The award for the Gold Line is expected in the first-quarter and the Blue Line around mid-year. (Gulf-Times.com)  ABQK to rebalance its financing for retail thrust – Ahli Bank (ABQK) is in the process of restructuring its retail segment and rationalizing the branch network. Ahli Bank’s Deputy CEO for Retail Banking Andrew Mckechnie said the bank is contemplating recapitalizing as well as prospecting for premium services. (Gulf-Times.com)  GDI, Oxy Qatar sign QR830mn rig deal – Gulf Drilling International (GDI) has signed a new five-year contract worth QR830mn with Occidental Petroleum of Qatar (Oxy Qatar). The contract is for utilizing the jack-up drilling rig “Al Wajba”, which will take effect on January 1, 2015 when the current contract expires. (Gulf-Times.com)  QInvest, NBO to support sukuk issuance in Oman – QInvest and the National Bank of Oman (NBO) will together support local Omani entities by providing advisory and other solutions in relation to sukuk issuance in that country. (Gulf-Times.com)  DOHI to hold AGM & EGM on February 17 – Doha Insurance Company (DOHI) announced that its AGM and EGM are scheduled to be held on February 17, 2014 at La Cigale Hotel. In case of lack of quorum, the second meeting will be held on February 23, 2014. The AGM’s agenda includes the board’s proposal to distribute cash dividends of 20% from the share par value, i.e. QR2.00 for each share to its shareholders. The EGM’s agenda includes increasing the company’s capital by (94.25%) from QR257mn to QR500mn by issuing 24.26mn additional shares, constituting 9 shares for each 10 shares of QR10 for each (nominal value) plus a premium of QR8 for each share provided that priority is given to the owner of the share on February 17, 2014. (QE) gas liquids, LNG, gas-to-liquids products, and in gas cleanup in upstream petrochemical/fertilizer manufacturing plants. (GulfTimes.com)  Contract awarded for Doha Festival City mall – The QR6bn Doha Festival City has appointed the joint venture of Gulf Contracting Company–Alec Qatar as the contractor to commence foundation construction for the mall. Scheduled for an opening in 3Q2016, the mall will be house over 550 outlets, including many international brands that are making their debut in Qatar. (Gulf-Times.com) International  UK economy grows at fastest rate in six years in 2013 – Britain's economy grew at its fastest rate in 2013 since the global financial crisis. The UK’s Office for National Statistics said barring construction and oil & gas extraction, all major sectors of the country’s economy expanded in the final three months of 2013, concluding its best showing since 2007. The economy grew 0.7% QoQ from October through December, in line with forecasts. Growth for the full year rose to 1.9%. (Reuters)  Spain upgrades 2014 outlook, sees jobs growth – Spain has predicted a faster-than-expected economic recovery and a net job growth in 2014 as it emerges from five years of recession with a 26% unemployment rate. Economy Minister Luis de Guindos said Spain’s battered economy would generate jobs growth next year, a first since a decade-long property bubble imploded in 2008, ushering in a double-dip recession. De Guindos said that in 2014, the Spanish economy will not only grow, but it will also create jobs. He expects the country’s economy to expand by about 1% in 2014, compared to an official growth forecast of 0.7%. (Reuters)  India raises rates, says further tightening unlikely – India has raised interest rates to dampen inflation, saying it is now better prepared to deal with the risk of major capital outflows that could harm emerging economies. However, the Reserve Bank of India said that if retail inflation eases as projected, it does not foresee further near-term monetary policy tightening. The RBI raised its policy repo rate by 25 basis-points to 8% amid market worries over slowing growth in China and the prospect of further tapering of the US stimulus. (Reuters) Regional  ORDS’s BoD to meet on March 4 – Ooredoo’s (ORDS) board of directors will meet on March 4, 2014 to discuss the company’s financial results ending on December 31, 2013. (QE)  S&P: GCC banks unaffected by US policy due to healthy funding profiles – Standard & Poor's (S&P) considers banks in GCC countries well positioned in a scenario where the US moves to gradually normalize its monetary policy. S&P expects the region's healthy economic growth prospects for 2014, supported by high oil prices, to keep demand for bank credit high and enable local banks to increase their earnings. In S&P’s view, most banks in the key banking markets in the Gulf region are likely to have healthy funding profiles with high-quality capital in 2014. This will enable them to maintain their healthy credit growth funded by liquid local deposit markets. Although low interest rates continue to limit Gulf banks' net interest margins, most banks have seen a gradual decline in loan losses. S&P expect this to continue to support earnings growth in 2014, but by less than in previous years. (GulfBase.com)  QP, Honeywell unit in research deal on gas purification – Qatar Petroleum (QP) and UOP, a Honeywell company, have signed a joint research agreement on Process Optimization of carbon dioxide and sulfur components removal from natural gases. The research’s primary aim is to efficiently utilize the treated natural gases in further processing operations such as transporting natural gas in pipelines, production of LPG, natural  Mauritania projects get $856mn investments from Arabs – Mauritania has attracted funding worth $856mn from Arab organizations at an international investment forum. These investments – equivalent to almost a fifth of the country’s economy – will pump funds into fisheries, agriculture, livestock, health and roads, while funding imports from Arab countries to the tune of $145mn. The Government of Mauritania has signed  Alijarah’s AGM & EGM to be held on February 12 – Alijarah Holding announced that its AGM and EGM will be held on February 12, 2014 at Regency. In case of lack of quorum, second meeting will be held on February 17, 2014 at the same place. The AGM’s agenda includes the board’s proposal for distributing a cash dividend at the rate of 15% of the share nominal value, which represents QR1.5 per share. (QE) Page 3 of 5
  4. 4. five investment deals with the Saudi Development Fund, the Rajihi Banking Group, the Arab Monetary Fund and the Arab Institution for Agricultural Development. (GulfBase.com)  SFG to raise capital to SR12,000mn through bonus shares – Samba Financial Group’s (SFG) board of directors has recommended an increase in the company’s capital through bonus shares. The company’s capital is to be raised to SR12,000mn from SR9,000mn, with an increase by 33.33%. The total number of issued shares will increase from 900mn to 1,200mn by offering 1 bonus share for every 3 shares owned. The capital increase will be financed from the retained earnings by transferring SR3,000mn. The bonus shares will be allotted to registered shareholders at the close of trading on the extraordinary general assembly day (to be announced). (Tadawul)  Saudi CMA approves amendment to Swicorp’s business profile – The Saudi Capital Market Authority (Saudi CMA) has approved the amendment in the business profile of Swicorp Company by adding discretionary portfolio management activity. Swicorp is now authorized to conduct dealing as a principal underwriting, investment fund management, discretionary portfolio management, arranging, advising and custodial activities. (Tadawul)  Emaar to convert $475.7mn bonds into shares – Emaar Properties has received 75 notices of conversion from its bondholders during the period from December 19, 2013 to January 21, 2014. These bonds amount to $475.7mn, which will be converted into 398,914,594 shares at a conversion price of AED4.38 per share. As a result of this conversion, Emaar’s share capital will be increased from AED6.1bn to AED6.51bn. An application to that effect has been submitted to the Securities & Commodities Authority, after getting approval from Emaar’s shareholders. (DFM)  SKAI secures AED737.6mn of funding from ICBC – SKAI Holdings announced that it has secured AED737.6mn worth financing for its Viceroy Dubai Palm Jumeirah, which was arranged by the Industrial & Commercial Bank of China (ICBC). This ensured that the AED3.75bn project is fully funded. The main structural works of the luxury residential and hospitality project are currently underway, and are slated for completion in 2016. When completed, the project will offer 479 spacious rooms and suites, and 222 signature Viceroy Residences with a view of the Arabian Sea. (GulfBase.com)  New body DCTCM established to promote trade & tourism – Dubai’s ruler HH Sheikh Mohammed bin Rashid Al Maktoum has issued a decree establishing a new body, Dubai Corporation for Tourism & Commerce Marketing (DCTCM). The new corporation will be an affiliate of the Dubai Government’s Department of Tourism & Commerce Marketing, which will be responsible for the promotion and marketing of the Emirate. DCTCM will establish effective partnerships with public and private sector organizations related to tourism and commerce sectors and work toward fostering trade relations with regional and international companies in relevant industries. DCTCM will also establish a new tourist information center in Dubai to complement the current visitor information centers at Dubai International Airport and Dubai Cruise Terminal. (GulfBase.com)  Emirates to move to new Dubai airport after 2020 – Emirates Airlines is expected to move all of its operations to the new Al Maktoum International Airport in Dubai after 2020. International carriers have so far not indicated any plans to move to the new airport, which officially launched passenger services in October 2013. (Reuters)  Technip wins key EPC contract from DPE – Technip has obtained a contract from Dubai Petroleum Establishment (DPE) for the engineering, procurement, construction and installation (EPC) of the Jalilah B field development project. The field is located 90 kilometers offshore Dubai. Technip’s scope of work includes the construction and installation of the Jalilah B platform, a 900-ton deck, a 500-ton jacket, as well as 13 new risers on existing platforms. It also includes the installation of 110 kilometers of pipelines. This contract will use three of Technip’s specialized vessels that are designed for work in both deep and shallow waters. Technip’s operating center in Abu Dhabi will execute this fast-track project scheduled for completion in 2H2014. (GulfBase.com)  NBAD posts AED4.7bn net profit in 2013; appoints CFO – The National Bank of Abu Dhabi (NBAD) has reported a net profit of AED4.7bn in 2013, up 9.3% YoY. EPS stood at AED1.04 in 2013 as compared to AED0.95 in 2012. Net profits were up 4.0% to AED1.1bn in 4Q2013 versus AED1bn in 3Q2013, but were down by 3.9% as compared to 4Q2012. Net interest income was higher by 6.8% to AED6.51bn in 2013 versus AED6.096bn in 2012. Total assets increased by 8% YoY to AED325bn. Loans increased by 12% YoY to AED184bn in 2013 and customer deposits increased by 11% YoY to AED211bn in 2013. Meanwhile, NBAD’s board of directors has recommended dividend distribution of 40% in cash and 10% in shares, which will be allotted to shareholders during the AGM scheduled to be held on March 11, 2014. Meanwhile, sources stated that NBAD has appointed James Burdett as the group’s Chief Financial Officer. (GulfBase.com)  ADIB provides AED450mn finance to Al Dhafra – Abu Dhabi Islamic Bank (ADIB) has granted Islamic finance facilities worth AED450mn to Al Dhafra Cooperative Society for funding its working capital and capital expenditure. The financing facility will help Al Dhafra Cooperative Society implement numerous projects for boosting economic and social development, in line with the Abu Dhabi Government’s Western Region 2030 Strategy. (Gulfbase.com)  Gulf Bank posts KD32.16mn net profit in 2013 – Kuwaitbased Gulf Bank has reported a net profit of KD32.16mn, reflecting 4% rise in 2013 as compared to KD30.89mn in 2012. The bank would pay a dividend of 5% through an issue of bonus shares. (Reuters)  Minimum share offer raised for new IWP projects – The Omani government has raised the minimum percentage of shares that an independent water and power company (IWP) has to divest through an IPO on the Muscat Securities Market from the current 35% to 40%. However, a top-level official of Oman Power and Water Procurement Company stated that this is applicable only for new IWP projects that include the proposed Quriyat independent water project and the second Salalah independent power venture. (GulfBase.com)  SOMC appoints new chairman – Shell Oman Marketing Company (SOMC) announced that Chris Breeze has been appointed as the non-executive Chairman of the Company. He replaces John Blascos, the Chairman of SOMC, who has taken up the new role of Vice President in the Shell Group in The Hague, and has therefore resigned from the Board with effect from January 28, 2014. (MSM)  PSC signs MoU with KAVEH – Port Services Corporation (PSC) has signed a MoU with Kaveh Port & Marine Services (KAVEH) to manage and operate the Port of Khasab in the Musandam Governorate. (MSM) Page 4 of 5
  5. 5. Rebased Performance Daily Index Performance 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 138.5 4.0% 3.2% 3.2% 2.4% 1.3% 1.6% 126.3 0.8% 0.5% 0.0% 0.0% May-13 S&P Pan Arab Dec-13 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 Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,256.88 (0.0) (1.0) 4.2 DJ Industrial 15,928.56 0.6 0.3 (3.9) 19.58 (0.6) (1.7) 0.6 S&P 500 1,792.50 0.6 0.1 (3.0) 107.41 0.7 (0.4) (3.1) NASDAQ 100 4,097.96 0.4 (0.7) (1.9) 5.23 (8.2) 0.8 20.3 STOXX 600 324.22 0.7 (0.2) (1.2) 152.75 1.2 0.8 20.8 DAX 9,406.91 0.6 0.2 (1.5) 154.00 0.3 0.2 13.4 FTSE 100 6,572.33 0.3 (1.4) (2.6) 1.37 (0.0) (0.1) (0.5) CAC 40 102.94 0.4 0.6 (2.3) Nikkei GBP 1.66 (0.0) 0.6 0.1 CHF 1.11 (0.1) (0.3) (0.5) SHANGHAI SE Composite AUD 0.88 0.5 1.1 (1.5) USD Index 80.57 0.1 0.1 RUB 34.83 0.3 0.8 BRL 0.41 (0.2) (1.1) (2.6) Yen Dubai Oct-12 Abu Dhabi QE Index Mar-12 Oman Aug-11 (0.1%) (0.4%) Bahrain Jan-11 (0.7%) Qatar (1.6%) Kuwait (0.8%) Saudi Arabia Jun-10 160.5 1.0 0.6 (2.6) (0.2) (2.7) (8.0) 934.09 0.3 (1.7) (6.8) 2,038.51 0.3 (0.8) (3.7) HANG SENG 21,960.64 (0.1) (2.2) (5.8) 0.7 BSE SENSEX 20,683.51 (0.1) (2.1) (2.3) 6.0 Bovespa 47,840.93 0.3 0.1 (7.1) 1,332.51 (1.0) (2.3) (7.6) Source: Bloomberg MSCI EM 4,185.29 14,980.16 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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