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3 December Daily Market Report


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3 December Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,380 10,370 10,360 02 Dec 13 %Chg. 269.1 554,367.8 9.1 4,138 41 18:17 268.2 554,177.1 9.2 4,133 40 15:19 0.3 0.0 (1.1) 0.1 2.5 – Market Indices 10,350 10,340 9:30 03 Dec 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 gained marginally to close at 10,371.4. Gains were led by the Telecoms and Consumer Goods & Services indices, rising 0.3% each. Top gainers were Qatari Investors Group and Mannai Corp., rising 2.5% and 2.3% respectively. Among the top losers, Qatar Navigation fell 1.1%, while Al Ahli Bank declined 1.0%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,818.34 2,582.12 2,449.38 3,403.13 1,925.82 1,984.16 2,380.40 1,449.22 6,005.99 3,053.44 0.1 0.0 (0.1) 0.2 (0.5) 0.3 (0.6) 0.3 0.3 0.4 (0.0) (0.0) 0.1 0.0 (0.9) (0.5) 0.6 (0.3) 0.4 0.7 31.0 28.2 25.7 29.5 43.7 23.1 21.2 36.1 28.6 22.7 N/A 13.1 13.1 12.3 13.0 13.6 9.8 19.7 22.8 15.9 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 Saudi Arabia: The TASI index fell 1.3% to close at 8,229.2. Losses were led by the Real Estate Dev. and Ind. Inv. indices, declining 3.2% and 2.1% respectively. Dar Al Arkan declined 7.5%, while Allianz Saudi Fransi fell 4.5%. Nat. Marine Dredging Abu Dhabi 9.55 14.9 0.1 (4.5) Nat. Bank of Fujairah Abu Dhabi 4.75 11.0 2.5 4.4 Dubai: The DFM index gained 0.3% to close at 2,994.9. The Banking index rose 1.8%, while the Transportation index was up 0.3%. Mashreq Bank gained 13.5%, while Gulf Navigation Holding was up 8.7%. Gulf Cable & Electrical Kuwait 0.87 4.8 206.5 (31.0) Qatari Investors Group Qatar 40.40 2.5 893.0 75.7 Abu Dhabi: The ADX benchmark index rose 0.6% to close at 3,919.8. The Services index gained 4.2%, while the Industrial index was up 1.8%. Nat. Marine Dredging surged 14.9%, while Abu Dhabi Ship Building gained 14.4%. Abu Dhabi Nat. Energy Abu Dhabi 1.30 2.4 198.3 (4.4) GCC Top Losers Exchange # Kuwait: The KSE index declined 0.1% to close at 7,718.3. The Technology index fell 3.0%, while the Telecommunication index was down 1.0%. Kuwait Cable Vision declined 7.1%, while Automated Systems Co. was down 5.8%. Dar Al Arkan Saudi Arabia 9.20 (7.5) 56,115.4 11.5 Najran Cement Co. Saudi Arabia 24.95 (4.0) 1,808.6 32.0 Oman: The MSM index rose 0.2% to close at 6,771.4. Gains were led by the Services & Insurance and Ind. indices, rising 0.4% and 0.3% respectively. National Gas Co. rose 10.0%, while National Securities Co. was up 8.6%. Gulf Pharma. Industry Abu Dhabi 3.10 (3.1) 33.9 12.7 Methanol Chem. Co. Saudi Arabia 14.30 (3.1) 3,108.9 7.1 Saudi Arabian Mining Saudi Arabia 29.60 (3.0) 1,488.2 (8.6) Bahrain: The BHB index declined 0.3% to close at 1,198.0. The Services index fell 1.2%, while the Industrial index was down 1.0%. Gulf Finance House declined 3.3%, while Bahrain Telecommunications Co. was down 2.0%. Qatari Investors Group Mannai Corp. Close* 1D% Vol. ‘000 YTD% 40.40 Qatar Exchange Top Gainers 2.5 893.0 75.7 88.00 2.3 1.5 8.6 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) Close* 1D% Vol. ‘000 YTD% Qatar Navigation 87.00 (1.1) 49.0 37.9 Al Ahli Bank 57.00 (1.0) 3.5 16.3 Qatar Exchange Top Losers Medicare Group 1.3 3,492.7 35.9 Qatar Insurance Co. 67.00 (1.0) 82.4 24.2 105.00 1.0 50.3 (1.9) Gulf Warehousing Co. 41.00 (0.7) 25.5 22.4 54.40 Qatar National Cement Co. 0.7 29.2 52.4 Aamal Co. 14.85 (0.7) 22.5 9.1 Close* 1D% Val. ‘000 YTD% Vodafone Qatar 11.35 1.3 39,630.8 35.9 9.1 Qatari Investors Group 40.40 2.5 35,695.4 75.7 893.0 75.7 Barwa Real Estate Co. 29.95 0.5 31,150.8 9.1 0.0 491.9 37.4 QNB Group 169.80 (0.1) 27,057.3 29.7 (0.1) 488.6 4.6 Industries Qatar 168.10 0.1 15,587.5 19.2 Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 11.35 1.3 3,492.7 35.9 Barwa Real Estate Co. 29.95 0.5 1,042.1 Qatari Investors Group 40.40 2.5 Qatar Gas Transport Co. 20.97 Mazaya Qatar Real Estate Dev. 11.51 Qatar Exchange Top Vol. Trades Qatar Exchange Top Val. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Close 11.35 Vodafone Qatar Regional Indices ## YTD% Close 1D% WTD% MTD% YTD% 10,371.39 2,994.90 3,919.75 8,229.19 7,718.34 6,771.44 1,198.01 0.0 0.3 0.6 (1.3) (0.1) 0.2 (0.3) (0.0) 1.7 1.8 (1.2) (0.9) 0.7 (0.9) (0.0) 1.7 1.8 (1.2) (0.9) 0.7 (0.9) 24.1 84.6 49.0 21.0 30.1 17.5 12.4 Exch. Val. Traded ($ mn) 73.92 255.31 72.98 1,507.05 101.70 75.50 0.32 Exchange Mkt. Cap. ($ mn) 152,229.4 71,293.6 111,882.5 447,978.9 109,290.5 24,252.4 49,675.9 P/E** P/B** 13.2 17.7 10.9 16.9 17.0 10.6 8.0 1.8 1.2 1.4 2.1 1.2 1.6 0.8 Dividend Yield 4.4 3.0 4.6 3.6 3.6 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 6
  2. 2. Qatar Market Commentary  The QE index gained marginally to close at 10,371.4. The Telecoms and Consumer Goods & Services indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders. Overall Activity Buy %* Sell %* Net (QR) Qatari 67.13% 66.56% 1,518,332.63 Non-Qatari 32.88% 33.43% (1,518,332.63) Source: Qatar Exchange (* as a % of traded value)  Qatari Investors Group and Mannai Corp. were the top gainers, rising 2.5% and 2.3% respectively. Among the top losers, Qatar Navigation fell 1.1%, while Al Ahli Bank declined 1.0%.  Volume of shares traded on Tuesday declined by 1.1% to 9.1mn from 9.2mn on Monday. Further, as compared to the 30-day moving average of 11.2mn, volume for the day was 18.8% lower. Vodafone Qatar and Barwa Real Estate Co. were the most active stocks, contributing 38.4% and 11.5% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Doha Bank (DHBK) Moody’s Qatar Doha Finance Limited Moody’s Qatar Type* Old Rating LT LC & FC deposit rating/ ST LC & FC deposit rating/ BFSR/ LT FC subordinated debt rating/ LT FC senior program rating/ LT FC subordinated debt program rating Backed FC senior unsecured debt ratings/ Backed FC senior unsecured debt program ratings/ Backed FC senior subordinated debt program ratings New Rating Rating Change Outlook Outlook Change A2/Prime1/D+/Baa2/(P) A2/(P)Baa2 A2/Prime1/D+/Baa2/(P )A2/(P)Baa2 – Stable – A2/(P)A2/(P)Ba a2 A2/(P)A2/(P) Baa2 – Stable – Source: News reports (* LT – Long Term, ST – Short Term, BFSR- Bank Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating) Earnings Releases Company Market International Petroleum Investment Co. (IPIC) Currency Abu Dhabi Revenue (mn) 1H2013 % Change YoY Operating Profit (mn) 1H2013 % Change YoY Net Profit (mn) 1H2013 % Change YoY 95,700.0 -1.0% – – 3,200.0 6.7% AED Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/03 US Bloomberg IBD/TIPP Economic Optimism December 43.1 43.0 41.4 12/03 EU Eurostat PPI MoM October -0.50% -0.20% 0.20% 12/03 EU Eurostat PPI YoY October -1.40% -1.00% -0.90% 12/03 UK BRC BRC Sales Like-For-Like YoY November 0.60% 1.10% 0.80% 12/03 UK Markit PMI Construction November 62.6 59.0 59.4 12/03 Italy Italian Treasury Budget Balance November -7.2B – -11.5B 12/03 China China Fed. of Logistics Non-manufacturing PMI November 56.0 – 56.3 12/03 Japan Bank of Japan Monetary Base YoY November 52.50% – 45.80% 12/03 Japan Bank of Japan Monetary Base End of period November ¥191.6T – ¥189.8T Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QCB issues QR4bn T-bills – The Qatar Central Bank (QCB) has issued three treasury bills worth QR4bn on December 3, 2013. Total bids stood at QR8.45bn for all three maturities. Yield on 91-day T-bills declined to 1.20% from 1.28%, while yield for 182-day T-bills fell to 1.26% from 1.30% and for 273-day notes it declined to 1.37% from 1.40%. (QCB)  Moody’s affirms DHBK’s currency deposit ratings at A2/Prime-1 – Moody’s has affirmed Doha Bank’s (DHBK) global foreign and local currency deposit ratings at “A2/Prime-1”. Moody's has also affirmed DHBK’s standalone bank financial strength rating (BFSR) at “D+”. The outlook on all these ratings remains Stable. (Moody’s press release) Page 2 of 6
  3. 3.  Strong LNG sector, fiscal footing to boost Qatar economy in 2014 – According to a report by the Standard Chartered Bank (StanChart), Qatar’s 2014 economic outlook remains strong due to factors like strengthening debt dynamics and successful redirecting of LNG exports to Asian markets to offset market conditions in North America and Europe. StanChart said while the LNG-sector dynamics are likely to remain healthy and will underpin the strong fiscal position, the country’s nonhydrocarbon economy will be the primary growth driver in 2014. The report said the government’s commitments on infrastructure for hosting the FIFA 2022 World Cup and its longer-term Vision 2030 objectives have resulted in a significant pick-up in infrastructure investment in 2013 and expects to continue in 2014. Meanwhile, StanChart said inflation will be a key challenge for Qatar next year, despite the overall rosy economic outlook. The bank said that rents are likely to be a key inflation driver and expects them to begin rising next year. (  AREDC: Qatar office market to see rent drag in 2014 – According to a report by the Al Asmakh Real Estate Development Company (AREDC), Qatar’s office market is still in its initial stages of growth, which may see a drag in rents in the coming two to three quarters of 2014. The report said the current supply of offices, especially in West Bay, C Ring Road, and Barwa Commercial Avenue, may drag down rental rates over the next two to three quarters. However, due to ongoing changes in Doha city centre areas and existing business dynamics owing to FIFA World Cup 2022, as well as lucrative opportunities to new businesses within Qatar, the office market will be positive in the long-term. (  Property deals worth QR901.76mn during November 24-28 – The Real Estate Registration Department at the Qatar’s Ministry of Justice said real estate transactions worth QR901.76mn were registered during November 24-28, 2013 in Qatar. Properties that were traded include open plots of land, two-floor villas, annexes, and residential buildings that are located in the municipalities of Umm Salal, Al Khor, Doha, Al Rayyan, Al Shamal, Al Daayen and Al Wakra. (Bloomberg)  Hill obtains QR30mn PM contract from RSG – US-based Hill International has obtained a 30-month contract worth QR35mn from Real Estate Services Group (RSG) to provide project management services (PM) for the design & construction of two mixed-use tower projects in the Lusail District of Doha. It will provide PM services for a 35-story tower that includes a five-star hotel, restaurants, villas and apartments, and another 27-story tower that will feature offices, retail and other commercial uses. The total construction cost of these two towers is expected to be QR1bn. (Bloomberg)  Hamad airport commences operations – Hamad International Airport (HIA) has commenced operations with Qatar Airways receiving its first cargo shipment at the new airport on December 1. This new cargo terminal has the capacity to move 5,700 shipments simultaneously and can handle 1.4mn tons of cargo per annum by 2015. This is an increase of 75% from the capacity of current airport. (Bloomberg)  QA plans 4 weekly flights to Istanbul from May 2014 – Qatar Airways (QA) is planning to operate four weekly passenger flights to Istanbul’s Sabiha Gökçen Airport from May 2014. QA currently operates 10 weekly flights to Istanbul’s Ataturk Airport and four weekly flights to Ankara. So, this will be QA’s third destination in Turkey. (Bloomberg) International  Japan plans 18.6tn yen economic package to support growth – According to sources, Japan is planning an 18.6tn yen package to counter the impact of a sales-tax bump in April, as Prime Minister Shinzo Abe tries to sustain a recovery in the country’s economy. The steps will include 5.5tn yen in fiscal spending and the government will use tax revenue to fund the package, forgoing new bond sales. (Bloomberg)  Australia’s economy expands slower than forecast – Australia’s economy expanded slower than economists forecast last quarter after households boosted savings, suggesting the central bank may need to do more to spur spending as a mining investment boom wanes. Australian government data showed, third-quarter GDP advanced 0.6% from the prior three months, when it rose a revised 0.7% as compared to economists’ forecast for a 0.7% gain. Growth was 2.3% from a year earlier the third-straight quarter below 2.5% and less than economists’ estimates for a 2.6% expansion. (Bloomberg)  ECB to hold back, new projections key to next move – The European Central Bank is likely to hold off any fresh policy action tomorrow, but new forecasts will be in focus for signs of prolonged price weakness that could lead it to act again next year. After surprising the markets last month with a cut in rates to a new record low, ECB President Mario Draghi said the Eurozone may experience a prolonged period of low inflation and that the ECB was ready to consider using all available policy tools. He said this month’s ECB staff projections would give a fuller picture of how long that prolonged period would last. (  Russia slashes 2013 growth forecast again – Russia has once again sharply lowered its growth forecast amid fresh indications that the nation would remain one of the emerging world’s worst performers for years to come. Russia’s Economy Minister Alexei Ulyukayev said factors ranging from disappointing investments levels to slowing consumer demand and industrial production meant that Russia would achieve 1.4% growth this year, instead of 1.8% forecasted just weeks ago. (  OECD countries’ inflation cools in October – The Organization for Economic Cooperation & Development (OECD) said inflation among advanced countries slowed marginally to 1.3% in October from 1.5% in September. OECD said CPI has dropped from a yearly peak of 2% in July as energy prices fell and the increase in food prices slowed in October. Concerns about a possible destructive deflationary spiral have pushed the European Central Bank into cutting its main interest rate by a quarter of a percentage point to a record low of 0.25%. The Eurozone’s inflation fell to 0.7% in October, below the 1.1% registered by Japan. ( Regional  IMF: Riyadh must boost private sector to meet surge in jobseekers – The International Monetary Fund’s Deputy Managing Director Min Zhu said Saudi Arabia needs to strengthen its private sector to satisfy demand for jobs by its young population and reduce its dependence on oil exports. The Kingdom has realized that high unemployment among young people is its biggest challenge in coming decades, but it has struggled to turn private-sector growth into jobs for Saudis. Min Zhu said the Saudis also face a challenge in reducing dependence on their main energy markets such as China. He said the global credit expansionary cycle is ending, which means the Middle East needs to seek more growth drivers from Page 3 of 6
  4. 4. inside the economy rather than from external demand. (Qatar Tribune)  Global crude market well balanced – The Saudi Arabian Oil Minister Ali al-Naimi said the global crude oil market is in equilibrium and inventories are in a good position. Al-Naimi said he is satisfied with the current crude prices as well as supply and demand levels. Meanwhile, demand for OPEC’s crude is expected to remain near the current levels in 2014. So in their December 4 meeting in Vienna, OPEC ministers are expected to stick to their output ceiling of 30mn barrels per day. (Bloomberg)  Saudi Aramco raises crude price premiums for Asia – The Saudi Arabian Oil Company (Saudi Aramco) has raised its premiums used to set official selling prices for light crudes to Asian customers for January and increased differentials on all grades for US buyers. Saudi Aramco said it raised the monthly formula differential for Arab Light for Asia to a two-year high, boosting the premium by 30 cents a barrel, to $3.75 more than the average of Oman and Dubai grades, the Gulf benchmarks. Saudi Aramco trimmed differentials for Arab Medium and Arab Heavy crude to Asia, the only cuts it announced for January. (  Alstom SA, BEMCO to establish Alstom Arabia Power Factory Ltd – Alstom Saudi Arabia Transport & Power Ltd (Alstom SA) has entered into a JV agreement with Arabian Bemco Contracting Company (BEMCO) to establish “Alstom Arabia Power Factory Ltd”. Alstom and BEMCO will hold 50% stakes in the new company. In the phase one, a world class manufacturing facility will be established in Saudi Arabia for power generation components with an initial investment of SR240mn. In the second phase, Alstom SA and BEMCO will expand the scope of this facility to other power generation equipment as well. Located in King Abdullah Economic City, the new factory will train and employ hundreds of Saudi nationals. (Bloomberg)  Al-Khodari Sons renews credit facilities with NCB – Abdullah A. M. Al-Khodari Sons Company has renewed its existing Islamic credit agreement worth SR443.96mn with the National Commercial Bank (NCB). These credit facilities comprise 39% Murabaha financing, 61% multi-bonds and documentary credit. The facilities are secured by promissory notes and contract proceeds from the financed projects. The agreement will expire on September 30, 2014; however, the credit limits will mature over the life of the prospective financed projects, ranging from 1 to 2 years. (Tadawul)  SABIC opens technical center in Shanghai – Saudi Basic Industries Corporation’s (SABIC) Chairman Prince Saud Bin Abdullah Bin Thunayan has inaugurated the SABIC Technical Center (STC) in Shanghai. The new center worth $100mn will serve as the Greater China Head Office for all Shanghai-based employees that include R&D and supporting functions. (  Saudi CMA approves Maceen Capital’s capital increase request – The Saudi Capital Market Authority Board (Saudi CMA) has approved Maceen Capital’s request for increasing its capital from SR50mn to SR100mn. (Tadawul)  UAE MoF signs deal with Netherlands to protect investments – The UAE’s Ministry of Finance (MoF) has signed an agreement with the Netherlands for protecting and encouraging investments in the Netherlands. This agreement aims to create a suitable investment environment for both countries and protect them from any non-commercial and political risks. (Bloomberg)  Cluttons: HNWIs eye Dubai as real estate recovery drives inward investment – According to a report by Cluttons, Dubai is poised to enjoy heightened investor interest as its real estate recovery drives further inward investment, particularly from the GCC region and the Middle East. High net worth individuals (HNWIs) from Manama and Muscat favor Dubai over London as their primary global real estate investment destination. Cluttons said the property market is unlikely to overheat since average residential values remain well below the market peak despite recent gains. The report argued that the recent steps taken by the UAE Central Bank such as federal mortgage caps and the Dubai Land Department doubling the property registration fees from 2% to 4% are expected to dampen any speculation. (  Damac successfully raises $348mn through GDRs – Damac Real Estate Development Ltd has successfully raised $348mn through an issue of Global Depositary Receipts (GDR) on the London Stock Exchange. These GDRs were priced at $12.25 each. Damac sold 28.39mn shares, which value the company at $2.65bn. (Reuters)  Al Mazaya to expand investments in Dubai – Al Mazaya Holding’s acting CEO Ibrahim Al Saqabi said the company’s strategic plan over the next five years includes expanding investments in the Dubai market. Al Saqabi said that the World Expo 2020 is expected to significantly increase foreign capital inflows, and provide 300,000 jobs over the next six or seven years. (Peninsula Qatar)  Emirates begin A380-800 on Dubai-Los Angeles route – Emirates Airline has increased the seat capacity on its Dubai Los Angeles route by replacing Boeing 777-200LR with an Airbus A380-800. This service will increase the airline’s capacity to 489 seats as compared to up to 266 onboard the Boeing 777. With this, Emirates now flies the longest A380 route in operation. (Bloomberg)  Taqa’s Moroccan unit to issue IPO next week – Moroccan power company Jorf Lasfar Energy Company (JLEC), which is owned by Abu Dhabi National Energy Company (Taqa), has received the go-ahead from the Moroccan market regulator for a share sale next week to raise 1.5bn Moroccan dirhams. JLEC will sell 2.25mn new shares in the offering at 447 Moroccan dirhams each, raising around 1bn Moroccan dirhams. (  IMF: Strong buffers and oil prices strengthen Kuwait’s GDP growth – The International Monetary Fund’s (IMF) Executive Board has concluded the Article IV consultation with Kuwait, which showed that high oil prices and increased production have enabled the government to continue to post high fiscal and external surpluses and build strong buffers. Kuwait’s overall real non-oil GDP growth is projected to gain modestly to 3% in 2013, driven by the rising domestic consumption and a pick-up in public investment. However, a slight reduction in oil production will bring down total real GDP growth below 1%. Meanwhile, IMF has forecasted the overall average consumer price inflation (CPI) at 3% in 2013, and fiscal and external surpluses as a percentage of GDP to be at 27% and 39% respectively. Further, IMF said Kuwait’s monetary policy has remained accommodative and its bank credit growth has picked up. Gross non-performing loans have declined to 4.6% in June 2013 from 5.2% at the end of 2012. Further, IMF expects the economic outlook to improve further in 2014, where non-oil growth is expected to increase to 4.4% supported by public capital spending, in turn pushing the average inflation to 3.5%. (IMF press release) Page 4 of 6
  5. 5.  Kuwait Airways may issue bonds or sukuk – Kuwait Airways’ adviser Amani Bourseli said the airline may issue bonds or sukuk to finance a deal with Airbus for buying 25 new aircraft and lease 12 other new planes. The adviser added that part of this will be from the company’s capital and the rest will be financed through loans. Bonds or sukuk will be issued depending on the decision taken by the board of directors. (  Zain not in talks to buy Canar from Etisalat – Kuwaiti telecoms company Zain said it would not enter any negotiations to buy Sudanese telecom operator, Canar. Earlier, a source had said that the UAE’s Etisalat could resurrect talks to sell its Sudanese subsidiary to Zain. (  Oman Air signs repair deal with Bombardier Aerospace – Oman Air has signed an eight-year repair agreement with Bombardier Aerospace to perform all maintenance work on Rolls Royce Trent 700 inlet cowls for its Airbus A330 aircraft fleet. The airline currently operates seven A330s along with another three A330s to be delivered in 2014. (  SBJ appoints Atkins to supervise infrastructure works – The Saraya Bandar Jissah (SBJ) has appointed UK-based Atkins to supervise the infrastructure works for the $600mn project in Oman. Atkins Oman will manage the progress of these works on site and supervise the contractor. The phase one of this work is nearing completion following 12 months of scheduled work. (Bloomberg)  Bahrain reviews subsidies that cause over-consumption – Bahrain’s Central Bank Governor Rasheed al-Maraj said the country will revamp those subsidies that have led to excessive consumption of energy and foods. He stated that the government is very much aware of the unsustainable levels of consumption in energy and some foods, and has realized the need to direct subsidies toward the needy, which is now getting reflected in its programs. al-Maraj said the changes may begin as early as this month and will include certain mitigations for preventing higher inflation, which stood at 3.8% in October. alMaraj expects inflation to be close to the IMF’s forecast of 2.7% by the year-end. (Bloomberg) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 1.3% 149.0 0.6% 0.7% 130.0 0.0% 0.0% 118.1 (0.7%) 0.3% 0.2% (0.1%) (0.3%) (1.3%) S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Dubai Oman Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance 1,223.42 0.3 (2.4) (27.0) DJ Industrial 19.13 (0.2) (4.3) (37.0) 112.62 1.0 2.7 1.4 3.83 (0.3) 1.0 11.8 STOXX 600 123.25 2.7 5.3 37.7 137.00 (0.2) (0.2) (20.8) 1.36 0.3 (0.0) 3.0 102.51 (0.4) 0.1 18.2 GBP 1.64 0.2 0.1 0.8 CHF 1.11 0.5 0.2 1.2 AUD 0.91 0.3 0.3 (12.1) USD Index 80.59 (0.4) (0.1) RUB 33.26 0.1 0.4 BRL 0.42 (0.8) (1.7) (13.7) Yen Bahrain Jul-13 Kuwait May-12 Dec-12 Abu Dhabi QE Index Oct-11 Qatar Jan-10 Aug-10 Mar-11 Saudi Arabia (1.3%) (2.0%) Close 1D% WTD% YTD% 15,914.62 (0.6) (1.1) 21.4 S&P 500 1,795.15 (0.3) (0.6) 25.9 NASDAQ 100 4,037.20 (0.2) (0.6) 33.7 319.13 (1.5) (1.9) 14.1 DAX 9,223.40 (1.9) (1.9) 21.2 FTSE 100 6,532.43 (1.0) (1.8) 10.8 4,172.44 (2.6) (2.9) 14.6 15,749.66 0.6 0.6 51.5 MSCI EM 1,002.71 (1.1) (1.5) (5.0) SHANGHAI SE Composite 2,222.67 0.7 0.1 (2.0) HANG SENG 23,910.47 (0.5) 0.1 5.5 1.0 BSE SENSEX 20,854.92 (0.2) 0.3 7.4 9.0 Bovespa 50,348.89 (1.7) (4.1) (17.4) 1,372.44 (1.9) (2.2) (10.1) Source: Bloomberg CAC 40 Nikkei 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 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 6 of 6