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3 June Daily market report


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3 June Daily market report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 2.4% to close at 13,221.3. Losses were led by the Banking & Financial Services and Telecoms indices, declining 3.1% and 2.8% respectively. Top losers were Qatar Islamic Bank and Qatar National Cement Co., falling 7.6% and 4.7% respectively. Among the top gainers, Gulf Warehousing Co. and Qatar & Oman Investment Co. rose 1.1% each. GCC Commentary Saudi Arabia: The TASI index fell 0.3% to close at 9,838.9. The Telecom. & Info. Tech. index declined 1.6%, while Real Est. Dev. index was down 0.8%. National Agr. Marketing Co. fell 9.9%, while Sagr Insurance was down 3.3%. Dubai: The DFM index declined 1.5% to close at 5,072.9. The Real Estate & Const. index fell 2.8%, while the Investment & Fin. Services index was down 2.5%. Oman Insurance Co. declined 9.9%, while Ajman Bank was down 6.8%. Abu Dhabi: The ADX benchmark index fell 1.4% to close at 5064.0. The Industrial index declined 3.2%, while the Real Estate index was down 2.7%. Arkan Building Materials fell 9.3%, while Int. Fish Farming Co. was down 6.6%. Kuwait: The KSE index fell marginally to close at 7,368.4. The Consumer Goods index declined 0.6%, while the Basic Material index was down 0.4%. Hilal Cement fell 13.4%, while Flex Resorts & Real Estate was down 9.1%. Oman: The MSM index rose 0.6% to close at 6,951.6. Gains were led by the Financial index rising 1.0%, while other indices ended in red. Al Batinah Dev. Inv. Holding gained 9.4%, while Bank Dhofar was up 3.3%. Bahrain: The BHB index gained marginally to close at 1,458.5. The Services index rose 0.7%, while the Investment index was up 0.1%. United Gulf Investment Corporation gained 5.6%, while Nass Corporation was up 2.3%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Gulf Warehousing Co. 54.80 1.1 6.9 32.0 Qatar & Oman Investment Co. 14.88 1.1 1,206.2 18.8 Mannai Corp. 116.40 0.9 186.6 29.5 Mazaya Qatar Real Estate Dev. 19.29 0.4 1,960.1 72.5 Al Meera Consumer Goods Co. 183.50 0.2 28.2 37.7 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 20.89 (3.7) 5,528.7 95.1 Masraf Al Rayan 59.40 (3.4) 5,259.2 89.8 Salam International Investment Co. 15.02 (1.2) 3,613.7 15.4 Barwa Real Estate Co. 42.00 (1.1) 3,123.7 40.9 Mazaya Qatar Real Estate Dev. 19.29 0.4 1,960.1 72.5 Market Indicators 03 Jun 14 02 Jun 14 %Chg. Value Traded (QR mn) 1,689.8 1,706.9 (1.0) Exch. Market Cap. (QR mn) 717,304.7 732,162.4 (2.0) Volume (mn) 35.6 39.1 (8.9) Number of Transactions 13,842 13,125 5.5 Companies Traded 42 41 2.4 Market Breadth 6:34 17:20 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 19,715.80 (2.4) (3.5) 32.9 N/A All Share Index 3,319.46 (2.2) (3.0) 28.3 15.9 Banks 3,197.72 (3.1) (5.3) 30.9 15.9 Industrials 4,375.82 (1.9) (2.5) 25.0 17.0 Transportation 2,289.61 (0.9) 4.1 23.2 14.7 Real Estate 2,788.97 (0.7) (1.9) 42.8 14.0 Insurance 3,287.48 (0.7) (2.1) 40.7 8.6 Telecoms 1,851.62 (2.8) (0.4) 27.4 25.5 Consumer 6,648.28 (0.4) (0.7) 11.8 26.1 Al Rayan Islamic Index 4,444.48 (2.1) (4.2) 46.4 19.3 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Dana Gas Abu Dhabi 0.88 4.8 310,609.1 (3.3) Bank Dhofar Muscat 0.38 3.3 1,061.1 15.3 City Cement Co Saudi Arabia 30.46 3.1 1,984.6 32.7 Saudi Public Transport Saudi Arabia 34.16 2.9 5,407.5 26.1 Agility Kuwait 0.87 2.4 1,912.9 26.1 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Qatar Islamic Bank Qatar 97.00 (7.6) 1,334.5 40.6 Ajman Bank Dubai 3.17 (6.8) 273.4 27.8 Qatar Nat. Cement Co. Qatar 136.30 (4.7) 60.4 14.5 Vodafone Qatar Qatar 20.89 (3.7) 5,528.7 95.1 Masraf Al Rayan Qatar 59.40 (3.4) 5,259.2 89.8 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 Islamic Bank 97.00 (7.6) 1,334.5 40.6 Qatar National Cement Co. 136.30 (4.7) 60.4 14.5 Vodafone Qatar 20.89 (3.7) 5,528.7 95.1 Masraf Al Rayan 59.40 (3.4) 5,259.2 89.8 Qatar Electricity & Water Co. 191.90 (3.2) 539.6 16.0 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 59.40 (3.4) 309,307.9 89.8 Qatar Islamic Bank 97.00 (7.6) 132,355.5 40.6 Barwa Real Estate Co. 42.00 (1.1) 129,704.1 40.9 Vodafone Qatar 20.89 (3.7) 114,688.0 95.1 QNB Group 178.30 (2.6) 114,215.3 3.7 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* 13,221.29 (2.4) (3.5) (3.5) 27.4 464.15 197,043.6 16.5 2.2 3.8 Dubai 5,072.92 (1.5) (0.3) (0.3) 50.5 448.12 95,268.3 20.4 2.0 2.1 Abu Dhabi 5,063.96 (1.4) (3.6) (3.6) 18.0 268.72 141,142.6 15.0 1.9 3.4 Saudi Arabia 9,838.86 (0.3) 0.2 0.2 15.3 2,636.66 531,354.3 20.1 2.5 2.9 Kuwait 7,368.40 (0.0) 1.1 1.1 (2.4) 70.26 115,105.6 15.3 1.2 3.8 Oman 6,951.59 0.6 1.4 1.4 1.7 31.60 25,223.0 12.8 1.7 3.8 Bahrain 1,458.47 0.0 (0.1) (0.1) 16.8 3.66 53,896.0 10.5 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) 13,000 13,100 13,200 13,300 13,400 13,500 13,600 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 declined 2.4% to close at 13,221.3. The Banking & Fin. Services and Telecoms indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Qatar Islamic Bank and Qatar National Cement Co. were the top losers, falling 7.6% and 4.7% respectively. Among the top gainers, Gulf Warehousing Co. and Qatar & Oman Investment Co. rose 1.1% each.  Volume of shares traded on Tuesday fell by 8.9% to 35.6mn from 39.1mn on Monday. However, as compared to the 30-day moving average of 29.1mn, volume for the day was 22.3% higher. Vodafone Qatar and Masraf Al Rayan were the most active stocks, contributing 15.5% and 14.8% 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 Gulf Bank Moody’s Kuwait LTDR/BFSR/ ST Baa2/D-/ Prime-2 Baa1/D/ Prime-2  Positive – 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, LTDR – Long Term Deposit Rating, BFSR – Bank Financial Strength Rating, IFS & CCR – Insurer Financial Strength & Counterparty Credit Rating) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/03 US Bloomberg IBD/TIPP Economic Optimism June 47.7 47.0 45.8 06/03 EU Eurostat Unemployment Rate April 11.70% 11.80% 11.80% 06/03 EU Eurostat CPI Estimate YoY May 0.50% 0.60% 0.70% 06/03 EU Eurostat CPI Core YoY May 0.70% 0.80% 1.00% 06/03 UK NBS Nationwide House PX MoM May 0.70% 0.60% 1.20% 06/03 UK NBS Nationwide House Px NSA YoY May 11.10% 10.90% 10.90% 06/03 UK Markit Markit/CIPS UK Construction PMI May 60.0 61.0 60.8 06/03 Spain Spanish Labor Ministry Unemployment MoM Net ('000s) May -111.9 -112.5 -111.6 06/03 Italy ISTAT Unemployment Rate April 12.60% 12.80% 12.60% 06/03 Italy ISTAT Unemployment Rate Quarterly 1Q2014 12.70% 12.70% 12.50% 06/03 China CFLP Non-manufacturing PMI May 55.5 – 54.8 06/03 China Markit HSBC China Manufacturing PMI May 49.4 49.7 49.4 06/03 Japan Bank of Japan Monetary Base YoY May 45.60% – 48.50% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QCB auctions T-bills worth QR4bn – The Qatar Central Bank (QCB) auctioned treasury bills worth QR4bn on June 3, 2014, for which it received bids totaling QR12.665bn. T-bills worth QR2bn with a maturity period of three months were auctioned at a yield of 0.68%. T-bills with six-month maturity worth QR1bn were sold at 0.85% yield, while T-bills with nine-month maturity worth QR1bn were auctioned at 0.90% yield. (QCB)  BRES achieves 100% bookings for Dara project – Barwa Real Estate Company (BRES) announced that it has accomplished 100% bookings of all the units of its ‘Dara’ project in Lusail. The project, which started reservations at the ongoing ‘Cityscape Qatar 2014’ exhibition, managed to lure buyers/investors, who booked units that vary from one to three- bedrooms and penthouses. BRES also announced the signing of an agreement with Waseef, its property management arm, for the Barwa Al Baraha project, the upcoming workers city in the Industrial Area. (Peninsula Qatar)  UDCD bags two awards at Cityscape 2014 – The United Development Company (UDCD) emerged as the star performer in Cityscape Qatar 2014 Awards. The company won the Commercial & Mixed Use Project Award and the Residence Project Award for The Pearl Qatar. Meanwhile, the Leisure & Tourism Project Award Panorama was given to First Qatar Real Estate Development Company for the Panorama Hilton Residence. (Peninsula Qatar)  QR5bn luxury lifestyle project at Lusail by 3Q2017 – Four prominent Qatari investors are supporting a QR5bn mixed-used development project ‘Place Vendôme’ in the upcoming Lusail City, which is expected to be inaugurated by 3Q2017. Project Director Sean Kelly stated that the project was being developed by United Developers, and is led by local investors with expertise in retail, real estate, construction and contracting. Situated 11km from the centre of Doha, the mixed-use development will host two 5-star hotels, serviced apartments, around 400 retail outlets, a central entertainment component, showcasing permanent attractions and technologically- advanced installations. (  Moody's withdraws QREIC’s Baa2 rating – Moody's Investors Service has withdrawn its Baa2 issuer rating for Qatar Real Estate Investment Company (QREIC) for business reasons. Overall Activity Buy %* Sell %* Net (QR) Qatari 56.14% 61.06% (83,050,190.14) Non-Qatari 43.85% 38.94% 83,050,190.14
  3. 3. Page 3 of 5 QREIC provides housing and related facilities in industrial cities under long-term contracts to Qatar's hydrocarbon sector. Earnings are predominantly generated from long-term rental contracts with government and quasi-government tenants. QREIC is 100% directly owned by Barwa Real Estate Company and 45% indirectly owned by Qatari Diar. (Moody’s) International  US factory orders, auto sales buoy growth outlook – The US Commerce Department has reported that new orders for US- made factory goods increased 0.7%, for a third straight month in April 2014 and automakers reported robust vehicle sales in May, boosting the outlook for the second-quarter economic growth. March’s order data was also revised upward at 1.5% advance, which had previously been reported as 0.9%. Surprisingly, strong domestic sales from automakers in May bolstered the upbeat view on the factory sector and suggested that manufacturing was poised for further growth. According to research firm Autodata, automotive sales surged 11.4% from a year earlier to a seasonally adjusted annual 16.77mn units, the strongest pace since February 2007. Unfilled orders recorded their largest gain since November, indicating factories will be busy in the months ahead. (Reuters)  ECB poised to act on disappearing Eurozone inflation – Inflation in the Eurozone fell unexpectedly in May 2014, sealing the case for the European Central Bank (ECB) to act this week with a bunch of measures to stimulate the economy and keep it from the clutches of deflation. The EU's statistics office Eurostat said that annual consumer inflation in the 18 countries sharing the euro fell to 0.5% in May from 0.7% in April. Economists polled by Reuters had expected inflation to remain steady. The weak May inflation reading, which was the lowest level since November 2009, bolsters the case for action and will undermine any resistance by hawkish members of the Governing Council. Another Eurostat data showed that the bloc's unemployment dipped marginally to 11.7% in April from 11.8%, but still near the record high of 12% registered a year ago. Around 18.75mn people are without jobs in the Eurozone –76,000 less than in March. (Reuters)  WB approves first Russia investment since crisis – The World Bank (WB) approved an investment in Russia for the first time since President Vladimir Putin annexed Crimea, overriding opposition from Canada and lack of support from the US. WB spokeswoman Serene Jweied said that the International Finance Corp., the lender’s private-sector arm, approved parts of a €250mn package, enabling French grocery retailer Groupe Auchan to expand in Russia, Vietnam and other emerging markets. The deal thrusts the Washington-based lender into the debate over how to use economic sanctions to punish Russia for its actions in Ukraine. The WB’s planned investment – its first in Russia since February – forced countries that have slapped sanctions on Putin’s inner circle to consider withholding development aid as part of their toolkit of penalties. (Bloomberg)  Barclays to start cutting jobs in investment banking – Barclays Plc, the UK’s second-biggest lender by assets, will start cutting hundreds of jobs across its investment bank this week. About 100 jobs will go in Asia, and reductions will also be made at Barclays’s markets and investment-banking units in London and New York. These eliminations are part of the 7,000 jobs CEO Antony Jenkins said the bank will cut by 2016. Jenkins is trying to revive profitability by cutting costs and targeting fewer clients amid a decline in income from trading fixed income, currencies and commodities – traditionally Barclays’s biggest source of revenue. The reductions follow a series of senior departures from the bank including Robert Morrice, Asia-Pacific Chairman and CEO, Hugh McGee, CEO of the Americas division, and Larry Wieseneck, Co-head of securities. (Bloomberg)  Moody's lowers ratings for Citigroup's Banamex over alleged fraud – Moody's lowered its baseline credit and local currency ratings for Citigroup’s Mexican banking unit Banamex, while warning that Banamex's standalone bank financial- strength rating could be next, as the institution faces investigations into bad loans given to an oil-services company. Moody’s said that Banamex's baseline rating was cut one notch, to Baa2, which implies moderate credit risk, to take into account uncertainty stemming from a number of ongoing investigations by federal and financial authorities both in Mexico and the US, as well as Citigroup's and Banamex's internal reviews. (WSJ) Regional  PineBridge raises $140mn for GCC real estate fund – A US- based asset management company, PineBridge Investments has raised $140mn for a Shari’ah-compliant fund that would invest in income-producing real estate assets in GCC countries. PineBridge’s Middle East's fund will acquire existing real estate assets that generate stable returns, with a focus on the logistics, social infrastructure and community retail sectors. (Reuters)  SHB appoints HR head – Saudi Hollandi Bank (SHB) has appointed May bint Mohammed Al-Hoshan as the GM for the organization’s HR department. Al-Hoshan was previously head of human capital management at NCB Capital. (  JLL: Lending licenses to boost Saudi real estate market – According to Jones Lang LaSalle’s (JLL) 1Q2014 Riyadh and Jeddah Real Estate Overview report, an increase in lending to real estate end-users will contribute to raised levels of credit and confidence in the country. Major Saudi cities are forecast to see strong demand for both residential and commercial real estate as local banks look to improve access to property lending. (  ICD, Saudi firms sign investment deal – The Islamic Corporation for the Development of the Private Sector (ICD) and the Saudi-Egyptian Business Council have signed a MoU for cooperation between ICD and the Saudi companies willing to invest in Egypt. The MoU will serve as a framework for future cooperation on supporting Saudi companies and agricultural projects in Egypt. (  UAE-IAA signs MoU with Hawkamah – The UAE Internal Audit Association (UAE-IAA) has signed a MoU with Hawkamah Institute For Corporate Governance, to improve corporate governance practices among public and private sector entities in the UAE, GCC and the MENA region. The MoU will highlight Hawkamah and UAE-IAA’s collaboration on increasing awareness about the role of internal auditors in enhancing corporate governance practices and collaborating on developing globally integrated frameworks to be implemented by companies in the region. (  Dubai auto parts trade records AED40bn in 2013 – According to Dubai Customs’ statistics, automotive spare parts trade in Dubai grew 8% to AED40bn during 2013 as compared to AED37bn in 2012. The growth reflects 4% rise of imports to AED23bn and a 13% upswing in exports and re-exports to AED17bn. (  FlyDubai, NATS sign MoU – Flydubai has signed a MoU with UK-based air traffic service provider, NATS to examine how flydubai’s operations can benefit from the extensive operations and global air traffic management knowledge of NATS. The agreement will aim to deliver measurable improvements in the
  4. 4. Page 4 of 5 safety, capacity and efficiency of flydubai’s flights, in addition to enhancing the airline’s productivity and growth capabilities, which are part of flydubai’s seven focal pillars of program improvement. (Bloomberg)  Tabreed wins AED6bn MSA contract from UAEAF – The National Central Cooling Company (Tabreed) has renewed its master services agreement (MSA) worth AED6bn with the United Arab Emirates Armed Forces (UAEAF). Under the new agreement, Tabreed will continue to supply the UAEAF’s existing and prospective facilities with district cooling services for the next 20 years. Additionally, new projects are currently under discussion between Tabreed and the UAEAF. (DFM)  Etihad expands codeshare deal with Jet Airways – Etihad Airways has announced a major expansion of its codeshare agreement with India-based Jet Airways, offering travelers enhanced connections across India, and linking India with many more destinations worldwide. The two airlines have obtained regulatory approval for codeshare on 43 additional routes, bringing the total number of services in their codeshare agreement to 71. (  NBAD, Celer Technologies to develop e-commerce applications – The National Bank of Abu Dhabi (NBAD) has partnered with UK-based Celer Technologies to develop global market e-commerce applications to offer its global clients a range of electronic trading capabilities. This agreement will enhance NBAD’s existing electronic platform NBADiTrade and allow its clients greater access to regional products, including foreign exchange, money market deposits, fixed income and NBAD research capabilities. (  ADT, Borouge sign packaging services contract – Abu Dhabi Terminals (ADT) has been awarded a contract by Borouge to design, construct and operate a packaging facility for Borouge’s export products at Khalifa Port. ADT and Borouge have a long- term relationship with Khalifa Port receiving the first shipment of polyethylene for export from Borouge in October 2012, which was only one month after the port was launched. The new packaging facilities and services in Port Khalifa will give Borouge more flexibility to better serve its customers. (  SCAD: Abu Dhabi economy grew 5.2% in 2013 – According to Statistics Centre–Abu Dhabi (SCAD), the Emirate’s economy expanded an inflation adjusted 5.2% in 2013, which is a much slower rate than the estimated by the government but still higher than 4.8% in 2012. The contribution of the hydrocarbon sector to Abu Dhabi's GDP edged down to 51.4% in 2013 from 52.4% in 2013. SCAD figures were much lower than an estimate in February by the emirate's Department of Economic Development, which said real GDP grew 7.4% last year compared with 5.6% in 2012. (  TDIC secures financing to repay $2bn bonds in 2014 – Abu Dhabi-based Tourism Development & Investment Company (TDIC) has secured financing to repay $2bn in maturing bonds in 2014. TDIC, which is building iconic museums such as the Louvre and Guggenheim in Abu Dhabi, has a $1bn conventional bond repayable on July 2, 2014 and a $1bn sukuk due for payment in October 2014. TDIC has begun negotiations to sell some of its assets at a price of $338mn, which includes a five- star hotel, residential apartments, villas and a retail district as well as a beach plot. The financing enables TDIC to extend the duration of its debt considerably, while capitalizing on financing rates that are near historic lows. (Reuters)  TCA: visitors to Abu Dhabi up 29% in April 2014 – According to Abu Dhabi Tourism & Culture Authority (TCA), Abu Dhabi's 153 hotels and hotel apartments have continued their upward momentum in attracting guests. The figures show that 304,637 people checked into the Emirate’s accommodation during April 2014, a 29% rise as compared to April 2013. Guest nights increased 26% to 933,809 with occupancy levels rising 10% to 79% and revenues climbing 23% to AED577mn. (  Burgan Bank arranges $190mn facility for UASC – Burgan Bank's Corporate Banking Group has successfully completed a bilateral finance deal with the United Arab Shipping Company (UASC). The bank will provide UASC with a loan worth $190mn to finance the acquisition of two 14,000 TEU vessels from UASC's new building order of 17 vessels. (  Renaissance to invest OMR100mn in Duqm PAC project – Renaissance Services will invest OMR100mn in the Duqm Permanent Accommodation for Contractors (PAC) project, to establish permanent accommodation facilities for contractors in the Duqm Special Economic Zone (DSEZ). It will house over 16,000 people, principally blue-collar workforce, along with accommodation for supervisors and managers. (
  5. 5. Contacts Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 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 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 200.0 210.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC (0.3%) (2.4%) (0.0%) 0.0% 0.6% (1.4%) (1.5%) (3.2%) (2.4%) (1.6%) (0.8%) 0.0% 0.8% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,244.97 0.1 (0.4) 3.3 DJ Industrial 16,722.34 (0.1) 0.0 0.9 Silver/Ounce 18.81 0.3 (0.0) (3.4) S&P 500 1,924.24 (0.0) 0.0 4.1 Crude Oil (Brent)/Barrel (FM Future) 108.82 (0.0) (0.5) (1.8) NASDAQ 100 4,234.08 (0.1) (0.2) 1.4 Natural Gas (Henry Hub)/MMBtu 4.59 1.5 2.4 5.7 STOXX 600 343.48 (0.5) (0.2) 4.6 LPG Propane (Arab Gulf)/Ton 103.75 0.5 (0.7) (18.0) DAX 9,919.74 (0.3) (0.2) 3.8 LPG Butane (Arab Gulf)/Ton 123.13 0.7 (0.1) (9.3) FTSE 100 6,836.30 (0.4) (0.1) 1.3 Euro 1.36 0.2 (0.1) (0.8) CAC 40 4,503.69 (0.3) (0.4) 4.8 Yen 102.51 0.1 0.7 (2.7) Nikkei 15,034.25 0.7 2.7 (7.7) GBP 1.67 0.0 (0.0) 1.2 MSCI EM 1,035.95 0.6 0.8 3.3 CHF 1.12 0.3 (0.1) (0.4) SHANGHAI SE Composite 2,038.31 (0.0) (0.0) (3.7) AUD 0.93 0.2 (0.5) 3.9 HANG SENG 23,291.04 0.9 0.9 (0.1) USD Index 80.55 (0.1) 0.2 0.6 BSE SENSEX 24,858.59 0.7 2.6 17.4 RUB 35.06 0.4 0.5 6.7 Bovespa 52,032.38 0.8 1.5 1.0 BRL 0.44 (0.2) (1.7) 3.7 RTS 1,324.03 0.1 2.2 (8.2) 190.0 155.5 141.2