30 May Technical Market Report


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30 May Technical Market Report

  1. 1. Page 1 of 6QE Intra-Day MovementQatar CommentaryThe QE index rose 0.9% to close at 9,238.0. Gains were led by the Banking &Financial Services and Transportation indices, gaining 1.3% and 1.2%respectively. Top gainers were Gulf International Services and Qatar Meat &Livestock Co., rising 4.2% and 2.6% respectively. Among the top losers,Mannai Corp fell 3.4%, while Qatar Islamic Insurance declined 2.2%.GCC CommentarySaudi Arabia: The TASI index gained 0.4% to close at 7,435.2. Gains wereled by the Cement and Building & Construction indices, rising 0.9% and 0.6%respectively. Al Alamiya for Cooperative Insurance Co. rose 10.0%, whileEtihad Atheeb Telecommunication Co. was up 9.8%.Dubai: The DFM index rose 1.2% to close at 2,366.8. The Investment &Financial Services index gained 4.0%, while the Transportation index was up2.4%. Dubai Financial Market rose 8.7%, while Dubai Islamic Insurance Co.was up 7.6%.Abu Dhabi: The ADX benchmark index gained 1.0% to close at 3,562.9. TheReal Estate index rose 2.0%, while the Industrial index was up 1.9%. SharjahCement & Ind. Dev. Co. surged 14.6%, while Gulf Cement Co. was up 9.3%.Kuwait: The KSE index fell 1.3% to close at 8,300.5. Losses were led by theReal Estate and Oil & Gas indices, declining 2.5% and 1.9% respectively.Kuwait Educational Services Co. fell 7.9%, while Al-Dar National Real EstateCo. was down 7.4%.Oman: The MSM index rose 0.2% to close at 6,417.8. The Banking &Investment index gained 0.4%, while the Industrial index was up 0.3%. Oman& Emirates Inv. rose 4.6%, while Al Sharqia Investment Holding was up 4.1%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Gulf International Services 47.00 4.2 474.0 56.7Qatar Meat & Livestock Co. 63.20 2.6 616.8 7.5Gulf Warehousing Co. 41.85 2.1 250.3 24.9Qatar Gas Transport Co. 17.95 2.0 790.9 17.6QNB Group 149.40 1.9 188.9 14.1Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%Qatar German Co. for Med. Dev. 14.70 0.7 3,241.5 (0.5)United Development Co. 21.50 (0.9) 2,395.8 20.8Masraf Al Rayan 27.25 1.9 1,411.0 9.9Barwa Real Estate Co. 26.50 (0.2) 904.3 (3.5)Qatar Gas Transport Co. 17.95 2.0 790.9 17.6Market Indicators 30 May 13 29 May 13 %Chg.Value Traded (QR mn) 467.9 562.1 (16.8)Exch. Market Cap. (QR mn) 509,975.6 506,850.9 0.6Volume (mn) 14.2 16.7 (15.2)Number of Transactions 6,300 5,841 7.9Companies Traded 40 39 2.6Market Breadth 19:18 29:8 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,198.98 0.9 2.1 16.7 N/AAll Share Index 2,344.77 0.6 1.9 16.4 12.7Banks 2,187.90 1.3 2.7 12.2 11.8Industrials 3,174.26 0.2 1.7 20.8 11.8Transportation 1,662.74 1.2 1.0 24.1 11.8Real Estate 1,792.59 (0.5) 1.8 11.2 11.9Insurance 2,293.95 (0.4) 1.1 16.8 13.5Telecoms 1,286.98 0.7 1.2 20.8 14.9Consumer 5,556.35 (0.5) 0.2 19.0 19.2Al Rayan Islamic Index 2,789.47 0.3 1.7 12.1 14.0GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Dubai Financial Market Dubai 1.63 8.7 106,751.3 59.8Nat. Bank of Bahrain Bahrain 0.60 6.2 18.7 24.5Combined Group Cont. Kuwait 1.32 4.8 20.4 (9.6)IFA Hotels & Resorts Kuwait 0.45 4.7 30.2 2.3Union National Bank Abu Dhabi 4.70 4.2 2,360.2 62.6GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Comm. Real Estate Co. Kuwait 0.10 (5.7) 7,948.7 40.8Nat. Industries Group Kuwait 0.28 (3.4) 59,687.2 30.8Mannai Corp Qatar 85.00 (3.4) 0.2 4.9ADIB Abu Dhabi 4.50 (2.4) 967.1 41.5Gulf Cable & Electrical Kuwait 1.04 (1.9) 132.4 (17.5)Source: Bloomberg (#in Local Currency) (##GCC Top gainers/losers derived from the Bloomberg GCC200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%Mannai Corp 85.00 (3.4) 0.2 4.9Qatar Islamic Insurance 58.00 (2.2) 20.3 (6.5)Islamic Holding Group 41.00 (2.0) 189.5 7.9Al Khaleej Takaful Group 40.50 (1.5) 4.1 10.4Al Meera Consumer Goods Co. 140.00 (1.4) 120.2 14.4Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%United Development Co. 21.50 (0.9) 51,582.8 20.8Qatar German Co. for Med. Dev. 14.70 0.7 48,134.1 (0.5)Qatar Meat & Livestock Co. 63.20 2.6 38,843.1 7.5Masraf Al Rayan 27.25 1.9 38,015.8 9.9Industries Qatar 166.70 0.0 34,979.5 18.2Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,238.00 0.9 2.1 6.5 10.5 128.49 140,039.3 11.7 1.7 5.0Dubai 2,366.79 1.2 2.7 10.8 45.9 240.68 64,780.9 15.2 1.0 3.6Abu Dhabi 3,562.88 1.0 3.0 8.8 35.4 139.11 104,140.4 10.9 1.3 4.9Saudi Arabia 7,435.19 0.4 0.4 0.4 9.3 1,446.25 399,752.6 15.8 1.9 3.7Kuwait 8,300.51 (1.3) 1.8 11.7 39.9 433.55 112,676.7 25.4 1.4 3.2Oman 6,417.83 0.2 0.8 4.7 11.4 31.18 22,603.4 11.1 1.7 4.3Bahrain 1,196.46 1.2 2.2 8.4 12.3 2.02 21,269.7 8.7 0.8 4.1Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)9,1409,1609,1809,2009,2209,2409:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6Qatar Market Commentary The QE index rose 0.9% to close at 9,238.0. The Banking &Financial Services and Transportation indices led the gains. Theindex rose on the back of buying support from non-Qatarishareholders despite selling pressure from Qatari shareholders. Gulf International Services and Qatar Meat & Livestock Co. werethe top gainers, rising 4.2% and 2.6% respectively. Among thetop losers, Mannai Corp fell 3.4%, while Qatar Islamic Insurancedeclined 2.2%. Volume of shares traded on Thursday declined by 15.2% to14.2mn from 16.7mn on Wednesday. However, as compared tothe 30-day moving average of 9.5mn, volume for the day was49.7% higher. Qatar German Co. for Med. Dev. and UnitedDevelopment Co. were the most active stocks, contributing22.9% and 16.9% to the total volume respectively.Source: Qatar Exchange (* as a % of traded value)Earnings ReleasesCompany Market CurrencyRevenue(mn) 1Q2013% ChangeYoYOperating Profit(mn) 1Q2013% ChangeYoYNet Profit (mn)1Q2013% ChangeYoYOman Investment & FinanceCo. (OIFC)*Oman OMR 11.1 -0.6% – – 9.2 163.4%Source: Company data, Tadawul , DFM, ADX (*Financial results for the year ended March 31, 2013 )Global Economic DataDate Market Source Indicator Period Actual Consensus Previous05/30 US BEA GDP QoQ (Annualized) 1Q2013 2.40% 2.50% 2.40%05/30 US BEA GDP Price Index 1Q2013 1.10% 1.20% 1.10%05/30 US Department of Labor Initial Jobless Claims 25-May 354K 340K 344K05/30 US Department of Labor Continuing Claims 18-May 2986K 2955K 2923K05/30 US Bloomberg Bloomberg Consumer Comfort 26-May -29.7 – -29.405/30 US Nat. Assoc. of Realtors Pending Home Sales MoM April 0.30% 1.50% 1.50%05/30 US Nat. Assoc. of Realtors Pending Home Sales YoY April 13.90% 12.80% 5.90%05/31 US BEA PCE Core (MoM) April 0.00% 0.10% 0.10%05/31 US BEA PCE Core (YoY) April 1.10% 1.00% 1.20%05/30 EU Eurostat Euro-Zone Economic Confidence May 89.4 89.4 88.605/30 EU Eurostat Business Climate Indicator May -0.76 -0.85 -1.0405/31 EU Eurostat Euro-Zone CPI Estimate (YoY) May 1.40% 1.40% 1.20%05/31 EU Eurostat Euro-Zone Unemployment Rate April 12.20% 12.20% 12.10%05/31 EU Eurostat Euro-Zone CPI - Core (YoY) May 1.20% 1.10% 1.00%05/31 France INSEE Producer Prices (MoM) April -0.90% -0.30% 0.00%05/31 France INSEE Producer Prices (YoY) April 0.60% 1.60% 1.60%05/31 France INSEE Consumer Spending (MoM) April -0.30% -0.60% 1.30%05/31 France INSEE Consumer Spending (YoY) April 0.20% 0.00% 1.10%05/31 Germany Destasis Retail Sales (MoM) April -0.40% 0.20% -0.10%05/31 Germany Destasis Retail Sales (YoY) April 1.80% 1.10% -2.50%05/30 UK Lloyds Lloyds Business Barometer May 39 – 2705/31 UK GfK GfK Consumer Confidence Survey May -22 -26 -2705/30 Spain INE Consumer Price Index (YoY) May 1.70% 1.60% 1.40%05/31 Japan Markit/Nomura Markit/JMMA Manufacturing PMI May 51.5 – 51.105/31 JapanMinistry of InternalAffairs & CommunicationNatl. CPI YoY April -0.70% -0.70% -0.90%Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)NewsQatar Doha rail project contracts awarded – Qatar RailwaysCompany has awarded construction contracts valued QR20bnto build the 216 kilometer long Doha Metro linking Doha citycenter with many of the World Cup stadiums. QDVC, SouthKorean GS Engineering & Construction and local companyDarwish Engineering have obtained a QR8bn contract to buildthe 12 kilometer long Red Line South (underground sections)between Doha city center and the airport. Austrian companyPorr, Saudi Binladin Group and local HBK Contracting Companyhas been awarded a second QR8bn contract to build the 15kilometer long (underground sections) Green Line, which runsnorth-south through the city. Moreover, South Koreas SamsungC&T, Spanish construction firm OHL and Qatar BuildingOverall Activity Buy %* Sell %* Net (QR)Qatari 66.42% 67.83% (6,539,406.09)Non-Qatari 33.58% 32.18% 6,539,406.09
  3. 3. Page 3 of 6Company have got a QR4bn contract to build the two majorstations at Msheireb and Education City. (GulfBase.com) QMLS plans QR450mn poultry project in Qatar – WidamFood (QMLS) seeks funding for a QR450mn project to raisepoultry as the company ventures into new foods. QMLSManaging Director Ahmad Nasser Sariya Al-Kaabi said thecompany is awaiting a government license to build a plant thatwill produce 22mn chickens a year to be sold in the domesticmarket. (Bloomberg) QPI plans to raise stake in Qatar Vinyl – Qatar PetroleumInternational (QPI) is set to increase its stake in petrochemicalsproducer, Qatar Vinyl Company to 82% from the current 55%.(Bloomberg) QFB’s 2012 net income up 21% YoY – Qatar First Bank’s(QFB) net income rose by 21% YoY to reach QR113.2mn in2012. QFB’s AGM has approved the distribution of a cashdividend of 7% of paid-up share capital to its shareholders for2012. (Gulf-Times.com) Barwa inks deals for Commercial Avenue, Barwa City atCityscape – Barwa Real Estate Group, one of the leadingdevelopers in Qatar, signed several deals for units in bothBarwa Commercial Avenue and Barwa City during the CityscapeQatar 2013 expo that concluded recently. The group signedleasing contracts with Lulu Hypermarket, Tanween and AnsarCity companies. Under the agreement, Tanween will be able tooccupy six buildings in Barwa City, while Ansar City will beoccupying a showroom over an area of 27,000sqm in BarwaCommercial Avenue. (Peninsula Qatar) QGTS to build 25 vessels per year, signs yacht JV withDamen – The Qatar Gas Transport Company’s (QGTS)Managing Director Mohamed Ghannam said the company willbuild 25 LNG vessels per year in the near future, and hopes tocomplete the sixth and final phase of the Erhama bin Jaber alJalahma Shipyard in Ras Laffan by 2015. He also said that thecompany has signed a JV with the Dutch shipbuilder, Damen tobuild a first-of-its-kind luxury yacht. (Gulf-Times.com) (QatarTribune) QIMD has QR1.2bn investments in Arab countries – QatarIndustrial Manufacturing Co. (QIMD) CEO Abdul Rahman AlAnsari said that the companys investments in Qatar and anumber of Arab countries were worth QR1.2 billion. Speakingabout the companys activities, Al Ansari said that chemicalindustries represented 49% of QIMDs investments, which wasfollowed by construction at 36%, and other industries such asenergy and plastic were worth 15%. He added that the companyis planning to expand its investments and has alreadyconsidered nine new projects. (Bloomberg) DHBK plans Hong Kong office, to acquire licenses in Indiaand Saudi Arabia – Doha Bank (DHBK) is planning to open anoffice in Hong Kong, and is seeking to acquire licenses in Indiaand Saudi Arabia to broaden their reach. (GulfBase.com) Thomson Reuters launches legal research service in Qatar– Thomson Reuters in association with Qatar’s Ministry ofJustice has announced the launch of its leading legal researchservice, Westlaw Gulf Qatar. The service will be a one-stopsource of comprehensive legal information for lawyers, advisersand international investors which will be made available inEnglish. (Gulf-Times.com) QIA to acquire luxury chain in Dallas – The Qatar InvestmentAuthority (QIA) is in negotiations to buy a Dallas-based luxurychain, Neiman. QIA may spend around $6bn for the parent ofthe Bergdorf Goodman store on Fifth Avenue. (Qatar Tribune) German delegation to explore investments in Qatarhealthcare sector – A delegation of 20 German companies hasarrived in Qatar to explore investment opportunities andshowcase their products targeting Qatar’s healthcare sector.(Gulf-Times.com) Ashghal to set up National Health Laboratories – The PublicWorks Authority (Ashghal) is in the process of setting upNational Health Laboratories in Qatar. (Qatar Tribune)International Barack Obama: US economy starting to pick up steam – USPresident Barack Obama said the American economy is startingto pick up steam with the creation of some 7mn jobs in the past38 months. (ET) OPEC keeps output target unchanged; content with $100price – The Organization of Petroleum Exporting Countries(OPEC) has kept its production target unchanged for a thirdconsecutive time, signaling that crude oil prices at about $100 abarrel are sufficient to buoy members’ revenue as the globaleconomy recovers. Meanwhile, according to the data releasedby Bloomberg, OPEC production in May increased by 98,000barrels a day over April to 31mn barrels a day. (Bloomberg) OPEC to study US shale oil bonanza as export concerngrows – The Organization of Petroleum Exporting Countries(OPEC) has signaled growing unease with the US oil boom bystarting a study into its shale. (Bloomberg) IMF releases €1.7bn to Greece – The International MonetaryFund (IMF) has released €1.7bn in fresh funds for Greece afterthe country passed the third review of its performance under thejoint IMF-EU bailout program. Greece has also received a voteof confidence from international creditors over progress inoverhauling its stricken economy. Moreover, the EuropeanFinancial Stability Facility has also released another aidinstallment, worth €7.2bn, to help recapitalize Greeces strickenbanks. The IMF said that Greece now needs to focus onimproving tax collection. (Bloomberg) Abe offers $32bn to Africa as Japan seeks resources –Japanese Prime Minister Shinzo Abe has pledged $32bn toAfrica as his government seeks to catch up with China inpursuing resources, markets and influence on the continent.(Bloomberg)Regional JETRO: GCC-Japan trade touches $182.1bn in 2012 –According to the data released by the Japan External TradeOrganization (JETRO), the value of two-way trade betweenJapan and the GCC countries grew by 12.3% in 2012 to reach$182.1bn, over $162.2bn in 2011. Moreover, Japans exports tothe GCC region grew 27.1% YoY to $24.9bn from $19.6bn andimports grew 10.2% YoY to $157.2bn from $142.6bn in 2011.(Bloomberg) Egypt roadshow for infrastructure sukuk to start next week– Egypt is set to begin its marketing of sukuk bonds next week,through which it hopes to finance 10 large electricity, transport,supply and industry projects. The roadshow will cover the UAE,Saudi Arabia, Qatar, Bahrain, and Kuwait. (GulfBase.com) Saudi Arabia, Egypt sign SR6bn power deal – Saudi Arabiaand Egypt have signed a SR6bn agreement to link theirelectricity grids, a project that will allow power trading betweenthe two countries. Linking the two countries will allow SaudiArabia to export power to Egypt. The Saudi Electricity Company
  4. 4. Page 4 of 6and Egyptian Electric Holding Company will share the cost ofthe 3,000MW undersea transmission cable. (Bloomberg) Saudi private sector to be coaxed to fix housing woes –Saudi Housing Minister Shwaish Al-Dowaihy said the ministry isworking on the regulatory framework for public-privatepartnerships (PPP) and creating an incentive package for thecountry’s private sector to fix housing woes. He said that theSaudi Housing Ministry is expected to hand over theresponsibility to the private sector for building homes in the firstphase of its $70bn housing program. (GulfBase.com) New Jeddah airport to be ready in 2015 – Makkah GovernorPrince Khaled Al-Faisal said expansion works on King AbdulazizInternational Airport (KAIA) are 45% complete and expects theairport to begin operations in 2015. Prince Khaled also said thatSR27bn was allocated for the first phase of the project that willaccommodate 30mn passengers. (GulfBase.com) Zamil AC gets SR203mn contract for Ras Al-Khair powerplant – Zamil Air Conditioning & Refrigeration ServicesCompany (Zamil AC) has obtained a new contract valuedSR203mn from SEPCO Electric Power Construction Corporationto provide EPC services of HVAC-related works for the Ras Al-Khair power plant project, which is owned by the Saline WaterConversion Corp. The duration of the contract is 30 months andis expected to be completed by 4Q2015. The company expectsthe contract to have a positive impact on the companysfinancials at the end of each stage during 2014 and 2015.(Tadawul) Saudi Aramco awards contract extension to WorelyParsons– Saudi Arabian Oil Company (Saudi Aramco) has granted atwo-year contract extension to WorelyParsons for maintaining &managing its ongoing programs. The contract covers a portfolioof offshore greenfield and brownfield projects, which includes afull suite of engineering and project management services.(GulfBase.com) KHC sells KHI interest in Mövenpick Mauritius, opens$137mn Raffles Seychelles – Kingdom Hotel Investments(KHI), a wholly owned subsidiary of Kingdom Holding Company(KHC) has sold its interest in the Mövenpick Resort & SpaMauritius for SR150mn to Hawaii-based Outrigger Hotels &Resorts. Further, KHC Chairman Prince Alwaleed bin Talalannounced that the company has opened “The RafflesSeychelles Resort & Residences” worth $137mn on thenortheast tip of Praslin Island in Seychelles. (Tadawul)(GulfBase.com) ACE Arabia signs agreement with Total Care Saudi – ACEArabia Cooperative Insurance Company has signed a one-yearagreement with Total Care Saudi Third Party Administrator toprovide insurance claims management services for thecooperative health insurance provided by the company. Theseservices cover medical approvals, contracting with serviceproviders network, reporting & monitoring tools of the insuranceportfolio and a customer service center as well. (Tadawul) Aljazira Takaful Taawuni adds IPO shares to investor’sportfolio – The Saudi Stock Exchange has announced that theIPO shares of Aljazira Takaful Taawuni Company has beendeposited into respective investors’ portfolio. (Tadawul) UAE consumer credit reporting system rolls out in July – AlEtihad Credit Bureau is all set to roll out the Phase one of theUAE’s credit reporting system from July 2013. The first phasewill see the credit bureau commence the collection of consumercredit data from a pilot group of UAE financial institutions toimprove transparency in lending. Meanwhile, the bureau’s Vice-Chairman Younis Al Khouri said the new credit bureau expectsborrowing costs to fall by around 30% once its credit reportingsystem is in full swing. (GulfBase.com) Jafza signs deal for investment between UAE and Korea –Jebel Ali Free Zone (Jafza), Korea Exchange Bank, Hana Bankand the Korea Federation of Small & Medium Business havesigned a MoU to increase bilateral investment between the UAEand the Republic of South Korea. (GulfBase.com) DEWA to undertake more development projects – The DubaiElectricity & Water Authority’s (DEWA) CEO Saeed MohammedAl Tayer said the authority will undertake several developmentprojects to strengthen the electricity and water infrastructure inDubai. (GulfBase.com) Etihad to increase flights; launches round-the-worldfreighter service – Etihad Airways is planning to increasefrequencies on its services to Amman, Cairo, Islamabad andMuscat from June 15, 2013. Apart from increasing frequencies,Etihad Cargo has launched its first round-the-world freighterroute in conjunction with Atlas Air Worldwide. The jointlyoperated route connects Etihad Cargo’s Abu Dhabi hub withdestinations in Asia, the US, South America and Europe.(GulfBase.com) Etihad Airways to start daily Minsk service, signs code-share deal with Belavia – Etihad Airways is set to increase itsAbu Dhabi-Minsk service from three flights per week to a dailyschedule from June 15, 2013. Etihad Airways will also offeronward connections from Minsk to the cities of Kiev, Moscowand St Petersburg through a new code-share agreement withBelarus-based Belavia Airline. (GulfBase.com) Air Arabia, CFM celebrate 1mn flight hour milestone – AirArabia and CFM International celebrated their achievement ofone million engine flight hours with the airlines fleet of CFM56-5B engines. (GulfBase.com) MAF debt sale for Carrefour stake this week – Carrefour’sstake buyer in its Middle East JV, Majid Al Futtaim Holding(MAF) is said to sell its debt this week after delaying a plannedoffering last week due to soaring lending costs. (GulfBase.com) Takaful-Emarat’s board recommends capital increase –Takaful Emarats board of directors has recommended to itsshareholders an increase in the company’s paid up capital byAED35mn to strengthen the financial situation. (DFM) ENOC reduces diesel price by 20 fils – Emirates National OilCompany (ENOC) has reduced the retail price of diesel by 20fils per liter across all its ENOC/EPPCO service stations. (AMEInfo) TAQA buys BP energy assets for $1.1bn – Abu DhabiNational Energy Company (TAQA) has completed theacquisition of UK North Sea oil & gas assets worth $1.1bn fromBritish Petroleum (BP), which will help add 20,000 barrels of oilequivalent per day to its present output. (GulfBase.com) NBAD registers to sell Samurai bonds – The National Bank ofAbu Dhabi (NBAD) has registered with Japan’s Finance Ministryto sell up to 150bn yen of Samurai bonds. This registration takeseffect from June 8, 2013 and is valid for two years. (Bloomberg) NBAD becomes custody services provider at Nasdaq Dubai– The National Bank of Abu Dhabi has become a directcustodian for Nasdaq Dubai. (GulfBase.com) Clifford Chance advises banks on Al Noors plans to raise$150mn – Clifford Chance is advising the joint sponsors, jointglobal coordinators and joint book-runners on the proposed IPOof Al Noor Hospitals Group. This IPO intends to raise gross
  5. 5. Page 5 of 6proceeds of $150mn and is expected to have a free float of 30-45%. (GulfBase.com) ATIC to invest AED17.5mn in research – The AdvancedTechnology Investment Company (ATIC) has announced that itwill dedicate AED17.5mn over the next three years to ATIC-SRCCentre of Excellence for Energy Efficient Electronic Systems(ACE4S), a JV research project in Abu Dhabi aimed at creatingself-powered devices that are energy efficient. (Bloomberg) Burgan Bank gets approval for stake buy in Maltese bank –The Kuwait Projects Company’s subsidiary, Burgan Bank saidthat it received regulatory approval to buy a 25% stake inMaltas Fimbank. (GulfBase.com) KFH commences capital increase subscription – KuwaitFinance House (KFH) has commenced the first phase of thesubscription process to increase capital that will take place overa period of two weeks, starting June 5, 2013. KFH has offered639mn shares to shareholders, which will increase the capital byKD64mn (20%) to KD383mn, which will support its globalexpansion plans. (AME Info) Jazeera Airways takes delivery of new Airbus A320 –Jazeera Airways Group has taken delivery of a brand newAirbus A320 aircraft, bringing the total number of its fleet to 13.(AME Info) FASTtelco wins KD500,000 contract – Kuwaiti internet serviceprovider FASTtelco has obtained a KD500,000 bid offered byQurain international Real Estate Company to convert “The GateMall” into a smart and integrated building. This involvesconnecting all the building’s vital systems such as fire alarms,security, CCTV systems by installing high-tech integratedsolutions and infrastructure. (GulfBase.com) Oman awards tenders worth OMR39.7m for projects –Oman’s Tender Board has awarded tenders worth OMR39.7mnfor various infrastructure projects in the country. (Bloomberg) Al Fajar Al Alamia acquires 99% share capital of Al MusdaqModern Trading – Al Fajar Al Alamia Company has acquired99% share capital of Al Musdaq Modern Trading with 1% beingheld by the Chairman Saleem Al Zawawi. The total value of theacquisition stood at OMR2.7mn. The financials of Al MusdaqModern Trading will be consolidated for the period January toJune 2013, which will be reflected in the consolidated accountsof Al Fajar Al Alamia Company as of June 30, 2013. (MSM) OIFC’s BoD recommends 12% cash dividend – OmanInvestment & Finance Company’s (OIFC) board of directors hasrecommended distributing a cash dividend of 12% (12 baisa pershare) to its shareholders, amounting to OMR1.7mn and a stockdividend of 4.3 shares for every 10 shares held for the yearended March 31, 2013. (MSM) JETRO: Japan-Bahrain trade up 7.3% YoY – According to areport released by the Japan External Trade Organization(JETRO), the value of Japans trade with Bahrain increased7.3% YoY to $1.3bn in 2012. (GulfBase.com) UGB to acquire 44% stake in FIMBANK – The Kuwait ProjectsCompany’s subsidiary, United Gulf Bank (UGB) has receivedregulatory approval from the Central Bank of Bahrain and theMalta Financial Services Authority to acquire up to a 43.7%stake in FIMBANK. UGB expects the investment may reach upto $125mn over a period of time. (Bahrain Bourse) Bahrain’s MoW to spend BHD1.5bn on sanitary projects –The Bahrain Ministry of Works (MoW) is set to spend BHD1.5bnin the sanitary sector until 2030, mainly for the construction oftreatment plants, transfer networks, internal networks and fortheir operation and maintenance. (GulfBase.com)
  6. 6. ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager - HNWITel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qaQNB Financial Services SPCContact Center: (+974) 4476 6666PO Box 24025Doha, QatarDISCLAIMER: 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 QatarFinancial 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 anoffer, 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 potentialinvestors 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 bereliable, 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 theright 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, theviews 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 6Rebased Performance Daily Index PerformanceSource: Bloomberg Source: BloombergSource: Bloomberg Source: Bloomberg80.090.0100.0110.0120.0130.0140.0Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13QE Index S&P Pan Arab S&P GCC0.4%0.9%(1.3%)1.2%0.2%1.0%1.2%(1.8%)(1.2%)(0.6%)0.0%0.6%1.2%1.8%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,387.92 (1.9) 0.1 (17.2) DJ Industrial 15,115.57 (1.4) (1.2) 15.3Silver 22.26 (2.3) (0.6) (26.7) S&P 500 1,630.74 (1.4) (1.1) 14.3Crude Oil (Brent) 100.05 (1.9) (2.2) (11.3) NASDAQ 100 3,455.91 (1.0) (0.1) 14.5Euro 1.30 (0.4) 0.5 (1.5) DAX 8,348.84 (0.6) 0.5 9.7Yen 100.45 (0.3) (0.8) 15.8 FTSE 100 6,583.09 (1.1) (1.1) 11.6GBP 1.52 (0.2) 0.5 (6.5) CAC 40 3,948.59 (1.2) (0.2) 8.4CHF 1.05 (0.2) 0.6 (4.2) Nikkei 13,774.54 1.4 (5.7) 32.5AUD 0.96 (0.9) (0.8) (7.9) Shanghai 2,300.60 (0.7) 0.5 1.4USD Index 83.38 0.4 (0.4) 4.5 BSE Sensex 19,760.30 (2.3) 0.3 1.7RUB 31.88 0.5 1.6 4.4 Bovespa 53,506.08 (2.1) (5.1) (12.2)BRL 0.47 (1.4) (4.2) (4.2) RTS 1,331.43 (1.4) (4.1) (12.8)135.5119.8109.5