31 December Daily Market Report


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31 December Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,400 10,380 10,360 10,340 30 Dec 13 %Chg. 273.8 555,606.3 7.2 3,694 42 22:16 256.7 554,565.2 7.7 3,684 40 20:19 6.7 0.2 (6.1) 0.3 5.0 – Market Indices 10,320 10,300 9:30 31 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 rose 0.1% to close at 10,379.6. Gains were led by the Industrials and Banking & Financial Services indices, gaining 0.5% and 0.1% respectively. Top gainers were Islamic Holding Group and Gulf Warehousing Co., rising 2.1% and 1.7% respectively. Among the top losers, Al Khaleej Takaful Group fell 4.5%, while Vodafone Qatar declined 3.3%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,830.05 2,587.57 2,443.72 3,500.09 1,858.40 1,953.06 2,336.18 1,453.79 5,948.12 3,036.14 0.1 0.1 0.1 0.5 (0.4) (0.3) (0.4) (0.4) 0.0 (0.0) (0.1) (0.1) (0.3) 0.6 (0.9) (0.4) 0.2 (0.4) (0.1) (0.8) 31.1 28.4 25.4 33.2 38.7 21.2 19.0 36.5 27.4 22.0 N/A 13.1 13.1 12.7 12.6 13.4 9.6 19.8 22.6 15.8 GCC Commentary GCC Top Gainers## Exchange Close# Saudi Arabia: The TASI index rose 0.8% to close at 8,605.3. Gains were led by the Transport and Petrochemical Industries indices, rising 1.9% and 1.6% respectively. ANB Insurance gained 9.9%, while Bawan Co. was up 9.8%. Petro Rabigh 1D% Vol. ‘000 Saudi Arabia 25.40 4.7 10,935.2 4.7 Saudi Telecom Co. Saudi Arabia 55.50 3.7 1,883.9 3.7 Dubai: The DFM index gained 1.1% to close at 3,369.8. The Inv. & Fin. Services index rose 3.6%, while the Telecommunication index was up 1.7%. Comm. Bank of Dubai gained 9.0%, while Dubai Fin. Market was up 6.0%. National Shipping Co. Saudi Arabia 29.10 3.2 3,015.4 3.2 National Indus. Co. Saudi Arabia 34.40 2.7 1,047.4 2.7 Abu Dhabi: The ADX benchmark index rose 0.3% to close at 4,290.3. The Consumer index gained 3.5%, while the Industrial index was up 1.5%. Union Cement Co. surged 14.6%, while Union Insurance Co. gained 10.5%. Bank Al-Jazira Saudi Arabia 38.50 2.4 595.0 2.4 GCC Top Losers Exchange Kuwait: The KSE index gained 0.1% to close at 7,549.5. The Health Care index rose 2.2%, while the Technology index was up 0.9%. KIPCO Asset Management Co. gained 8.6%, while Taiba Kuwaiti Holding Co. was up 7.7%. MEDGULF Saudi Arabia 34.00 (2.6) 898.6 (2.6) Astra Industrial Group Saudi Arabia 52.00 (1.9) 223.6 (1.9) Oman: The MSM index rose 0.6% to close at 6,872.4. Gains were led by the Financial and Industrial indices, gaining 0.8% and 0.7% respectively. ONIC Holding rose 6.5%, while Oman United Insurance was up 4.6%. Saudi Real Estate Co. Saudi Arabia 34.10 (1.4) 703.9 (1.4) Saudi Fisheries Saudi Arabia 30.50 (1.3) 1,237.4 (1.3) United Electronics Co. Saudi Arabia 97.50 (1.3) 82.0 (1.3) Bahrain: The BHB index gained 1.6% to close at 1,248.9. The Industrial index rose 5.3%, while the Investment index was up 1.4%. United Gulf Bank rose 8.7%, while Al Salam Bank was up 8.5%. ## # Close 1D% 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) Islamic Holding Group Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% 46.00 Qatar Exchange Top Gainers 2.1 21.6 21.1 Al Khaleej Takaful Group 36.50 (4.5) 84.8 (0.5) 10.71 (3.3) 1,882.0 28.3 Qatar Exchange Top Losers Gulf Warehousing Co. 41.50 1.7 6.2 23.9 Vodafone Qatar Qatar Islamic Insurance 57.90 1.6 21.7 (6.6) Qatar General Ins. & Reins. 47.90 (2.2) 166.9 4.1 Qatar International Islamic Bank 61.70 1.5 57.0 18.7 Al Ahli Bank 55.00 (1.8) 0.6 12.2 Zad Holding Co. 69.50 1.5 0.2 18.2 Qatari Investors Group 43.70 (1.6) 379.6 90.0 YTD% Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 Vodafone Qatar 10.71 (3.3) 1,882.0 28.3 Masraf Al Rayan 31.30 (0.2) 36,330.3 26.3 Masraf Al Rayan 31.30 (0.2) 1,161.5 26.3 Gulf International Services 61.00 0.2 29,269.9 103.3 Gulf International Services 61.00 0.2 479.0 103.3 QNB Group 172.00 0.0 26,422.9 31.4 Mazaya Qatar Real Estate Dev. 11.18 (0.9) 407.7 1.6 Industries Qatar 168.90 0.9 22,224.4 19.8 Qatari Investors Group 43.70 (1.6) 379.6 90.0 Vodafone Qatar 10.71 (3.3) 20,467.0 28.3 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar*# Dubai# Abu Dhabi# Saudi Arabia Kuwait# Oman Bahrain# Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 10,379.59 3,369.81 4,290.30 8,605.34 7,549.52 6,872.38 1,248.86 0.1 1.1 0.3 0.8 0.1 0.6 1.6 (0.1) 1.9 2.5 1.5 (1.0) 1.2 2.1 0.0 14.4 11.4 0.8 (3.0) 0.6 3.3 24.2 107.7 63.1 0.8 27.2 0.6 17.2 Exch. Val. Traded ($ mn) 75.18 451.43 207.81 1,364.20 61.91 44.16 4.11 Exchange Mkt. Cap. ($ mn) 152,569.5 70,697.0 118,500.1 472,429.1 109,312.9 24,684.6 50,073.5 P/E** P/B** 13.3 19.9 12.0 17.5 16.7 10.8 8.1 1.8 1.3 1.5 2.2 1.2 1.6 0.9 Dividend Yield 4.4 2.6 4.2 3.4 3.7 3.8 3.9 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) (*Data as of Dec. 31, 2013) Page 1 of 5
  2. 2. Qatar Market Commentary  The QE index rose 0.1% to close at 10,379.6. The Industrials and Banking & Financial Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Islamic Holding Group and Gulf Warehousing Co. were the top gainers, rising 2.1% and 1.7% respectively. Among the top losers, Al Khaleej Takaful Group fell 4.5%, while Vodafone Qatar declined 3.3%. Overall Activity Buy %* Sell %* Net (QR) Qatari 60.71% 80.38% (53,852,956.67) Non-Qatari 39.29% 19.61% 53,852,956.67 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday declined by 6.1% to 7.2mn from 7.7mn on Monday. Further, as compared to the 30-day moving average of 12.7mn, volume for the day was 43.0% lower. Vodafone Qatar and Masraf Al Rayan were the most active stocks, contributing 26.1% and 16.1% to the total volume respectively. Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/31 US S&P/Case-Shiller S&P/CS 20 City MoM SA October 1.05% 0.95% 0.98% 12/31 US S&P/Case-Shiller S&P/CS Composite-20 YoY October 13.61% 13.50% 13.25% 12/31 US S&P/Case-Shiller S&P/CaseShiller Home Price Index October 165.91 165.76 165.61 12/31 US Conference Board Consumer Confidence Index December 78.1 76 72 12/31 UK Lloyds Bank Lloyds Business Barometer December 48 – 50 01/01 CH China Fed. of Logistics Manufacturing PMI December 51 51.2 51.4 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  MDPS: Qatar trade surplus drops 4% in November 2013 as imports jump – According to the preliminary estimates of the Ministry of Development Planning & Statistics (MDPS), Qatar’s trade surplus fell more than 4% YoY to QR30.88bn in November 2013, as its imports witnessed double-digit growth while exports fell. The country’s total exports were down 0.9% to QR39.83bn despite a 96% surge in shipments to China. Japan continued to be the top destination of Qatar’s exports, followed by South Korea, India, China and Singapore. However, Qatar’s re-exports surged 70.3% to QR625mn during the review period. The country’s exports of domestic products fell 1.5% to QR39.21bn in November mainly on lower shipments of crude products and other commodities. Petroleum gases and other gaseous hydrocarbons constituted 60.95% of total exports in November 2013 as compared to 60.6% in November 2012; while crude petroleum oils constituted 19.28% (19.61%); non-crude petroleum oils and bituminous minerals 6.32% (5.68%) and other commodities 13.41% (14.14%). (Gulf-Times.com)  MDPS: 208,000 expats came to Qatar in 2013 – According to the data released by the Ministry of Development Planning & Statistics (MDPS), a record high number of around 208,000 foreign workers, including family members, arrived in the country last year. The figure should be higher considering that around 23,000 people left the country last month. A vast majority of these people could have travelled overseas on winter holiday break, as over 18,500 of them were women. The country’s population stood at 2.04mn on December 31, 2013 as against 1.83mn by 2012-end. (Peninsula Qatar)  Ooredoo Maldives expands 3G+ coverage – Ooredoo (ORDS) Maldives has announced the expansion of its 3G+ network across the island nation. First launched on eight islands, Ooredoo Maldives’ service is expected to reach at least 28 islands by the year-end. The telecom operator said that the coverage is now available on 166 islands. It aims to cover 84% of the population by year-end. (Bloomberg)  MARK announces nomination for board membership – Masraf Al Rayan’s (MARK) BoD announced that the nomination is now open to fill seven seats of its board of directors for 20142016. (GulfBase.com)  Qatar real estate deals worth QR675.7mn – Real estate sales deals worth QR675.7mn were registered at the Ministry of Justice between December 22 and 26, 2013. The Real Estate Registration Department said properties included open plots, two-floor villas, annexes, homes and residential buildings in Umm Salal, Al Khor, Doha, Al Rayyan, Al Shamal, Al Daayen and Al Wakra.  Qatar Chamber, Customs plan online clearance mechanism – The Qatar Chamber, representative body of the private sector, and the Customs Department are planning to jointly set up an electronic system whereby the import & export approvals needed from various agencies can be provided online. The proposed system will use the Enterprise Resource Planning (ERP) software to help communication between the involved parties – the Customs Department, the Qatar Chamber, importers & exporters, and embassies of the countries concerned. (Peninsula Qatar) International  ECB balance sheet shrinks by €2.1bn in week to December 27 – The ECB said balance sheet of the bank and the Eurozone's 17 national central banks shrank by €2.1bn to €2.285tn in the week ending December 27. Gold holdings of Eurozone central banks were unchanged at €343.92bn. Net foreign exchange reserves in the Eurosystem of central banks rose by €0.1bn to €207.4bn. (ET) Page 2 of 5
  3. 3.  Latvia becomes 18th Euro-area member – Latvia has become the 18th member of the Eurozone. Euro adoption will cap a journey of more than two decades for Latvia, which will become the fourth former communist country in the currency area after Slovakia, Slovenia and neighboring Estonia. (Bloomberg)  Spanish bank support program ends – The Eurozone aid program for struggling Spanish banks closed as scheduled after providing some €41bn to get them through the debt crisis. The European Stability Mechanism Head Klaus Regling said the support has proven instrumental in recapitalizing and restructuring Spain's troubled banks, which are today on a sound footing. (ET) Regional  GCC construction materials code to be released soon – Qatar’s Ministry of Environment Assistant Undersecretary for Laboratory Affairs Dr. Mohammed Saif Al Kuwari said the first edition of the Construction Materials Code for the GCC region will be launched by the end of next year. He said the launch will take place in Doha in the presence of officials from all GCC states. The code will contain proposals related to fire safety, green building techniques, energy conservation, building maintenance, environment protection and occupational safety at work sites. (Peninsula Qatar)  SAMA: Kingdom allots SR68bn for infrastructure development – According to the Saudi Arabian Monetary Agency’s (SAMA) figures, Saudi Arabia allocated SR68.4bn for the development of its infrastructure over the past 10 years. However, the central bank highlighted that allocations for infrastructure development during 2004-2013 accounted for only around 1.2% of the total budgeted spending of nearly SR4,740bn and 4.3% of the total budgeted capital expenditure of SR1,566bn. Meanwhile, analysts said that the actual infrastructure budget could be 10-20% higher than the budget allocations, in line with a similar increase in overall actual expenditure. (GulfBase.com)  SAMA: Saudi commercial banks profits up 9% to SR34bn in 11 months – Profits of the commercial banks in the Kingdom rose by 9.1% to SR34.1bn in the first 11 months of 2013 as compared to figures of the same period in 2012. According to the SAMA report, the accumulated profits of banks are poised to register a record level of nearly SR36bn by the end of the year, thus surpassing the highest level registered in 2006 at SR34.7bn. Meanwhile, banks’ total reserves increased by 17.4% to reach SR114.8bn in November 2013, whereas their capital jumped by 0.9% to SR113bn in the comparable periods. (GulfBase.com)  Maskan Arabia to double its project portfolio in two years – Maskan Arabia Investment & Development Company is to double the size of its project portfolio over the next two years. The company said that upon completion of its current residential projects including “Ritaj” – which comprises 292 residential units – the number of its residential units delivered would reach around 406 units, well in line with the company’s plan to reach more than 800 units over the next two years. (GulfBase.com)  GPC to ramp up production in 1Q2014 – The Global Pipe Company (GPC) is planning to increase its production to 200,000 tons at its new state-of-the-art factory at Jubail Industrial City by the end of 1Q2014. With a total investment of around SR660mn, the factory is a JV between Erndtebrucker Eisenwerk of Germany and its Saudi partners: Saudi Steel Pipe Company, Ahmed Hamed Al Khonaini, and the Pan Gulf Holding Company. GPC’s Managing Director Ahmed Hamad Al Khonaini said the sophisticated plant has been set up to manufacture thick-walled steel pipes, targeting mainly the Saudi Arabian and GCC markets, which were importing these products until now. (GulfBase.com)  Saudi construction market to reach SR1.12tn by 2015 – The National Contractors Committee’s Chairman Fahd bin Mohammed Al Hammadi said that the total volume of Saudi Arabia’s construction and contracting market is expected to reach SR1.12tn by 2015. The construction sector’s total assets are valued at SR200bn, while the value of government contracts awarded in 2013 amounted to nearly SR157bn. Firms licensed to provide contracting & maintenance services reached 3,487, accounting for 77% of investment licenses in the Kingdom. (GulfBase.com)  Saudi car rental sector to grow 20% to reach SR2.4bn in two years – According to the Jeddah Chamber of Commerce & Industry’s (JCCI) Head of Transport & Car Rentals Committee Al Bassami, the value of car rental market is poised to grow by 20% to reach SR2.4bn in the next two years. Al-Bassami said that the expected growth rests on a number of factors including population growth, the growing numbers of pilgrims and visiting businessmen, coupled with the development seen in the Kingdom’s oil and non-oil sectors. Car rentals for individuals capture more than 70% of the overall sector’s activity, whereas the remaining 30% covers contractual rental deals with governmental and private sector agencies. (GulfBase.com)  SAGIA grants 224 licenses in 2013 – The Saudi Arabian General Investment Authority (SAGIA) granted 224 licenses in 2013 and the value exceeds total foreign investments approved over the past 10 years. SAGIA’s Secretary General Adnan Al Sharqi said that the number of visas given to foreign investment ventures so far exceeded 310,000, while the number of Saudi employees stood at 90,000. He added that SAGIA stopped the activities of 849 foreign companies out of 9,000 that had been licensed since the authority was set up. Further, he said that the minimum capital requirement had been lowered for most sectors. For instance, the authority sets the minimum capital to the retail sector at SR20mn and real estate at SR30mn. (GulfBase.com)  SEC signs SR3bn contracts for installing 2 transformers, 380KV supply lines – The Saudi Electricity Company (SEC) have signed five contracts worth SR3.03bn to construct two transformers and 380KV supply lines as part of its efforts to meet the country’s growing power requirements. SEC’s CEO Ali bin Saleh Al Barrak said that the two transformers would be established in Hail and Jaeema. The two plants would supply 1,520MW of power after their completion in 28 months. He added that the three supply lines would link the power generating plants in Rabigh, Yanbu and Madinah, which would be completed in 29 months. (GulfBase.com)  MA'ADEN restarts $10.8bn aluminum production line; starts up rolling mill plant of its unit – The Saudi Arabian Mining Company (MA'ADEN) has restarted one of the two potlines at its new aluminum smelter. One of the smelting potlines in the $10.8bn aluminum plant at Ras Al Khair – a JV between MA'ADEN and US based Alcoa – was shut in October 2013 due to problems encountered during production ramp-up. MA'ADEN said that the ramp-up of the first potline production is expected to reach full production capacity within 2Q2014. The plant’s two lines have a combined production capacity of 740,000 tons a year of aluminum. Meanwhile, MA'ADEN announced the preliminary launch of a rolling mill plant of its subsidiary, Maaden Rolling Company (MAC), which is 74.9% owned by Maaden and 25.1% owned by Alcoa. The rolling mill is designed to produce 380,000 tons per year of aluminum sheets, which will be used in Page 3 of 5
  4. 4. the manufacture of aluminum cans and other products. (Tadawul, GulfBase.com)  Injaz Development, AREIC sign deal for Dammam project – Riyadh-based Injaz Development has signed an agreement with Almutlaq Real Estate (AREIC), part of Almutlaq Group, to promote the latter’s residential project in Dammam. Under the agreement terms, Injaz will handle sales & marketing activities for AREIC’s residential development. The 92,531-square meter Al Nada Project is located in a fully built-up luxurious residential area that enjoys a network of wide streets in addition to lighting, electricity and sanitation among others. (GulfBase.com)  SHUAA Capital appoints new GM – SHUAA Capital has appointed Houssem Haj Amor as the new General Manager (GM) effective from December 31, 2013. (ADX)  RAK Airways suspends operations until further notice – RAK Airways has announced the suspension of all its operations starting January 1, 2014 until further notice. The airline said that the decision to suspend operations was taken following increased pressure on the carrier’s performance due to deteriorating market conditions, increased operating costs and the impact of the regional political instability on the overall aviation industry. (GulfBase.com)  Almarai receives approval for restructuring of JV – The Almarai Company has announced regarding restructuring of International Pediatric Nutrition Company, a JV between Almarai and Mead Johnson Nutrition that the statutory procedures and the necessary approvals from the relevant authorities to complete the acquisition of IPNC are still under process. Almarai will announce later any developments in this regard. (GulfBase.com)  RAK properties decides early settlement of term loan of $22.3mn to IDO – RAK Properties’ management has decided for the early settlement of the IDO (Investment & Development Office Government of Ras Al Khaimah) 2014 Term Loan amounting to $22.3mn which is due in July 2014, and to pay an early settlement fee. This early settlement is a part of the cash flow planning and in order to save the finance cost of the company. (ADX)  ZAC develops water-cooled centrifugal chiller – Zamil Air Conditioners (ZAC) has successfully commissioned the first ever water-cooled Turbocor Centrifugal Chiller in the Middle East. This innovative chiller was designed by Geoclima, a strategic business unit of Zamil Air Conditioners and a leading Italian manufacturer of air conditioning systems. The water cooled chiller ranges in capacity from 370 tons up to 1,300 tons, and comes with an array of features. (GulfBase.com)  Kuwait’s budget surplus drops 15% as spending rises – Kuwait’s finance ministry said the country’s provisional budget surplus shrank 15% in the first six months of the current fiscal year mainly due to a sharp jump in expenditure. Kuwait posted a preliminary budget windfall of KD10.7bn in the period ending September 30, 2013, as compared to KD12.6bn in September 30, 2012. Kuwait’s fiscal year runs from April 1 to March 31. The main reason for the sharp drop in surplus is a 50% jump in spending to KD5.1bn from KD3.4bn a year ago. Revenues remained almost unchanged at KD15.8bn as compared to KD16bn a year ago. Oil income, which makes up around 95% of total revenues, dropped slightly to KD15bn in the current year from KD15.4bn in FY2012-2013. (Peninsula Qatar)  Bupa Arabia signs reinsurance deal with Bupa Insurance – Bupa Arabia for Cooperative Insurance has signed a reinsurance agreement with Bupa Insurance Limited to reinsure part of the written premium related to its customers outside the Kingdom and their dependents. The ceded premium is estimated at SR70mn which represents around 3% of the 2012 annual written premium. The agreement is expected to have an impact during 1H2014. Bupa Arabia will seek its shareholders’ approval during the upcoming general assembly meeting.  STC reviews its investment in the BGSM Group – STC has conducted a review of its investment in the BGSM Group including the manner in which this investment is being managed and how joint control has been effectively exercised. As a result of this review, the STC has created an amendment to the BGSM shareholders’ agreement on December 31, 2013 with respect to certain operational matters of the Aircel Group. Consequently, it has been concluded that it is no longer appropriate for STC to account for its interest in the Aircel Group using the equity method. The financial impact of this agreement will be disclosed in the 4Q2013 results, which are likely to be announced on January 19, 2014. (GulfBase.com)  SCC’s BoD recommends SR112.5mn dividends – The Saudi Ceramic Company’s (SCC) BoD has recommended the distribution of dividends worth SR112.5mn (SR3 per share), representing 30% of the face value of the shares for the period 2013. Those shareholders who are registered with the Securities Depository Center (Tadawul) will be eligible. The date of dividend distribution will be announced later. (GulfBase.com)  UAE ranks 5th in ease of getting building permits – According to World Bank Statistics for 2014, the UAE was ranked fifth in the global ranking for ease of getting building permits. By jumping up 13 ranks, Dubai officials expect a boom in construction. Ranked first for the Ease of Construction Permits was Hong Kong, followed by Georgia, Singapore, and Bahrain in at 4th. The ease of doing business index is an index created by the World Bank. (GulfBase.com)  MOTC cancels a tender for terminal building at Ras Al Hadd airport – The Ministry of Transport & Communications (MOTC) has cancelled a tender package for selecting a contractor to construct the terminal building at Ras Al Hadd airport. The date for opening the bid was fixed on December 9, but the participating contracting firms have been informed that the tender has been cancelled. (GulfBase.com)  Oman’s budget expenditure poised to rise 5% – Oman’s budget for 2014 has projected an expenditure of OMR13.5bn, indicating a 5% growth over the 2013 budget estimate at OMR12.9bn. Revenues are projected at OMR11.7bn, indicating a 4.5% growth over last year's revenues of OMR11.2bn. The Omani government has calculated the crude oil price for budget calculation at $85 per barrel. The Minister Responsible for Financial Affairs Darwish bin Ismail Al Balushi will soon brief on the main features of the state budget for 2014, which include the estimated expenditure and revenues, as well as various economic and developmental projects. Meanwhile, according to data by the National Centre for Statistics & Information, Oman's budget surplus for the first 10 months of 2013 surged to reach OMR543.9mn, despite a marginal fall in oil prices in international markets. (Bloomberg)  Batelco signs agreement with CWC – The Bahrain Telecommunications Company (Batelco) has agreed with Cable & Wireless Communications Plc (CWC) to unwind the previous transfer of a 25% shareholding in Compagnie Monegasque de Communication SAM (CMC) from CWC to Batelco. CWC has repaid the $100mn paid by Batelco to CWC upon completion of the Islands business disposal and Batelco has retransferred to CWC the 25% shareholding in CMC. All option arrangements between CWC and Batelco in relation to CMC have terminated. (GulfBase.com) Page 4 of 5
  5. 5. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 2.0% 149.1 135.8 1.6% 1.6% 1.1% 1.2% 0.8% 123.2 0.6% 0.8% Abu Dhabi* 1D% WTD% YTD% 16,576.66 0.0 0.6 0.0 S&P 500* 1,848.36 0.0 0.4 0.0 0.0 NASDAQ 100* 4,176.59 0.0 0.5 0.0 0.5 0.0 STOXX 600* 328.26 0.0 0.2 0.0 0.0 (1.0) 0.0 DAX* 9,552.16 0.0 (0.4) 0.0 0.0 (2.2) 0.0 FTSE 100* 6,749.09 0.0 (0.0) 0.0 CAC 40* S&P Pan Arab Jul-13 S&P GCC Silver/Ounce Crude Oil (Brent)/Barrel (FM Future)* Natural Gas (Henry Hub)/MMBtu* North American Spot LPG Propane Price* North American Spot LPG Normal Butane Price* Euro Source: Bloomberg (*Data as of December 31, 2013) Close ($) 1D% WTD% YTD% 1,200.90 (0.4) (1.0) (0.4) DJ Industrial* 19.36 (0.6) (3.6) (0.6) 110.80 0.0 (1.2) 4.34 0.0 126.25 136.50 1.38 0.1 0.1 0.1 105.25 (0.1) 0.1 (0.1) GBP 1.66 0.1 0.5 0.1 CHF 1.12 0.2 0.0 0.2 AUD 0.89 (0.3) 0.2 (0.3) Yen Dubai* Oman Gold/Ounce Kuwait* Close Oct-11 May-12 Dec-12 Source: Bloomberg Asset/Currency Performance 0.1% Bahrain* QE Index Saudi Arabia 0.0% Jan-10 Aug-10 Mar-11 0.1% Qatar* 0.3% 0.4% USD Index 80.11 0.1 (0.4) 0.1 RUB 32.86 (0.0) 0.8 (0.0) BRL* 0.42 0.0 (1.0) 0.0 Source: Bloomberg (*Market closed on January 01, 2014) Global Indices Performance 4,295.95 0.0 0.4 0.0 16,291.31 0.0 0.7 0.0 MSCI EM 1,002.66 (0.0) 0.5 (0.0) SHANGHAI SE Composite* 2,115.98 0.0 0.7 0.0 HANG SENG* 23,306.39 0.0 0.3 0.0 BSE SENSEX 21,140.48 (0.1) (0.3) (0.1) Bovespa* 51,507.16 0.0 0.5 0.0 1,442.16 0.0 (0.2) 0.0 Nikkei* RTS* Source: Bloomberg (*Market closed on January 01, 2014) 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