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QE Intra-Day Movement

Market Indicators

9,920
9,900

9,880

04 Nov 13

%Chg.

530.0
535,874.7
9.2
6,324
39
29:7

287.2
531,983.2
5.4
4,037
38
21:12

84.5
0.7
70.3
56.7
2.6
–

Market Indices

9,860
9,840
9:30

05 Nov 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 0.8% to close at 9,915.2. Gains were led by the Industrials
and Consumer Goods & Services indices, gaining 0.8% and 0.7% respectively.
Top gainers were Al Meera Consumer Goods Co. and Gulf International
Services, rising 2.2% and 1.9% respectively. Among the top losers, Islamic
Holding Group fell 2.9%, while Qatar Cinema & Film Dist. Co. declined 2.3%.

Close

Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index

1D%

WTD%

YTD%

TTM P/E

14,166.56
2,482.75
2,355.74
3,252.92
1,848.14
1,833.82
2,331.91
1,424.33
5,914.22
2,830.57

0.8
0.7
0.7
0.8
0.5
0.6
0.6
0.3
0.7
0.6

0.8
0.7
0.8
1.0
1.0
0.6
0.0
(1.0)
0.4
0.6

25.2
23.2
20.9
23.8
37.9
13.8
18.8
33.7
26.6
13.8

N/A
12.6
12.6
11.8
12.5
12.6
9.6
19.7
22.4
14.8

GCC Commentary

GCC Top Gainers##

Exchange

Close#

1D%

Saudi Arabia: The TASI index rose 1.2% to close at 8,170.7. Gains were led
by the Agriculture & Food Industries and Hotel & Tourism indices, rising 2.1%
and 1.7% respectively. Al Ahlia Insurance Co. gained 10.0%, while Saudi
Arabian Cooperative Insurance Co. was up 8.6%.

Bank of Sharjah

Abu Dhabi

1.75

10.1

1,774.8

36.7

Savola Group Co.

Saudi Arabia

59.00

4.4

648.1

47.5

United Int. Trans. Co.

Saudi Arabia

71.75

4.4

738.5

69.2

Petro Rabigh

Saudi Arabia

16.85

3.4

3,763.3

(4.0)

Saudi Arabia

18.25

2.5

5,606.8

34.7

Dubai: The DFM index declined 0.3% to close at 2,902.6. The Insurance index
fell 1.9%, while the Services index was down 0.8%. National General
Insurance Co. declined 9.9%, while Int. Financial Advisors was down 5.1%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 3,853.5. The
Investment & Financial Services index gained 7.3%, while the
Telecommunication index was up 0.4%. Bank of Sharjah rose 10.1%, while
Waha Capital was up 7.3%.

Sahara Petrochem. Co.
##

#

1D% Vol. ‘000

YTD%

GCC Top Losers

Exchange

Ithmaar Bank

Bahrain

0.24

(4.0)

100.0

41.2

Kuwait: The KSE index was closed on November 05, 2013.

Drake & Scull Int.

Dubai

1.25

(1.6)

21,815.7

77.6

Oman: The MSM index was closed on November 05, 2013.

Dana Gas

Abu Dhabi

0.65

(1.5)

8,364.8

44.4

Deyaar Development

Dubai

0.73

(1.5)

27,219.6

106.8

Saudi Ceramic Co.

Saudi Arabia

124.75

(1.0)

153.3

69.2

Bahrain: The BHB index fell 0.3% to close at 1,197.8. The Industrial index
declined 1.0%, while the Commercial Banking index was down 0.7%. Nass
Corporation fell 5.1%, while Ithmaar Bank was down 4.0%.

Close

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)

Qatar Exchange Top Gainers

Close*

1D%

Vol. ‘000

YTD%

Close*

1D%

Vol. ‘000

Al Meera Consumer Goods Co.

137.00

2.2

83.7

11.9

Islamic Holding Group

41.50

(2.9)

102.8

9.2

38.90

(2.3)

34.0

(31.6)

Qatar Exchange Top Losers

YTD%

Gulf International Services

59.30

1.9

486.6

97.7

Qatar Cinema & Film Dist. Co.

Al Khaleej Takaful Group

39.90

1.5

22.6

8.8

Qatar General Ins. & Rein. Co.

52.50

(0.9)

15.1

14.1

Dlala Brok. & Inv. Holding Co.

20.20

1.5

17.6

(35.0)

Gulf Warehousing Co.

39.75

(0.6)

23.9

18.7

Qatari Investors Group

31.80

1.4

392.5

38.3

Aamal Co.

14.30

(0.3)

19.3

5.1
YTD%

Close*

1D%

Vol. ‘000

YTD%

Qatar Exchange Top Val. Trades

Close*

1D%

Val. ‘000

Commercial Bank of Qatar

67.00

0.9

982.8

(5.5)

Industries Qatar

161.60

0.9

125,975.2

14.6

Barwa Real Estate Co.

27.00

0.6

896.5

(1.6)

Commercial Bank of Qatar

67.00

0.9

65,738.3

(5.5)

Masraf Al Rayan

29.80

0.0

831.4

20.2

QNB Group

166.50

1.2

59,767.3

27.2

Industries Qatar

161.60

0.9

781.8

14.6

Qatar Electricity & Water Co.

160.20

0.8

31,634.9

21.0

19.00

0.6

720.2

11.8

Gulf International Services

59.30

1.9

28,572.2

97.7

Qatar Exchange Top Vol. Trades

Al Khalij Commercial Bank

Source: Bloomberg (* in QR)

Source: Bloomberg (* in QR)

Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait#
Oman#
Bahrain

Close

1D%

WTD%

MTD%

YTD%

9,915.21
2,902.62
3,853.49
8,170.73
7,895.85
6,717.90
1,197.76

0.8
(0.3)
0.2
1.2
N/A
N/A
(0.3)

0.8
(0.7)
0.2
1.6
0.0
0.0
(0.3)

0.8
(0.7)
0.2
1.6
0.0
0.0
(0.3)

18.6
78.9
46.5
20.1
33.1
16.6
12.4

Exch. Val. Traded
($ mn)
145.61
103.23
105.61
1,455.26
106.08
61.37
0.56

Exchange Mkt.
Cap. ($ mn)
147,204.8
69,830.0
111,438.6
439,887.7
110,359.7
23,935.4
16,848.4

P/E**

P/B**

12.7
15.8
10.8
16.7
18.5
10.9
8.2

1.7
1.2
1.3
2.1
1.3
1.6
0.8

Dividend
Yield
4.6
3.1
4.7
3.6
3.5
3.9
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) ( Data as of Nov. 05, 2013)

Page 1 of 5
Qatar Market Commentary
 The QE index rose 0.8% to close at 9,915.2. The Industrials and
Consumer Goods & Services indices led the gains. The index
rose on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
 Al Meera Consumer Goods Co. and Gulf International Services
were the top gainers, rising 2.2% and 1.9% respectively. Among
the top losers, Islamic Holding Group fell 2.9%, while Qatar
Cinema & Film Dist. Co. declined 2.3%.

Overall Activity

Buy %*

Sell %*

Net (QR)

Qatari

48.92%

68.15%

(101,917,490.41)

Non-Qatari

51.08%

31.85%

101,917,490.41

Source: Qatar Exchange (* as a % of traded value)

 Volume of shares traded on Tuesday rose by 70.3% to 9.2mn
from 5.4mn on Monday. Further, as compared to the 30-day
moving average of 6.2mn, volume for the day was 49.6% higher.
Commercial Bank of Qatar and Barwa Real Estate Co. were the
most active stocks, contributing 10.7% and 9.7% to the total
volume respectively.

Earnings and Global Economic Data
Earnings Releases
Company

Revenue
(mn) 3Q2013

% Change
YoY

Operating Profit
(mn) 3Q2013

% Change
YoY

Net Profit (mn)
3Q2013

% Change
YoY

123.4

223.6%

–

–

82.8

NA

AED

19.1

-33.9%

–

–

7.5

57.7%

AED

107.5

20.6%

–

–

20.4

-0.1%

AED

73.7

42.3%

–

–

3.0

-81.8%

Market

Dubai Financial Market Co.
(DFM)
FOODCO Holding
Gulf Medical Projects Co.
(GMPC)
Emirates Insurance Co.
(EIC)

Currency

Dubai

AED

Abu Dhabi
Abu Dhabi
Abu Dhabi

Source: Company data, DFM, ADX, MSM

Global Economic Data
Date

Market

Source

Indicator

Period

Actual

Consensus

Previous

11/05

US

ISM

ISM Non-Manf. Composite

October

55.4

54

54.4

11/05

EU

Eurostat

PPI MoM

September

0.10%

0.20%

0.00%

11/05

EU

Eurostat

PPI YoY

September

-0.90%

-0.80%

-0.80%

11/05

China

HSBC

HSBC/Markit Services PMI

October

52.6

–

52.4

Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)

News
Qatar
 Emir vows measures to contain price rise – The Emir HH
Sheikh Tamim bin Hamad al-Thani promised that the Qatari
government will seek to contain inflation through all possible
means, including monetary and fiscal policies. Speaking at the
opening of a new term of the Advisory Council, the Emir said a
governmental committee has been set up to propose solutions
to control inflationary pressures. The government will seek to
contain it (inflation) by all available means and tools, and, in
particular, through the monetary and fiscal policies, combating
monopoly, encouraging competitiveness, setting an appropriate
timetable to invest in major projects and co-ordinating between
these projects to avert being concentrated in a short period of
time leading to pressure on the available potential capacity.
(Gulf-Times.com)
 QNB Group: Qatar’s foreign reserves up $39.3bn in
September – According to a report by the QNB Group, Qatar’s
international reserves have edged higher, totaling $39.3bn in
September, indicating 16% rise on 2012 driven by high
hydrocarbon prices. According to the QNB report, the import
cover stood at 16.7 months, which is well above the IMF
recommended level of three months for pegged exchange rates.
Qatar’s international reserves have been steadily rising over the
years as foreign exchange receipts from exports grew. The
pullback in reserves in 2011 was largely due to capital outflows

for purchasing foreign assets and international reserves are
forecasted to increase gradually until 2014. Strong fiscal and
economic fundamentals have reduced Qatar’s Credit Default
Swap (CDS) spreads to historic lows in October. Four major
Asian countries, Japan, South Korea, India and China, remained
the top export destinations for Qatar. (Gulf-Times.com)
 BWI signs deal with Sphinex to develop Qatar hotels – Best
Western International (BWI), a major global hotel chain, has
signed a key agreement with Sphinex Hotels & Resorts, a Qatari
hotel development company, for the development of several
new hotels in Qatar. Initially, the Area Development Agreement
concluded between BWI and Sphinex Hotels & Resorts will
include a new-build 75-room property in Doha to be operated
under BWI’s midscale “Best Western” brand. The agreement
also paves the way for future developments, which could lead to
BWI becoming a leading international hotel operator in Qatar.
(Gulf-Times.com)
 Qatar earmarks QR4bn for Industrial Area development –
Ashghal Director of Road Projects Department Saud Ali Al
Tamimi said the government has earmarked QR4bn for the
development of the Industrial Area in six phases. The first stage
will develop the old Industrial Area at a cost of QR1.3bn, which
is aimed to make the Industrial Area an integrated one with
modern infrastructure. (Peninsula Qatar)
Page 2 of 5
 ERES to hold shareholders’ OGM on November 20 – Ezdan
Holding Group (ERES) will hold its shareholders’ ordinary
general meeting (OGM) on November 20, 2013 to discuss the
board’s recommendation to enter into a partnership with Sak
Holding Group for developing its land. (QE)
International
 EU expects sluggish growth, persistent high unemployment
– The European Union (EU) expects subdued growth is likely to
keep the bloc's unemployment rate near record highs through
2015, as private-sector debt-cutting and government austerity
measures continue to weigh on consumer spending and
business investment. The European Commission's economists
predict that economic imbalances are at the root of the
Eurozone crisis, which is though diminished, will persist.
Economists downgraded their expectations for the Eurozone’s
growth next year to 1.1%, from the 1.2% forecast earlier in
spring. The forecast for 2015 stands at 1.7%. (WSJ)
 ECB: Eurozone gradually recovering – The European Central
Bank President Mario Draghi said the Eurozone economy is
recovering gradually, but the interest rates paid by households
and businesses across the bloc continue to vary greatly. Draghi
also said he expected Europe's proposed banking union, if
properly implemented, can improve the situation across the
currency bloc. (Reuters)
 BoJ offers upbeat view on China, US despite risks – The
Bank of Japan (BoJ) Governor Haruhiko Kuroda said the
economies of China and the US – Japan's biggest export
markets – will continue to recover and help achieve the central
bank's 2% inflation target. Kuroda said Japan’s economy is
making steady progress toward meeting the BoJ's price goal,
but reiterated his readiness to offer additional monetary stimulus
if that path is threatened by external risks. (Reuters)
Regional
 Saudi PMI declines to 56.7 in October – The seasonallyadjusted Saudi Arabian Purchasing Managers’ Index (PMI)
compiled by the Saudi British Bank (SABB) and HSBC declined
to 56.7 in October 2013 from 58.7 in September. The output
growth for non-oil private sector companies stood at 58.2, which
is the second slowest in the survey's 51-month history.
However, new orders have increased in October to 64.7, but at
the slowest pace in three months. (GulfBase.com)
 RCJY awards 2 infrastructure contracts worth SR300mn –
The Royal Commission for Jubail & Yanbu (RCJY) has signed
two contracts worth SR300mn to develop infrastructure of
Mardooma Quarter and implement engineering services for
energy & telecommunications in Ras Al Khair. RCJY has signed
a contract with Al Harbi Trading & Contracting Company to
develop 500 hectares of land in Mardooma Quarter, which is
expected to be completed in 26 months. Meanwhile, the
Egyptian Group along with Lahmeyer International Company
has won a contract from RCJY to implement planning, designing
and installing engineering services for high voltage electrical
substations, including power distribution networks and
telecommunications in Ras Al Khair. (GulfBase.com)
 JEC signs SR162mn deal with EC Harris Mace to manage
Kingdom Tower project – Jeddah Economic Company (JEC)
has entered into an agreement worth SR162mn with EC Harris
Mace to provide project management services for the Kingdom
Tower project. This contract includes the management of all
aspects of project delivery with specific emphasis on
management of programs and costs. (Tadawul)

 KAEC awards SR313mn construction contract to Rezaik Al
Jedrawi – The King Abdullah Economic City (KAEC) has
awarded SR313mn contract to Rezaik Al Jedrawi Company to
construct the Phase 1 of Al Waha residential community. This
180,000 square meter space consists of 650 units that offer
single and multi-family housing solutions. The sales and preleasing will begin in 2014, while the customer handover is
scheduled for 4Q2015. (GulfBase.com)
 Savola’s shareholders approve SR5.3bn capital increase –
Savola Group Company’s shareholders have approved to
increase the company’s capital from SR5bn to SR5.34bn by
issuing 33.98mn new shares to Al Muhaidib Holding Company.
This will be done in exchange of acquiring 10% shareholding in
Savola and 18.6% stake in Al Azizia Panda United Company.
(Tadawul)
 Saudi CMA approves Bawan’s 15mn shares IPO – The Saudi
Capital Market Authority (Saudi CMA) has approved the initial
public offering of 15mn shares of Bawan Holding Company,
representing 30% of the company’s share capital. A portion of
these shares will be allotted to mutual funds and authorized
persons. Shares will be offered from November 27 to December
3, 2013. (Tadawul)
 Astra Food’s IPO of 11mn shares approved – The Saudi
CMA has approved the initial public offering of 11mn shares of
Astra Food Company, which represents 40% of the company’s
share capital. A portion of these shares will be allocated to
mutual funds and authorized persons. Shares will be offered
from December 18 to December 24, 2013. (Tadawul)
 Saudi CMA authorizes Mulkia Investment as principal
underwriter – The Saudi CMA’s Board of Commissioners has
authorized Mulkia Investment Company as the principal,
underwriter, for managing investment funds and client portfolios,
as well as arranging, advising and custody in the securities
businesses. (Tadawul)
 JMC’s BoD recommends to 50% capital increase – Jarir
Marketing Company’s (JMC) Board of Directors has
recommended a 50% increase in the company’s capital from
SR600mn to SR900mn. (GulfBase.com)
 UAE PMI declines to 56.3 points in October – The HSBC
UAE PMI declined to 56.3 points in October 2013 from 56.6
points in September. Firms in the UAE have seen their output
growth to fall to 56.4 in October from 57.9 in September. New
orders were strongest in the survey's 51-month history standing
at 64.6 in October as compared to 65 in September. Growth in
new export orders rose to 58.9 points. However, employment
creation across the UAE's non-oil private sector has slowed
moderately to 52.7 points in October. Output price growth has
slipped into negative territory at 49 points in October, while input
price growth slowed slightly to 54.2 points in October.
(GulfBase.com)
 Ras Al Khaimah seeks bids for 2 utility projects worth
$450mn – Ras Al Khaimah will undertake bidding for two utility
projects worth $450mn to meet the growing power demand and
enable new developers to participate in the development of
utility infrastructure. This initial power tender will be to supply 20
MW of solar power. The Emirate will also float a separate tender
for a water project that will supply approximately 22mn gallons
of water per day. (GulfBase.com)
 Sharjah hotels report 10% growth in 9M2013 – According to
the data released by the Sharjah Commerce & Tourism
Development Authority (SCTDA), the Emirate’s hotel industry
has witnessed a robust 10% growth during January-September
2013. A total number of 1.4mn international tourists have visited
Page 3 of 5
Sharjah until September as compared to 1.3mn visitors during
January-September 2012. The data showed that Arab tourists
comprised 13% of the total figures, whereas Asian tourists
constituted 14%. SCTDA found that the total number of hotel
rooms has reached 9,573, which is expected to touch 12,000 by
2015. (GulfBase.com)
 Etisalat inks share purchase deal with Vivendi to acquire
53% stake in Maroc Telecom – The Emirates
Telecommunications Corporation (Etisalat) has signed a share
purchase agreement for the acquisition of Vivendi’s 53% stake
in Itissalat Al Maghrib (Maroc Telecom) for €4.2bn in cash. The
cash transaction also includes 7.4 Moroccan Dirhams per share
paid by Maroc Telecom to the French company. The purchase
will give the UAE telecom operator control over the largest
carrier in Morocco. (ADX)
 Thuraya Telecom signs partnership deal with Vocality –
Thuraya Telecommunications Company has entered into a
strategic partnership agreement with Vocality to provide
Vocality’s solutions for its global network of service partners that
serve commercial and defense satellite communication markets.
(GulfBase.com)
 Empower in talks to buy Palm Utilities – Dubai-based
Empower (a unit of Dubai Electricity & Water Authority) is
reportedly in advanced talks to buy Palm Utilities (owned by
Dubai World) for about $500mn. Empower is trying to raise
around $600mn from six banks to fund the acquisition.
(Bloomberg)
 JLL: Abu Dhabi home prices pick up due to 5% rise in
prices of prime properties – According to a report by Jones
Lang LaSalle (JLL), home prices in Abu Dhabi are picking up in
3Q2013 due to a 5% rise in prices of prime properties. JLL’s
Regional Director & Head of Abu Dhabi Office David Dudley
said that prime residential sales market has proved to be the
best performing segment in 2013, with a steady increase in
transaction volumes and QoQ growth in sales prices for prime
stock. The prime residential, rental, retail, hospitality and office
sectors have remained stable and are poised for recovery as
supply and demand of properties have become more balanced.
The report showed that short-term demand will be fuelled by
progress on major infrastructure projects such as the airport
expansion, Etihad Rail, Saadiyat Island museums and other
major infrastructure initiatives. However, the long-term market
recovery will be dependent on the government’s ongoing
initiatives to diversify the economy and generate sustainable
demand growth. The report also showed that prime residential
rents have remained unchanged in 3Q2013 at AED130, 000,
while secondary residential rents have continued to fall in
3Q2013. (GulfBase.com)

 KFH inks MoU with Foulath to finance $115mn – The Kuwait
Finance House (KFH) has signed a MoU with Bahrain-based
Gulf United Steel Holding Company (Foulath) to finance $115mn
for five years. (GulfBase.com)
 Oman’s revenue declines 4.2% to OMR10.48bn for 9M2013 –
According to a report released by the National Center for
Statistics & Information (NCSI), the Omani government's
revenue has declined 4.2% YoY to OMR10.48bn for the nine
months ended on September 30, 2013. This fall was mainly due
to decline in net oil revenue, which declined 2.5% to OMR7.9bn.
The report showed that crude oil production during JanuarySeptember 2013 rose 2.9% YoY to 256.5mn barrels, while the
average oil price fell 4.3% YoY to $104.87 per barrel. The
average daily production stood at 939,400 barrels per day (bpd)
during January-September 2013 as compared to 910,000 bpd
for the corresponding period in 2012. Moreover, the report
showed that Oman's gas revenue has declined 10.9% YoY to
OMR1.1bn, while custom duties stood at OMR139.1mn,
indicating a decrease of 18.6% YoY. (GulfBase.com)
 Tilal Development issues OMR50mn sukuk – Tilal
Development Company has successfully issued OMR50mn
sukuk. This five-year sukuk offers a profit rate of 5% and was
privately placed with investors. The proceeds from this issue will
be used to expand Tilal Complex in Muscat. (Reuters)
 Moody's: Bahrain's Baa2 rating supported by its surplus
BoPs, assistance from GCC members – According to
Moody's Investors Service, Bahrain's Baa2 rating is supported
by its surplus balance of payments and the financial assistance
received from the members of the GCC region. The key
constraint on Bahrain's creditworthiness is due to its unsettled
politics, which hold negative implications for its fiscal accounts
and future growth trajectory. (GulfBase.com)
 Investcorp’s US-based arm acquires assets worth $250mn –
Bahrain-based Investcorp’s US-based real estate arm has
acquired a group of offices and retail assets worth $250mn in
Greater Chicago, Los Angeles, Minneapolis and New York
areas. These properties comprise more than 1.6mn square feet
of space and have a combined occupancy rate of around 92%.
(Bahrain Bourse)
appoints
new
CFO
–
The
Bahrain
 Batelco
Telecommunications Company (Batelco) has appointed Faisal
Qamhiyah as the company’s new CFO. (Reuters)

 FGB appoints banks to arrange dollar denominated bond
sale – First Gulf Bank (FGB) is planning to sell a US dollardenominated, benchmark-sized bond. The bank has appointed
the Bank of America Merrill Lynch, Citigroup, Deutsche Bank
and HSBC Holdings to arrange the bond sale, which is expected
to raise $500mn. The initial price thought for this issue is 185
basis points over mid-swaps with maturity in January 2019.
(Reuters)
 Habtoor Leighton bags $160mn contract from ADAC –
Habtoor Leighton Group (HLG) has signed a new contract with
Abu Dhabi Airport Company (ADAC) worth $160mn. HLG will
install supporting infrastructure, build roads and bridges and
carry out electrical & plumbing work. The company will begin its
work in November and expects to complete within 18 to 24
months. (Bloomberg)
Page 4 of 5
Rebased Performance

Daily Index Performance

150.0

1.4%

140.0

1.2%

142.5

130.0
128.2

120.0

0.8%
0.7%
0.2%
0.0%

116.9

110.0

0.0%

0.0%

100.0
90.0

S&P Pan Arab

S&P GCC

Source: Bloomberg

Asset/Currency Performance

Dubai

Oman*

Bahrain

Jul-13

Kuwait*

May-12 Dec-12

Abu Dhabi

QE Index

Oct-11

Qatar

Jan-10 Aug-10 Mar-11

(0.3%)

(0.3%)
Saudi Arabia

(0.7%)

80.0

Source: Bloomberg (*- Kuwait, Oman were closed on November 05, 2013)

Close

1D%

WTD%

YTD%

15,618.22

(0.1)

0.0

19.2

S&P 500

1,762.97

(0.3)

0.1

23.6

(5.2)

NASDAQ 100

3,939.86

0.1

0.5

30.5

(2.8)

(1.9)

STOXX 600

321.89

(0.2)

0.1

15.1

(0.1)

0.4

30.4

DAX

9,009.11

(0.3)

0.0

18.3

140.00

(0.2)

(1.1)

(19.1)

FTSE 100

6,746.84

(0.2)

0.2

14.4

Euro

1.35

(0.3)

(0.1)

2.1

Yen

98.50

(0.1)

(0.2)

13.5

Nikkei

GBP

1.60

0.5

0.8

(1.3)

CHF

1.09

(0.4)

(0.1)

0.2

AUD

0.95

(0.0)

0.7

(8.5)

USD Index

80.71

0.2

(0.0)

RUB

32.55

0.7

0.5

BRL

0.44

(1.7)

(1.2)

(10.2)

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

Close ($)

1D%

WTD%

YTD%

Global Indices Performance

1,311.81

(0.2)

(0.3)

(21.7)

DJ Industrial

21.71

0.2

(0.8)

(28.5)

105.33

(0.8)

(0.5)

3.36

(0.5)

116.75

4,253.34

(0.8)

(0.5)

16.8

14,225.37

0.2

0.2

36.8

MSCI EM

1,016.30

(1.0)

(1.1)

(3.7)

SHANGHAI SE Composite

2,157.24

0.4

0.4

(4.9)

HANG SENG

23,038.95

(0.6)

(0.9)

1.7

1.2

BSE SENSEX

20,974.79

(1.2)

(1.0)

8.0

6.6

Bovespa

53,831.85

(1.1)

(0.3)

(11.7)

1,460.23

(1.0)

(1.0)

(4.4)

Source: Bloomberg

CAC 40

RTS
Source: Bloomberg

Contacts

Saugata Sarkar

Ahmed M. Shehada

Keith Whitney

Sahbi Kasraoui

Head of Research

Head of Trading

Head of Sales

Manager - HNWI

Tel: (+974) 4476 6534

Tel: (+974) 4476 6535

Tel: (+974) 4476 6533

Tel: (+974) 4476 6544

saugata.sarkar@qnbfs.com.qa

ahmed.shehada@qnbfs.com.qa

keith.whitney@qnbfs.com.qa

sahbi.alkasraoui@qnbfs.com.qa

QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.

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5 November Daily Market Report

  • 1. QE Intra-Day Movement Market Indicators 9,920 9,900 9,880 04 Nov 13 %Chg. 530.0 535,874.7 9.2 6,324 39 29:7 287.2 531,983.2 5.4 4,037 38 21:12 84.5 0.7 70.3 56.7 2.6 – Market Indices 9,860 9,840 9:30 05 Nov 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 0.8% to close at 9,915.2. Gains were led by the Industrials and Consumer Goods & Services indices, gaining 0.8% and 0.7% respectively. Top gainers were Al Meera Consumer Goods Co. and Gulf International Services, rising 2.2% and 1.9% respectively. Among the top losers, Islamic Holding Group fell 2.9%, while Qatar Cinema & Film Dist. Co. declined 2.3%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,166.56 2,482.75 2,355.74 3,252.92 1,848.14 1,833.82 2,331.91 1,424.33 5,914.22 2,830.57 0.8 0.7 0.7 0.8 0.5 0.6 0.6 0.3 0.7 0.6 0.8 0.7 0.8 1.0 1.0 0.6 0.0 (1.0) 0.4 0.6 25.2 23.2 20.9 23.8 37.9 13.8 18.8 33.7 26.6 13.8 N/A 12.6 12.6 11.8 12.5 12.6 9.6 19.7 22.4 14.8 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index rose 1.2% to close at 8,170.7. Gains were led by the Agriculture & Food Industries and Hotel & Tourism indices, rising 2.1% and 1.7% respectively. Al Ahlia Insurance Co. gained 10.0%, while Saudi Arabian Cooperative Insurance Co. was up 8.6%. Bank of Sharjah Abu Dhabi 1.75 10.1 1,774.8 36.7 Savola Group Co. Saudi Arabia 59.00 4.4 648.1 47.5 United Int. Trans. Co. Saudi Arabia 71.75 4.4 738.5 69.2 Petro Rabigh Saudi Arabia 16.85 3.4 3,763.3 (4.0) Saudi Arabia 18.25 2.5 5,606.8 34.7 Dubai: The DFM index declined 0.3% to close at 2,902.6. The Insurance index fell 1.9%, while the Services index was down 0.8%. National General Insurance Co. declined 9.9%, while Int. Financial Advisors was down 5.1%. Abu Dhabi: The ADX benchmark index rose 0.2% to close at 3,853.5. The Investment & Financial Services index gained 7.3%, while the Telecommunication index was up 0.4%. Bank of Sharjah rose 10.1%, while Waha Capital was up 7.3%. Sahara Petrochem. Co. ## # 1D% Vol. ‘000 YTD% GCC Top Losers Exchange Ithmaar Bank Bahrain 0.24 (4.0) 100.0 41.2 Kuwait: The KSE index was closed on November 05, 2013. Drake & Scull Int. Dubai 1.25 (1.6) 21,815.7 77.6 Oman: The MSM index was closed on November 05, 2013. Dana Gas Abu Dhabi 0.65 (1.5) 8,364.8 44.4 Deyaar Development Dubai 0.73 (1.5) 27,219.6 106.8 Saudi Ceramic Co. Saudi Arabia 124.75 (1.0) 153.3 69.2 Bahrain: The BHB index fell 0.3% to close at 1,197.8. The Industrial index declined 1.0%, while the Commercial Banking index was down 0.7%. Nass Corporation fell 5.1%, while Ithmaar Bank was down 4.0%. Close 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) Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 Al Meera Consumer Goods Co. 137.00 2.2 83.7 11.9 Islamic Holding Group 41.50 (2.9) 102.8 9.2 38.90 (2.3) 34.0 (31.6) Qatar Exchange Top Losers YTD% Gulf International Services 59.30 1.9 486.6 97.7 Qatar Cinema & Film Dist. Co. Al Khaleej Takaful Group 39.90 1.5 22.6 8.8 Qatar General Ins. & Rein. Co. 52.50 (0.9) 15.1 14.1 Dlala Brok. & Inv. Holding Co. 20.20 1.5 17.6 (35.0) Gulf Warehousing Co. 39.75 (0.6) 23.9 18.7 Qatari Investors Group 31.80 1.4 392.5 38.3 Aamal Co. 14.30 (0.3) 19.3 5.1 YTD% Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 Commercial Bank of Qatar 67.00 0.9 982.8 (5.5) Industries Qatar 161.60 0.9 125,975.2 14.6 Barwa Real Estate Co. 27.00 0.6 896.5 (1.6) Commercial Bank of Qatar 67.00 0.9 65,738.3 (5.5) Masraf Al Rayan 29.80 0.0 831.4 20.2 QNB Group 166.50 1.2 59,767.3 27.2 Industries Qatar 161.60 0.9 781.8 14.6 Qatar Electricity & Water Co. 160.20 0.8 31,634.9 21.0 19.00 0.6 720.2 11.8 Gulf International Services 59.30 1.9 28,572.2 97.7 Qatar Exchange Top Vol. Trades Al Khalij Commercial Bank Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait# Oman# Bahrain Close 1D% WTD% MTD% YTD% 9,915.21 2,902.62 3,853.49 8,170.73 7,895.85 6,717.90 1,197.76 0.8 (0.3) 0.2 1.2 N/A N/A (0.3) 0.8 (0.7) 0.2 1.6 0.0 0.0 (0.3) 0.8 (0.7) 0.2 1.6 0.0 0.0 (0.3) 18.6 78.9 46.5 20.1 33.1 16.6 12.4 Exch. Val. Traded ($ mn) 145.61 103.23 105.61 1,455.26 106.08 61.37 0.56 Exchange Mkt. Cap. ($ mn) 147,204.8 69,830.0 111,438.6 439,887.7 110,359.7 23,935.4 16,848.4 P/E** P/B** 12.7 15.8 10.8 16.7 18.5 10.9 8.2 1.7 1.2 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.6 3.1 4.7 3.6 3.5 3.9 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) ( Data as of Nov. 05, 2013) Page 1 of 5
  • 2. Qatar Market Commentary  The QE index rose 0.8% to close at 9,915.2. The Industrials and Consumer Goods & Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Al Meera Consumer Goods Co. and Gulf International Services were the top gainers, rising 2.2% and 1.9% respectively. Among the top losers, Islamic Holding Group fell 2.9%, while Qatar Cinema & Film Dist. Co. declined 2.3%. Overall Activity Buy %* Sell %* Net (QR) Qatari 48.92% 68.15% (101,917,490.41) Non-Qatari 51.08% 31.85% 101,917,490.41 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday rose by 70.3% to 9.2mn from 5.4mn on Monday. Further, as compared to the 30-day moving average of 6.2mn, volume for the day was 49.6% higher. Commercial Bank of Qatar and Barwa Real Estate Co. were the most active stocks, contributing 10.7% and 9.7% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY 123.4 223.6% – – 82.8 NA AED 19.1 -33.9% – – 7.5 57.7% AED 107.5 20.6% – – 20.4 -0.1% AED 73.7 42.3% – – 3.0 -81.8% Market Dubai Financial Market Co. (DFM) FOODCO Holding Gulf Medical Projects Co. (GMPC) Emirates Insurance Co. (EIC) Currency Dubai AED Abu Dhabi Abu Dhabi Abu Dhabi Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 11/05 US ISM ISM Non-Manf. Composite October 55.4 54 54.4 11/05 EU Eurostat PPI MoM September 0.10% 0.20% 0.00% 11/05 EU Eurostat PPI YoY September -0.90% -0.80% -0.80% 11/05 China HSBC HSBC/Markit Services PMI October 52.6 – 52.4 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Emir vows measures to contain price rise – The Emir HH Sheikh Tamim bin Hamad al-Thani promised that the Qatari government will seek to contain inflation through all possible means, including monetary and fiscal policies. Speaking at the opening of a new term of the Advisory Council, the Emir said a governmental committee has been set up to propose solutions to control inflationary pressures. The government will seek to contain it (inflation) by all available means and tools, and, in particular, through the monetary and fiscal policies, combating monopoly, encouraging competitiveness, setting an appropriate timetable to invest in major projects and co-ordinating between these projects to avert being concentrated in a short period of time leading to pressure on the available potential capacity. (Gulf-Times.com)  QNB Group: Qatar’s foreign reserves up $39.3bn in September – According to a report by the QNB Group, Qatar’s international reserves have edged higher, totaling $39.3bn in September, indicating 16% rise on 2012 driven by high hydrocarbon prices. According to the QNB report, the import cover stood at 16.7 months, which is well above the IMF recommended level of three months for pegged exchange rates. Qatar’s international reserves have been steadily rising over the years as foreign exchange receipts from exports grew. The pullback in reserves in 2011 was largely due to capital outflows for purchasing foreign assets and international reserves are forecasted to increase gradually until 2014. Strong fiscal and economic fundamentals have reduced Qatar’s Credit Default Swap (CDS) spreads to historic lows in October. Four major Asian countries, Japan, South Korea, India and China, remained the top export destinations for Qatar. (Gulf-Times.com)  BWI signs deal with Sphinex to develop Qatar hotels – Best Western International (BWI), a major global hotel chain, has signed a key agreement with Sphinex Hotels & Resorts, a Qatari hotel development company, for the development of several new hotels in Qatar. Initially, the Area Development Agreement concluded between BWI and Sphinex Hotels & Resorts will include a new-build 75-room property in Doha to be operated under BWI’s midscale “Best Western” brand. The agreement also paves the way for future developments, which could lead to BWI becoming a leading international hotel operator in Qatar. (Gulf-Times.com)  Qatar earmarks QR4bn for Industrial Area development – Ashghal Director of Road Projects Department Saud Ali Al Tamimi said the government has earmarked QR4bn for the development of the Industrial Area in six phases. The first stage will develop the old Industrial Area at a cost of QR1.3bn, which is aimed to make the Industrial Area an integrated one with modern infrastructure. (Peninsula Qatar) Page 2 of 5
  • 3.  ERES to hold shareholders’ OGM on November 20 – Ezdan Holding Group (ERES) will hold its shareholders’ ordinary general meeting (OGM) on November 20, 2013 to discuss the board’s recommendation to enter into a partnership with Sak Holding Group for developing its land. (QE) International  EU expects sluggish growth, persistent high unemployment – The European Union (EU) expects subdued growth is likely to keep the bloc's unemployment rate near record highs through 2015, as private-sector debt-cutting and government austerity measures continue to weigh on consumer spending and business investment. The European Commission's economists predict that economic imbalances are at the root of the Eurozone crisis, which is though diminished, will persist. Economists downgraded their expectations for the Eurozone’s growth next year to 1.1%, from the 1.2% forecast earlier in spring. The forecast for 2015 stands at 1.7%. (WSJ)  ECB: Eurozone gradually recovering – The European Central Bank President Mario Draghi said the Eurozone economy is recovering gradually, but the interest rates paid by households and businesses across the bloc continue to vary greatly. Draghi also said he expected Europe's proposed banking union, if properly implemented, can improve the situation across the currency bloc. (Reuters)  BoJ offers upbeat view on China, US despite risks – The Bank of Japan (BoJ) Governor Haruhiko Kuroda said the economies of China and the US – Japan's biggest export markets – will continue to recover and help achieve the central bank's 2% inflation target. Kuroda said Japan’s economy is making steady progress toward meeting the BoJ's price goal, but reiterated his readiness to offer additional monetary stimulus if that path is threatened by external risks. (Reuters) Regional  Saudi PMI declines to 56.7 in October – The seasonallyadjusted Saudi Arabian Purchasing Managers’ Index (PMI) compiled by the Saudi British Bank (SABB) and HSBC declined to 56.7 in October 2013 from 58.7 in September. The output growth for non-oil private sector companies stood at 58.2, which is the second slowest in the survey's 51-month history. However, new orders have increased in October to 64.7, but at the slowest pace in three months. (GulfBase.com)  RCJY awards 2 infrastructure contracts worth SR300mn – The Royal Commission for Jubail & Yanbu (RCJY) has signed two contracts worth SR300mn to develop infrastructure of Mardooma Quarter and implement engineering services for energy & telecommunications in Ras Al Khair. RCJY has signed a contract with Al Harbi Trading & Contracting Company to develop 500 hectares of land in Mardooma Quarter, which is expected to be completed in 26 months. Meanwhile, the Egyptian Group along with Lahmeyer International Company has won a contract from RCJY to implement planning, designing and installing engineering services for high voltage electrical substations, including power distribution networks and telecommunications in Ras Al Khair. (GulfBase.com)  JEC signs SR162mn deal with EC Harris Mace to manage Kingdom Tower project – Jeddah Economic Company (JEC) has entered into an agreement worth SR162mn with EC Harris Mace to provide project management services for the Kingdom Tower project. This contract includes the management of all aspects of project delivery with specific emphasis on management of programs and costs. (Tadawul)  KAEC awards SR313mn construction contract to Rezaik Al Jedrawi – The King Abdullah Economic City (KAEC) has awarded SR313mn contract to Rezaik Al Jedrawi Company to construct the Phase 1 of Al Waha residential community. This 180,000 square meter space consists of 650 units that offer single and multi-family housing solutions. The sales and preleasing will begin in 2014, while the customer handover is scheduled for 4Q2015. (GulfBase.com)  Savola’s shareholders approve SR5.3bn capital increase – Savola Group Company’s shareholders have approved to increase the company’s capital from SR5bn to SR5.34bn by issuing 33.98mn new shares to Al Muhaidib Holding Company. This will be done in exchange of acquiring 10% shareholding in Savola and 18.6% stake in Al Azizia Panda United Company. (Tadawul)  Saudi CMA approves Bawan’s 15mn shares IPO – The Saudi Capital Market Authority (Saudi CMA) has approved the initial public offering of 15mn shares of Bawan Holding Company, representing 30% of the company’s share capital. A portion of these shares will be allotted to mutual funds and authorized persons. Shares will be offered from November 27 to December 3, 2013. (Tadawul)  Astra Food’s IPO of 11mn shares approved – The Saudi CMA has approved the initial public offering of 11mn shares of Astra Food Company, which represents 40% of the company’s share capital. A portion of these shares will be allocated to mutual funds and authorized persons. Shares will be offered from December 18 to December 24, 2013. (Tadawul)  Saudi CMA authorizes Mulkia Investment as principal underwriter – The Saudi CMA’s Board of Commissioners has authorized Mulkia Investment Company as the principal, underwriter, for managing investment funds and client portfolios, as well as arranging, advising and custody in the securities businesses. (Tadawul)  JMC’s BoD recommends to 50% capital increase – Jarir Marketing Company’s (JMC) Board of Directors has recommended a 50% increase in the company’s capital from SR600mn to SR900mn. (GulfBase.com)  UAE PMI declines to 56.3 points in October – The HSBC UAE PMI declined to 56.3 points in October 2013 from 56.6 points in September. Firms in the UAE have seen their output growth to fall to 56.4 in October from 57.9 in September. New orders were strongest in the survey's 51-month history standing at 64.6 in October as compared to 65 in September. Growth in new export orders rose to 58.9 points. However, employment creation across the UAE's non-oil private sector has slowed moderately to 52.7 points in October. Output price growth has slipped into negative territory at 49 points in October, while input price growth slowed slightly to 54.2 points in October. (GulfBase.com)  Ras Al Khaimah seeks bids for 2 utility projects worth $450mn – Ras Al Khaimah will undertake bidding for two utility projects worth $450mn to meet the growing power demand and enable new developers to participate in the development of utility infrastructure. This initial power tender will be to supply 20 MW of solar power. The Emirate will also float a separate tender for a water project that will supply approximately 22mn gallons of water per day. (GulfBase.com)  Sharjah hotels report 10% growth in 9M2013 – According to the data released by the Sharjah Commerce & Tourism Development Authority (SCTDA), the Emirate’s hotel industry has witnessed a robust 10% growth during January-September 2013. A total number of 1.4mn international tourists have visited Page 3 of 5
  • 4. Sharjah until September as compared to 1.3mn visitors during January-September 2012. The data showed that Arab tourists comprised 13% of the total figures, whereas Asian tourists constituted 14%. SCTDA found that the total number of hotel rooms has reached 9,573, which is expected to touch 12,000 by 2015. (GulfBase.com)  Etisalat inks share purchase deal with Vivendi to acquire 53% stake in Maroc Telecom – The Emirates Telecommunications Corporation (Etisalat) has signed a share purchase agreement for the acquisition of Vivendi’s 53% stake in Itissalat Al Maghrib (Maroc Telecom) for €4.2bn in cash. The cash transaction also includes 7.4 Moroccan Dirhams per share paid by Maroc Telecom to the French company. The purchase will give the UAE telecom operator control over the largest carrier in Morocco. (ADX)  Thuraya Telecom signs partnership deal with Vocality – Thuraya Telecommunications Company has entered into a strategic partnership agreement with Vocality to provide Vocality’s solutions for its global network of service partners that serve commercial and defense satellite communication markets. (GulfBase.com)  Empower in talks to buy Palm Utilities – Dubai-based Empower (a unit of Dubai Electricity & Water Authority) is reportedly in advanced talks to buy Palm Utilities (owned by Dubai World) for about $500mn. Empower is trying to raise around $600mn from six banks to fund the acquisition. (Bloomberg)  JLL: Abu Dhabi home prices pick up due to 5% rise in prices of prime properties – According to a report by Jones Lang LaSalle (JLL), home prices in Abu Dhabi are picking up in 3Q2013 due to a 5% rise in prices of prime properties. JLL’s Regional Director & Head of Abu Dhabi Office David Dudley said that prime residential sales market has proved to be the best performing segment in 2013, with a steady increase in transaction volumes and QoQ growth in sales prices for prime stock. The prime residential, rental, retail, hospitality and office sectors have remained stable and are poised for recovery as supply and demand of properties have become more balanced. The report showed that short-term demand will be fuelled by progress on major infrastructure projects such as the airport expansion, Etihad Rail, Saadiyat Island museums and other major infrastructure initiatives. However, the long-term market recovery will be dependent on the government’s ongoing initiatives to diversify the economy and generate sustainable demand growth. The report also showed that prime residential rents have remained unchanged in 3Q2013 at AED130, 000, while secondary residential rents have continued to fall in 3Q2013. (GulfBase.com)  KFH inks MoU with Foulath to finance $115mn – The Kuwait Finance House (KFH) has signed a MoU with Bahrain-based Gulf United Steel Holding Company (Foulath) to finance $115mn for five years. (GulfBase.com)  Oman’s revenue declines 4.2% to OMR10.48bn for 9M2013 – According to a report released by the National Center for Statistics & Information (NCSI), the Omani government's revenue has declined 4.2% YoY to OMR10.48bn for the nine months ended on September 30, 2013. This fall was mainly due to decline in net oil revenue, which declined 2.5% to OMR7.9bn. The report showed that crude oil production during JanuarySeptember 2013 rose 2.9% YoY to 256.5mn barrels, while the average oil price fell 4.3% YoY to $104.87 per barrel. The average daily production stood at 939,400 barrels per day (bpd) during January-September 2013 as compared to 910,000 bpd for the corresponding period in 2012. Moreover, the report showed that Oman's gas revenue has declined 10.9% YoY to OMR1.1bn, while custom duties stood at OMR139.1mn, indicating a decrease of 18.6% YoY. (GulfBase.com)  Tilal Development issues OMR50mn sukuk – Tilal Development Company has successfully issued OMR50mn sukuk. This five-year sukuk offers a profit rate of 5% and was privately placed with investors. The proceeds from this issue will be used to expand Tilal Complex in Muscat. (Reuters)  Moody's: Bahrain's Baa2 rating supported by its surplus BoPs, assistance from GCC members – According to Moody's Investors Service, Bahrain's Baa2 rating is supported by its surplus balance of payments and the financial assistance received from the members of the GCC region. The key constraint on Bahrain's creditworthiness is due to its unsettled politics, which hold negative implications for its fiscal accounts and future growth trajectory. (GulfBase.com)  Investcorp’s US-based arm acquires assets worth $250mn – Bahrain-based Investcorp’s US-based real estate arm has acquired a group of offices and retail assets worth $250mn in Greater Chicago, Los Angeles, Minneapolis and New York areas. These properties comprise more than 1.6mn square feet of space and have a combined occupancy rate of around 92%. (Bahrain Bourse) appoints new CFO – The Bahrain  Batelco Telecommunications Company (Batelco) has appointed Faisal Qamhiyah as the company’s new CFO. (Reuters)  FGB appoints banks to arrange dollar denominated bond sale – First Gulf Bank (FGB) is planning to sell a US dollardenominated, benchmark-sized bond. The bank has appointed the Bank of America Merrill Lynch, Citigroup, Deutsche Bank and HSBC Holdings to arrange the bond sale, which is expected to raise $500mn. The initial price thought for this issue is 185 basis points over mid-swaps with maturity in January 2019. (Reuters)  Habtoor Leighton bags $160mn contract from ADAC – Habtoor Leighton Group (HLG) has signed a new contract with Abu Dhabi Airport Company (ADAC) worth $160mn. HLG will install supporting infrastructure, build roads and bridges and carry out electrical & plumbing work. The company will begin its work in November and expects to complete within 18 to 24 months. (Bloomberg) Page 4 of 5
  • 5. Rebased Performance Daily Index Performance 150.0 1.4% 140.0 1.2% 142.5 130.0 128.2 120.0 0.8% 0.7% 0.2% 0.0% 116.9 110.0 0.0% 0.0% 100.0 90.0 S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Dubai Oman* Bahrain Jul-13 Kuwait* May-12 Dec-12 Abu Dhabi QE Index Oct-11 Qatar Jan-10 Aug-10 Mar-11 (0.3%) (0.3%) Saudi Arabia (0.7%) 80.0 Source: Bloomberg (*- Kuwait, Oman were closed on November 05, 2013) Close 1D% WTD% YTD% 15,618.22 (0.1) 0.0 19.2 S&P 500 1,762.97 (0.3) 0.1 23.6 (5.2) NASDAQ 100 3,939.86 0.1 0.5 30.5 (2.8) (1.9) STOXX 600 321.89 (0.2) 0.1 15.1 (0.1) 0.4 30.4 DAX 9,009.11 (0.3) 0.0 18.3 140.00 (0.2) (1.1) (19.1) FTSE 100 6,746.84 (0.2) 0.2 14.4 Euro 1.35 (0.3) (0.1) 2.1 Yen 98.50 (0.1) (0.2) 13.5 Nikkei GBP 1.60 0.5 0.8 (1.3) CHF 1.09 (0.4) (0.1) 0.2 AUD 0.95 (0.0) 0.7 (8.5) USD Index 80.71 0.2 (0.0) RUB 32.55 0.7 0.5 BRL 0.44 (1.7) (1.2) (10.2) Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Close ($) 1D% WTD% YTD% Global Indices Performance 1,311.81 (0.2) (0.3) (21.7) DJ Industrial 21.71 0.2 (0.8) (28.5) 105.33 (0.8) (0.5) 3.36 (0.5) 116.75 4,253.34 (0.8) (0.5) 16.8 14,225.37 0.2 0.2 36.8 MSCI EM 1,016.30 (1.0) (1.1) (3.7) SHANGHAI SE Composite 2,157.24 0.4 0.4 (4.9) HANG SENG 23,038.95 (0.6) (0.9) 1.7 1.2 BSE SENSEX 20,974.79 (1.2) (1.0) 8.0 6.6 Bovespa 53,831.85 (1.1) (0.3) (11.7) 1,460.23 (1.0) (1.0) (4.4) Source: Bloomberg CAC 40 RTS Source: Bloomberg Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5