6 January Daily Market Report


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6 January Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,850 10,800 10,750 Market Indices 10,700 10,650 9:30 06 Jan 14 770.4 570,202.0 17.0 7,248 41 28:9 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 1.1% to close at 10,784.5. Gains were led by the Insurance and Telecoms indices, gaining 4.1% and 1.4% respectively. Top gainers were Qatar Insurance Co. and Qatari Investors Group, rising 5.3% and 4.5% respectively. Among the top losers, Qatar National Cement Co. fell 2.2%, while Qatar Islamic Insurance declined 1.0%. 05 Jan 14 503.8 566,143.7 13.0 6,120 40 26:11 %Chg. 52.9 0.7 30.6 18.4 2.5 – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 15,408.56 2,671.73 2,519.01 3,613.83 1,923.49 2,038.15 2,483.98 1,487.42 6,088.14 3,174.82 1.1 1.0 0.8 0.6 0.7 1.3 4.1 1.4 0.9 0.7 2.3 1.9 1.9 1.3 2.1 1.8 5.5 2.6 1.0 2.2 3.9 3.3 3.1 3.2 3.5 4.4 6.3 2.3 2.4 4.6 N/A 13.5 13.5 13.1 13.0 14.0 10.2 20.2 23.1 16.5 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index fell 0.3% to close at 8,611.8. Losses were led by the Petrochem. Industries and Multi-Inv. indices, declining 1.2% and 1.1% respectively. SAICO fell 3.2%, while Saudi Int. Petrochem. was down 3.0%. Sharjah Islamic Bank Abu Dhabi 1.90 11.1 17,693.0 23.4 Nat. Bank of Abu Dhabi Abu Dhabi 15.00 5.3 1,118.2 7.9 Dubai: The DFM index declined 1.1% to close at 3,428.1. The Investment & Financial Ser. index fell 2.2%, while the Services index was down 1.6%. Nat. Industries Group declined 10.0%, while Gulf Navigation was down 6.9%. Qatar Insurance Co. Qatar 72.10 5.3 169.7 8.4 Qatari Investors Group Qatar 55.20 4.5 1,751.4 26.3 Abu Dhabi: The ADX benchmark index rose 1.6% to close at 4,456.0. The Banking index gained 2.8%, while the Telecomm. index was up 0.4%. Fujairah Building Ind. rose 13.3%, while Sharjah Islamic Bank was up 11.1%. First Gulf Bank Abu Dhabi 20.00 4.4 1,604.1 6.4 GCC Top Losers Exchange # Kuwait: The KSE index gained 0.7% to close at 7,607.7. The Technology index rose 2.6%, while the Health Care index was up 1.9%. Kuwait & Middle East Financial Inv. gained 7.8%, while Al Mudon Int. Real Estate was up 6.6%. Nat. Marine Dredging Abu Dhabi Saudi Int. Petrochem. Oman: The MSM index rose 0.5% to close at 6,931.9. Gains were led by the Financial and Industrial indices, gaining 0.5% each. United Finance rose 4.0%, while Voltamp Energy was up 2.9%. Bahrain: The BHB index gained 0.1% to close at 1,250.0. The Industrial index rose 1.9%, while the Services index was up 0.1%. Aluminum Bahrain gained 1.9%, while BMMI was up 1.2%. Qatar Insurance Co. Close* 1D% Vol. ‘000 YTD% 72.10 Qatar Exchange Top Gainers 5.3 169.7 8.4 ## Close Vol. ‘000 1D% Vol. ‘000 YTD% YTD% 8.31 (7.7) 12.5 (3.4) Saudi Arabia 31.80 (3.0) 267.3 0.0 Nat. Petrochemical Co. Saudi Arabia 26.30 (2.6) 1,488.5 2.7 Saudi Kayan Petro. Saudi Arabia 15.60 (2.5) 15,120.8 (0.6) Arabtec Holding Co. Dubai 2.88 (2.4) 38,017.0 0.3 Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar National Cement Co. 117.90 (2.2) 21.6 (0.9) Qatar Islamic Insurance 57.00 (1.0) 75.6 (1.6) Qatari Investors Group 55.20 4.5 1,751.4 26.3 Al Ahli Bank 59.40 4.2 0.5 8.0 Masraf Al Rayan 33.45 (0.6) 1,427.5 6.9 Qatar General Ins. & Rein. Co. 49.45 3.5 6.9 3.2 Al Khaleej Takaful Group 38.20 (0.5) 7.8 4.7 Widam Food Co. 53.30 3.3 445.9 3.1 Industries Qatar 171.00 (0.3) 348.8 1.2 Qatar Exchange Top Val. Trades YTD% Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 Barwa Real Estate Co. 31.55 2.3 4,064.7 5.9 Barwa Real Estate Co. 31.55 2.3 127,669.5 5.9 Qatari Investors Group 55.20 4.5 1,751.4 26.3 Qatari Investors Group 55.20 4.5 99,091.9 26.3 Masraf Al Rayan 33.45 (0.6) 1,427.5 6.9 Industries Qatar 171.00 (0.3) 59,638.6 1.2 Vodafone Qatar 10.90 0.0 1,215.4 1.8 Commercial Bank of Qatar 72.80 2.1 53,946.4 2.8 Qatar Gas Transport Co. 20.70 1.0 1,060.6 2.2 Masraf Al Rayan 33.45 (0.6) 48,189.1 6.9 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Close 1D% WTD% MTD% YTD% 10,784.49 3,428.06 4,456.00 8,611.81 7,607.71 6,931.91 1,250.03 1.1 (1.1) 1.6 (0.3) 0.7 0.5 0.1 2.3 (1.3) 2.2 (0.1) 0.8 0.6 0.2 3.9 1.7 3.9 0.9 0.8 1.4 0.1 3.9 1.7 3.9 0.9 0.8 1.4 0.1 Exch. Val. Traded ($ mn) 211.57 218.39 283.62 1,666.33 125.37 23.23 0.41 Exchange Mkt. Cap. ($ mn) 156,577.5 71,369.2 122,725.2 470,876.3 109,250.4 24,890.0 50,316.6 P/E** P/B** 13.8 20.2 12.4 17.5 16.9 10.9 8.1 1.9 1.4 1.5 2.2 1.2 1.6 0.9 Dividend Yield 4.2 2.6 4.0 3.4 3.7 3.7 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) Page 1 of 6
  2. 2. Qatar Market Commentary  The QE index rose 1.1% to close at 10,784.5. The Insurance and Telecoms indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Qatar Insurance Co. and Qatari Investors Group were the top gainers, rising 5.3% and 4.5% respectively. Among the top losers, Qatar National Cement Co. fell 2.2%, while Qatar Islamic Insurance declined 1.0%. Overall Activity Buy %* Sell %* Net (QR) Qatari 63.98% 79.33% (118,266,590.27) Non-Qatari 36.01% 20.67% 118,266,590.27 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Monday rose by 30.6% to 17.0mn from 13.0mn on Sunday. Further, as compared to the 30-day moving average of 12.7mn, volume for the day was 33.9% higher. Barwa Real Estate Co. and Qatari Investors Group were the most active stocks, contributing 23.9% and 10.3% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Type* Fitch Saudi Arabia Proposed domestic sukuk# Saudi Electricity Co. (SEC) Old Rating New Rating Rating Change Outlook Outlook Change – AA-(EXP) – – – Source: News reports (* LT – Long Term, ST – Short Term) (#Expected Rating Assigned) Earnings Releases Company Market Saudi Arabia Yanbu Cement Co. Currency Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY – – 158.0 -26.5% 162.0 -20.2% SR Source: Company data, Tadawul Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 01/06 US Institute for Supply Mgmt ISM Non-Manuf. Composite December 53.0 54.7 53.9 01/06 US US Census Bureau Factory Orders November 1.80% 1.70% -0.50% 01/06 EU Markit PMI Composite December 52.1 52.1 51.7 01/06 EU Markit PMI Services December 51.0 51.0 51.2 01/06 EU Sentix Behavioral Ind. Sentix Investor Confidence January 11.9 9.5 8.0 01/06 France Markit PMI Services December 47.8 47.4 48.0 01/06 Germany Markit PMI Services December 53.5 54.0 48.0 01/06 Germany German Federal Stat. CPI MoM December 0.40% 0.40% 0.20% 01/06 Germany German Federal Stat. CPI YoY December 1.40% 1.40% 1.30% 01/06 Germany German Federal Stat. CPI EU Harmonized MoM December 0.50% 0.70% 0.20% 01/06 Germany German Federal Stat. CPI EU Harmonized YoY December 1.20% 1.40% 1.60% 01/06 UK Markit PMI Services December 58.8 60.3 60.0 01/06 Italy Markit PMI Services December 47.9 48.5 47.2 01/06 China Markit HSBC/Markit Services PMI December 50.9 – 52.5 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  ABCC: Qatar second largest Arab fertilizer supplier to Brazil – Qatar supplied fertilizers worth QR1.18bn to Brazil in the first nine months of 2013, making the country the second largest supplier to the South American country. According to the ArabBrazilian Chamber of Commerce (ABCC), the Brazilian market spent over $1.6bn to buy fertilizers from Arab countries during 9M2013, reflecting a 41.07% increase over 9M2012. ABCC named Morocco as the top supplier of fertilizers to Brazil with a spending of QR3.4bn during 9M2013. (Gulf-Times.com)  ictQATAR issues guidelines for telecom operators – The telecom regulatory authority ictQATAR under the Ministry of Information & Communications Technology has issued a new set of guidelines for telecom service providers in the country. These guidelines cover advertising, sales and information transparency under the Telecommunications Consumer Protection Policy. (Gulf-Times.com)  DOHI receives approval from QCB, MEC to increase its capital – Doha Insurance Company’s (DOHI) Chairman Sheikh Nawaf Bin Nasser Bin Khaled Al Thani announced that the company has received the written approval from both QCB and MEC to increase its capital. DOHI can now raise its capital from QR257.4mn to QR500.0mn by issuing 24,260,000 new shares to its shareholders through a rights issue offered at QR18 per share, QR10 being par value and a premium of QR8. The company is currently in the process of arranging to convene the next EGM on February 17, 2014 to seek shareholders’ approval for the capital increase. Al Thani said this step comes as part of Page 2 of 6
  3. 3. DOHI’s vision to increase financial solvency and further improve its credit rating, which would enable the company to compete for mega projects both locally and internationally. (QE)  MPHC clarifies on beneficiary shares under Emiri grant – Mesaieed Petrochemical Holding Company (MPHC) gave a clarification to address certain ambiguities regarding shares provided to beneficiaries under the Emiri grant for the underprivileged. MPHC stated that 100% of the shares as part of the Emiri grant of 750 shares shall be blocked. The statement said shares of minors who are not beneficiaries of the Emiri grant to the less fortunate, whose subscriptions are made on their behalf by their parents or legal guardians will be as follows: 50% of the shares subscribed for on behalf of such minors in the IPO shall be blocked until the minor is of legal age. Once the minor is of legal age, he/she is entitled to deal with those blocked shares. As for the remaining 50% of the shares held by a minor, the minor's guardian is entitled to deal with these shares on the first day of MPHC's listing. The statement noted that if a minor is still under 18 years on the date on which he/she receives shares under MPHC's Incentive Shares program, such shares shall be blocked until the minor attains the age of 18. (Qatar Tribune)  CMC to build biggest mall for Bani Hajer – The Central Municipal Council’s (CMC) member Mohammad bin Saleh Al Khayarin said the biggest mall in the country called the Qatar Mall will be built in Bani Hajer as part of a development plan. The project includes building a shopping center that houses several shops and commercial centers. A tower will also come up as part of this project that will cater to the residents of Bani Hajer, Gharrafat Al Rayyan and Rawdat Khail, among other areas. Al Khayarin added that a part of the project is to build a highway to connect the north of Bani Hajer to Gharrafat Al Rayyan and other areas including Al Refa and Al Shahaniyya streets. (Peninsula Qatar)  VFQS opens store at Al Meera Lagoon Mall – Vodafone Qatar (VFQS) has opened its 22nd store in Qatar. The new store located at Al Meera Lagoon Mall will benefit residents in Al Qutaifah and the nearby areas. (Gulf-Times.com) International  Osborne: Britain faces more cuts and austerity – The UK’s Chancellor of the Exchequer George Osborne has warned about cuts worth another £25bn after the next election, targeting housing benefit for the better-off and under-25s, before free television licenses and bus passes for pensioners also face the chop. He said he expected the bulk of the savings to come from welfare, as it would be odd to leave this enormous budget untouched. (Gulf-Times.com)  Yellen confirmed by US Senate to become Fed Chairman – Janet Yellen has obtained the US Senate confirmation to become the 15th chairman of the Federal Reserve and the first woman to head the central bank in its 100-year history. Yellen will replace Ben S. Bernanke, whose second term as chairman expires January 31, 2014. (Bloomberg)  Bundesbank’s Lautenschlaeger nears appointment to ECB’s board – Bundesbank Vice President Sabine Lautenschlaeger’s appointment to the European Central Bank Executive Board will be fast-tracked after no Euro-Area country challenged Germany’s claim to the seat. Dutch Finance Minister Jeroen Dijsselbloem said European Union finance chiefs are set to endorse Lautenschlaeger’s candidacy, after Euro-Area ministers signed off. Lautenschlaeger will replace Joerg Asmussen, who quit last month for a job in the German Labor Ministry. (Bloomberg)  HSBC: Emerging markets' output growth slows in December – Business activity in emerging markets expanded at a lower rate in December, hit particularly by a slowdown in the service sector. The composite HSBC emerging markets index of manufacturing and services purchasing managers' surveys fell to 51.6 in December from 52.1 in November. But the index remained firmly above the 50 threshold which denotes expansion. Among the BRIC emerging markets - Brazil, Russia, India and China - Brazil continued to post the strongest optimism about output growth this year, but those levels of optimism have fallen in the past two months. HSBC pointed to buoyant manufacturing output levels in Taiwan, the United Arab Emirates and Saudi Arabia, however. High-deficit countries such as Brazil, India and Indonesia, in contrast, have been hit by the US Federal Reserve's plans to wind down its monetary stimulus. (ET)  China’s Cabinet imposes new rules in shadow banking fight – According to sources, China’s Cabinet imposed new controls on the multi-trillion-dollar shadow-banking industry with an order that targets off-the-books loans and shores up enforcement of current rules. The rules include a ban on transactions designed to avoid regulations, such as moving interbank loans off balance sheets to reduce reported levels of lending. Such operations are part of shadow finance, a term that describes lending outside the banking system. In a separate step to reform the system, the bank regulator said it will let as many as five privately owned lenders start operating this year. (Bloomberg)  Flaherty: Canada may see big surplus with weak dollar – Canada’s Finance Minister Jim Flaherty said the country may post a bigger budget surplus than forecast in the FY2015-16 and its manufacturers will be aided by a currency that the central bank head says may weaken. The finance department projected in November a budget gap of 17.9bn Canadian dollar for the fiscal year that started April 1, narrowing to 5.5bn Canadian dollar next year and swinging to a 3.7bn Canadian dollar surplus the following year. Flaherty also said recent weakness in the Canadian dollar was good for the country’s factories, and that Bank of Canada Governor Stephen Poloz had told him and his provincial counterparts that they may see more currency depreciation. (Bloomberg) Regional  Saudi PMI hits 3-month high as output growth accelerates – According to the SABB HSBC Saudi Arabia Purchasing Managers’ Index (PMI) for December 2013, the headline PMI rose from 57.1 in November to 58.7 in December, signaling a steady improvement in operating conditions in the Kingdom’s non-oil producing private sector. The latest improvement was the best in three months. December’s data signals a sharp rise in activity among non-oil producing private sector firms, with the pace of expansion reaching the highest in eight months. Exactly 29% of panelists reported output growth, while only 5% indicated a decline. (Bloomberg)  Kingdom introduces unemployment insurance – The Saudi Government said that it will introduce compulsory unemployment insurance in 2014 for all citizens without jobs. The Kingdom has been trying to push more of its citizens into work to tackle long-term unemployment that officials see as unsustainable in light of high population growth and uncertainty over future oil revenue. The unemployment insurance has been introduced to make it more attractive for young Saudis to seek jobs in private companies, where the starting salary and other benefits are less generous than in government jobs. While the official unemployment rate is around 12%, economists say only Page 3 of 6
  4. 4. 30-40% of working age adults participate in the labor force. (Gulf-Times.com)  SEC awards $1mn contract to Instant Upright – Instant Upright has secured a contract from the Saudi Electricity Company (SEC)/PEMCO for two quick erect boiler systems to be used in the Ghazlan power plant. The $1mn deal marks the first time a quick erect boiler system has been commissioned in the Middle East and Ghazlan will be a reference site. Located on the coast of the Arabian Gulf, 80km north of Damman, Ghazlan is an oil-fired power plant with eight power-generating units and a total capacity of 3200MW. SEC plans to spend $80bn over the next 10 years to meet Saudi Arabia's rising demand for electricity. (GulfBase.com)  Petro Rabigh ships first cargo export from King Abdullah Port – Rabigh Refining & Petrochemical Company (Petro Rabigh) has exported the first shipment of petrochemical products from King Abdullah Port, located in King Abdullah Economic City, Rabigh. The cargo consisting of 54 containers of polymer material was shipped on board a carrier heading to Singapore. (GulfBase.com)  GE keen to invest in Saudi power projects – GE has reiterated its support for Saudi Arabia’s plans to enhance power generation to meet the growing needs of industrial, commercial and domestic consumers. GE’s Power Generation, Products & Services Sales, Middle East CEO Mohammed Mohaisen said the company is eager to increase its support for Saudi Arabia's efforts to boost the share of renewable energy in electricity generation. Further, Mohaisen said Saudi Arabia represents one of the largest markets in the globe for GE, which has 800 employees in the power and water business to support the Saudi-based fleet operating out of the three cities — Riyadh, Dammam and Jeddah. (GulfBase.com)  AAH’s realty investment crosses SR500mn in 2013 – Abdulaziz Alsaghyir Holding (AAH) has announced that the company’s investments in the real estate sector for 2013 exceeded SR500mn. The investment deals concluded by the company last year were mainly concentrated in three major countries – Saudi Arabia, the US and the UK. (GulfBase.com)  UAE’s December PMI slows, but output growth at 32-month high – According to a survey of purchasing managers, growth in the overall business activity in the UAE’ non-oil private sector slowed slightly in December, but output expanded at the fastest rate in 32 months. The HSBC UAE Purchasing Managers’ Index, measuring the performance of both manufacturing and services, declined to 57.4 points last month from 58.1 in November, which was the highest level since the survey was launched in 2009. However, the output growth climbed to 60.1 points in December, the highest since April 2011. Around 23% of 400 firms responding to the survey said they have boosted their output. (Gulf-Times.com)  Dubai non-oil trade reaches AED1tn in 3Q2013 – According to the data released by the Dubai Customs, Dubai's non-oil foreign trade crossed the AED1tn milestone during the first nine months in 2013. The Emirate’s trade reached AED1tn at the end of 3Q2013 as compared to AED918bn for the same period in 2012. This growth was the result of rising imports that reached AED610bn during the period, as compared to AED546bn in the same period last year. In addition, exports and re-exports rose to AED399bn as compared to AED372bn earlier. (Bloomberg)  Gulf Navigation’s shareholders approve continuation of firm’s business; reduction of its capital – Gulf Navigation Holding’s shareholders have approved that the company will continue its business as a going concern and will not be dissolved. The shareholders also approved the board’s proposal to reduce its capital by way of writing off the accumulated losses in the amount of AED1.1bn, to become AED551.7mn after reduction. The shareholders approved the proposal of selling the two VLCC's Gulf Sheba and Gulf Eyadah. They also approved the proposal to increase the company's capital through the issuance of convertible bonds into shares up to $130mn. (DFM)  Oasis expects 20% increase in sales during 2014 DSF – Oasis Centre – a part of the Landmark Group – expects its sales to increase by almost 20% during this year’s Dubai Shopping Festival (DSF), which runs from January 2 to February 2, 2014. DSF has drawn over 47mn visitors since its launch in 1996 and has generated around AED114bn for Dubai’s economy. According to a recent study by Dubai Events & Promotion Establishment, the shopping festival contributed AED14.7bn to the Emirate’s economy in 2012. (GulfBase.com)  Nakheel expects 15% growth in 2013 – According to the Nakheel’s Chairman Ali Rashid Lootah, the company expects around 15% growth in its annual profits for 2013. The Dubaibased property developer declared AED2bn in profits for 2012 and is likely to earn more than AED2.3bn for 2013. Strong recovery in the Dubai real estate market helped the developer to earn significant profit growth in the recent quarters. The company posted 58% YoY growth in profit for the first nine months of 2013 and it may declare AED530mn earnings for 4Q2013. Meanwhile, the company is developing four hotels with 1,200 rooms that will come on stream in 2014. (GulfBase.com)  Department of Finance appoints Customs DG – The Crown Prince of Abu Dhabi General Shaikh Mohamed bin Zayed Al Nahyan has issued a declaration appointing Mohammed Khalifa Al Fahad Al Muhairi as the Director General of Customs at the Department of Finance. (GulfBase.com)  Etihad achieves double-digit growth in 2013 – The UAE’s national carrier Etihad Airways has achieved double-digit growth, the highest ever passenger and cargo volumes in 2013. Nearly 12 million people flew with Etihad in 2013, an increase of 16% over 10.3mn in 2012. Bangkok was the airline’s busiest route, with a total of 742,759 passengers flying to Thailand’s capital city, up 7% YoY. Manila was the second busiest route, followed by London, Jeddah and Paris. About 73% of the 16.4mn passengers, who travelled through the Abu Dhabi airport in 2013, were carried by Etihad. The airline also reported an increase of 32% in cargo volumes, as compared to 2012, having flown 486,753 tons of freight, which accounted for 89% of cargo trade at Abu Dhabi airport last year. (GulfBase.com)  Kuwaiti PM reshuffles cabinet – The Kuwaiti Prime Minister Sheikh Jaber Mubarak Al Sabah reshuffled his five-month old cabinet by replacing seven members and raising the number of Islamists to four. The new cabinet line-up includes a new Oil Minister, Ali Al Omair, who is a senior member of the Islamist Salaf Alliance. He replaces Mustafa Al Shamali, who served in the post for just five months after serving several years as finance minister earlier. Similarly, the Commerce & Industry Minister Anas Al Saleh has been moved to the finance portfolio to replace Sheikh Salem Abdulaziz Al Sabah, the former chief of the central bank after just five months in office. (Peninsula Qatar)  Oman posts 0.5% inflation in November 2013 – According to the National Statistics & Data Centre, the inflation rate in Oman stood at 0.5% in November 2013 as compared to 2.7% in November 2012, rose 0.3% as compare to October 2013. The foodstuff group’s prices rose the highest by 2.9% in November 2013, followed by the education services group (9.9%), the house rental, electricity, water & fuel group (1.2%), transport & Page 4 of 6
  5. 5. communication group (0.5%), and ready to wear, textile & shoes group (1.3%). On the contrary, the personal commodities and other services declined by 13.2%, while the culture and recreational services group prices also fell by 0.6%. Oman’s November 2013 inflation rate was the lowest in the GCC region. The inflation rate recorded in Bahrain stood at 3.6%, followed by Saudi Arabia (3.1%), Qatar (2.8%), Kuwait (2.6%), and the UAE (1.4%) when compared to November 2012. (GulfBase.com)  Sohar Poultry appoints GM – Dr. Vidyasagar Kanthapp Ajalady Punja has been appointed as the General Manager of Sohar Poultry Company effective from January 8, 2014. (MSM)  MZEC awards contract to ONEIC – Mazoon Electricity Company (MZEC) has awarded the Oman National Engineering & Investment Company (ONEIC) a contract for the construction of a 33/11 KV substation at Firq-Nizwa at a capital expenditure of OMR1.05mn. (MSM) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 136.6 123.8 1.1% 1.3% 0.7% 0.6% 0.5% 0.1% 0.0% (0.6%) (0.3%) (1.3%) S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price* Euro Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,238.07 0.1 0.1 2.7 DJ Industrial 16,425.10 (0.3) (0.3) (0.9) 20.19 0.1 0.1 3.7 S&P 500 1,826.77 (0.3) (0.3) (1.2) 106.73 (0.1) (0.1) (3.7) NASDAQ 100 4,113.68 (0.4) (0.4) (1.5) 4.50 3.7 3.7 3.6 326.98 (0.2) (0.2) (0.4) 124.00 0.8 0.8 (2.0) DAX 9,428.00 (0.1) (0.1) (1.3) 136.25 0.0 0.0 0.4 FTSE 100 6,730.73 0.0 0.0 (0.3) STOXX 600 1.36 0.3 0.3 (0.8) CAC 40 104.22 (0.6) (0.6) (1.0) Nikkei GBP 1.64 (0.1) (0.1) (0.9) MSCI EM CHF 1.11 0.1 0.1 (1.2) SHANGHAI SE Composite AUD 0.90 0.2 0.2 0.6 USD Index 80.65 (0.2) (0.2) RUB 33.23 0.1 0.1 BRL 0.42 0.2 0.2 (0.6) Yen Dubai May-13 Oman Oct-12 Abu Dhabi QE Index Mar-12 Bahrain Aug-11 Kuwait Jan-11 (1.1%) Qatar (1.9%) Saudi Arabia Jun-10 1.6% 1.9% 155.0 4,227.54 (0.5) (0.5) (1.6) 15,908.88 (2.3) (2.3) (2.3) 972.42 (0.7) (0.7) (3.0) 2,045.71 (1.8) (1.8) (3.3) HANG SENG 22,684.15 (0.6) (0.6) (2.7) 0.8 BSE SENSEX 20,787.30 (0.3) (0.3) (1.8) 1.1 Bovespa 50,973.62 (0.0) (0.0) (1.0) 1,388.28 (3.8) (3.8) (3.8) Source: Bloomberg (*Market closed) 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 6 of 6