1. QE Intra-Day Movement
Market Indicators
10,900
10,850
10,800
10,750
9:30
07 Jan 14
701.7
570,154.8
15.1
7,850
40
22:18
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
Market Indices
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 10,798.7. Gains were led by the Banking &
Financial Services and Telecoms indices, gaining 0.6% and 0.4% respectively.
Top gainers were Doha Insurance Co. and Islamic Holding Group, rising 9.9%
and 9.8% respectively. Among the top losers, Qatari Investors Group fell 9.1%,
while Qatar General Ins. & Rein. Co. declined 7.2%.
06 Jan 14
770.4
570,202.0
17.0
7,248
41
28:9
%Chg.
(8.9)
(0.0)
(11.1)
8.3
(2.4)
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
15,428.85
2,670.86
2,533.13
3,598.15
1,918.62
2,010.26
2,459.67
1,493.53
6,043.90
3,158.51
0.1
(0.0)
0.6
(0.4)
(0.3)
(1.4)
(1.0)
0.4
(0.7)
(0.5)
2.4
1.8
2.5
0.8
1.9
0.4
4.5
3.0
0.2
1.7
4.0
3.2
3.7
2.8
3.2
2.9
5.3
2.7
1.6
4.0
N/A
13.5
13.3
13.1
13.0
13.8
10.1
20.3
22.9
16.4
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index fell marginally to close at 8,608.8. Losses were
led by the Real Estate Dev. and Bank. & Fin. Services indices, declining 1.1%
and 0.6% respectively. Red Sea fell 4.0%, while Makkah was down 3.5%.
Rabigh Ref. & Petroch.
Saudi Arabia
Sharjah Islamic Bank
Abu Dhabi
Dubai: The DFM index declined 1.5% to close at 3,377.7. The Real Estate &
Construction and Banking indices declined 2.1% each. Al Mazaya Holding Co.
fell 9.9%, while Agility was down 6.9%.
United Int. Trans. Co.
Saudi Arabia
Ithmaar Bank
Bahrain
Abu Dhabi: The ADX benchmark index fell 1.4% to close at 4,394.6. The
Investment & Fin. Ser. index declined 3.3%, while the Banking index was down
2.3%. Union Ins. Co. fell 9.5%, while Abu Dhabi Ship Building was down 6.1%.
Comm. Bank of Kuwait
Kuwait
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.7% to close at 7,658.9. The Telecomm.
index rose 1.5%, while the Financial Services index was up 1.3%. Pearl Of
Kuwait Real Estate gained 9.3%, while Al Qurain Holding was up 6.2%.
Qatari Investors Group
Qatar
50.20
(9.1)
1,693.4
14.9
Qatar Gen. Ins. & Rein.
Qatar
45.90
(7.2)
74.9
(4.2)
Oman: The MSM index rose 0.8% to close at 6,985.2. Gains were led by the
Industrial and Financial indices, rising 1.3% and 0.8% respectively. Gulf
International Chem. rose 7.2%, while Sharqiyah Desalination was up 4.5%.
Al Ahli Bank
Qatar
56.00
(5.7)
0.3
1.8
Emirates NBD
Dubai
6.53
(4.0)
725.4
2.8
Emaar Properties
Dubai
7.60
(3.8)
40,965.4
(0.5)
Bahrain: The BHB index gained 0.4% to close at 1,255.6. The Industrial and
Commercial Banking indices rose 0.9% each. Al Salam Bank gained 9.6%,
while Ithmaar Bank was up 4.4%.
Doha Insurance Co.
Close*
1D%
Vol. ‘000
YTD%
28.25
Qatar Exchange Top Gainers
9.9
638.8
13.0
##
Close#
1D%
27.50
10.0
10,295.9
13.4
2.00
5.3
30,621.2
29.9
78.25
5.0
455.3
9.1
0.24
4.4
575.0
2.2
0.75
4.2
1.1
1.4
#
Close
Vol. ‘000
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)
Close*
1D%
Vol. ‘000
Qatari Investors Group
50.20
(9.1)
1,693.4
14.9
45.90
(7.2)
74.9
(4.2)
Qatar Exchange Top Losers
YTD%
Islamic Holding Group
50.30
9.8
368.7
9.3
Qatar General Ins. & Rein. Co.
Dlala Brokerage & Inv. Holding Co.
23.01
3.2
291.2
4.1
Al Ahli Bank
56.00
(5.7)
0.3
1.8
Qatar Islamic Bank
74.10
2.5
617.4
7.4
Zad Holding Co.
68.00
(2.9)
0.2
(2.2)
Doha Bank
63.00
2.4
567.0
8.2
Al Khaleej Takaful Group
37.15
(2.7)
280.7
1.8
YTD%
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
Barwa Real Estate Co.
30.90
(2.1)
3,789.3
3.7
Barwa Real Estate Co.
30.90
(2.1)
119,417.6
3.7
Qatari Investors Group
50.20
(9.1)
1,693.4
14.9
Qatari Investors Group
50.20
(9.1)
87,543.2
14.9
Vodafone Qatar
10.98
0.7
953.9
2.5
Industries Qatar
172.30
0.8
55,882.6
2.0
United Development Co.
23.00
(0.4)
734.2
1.7
Commercial Bank of Qatar
73.90
1.5
52,112.7
4.4
Commercial Bank of Qatar
73.90
1.5
703.2
4.4
QNB Group
172.80
(0.1)
47,329.4
0.5
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%
10,798.69
3,377.67
4,394.57
8,608.79
7,658.94
6,985.23
1,255.55
0.1
(1.5)
(1.4)
(0.0)
0.7
0.8
0.4
2.4
(2.7)
0.8
(0.1)
1.4
1.4
0.6
4.0
0.2
2.4
0.9
1.4
2.2
0.5
4.0
0.2
2.4
0.9
1.4
2.2
0.5
Exch. Val. Traded
($ mn)
192.70
298.00
233.60
1,555.29
109.27
45.53
3.04
Exchange Mkt.
Cap. ($ mn)
156,564.5
71,369.2#
125,337.6
470,728.6
109,697.3
25,055.2
50,436.7
P/E**
P/B**
13.8
19.9
12.3
17.5
17.0
11.0
8.2
1.9
1.3
1.5
2.2
1.2
1.6
0.9
Dividend
Yield
4.2
2.6
4.1
3.4
3.7
3.7
3.8
#
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 Jan. 06, 2014)
Page 1 of 6

2. Qatar Market Commentary
 The QE index rose 0.1% to close at 10,798.7. The Banking &
Financial Services 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.
Overall Activity
Sell %*
Net (QR)
Qatari
54.37%
75.45%
(147,883,185.44)
Non-Qatari
 Doha Insurance Co. and Islamic Holding Group were the top
gainers, rising 9.9% and 9.8% respectively. Among the top
losers, Qatari Investors Group fell 9.1%, while Qatar General Ins.
& Rein. Co. declined 7.2%.
Buy %*
45.63%
24.55%
147,883,185.44
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Tuesday fell by 11.1% to 15.1mn
from 17.0mn on Monday. However, as compared to the 30-day
moving average of 12.3mn, volume for the day was 23.2%
higher. Barwa Real Estate Co. and Qatari Investors Group were
the most active stocks, contributing 25.0% and 11.2% to the total
volume respectively.
Earnings and Global Economic Data
Earnings Releases
Company
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
SR
–
–
156.5
15.9%
160.0
16.0%
SR
–
–
60.3
0.2%
58.8
1.4%
KD
0.0
-74.6%
–
–
-2.6
18.8%
Market
Jarir Marketing Co. (Jarir)
United Electronics Co.
(Extra)
Al Madina for Finance &
Investment Co. (Al Madina)*
Currency
Saudi Arabia
Saudi Arabia
Dubai
Source: Company data, DFM, ADX, MSM (*3Q2013 results)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
01/07
US
US Census Bureau
Trade Balance
01/07
EU
Eurostat
PPI MoM
November
-$34.3B
-$40.0B
-$39.3B
November
-0.10%
-0.10%
01/07
EU
Eurostat
-0.50%
PPI YoY
November
-1.20%
-1.30%
01/07
EU
-1.30%
Eurostat
CPI Estimate YoY
December
0.80%
0.80%
01/07
0.90%
EU
Eurostat
CPI Core YoY
December
0.70%
0.80%
0.90%
01/07
France
INSEE
Consumer Confidence
December
85
84
84
01/07
Germany
Destatis
Retail Sales YoY
November
1.60%
–
-0.10%
01/07
Germany
Destatis
Retail Sales MoM
November
1.50%
–
-0.80%
01/07
Germany
Bundesbank
Unemployment Change (000's)
December
-15K
-1K
9K
01/07
Germany
Bundesbank
Unemployment Rate
December
6.90%
6.90%
6.90%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNB Group: Qatar rent increase to slow down amid land
price drop – According to a report released by QNB Group, rent
increase in Qatar is likely to slow down over the next six months,
citing a drop in land prices in the country since July 2013. QNB
Group said a drop in land prices is a leading indicator for rental
inflation in the months ahead. There is already evidence of this
as annual rent inflation has slowed to 5.6% in November from
6.7% in August 2013. Data on land transactions published by
the Ministry of Justice show the cost of land fell in the country in
2H2013. QNB Group said the fundamental driver for real estate
prices is the cost of land. If land prices rise, the price for villas,
apartments and other real estate prices are likely to go up. The
report said slowing rental price is keeping overall headline
inflation in check. The slowdown in rental inflation (up 5.6% YoY
in November 2013, its slowest pace in seven months) helped
keep overall CPI down at 2.8% YoY in November 2013. Food,
beverage and tobacco prices (13% of the overall inflation
weight) rose 2.6% YoY, but were down 0.7% MoM. QNB Group
expects a further pickup in population growth to drive consumer
demand, leading to a rise in non-rent inflation. Indeed, planned
heavy investments in major projects in 2014 are likely to
accelerate economic growth, which could lead to supply
bottlenecks pushing up prices. The strong inflows of expatriates
needed to work on projects are likely to increase demand
pressures throughout the domestic economy. QNB Group also
forecasts an average growth in the resident population of 10.9%
for 2013. QNB Group expects Qatar’s real GDP growth to pick
up further this year to 6.8% as the implementation of large
infrastructure projects accelerates and the fast growing
population boosts domestic demand. The report also shows
Qatar’s international reserves stood at $39.6bn in November,
2013, up $6.4bn since end-2012. (Gulf-Times.com)
 QIA plans investment in Ireland – Irish Prime Minister Enda
Kenny said a team from Qatar Investment Authority (QIA), the
sovereign wealth fund of Qatar, will travel to Ireland in March to
explore investment opportunities in areas such as financial
services, infrastructure and the provision of credit to small and
medium enterprises. The volume of trade between Qatar and
Ireland has increased from QR291.5mn in 2010 to QR334.75mn
in 2013. (Qatar Tribune)
Page 2 of 6

3.  QR837.7mn realty transactions in Qatar during December
29 and January 2 – The real estate registration department at
the Ministry of Justice stated that real estate transactions
registered at the ministry between December 29 and January 2
were worth QR837.7mn. The list of properties that were traded
included open plots of land, two-floor villas, annexes, houses
and residential buildings, which are located in the municipalities
of Umm Salal, Al Khor, Doha, Al Rayyan, Al Shamal, Al Daayen
and Al Wakra. (Peninsula Qatar)
 Qatar sets December Marine crude OSP at $110.25 – Qatar
has set the December retroactive official selling price (OSP) for
its Marine crude at $110.25 a barrel, up $1.20 a barrel from the
previous month. Qatar has also set its December Qatar Land
crude OSP at $112.90, up $1.65 from the previous month. The
latest OSP puts Qatar Marine's premium to Dubai quotes at
$2.39 a barrel, down 71 cents from a month earlier, and Qatar
Land's premium to Dubai at $5.04, down 26 cents. (Qatar
Tribune)
 Qatar Rail’s office begins functioning – The Qatar Railways
Company has opened its office at the buildings permit
compound located in Doha Municipality. This initiative is within
the framework of continuous cooperation between Qatar Rail
and the Ministry of Municipality & Urban Planning. Qatar Rail’s
CEO Saad Ahmed al-Muhanadi said the new office is providing
people with various services and facilitating the procedures for
study of properties to be developed that are located within the
sites of Qatar Rail projects. (Gulf-Times.com)
 Irish firm wins contracts for three projects in Doha –
International architectural product specialist KCC Architectural
has won multiple contracts for three projects in Doha. KCC has
been appointed to supply door hardware and access control
solutions to the Kempinski Hotel, Lusail Multi- Purpose Sports
Hall and Al Sadd Sports Stadium. The contracts follow two highprofile projects in Doha that have been recently completed for
Qatar Airways’ Crew Accommodation Village and Aspeter
Hospital. (Peninsula Qatar)
 MTD ACPI signs Doha drainage tunnel subcontract – MTD
ACPI Engineering has signed a subcontract for the manufacture
and supply of precast steel fiber reinforced concrete tunnels and
ground water drainage tunnels in Doha. The subcontract’s value
is equivalent to 40.2mn Malaysian Ringgit. The contract will
begin this month and is expected to be completed by December
next year. (Bloomberg)
 QIIK’s BoD will meet on January 24 – Qatar International
Islamic Bank’s (QIIK) board of directors will be holding a
meeting on January 24, 2014 to discuss its financial results
ending on December 31, 2013. (QE)
International
 EIA revises up 2014 gasoline demand forecast – The US
Energy Information Administration (EIA) has revised up its 2014
gasoline demand forecast for a fourth straight month. In its
monthly report, the EIA again boosted its forecast, saying it now
expects gasoline demand to hold about steady next year at
8.78mn bpd or about 134.6bn gallons. (ET)
 Christine Lagarde: IMF to revise upwards global growth
forecast – The International Monetary Fund Managing Director
Christine Lagarde said the fund will revise upward its global
growth forecast in about three weeks. (ET)
Regional
 OPEC’s December output falls to lowest since May 2011 –
According to a Reuters survey, OPEC's oil output fell in
December to the lowest since May 2011 due to protests in
Libya, stagnation in Iraqi exports and a further reduction in
Saudi Arabian supply. OPEC’s output averaged 29.53mn bpd in
December, down from 29.64mn bpd in November. The survey
illustrates the drag on the OPEC production due to unplanned
outages, which helped keep oil prices above $100 a barrel in
2013 and may persist. A rise in Libyan output has weighed on
prices in early 2014, but a continued recovery is by no means
assured. (Bloomberg)
 Gulf countries plan $10bn rail link to Yemen – Gulf countries
are studying a $10bn plan to extend the length of a 2,177kilometer rail line between Kuwait and Oman by 60% to link it to
Yemen in the southern end of the Arabian Peninsula. The GCC
General Secretariat’s Financial Analyst Nada Abu Al Samh said
that the six-nation group has begun a feasibility assessment of
the additional 1,373 km section, which would feature 12 stations
and terminate at the Yemeni border. Gulf states are examining
the plan as work progresses on the $15.5bn core rail route from
the borders of Iraq to Muscat. Around 120 kilometers of track
have been laid in the UAE and about 200 kilometers in Saudi
Arabia. (Bloomberg)
 Kingdom to issue sukuk to fund Taif Airport project – Saudi
Finance Minister Ibrahim Al Assaf said the Kingdom is
contemplating seeking funds for the new airport in the western
town of Taif through sukuk issuance. Al Assaf said that his
department will cooperate with the civil aviation authority to
secure funds. Al Assaf added that the King Abdul Aziz Airport in
Jeddah is progressing on schedule and would be completed by
the end of 2014. According to sources, a trial basis
commissioning is scheduled in the first five months of 2015.
(GulfBase.com)
 BMI: Saudi food, beverage consumption to rise 5% in 2014
– According to the Business Monitor International’s (BMI) Saudi
Arabia Food & Drink Report 1Q2014, consumption of food &
beverages Saudi Arabia is forecast to grow 5% in 2014, from a
revised growth of 6% in 2013. The report said that the outlook
for the retail sector remains bright over the medium-term, with
sales benefiting from rising disposable incomes, favorable
demographics and increasing urbanization. In 2014, food
consumption will grow 8% and at a CAGR of 7.8% during 20132017. Meanwhile, confectionery value sales will grow 6.9% in
2014 and at a CAGR of 6.7% till 2017. Similarly, mass grocery
retail sales growth is projected at 10.3%, along with a CAGR of
9.9% till 2017. The report also forecast that Saudi Arabia’s
poultry production will grow steadily for the second consecutive
year. (GulfBase.com)
 BMI: Saudi property rental rates seen mixed in Riyadh,
Jeddah – According to the Business Monitor International’s
Saudi Arabia Real Estate Report Q1 2014, the Saudi real estate
sector will remain generally stable in 2014 with a potential for
small growth in rental rates in Jeddah and a slight decrease for
office rates in Riyadh. Net yields will remain static in both Riyadh
and Jeddah in office, retail, and industrial sectors. The report
said that the rental rates in Riyadh will remain static in the retail
and industrial sector in 2014, but are predicted to drop by 3% in
the office sector due to oversupply. However, rental rates in
Jeddah will increase by 5% in all sectors. (GulfBase.com)
 CDSI: Saudi imports fall 12.5% YoY in November –
According to the data released by the Central Department of
Statistics & Information (CDSI), Saudi Arabia's imports fell
12.5% YoY in November, the biggest drop since November
2009, while non-oil export growth also slowed. Non-oil exports
account for around 12% of overall exports of Saudi Arabia.
(GulfBase.com)
Page 3 of 6

4.  Sipchem $5bn share-swap merger deal to finalize in 1H2014
– Sahara Petrochemical Company and Saudi International
Petrochemical Company (Sipchem) hope to complete a shareswap merger in the 1H2014 that would create a larger firm
valued around $5bn. The two companies have signed a MoU
relating to the merger and due diligence has begun. Talks for a
possible merger have been ongoing since June 2013.
(GulfBase.com)
 RCCI: Saudi pharma sector to grow 10% in 2014 – The
pharmaceutical sector in Saudi Arabia and the rest of the GCC
states is predicted to grow by 10% and 9% respectively. The
Riyadh Chamber of Commerce & Industry’s (RCCI) Head of
Drug Firms Committee Wail Al-Qasim said that the
pharmaceutical market in the Kingdom is promising in terms of
the number of factories, which stands at 13. He added that the
Kingdom is considered as the leading pharmaceuticals business
player in the GCC region, which is demonstrated in the Saudi
government’s allocation of SR108bn in its budget for the sector.
(GulfBase.com)
 Saudi Hollandi to boost capital by 20% to SR4.76bn;
appoints senior management – Saudi Hollandi Bank has won
approval from the Capital Market Authority (CMA) to boost its
capital by 20% to SR4.76bn through the issuance of bonus
shares. Saudi Hollandi said that it will boost its outstanding
shares from 396.9mn shares to 476.2mn shares, thus resulting
in an increase of 79.3mn shares. Meanwhile, Saudi Hollandi has
appointed Engr. Mubarak Abdullah AlKhafrah as its Chairman,
Lubna Sulaiman Al Olayan as the Vice Chairman and
reappointed Dr. Bernd van Linder as the Managing Director for a
term of three years, starting from January 1, 2014. (Tadawul)
 UAE Central Bank issues relicensing regulations – The
Central Bank of the UAE has issued new regulations on
licensing and monitoring of exchange business to monitor,
enhance exchange business profession, support its
geographical spread and facilitate the provision of exchange
services throughout the UAE. (GulfBase.com)
 UAE credit bureau to start operating in 1Q2014 – The new
federal credit bureau will start operating in the UAE from
1Q2014, allowing banks to check a customer’s financial health
before extending new debt. Al Etihad Credit Bureau expects to
complete agreements with banks to provide credit information
and create an electronic database by the end of January. Chief
Executive Marwan Ahmad Lutfi said that as soon as this is
achieved, along with receiving formal approval of the bureau’s
regulations and credit report charges from the UAE Cabinet, the
Al Etihad Credit Bureau will commence operations. (GulfTimes.com)
 DI plans increase in foreign ownership – Dubai Investments’
(DI) CEO Khalid bin Kalban said that there are plans to allow
foreign investors to own more shares in the company. Kalban
said that the company’s board, which holds interests in dairy
farms, publishers and real estate developers, has agreed in
principle to raise the limit from 20%. He added that DI will seek
shareholder’s approval in April, before the UAE’s upgrade to
emerging markets status at the index provider MSCI takes
place. (Gulf-Time.com)
 Emaar plans issuing $500mn convertible bonds – Dubaibased Emaar Properties will redeem the outstanding amount of
its $500mn convertible bond issue on February 6. Paper worth
$237.5 million was still outstanding following an earlier
conversion of bonds into stock late last year. Emaar’s board
members had approved conversion of the instrument in
December. The conversion price for the bond would be
AED4.38 per share, significantly below its closing share price of
AED7.98 on January 05, 2014. (GulfBase.com)
 Flydubai confirms order for 86 Boeing planes – Dubai-based
airline Flydubai has confirmed an order for 75 Boeing 737 MAX
8s and 11 next-generation 737-800s valued at $8.8bn.
Additionally, the airline retains purchase rights for 25 more 737
MAXs. The order was first announced at the 2013 Dubai
Airshow, making it Boeing's largest single-aisle airplane order in
the Middle East. Development of the 737 MAX is on schedule
with firm configuration of the airplane achieved in July 2013.
First flight is scheduled in 2016 with deliveries to customers
beginning in 2017. Boeing said that the 737 MAX has
accumulated 1,700 orders to date and will have 8% per-seat
lower operating costs than its competition. (GulfBase.com)
 Noor Bank rebrands and mulls an IPO – Noor Bank will
consider a possible IPO of its shares after a major rebranding
exercise. The bank’s Chief Executive Hussain Al Qemzi said a
stock-market flotation would be considered in the medium-term,
although there was no current need for new capital. Al Qemzi
said that the bank was dropping the word “Islamic” from its title
after a two-year study of its brand status and positioning. Noor
Islamic Bank has been renamed as “Noor Bank” and has also
launched three new entities: Noor Takaful, Noor Trade and Noor
Awqaf. (Bloomberg, Gulf Base.com)
 Tabreed’s energy savings surpass 1bn kWh in 2013 – Abu
Dhabi-based National Central Cooling Company (Tabreed)
announced that its annual energy savings reached 1.2bn
kilowatt hours (kWh) in 2013. This significant reduction in energy
consumption translates into the elimination of approximately
570,000 tons of carbon dioxide (CO2) emissions. In the UAE
alone, Tabreed’s 60 district cooling plants achieved a total
energy saving of approximately 1bn kWh, with the remaining
200mn kWh savings achieved in its six plants located in Saudi
Arabia, Qatar, Oman and Bahrain. (DFM)
 Trading on GLS shares resumes – The Securities &
Commodities Authority (SCA) has approved the trading on Gulf
Livestock Company’s (GLS) shares, which will resume trading
on shares from January 12, 2014. (ADX)
 Oman plans to merge assets of pension funds – Oman’s
Finance Minister Darwish bin Ismail Al Balushi said that the
government is planning to merge the assets of various pension
funds in an apparent move to save cost and enhance efficiency,
when investing the corpus in stock markets. However, the
pension obligations or systems of separate pension funds will
remain unchanged. Oman has as many as 10 pension funds
such as the Public Authority for Social Insurance, the Royal
Oman Police Pension Fund, the Ministry of Civil Service
Pension Fund, the Internal Security Services Pension Fund, etc.
(GulfBase.com)
 KCB, Bank Al Khair merger due diligence ongoing – The
Khaleeji Commercial Bank (KCB) has reported that the due
diligence process on the proposed merger with Bank Al Khair is
continuing. The bank said the two parties have not yet received
the report from the services provider. (GulfBase.com)
 Investcorp acquires minority stake in Namet – Investcorp
announced that the company and its other related entities have
acquired a significant minority stake in Namet Gida Sanayi ve
Ticareti A.S. (Namet). (Bahrain Bourse)
 Alba, Klaveness reach settlement – Aluminium Bahrain (Alba)
has reached a settlement agreement with Torvald Klaveness
Shipping, whereby both parties have agreed to waive their
respective legal claims. In addition, the parties have agreed to
enter into a new long-term commercial freight contract for the
Page 4 of 6

5. delivery of alumina to Alba by Cabu Chartering AS (a subsidiary
of Klaveness). (Bahrain Bourse)
 GIH appoints head of investment banking business – The
Global Investment House (GIH) has appointed Michael Helou as
the Executive Vice President to head its Investment Banking
business. Helou has almost 20 years experience in investment
banking and advisory services. (Bahrain Bourse)
 Viva Bahrain launches 4G LTE service – Viva Bahrain has
launched 4G LTE service that boasts speeds of up to 100 Mbps.
The telecom company said that it now has the widest coverage
across Bahrain and enables its customers to enjoy real-time
video, media streaming and downloading. (GulfBase.com)
Page 5 of 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
1.2%
0.7%
0.6%
0.8%
0.4%
0.1%
136.4
0.0%
123.8
(0.6%)
(0.0%)
(1.2%)
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%
1,232.10
(0.5)
(0.4)
2.2
DJ Industrial
16,530.94
0.6
0.4
(0.3)
19.87
(1.6)
(1.4)
2.1
S&P 500
1,837.88
0.6
0.4
(0.6)
107.35
0.6
0.4
(3.1)
NASDAQ 100
4,153.18
1.0
0.5
(0.6)
4.54
0.8
4.6
4.5
329.40
0.7
0.5
0.3
124.75
0.6
1.4
(1.4)
DAX
9,506.20
0.8
0.8
(0.5)
137.75
1.1
1.1
1.5
FTSE 100
6,755.45
0.4
0.4
0.1
STOXX 600
1.36
(0.1)
0.2
(0.9)
CAC 40
104.60
0.4
(0.2)
(0.7)
Nikkei
GBP
1.64
(0.0)
(0.1)
(0.9)
MSCI EM
CHF
1.10
(0.5)
(0.4)
(1.8)
SHANGHAI SE Composite
AUD
0.89
(0.4)
(0.2)
0.1
Yen
Dubai
May-13
Oman
Oct-12
Abu Dhabi
QE Index
Mar-12
Bahrain
Aug-11
Kuwait
Jan-11
(1.4%) (1.5%)
Qatar
(1.8%)
Saudi Arabia
Jun-10
155.2
4,262.68
0.8
0.4
(0.8)
15,814.37
(0.6)
(2.9)
(2.9)
971.48
(0.1)
(0.8)
(3.1)
2,047.32
0.1
(1.7)
(3.2)
HANG SENG
22,712.78
0.1
(0.5)
(2.5)
USD Index
80.83
0.2
0.1
1.0
BSE SENSEX
20,693.24
(0.5)
(0.8)
(2.3)
RUB
33.14
(0.3)
(0.2)
0.8
Bovespa
50,430.02
(1.1)
(1.1)
(2.1)
BRL
0.42
0.2
0.4
(0.4)
1,388.28
0.0
(3.8)
(3.8)
Source: Bloomberg
RTS*
Source: Bloomberg (*Market closed on January 07, 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
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