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
...
Qatar Market Commentary
 The QE index rose 0.1% to close at 10,798.7. The Banking &
Financial Services and Telecoms indic...
 QR837.7mn realty transactions in Qatar during December
29 and January 2 – The real estate registration department at
the...
 Sipchem $5bn share-swap merger deal to finalize in 1H2014
– Sahara Petrochemical Company and Saudi International
Petroch...
delivery of alumina to Alba by Cabu Chartering AS (a subsidiary
of Klaveness). (Bahrain Bourse)
 GIH appoints head of inv...
Rebased Performance

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90.0
80.0

1.2%

0.7%

0.6%

0.8%
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7 January Daily market report

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7 January Daily market report

  1. 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. 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. 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. 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. 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. 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 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

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