1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.7% to close at 13,882.5. Losses were led by the Industrials and Banks & Financial Services indices, declining 1.0% and 0.9%, respectively. Top losers were Industries Qatar and QNB Group, falling 2.1% and 1.8%, respectively. Among the top gainers, Ezdan Holding Group rose 4.3%, while Doha Insurance Co. was up 3.7%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.6% to close at 11,136.0. Gains were led by the Insurance and Energy & Utilities indices, rising 2.5% and 2.2%, respectively. MEDGULF gained 8.8%, while Co. for Coop. Ins. was up 7.2%.
Dubai: The DFM Index declined 1.7% to close at 5,035.0. The Inv. & Financial Serv. index fell 2.6%, while the Real Estate & Const. index was down 1.8%. National Ind. Group declined 8.3%, while Takaful House was down 4.2%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 5,160.9. The Banks index gained 0.9%, while the Telecom. index was up 0.4%. Emirates Insurance Co. gained 4.1%, while Abu Dhabi Ship Building Co. was up 3.2%.
Kuwait: The KSE Index gained 0.3% to close at 7,472.9. The Banks index rose 1.1%, while the Real Estate index was up 1.0%. First Dubai For Real Estate Development rose 9.1%, while Noor Financial Investment gained 8.5%.
Oman: The MSM Index rose 0.2% to close at 7,496.7. Financial index was up 0.5%, while the other indices ended in red. National Bank Of Oman rose 1.5%, while SMN Power Holding was up 1.4%.
Bahrain: The BHB Index declined marginally to close at 1,471.5. The Commercial Banks index fell 0.3%, while the other indices ended in green or flat. Seef Properties declined 1.0%, while Al-Ahli United Bank was down 0.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group
19.81
4.3
9,191.2
16.5 Doha Insurance Co. 33.70 3.7 179.6 34.8 Salam International Investment Co. 20.67 2.0 1,907.0 58.9 Qatar National Cement Co. 143.00 1.9 7.1 20.2 Qatar General Ins. and Reins. Co. 47.90 1.9 2.5 20.0
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group
19.81
4.3
9,191.2
16.5 Salam International Investment Co. 20.67 2.0 1,907.0 58.9
Qatar Gas Transport Co.
24.90
1.4
1,805.7
23.0 Masraf Al Rayan 56.30 0.0 890.4 79.9
Mazaya Qatar Real Estate Dev.
24.80
0.1
849.8
121.8
Market Indicators 07 Sep 14 04 Sep 14 %Chg.
Value Traded (QR mn)
706.2
812.4
(13.1) Exch. Market Cap. (QR mn) 738,929.3 742,618.0 (0.5)
Volume (mn)
20.4
14.9
37.3 Number of Transactions 7,299 6,867 6.3
Companies Traded
43
43
0.0 Market Breadth 16:21 30:8 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return
20,705.61
(0.7)
(0.7)
39.6
N/A All Share Index 3,511.55 (0.6) (0.6) 35.7 17.2
Banks
3,440.08
(0.9)
(0.9)
40.8
16.8 Industrials 4,567.93 (1.0) (1.0) 30.5 18.5
Transportation
2,324.66
0.5
0.5
25.1
14.9 Real Estate 2,870.27 (0.4) (0.4) 47.0 15.3
Insurance
4,159.70
0.5
0.5
78.1
13.1 Telecoms 1,647.94 (0.7) (0.7) 13.4 23.3
Consumer
7,479.76
0.5
0.5
25.7
28.0 Al Rayan Islamic Index 4,692.44 (0.5) (0.5) 54.6 20.2
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Mediterranean & Gulf Ins.
Saudi Arabia
56.88
8.8
3,135.9
63.0 Co. for Cooperative Ins. Saudi Arabia 57.98 7.2 2,695.9 64.7
Solidarity Saudi Takaful Co.
Saudi Arabia
25.77
4.8
10,019.4
(0.5) Com. Bank Of Kuwait Kuwait 0.73 4.3 200.1 9.5
Ezdan Holding Group
Qatar
19.81
4.3
9,191.2
16.5
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
United Real Estate Co.
Kuwait
0.11
(3.6)
157.1
(8.5) Drake & Scull International Dubai 1.33 (2.9) 14,023.5 (7.6)
Dubai Investments
Dubai
3.73
(2.9)
10,377.4
60.3 Abu Dhabi National Energy Abu Dhabi 1.19 (2.5) 253.2 (19.1)
National Investments Co.
Kuwait
0.16
(2.4)
0.6
0.0
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%
Industries Qatar
188.00
(2.1)
278.3
11.3 QNB Group 206.00 (1.8) 175.8 19.8
Qatar International Islamic Bank
89.20
(1.7)
155.5
44.6 Gulf Warehousing Co. 50.00 (1.0) 1.3 20.5
Al Khalij Commercial Bank
22.30
(0.9)
150.7
11.6
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group
19.81
4.3
180,204.2
16.5 Industries Qatar 188.00 (2.1) 52,769.7 11.3
Masraf Al Rayan
56.30
0.0
50,117.8
79.9 Qatar Islamic Insurance Co. 88.70 (0.4) 46,424.4 53.2
Qatar Gas Transport Co.
24.90
1.4
44,861.8
23.0
Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield
Qatar*
13,882.49
(0.7)
(0.7)
2.1
33.7
193.93
202,910.0
17.3
2.3
3.6 Dubai 5,034.95 (1.7) (1.7) (0.6) 49.4 289.03 97,240.9 20.9 1.9 1.9
Abu Dhabi
5,160.92
0.4
0.4
1.5
20.3
70.13
141,154.6
14.6
1.8
3.2 Saudi Arabia# 11,135.96 0.6 0.6 0.2 30.5 2,813.73 603,887.3 21.4 2.7 2.5
Kuwait
7,472.92
0.3
0.3
0.6
(1.0)
98.28
113,984.1
18.5
1.2
3.7 Oman 7,496.65 0.2 0.2 1.8 9.7 9.44 27,535.3 11.3 1.7 3.7
Bahrain
1,471.47
(0.0)
(0.0)
(0.0)
17.8
0.49
54,344.4
11.4
1.0
4.6
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any, # Value as of Sept. 4, 2014)
13,80013,85013,90013,95014,00014,05014,1009:3010:0010:3011:0011:3012:0012:3013:00

2. Page 2 of 5
Qatar Market Commentary
 The QE Index declined 0.7% to close at 13,882.5. The Industrials and Banks & Financial Services indices led the losses. The index fell on the back of selling pressure from non- Qatari shareholders despite buying support from Qatari shareholders.
 Industries Qatar and QNB Group were the top losers, falling 2.1% and 1.8%, respectively. Among the top gainers, Ezdan Holding Group rose 4.3%, while Doha Ins. Co. was up 3.7%.
 Volume of shares traded on Sunday rose by 37.3% to 20.4mn from 14.9mn on Thursday. Further, as compared to the 30-day moving average of 17.1mn, volume for the day was 19.3% higher. Ezdan Holding Group and Salam International Investment Co. were the most active stocks, contributing 45.1% and 9.3% to the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings
Earnings Releases Company Market Currency Revenue (mn)2Q2014 % Change YoY Operating Profit (mn) 2Q2014 % Change YoY Net Profit (mn) 2Q2014 % Change YoY Dubai Holding Commercial Operations Group (DHCOG)* Dubai AED 5,600.0 – – – 2,100.0 –
Source: Company data, DFM, ADX, MSM (* 1H2014 results)
News
Qatar
 QNBK: Qatar’s economic growth set to accelerate to 7.8% in 2016 – According to a report by QNB Group (QNBK), Qatar’s economic growth will accelerate to 7.8% in 2016 from 6.8% in 2014 as hydrocarbon production grows moderately, while the non-hydrocarbon sector expands at a double-digit pace on the back of higher investment spending and growing population. As per the Qatar Economic Insight report, the economy has started a new diversification phase as large investment spending in the non-hydrocarbon sector accelerated growth to 6.5% in 2013 (6.1% in 2012), while growth in the hydrocarbon sector slowed. The share of the non-hydrocarbon sector in GDP is projected to grow from 49.0% in 2014 to 57.2% by 2016. Inflation has slowed since mid-2013 (CPI inflation averaged 2.8% in 1H2014) as rising rents were offset by lower global food prices. Nevertheless, overall inflation is projected to increase moderately to 3.4% in 2014 and 3.5% in 2015 as rising rents outweigh lower food prices. However, there are risks of higher inflation if the economy hits significant supply bottlenecks. The government has ramped up budgeted capital spending, driving overall investment and economic growth, while the fiscal surplus increased to 15.6% of GDP in the fiscal year that ended in March. Lower hydrocarbon revenue and rising capital spending could narrow the fiscal surplus from 8.5% of GDP in 2014/15 to 5.3% in 2016/17. The government has recently earmarked $182bn for project implementation over the next five years, of which $27.4bn is in 2014/15. The banking asset growth slowed to 9.4% in the 12 months to end-June 2014 on lower public sector borrowing, non-performing loans (NPLs) were low at 1.9% of gross loans at the end of 2013 and banks remained well capitalized, with the average capital adequacy ratio well above the QCB requirement under Basel III. Bank lending is expected to rise by an average 10.7% in 2014-16, increasingly driven by the expanding population and steady deposit growth averaging 12.5%. Low provisioning requirements and efficient cost bases will support the continued strong bank profitability. (Gulf- Times.com)
 Land deals to rise as investors, realtors eye more projects – According to Ezdan Holding Group’s weekly report, the real estate sector witnessed an increase in the trading value of transactions despite the summer holidays. The combined value of deals during the fourth week of August reached QR514.1mn, up 8.7% as compared to QR473mn in the previous week. However, the number of transactions during August 24-28 declined by 30%, with 105 as compared to 150 in the previous week. Al Daayen Municipality executed 27 deals, the largest number in the country (25.7%) of the total, followed by Doha Municipality with 22 transactions. Land plots continued to dominate transactions and represented 54.7% of the deals as compared to 45.3% of other transactions in all areas. The report said the transactions especially involving plots, will rise in the coming weeks as investors and developers are directed toward the establishment of more real estate projects. The report, based on the weekly bulletin issued by the Real Estate Registration Department at the Ministry of Justice, said the average daily value of real estate transactions totaled about QR102.8mn as compared to QR94.6m in the previous week. (Peninsula Qatar)
 New research director appointed at ExxonMobil Research Qatar – ExxonMobil announced the appointment of Dr. Jennifer Dupont as Research Director of ExxonMobil Research Qatar (EMRQ). Dr. Dupont’s priorities include building and expanding upon EMRQ’s proven technical capabilities in areas of water reuse, environmental management, safety and coastal/geological research. She is also responsible for enhancing communications of EMRQ technical data, processes, and technologies to important stakeholders including the Ministry of Environment, Qatar Petroleum, research partners and academia. She joined EMRQ in December 2013 as Environmental Team Lead, enabling her to develop an understanding of the organization as well as familiarize herself with the State of Qatar, its vision and objectives, including high- priority environmental and socioeconomic goals. She is an American citizen and earned her BS degree in Biology from the University of Richmond and her PhD in Marine Ecology from the Overall Activity Buy %* Sell %* Net (QR)
Qatari
68.71%
64.68%
28,482,176.39 Non-Qatari 31.29% 35.32% (28,482,176.39)

3. Page 3 of 5
University of South Florida, College of Marine Science. (Peninsula Qatar)
International
 Independent Scotland would begin with 6.4% deficit; Sterling skids on Scotland worries – According to the Centre for Economics and Business Research (CEBR), an independent Scotland would start out with a budget deficit of at least 6.4% in the event of a vote to break away from the UK in a nearing ballot. The London-based group said an analysis of new data from 2013-14 showed that the potential shortfall for 2016-17 is higher than its previous estimate of 5.8% of GDP. The CEBR said the projection also exceeds a separate estimate of 5.5% for the same year by the Institute for Fiscal Studies in June. The CEBR said the probability is that the fiscal pressures on the new government of an independent Scotland would be substantial. Voters in Scotland will go to the polls on September 18 to decide whether to stay within the UK or become independent. The referendum is dominating Britain after door-to-door campaigning intensified last week and Scotland’s nationalists overtook opponents of independence in an opinion survey for the first time this year. The research centre said the new data for 2013- 14 showed that Scotland had a 9.9% total deficit as a percentage of GDP, compared to a UK budget gap of 5.7%. It further added that the austerity measures are already in place and “some” gain in oil revenues should reduce the Scottish figure to 6.4% in 2016-17, the first full year in which Scotland might be independent. Meanwhile, Sterling slumped to its lowest in nearly 10 months on September 08 amid worries about political uncertainty after an opinion poll showed supporters of Scottish independence from Britain taking the lead for the first time since the referendum campaign began. Sterling skidded nearly 1% to around $1.6165, reaching lows not seen since November 26. It last traded at $1.6212. Against the Euro, the pound fell to two-week lows at 80.16 Pence per Euro. (Bloomberg, Reuters)
 IMF's Lagarde urges France to speed up structural reforms – The International Monetary Fund (IMF) Managing Director, Christine Lagarde, has urged France to speed up structural reforms to bolster economic growth and warned against using weak inflation as an excuse to relax public deficit reduction efforts. Lagarde said the French government must implement "truly, rapidly and fully structural reforms likely to generate growth". She further added that even if inflation is weaker than expected, it cannot be used as a screen to postpone the necessary efforts on public spending. Socialist President Francois Hollande's government was forced to abandon growth and fiscal targets for 2014 and 2015 last month after data showed the economy delivered no growth for the second straight quarter. Lagarde also said she did not believe the Eurozone's austerity policy had been excessive and found the pace of deficit reduction "appropriate in each country" of the bloc. (Reuters)
 Japan economy contracts more than initial estimate on tax – Japan’s economy contracted the most in more than five years, highlighting the challenge for Prime Minister Shinzo Abe in steering the nation through the aftermath of a sales-tax increase. The Cabinet Office said GDP shrank an annualized 7.1% in the three months through June, the most since the first quarter of 2009. The median forecast of 25 economists surveyed by Bloomberg News was for a 7% drop. The blow from the sales-tax hike in April extended into this quarter, with retail sales and household spending falling in July. The government signaled last week that it is prepared to boost stimulus to help weather a further increase in the levy scheduled for October 2015. (Bloomberg)
 China’s trade surplus climbs to record in August – China’s trade surplus climbed to a record as exports rose in August, helping leaders counter a property slump that threatens growth in the world’s second-largest economy. The Beijing-based customs administration said the overseas shipments increased 9.4% YoY, compared with the 9% median estimate in a Bloomberg News survey. Imports unexpectedly dropped 2.4%, leaving a trade surplus of $49.8bn. Strength in exports contrasts with other indicators showing manufacturing pulled back in August and investment slowed and new credit plunged in July. A boost from overseas demand will reduce pressure on the government to step up stimulus measures as it copes with risks to its economic-growth target this year of about 7.5%. Zhou Hao, China economist at Australia & New Zealand Banking Group Ltd. in Shanghai, said the recent US data showed the recovery is clearly faster than expected, which helps to keep China’s exports at a healthy level. The increase in exports follows a previously reported 14.5% jump in July and compares with analysts’ estimates for gains ranging from 4.9% to 17%. The median projection for imports was a 3% increase, after a 1.6% drop in July, and the trade surplus was forecast at $40bn, following a previous record of $47.3bn in July. (Bloomberg)
Regional
 Markit: GCC, led by KSA and UAE, has best business outlook in emerging markets – According to the purchasing managers’ index (PMI) compiled by Markit, business activity in the Gulf along with the US, is expanding at the fastest pace in the world. The index is based on monthly questionnaires regarding business conditions answered by purchasing executives in different sectors. As per the PMI survey, global business activity kept on expanding at a good pace in August – a reading above 50 indicates a higher number of respondents reporting “better conditions” than “worse conditions”, hence an expansionary business environment. In fact, the outlook for the world economy is the best it has been in more than three years. Excluding Great Britain, the survey shows the business conditions are the best in Saudi Arabia, whereas the non-oil producing private sector PMI reached a 37-month high of 59.4 in August. The only other GCC country for which PMI is estimated is the UAE, and it shows a non-oil private sector that is outperforming the world after it hit 58.4 in August, its second highest level on record. (Gulf-Base.com)
 MEED Insight: Kingdom to award $55bn contracts in 2014 – According to a forecast by MEED Insight, Saudi Arabia is set to remain the Middle East’s largest projects market for the foreseeable future, as it focuses on job creation and the diversification of its economy. In 2014, the Kingdom is forecasted to award $55bn worth of contracts, much ahead of the UAE, which is the region’s second largest market. In 2013, contracts worth $134bn were awarded in the GCC region, of which about half of them ($65bn) were placed in Saudi Arabia. In 2014, projects worth $55bn are expected to be awarded, based on a pipeline of around $840bn worth of planned projects in Saudi Arabia. As of August 2014, the top industries with contracts under execution include transport with $66.7bn, followed by construction ($64.2bn) and power ($39.6bn). (GulfBase.com)
 Tasneef signs MoU with Drydocks World, DMC – Emirates Classification Society (Tasneef) has signed a MoU with Drydocks World and Dubai Maritime City (DMC) to provide classification services for the world’s first LNG-powered harbor tug named Elemarateyah. (GulfBase.com)
 Emaar to launch its unit’s IPO on Sept 14 – Emaar Properties will launch the initial public offering (IPO) of its shopping malls &

4. Page 4 of 5
retailing unit, Emaar Malls Group (EMG) on September 14, 2014, on the Dubai Financial Market (DFM). EMG’s IPO will be divided into two tranches, one for retail investors with 40% allocation and one for institutions with at least 60% allocation. Emaar will sell at least a 15% stake in its malls unit through this IPO, which will be listed on the DFM on October 2, 2014. Both the tranches will open on September 14, 2014, when Emaar will announce the share price range for the sale. The final price will be determined through a book-building process. The retail offer will close on September 24, 2014 and the institutional offer on September 26, 2014. (DFM, GulfBase.com)
 Dnata to acquire Stella Travel Services – Dubai-based air services provider, Dnata has signed an agreement to acquire the entire issued share capital of Stella Travel Services, a UK- based integrated travel businesses. The acquisition remains subject to merger control clearance. Dnata and Stella Travel Services will continue to operate independently pending completion of the acquisition. Dnata is part of the Emirates Group, which also includes the Emirates Airline. (GulfBase.com)
 Jafza, Deutsche Bank sign MoU – Jebel Ali Free Zone (Jafza) and Deutsche Bank have signed a MoU, which will enable Deutsche Bank to support Jafza’s clients with the arrangement of facilities and banking-related services. This includes assisting in the account opening process, providing access to Deutsche Bank’s international branch network, offering international trade and other risk mitigation solutions and producing online banking solutions for companies to manage their accounts in multiple countries. (GulfBase.com)
 Limitless awards AED19.5mn contract for Downtown Jebel Ali infrastructure – Dubai-based developer, Limitless has awarded a contract worth AED19.5mn for infrastructure style and supervision services at Downtown Jebel Ali, its 200 hectare mixed-use community in Dubai. The developer has appointed Dar Al-Handasah to review and enhance the existing infrastructure’s design and to oversee its construction, which will be given for tender by 2014-end. Downtown Jebel Ali has around 300 third-party plots, on which investors can build a mix of apartments, office and retail developments. (Bloomberg)
 Dubai's DEWA says Palm Jumeirah upgrade almost completed – Dubai Electricity and Water Authority (DEWA) has announced it has achieved substantial progress in a project to supply, extend and launch a water-pipeline network on Palm Jumeirah. The state-owned utility said that so far, 2,907 meters of the 3 kilometers project have been laid. DEWA said that the work on the extension and launching of the network is expected to be completed next month. The AED57.5mn project once completed will raise water supply to meet the increasing demand for water, and support the current and future projects on the Palm. (Bloomberg)
 Orpic begins prequalification for $3.6bn Liwa Plastics Project – Oman Oil Refineries & Petroleum Industries Company (Orpic) has invited international and local contractors to prequalify for contracts linked to the $3.6bn Liwa Plastics Project (LPP) at Sohar Port. Up for grabs are four packages covering all the key components that together constitute the LPP, which is set to be Oman’s largest petrochemicals scheme. The giant scheme is proposed to be established adjacent to the ongoing Sohar Refinery Improvement Project at the industrial port of Sohar. LPP will include a nominal 900,000 ton per year ethylene cracking plant, high density polyethylene plant, linear low density polyethylene plant, a new polypropylene plant to augment the existing one, and other off-site facilities. (GulfBase.com)
 OPWP: Oman’s peak power demand to grow at 11% until 2020 – According to the seven-year outlook for power demand released by Oman Power & Water Procurement Company (OPWP), Oman's average annual growth in power demand from 2013 to 2020 within the areas of main interconnected system is projected to grow at 10%, from 2,592 megawatt (MW) in 2013 to 5,023 MW in 2020. However, peak demand growth is expected to grow at about 11% per annum, from 4,455 MW in 2013 to 9,133 MW in 2020. The country's population touched the 4mn- mark in March 2014 and it is projected to grow by another 2.4mn between 2015 and 2040. As per the report, the continued high growth in demand for electricity can be attributed to rising personal income levels, new houses and continued government investment in infrastructure projects. (GulfBase.com)
 Al Hassan Engineering receives 3 contracts worth $34.65mn – Al Hassan Engineering Co. Abu Dhabi has received three letter-of-award (LOA)/contracts worth $34.65mn. The first LOA from Abu Dhabi-based Takreer is for the manufacturing, supply and commissioning of 3-way valves in the Hydrocracker plant at Ruwais refinery. The project is worth AED7.1mn and its duration is 12 months. The second subcontract awarded by Hyundai Engineering & Construction Company (HECC) worth $14.25mn is for the construction of temporary site facilities at Satah Al Razboot field development’s EPC package 4: plant facilities. The project duration is 8 months from September 2014. Another subcontract worth $18.46mn is also awarded by HECC for building works for EPC package 4: plant facilities. The project duration is 20 months from December 2014. Both the contracts awarded by HECC are subjected to the approval of the end client ADMA-OPCO. The company expects reasonable incomes from the contracts. (MSM)
 GFH acquires $75mn residential portfolio in US – Gulf Finance House (GFH) has acquired two multi-family residential properties in Houston, as part of its diversified residential portfolio in the US. The portfolio will consist of two multi-family residential properties in Houston and one in Atlanta, with an overall occupancy of 94% and nearly 1,300 apartments. The portfolio will be offered to GFH’s clients with an expected average yield of 9% per annum and maturity of five years. These assets are worth $75mn. The transaction is expected to positively impact GFH’s results for both 3Q2014 and 4Q2014. (Bahrain Bourse)

5. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
210.0
Aug-10 Aug-11 Aug-12 Aug-13 Aug-14
QE Index S&P Pan Arab S&P GCC
0.6%
(0.7%)
0.3%
(0.0%)
0.2%
0.4%
(1.7%)
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
Saudi Arabia
Qatar
Kuwait
Bahrain
Oman
Abu Dhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD%
Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,268.92 0.0 0.0 5.2 DJ Industrial 17,137.36 0.0 0.0 3.4
Silver/Ounce 19.20 0.0 0.0 (1.4) S&P 500 2,007.71 0.0 0.0 8.6
Crude Oil (Brent)/Barrel (FM
Future)
100.82 0.0 0.0 (9.0) NASDAQ 100 4,582.90 0.0 0.0 9.7
Natural Gas (Henry
Hub)/MMBtu
3.84 0.0 0.0 (11.6) STOXX 600 347.57 0.0 0.0 5.9
LPG Propane (Arab Gulf)/Ton 105.00 0.0 0.0 (16.8) DAX 9,747.02 0.0 0.0 2.0
LPG Butane (Arab Gulf)/Ton 122.00 0.0 0.0 (10.6) FTSE 100 6,855.10 0.0 0.0 1.6
Euro 1.30 0.0 0.0 (5.8) CAC 40 4,486.49 0.0 0.0 4.4
Yen 105.09 0.0 0.0 (0.2) Nikkei 15,668.68 0.0 0.0 (3.8)
GBP 1.63 0.0 0.0 (1.4) MSCI EM 1,096.83 0.0 0.0 9.4
CHF 1.07 0.0 0.0 (4.1) SHANGHAI SE Composite 2,326.43 0.0 0.0 9.9
AUD 0.94 0.0 0.0 5.2 HANG SENG 25,240.15 0.0 0.0 8.3
USD Index 83.74 0.0 0.0 4.6 BSE SENSEX 27,026.70 0.0 0.0 27.7
RUB 37.05 0.0 0.0 12.7 Bovespa 60,681.98 0.0 0.0 17.8
BRL 0.45 0.0 0.0 5.3 RTS 1,257.26 0.0 0.0 (12.9)
199.5
169.9
152.2