Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.3% to close at 9,309.6. Gains were led by the Telec...
Page 2 of 5
Qatar Market Commentary
 The QE index rose 0.3% to close at 9,309.6. The Telecoms and
Insurance indices led t...
Page 3 of 5
as well as deletions resulting from delistings, bankruptcies and
M&A’s at the time of the event. (Bloomberg)
Page 4 of 5
 SOCC starts its tri-ethyl aluminum facility in Al-Jubail –
Saudi Organometallic Chemicals Company (SOCC) has...
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manag...
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9 July Technical Market Report


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9 July Technical Market Report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index rose 0.3% to close at 9,309.6. Gains were led by the Telecoms and Insurance indices, gaining 1.5% and 1.1% respectively. Top gainers were Dlala Brok. & Inv. Holding Co. and Ooredoo, rising 2.0% and 1.6% respectively. Among the top losers, Islamic Holding Group fell 2.3%, while Al Meera Consumer Goods Co. declined 2.0%. GCC Commentary Saudi Arabia: The TASI index gained 0.2% to close at 7,708.5. Gains were led by the Transport and Telecommunication & Information Technology indices, rising 0.7% and 0.6% respectively. Tabuk Agriculture Development Co. rose 5.3%, while Gulf Union Cooperative Insurance Co. was up 3.9%. Dubai: The DFM index rose 0.1% to close at 2,344.0. The Banking index gained 0.8%, while the Investment & Financial Services index was up 0.5%. Al Madina for Finance & Investment Co. rose 5.8%, while Dubai Islamic Bank was up 1.9%. Abu Dhabi: The ADX benchmark index gained 1.0% to close at 3,681.7. The Banking index rose 1.7%, while Telecommunication index was up 0.4%. First Gulf Bank gained 2.1%, while Abu Dhabi Islamic Bank was up 1.8%. Kuwait: The KSE index fell 0.1% to close at 7,924.8. Losses were led by the Insurance and Technology indices, declining 1.0% and 0.8% respectively. Ajwan Gulf Real Estate Co. fell 5.2%, while Kuwait National Cinema was down 5.1%. Oman: The MSM index gained 0.4% to close at 6,486.9. The Banking & Investment index rose 0.8%, while the Industrial index was up 0.6%. Oman & Emirates Inv. gained 4.1%, while Dhofar Int. Dev. & Inv. was up 3.6%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Dlala Brok. & Inv. Holding Co. 27.45 2.0 123.0 (11.7) Ooredoo 122.90 1.6 65.3 18.2 Doha Insurance Co. 26.25 1.5 1.1 6.9 Qatar Insurance Co. 60.90 1.5 12.9 12.9 Qatari Investors Group 27.50 1.5 154.4 19.6 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 22.00 0.2 385.0 23.6 Vodafone Qatar 8.95 1.1 374.8 7.2 Barwa Real Estate Co. 27.05 0.4 329.9 (1.5) Masraf Al Rayan 27.60 0.2 307.6 11.3 Salam International Investment Co. 13.05 0.0 244.0 3.1 Market Indicators 09 July 13 08 July 13 %Chg. Value Traded (QR mn) 156.6 132.5 18.2 Exch. Market Cap. (QR mn) 510,811.9 509,651.7 0.2 Volume (mn) 3.7 3.7 (0.6) Number of Transactions 2,587 2,106 22.8 Companies Traded 38 37 2.7 Market Breadth 19:12 4:29 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,301.33 0.3 (0.7) 17.6 N/A All Share Index 2,354.63 0.2 (0.7) 16.9 12.8 Banks 2,252.09 0.2 (1.1) 15.5 12.1 Industrials 3,084.70 (0.1) (0.9) 17.4 11.5 Transportation 1,675.73 0.1 (1.4) 25.0 11.8 Real Estate 1,832.21 0.3 0.5 13.7 11.7 Insurance 2,226.28 1.1 0.6 13.4 15.6 Telecoms 1,289.56 1.5 1.2 21.1 14.7 Consumer 5,514.16 (0.1) 0.1 18.1 22.5 Al Rayan Islamic Index 2,792.35 0.1 (0.2) 12.2 13.9 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% IFA Hotels & Resorts Kuwait 0.49 5.4 10.9 11.4 First Gulf Bank Abu Dhabi 16.90 3.4 1,829.5 45.7 Kuwait Finance House Kuwait 0.68 3.0 4,808.5 (1.8) Saudi Hollandi Bank Saudi Arabia 35.30 2.6 470.7 30.3 Abdullah Al Othaim Saudi Arabia 118.00 2.6 208.2 43.5 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% SADAFCO Saudi Arabia 88.75 (4.6) 152.6 37.1 ALAFCO Kuwait 0.28 (3.4) 1,705.6 (21.1) Saudi Prin. & Pack. Co. Saudi Arabia 28.90 (3.0) 3,559.7 (21.9) Jazeera Airways Kuwait 0.50 (2.9) 125.9 54.7 Agility Kuwait 0.67 (2.9) 494.3 37.9 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% Islamic Holding Group 42.60 (2.3) 42.6 12.1 Al Meera Consumer Goods Co. 132.90 (2.0) 74.0 8.6 Qatar Electricity & Water Co. 156.20 (1.2) 19.6 18.0 Gulf Warehousing Co. 41.55 (1.1) 4.2 24.0 National Leasing 36.70 (0.8) 87.9 (18.8) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 157.20 (0.1) 30,004.6 11.5 Commercial Bank of Qatar 70.50 0.0 11,380.0 (0.6) QNB Group 159.00 0.3 10,687.6 21.5 Al Meera Consumer Goods Co. 132.90 (2.0) 9,892.3 8.6 Barwa Real Estate Co. 27.05 0.4 8,935.5 (1.5) 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* 9,309.63 0.3 (0.7) 0.4 11.4 43.02 140,268.9 11.8 1.7 5.0 Dubai 2,343.98 0.1 3.5 5.5 44.5 137.41 60,229.0 15.1 1.0 3.4 Abu Dhabi 3,681.69 1.0 3.3 3.7 39.9 110.18 105,540.0 11.1 1.3 4.7 Saudi Arabia 7,708.52 0.2 0.5 2.8 13.3 1,030.90 410,420.5 16.3 2.0 3.6 Kuwait 7,924.79 (0.1) (0.5) 2.0 33.5 98.86 108,005.1 21.5 1.3 3.6 Oman 6,486.87 0.4 0.7 2.3 12.6 15.24 22,592.6 10.7 1.6 4.2 Bahrain 1,190.30 (0.1) (0.1) 0.2 11.7 1.40 21,241.0 8.7 0.8 4.1 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,260 9,280 9,300 9,320 9,340 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5 Qatar Market Commentary  The QE index rose 0.3% to close at 9,309.6. The Telecoms and Insurance indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Dlala Brokerage & Investment Holding Co. and Ooredoo were the top gainers, rising 2.0% and 1.6% respectively. Among the top losers, Islamic Holding Group fell 2.3%, while Al Meera Consumer Goods Co. declined 2.0%.  Volume of shares traded on Tuesday declined by 0.6% to 3.7mn from 3.7mn on Monday. Further, as compared to the 30-day moving average of 10.2mn, volume for the day was 63.7% lower. United Development Co. and Vodafone Qatar were the most active stocks, contributing 10.4% and 10.1% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Bank ALJazira (BAJ) CI Saudi Arabia FSR/ LT FCR/ ST FCR/ Support Level BBB/ BBB+/A2/2 BBB/ BBB+/A2/2 – Stable – Bank Sohar Fitch Oman LT rating BBB+ BBB+ – Stable – Oman Insurance Co. OIC S&P Oman Company rating A- A- – Positive  Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating) Earnings Releases Company Market Currency Revenue (mn) 2Q2013 % Change YoY Operating Profit (mn) 2Q2013 % Change YoY Net Profit (mn) 2Q2013 % Change YoY Arriyadh Development Co. Saudi Arabia SR – – 49.2 33.0% 48.7 36.4% Source: Company data, Tadawul Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 07/09 US Federal Reserve Consumer Credit May $19.615bn $12.500bn $10.867bn 07/09 US NFIB NFIB Small Business Optimism June 93.5 94.9 94.4 07/09 US Bureau of Labor Stat. JOLTs Job Openings May 3828 3800 3800 07/09 UK BRC BRC Sales Like-For-Like YoY June 1.40% 1.90% 1.80% 07/09 UK RICS RICS House Price Balance June 21% 8% 5% 07/09 UK ONS Industrial Production (MoM) May 0.00% 0.20% -0.10% 07/09 UK ONS Industrial Production (YoY) May -2.30% -1.50% -1.40% 07/09 UK ONS Manufacturing Production (MoM) May -0.80% 0.40% -0.20% 07/09 UK ONS Manufacturing Production (YoY) May -2.90% -1.60% -0.90% 07/09 UK NIESR NIESR GDP Estimate June 0.60% -- 0.60% 07/09 China Nat. Bureau of Statistics CPI YoY June 2.70% 2.50% 2.10% 07/09 China Nat. Bureau of Statistics Producer Price Index (YoY) June -2.70% -2.60% -2.90% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QNB Group appoints new Acting Group CEO – The QNB Group’s Board of Directors has appointed Mr. Ali Ahmed Al Kuwari as its new Acting CEO for the Group. Mr. Ali Al Kuwari enjoys over 25 years of extensive experience in all aspects of Business: Strategic Planning, Sales & Marketing, Finance, Operations, Credit, Human Resources Development, Information Systems, Systems Analysis and Design, Programming, Business & Customer Partnership, and Business & Product Development. He has held several executive positions with QNB, where he occupied the post of Executive General Manager – Chief Business Officer with responsibility for Corporate, Retail, Assets & Wealth Management, Treasury and International Divisions. (QNB Press Release)  MSCI seeks to limit potential reverse turnover for Qatar, UAE – Morgan Stanley Capital International (MSCI) has intended not to implement any changes in MSCI Qatar, MSCI UAE indices as part of regular index reviews preceding their reclassification to emerging markets status. MSCI also intends to implement only deletions from MSCI Qatar, MSCI UAE caused by either low foreign room, low liquidity or prolonged suspension. Moreover, MSCI intends to defer implementation of corporate events not requiring price adjustment factor such as placements, block sales, recapitalizations and sizable IPOs, and to exceptionally freeze potential migrations due to corporate events until the May 2014 semi-annual index review. MSCI intends to continue implementing corporate events that require price adjustment factors such as stock splits and consolidations, Overall Activity Buy %* Sell %* Net (QR) Qatari 58.78% 65.26% (10,144,077.81) Non-Qatari 41.22% 34.75% 10,144,077.81
  3. 3. Page 3 of 5 as well as deletions resulting from delistings, bankruptcies and M&A’s at the time of the event. (Bloomberg)  PwC: Banks dominate GCC region bond market, led by QNB Group – According to a report by PricewaterhouseCoopers (PwC), the banking sector continued to dominate GCC region’s corporate bond market in 2Q2013. The report added that the QNB Group has helped prop up the sector during 2Q2013 by issuing its $1bn euro medium term note (EMTN) program along with the UAE’s National Bank of Dubai, which issued $1bn Tier one capital as well. (Peninsula Qatar)  Qatar plans QPI spin-off in global expansion bid – According to Reuters, Qatar's new leadership is expected to accelerate the plans to spin off Qatar Petroleum International (QPI), from the Energy Ministry to allow it to grow quickly abroad at a time of rising rivalry from new producers. (Reuters)  Integrated QR1bn project to develop Rawdat Aghdim’s infrastructure – The Central Municipal Council Member Mohamed Saleh al-Khiyarain said an integrated QR1bn project is to be implemented for developing the infrastructure of Rawdat Aghdim in Al Nasiriya district. This project will be carried out in three phases and its contract has been signed by the Public Works Authority. He also said that the site is currently being prepared and the execution of the QR300,000 first stage will begin within 90 days. (  Real estate transactions worth QR670.6mn last week in Qatar – According to a report released by the Ministry of Justice, real estate transactions in Qatar between June 30 and July 8 were worth QR670.6mn. The list of properties that were traded by sale includes open plots of land, villas, residential buildings and shops located in the municipalities of Umm Salal, Doha, Al Khor, Al Rayyan, Al Daayen and Al Wakra. (Peninsula Qatar)  ERES to disclose its 1H2013 financials on July 28 – Ezdan Holding Group (ERES) will disclose its financial results for the period ending June 30, 2013 on July 28, 2013. (QE) International  IMF cuts global growth forecast as emerging markets slow – The IMF has trimmed its global growth forecast for the fifth time since last year due to a slowdown in emerging economies and the continued woes in recession-struck Europe. The fund has warned that global growth could slow down further if the pull-back from massive monetary stimulus in the US triggers reversals in capital flows and crimps growth in developing countries. The IMF shaved its 2013 forecast for global growth to 3.1%, matching last year’s figure but below its 3.3% projection in April. It also lowered its 2014 forecast to 3.8% down from its earlier prediction of a 4% expansion. The IMF also said it underestimated the depth of the recession in Europe, and had not expected the US to go ahead with growth-stunting spending cuts. (Reuters)  S&P cuts Italy’s credit rating to BBB; outlook Negative – Ratings agency S&P has lowered Italy’s credit rating to BBB from BBB+, due to expectations of weakening economic prospects and the nation’s impaired financial system. The outlook on the rating remains Negative. S&P said the rating action reflects its view on further worsening of Italy’s economic prospects overcoming a decade long of real growth averaging minus 0.04%. The ratings agency said the low growth stems in large part from rigidities in Italy’s labor and product markets. (Bloomberg)  Japan plans to switch inflation gauge – The Japanese government is planning to adopt a different measure for inflation, in a move that could stretch the period needed for Japan to be declared free of deflation and give more ammunition to politicians advocating loose policies. The Bank of Japan has targeted a 2% YoY rise in the core consumer price index, a measure that excludes volatile prices of fresh food. The government plans to use “core-core CPI”, which also excludes energy costs. The change will effectively raise the bar for government’s inflation goal, as it means that higher energy prices will be taken out of the equation. (Reuters) Regional  IATA: Middle East carriers post strongest traffic growth – According to a report by the International Air Transport Association (IATA), Middle East airlines have recorded the strongest traffic growth among all regions with 11.7% YoY growth in May 2013. IATA said the air travel demand in the Middle East and Africa has benefited from the continued expansion in trade volumes since late 2011, with capacity rising by 12.8%, but with a decline in load factor of 0.7 percentage points to 73.5%. (  Saudi approves $5bn aid package to Egypt; UAE to give $3bn in loans, grant – Saudi Arabia has approved a $5bn aid package to Egypt. Part of the aid, $2bn, will be in the form of petroleum and gas aid products, while another $ 2bn will be in the form of a deposit at Egypt's central bank and $1bn will be given to Egypt as a grant. Meanwhile, the UAE has also agreed to grant Egypt $1bn fund and lend another $2bn in loans. This loan would be in the form of a deposit at the Egyptian Central Bank, although the interest rate and maturity are yet to be finalized. (Reuters, Bloomberg)  Maaden awards SR3.1bn ammonia plant contract to OOK, IK – The Saudi Arabian Mining Company (Maaden) has awarded a contract for building an ammonia plant valued at SR3.1bn to Daelim Industrial Company (OOK) & Daelim Saudi Arabia Company (IK). The ammonia plant will have a production capacity of 1.1mn tons and will be built at Ras Al Khair as part of Maaden's Waad Al Shamal Phosphate project. Maaden expects its completion in late 2016. Maaden’s project partners, along with project financial advisor HSBC are expecting to sign the financing deal with financial institutions by 4Q2013. Maaden and its partners intend to fund the project until the financing closure is secured. The total investment cost of the entire phosphate complex is estimated at SR26bn, of which approximately SR21bn will be invested in Waad Al Shamal Mineral Industrial City. (Tadawul)  NCB reports SR4.3bn net income in 1H2013 – The National Commercial Bank (NCB) has reported a net income of SR4.3bn in 1H2013, an increase of 21.4% YoY. In 2Q2013, Net income amounted to SR2.0bn, reflecting an increase of 23.9% YoY. Earnings per share reached SR2.9 in 1H2013 as compared to SR2.4 in 1H2012. Total assets grew by 13.2% YoY to reach SR363bn in 1H2013. Loans & advances portfolio grew by 18.6% YoY to SR178bn, while customer deposits grew by 15.1% YoY to reach SR288bn by the end of June 30, 2013. (AME Info)  Saudi Hollandi Bank’s net profit rises 12.8% YoY in 2Q2013 – Saudi Hollandi Bank has reported a net profit of SR374.8mn, rising 12.8% YoY in 2Q2013. The bank’s net profit increased by 15.8% YoY in 1H2013 to reach SR721mn. EPS stood at SR1.82 in 1H2013 as compared to SR1.57 in 1H2012. Total assets at the end of June 2013 stood at SR76.4bn over SR61.6bn in June 2012. Loans & advances rose by 24.1% YoY to SR52.0bn, while customer deposits were up by 23.5% YoY to SR61.3bn. Earlier, Reuters had forecast the bank to post a net profit of SR346.4mn for 2Q2013. (Tadawul,
  4. 4. Page 4 of 5  SOCC starts its tri-ethyl aluminum facility in Al-Jubail – Saudi Organometallic Chemicals Company (SOCC) has announced the initial start-up of its aluminum alkyls facility located in Al-Jubail, Saudi Arabia. This facility will manufacture 6,000 metric tons of tri-ethyl aluminum per year, an ingredient used in the plastics industry. (AME Info)  RSH receives ECA approval to construct a labor camp in Jazan EC – Red Sea Housing Services Company (RSH) has received the approval from the Economic Cities Authority (ECA) to construct an industrial labor camp in Jazan Economic City (Jazan EC), with an estimated cost of SR60mn. RSH expects the financial impact of this project to be visible by 1Q2014. RSH has also received ECA approval to construct its manufacturing facility in the King Abdullah Economic City at an estimated cost of SR85mn. RSH expects the financial impact of this project to be visible by 4Q2014. (Tadawul)  Nakheel's net profit soars by 57% in 1H2013 – Nakheel has reported a net profit of AED1.2bn in 1H2013, indicating an increase of 57% YoY. The Dubai-based developer’s revenues stood at AED4.2bn, which rose 36% YoY. (AME Info)  DEWA's Al Lusaily Phase 1 water reservoir project completed on schedule – The Dubai Electricity & Water Authority’s (DEWA) CEO & MD HE Saeed Mohammed Al Tayer said Phase 1 of the Al Lusaily desalinated water reservoir project has been completed on schedule. This AED246m project has a capacity of 120mn imperial gallons of desalinated water, which will enhance the total storage capacity in the Emirate by 790mn gallons after completion. (AME Info)  Emaar’s subsidiary handovers Saudi Arabia's first 5-star fully-serviced homes – Emaar Properties’ subsidiary, Emaar Middle East has commenced the handover of Emaar Residences, Saudi Arabia’s first five-star serviced apartments at Makkah Clock Tower. (Bloomberg)  Morocco wants Maroc Telecom’s buyer to take local partner – According to sources, the Moroccan government wants the Emirates Telecommunications Corp (Etisalat) to take on a local partner as a condition for backing its bid to buy Vivendi's 53% stake in Maroc Telecom. (Reuters)  Emirates to commence daily A380 service to Mauritius – Emirates Airlines is set to commence a daily Airbus A380 service from Dubai to Mauritius from December 16, 2013. (AME Info)  SIDC awards AED1.8bn villa contract to Al Jaber – Saadiyat Investment & Development Company (SDIC) has awarded the AED1.8bn construction contract of the Hidd Al Saadiyat Villas Development to Al Jaber Building, a leading contractor in Abu Dhabi. (AME Info)  NBB reports BHD26.8mn net profit for 1H2013 – The National Bank of Bahrain (NBB) has reported a net profit of BHD26.8mn in 1H2013, reflecting 6.7% YoY increase. Further, NBB has also reported a net profit of BHD11.9mn in 2Q2013, an increase of 8.6% YoY. Net interest income came in at BHD28.4mn during 1H2013 as compared to BHD31.5mn in 1H2012. EPS stood at 28.5 fils in 1H2013 as compared to 26.7 fils in 1H2012. Total earning assets stood at BHD2.5bn as on June 30, 2013 as compared to BHD2.3bn as on June 30, 2012. Customer deposits rose by 7.4% YoY to BHD2.1bn. (AME Info)  Alba sales rise 1.9% YoY in 1H2013 – Aluminum Bahrain’s (Alba) sales rose by 1.9% YoY to 454,428 metric tons (mt) in 1H2013 ahead of the company’s own forecast. Production figures were up by 2% YTD reaching 452,727mt versus 443,533mt for the same period in 2012. Alba said it was able to capitalize on the strong demand for value-added products and closed 1H2013 with an average of 66% of total shipments, versus 65% for 1H2012. (Bahrain Bourse)  Tadhamon Capital arranges acquisition of two assets in UK – Bahrain-based investment firm Tadhamon Capital has arranged the acquisition of two assets within its prevalent social infrastructure platform in the UK. These two transactions are valued at approximately $50mn which bought the total value of the assets held under the platform to $190mn. (AME Info)
  5. 5. Contacts Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui Head of Trading Head of Sales Head of Research Manager - HNWI Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5 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 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 QE Index S&PPan Arab S&P GCC 0.2% 0.3% (0.1%) (0.1%) 0.4% 1.0% 0.1% (0.4%) 0.0% 0.4% 0.8% 1.2% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,251.44 1.2 2.3 (25.3) DJ Industrial 15,300.34 0.5 1.1 16.8 Silver/Ounce 19.31 1.0 2.1 (36.4) S&P 500 1,652.32 0.7 1.3 15.9 Crude Oil (Brent)/Barrel 108.58 0.9 0.4 (3.8) NASDAQ 100 3,504.26 0.6 0.7 16.1 Natural Gas (Henry Hub)/MMBtu 3.69 0.0 4.3 6.4 STOXX 600 294.58 0.8 2.2 5.3 LPG Propane (Arab Gulf)/Ton 798.00 0.0 0.5 (17.6) DAX 8,057.75 1.1 3.2 5.9 LPG Butane (Arab Gulf)/Ton 795.00 0.0 0.6 (17.9) FTSE 100 6,513.08 1.0 2.2 10.4 Euro 1.28 (0.7) (0.4) (3.1) CAC 40 3,843.56 0.5 2.4 5.6 Yen 101.15 0.2 (0.0) 16.6 Nikkei 14,472.90 2.6 1.1 39.2 GBP 1.49 (0.6) (0.2) (8.5) MSCI EM 912.71 0.7 (0.5) (13.5) CHF 1.03 (1.0) (0.9) (5.9) SHANGHAI SE Composite 1,965.45 0.4 (2.1) (13.4) AUD 0.92 0.5 1.2 (11.7) HANG SENG 20,683.01 0.5 (0.8) (8.7) USD Index 84.58 0.5 0.2 6.0 BSE SENSEX 19,439.48 0.6 (0.3) 0.1 RUB 33.03 (0.5) (0.9) 8.2 Bovespa 45,075.50 0.0 (0.3) (26.0) BRL 0.44 0.3 (0.2) (9.1) RTS 1,282.84 0.4 1.1 (16.0) 133.8 120.8 109.9