9 September Daily market report

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9 September Daily market report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 1.2% to close at 9,151.3. Losses were led by the Telecoms and Insurance indices, declining 1.6% each. Top losers were Qatar Electricity & Water Co. and Qatar Industrial Manufacturing Co., falling 4.6% and 2.7% respectively. Among the top gainers, Al Meera Consumer Goods Co. rose 2.9%, while Qatar German Co. for Med. Dev. gained 1.4%. GCC Commentary Saudi Arabia: The TASI index rose 0.1% to close at 7,643.1. Gains were led by the Real Est. Dev. and Hot. & Tou. indices, rising 1.1% and 0.9% respectively. Sharqiyah Dev. Co. rose 5.5%, while Emaar E. C. was up 4.0%. Dubai: The DFM index declined 2.0% to close at 2,324.5. The Investment & Financial Serv. index fell 3.2%, while the Services index was down 2.9%. Ajman Bank declined 6.3%, while Emirates NBD was down 5.6%. Abu Dhabi: The ADX benchmark index fell 1.4% to close at 3,479.1. The Energy index declined 2.1%, while the Real Estate index was down 1.9%. Abu Dhabi Nat. Hotels fell 9.8%, while Arkan Building Materials was down 6.3%. Kuwait: The KSE index declined 0.1% to close at 7,233.4. The Parallel Market index fell 1.3%, while the Telecommunication index was down 1.1%. ACICO Industries Co. declined 7.6%, while International Resorts Co. was down 7.0%. Oman: The MSM index fell 1.1% to close at 6,379.5. Losses were led by the Bank. & Inv. and Industrial indices, declining 1.3% and 1.0% respectively. Al Hassan Eng. fell 6.3%, while Al Batinah Dev. & Inv. Holding was down 4.3%. Bahrain: The BHB index declined 0.1% to close at 1,179.8. The Industrial index fell 0.9%, while the Commercial Banking index was down 0.2%. Aluminum Bahrain declined 0.9%, while Ahli United Bank was down 0.7%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Al Meera Consumer Goods Co. 127.00 2.9 120.7 3.8 Qatar German Co. for Med. Dev. 14.20 1.4 1.1 (3.9) Qatar & Oman Investment Co. 12.30 1.0 14.1 (0.7) Gulf Warehousing Co. 39.75 0.9 7.4 18.7 Qatari Investors Group 27.40 0.7 139.1 19.1 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 19.73 (0.9) 1,809.2 10.8 Masraf Al Rayan 27.70 (1.4) 586.9 11.7 Doha Bank 51.00 0.0 351.9 10.0 Barwa Real Estate Co. 23.71 (1.6) 304.2 (13.6) Salam International Investment Co. 12.06 0.4 253.7 (4.7) Market Indicators 09 Sep 13 08 Sep 13 %Chg. Value Traded (QR mn) 260.2 169.2 53.8 Exch. Market Cap. (QR mn) 503,255.2 507,634.3 (0.9) Volume (mn) 6.1 3.8 62.5 Number of Transactions 3,481 2,849 22.2 Companies Traded 40 38 5.3 Market Breadth 10:24 26:9 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,075.08 (1.2) (0.6) 15.6 N/A All Share Index 2,314.60 (1.0) (0.5) 14.9 12.2 Banks 2,248.49 (0.8) (0.4) 15.3 11.9 Industrials 2,921.22 (1.1) (1.1) 11.2 10.8 Transportation 1,694.82 (0.9) 0.1 26.4 11.6 Real Estate 1,633.96 (1.2) (1.2) 1.4 12.3 Insurance 2,181.00 (1.6) (0.9) 11.1 9.0 Telecoms 1,360.54 (1.6) 0.8 27.8 14.3 Consumer 5,612.35 (0.6) 0.3 20.2 23.5 Al Rayan Islamic Index 2,635.89 (0.7) (0.2) 5.9 13.6 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Emaar Economic City Saudi Arabia 10.45 4.0 30,435.9 25.9 SADAFCO Saudi Arabia 93.00 3.9 96.8 43.6 Al Meera Cons. Goods Qatar 127.00 2.9 120.7 3.8 Kuwait Finance House Kuwait 0.75 2.7 14,672.9 8.3 DP World Ltd Dubai 15.00 2.4 5.8 28.2 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Abu Dhabi Nat. Hotels Abu Dhabi 2.21 (9.8) 12.9 24.9 Ajman Bank Dubai 1.78 (6.3) 9.9 25.4 Emirates NBD Dubai 4.90 (5.6) 61.0 71.9 Qatar Elec. & Water Qatar 145.50 (4.6) 87.3 9.9 Dubai Financial Market Dubai 1.52 (4.4) 22,348.1 49.0 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% Qatar Electricity & Water Co. 145.50 (4.6) 87.3 9.9 Qatar Industrial Manufacturing Co. 48.65 (2.7) 20.0 (8.4) Islamic Holding Group 36.55 (2.5) 5.9 (3.8) Qatar Insurance Co. 58.00 (2.5) 145.9 7.5 Qatar Navigation 75.50 (1.9) 218.6 19.7 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% QNB Group 159.60 (0.6) 36,544.2 21.9 United Development Co. 19.73 (0.9) 35,072.7 10.8 Industries Qatar 145.00 (0.7) 20,497.7 2.8 Doha Bank 51.00 0.0 17,621.9 10.0 Qatar Navigation 75.50 (1.9) 16,442.9 19.7 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* 9,151.28 (1.2) (0.6) (4.9) 9.5 71.49 138,193.9 11.5 1.6 5.0 Dubai 2,324.54 (2.0) (0.5) (7.9) 43.3 99.47 59,304.0 13.5 0.9 3.8 Abu Dhabi 3,479.13 (1.4) (1.7) (6.8) 32.2 65.87 102,205.1 9.9 1.2 5.2 Saudi Arabia 7,643.13 0.1 0.1 (1.6) 12.4 1,148.18 405,677.4 15.9 2.0 3.8 Kuwait 7,233.43 (0.1) 0.2 (5.2) 21.9 158.50 106,886.5 16.9 1.1 3.9 Oman 6,379.54 (1.1) (0.5) (4.7) 10.7 15.94 22,517.4 10.5 1.6 4.1 Bahrain 1,179.75 (0.1) (0.1) (0.7) 10.7 0.96 21,645.2 8.2 0.8 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,050 9,100 9,150 9,200 9,250 9,300 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 declined 1.2% to close at 9,151.3. The Telecoms and Insurance indices led the losses. The index declined on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders.  Qatar Electricity & Water Co. and Qatar Industrial Manufacturing Co. were the top losers, falling 4.6% and 2.7% respectively. Among the top gainers, Al Meera Consumer Goods Co. rose 2.9%, while Qatar German Co. for Med. Dev. gained 1.4%.  Volume of shares traded on Monday rose by 62.5% to 6.1mn from 3.8mn on Sunday. However, as compared to the 30-day moving average of 8.1mn, volume for the day was 24.1% lower. United Development Co. and Masraf Al Rayan were the most active stocks, contributing 29.5% and 9.6% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Al Hilal Bank (AHB) Moody’s Abu Dhabi Issuer ratings/BFSR – (A1/Prime- 1)/D – Stable – Source: News reports (* LT – Long Term, ST – Short Term, BFSR- Bank Financial Strength Rating) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 09/09 EU Sentix Sentix Investor Confidence September 6.5 -3.5 -4.9 09/09 France Bank of France Bank of France Bus. Sentiment August 97 97 95 09/09 China NBS CPI YoY August 2.60% 2.60% 2.70% 09/09 China NBS PPI YoY August -1.60% -1.70% -2.30% 09/09 Japan ESRI GDP SA QoQ 2Q2013 1.00% 1.00% 0.60% 09/09 Japan ESRI GDP Annualized SA QoQ 2Q2013 4.10% 3.90% 2.60% 09/09 Japan ESRI GDP Consumer Spending QoQ 2Q2013 0.80% – 0.80% 09/09 Japan ESRI GDP Business Spending QoQ 2Q2013 0.00% 1.10% -0.10% 09/09 Japan ESRI Consumer Confidence Index August 43.0 44.0 43.6 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  EC Harris: Qatar is the most expensive country in Middle East in terms of construction costs – According to the International Construction Costs report published by EC Harris, Qatar is the most expensive country across the Middle East in terms of construction costs. EC Harris Head of Cost & Commercial Middle East Nick Smith said that although the Qatari construction market is relatively small, all of this will change with a set of major programs linked with the 2030 National Plan and 2022 FIFA World Cup. This investment program includes the major elements of social infrastructure as well as transport & energy infrastructure to support population growth and economic diversification. (ameinfo.com)  Qatar-India trade volume crosses $16bn – The Confederation of Indian Industry’s Gulf Committee Chairman K K M Kutty said bilateral trade between Qatar and India has jumped from $1.2bn in 2005 to $16bn in 2013. This drastic increase reveals the strengthening trade relations between the two countries. (Qatar Tribune)  Muntajat expands fleet with new LPG carrier – Qatar Chemical & Petrochemical Marketing and Distribution Company (Muntajat) has taken possession of a 9,000 cubic meter vessel “Gas Ionian” on a time-charter basis. Built in 2011, the LPG carrier will be primarily used to transport vinyl chloride monomer produced by Qatar Vinyl Company to customers on the Arabian subcontinent and South East Asia. (Gulf-Times.com)  Qatar delivers 2,000 LNG cargoes to Japan since 1997 – Qatar’s Minister of Energy & Industry HE Dr Mohamed bin Saleh al-Sada said the country has successfully delivered nearly 2,000 LNG cargoes to Japanese customers since 1997. (Gulf- Times.com)  ORDS’ Iraq-based subsidiary appoints new CEO – Ooredoo’s (ORDS) Iraq-based subsidiary, Asiacell Communications (TASC) has appointed Mr. Amer Al Sunna as its new CEO. He had earlier joined the Ooredoo Group of companies as the CEO of Wi-Tribe Jordan in August 2010, and was subsequently appointed as Chief Operating Advisor of Wi- Tribe Philippines in August 2011. He was appointed as the Managing Director of Asiacell Iraq in February 2013. (ADX)  QA to join Oneworld airline alliance on October 30 – Qatar Airways (QA) is set to become a full member of Oneworld alliance from October 30, 2013, adding the world’s fastest growing airline to the global leading airline alliance. QA was the only one of the Gulf Big Three carriers slated to join any of the global airline alliances. QA received clearance to get on board Oneworld after successfully completing a thorough review of its readiness by British Airways, which is sponsoring QA’s entry into the alliance. (Gulf-Times.com) Overall Activity Buy %* Sell %* Net (QR) Qatari 59.06% 56.28% 7,220,109.13 Non-Qatari 40.95% 43.72% (7,220,109.13)
  3. 3. Page 3 of 5 International  WTO cuts 2013 global trade forecast to 2.5% – The World Trade Organization (WTO) said global trade is expected to grow by 2.5% in 2013 and 4.5% in 2014, revising down previous estimates of 3.3% and 5%. The WTO has said its forecasts have been cut due to the weaker than expected recovery in the European economy in 2Q2013. The original forecasts were presented in April, in which WTO had warned the threat of protectionism may be greater now than at any time since the start of the economic crisis, since failing growth policies could spur countries to erect barriers to imports. (Reuters)  Bank of France raises growth forecast slightly – The Bank of France said the French economy should post a growth of 0.2% in 3Q2013, revising its forecast slightly up from an earlier estimate of 0.1%. The Bank of France said its monthly business climate survey in August showed sentiment in the country’s industrial sector rose to 97 from 95 in July, bringing the index to its strongest level since September 2011 and just shy of its long- term average of 100. Confidence also rose in the services sector in August, reaching 93 on the central bank's index from 91 in July. (Reuters)  BoJ’s board urged fiscal reforms at August meeting – According to minutes of the Bank of Japan’s (BoJ) rate review meeting held on August 7-8, BoJ policymakers expressed confidence and said their aggressive monetary stimulus was working. Policymakers also urged the government to promote fiscal reforms to keep unwelcome bond yield rises in check. BoJ policymakers said the Japanese economy is beginning to recover with initial signs that wages and household incomes are improving, boding well for personal consumption. At the August rate review, many members said it is important to maintain credibility in fiscal management to maintain stability in interest rates. They expressed hope the government will promote steps to achieve fiscal consolidation. (Reuters) Regional  GCC secretariat plans to establish GCC Railway Authority – The GCC region members are planning to form the GCC Railway Authority to coordinate the implementation of the 2,200 kilometer long integrated railway project for the region. GCC Secretariat General Dr. Ramiz Al Assar said this GCC railway line will start from Kuwait, connect all Gulf cities and end in Muscat. He further added that this project is expected to be operational by 2018-end or by the beginning of 2019. (GulfBase.com)  QFC: MENA reinsurance market stays on course for robust growth – According to the first MENA Reinsurance Barometer report by the Qatar Financial Centre (QFC), the MENA region continues to be an attractive reinsurance market thanks to robust economic conditions, but its strong fundamentals are partially offset by fierce competition and political instability. Measured on a scale from -5 to +5, the report found that business sentiment stood at 1.2 and is expected to improve to 2.4 by summer 2014 as conditions tighten further and strong fundamentals prevail over political uncertainties. The report added that the MENA region is set to witness an increased capacity expansion from both regional and Asian reinsurers at the expense of traditional sources from continental Europe. These inroads are expected to be driven by continued strong capital formation in emerging markets and unabated desire for diversification among Asian reinsurers. Moreover, medical and health insurance segments are expected to be the fastest growing ones in the region over the next 12 months, although they are considered the least profitable. QFC said unchecked competition is considered to be the most serious threat facing the MENA reinsurance market. (Gulf-Times.com)  Saudi pumps oil to 32-year high in August – Saudi Arabia has produced 10.19mn bpd of crude oil in August 2013, which is the highest level in more than 32 years. The Kingdom has supplied 10.07mn bpd to the global market in August. Saudi Arabia boosted its monthly output over July as Libya struggled to settle protests at its oil fields and ports that have reduced output in the North African state to the lowest level since October 2011. (Gulf-Times.com)  RSH obtains SR85mn contract from KAEC – The Red Sea Housing Services Company (RSH) has received a SR85mn contract from the King Abdullah Economic City (KAEC) for the establishment of its plant within the economic city industrial zone in Rabigh. The company said it has finished the proceedings and acquired a 193,000 square meter land within the industrial zone of KAEC and agreed that it will be leased 20 years from now. The financial impact for construction of this factory will commence in 3Q2013. (GulfBase.com)  Saudi investors seek government intervention on SR225mn recovery in Bahrain’s Marina West project – Around 150 Saudi Arabian investors, who have invested more than SR225mn on Bahrain’s Marina West project, have asked the Bahraini government to intervene and recover their invested funds from this stalled project. Many foreign investors, including Saudis and GCC region citizens have invested around SR400mn in this project, which has been stalled for three years. These investors have called for a public auction of the project to have their funds reimbursed. This project is one of the eight other stalled housing projects in Bahrain. (GulfBase.com)  Careem obtains $1.7mn investment to expand operations in Middle East – UAE-based Careem has received $1.7mn investment from STC Ventures, backed by Saudi Telecom Company to strengthen its operating platform and expand to other cities in the Middle East. (AME Info)  Al Futtaim plans to acquire Nairobi-listed car retailer CMC Holdings Ltd. – Dubai-based Al Futtaim Group is planning its first investment of $86mn in sub-Saharan Africa by acquiring Nairobi-listed car retailer CMC Holdings Ltd. Al Futtaim will offer $0.15 per share for CMC, with 50.6% of the existing shareholders having pledged to accept the takeover offer. (Reuters)  Al Hilal Bank plans to launch $500mn sukuk – Al Hilal Bank, the Islamic lender owned by the Abu Dhabi Investment Council , plans to launch a $500mn sukuk by 2013-end as the first tranche of a $2.5bn bond program. This Islamic bond will be used for general business purposes such as liquidity management and to open a small number of new branches across the UAE. (Bloomberg)  UASC, CSCL to launch Intra Asia container service from September 21, 2013 – Kuwait-based United Arab Shipping Company (UASC) and China Shipping Container Lines Company (CSCL) are set to launch new weekly services covering Japan, South Korea, Central & South China and Thailand from September 21, 2013. This Intra Asia container service will be operated through a vessel sharing agreement (VSA) between UASC and CSCL with a combined weekly capacity of 2,600 twenty foot equivalent units (TEU). (AME Info)  Kuwait Airways plans to delay purchase of new planes from Airbus – According to sources, Kuwait Airways is planning to delay the purchase of 25 new aircraft from Airbus. The airlines will instead prioritize leasing of planes. Kuwait Airways had
  4. 4. Page 4 of 5 signed an initial agreement with Airbus in May 2013 to buy 15 A320neo narrow-body jets, 10 of Airbus's new A350-900 XWB, and lease 22 Airbus jets. Under the plan, the new planes are expected for delivery in 2019. (Reuters)  Oman CPI accelerates to 1.5% in July 2013 – According to data released by the National Center for Statistics & Information (NCSI), Oman's consumer price index has accelerated to 1.5% YoY in July 2013 from 1% in June 2013. Prices of food, beverages and tobacco, which account for 30% of the basket, have increased 3.1% on an annual basis in July 2013 as compared to 2.8% in June. The data also showed that the rents and energy costs, which represent over 21% of consumer expenses, have rose 0.9% YoY (+0.1% MoM) in July. Meanwhile, analysts polled by Reuters in April had forecasted an average inflation of 3.2% in 2013, as compared to 2.9% in 2012. (GulfBase.com)  OPWP floats tender to bid for IWP in Quriyyat – The Oman Power & Water Procurement (OPWP) has floated a tender for pre-qualifying companies to bid for a large independent water project (IWP) in Quriyyat. This will be OPWP’s third independent water project in Oman, after Sur and Ghubra IWPs. This desalination project will have a capacity of 180,000 cubic meters per day and will be operational in 2Q2016. (GulfBase.com)
  5. 5. 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 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 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 QE Index S&PPan Arab S&P GCC 0.1% (1.2%) (0.1%) (0.1%) (1.1%) (1.4%) (2.0%)(2.4%) (1.8%) (1.2%) (0.6%) 0.0% 0.6% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,387.03 (0.3) (0.3) (17.2) DJ Industrial 15,063.12 0.9 0.9 14.9 Silver/Ounce 23.72 (0.6) (0.6) (21.8) S&P 500 1,671.71 1.0 1.0 17.2 Crude Oil (Brent)/Barrel (FM Future) 113.72 (2.1) (2.1) 2.3 NASDAQ 100 3,706.18 1.3 1.3 22.7 Natural Gas (Henry Hub)/MMBtu 3.59 1.3 1.3 4.8 STOXX 600 305.84 (0.1) (0.1) 9.4 North American Spot LPG Propane Price 112.00 (1.5) (1.5) 25.1 DAX 8,276.32 0.0 0.0 8.7 North American Spot LPG Normal Butane Price 132.38 (1.8) (1.8) (23.5) FTSE 100 6,530.74 (0.3) (0.3) 10.7 Euro 1.33 0.6 0.6 0.5 CAC 40 4,040.33 (0.2) (0.2) 11.0 Yen 99.58 0.5 0.5 14.8 Nikkei 14,205.23 2.5 2.5 36.7 GBP 1.57 0.4 0.4 (3.4) MSCI EM 973.79 1.9 1.9 (7.7) CHF 1.07 0.6 0.6 (1.8) SHANGHAI SE Composite 2,212.52 3.4 3.4 (2.5) AUD 0.92 0.5 0.5 (11.2) HANG SENG 22,750.65 0.6 0.6 0.4 USD Index 81.79 (0.4) (0.4) 2.5 BSE SENSEX 19,270.06 0.0 0.0 (0.8) RUB 33.15 (0.5) (0.5) 8.6 Bovespa 54,251.85 0.9 0.9 (11.0) BRL 0.44 1.3 1.3 (9.9) RTS 1,380.37 2.6 2.6 (9.6) 131.5 119.9 108.5

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