17 April Daily market report


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17 April Daily market report

  1. 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index rose 0.8% to close at 12,551.0. Gains were led by the Telecoms and Banking & Financial Services indices, gaining 1.6% and 1.1% respectively. Top gainers were Ezdan Holding Group and Aamal Co., rising 10.0% and 6.9% respectively. Among the top losers, Qatar Cinema & Film Dist. Co. fell 5.6%, while Islamic Holding Group declined 3.3%. GCC Commentary Saudi Arabia: The TASI index rose 0.3% to close at 9,530.6. Gains were led by the Trans. and Real Estate Dev. indices, rising 4.0% and 1.5% respectively. Bahri gained 9.9%, while Red Sea Housing Services Co. was up 9.8%. Dubai: The DFM index gained 0.7% to close at 4,762.2. The Insurance index rose 1.4%, while the Transportation Index was up 1.1%. Union Properties Co. and Deyaar Development Co. gained 3.3% each. Abu Dhabi: The ADX benchmark index rose 0.5% to close at 5,156.7. The Consumer index gained 2.0%, while the Real Estate Index was up 1.2%. Comm. Bank Int. gained 9.5%, while Int. Fish Farming Co. was up 9.1%. Kuwait: The KSE index declined 0.9% to close at 7,450.8. The Oil & Gas index fell 1.7%, while the Financial Services index was down 1.6%. Int. Resorts Co. declined 8.8%, while Int. Fin. Advisers Co. was down 7.9%. Oman: The MSM index rose 0.2% to close at 6,843.9. Gains were led by the Financial and Industrial indices, rising 0.7% and 0.1% respectively. HSBC Bank Oman gained 6.9%, while Al Batinah Dev. Inv. Holding was up 3.7%. Bahrain: The BHB index gained 0.7% to close at 1,389.1. The Commercial Banking index rose 1.4%, while other indices remained unchanged or ended in red. Al Ahli United Bank gained 3.2%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 31.35 10.0 1,022.2 84.4 Aamal Co. 19.00 6.9 2,117.9 26.7 Masraf Al Rayan 47.20 5.8 2,978.8 50.8 Vodafone Qatar 16.28 5.6 7,822.9 52.0 Mazaya Qatar Real Estate Dev. 20.55 5.2 4,289.2 83.8 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 16.28 5.6 7,822.9 52.0 United Development Co. 22.60 (2.2) 4,561.0 5.0 Mazaya Qatar Real Estate Dev. 20.55 5.2 4,289.2 83.8 Masraf Al Rayan 47.20 5.8 2,978.8 50.8 Barwa Real Estate Co. 37.00 (0.3) 2,328.4 24.2 Market Indicators 17 Apr 14 16 Apr 14 %Chg. Value Traded (QR mn) 1,238.4 1,138.3 8.8 Exch. Market Cap. (QR mn) 728,590.7 718,270.3 1.4 Volume (mn) 37.1 35.2 5.5 Number of Transactions 14,405 12,111 18.9 Companies Traded 43 42 2.4 Market Breadth 22:14 25:15 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,716.23 0.8 1.2 26.2 N/A All Share Index 3,238.25 0.7 1.3 25.1 15.6 Banks 3,083.17 1.1 1.3 26.2 15.3 Industrials 4,352.72 0.5 1.1 24.4 16.3 Transportation 2,252.38 0.3 0.6 21.2 14.8 Real Estate 2,465.42 (0.5) (0.3) 26.2 15.8 Insurance 3,255.47 0.4 3.0 39.4 8.6 Telecoms 1,711.96 1.6 3.7 17.8 24.3 Consumer 7,519.85 0.1 (0.1) 26.4 30.6 Al Rayan Islamic Index 4,100.03 1.4 2.3 35.0 18.8 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Ezdan Holding Group Qatar 31.35 10.0 1022.2 84.4 Gulf Pharmaceutical Abu Dhabi 3.70 10.0 0.0 24.5 National Shipping Co. Saudi Arabia 35.68 9.8 6608.0 26.5 Aamal Co. Qatar 19.00 6.9 2117.9 26.7 Hsbc Bank Oman Oman 0.16 6.9 2492.6 (11.9) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% United Real Estate Co. Kuwait 0.12 (6.3) 194.7 0.0 Etihad Atheeb Saudi Arabia 16.55 (5.5) 21075.4 14.9 National Industries Grp. Kuwait 0.25 (3.8) 7928.2 6.8 Hail Cement Saudi Arabia 25.04 (3.7) 3834.2 17.6 Dana Gas Abu Dhabi 0.89 (3.3) 40189.3 (2.2) 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 Cinema & Film Distribution 40.60 (5.6) 0.0 1.2 Islamic Holding Group 67.70 (3.3) 170.9 47.2 Mannai Corp 103.00 (2.4) 2.0 14.6 United Development Co. 22.60 (2.2) 4,561.0 5.0 Qatar Islamic Insurance 69.90 (2.1) 42.3 20.7 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 47.20 5.8 140,303.4 50.8 Vodafone Qatar 16.28 5.6 127,756.1 52.0 United Development Co. 22.60 (2.2) 104,926.7 5.0 Industries Qatar 180.00 (1.1) 94,386.5 6.6 Mazaya Qatar Real Estate Dev. 20.55 5.2 86,915.6 83.8 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* 12,550.98 0.8 1.2 7.8 20.9 340.18 200,143.9 15.9 2.1 4.0 Dubai 4,762.21 0.7 (1.6) 7.0 41.3 343.51 93,805.4 20.6 1.8 2.1 Abu Dhabi 5,156.65 0.5 (0.3) 5.4 20.2 391.10 134,852.3 15.6 1.9 3.4 Saudi Arabia 9,530.58 0.3 0.2 0.6 11.7 2,797.09 517,697.0 19.9 2.5 2.9 Kuwait 7,450.82 (0.9) (1.6) (1.6) (1.3) 104.36 117,679.4 16.5 1.2 4.0 Oman 6,843.92 0.2 0.5 (0.2) 0.1 28.19 24,577.6 11.7 1.6 3.9 Bahrain 1,389.05 0.7 0.5 2.4 11.2 2.16 52,854.7 9.8 0.9 4.9 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 12,400 12,450 12,500 12,550 12,600 12,650 12,700 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QE index rose 0.8% to close at 12,551.0. The Telecoms and Banking & Financial Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Ezdan Holding Group and Aamal Co. were the top gainers, rising 10.0% and 6.9% respectively. Among the top losers, Qatar Cinema & Film Dist. Co. fell 5.6%, while Islamic Holding Group declined 3.3%.  Volume of shares traded on Thursday rose by 5.5% to 37.1mn from 35.2mn on Wednesday. Further, as compared to the 30-day moving average of 22.4mn, volume for the day was 65.4% higher. Vodafone Qatar and United Development Co. were the most active stocks, contributing 21.1% and 12.3% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Earnings and Global Economic Data Earnings Releases Company Market Currency Revenue (mn)1Q2014 % Change YoY Operating Profit (mn) 1Q2014 % Change YoY Net Profit (mn) 1Q2014 % Change YoY ACE Arabia Cooperative Insurance Co. Saudi SR 42.8 -12.9% – – 1.8 -71.1% United Cooperative Assurance (UCA) Saudi SR 284.5 -23.8% – – 2.3 -85.7% Arabian Pipes Co. (APC) Saudi SR – – -0.3 NA -6.8 NA Al-Tayyar Travel Group Holding (ATG) Saudi SR – – 266.0 16.2% 280.0 28.4% Saudi Printing & Packaging Co. (SPPC) Saudi SR – – 21.4 -19.2% 9.5 -30.7% Arabian Cement Co. (ACC) Saudi SR – – 166.0 4.8% 167.1 6.2% Saudi ORIX Leasing Co. Saudi SR – – 44.5 15.8% 28.2 20.2% Nama Chemicals Co. Saudi SR – – -16.7 NA -14.9 NA SABB Takaful Co. Saudi SR 38.7 9.0% 0.0 0.0% 2.8 3.0% Bawan Holding Co. Saudi SR – – 68.5 38.7% 46.7 15.8% Saudi Steel Pipe Co. (SSPC) Saudi SR – – 9.1 -63.3% 4.0 -82.6% Tourism Enterprises Co. (Shams) Saudi SR – – 0.8 8.2% 0.6 -89.2% Saudi Industrial Development Co. (SIDC) Saudi SR – – 3.5 -48.5% 20.0 207.7% United International Transportation Co. (UITC) Saudi SR – – 12.8 43.7% 39.9 10.3% Saudi Transport & Investment Co. (Mubarrad) Saudi SR – – -0.7 NA 1.4 300.4% Takween Advanced Industries (TAI) Saudi SR – – 7.7 -61.3% 8.8 -51.6% Basic Chemical Industries Co. (BCI) Saudi SR – – 18.2 -35.7% 8.7 -46.3% Filling & Packing Materials Manufacturing Co. (FIPCO) Saudi SR – – 7.8 1.2% 6.9 0.3% Saudi Re for Cooperative Reinsurance Co. Saudi SR 291.3 37.3% – – 22.5 49.9% Ash-Sharqiyah Development Co. (SHADCO) Saudi SR – – -1.4 NA -1.5 NA Saudi Arabian Amiantit Co. (SAAC) Saudi SR – – 46.5 -34.2% 20.6 -32.1% Saudi Automotive Services Co. (SASCO) Saudi SR – – 3.2 60.7% 7.8 -1.4% Saudi Kayan Petrochemical Co. Saudi SR – – 157.6 NA 9.9 NA Dar Alarkan Real Estate Development Co. Saudi SR – – – – 247.9 4.3% Insurance House (IH) Abu Dhabi AED 22.6 68.0% – – 4.5 29.0% Kuwait Finance House (KFH) Kuwait KD – – – – 26.1 13.3% Oman United Insurance Co. (OUIC) Oman OMR – – – – 1.7 3.6% Gulf Mushroom Products Co. (GMPC) Oman OMR 1.6 -5.5% – – 0.1 -67.0% Source: Company data, DFM, ADX, MSM Overall Activity Buy %* Sell %* Net (QR) Qatari 71.63% 74.56% (36,305,812.65) Non-Qatari 28.37% 25.44% 36,305,812.65
  3. 3. Page 3 of 6 Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 04/17 US Department of Labor Initial Jobless Claims 12-April 304K 315K 302K 04/17 US Bloomberg Bloomberg Economic Expectations April -4 – -12 04/17 US Bloomberg Bloomberg Consumer Comfort 13-April -29.1 – -31.9 04/17 Germany Destatis PPI MoM March -0.30% 0.00% 0.00% 04/17 Germany Destatis PPI YoY March -0.90% -0.70% -0.90% 04/18 Italy ISTAT Industrial Sales MoM February -1.50% – 1.20% 04/18 Italy ISTAT Industrial Sales WDA YoY February 1.20% – 3.00% 04/18 Italy ISTAT Industrial Orders MoM February -3.10% – 4.70% 04/18 Italy ISTAT Industrial Orders NSA YoY February 2.80% – 2.60% 04/17 China NBS Foreign Direct Investment YoY March -1.50% 2.00% – 04/17 Japan ESRI Consumer Confidence Index March 37.5 37.7 38.5 04/18 Japan METI Tertiary Industry Index MoM February -1.00% 0.20% 1.60% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QCB to enter China interbank bond market – The People’s Bank of China (PBOC) and the Qatar Central Bank (QCB) have signed a deal under which the latter will be allowed to enter China’s interbank bond market. The access to the market will enable QCB to purchase Chinese bonds for its foreign exchange reserves. (GulfBase.com)  QNCD posts net profit of QR129.9mn in 1Q2014 – Qatar National Cement (QNCD) posted a net profit of QR129.9mn in 1Q2014 vs. QR118.6mn in 1Q2013, up 9.5% YoY. Sales increased to QR279.9mn in 1Q2014 from QR267.3mn in 1Q2013, up 4.7% YoY. Cost of sales increased marginally to QR150.2mn vs. QR149.8mn in 1Q2013. Hence, gross profit increased to QR129.7mn vs. QR117.5mn. Gross margin improved to 46.3% from 44.0%. QNCD remains a market leader cashing in on the Qatari infrastructure/construction growth. The company’s focus on Qatar makes it one of the pure infrastructure/construction plays on the Qatar growth story. In order to cash in on Qatar’s anticipated demand for cement, QNCD recently announced capacity expansion by another 5,000 (previously 7,500) tons per day (tpd). The new line will increase total clinker capacity to 16,900 tpd from 11,900 tpd (net of an anticipated sale/retirement of the aging Line 1, which has a capacity of 1,000 tpd). Furthermore, the new capacity will come online in mid-2016 instead of early 2016. (QE, QNBFS)  QCFS posts QR4.21mn net income in 1Q2014 – Qatar Cinema and Film Distribution (QCFS) posted a net profit of QR 4.21mn in 1Q2014 vs. QR4.07mn for the corresponding period in 2013. Earnings per Share (EPS) amounted to QR0.73 as of March 31, 2014 versus QR0.71 of the same period in 2013. (QE)  Kahramaa building mega reservoirs to ensure water security – In a major step toward achieving water security in the country, the Qatar General Electricity and Water Corporation (Kahramaa) has set in motion the process of building five primary reservoir and pumping station (PRPS) packages as part of its Water Security Mega Reservoirs project. The objective of the project is to provide seven days of potable water storage in new reservoirs, combined with the existing and future secondary reservoirs, to preserve Qatar’s water quality in line with Kahramaa and World Health Organization standards. Kahramaa earlier this week announced the tender for local and international companies to bid for construction of the PRPS packages. The project entails the construction of five mega- reservoir sites and approximately 200km of large-diameter ring mains. Each reservoir site will ultimately include up to nine reservoir modules, with up to five per site being included in the current tender, each of which will be among the largest of its type in the world. (Gulf-Times.com)  Qatar to establish five bodies to push exports – Qatar will set up five sectoral commissions to support local companies to facilitate exports and participate in international trade & investments. The five commissions will be established for different sectors which include energy, trade, banking, arbitration and company’s social responsibility (CSR). (GulfBase.com)  Support for SMEs can help reduce imports, boost Qatar economy – Qatar Shell media relations manager Ali Reyad al- Ansari said extending more support to small and medium-sized enterprises (SMEs) can boost the supply chain and improve the economy by reducing the number of imports. (Gulf-Times.com)  QGMD to announce 1Q2014 results in April 30 – Qatar German for Medical Devices will disclose its first quarter financial results for the year 2014 on 30th of April 2014. Furthermore, QE has announced trading suspension of QGMD shares on April 20, 2014 due to the company’s scheduled AGM (QE)  QE announces trading suspension of ZHCD’s shares on April 20 – The Qatar Exchange (QE) has announced trading suspension of Zad Holding Company’s (ZHCD) shares on April 20, 2014 due to the company’s scheduled AGM. (QE) International  Yellen sees muted inflation as unemployment curbs wages – Federal Reserve president Janet Yellen said that wage gains continue to proceed at a historically slow pace in this recovery, with few signs of a broad-based acceleration. Making her first major monetary-policy framework speech, she further expects people who have been out of work for a long time to return to the labor force as job prospects brighten, which will keep a lid on wages and inflation. She further added that the long-term unemployed are likely to move back more actively into the labor force and into the job market & exert pressure on wages and prices. Yellen stated that they will have to watch unfolding evidence and evaluate it with an open mind. (Bloomberg)  CBO: Obama budget would boost U.S. tax revenue, cut deficits – The Congressional Budget Office said President Barack Obama's fiscal 2015 budget request would boost US tax revenue by nearly $1.4tn over 10 years if fully enacted, cutting deficits by $1.05tn while funding new spending. But the non-
  4. 4. Page 4 of 6 partisan agency's analysis was less optimistic than the White House's own projections - showing that the cumulative deficits would total $6.6tn over a ten-year period as compared to $4.9tn under the Obama plan when it was released in March. A key difference between the two deficit pictures is CBO's projection of slower economic growth, partly resulting in lower revenue collections. The likelihood that Congress will advance Obama's plan in its entirety is virtually nil, but the CBO's latest analysis will feed campaign messaging by Democrats and Republicans ahead of congressional elections in November. The analysis by the non-partisan agency compares Obama's request with a new CBO "baseline" estimate released last week that assumes no changes to the current tax and spending laws. Obama's budget plan is loaded with policy changes, including an assumption that sweeping immigration reforms will be enacted, producing a net 10-year deficit reduction of $158bn. It proposes to boost revenue by limiting tax breaks for wealthy Americans and businesses, imposing a new tax on millionaires, raising tobacco taxes, and restoring estate & gift taxes to their previously higher 2009 levels. (Reuters)  ECB hardliner Weidmann comes in from the cold as deflation threatens – The Bundesbank chief, Jens Weidman known for his hardline stances at the ECB and as head of the German central bank, is now ready to support such quantitative easing (QE) if he and his ECB colleagues deem it necessary. Eurozone inflation has slowed to 0.5% from 0.9% in November, falling far below the ECB's target of just under 2%, stoking fears the bloc could become stuck in a prolonged period of so-called "low-flation", or even sink into outright deflation. Such a scenario risks undermining the efforts of crisis-hit countries on the Eurozone periphery to shape up their economies, and could ultimately hit growth across the board if households defer purchases in anticipation of lower prices in the future. Seeking to head off such a drop in inflation expectations, the ECB's governing council said earlier this month that it was unanimous in its commitment to use unconventional tools - central bank- speak for things like QE - to counter a protracted period of low inflation. (Reuters)  Aso: Japan's new growth strategy to include GPIF role – Japanese Finance Minister Taro Aso said that the government will include a role of the country's $1.26tn public pension fund in its growth strategy to be unveiled in June. A senior official said last week that the Government Pension Investment Fund (GPIF), the world's largest, is looking at alternative assets as it seeks to diversify its holdings and generate higher returns to finance a rapidly ageing population. (Reuters)  China must cut Yuan intervention, says ex-PBOC adviser – According to former central bank adviser Yu Yongding, China should rein in Yuan intervention and let the currency advance to curb growth in its $3.95 trillion foreign exchange reserves. Yu Yongding said the markets forces should determine the exchange rate so long as there are “controls on speculative, short-term capital flows. Liang Hong, vice chairman of the capital markets committee of China International Capital Corp., said that China can no longer bear the cost of forex reserves and can just let the Yuan appreciate. The comments echo the view of the US Treasury Department, which two days ago released a semiannual report that called on China to intervene less and let markets play a greater role in determining the Yuan’s value. Dollar purchases to weaken the Yuan are contributing to the build-up of China’s foreign reserves, which surged by $128.7bn in the first quarter after a record annual jump of $509.7bn in 2013. The holdings lose value in Yuan terms as China’s currency advances. The Yuan strengthened 37% versus the dollar from when a dollar peg was scrapped in July 2005 to the end of last year, the best performance among 24 emerging-market currencies tracked by Bloomberg. So far in 2014 it has weakened 2.7%, the biggest loss among Asia’s 11 most-used currencies. (Bloomberg) Regional  Tadawul deposits BSF’s bonus shares in shareholder portfolios – The Saudi Stock Exchange (Tadawul) announced the addition of Banque Saudi Fransi’s (BSF) bonus shares into its investors’ portfolios. Earlier, BSF’s EGM had approved an increase in the company’s capital via bonus shares. The fluctuation limit of the company’s shares on April 17, 2014 will be based on a stock price of SR31.50. (Tadawul)  ZIIC declares SR60mn dividends – Zamil Industrial Investment Company’s (ZIIC) AGM has approved the board's recommendation for the distribution of 10% dividends (SR1 per share) amounting to SR60mn for 2H2013. This brings the total distribution for the year ended December 31, 2013 to SR1.75 per share representing 17.5% of the paid-up capital. (Tadawul)  Jarir’s BoD recommends cash dividend of SR1.83 for 1Q2014 – Jarir Marketing Company’s (Jarir) board of directors has recommended the distribution of cash dividend of SR1.83 for 1Q2014. (GulfBase.com)  PetroRabigh to extend unit shutdown to April 25 – Rabigh Refining & Petrochemical Company (PetroRabigh) said that it will extend the shutdown of a vacuum gas oil treatment unit to April 25, 2014. Earlier, the company has announced that the unit would be closed from March 27 to April 19 for maintenance work. (GulfBase.com)  US agricultural exports to Saudi Arabia reach SR4.5bn – According to Dr. Hassan Ahmed the Agricultural Counselor at the US Embassy in Riyadh, US agricultural exports to Saudi Arabia reached SR4.5bn in 2013. The US food exports to Saudi Arabia also include a wide range of high quality well-known brand names of consumer-ready products worth about SR1.5bn in 2013. (GulfBase.com)  Saudi telecom regulator awards MVNO licenses to Virgin Mobile Saudi Arabia and Jawraa Lebara – Saudi Arabia’s telecom regulator awarded mobile virtual network operator (MVNO) license to two new companies, Virgin Mobile Saudi Arabia and Jawraa Lebara. Virgin Mobile Saudi Arabia has teamed up with the Saudi Telecom Company (STC), while the London-based Jawraa Lebara will offer the service together with Mobily. (GulfBase.com)  FGB sets up $1bn Singapore program to fund Asia expansion – First Gulf Bank, the UAE’s third-biggest lender, said its Singapore branch has set up negotiable certificates of deposit program for as much as $1bn to expand in the Asia Pacific region. According to Bloomberg, the certificates and instruments used by banks to raise money for short periods, may be issued in multiple currencies which will allow it to “reach out to a wider range of institutional investors”. The Singapore branch is playing an important role in FGB’s plans to expand internationally and benefit from the growing trade between Asia and the Middle East. (Gulf-Times.com)  Nakheel awards AED47mn contracts for Deira Islands – Nakheel has awarded contracts worth over AED47mn for design and supervision services on Deira Islands. Nakheel appointed AE7 for the design and supervision services including master planning, parcelization and infrastructure design for Deira Islands, its 15.3 square kilometre waterfront city, under a contract worth AED28mn. AE7 has also awarded another contract worth AED19.5mn covering the architectural and
  5. 5. Page 5 of 6 engineering services for the built form of the night market and board walk. (Bloomberg)  ZonesCorp signs AED367mn contract with Jindal SAW Gulf – ZonesCorp has signed an agreement with Jindal Saw Gulf for the expansion of its current facilities. Jindal Saw Gulf is planning a AED367mn expansion of its ductile iron pipe facility in ZonesCorp's Industrial City, which will boost production capacity by an additional 200,000 tons per year taking the total production capacity to 500,000 tons per year. (Bloomberg)  TAQA secures $200mn Samurai loan – Abu Dhabi National Energy Company (TAQA) has signed a $200mn Samurai loan facility. The five-year loan was arranged by Bank of Tokyo- Mitsubishi UFJ at a competitive 60 basis points over Japanese Yen LIBOR and has been fully swapped into USD by Mitsubishi UFJ Securities. The fund will be used to refinance a portion of TAQA’s upcoming $1.2bn bond maturity. (ADX)  GCIC receives approval for strategic alliance with AXA – Green Crescent Insurance Company (GCIC) has received no objection letters from both the Securities & Commodities Authority and the Insurance Authority to pursue a long-term strategic alliance with AXA Group as well as increase its capital from AED100mn to AED200mn via a convertible bond instrument. (GulfBase.com)  Bank Dhofar reports net profit of OMR10.2mn for 1Q2014 – Bank Dhofar reported a net profit of OMR10.2mn for 1Q2014 as compared to OMR9.4mn for 1Q2013, representing a 8.18% increase. The bank’s total assets stood at OMR2.76bn at the end of 1Q2014 as against OMR2.34bn a year earlier. Loans and advances grew by 17.4% to OMR2bn from OMR1.7bn in 1Q2013. Customer deposits grew by 21.8% to OMR2.2bn from OMR1.8bn a year earlier. (MSM)  Muscat shipping lines set to move to Sohar – A number of shipping lines in Muscat will move to Sohar Port and Freezone. The Oman government has set a deadline of August 2014 to ensure all commercial activities in Muscat are transferred to Sohar Port and Freezone. The shipping lines include Maersk Line and Safmarine. (GulfBase.com)  Bank Muscat’s paid-up capital increases – Bahrain Bourse announced that the paid-up capital of Bank Muscat has been increased due to the conversion of the remaining mandatory convertible bonds equivalent to 30,427,504 shares. This will be effective on April 20, 2014. The bank’s new total paid-up capital will be OMR218.3mn as against OMR215.2 before increase, while the new total outstanding shares will be 2,182,688,188 as against 2,152,260,684 shares before increase. (Bahrain Bourse)  KHCB signs property finance solutions deal – Khaleeji Commercial Bank (KHCB) has signed a MoU with Dilmunia at Bahrain development manager Ithmaar Development Company for providing property finance solutions. The bank will offer solutions to potential buyers of units in Dilmunia including Seavilla, the first project. (GulfBase.com)  Kalaam Bahrain buys Lightspeed from Orange – Kalaam Telecom Bahrain has acquired Lightspeed Communications from Jordan Telecommunications, which counts Orange as a major investor. With this, Kalaam Telecom has become the country’s second-largest business ISP. (GulfBase.com)
  6. 6. Contacts Saugata Sarkar Keith Whitney Sahbi Kasraoui Head of Research Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@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 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg (*Market closed on April 18, 2014) Source: Bloomberg (*Market closed on April 18, 2014) 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC 0.3% 0.8% (0.9%) 0.7% 0.2% 0.5% 0.7% (1.2%) (0.8%) (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 1,294.30 (0.1) (1.8) 7.4 DJ Industrial* 16,408.54 0.0 2.4 (1.0) Silver/Ounce 19.61 (0.2) (2.0) 0.7 S&P 500* 1,864.85 0.0 2.7 0.9 Crude Oil (Brent)/Barrel (FM Future)* 109.53 0.0 2.0 (1.1) NASDAQ 100* 4,095.52 0.0 2.4 (1.9) Natural Gas (Henry Hub)/MMBtu* 4.57 0.0 (1.8) 5.1 STOXX 600* 332.43 0.0 1.1 1.3 LPG Propane (Arab Gulf)/Ton* 112.62 0.0 1.1 (10.8) DAX* 9,409.71 0.0 1.0 (1.5) LPG Butane (Arab Gulf)/Ton* 124.75 0.0 2.3 (8.6) FTSE 100* 6,625.25 0.0 1.0 (1.8) Euro 1.38 (0.0) (0.5) 0.5 CAC 40* 4,431.81 0.0 1.5 3.2 Yen 102.43 0.0 0.8 (2.7) Nikkei 14,516.27 0.7 4.0 (10.9) GBP* 1.68 0.0 0.4 1.4 MSCI EM 1,011.87 0.3 (0.4) 0.9 CHF 1.13 (0.0) (0.8) 1.1 SHANGHAI SE Composite 2,097.75 (0.1) (1.5) (0.9) AUD 0.93 0.0 (0.7) 4.7 HANG SENG* 22,760.24 0.0 (1.1) (2.3) USD Index 79.85 0.0 0.5 (0.2) BSE SENSEX* 22,628.84 0.0 (0.0) 6.9 RUB 35.57 (0.1) (0.2) 8.2 Bovespa* 52,111.85 0.0 0.5 1.2 BRL* 0.45 0.0 (0.8) 5.7 RTS 1,200.22 2.4 (0.3) (16.8) 180.4 153.4 139.5