20 April Daily market report

262 views

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
262
On SlideShare
0
From Embeds
0
Number of Embeds
5
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

20 April Daily market report

  1. 1. ` Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index rose 0.2% to close at 12,578.6. Gains were led by the Real Estate and Industrials indices, gaining 0.9% and 0.8% respectively. Top gainers were Ezdan Holding Group and Aamal Co., rising 9.9% and 8.4% respectively. Among the top losers, Gulf Warehousing Co. fell 2.6%, while Medicare Group declined 2.5%. GCC Commentary Saudi Arabia: The TASI index rose 1.1% to close at 9,636.2. Gains were led by Tran. and Tele. & Info. Tech. indices, rising 3.1% and 2.6% respectively. Nat. Metal Man. & Cast. gained 9.8%, while Saudi Paper Man. was up 9.5%. Dubai: The DFM index gained 1.7% to close at 4,843.4. The Invest. & Fin. Services index rose 3.7%, while the Real Estate & Con. Index was up 1.8%. Al-Mazaya Holding Co. surged 14.7%, while Dubai Inv. Co. was up 5.1%. Abu Dhabi: The ADX benchmark index fell 0.3% to close at 5,139.8. The Banking index declined 1.3%, while the Consumer index was down 0.3%. Gulf Pharm. Industries fell 9.8%, while Abu Dhabi Shipbuilding Co. was down 4.5%. Kuwait: The KSE index declined 0.2% to close at 7,435.9. The Banking index fell 0.9%, while the Insurance index was down 0.6%. National Carpet Factory declined 19.5%, while United Real Estate Co. was down 6.8%. Oman: The MSM index fell marginally to close at 6,840.7. Losses were led by the Services index, falling 0.2%, while the Financial index fell marginally. Nawras declined 1.7%, while Al Batinah Dev. Inv. Holding was down 1.5%. Bahrain: The BHB index declined 0.2% to close at 1,385.9. The Commercial Banking index fell 0.6%, while the Industrial index was down 0.4%. Inovest declined 8.8%, while Khaleeji Commercial Bank was down 1.9%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 34.45 9.9 1,822.4 102.6 Aamal Co. 20.60 8.4 3,815.2 37.3 Widam Food Co. 67.70 4.6 1,479.3 30.9 Mazaya Qatar Real Estate Dev. 21.12 2.8 4,920.8 88.9 Masraf Al Rayan 48.50 2.8 1,830.5 55.0 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 16.36 0.5 6,348.4 52.8 Mazaya Qatar Real Estate Dev. 21.12 2.8 4,920.8 88.9 Aamal Co. 20.60 8.4 3,815.2 37.3 Barwa Real Estate Co. 37.00 0.0 1,896.8 24.2 Masraf Al Rayan 48.50 2.8 1,830.5 55.0 Market Indicators 20 Apr 14 17 Apr 14 %Chg. Value Traded (QR mn) 1,095.4 1,238.4 (11.5) Exch. Market Cap. (QR mn) 737,885.4 728,590.7 1.3 Volume (mn) 31.5 37.1 (15.0) Number of Transactions 12,079 14,405 (16.1) Companies Traded 38 43 (11.6) Market Breadth 14:17 22:14 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,757.37 0.2 0.2 26.5 N/A All Share Index 3,251.32 0.4 0.4 25.7 15.7 Banks 3,096.44 0.4 0.4 26.7 15.3 Industrials 4,385.80 0.8 0.8 25.3 16.4 Transportation 2,241.03 (0.5) (0.5) 20.6 14.7 Real Estate 2,487.21 0.9 0.9 27.3 15.9 Insurance 3,237.71 (0.5) (0.5) 38.6 8.6 Telecoms 1,708.94 (0.2) (0.2) 17.6 24.2 Consumer 7,550.58 0.4 0.4 26.9 30.7 Al Rayan Islamic Index 4,131.50 0.8 0.8 36.1 18.9 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Ezdan Holding Group Qatar 34.45 9.9 1,822.4 102.6 Co. for Coop Ins. Saudi Arabia 44.66 9.4 4,775.7 26.9 Aamal Co. Qatar 20.60 8.4 3,815.2 37.3 Zamil Industrial Inv.Co. Saudi Arabia 57.92 5.9 1,326.4 33.1 National Shipping Co. Saudi Arabia 37.60 5.4 5,415.1 33.3 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Gulf Pharma. Ind. Abu Dhabi 3.03 (18.1) 125.5 2.0 United Real Estate Co. Kuwait 0.11 (6.8) 151.8 (6.8) Com. Bank of Kuwait Kuwait 0.76 (6.2) 0.1 2.7 Abu Dhabi Com. Bank Abu Dhabi 7.71 (3.3) 3,574.5 18.6 Astra Industrial Group Saudi Arabia 60.41 (3.0) 430.3 14.0 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% Gulf Warehousing Co. 56.50 (2.6) 45.5 36.1 Medicare Group 79.50 (2.5) 448.2 51.4 Islamic Holding Group 66.50 (1.8) 298.0 44.6 Dlala' Brokerage & Inv. Holding 29.00 (1.7) 120.0 31.2 Qatar Electricity & Water Co. 181.90 (1.1) 18.6 10.0 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mazaya Qatar Real Estate Dev. 21.12 2.8 103,940.5 88.9 Vodafone Qatar 16.36 0.5 102,107.9 52.8 Widam Food Co. 67.70 4.6 99,316.7 30.9 Masraf Al Rayan 48.50 2.8 87,978.4 55.0 Aamal Co. 20.60 8.4 77,094.4 37.3 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* 12,578.58 0.2 0.2 8.1 21.2 300.80 202,623.3 15.9 2.1 4.0 Dubai 4,843.35 1.7 1.7 8.8 43.7 411.32 94,967.3 21.0 1.8 2.1 Abu Dhabi 5,139.75 (0.3) (0.3) 5.0 19.8 391.10# 134,311.8 15.6 1.9 3.4 Saudi Arabia 9,636.17 1.1 1.1 1.7 12.9 2,975.32 523,600.9 20.1 2.5 2.9 Kuwait 7,435.88 (0.2) (0.2) (1.8) (1.5) 119.83 116,518.7 16.5 1.2 4.0 Oman 6,840.73 (0.0) (0.0) (0.2) 0.1 10.92 24,584.9 11.7 1.6 3.9 Bahrain 1,385.86 (0.2) (0.2) 2.1 11.0 0.88 52,806.7 9.7 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; # Value as of April 17, 2014) 12,450 12,500 12,550 12,600 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 0.2% to close at 12,578.6. The Real Estate and Industrials 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 9.9% and 8.4% respectively. Among the top losers, Gulf Warehousing Co. fell 2.6%, while Medicare Group declined 2.5%.  Volume of shares traded on Sunday fell by 15.0% to 31.5mn from 37.1mn on Thursday. However, as compared to the 30-day moving average of 22.4mn, volume for the day was 40.5% higher. Vodafone Qatar and Mazaya Qatar Real Estate Dev. were the most active stocks, contributing 20.1% and 15.6% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings and Earnings Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Weqaya Takaful Insurance & Reinsurance Co. (WEQAYA) S&P Saudi Arabia FSR BBB BBB – Negative  Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency) Earnings Releases Company Market Currency Revenue (mn)1Q2014 % Change YoY Operating Profit (mn) 1Q2014 % Change YoY Net Profit (mn) 1Q2014 % Change YoY Red Sea Housing Services Co. (RSH) Saudi SR – – 46.1 35.6% 43.5 37.2% Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) Saudi SR 110.1 25.6% – – -5.3 NA Herfy Food Services Co. Saudi SR – – 49.2 5.4% 48.0 3.3% Buruj Cooperative Insurance Co. Saudi SR 73.6 38.5% – – 3.5 38.2% Bishah Agricultural Development Co. (BADC) Saudi SR – – -194.0 NA -172.0 NA Arabian Shield Cooperative Insurance Co. Saudi SR 112.2 65.8% – – 2.0 45.5% The Mediterranean & Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF) Saudi SR 901.8 28.1% – – 50.8 65.6% Zamil Industrial Investment Co. (ZIIC) Saudi SR – – 94.9 -2.3% 66.0 5.3% City Cement Co. Saudi SR – – 68.2 25.2% 65.3 26.0% Gulf Union Cooperative Insurance Co. Saudi SR 90.1 12.5% – – -4.6 NA Savola Group Co. Saudi SR – – 540.0 -24.1% 423.0 43.4% Trade Union Cooperative Insurance Co. (TUCI) Saudi SR 157.8 22.0% – – -12.7 NA Saudi Vitrified Clay Pipe Co. (SVCP) Saudi SR – – 23.5 1.7% 22.7 2.7% Abdullah Abdul Mohsin Al- Khodari Sons Co. Saudi SR – – 1.0 -95.7% 32.6 78.4% Tabuk Cement Co. (TCC) Saudi SR – – 45.8 -20.8% 44.0 -21.5% Saudi Hotels & Resort Areas Co. (SHARACO) Saudi SR – – 43.1 -2.5% 45.8 7.0% Al Wafrah Industry and Development Co. Saudi SR – – 1.6 -6.8% 1.1 -16.2% Astra Industrial Group Saudi SR – – 48.3 -10.5% 63.1 -7.7% Najran Cement Co. (NCC) Saudi SR – – 61.8 -34.7% 53.7 -38.7% Saudi Basic Industries Corporation (SABIC) Saudi SR – – 10,870.0 -1.6% 6,440.0 -1.8% Saudi Air Lines Catering (SAAC) Saudi SR – – 155.7 12.0% 161.8 14.9% Al-Baha Investment & Development Co. (ABDICO) Saudi SR – – -1.1 NA -1.1 NA National Petrochemical Co. Saudi SR – – 280.8 358.1% 141.0 NA Overall Activity Buy %* Sell %* Net (QR) Qatari 75.83% 81.80% (65,522,963.89) Non-Qatari 24.17% 18.19% 65,522,963.89
  3. 3. Page 3 of 6 (Petrochem) Alsorayai Trading & Industrial Group (ATIG) Saudi SR – – -1.1 NA -4.8 NA AXA Cooperative Insurance Co. Saudi SR 286.3 18.7% – – 5.7 15.9% Arabia Insurance Cooperative Co. (AICC) Saudi SR 147.8 72.5% – – -2.1 NA Kingdom Holding Co. (KHC) Saudi SR – – 250.5 29.8% 126.4 14.8% Saudi Electricity Co. (SEC) Saudi SR – – -1,018.0 NA -913.0 NA Al Jouf Cement Co. (JCC) Saudi SR – – 18.2 -37.0% 15.0 -39.9% Wataniya Insurance Co. Saudi SR 54.7 -40.7% – – 5.8 1270.5% Alahli Takaful Co. (ATC) Saudi SR 28.7 225.7% – – 5.3 42.0% Saudi Dairy and Foodstuff Co. (SADAFCO) Saudi SR – – 53.8 3.3% 53.3 4.5% Amana Cooperative Insurance Co. Saudi SR 95.5 315.7% – – -7.8 NA Allied Cooperative Insurance Group (ACIG) Saudi SR 64.8 -11.9% – – 2.3 -5.1% Alujain Corporation Saudi SR – – 50.8 36171.4% 14.8 NA Al Sagr Cooperative Insurance Co. (SCIC) Saudi SR 38.3 -50.1% – – 7.7 -44.1% Al Gassim Holding (GACO) Saudi SR – – -7.2 NA -7.3 NA National Gypsum Co. (NGC) Saudi SR – – 4.8 -23.3% 5.5 -14.5% Eastern Province Cement Co. (EPCC) Saudi SR – – 76.0 -26.2% 157.0 44.0% Saudi United Cooperative Insurance Co. (Walaa) Saudi SR 100.6 64.9% – – -19.2 NA Saudi Marketing Co. (SAMCO) Saudi SR – – 28.1 7.1% 27.6 11.4% Saudi Advanced Industries Co. (SAIC) Saudi SR – – 6.9 80.7% 6.0 85.5% National Medical Care Co. (Care) Saudi SR – – 31.1 0.3% 32.4 4.2% Northern Region Cement Co. (NRCC) Saudi SR – – 68.1 51.4% 60.8 42.0% Al Alamiya for Cooperative Insurance Co. Saudi SR 41.7 3.2% – – -16.5 NA Aseer Trading, Tourism & Manufacturing Co. Saudi SR – – 87.4 24.7% 52.7 57.8% Al Hassan Ghazi Ibrahim Shaker Co. (HGISC) Saudi SR – – 43.0 -42.1% 20.6 -58.6% Arabia Insurance Cooperative Co. (AICC) Saudi SR 147.8 72.5% – – -2.1 NA Tamweel Dubai AED – – – – 31.5 53.6% Ras Al Khaimah Cement Co. (RAK Cement) Abu Dhabi AED 56.3 3.1% – – -1.5 NA Source: Company data, DFM, ADX, MSM News Qatar  DHBK posts QR399.3mn net profit in 1Q2014 – DHBK reported a net profit of QR399.3mn vs. our estimate of QR379.2mn (BBG consensus: QR362.6mn). Net profit expanded by 69.5% QoQ due to a drop in provisions (down 45.8%), gains from investment income (QR74.4mn vs. 5.7mn in 4Q2013) and a softening in operating expenses (down 18.3%). On a YoY basis, net income was marginally up by 1.0%. This was mainly driven by net interest income, which was expanded by 14.0%. Net loans and deposits grew by 5.6% and 2.2% YTD, respectively. Thus the LDR rested at 100% vs. 97% at the end of 2013. (QNBFS Research, Gulf-Times.com)  Qatar Rail awards ‘largest’ insurance program on infrastructure – Qatar Rail has awarded one of the largest-ever “single project tunneling and rail construction insurance” policies to a six-member consortium of Qatari insurance companies, led by Qatar Insurance Company (QIC), with additional capacity from international reinsurers and QFC-registered insurers. The other members of the national insurance consortium are Qatar General Insurance & Reinsurance Company, Al Khaleej Takaful Group, Doha Insurance Company, Qatar Islamic Insurance Company and Al Koot Insurance & Reinsurance Company. QFC-registered companies Doha Bank Assurance Company and SEIB Insurance & Reinsurance Company also participated in the program. Qatar Rail oversees the construction of the railway network in the country. The 231 km Doha Metro forms a part of Qatar‟s overall railway network. The project will be executed in twin stages with phase 1 involving 131 km and some 48 stations (underground 63 km, elevated 48 km and at grade 20 km). Phase 2 will see the construction of 100 km (underground 37 km, elevated 53 km and at grade 10 km) with some 44 stations. (Gulf-Times.com)  Zad Holding to boost flour mill capacity by about 12% – Zad Holding Company has embarked on a major expansion program by increasing its flour mill capacity by about 12% to a total of 670 metric tons per day (mtpd) and constructing warehouses & starting logistic services to cope with the growing demand. Zad Holding managing director Sheikh Nawaf bin Mohamed bin Jabor al-Thani said it is in the process of increasing the flour mill capacity with an additional 70mtpd, which will take the total capacity to 670mtpd. He stated that the company expects to complete the expansion works this year, adding that more expansion plans are on the anvil. He further added that the production capacities of its Arabic and European bakery products have increased significantly and the company is in the process of carrying out further expansion during the year. He
  4. 4. Page 4 of 6 intimated that the company installed an additional asphalt plant having a production capacity of 60,000MT/month in 2013, in view of the growing demand for construction materials. (Gulf- times.com)  QIBK expands presence in Al Shahaniya with dedicated ladies banking centre – Qatar Islamic Bank (QIBK) has opened a new state-of-the-art branch in Al Shahaniya city, as part of its expansion strategy. The new and bigger branch is replacing an older one and will be open from Sundays to Thursdays from 7:30 am to 1 pm. The branch features a dedicated centre for ladies. (QE)  Qatargas crosses safety milestone at offshore facilities – Qatargas has achieved another significant safety milestone by completing 12 years of operations at its offshore facilities without a Lost Time Incident (LTI). Qatargas has several programs in place that support its goal of maintaining „incident and injury- free‟ operations. Risk assessments, permit-to-work system, job safety analysis are some of these programs. (GulfBase.com)  GISS to disclose 1Q2014 results on April 21 – Gulf International Services Company (GISS) has announced its intent to disclose its 1Q2014 financial results on April 21, 2014. (QE)  QGMD postpones AGM to April 23, 2014 – The Qatari German Company for Medical Devices (QGMD) has postponed its AGM from April 20, 2014 to Wednesday April 23, 2014 due to a lack of quorum. (QE) International  Italy economy minister says 2014 growth could be above 0.8%: Padoan – Italian Economy Minister Pier Carlo Padoan believed that the growth in 2014 could be more than 0.8% but he could not say by how much. Italy's economy shrank in 2012 and 2013, and returned to growth on a quarterly basis for the first time in more than two years during the final three months of 2013. A consensus of 20 economists polled by Reuters earlier this month predicted gross domestic product (GDP) to rise only 0.6% in 2014. Padoan also added that the government's decision to lower taxes by about 80 Euros a month for low earners starting next month should be made permanent in order to have effect. (Reuters)  Japan export growth slows in warning about overseas demand – Japan's annual export growth slowed sharply in March due to weaker shipments to China, casting doubts that a recovery in external demand could help offset the impact of the April 1 sales tax hike. The Ministry of Finance data showed that exports rose 1.8% in March from a year earlier, following a 9.8% annual gain in the previous month, which was well below a 6.3% increase expected by economists in a Reuters poll. The weak external shipments helped push Japan's trade deficit to a record 13.75tn Yen for the fiscal year that ended in March. The latest data joins a recent string of soft economic reports, including capital spending and private consumption, which have kept alive expectations for the Bank of Japan (BOJ) to offer fresh stimulus this summer to sustain growth. After speeding past many of its developed country peers in the first half of last year, Japan‟s economy has slowed in recent quarters as the effects of Tokyo's aggressive stimulus faded. Concerns over a deeper pullback have hit investor confidence and the stock market this year, although policy makers say they are prepared to look through short-term dips in growth. The BOJ has repeatedly shrugged off speculation of fresh easing, insisting that the economy is on track to meet its 2% inflation target, but the burden may fall more on the government to take further steps to support business investment. (Reuters)  China Credit: Bank defaults seen as dark side of deposit vows – Chinese Premier Li Keqiang‟s plan to introduce deposit insurance is meant to comfort the nation‟s savers as bad loans mount. The move is fueling speculation in the bond market that he is preparing to let some banks collapse. Kwong Li, the chief executive officer of China Lianhe Credit Rating Co, said the authorities may tolerate failures of smaller banks once depositor safeguards are in place. The premium on the notes due 2019 of Harbin Bank Co., a lender near China‟s border with Russia, has jumped 41 basis points in the past year to 217. (Bloomberg)  China firm plans $1 bn distressed asset fund for foreigners – A unit of one of China's biggest bad-debt banks plans to woo foreign investors with a $1bn fund for soured property loans and distressed real estate assets, reopening the sector to outsiders after a failed attempt last decade. That the fund is being launched just as growth in the world's second-largest economy has slowed to an 18-month low and the housing market is losing strength is no coincidence. Lijian Chen, Chief executive of China Orient Summit Capital, out of which 80% owned by China Orient Asset Management Corp, said that the firm will use its connections to help foreigners invest in an attractive but sometimes treacherous market for distressed assets. (Reuters) Regional  Sabic Q1 profit slips; eyes expansion abroad – Saudi Basic Industries Corp (Sabic) reported a dip in its quarterly earnings yesterday as its chief executive said a shortage of natural gas was limiting its domestic growth, making expansion abroad vital. Sabic, the biggest listed company in the Gulf and one of the world's largest petrochemical firms, said its net profit slipped 1.8% from a year earlier to SR6.44bn ($1.72bn) in the first quarter of 2014. This was slightly below the average forecast of analysts polled by Reuters, who had predicted a quarterly profit of SR6.79bn. Chief financial officer Mutlaq al-Morished said sales in the first quarter climbed to SR49.5bn riyals from SR46.8bn a year earlier. But Sabic said lower prices for some of its petrochemical products offset the increases in output and sales volumes, while expenses related to sales and administration increased. More broadly, Sabic chief executive Mohamed al-Mady complained that a lack of ample natural gas supplies within Saudi Arabia had emerged as a key constraint on growth. Natural gas is used as a feedstock for petrochemical production. (Gulf-times.com)  Tadawul deposits SPIMACO’s bonus shares in shareholder portfolios – The Saudi Stock Exchange (Tadawul) announced the addition of Saudi Pharmaceutical Industries & Medical Appliances Corporation‟s (SPIMACO) bonus shares into its investors‟ portfolios. Earlier, SPIMACO‟s EGM had approved an increase in the company‟s capital via bonus shares. The fluctuation limit of the company‟s shares on April 20, 2014 will be based on a stock price of SR47.74. (Tadawul)  Tadawul deposits UITC’s bonus shares in shareholder portfolios – The Saudi Stock Exchange (Tadawul) announced the addition of United International Transportation Company‟s (UITC) bonus shares into its investors‟ portfolios. Earlier, UITC‟s EGM had approved an increase in the company‟s capital via bonus shares. The fluctuation limit of the company‟s shares on April 20, 2014 will be based on a stock price of SR79.26. (Tadawul)  Saudi pharmaceutical market estimated at SR13.5bn – According to the experts, the volume of pharmaceutical market in Saudi Arabia is estimated to be nearly SR13.5bn, including government procurement deals. The share of the private sector in the market is touching SR7bn. According to a report released by Alpen Capital, the share of Arab and GCC countries to the
  5. 5. Page 5 of 6 global consumption is estimated at 1.5%. The pharmaceutical industries in the GCC countries are poised to achieve a compounded average growth rate (CAGR) of 7% and touch $10.8bn (SR40.5bn) by 2020. The report stated that the projected growth in pharmaceutical industries is attributed to a number of factors, including rising life expectancy, increased health care awareness, high occurrence of diseases emerging from new lifestyle, and compulsory medical insurance for employees. (GulfBase.com)  Arabtec Holding appoints COO for Oil & Gas – Arabtec Holding has appointed Paolo Bigi as Chief Operating Officer (COO) for Arabtec International, Oil & Gas. (DFM)  DLD: Dubai real estate investments grow by 57% in 1Q2014 – According to the figures released by Dubai Land Department‟s (DLD) Real Estate Sector Development Department, Dubai‟s real estate sector investments totaled AED35bn during 1Q2014, representing a 57% increase over 1Q2013. The number of investors had risen significantly over the same period, with 13,279 individuals making transactions as compared to 7,339 in 1Q2013, with an increase of 81%. (GulfBase.com)  DED sees 13% increase in licenses during March 2014 – According to the Department of Economic Development (DED), Dubai witnessed a 13% increase in licenses issued in March 2014 as compared to March 2013 as economic activities in Dubai remained on an upward curve. While 1,623 licenses were issued in March 2013, 1,834 were issued in March 2014 reflecting increasing investor confidence in Dubai. The commercial sector saw a 75% increase in the number of licenses, while the professional sector accounted for a 23% rise, followed by the tourism and industrials sectors by 1% each. The total number of licenses amended in March 2014 was 7,104, while the total number of renewed licenses reached 9,244, and the total number of business registration & licensing (BRL) transactions reached 48,422. (GulfBase.com)  Invest bank reports net profit of AED95mn in 1Q2014 – Invest bank reported a net profit of AED95mn in 1Q2014, showing an increase of 6.5% over 1Q2013. Total net interest income reached AED112.2mn. The bank‟s total assets stood at AED12.8bn for the quarter ended March 31, 2014. Loans and advances reached AED9.1bn, while customer deposits reached AED9.2bn. EPS amounted to AED0.07 for the quarter ended March 31, 2014. (ADX)  ADCB grows SME, equipment finance portfolio – Abu Dhabi Commercial Bank (ADCB) has executed a portfolio transfer agreement with Mubadala GE Capital under which the former will purchase a ED450mn portfolio of asset finance loans for small and medium enterprises (SME) based in the UAE. (ADX)  SCA issues first market-maker license to NBAD – The Securities and Commodities Authority (SCA) has issued the first license for practicing market-making activities to the National Bank of Abu Dhabi (NBAD), following NBAD‟s fulfillment of all regulatory requirements. (GulfBase.com)  Bank Muscat opens new branch in Bidaya – Bank Muscat, the flagship financial services provider in Oman, has opened a state-of-the-art branch in Bidaya in the wilayat of Al Suwaiq. The new branch facilities include the bank's revamped asalah priority banking services, which have set a benchmark for personal and relationship-based banking in Oman. (GulfBase.com)  CBO issues tenders worth OMR245mn – The Central Bank of Oman (CBO) has issued certificates of deposit tenders worth OMR245mn. The average interest rate of these certificates was 0.13%, while the maximum accepted interest rate was 0.13%. The tenor of these certificates is 28 days, so their maturity date is on May 14, 2014. The certificates of deposit issued to licensed banks by the CBO as a monetary policy instrument is aimed at absorbing excess liquidity at the banking sector in particular, and maintaining stability of the interest rate & the money market in general. (GulfBase.com)  CMA: Medical insurance shows maximum growth in Oman – According to statistics released by the Omani Capital Market Authority (CMA), medical insurance has shown maximum growth among different types of insurance portfolios in Oman in 2013. Healthcare insurance showed a robust growth of 38% to generate OMR63mn premium income, out of the total direct premium revenue of OMR364mn. The country's insurance companies have posted a 10.4% growth in direct premiums at OMR364mn in 2013. In terms of market share, medical insurance constituted 17% of the total insurance premium. (GulfBase.com)  Sohar Steel boosts capacity to 700,000 MT/year – Omani companies Sohar Steel and Sharq Sohar Steel Rolling Mills (SSSRM) are undertaking a major expansion and upgradation of their manufacturing facilities. The objective is to help the Sultanate achieve self-sufficiency in the domestic production of reinforcing bars (rebars). Sohar Steel is expanding the capacity of its Steel Melt Shop (SMS) at Sohar Port from 300,000 MT/year to an impressive 700,000 MT/year. Sharq Sohar is undertaking an upgradation of its facilities at the nearby Sohar Industrial Estate. Both the investments will help reinforce the group‟s overall standing as the Sultanate‟s leading producer of rebars. (GulfBase.com)  NBO reports 20% increase in 1Q2014 profit – National Bank of Oman (NBO) reported net profit of OMR10.3mn in 1Q2014 as compared to OMR8.6mn in 1Q2014, reflecting an increase of 20%. (Reuters)  GIB plans SR2bn note issue – Bahrain's Gulf International Bank (GIB) is planning to issue SR2bn floating rate notes with a lifespan of five years through a private placement in Saudi Arabia. The bank mandated its own investment banking arm, GIB Capital, as well as those of National Commercial Bank, Samba Financial Group and Banque Saudi Fransi to act as joint lead managers and joint book runners. (Reuters)
  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 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 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC 1.1% 0.2% (0.2%) (0.2%) (0.0%) (0.3%) 1.7% (0.8%) 0.0% 0.8% 1.6% 2.4% 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 0.0 0.0 7.4 DJ Industrial 16,408.54 0.0 0.0 (1.0) Silver/Ounce 19.61 0.0 0.0 0.7 S&P 500 1,864.85 0.0 0.0 0.9 Crude Oil (Brent)/Barrel (FM Future) 109.53 0.0 0.0 (1.1) NASDAQ 100 4,095.52 0.0 0.0 (1.9) Natural Gas (Henry Hub)/MMBtu 4.57 0.0 0.0 5.1 STOXX 600 332.43 0.0 0.0 1.3 LPG Propane (Arab Gulf)/Ton 112.62 0.0 0.0 (10.8) DAX 9,409.71 0.0 0.0 (1.5) LPG Butane (Arab Gulf)/Ton 124.75 0.0 0.0 (8.6) FTSE 100 6,625.25 0.0 0.0 (1.8) Euro 1.38 0.0 0.0 0.5 CAC 40 4,431.81 0.0 0.0 3.2 Yen 102.43 0.0 0.0 (2.7) Nikkei 14,516.27 0.0 0.0 (10.9) GBP 1.68 0.0 0.0 1.4 MSCI EM 1,011.87 0.0 0.0 0.9 CHF 1.13 0.0 0.0 1.1 SHANGHAI SE Composite 2,097.75 0.0 0.0 (0.9) AUD 0.93 0.0 0.0 4.7 HANG SENG 22,760.24 0.0 0.0 (2.3) USD Index 79.85 0.0 0.0 (0.2) BSE SENSEX 22,628.84 0.0 0.0 6.9 RUB 35.57 0.0 0.0 8.2 Bovespa 52,111.85 0.0 0.0 1.2 BRL 0.45 0.0 0.0 5.7 RTS 1,200.22 0.0 0.0 (16.8) 180.7 154.2 140.5

×