19 June Technical Market Report


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19 June Technical Market Report

  1. 1. Page 1 of 6QE Intra-Day MovementQatar CommentaryThe QE index declined 0.2% to close at 9,340.0. Losses were led by theInsurance and Real Estate indices, declining 1.4% and 0.4% respectively. Toplosers were Gulf International Services and Qatar Insurance Co., falling 3.7%and 2.1% respectively. Among the top gainers, Qatar Industrial ManufacturingCo. rose 2.9%, while Qatar & Oman Investment Co. gained 0.6%.GCC CommentarySaudi Arabia: The TASI index declined marginally to close at 7,526.3. Losseswere led by the Real Estate Development and Telecommunication &Information Technology indices, declining 0.5% each. AXA CooperativeInsurance Co. fell 3.7%, while Arabia Insurance Cooperative Co. was down2.1%.Dubai: The DFM index rose 0.6% to close at 2,392.9. The Transportationindex gained 2.4%, while the Real Estate & Construction index was up 1.2%.Arabtec Holding rose 5.1%, while Ajman Bank was up 2.9%.Abu Dhabi: The ADX benchmark index gained 0.2% to close at 3,665.0. TheBanking index rose 0.8%, while the Energy index was up 0.3%. GreenCrescent Insurance rose 9.4%, while Abu Dhabi National Hotels gained 4.2%.Kuwait: The KSE index declined marginally to close at 8,075.0. Losses wereled by the Consumer Goods and Banking indices, declining 0.5% each. GulfFranchising Holding fell 7.7%, while Contracting & Marine Services Co. wasdown 6.0%.Oman: The MSM index fell 0.4% to close at 6,469.1. The Banking &Investment index declined 0.6%, while the Industrial index was down 0.4%.Gulf Investment Ser. fell 2.8%, while Al Anwar Holding was down 2.7%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Qatar Industrial Manufacturing Co. 53.70 2.9 48.8 1.1Qatar & Oman Investment Co. 13.67 0.6 212.1 10.3QNB Group 152.30 0.4 95.5 16.3Doha Insurance Co. 26.60 0.4 11.3 8.4Al Ahli Bank 55.50 0.4 2.5 13.3Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%United Development Co. 23.95 0.2 1,396.7 34.6Commercial Bank of Qatar 70.70 (0.4) 614.9 (0.3)Barwa Real Estate Co. 27.00 (0.7) 586.7 (1.6)Gulf International Services 43.35 (3.7) 497.7 44.5Masraf Al Rayan 27.20 (0.5) 469.4 9.7Market Indicators 19 June 13 18 June 13 %Chg.Value Traded (QR mn) 268.6 339.1 (20.8)Exch. Market Cap. (QR mn) 513,152.0 513,536.0 (0.1)Volume (mn) 6.1 8.8 (31.0)Number of Transactions 3,540 4,248 (16.7)Companies Traded 35 39 (10.3)Market Breadth 11:22 6:30 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 13,344.73 (0.2) (1.5) 18.0 N/AAll Share Index 2,362.44 (0.2) (1.4) 17.3 12.8Banks 2,209.51 (0.1) (1.4) 13.3 11.9Industrials 3,156.95 (0.3) (1.6) 20.2 11.7Transportation 1,679.71 (0.3) (2.0) 25.3 11.9Real Estate 1,894.01 (0.4) (1.8) 17.5 12.1Insurance 2,266.89 (1.4) (2.7) 15.4 14.9Telecoms 1,315.80 0.2 (0.0) 23.6 15.0Consumer 5,540.97 (0.1) (0.7) 18.6 22.6Al Rayan Islamic Index 2,837.16 (0.3) (1.7) 14.0 14.1GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Arabtec Holding Co. Dubai 2.28 5.1 92,697.6 22.6Wataniya Telecom Kuwait 2.34 4.5 4.9 0.0Abu Dhabi Nat. Hotels Abu Dhabi 2.48 4.2 0.1 40.1Atheeb Communication Saudi Arabia 15.55 4.0 28,708.6 21.5Bank of Sharjah Abu Dhabi 1.69 3.7 1,643.8 32.0GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Nat. Marine Dredging Abu Dhabi 7.00 (9.7) 619.5 (30.0)Gulf Cable & Electrical Kuwait 0.99 (4.8) 97.0 (21.4)Gulf Int. Services Qatar 43.35 (3.7) 497.7 44.5United Real Estate Co. Kuwait 0.11 (3.6) 225.1 (10.0)United Arab Bank Abu Dhabi 4.15 (3.5) 25.0 34.7Source: Bloomberg (#in Local Currency) (##GCC Top gainers/losers derived from the Bloomberg GCC200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%Gulf International Services 43.35 (3.7) 497.7 44.5Qatar Insurance Co. 61.60 (2.1) 70.5 14.2Al Khaleej Takaful Group 44.50 (1.0) 3.0 21.4Mazaya Qatar Real Estate Dev. 11.42 (0.9) 307.4 3.8National Leasing 38.40 (0.8) 83.3 (15.0)Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%Industries Qatar 162.20 (0.1) 44,868.6 15.0Commercial Bank of Qatar 70.70 (0.4) 43,623.5 (0.3)United Development Co. 23.95 0.2 33,592.3 34.6Gulf International Services 43.35 (3.7) 21,992.7 44.5Barwa Real Estate Co. 27.00 (0.7) 15,980.6 (1.6)Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,340.01 (0.2) (1.5) 1.1 11.7 73.76 140,911.5 11.8 1.7 4.9Dubai 2,392.85 0.6 (0.3) 1.1 47.5 153.03 61,222.3 15.4 1.0 3.5Abu Dhabi 3,664.99 0.1 0.1 2.9 39.3 86.19 106,162.0 11.2 1.3 4.8Saudi Arabia 7,526.26 (0.0) (1.3) 1.6 10.7 1,486.24 401,802.0 16.0 2.0 3.7Kuwait 8,074.98 (0.0) 1.8 (2.7) 36.1 157.07 109,393.9 25.4 1.4 3.3Oman 6,469.09 (0.4) (1.4) 0.8 12.3 10.26 22,623.4 11.0 1.7 4.3Bahrain 1,202.39 (0.2) 0.3 0.5 12.8 2.30 21,352.1 8.8 0.8 4.1Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)9,3309,3409,3509,3609,3709,3809:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6Qatar Market Commentary The QE index declined 0.2% to close at 9,340.0. The Insuranceand Real Estate indices led the losses. The index declined onthe back of selling pressure from Qatari shareholders despitebuying support from non-Qatari shareholders. Gulf International Services and Qatar Insurance Co. were the toplosers, falling 3.7% and 2.1% respectively. Among the topgainers, Qatar Industrial Manufacturing Co. rose 2.9%, whileQatar & Oman Investment Co. gained 0.6%. Volume of shares traded on Wednesday declined by 31.0% to6.1mn from 8.8mn on Tuesday. Further, as compared to the 30-day moving average of 12.1mn, volume for the day was 49.4%lower. United Development Co. and Commercial Bank of Qatarwere the most active stocks, contributing 22.9% and 10.1% tothe total volume respectively.Source: Qatar Exchange (* as a % of traded value)Ratings, Earnings and Global Economic DataRatings UpdatesCompany Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook ChangeOoredoo (formerlyQTEL)S&P QatarLT CCR/ ST CCR/QTEL InternationalFinance Ltd’s seniorunsecure debtA/ A-1/ A A/ A-1/ A – Negative –Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, CCR – Corporate Credit Rating)Earnings ReleasesCompany Market CurrencyRevenue(mn)% ChangeYoYOperating Profit(mn)% ChangeYoYNet Profit (mn)% ChangeYoYOman AgricultureDevelopment Co. (OADC)*Oman OMR – – – – 1.2 (55.6%)Source: Company data, MSM (*Financials for the year ended April 30, 2013)Global Economic DataDate Market Source Indicator Period Actual Consensus Previous06/19 US MBA MBA Mortgage Applications 14-June -3.30% – 5.00%06/19 US Federal Reserve FOMC Rate Decision 19-June – 0.0025 0.002506/19 EU Eurostat Construction Output SA MoM April 2.00% – -1.80%06/19 EU Eurostat Construction Output WDA YoY April -6.60% – -7.30%Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)NewsQatar Qatar’s foreign trade surplus up by 2.2% in April – Accordingto the data released by the Qatar Statistics Authority (QSA),Qatar’s foreign trade surplus has increased 2.2% in April 2013.The trade balance showed a surplus of QR35.2bn, indicating anincrease of QR0.8bn as compared to April 2012. In April 2013,total export revenues (including exports of domestic goods andre-exports) were reported at QR43.2bn and the value of importsamounted to QR8bn. The total value of exports and importsincreased by 2.3% YoY and 2.8% YoY respectively. Exportincrease was mainly from the “Petroleum gases and othergaseous hydrocarbons” segment that showed a rise of 5.1%.However, the increase has been partially offset by a double digitdrop in exports of “Petroleum oils & oils from bituminousminerals” (crude). The main destination countries were Japan,South Korea and India. (Peninsula Qatar) Qatar’s gas revenue exceeds oil revenue in April –According to the latest QSA data, Qatar generated nearly fourtimes more revenue from gas exports than from crude oil salesin April 2013. Meanwhile, according to the data released by theJoint Organizations Data Initiative (JODI), Qatar’s crude exportrevenue fell despite a 3% YoY rise in volumes to 617,000 bpd inApril. Further, the average benchmark for crude oil prices fellsharply from April 2012 to April 2013. (Qatar Tribune) QCB elects board of directors – Qatar’s Emir HH SheikhHamad bin Khalifa al Thani has issued an Emiri decision to formthe board of directors for the Qatar Central Bank (QCB). TheQCB Governor Sheikh Abdullah bin Saud bin Abdulaziz al Thanihas been appointed as the Chairman and Deputy GovernorSheikh Fahd bin Faisal bin Thani al Thani as the DeputyChairman. Other board members appointed are: Khalaf Ahmedal Mannai, the representative of the Ministry of Economy &Finance, Sultan Rashid al Khater, the representative of theMinistry of Business & Trade, Dr Ibrahim Ibrahim, Dr SalehMohammed al Nabit, and Nasser Ahmed al Shaibi. (QatarTribune) QNB Group named Best Bank in Qatar and Middle East –QNB Group has been awarded the “Best Bank in Qatar” title bythe Banker Middle East for the third consecutive year.Additionally, the group has been recognized on the regionallevel with the “Best Bank in the Middle East” award.(GulfBase.com) S&P affirms Ooredoo’s ratings with Negative outlook –Standard & Poors has affirmed Ooredoo’s (formerly QTEL) longOverall Activity Buy %* Sell %* Net (QR)Qatari 51.79% 55.48% (9,912,664.35)Non-Qatari 48.21% 44.52% 9,912,664.35
  3. 3. Page 3 of 6and short-term corporate credit ratings at A/A-1 and QTELInternational Finance’s senior unsecure debt at A, with aNegative outlook. At the same time, S&P said these ratingswere removed from CreditWatch, where they had been placedwith negative implications. (Bloomberg) CBQK to dissolve Gekko – The Board of Directors of TheCommercial Bank of Qatar has reviewed the operatingperformance of and future potential for, Gekko LLC (“theCompany”) and has approved the dissolution of the Company.The Company was formed as a joint venture in whichCommercial. Bank owns 50% of the shares to marketcontactless payment cards. The impact on the financialperformance of Commercial Bank will be minimal. (Bloomberg) Qatari Diar to buy Sama Dubai’s 70% stake in Salam Yiti –Qatar Diar Real Estate Investment Company is planning to takeSama Dubai’s 70% stake in the Salam Yiti integrated tourismcomplex project, which was halted in 2009 due to the globaleconomic crisis. (GulfBase.com) VFQS reports 25% YoY revenue growth – In its recent AGM,Vodafone Qatar (VFQS) announced that it has achieved arevenue growth of 25% YoY, while there was 30% YoY growthin its mobile customer base, which stood at 1.1mn in the yearended March 31, 2013. VFQS also disclosed its first full year ofdistributable profit in FY2013, which also saw the serviceprovider’s earnings before interest, tax, depreciation andamortization going up by 97% to QR284mn. VFQS’ AGM hasapproved a proposal to reinvest the distributable profit ofQR2mn in the company’s business. Moreover, the averagerevenue per user improved 8% to QR121 in FY2013. (Gulf-Times.com) QA signs maintenance agreement for CF6 engines with GEAviation – Qatar Airways (QA) has signed a 10-yearmaintenance cost per hour agreement with GE AviationServices for the continued maintenance, repair and overhaulservice of its Airbus A330 aircraft powered by CF6-80E engines.(AME Info) DBIS’ BoD elects Chairman, Vice Chairman – DlalaBrokerage & Investment Holding Company’s (DBIS) board ofdirectors has elected Nasser Hamad Al Sulaiti as new theChairman and Jaber Hajjaj Al Shahwani as the Vice Chairmanof the company. (QE)International Fed likely to reduce bond buying this year – The US FederalReserve Chairman Ben Bernanke said the US economy isexpanding strongly enough for the central bank to begin slowingdown the pace of its bond-buying stimulus later this year.Bernanke said a steady moderate growth should lead to afurther healing in the job market as headwinds facing the USeconomy ease. He also said policymakers expect inflation tomove back up toward their long-term 2% goal. He added thatthe jobless rate should have declined to near 7% from its currentrate of 7.6% by the time Fed’s bond purchases are halted. If itsforecasts proved too optimistic, the Fed could stop reducing itsbond purchases or even raise them again. (Reuters) BoE Governor calls for more stimulus, bank reform – TheBank of England (BoE) Governor Mervyn King said Britainseconomic recovery is not yet secure and more needs to be doneto ensure that the countrys banks no longer pose a threat totaxpayers. He said a recovery in the UK, albeit modest, isunderway, but growth is not yet strong enough to reduce theconsiderable margin of spare capacity in the economy.(Reuters) IMF: Ireland on track for bailout exit – The IMF said Irelandhas a good chance of exiting its bailout this year, but wouldbenefit from more European support in cleaning up its indebtedbanks and a safety net of precautionary funding. The fund saidIreland’s policy program is sound and adjustment is beingdelivered, providing a reasonably strong prospect for itssuccess. (Reuters) IMF finds Spain making progress, warns on jobs and banks–The IMF said Spain has made strong progress in fixing itseconomy, but needs to do more to put back millions of people towork and shield its fragile banks from recession. Echoing theEuropean Commission’s recent recommendations, the IMF saidthe Spanish government should further reform its labor laws tomake it easier for firms to modify shifts or reduce wages ratherthan dismiss workers and cut taxes to promote job creation. Thefund said Spain should also make its deficit-reduction programmore growth- and jobs-friendly. (Reuters) China June flash HSBC PMI hits nine month low on weakdemand – Chinas factory activity weakened to a nine-monthlow in June as demand faltered, heightening risks that a secondquarter slowdown could be sharper than expected and raisingthe heat on the central bank to loosen policy. Chinas flashHSBC Purchasing Managers Index fell to 48.3 in June fromMays final reading of 49.2. It was the weakest level sinceSeptember. (Reuters)Regional HSBC: Intra-Mena trade may double to $300bn by 2020 –HSBC MENA Deputy Chairman & CEO Simon Cooper saidintra-regional trade in the MENA region has the potential todouble to $300bn by the end of this decade. Meanwhile,according to HSBC Global Research, the GCC region will earnmore from oil over the 2011-14 period than it did in the previous15 years combined. (Gulf-Times.com) ABCC: Arab countries accounted for up to 20% of Brazilianoil imports – According to the data released by the Arab-Brazilian Chamber of Commerce (ABCC), the Arab region hasbeen an important partner for Brazil in oil trade as Arabcountries collectively accounted for up to 20% of Brazilian oilimports. The data showed that during January to April 2013period, Brazil had imported around $2.8bn worth of mineral fuel,oil, gas and other energy products from different Arab countries.The data also showed that Saudi Arabia is Brazils largest oilsupplier with over $1bn exports in this period. The other leadingoil exporting countries during this period were Algeria($867.8mn), Kuwait ($508.2mn), the UAE ($129.8mn), Iraq($104.0mn), Libya ($77.8mn), Qatar ($36.2mn), and Bahrain($0.7mn). (GulfBase.com) JODI: Saudi crude output, exports rise MoM in April –According to the data released by the Joint Organization DataInitiative (JODI), oil production in Saudi Arabia rose to 9.3mnbarrels per day in April 2013, compared with 9.1mn bpd inMarch, while exports edged 0.3% higher during this period. Thedata showed that the Kingdom exported 7.4mn bpd of crude oiland condensates in April, up from 7.4mn bpd in March. The dataalso showed that Saudi Arabia used 378,000 bpd in its powerstations and water-desalination plants in April 2013, down fromthe 441,000 bpd used in April 2012, but up from the 368,000bpd consumed a month earlier. Meanwhile, the Kingdom raisedproduction by 3% MoM to 9.6mn bpd in May on the back ofhigher demand, which raised supplies to the market to 9.6mnbpd from 9.2mn bpd in April. (Bloomberg) Saudi fast food chain Kudu up for sale – Saudi fast foodchain Kudu’s majority stake has been placed for sale. The
  4. 4. Page 4 of 6chain’s lender reached out to around 40 interested parties forthe stake sale, including private equity firms such as KKR,Carlyle Group and other strategic investors. HSBC Holdings isarranging the sale and has initiated the bidding process.(Reuters) National Water completes SR840mn waterworks project forMecca – The National Water Company has completed awaterworks project around Mecca worth SR840mn to helpaccommodate more pilgrims who visit the holy city. (Bloomberg) Taiba Holding’s board recommends SR45mn dividend for2Q2013 – Taiba Holding Company’s board has recommendedthe distribution of dividends worth SR45mn (SR0.3 per share),representing 3% of the share value to its shareholders for2Q2013. Shareholders who are registered on the exchange ason June 30, 2013 are eligible for this dividend. (Tadawul) Yanbu’s BoD recommends SR562.5mn dividend for 1H2013– Yanbu National Petrochemical Company’s board of directorshas recommended the distribution of dividends worthSR562.5mn (SR1 per share), representing 10% of the sharevalue to its shareholders for 1H2013. Shareholders who areregistered in the registers of the Securities Depository Center ason July 3, 2013 are eligible for this dividend. (Tadawul) Abraaj agrees to buy West Africa’s Fan Milk – Abraaj Grouphas agreed to buy a West African manufacturer of frozen dairyproducts & juices “Fan Milk International” as part of its plan toboost investments in Africa. Abraaj said Fan Milk’s acquisition isexpected to be completed by the end of November 2013.(Bloomberg) DP World extends maturity on $1bn loan by a year – DPWorld said that it has extended the maturity date on a $1bnrevolving credit facility for an additional year as it securedattractive market terms. DP World stated that the loan’s maturityhas been extended to 2Q2018 from 2Q2017. According toReuters data, the original loan carried an interest rate of 225basis points over the London interbank offered rate. (Reuters) Emal mandates six banks for bond sale – The EmiratesAluminum Company (Emal) has picked six banks for a possiblebond sale in 2013. HSBC Holdings, Citigroup, BNP Paribas,Royal Bank of Scotland, Emirates NBD and the National Bank ofAbu Dhabi will help manage the sale. Emal may raise about$1bn from the bond sale, which is expected in 4Q2013 if marketconditions permit. (Bloomberg) Atlantis the Palm to pay 5.5% initial margin on loan –According to sources, Atlantis the Palm, a resort located on thePalm island off Dubai’s coast, is set to pay an initial interest rateof 5.5% to raise an $850mn syndicated loan. Interest on the loanwill be linked to leverage and will be reduced as the debtdecreases or as the hotel’s earnings improve. The margin on thefacility, whose tenor will be just over five years, could fall toabout 3% within two years. Atlantis the Palm will use the debtfacility to refinance a $700mn 12-year term loan arranged in2005 to fund its construction. The resort has hired Abu DhabiCommercial Bank, Barclays, Commercial Bank of Dubai, HSBCHoldings, the National Bank of Abu Dhabi and Union NationalBank to organize the new facility. (Bloomberg) DSOA launches Phase-3 of its Cedre Villas project – TheDubai Silicon Oasis Authority (DSOA), an integrated free zonetechnology park, has launched Phase-3 of its Cedre Villasproject. The AED285mn extension to the Cedre Villas will add160 luxury villas, taking the total count to 1,207. Phase-3 villaswill be delivered in three stages during March, July andSeptember 2014. (AME Info) Etihad to launch double daily flights to Malaysia – EtihadAirways is set to add a new daily flight between Abu Dhabi andKuala Lumpur in Malaysia to double its daily service from July15, 2013. (GulfBase.com) SCAD: Abu Dhabis non-oil output expands as economyreduces oil dependence – According to the data released bythe Statistics Centre–Abu Dhabi (SCAD), Abu Dhabis non-oileconomy grew close to 10% in 2012. SCAD said that rapidactivity across sectors such as property, education, professionalservices and trade led the rise in economic growth. SCADadded that non-oil output rose by 9.6% at current prices,compared to 7.7% expansion across the overall economy andnon-oil segments contributed about 43.5% to growth in 2012.(Bloomberg) ADAC to offer tender on Abu Dhabis Midfield Terminal –The Abu Dhabi Airports Company (ADAC) is all set to put out fortender bids on the next major contract on the vast MidfieldTerminal after completing its first big construction milestone thisweek. ADAC said builders have poured the first structuralconcrete slab in its 700,000 square meter basement as workgathers pace on the terminal, which is due to be completed by3Q2017. ADAC added that the new terminal will have an initialcapacity of 30mn passengers and has also been designed toaccommodate both a high-speed rail link and a metroconnection in the future. (GulfBase.com) Kuwait inflation climbs to 2.8% YoY in April – According to areport published by Kuwaits statistics office, inflation in thecountry climbed to 2.8% YoY in April 2013 compared to 2.2% inMarch, mainly due to a sharp rise in food and housing prices.The report showed that the housing costs rose 3.2% YoY (-0.1%MoM) in April, while the food prices jumped 4.9% on an annualbasis and rose 1.2% over the previous month. Meanwhile,analysts polled by Reuters expected Kuwaits average inflationto be 3.5% in 2013, up from an upwardly revised 3.3% in 2012.(GulfBase.com) KFHs capital increase oversubscribed – Kuwait FinanceHouses (KFH) Chairman Muhammad Ali Al-Khudairy said itsoffer for a capital increase of 20% has been oversubscribed.Earlier, the companys EGM had approved a capital increase inthe proposed quantity of shares of 500 fils per share (100 fils parvalue and 400 fils premium) totaling KD319mn. (GulfBase.com) Omran, affiliates to add 3,650 new hotel rooms in five years– The Oman Tourism Development Company (Omran) and itsJV affiliates have planned to add around 3,650 new hotel roomsin four and five star hotel categories in the next five to sevenyears. These projects, such as the hotels coming up at theOman Convention & Exhibition Centre, Alila Jabal AkhdarResort, Saraya Bandar Jissah, Muriyas hotels in Jebel Sifah,Salalah and Musandam Resort, are in different stages ofplanning, design and construction. (GulfBase.com) Oman Air orders five 737-900ER jets, places $200mn orderfor Trent 700 engines – Boeing said that it has obtained a firmorder from Oman Air for five 737-900ER planes valued at$473mn at list prices. Moreover, Oman Air has placed a $200mnorder with Rolls-Royce Holdings for Trent 700 engines to powerthree Airbus A330 aircraft. (Reuters) Port of Salalah, APL enter into new partnership – Port ofSalalah and APL have entered into a new partnership with thearrival of APL Salalah, the container vessel named after a city inOman. APL Salalah is capable of carrying 10,700 twenty footequivalent units. (GulfBase.com) Bank Dhofar’s BoD recommends OMR2.2mn dividend –Bank Dhofar’s board of directors has recommended distributing
  5. 5. Page 5 of 6cash dividends worth OMR2.2mn (1.8% of its share capital) fromthe legal case, a total amount OMR26.1mn to its shareholders.(MSM) Al Baraka Turk plans issue of $200mn sukuk – Al BarakaBanks Turkish unit Al Baraka Turk General Manager FahrettinYahsi said the bank is working on the issue of a $200mn, 10-year subordinated sukuk. He also said that the sukuk would beissued when market conditions are better and added that thebank would renew its $450mn Murabaha syndication with ahigher volume at the end of September 2013. (GulfBase.com)
  6. 6. ContactsAhmed M. Shehada Keith Whitney Saugata Sarkar Sahbi KasraouiHead of Trading Head of Sales Head of Research Manager - HNWITel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qaQNB Financial Services SPCContact Center: (+974) 4476 6666PO Box 24025Doha, QatarDISCLAIMER: 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 QatarFinancial 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 anoffer, 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 potentialinvestors 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 bereliable, 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 theright 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, theviews 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 6Rebased Performance Daily Index PerformanceSource: Bloomberg Source: BloombergSource: Bloomberg Source: Bloomberg80.090.0100.0110.0120.0130.0140.0Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13QE Index S&P Pan Arab S&P GCC(0.0%)(0.2%)(0.0%)(0.2%)(0.4%)0.1%0.6%(0.8%)(0.4%)0.0%0.4%0.8%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,351.26 (1.2) (2.8) (19.3) DJ Industrial 15,112.19 (1.3) 0.3 15.3Silver 21.41 (1.2) (3.1) (29.4) S&P 500 1,628.93 (1.4) 0.1 14.2Crude Oil (Brent) 105.77 (0.4) (0.2) (6.3) NASDAQ 100 3,443.20 (1.1) 0.6 14.0Euro 1.33 (0.7) (0.4) 0.8 DAX 8,197.08 (0.4) 0.9 7.7Yen 96.45 1.2 2.3 11.2 FTSE 100 6,348.82 (0.4) 0.6 7.6GBP 1.55 (1.0) (1.4) (4.7) CAC 40 3,839.34 (0.5) 0.9 5.4CHF 1.08 (0.9) (0.7) (1.4) Nikkei 13,245.22 1.8 4.4 27.4AUD 0.93 (2.0) (2.9) (10.6) Shanghai 2,143.45 (0.7) (0.9) (5.5)USD Index 81.43 1.0 0.9 2.1 BSE Sensex 19,245.70 0.1 0.4 (0.9)RUB 32.25 0.8 1.7 5.6 Bovespa 47,893.06 (3.2) (2.9) (21.4)BRL 0.45 (2.1) (3.6) (8.0) RTS 1,291.72 (1.7) (0.2) (15.4)134.2119.5108.6