Daily market report


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Daily market report

  1. 1. Page 1 of 5QE Intra-Day MovementQatar CommentaryThe QE index rose 0.4% to close at 9,086.9. Gains were led by the Insuranceand Real Estate indices, gaining 2.4% and 0.9% respectively. Top gainers wereIslamic Holding Group and Qatar Insurance Co., rising 6.3% and 4.0%respectively. Among the top losers, Al Khaleej Takaful Group fell 2.2%, whileZad Holding Co. declined 2.0%.GCC CommentarySaudi Arabia: The TASI index declined 0.2% to close at 7,319.8. Losses wereled by the Retail and Telecommunication & Information Technology indices,declining 0.6% and 0.5% respectively. Etihad Atheeb Telecommunication Co.fell 4.1%, while Saudi Arabian Cooperative Insurance Co. was down 2.7%.Dubai: The DFM index fell 1.1% to close at 2,281.3. The Telecommunicationindex declined 1.7%, while the Real Estate & Construction index was down1.4%. Gulf General Investment Co. fell 3.1%, while Dubai Islamic Bank wasdown 2.5%.Abu Dhabi: The ADX benchmark index declined 1.0% to close at 3,427.2. TheEnergy index fell 2.3%, while the Banking index was down 2.0%. InternationalFish Farming Holding Co. declined 9.8%, while Dana Gas was down 3.4%.Kuwait: The KSE index gained 2.1% to close at 8,322.0. Gains were led bythe Real Estate and Financial Services indices, rising 3.9% and 2.1%respectively. Real Estate Asset Management Co. and Sharjah Cement &Industrial Development rose 10.0% each.Oman: The MSM index rose 0.2% to close at 6,374.8. The Banking &Investment index gained 0.4%, while the Services & Insurance index was up0.3%. Al Anwar Holding rose 5.8%, while Sohar Power was up 4.2%.Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%Islamic Holding Group 41.05 6.3 503.0 8.0Qatar Insurance Co. 65.00 4.0 170.9 20.5Qatar Industrial Manufacturing Co. 52.20 2.4 7.0 (1.7)Barwa Real Estate Co. 26.20 1.9 1,200.2 (4.6)Qatar Meat & Livestock Co. 60.20 1.9 210.1 2.4Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%United Development Co. 21.38 (0.6) 1,835.6 20.1Barwa Real Estate Co. 26.20 1.9 1,200.2 (4.6)Qatar Gas Transport Co. 17.60 0.6 719.9 15.3Islamic Holding Group 41.05 6.3 503.0 8.0Gulf International Services 41.30 1.2 462.3 37.7Market Indicators 26 May 13 23 May 13 %Chg.Value Traded (QR mn) 329.8 321.8 2.5Exch. Market Cap. (QR mn) 503,220.7 501,914.8 0.3Volume (mn) 9.1 7.6 19.5Number of Transactions 4,843 4,370 10.8Companies Traded 38 39 (2.6)Market Breadth 22:11 8:26 –Market Indices Close 1D% WTD% YTD% TTM P/ETotal Return 12,983.09 0.4 0.4 14.8 N/AAll Share Index 2,311.35 0.4 0.4 14.7 12.5Banks 2,140.59 0.4 0.4 9.8 11.6Industrials 3,130.55 0.3 0.3 19.2 11.6Transportation 1,659.82 0.8 0.8 23.8 11.7Real Estate 1,776.72 0.9 0.9 10.2 11.8Insurance 2,322.18 2.4 2.4 18.3 13.6Telecoms 1,266.47 (0.4) (0.4) 18.9 14.6Consumer 5,541.83 (0.1) (0.1) 18.7 19.1Al Rayan Islamic Index 2,757.14 0.6 0.6 10.8 13.8GCC Top Gainers##Exchange Close#1D% Vol. ‘000 YTD%Albaraka Group Bahrain 0.82 9.3 100.7 10.1Tabuk Cement Saudi Arabia 31.30 8.3 1,402.4 29.1Saudi Res. & Mar. Saudi Arabia 20.95 6.3 1,059.3 (12.5)Investbank Abu Dhabi 2.31 5.0 500.0 42.6Nat. Real Estate Co. Kuwait 0.19 4.4 6,614.2 50.8GCC Top Losers##Exchange Close#1D% Vol. ‘000 YTD%Etihad Atheeb Teleco. Saudi Arabia 13.00 (4.1) 9,424.8 1.6Dana Gas Abu Dhabi 0.57 (3.4) 17,940.1 26.7First Gulf Bank Abu Dhabi 13.95 (3.1) 1,729.6 20.3Abu Dhabi Com. Bank Abu Dhabi 4.80 (2.8) 182.5 59.5Kuwait Cement Co. Kuwait 0.35 (2.8) 7.8 (21.2)Source: 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%Al Khaleej Takaful Group 40.60 (2.2) 21.1 10.7Zad Holding Co. 58.60 (2.0) 0.2 (0.3)Qatar German Co. for Med. Dev. 14.50 (1.0) 361.6 (1.9)Doha Insurance Co. 25.60 (0.8) 16.2 4.3United Development Co. 21.38 (0.6) 1,835.6 20.1Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%United Development Co. 21.38 (0.6) 39,439.8 20.1Barwa Real Estate Co. 26.20 1.9 31,378.2 (4.6)Al Meera Consumer Goods Co. 134.30 1.7 25,971.4 9.7Industries Qatar 165.50 0.2 22,485.3 17.4Islamic Holding Group 41.05 6.3 20,670.6 8.0Source: Bloomberg (* in QR)Regional Indices Close 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYieldQatar* 9,086.90 0.4 0.4 4.7 8.7 90.58 138,184.4 11.5 1.6 5.1Dubai 2,281.27 (1.1) (1.1) 6.8 40.6 193.38 63,708.5 14.6 0.9 3.7Abu Dhabi 3,427.20 (1.0) (1.0) 4.7 30.3 68.38 101,258.8 10.5 1.2 5.1Saudi Arabia 7,319.82 (0.2) (0.6) 2.0 7.6 1,552.15 392,882.1 15.6 1.9 3.8Kuwait 8,321.99 2.1 2.1 12.0 40.2 403.93 111,736.4 25.5 1.4 3.2Oman 6,374.76 0.2 0.2 4.0 10.7 59.13 22,452.5 11.1 1.7 4.4Bahrain 1,180.33 0.8 0.8 6.9 10.8 1.58 21,034.9 8.6 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)9,0209,0409,0609,0809,1009,1209:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5Qatar Market Commentary The QE index rose 0.4% to close at 9,086.9. The Insurance andReal Estate indices led the gains. The index rose on the back ofbuying support from Qatari shareholders despite selling pressurefrom non-Qatari shareholders. Islamic Holding Group and Qatar Insurance Co. were the topgainers, rising 6.3% and 4.0% respectively. Among the toplosers, Al Khaleej Takaful Group fell 2.2%, while Zad Holding Co.declined 2.0%. Volume of shares traded on Sunday rose by 19.5% to 9.1mnfrom 7.6mn on Thursday. Further, as compared to the 30-daymoving average of 8.5mn, volume for the day was 7.4% higher.United Development Co. and Barwa Real Estate Co. were themost active stocks, contributing 20.2% and 13.2% to the totalvolume respectively.Source: Qatar Exchange (* as a % of traded value)RatingsRatings UpdatesCompany Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook ChangeQatar Islamic Bank(QIBK)Fitch Qatar LT IDR/ VR A/bbb A/bbb – Stable –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)NewsQatar EIU: Qatar’s real growth to remain high – According to areport by the Economist Intelligence Unit (EIU), Qatar’s realeconomic growth will remain high, averaging 5.7% during 2012-2030, with potential bursts of high growth if further gas exportprojects are approved by the government after its moratorium onnew deals expires. However, the country’s real economic growthis unlikely to come near to the rapid rates generated by the hugegas industrialization program in recent years. The report saiddiversification of the country’s services sector, funded by itshydrocarbon wealth, will provide opportunities for growth. Thereport also said that population will continue to grow, largelythrough influx of foreign workers, from 1.94mn to around 4.3mnin 2030. The report also showed that with the expansion of LNGoutput completed for now, real GDP growth will be a robust5.4% during 2013-2017. Moreover, growth will be driven by non-oil sectors and underpinned by fiscal expansion. (Gulf-Times.com) Ooredoo eyes Myanmar for new business, raises $12bn tobuy Maroc Telecom – Ooredoo (formerly QTEL) CEO NasserMarafih said the company is planning to bid for a telecomlicense in Myanmar next month since it is one of the lastuntapped markets as the country’s mobile phone penetration isjust about 5%. He also said that Ooredoo is in talks withregulators in Iraq and Algeria for acquiring 3G mobile phonelicenses, and hopes they will issue the licenses in 2013.Meanwhile, the company has also raised $12bn to finance itsbid for a majority stake in Maroc Telecom as it seeks to expandthrough acquisitions. The company mentioned that it is alsoplanning to focus on buying telecom operators overseas afterexpanding its holding in various companies in Kuwait, Iraq andTunisia. (Bloomberg, Qatar Tribune) Ooredoo retires $1.3bn credit facility – Ooredoo (formerlyQTEL) has retired its $1.3bn revolving credit facility and hasreplaced it with a previously announced $1bn facility. Theremaining $250mn was repaid using existing cash balances.(QE) Fitch affirms QIBK’s IDR and VR ratings; outlook Stable –Fitch has affirmed Qatar Islamic Bank’s (QIBK) long-term IssuerDefault Rating (IDR) at “A” with a Stable outlook and ViabilityRating (VR) at “bbb”. (AME Info) ERES building 50,000 housing units – Ezdan Real EstateCompany (ERES) Chairman Sheikh Dr Khalid bin Thani al-Thanisaid the company is currently engaged in the construction ofmore than 50,000 housing units across the country to servevisitors coming to Doha to take part in FIFA World Cup 2022.(Gulf-Times.com) Century 21 Qatar Chairman: 80,000 residential units comingup for low-income expatriates – Century 21 Qatar ChairmanMana Ibrahim al-Mana said a multi-billion riyal mixed-use projectnamed “West End Park” comprising 80,000 residential units isbeing built for low-income workers at the eastern side of theIndustrial Area. He added that the first-phase of the project isscheduled to open in 3Q2013 and the entire project is expectedto be completed by the end of 2014. (Gulf-Times.com) Work on 20 new operating theatres begins at Hamad – Theconstruction work on 20 new state-of-the-art operating theatresat the Hamad General Hospital has commenced. Expected to beready by 2015, the new surgery center will also replace theexisting 11 theatres in use. (Gulf-Times.com) New Carrefour Market opens in Ezdan Mall – Carrefour hasopened its latest Carrefour Market outlet in Qatar at the EzdanMall in Gharrafa. (Gulf-Times.com) Qatar ranks high for green standards in real estate –According to figures released by Gulf Organization for Research& Development (GORD), Qatar has emerged as one of the mostadvanced countries in terms of applying sustainability criteria toreal estate projects in cities. GORD mentioned that theenvironment friendly cities’ area in Qatar amounts to more than500mn square feet, the largest in the Middle East. These citiesinclude Lusail, the Ministry of Interior’s Lekhwiya City, andBarwa City. (Gulf-Times.com)Overall Activity Buy %* Sell %* Net (QR)Qatari 75.68% 68.57% 23,445,285.43Non-Qatari 24.32% 31.43% (23,445,285.43)
  3. 3. Page 3 of 5International BoJ Governor: Pain from bond yield rise is manageable –The Bank of Japan (BoJ) Governor Haruhiko Kuroda said thecountrys financial institutions have sufficient buffers againstlosses they may be incurred due to rise in bond yields, as longas the market moves are driven by prospects of an economicrecovery. He said the central bank will be vigilant on any signsof asset price overheating or excessive risk-taking by financialinstitutions. He mentioned that there were no such signs as ofnow. (Reuters) China, EU to discuss trade disputes today – China will holdinformal talks with the European Commission today to try todefuse a trade row over solar panels and wireless equipment.The European Union accuses China of pricing its solar panelsand mobile telecom devices too cheaply and dumping them inEurope to corner the market. It plans to impose duties onChinese panel makers. China denied the allegations and saidthe EU plans would harm others without benefiting oneself.(Reuters) BoJ’s April 26 meeting saw rift over ambitious price goal –The minutes of the Bank of Japans (BoJ) meeting on April 26,2013 showed a rift developing within the board over itsambitious stimulus plan. A few policymakers have opposedtargeting 2% inflation in two years and called for more flexibilityin guiding monetary policy. The board also engaged inconsiderable debate over the bond market volatility after BoJsmonetary easing on April 4. (Reuters)Regional Dallah Healthcare acquires land to construct a hospital –Dallah Healthcare Holding Company has completed thepurchase of a plot of land in west Riyadh with a total price ofSR59.5mn to build a general hospital. (Tadawul) SEC to spend $32bn in 2 years for steady power supply –The Saudi Electricity Company (SEC) CEO Ali al-Barrak saidthe company is planning to spend $32bn on new projects toprovide steady power supply to all its customers and maintain8% surplus output capacity by 2015. (Bloomberg) HOYER sets up JV in Saudi Arabia – HOYER, a logisticsgroup is setting up a JV with Saudi Arabia-based Globe MarineGroup and UAE-based Sharaf Group. The new JV will bebranded as “HOYER Saudi Arabia”, which will coordinateintermodal liquid bulk transportation across Saudi Arabia andthe GCC region. (AME Info) IEA: UAE April oil output unchanged at 2.7mn bpd –According to figures released by the International EnergyAgency (IEA), the UAE’s oil output in April stood at 2.7mn bpd,unchanged from March 2013. IEA said the country had asustainable oil production capacity of 2.9mn bpd and its averagecrude supply for 1Q2013 stood at 2.7mn bpd. (Bloomberg) DHA plans 3 hospitals, 40 health centers – The Dubai HealthAuthority (DHA) has chalked out a detailed health strategy forthe Emirate, which includes construction of three new hospitalsand 40 primary healthcare centers across key areas. DHA planalso includes the AED3bn Rashid Hospital featuring six newspecialized health centers, one four-star hotel, a five-star hotel,villas and flats for staff accommodation, along with a mosque,lake way, landscaping, open spaces for children and families.(Bloomberg) Amaanah sets up $120mn UK property fund – UK-basedinvestment & asset management firm Amaanah InvestmentGroup (Amaanah) has set up a $120mn Shari’ah-compliant fundaimed at Gulf investors seeking to invest in prime properties inLondon. Amaanah aims to close its first purchase in the comingmonths. The size of the fund currently stands at £30mn, whilethe company aims to cap this at £80m by 2013. CBD repays AED1.5bn of government support funds – TheCommercial Bank of Dubai (CBD) has repaid AED1.5bn worth ofsupport from the UAE government, which it had received in thewake of the global financial crisis. CBD said the deposits wereoriginally scheduled to mature in December 2016. (Reuters) MAF seeks $500mn from hybrid bond – Majid Al FuttaimHolding (MAF) is looking to raise at least $500mn from the issueof a hybrid debt bond to finance its purchase of the Frenchhypermarket chain Carrefours stake in a regional venture.(Reuters) DIC selected Rajhi Construction to work on its AED100mnproject – The Dubai Industrial City (DIC) has selected RajhiConstruction Company to work on its industrial real estateproject valued AED100mn. DIC expects the project to becompleted in 2014. (AME Info) RSA Logistics, TALKE Group sign JV deal in Dubai – Dubai-based RSA Logistics and German-based chemical logisticscompany TALKE Group have formed a JV in the UAE named“RSA-TALKE” with 50% stake each. RSA-TALKE will operate asa chemicals storage facility in Dubai Logistics City, offeringlogistics services for the entire Gulf region. (AME Info) Abu Dhabi wealth fund cutting reliance on external fundmanagers – Abu Dhabi Investment Authority is curbing relianceon outside fund managers and reducing holdings in developed-world shares in favor of emerging market investments. In itsannual report the fund said it counts on external investors tomanage about 75% of assets in 2012, down from 80% in 2011.(Bloomberg) Emaar opens sale of Burj Vista II – Emaar Properties haslaunched the sale of its second tower in Burj Vista, DowntownDubai. (AME Info) Nakheel announces tender for Ibn Battuta Mall expansion –Dubai-based developer Nakheel has announced the tender forthe expansion of Ibn Battuta Mall, a new 28,000 square meterretail space that will add another 150 shops to the existing IbnBattuta complex. (AME Info) Al Maabar awards Arabtec $197mn project in Jordan – AIMaabar International Investment has awarded ArabtecConstruction a contract worth $197mn to build “The St. RegisAmman and The Residences” at its St. Regis Amman project inJordan. Work on the project will be completed in 33 months andArabtec will commence construction in July 2013. (DFM) CWM awards AED770mn cleaning service contracts – AbuDhabi’s Center of Waste Management (CWM) has awarded twocontracts worth over AED770mn to sanitation service providers.The new five-year contracts stipulate specific technicalprocedures for reducing waste at source, maximizing recyclingpractices and decreasing waste transferred to landfills, whichare key priorities for CWM. (Bloomberg) Hilton Worldwide to introduce second hotel in Abu Dhabi –Hilton Worldwide is set to open a new Hilton Hotels & Resortsbranded hotel in Abu Dhabi. The hotel is currently known as AbuDhabi Al Maqta, which will be rebranded and reopened as“Hilton Abu Dhabi Capital Grand” in summer 2013. (AME Info) SHA implements new health scheme to start from June2013 – The Sharjah Health Authority (SHA) has announced theintroduction of a new health insurance scheme from June 1,
  4. 4. Page 4 of 52013. Once the new system is effective, old insurance cards willbecome invalid after May 31, 2013. (AME Info) ADIB-Egypt arranges Egypt’s first Ijara syndication – AbuDhabi Islamic Bank of Egypt (ADIB-Egypt) has arranged for thefirst Islamic Ijara structure syndication worth $150mn forMaridive & Oil Services Company. ADIB-Egypt has acted as theinitial mandated lead arranger and signed the syndicated facilitywith ADIB-Emirates, Arab African International Bank, Banque duCaire and the Arab International Bank. ADIB Egypt has alsoassumed the facility and security agent roles. (GulfBase.com) Kuwait to generate 15% power from renewable sources by2030 – Kuwait is keen on pursuing a sustainability power planthat includes generating 15% of its electricity from renewableresources by 2030. (AME Info) Kuwait Airways signs accord with IATA to help saleprocess – Kuwait Airways Company has signed an agreementwith the International Air Transport Association (IATA) to helpprepare the airline for sale. The agreement will also aid theairline’s current process of restructuring and development overthe next five years. (Bloomberg) Jazeera Airways to receive new Airbus A320 in June –Jazeera Airways Group has announced that it will take deliveryof a new Airbus A320 aircraft from the manufacturers facility inToulouse, France in early June 2013, increasing the totalnumber of its fleet to 13 aircraft. (AME Info) NCSI: ORPIC’s production decline 19% YoY in 1Q2013 –According to a report by the National Centre for Statistics &Information (NCSI), the production at Oman Oil Refineries &Petroleum Industries Company (ORPIC) declined by 19% YoYto 16.6mn barrels in 1Q2013, compared with 20.5mn barrels in1Q2012. (Bloomberg) HSBC Oman exits merchant acquiring business – HSBCBank Oman has exited from its Oman-based merchant acquiringbusiness, “Point of Sales” and has signed a referral agreementwith Bank Muscat to help merchants with a smooth transition toa new service provider. (MSM) PDO inks $30mn deal with Schlumberger – PetroleumDevelopment Oman (PDO) has signed a $30mn five-yearcontract with Schlumberger to increase the quantity of Omani-made materials used in the oil & gas sector. PDO said the dealcovers the manufacturing & reconditioning of completions, gaslift equipment & accessories used to extract hydrocarbons, withSchlumberger committing to support local manufacturers fordeveloping their capability to supply the orders. (Bloomberg) Al Anwar announces proposal of its Al Maha Ceramics IPO– Al Anwar Holding has announced that its associate, Al MahaCeramics Company’s board has decided to recommend an IPOof its 40% stake held by existing shareholders in 2013. (MSM) SPC announces start of partial sale, purchase of shares –Sohar Power Company (SPC) has begun the process to transfershares constituting 20% of its total share capital from WJ Towell& Company, Zubair Corporation and Kahrabel to MENA Sohar 1SPV Ltd, which is expected to be completed by May 29, 2013.(MSM) MEDC awards meters supply contract to ONEIC – TheMuscat Electricity Distribution Company (MEDC) has awardedOman National Engineering & Investment Company (ONEIC) acontract worth OMR0.6mn for the supply of 12,000 single phasemeters and 12,000 three phase meters. (MSM) Taageer Finance to renegotiate offer with Ahli Bank –Taageer Finance Company’s board of directors has decided tonegotiate the acquisition offer with Ahli Bank by May 31, 2013.(MSM) Takamul Investment, Sembcorp form JV with OMR1mncapital – Takamul Investment Company’s Director for theDevelopment of Industrial Utilities Project Abdullah binMohammed al-Hashmi said that a JV has been establishedbetween Takamul Investment and Sembcorp Industries ofSingapore with a capital of OMR1mn. He stated that the capitalwill be revised based on the requirements of future projects. Healso said that the JV was established with an aim to develop theindustrial utilities at the Special Economic Zone Authority ofDuqm (SEZAD) and other industrial zones in the country.(Bloomberg) EWA signs BHD15.7mn contracts for water, power upgrade– Bahrain’s Electricity & Water Authority (EWA) has concludedtwo contracts worth around BHD15.7mn for the supply ofmaterials to upgrade water and power transmission networks.EWA CEO Shaikh Nawaf bin Ibrahim Al Khalifa said theauthority has sealed a BHD6.7mn deal with Indian ElectrosteelCastings Company and another contract worth BHD9mn withSalman Trading Company for supplies. (Bloomberg) Nass Contracting gets BHD1.5mn contract from Ministry ofHousing – Nass Contracting Comapny has received letter ofawards amounting to BHD1.5mn from Bahraini Ministry ofHousing for construction of townhouses at Lawzi Lake. (BahrainBourse)
  5. 5. 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 5 of 5Rebased 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(0.2%)0.4%2.1%0.8%0.2%(1.0%) (1.1%)(1.6%)(0.8%)0.0%0.8%1.6%2.4%SaudiArabiaQatarKuwaitBahrainOmanAbuDhabiDubaiAsset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%Gold 1,386.65 0.0 0.0 (17.2) DJ Industrial 15,303.10 0.0 0.0 16.8Silver 22.40 0.0 0.0 (26.2) S&P 500 1,649.60 0.0 0.0 15.7Crude Oil (Brent) 102.26 0.0 0.0 (9.4) NASDAQ 100 3,459.14 0.0 0.0 14.6Euro 1.29 0.0 0.0 (2.0) DAX 8,305.32 0.0 0.0 9.1Yen 101.31 0.0 0.0 16.8 FTSE 100 6,654.34 0.0 0.0 12.8GBP 1.51 0.0 0.0 (6.9) CAC 40 3,956.79 0.0 0.0 8.7CHF 1.04 0.0 0.0 (4.8) Nikkei 14,612.45 0.0 0.0 40.6AUD 0.97 0.0 0.0 (7.1) Shanghai 2,288.53 0.0 0.0 0.9USD Index 83.70 0.0 0.0 4.9 BSE Sensex 19,704.33 0.0 0.0 1.4RUB 31.38 0.0 0.0 2.8 Bovespa 56,406.21 0.0 0.0 (7.5)BRL 0.49 0.0 0.0 (0.0) RTS 1,388.52 0.0 0.0 (9.1)130.6116.7107.4