22 September Daily Market Report

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22 September Daily Market Report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 0.9% to close at 9,785.9. Losses were led by the Telecoms and Industrials indices, declining 1.7% and 0.9% respectively. Top losers were Gulf Warehousing Co. and Qatar Electricity & Water Co., falling 2.3% and 1.9% respectively. Among the top gainers, Zad Holding Co. rose 1.2%, while Al Khaleej Takaful Group gained 1.1%. GCC Commentary Saudi Arabia: The TASI index was closed on September 22, 2013. Dubai: The DFM index gained 0.6% to close at 2,681.5. Gains were led by the Banking and Insurance indices, rising 2.2% and 1.6% respectively. Mashreq Bank surged 15.0%, while Agility gained 14.5%. Abu Dhabi: The ADX benchmark index fell 0.1% to close at 3,809.0. The Consumer index declined 4.3%, while the Telecommunication index was up 0.4%. Agthia Group fell 6.3%, while Union National Bank was down 2.5%. Kuwait: The KSE index declined marginally to close at 7,845.9. Losses were led by the Oil & Gas and Telecommunication indices, falling 3.5% and 1.8% respectively. National Petroleum Services Co. declined 8.3%, while Union Real Estate Co. was down 7.9%. Oman: The MSM index fell 0.3% to close at 6,581.5. The Banking & Investment index declined 0.7%, while the Industrial index was down 0.3%. Oman Education Training Inv. fell 5.3%, while Al Batinah Dev. Inv. Holding was down 3.2%. Bahrain: The BHB index declined 0.3% to close at 1,195.1. The Industrial index fell 3.5%, while the Commercial Banking index was down 0.1%. Aluminum Bahrain declined 3.5%, while National Bank of Bahrain fell 1.6%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Zad Holding Co. 66.00 1.2 8.5 12.2 Al Khaleej Takaful Group 40.45 1.1 7.5 10.3 Qatari Investors Group 29.90 0.7 166.2 30.0 Mannai Corp 84.00 0.6 0.2 3.7 Qatar Islamic Insurance 57.30 0.5 7.7 (7.6) Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 21.95 (1.1) 730.0 23.3 Qatar Gas Transport Co. 19.75 (0.8) 251.4 29.4 Industries Qatar 152.20 (0.9) 219.6 7.9 Masraf Al Rayan 29.50 (0.7) 215.4 19.0 Medicare Group 49.80 (0.4) 192.3 39.5 Source: Bloomberg (* in QR) Market Indicators 22 Sep 13 19 Sep 13 %Chg. Value Traded (QR mn) 157.4 319.2 (50.7) Exch. Market Cap. (QR mn) 533,091.8 537,350.8 (0.8) Volume (mn) 3.1 6.5 (51.9) Number of Transactions 2,454 3,736 (34.3) Companies Traded 39 39 0.0 Market Breadth 8:27 26:8 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,981.80 (0.9) (0.9) 23.6 N/A All Share Index 2,460.91 (0.8) (0.8) 22.2 13.0 Banks 2,396.60 (0.6) (0.6) 22.9 12.7 Industrials 3,080.49 (0.9) (0.9) 17.3 11.3 Transportation 1,813.05 (0.9) (0.9) 35.3 12.4 Real Estate 1,782.89 (0.8) (0.8) 10.6 13.4 Insurance 2,250.36 (0.1) (0.1) 14.6 9.3 Telecoms 1,467.09 (1.7) (1.7) 37.8 15.5 Consumer 5,906.15 (0.3) (0.3) 26.5 24.3 Al Rayan Islamic Index 2,797.38 (0.5) (0.5) 12.4 14.4 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Dana Gas Abu Dhabi 0.63 6.8 112,605.4 40.0 Deyaar Development Dubai 0.70 5.7 311,651.1 99.1 Kuwait Projects Co. Kuwait 0.56 3.7 303.6 50.8 Mabanee Co. Kuwait 1.12 1.8 363.1 4.4 ALAFCO Kuwait 0.29 1.8 64.3 (19.7) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Nat. Mobile Tel. Co. Kuwait 1.92 (4.0) 2.6 (17.9) Aluminum Bahrain Bahrain 0.55 (3.5) 153.9 26.2 Union National Bank Abu Dhabi 5.02 (2.5) 180.0 73.7 Gulf Warehousing Co. Qatar 40.50 (2.3) 2.6 20.9 Ajman Bank Dubai 1.93 (2.0) 606.2 35.9 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. 40.50 (2.3) 2.6 20.9 Qatar Electricity & Water Co. 156.90 (1.9) 30.2 18.5 Ooredoo 142.20 (1.9) 91.5 36.7 Qatar General Ins. & Reins. Co. 51.40 (1.7) 0.2 11.7 Commercial Bank of Qatar 68.50 (1.2) 127.3 (3.4) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 152.20 (0.9) 33,402.5 7.9 United Development Co. 21.95 (1.1) 16,069.0 23.3 QNB Group 173.40 (0.7) 13,422.2 32.5 Ooredoo 142.20 (1.9) 13,001.1 36.7 Qatar Islamic Bank 68.50 (0.7) 11,719.9 (8.7) Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9,785.90 (0.9) (0.9) 1.7 17.1 43.23 146,440.3 12.3 1.7 4.7 Dubai 2,681.47 0.6 0.6 6.3 65.3 207.96 65,918.8 15.6 1.1 3.3 Abu Dhabi 3,809.03 (0.1) (0.1) 2.0 44.8 178.63 109,363.9 10.8 1.4 4.7 Saudi Arabia# 8,024.71 N/A N/A 3.3 18.0 N/A N/A 16.8 2.1 3.6 Kuwait 7,845.88 (0.0) (0.0) 2.8 32.2 198.88 110,950.9 18.4 1.2 3.6 Oman 6,581.46 (0.3) (0.3) (1.6) 14.2 10.61 28,569.7 10.8 1.6 3.9 Bahrain 1,195.07 (0.3) (0.3) 0.6 12.1 1.28 21,868.3 8.4 0.9 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( # Closed on Sep. 22, 2013) 9,700 9,750 9,800 9,850 9,900 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5 Qatar Market Commentary  The QE index declined 0.9% to close at 9,785.9. The Telecoms and Industrials indices led the losses. The index declined on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders.  Gulf Warehousing Co. and Qatar Electricity & Water Co. were the top losers, falling 2.3% and 1.9% respectively. Among the top gainers, Zad Holding Co. rose 1.2%, while Al Khaleej Takaful Group gained 1.1%.  Volume of shares traded on Sunday fell by 51.9% to 3.1mn from 6.5mn on Thursday. Further, as compared to the 30-day moving average of 8.7mn, volume for the day was 64.1% lower. United Development Co. and Qatar Gas Transport Co. were the most active stocks, contributing 23.5% and 8.1% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) News Qatar  QNB Group and UDCD sign 10-year loan agreement – The United Development Company (UDCD) has signed a 10-year loan facility agreement worth QR1.5bn with QNB Group. The loan facility has been granted for the purpose of financing UDCD’s purchase of the remaining residential units at Qanat Quartier in the Pearl-Qatar Island. (AME Info)  QNFSP seeks partner for agro-industrial park – The Qatar National Food Security Program (QNFSP) is looking for a private-public partnership to develop a massive agro-industrial park in Qatar. The project, which QNFSP plans to build as a designated area for country’s food processing industry, will be located at a strategic area to take advantage of Qatar’s fast expanding transport infrastructure. (Peninsula Qatar)  DHBK to benefit from Qatar’s contract financing growth – Doha Bank’s (DHBK) CEO Dr. R. Seetharaman said the bank is well placed to benefit from Qatar’s steadily growing contract financing market that saw the loan book value reach QR19bn in June 2013. Further, Seetharaman said that the bank intends to continue its targeted international expansion strategy in Saudi Arabia and India. DHBK plans to further develop its regional branch network in the UAE and Kuwait, and position itself at the center of the infrastructure growth among the GCC economies. (Gulf-Times.com)  Qatar to provide 9% of rooms to Gulf region’s hospitality sector – According to Al Asmakh Real Estate Development Company (AREDC), Qatar’s hospitality sector, which is slated to see more than two dozens of luxury hotels, ought to contribute 9% of total future supply of keys within the Gulf region. Estimating that about 29 new luxury hotels are planned within Doha and adjoining areas of Al Rayyan, Umm Salal, and Al Wakrah, AREDC said these hotels are likely to deliver around 8,300 new rooms, which is 58% of the existing rooms in the luxury segment. Qatar secured third place among the GCC countries in terms of future rooms supply. ARDEC found that Qatar’s hospitality market would be stable with the average daily rate across all segments standing at $235 and the revenue per available room at $150. (Gulf-Times.com)  Credit Suisse, Qatar JV to start foreign operations – Aventicum Capital Management, the JV of Credit Suisse Group and Qatar Holding, is reportedly planning to begin international operations by the end of the year. The international business will begin after starting its first fund in July and will be based outside the Middle East. (Bloomberg)  Foreign workers sent QR37bn back home in 2012 – According to a report released by the Qatar Central Bank (QCB), outward remittances by foreign workers through exchange houses in Qatar totaled QR37bn in 2012 from QR36.8bn in 2011. The report showed that exchange houses had a lion’s share (75%) of the total outward remittances from Qatar, while local banks accounted for the rest. A bulk of the outward remittance (66%) by foreign workers was made to Asian countries in 2012 as compared to 63% in 2011. While remittance to the GCC countries dropped marginally in 2012, while it increased by about 2% to the MENA region (outside GCC). (Gulf-Times.com)  QNB Group to disclose its 3Q2013 financial results on October 8 – QNB Group (QNBK) will disclose its 3Q2013 financial results on October 08, 2013. (QE)  IHGS to disclose its 3Q2013 results on October 9 – The Islamic Holding Group (IHGS) will disclose the financial results for 3Q2013 on October 9, 2013. (QE)  UDCD to disclose its 3Q2013 financials on October 10 – The United Development Company (UDCD) will disclose the financial results for its third quarter 2013 on October 10, 2013. (QE) International  Greece resumes talks with its creditors – Greece resumed talks with its creditors to review progress of the financial stabilization process of the indebted country. In order to get the next aid, Greece must finalize plans for various reforms such as the restructuring of three defense-related industries; complete furloughs of around 12,500 civil servants by the end of September; pay back state debt to two state-owned water companies that will be privatized later. Talks with the European Commission, the European Central Bank and the IMF (the lender troika) will continue throughout next week and are expected to resume again in mid-October. (Economic Times)  China’s flash September HSBC PMI hits six-month high of 51.2 – Growth in China's manufacturing sector accelerated to a six-month high in September, as stronger domestic and foreign demand added to recent signs of a tentative turnaround in the Chinese economy. The flash HSBC Purchasing Managers' Index (PMI) climbed to 51.2 this month over a reading of 50.1 in August. Notably, new export orders jumped to a ten-month peak of 50.8, up sharply from 47.2 in August. (Reuters) Overall Activity Buy %* Sell %* Net (QR) Qatari 63.50% 49.48% 22,074,462.53 Non-Qatari 36.50% 50.52% (22,074,462.53)
  3. 3. Page 3 of 5 Regional  GCC to discuss single fuel price – Oil ministers of the GCC region countries are expected to discuss steps taken toward finalizing a single price for the region’s petroleum products during the 32nd Petroleum Cooperation Committee meeting to be held in Riyadh next Tuesday. Further, oil ministers will discuss other issues concerning the joint efforts of the GCC states in the oil sector as well as the results of their meetings with various economic partners in other countries and economic groups. (Bloomberg)  IDB not to raise funds through US dollar sukuk in 2013 – The Islamic Development Bank’s (IDB) President Dr. Ahmad Muhamed Ali said the IDB will not approach international markets to raise funds through a US dollar sukuk issuance again in 2013, although it may still issue sukuk through private placement. The IDB issued its last sukuk offering in May 2013, which was a 5-year $1bn Sukuk Al Wakalah. Muhamed Ali also said that the IDB sukuk strategy going forward is to go to market every year with one major international issuance. (GulfBase.com)  SPA: Private investments in Saudi ports reach SR5.5bn – According to a report released by the Sea Ports Authority (SPA), the volume of private sector investment in Saudi sea ports reached SR5.5bn, while revenues exceeded SR3bn annually. The report also mentioned that the SPA recently signed about 30 contracts with private sector firms on container, general cargo and bulk grain terminals, as well as frozen goods, ship repair services, and re-export zones. (GulfBase.com)  SAGIA cancels licenses of 62 foreign companies – The Saudi Arabian General Investment Authority (SAGIA) has canceled investment licenses of 62 foreign companies operating in the Kingdom, as well as prevented them from amending or transferring ownership of municipal registers or sponsorship. SAGIA did not rule out canceling other licenses in future under the comprehensive revision of the foreign investment market being carried out by the authority. (GulfBase.com)  DMCC becomes UAE's largest free zone – The Dubai Multi Commodities Centre (DMCC) Executive Chairman Ahmed Bin Sulayem said the center is now the largest free zone in the UAE with over 7,330 active registrations. He added that DMCC is also the UAE's fastest growing free zone with an average of 200 companies choosing to join it every month and a 94% retention rate. Further, Sulayem said that the center is on its way to achieve the target of 10,000 companies by 2015, at which point it anticipates to be at almost full capacity. In terms of demographics, one third of DMCC member companies are from South Asia, a third from the Middle East, and a third are from Western Europe and North America. (GulfBase.com)  Abu Dhabi-based Senaat hires HSBC, JPMorgan for share sale – According to sources, Abu Dhabi holding group Senaat has hired HSBC Holdings and JPMorgan Chase & Company for a share sale. Senaat has appointed the banks as joint book runners for an IPO in 2013. (Bloomberg)  Dubai Financial Market Chief Essa Kazim appointed as DIFC governor – The Dubai Financial Market CEO Essa Kazim has been appointed as the governor of the Dubai International Financial Centre (DIFC). Starting on January 1, Essa Kazim will replace Abdullah Saleh as the governor of the Emirate’s financial free zone. (Bloomberg)  Emirates SkyCargo’s phase one terminal in DWC ready by December 2013 – Dubai World Central (DWC) has stated that the construction of Emirates SkyCargo's new terminal at DWC's Al Maktoum International Airport is progressing as scheduled, with the phase one of the terminal on track for completion in December 2013. Upon completion of the first phase, the terminal will be equipped to handle 700,000 tons of cargo and can be expanded by an additional 300,000 tons in the second phase. (AME Info)  DMCC plans to build One JLT Tower – The Dubai Multi Commodities Centre is planning to build “One JLT”, a glass-box style building in the heart of the DMCC Free Zone. One JLT tower is said to be a key part of the free zone's strategy to cater to the demand of large regional and multinational companies. (AME Info)  Al Habtoor to announce its biggest project – Dubai-based Al Habtoor Group is set to announce its biggest project to date in the coming weeks. Al Habtoor Group’s Chairman Khalaf Ahmad Al Habtoor said the group will hold a press conference over the coming weeks to unveil the project. (GulfBase.com)  Emaar to start sale of Palma villas in Arabian Ranches – Dubai-based Emaar Properties is set to open the online registration for “Palma” villas on September 25, 2013. Sales will be held in Dubai and Abu Dhabi on September 28. Palma will feature 121 villas with Spanish architecture. (Bloomberg)  NPS Energy seeks $700mn in sell-off – Dubai-based oil services firm NPS Energy has reportedly placed itself for sale, hoping to fetch up to $700mn after a deal to be bought by Aker Solutions fell apart last year. Norway's oil services company Aker had agreed to buy NPS Energy for about $460mn in May 2012, including $110mn in debt, but the deal collapsed in November after the two parties failed to reach a final agreement. (Bloomberg)  New station on Dubai Metro’s Red Line starts this month – Dubai’s Roads & Transport Authority (RTA) announced its plan to operate a new metro station named “Energy” on the Red Line of Dubai Metro. The Energy station will be opened on September 30, 2013 with around 2,500 passengers expected to be benefiting from using the station on a daily basis. (AME Info)  Gulf Navigation’s board recommends sale of oil supertanker – Dubai-based Gulf Navigation’s board has recommended selling the company’s very large crude carrier (VLCC). The board is also seeks shareholders’ approval for its business plans, capital increase and an increase in shareholding limit for foreign investors. (WSJ)  DLA-E awards $550mn fuel supply contract to Supreme Group – Dubai-based Supreme Group has won a contract for fuel supply and storage for the Defense Logistics Agency– Energy (DLA-E). The two-year contract valued at around $550mn is for the delivery of jet fuel, diesel and motor gasoline to ten US Forward Operating Bases (FOBs) and one Defense Fuel Supply Point in Afghanistan. The contract is expected to commence on October 1, 2013. (AME Info)  Real Madrid scraps $1bn UAE soccer resort plan – Spanish soccer club, Real Madrid has canceled its planned project to build a $1bn soccer resort in the UAE after the project’s organizer defaulted on payments and did not provide guarantees. Luxembourg-based RAK Marjan Island Football is the project organizer. (Bloomberg)  Oman to award OMR60.3mn project tenders – Oman is set to award tenders worth OMR60.3mn for several infrastructure projects in the shipping, housing and telecommunication sectors. The major ones include: construction of Sinaw-Mahut- A'Duqm (Part II), infrastructure works at Harmoul Marina at Sohar Industrial Port and consultancy services for constructing
  4. 4. Page 4 of 5 500 housing units with internal roads in the Wilayat of A'Suwaiq in the Governorate of North Al Batinah. (GulfBase.com)  Galfar plans to increase capital through right issue – Oman- based Galfar Engineering & Contracting has announced plans to increase its capital to $13.8mn through a rights issue. The issue will offer 49.5mn shares to shareholders at 0.28 rials per share. The rights issue to offer 1.5 rights for every 10 shares held, will be closing on September 26. Oman Arab Bank is the financial advisor and issue manager, while Oman Arab Bank and the National Bank of Oman are the collecting banks. (GulfBase.com)
  5. 5. Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg (* Closed on Sep. 22, 2013) Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 QE Index S&PPan Arab S&P GCC 0.0% (0.9%) (0.0%) (0.3%) (0.3%) (0.1%) 0.6% (1.2%) (0.8%) (0.4%) 0.0% 0.4% 0.8% SaudiArabia* Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,326.05 0.0 0.0 (20.8) DJ Industrial 15,451.09 0.0 0.0 17.9 Silver/Ounce 21.78 0.0 0.0 (28.2) S&P 500 1,709.91 0.0 0.0 19.9 Crude Oil (Brent)/Barrel (FM Future) 109.22 0.0 0.0 (1.7) NASDAQ 100 3,774.73 0.0 0.0 25.0 Natural Gas (Henry Hub)/MMBtu 3.68 0.0 0.0 7.4 STOXX 600 314.20 0.0 0.0 12.3 North American Spot LPG Propane Price 109.88 0.0 0.0 22.1 DAX 8,675.73 0.0 0.0 14.0 North American Spot LPG Normal Butane Price 134.75 0.0 0.0 (23.7) FTSE 100 6,596.43 0.0 0.0 11.8 Euro 1.35 0.0 0.0 2.5 CAC 40 4,203.66 0.0 0.0 15.5 Yen 99.36 0.0 0.0 14.5 Nikkei 14,742.42 0.0 0.0 41.8 GBP 1.60 0.0 0.0 (1.5) MSCI EM 1,013.17 0.0 0.0 (4.0) CHF 1.10 0.0 0.0 0.5 SHANGHAI SE Composite 2,191.85 0.0 0.0 (3.4) AUD 0.94 0.0 0.0 (9.6) HANG SENG 23,502.51 0.0 0.0 3.7 USD Index 80.43 0.0 0.0 0.8 BSE SENSEX 20,263.71 0.0 0.0 4.3 RUB 31.81 0.0 0.0 4.2 Bovespa 54,110.03 0.0 0.0 (11.2) BRL 0.45 0.0 0.0 (7.4) RTS 1,462.92 0.0 0.0 (4.2) 140.6 126.1 114.3

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