4 November Daily Market Report

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4 November Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 9,860 9,840 9,820 9,800 03 Nov 13 %Chg. 287.2 531,983.2 5.4 4,037 38 21:12 248.9 530,397.7 5.4 3,920 39 5:26 15.4 0.3 0.3 3.0 (2.6) – Market Indices 9,780 9,760 9:30 04 Nov 13 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.5% to close at 9,841.3. Gains were led by the Industrials and Banking & Financial Services indices, gaining 0.6% and 0.5% respectively. Top gainers were Doha Bank and Islamic Holding Group, rising 2.0% and 1.4% respectively. Among the top losers, Qatar General Ins. & Rein. Co. fell 2.0%, while Qatar & Oman Investment Co. declined 1.2%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,060.96 2,465.54 2,338.71 3,225.94 1,838.22 1,823.65 2,317.24 1,420.20 5,870.82 2,814.89 0.5 0.4 0.5 0.6 0.5 0.3 (0.6) (0.3) (0.1) 0.4 0.0 (0.0) 0.0 0.2 0.4 0.0 (0.6) (1.3) (0.3) 0.1 24.3 22.4 20.0 22.8 37.1 13.2 18.0 33.4 25.7 13.1 N/A 12.5 12.6 11.7 12.4 12.5 9.5 19.6 22.3 14.7 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index rose 0.2% to close at 8,074.0. Gains were led by the Transport and Hotel & Tourism indices, rising 3.9% and 3.2% respectively. The National Shipping Co. of Saudi Arabia gained 7.1%, while Al Tayyar Travel Group Holding Co. was up 4.4%. Bahri Dubai: The DFM index fell 0.4% to close at 2,911.6. The Insurance index declined 1.4%, while the Services index was down 1.2%. National General Insurance Co. fell 9.9%, while Agility was down 9.8%. Abu Dhabi: The ADX benchmark index declined marginally to close at 3,845.3. The Services index fell 2.5%, while the Industrial index was down 1.3%. Gulf Medical Projects Co. declined 10.0%, while RAK White Cement was down 7.1%. Close# 1D% Vol. ‘000 Saudi Arabia 24.00 7.1 7,627.0 25.3 Al Tayyar Travel Group Saudi Arabia 96.00 4.3 931.0 127.6 Herfy Food Services Saudi Arabia 114.00 2.7 149.2 19.4 Nawras Oman 0.54 2.7 846.1 17.1 16.30 2.5 1,926.8 (7.1) Petro Rabigh Saudi Arabia ## # Close 1D% Vol. ‘000 YTD% GCC Top Losers Exchange RAKBANK Abu Dhabi 6.92 (4.6) 523.6 YTD% 85.5 Kuwait: The KSE index gained 0.3% to close at 7,895.9. The Real Estate index rose 0.6%, while the Financial Services index was up 0.5%. Equipment Holding Co. gained 6.7%, while Mubarrad Transport Co. was up 6.5%. Bank of Sharjah Abu Dhabi 1.59 (3.0) 16.5 24.2 Al Ahli Bank of Kuwait Kuwait 0.48 (3.0) 0.1 (8.3) Oman: The MSM index rose 0.4% to close at 6,717.9. Gains were led by the Services and Industrial indices, rising 0.9% and 0.6% respectively. Nat. Gas rose 9.6%, while Salalah Port Services was up 8.3%. DP World Ltd. Dubai 16.40 (3.0) 130.0 40.2 Kuwait Foods Co. Kuwait 2.40 (2.4) 0.6 37.9 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) Bahrain: The BHB was closed on November 04, 2013. Doha Bank Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 55.80 Qatar Exchange Top Gainers 2.0 188.8 20.4 Qatar General Ins. & Rein. Co. 53.00 (2.0) 47.8 15.2 12.20 (1.2) 87.7 (1.5) (36.0) Qatar Exchange Top Losers YTD% Islamic Holding Group 42.75 1.4 0.0 12.5 Qatar & Oman Investment Co. Masraf Al Rayan 29.80 1.4 1,252.9 20.2 Dlala Brok. & Inv. Holding Co. 19.90 (1.0) 30.8 Qatar German Co. for Med. Dev. 15.00 1.4 2.6 1.5 Mazaya Qatar Real Estate Dev. 11.18 (0.7) 334.3 1.6 Al Khaleej Takaful Group 39.30 1.3 10.7 7.2 National Leasing 29.85 (0.5) 96.7 (34.0) Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 29.80 1.4 1,252.9 20.2 Industries Qatar 160.10 0.8 76,127.0 13.5 United Development Co. 22.02 0.5 497.9 23.7 Masraf Al Rayan 29.80 1.4 37,057.6 20.2 160.10 0.8 477.3 13.5 Ooredoo 137.00 (0.4) 35,045.0 31.7 Qatar Gas Transport Co. 19.17 0.3 447.2 25.6 Commercial Bank of Qatar 66.40 0.2 21,817.8 (6.3) Mazaya Qatar Real Estate Dev. 11.18 (0.7) 334.3 1.6 Gulf International Services 58.20 0.3 16,149.2 94.0 Qatar Exchange Top Vol. Trades Industries Qatar Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain# Close 1D% WTD% MTD% YTD% 9,841.30 2,911.57 3,845.26 8,073.97 7,895.85 6,717.90 1,201.89 0.5 (0.4) (0.0) 0.2 0.3 0.4 N/A 0.0 (0.4) (0.0) 0.4 (0.6) 0.6 0.0 0.0 (0.4) (0.0) 0.4 (0.6) 0.6 0.0 17.7 79.4 46.2 18.7 33.1 16.6 12.8 Exch. Val. Traded ($ mn) 78.90 160.78 105.98 1,230.77 106.08 61.37 0.27 Exchange Mkt. Cap. ($ mn) 146,135.8 69,990.3 111,342.5 434,288.4 110,359.7 23,935.4 16,867.9 P/E** P/B** 12.6 15.9 10.8 16.5 19.0 10.8 8.2 1.7 1.2 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.7 3.1 4.7 3.6 3.5 3.9 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) Page 1 of 5
  2. 2. Qatar Market Commentary  The QE index rose 0.5% to close at 9,841.3. The Industrials and Banking & Financial Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Doha Bank and Islamic Holding Group were the top gainers, rising 2.0% and 1.4% respectively. Among the top losers, Qatar General Ins. & Rein. Co. fell 2.0%, while Qatar & Oman Investment Co. declined 1.2%. Overall Activity Buy %* Sell %* Net (QR) Qatari 54.79% 71.19% (47,107,443.81) Non-Qatari 45.21% 28.81% 47,107,443.81 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Monday rose by 0.3% to 5.41mn from 5.39mn on Sunday. However, as compared to the 30-day moving average of 6.3mn, volume for the day was 13.5% lower. Masraf Al Rayan and United Development Co. were the most active stocks, contributing 23.2% and 9.2% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company National Bank of Oman (NBO) Agency Fitch Market Type* Oman LT IDR/ ST IDR/ VR/ SR/ SR Floor Old Rating New Rating Rating Change Outlook Outlook Change BBB+/ F2/ bb+/2/ BBB+ BBB+/ F2/ bb+/2/ BBB+ – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, IDR – Issuer Default Rating, SR – Support Rating, VR – Viability Rating) Earnings Releases Company Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY AED 329.2 0.9% 104.7 0.2% 75.1 2.9% Abu Dhabi AED 425.0 7.6% – – 102.0 -1.9% Abu Dhabi AED – – – – 1.2 -64.0% Abu Dhabi AED 46.0 25.6% – – 33.5 28.9% Kuwait KD 6.8 -37.5% – – 0.4 80.8% Oman OMR 7.8 59.2% – – 6.7 752.1% Market National Central Cooling Co. (TABREED) Dana Gas Gulf Livestock (GLS) Ras Al Khaimah National Insurance Co. (RAK Insurance)* Al Mazaya Holding Co. Dhofar International Development & Investment Holding Co. (DIDIC)* Currency Dubai Source: Company data, DFM, ADX, MSM (*Nine months ended on September 30, 2013) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 11/04 US US Census Bureau Factory Orders September 1.70% 1.80% -0.10% 11/04 EU Markit PMI Manufacturing October 51.3 51.3 51.1 11/04 France Markit PMI Manufacturing October 49.1 49.4 49.8 11/04 Germany Markit PMI Manufacturing October 51.7 51.5 51.1 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  S&P: Qatar may introduce rules for financial services – According to S&P, Qatar along with Kuwait, may soon introduce new rules for the financial services sector including capital charges for bank lending to projects. Further, S&P noted that the proposed Basel III capital norms could lead to drying up of longterm finance from European lending institutions for Gulf projects, thus paving way for project bonds in the region. (GulfTimes.com)  Qatar tightens grip on lending – Qatar is requiring state companies to obtain approval from the Ministry of Finance before borrowing from banks as the country seeks to rein in debt. A Finance Ministry official said the central bank had informed lenders last month about the new rule for government bodies and state-owned businesses. However, the new rule excludes state-run Qatar Petroleum and its subsidiaries. (GulfTimes.com)  QIC expects $1bn premium for Q-Re by 2017 – The Qatar Insurance Company’s (QIC) President & CEO Khalifa Abdulla al-Subaey said the company will focus on the reinsurance segment and achieve a premium of $1bn for its subsidiary Q-Re in the five-year plan period until 2017. Further, QIC will explore ways to develop its existing direct insurance business across the GCC region, where the Qatari underwriter already has extensive operations. (Gulf-Times.com)  Doha Metro progressing on fast track – Qatar Rail’s CEO Saad Ahmed al-Mohannadi said the three vital projects that Qatar Rail is implementing in coming years will enormously boost public transport across the country and even beyond its borders. He said the Doha Metro, the Long Distance Passengers & Freight Rail, and Lusail Light Rail Transport will Page 2 of 5
  3. 3. give speedy connectivity to the public to access places like Lusail City, Hamad International Airport, Education City and West Bay locations in about six years from now. Meanwhile, the Transport Ministry has begun developing the old Doha port to increase its capacity to around 700,000-800,000 containers a year, with a possibility to increase it to 1mn containers eventually. (Gulf-Times.com)  QA Cargo adds 4 routes to its freighter services – Qatar Airways Cargo (QA Cargo) has added four new routes to its freighter services, which include Beirut, Madrid, Paris and Tbilisi. Meanwhile, scheduled trips to Seoul and the capacity of Oslo route have also been increased. (Bloomberg)  ORDS achieves 1mn milestone for mobile money customers – Ooredoo (ORDS) has achieved a milestone of crossing 1mn mobile money customers across its global footprint. This service enables customers to use their mobile phones to access a comprehensive suite of mobile financial services. Customers can transfer money domestically and internationally, top-up their prepaid accounts, pay bills and in some markets, receive salary payments by using this service on their mobile phones. (GulfBase.com) International  Global manufacturing activity bounces to 29-month high – Manufacturing activity across the globe increased at its fastest pace in two years due to a surge in new orders that led factories to recruit more staff last month. JPMorgan's Global Manufacturing Purchasing Managers' Index rose to 52.1 from 51.8 in September. New orders matched a 30-month high reached in August and firms took more employees at the fastest pace since May 2012. (Economic Times)  China’s Premier feels 7.2% GDP growth needed for employment growth – China’s Premier Li Keqiang said the country needs to sustain an economic growth of 7.2% to ensure 10mn new jobs to be created each year. Keqiang said this would cap the urban unemployment rate at around 4%. Keqiang reiterated that the 7.5% growth target set for 2013 remains intact, but noted that weak exports were a risk. (Reuters)  China’s services growth picks up in October – Growth in China's services industry edged up in October, offering further signs that the economy has stabilized in the run-up to a key party reform meeting. The Markit/HSBC services PMI rose to 52.6 from September's 52.4. The survey showed new business growth was at a seven-month high and the business outlook for the next 12 months improved on the previous month, though it was still below trend. Employment levels have also ticked up. (Reuters) Regional  AAT Research signs deal with Pureline Medic for GCC expansion – Malta-based AAT Research has entered into a three-year distribution agreement with Pureline Medic for expanding its operations in the GCC region. Pureline Medic will distribute AAT’s patented technology, the MENTe Headband, which is the first commercially available home-based aid for managing Autism Spectrum Disorder. (Bloomberg)  DHC purchases SR133.8mn land to construct hospital – Dallah Healthcare Holding Company (DHC) has purchased a 120,000 square meter land in West Riyadh for SR133.8mn to construct a hospital. This project is considered part of the company's expansions plan to provide all specialties, serving the western and southern areas of Riyadh. This purchase has been paid off from DHC's operations and IPO proceeds that took place in November 2012. (Tadawul)  Buruj obtains SAMA’s approval for insurance products – Buruj Cooperative Insurance Company (Buruj) has obtained a temporary approval from the Saudi Arabian Monetary Agency (SAMA) to extend the use of its insurance products for another six months. These insurance products include personal accident, public liability, workers compensation, property insurance, medical malpractice, accident damage, property all risks, and various motor vehicle warranties. (Tadawul)  Al Alamiya gets SAMA’s approval for insurance products – The Al Alamiya for Cooperative Insurance Company has obtained a temporary approval from SAMA to extend the use of its insurance products for six months. These products include money, bankers blanket bond, small business solutions (SBS), workmen's compensation, travel, home, property all risks, fire & allied perils, business interruption, boiler & pressure vessel, contract work, comprehensive machinery and projects. (Tadawul)  Kingdom begins clampdown on illegal foreigners – Saudi Arabian authorities has begun to clamp down on illegal immigrants after the end of an amnesty that gave overstayers and workers a grace period to leave or legalize their status. (Bloomberg)  UAE banks to get 5 years to conform to new large exposure rules – The UAE Banks Federation’s Chairman Abdulaziz al Ghurair said that banks in the UAE are likely to get about five years to conform to new large exposure rules imposed by the UAE central bank. In an effort to prevent any repeat of Dubai's corporate debt crisis, the UAE central bank is planning to restrict the amount of debt exposure banks can take in governmentrelated entities. These new rules will be issued by the end of 2013. (Reuters)  UAE revises rules on sukuk to facilitate Islamic finance growth – The UAE has revised the rules on issuing & listing of sukuk in order to facilitate the growth of Islamic finance. The Securities & Commodities Authority’s CEO Abdullah Al Turifi said the UAE represented a market share of 46.5% in the overall GCC region sukuk & bonds IPO market during JanuarySeptember 2013. During this period, the total sukuk and bonds issued by various UAE companies and government entities have amounted to AED37.4bn and bond issues of $29.9bn. (GulfBase.com)  DTCM expects Dubai to host 300,000 cruise tourists in 2014 – Dubai’s Department of Tourism & Commerce Marketing (DTCM) expects the Emirate’s cruise tourism industry to grow with 300,000 cruise tourists arriving during the 2013-2014 season as compared to 407,000 cruise passengers in 2012. Dubai’s cruise industry will see growth with leading cruise liners such as MSC Lirica and TUI Cruises entering the market over the next two seasons. (Bloomberg)  DMCC expects 25% rise in registered companies – The Dubai Multi Commodities Centre’s (DMCC) Executive Chairman Ahmad Bin Sulayem said the free zone expects a 25% increase in the number of registered companies. Around 8,000 companies are registered with DMCC and it expects this number to rise to 10,000 firms by the end of 2014. Most of these companies are multinationals, major regional industry participants, small & medium sized businesses and entrepreneurs. (Bloomberg)  Arabtec, GS E&C establish JV for heavy infrastructure E&C projects in MENA – Arabtec Holding has entered into a JV agreement with South Korea-based GS Engineering & Construction Corporation (GS E&C) to undertake heavy infrastructure E&C projects in the MENA region. Under this Page 3 of 5
  4. 4. agreement, a new JV entity “Arabtec-GS Infrastructure” will be established with its headquarters in Abu Dhabi. (DFM)  DAMAC Properties to raise $500mn through GDR in London – DAMAC Properties is planning to raise around $500mn through the sale of global depositary receipts (GDR) on the London Stock Exchange. Each GDR will be worth 3 ordinary shares in DAMAC. Citigroup and Deutsche Bank are the joint book runners for this issue, while Saudi Arabia's Samba Financial Group and VTB Capital are co-lead managers for this issue. (Reuters)  ADCB buys back 381.1mn shares – The Abu Dhabi Commercial Bank (ADCB) announced that it has so far bought back 381.1mn shares, which represent 0.0878% of its issued capital, at an average price of AED5 per share. The bank intends to further buy 178.4mn shares. (GulfBase.com)  ADX signs registrar agreement with Etihad Capital – The Abu Dhabi Securities Exchange (ADX) has entered into a registrar agreement with Etihad Capital Company. This agreement will create an opportunity for investors to trade in Etihad Capital’s stocks due to the availability of an official market record. ADX will provide an electronic stock-saving system for transferring stock ownerships in the company in accordance with the UAE’s financial laws. (ADX)  ABK reports KD25.2mn net profit for 9M2013 – Al Ahli Bank of Kuwait (ABK) has reported a net profit of KD25.2mn for the nine months ended on September 30, 2013. EPS for nine months ended on September 30, 2013 stood at 16 fils, while the bank’s total assets stood at KD3bn. (GulfBase.com)  Burgan Bank plans to raise KD150mn in 2014 to fund its MENA expansion – Kuwait-based Burgan Bank’s Chairman Majed al Ajeel said the bank is planning to raise KD150mn through a conventional bond in 2014 to fund its expansion in the MENA region. Burgan Bank will soon appoint banks to arrange this bond sale in 1Q2014. (Reuters)  CBO: Credit growth in Oman to hit double digits, bids invited to insure assets – The Central Bank of Oman’s (CBO) Chief Hamood Sangour al Zadjali said that the credit growth in the Sultanate is expected to hit double digits by the end of 2013. Meanwhile, the CBO has also invited tenders from companies to provide insurance to its property assets for the period from February 1, 2014 to January 31, 2015. The deadline for submitting these tender bids is December 1, 2013. (Reuters, Bloomberg)  Bank Dhofar appoints new Board Secretary – Bank Dhofar has appointed Saad Abdalla Ali Abu Noora as the new Board Secretary. Abdalla has an extensive experience of over 20 years serving as a board secretary of public companies. (MSM) Page 4 of 5
  5. 5. Rebased Performance Daily Index Performance 150.0 0.8% 140.0 141.4 130.0 0.5% 0.4% 127.1 120.0 116.1 110.0 0.4% 0.3% 0.2% 0.0% 0.0% (0.0%) (0.4%) 100.0 (0.4%) S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Dubai Jul-13 Oman May-12 Dec-12 Abu Dhabi QE Index Oct-11 Bahrain* Jan-10 Aug-10 Mar-11 Kuwait 80.0 Qatar (0.8%) Saudi Arabia 90.0 Source: Bloomberg (*- Bahrain Bourse was closed on November 04, 2013) Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,314.35 (0.1) (0.1) (21.5) DJ Industrial 15,639.12 0.2 0.2 19.3 21.66 (1.0) (1.0) (28.6) S&P 500 1,767.93 0.4 0.4 24.0 106.23 0.3 0.3 (4.4) NASDAQ 100 3,936.59 0.4 0.4 30.4 3.38 (2.3) (2.3) (1.4) STOXX 600 322.50 0.3 0.3 15.3 116.88 0.5 0.5 30.6 DAX 9,037.23 0.3 0.3 18.7 140.25 (0.9) (0.9) (18.9) FTSE 100 6,763.62 0.4 0.4 14.7 Euro 1.35 0.2 0.2 2.4 Yen 98.60 (0.1) (0.1) 13.7 Nikkei 4,288.59 0.4 0.4 17.8 14,201.57 0.0 0.0 36.6 GBP 1.60 0.3 0.3 (1.8) CHF 1.10 0.3 0.3 0.6 MSCI EM 1,027.06 (0.1) (0.1) (2.7) SHANGHAI SE Composite 2,149.64 0.0 0.0 (5.3) AUD 0.95 0.8 0.8 (8.5) HANG SENG 23,189.62 (0.3) (0.3) 2.4 USD Index 80.55 (0.2) (0.2) RUB 32.34 (0.2) (0.2) 1.0 BSE SENSEX 21,239.36 0.0 0.2 9.3 5.9 Bovespa 54,436.92 0.8 0.8 (10.7) BRL 0.45 0.5 0.5 (8.7) 1,475.18 0.0 0.0 (3.4) Source: Bloomberg CAC 40 RTS Source: Bloomberg 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

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