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3 July Technical Market Report


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3 July Technical Market Report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined marginally to close at 9,367.5. The Telecoms index fell 0.2%, while the Real Estate index declined marginally. Top losers were Qatar Industrial Manufacturing Co. and Qatar German Co. for Med. Dev., falling 1.1% each. Among the top gainers, Qatar Cinema & Film Dist. Co. rose 5.3%, while Medicare Group gained 1.8%. GCC Commentary Saudi Arabia: The TASI index fell 0.5% to close at 7,586.3. Losses were led by the Media and Publishing and Hotel & Tourism indices, declining 1.8% and 1.5% respectively. Saudi Printing & Packaging Co. fell 4.1%, while Astra Industrial Group was down 3.6%. Dubai: The DFM index declined marginally to close at 2,259.8. The Banking index fell 0.6%, while the Real Estate & Construction index was down 0.3%. Dubai Islamic Insurance Co. declined 3.1%, while Shuaa Capital was down 2.3%. Abu Dhabi: The ADX benchmark index fell 0.5% to close at 3,564.2. The Banking index declined 0.8%, while the Real Estate index was down 0.4%. Abu Dhabi National Hotels fell 10.0%, while Foodco Holding was down 9.9%. Kuwait: The KSE index rose 0.7% to close at 7,932.7. Gains were led by the Health Care and Technology indices, rising 2.7% and 2.3% respectively. Kuwait Resorts Co. rose 8.1%, while Hits Telecom Holding Co. was up 7.8%. Oman: The MSM index declined 0.3% to close at 6,449.5. The Banking & Investment index fell 0.3%, while the Services & Insurance index was down 0.2%. Al Hassan Engineering declined 3.8%, while Oman & Emirates Inv. was down 2.8%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Cinema & Film Dist. Co. 55.40 5.3 0.5 (2.6) Medicare Group 43.30 1.8 321.0 21.3 Qatar Fuel Co. 253.70 0.8 33.2 15.3 Qatar International Islamic Bank 53.70 0.8 26.8 3.3 National Leasing 37.20 0.5 5.7 (17.7) Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar & Oman Investment Co. 13.64 (0.1) 325.6 10.1 Medicare Group 43.30 1.8 321.0 21.3 Gulf International Services 41.60 (0.4) 300.2 38.7 United Development Co. 22.45 0.1 299.1 26.1 QNB Group 162.70 0.1 224.2 24.3 Market Indicators 03 July 13 02 July 13 %Chg. Value Traded (QR mn) 176.7 228.0 (22.5) Exch. Market Cap. (QR mn) 515,554.7 515,126.1 0.1 Volume (mn) 3.2 5.7 (43.4) Number of Transactions 2,007 3,442 (41.7) Companies Traded 40 40 0.0 Market Breadth 17:16 17:19 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,384.07 (0.0) 0.7 18.3 N/A All Share Index 2,369.63 0.1 0.7 17.6 12.9 Banks 2,272.50 0.1 1.2 16.6 12.3 Industrials 3,117.94 0.0 0.6 18.7 11.6 Transportation 1,697.48 (0.0) 1.7 26.6 12.0 Real Estate 1,828.45 (0.0) (1.6) 13.4 11.7 Insurance 2,205.94 0.1 (1.8) 12.3 15.4 Telecoms 1,276.65 (0.2) 0.5 19.9 14.5 Consumer 5,512.02 0.7 0.7 18.0 22.5 Al Rayan Islamic Index 2,801.16 0.1 (0.3) 12.6 14.0 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Kuwait Projects Co. Kuwait 0.55 5.8 2,534.1 48.1 Zamil Ind. Inv. Co. Saudi Arabia 43.60 3.8 688.2 38.4 Boubyan Bank Kuwait 0.63 3.3 174.4 3.4 United Electronics Co. Saudi Arabia 101.75 3.0 194.9 22.6 Comm. Bank of Kuwait Kuwait 0.74 2.8 1.0 4.2 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Abu Dhabi Nat. Hotels Abu Dhabi 2.16 (10.0) 10.6 22.0 Saudi Prin. & Pack. Co. Saudi Arabia 30.80 (4.0) 5,909.9 (16.8) Astra Industrial Group Saudi Arabia 45.20 (3.6) 222.9 15.9 Saudi Hotels & Resort Saudi Arabia 30.90 (2.5) 868.4 15.7 Al Mouwasat Med. Ser. Saudi Arabia 72.00 (2.4) 187.9 34.0 Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Industrial Manufacturing Co. 51.60 (1.1) 1.7 (2.8) Qatar German Co. for Med. Dev. 16.02 (1.1) 167.2 8.4 Islamic Holding Group 42.60 (1.0) 20.2 12.1 Qatar Electricity & Water Co. 163.00 (0.8) 82.2 23.1 Qatar Navigation 72.50 (0.7) 33.9 14.9 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% QNB Group 162.70 0.1 36,259.2 24.3 Industries Qatar 158.60 0.3 24,791.7 12.5 Medicare Group 43.30 1.8 13,900.7 21.3 Qatar Electricity & Water Co. 163.00 (0.8) 13,406.7 23.1 Gulf International Services 41.60 (0.4) 12,561.3 38.7 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* 9,367.54 (0.0) 0.7 1.0 12.1 48.52 141,571.3 11.9 1.7 4.9 Dubai 2,259.84 (0.0) 1.7 1.7 39.3 59.21 58,398.6 14.5 0.9 3.7 Abu Dhabi 3,564.24 (0.5) 0.7 0.4 35.5 37.47 102,603.1 10.7 1.3 4.9 Saudi Arabia 7,586.31 (0.5) 1.1 1.2 11.5 1,268.78 402,997.1 16.1 2.0 3.6 Kuwait 7,932.73 0.7 0.3 2.1 33.7 117.21 108,654.1 21.6 1.3 3.7 Oman 6,449.45 (0.3) 1.8 1.8 12.0 11.02 22,570.8 10.6 1.6 4.3 Bahrain 1,188.82 0.2 0.0 0.1 11.6 0.30 21,162.4 8.7 0.8 4.1 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,340 9,350 9,360 9,370 9,380 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 marginally to close at 9,367.5. The Telecoms and Real Estate indices led the losses. The index declined on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders.  Qatar Industrial Manufacturing Co. and Qatar German Co. for Med. Dev. were the top losers, falling 1.1% each. Among the top gainers, Qatar Cinema & Film Dist. Co. rose 5.3%, while Medicare Group gained 1.8%.  Volume of shares traded on Wednesday declined by 43.4% to 3.2mn from 5.7mn on Tuesday. Further, as compared to the 30- day moving average of 11.0mn, volume for the day was 70.9% lower. Qatar & Oman Investment Co. and Medicare Group were the most active stocks, contributing 10.1% and 10.0% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change National Bank of Oman (NBO) CI Oman LT FCR/ ST FCR/ SR/ FSR BBB/A2/3/BBB BBB/A2/3/BB B – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, SR – Support Rating) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 07/03 US Bloomberg Total Vehicle Sales June 15.89M 15.50M 15.24M 07/03 US Bloomberg Domestic Vehicle Sales June 12.43M 12.10M 11.95M 07/03 US MBA MBA Mortgage Applications 28-June -11.70% – -3.00% 07/03 US Department of Labor Initial Jobless Claims 29-June 343K 345K 348K 07/03 US Department of Labor Continuing Claims 22-June 2933K 2958K 2987K 07/03 US Bloomberg Bloomberg Consumer Comfort 30-June -27.5 – -28.3 07/03 US ISM ISM Non-Manf. Composite June 52.2 54 53.7 07/03 EU Markit PMI Services June 48.3 48.6 47.2 07/03 EU Markit PMI Composite June 48.7 48.9 47.7 07/03 EU Eurostat Euro-Zone Retail Sales (MoM) May 1.00% 0.30% -0.20% 07/03 EU Eurostat Euro-Zone Retail Sales (YoY) May -0.10% -1.90% -1.00% 07/03 France Markit PMI Services June 47.2 46.5 44.3 07/03 Germany Markit PMI Services June 50.4 51.3 49.7 07/03 UK BRC BRC Shop Price Index YoY June -0.20% – -0.10% 07/03 UK Markit PMI Services June 56.9 54.5 54.9 07/03 Italy Markit PMI Services June 45.8 47 46.5 07/03 China China Fed. of Logistics Non-manufacturing PMI June 53.9 – 54.3 07/03 China HSBC HSBC Services PMI June 51.3 – 51.2 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QCB issues QR4bn T-bills – Qatar Central Bank (QCB) has issued treasury bills worth QR4bn on July 2, 2013. Total bids fell to QR6.2bn for all three maturities combined versus QR11.1bn in June 2013. According to the data published by the QCB, yield on 91-day T-bills remained unchanged at 0.82%, while yield for 182-day T-bills went down to 0.97% from 0.98% and for 273-day notes, it went down to 1.01% from 1.04%. (QSA)  Qatar Rail project to benefit local private sector – According to a report by Qatar Rail, when implemented, the Doha Metro will provide numerous investment opportunities for the country‟s private sector in construction, operations and maintenance. The project will boost private sector activities in the national GDP by 0.7%. Overall, the country‟s nominal GDP will see an increase of 0.3% in view of the investment opportunities in the mega project. Further, the rail project is expected to create thousands of job opportunities for nationals in particular. (  Ooredoo announces date to pay interest to bondholders – Ooredoo‟s subsidiary, Qtel International Finance Limited (QIFL) will pay interest payments to its global medium term note (GMTN) holders on July 31, 2013. Oooredoo will pay $11.3mn to its $500mn note-holders due on January 31, 2043 and $9.7mn to its $500mn note-holders due on January 31, 2028. (ADX)  Tasweeq offers to sell gasoil for July, jet fuel for August – Qatar International Petroleum Marketing Company (Tasweeq) is offering 304,000 barrels of high-sulfur gasoil for July 26-27 delivery and about 321,000 barrels of A-1 grade jet fuel for August 18-19 delivery. These cargoes will be loaded from Ras Laffan port. Moreover, Tasweeq is offering to sell deodorized Overall Activity Buy %* Sell %* Net (QR) Qatari 54.83% 45.85% 15,873,579.38 Non-Qatari 45.18% 54.16% (15,873,579.38)
  3. 3. Page 3 of 5 field condensate and low-sulfur grade for September loading. (Bloomberg)  DHBK to disclose its 1H2013 financials on July 21 – Doha Bank (DHBK) has announced its intent to disclose its reviewed financial results for the period ending June 30, 2013 on July 21, 2013. (QE)  Katara Hospitality’s Paris property given top ranking – Katara Hospitality‟s Le Royal Monceau–Raffles Paris property has been granted the highest hotel ranking in France by Atout France, the French Agency for Tourism Development. The ranking is one step higher than five stars, positioning Le Royal Monceau–Raffles Paris in the exclusive league of elite hotels in the French capital alongside just six others. ( International  European Parliament backs deal on long-term EU budget – The European Parliament approved a deal on the European Union's next long-term budget in a vote in Strasbourg, removing the last major hurdle to finalizing the €960bn spending plan. A majority of lawmakers voted in favor of a resolution endorsing the budget deal. All the EU governments and the parliament are expected to approve the legislative texts formalizing the budget deal some time after August 2013. That will unlock nearly €1tn in funding from the start of 2014, for everything from roads and bridges in poorer eastern European member states to subsidies for farmers and fishermen in France and Spain. (Reuters)  Greece to miss public sector reform target – Greek Finance Ministry officials said the government will not be able to meet targets on reforming its public sector by this week‟s deadline set by its international lenders. The EU and IMF are unhappy with the progress Greece has made in reforming its bloated public sector. If they are not persuaded, the lenders may freeze emergency aid to Greece for three months. (Reuters)  Moody's downgrades rescued Spanish banks' junk debt – Moody's Investors Service has downgraded three nationalized Spanish banking groups, sending their debt deeper into junk bond territory on fears that private investors may get burned in case of trouble. Moody's cut the ratings of Bankia, Catalunya Banc and NovaCaixaGalicia, citing their very weak asset quality, poor profits and the major challenges they face in lowering debt, closing branches and cutting staff numbers. However, the ratings agency said it believed the Spanish government would find itself increasingly constrained if it tried to offer further support to its banks. (Economic Times)  BoJ upbeat on Japan’s economy, inflation outlook – The Bank of Japan (BoJ) Governor Haruhiko Kuroda claimed some success for the central bank's aggressive monetary stimulus showing results, saying that the economy is on track for a steady recovery with signs of inflation picking up. Kuroda also reiterated the central bank's commitment to maintain its ultra- easy monetary policy until its 2% inflation target is achieved in a stable manner. He also said the core consumer inflation, which has remained largely flat, will gradually turn positive, reflecting improvements in the Japanese economy. (Reuters)  China to grow 7.6% in 2H2013; debt, overcapacity risks up – According to the official China Securities Journal, the Chinese economy is expected to grow 7.6% in 2H2013, but various risks pose a threat. These risks include bad local government loans, slowing growth in central government revenues, diminished export competitiveness and industrial capacity. (Reuters) Regional  Moody's downgrades 3 Jordanian banks' deposit ratings – Moody's Investors Service has downgraded the local-currency deposit ratings of three Jordanian banks. The Housing Bank for Trade and Finance‟s (HBTF) local-currency deposit ratings downgraded to Ba3/Not-Prime from Ba1/Not-Prime, Cairo Amman Bank‟s (CAB) local-currency deposit ratings downgraded to Ba3/Not-Prime from Ba2/Not-Prime, and Arab Bank‟s local-currency deposit ratings downgraded to Ba2/Not- Prime from Baa2/Prime-2. Concurrently, Moody's downgraded all three banks' foreign-currency (FC) deposit ratings to B2 from Ba3, and lowered the baseline credit assessments of HBTF to b1 from ba2, CAB to b1 from ba3 and Arab Bank to ba2 from baa2. All ratings now carry Stable outlooks. Rating actions follow the Moody's recent downgrade of Jordan's government bond rating to B1 (Stable) from Ba2. (Moody‟s)  IATA: Global air travel expands at a healthy rate led by emerging markets – According to the data released by the International Air Transport Association (IATA), air travel across the globe continued to expand at a healthy rate led by emerging markets. The data showed that overall demand rose 5.6% YoY, while capacity climbed 5.2% YoY, pushing the load factor up 0.3 percentage points to 78.1%. The data also showed that May international passenger demand rose 5.7% YoY, with capacity up 5.6% YoY and the load factor was flat at 77.0% YoY. IATA said that the strongest growth occurred in the emerging markets of Africa, Latin America and the Middle East. Moreover, the data showed that Middle East carriers had the strongest growth traffic for any region at 11.7% YoY along with capacity increase of 12.8% YoY, but a decline in load factor by 0.7 percentage points to 73.5%. (AME Info)  SIB’s net profit rises 46% in 1H2013 – The Saudi Investment Bank (SIB) has reported a net profit of SR634.7mn in 1H2013, reflecting a YoY increase of 46.0%. EPS stood at SR1.15 in 1H2013 as compared to SR0.79 in 1H2012. Total assets at the end of June 2013 stood at SR66.7bn, which is 24.7% higher as compared with the same period last year. Loans & advances up by 35.6% to SR40.4bn, while customer deposits rose by 27.5% to SR48.6bn from June 30, 2012. (Tadawul)  Eaton to supply electrical equipment to Sadara Chemical – Eaton has entered into a multi-million dollar agreement with Sadara Chemical Company to supply motor control, power distribution solutions and engineering services. These services will be supplied to the fully integrated chemical complex currently under construction in Jubail Industrial City, Saudi Arabia. (AME Info)  Nasair receives 4 new Airbus A320s – Nasair has received its first batch of 4 new Airbus A320s as part of its deal to purchase 10 new aircraft, which are scheduled to be delivered during the current financial year. (AME Info)  SECIC gets approval from SAMA to open a branch in Riyadh – Saudi Enaya Cooperative Insurance Company (SECIC) has received a letter of no objection from the Saudi Arabian Monetary Agency (SAMA) to open a branch in Riyadh City. SECIC expects to indicate the financial impact of the branch‟s opening in the financial results for 4Q2013. (Tadawul)  Al Rajhi Bank’s BoD recommends SR2.3bn dividend – Al Rajhi Bank‟s board of directors has recommended the distribution of dividends amounting to SR2.3bn (SR1.5 per share), representing 15% of the face value, to its shareholders for 1H2013. (Tadawul)  IMF: UAE witnessing economic revival amid rising oil prices – According to a report by the International Monetary Fund (IMF), the UAE is witnessing an economic revival as a direct result of rising oil prices and increasing non-oil economic activities backed by investments in trade and tourism. The report
  4. 4. Page 4 of 5 for 2013 predicted that the GDP growth will reach 3.6% in 2013, followed by 3.7% in 2014 and 3.8% in 2015. The report also stated that the UAE‟s non-oil sector will achieve further growth of 4.3% in 2013, supported by recovery in the construction and real estate sectors as well as the continued growth in tourism- related sectors. (Bloomberg)  DGCX launches Sensex Futures, plans to offer plastics, Renminbi futures contracts – The Dubai Gold & Commodities Exchange (DGCX) has launched „Sensex Futures‟, a contract for Indian equity index futures, which will go live on July 5, 2013. DGCX is planning to offer futures contracts based on polypropylene as well as the Chinese currency renminbi, as it seeks to tap into the growing trade with China. Meanwhile, DGCX CEO Gary Anderson said the new deliverable plastics contracts are being developed in partnership with China‟s Dalian Commodity Exchange, which will begin trading in 3Q2013 and will be denominated in dollars. (AME Info, Bloomberg)  DMCC plans world’s tallest business tower – The Dubai Multi Commodities Centre (DMCC) is planning to build the tallest commercial tower in the world as part of its expansion plans catering to large multinationals. (  Mobily signs network contract with Emaar Economic City – Etihad Etisalat (Mobily) has signed a strategic contract with Emaar Economic City to provide communication networks in the King Abdullah Economic City. The contract is for eight years and entails SR600mn investment by Mobily. The company will also provide data center and smart city services such as IPTV, Ethernet VPN (L2), IP VPN (L3) Direct Internet Access (DIA), IP Transit, broadband, and business connect. (Tadawul)  Mobily’s internet arm signs MoU for majority stake in Go – Mobily‟s internet arm Bayanat is seeking to acquire a controlling stake in Etihad Atheeb Telecom (Go). The two companies have jointly announced that they will soon submit a MoU to the Capital Market Authority for approval of the agreement. The MoU is subject to conditions, including required regulatory approvals and completion of a commercial, financial, legal and technical due diligence exercise. (  Asteco to lease 48 Burjgate luxury tower – Asteco Property Management has been appointed as the sole leasing agent for new luxury residential project, “48 Burjgate” on the Sheikh Zayed Road in Dubai. (AME Info)  Empower launches AED15mn upgrade project at Business Bay Executive Towers – UAE-based district cooling provider, Empower has launched AED15mn project to upgrade the capacity of its district cooling plant at the Business Bay Executive Towers. This upgrade will involve adding one module comprising two chillers to the existing eight modules, which is expected to be completed by early 2014. (AME Info)  ECF to supply cement for Barakah nuclear plant – Arkan Building Materials‟ subsidiary, the Emirates Cement Factory (ECF) has been certified by the Korea Electric Power Corporation and Hyundai Samsung JV to supply Q Class cement to the Barakah Nuclear Power Plant. Located in Abu Dhabi's Western Region, this nuclear plant is owned by the Emirates Nuclear Energy Corporation. (AME Info)  NCT&H to manage 20 hotels by 2015 – The National Corporation for Tourism & Hotels‟ (NCT&H) Asset Management Division said the corporation is currently the asset manager of 12 hotels both inside & outside the UAE and is planning to increase the number to 20 hotels by 2015. (AME Info)  Abu Dhabi to invest $50bn in Indian infrastructure – Abu Dhabi has promised to invest $50bn in infrastructure projects in India. The Abu Dhabi government‟s pledge was the key factor in pushing India to approve a bilateral deal to increase flights between the two countries. News of the investment comes just months after the IMF criticized India for not improving its creaky infrastructure. (Bloomberg)  Air Arabia gets Best Low-Cost Airline in Middle East award – Sharjah-based Air Arabia has been awarded the title of “Best Low-Cost Airline in the Middle East” at the Skytrax World Airline Awards 2013. (  Mubadala raises stake in First Gulf Bank to 7.1% – Abu Dhabi-based Mubadala Development Company has increased its stake in First Gulf Bank to 7.1% from 5.2%. (Bloomberg)  Shurooq commences ground work on Al Bait Hotel – The Sharjah Investment & Development Authority (Shurooq) has commenced ground work on the Al Bait Hotel project, a hotel located in Shurooq's Heart of Sharjah. (AME Info)  KFH to start dollar sukuk fund as yields climb – The Kuwait Finance House (KFH) will start a $100mn fund as a slump in the global bond markets offers a chance to invest at higher yields. The fund will buy investment-grade sovereign and corporate dollar notes that comply with Islamic principles from the Middle East, Indonesia and Malaysia. Moreover, the bank will probably start purchasing debt this month. (Bloomberg)  KFH, Banader sign BHD18mn financing – KFH has signed a BHD18mn project finance deal with Banader Hotels. This financing deal will provide the funding to complete the construction work at the Banader Rotana Hotel project in Manama. (Bloomberg)  Boubyan Bank signs KD9.1mn debt settlement pact – Boubyan Bank has signed a KD9.1mn pact with one of its clients for debt settlement. Settlement would not have fundamental impact on bank‟s financial results. (Bloomberg)  Gulf Mushroom Products filed appeal against compost plant closure – The Gulf Mushroom Products Company said it has filed an appeal against the decision of the Ministry of Environment & Climate Affairs (MECA) to close company‟s compost plant. The company said it has made alternate arrangements to continue the fresh mushroom production at a higher cost, which is expected to affect company‟s profitability. Meanwhile, the company is waiting for the land allocation by the Supreme Committee of Planning for setting up a new compost plant in another location. (MSM)
  5. 5. Contacts Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui Head of Trading Head of Sales Head of Research Manager - HNWI Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 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 Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 QEIndex S&P Pan Arab S&P GCC (0.5%) (0.0%) 0.7% 0.2% (0.3%) (0.5%) (0.0%) (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 1,252.83 0.8 1.5 (25.2) DJ Industrial 14,988.55 0.4 0.5 14.4 Silver/Ounce 19.77 1.9 0.5 (34.8) S&P 500 1,615.41 0.1 0.6 13.3 Crude Oil (Brent)/Barrel 106.10 1.9 3.8 (6.0) NASDAQ 100 3,443.67 0.3 1.2 14.0 Natural Gas (Henry Hub)/MMBtu 3.56 (0.0) 0.1 3.5 STOXX 600 285.46 (0.6) 0.2 2.1 LPG Propane (Arab Gulf)/Ton 786.00 0.0 (0.6) (18.8) DAX 7,829.32 (1.0) (1.6) 2.8 LPG Butane (Arab Gulf)/Ton 783.00 0.0 (0.4) (19.2) FTSE 100 6,229.87 (1.2) 0.2 5.6 Euro 1.30 0.2 (0.0) (1.4) CAC 40 3,702.01 (1.1) (1.0) 1.7 Yen 99.91 (0.7) 0.8 15.2 Nikkei 14,055.56 (0.3) 2.8 35.2 GBP 1.53 0.8 0.5 (6.0) MSCI EM 912.18 (2.1) (3.0) (13.6) CHF 1.06 0.4 (0.2) (3.3) SHANGHAI SE Composite 1,994.27 (0.6) 0.8 (12.1) AUD 0.91 (0.7) (0.6) (12.6) HANG SENG 20,147.31 (2.5) (3.2) (11.1) USD Index 83.23 (0.4) 0.1 4.3 BSE SENSEX 19,177.76 (1.5) (1.1) (1.3) RUB 33.14 0.1 0.9 8.6 Bovespa 45,044.03 (0.4) (5.1) (26.1) BRL 0.44 (0.7) (1.5) (9.5) RTS 1,264.29 (0.8) (0.9) (17.2) 134.6 119.2 108.4