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QNBFS Daily Market Report August 8, 2018


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The QSE Index rose 0.4% to close at 9,974.0.

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QNBFS Daily Market Report August 8, 2018

  1. 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.4% to close at 9,974.0. Gains were led by the Real Estate and Industrials indices, gaining 2.4% and 2.0%, respectively. Top gainers were Ezdan Holding Group and Dlala Brokerage & Investment Holding Company, rising 4.3% and 3.8%, respectively. Among the top losers, Medicare Group and The Group Islamic Insurance Company were down 4.1% each. GCC Commentary Saudi Arabia: The TASI Index rose 0.2% to close at 8,242.8. Gains were led by the Food & Beverages and Energy indices, rising 1.1% and 1.0%, respectively. Saudi Enaya Cooperative Ins. Co. rose 10.0%, while Methanol Chemicals Co. was up 8.6%. Dubai: The DFM General Index declined 0.9% to close at 2,951.1. The Real Estate & Const. index fell 1.3%, while the Investment & Fin. Services index declined 1.2%. Takaful Emarat fell 8.2%, while Damac Properties Dubai Co. was down 5.2%. Abu Dhabi: The ADX General Index rose 0.6% to close at 4,911.2. The Banks index gained 1.3%, while the Consumer Staples index rose 0.6%. Abu Dhabi Nat. Co. for Building Materials gained 7.8%, while Gulf Medical Projects Co. was up 6.7%. Kuwait: The Kuwait Main Market Index rose 0.4% to close at 4,955.7. The Consumer Goods and Telecommunications indices gained 0.9% each. First Takaful Insurance Company rose 16.5%, while Livestock Transport & Trading Co. was up 7.3%. Oman: The MSM 30 Index rose 0.6% to close at 4,447.7. Gains were led by the Financial and Services indices, rising 0.6% and 0.3%, respectively. National Life & General Ins. gained 2.4%, while Bank Sohar was up 2.3%. Bahrain: The BHB Index fell 0.3% to close at 1,348.2. The Commercial Banks index declined 0.9%, while the other indices ended flat or in green. Ahli United Bank declined 2.2%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 10.80 4.3 1,355.9 (10.6) Dlala Brokerage & Inv. Holding Co. 15.38 3.8 440.4 4.6 Alijarah Holding 9.55 3.6 568.4 (10.8) Industries Qatar 129.00 3.2 237.6 33.0 Mesaieed Petrochemical Holding 16.60 1.8 1,476.7 31.9 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Mesaieed Petrochemical Holding 16.60 1.8 1,476.7 31.9 Qatar Gas Transport Company Ltd. 17.30 1.8 1,385.5 7.5 Ezdan Holding Group 10.80 4.3 1,355.9 (10.6) Mazaya Qatar Real Estate Dev. 7.50 (1.3) 673.6 (16.7) Alijarah Holding 9.55 3.6 568.4 (10.8) Market Indicators 07 Aug 18 06 Aug 18 %Chg. Value Traded (QR mn) 234.6 207.6 13.0 Exch. Market Cap. (QR mn) 550,572.1 547,264.7 0.6 Volume (mn) 9.7 7.9 21.7 Number of Transactions 4,825 3,920 23.1 Companies Traded 41 42 (2.4) Market Breadth 21:12 23:15 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17,573.03 0.4 (0.1) 22.9 15.0 All Share Index 2,917.44 0.6 0.1 19.0 15.3 Banks 3,539.15 (0.4) (1.5) 32.0 14.4 Industrials 3,261.91 2.0 1.9 24.5 17.2 Transportation 2,037.61 1.2 1.0 15.3 12.7 Real Estate 1,900.75 2.4 3.1 (0.8) 16.2 Insurance 3,198.63 0.3 (0.4) (8.1) 29.9 Telecoms 1,014.65 0.3 0.6 (7.7) 39.8 Consumer 6,256.38 (0.4) (0.7) 26.1 13.5 Al Rayan Islamic Index 3,912.66 0.3 0.1 14.3 17.2 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Al Ahli Bank of Kuwait Kuwait 0.33 4.8 60.9 13.4 Industries Qatar Qatar 129.00 3.2 237.6 33.0 Savola Group Saudi Arabia 33.80 2.6 1,052.3 (14.4) National Petrochem. Co. Saudi Arabia 28.45 2.5 268.4 53.5 Bank Sohar Oman 0.13 2.3 95.0 (4.5) GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% Co. for Cooperative Ins. Saudi Arabia 57.60 (10.0) 374.0 (39.0) DAMAC Properties Dubai 2.20 (5.2) 669.3 (33.3) Ahli United Bank Bahrain 0.67 (2.2) 9,691.7 0.5 Aldar Properties Abu Dhabi 1.98 (2.0) 10,353.2 (10.0) Dubai Investments Dubai 2.01 (2.0) 974.5 (16.6) Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC Composite Large Mid Cap Index) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Medicare Group 67.16 (4.1) 171.0 (3.9) The Group Islamic Insurance Co. 53.60 (4.1) 5.4 (2.5) Mazaya Qatar Real Estate Dev. 7.50 (1.3) 673.6 (16.7) The Commercial Bank 41.49 (1.2) 115.6 43.6 Investment Holding Group 5.52 (1.1) 426.8 (9.5) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 129.00 3.2 30,381.6 33.0 QNB Group 174.00 (0.5) 29,514.9 38.1 Mesaieed Petrochemical Holding 16.60 1.8 24,523.4 31.9 Qatar Gas Transport Co. Ltd. 17.30 1.8 23,934.5 7.5 Masraf Al Rayan 39.08 (0.7) 16,284.6 3.5 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* 9,973.97 0.4 (0.1) 1.5 17.0 64.27 151,242.1 15.0 1.5 4.4 Dubai 2,951.07 (0.9) (0.8) (0.2) (12.4) 54.89 104,143.2 9.4 1.1 5.7 Abu Dhabi 4,911.19 0.6 2.1 1.1 11.7 49.01 133,175.4 12.9 1.4 4.9 Saudi Arabia 8,242.82 0.2 (0.1) (0.6) 14.1 1,266.72 522,589.2 17.9 1.8 3.4 Kuwait 4,955.69 0.4 0.2 0.5 2.6 123.86 34,214.0 15.4 0.9 4.0 Oman 4,447.71 0.6 2.8 2.6 (12.8) 3.16 18,864.7 9.0 0.9 6.1 Bahrain 1,348.19 (0.3) (0.1) (0.7) 1.2 18.96 20,665.9 8.6 0.9 6.1 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,850 9,900 9,950 10,000 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 QSE Index rose 0.4% to close at 9,974.0. The Real Estate and Industrials indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari and GCC shareholders.  Ezdan Holding Group and Dlala Brokerage & Investment Holding Company were the top gainers, rising 4.3% and 3.8%, respectively. Among the top losers, Medicare Group and The Group Islamic Insurance Company were down 4.1%.  Volume of shares traded on Tuesday rose by 21.7% to 9.7mn from 7.9mn on Monday. Further, as compared to the 30-day moving average of 7.3mn, volume for the day was 32.4% higher. Mesaieed Petrochemical Holding Company and Qatar Gas Transport Company Limited were the most active stocks, contributing 15.3% and 14.3% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Ratings, Earnings Releases, Global Economic Data and Earnings Calendar Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Saudi British Bank Fitch Saudi Arabia ST-IDR F2 F1  – – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating) Earnings Releases Company Market Currency Revenue (mn) 2Q2018 % Change YoY Operating Profit (mn) 2Q2018 % Change YoY Net Profit (mn) 2Q2018 % Change YoY Umm Al-Qura Cement Company Saudi Arabia SR – – 5.6 -60.0% 0.2 -97.6% Aseer Trading, Tourism and Manufacturing Co. Saudi Arabia SR – – 19.1 -24.2% -2.0 N/A Rabigh Refining and Petrochemical Co. Saudi Arabia SR – – 333.0 -18.6% 235.0 -25.6% Al-Ahsa Development Co. Saudi Arabia SR – – -0.8 N/A 1.5 -45.1% Arabia Insurance Cooperative Co. Saudi Arabia SR 77.3 12.4% – – 1.5 62.9% Sadara Chemical Company Saudi Arabia SR – – -150.1 N/A -646.3 N/A The Company for Cooperative Insurance Saudi Arabia SR 1.8 -16.6% – – 0.1 57.9% Walaa Cooperative Insurance Co. Saudi Arabia SR 248.1 14.0% – – 2.5 183.3% Orient UNB Takaful Dubai AED – – – – -4.9 N/A SHUAA Capital Dubai AED 30.8 1.2% – – 14.6 21.1% Alliance Insurance Dubai AED 68.9 -3.0% – – 12.3 18.6% Unikai Foods Dubai AED 104.1 1.8% 2.9 -73.6% 2.1 -73.5% Emirates Refreshments Company Dubai AED 13.9 -4.0% -1.0 N/A -0.8 N/A Aldar Properties Abu Dhabi AED 1,511.5 11.6% – – 446.5 -28.0% Umm Al Qaiwain General Investment Co. Abu Dhabi AED – – – – 2.8 5.2% National Corporation for Tourism & Hotels Abu Dhabi AED 168.0 -3.3% – – 18.7 3.8% Bahrain Flour Mills Company Bahrain BHD 1.8 -3.1% – – 0.4 -80.2% Delmon Poultry Company Bahrain BHD 4.1 13.4% – – 0.1 N/A Source: Company data, DFM, ADX, MSM, TASI, BHB. Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 08/07 Germany German Federal Statistical Office Trade Balance June 21.8bn 20.9bn 19.7bn 08/07 Germany German Federal Statistical Office Current Account Balance June 26.2bn 21.0bn 12.6bn 08/07 France Ministry of the Economy, France Trade Balance June -6,248mn -5,520mn -6,019mn 08/07 France Banque De France Current Account Balance June -2.3bn – -2.9bn 08/07 China National Bureau of Statistics Foreign Reserves July $3,117.95bn $3,107.00bn $3,112.13bn Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 38.49% 44.05% (13,037,981.45) Qatari Institutions 9.67% 21.00% (26,563,902.82) Qatari 48.16% 65.05% (39,601,884.27) GCC Individuals 1.19% 1.37% (420,843.60) GCC Institutions 1.46% 6.05% (10,769,116.38) GCC 2.65% 7.42% (11,189,959.98) Non-Qatari Individuals 9.86% 11.80% (4,536,160.97) Non-Qatari Institutions 39.32% 15.73% 55,328,005.22 Non-Qatari 49.18% 27.53% 50,791,844.25
  3. 3. Page 3 of 5 Earnings Calendar Tickers Company Name Date of reporting 2Q2018 results No. of days remaining Status QGMD Qatari German Company for Medical Devices 8-Aug-18 0 Due IQCD Industries Qatar 8-Aug-18 0 Due MRDS Mazaya Qatar Real Estate Development 13-Aug-18 5 Due ZHCD Zad Holding Company 14-Aug-18 6 Due Source: QSE News Qatar  MERS posts 19.2% YoY decrease, but 15.3% QoQ rise in net profit in 2Q2018 – Al Meera Consumer Goods Company’s (MERS) net profit declined 19.2% YoY to QR49.95mn in 2Q2018. However, on QoQ basis net profit rose 15.3%. The company’s sales came in at ~QR828mn in 2Q2018, which represents an increase of ~6% YoY (~13% QoQ). EPS amounted to QR4.66 in 1H2018 as compared to QR5.12 in 1H2017. In 1H2018, MERS’ sales came in at QR1,563.4mn an increase of 9.7% YoY, driven by sales from branches opened prior to 2017, and sales from seven new branches opened in 2017 plus four new branches opened in 1H2018. The group is scheduled to open another two new branches in the State of Qatar in the coming few months. The group realized an increase of 6.3% in consolidated gross profit in 1H2018 to QR250.7mn, driven by the strong sales growth from existing and new branches. The group’s shop rental income from leased shops increased by 3.9% to QR37.4mn. In 1H2018, MERS reported net profit of QR93.28mn as compared to QR102.36mn in 1H2017. The net profit was impacted by lower gross margins attributable to the special price concession offered on over 3,500 items during the Holy Month of Ramadan. (QSE,  Investment Holding Group postpones its EGM to August 8 due to lack of quorum – Investment Holding Group announced that due to lack of quorum for the Extraordinary General Assembly Meeting (EGM) on August 6, 2018, it has been decided to postpone the meeting to August 8, 2018. (QSE)  Nebras Power to transform power generation industry – Nebras Power, a joint venture of Qatar Electricity & Water Company (QEWS) and Qatar Holding, will play a leading role in the global shift in terms of the nature of power generation industry, pioneering new energy solutions. In collaboration with its global partners, the company will play a key role in the transformation of energy generation toward renewable, clean natural gas and creation of a knowledge-based economy, Nebras Power stated. The move away from hydrocarbons toward renewable power generation means that hundreds of new renewable power plants around the world will need to be built while others would need to be repowered with cleaner fuel. Both construction of new-built generation and repowering of old plants will create new investment opportunities for Nebras Power. (Peninsula Qatar)  Qatargas launches new industrial Water Recycling Facility – Qatargas Operating Company Limited (Qatargas) announced the successful handover of a new Water Recycling Facility at LR2 to reduce water consumption and eliminate the discharge of treated industrial water into the sea. Seventy percent of the recycled water will be used as boiler feed and cooling water in the Laffan Refineries, the remaining 30% will be sent to Ras Laffan Industrial City (RLIC) for irrigation purposes. This project is further evidence of Qatargas’ commitment to meet the highest environmental and quality standards and the company’s continued efforts to contribute to the Qatar National Vision 2030 objectives to protect the environment and promote a sustainable development for future generations. (Peninsula Qatar) International  US finalizes next China tariff list targeting $16bn in imports – The US will begin collecting 25% tariff on another $16bn in Chinese goods from August 23, the US Trade Representative’s office stated as it published a final tariff list targeting 279 imported product lines. The action is the latest by US President, Donald Trump to put pressure on China to negotiate trade concessions after imposing tariffs on $34bn in goods last month. China has vowed to retaliate to an equal degree. The latest $16bn list will hit semiconductors from China, even though many of the basic chips in these products originate from the US, Taiwan or South Korea. The 25% tariff also will apply to a broad range of Chinese electronics, plastics, chemicals and railway equipment that the Office of the US Trade Representative (USTR) has stated benefit from the ‘Made in China 2025’ industrial plan, aimed at making China competitive in high-technology industries. (Reuters)  US job openings hover at record highs in June – US job openings held near record highs in June amid a modest decline in hiring, pointing to further tightening labor market conditions, which economists hope will soon spur faster wage growth. The US central bank increased borrowing costs in June for the second time this year. The Fed forecast two more rate hikes by December. Job openings, a measure of labor demand, were unchanged at a seasonally adjusted 6.7mn in June. Vacancies hit an all-time high of 6.8mn in April. (Reuters)  UK firms struggle to hire with Brexit, record low jobless rate – The number of people recruited for permanent jobs in Britain grew at its slowest pace in nine months in July, reflecting record low unemployment and a shortage of migrant workers from the European Union, a recruiters’ body stated. A monthly survey by the Recruitment and Employment Confederation (REC) showed there was no lack of appetite for hiring among employers, as the number of vacancies grew at the fastest pace since November 2017. Britain’s unemployment rate has tumbled to its lowest level since 1975 at 4.2% and many employers have reported a shortage of EU migrants available for work since the Brexit vote in June 2016. Moreover, British house prices spiked in July, despite other signs of softness in the market, mortgage lender Halifax stated. House prices increased 1.4% during the month of July after a 0.9% rise in June, Halifax stated, topping all forecasts in a Reuters poll that pointed to 0.2% increase.
  4. 4. Page 4 of 5 Compared with a year ago, house prices were 3.3% higher than a year ago, the fastest rate of growth since November and compared with a 1.8% rise in June. (Reuters)  Germany’s factory and jobs figures point to modest second quarter growth – The German economy is set for modest growth in the second quarter after industrial output edged up and job vacancies hit a record high, underlining the labor market strength that is fuelling a consumer-led upswing. Europe’s biggest economy saw vacancies rise by 25,000 on the quarter and 115,000 on the year to reach 1.21mn in the April-June period, a survey by the IAB labor office research institute found. Asked for the main reasons that are complicating recruitment, most employers pointed to a shortage of applicants and insufficient job qualifications. Separate data from the Economy Ministry showed industrial output rose 0.4% on the quarter in the April-June period, despite a weaker-than-expected reading for June. Further, Germany’s trade surplus with the US is showing little sign of buckling under US President, Donald Trump’s accusations of unfair practices. The nation’s exports to the US exceeded imports by 24.4bn Euros in the first half of the year, German data showed. That’s barely changed from the 24.5bn Euros in the same period of 2017. (Reuters, Bloomberg)  China’s July foreign exchange reserves rise to $3.118tn despite trade tensions – China’s foreign exchange reserves unexpectedly rose in July even as worries over escalating trade tensions between the US and China have caused market volatility. Changes in China’s foreign currency holdings are closely watched by investors for any signs of capital flight, as rising trade tensions have hit Chinese stocks and Yuan currency. Reserves rose $5.82bn in July to $3.118tn, compared with a rise of $1.51bn in June, central bank data showed. Economists polled by Reuters had expected reserves to drop by $12.1bn last month to $3.100tn. (Reuters) Regional  Saudi Arabia’s sovereign wealth fund buys minority stake in Tesla – Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) bought a minority stake in Tesla at just below 5%, sources said. (Reuters)  Saudi Aramco, Petronas tap banks for jumbo financing – Saudi Aramco and Malaysia’s Petronas approached banks to replace a short-term $8bn loan raised earlier this year for a joint venture with long-term financing of approximately the same size, sources said. The two state energy companies had borrowed $8bn from a large consortium of international banks in March for a refinery and petrochemical joint venture in the southern Malaysian state of Johor. The two firms issued a request for proposals to banks last month and are now in preliminary discussions for a self-arranged loan with a maturity of more than ten years which would replace the existing bridge borrowing, according to sources. (Reuters)  Bupa Investment Overseas Limited increases its stake in Bupa Arabia to 39.25% – Bupa Investment Overseas Limited increased its stake in Bupa Arabia for Cooperative Insurance Co. (Bupa Arabia) from 34.25% to 39.25%, following an agreement for the acquisition of 5% portion of the Nazer Group’s stake. The transaction was concluded at the agreed price of SR100 per share, totaling SR400mn, and reflecting the partners’ confidence in the strong future prospects of Bupa Arabia. Additionally, Bupa Arabia announced the exceptional approval for Bupa Arabia to be allowed to exceed the 49% foreign ownership restriction, to a maximum foreign ownership level of up to 60%. (Tadawul)  SRECO to build integrated world-class city in Saudi Arabia – Saudi Real Estate Company (SRECO) announced plans for 7mn square meter integrated world-class city ‘Al Widyan’ in Riyadh. The mega project will be delivered over a phased program of development, expected to be undertaken over a seven-year timeframe with the official launch in October. According to SRECO, construction has already started on the mega project with the enabling, grading and infrastructure work under way. Phase one of the project is being built at a cost of SR10bn. (  DP World acquires Danish logistics firm Unifeeder – DP World acquired 100% of Unifeeder Group, a Danish logistics company, for 660mn Euros. The acquisition from Nordic Capital Fund VIII and certain minority shareholders will boost DP World’s presence in the global supply chain and broaden its product offering to its customers, shipping lines and cargo owners, DP World stated. The move is the latest indicator of DP World’s global expansion push after it last month announced plans to build and operate a logistics hub in Mali. (Reuters)  ODB disburses loans worth OMR405mn – The number of development loans provided by Oman Development Bank (ODB) from 2009 to June 2018 for many economic activities reached OMR405.38mn disbursed through 43,936 loans. The loans were granted as part of the bank’s efforts to support economic and social development in the Sultanate, to finance the national investments in high value-added production and service sectors, to achieve self-sufficiency of products, goods, and services, and to accommodate national cadres in many professions and trades. (  Oman Oil Company’s subsidiary Oxea secures key ratings upgrade – German-headquartered global chemicals company Oxea, a wholly owned subsidiary of Oman Oil Company (OOC) received an upgrade of its Corporate Family Rating (CFR) by Moody’s to ‘B2’ from ‘B3’. Moody’s also upgraded the rating of Oxea’s 475mn Euros and $500mn senior secured term loans to ‘B2’ from ‘B3’. The outlook on all ratings was described as ‘Stable’. (  Dhofar Generating Company extends IPO subscription deadline – Dhofar Generating Company, in consultation with its founder international shareholders Mitsui & Co. Ltd and ACWA Power along with Dhofar International Development & Investment Holding Company (DIDIC), decided to offer more value to investors participating in its IPO. The IPO offer price has been revised to 225 Baisas per offer share on the entire offering of 88,896,000 shares. This translates into a higher dividend yield of 8% for the first five years (including issue expenses). The IPO period has also been extended until August 16, 2018 allowing more investors to participate in the offering. (  Gulf International Bank on track to become local bank in Saudi Arabia – Bahrain’s Gulf International Bank stated that the company is now in the final stages of completing the steps to convert its branches into a locally incorporated bank in Saudi Arabia. (
  5. 5. Contacts Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535 QNB Financial Services Co. W.L.L. Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) 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. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment 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. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in part without permission from QNBFS. 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 (*$ adjusted returns) 50.0 75.0 100.0 125.0 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 QSE Index S&P Pan Arab S&P GCC 0.2% 0.4% 0.4% (0.3%) 0.6% 0.6% (0.9%) (1.0%) (0.5%) 0.0% 0.5% 1.0% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,210.96 0.3 (0.2) (7.1) MSCI World Index 2,166.85 0.4 0.5 3.0 Silver/Ounce 15.38 0.6 (0.2) (9.2) DJ Industrial 25,628.91 0.5 0.7 3.7 Crude Oil (Brent)/Barrel (FM Future) 74.65 1.2 2.0 11.6 S&P 500 2,858.45 0.3 0.6 6.9 Crude Oil (WTI)/Barrel (FM Future) 69.17 0.2 1.0 14.5 NASDAQ 100 7,883.66 0.3 0.9 14.2 Natural Gas (Henry Hub)/MMBtu 2.95 2.8 3.1 (4.5) STOXX 600 390.49 0.7 0.3 (3.2) LPG Propane (Arab Gulf)/Ton 98.50 3.7 3.7 (0.5) DAX 12,648.19 0.7 0.2 (5.6) LPG Butane (Arab Gulf)/Ton 102.75 2.8 0.2 (5.3) FTSE 100 7,718.48 0.8 0.2 (3.9) Euro 1.16 0.4 0.3 (3.4) CAC 40 5,521.31 1.1 0.8 0.2 Yen 111.38 (0.0) 0.1 (1.2) Nikkei 22,662.74 0.9 0.6 0.8 GBP 1.29 (0.0) (0.5) (4.2) MSCI EM 1,079.79 0.8 0.6 (6.8) CHF 1.00 0.1 (0.1) (2.1) SHANGHAI SE Composite 2,779.37 3.0 1.6 (20.0) AUD 0.74 0.5 0.2 (5.0) HANG SENG 28,248.88 1.5 2.1 (6.0) USD Index 95.19 (0.2) 0.0 3.3 BSE SENSEX 37,665.80 0.2 0.2 2.9 RUB 63.49 (0.4) 0.3 10.2 Bovespa 80,346.52 (0.7) (1.7) (6.5) BRL 0.27 (0.4) (1.2) (11.7) RTS 1,147.16 0.8 0.2 (0.6) 89.4 86.2 82.2