Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

QNBFS Daily Market Report December 6, 2018


Published on

The QSE Index declined 0.1% to close at 10,589.98. Losses were led by the Banks & Financial Services and Telecoms indices, falling 1.1% and 0.6%, respectively.

Published in: Economy & Finance
  • Be the first to comment

  • Be the first to like this

QNBFS Daily Market Report December 6, 2018

  1. 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.1% to close at 10,589.98. Losses were led by the Banks & Financial Services and Telecoms indices, falling 1.1% and 0.6%, respectively. Top losers were Islamic Holding Group and QNB Group, falling 2.8% and 2.5%, respectively. Among the top gainers, Aamal Company gained 5.3%, while Qatar National Cement Company was up 4.3%. GCC Commentary Saudi Arabia: The TASI Index fell 0.3% to close at 7,883.6. Losses were led by the Transportation and Food & Beverages indices, falling 1.5% and 1.4%, respectively. United Int. Transport declined 4.1%, while Saudi Co. for Hardware was down 3.9%. Dubai: The DFM General Index declined 1.6% to close at 2,632.2. The Real Estate & Const. index fell 3.1%, while the Insurance index declined 2.6%. Amlak Finance fell 8.9%, while SHUAA Capital was down 6.8%. Abu Dhabi: The ADX General index fell 1.4% to close at 4,830.4. The Real Estate index declined 2.2%, while the Banks index fell 1.8%. Al Qudra Holding declined 10.0%, while Abu Dhabi National Oil Company For Distribution was down 3.4%. Kuwait: The Kuwait Main Market Index declined 0.1% to close at 4,723.4. The Basic Materials index fell 0.3%, while the Real Estate index declined 0.2%. Al Masaken International Real Estate Dev. fell 10.0%, while Gulf Cement Co. was down 9.9%. Oman: The MSM 30 Index rose 0.4% to close at 4,552.3. Gains were led by the Industrial and Services indices, rising 0.6% each. Oman Investment and Finance rose 3.8%, while Almaha Ceramics was up 3.4%. Bahrain: The BHB Index fell 0.3% to close at 1,322.3. The Commercial Banks and Investment indices fell 0.3% each. Ithmaar Holding declined 5.3%, while Al Salam Bank - Bahrain was down 2.2%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Aamal Company 9.67 5.3 1,066.2 11.4 Qatar National Cement Company 61.00 4.3 39.2 (3.0) Medicare Group 65.20 3.5 134.3 (6.7) Qatari German Co for Med. Devices 4.65 3.3 88.4 (28.0) Alijarah Holding 8.81 2.1 228.5 (17.7) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 8.05 0.6 1,425.3 (10.6) Aamal Company 9.67 5.3 1,066.2 11.4 Doha Bank 23.25 1.6 964.3 (18.4) Masraf Al Rayan 42.59 1.5 881.4 12.8 Qatar First Bank 4.40 0.0 744.0 (32.6) Market Indicators 05 Dec 18 04 Dec 18 %Chg. Value Traded (QR mn) 288.2 373.4 (22.8) Exch. Market Cap. (QR mn) 592,779.8 595,592.7 (0.5) Volume (mn) 10.0 11.4 (12.3) Number of Transactions 5,601 6,445 (13.1) Companies Traded 39 40 (2.5) Market Breadth 24:11 25:12 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,658.36 (0.1) 2.2 30.5 15.7 All Share Index 3,138.66 (0.1) 1.2 28.0 15.9 Banks 3,873.93 (1.1) 0.3 44.4 14.5 Industrials 3,360.46 0.9 2.9 28.3 16.0 Transportation 2,148.16 0.3 1.4 21.5 12.5 Real Estate 2,153.58 1.5 1.3 12.4 19.4 Insurance 3,048.90 (0.0) 1.2 (12.4) 18.1 Telecoms 1,064.23 (0.6) 2.0 (3.1) 43.2 Consumer 6,912.06 0.4 2.0 39.3 14.1 Al Rayan Islamic Index 4,012.53 0.8 3.3 17.3 15.7 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Gulf Bank Kuwait 0.28 3.7 19,866.5 16.4 Phoenix Power Co. Oman 0.11 2.9 90.0 (22.5) Bupa Arabia for Coop. Ins. Saudi Arabia 80.00 2.8 835.6 29.0 Ominvest Oman 0.37 2.8 507.5 (13.1) Oman Telecomm. Co. Oman 0.87 2.4 84.0 (28.0) GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% DAMAC Properties Dubai 1.78 (4.3) 798.1 (46.1) Emaar Properties Dubai 4.44 (3.1) 7,403.1 (32.1) DP World Dubai 17.20 (2.8) 227.1 (31.2) Savola Group Saudi Arabia 27.20 (2.7) 655.1 (31.1) QNB Group Qatar 194.0 (2.5) 233.5 54.0 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% Islamic Holding Group 23.26 (2.8) 4.6 (38.0) QNB Group 194.00 (2.5) 233.5 54.0 Ooredoo 80.17 (1.0) 90.1 (11.7) The Commercial Bank 41.75 (0.9) 183.4 44.5 Mannai Corporation 56.52 (0.9) 2.4 (5.0) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% QNB Group 194.00 (2.5) 45,565.9 54.0 Masraf Al Rayan 42.59 1.5 37,214.5 12.8 Doha Bank 23.25 1.6 22,256.7 (18.4) Qatar Fuel Company 172.00 0.4 21,165.3 68.5 Barwa Real Estate Company 40.11 1.5 20,441.6 25.3 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* 10,589.98 (0.1) 2.2 2.2 24.2 78.93 162,836.6 15.7 1.6 4.1 Dubai 2,632.15 (1.6) (1.4) (1.4) (21.9) 50.42 95,863.9 8.9 1.0 6.7 Abu Dhabi 4,830.38 (1.4) 1.3 1.3 9.8 42.71 132,489.9 13.1 1.4 5.0 Saudi Arabia 7,883.63 (0.3) 2.3 2.3 9.1 748.55 498,136.6 17.0 1.8 3.5 Kuwait 4,723.39 (0.1) (0.1) (0.1) (2.2) 88.39 32,400.4 16.8 0.9 4.4 Oman 4,552.30 0.4 3.2 3.2 (10.7) 4.52 19,574.2 10.7 0.8 5.7 Bahrain 1,322.28 (0.3) (0.5) (0.5) (0.7) 27.17 20,137.8 8.9 0.8 6.2 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) 10,500 10,550 10,600 10,650 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QSE Index declined 0.1% to close at 10,589.98. The Banks & Financial Services and Telecoms indices led the losses. The index fell on the back of selling pressure from Qatari and GCC shareholders despite buying support from non-Qatari shareholders.  Islamic Holding Group and QNB Group were the top losers, falling 2.8% and 2.5%, respectively. Among the top gainers, Aamal Company gained 5.3%, while Qatar National Cement Company was up 4.3%.  Volume of shares traded on Wednesday fell by 12.3% to 10mn from 11.4mn on Tuesday. However, as compared to the 30-day moving average of 6.9mn, volume for the day was 44.2% higher. Mazaya Qatar Real Estate Development and Aamal Company were the most active stocks, contributing 14.2% and 10.6% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/05 US Mortgage Bankers Association MBA Mortgage Applications 30-November 2.0% – 5.5% 12/05 UK Markit Markit/CIPS UK Services PMI November 50.4 52.5 52.2 12/05 UK Markit Markit/CIPS UK Composite PMI November 50.7 52.1 52.1 12/05 UK HM Treasury Official Reserves Changes November $534mn – $843mn 12/05 EU Markit Markit Eurozone Composite PMI November 52.7 52.4 52.4 12/05 EU Markit Markit Eurozone Services PMI November 53.4 53.1 53.1 12/05 Germany Markit Markit Germany Services PMI November 53.3 53.3 53.3 12/05 France Markit Markit France Services PMI November 55.1 55.0 55 12/05 France Markit Markit France Composite PMI November 54.2 54.0 54 12/05 Japan Markit Nikkei Japan PMI Services November 52.3 – 52.4 12/05 Japan Markit Nikkei Japan PMI Composite November 52.4 – 52.5 12/05 China Markit Caixin China PMI Composite November 51.9 – 50.5 12/05 China Markit Caixin China PMI Services November 53.8 50.7 50.8 12/05 India Markit Nikkei India PMI Services November 53.7 – 52.2 12/05 India Markit Nikkei India PMI Composite November 54.5 – 53.0 12/05 India Reserve Bank of India RBI Repurchase Rate 5-December 6.5% 6.5% 6.5% 12/05 India Reserve Bank of India RBI Reverse Repo Rate 5-December 6.3% 6.3% 6.3% 12/05 India Reserve Bank of India RBI Cash Reserve Ratio 5-December 4.0% 4.0% 4.0% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QCB’s Governor: Qatar does not see much risk to domestic stock market from global volatility – Qatar does not expect much risk to the domestic stock market from global markets’ volatility, due to the country’s favorable macroeconomic fundamentals, according to Qatar Central Bank’s (QCB) Governor, HE Sheikh Abdullah Bin Saoud Al-Thani. “We have been closely observing the global market conditions, especially after the trade tensions between the US and China. However, the domestic equity market so far remained insulated from the global developments,” he said in the context of the forthcoming Euromoney Qatar Conference 2018. In fact, he noted, the Qatar Stock Exchange (QSE) registered the strongest gain in the GCC region during the year so far. The QSE index moved back to the pre-blockade level. Apart from the improvement in macroeconomic fundamentals, the rise in QSE is primarily driven by the foreign investors and their positive outlook of Qatar economy, he added. The tightening financial market conditions have mainly impacted those emerging market economies (EMEs) which are facing the problem of twin deficits (current account and fiscal position). On whether Qatar’s plans to develop a more liquid market have evolved as the GCC capital flows are restricted, the Governor said, “The capital inflows to Qatar are more broad-based and are not restricted to the GCC region. Irrespective of all the developments in the GCC, Qatar will continue its efforts for the development of financial market by making it more liquid and encouraging global investors.” (  Moody’s: Qatari banks’ outlook for 2019 remains ‘Stable’ – Qatari banks have a ‘Stable’ outlook for 2019, with improving operating conditions, solid loan performance and strong capital. The Moody’s outlook for ‘GCC Banks for 2019’ showed Qatar’s banking system’s stability in all the seven components of credit drivers, including operating environment, asset risks, capital, Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 34.16% 42.42% (23,799,192.17) Qatari Institutions 15.89% 15.48% 1,162,503.68 Qatari 50.05% 57.90% (22,636,688.49) GCC Individuals 0.92% 0.91% 36,955.93 GCC Institutions 0.75% 5.56% (13,857,360.75) GCC 1.67% 6.47% (13,820,404.82) Non-Qatari Individuals 10.28% 10.62% (968,277.86) Non-Qatari Institutions 38.00% 25.01% 37,425,371.17 Non-Qatari 48.28% 35.63% 36,457,093.31
  3. 3. Page 3 of 6 profitability & efficiency, funding & liquidity and government support. Qatar is among the two countries in the region which ticked all these boxes as ‘Stable’ in Moody’s outlook for the GCC banks. The rating agency noted Qatari banks are most reliant on confidence-sensitive foreign funding, along with Bahrain, in the region. Current oil prices will support increased government spending, and stimulus packages such as Qatar’s 2022 FIFA World Cup, and will underpin banks’ stable financial performance, according to Moody’s Vice President-Senior Credit Officer, Nitish Bhojnagarwala. (Peninsula Qatar)  Qatar's Central Bank issues QR700mn of treasury bills – Qatar's Central Bank stated it sold QR700mn of treasury bills with maturities of three, six and nine months. It issued QR400mn of three-month bills with a 2.29% yield, QR200mn of six-month bills at 2.43% yield and QR100mn of nine-month bills at 2.65% yield. (Zawya)  Nikkei Qatar Financial Center PMI falls to 47.5 in November – Nikkei and IHS Markit released Qatar’s November Financial Center Purchasing Managers’ Index (PMI), which fell to 47.5 in November 2018 from 48 in October 2018 and 52.7 in November 2017. This is the lowest reading since June 2017 and the third consecutive month of contraction. (Bloomberg)  Foreign flows favor Qatar – Overseas institutional investors were net buyers of about $2.3bn of shares traded on Doha’s bourse this year, more than triple the foreign flows into Riyadh, according to stock-exchange data compiled by Bloomberg. Inflows have picked up in Qatar this year after several large-cap companies announced they were easing limits on foreign ownership, prompting an adjustment of their weighting in benchmarks used by emerging-market fund managers. In Saudi Arabia, overseas investors were net buyers of as much as $3bn at a peak in June, but that figure fell to around $700mn through the end of the year. (Peninsula Qatar)  Panel to regulate non-Qatari ownership of real estate – The weekly Cabinet meeting, chaired by HE the Prime Minister, Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani approved the Cabinet's draft decision to form a committee to regulate non- Qatari ownership and use of real estate and determine the committee's work system and remuneration. The Ministry of Justice prepared the draft decision as part of completing the necessary procedures to activate the provisions of Law 16 of 2018, regulating non-Qatari ownership and use of real estate. Under the provisions of Law No 16 of 2018, non-Qataris may own and use real estate in the areas in accordance with the conditions, controls, benefits and procedures, which shall be determined by a decision of the Council of Ministers upon the proposal of the Committee. (  Vodafone Qatar implements smart bus solution in Shafallah Center buses – Vodafone Qatar has equipped all of the 60 Shafallah Center for Persons with Disability buses with Vodafone’s smart bus solution including fleet management and video surveillance, to help make the children’s journeys safer and more efficient, leveraging its expertise as a leader in Internet of Things (IoT). The smart bus solution via Vodafone’s fleet management product tracks the buses’ locations, driver behavior and provides real-time traffic data and navigation for shorter journeys. (  Kahramaa to launch reservoir project in Umm Salal next week – Qatar General Electricity and Water Corporation (Kahramaa) announced that it will launch the Water Security Mega Reservoirs Project at the pumping stations in Umm Salal area on December 11. The project worth QR14.5bn is being implemented in five regions of the country: Umm Salal, Al Thumama, Rawdat Rashed and Umm Biraka. The total capacity of the project is currently 960mn gallons of water, and will reach at the end of its first phase to 2,300mn gallons. (Peninsula Qatar) International  MBA: US mortgage activity rises near two-month high – US borrowers filed the most mortgage applications in nearly two months as 30-year home loan costs fell to their lowest levels since early October, the Mortgage Bankers Association (MBA) stated. The Washington-based group’s seasonally-adjusted measures on consumer requests for a loan to buy a home and to refinance an existing one rose 2.0% to 340.5 in the week ended November 30. This was the strongest reading since 346.7 in the week of October 5. Mortgage rates have fallen in step with lower US Treasury yields on worries about slowing economic growth and trade tension between China and the US, the world’s two biggest economies. (Reuters)  Tariff effects broaden across US, wage growth higher – Tariff- driven price increases have spread more broadly through the US economy, though on balance inflation has risen at a modest pace in most parts of the country, the Federal Reserve stated in its latest report on the economy. The US Central Bank’s ‘Beige Book’ report, a snapshot of the economy gleaned from discussions with business contacts in the Fed’s 12 districts in the weeks through November 26, also stated that the economy appeared to be growing modestly to moderately. While a wide range of businesses cited concerns about the effects of a trade war between the US and China, firms continued to hire and reported bumping up benefits and pay to compete for an increasingly scarce labor pool. (Reuters)  Shock slide in the UK’s services PMI points to stalling economy – Uncertainty about the terms of Brexit next March clobbered British services firms last month, leaving the economy at risk of contracting, a survey showed. The IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) fell to 50.4 from 52.2 in October, the weakest reading since just after the 2016 Brexit vote and below all forecasts in a Reuters poll of economists. Watched closely by the Bank of England, the PMI suggested Britain’s economy is on track for quarterly growth of just 0.1% in the final three months of 2018, IHS Markit stated, a sharp slowdown from 0.6% in the third quarter. (Reuters)  CBI: The UK’s economy risks severe damage without orderly Brexit – Britain will struggle to achieve even modest economic growth next year unless the government secures an orderly Brexit in March, the Confederation of British Industry (CBI) stated. CBI stated the world’s fifth-largest economy would grow by 1.3% in 2018, 1.4% in 2019 and 1.6% in 2020, little changed from its previous projections in June. The forecasts were slightly weaker than those of the Bank of England. CBI stated that it was assuming that Prime Minister Theresa May wins backing in parliament for her preferred plan for leaving the
  4. 4. Page 4 of 6 European Union, something which looks unlikely at a vote due on December 11. (Reuters)  Japan manufacturers' mood down, bodes ill for BoJ survey – Confidence among Japanese manufacturers worsened for a second straight month in December and is seen slipping further, a Reuters monthly poll showed, pointing to declines in the central bank’s upcoming tankan business survey. The monthly poll, which tracks the Bank of Japan’s (BoJ) key tankan quarterly survey, found service-sector sentiment inched up in December but was expected to slip again in the coming three months - a sign business confidence is leveling off. Confidence at both manufacturers and service businesses was lower compared with three months ago, boding ill for the BoJ tankan survey due out on December 14. (Reuters)  RBI keeps rates on hold, moves to spur lending – The Reserve Bank of India (RBI) kept interest rates unchanged, in a decision that was widely expected as inflation has eased significantly, while it took steps to persuade banks to lend more in order to support an economy that has lost some momentum. The decision to keep the repo rate unchanged at 6.50% was as predicted by 64 of 70 analysts in a Reuters poll. The central bank also retained its ‘calibrated tightening’ stance as expected. The government, which has been at loggerheads with the central bank in recent weeks amid a slowdown in economic growth, stated it welcomed the monetary policy committee’s assessment but it believed the policy stance probably required calibration, suggesting it may be unhappy with the RBI retaining its tightening bias. (Reuters)  Strong domestic demand takes India’s November services growth to four-month high – Business activity in India’s dominant services sector expanded in November at the quickest pace in four months, lifted by significant rise in domestic demand, a private survey showed. This will offer some relief to Asia’s third-largest economy, which last week reported slower economic growth in the July-September quarter. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 53.7 last month from 52.2 in October, its highest since July and above a Reuters poll consensus of 52.5. (Reuters) Regional  Moody's: GCC banks' stable outlook reflects improving operating conditions and strong capital buffers – The outlook for GCC banking systems remains stable, reflecting their improving operating conditions, weakening but still solid loan performance and strong capital, Moody's Investors Service stated in a report. The Moody's 2019 outlook expresses the rating agency's expectation of how banks' creditworthiness will evolve over the next 12 to 18 months in the GCC. "Current oil prices will support increased government spending, and stimulus packages such as the UAE's Expo 2020, the Saudi National Transformation Plan and Qatar FIFA World Cup 2022, will underpin banks' stable financial performance," Moody's Vice President, Senior Credit Officer, Nitish Bhojnagarwala said. A return to rising oil production after production cuts in 2017-2018 will drive real GDP growth next year to an average of around 3.3%, from 1% in 2017, easing fiscal pressures as well as keep government spending plans on track. (Moody’s)  OPEC+ recommends oil cuts, but no deal yet on the size of curbs – Saudi Arabia, Russia and other members of the OPEC+ group recommended an oil production cut, but they have not agreed on how big any reduction should be. The group secured the participation of Russia for six months of output curbs starting in January, Oman’s Oil Minister, Mohammed Al Rumhy told reporters. (Bloomberg)  IATA: Middle Eastern airlines’ freight volumes rise 5% in October – Middle Eastern airlines’ freight volumes expanded 5% in October compared to the same period a year earlier, International Air Transport Association (IATA) stated in a report. Capacity increased by 8.8% over the same period. There are signs of a pick-up in seasonally-adjusted international air cargo demand, helped by more trade to and from Europe and Asia, it stated. Releasing data for global air freight markets IATA stated that the demand, measured in freight ton kilometers (FTKs), rose 3.1% in October 2018, compared to the same period the year before. This pace of growth was up from a 29-month low of 2.5% in September. (  Saudi Arabia working on convincing Russia to join oil cuts – Saudi Arabia is seeking to persuade Russia to cut oil production substantially with OPEC next year in an attempt to arrest a decline in the price of crude and prevent another global glut. Saudi Arabia has indicated it wants OPEC and its allies to cut output by at least 1.3mn barrels per day, or 1.3% of global production. Saudi Arabia wants Russia to contribute at least 250,000-300,000 bpd to the cut but Russia insists the amount should be only half of that, OPEC and non-OPEC sources said. (Reuters)  Saudi Derayah REIT gets $267mn facility from Al Rajhi Bank – Derayah REIT has signed a $267mn Shari’ah-compliant facility agreement with Al Rajhi Bank. A promissory note will be provided and properties will be pledged to Al Rajhi Bank. The tenor of the facility is of 7 years and the full amount will be paid upon maturity. The facility will be used to acquire new properties on behalf of Derayah REIT. (Bloomberg)  Okaz: Saudi Electricity Company offers SR100bn investment opportunities – Saudi Electricity Company will offer investment opportunities worth as much as SR100bn over the next 5 years, Okaz reported, citing a company official. The opportunities will be open to local companies and investors and include projects in supply, transportation and distribution. (Bloomberg)  Economy Minister: UAE’s economy to grow more than 3% in 2019 – The UAE’s economy will grow between 2.5% and 3% in 2018, before rising to more than 3% in 2019, the country’s Economy Minister, Sultan bin Saeed al-Mansouri, told reporters. The latest projections are in line with forecasts made by the International Monetary Fund (IMF), which stated in October that it expects the UAE to expand 2.9% this year and 3.7% next year. (Reuters)  UAE’s economic growth gains speed as job growth moderates – The UAE’s real GDP growth continued to pick up momentum in the first three quarters of 2018 and is expected to keep up the pace for the rest of the year while employment growth in the country is expected to be modest, according to the Quarterly Economic Review of the Central Bank of the UAE (CBUAE) for the third quarter of 2018. Due to the increase in oil output and higher oil prices this year, the central bank report stated that the UAE’s real growth showed an increase of 3.1% in the third quarter of 2018 year on year compared to a moderate 2.1%
  5. 5. Page 5 of 6 increase in the previous quarter. Real oil GDP increased by 2.7% in the third quarter of 2018 compared to a decline of 0.6% in the second quarter of 2018. (  Drake & Scull wins AED600mn contract in Abu Dhabi – Drake & Scull International wins a contract worth AED600mn for the mechanical, electrical and plumbing contracting of the Reem Mall project in Abu Dhabi, Drake & Scull stated. The Reem Mall will host around 450 stores, featuring 85 food and beverage outlets and entertainment attractions, including Snow Park Abu Dhabi by Majid Al Futtaim. Drake and Scull stated that several fully financed projects are in various stages of active bidding. (Bloomberg)  Dubai’s November real estate sales at AED3,752mn, a fall of 19.4% MoM – Dubai Land Department in Dubai has published data on real estate transactions for November on website. The sales totaled AED3,752mn in November vs AED4,654mn in October, a fall of 19.4% MoM and 38.4% YoY. The land sales came in at AED2,582mn in November vs AED3,360mn in October, a fall of 42% YoY. The unit sales stood at AED1,053mn in November vs AED1,134mn in October, a fall of 30.2% YoY. (Bloomberg)  ADNOC, Inpex sign pact to explore LNG bunkering partnership – ADNOC Logistics & Services and Inpex Corp. signed a framework agreement for an LNG bunkering partnership in the UAE. The pact will enable them to explore opportunities for LNG bunkering in the UAE as well as to potentially expand bunkering activities to cover other regions, including Southeast Asia. (Bloomberg)  Kuwaiti expert calls for greater investment in energy resources – Kuwait Petroleum Corporation’s (KPC) CEO, Nizar Al-Adsani called for developing and investing in all energy resources to meet future demand, however he cautioned greater consumption must be coupled with cutting emissions. Al- Adsani’s statement came during a ceremony marking issuance of the 2018 oil forecast report, released by the International Energy Agency (IEA), hosted by Kuwait. The IEA and OPEC are working together for a stable energy world, he said, affirming that the global energy scene has become much more coherent, where the producers and consumers have become partners, rather than foes. (  Kuwait says long-term cooperation agreement expected between OPEC, non-OPEC countries – Kuwait’s oil ministry said that a long-term cooperation agreement is expected to be signed between OPEC and non-OPEC countries. OPEC meets on December 6, in Vienna, followed by talks with allies such as Russia. (Reuters)
  6. 6. 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 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg ( # Market was closed on December 5, 2018) Source: Bloomberg (*$ adjusted returns; # Market was closed on December 5, 2018) 45.0 70.0 95.0 120.0 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 QSE Index S&P Pan Arab S&P GCC (0.3%) (0.1%) (0.1%) (0.3%) 0.4% (1.4%) (1.6%)(2.0%) (1.0%) 0.0% 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 1,237.26 (0.1) 1.2 (5.0) MSCI World Index 2,008.63 (0.4) (1.6) (4.5) Silver/Ounce 14.50 (0.2) 2.2 (14.4) DJ Industrial# 25,027.07 0.0 (2.0) 1.2 Crude Oil (Brent)/Barrel (FM Future) 61.56 (0.8) 4.9 (7.9) S&P 500# 2,700.06 0.0 (2.2) 1.0 Crude Oil (WTI)/Barrel (FM Future) 52.89 (0.7) 3.8 (12.5) NASDAQ 100# 7,158.43 0.0 (2.3) 3.7 Natural Gas (Henry Hub)/MMBtu 4.69 (0.2) 1.7 51.8 STOXX 600 354.27 (1.1) (0.6) (14.1) LPG Propane (Arab Gulf)/Ton# 74.00 0.0 7.4 (25.3) DAX 11,200.24 (1.1) (0.2) (18.1) LPG Butane (Arab Gulf)/Ton 76.25 (1.0) 14.2 (29.7) FTSE 100 6,921.84 (1.2) (0.9) (15.1) Euro 1.13 0.0 0.2 (5.5) CAC 40 4,944.37 (1.3) (0.9) (12.1) Yen 113.19 0.4 (0.3) 0.4 Nikkei 21,919.33 (0.9) (1.5) (4.2) GBP 1.27 0.1 (0.1) (5.8) MSCI EM 1,001.91 (1.2) 0.7 (13.5) CHF 1.00 (0.0) 0.1 (2.3) SHANGHAI SE Composite 2,649.81 (0.9) 3.9 (24.0) AUD 0.73 (1.0) (0.5) (6.9) HANG SENG 26,819.68 (1.7) 1.3 (10.4) USD Index 97.07 0.1 (0.2) 5.4 BSE SENSEX 35,884.41 (0.7) (2.1) (4.8) RUB 66.55 (0.4) (0.6) 15.5 Bovespa 89,039.79 0.1 (0.5) (0.3) BRL 0.26 (0.4) (0.0) (14.4) RTS 1,153.00 (0.2) 2.4 (0.1) 83.4 79.8 78.5