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QNBFS Daily Market Report July 10, 2018

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The QSE Index declined 0.6% to close at 9,265.0

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QNBFS Daily Market Report July 10, 2018

  1. 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.6% to close at 9,265.0. Losses were led by the Real Estate and Telecoms indices, falling 1.3% and 0.8%, respectively. Top losers were Mannai Corporation and Qatar Islamic Insurance Company, falling 3.7% each. Among the top gainers, Al Khaleej Takaful Insurance Company gained 2.3%, while Dlala Brokerage & Investment Holding Company was up 2.0%. GCC Commentary Saudi Arabia: The TASI Index rose 1.3% to close at 8,326.6. Gains were led by the Energy and Materials indices, rising 2.1% and 1.7%, respectively. Saudi Real Estate Co. rose 6.2%, while Nama Chemicals Co. was up 5.0%. Dubai: The DFM General Index declined 0.3% to close at 2,875.3. The Services index fell 2.0%, while the Real Estate & Const. index declined 0.9%. International Financial Advisors fell 10.0%, while Amanat Holdings was down 6.7%. Abu Dhabi: The ADX General Index rose marginally to close at 4,617.0. The Services index gained 1.6%, while the Energy index rose 1.3%. Finance House Co. gained 5.9%, while Gulf Cement Co. was up 5.1%. Kuwait: The Kuwait Main Market Index fell 0.1% to close at 4,924.4. The Consumer Goods index declined 1.0%, while the Technology index fell 0.8%. Al Masaken Int. Real Estate Dev. fell 13.3%, while Al Argan Int. Real Estate Co. was down 10.0%. Oman: The MSM 30 Index fell 0.1% to close at 4,517.3. Losses were led by the Financial and Industrial indices, falling 0.2% each. Bank Nizwa fell 2.2%, while Galfar Engineering and Con. was down 1.9%. Bahrain: The BHB Index fell 0.1% to close at 1,334.4. The Hotels & Tourism index declined 1.4%, while the Commercial Banks index fell 0.7%. Khaleeji Commercial Bank declined 2.0%, while Gulf Hotel Group was down 1.9%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Al Khaleej Takaful Insurance Co. 11.27 2.3 45.6 (14.9) Dlala Brokerage & Inv. Holding Co. 16.28 2.0 112.4 10.7 The Commercial Bank 39.39 1.0 101.2 36.3 Al Meera Consumer Goods Co. 152.00 0.7 1.3 4.9 Qatar Industrial Manufacturing Co 40.50 0.5 1.8 (7.3) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 9.20 (0.8) 2,865.2 14.7 Qatar First Bank 5.50 (3.0) 534.9 (15.8) Qatar Gas Transport Company Ltd. 15.85 (0.8) 449.0 (1.6) Masraf Al Rayan 35.75 (0.3) 397.8 (5.3) Ezdan Holding Group 8.17 (1.4) 222.9 (32.4) Market Indicators 09 July 18 08 July 18 %Chg. Value Traded (QR mn) 131.4 108.8 20.8 Exch. Market Cap. (QR mn) 504,785.9 508,084.6 (0.6) Volume (mn) 6.3 3.8 66.8 Number of Transactions 2,583 2,339 10.4 Companies Traded 42 43 (2.3) Market Breadth 11:30 23:15 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,323.91 (0.6) 0.1 14.2 13.8 All Share Index 2,677.17 (0.7) 0.0 9.2 14.0 Banks 3,228.58 (0.7) 0.6 20.4 13.2 Industrials 2,983.96 (0.3) (0.2) 13.9 15.7 Transportation 1,939.13 (0.8) (0.4) 9.7 12.2 Real Estate 1,615.30 (1.3) (0.8) (15.7) 14.1 Insurance 3,005.23 (0.2) (0.9) (13.6) 25.5 Telecoms 1,030.03 (0.8) (1.0) (6.3) 30.8 Consumer 6,200.70 (0.7) (0.0) 24.9 13.4 Al Rayan Islamic Index 3,687.46 (0.7) (0.5) 7.8 15.0 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Saudi Arabian Fertilizer Saudi Arabia 63.70 3.1 738.5 (2.2) Nat. Commercial Bank Saudi Arabia 48.30 2.9 1,160.5 31.6 Saudi Arabian Mining Co. Saudi Arabia 57.80 2.7 384.4 11.4 Saudi Kayan Petrochem. Saudi Arabia 16.58 2.6 12,533.9 55.2 Al Rajhi Bank Saudi Arabia 86.80 2.5 1,859.6 34.3 GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% F. A. Al Hokair Saudi Arabia 20.68 (3.9) 2,047.1 (32.0) VIVA Kuwait Telecom Kuwait 0.73 (2.1) 78.9 (8.1) DAMAC Properties Dubai 2.13 (1.4) 569.1 (35.5) Emaar Properties Dubai 5.03 (1.4) 6,869.7 (23.1) Qatar Islamic Bank Qatar 119.21 (1.2) 39.0 22.9 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% Mannai Corporation 48.16 (3.7) 3.8 (19.1) Qatar Islamic Insurance Company 50.10 (3.7) 0.0 (8.9) Qatar First Bank 5.50 (3.0) 534.9 (15.8) Medicare Group 67.95 (2.4) 37.2 (2.7) Mazaya Qatar Real Estate Dev. 7.19 (1.5) 216.0 (20.1) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Vodafone Qatar 9.20 (0.8) 26,607.1 14.7 QNB Group 156.50 (0.9) 15,431.3 24.2 Masraf Al Rayan 35.75 (0.3) 14,194.3 (5.3) Industries Qatar 112.53 (0.4) 8,749.0 16.0 Ooredoo 72.44 (0.9) 8,129.3 (20.2) 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* 9,265.00 (0.6) 0.1 2.7 8.7 35.97 138,664.7 13.8 1.4 4.7 Dubai 2,875.32 (0.3) (0.2) 1.9 (14.7) 71.92 102,362.8 9.3 1.1 5.9 Abu Dhabi 4,616.96 0.0 0.3 1.2 5.0 19.63 127,338.9 12.4 1.4 5.2 Saudi Arabia 8,326.59 1.3 1.8 0.1 15.2 818.79 526,849.7 19.0 1.9 3.2 Kuwait 4,924.38 (0.1) 0.1 1.3 2.0 80.40 34,076.5 15.3 0.9 4.0 Oman 4,517.27 (0.1) (0.1) (1.2) (11.4) 2.99 19,056.4 11.3 1.0 5.4 Bahrain 1,334.43 (0.1) 0.3 1.8 0.2 8.17 20,407.8 8.7 0.9 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) 9,200 9,250 9,300 9,350 9,400 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 declined 0.6% to close at 9,265.0. The Real Estate and Telecoms indices led the losses. The index fell on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari and GCC shareholders.  Mannai Corporation and Qatar Islamic Insurance Company were the top losers, falling 3.7% each. Among the top gainers, Al Khaleej Takaful Insurance Company gained 2.3%, while Dlala Brokerage & Investment Holding Company was up 2.0%.  Volume of shares traded on Monday rose by 66.8% to 6.3mn from 3.8mn on Sunday. However, as compared to the 30-day moving average of 11.2mn, volume for the day was 43.2% lower. Vodafone Qatar and Qatar First Bank were the most active stocks, contributing 45.2% and 8.4% 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 Ajman Bank Fitch Dubai LT-IDR/ST-IDR/SR/VR – BBB+/F2/2/b+ – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, VR – Viability 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 Al Anwar Ceramic Tiles* Oman OMR 10.0 -6.6% – – 0.5 -54.6% Salalah Port Services* Oman OMR 27.6 7.0% – – 0.8 151.2% Oman Chromite* Oman OMR 0.9 -17.5% – – 0.3 13.1% Oman Refreshment* Oman OMR 36.1 3.6% – – 4.8 27.0% Hotels Management Co. Int.* Oman OMR 6.5 8.3% – – 1.9 26.0% Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for 1H2018) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 07/09 Germany German Federal Statistical Office Trade Balance May 19.7bn 20.2bn 20.1bn 07/09 Germany German Federal Statistical Office Current Account Balance May 12.6bn 19.8bn 23.5bn 07/09 China National Bureau of Statistics Foreign Reserves June $3,112.13bn $3,101.80bn $3,110.62bn Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Earnings Calendar Tickers Company Name Date of reporting 2Q2018 results No. of days remaining Status QNBK QNB Group 11-Jul-18 1 Due QGTS Qatar Gas Transport Company Limited (Nakilat) 11-Jul-18 1 Due QIBK Qatar Islamic Bank 15-Jul-18 5 Due MARK Masraf Al Rayan 16-Jul-18 6 Due WDAM Widam Food Company 17-Jul-18 7 Due ERES Ezdan Holding Group 17-Jul-18 7 Due QEWS Qatar Electricity & Water Company 18-Jul-18 8 Due UDCD United Development Company 18-Jul-18 8 Due CBQK The Commercial Bank 18-Jul-18 8 Due GWCS Gulf Warehousing Company 19-Jul-18 9 Due QIIK Qatar International Islamic Bank 19-Jul-18 9 Due IHGS Islamic Holding Group 19-Jul-18 9 Due KCBK Al Khalij Commercial Bank 19-Jul-18 9 Due ABQK Ahli Bank 19-Jul-18 9 Due DHBK Doha Bank 19-Jul-18 9 Due Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 52.18% 49.55% 3,454,091.62 Qatari Institutions 9.71% 4.02% 7,482,285.82 Qatari 61.89% 53.57% 10,936,377.44 GCC Individuals 0.79% 0.47% 418,522.52 GCC Institutions 1.22% 0.61% 801,390.43 GCC 2.01% 1.08% 1,219,912.95 Non-Qatari Individuals 10.42% 11.24% (1,079,386.23) Non-Qatari Institutions 25.68% 34.11% (11,076,904.16) Non-Qatari 36.10% 45.35% (12,156,290.39)
  3. 3. Page 3 of 5 QIGD Qatari Investors Group 23-Jul-18 13 Due QNCD Qatar National Cement Company 23-Jul-18 13 Due QATI Qatar Insurance Company 24-Jul-18 14 Due VFQS Vodafone Qatar 24-Jul-18 14 Due BRES Barwa Real Estate Company 24-Jul-18 14 Due QOIS Qatar Oman Investment Company 25-Jul-18 15 Due DBIS Dlala Brokerage & Investment Holding Company 25-Jul-18 15 Due QIMD Qatar Industrial Manufacturing Company 26-Jul-18 16 Due NLCS Alijarah Holding 26-Jul-18 16 Due ORDS Ooredoo 29-Jul-18 19 Due QISI Qatar Islamic Insurance Company 30-Jul-18 20 Due DOHI Doha Insurance Group 31-Jul-18 21 Due AKHI Al Khaleej Takaful Insurance Company 3-Aug-18 24 Due Source: QSE News Qatar  Ezdan Holding Group to hold its EGM on July 23 – Ezdan Holding Group announced that its board of directors will hold its Extraordinary General Meeting (EGM) on July 23, 2018. In case of lack of quorum, an alternate meeting will be held on August 15, 2018. (QSE)  Qatar Airways plans 250 destinations by 2022 – Qatar Airways’ CEO, Akbar Al Baker said, “Qatar Airways is a very well capitalized airline and has strong reserves to sustain its going- forward expansion plans. Hopefully by 2022, we will reach close to 220 destinations and including our freighter destinations, we will be crossing 250 by then. Qatar Airways, a member of the one world global alliance, now flies to more than 150 business and leisure destinations worldwide.” Further, he added fuel surcharge on tickets will be considered by Qatar Airways if the oil price goes above a certain mark. Al Baker said, “We already have a fuel hedging. Unfortunately, the hedge was at a higher price than what the oil price is today, because we were expecting the oil price to rise very steeply. However, once the oil price goes above a certain mark, which we are not going to tell you, because it is an internal Qatar Airways matter, yes surcharge will be put on the tickets. This will be done not only by Qatar Airways some airlines have already started putting surcharge, which we haven’t yet. So, there will be airlines putting surcharges and in line with them, Qatar Airways will be one of them.” (Gulf-Times.com)  Italy, Qatar in talks to bolster agriculture ties – A delegation representing Italian institutional organizations held meetings with Qatari officials from the private and public sectors to discuss ways to strengthen Qatar-Italy cooperation in the fields of agriculture, livestock production, and food distribution. The meetings were organized with the support of the embassy of Italy in Qatar and the local office of the Italian Trade Agency (ITA). According to the embassy, the meetings, which include main players of the Italian agricultural production and network, also aim to offer Qatar a very significant support in its food chain distribution. The embassy stated Coldiretti is the main institutional agricultural organization in terms of the number of associates in Italy and in Europe, with 400,000 associated farms and 1.6mn associate farmers. (Gulf-Times.com)  Qatari Diar appoints new CEO – Qatari Diar Real Estate Investment and Development Company (Qatari Diar) announced the appointment of Abdullah Bin Hamad Al Attiyah, Board Member, as the company’s new CEO. Since January 2017, he has served as Assistant President at the Public Works Authority (Ashghal). Also, in January 2018, he was appointed Vice-Chairman of Qatar Primary Materials Company, before being appointed by the Board as acting CEO until early May. (Gulf-Times.com)  QIA partakes in One Planet Summit for Sovereign Wealth Funds in Paris – Qatar Investment Authority (QIA) participated in the ‘One Planet Summit for Sovereign Wealth Funds’ held in Paris to encourage countries to reduce pollution and, specifically, to encourage sovereign wealth funds to invest in non-pollution sectors. The QIA is one of six sovereign funds that support the ‘One Planet’ initiative, which was adopted by French President Emmanuel Macron. (Gulf-Times.com) International  Eurozone’s investor morale bounces but outlook uncertain – Investor morale in the Eurozone rose in July to end a five-month run of declines, a survey showed, but research group Sentix said the spectre of escalating trade tensions with the US risked depressing sentiment again. Sentix’s index for the Eurozone rose to 12.1 from 9.3 in June. The Reuters consensus forecast was for a fall to 8.2. A Sentix index of German investor morale fell to 16.2 from 18.5 in June, registering the sixth decline in a row and hitting its lowest level since February 2016. (Reuters)  German exports rise more than expected in May – German exports rose by more than imports in May, widening the trade surplus, data showed, in a further sign that Europe’s biggest economy remains in robust form despite trade tensions the US. Seasonally adjusted exports rose by 1.8% on the month, data from the Federal Statistics Office showed. Imports rose by 0.7%. A Reuters poll had pointed to exports rising by 0.75% and imports falling by 0.3%. The seasonally adjusted trade surplus widened to 20.3bn Euros from 19.0bn Euros in April. The reading topped the Reuters consensus forecast of 20.0bn Euros. Germany’s wider current account surplus, which measures the flow of goods, services and investments, fell to 12.6bn Euros from 23.5bn Euros in April, unadjusted data showed. (Reuters)  China’s foreign exchange reserves unexpectedly rose in June – China’s foreign exchange reserves unexpectedly rose in June, bolstered by an increase in the value of its US Treasury holdings in an otherwise volatile month for Chinese markets,
  4. 4. Page 4 of 5 which were battered by fears about a Sino-US trade war. Reserves rose $1.51bn in June to $3.112tn, compared with a drop of $14.23bn in May, central bank data showed. Economists polled by Reuters had expected reserves to drop by $10.6bn to $3.10tn. (Reuters)  China’s June PPI up 4.7%, tops forecasts, CPI up 1.9% – China’s annual consumer inflation rate rose slightly to 1.9% in June, in line with expectations, official data showed. The consumer price index (CPI) had been expected to rise 1.9% from a year earlier, according to a Reuters poll, edging up from 1.8% gain in May. The producer price index (PPI) rose 4.7% in June from a year earlier, accelerating from the previous month’s increase of 4.1%, according to the National Bureau of Statistics. Analysts polled by Reuters had predicted producer inflation would pick up to 4.5% in June. June’s reading was the highest in six months. (Reuters) Regional  E-commerce council in Saudi Arabia set to push up investments – The proposed council for e-commerce in Saudi Arabia will increase online activities during the coming five years and will generate an income of SR60bn to this sector, economic analysts said. They also stressed that this step has come to meet the international changes and will support the Saudi Vision 2030. Further it will provide an encouraging environment to investors and accelerate development in several sectors. The 2017 Communications and Information Technology Commission (CITC) figures showed that the value of online trade has reached 29.7bn. The number is expected to increase by 20% a year; therefore it will reach SR60bn by 2030. (GulfBase.com)  Saudi Arabia issues draft law for public-private projects worth billions – Saudi Arabia published a draft law covering partnerships between the government and private sector in a step toward launching billions of Dollars worth of infrastructure projects and attracting fresh foreign investment. The draft offers investors exemptions from labor laws, real state ownership restrictions and other regulations. Saudi Arabia had announced in April that it aimed to generate $9bn to $11bn of non-oil state revenues from its privatization program by 2020. Some of that money would come from asset sales, while the rest would come from public-private partnerships (PPPs) - deals in which private companies invest in infrastructure and are paid to operate it for a period, before eventually transferring it to the state. (Reuters)  Leejam Sports to offer shares next month – Saudi Arabian sports and fitness business, Leejam Sports Company will offer 30% of its existing shares in IPO next month, according to sources. The listing is the latest in what is expected to be a busy pipeline of public share sales in the Kingdom, encouraged by a government drive to entice investment and diversify the economy away from a reliance on oil. Leejam Sports’ subscription period will take place from August 1 to August 7. The company will offer shares to both Saudi Arabian nationals and institutional investors. (Reuters)  UAE to invest over $23bn in airport development – The UAE is investing $23.16bn in airport development and expansion that will see its airports develop a combined capacity to handle more than 300mn passengers per year, stated the organizers of the upcoming Global Investment in Aviation Summit (GIAS) in Dubai. UAE’s investments in airports development include $8bn in developing Al Maktoum International Airport, $7.6bn expansion of the Phase IV of Dubai International Airport, $6.8bn re-development and expansion of Abu Dhabi International Airport. In addition Sharjah International Airport is also undergoing an investment in expansion of its terminal. (GulfBase.com)  Abu Dhabi’s Construction Cost Index rises 9.9% in 1Q2018 – The Construction Cost Index (CCI) in Abu Dhabi, UAE reached a level of 103.5% during 1Q2018, an increase of 9.9% compared to 1Q2017. Construction costs also rose during 1Q2018 by 5.6%, compared to 4Q2017, according to Statistics Centre-Abu Dhabi (SCAD). The statistics issued by SCAD showed that the workforce category was the most important group in the index, and contributed to the rise in average construction cost during 1Q2018, which increased by 19.9% compared to 4Q2017. (GulfBase.com)  National Bank of Kuwait plans expansion in Saudi Arabia as quarterly net profit rises – National Bank of Kuwait posted the best profit growth in six quarters and stated that it plans to expand its branch network in Saudi Arabia. Second-quarter net income climbed to KD92.3mn from KD79.3mn a year ago. Net operating income grew 11%, driven by lending volumes, improving margins and strong fee business. Customer loans and advances climbed 6.3% to KD15.2bn and customer deposits reached up 7.8% to KD14.6bn at the end of 2Q2018. The bank is planning to expand its branch network in the second half in Saudi Arabia to three from one, in addition to offering wealth management services in the Kingdom. Net income from international operations reached 28% of the group’s total profit in the first half. (Bloomberg)  Boubyan Bank reports net income of KD13.2mn in second quarter – Boubyan Bank reported net income for 2Q2018 as KD13.2mn, mainly due to higher finance and investment income. Operating revenue stood at KD36.5mn and operating profit came as KD21.9mn in 2Q2018. (Bloomberg)  Bahrain sells 91-day bills worth KD70mn – Bahrain sold KD70mn of bills, due October 10. Investors offered to buy 1.23 times the amount of securities sold. The bills were sold at a price of 99.013, having a yield of 3.94% and will settle on July 11. (Bloomberg)
  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 saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa 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; # Market closed on July 9, 2018) 40.0 60.0 80.0 100.0 120.0 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 QSE Index S&P Pan Arab S&P GCC 1.3% (0.6%) (0.1%) (0.1%) (0.1%) 0.0% (0.3%) (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,257.69 0.2 0.2 (3.5) MSCI World Index 2,131.14 0.8 0.8 1.3 Silver/Ounce 16.11 0.5 0.5 (4.9) DJ Industrial 24,776.59 1.3 1.3 0.2 Crude Oil (Brent)/Barrel (FM Future) 78.07 1.2 1.2 16.7 S&P 500 2,784.17 0.9 0.9 4.1 Crude Oil (WTI)/Barrel (FM Future) 73.85 0.1 0.1 22.2 NASDAQ 100 7,756.20 0.9 0.9 12.4 Natural Gas (Henry Hub)/MMBtu 2.90 (0.3) (0.3) (18.1) STOXX 600 384.59 0.6 0.6 (3.4) LPG Propane (Arab Gulf)/Ton 96.00 0.3 0.3 (3.0) DAX 12,543.89 0.4 0.4 (5.1) LPG Butane (Arab Gulf)/Ton 106.00 1.0 1.0 (2.3) FTSE 100 7,687.99 0.6 0.6 (2.3) Euro 1.18 0.0 0.0 (2.1) CAC 40 5,398.11 0.4 0.4 (0.7) Yen 110.85 0.3 0.3 (1.6) Nikkei 22,052.18 0.9 0.9 (1.6) GBP 1.33 (0.2) (0.2) (1.9) MSCI EM 1,075.74 1.5 1.5 (7.1) CHF 1.01 (0.2) (0.2) (1.7) SHANGHAI SE Composite 2,815.11 2.5 2.5 (16.6) AUD 0.75 0.5 0.5 (4.4) HANG SENG 28,688.50 1.3 1.3 (4.6) USD Index 94.08 0.1 0.1 2.1 BSE SENSEX 35,934.72 0.9 0.9 (1.9) RUB 62.49 (0.8) (0.8) 8.4 Bovespa# 75,010.39 0.0 0.0 (16.8) BRL 0.26 (0.3) (0.3) (14.5) RTS 1,193.17 1.7 1.7 3.4 83.0 80.7 67.6

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