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 July 11, 2018

119 views

Published on

The QSE Index rose 1.4% to close at 9,395.8

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

  • Be the first to like this

QNBFS Daily Market Report July 11, 2018

  1. 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 1.4% to close at 9,395.8. Gains were led by the Banks & Financial Services and Telecoms indices, gaining 1.7% and 1.4%, respectively. Top gainers were Ahli Bank and Mannai Corporation, rising 4.0% and 3.8%, respectively. Among the top losers, Al Khaleej Takaful Insurance Company fell 2.1%, while Mazaya Qatar Real Estate Development was down 1.4%. GCC Commentary Saudi Arabia: The TASI Index rose 1.1% to close at 8,417.9. Gains were led by the Real Estate Mgt. and Telecom. Services indices, rising 2.1% and 1.9%, respectively. Etihad Etisalat Co. rose 4.4%, while Astra Industrial Group was up 3.8%. Dubai: The DFM General Index gained 0.7% to close at 2,895.6. The Consumer Staples and Discretionary index rose 4.0%, while the Transportation index gained 2.0%. Takaful Emarat rose 7.5%, while Gulf General Investments Co. was up 7.1%. Abu Dhabi: The ADX General Index rose 1.1% to close at 4,668.6. The Industrial index gained 2.7%, while the Investment & Fin. Services index rose 2.6%. Gulf Pharma. Ind. gained 7.0%, while Abu Dhabi Nat. Co. for Building Mat. was up 4.0%. Kuwait: The Kuwait Main Market Index rose 0.6% to close at 4,955.4. The Telecom. and Consumer Goods indices rose 1.1% each. Kuwait & Middle East Financial Inv. Co. gained 17.3%, while Al Massaleh Real Estate Co. was up 15.6%. Oman: The MSM 30 Index fell 0.4% to close at 4,498.3. Losses were led by the Financial and Industrial indices, falling 0.7% and 0.5%, respectively. Oman National Engine. Invt. fell 9.0%, while Al Madina Investment was down 6.0%. Bahrain: The BHB Index gained marginally to close at 1,334.8. The Commercial Banks index rose 0.3%, while the other indices ended flat or in red. Ithmaar Holding rose 4.8%, while Ahli United Bank was up 0.8%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Ahli Bank 31.30 4.0 12.4 (15.7) Mannai Corporation 50.00 3.8 5.7 (16.0) Qatar Islamic Insurance Company 52.00 3.8 0.3 (5.4) Medicare Group 70.00 3.0 116.1 0.2 Qatar Islamic Bank 122.50 2.8 97.0 26.3 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 9.24 0.4 4,968.7 15.2 Qatar Gas Transport Company Ltd. 15.94 0.6 539.8 (1.0) Masraf Al Rayan 35.90 0.4 455.5 (4.9) United Development Company 14.10 (0.1) 444.5 (1.9) Qatar Insurance Company 34.55 0.4 359.9 (23.6) Market Indicators 10 July 18 09 July 18 %Chg. Value Traded (QR mn) 255.8 131.4 94.7 Exch. Market Cap. (QR mn) 512,084.0 504,785.9 1.4 Volume (mn) 10.7 6.3 69.1 Number of Transactions 3,711 2,583 43.7 Companies Traded 43 42 2.4 Market Breadth 28:11 11:30 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,554.37 1.4 1.5 15.8 14.0 All Share Index 2,710.53 1.2 1.3 10.5 14.2 Banks 3,284.60 1.7 2.4 22.5 13.4 Industrials 3,022.69 1.3 1.1 15.4 15.9 Transportation 1,955.43 0.8 0.4 10.6 12.3 Real Estate 1,621.00 0.4 (0.5) (15.4) 14.1 Insurance 3,017.77 0.4 (0.4) (13.3) 25.6 Telecoms 1,044.54 1.4 0.4 (4.9) 31.3 Consumer 6,212.97 0.2 0.2 25.2 13.5 Al Rayan Islamic Index 3,725.38 1.0 0.5 8.9 15.1 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Etihad Etisalat Co. Saudi Arabia 19.38 4.4 5,069.6 30.7 Jabal Omar Dev. Co. Saudi Arabia 44.00 3.5 1,689.6 (25.6) Samba Financial Group Saudi Arabia 32.85 3.3 1,141.2 39.8 Bank Al Bilad Saudi Arabia 24.70 2.9 1,246.4 20.6 Arab National Bank Saudi Arabia 33.85 2.9 253.5 37.0 GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% HSBC Bank Oman Oman 0.11 (1.8) 252.5 (12.5) National Bank of Oman Oman 0.18 (1.7) 38.5 (6.6) Union National Bank Abu Dhabi 3.60 (1.4) 1,113.9 (5.3) Ahli Bank Oman 0.16 (1.2) 379.0 (2.3) Saudi Airlines Catering Saudi Arabia 95.00 (1.1) 60.6 18.4 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% Al Khaleej Takaful Insurance Co. 11.03 (2.1) 291.2 (16.7) Mazaya Qatar Real Estate Dev. 7.09 (1.4) 331.7 (21.2) Dlala Brokerage & Inv. Holding Co 16.15 (0.8) 298.3 9.9 Salam International Inv. Ltd. 5.26 (0.8) 189.3 (23.7) Qatar Fuel Company 146.00 (0.7) 114.3 43.1 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Vodafone Qatar 9.24 0.4 46,737.5 15.2 Ooredoo 73.95 2.1 23,220.2 (18.5) QNB Group 159.90 2.2 22,749.3 26.9 Industries Qatar 114.90 2.1 18,376.8 18.5 Qatar Fuel Company 146.00 (0.7) 16,715.8 43.1 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* 9,395.81 1.4 1.5 4.1 10.2 70.02 140,669.5 14.0 1.4 4.7 Dubai 2,895.64 0.7 0.5 2.6 (14.1) 83.88 102,902.7 9.3 1.1 5.8 Abu Dhabi 4,668.55 1.1 1.4 2.4 6.1 35.75 128,570.2 12.5 1.4 5.1 Saudi Arabia 8,417.91 1.1 2.9 1.2 16.5 971.38 532,164.0 19.1 1.9 3.2 Kuwait 4,955.35 0.6 0.7 1.9 2.6 108.90 34,274.6 15.4 0.9 4.0 Oman 4,498.34 (0.4) (0.6) (1.6) (11.8) 3.06 18,995.8 11.3 1.0 5.5 Bahrain 1,334.80 0.0 0.3 1.8 0.2 3.63 20,414.0 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) 9,250 9,300 9,350 9,400 9,450 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 rose 1.4% to close at 9,395.8. The Banks & Financial Services and Telecoms indices led the gains. The index rose on the back of buying support from GCC and non-Qatari shareholders despite selling pressure from Qatari shareholders.  Ahli Bank and Mannai Corporation were the top gainers, rising 4.0% and 3.8%, respectively. Among the top losers, Al Khaleej Takaful Insurance Company fell 2.1%, while Mazaya Qatar Real Estate Development was down 1.4%.  Volume of shares traded on Tuesday rose by 69.1% to 10.7mn from 6.3mn on Monday. However, as compared to the 30-day moving average of 11.1mn, volume for the day was 3.7% lower. Vodafone Qatar and Qatar Gas Transport Company Limited were the most active stocks, contributing 46.4% and 5.0% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases, Global Economic Data and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) 2Q2018 % Change YoY Operating Profit (mn) 2Q2018 % Change YoY Net Profit (mn) 2Q2018 % Change YoY Ubar Hotels and Resorts** Oman OMR 2.4 -13.2% 0.2 -58.9% 0.1 -74.2% The Financial Corporation* Oman OMR 0.9 47.2% – – 0.4 156.1% Al Madina Investment# Oman OMR 0.1 -89.5% – – -0.3 N/A Dhofar Int. Dev. and Inv. Hold.* Oman OMR 10.4 -0.1% – – -27.1 N/A Oman Cables Industry* Oman OMR 125.9 0.5% – – 4.0 -29.5% Omani Euro Foods Industries Oman OMR 0.8 -13.5% – – -0.1 N/A Oman Packaging* Oman OMR 6.4 4.0% – – 0.2 -58.3% Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for 1H2018; **Financials for FY2017-18; # Financials for 1Q2018-19) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 07/10 UK UK Office for National Statistics Trade Balance May -£2,790 -£3,400 -£3,087 07/10 UK UK Office for National Statistics Industrial Production MoM May -0.4% 0.5% -1.0% 07/10 UK UK Office for National Statistics Industrial Production YoY May 0.8% 1.9% 1.6% 07/10 UK UK Office for National Statistics Manufacturing Production MoM May 0.4% 0.7% -1.3% 07/10 UK UK Office for National Statistics Manufacturing Production YoY May 1.1% 1.9% 0.9% 07/10 UK UK Office for National Statistics Monthly GDP 3M/3M Change May 0.2% 0.2% 0.0% 07/10 UK UK Office for National Statistics GDP (MoM) May 0.3% 0.3% 0.2% 07/10 France INSEE National Statistics Office Industrial Production MoM May -0.2% 0.7% -0.5% 07/10 France INSEE National Statistics Office Industrial Production YoY May -0.9% 0.4% 1.9% 07/10 France INSEE National Statistics Office Manufacturing Production MoM May -0.6% 0.3% 0.4% 07/10 France INSEE National Statistics Office Manufacturing Production YoY May -0.7% 0.8% 2.8% 07/10 China National Bureau of Statistics PPI YoY June 4.7% 4.5% 4.1% 07/10 China National Bureau of Statistics CPI YoY June 1.9% 1.9% 1.8% 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 0 Due QGTS Qatar Gas Transport Company Limited (Nakilat) 11-Jul-18 0 Due QIBK Qatar Islamic Bank 15-Jul-18 4 Due MARK Masraf Al Rayan 16-Jul-18 5 Due WDAM Widam Food Company 17-Jul-18 6 Due ERES Ezdan Holding Group 17-Jul-18 6 Due QEWS Qatar Electricity & Water Company 18-Jul-18 7 Due UDCD United Development Company 18-Jul-18 7 Due CBQK The Commercial Bank 18-Jul-18 7 Due Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 39.32% 54.40% (38,547,330.25) Qatari Institutions 9.45% 12.09% (6,752,044.26) Qatari 48.77% 66.49% (45,299,374.51) GCC Individuals 0.48% 0.72% (599,291.88) GCC Institutions 2.65% 0.73% 4,913,905.98 GCC 3.13% 1.45% 4,314,614.10 Non-Qatari Individuals 7.61% 8.50% (2,298,911.98) Non-Qatari Institutions 40.49% 23.57% 43,283,672.39 Non-Qatari 48.10% 32.07% 40,984,760.41
  3. 3. Page 3 of 6 GWCS Gulf Warehousing Company 19-Jul-18 8 Due QIIK Qatar International Islamic Bank 19-Jul-18 8 Due IHGS Islamic Holding Group 19-Jul-18 8 Due KCBK Al Khalij Commercial Bank 19-Jul-18 8 Due ABQK Ahli Bank 19-Jul-18 8 Due DHBK Doha Bank 19-Jul-18 8 Due QIGD Qatari Investors Group 23-Jul-18 12 Due QNCD Qatar National Cement Company 23-Jul-18 12 Due QATI Qatar Insurance Company 24-Jul-18 13 Due VFQS Vodafone Qatar 24-Jul-18 13 Due BRES Barwa Real Estate Company 24-Jul-18 13 Due QOIS Qatar Oman Investment Company 25-Jul-18 14 Due DBIS Dlala Brokerage & Investment Holding Company 25-Jul-18 14 Due QIMD Qatar Industrial Manufacturing Company 26-Jul-18 15 Due NLCS Alijarah Holding 26-Jul-18 15 Due ORDS Ooredoo 29-Jul-18 18 Due AHCS Aamal Company 30-Jul-18 19 Due QISI Qatar Islamic Insurance Company 30-Jul-18 19 Due AKHI Al Khaleej Takaful Insurance Company 30-Jul-18 19 Due DOHI Doha Insurance Group 31-Jul-18 20 Due Source: QSE News Qatar  Aamal Company to disclose its semi-annual financials on July 30 – Aamal Company announced that it will disclose its semi- annual financial reports for the period ending June 30, 2018 on July 30, 2018. (QSE)  SIIS to disclose its semi-annual financials on July 31 – Salam International Investment Limited (SIIS) announced that it will disclose its semi-annual financial reports for the period ending June 30, 2018 on July 31, 2018. (QSE)  Milaha deploys flagship vessel off West African Coast – Qatar Navigation (Milaha) announced the deployment of its liftboat, Milaha Explorer, off the coast of West Africa as part of a long- term charter with a major international oil company. Milaha Explorer is the largest of its kind to be owned by a Qatari company and has a large deck area, a variable load capacity and the ability to accommodate 300 persons on board. Milaha’s President and CEO, Abdulrahman Essa Al Mannai said, “Over the past few months, we have been significantly ramping up our operations, and I am pleased to announce further growth in our geographic footprint and operational portfolio with this long-term deployment, which marks our entry into Africa. Milaha Explorer is a new and modern vessel, and we wish its captain and crew safe and successful operations.” (QSE)  Qatar most active player in MENA debt capital market – Qatar was the most active player in the Middle East and North African (MENA) debt capital market (DCM), accounting for 28.5% of the issue in terms of value, according to Thomson Reuters. The mergers and acquisition (M&A) deals with MENA involvement touched an eight-year high of $33.9bn during 2Q2018, it stated in a report. Saudi Arabia trailed behind Qatar with 21.8% share in the MENA DCM, adding International Islamic debt issuance (within the region) reached $19.3bn so far this year. The DCM has seen significant activity during the first half of this year, despite 2% decreased compared to 2Q2017. Debt issuance in the MENA region is at its second highest level, reaching $59.4bn so far this year. The value of announced M&A transactions with any MENA involvement reported 74% growth YoY during 2Q2018. Deals with a MENA target reached an all-time high rising to $21.3bn, up 110% from the same period in 2017 while inter-MENA or domestic deals reached a five-year high, also up 232% YoY. (Gulf-Times.com)  Qatari companies to get big savings once ATA Carnet takes effect next month – Companies in Qatar could expect to generate very big savings in operational costs once the ATA Carnet takes effect in the country next month, according to Qatar Chamber Legal Affairs Department’s Director, Abdul Aziz Al Kuwari. Aside from cost, the ATA Carnet will help companies in Qatar save time in terms of streamlining procedures when exporting and re-exporting goods, Al Kuwari said on the sidelines of Qatar Chamber’s first workshop on the ATA Carnet. Al Kuwari said, “A lot of countries require customs duties, certificates, and other costs. But with the ATA Carnet, companies will only pay for fees of the carnet and the guarantee, which will be returned once the companies return to Qatar, so they get very big savings on money and time.” Al Kuwari also stressed that the ATA Carnet will help make Qatar attractive to foreign investors, and will contribute to activating the tourism sector, conferences, and exhibition being held in the country. (Gulf-Times.com)  QDB, ITC to step up joint support for Qatari MSMEs – Qatar Development Bank (QDB) and International Trade Centre (ITC) announced the signing of a partnership for $1mn funding to help diversify micro, small and medium-sized enterprises (MSMEs) in Qatar. As part of a new cooperation agreement, QDB will provide $1mn to ITC towards the development and enhancement of competitiveness of MSMEs in the country, the ITC stated in a statement. The two organizations will work jointly to diversify the exports of Qatari enterprises and improve the visibility of Qatari non-oil and non-gas sectors. Stepping up its support for Qatari MSMEs, the project will work to better integrate them into the global business-to-business e- commerce markets. One focus would be through establishing a
  4. 4. Page 4 of 6 barcode standard in Qatar that will encourage companies to produce goods conforming to international market standards. This will ease access to new national, regional and international markets and improve product safety by ensuring better traceability along the global supply chain. (Gulf- Times.com) International  US says to slap tariffs on extra $200bn of Chinese imports – The Trump administration raised the stakes in its trade war with China, saying it would slap 10% tariffs on an extra $200bn worth of Chinese imports. US officials released a list of thousands of Chinese imports the administration wants to hit with the tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum. It also includes consumer goods ranging from car tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products. Last week, US imposed 25% tariffs on $34bn of Chinese imports, and China responded immediately with matching tariffs on the same amount of US exports to China. (Reuters)  US job quits rate hits 17-year high; labor market tightening – More American workers voluntarily quit their jobs in May, government data showed, a sign of confidence in the labor market that economists say will soon boost wage growth. In its monthly Job Openings and Labor Turnover Survey (JOLTS), the Labor Department stated the number of workers leaving jobs of their own free will increased 212,000 to 3.3mn. That lifted the quits rate one-tenth of a percentage point to 2.4%, the highest since April 2001. Wage inflation has remained moderate despite tightening labor market conditions. Annual wage growth as measured by average hourly earnings has struggled to break 3%, increasing 2.7% in June. (Reuters)  UK economy brightens as Bank of England nears rate decision – Britain’s economy picked up a bit of speed in May after slowing in early 2018, according to official figures that will give the Bank of England more confidence about raising interest rates next month for only the second time in over a decade. A new monthly reading of gross domestic product showed the world’s fifth-biggest economy grew by 0.3% in May from April, the strongest performance since November and up from growth of 0.2% a month earlier. (Reuters)  Greece’s industrial output rises 1.0% YoY in May – Greece’s industrial output rose 1.0% in May compared to the same month last year, after an upwardly revised 2.0% recorded in April, statistics service ELSTAT stated. In a breakdown of index components, manufacturing production rose 0.3% from the same month last year, while mining output rose 6.8%. Electricity production rose 2.7%. There was 1.1% decline in water supply. (Reuters)  Greece’s June EU-harmonized inflation rises 1.0% YoY – Greece’s annual EU-harmonized inflation rate accelerated in June, statistics service ELSTAT data showed. The reading in June was running at 1.0% from 0.8% in May. The data showed the headline consumer price index rose by equal measure to 1.0% YoY from 0.6% in the previous month. Greece had been in a protracted deflation mode since March 2013 based on its headline index, as wage and pension cuts and a multi-year recession took a heavy toll on Greek household incomes. Deflation in the country hit its highest level in November 2013 when consumer prices registered 2.9% YoY decline. (Reuters)  Japan’s core machinery orders fall 3.7% MoM in May – Japan’s core machinery orders fell 3.7% MoM in May, reversing the previous month’s big gain, Cabinet Office data showed. The fall in core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, compared with economists’ median estimate of 5.5% decline in a Reuters poll. Compared with a year earlier, core orders, which exclude those of ships and electricity, grew 16.5% in May, versus 8.6% gain seen by economists. (Reuters) Regional  M&A transactions in Saudi Arabia to grow over next two years – Mergers and acquisitions (M&A) activity in Saudi Arabia will increase in the coming years, with a particular interest in the Materials, Industrial and Construction sectors, Insurance, Transportation, Real Estate development, Retail and Food Services, and Automotive Sector, according to a report. Expressing optimism about M&A in the Kingdom, the report stated that the government’s focus on reforms in a number of areas including laws and regulations would contribute to the acceleration of M&A activities in 2018. Saudi Arabia continues to make changes to regulations with a view to attract investments into the country. The recent inclusion of Saudi Arabia in MSCI’s Emerging Markets Index has resulted in a significant positive impact and will continue to do so. (GulfBase.com)  Saudi Arabia to ask banks to pitch for Islamic bond sale – Saudi Arabia is asking banks to pitch for roles on a potential Dollar- denominated Islamic bond sale that could happen in the second half of 2018, sources said. The government has sent out the so- called request for proposals for the possible Sukuk sale to international and local lenders. Saudi Arabia has been one of the biggest issuers in emerging markets after a drop in oil prices prompted the Kingdom to sell Dollar bonds less than two years ago. The sale would be the Kingdom’s second international bond offering this year after it raised $11bn in April. (Gulf- Times.com)  Saudi Arabia’s securities regulator awards two Fintech licenses – Saudi Arabia’s securities regulator approved its first two financial technology licenses, part of a drive to develop a Fintech sector in the economy under reforms designed to reduce reliance on oil exports. The Capital Market Authority approved licenses allowing start-up Manafa Capital and another firm, Scopeer to offer crowd-funding investment services on a trial basis. Individual investors will use electronic platforms operated by the companies to fund small and medium-sized enterprises in exchange for shares in those enterprises. (Gulf- Times.com)  Cerberus and Colony make new offers for Abraaj Funds – Cerberus Capital Management and Colony Capital Inc. made new offers to buy Abraaj Group assets as the embattled Dubai- based private equity firm works on a court- supervised restructuring, according to sources. Cerberus made a bid for all of Abraaj’s funds, but hasn’t offered to buy the limited- partnership stakes in the underlying funds. Cerberus was engaged in talks with Abraaj Group to acquire its funds before
  5. 5. Page 5 of 6 Colony reached a principle agreement last month. Colony, which in June agreed to buy some of Abraaj Group’s funds and oversee others, made a revised offer for some of the funds, as well as its limited-partnership interests in the underlying funds. (Bloomberg)  Dubai’s SMEs share in GDP at 47% – A study showed that Small and Medium Enterprises (SMEs) continue to create a significant number of job opportunities and add substantial value to Dubai’s economy. The SME contribution to Dubai’s economy rose from 40% in 2009 to 47% in 2016 while their contribution to job creation rose from 42% to 52.4% during the same period in spite of the slow global economic growth, the study showed. Younger start-ups make up nearly 50% of the companies registered in Dubai and it validates the Emirate’s appeal as a global centre for entrepreneurship, knowledge transfer and innovation, which also boasts of a state-of-the-art infrastructure and flexible legislative framework conducive to investment. (GulfBase.com)  Dubai’s non-oil private sector growth improves in June – Dubai’s non-oil private sector growth improved at a marked rate in June, according to Emirates NBD Dubai Economy Tracker. Although the headline index fell from May’s recent peak, reflecting easing travel & tourism growth momentum, stronger expansions were registered in both the wholesale & retail and construction sectors. The seasonally adjusted Emirates NBD Dubai Economy Tracker Index fell to 56.0 in June, from 57.6 in May. Despite the headline figure falling from that recorded in May, it remained at a level indicative of a marked expansion that was above the historical average. Wholesale & retail was the strongest performer in June (58.6), followed by construction (57.1) and travel & tourism (54.9). (GulfBase.com)  Moody’s: Outlook for Bahraini banks remains ‘Negative’ – The outlook for the Bahraini banking system remains ‘Negative’, as constrained government spending will weaken economic growth, according to Moody’s. Moody’s stated that despite a rise in oil prices, the government’s budget deficit will oblige it to constrain spending, which will moderate growth in the non-oil economy. Higher borrowing costs due to rising interest rates and reduced subsidies will weigh on corporate and household income, putting mild pressure on loan quality. Moody’s expect slower economic growth of 2.8% in 2018 (3.9% in 2017), as a result of constrained government spending. (GulfBase.com)
  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 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 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg (*$ adjusted returns) 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 1.1% 1.4% 0.6% 0.0% (0.4%) 1.1% 0.7% (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 1,255.54 (0.2) 0.0 (3.6) MSCI World Index 2,135.87 0.2 1.0 1.5 Silver/Ounce 16.06 (0.4) 0.1 (5.2) DJ Industrial 24,919.66 0.6 1.9 0.8 Crude Oil (Brent)/Barrel (FM Future) 78.86 1.0 2.3 17.9 S&P 500 2,793.84 0.3 1.2 4.5 Crude Oil (WTI)/Barrel (FM Future) 74.11 0.4 0.4 22.7 NASDAQ 100 7,759.20 0.0 0.9 12.4 Natural Gas (Henry Hub)/MMBtu 2.90 1.6 (0.3) (18.1) STOXX 600 386.25 0.3 0.9 (3.1) LPG Propane (Arab Gulf)/Ton 97.50 1.6 1.8 (1.5) DAX 12,609.85 0.4 0.8 (4.7) LPG Butane (Arab Gulf)/Ton 106.50 0.5 1.4 (1.8) FTSE 100 7,692.04 0.3 0.9 (2.0) Euro 1.17 (0.1) (0.0) (2.2) CAC 40 5,434.36 0.6 1.0 (0.2) Yen 111.00 0.1 0.5 (1.5) Nikkei 22,196.89 0.2 1.1 (1.3) GBP 1.33 0.1 (0.1) (1.8) MSCI EM 1,076.19 0.0 1.5 (7.1) CHF 1.01 (0.0) (0.2) (1.8) SHANGHAI SE Composite 2,827.63 (0.3) 2.5 (16.6) AUD 0.75 (0.1) 0.4 (4.5) HANG SENG 28,682.25 (0.0) 1.3 (4.6) USD Index 94.16 0.1 0.2 2.2 BSE SENSEX 36,239.62 0.8 1.8 (1.0) RUB 61.74 (1.2) (1.9) 7.1 Bovespa 74,862.38 2.0 2.0 (15.1) BRL 0.26 1.6 1.3 (13.1) RTS 1,202.42 0.8 2.5 4.2 83.9 81.5 68.6

×