The document summarizes the daily stock market activity and company news for Qatar and other GCC countries. The key points are:
- The QSE index in Qatar gained 3.2% led by insurance and banks, with Qatari Investors Group and Qatar Islamic Bank as top gainers.
- Stock markets in other GCC countries were also up, with Saudi Arabia leading gains.
- Company news highlights Nakilat expanding its LNG fleet through a new JV, Google launching Street View in Doha, and Ooredoo launching new business messaging packs.
2 June 2013: The QE index gained marginally to close at 9,239.2. Gains were led by the Transportation and Telecoms indices, gaining 3.6% and 1.8% respectively. Top gainers were Qatar Navigation and Qatar Gas Transport Co., rising 4.7% and 3.6% respectively. Among the top losers, Islamic Holding Group fell 2.6%, while QNB Group declined 2.5%
The QE Index declined 2.0% to close at 9,700.8. Losses were led by the Industrials and Banks & Financial Services indices, falling 2.7% and 2.2%, respectively.
2 June 2013: The QE index gained marginally to close at 9,239.2. Gains were led by the Transportation and Telecoms indices, gaining 3.6% and 1.8% respectively. Top gainers were Qatar Navigation and Qatar Gas Transport Co., rising 4.7% and 3.6% respectively. Among the top losers, Islamic Holding Group fell 2.6%, while QNB Group declined 2.5%
The QE Index declined 2.0% to close at 9,700.8. Losses were led by the Industrials and Banks & Financial Services indices, falling 2.7% and 2.2%, respectively.
QNBFS Daily Market Report February 17, 2021QNB Group
The QE Index rose marginally to close at 10,459.9. Gains were led by the Telecoms and Consumer Goods & Services indices, gaining 0.4% and 0.2%, respectively.
The QSE Index rose 1.1% to close at 8,669.0. Gains were led by the Consumer Goods & Services and Industrials indices, gaining 3.4% and 2.4%, respectively.
QNBFS Daily Market Report February 17, 2021QNB Group
The QE Index rose marginally to close at 10,459.9. Gains were led by the Telecoms and Consumer Goods & Services indices, gaining 0.4% and 0.2%, respectively.
The QSE Index rose 1.1% to close at 8,669.0. Gains were led by the Consumer Goods & Services and Industrials indices, gaining 3.4% and 2.4%, respectively.
QNBFS Daily Market Report December 21, 2021QNB Group
The QE Index declined 0.2% to close at 11,658.5. Losses were led by the Real Estate and Consumer Goods & Services indices, falling 1.1% and 0.9%, respectively.
QNBFS Daily Market Report December 24, 2023QNB Group
The QE Index rose 0.8% to close at 10,285.3. Gains were led by the Transportation and Banks & Financial Services indices, gaining 1.4% and 1.2%, respectively.
QNBFS Daily Market Report October 04, 2023QNB Group
The QE Index rose 0.2% to close at 10,273.3. Gains were led by the Transportation and Consumer Goods & Services indices, gaining 1.7% and 0.1%, respectively.
QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Market Report September 24, 2023QNB Group
The QE Index rose 0.3% to close at 10,323.0. Gains were led by the Transportation and Industrials indices, gaining 0.8% each. Top gainers were Qatar Navigation and Al Khaleej Takaful Insurance Co., rising 3.3% and 2.0%, respectively.
QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to sustain its breakout above the double-bottom formation’s neckline and continued with its decline into the formation’s territory.
QNBFS Daily Market Report September 17, 2023QNB Group
The QE Index declined 0.5% to close at 10,319.3. Losses were led by the Industrials and Consumer Goods & Services indices, falling 1.4% and 1.1%, respectively.
QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...QNB Group
The General Index failed to
sustain its breakout above the
double-bottom formation’s
neckline and continued with
its decline into the
formation’s territory.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 3.2% to close at 10,905.7. Gains were led by the Insurance and
Banks & Financial Services indices, rising 3.8% and 3.0%, respectively. Top gainers were
Qatari Investors Group and Qatar Islamic Bank, rising 9.2% and 6.4%, respectively.
Among the top losers, Qatar Industrial Manufacturing Co. fell 2.0%, while Qatar National
Cement Co. was down 0.6%.
GCC Commentary
Saudi Arabia: The TASI Index rose 7.4% to close at 7,543.1. Gains were led by the
Energy & Utilities and Hotel & Tourism indices, rising 9.3% and 9.2%, respectively.
Jazan Development Co. & Saudi Chemical Co. were up 10.0% each.
Dubai: The DFM Index gained 4.6% to close at 3,558.4. The Consumer Staples index
rose 11.2%, while the Financial & Investment Services index gained 8.9%. Amlak
Finance surged 14.7%, while Dar Al Takaful was up 14.4%.
Abu Dhabi: The ADX benchmark index rose 1.6% to close at 4,334.2. The Energy index
gained 9.4%, while the Real Estate index rose 7.9%. Dana Gas gained 13.6%, while Abu
Dhabi Commercial Bank was up 12.3%.
Kuwait: The KSE Index gained 0.3% to close at 5,834.8. The Real Estate index rose 1.3%,
while the Consumer Services index gained 1.1%. Investors Holding Group Co. rose
10.6%, while Zima Holding Co. was up 9.1%.
Oman: The MSM Index rose 0.4% to close at 5,760.3. Gains were led by the Services and
Financial indices, rising 1.0% and 0.8%, respectively. Al Batinah Dev. Inv. Holding rose
8.9%, while Al Madina Takaful was up 8.3%.
Bahrain: The BHB Index declined marginally to close at 1,304.0. The Investment index
fell 0.9%, while the Services index declined 0.4%. GFH Financial Group fell 9.3%, while
Seef Properties was down 3.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 46.50 9.2 34.6 12.3
Qatar Islamic Bank 110.50 6.4 216.5 8.1
Qatar Islamic Insurance Co. 75.00 5.6 3.7 (5.1)
Qatar Insurance Co. 91.00 5.1 121.8 15.5
Qatar Gas Transport Co. 21.56 5.1 557.8 (6.7)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 13.45 3.4 1,387.3 (18.2)
Ezdan Holding Group 17.29 3.2 1,335.5 15.9
Barwa Real Estate Co. 43.00 2.1 1,325.6 2.6
Masraf Al Rayan 40.75 3.8 1,113.8 (7.8)
Commercial Bank 55.40 0.9 1,015.8 (11.0)
Market Indicators 25 Aug 15 24 Aug 15 %Chg.
Value Traded (QR mn) 517.9 499.7 3.6
Exch. Market Cap. (QR mn) 574,196.7 558,709.7 2.8
Volume (mn) 11.8 13.0 (9.4)
Number of Transactions 7,544 8,327 (9.4)
Companies Traded 40 41 (2.4)
Market Breadth 36:3 9:31 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,951.39 3.2 (3.9) (7.5) N/A
All Share Index 2,908.51 2.8 (4.1) (7.7) 12.0
Banks 2,924.21 3.0 (3.0) (8.7) 12.9
Industrials 3,380.97 2.5 (5.8) (16.3) 11.9
Transportation 2,322.57 2.7 (2.3) 0.2 11.9
Real Estate 2,538.72 2.8 (4.7) 13.1 8.4
Insurance 4,466.78 3.8 (1.8) 12.8 21.0
Telecoms 896.50 2.9 (7.2) (39.7) 23.6
Consumer 6,413.42 2.5 (5.6) (7.2) 24.7
Al Rayan Islamic Index 4,233.18 3.1 (3.8) 3.2 12.3
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Dana Gas Abu Dhabi 0.50 13.6 40,930.9 0.0
Abu Dhabi Comm. Bank Abu Dhabi 7.49 12.3 3,955.6 6.5
United Int. Transport. Saudi Arabia 51.00 10.0 107.8 (8.9)
Saudi Chemical Co. Saudi Arabia 55.00 10.0 926.4 (3.9)
Bank Al-Jazira Saudi Arabia 22.20 10.0 2,679.1 (20.1)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Tihama Adv. & Public Saudi Arabia 67.50 (10.0) 557.4 (25.4)
Kuwait Projects Co. Kuwait 0.61 (4.7) 933.8 (12.9)
Kuwait Food Co. Kuwait 2.26 (4.2) 115.8 (19.3)
Abu Dhabi Nat. Energy Abu Dhabi 0.51 (3.8) 364.2 (36.3)
Nat. Real Estate Co. Kuwait 0.09 (3.4) 183.8 (31.6)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Ind. Manufacturing Co. 44.00 (2.0) 17.7 1.5
Qatar National Cement Co. 102.60 (0.6) 25.3 (14.5)
Doha Insurance Co. 25.00 (0.2) 0.3 (13.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 43.00 2.1 57,039.4 2.6
Commercial Bank 55.40 0.9 55,357.6 (11.0)
Masraf Al Rayan 40.75 3.8 44,350.7 (7.8)
Gulf International Services 57.30 2.1 43,294.5 (41.0)
QNB Group 167.00 3.1 41,538.0 (21.6)
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 10,905.73 3.2 (3.9) (7.5) (11.2) 142.21 157,674.4 11.2 1.7 4.6
Dubai 3,558.37 4.6 (4.1) (14.1) (5.7) 308.43 92,694.1 11.5 1.1 7.3
Abu Dhabi 4,334.17 1.6 (4.0) (10.3) (4.3) 96.24 118,197.6 11.6 1.3 5.2
Saudi Arabia 7,543.05 7.4 (5.9) (17.1) (9.5) 2,761.12 452,859.0 15.8 1.8 3.6
Kuwait 5,834.78 0.3 (3.6) (6.7) (10.7) 69.67 89,998.7 14.0 1.0 4.4
Oman 5,760.29 0.4 (5.4) (12.2) (9.2) 13.83 23,344.0 9.0 1.3 4.4
Bahrain 1,303.97 (0.0) (1.2) (2.1) (8.6) 1.01 20,395.4 8.3 0.8 5.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,500
10,600
10,700
10,800
10,900
11,000
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
2. Page 2 of 6
Qatar Market Commentary
The QSE Index gained 3.2% to close at 10,905.7. The Insurance and Banks &
Financial Services indices led the gains. The index rose on the back of
buying support from Qatari and GCC shareholders despite selling pressure
from non-Qatari shareholders.
Qatari Investors Group and Qatar Islamic Bank were the top gainers, rising
9.2% and 6.4%, respectively. Among the top losers, Qatar Industrial
Manufacturing Co. fell 2.0%, while Qatar National Cement Co. was down
0.6%.
Volume of shares traded on Tuesday fell by 9.4% to 11.8mn from 13.0mn
on Monday. However, as compared to the 30-day moving average of 4.5mn,
volume for the day was 161.9% higher. Vodafone Qatar and Ezdan Holding
Group were the most active stocks, contributing 11.8% and 11.3% to the
total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/25 US FHFA FHFA House Price Index MoM June 0.20% 0.40% 0.50%
08/25 US S&P/Case-Shiller S&P/CS Composite-20 YoY June 4.97% 5.10% 4.99%
08/25 US S&P/Case-Shiller S&P/Case-Shiller US HPI YoY June 4.49% – 4.43%
08/25 US S&P/Case-Shiller S&P/Case-Shiller US HPI NSA June 173.8 – 172.2
08/25 US Markit Markit US Composite PMI August 55.0 – 55.7
08/25 US Markit Markit US Services PMI August 55.2 55.1 55.7
08/25 US Conference Board Consumer Confidence Index August 101.5 93.4 91.0
08/25 Germany Destatis Private Consumption QoQ 2Q2015 0.20% 0.30% 0.40%
08/25 Germany Destatis Government Spending QoQ 2Q2015 0.30% 0.20% 0.60%
08/25 Germany Destatis Capital Investment QoQ 2Q2015 -0.40% -0.30% 1.70%
08/25 Germany Destatis Construction Investment QoQ 2Q2015 -1.20% – 1.80%
08/25 Germany Destatis Domestic Demand QoQ 2Q2015 -0.30% – 0.60%
08/25 Germany Destatis Exports QoQ 2Q2015 2.20% 1.80% 1.20%
08/25 Germany Destatis Imports QoQ 2Q2015 0.80% 1.70% 1.90%
08/25 Spain INE PPI MoM July 0.10% – 0.90%
08/25 Spain INE PPI YoY July -1.30% – -1.30%
08/25 China The People's Bank of China 1-Year Lending Rate 25-August 4.60% – 4.85%
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 57.62% 57.48% 785,133.00
GCC 6.90% 3.92% 15,403,246.12
Non-Qatari 35.48% 38.60% (16,188,379.12)
3. Page 3 of 6
News
Qatar
Nakilat expands JV with Maran to include two LNG vessels – Qatar
Gas Transport Co. (Nakilat) has expanded its joint venture (JV)
with Greek shipping company Maran Ventures Inc. to include two
new LNG vessels. Maran Nakilat Co. Ltd. was established in 2005
with four jointly-owned vessels, and the deal has been expanded
thrice. The recent agreement increased the number of vessels
jointly-owned by Nakilat and Maran Gas to 13, confirming
Nakilat’s wholly and jointly-owned LNG fleet as the largest in the
world. The two new vessels are under construction in South Korea
and would be delivered in 3Q2015 and 4Q2015, respectively. It
will bring the total number of LNG and LPG ships, partially or
wholly owned by Nakilat, to 67. They are tri-fuel diesel-electric-
propulsion models with capacities of 161,870 cubic meters and
174,000 cubic meters, respectively. Overall this deal should
further boost earnings growth this year; we rate Nakilat an
Accumulate with a QR24.70 price target. (Peninsula Qatar, QNBFS
Research)
MMUP: Google to launch ‘Street View’ of Doha – The Ministry of
Municipality and Urban Planning (MMUP) has said that tech giant
Google is scheduled to launch the ‘Street View’ service in Qatar.
Google Maps with ‘Street View’ facilitates exploration of places
around the world through 360-degree panoramic views. Google
had earlier photographed the Museum of Islamic Art in Doha with
the technology. Google ‘Street View’ Europe & the Middle East in-
charge Anthony McLaughlin was in Doha to consult with officials
of the Geographic Information Systems (GIS) Centre, which comes
under the MMUP. The visit was to explore the possibility of signing
an agreement authorizing Google to make ‘Street View’ images of
Qatar and make them available on the internet. The GIS Centre had
been authorized by a joint committee of several government
entities to negotiate with Google and finalize an agreement on the
implementation of the project. Subsequently, an MoU was signed,
on the basis of which Google will acquire approvals from the
authorities concerned prior to commencing the survey works on
the streets of Qatar and producing panoramic images. (Gulf-
Times.com)
ORDS launches new ‘Business Messaging Packs’ – Ooredoo (ORDS)
has launched new monthly recurring business messaging packs,
designed to give companies a more cost-effective way to contact
their local and international customers in 2015. ORDS said the
“Business Messaging Service” is a mobile marketing tool that offers
companies an efficient way to send bulk messages to mobile
devices and smartphones. According to ORDS, companies can
contact large groups of people using the service to promote their
products, services and ideas, or send promotions, booking
confirmations, reminders or news to drive their business, and save
cost and time with an effective response. Meanwhile, ORDS has
launched a new Charge to Mobile service in Oman which allows
smartphone users to buy premium apps by charging apps using
their prepaid or postpaid accounts, rather than needing to use a
credit card. (Gulf-Times.com, GulfBase.com)
Real estate deals stood at QR594.55mn – The real estate
transactions between August 16 and 20 registered at the Real
Estate Registration Department of the Ministry of Justice were
worth QR594.55mn. The list of properties that were sold includes
plots, houses and multi-purpose buildings. Meanwhile, Roots Real
Estate Company General Manager Ahmed Al Orouqi said that
Qatar’s booming real estate market had been affected a little due to
developments in China and elsewhere in the world. According to
another expert, subdued sentiment perhaps reflected on real
estate transactions last week when their total value was less than
QR595mn, which is usually QR1bn on an average. The coming
week’s transactions would confirm the trend. (Gulf-Times.com,
Peninsula Qatar)
Mashreq Qatar named as ‘Best Digital Bank’ – New York-based
Global Finance magazine has recognized Mashreq Qatar as “Best
Digital Bank in Qatar 2015” for the seventh consecutive year.
(Gulf-Times.com)
Ashghal: Stretch of Al Mansoura Street to be closed till October 10 –
The Public Works Authority (Ashghal) has announced temporary
partial closure of a 355-meter long stretch on Al Mansoura Street
until October 10 in order to complete the upgrade works of the
existing sewage network within Al Najma area in Doha city. (Gulf-
Times.com)
International
US consumer confidence, housing data signals economy resilient –
US consumer confidence hit a seven-month high in August and
new single-family home sales rebounded in July, suggesting
underlying strength in the economy that could still allow the
Federal Reserve to raise interest rates in 2015. The Conference
Board said its consumer index jumped 10.5 points to 101.5 in
August, the highest reading since January, amid optimism over the
labor market. In a separate report, the Commerce Department said
new home sales increased 5.4% to a seasonally adjusted annual
rate of 507,000 units. The sales, which account for 8.3% of the
market, were up 25.8% YoY. The stock of new houses for sale
increased 1.9% to 218,000 last month, the highest level since
March 2010. However, the prospects of a US rate hike in
September had already dealt a blow before the recent global
markets turmoil, with the minutes of the Fed’s July 28-29 policy
meeting highlighting policymakers’ concerns about persistently
low inflation. (Reuters)
China slowdown risks German economy boosted by exports –
According to data published by the Federal Statistics Office,
Germany’s economic growth was led by exports in 2Q2015,
highlighting the risks to Europe’s powerhouse as a slowdown in
China threatens to curb global trade. A breakdown of German GDP
showed overseas sales climbed 2.2% in 2Q2015, private
consumption rose 0.2%, while capital investment shrank 0.4%.
The economy expanded 0.4%. The report by statistics bureau
showed net trade added 0.7 percentage point to GDP in 2Q2015
and private consumption added 0.1 percentage point. Capital
investment subtracted 0.1 percentage point, and inventories
subtracted 0.4 percentage point. Germany faces the risk of slowing
exports as China, the world’s second-biggest economy and
Germany’s third-biggest trading partner, cools further.
(Bloomberg)
PBoC cuts rate to battle deepening economic slowdown – China
stepped up its credit-easing efforts by slashing interest rates and
flooding its banking system with new liquidity, its second such
combo move in two months aimed at battling a deepening
economic slowdown and its worst stock-market selloff in decades.
After the interest-rate cuts, which will be effective Wednesday,
China’s benchmark one-year lending rate will be lowered to 4.6%
from 4.85% previously, and the one-year deposit rate will fall to
1.75% from 2%. The half-percentage reduction in banks’ reserve
requirements, which will become effective September 6, will pump
about yuan 678bn worth of funds into China’s banking system. In a
nod to reforms, the People’s Bank of China (PBoC) on Tuesday also
dropped a key control on rates for some bank deposits, allowing
lenders greater freedom to compete for business. With Tuesday’s
moves, the Chinese central bank has cut interest rates for the fifth
time since November 2014 and broadly lowered for the third time
the amount of deposits banks are required to hold in reserve. PBoC
officials hope that the new funds will encourage Chinese lenders to
4. Page 4 of 6
make more loans to help the part of the economy that can generate
jobs and boost productivity. (WSJ)
Brazil current account gap widens below forecasts in July – Brazil’s
current account gap widened less than analysts forecast as a
weaker real and a shrinking economy reduced imports. The
central bank report showed deficit in the current account, the
broadest measure of trade in goods and services, widened to
$6.2bn in July from a revised $2.6bn in June. The gap compares
with a median estimate of $6.6bn in a Bloomberg survey. The 12-
month gap narrowed to $89.4bn from a revised $92.5bn. Brazil’s
annual current account gap has been shrinking since the start of
2015 as Latin America’s biggest economy heads to its longest
recession since 1931. Imports of goods and services have plunged
as inflation erodes wages, Brazilians lose jobs and the real
weakens. (Bloomberg)
South Africa economy contracts in 2Q2015 – South Africa’s
economy contracted in 2Q2015, increasing the risk of a recession
for a nation grappling with a plunging currency, power shortages
and a slump in commodity prices. Data released by the statistics
office showed GDP fell for the first time in more than a year,
declining an annualized 1.3% from 1Q2015, when it expanded
1.3%. Manufacturing, which makes up about 13% of the economy,
contracted for a second straight quarter, declining an annualized
6.3%, while mining dropped 6.8% and agriculture shrank 17.4%.
Half of the 10 GDP sub-industries fell, while categories such as
financial services, construction and transport expanded. Power
constraints and a slump in prices of platinum, copper and other
commodities are stifling output and limiting the economy’s
recovery from the slowest expansion last year since the 2009
recession. (Bloomberg)
Regional
GECS: Business confidence fell in Middle East – According to the
Global Economic Conditions Survey (GECS), organized by the
Association of Chartered Certified Accountants (ACCA) and the
Institute of Management Accountants (IMA), business confidence
in the Middle East continues to fall as the global economy is facing
a period of volatility and major readjustments in 2Q2015. The
slight optimism was due to a temporary reprieve in oil prices
during the spring, but was a short-lived flame of hope for OPEC
members, which was quickly extinguished by the prospect of Iran
re-entering the market within a year. (Bloomberg)
Petro Rabigh updates on rights issue – Rabigh Refining &
Petrochemical Company (Petro Rabigh) has announced that there
are no developments with regard to the board of directors’
recommendation to increase capital through rights issue. The
company is still in the process of selecting and assigning a financial
consultant for the right issues, and will announce any new
developments in due course. (Tadawul)
Bupa Arabia BoD recommends SR400mn capital increase through
bonus shares – Bupa Arabia for Cooperative Insurance’s board of
directors (BoD) has recommended a capital increase from SR400
to SR800mn through bonus shares. The company will issue one
bonus share for every one share held, increasing the number of
shares from 40mn to 80mn, an increase of 100%, through the
utilization of SR400mn of the company's existing retained income
reserves. Shareholders registered with the Securities Depository
Centre (Tadawul) at the close of trading on the date of the
extraordinary general assembly meeting (EGM) day (to be
determined later) will be eligible to receive the bonus shares. The
proposed increase in capital will only be initiated once all
necessary approvals are received from all the required official
authorities, as well as from the shareholders in the EGM. The
company intends to use the proceeds to support its capital base
and future activities. (Tadawul)
SASCO signs SR151.83mn bank facility agreement with NCB – Saudi
Automotive Services Company (SASCO) has signed a Shari’ah-
compliant facility agreement with the National Commercial Bank
(NCB) at a value of SR151.83mn against a signed promissory note.
A part of the above mentioned facility agreement is Murabaha
Islamic long-term loan amounting to SR101.13mn for seven years
(including grace period of one year) is scheduled to be settled in
semiannual installments. Furthermore, the facility agreement
includes a short-term loan at SR25.7mn scheduled to be settled in
one installment after four months from the withdrawal, in addition
to a letter of guarantee amounting to SR25mn. The company
intends to use the proceeds to finance buying new locations, build
new fuel stations and develop the existing stations as well as
finance the working capital requirements. (Tadawul)
KSA seeks advice on cutting billions from 2016 budget – According
to sources, Saudi Arabia is seeking advice on how to cut billions of
dollars from 2016 budget because of the slump in crude prices.
The government is working with advisers on a review of capital
spending plans and may delay or shrink some infrastructure
projects to save money. Reportedly, the government is in the early
stages of the review and could look at cutting investment
spending, estimated to be around SR382bn in 2015, by around
10% or more. According to the International Monetary Fund
(IMF), Saudi Arabia is expected to post a budget deficit of almost
20% of GDP in 2015. The IMF said that the economic growth will
slow in 2015 and government is expected to reduce spending. The
GDP will probably expand 2.8% in 2015 and 2.4% in 2016.
(Bloomberg)
Gulf private equity firms battle for Saudi supermarket chain Al Raya
– According to sources, three of the gulf's biggest private equity
firms are battling out for a majority stake in Saudi supermarket
chain Al Raya for Foodstuff Company with a deal likely worth as
much as $300mn. Abraaj Group, Fajr Capital and Gulf Capital are in
the race to acquire the stake in the grocer being sold by Dubai-
based Levant Capital and The Rohatyn Group (TRG). These three
lodged initial bids in late July and are now due to file more
comprehensive proposals before the deadline for second-round
bids in the next two weeks. (Reuters)
Al Noor plans to double capacity in three years – Al Noor Hospitals
Group is planning to double its capacity in three years. London-
listed Al Noor is doubling the number of beds from 216 currently
to over 400 by 2018-end as it expands existing hospitals and
builds new ones across the UAE. Al Noor made a net profit of
$44.9mn in 1H2015 versus $45.6mn in 1H2014. Revenue grew by
8.5% to $244mn from $224.8mn, helped by growth in both its
outpatient and inpatient businesses. (Reuters)
Abraaj Group closes second North Africa fund at $375mn – Abraaj
Group has closed its second North Africa fund at $375mn. The
move is a part of Abraaj’s strategy to boost investments in Africa
after raising $990mn in 2015 for sub-Saharan opportunities. The
fund said it would invest in mid-market companies in Algeria,
Egypt, Morocco and Tunisia, focusing on sectors that benefit from
a rising middle class, such as healthcare, education, and consumer
goods and services. It aims to acquire majority and significant
minority stakes in businesses. European and North African
investors provided around 63% of the capital for the fund, while
pension funds and development finance institutions provided 86%
of the committed capital. (GulfBase.com)
CBD plans $750mn Tier 1 perpetual bond issue – Commercial Bank
of Dubai’s (CBD) board has proposed a Basel III compliant Tier 1
perpetual bond worth up to $750mn, subject to shareholder and
regulatory approval. CBD's tier 1 ratio – regarded as one of the key
indicators of a bank's health – stood at 16.67% in 1H2015. The
board meeting will be held on September 13, 2015. (Reuters)
5. Page 5 of 6
Malaysia's 1MDB denies IPIC pulling out of debt plan – Malaysian
state fund 1Malaysia Development Bhd (1MDB) has denied that
Abu Dhabi's International Petroleum Investment Co. (IPIC) is
considering pulling out of a plan to help restructure 1MDB's debts.
The Malaysian fund, whose advisory board is chaired by Prime
Minister Najib Razak, has been dogged by controversy over its
$11bn in debt and is the subject of multiple investigations amid
allegations of financial mismanagement and graft. (Reuters)
Al Madina Takaful BoD recommends 5% cash dividend – Al Madina
Takaful’s board of directors has recommended distribution of 5%
cash dividend (5 baizas per share) from the paid-up capital, for
1H2015. The recommendation is subjected to the approval of the
Capital Market Authority and shareholders. (MSM)
Renaissance to repurchase second tranche of MCBs – Renaissance
Services is offering to repurchase the second tranche of the
mandatory convertible bonds (MCBs), representing 50% of the
remaining MCBs, at a repurchase price of OMR0.151 per MCB.
Accordingly, MCB holders who are interested in selling their
second tranche of MCBs to the company should submit their sale
authorization form to Gulf Baader Capital Markets from August 26,
2015 to September 1, 2015. The MCB holders who participate in
this repurchase scheme will be paid a coupon of 3.75% from July
26, 2015 to August 25, 2015. This coupon will be paid out on
September 2, 2015. The MCB holders who do not participate in
this repurchase scheme will be paid an annual coupon on August 6,
2016. (MSM)
SPMP signs $40mn debt facility agreement with Bank Nizwa –
Strategic & Precious Metals Processing (SPMP) has signed a
definitive agreement with Bank Nizwa for a $40mn debt facility to
fund its Oman Antimony roaster project. SPMP’s shareholders
have also reached an agreement as to the equity funding structure
of SPMP. SPMP is developing a 20,000 tons per annum antimony
processing facility in Oman, the Oman Antimony Roaster (OAR)
project. OAR project funding is confirmed at $70mn. Of this,
$15mn of equity is being provided by the joint venture partners in
proportion to their respective individual interests. (Zawya.com)
SEZAD awards waste treatment project contract worth $20mn to
HJB-Tatva JV – Joint venture of Oman’s Hasan Juma Backer Trading
& Contracting Company and India’s Tatva Global Environment
(HJB-Tatva JV) has been awarded a contract valued at around
$20mn for the design and construction of an integrated waste
treatment storage and disposal facility in Special Economic Zone
Authority of Duqm (SEZAD) on Oman’s Wusta coast. Under the
terms of the contract, the HJB-Tatva JV will undertake the Phase I
development of an integrated waste treatment scheme featuring a
pair of landfills dedicated to the storage of municipal solid waste
and industrial waste respectively. Additional storage capacity,
along with support infrastructure, is envisaged in subsequent
phases of the project’s development. (GulfBase.com)
Orpic awards MED System supply contract to US-based Aquatech –
US-based Aquatech has been awarded a contract to design and
supply a Multiple Effect Distillation (MED) seawater desalination
system for Oman Oil Refineries & Petroleum Industries Company’s
(Orpic) Sohar Refinery Improvement Project in Oman. Aquatech's
scope of services includes design, equipment supply, testing and
commissioning of three MED units, complete with accessories and
post treatment systems, to produce distilled water within a
challenging schedule as demanded by the project. Aquatech is
supplying the system to a Petrofac–Daelim joint venture that has
the full EPC contract for the whole refinery project. (Bloomberg)
CIO: Bahrain’s inflation slows to 1.1% as food prices fell – According
to the Central Informatics Organisation (CIO), Bahrain’s inflation
had slowed down in July 2015 to 1.1% as food prices fell. The
Consumer Price Index (CPI) had decreased by 0.2% MoM in July
2015, as shown by the decrease in the CPI from 123.8 points to
123.5 points. Housing and utility costs, which account for 24% of
consumer expenses, rose 2.3% YoY in July 2015 but remained flat
from June 2015. Prices of food and non-alcoholic beverages, which
account for 16% of the basket, fell 0.7% YoY and dropped 2.3%
MoM. The inflation rate in consumer prices during January-July
2015 was 2% as compared to the same period in 2014.
(GulfBase.com)
Global markets plunge not to impact Bahrain – Bahrain-based
economist Dr. Akbar Jaffari said that economies of Bahrain and the
GCC region may be nearing the zone of discomfort but are far from
the danger zone. He said, as the Bahraini dinar, like other regional
currencies except the Kuwaiti dinar, was pegged to the US dollar,
any appreciation or depreciation in the greenback would have a
proportional effect. He did not expect the dollar depreciation to
increase inflation and said on the contrary that there were signs
the global economy might be heading for deflation. According to
him, the low oil prices and bearish stock markets were here to stay
and fiscal pressures on GCC economies were mounting.
(GulfBase.com)
6. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Aug-11 Aug-12 Aug-13 Aug-14 Aug-15
QSE Index S&P Pan Arab S&P GCC
7.4%
3.2%
0.3%
(0.0%)
0.4%
1.6%
4.6%
(3.0%)
0.0%
3.0%
6.0%
9.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,140.39 (1.3) (1.8) (3.8) MSCI World Index 1,583.86 (0.4) (4.1) (7.4)
Silver/Ounce 14.68 (0.6) (4.1) (6.5) DJ Industrial 15,666.44 (1.3) (4.8) (12.1)
Crude Oil (Brent)/Barrel (FM
Future)
43.21 1.2 (4.9) (24.6) S&P 500 1,867.61 (1.4) (5.2) (9.3)
Crude Oil (WTI)/Barrel (FM
Future)
39.31 2.8 (2.8) (26.2) NASDAQ 100 4,506.49 (0.4) (4.2) (4.8)
Natural Gas (Henry
Hub)/MMBtu
2.70 2.3 (0.1) (10.0) STOXX 600 356.36 3.2 (0.8) (1.8)
LPG Propane (Arab Gulf)/Ton 35.75 1.1 (2.7) (27.0) DAX 10,128.12 4.0 0.6 (2.9)
LPG Butane (Arab Gulf)/Ton 46.50 (0.8) (4.6) (25.9) FTSE 100 6,081.34 2.8 (1.8) (6.7)
Euro 1.15 (0.9) 1.2 (4.8) CAC 40 4,564.86 3.2 (0.9) 0.9
Yen 118.83 0.4 (2.6) (0.8) Nikkei 17,806.70 (4.6) (6.9) 1.6
GBP 1.57 (0.6) (0.0) 0.7 MSCI EM 788.54 2.2 (2.9) (17.5)
CHF 1.06 (0.9) 0.8 5.9 SHANGHAI SE Composite 2,964.97 (7.7) (15.8) (11.3)
AUD 0.71 (0.4) (2.5) (12.8) HANG SENG 21,404.96 0.7 (4.5) (9.3)
USD Index 94.53 1.3 (0.5) 4.7 BSE SENSEX 26,032.38 2.5 (4.7) (9.5)
RUB 69.02 (2.6) (0.2) 13.6 Bovespa 44,544.86 (0.3) (4.5) (33.9)
BRL 0.28 (1.7) (3.2) (26.7) RTS 758.46 4.7 (0.5) (4.1)
130.4
107.3
103.2