1. QE Intra-Day Movement
Market Indicators
11,400
11,350
11,300
11,250
Market Indices
11,200
11,150
9:30
27 Jan 14
525.3
594,781.4
8.7
5,567
41
8:29
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index declined 0.5% to close at 11,245.9. Losses were led by the Real
Estate and Transportation indices, declining 0.9% and 0.6% respectively. Top
losers were Doha Insurance Co. and Gulf International Services, falling 3.0%
and 2.9% respectively. Among the top gainers, Mannai Corp. rose 10.0%, while
Gulf Warehousing Co. gained 3.6%.
26 Jan 14
402.7
596,225.4
8.0
4,711
40
15:21
%Chg.
30.4
(0.2)
9.5
18.2
2.5
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
16,067.76
2,777.39
2,646.70
3,739.59
1,949.00
2,039.39
2,550.19
1,635.28
6,016.02
3,218.62
(0.5)
(0.4)
(0.6)
(0.3)
(0.6)
(0.9)
0.0
0.4
(0.4)
(0.5)
(0.8)
(0.8)
(1.4)
0.3
(0.7)
(1.3)
0.8
(1.4)
(0.8)
(0.9)
8.3
7.3
8.3
6.8
4.9
4.4
9.2
12.5
1.1
6.0
N/A
13.8
13.4
13.6
13.2
14.0
10.2
22.2
22.8
16.6
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Saudi Arabia: The TASI index declined 0.9% to close at 8,655.0. Losses were
led by the Retail and Hotel & Tourism indices, falling 1.8% and 1.6%
respectively. Petro Rabigh declined 7.0%, while Saudi Steel Pipe fell 6.3%.
Mannai Corp.
Qatar
103.80
10.0
12.7
15.5
Comm. Bank of Dubai
Dubai
5.00
7.5
134.0
5.5
Dubai: The DFM index fell 1.2% to close at 3,687.9. The Services index
declined 5.2%, while the Insurance index was down 4.1%. Agility fell 9.6%,
while Islamic Arab Insurance Co. was down 7.8%.
Nat. Bank of Abu Dhabi
Abu Dhabi
16.05
3.9
875.7
15.5
IFA Hotels & Resorts
Kuwait
0.28
3.7
694.0
(1.8)
Abu Dhabi: The ADX benchmark index declined 0.9% to close at 4,527.8. The
Real Estate index fell 3.2%, while the Energy index was down 2.8%. Fujairah
Building Ind. declined 8.2%, while Abu Dhabi Nat. Co. for B. & M. fell 6.8%.
Gulf Warehousing Co.
Qatar
43.00
3.6
362.8
3.6
GCC Top Losers
Exchange
Kuwait: The KSE index fell marginally to close at 7,781.1. The Insurance
index declined 1.7%, while the Parallel Market index was down 0.8%. Amar for
Finance & Leasing Co. fell 7.5%, while First Takaful Ins. was down 7.3%.
Petro Rabigh
Saudi Arabia
25.40
(7.0)
13,766.0
4.7
Dallah Healthcare
Saudi Arabia
75.75
(4.7)
536.2
8.6
Oman: The MSM index gained 0.2% to close at 7,157.1. Gains were led by
the Industrial and Financial indices, rising 0.5% and 0.3% respectively.
National Gas gained 9.8%, while Dhofar Cattle Feed was up 9.1%.
Drake & Scull Int.
Dubai
1.47
(4.5)
31,442.4
2.1
Dubai Financial Market
Dubai
2.45
(4.3)
20,789.5
(0.8)
ALAFCO
Kuwait
0.26
(3.7)
542.3
(8.8)
Bahrain: The BHB index fell 0.2% to close at 1,271.7. The Investment index
declined 0.5%, while the Commercial Banking index was down 0.2%. Gulf
Finance House fell 2.2%, while Nass Corporation was down 1.7%.
Qatar Exchange Top Gainers
Close*
1D%
Vol. ‘000
YTD%
Mannai Corp.
103.80
10.0
12.7
15.5
Gulf Warehousing Co.
43.00
3.6
362.8
3.6
##
#
Close
Vol. ‘000
1D% Vol. ‘000
YTD%
YTD%
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)
Close*
1D%
Vol. ‘000
YTD%
Doha Insurance Co.
30.50
(3.0)
77.3
22.0
Gulf International Services
77.90
(2.9)
1,053.2
27.7
Qatar Exchange Top Losers
75.60
0.8
601.3
13.7
Qatar Islamic Insurance
62.00
(2.5)
32.2
7.1
Ooredoo
156.00
0.6
39.6
13.7
Qatar Navigation
88.90
(2.0)
87.0
7.1
Qatar National Cement Co.
119.60
0.5
413.4
0.5
Widam Food Co.
52.00
(1.9)
41.6
0.6
Qatar Exchange Top Vol. Trades
Close*
1D%
Val. ‘000
YTD%
77.90
(2.9)
85,815.7
27.7
7.1
Qatar Insurance Co.
Close*
1D%
Vol. ‘000
YTD%
Gulf International Services
77.90
(2.9)
1,053.2
27.7
Gulf International Services
Masraf Al Rayan
34.45
(1.0)
735.6
10.1
Industries Qatar
180.90
0.1
64,643.4
Vodafone Qatar
11.28
(0.6)
694.2
5.3
Qatar National Cement Co.
119.60
0.5
49,992.1
0.5
Qatar Insurance Co.
75.60
0.8
601.3
13.7
75.60
0.8
45,779.6
13.7
Barwa Real Estate Co.
31.40
(1.6)
531.0
5.4
186.00
(0.1)
33,644.7
8.1
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Qatar Insurance Co.
QNB Group
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
11,245.86
3,687.91
4,527.80
8,655.01
7,781.07
7,157.14
1,271.70
(0.5)
(1.2)
(0.9)
(0.9)
(0.0)
0.2
(0.2)
(0.8)
(3.4)
(2.7)
(1.3)
0.0
(0.6)
(0.4)
8.3
9.4
5.5
1.4
3.1
4.7
1.8
8.3
9.4
5.5
1.4
3.1
4.7
1.8
Exch. Val. Traded
($ mn)
144.25
577.97
220.31
1,749.52
137.67
59.73
0.66
Exchange Mkt.
Cap. ($ mn)
163,386.4
74,640.2
128,434.1
475,738.9
109,863.9
25,581.1
50,199.1
P/E**
P/B**
14.1
20.4
12.5
17.3
17.2
11.4
8.3
1.9
1.4
1.6
2.2
1.2
1.7
0.9
Dividend
Yield
4.1
2.4
4.0
3.4
3.6
3.6
3.8
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 5

2. Qatar Market Commentary
 The QE index declined 0.5% to close at 11,245.9. The Real
Estate and Transportation indices led the losses. The index
declined on the back of selling pressure from Qatari
shareholders despite buying support from non-Qatari
shareholders.
 Doha Insurance Co. and Gulf International Services were the top
losers, falling 3.0% and 2.9% respectively. Among the top
gainers, Mannai Corp. rose 10.0%, while Gulf Warehousing Co.
gained 3.6%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
56.92%
68.87%
(62,793,560.49)
Non-Qatari
43.08%
31.13%
62,793,560.49
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Monday rose by 9.5% to 8.7mn from
8.0mn on Sunday. However, as compared to the 30-day moving
average of 10.5mn, volume for the day was 17.2% lower. Gulf
International Services and Masraf Al Rayan were the most active
stocks, contributing 12.1% and 8.4% to the total volume
respectively.
Earnings and Global Economic Data
Earnings Releases
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
–
–
–
–
51.0
1.0%
OMR
92.1
0.5%
–
–
2.4
5.4%
OMR
18.7
9.9%
–
–
6.1
7.0%
Oman
OMR
37.8
13.6%
–
–
3.2
17.8%
Oman
OMR
1.3
3.8%
–
–
0.2
63.5%
Company
Market
Currency
Mobile Telecom Co. (Zain)
Areej Vegetable Oils &
Deriv*
Al Omaniya Financial Ser.*
Kuwait
KD
Oman
Oman
Oman Flour Mills*
Al Batinah Hotels*
Source: Company data, DFM, ADX, MSM (*FY2013 Results)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
01/27
US
US Census Bureau
New Home Sales
December
414K
455K
445K
01/27
US
US Census Bureau
New Home Sales MoM
December
-7.00%
-1.90%
-3.90%
01/27
France
French Labor Office
Jobseekers Net Change
December
10.2
1.1
17.8
01/27
France
French Labor Office
Total Jobseekers
December
3,303.2k
3,296.1k
3,293.0k
01/27
Germany
IFO
IFO Business Climate
January
110.6
110
109.5
01/27
Germany
IFO
IFO Current Assessment
January
112.4
112.4
111.6
01/27
Germany
IFO
IFO Expectations
January
108.9
108
107.4
01/27
Japan
Ministry of Fin.
Exports YoY
December
15.3
18
18.4
01/27
Japan
Ministry of Fin.
Imports YoY
December
24.7
26.2
21.1
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MPHC’s shares to be listed on February 26 – Mesaieed
Petrochemical Holding Company (MPHC) is set to be listed on
the Qatar Exchange on February 26, 2014 after the company
announced the allotment of shares to successful subscribers.
This follows MPHC floating a low-priced IPO for Qatari citizens
and select local institutions on December 31, 2013. (Peninsula
Qatar)
 MARK’s net profit up 5.2% QoQ in 4Q2013 – Masraf Al Rayan
(MARK) reported a net income to shareholders of QR452.0mn
vs. our estimate of QR436.8mn and Bloomberg consensus of
QR440.0mn. On a QoQ basis, the bottom-line is up 5.2% versus
QR429.5mn in 3Q2013. The growth primarily came on the back
of reversals in provisions on financing assets, which stood at
QR26.2mn in the first nine months of 2013 versus a reversal of
QR11.3mn for full year 2013. The bank increased its cash
dividend to QR1.50 for 2013. MARK posted a full year net profit
of QR1.7bn in 2013, up 13.2% YoY. EPS stood at QR2.27 in
2013. The bank’s total assets rose to QR66.5bn in 2013,
indicating an 8.0% YoY growth. Financing activities reached
QR41.4bn, down 0.7% YoY, while total customer deposits rose
to QR48.3bn, an increase of 7.4% YoY. MARK has recently
acquired the majority stake in Islamic Bank of Britain (IBB) from
QIIK. IBB is one of the few standalone Islamic retail banks in the
UK and has a high street presence with five branches and
~50,000 customers. Furthermore, MARK has also expressed its
intention to buy a 40% stake in a Libyan bank. The acquisition
will cost around QR1bn. Both these transaction are in line with
our view that the bank will expand for long-term growth potential.
On YTD basis, the stock is up 10.06% vs. the QE All Share
Banks & Financial Services Index, which is also up 8.31%.
(QNBFS Research, QE)
 Qatar to help monetize gas resources in Cyprus – Qatari
Minister of Energy & Industry HE Dr. Mohammed bin Saleh al
Sada said Qatar will assist with technical expertise and
investments to help Cyprus monetize its recently found gas
resources. Sada said that Qatar is ready to extend all assistance
Page 2 of 5

3. to Cyprus in developing its gas resources, which may require
€20bn investments. (Qatar Tribune)
 Qatar to study new law to regulate public finance –
According to sources, Qatar is studying the draft of a new law
that would regulate the country’s public finances. The new law
consists of more than 100 articles covering the appropriations,
powers and the basis of structuring the general budget of the
country. The law aims at developing the performance of the
country’s institutions, activating the relationship between the
Ministry of Finance and the other ministries and institutions,
maximizing the benefits from electronic processes instead of
use of paper, as well as structuring of the general budget. The
new organizational structures of the ministries are expected to
be specified in the general budget for 2014-2015 and the
government expenditure in the new budget will be reduced by
20%. (Gulf-Times.com)
 QatarGas to halt LNG plant 1 for maintenance – According to
sources, Qatar Liquefied Gas Company (QatarGas) is planning
to shut Train 1 at its Ras Laffan facility during the second half of
April for repairs. The shutdown will last almost three weeks and
extend into May. The 3.2mn metric-ton-a-year plant will close
after the planned shutdown of QatarGas Train 7 in March.
(Bloomberg)
 ORDS covers entire Qatar with 4G service – Ooredoo
(ORDS) has achieved a milestone through its nationwide roll-out
of Qatar’s first and only 4G services, followed by the recent
activation of its 500th LTE site in the country. (Gulf-Times.com)
 Doha Port to become cruise ship terminal – The New Port
Project’s Director Captain Abdulla al-Khanji said Doha Port will
be converted to a cruise ship terminal when the New Port at
Mesaieed becomes operational in 2016. He added that the
Doha Port is in an advantageous position to become a cruise
ship terminal on many counts. Given that it is very close to the
city, next to the Islamic Museum of Art as well as Souq Waqif
and other attractions, the Doha Port will give easy access to
tourists to many of the areas. (Gulf-Times.com)
International
 Bundesbank sees stronger German growth in 1Q2014 –
German business morale reached the highest level in two and a
half years in January 2014 and the Bundesbank said growth in
the German economy would accelerate in the first quarter. The
Munich-based IFO’s business climate index rose for a third
straight month to reach 110.6, a full point higher than the
December reading of 109.5 and the highest reading since July
2011. The Bundesbank said it expected economic growth to pick
up between January and March as the country’s industrial sector
gains traction. The central bank pointed to strong improvements
in both the export and production outlook. The Bundesbank said
GDP is likely to have increased very strongly at the end of 2013
thanks to growing domestic demand, stronger appetite for
German goods from abroad and support from the industrial
sector. (Gulf-Times.com)
Regional
 Gulf economies to stay robust despite cheaper oil –
According to a Reuters poll of 17 analysts conducted this month,
Gulf Arab economies are likely to maintain robust growth over
the next two years as government spending remains high, even
though softer oil prices may cut into their revenues. Saudi
Arabia's GDP is expected to expand 4.2% in 2014 and 4.3% in
2015, after slowing to a four-year low of 3.8% last year. In the
UAE, GDP growth is seen steady at 4.3% during 2013–2015, a
tad below 4.4% in 2012. (Reuters)
 New Saudi tourism venture approved – Saudi Commerce &
Industry Minister Tawfiq Al-Rabiah has approved the
transformation of Jeddah-based Al Bouqari & Al Sabban
Tourism Company from a limited liability company into a closed
joint stock company. The company has a capital of SR50mn,
which will be split into shares at a nominal value of SR10 per
share. The minister’s approval came within the framework of the
state’s policy to enhance economic activities in various sectors.
(GulfBase.com)
 SADAFCO places Murabaha deposit with UGB – Saudia
Dairy & Foodstuff Company’s (SADAFCO) board of directors
have decided to place a SR75mn Murabaha deposit with the
United Gulf Bank (UGB) in Bahrain to maximize the return on its
excess cash that was generated from its operational activities.
The deposit will mature on March 25, 2014 at a return of 3% per
annum. The Murabaha deposit will be placed on the agenda of
the next AGM for review. (GulfBase.com)
 Bahri’s subsidiary receives new dry bulk vessel – The
National Shipping Company of Saudi Arabia (Bahri) announced
that its subsidiary Bahri Dry Bulk received a dry bulk vessel
named Bahri Bulk in Japan. This is the third vessel delivered
among the five vessels that were contracted in 2012. These
vessels have a capacity of 82,000 deadweight tonnage and a
length of 229 meters, consuming less fuel. There are two more
vessels remaining under construction, which are expected to be
delivered in 1H2014. (Tadawul)
 UAE may import gas from North America – The UAE said
that it was looking at the possibility of importing natural gas from
North America. The US and Canada are producing record
amounts of gas from shale rock formations, pulling down prices
in North America to levels that are attractive for foreign buyers.
(Peninsula Qatar)
 MEED: UAE awards 500 new projects in 2013 – According to
a report by MEED Projects, the UAE projects market grew for
the second year in a row in 2013 with companies awarding
around 500 new projects worth $34bn during the period. The
Emirati projects market, which exceeded all expectations in
2013, was on track to hit the $40bn-mark over the next two or
three years. (Bloomberg)
 Mashreq Bank posts AED1.8bn net profit in 2013 – Mashreq
Bank has reported a 38% YoY increase in its net profit, which
climbed to AED1.8bn in 2013. EPS stood at AED10.68 on
December 31, 2013 as compared to AED7.76 in December 31,
2012. Total assets increased by 17.4% YoY to reach
AED89.7bn in 2013. Loans & advances grew by 21.8% YoY to
reach AED50.4bn, while customer deposits increased by 23.5%
YoY to AED58.6bn at the end of December 2013. The bank's
loan-to-deposit ratio stood at 86% in December 2013 as
compared to 87% in December 2012. Meanwhile, the bank’s
board of directors has approved the distribution of 40% cash
dividends to its shareholders. (DFM)
 Emirates Islamic reports AED139.5mn net profit in 2013 –
Emirates Islamic has reported a net profit of AED139.5mn in
2013, reflecting an increase of 72% YoY. This is equivalent to
EPS of 3.9 fils. Total income increased 42% YoY during the year
to AED1.9bn. The increase was fuelled by a 56% YoY increase
in income from financing activities, which grew to AED1.2bn for
2013. The bank’s total assets grew by 6.7% YoY to AED39.8bn
at the end of 2013. The bank’s customers account book grew by
12.5% during the year to AED28.9bn. Meanwhile, Emirates
Islamic changed its name from “Emirates Islamic Bank” in
November 2013. (Bloomberg)
Page 3 of 5

4.  Emirates NBD’s net profit jumps 27% in 2013 – Emirates
NBD has reported a net profit of AED3.3bn in 2013, rising 27%
YoY. Total income stood at AED11.9bn, up 16% YoY from 2012.
Total assets grew 11% YoY to AED342.1bn at the end of 2013.
Customer loans stood at AED238.3bn, up 9% YoY, while
customer deposits stood at AED239.6bn, up 12% YoY at the
end of 2013. Meanwhile, the bank’s board of directors has
proposed a cash dividend of 25% per share for 2013. (DFM)
Consultative Authority of the GCC states is slated to meet in
Kuwait on February 5 to discuss the entry of other GCC states
into the unified tourist visa system. Visitors with a tourist visa for
any of these three members of the unified visa regime can visit
all or any of these countries. The system was originally mooted
for all the six member-states of the GCC and the remaining
countries are expected to join it in the near future. (Peninsula
Qatar)
 MAF to invest AED3bn in Dubai over 5 years – Majid Al
Futtaim (MAF) will invest AED3bn over the next five years to
expand its business in the Emirate, in its efforts to take
advantage of a trade and tourism boom at its home base. MAF
is expanding in the Middle East and aims to double the size of
its business by 2018. About 70% of MAF's assets are currently
based in the UAE. (Reuters)
 Order issued to set up Dubai Invest Development Agency –
Dubai’s ruler HH Sheikh Mohammed bin Rashid Al Maktoum
has issued a decree establishing the Dubai Investment
Development Agency, an affiliate of the Department of
Economic Development. The new autonomous body aims to
boost Dubai’s position of as a global economic centre in order to
woo investments and create an appropriate investment
environment. According to the ruling, the establishment will draw
up general policies and a strategic investment plan to attract and
develop long-term investment projects in line with the Emirate’s
economic development plan. (Zawya)
 Dubai luxury home price rise slows due to cooling
measures – According to a report by Knight Frank, Dubai’s
luxury home prices rose at their slowest pace in over a year in
4Q2013, as steps taken by authorities to avert another property
market bubble came into effect. Both prime apartment and villa
prices grew 15% YoY in 4Q2013, after an average annual rate
of 21% in the preceding four quarters. The report said that a
number of cooling measures undertaken in 2H2013 caused this
deceleration. (Bloomberg)
 RTA begins Dubai Tram trial run – Dubai’s Roads & Transport
Authority (RTA) has started the technical trial run of the Dubai
Tram on a track extending 2.5 kilometers from the Tram Depot
at Al-Safouh. RTA Chairman and Executive Director said that
the technical trial run would continue till the official operation of
the tram service beings in the final quarter of 2014. The test
track would be expanded in the near future to cover the entire
tramway. (GulfBase.com)
 NBQ posts AED368.1mn net profit in 2013 – The National
Bank of Umm AI Qaiwain (NBQ) has reported a net profit of
AED368.1mn in 2013, rising 12% YoY. Customer loans &
advances increased to AED7.1bn, while deposits increased to
AED7.4bn as on December 31, 2013. EPS stood at 0.23 fils on
December 31, 2013 as compared to 0.21 fils on December 31,
2012. Meanwhile, NBQ’s board of directors has proposed a
cash dividend of 16% and bonus share dividend of 5% of the
share capital as on December 31, 2013, which is subject to the
UAE Central Bank’s approval. (ADX)
 ABG posts $501.9mn net profit in 2013 – Arab Bank Group
(ABG) has reported a net profit of $501.9mn in 2013, reflecting a
growth of 43% YoY. Loans grew by 3% YoY to $23.1bn, while
customer deposits grew by 5% YoY to $34.4bn in 2013.
Meanwhile, the bank’s board of directors has recommended the
distribution of cash dividends of 30% and 1 bonus share for
every 15 shares held by its shareholders. (Bloomberg)
 Bahrain to join GCC’s unified tourist visa system – Bahrain
is ready to join a unified tourist visa system for the GCC states,
which presently Qatar, Oman and Dubai are part of. The
Page 4 of 5

5. Rebased Performance
Daily Index Performance
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
0.4%
0.2%
0.0%
(0.8%)
QE Index
Oct-12
May-13
S&P Pan Arab
Dec-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Yen
Dubai
Mar-12
Abu Dhabi
Aug-11
(1.2%)
Oman
(1.6%)
Jan-11
(0.9%)
(0.9%)
Bahrain
(1.2%)
(0.2%)
(0.5%)
Kuwait
126.1
(0.0%)
(0.4%)
Qatar
138.3
Saudi Arabia
Jun-10
161.6
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,257.10
(1.0)
(1.0)
4.3
DJ Industrial
15,837.88
(0.3)
(0.3)
(4.5)
19.70
(1.1)
(1.1)
1.2
S&P 500
1,781.56
(0.5)
(0.5)
(3.6)
106.69
(1.1)
(1.1)
(3.7)
NASDAQ 100
4,083.61
(1.1)
(1.1)
(2.2)
5.69
9.7
9.7
31.0
STOXX 600
322.02
(0.8)
(0.8)
(1.9)
151.00
(0.3)
(0.3)
19.4
DAX
9,349.22
(0.5)
(0.5)
(2.1)
153.50
(0.2)
(0.2)
13.1
FTSE 100
6,550.66
(1.7)
(1.7)
(2.9)
1.37
(0.0)
(0.0)
(0.5)
CAC 40
102.55
0.2
0.2
(2.6)
Nikkei
GBP
1.66
0.6
0.6
0.2
CHF
1.12
(0.2)
(0.2)
(0.4)
SHANGHAI SE Composite
AUD
0.87
0.6
0.6
(2.0)
USD Index
80.52
0.1
0.1
RUB
34.73
0.5
0.5
BRL
0.41
(0.9)
(0.9)
(2.4)
(0.4)
(0.4)
(3.5)
(2.5)
(2.5)
(7.9)
931.64
(1.9)
(1.9)
(7.1)
2,033.30
(1.0)
(1.0)
(3.9)
HANG SENG
21,976.10
(2.1)
(2.1)
(5.7)
0.6
BSE SENSEX
20,707.45
(2.0)
(2.0)
(2.2)
5.7
Bovespa
47,701.05
(0.2)
(0.2)
(7.4)
1,346.51
(1.3)
(1.3)
(6.7)
Source: Bloomberg
MSCI EM
4,144.56
15,005.73
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB 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. 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. While this publication has been prepared with the utmost degree of care by our analysts,
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