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QSE Intra-Day Movement
Qatar Commentary
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. Top gainers
were Mesaieed Petrochemical Holding Company and Qatar Fuel Company, rising
9.9% and 7.1%, respectively. Among the top losers, Qatar General Insurance &
Reinsurance Company fell 3.3%, while Doha Insurance Group was down 2.8%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.9% to close at 7,800.9. Losses were led by the
Real Estate Mgmt & Dev’t and Materials indices, falling 1.3% and 1.1%,
respectively. Saudi Cement Co. declined 4.2%, while Southern Province Cement Co.
was down 3.9%.
Dubai: The DFM Index gained 0.9% to close at 3,136.4. The Services index rose
2.8%, while the Telecommunication index gained 2.5%. International Financial
Advisors rose 14.8%, while Marka was up 8.2%.
Abu Dhabi: The ADX benchmark index fell marginally to close at 4,583.5. The
Consumer Staples index declined 2.7%, while the Telecommunication index fell
1.1%. Al Khazna Insurance Co. declined 7.7%, while Arkan Building Materials Co.
was down 4.4%.
Kuwait: Index data is unavailable.
Oman: The MSM Index fell 0.8% to close at 4,737.2. The Financial index declined
0.2%, while the other indices ended in green. Muscat Gases fell 8.6%, while Oman
Cables Industry was down 7.1%.
Bahrain: The BHB Index fell 1.2% to close at 1,303.1. The Commercial Banks index
declined 2.3%, while the Services index fell 0.8%. Takaful International Company
declined 15.0%, while Ahli United Bank was down 3.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 16.15 9.9 2,953.3 28.3
Qatar Fuel Company 117.75 7.1 461.7 15.4
Gulf International Services 19.51 6.3 708.9 10.2
Industries Qatar 108.12 2.9 57.8 11.5
Ezdan Holding Group 10.70 1.9 30.8 (11.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 16.15 9.9 2,953.3 28.3
Vodafone Qatar 8.55 (1.6) 987.6 6.6
Mazaya Qatar Real Estate Dev. 7.40 1.1 714.6 (17.8)
Gulf International Services 19.51 6.3 708.9 10.2
Qatar First Bank 6.25 (2.0) 678.9 (4.3)
Market Indicators 01 April 18 29 March 18 %Chg.
Value Traded (QR mn) 253.1 297.3 (14.8)
Exch. Market Cap. (QR mn) 478,659.9 470,521.2 1.7
Volume (mn) 9.7 9.8 (0.4)
Number of Transactions 3,670 4,665 (21.3)
Companies Traded 43 43 0.0
Market Breadth 25:15 23:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,273.20 1.1 1.1 6.9 13.3
All Share Index 2,559.37 1.4 1.4 4.4 13.5
Banks 2,828.83 1.1 1.1 5.5 11.9
Industrials 2,956.75 2.4 2.4 12.9 15.4
Transportation 1,804.18 (0.2) (0.2) 2.0 11.8
Real Estate 1,857.20 1.3 1.3 (3.0) 12.3
Insurance 3,078.75 (0.8) (0.8) (11.5) 23.2
Telecoms 1,096.63 0.5 0.5 (0.2) 30.0
Consumer 5,584.19 3.4 3.4 12.5 12.6
Al Rayan Islamic Index 3,566.78 0.5 0.5 4.2 14.4
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Burgan Bank Kuwait 0.29 3.6 410.5 (5.5)
F. A. Al Hokair Saudi Arabia 27.54 2.9 572.7 (9.4)
Industries Qatar Qatar 108.12 2.9 57.8 11.5
Kingdom Holding Co. Saudi Arabia 9.25 2.5 1,271.9 3.5
Emirates Integ. Telecom. Dubai 4.88 2.5 48.7 (4.3)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ahli United Bank Bahrain 0.65 (8.5) 278.6 (2.5)
Ahli Bank Oman 0.15 (5.1) 344.2 (9.0)
Saudi Cement Co. Saudi Arabia 53.76 (4.2) 120.4 13.3
Southern Province Cem. Saudi Arabia 47.95 (3.9) 106.1 (0.9)
HSBC Bank Oman Oman 0.10 (3.8) 2,706.9 (21.1)
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%
Qatar General Ins. & Reins. Co. 43.50 (3.3) 3.9 (11.2)
Doha Insurance Group 13.70 (2.8) 17.9 (2.1)
Qatari Investors Group 33.03 (2.5) 66.5 (9.8)
Qatar First Bank 6.25 (2.0) 678.9 (4.3)
Vodafone Qatar 8.55 (1.6) 987.6 6.6
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Company 117.75 7.1 55,017.0 15.4
Mesaieed Petrochemical Holding 16.15 9.9 47,489.1 28.3
Qatar Electricity & Water Co. 190.20 1.2 32,070.5 6.9
Gulf International Services 19.51 6.3 13,748.0 10.2
Masraf Al Rayan 35.55 0.6 10,157.2 (5.8)
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* 8,669.04 1.1 1.1 1.1 1.7 75.09 131,487.9 13.3 1.3 5.0
Dubai 3,136.36 0.9 0.9 0.9 (6.9) 62.04 106,084.8 11.0 1.1 5.7
Abu Dhabi 4,583.53 (0.0) (0.0) (0.0) 4.2 33.76 127,314.5 11.8 1.3 5.2
Saudi Arabia 7,800.88 (0.9) (0.9) (0.9) 8.0 1,026.97 494,534.0 17.1 1.7 3.3
Kuwait N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Oman 4,737.17 (0.8) (0.8) (0.8) (7.1) 12.59 19,983.5 12.2 1.0 5.1
Bahrain 1,303.14 (1.2) (1.2) (1.2) (2.1) 2.02 19,791.1 9.2 0.8 6.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any.)
8,550
8,600
8,650
8,700
8,750
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
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Qatar Market Commentary
 The QSE Index rose 1.1% to close at 8,669.0. The Consumer Goods &
Services and Industrials 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.
 Mesaieed Petrochemical Holding Company and Qatar Fuel Company
were the top gainers, rising 9.9% and 7.1%, respectively. Among the top
losers, Qatar General Insurance & Reinsurance Company fell 3.3%, while
Doha Insurance Group was down 2.8%.
 Volume of shares traded on Sunday fell by 0.4% to 9.7mn from 9.8mn on
Thursday. Further, as compared to the 30-day moving average of
11.5mn, volume for the day was 14.9% lower. Mesaieed Petrochemical
Holding Company and Vodafone Qatar were the most active stocks,
contributing 30.3% and 10.1% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Calendar
Tickers Company Name Date of reporting 1Q2018 results No. of days remaining Status
QNBK QNB Group 10-Apr-18 8 Due
NLCS Alijarah Holding 12-Apr-18 10 Due
QIBK Qatar Islamic Bank 15-Apr-18 13 Due
GWCS Gulf Warehousing Company 16-Apr-18 14 Due
MARK Masraf Al Rayan 16-Apr-18 14 Due
DOHI Doha Insurance Group 18-Apr-18 16 Due
ABQK Ahli Bank 19-Apr-18 17 Due
DHBK Doha Bank 22-Apr-18 20 Due
UDCD United Development Company 25-Apr-18 23 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-18 27 Due
QFLS Qatar Fuel Company 29-Apr-18 27 Due
Source: QSE
News
Qatar
 QFLS to disclose its 1Q2018 financial statements on April 29 –
Qatar Fuel Company (QFLS) announced its intent to disclose its
1Q2018 financial statements on April 29, 2018. (QSE)
 AKHI to disclose its 1Q2018 financial statements on April 29 –
Al Khaleej Takaful Insurance Company (AKHI) announced its
intent to disclose its 1Q2018 financial statements on April 29,
2018. (QSE)
 Ahli Bank to disclose its 1Q2018 financial statements on April
19 – Ahli Bank announced its intent to disclose its 1Q2018
financial statements on April 19, 2018. (QSE)
 QGRI’s arm to draw QR100mn revenue from Mozoon Towers –
Qatar General Insurance and Reinsurance Company (QGRI)
stated that its subsidiary Mozoon Real Estate Company will
receive QR100mn in annual revenues from operating Mozoon
Towers project. QGRI owns 50% of Mozoon Real Estate
Company, while the remaining 50% stake is owned by Al Sari
Trading Company. Mozoon Real Estate Company and Retaj
Hotels & Hospitality signed Hotel Apartments Management
and Operations Agreement and Technical Services agreement
on March 7, 2018 for term of twenty-five years, renewable for
another ten years period. (Qatar Tribune, QSE)
 Vodafone Qatar announces the completion of the previously
announced transaction in relation to Vodafone and Qatar
Foundation – Referring to the market announcement made by
Vodafone Qatar on February 27, 2018 concerning the entry by
Qatar Foundation for Education, Science and Community
Development (Qatar Foundation) into a conditional Share
Purchase Agreement with Vodafone Europe, whereby Qatar
Foundation agreed to purchase from Vodafone Europe’s shares
representing 51% of the share capital of Vodafone and Qatar
Foundation. The Transaction was completed on March 29, 2018
and the Private Founder is now 100% owned by Qatar
Foundation whose direct and indirect shareholding in Vodafone
Qatar is now 50% having increased from its previous level of
27.05%. (QSE)
 Widam Food Company to hold its EGM on April 16 – Widam
Food Company announced that its Extraordinary General
Assembly Meetings (EGM) will be held on April 16, 2018. In
case of lack of quorum, the first reserve meeting will be held on
April 23, 2018. (QSE)
 Qatari commercial banks’ assets jump 10% YoY to QR1.38tn in
February – Total assets of commercial banks in Qatar registered
10% YoY jump to QR1.38tn in February this year. Out of the
total assets, as much as 67% was credit portfolio that amounted
to QR932.56bn, which witnessed more than 7% expansion YoY
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 51.80% 42.84% 22,697,510.78
Qatari Institutions 18.13% 33.89% (39,873,876.16)
Qatari 69.93% 76.73% (17,176,365.38)
GCC Individuals 1.41% 2.02% (1,550,015.32)
GCC Institutions 3.95% 2.18% 4,482,349.45
GCC 5.36% 4.20% 2,932,334.13
Non-Qatari Individuals 13.73% 14.97% (3,127,367.55)
Non-Qatari Institutions 10.96% 4.10% 17,371,398.80
Non-Qatari 24.69% 19.07% 14,244,031.25
Page 3 of 5
in February this year, according to the Qatar Central Bank.
Much of the credit went to the private sector, which accounted
for more than 57% of the total or QR534.59bn in February this
year. The credit to the private sector grew more than 4% on a
yearly basis. The fact that credit to the private sector grew
shows the resiliency in the overall economy outside
hydrocarbons, even amidst the economic blockade and despite
the increasing cost of credit, sources said. The credit to the
public sector stood at QR377.3bn or more than 40% of the total
credit in February 2018. The credit to the public sector
witnessed more than 13% YoY growth. The required reserves
stood at QR36.07bn in February this year against QR35.03bn in
the review period of 2017. (Gulf-Times.com)
 Government projects add to construction growth rate by 7%
until 2019 – Growth rate in Qatar’s construction works is
expected to increase by 7% annually up to 2019 due to major
government projects being implemented in different regions of
Qatar, SAK Holding Group stated in its monthly report.
Between 2012 and 2017, construction accumulated 15%
compound annual growth rate (CAGR). The report stated
growth is also expected in major categories in the real estate
sector, which shows Qatar’s resiliency against global
headwinds and the economic blockade imposed on the country
in June 2017. The government’s performance created a
comprehensive shift in the composition of the economy. It
launched a number of initiatives to boost the economy, open up
to foreign markets, and build global partnerships as a direct
expression of the vision of Qatar’s prudent leadership that
enhanced the fortitude of the economy supported by a sound
monetary policy that enabled Qatar to protect the value of the
Qatari Riyal. This corroborates government’s expectations that
the economy will grow by 2% to 3% in 2018, while the non-oil
sector is expected to achieve good growth rates during 2018.
(Gulf-Times.com)
 Qatar to host ‘Qatari-Omani Joint Entrepreneurs Meeting’ – Gulf
Organization for Industrial Consulting (GOIC) will organize the
‘Qatari-Omani Joint Entrepreneurs Meeting’ from April 11 and
12. GOIC’s Secretary-General, Abudulaziz Bin Hamad Al Ageel
said the meeting forms part of the organization’s efforts to
strengthen industrial and commercial cooperation and
coordination between GCC countries. Al Ageel stressed the
importance of GOIC’s role in promoting economic and industrial
development, cooperation, and partnerships between public
and private sectors in the region, particularly in the areas of
investments and trade. (Gulf-Times.com)
International
 Japan’s business mood sours for first time in two years –
Japanese business sentiment worsened for the first time in two
years in the three months to March, a closely watched central
bank survey showed, as rising raw material and labor costs
weigh on an otherwise steady economic recovery. A strong Yen
and simmering fears of a trade war, triggered by US President
Donald Trump’s move to impose tariffs on Chinese goods, could
further undermine corporate morale if threats of retaliation
escalate. However, few analysts expect the economic recovery
to falter as business confidence remains at a decade-high level
and companies plan to increase capital expenditure. (Reuters)
 Japan’s March final manufacturing PMI cools slightly, overall
economy still solid – Japanese manufacturing activity expanded
at a slightly slower pace in March, revised data from a survey
showed, as growth in new orders and output moderated slightly
though the economy overall remained in solid shape. The Final
Markit/Nikkei Japan Manufacturing Purchasing Managers
Index (PMI) fell to 53.1 in March on a seasonally adjusted basis,
slightly below a preliminary 53.2 and below a final 54.1 in
February. The headline reading fell for the second consecutive
month, but remained above the 50 threshold that separates
contraction from expansion for the 19th executive month. The
final index for new orders was 53.1, below the preliminary
reading of 53.2 and down from 54.7 in the previous month. The
new export orders index was unchanged from the advance
estimate at 52.5, but down compared with a final 54.1 in
February. (Reuters)
Regional
 GCC healthcare spending to hit $69bn by 2020 – The GCC
healthcare spending is expected to reach $69bn by 2020. The
healthcare ecosystem is currently witnessing a significant
transformational shift, with technology playing a vital role. It
will be a game changer for the sector, with innovation playing
an important role. This was stated by Khuloud Al Omian,
Editor-in-Chief of Forbes Middle East, adding that the private
sector, together with government authorities will continue to
be a key partner in the long-term development of the health
industries. (GulfBase.com)
 Saudi Arabia to list Riyal government bonds on exchange –
Saudi Arabia authorities said they would list local currency
government bonds on the Saudi Arabian stock exchange on
April 8, part of efforts to spur secondary market trading of debt
and strengthen state finances. The Capital Market Authority
stated that over SR204.4bn of Riyal bonds with maturities of
five, seven and ten years would be available to trade, including
floating- and fixed-rate bonds and Islamic instruments.
(Peninsula Qatar)
 Saudi Arabia closes $16bn loan – The Saudi Arabia closed an
increased $16bn syndicated loan that refinances a $10bn
facility signed in 2016, according to banking sources. The deal,
which closed on March 19, comprises a $8.35bn term loan and a
$7.65bn Murabaha financing. HSBC, JP Morgan and MUFG were
coordinators, bookrunners and mandated lead arrangers on the
deal with Bank of China, Citibank, Credit Agricole, ICBC,
Mizuho Bank, Standard Chartered and SMBC as bookrunners
and mandated lead arrangers. (Reuters)
 Pick up in loan growth signals better profit outlook for UAE
banks – Improving operating environment linked to stronger
economic growth, pick up in credit growth and higher interest
rates are expected to boost profitability of the UAE banks in
2018. The UAE’s central bank data for February showed solid
credit growth with the gross credit growth expanding by 0.5%
MoM in February after seeing growth of the same magnitude in
the previous month. This is a significant improvement
compared to loan growth in 4Q2017. Yearly credit growth
strengthened gradually to 2.1% YoY in February, up from 1.7%
in December 2017, with monthly rises in the second month of
2018. Private and government sectors were the main drivers of
credit growth in February, expanding by 0.4% MoM and 1.3%
Page 4 of 5
MoM, respectively. Private sector credit growth was driven by
the corporate sector (0.6%) while retail credit growth
contracted by 0.1%. (GulfBase.com)
 Dubai’s hardware and tools trade rose to AED4.8bn – Dubai’s
external trade in hardware and tools reached AED4.8bn last
year, with imports standing at AED3.4bn, re-exports at
AED1.36bn and exports at AED30mn, according to Dubai
Customs. The figures revealed that China and the US topped
the list of Dubai’s partners in hardware and the tools trade in
2017, with trade worth AED760mn each. Italy came in second
with AED467mn, Germany with AED307mn and India with
AED205mn. (GulfBase.com)
 Gulf General Investment Company to restructure debt – Gulf
General Investment Company (GGICO) is in talks with lenders
to restructure loan and credit facilities after defaulting on a
payment linked to AED2.15bn of debt at the end of last year,
the company stated. GGICO, which has investments spanning
financial services, property, hospitality, manufacturing and
retailing, previously restructured its debt in September 2017
and before that in July 2012. It said in December 2017 it
defaulted on a principal payment of AED24.4mn related to the
restructured debt. Despite the default, GGICO stated that as
banks had not served a notice as required by the agreement, it
believed the bank facility would continue as per the
restructured agreement. (Reuters)
 Abu Dhabi’s tourism sector on solid growth track – According to
the Department of Culture & Tourism Abu Dhabi witnessed
around five million hotel guests, showcasing approximately
10% YoY increase. New tourism products such as Louvre Abu
Dhabi and upcoming Warner Bros studios have diversified the
offerings in the Emirate. Sources said that 4Q2017 was a
tremendously busy period and several global events took place,
which had a major impact on the overall business of 2017.
(GulfBase.com)
 Market shakeup deepens in Kuwait in bid to draw investors, up
IPOs – Kuwait’s stock exchange is set to implement the latest
set of changes aimed at attracting investors and increasing the
number of initial public offerings (IPOs). The bourse will divide
its stocks into three sections, based on criteria including their
market capitalization and the volume of shares traded. It will
introduce new indexes, including a ‘Premier Market’ grouping
together 16 of Kuwait’s largest and most liquid companies.
Authorities started a series of measures last year to update
infrastructure for equities trading with the goal of stirring
international interest in the market and jolting into life a large
portion of its shares that barely move each day. The benchmark
that’s in place now has 156 members. On any given day, at least
40 of those have closed unchanged in the past five years. (Gulf-
Times.com)
 Oman’s economy registers broad-based recovery – After
economic slowdown and contraction witnessed during the
years 2015 and 2016, the Omani economy registered a broad-
based recovery and grew in nominal terms by 10.1% during
9M2017. Hydrocarbon and non-hydrocarbon sector grew by
23.9% and 4.9%, respectively during this period. The upturn in
the economy was mainly driven by recovery in crude oil prices
and the positive impact of diversification efforts. Promotion of
non-oil exports and tourism related activities is at the centre of
diversification programs. (GulfBase.com)
 Oman's real estate deals rose by 25% – The real estate market in
Oman is recovering, with sale deals showing a robust growth in
the first two months of 2018. Reflecting the market trend and
investor sentiment, the total value of property deals in the
country during January-February of 2018 rose by 24.6% to
OMR565.3mn, compared with OMR453.5mn for the same period
of last year, according to National Centre for Statistics and
Information (NCSI). Of the total value in the first two months,
OMR179.5mn worth of deals were sale contracts, constituting a
decline by 7.4%, while OMR382.3mn transactions were
mortgage deals. As many as 10,611 sale contracts were
executed in January till February 2018, compared with 10,615
deals for the same period of last year, the NSCI data showed.
(GulfBase.com)
 Bank Dhofar approves 20% dividend – The board of directors of
Bank Dhofar held its Annual General Meeting and approved the
proposed cash dividend of 12% of the paid up capital of the
bank (12 Baisa per share) for the financial year ended December
31, 2017, and a bonus share of 8%. As a result of this the paid up
capital of the bank will be increased from 2,257,857,722 shares
to 2,438,486,340 shares. (GulfBase.com)
 Bahrain announces largest oil, gas find in decades – Bahrain
government announced the discovery of a new tight oil and
deep gas resource in the Khaleej Al Bahrain Basin, located off
the west coast of the Kingdom in addition to the discovery of
large quantities of deep gas. The find represents the largest
discovery of oil in the Kingdom since 1932, when extraction
started on Bahrain’s first oil well within the Bahrain Oil Field.
(GulfBase.com)
 Bahrain Cineco approves 50% cash dividends – Bahrain Cinema
Company (Cineco) approved the distribution of a cash dividend
of 50% of the paid up capital, the equivalent of 50 Fils per share
equivalent to BHD3.95mn proposed by the board following the
approval of Central Bank of Bahrain. (GulfBase.com)
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
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa 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
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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)
60.0
80.0
100.0
120.0
140.0
160.0
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
QSE Index S&P Pan Arab S&P GCC
(0.9%)
1.1%
(1.2%)
(0.8%)
(0.0%)
0.9%
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
1.5%
SaudiArabia
Qatar
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,325.00 (0.0) (1.7) 1.7 MSCI World Index 2,066.84 0.1 1.5 (1.7)
Silver/Ounce 16.37 (0.0) (1.2) (3.4) DJ Industrial 24,103.11 0.0 2.4 (2.5)
Crude Oil (Brent)/Barrel (FM Future) 70.27 0.0 (0.3) 5.1 S&P 500 2,640.87 0.0 2.0 (1.2)
Crude Oil (WTI)/Barrel (FM Future) 64.94 0.0 (1.4) 7.5 NASDAQ 100 7,063.45 0.0 1.0 2.3
Natural Gas (Henry Hub)/MMBtu 2.81 0.0 8.9 (20.6) STOXX 600 370.87 0.0 0.8 (2.6)
LPG Propane (Arab Gulf)/Ton 80.00 0.0 (3.2) (18.2) DAX 12,096.73 0.0 1.2 (4.3)
LPG Butane (Arab Gulf)/Ton 77.75 0.0 (2.8) (26.4) FTSE 100 7,056.61 0.0 1.0 (4.9)
Euro 1.23 0.2 (0.2) 2.7 CAC 40 5,167.30 0.0 0.8 (0.6)
Yen 106.28 (0.1) 1.5 (5.7) Nikkei 21,454.30 1.6 2.9 (0.1)
GBP 1.40 (0.0) (0.8) 3.7 MSCI EM 1,170.88 0.1 (0.1) 1.1
CHF 1.05 0.3 (0.7) 2.2 SHANGHAI SE Composite 3,168.90 0.5 1.0 (0.8)
AUD 0.77 0.0 (0.3) (1.7) HANG SENG 30,093.38 0.0 (0.8) 0.1
USD Index 89.97 (0.2) 0.6 (2.3) BSE SENSEX 32,968.68 0.0 0.9 (5.1)
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QNBFS Daily Market Report April 02, 2018

  • 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary 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. Top gainers were Mesaieed Petrochemical Holding Company and Qatar Fuel Company, rising 9.9% and 7.1%, respectively. Among the top losers, Qatar General Insurance & Reinsurance Company fell 3.3%, while Doha Insurance Group was down 2.8%. GCC Commentary Saudi Arabia: The TASI Index fell 0.9% to close at 7,800.9. Losses were led by the Real Estate Mgmt & Dev’t and Materials indices, falling 1.3% and 1.1%, respectively. Saudi Cement Co. declined 4.2%, while Southern Province Cement Co. was down 3.9%. Dubai: The DFM Index gained 0.9% to close at 3,136.4. The Services index rose 2.8%, while the Telecommunication index gained 2.5%. International Financial Advisors rose 14.8%, while Marka was up 8.2%. Abu Dhabi: The ADX benchmark index fell marginally to close at 4,583.5. The Consumer Staples index declined 2.7%, while the Telecommunication index fell 1.1%. Al Khazna Insurance Co. declined 7.7%, while Arkan Building Materials Co. was down 4.4%. Kuwait: Index data is unavailable. Oman: The MSM Index fell 0.8% to close at 4,737.2. The Financial index declined 0.2%, while the other indices ended in green. Muscat Gases fell 8.6%, while Oman Cables Industry was down 7.1%. Bahrain: The BHB Index fell 1.2% to close at 1,303.1. The Commercial Banks index declined 2.3%, while the Services index fell 0.8%. Takaful International Company declined 15.0%, while Ahli United Bank was down 3.7%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Mesaieed Petrochemical Holding 16.15 9.9 2,953.3 28.3 Qatar Fuel Company 117.75 7.1 461.7 15.4 Gulf International Services 19.51 6.3 708.9 10.2 Industries Qatar 108.12 2.9 57.8 11.5 Ezdan Holding Group 10.70 1.9 30.8 (11.4) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Mesaieed Petrochemical Holding 16.15 9.9 2,953.3 28.3 Vodafone Qatar 8.55 (1.6) 987.6 6.6 Mazaya Qatar Real Estate Dev. 7.40 1.1 714.6 (17.8) Gulf International Services 19.51 6.3 708.9 10.2 Qatar First Bank 6.25 (2.0) 678.9 (4.3) Market Indicators 01 April 18 29 March 18 %Chg. Value Traded (QR mn) 253.1 297.3 (14.8) Exch. Market Cap. (QR mn) 478,659.9 470,521.2 1.7 Volume (mn) 9.7 9.8 (0.4) Number of Transactions 3,670 4,665 (21.3) Companies Traded 43 43 0.0 Market Breadth 25:15 23:19 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15,273.20 1.1 1.1 6.9 13.3 All Share Index 2,559.37 1.4 1.4 4.4 13.5 Banks 2,828.83 1.1 1.1 5.5 11.9 Industrials 2,956.75 2.4 2.4 12.9 15.4 Transportation 1,804.18 (0.2) (0.2) 2.0 11.8 Real Estate 1,857.20 1.3 1.3 (3.0) 12.3 Insurance 3,078.75 (0.8) (0.8) (11.5) 23.2 Telecoms 1,096.63 0.5 0.5 (0.2) 30.0 Consumer 5,584.19 3.4 3.4 12.5 12.6 Al Rayan Islamic Index 3,566.78 0.5 0.5 4.2 14.4 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Burgan Bank Kuwait 0.29 3.6 410.5 (5.5) F. A. Al Hokair Saudi Arabia 27.54 2.9 572.7 (9.4) Industries Qatar Qatar 108.12 2.9 57.8 11.5 Kingdom Holding Co. Saudi Arabia 9.25 2.5 1,271.9 3.5 Emirates Integ. Telecom. Dubai 4.88 2.5 48.7 (4.3) GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% Ahli United Bank Bahrain 0.65 (8.5) 278.6 (2.5) Ahli Bank Oman 0.15 (5.1) 344.2 (9.0) Saudi Cement Co. Saudi Arabia 53.76 (4.2) 120.4 13.3 Southern Province Cem. Saudi Arabia 47.95 (3.9) 106.1 (0.9) HSBC Bank Oman Oman 0.10 (3.8) 2,706.9 (21.1) 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% Qatar General Ins. & Reins. Co. 43.50 (3.3) 3.9 (11.2) Doha Insurance Group 13.70 (2.8) 17.9 (2.1) Qatari Investors Group 33.03 (2.5) 66.5 (9.8) Qatar First Bank 6.25 (2.0) 678.9 (4.3) Vodafone Qatar 8.55 (1.6) 987.6 6.6 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Qatar Fuel Company 117.75 7.1 55,017.0 15.4 Mesaieed Petrochemical Holding 16.15 9.9 47,489.1 28.3 Qatar Electricity & Water Co. 190.20 1.2 32,070.5 6.9 Gulf International Services 19.51 6.3 13,748.0 10.2 Masraf Al Rayan 35.55 0.6 10,157.2 (5.8) 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* 8,669.04 1.1 1.1 1.1 1.7 75.09 131,487.9 13.3 1.3 5.0 Dubai 3,136.36 0.9 0.9 0.9 (6.9) 62.04 106,084.8 11.0 1.1 5.7 Abu Dhabi 4,583.53 (0.0) (0.0) (0.0) 4.2 33.76 127,314.5 11.8 1.3 5.2 Saudi Arabia 7,800.88 (0.9) (0.9) (0.9) 8.0 1,026.97 494,534.0 17.1 1.7 3.3 Kuwait N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Oman 4,737.17 (0.8) (0.8) (0.8) (7.1) 12.59 19,983.5 12.2 1.0 5.1 Bahrain 1,303.14 (1.2) (1.2) (1.2) (2.1) 2.02 19,791.1 9.2 0.8 6.2 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any.) 8,550 8,600 8,650 8,700 8,750 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 5 Qatar Market Commentary  The QSE Index rose 1.1% to close at 8,669.0. The Consumer Goods & Services and Industrials 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.  Mesaieed Petrochemical Holding Company and Qatar Fuel Company were the top gainers, rising 9.9% and 7.1%, respectively. Among the top losers, Qatar General Insurance & Reinsurance Company fell 3.3%, while Doha Insurance Group was down 2.8%.  Volume of shares traded on Sunday fell by 0.4% to 9.7mn from 9.8mn on Thursday. Further, as compared to the 30-day moving average of 11.5mn, volume for the day was 14.9% lower. Mesaieed Petrochemical Holding Company and Vodafone Qatar were the most active stocks, contributing 30.3% and 10.1% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Calendar Tickers Company Name Date of reporting 1Q2018 results No. of days remaining Status QNBK QNB Group 10-Apr-18 8 Due NLCS Alijarah Holding 12-Apr-18 10 Due QIBK Qatar Islamic Bank 15-Apr-18 13 Due GWCS Gulf Warehousing Company 16-Apr-18 14 Due MARK Masraf Al Rayan 16-Apr-18 14 Due DOHI Doha Insurance Group 18-Apr-18 16 Due ABQK Ahli Bank 19-Apr-18 17 Due DHBK Doha Bank 22-Apr-18 20 Due UDCD United Development Company 25-Apr-18 23 Due AKHI Al Khaleej Takaful Insurance Company 29-Apr-18 27 Due QFLS Qatar Fuel Company 29-Apr-18 27 Due Source: QSE News Qatar  QFLS to disclose its 1Q2018 financial statements on April 29 – Qatar Fuel Company (QFLS) announced its intent to disclose its 1Q2018 financial statements on April 29, 2018. (QSE)  AKHI to disclose its 1Q2018 financial statements on April 29 – Al Khaleej Takaful Insurance Company (AKHI) announced its intent to disclose its 1Q2018 financial statements on April 29, 2018. (QSE)  Ahli Bank to disclose its 1Q2018 financial statements on April 19 – Ahli Bank announced its intent to disclose its 1Q2018 financial statements on April 19, 2018. (QSE)  QGRI’s arm to draw QR100mn revenue from Mozoon Towers – Qatar General Insurance and Reinsurance Company (QGRI) stated that its subsidiary Mozoon Real Estate Company will receive QR100mn in annual revenues from operating Mozoon Towers project. QGRI owns 50% of Mozoon Real Estate Company, while the remaining 50% stake is owned by Al Sari Trading Company. Mozoon Real Estate Company and Retaj Hotels & Hospitality signed Hotel Apartments Management and Operations Agreement and Technical Services agreement on March 7, 2018 for term of twenty-five years, renewable for another ten years period. (Qatar Tribune, QSE)  Vodafone Qatar announces the completion of the previously announced transaction in relation to Vodafone and Qatar Foundation – Referring to the market announcement made by Vodafone Qatar on February 27, 2018 concerning the entry by Qatar Foundation for Education, Science and Community Development (Qatar Foundation) into a conditional Share Purchase Agreement with Vodafone Europe, whereby Qatar Foundation agreed to purchase from Vodafone Europe’s shares representing 51% of the share capital of Vodafone and Qatar Foundation. The Transaction was completed on March 29, 2018 and the Private Founder is now 100% owned by Qatar Foundation whose direct and indirect shareholding in Vodafone Qatar is now 50% having increased from its previous level of 27.05%. (QSE)  Widam Food Company to hold its EGM on April 16 – Widam Food Company announced that its Extraordinary General Assembly Meetings (EGM) will be held on April 16, 2018. In case of lack of quorum, the first reserve meeting will be held on April 23, 2018. (QSE)  Qatari commercial banks’ assets jump 10% YoY to QR1.38tn in February – Total assets of commercial banks in Qatar registered 10% YoY jump to QR1.38tn in February this year. Out of the total assets, as much as 67% was credit portfolio that amounted to QR932.56bn, which witnessed more than 7% expansion YoY Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 51.80% 42.84% 22,697,510.78 Qatari Institutions 18.13% 33.89% (39,873,876.16) Qatari 69.93% 76.73% (17,176,365.38) GCC Individuals 1.41% 2.02% (1,550,015.32) GCC Institutions 3.95% 2.18% 4,482,349.45 GCC 5.36% 4.20% 2,932,334.13 Non-Qatari Individuals 13.73% 14.97% (3,127,367.55) Non-Qatari Institutions 10.96% 4.10% 17,371,398.80 Non-Qatari 24.69% 19.07% 14,244,031.25
  • 3. Page 3 of 5 in February this year, according to the Qatar Central Bank. Much of the credit went to the private sector, which accounted for more than 57% of the total or QR534.59bn in February this year. The credit to the private sector grew more than 4% on a yearly basis. The fact that credit to the private sector grew shows the resiliency in the overall economy outside hydrocarbons, even amidst the economic blockade and despite the increasing cost of credit, sources said. The credit to the public sector stood at QR377.3bn or more than 40% of the total credit in February 2018. The credit to the public sector witnessed more than 13% YoY growth. The required reserves stood at QR36.07bn in February this year against QR35.03bn in the review period of 2017. (Gulf-Times.com)  Government projects add to construction growth rate by 7% until 2019 – Growth rate in Qatar’s construction works is expected to increase by 7% annually up to 2019 due to major government projects being implemented in different regions of Qatar, SAK Holding Group stated in its monthly report. Between 2012 and 2017, construction accumulated 15% compound annual growth rate (CAGR). The report stated growth is also expected in major categories in the real estate sector, which shows Qatar’s resiliency against global headwinds and the economic blockade imposed on the country in June 2017. The government’s performance created a comprehensive shift in the composition of the economy. It launched a number of initiatives to boost the economy, open up to foreign markets, and build global partnerships as a direct expression of the vision of Qatar’s prudent leadership that enhanced the fortitude of the economy supported by a sound monetary policy that enabled Qatar to protect the value of the Qatari Riyal. This corroborates government’s expectations that the economy will grow by 2% to 3% in 2018, while the non-oil sector is expected to achieve good growth rates during 2018. (Gulf-Times.com)  Qatar to host ‘Qatari-Omani Joint Entrepreneurs Meeting’ – Gulf Organization for Industrial Consulting (GOIC) will organize the ‘Qatari-Omani Joint Entrepreneurs Meeting’ from April 11 and 12. GOIC’s Secretary-General, Abudulaziz Bin Hamad Al Ageel said the meeting forms part of the organization’s efforts to strengthen industrial and commercial cooperation and coordination between GCC countries. Al Ageel stressed the importance of GOIC’s role in promoting economic and industrial development, cooperation, and partnerships between public and private sectors in the region, particularly in the areas of investments and trade. (Gulf-Times.com) International  Japan’s business mood sours for first time in two years – Japanese business sentiment worsened for the first time in two years in the three months to March, a closely watched central bank survey showed, as rising raw material and labor costs weigh on an otherwise steady economic recovery. A strong Yen and simmering fears of a trade war, triggered by US President Donald Trump’s move to impose tariffs on Chinese goods, could further undermine corporate morale if threats of retaliation escalate. However, few analysts expect the economic recovery to falter as business confidence remains at a decade-high level and companies plan to increase capital expenditure. (Reuters)  Japan’s March final manufacturing PMI cools slightly, overall economy still solid – Japanese manufacturing activity expanded at a slightly slower pace in March, revised data from a survey showed, as growth in new orders and output moderated slightly though the economy overall remained in solid shape. The Final Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) fell to 53.1 in March on a seasonally adjusted basis, slightly below a preliminary 53.2 and below a final 54.1 in February. The headline reading fell for the second consecutive month, but remained above the 50 threshold that separates contraction from expansion for the 19th executive month. The final index for new orders was 53.1, below the preliminary reading of 53.2 and down from 54.7 in the previous month. The new export orders index was unchanged from the advance estimate at 52.5, but down compared with a final 54.1 in February. (Reuters) Regional  GCC healthcare spending to hit $69bn by 2020 – The GCC healthcare spending is expected to reach $69bn by 2020. The healthcare ecosystem is currently witnessing a significant transformational shift, with technology playing a vital role. It will be a game changer for the sector, with innovation playing an important role. This was stated by Khuloud Al Omian, Editor-in-Chief of Forbes Middle East, adding that the private sector, together with government authorities will continue to be a key partner in the long-term development of the health industries. (GulfBase.com)  Saudi Arabia to list Riyal government bonds on exchange – Saudi Arabia authorities said they would list local currency government bonds on the Saudi Arabian stock exchange on April 8, part of efforts to spur secondary market trading of debt and strengthen state finances. The Capital Market Authority stated that over SR204.4bn of Riyal bonds with maturities of five, seven and ten years would be available to trade, including floating- and fixed-rate bonds and Islamic instruments. (Peninsula Qatar)  Saudi Arabia closes $16bn loan – The Saudi Arabia closed an increased $16bn syndicated loan that refinances a $10bn facility signed in 2016, according to banking sources. The deal, which closed on March 19, comprises a $8.35bn term loan and a $7.65bn Murabaha financing. HSBC, JP Morgan and MUFG were coordinators, bookrunners and mandated lead arrangers on the deal with Bank of China, Citibank, Credit Agricole, ICBC, Mizuho Bank, Standard Chartered and SMBC as bookrunners and mandated lead arrangers. (Reuters)  Pick up in loan growth signals better profit outlook for UAE banks – Improving operating environment linked to stronger economic growth, pick up in credit growth and higher interest rates are expected to boost profitability of the UAE banks in 2018. The UAE’s central bank data for February showed solid credit growth with the gross credit growth expanding by 0.5% MoM in February after seeing growth of the same magnitude in the previous month. This is a significant improvement compared to loan growth in 4Q2017. Yearly credit growth strengthened gradually to 2.1% YoY in February, up from 1.7% in December 2017, with monthly rises in the second month of 2018. Private and government sectors were the main drivers of credit growth in February, expanding by 0.4% MoM and 1.3%
  • 4. Page 4 of 5 MoM, respectively. Private sector credit growth was driven by the corporate sector (0.6%) while retail credit growth contracted by 0.1%. (GulfBase.com)  Dubai’s hardware and tools trade rose to AED4.8bn – Dubai’s external trade in hardware and tools reached AED4.8bn last year, with imports standing at AED3.4bn, re-exports at AED1.36bn and exports at AED30mn, according to Dubai Customs. The figures revealed that China and the US topped the list of Dubai’s partners in hardware and the tools trade in 2017, with trade worth AED760mn each. Italy came in second with AED467mn, Germany with AED307mn and India with AED205mn. (GulfBase.com)  Gulf General Investment Company to restructure debt – Gulf General Investment Company (GGICO) is in talks with lenders to restructure loan and credit facilities after defaulting on a payment linked to AED2.15bn of debt at the end of last year, the company stated. GGICO, which has investments spanning financial services, property, hospitality, manufacturing and retailing, previously restructured its debt in September 2017 and before that in July 2012. It said in December 2017 it defaulted on a principal payment of AED24.4mn related to the restructured debt. Despite the default, GGICO stated that as banks had not served a notice as required by the agreement, it believed the bank facility would continue as per the restructured agreement. (Reuters)  Abu Dhabi’s tourism sector on solid growth track – According to the Department of Culture & Tourism Abu Dhabi witnessed around five million hotel guests, showcasing approximately 10% YoY increase. New tourism products such as Louvre Abu Dhabi and upcoming Warner Bros studios have diversified the offerings in the Emirate. Sources said that 4Q2017 was a tremendously busy period and several global events took place, which had a major impact on the overall business of 2017. (GulfBase.com)  Market shakeup deepens in Kuwait in bid to draw investors, up IPOs – Kuwait’s stock exchange is set to implement the latest set of changes aimed at attracting investors and increasing the number of initial public offerings (IPOs). The bourse will divide its stocks into three sections, based on criteria including their market capitalization and the volume of shares traded. It will introduce new indexes, including a ‘Premier Market’ grouping together 16 of Kuwait’s largest and most liquid companies. Authorities started a series of measures last year to update infrastructure for equities trading with the goal of stirring international interest in the market and jolting into life a large portion of its shares that barely move each day. The benchmark that’s in place now has 156 members. On any given day, at least 40 of those have closed unchanged in the past five years. (Gulf- Times.com)  Oman’s economy registers broad-based recovery – After economic slowdown and contraction witnessed during the years 2015 and 2016, the Omani economy registered a broad- based recovery and grew in nominal terms by 10.1% during 9M2017. Hydrocarbon and non-hydrocarbon sector grew by 23.9% and 4.9%, respectively during this period. The upturn in the economy was mainly driven by recovery in crude oil prices and the positive impact of diversification efforts. Promotion of non-oil exports and tourism related activities is at the centre of diversification programs. (GulfBase.com)  Oman's real estate deals rose by 25% – The real estate market in Oman is recovering, with sale deals showing a robust growth in the first two months of 2018. Reflecting the market trend and investor sentiment, the total value of property deals in the country during January-February of 2018 rose by 24.6% to OMR565.3mn, compared with OMR453.5mn for the same period of last year, according to National Centre for Statistics and Information (NCSI). Of the total value in the first two months, OMR179.5mn worth of deals were sale contracts, constituting a decline by 7.4%, while OMR382.3mn transactions were mortgage deals. As many as 10,611 sale contracts were executed in January till February 2018, compared with 10,615 deals for the same period of last year, the NSCI data showed. (GulfBase.com)  Bank Dhofar approves 20% dividend – The board of directors of Bank Dhofar held its Annual General Meeting and approved the proposed cash dividend of 12% of the paid up capital of the bank (12 Baisa per share) for the financial year ended December 31, 2017, and a bonus share of 8%. As a result of this the paid up capital of the bank will be increased from 2,257,857,722 shares to 2,438,486,340 shares. (GulfBase.com)  Bahrain announces largest oil, gas find in decades – Bahrain government announced the discovery of a new tight oil and deep gas resource in the Khaleej Al Bahrain Basin, located off the west coast of the Kingdom in addition to the discovery of large quantities of deep gas. The find represents the largest discovery of oil in the Kingdom since 1932, when extraction started on Bahrain’s first oil well within the Bahrain Oil Field. (GulfBase.com)  Bahrain Cineco approves 50% cash dividends – Bahrain Cinema Company (Cineco) approved the distribution of a cash dividend of 50% of the paid up capital, the equivalent of 50 Fils per share equivalent to BHD3.95mn proposed by the board following the approval of Central Bank of Bahrain. (GulfBase.com)
  • 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 Mohamed Abo Daff QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6589 PO Box 24025 mohd.abodaff@qnbfs.com.qa 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) 60.0 80.0 100.0 120.0 140.0 160.0 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 QSE Index S&P Pan Arab S&P GCC (0.9%) 1.1% (1.2%) (0.8%) (0.0%) 0.9% (1.5%) (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% SaudiArabia Qatar Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,325.00 (0.0) (1.7) 1.7 MSCI World Index 2,066.84 0.1 1.5 (1.7) Silver/Ounce 16.37 (0.0) (1.2) (3.4) DJ Industrial 24,103.11 0.0 2.4 (2.5) Crude Oil (Brent)/Barrel (FM Future) 70.27 0.0 (0.3) 5.1 S&P 500 2,640.87 0.0 2.0 (1.2) Crude Oil (WTI)/Barrel (FM Future) 64.94 0.0 (1.4) 7.5 NASDAQ 100 7,063.45 0.0 1.0 2.3 Natural Gas (Henry Hub)/MMBtu 2.81 0.0 8.9 (20.6) STOXX 600 370.87 0.0 0.8 (2.6) LPG Propane (Arab Gulf)/Ton 80.00 0.0 (3.2) (18.2) DAX 12,096.73 0.0 1.2 (4.3) LPG Butane (Arab Gulf)/Ton 77.75 0.0 (2.8) (26.4) FTSE 100 7,056.61 0.0 1.0 (4.9) Euro 1.23 0.2 (0.2) 2.7 CAC 40 5,167.30 0.0 0.8 (0.6) Yen 106.28 (0.1) 1.5 (5.7) Nikkei 21,454.30 1.6 2.9 (0.1) GBP 1.40 (0.0) (0.8) 3.7 MSCI EM 1,170.88 0.1 (0.1) 1.1 CHF 1.05 0.3 (0.7) 2.2 SHANGHAI SE Composite 3,168.90 0.5 1.0 (0.8) AUD 0.77 0.0 (0.3) (1.7) HANG SENG 30,093.38 0.0 (0.8) 0.1 USD Index 89.97 (0.2) 0.6 (2.3) BSE SENSEX 32,968.68 0.0 0.9 (5.1) RUB 57.13 (0.2) (0.3) (0.9) Bovespa 85,365.56 0.0 1.2 11.8 BRL 0.30 (0.0) 0.2 0.2 RTS 1,249.41 0.2 (1.0) 8.2 84.3 84.0 73.6