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QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.5% to close at 10,061.5. Losses were led by the Real Estate
and Banks & Financial Services indices, falling 0.8% and 0.6%, respectively. Top
losers were Qatar Industrial Manufacturing Co. and Medicare Group, falling 2.3% and
1.5%, respectively. Among the top gainers Vodafone Qatar rose 2.6%, while Qatar
Islamic Insurance Co. was up 1.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 6,853.1. Losses were led by the
Energy and Capital Goods indices, falling 2.8% and 2.7%, respectively. Rabigh Ref.
& Petrochem. fell 10.0%, while The Mediterranean and Gulf Ins. was down 9.8%.
Dubai: The DFM Index declined 0.1% to close at 3,415.7. The Consumer Staples
index fell 3.9%, while the Services index declined 1.4%. Dar Al Takaful fell 9.6%,
while Marka was down 8.1%.
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4,593.3. The Consumer
Staples index declined 4.6%, while the Energy index fell 2.5%. Emirates FoodStuff
& Mineral Water declined 6.2%, while Ras Al Khaimah Ceramics was down 3.3%.
Kuwait: The KSE Index declined 0.2% to close at 6,658.8. The Health Care index fell
2.3%, while the Consumer Services index declined 1.6%. Kuwait National Cinema
Co. fell 8.9%, while Tamdeen Investment Co. was down 6.4%.
Oman: The MSM Index fell 0.2% to close at 5,420.5. Losses were led by the Services
and Industrial indices, falling 0.2% and 0.1%, respectively. Oman Fisheries fell
2.0%, while Ooredoo was down 1.6%.
Bahrain: The BHB Index gained 0.3% to close at 1,310.4. The Investment index rose
0.6%, while the Insurance index gained 0.3%. Arab Banking Corporation rose 3.3%,
while Arab Insurance Group was up 1.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.43 2.6 4,071.6 0.6
Qatar Islamic Insurance Co. 63.10 1.9 38.1 24.7
National Leasing 17.19 1.7 436.4 12.2
Qatari Investors Group 58.90 1.4 21.6 0.7
Commercial Bank 29.90 1.4 605.3 (3.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.43 2.6 4,071.6 0.6
Ezdan Holding Group 15.70 (1.2) 1,021.1 3.9
Commercial Bank 29.90 1.4 605.3 (3.4)
Qatar First Bank 8.30 0.1 520.7 (19.4)
National Leasing 17.19 1.7 436.4 12.2
Market Indicators 14 May 17 11 May 17 %Chg.
Value Traded (QR mn) 205.9 327.3 (37.1)
Exch. Market Cap. (QR mn) 537,668.0 540,526.3 (0.5)
Volume (mn) 9.3 12.0 (22.3)
Number of Transactions 2,444 3,528 (30.7)
Companies Traded 41 41 0.0
Market Breadth 16:24 30:8 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,872.55 (0.5) (0.5) (0.1) 15.1
All Share Index 2,851.28 (0.5) (0.5) (0.6) 14.8
Banks 2,961.45 (0.6) (0.6) 1.7 13.0
Industrials 3,105.81 (0.1) (0.1) (6.1) 18.7
Transportation 2,105.76 (0.5) (0.5) (17.3) 12.4
Real Estate 2,378.16 (0.8) (0.8) 6.0 15.0
Insurance 4,303.53 (0.4) (0.4) (3.0) 18.2
Telecoms 1,283.75 (0.4) (0.4) 6.4 25.6
Consumer 5,957.44 (0.4) (0.4) 1.0 13.2
Al Rayan Islamic Index 4,025.57 (0.2) (0.2) 3.7 18.3
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Nat. Bank of Fujairah Abu Dhabi 3.32 14.5 10.0 (25.3)
Arab Banking Corp. Bahrain 0.31 3.3 80.0 (16.2)
Solidarity Saudi Takaful Saudi Arabia 17.99 2.9 682.8 (5.2)
Vodafone Qatar Qatar 9.43 2.6 4,071.6 0.6
Saudi Ind. Inv. Group Saudi Arabia 19.56 2.3 1,292.3 3.7
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Rabigh Ref. & Petro. Saudi Arabia 13.05 (10.0) 695.0 11.0
Med. & Gulf Insurance Saudi Arabia 17.95 (9.8) 3,821.8 (33.6)
National Medical Care Saudi Arabia 49.02 (6.3) 619.5 (25.6)
Emaar Economic City Saudi Arabia 15.30 (3.8) 1,071.7 (10.8)
National Ind. Co. Saudi Arabia 14.62 (3.5) 1,389.7 (16.3)
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 Industrial Manufacturing 42.30 (2.3) 23.7 (4.9)
Medicare Group 95.30 (1.5) 37.5 51.5
Al Khaleej Takaful Group 19.22 (1.4) 13.0 (8.9)
QNB Group 140.00 (1.3) 124.0 (5.5)
Ezdan Holding Group 15.70 (1.2) 1,021.1 3.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Vodafone Qatar 9.43 2.6 37,579.8 0.6
Commercial Bank 29.90 1.4 18,030.6 (3.4)
QNB Group 140.00 (1.3) 17,404.9 (5.5)
Ezdan Holding Group 15.70 (1.2) 16,114.8 3.9
Doha Bank 31.50 (0.9) 12,476.7 (6.5)
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* 10,061.50 (0.5) (0.5) (0.0) (3.6) 56.54 147,697.4 15.1 1.5 3.8
Dubai 3,415.69 (0.1) (0.1) 0.0 (3.3) 45.02 99,124.3 14.9 1.3 4.1
Abu Dhabi 4,593.29 (0.3) (0.3) 1.6 1.0 39.10 120,000.5 17.1 1.4 4.3
Saudi Arabia 6,853.12 (0.4) (0.4) (2.3) (5.0) 647.43 430,865.6 17.7 1.6 3.3
Kuwait 6,658.84 (0.2) (0.2) (2.7) 15.8 38.49 90,903.5 21.1 1.3 3.8
Oman 5,420.48 (0.2) (0.2) (1.7) (6.3) 4.09 21,802.2 12.4 1.2 5.4
Bahrain 1,310.43 0.3 0.3 (1.9) 7.4 1.88 20,932.9 8.2 0.8 6.0
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)
10,040
10,060
10,080
10,100
10,120
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Page 2 of 5
Qatar Market Commentary
 The QSE Index declined 0.5% to close at 10,061.5. The Real Estate and
Banks & Financial Services indices led the losses. The index fell on the
back of selling pressure from non-Qatari shareholders despite buying
support from Qatari and GCC shareholders.
 Qatar Industrial Manufacturing Co. and Medicare Group were the top
losers, falling 2.3% and 1.5%, respectively. Among the top gainers
Vodafone Qatar rose 2.6%, while Qatar Islamic Insurance Co. was up
1.9%.
 Volume of shares traded on Sunday fell by 22.3% to 9.3mn from 12.0mn
on Thursday. However, as compared to the 30-day moving average of
9.0mn, volume for the day was 3.4% higher. Vodafone Qatar and Ezdan
Holding Group were the most active stocks, contributing 43.8% and
11.0% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2017
% Change
YoY
Operating Profit
(mn) 1Q2017
% Change
YoY
Net Profit
(mn) 1Q2017
% Change
YoY
National Cement Company Dubai AED 48.9 -24.3% – – 33.2 119.9%
Gulfa Mineral Water & Processing
Industries Co.
Dubai AED 10.8 1.4% – – -0.3 N/A
Emaar Malls Dubai AED 836.3 0.4% 584.9 1.5% 539.1 2.0%
Dubai Nat. Insurance & Reinsurance Dubai AED 85.3 31.3% – – 20.0 -14.3%
Dubai Refreshment Company Dubai AED 186.3 -8.0% – – 17.4 -41.8%
AXA Green Crescent Insurance Co. Abu Dhabi AED 11.9 32.0% – – -1.7 N/A
Methaq Takaful Insurance Co. Abu Dhabi AED – – – – 5.6 N/A
Ras Al Khaimah Cement Company Abu Dhabi AED 51.6 -22.7% – – 1.4 -69.9%
Gulf Pharmaceutical Industries. Abu Dhabi AED 369.3 -0.2% 48.4 -41.3% 44.8 -43.0%
Fujairah Building Industries Abu Dhabi AED – – – – 7.9 40.5%
Al Salam Group Holding#
Kuwait KD – – – – 12.5 -96.6%
International Financial Advisors Kuwait KD 9.2 96.2% – – 0.2 N/A
Ekttitab Holding Company Kuwait KD – – – – 0.2 N/A
Bahrain & Kuwait Insurance Co. Bahrain BHD 11.4 7.1% – – 0.5 -47.9%
Delmon Poultry Company Bahrain BHD 3.9 93.0% – – 0.1 N/A
Takaful International Company#
Bahrain BHD – – – – 80.8 -29.6%
Bahrain Car Parks Company#
Bahrain BHD – – 303.0 N/A 299.5 N/A
Source: Company data, DFM, ADX, MSM, TASI, BHB. (
#
Values in ‘000)
Earnings Calendar
Tickers Company Name Date of reporting FY2016-17 results No. of days remaining Status
VFQS Vodafone Qatar 17-May-17 2 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 44.21% 42.63% 3,247,628.39
Qatari Institutions 29.85% 30.99% (2,344,253.78)
Qatari 74.06% 73.62% 903,374.61
GCC Individuals 2.08% 1.19% 1,828,352.71
GCC Institutions 2.07% 2.48% (833,963.30)
GCC 4.15% 3.67% 994,389.41
Non-Qatari Individuals 7.28% 7.35% (141,990.18)
Non-Qatari Institutions 14.51% 15.36% (1,755,773.84)
Non-Qatari 21.79% 22.71% (1,897,764.02)
Page 3 of 5
News
Qatar
 Milaha launches door-to-door service – Qatar Navigation
(Milaha), a Qatar-based maritime transport and logistics
conglomerate, has launched a door-to-door shipping service
between Qatar and the UAE and vice versa. Mainly targeting
small and medium enterprises (SMEs) in the automotive spare
parts, fashion retail, and the fast-moving consumer goods
sectors, Milaha would use its own marine transport assets and
logistics infrastructure to fulfill the service, its spokesman said.
The frequency of the service would initially be a weekly, and it
will allow customers to track their cargo online from point of
origin to destination. The service is part of the company’s
strategy to be a one-stop shop for its partners’ shipping and
logistics requirements. (Gulf-Times.com)
 RasGas records 5,000th cargo delivery from Helium-2 plant in
Doha – RasGas Company has recorded the 5,000th cargo
delivery from its Helium-2 plant in Doha, further reinforcing
Qatar’s position as the world’s leading helium producer and
exporter. In 2016, RasGas marked its 5,000th milestone delivery
for the Helium-1 plant. The latest achievement reinforces
RasGas’ positioning as the operator of Ras Laffan Industrial
City’s successful production, storage, loading and sales
facilities of helium, a non-hydrocarbon, non-renewable
resource. Helium-2 became the world’s largest helium
purification and liquefaction unit upon its startup in July 2013
and reached 100% annual production capacity of 1,570mn
standard cubic feet, less than a year later. The Helium-2
production currently stands at more than 1,400 cargoes per
year. (Gulf-Times.com)
 Msheireb Properties, QDB to open investment opportunities for
SMEs, entrepreneurs – Msheireb Properties, developers of
Msheireb Downtown Doha and a subsidiary of Qatar
Foundation, has signed a partnership agreement with Qatar
Development Bank (QDB) to offer a business opportunity to
local investors and small and medium-sized enterprises (SMEs).
This unique endeavor reflects Msheireb Properties aim to
diversify all fields of Qatar’s economy. The agreement will
provide investing opportunity to startups and SMEs looking for
a vibrant downtown venue to bring their project to life. The
project, which includes an innovative concept café with
accompanying retail store, will have a focus on Qatari culture
showcasing flavors that are synonymous with Qatar. In the
agreement, Msheireb Properties will provide the selected
business with a prime retail space located at the city’s historical
Al Kahraba Street within their landmark project, Msheireb
Downtown Doha, a new mixed use development that will
regenerate the city’s commercial center. (Gulf-Times.com)
 ICC launches 2017 arbitration rules to boost efficiency,
transparency – The International Chamber of Commerce (ICC)
recently launched the new Arbitration Rules 2017. The
amendments of the ICC Rules of Arbitration, which entered into
force from March 1, aim to increase the efficiency and
transparency of ICC arbitrations. In a speech, ICC Qatar
Secretary General Remy Rowhani underscored the importance
of the new Qatari Arbitration Law in fostering Qatar’s rapid
economic growth and enhancing its position as a hub of
arbitration. Rowhani also gave a presentation on the ICC, its
activities in the international business community, particularly
in the G20 and the World Trade Organization. He called on
business owners and companies to be members of ICC Qatar.
(Gulf-Times.com)
 RWE sees its LNG business growing with benefit of Qatar deal –
RWE plans to expand its liquefied natural gas business by
making the most of its supply contract with Qatar to meet
Europe’s growing dependency on fuel imports. RWE Supply &
Trading physically delivered 2.5mn tons of LNG last year –
equivalent to almost four days of global demand, mainly to the
Middle East and Asia, Andree Stracke, Chief Commercial Officer
at the German utility’s trading unit, said in an interview at the
Flame gas conference in Amsterdam last week. Last year, it
signed a 7 1/2-year flexible contract with Qatargas to deliver
1.1mn tons of LNG a year to northwest Europe. “We will see a
cargo coming in the next days and we are pretty confident that
Qatargas has a high interest to deliver more volumes to Europe
in the years to come. I strongly believe there are opportunities
beyond this contract,” Stracke said. Qatar is the biggest supplier
of LNG to Europe, which gets most of its gas through pipelines
from Russia and Norway. As the region’s domestic gas output
declines and demand emerges for power generation, new
suppliers such as the US are seeking to enter the market. (Gulf-
Times.com)
International
 China April factory output, investment growth miss forecasts –
China's factory output and fixed asset investment growth
cooled more than expected in April, adding to signs that
momentum in the world's second-biggest economy is slowing
from a strong start in the first quarter. Factory output rose 6.5%
YoY in April, while fixed-asset investment grew 8.9% in the
first four months of the year, both worse than expectations.
The soft activity data, combined with weak manufacturing
sector growth and slowing producer prices inflation, reinforced
analysts' view that China's economic expansion remains solid
but is starting to taper off. Analysts polled by Reuters had
predicted factory output would grow by 7.1% in April, easing
from March's 7.6%. Output growth slowed on tumbling steel
and iron ore prices amid concern over rising inventories after
China's mills cranked out as much metal as possible to drive
factory output to its highest since December 2014. Fixed asset
investment had been forecast to grow 9.1% over the first four
months of the year, easing from 9.2% in January-March. Retail
sales rose 10.7% YoY in April. Analysts had expected a 10.6%
rise, edging lower from the previous month. (Reuters)
Regional
 Islamic banks’ growth in Saudi Arabia to continue – S&P Global
Ratings expects the slowdown in growth at both conventional
and Islamic banks in the region will persist. Asset growth
stabilized at 6.4% in 2016 for Islamic and conventional banks in
S&P’s sample, compared with 6.6% and 6.9% respectively in
2015. S&P said asset growth will drop to about 5% as
government’s spending cuts and revenue-boosting initiatives,
such as tax introductions, reduce opportunities in the corporate
and retail sectors. S&P forecast oil prices will stabilize at $50
per barrel in 2017 and 2018, with un-weighted average GDP
Page 4 of 5
growth in the six GCC countries at 1.9% in 2017 and 2.4% in
2018, after 2.3% in 2016. (GulfBase.com)
 Saudi Arabia’s non-oil revenue to back government spends –
According to Al Rajhi Capital, expected increase in Saudi
Arabia’s non-oil revenue will support higher government
spending in the remainder of 2017. Government revenue
increased to SR144bn during 1Q2017, while expenditure was
SR170bn, implying a deficit of SR26bn. The reported 1Q2017
deficit is half the quarterly target of SR49.5bn. (GulfBase.com)
 IDB to provide $453mn of funding across region – The Islamic
Development Bank (IDB) has agreed $453.3mn in financing
deals across the Middle East and Africa, including $200mn for
renewable energy projects in Turkey. Turkey's Clean Energy
and Energy Infrastructure Program will receive $200mn, while
$78.7mn will go to a Tunisian water project and $79mn to a
Jordanian emergency health project. (Reuters)
 Saudi Arabia awards SR1.9bn transport project to Yuksel –
Saudi Arabia has awarded Turkish construction giant Yuksel
the SR1.9bn Bus Rapid Transit (BRT) project, which includes
construction of 34 stations, 1,353 community bus stops and six
pedestrian bridges in Riyadh. (Gulfbase.com)
 Sanad Insurance shares delist from Tadawul – The Saudi Stock
Exchange (Tadawul) announced the delisting of Sanad
Cooperative Insurance Company’s shares from the bourse,
following the approval given by the Saudi Capital Market
Authority (CMA). (GulfBase.com)
 EMAAR’s net profit rises to AED1,384.50mn in 1Q2017 – Emaar
Properties’ (EMAAR) recorded a net profit of AED1,384.50mn in
1Q2017 as compared to net profit of AED1,204.60mn in 1Q2016.
Revenue came in at AED4,072.44mn in 1Q2017 as compared to
AED3,529.25mn in 1Q2016. Total assets stood at AED98.99bn
at the end of March 31, 2017 as compared to AED96.33bn at the
end of December 31, 2016. EPS came in at AED0.19 in 1Q2017 as
compared to AED0.17 in 1Q2016. (DFM)
 IMF: UAE non-oil growth to rebound in 2017 as austerity slows
– According to International Monetary Fund (IMF), non-oil
economic growth in the UAE is set to rebound in 2017 as
austerity slows after a couple of years of tough belt-tightening
due to low oil prices. Natalia Tamirisa, IMF Mission Chief to the
Arab world's second biggest economy, predicted non-oil gross
domestic product, the key gauge for most businesses and
consumers, would expand about 3.3% in 2017, up from 2.7% in
2016. The IMF expects headline GDP growth to slow to 1.3%
from 3% because of a shrinking oil sector in Abu Dhabi, as the
UAE cuts oil output in line with a supply agreement among
global producers. (Reuters)
 Dubai government secures $3bn financing for airports
expansion – Dubai government said that it had secured $3bn in
long-term financing for expansion of its airports. The deal, for
which HSBC acted as financial adviser, included a $1.63bn,
seven-year conventional loan and a $1.48bn equivalent, seven-
year ijara facility denominated in Dirhams. (Reuters)
 Mubadala plans to invest up to $15bn in SoftBank technology
fund – Abu Dhabi’s Mubadala Investment Co. plans to invest as
much as $15bn over five years in SoftBank Group Corp’s
technology fund. Mubadala Capital’s Head of venture capital,
Ibrahim Ajami said that SoftBank Vision Fund will be wrapped
up in two to three weeks with as much as $95bn investments.
(Gulf-Times.com)
 GIB licensed to become local bank in Saudi Arabia – Gulf
International Bank (GIB) has been permitted by the
government of Saudi Arabia to become a local bank in Saudi
Arabia, with the Ministry of Finance issuing the license
according to the Banking Control Law. (GulfBase.com)
 Oman’s producer price index rise ahead by 15% – According to
the National Center for Statistics and Information (NCSI),
Oman posted a 15.3% growth in producer price index in 1Q2017,
over the same period in 2016. This growth was led by an
increase in the oil and gas products at 18.9%. Non-oil products
also increased by 2.7%. The increase in oil and gas products is
attributed to the increase in producers' prices for crude oil and
natural gas products by 16.8%. Refined oil products increased
by 32.4%. The increase in the producers' prices for non-oil
products is attributed to the increase in the manufacturing
industries group prices at 5%. (GulfBase.com)
 KHCB’s net profit narrows sharply to BHD1.50mn in 1Q2017 –
Khaleeji Commercial Bank (KHCB) recorded net profit of
BHD1.50mn in 1Q2017 as compared to BHD2.85mn in 1Q2016.
Total income came in at BHD5.66mn in 1Q2017 as compared to
BHD6.01mn in 1Q2016. Total assets stood at BHD753.20mn at
the end of March 31, 2017 as compared to BHD765.0mn at the
end of December 31, 2016. Customers’ current accounts stood at
BHD75.40mn, with placements from non-financial institutions
and individuals were BHD100.60mn at the end of March 31,
2017. EPS decreased to BHD0.00155 in 1Q2017 from
BHD0.00292 in 1Q2016. (Bahrain Bourse)
 GFH receives rating upgrade to ‘BBB-’ – GFH Financial Group
(GFH) announced that Islamic International Rating Agency
(IIRA) upgraded its national scale ratings by a notch to ‘BBB-
(bh)/A3(bh)’ (TripleB Minus/ A Three) with a ‘Stable’ outlook
and maintained its international scale ratings at ‘BB/B’ (Double
B / Single B), 1`. According to the agency’s report, the rating
action recognizes recent positive developments that have
reinforced the Group’s balance sheet, better aligning it for
future growth, in line with its announced strategy.
(GulfBase.com)
 Investcorp ‘Best Private Equity firm in MENA 2017’ –
Investcorp named the ‘Best Private Equity firm in MENA’ at the
Banker Middle East Industry Awards 2017, which took place in
Dubai. The award comes following a very successful period for
Investcorp and its clients, which saw the Firm double its assets
under management (AuM) to approximately $22bn, and make
distributions to Investcorp and its clients totaling $1.1bn in the
six months to December 31, 2016, a 123% increase over
distributions in the same period the previous year.
(GulfBase.com)
Contacts
Saugata Sarkar 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)
70.0
90.0
110.0
130.0
150.0
170.0
Apr-13 Apr-14 Apr-15 Apr-16 Apr-17
QSEIndex S&PPanArab S&PGCC
(0.4%) (0.5%)
(0.2%)
0.3%
(0.2%)
(0.3%)
(0.1%)
(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,228.13 0.3 0.5 6.6 MSCI World Index 1,892.97 0.1 (0.2) 8.1
Silver/Ounce 16.47 1.0 0.8 3.5 DJ Industrial 20,896.61 (0.1) (0.5) 5.7
Crude Oil (Brent)/Barrel (FM Future) 50.84 0.1 3.5 (10.5) S&P 500 2,390.90 (0.1) (0.3) 6.8
Crude Oil (WTI)/Barrel (FM Future) 47.84 0.0 3.5 (10.9) NASDAQ 100 6,121.23 0.1 0.3 13.7
Natural Gas (Henry Hub)/MMBtu 3.25 1.6 5.7 (11.8) STOXX 600 395.63 0.8 (0.4) 13.3
LPG Propane (Arab Gulf)/Ton 62.25 (0.8) (1.2) (13.7) DAX 12,770.41 0.9 (0.2) 15.2
LPG Butane (Arab Gulf)/Ton 69.38 (1.4) 3.2 (40.6) FTSE 100 7,435.39 0.6 1.2 8.5
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QSE Index Declines 0.5% as Real Estate and Banks Indices Fall

  • 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.5% to close at 10,061.5. Losses were led by the Real Estate and Banks & Financial Services indices, falling 0.8% and 0.6%, respectively. Top losers were Qatar Industrial Manufacturing Co. and Medicare Group, falling 2.3% and 1.5%, respectively. Among the top gainers Vodafone Qatar rose 2.6%, while Qatar Islamic Insurance Co. was up 1.9%. GCC Commentary Saudi Arabia: The TASI Index fell 0.4% to close at 6,853.1. Losses were led by the Energy and Capital Goods indices, falling 2.8% and 2.7%, respectively. Rabigh Ref. & Petrochem. fell 10.0%, while The Mediterranean and Gulf Ins. was down 9.8%. Dubai: The DFM Index declined 0.1% to close at 3,415.7. The Consumer Staples index fell 3.9%, while the Services index declined 1.4%. Dar Al Takaful fell 9.6%, while Marka was down 8.1%. Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4,593.3. The Consumer Staples index declined 4.6%, while the Energy index fell 2.5%. Emirates FoodStuff & Mineral Water declined 6.2%, while Ras Al Khaimah Ceramics was down 3.3%. Kuwait: The KSE Index declined 0.2% to close at 6,658.8. The Health Care index fell 2.3%, while the Consumer Services index declined 1.6%. Kuwait National Cinema Co. fell 8.9%, while Tamdeen Investment Co. was down 6.4%. Oman: The MSM Index fell 0.2% to close at 5,420.5. Losses were led by the Services and Industrial indices, falling 0.2% and 0.1%, respectively. Oman Fisheries fell 2.0%, while Ooredoo was down 1.6%. Bahrain: The BHB Index gained 0.3% to close at 1,310.4. The Investment index rose 0.6%, while the Insurance index gained 0.3%. Arab Banking Corporation rose 3.3%, while Arab Insurance Group was up 1.1%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 9.43 2.6 4,071.6 0.6 Qatar Islamic Insurance Co. 63.10 1.9 38.1 24.7 National Leasing 17.19 1.7 436.4 12.2 Qatari Investors Group 58.90 1.4 21.6 0.7 Commercial Bank 29.90 1.4 605.3 (3.4) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 9.43 2.6 4,071.6 0.6 Ezdan Holding Group 15.70 (1.2) 1,021.1 3.9 Commercial Bank 29.90 1.4 605.3 (3.4) Qatar First Bank 8.30 0.1 520.7 (19.4) National Leasing 17.19 1.7 436.4 12.2 Market Indicators 14 May 17 11 May 17 %Chg. Value Traded (QR mn) 205.9 327.3 (37.1) Exch. Market Cap. (QR mn) 537,668.0 540,526.3 (0.5) Volume (mn) 9.3 12.0 (22.3) Number of Transactions 2,444 3,528 (30.7) Companies Traded 41 41 0.0 Market Breadth 16:24 30:8 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,872.55 (0.5) (0.5) (0.1) 15.1 All Share Index 2,851.28 (0.5) (0.5) (0.6) 14.8 Banks 2,961.45 (0.6) (0.6) 1.7 13.0 Industrials 3,105.81 (0.1) (0.1) (6.1) 18.7 Transportation 2,105.76 (0.5) (0.5) (17.3) 12.4 Real Estate 2,378.16 (0.8) (0.8) 6.0 15.0 Insurance 4,303.53 (0.4) (0.4) (3.0) 18.2 Telecoms 1,283.75 (0.4) (0.4) 6.4 25.6 Consumer 5,957.44 (0.4) (0.4) 1.0 13.2 Al Rayan Islamic Index 4,025.57 (0.2) (0.2) 3.7 18.3 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Nat. Bank of Fujairah Abu Dhabi 3.32 14.5 10.0 (25.3) Arab Banking Corp. Bahrain 0.31 3.3 80.0 (16.2) Solidarity Saudi Takaful Saudi Arabia 17.99 2.9 682.8 (5.2) Vodafone Qatar Qatar 9.43 2.6 4,071.6 0.6 Saudi Ind. Inv. Group Saudi Arabia 19.56 2.3 1,292.3 3.7 GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% Rabigh Ref. & Petro. Saudi Arabia 13.05 (10.0) 695.0 11.0 Med. & Gulf Insurance Saudi Arabia 17.95 (9.8) 3,821.8 (33.6) National Medical Care Saudi Arabia 49.02 (6.3) 619.5 (25.6) Emaar Economic City Saudi Arabia 15.30 (3.8) 1,071.7 (10.8) National Ind. Co. Saudi Arabia 14.62 (3.5) 1,389.7 (16.3) 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 Industrial Manufacturing 42.30 (2.3) 23.7 (4.9) Medicare Group 95.30 (1.5) 37.5 51.5 Al Khaleej Takaful Group 19.22 (1.4) 13.0 (8.9) QNB Group 140.00 (1.3) 124.0 (5.5) Ezdan Holding Group 15.70 (1.2) 1,021.1 3.9 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Vodafone Qatar 9.43 2.6 37,579.8 0.6 Commercial Bank 29.90 1.4 18,030.6 (3.4) QNB Group 140.00 (1.3) 17,404.9 (5.5) Ezdan Holding Group 15.70 (1.2) 16,114.8 3.9 Doha Bank 31.50 (0.9) 12,476.7 (6.5) 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* 10,061.50 (0.5) (0.5) (0.0) (3.6) 56.54 147,697.4 15.1 1.5 3.8 Dubai 3,415.69 (0.1) (0.1) 0.0 (3.3) 45.02 99,124.3 14.9 1.3 4.1 Abu Dhabi 4,593.29 (0.3) (0.3) 1.6 1.0 39.10 120,000.5 17.1 1.4 4.3 Saudi Arabia 6,853.12 (0.4) (0.4) (2.3) (5.0) 647.43 430,865.6 17.7 1.6 3.3 Kuwait 6,658.84 (0.2) (0.2) (2.7) 15.8 38.49 90,903.5 21.1 1.3 3.8 Oman 5,420.48 (0.2) (0.2) (1.7) (6.3) 4.09 21,802.2 12.4 1.2 5.4 Bahrain 1,310.43 0.3 0.3 (1.9) 7.4 1.88 20,932.9 8.2 0.8 6.0 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) 10,040 10,060 10,080 10,100 10,120 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 declined 0.5% to close at 10,061.5. The Real Estate and Banks & Financial Services indices led the losses. The index fell on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari and GCC shareholders.  Qatar Industrial Manufacturing Co. and Medicare Group were the top losers, falling 2.3% and 1.5%, respectively. Among the top gainers Vodafone Qatar rose 2.6%, while Qatar Islamic Insurance Co. was up 1.9%.  Volume of shares traded on Sunday fell by 22.3% to 9.3mn from 12.0mn on Thursday. However, as compared to the 30-day moving average of 9.0mn, volume for the day was 3.4% higher. Vodafone Qatar and Ezdan Holding Group were the most active stocks, contributing 43.8% and 11.0% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) 1Q2017 % Change YoY Operating Profit (mn) 1Q2017 % Change YoY Net Profit (mn) 1Q2017 % Change YoY National Cement Company Dubai AED 48.9 -24.3% – – 33.2 119.9% Gulfa Mineral Water & Processing Industries Co. Dubai AED 10.8 1.4% – – -0.3 N/A Emaar Malls Dubai AED 836.3 0.4% 584.9 1.5% 539.1 2.0% Dubai Nat. Insurance & Reinsurance Dubai AED 85.3 31.3% – – 20.0 -14.3% Dubai Refreshment Company Dubai AED 186.3 -8.0% – – 17.4 -41.8% AXA Green Crescent Insurance Co. Abu Dhabi AED 11.9 32.0% – – -1.7 N/A Methaq Takaful Insurance Co. Abu Dhabi AED – – – – 5.6 N/A Ras Al Khaimah Cement Company Abu Dhabi AED 51.6 -22.7% – – 1.4 -69.9% Gulf Pharmaceutical Industries. Abu Dhabi AED 369.3 -0.2% 48.4 -41.3% 44.8 -43.0% Fujairah Building Industries Abu Dhabi AED – – – – 7.9 40.5% Al Salam Group Holding# Kuwait KD – – – – 12.5 -96.6% International Financial Advisors Kuwait KD 9.2 96.2% – – 0.2 N/A Ekttitab Holding Company Kuwait KD – – – – 0.2 N/A Bahrain & Kuwait Insurance Co. Bahrain BHD 11.4 7.1% – – 0.5 -47.9% Delmon Poultry Company Bahrain BHD 3.9 93.0% – – 0.1 N/A Takaful International Company# Bahrain BHD – – – – 80.8 -29.6% Bahrain Car Parks Company# Bahrain BHD – – 303.0 N/A 299.5 N/A Source: Company data, DFM, ADX, MSM, TASI, BHB. ( # Values in ‘000) Earnings Calendar Tickers Company Name Date of reporting FY2016-17 results No. of days remaining Status VFQS Vodafone Qatar 17-May-17 2 Due Source: QSE Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 44.21% 42.63% 3,247,628.39 Qatari Institutions 29.85% 30.99% (2,344,253.78) Qatari 74.06% 73.62% 903,374.61 GCC Individuals 2.08% 1.19% 1,828,352.71 GCC Institutions 2.07% 2.48% (833,963.30) GCC 4.15% 3.67% 994,389.41 Non-Qatari Individuals 7.28% 7.35% (141,990.18) Non-Qatari Institutions 14.51% 15.36% (1,755,773.84) Non-Qatari 21.79% 22.71% (1,897,764.02)
  • 3. Page 3 of 5 News Qatar  Milaha launches door-to-door service – Qatar Navigation (Milaha), a Qatar-based maritime transport and logistics conglomerate, has launched a door-to-door shipping service between Qatar and the UAE and vice versa. Mainly targeting small and medium enterprises (SMEs) in the automotive spare parts, fashion retail, and the fast-moving consumer goods sectors, Milaha would use its own marine transport assets and logistics infrastructure to fulfill the service, its spokesman said. The frequency of the service would initially be a weekly, and it will allow customers to track their cargo online from point of origin to destination. The service is part of the company’s strategy to be a one-stop shop for its partners’ shipping and logistics requirements. (Gulf-Times.com)  RasGas records 5,000th cargo delivery from Helium-2 plant in Doha – RasGas Company has recorded the 5,000th cargo delivery from its Helium-2 plant in Doha, further reinforcing Qatar’s position as the world’s leading helium producer and exporter. In 2016, RasGas marked its 5,000th milestone delivery for the Helium-1 plant. The latest achievement reinforces RasGas’ positioning as the operator of Ras Laffan Industrial City’s successful production, storage, loading and sales facilities of helium, a non-hydrocarbon, non-renewable resource. Helium-2 became the world’s largest helium purification and liquefaction unit upon its startup in July 2013 and reached 100% annual production capacity of 1,570mn standard cubic feet, less than a year later. The Helium-2 production currently stands at more than 1,400 cargoes per year. (Gulf-Times.com)  Msheireb Properties, QDB to open investment opportunities for SMEs, entrepreneurs – Msheireb Properties, developers of Msheireb Downtown Doha and a subsidiary of Qatar Foundation, has signed a partnership agreement with Qatar Development Bank (QDB) to offer a business opportunity to local investors and small and medium-sized enterprises (SMEs). This unique endeavor reflects Msheireb Properties aim to diversify all fields of Qatar’s economy. The agreement will provide investing opportunity to startups and SMEs looking for a vibrant downtown venue to bring their project to life. The project, which includes an innovative concept café with accompanying retail store, will have a focus on Qatari culture showcasing flavors that are synonymous with Qatar. In the agreement, Msheireb Properties will provide the selected business with a prime retail space located at the city’s historical Al Kahraba Street within their landmark project, Msheireb Downtown Doha, a new mixed use development that will regenerate the city’s commercial center. (Gulf-Times.com)  ICC launches 2017 arbitration rules to boost efficiency, transparency – The International Chamber of Commerce (ICC) recently launched the new Arbitration Rules 2017. The amendments of the ICC Rules of Arbitration, which entered into force from March 1, aim to increase the efficiency and transparency of ICC arbitrations. In a speech, ICC Qatar Secretary General Remy Rowhani underscored the importance of the new Qatari Arbitration Law in fostering Qatar’s rapid economic growth and enhancing its position as a hub of arbitration. Rowhani also gave a presentation on the ICC, its activities in the international business community, particularly in the G20 and the World Trade Organization. He called on business owners and companies to be members of ICC Qatar. (Gulf-Times.com)  RWE sees its LNG business growing with benefit of Qatar deal – RWE plans to expand its liquefied natural gas business by making the most of its supply contract with Qatar to meet Europe’s growing dependency on fuel imports. RWE Supply & Trading physically delivered 2.5mn tons of LNG last year – equivalent to almost four days of global demand, mainly to the Middle East and Asia, Andree Stracke, Chief Commercial Officer at the German utility’s trading unit, said in an interview at the Flame gas conference in Amsterdam last week. Last year, it signed a 7 1/2-year flexible contract with Qatargas to deliver 1.1mn tons of LNG a year to northwest Europe. “We will see a cargo coming in the next days and we are pretty confident that Qatargas has a high interest to deliver more volumes to Europe in the years to come. I strongly believe there are opportunities beyond this contract,” Stracke said. Qatar is the biggest supplier of LNG to Europe, which gets most of its gas through pipelines from Russia and Norway. As the region’s domestic gas output declines and demand emerges for power generation, new suppliers such as the US are seeking to enter the market. (Gulf- Times.com) International  China April factory output, investment growth miss forecasts – China's factory output and fixed asset investment growth cooled more than expected in April, adding to signs that momentum in the world's second-biggest economy is slowing from a strong start in the first quarter. Factory output rose 6.5% YoY in April, while fixed-asset investment grew 8.9% in the first four months of the year, both worse than expectations. The soft activity data, combined with weak manufacturing sector growth and slowing producer prices inflation, reinforced analysts' view that China's economic expansion remains solid but is starting to taper off. Analysts polled by Reuters had predicted factory output would grow by 7.1% in April, easing from March's 7.6%. Output growth slowed on tumbling steel and iron ore prices amid concern over rising inventories after China's mills cranked out as much metal as possible to drive factory output to its highest since December 2014. Fixed asset investment had been forecast to grow 9.1% over the first four months of the year, easing from 9.2% in January-March. Retail sales rose 10.7% YoY in April. Analysts had expected a 10.6% rise, edging lower from the previous month. (Reuters) Regional  Islamic banks’ growth in Saudi Arabia to continue – S&P Global Ratings expects the slowdown in growth at both conventional and Islamic banks in the region will persist. Asset growth stabilized at 6.4% in 2016 for Islamic and conventional banks in S&P’s sample, compared with 6.6% and 6.9% respectively in 2015. S&P said asset growth will drop to about 5% as government’s spending cuts and revenue-boosting initiatives, such as tax introductions, reduce opportunities in the corporate and retail sectors. S&P forecast oil prices will stabilize at $50 per barrel in 2017 and 2018, with un-weighted average GDP
  • 4. Page 4 of 5 growth in the six GCC countries at 1.9% in 2017 and 2.4% in 2018, after 2.3% in 2016. (GulfBase.com)  Saudi Arabia’s non-oil revenue to back government spends – According to Al Rajhi Capital, expected increase in Saudi Arabia’s non-oil revenue will support higher government spending in the remainder of 2017. Government revenue increased to SR144bn during 1Q2017, while expenditure was SR170bn, implying a deficit of SR26bn. The reported 1Q2017 deficit is half the quarterly target of SR49.5bn. (GulfBase.com)  IDB to provide $453mn of funding across region – The Islamic Development Bank (IDB) has agreed $453.3mn in financing deals across the Middle East and Africa, including $200mn for renewable energy projects in Turkey. Turkey's Clean Energy and Energy Infrastructure Program will receive $200mn, while $78.7mn will go to a Tunisian water project and $79mn to a Jordanian emergency health project. (Reuters)  Saudi Arabia awards SR1.9bn transport project to Yuksel – Saudi Arabia has awarded Turkish construction giant Yuksel the SR1.9bn Bus Rapid Transit (BRT) project, which includes construction of 34 stations, 1,353 community bus stops and six pedestrian bridges in Riyadh. (Gulfbase.com)  Sanad Insurance shares delist from Tadawul – The Saudi Stock Exchange (Tadawul) announced the delisting of Sanad Cooperative Insurance Company’s shares from the bourse, following the approval given by the Saudi Capital Market Authority (CMA). (GulfBase.com)  EMAAR’s net profit rises to AED1,384.50mn in 1Q2017 – Emaar Properties’ (EMAAR) recorded a net profit of AED1,384.50mn in 1Q2017 as compared to net profit of AED1,204.60mn in 1Q2016. Revenue came in at AED4,072.44mn in 1Q2017 as compared to AED3,529.25mn in 1Q2016. Total assets stood at AED98.99bn at the end of March 31, 2017 as compared to AED96.33bn at the end of December 31, 2016. EPS came in at AED0.19 in 1Q2017 as compared to AED0.17 in 1Q2016. (DFM)  IMF: UAE non-oil growth to rebound in 2017 as austerity slows – According to International Monetary Fund (IMF), non-oil economic growth in the UAE is set to rebound in 2017 as austerity slows after a couple of years of tough belt-tightening due to low oil prices. Natalia Tamirisa, IMF Mission Chief to the Arab world's second biggest economy, predicted non-oil gross domestic product, the key gauge for most businesses and consumers, would expand about 3.3% in 2017, up from 2.7% in 2016. The IMF expects headline GDP growth to slow to 1.3% from 3% because of a shrinking oil sector in Abu Dhabi, as the UAE cuts oil output in line with a supply agreement among global producers. (Reuters)  Dubai government secures $3bn financing for airports expansion – Dubai government said that it had secured $3bn in long-term financing for expansion of its airports. The deal, for which HSBC acted as financial adviser, included a $1.63bn, seven-year conventional loan and a $1.48bn equivalent, seven- year ijara facility denominated in Dirhams. (Reuters)  Mubadala plans to invest up to $15bn in SoftBank technology fund – Abu Dhabi’s Mubadala Investment Co. plans to invest as much as $15bn over five years in SoftBank Group Corp’s technology fund. Mubadala Capital’s Head of venture capital, Ibrahim Ajami said that SoftBank Vision Fund will be wrapped up in two to three weeks with as much as $95bn investments. (Gulf-Times.com)  GIB licensed to become local bank in Saudi Arabia – Gulf International Bank (GIB) has been permitted by the government of Saudi Arabia to become a local bank in Saudi Arabia, with the Ministry of Finance issuing the license according to the Banking Control Law. (GulfBase.com)  Oman’s producer price index rise ahead by 15% – According to the National Center for Statistics and Information (NCSI), Oman posted a 15.3% growth in producer price index in 1Q2017, over the same period in 2016. This growth was led by an increase in the oil and gas products at 18.9%. Non-oil products also increased by 2.7%. The increase in oil and gas products is attributed to the increase in producers' prices for crude oil and natural gas products by 16.8%. Refined oil products increased by 32.4%. The increase in the producers' prices for non-oil products is attributed to the increase in the manufacturing industries group prices at 5%. (GulfBase.com)  KHCB’s net profit narrows sharply to BHD1.50mn in 1Q2017 – Khaleeji Commercial Bank (KHCB) recorded net profit of BHD1.50mn in 1Q2017 as compared to BHD2.85mn in 1Q2016. Total income came in at BHD5.66mn in 1Q2017 as compared to BHD6.01mn in 1Q2016. Total assets stood at BHD753.20mn at the end of March 31, 2017 as compared to BHD765.0mn at the end of December 31, 2016. Customers’ current accounts stood at BHD75.40mn, with placements from non-financial institutions and individuals were BHD100.60mn at the end of March 31, 2017. EPS decreased to BHD0.00155 in 1Q2017 from BHD0.00292 in 1Q2016. (Bahrain Bourse)  GFH receives rating upgrade to ‘BBB-’ – GFH Financial Group (GFH) announced that Islamic International Rating Agency (IIRA) upgraded its national scale ratings by a notch to ‘BBB- (bh)/A3(bh)’ (TripleB Minus/ A Three) with a ‘Stable’ outlook and maintained its international scale ratings at ‘BB/B’ (Double B / Single B), 1`. According to the agency’s report, the rating action recognizes recent positive developments that have reinforced the Group’s balance sheet, better aligning it for future growth, in line with its announced strategy. (GulfBase.com)  Investcorp ‘Best Private Equity firm in MENA 2017’ – Investcorp named the ‘Best Private Equity firm in MENA’ at the Banker Middle East Industry Awards 2017, which took place in Dubai. The award comes following a very successful period for Investcorp and its clients, which saw the Firm double its assets under management (AuM) to approximately $22bn, and make distributions to Investcorp and its clients totaling $1.1bn in the six months to December 31, 2016, a 123% increase over distributions in the same period the previous year. (GulfBase.com)
  • 5. Contacts Saugata Sarkar 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) 70.0 90.0 110.0 130.0 150.0 170.0 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 QSEIndex S&PPanArab S&PGCC (0.4%) (0.5%) (0.2%) 0.3% (0.2%) (0.3%) (0.1%) (1.0%) (0.5%) 0.0% 0.5% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,228.13 0.3 0.5 6.6 MSCI World Index 1,892.97 0.1 (0.2) 8.1 Silver/Ounce 16.47 1.0 0.8 3.5 DJ Industrial 20,896.61 (0.1) (0.5) 5.7 Crude Oil (Brent)/Barrel (FM Future) 50.84 0.1 3.5 (10.5) S&P 500 2,390.90 (0.1) (0.3) 6.8 Crude Oil (WTI)/Barrel (FM Future) 47.84 0.0 3.5 (10.9) NASDAQ 100 6,121.23 0.1 0.3 13.7 Natural Gas (Henry Hub)/MMBtu 3.25 1.6 5.7 (11.8) STOXX 600 395.63 0.8 (0.4) 13.3 LPG Propane (Arab Gulf)/Ton 62.25 (0.8) (1.2) (13.7) DAX 12,770.41 0.9 (0.2) 15.2 LPG Butane (Arab Gulf)/Ton 69.38 (1.4) 3.2 (40.6) FTSE 100 7,435.39 0.6 1.2 8.5 Euro 1.09 0.6 (0.6) 3.9 CAC 40 5,405.42 0.9 (1.1) 15.1 Yen 113.38 (0.4) 0.6 (3.1) Nikkei 19,883.90 (0.1) 1.1 7.0 GBP 1.29 0.0 (0.7) 4.5 MSCI EM 1,002.37 0.2 2.5 16.2 CHF 1.00 0.6 (1.4) 1.8 SHANGHAI SE Composite 3,083.51 0.8 (0.6) 0.0 AUD 0.74 0.1 (0.5) 2.5 HANG SENG 25,156.34 0.1 2.6 13.8 USD Index 99.25 (0.4) 0.6 (2.9) BSE SENSEX 30,188.15 0.2 1.4 20.1 RUB 57.09 0.0 (1.5) (7.2) Bovespa 68,221.94 1.9 5.9 18.0 BRL 0.32 0.6 1.8 4.2 RTS 1,099.75 (0.5) 1.3 (4.6) 118.4 99.3 97.8