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QE Intra-Day Movement                                                                                 Market Indicators                         26 Dec 12            25 Dec 12                 %Chg.

 8,400                                                                                                  Value Traded (QR mn)                         131.1                 103.9                   26.2
                                                                                                        Exch. Market Cap. (QR mn)                457,885.9             460,006.4                   (0.5)
 8,380                                                                                                  Volume (mn)                                      3.3                    2.3                42.0
                                                                                                        Number of Transactions                         1,990                  1,504                32.3
 8,360                                                                                                  Companies Traded                                  40                     39                  2.6
                                                                                                        Market Breadth                                  7:27                   9:20                    –
 8,340                                                                                                  Market Indices                 Close         1D%         WTD%            YTD%           TTM P/E
                                                                                                        Total Return                11,269.96         (0.6)           (1.4)         1.0             N/A
 8,320                                                                                                  All Share Index              2,004.67         (0.6)           (1.3)         4.1            10.0
      9:30        10:00      10:30      11:00     11:30      12:00        12:30     13:00
                                                                                                        Banks                        1,949.74         (0.8)           (1.7)       (1.3)            10.9
  Qatar Commentary                                                                                      Industrials                  2,608.04         (0.2)           (0.7)       14.3             10.5
  The QE index fell 0.6% to close at 8,327.4. Losses were led by the Real Estate                        Transportation               1,339.40         (1.0)           (1.4)       (9.2)            10.7
  and Transportation indices, declining 1.2% and 1.0% respectively. Top losers                          Real Estate                  1,585.55         (1.2)           (1.3)       (5.4)             3.9
  were Al Ahli Bank and Mazaya Qatar Real Estate Development, declining 3.6%                            Insurance                    1,900.34         (0.7)           (0.6)         8.4            11.4
  and 2.5% respectively. Among the top gainers, Islamic Holding Group gained                            Telecoms                     1,055.89         (0.3)           (1.4)       10.9             11.8
  1.2%, while Medicare Group rose 0.5%.                                                                 Consumer                     4,653.45         (0.1)           (0.5)       37.4             12.8

  GCC Commentary                                                                                        GCC Top Gainers##              Exchange            Close#       1D%      Vol. ‘000        YTD%
  Saudi Arabia: The TASI index rose marginally to close at 6,866.7. Gains were                          Deyaar Development             Dubai                   0.34       5.6     30,316.9         59.6
  led by the Transport and Media & Publishing indices, rising 1.8% and 1.6%
  respectively. Saudi Industrial Export Co. gained 7.8%, while Saudi Transport                          National Industries Co.        Kuwait                  0.34       4.7         130.4        19.6
  and Investment Co. was up 6.7%.                                                                       Ahli United Bank               Bahrain                 0.59       4.5         196.4        (7.6)
  Dubai: The DFM index gained 0.6% to close at 1,603.7. Gains were led by the
  Real Estate & Construction and Investment & Financial Services indices, both                          Gulf Cable & Elect. Ind.       Kuwait                  1.26       3.3          23.5       (11.3)
  gaining 0.8%. Shuaa Capital jumped 15.0%, while Al Salam Bank - Bahrain                               Ithmaar Bank                   Bahrain                0.17        3.0         100.0       161.5
  was up 14.9%.
                                                                                                                             ##                                   #
  Abu Dhabi: The ADX benchmark index fell 0.4% to close at 2,618.7. The                                 GCC Top Losers                 Exchange            Close          1D% Vol. ‘000           YTD%
  Energy index declined 2.7%, while the Industrial index was down 2.1%. Gulf
                                                                                                        Amana Coop. Ins. Co.           Saudi Arabia        150.00       (9.9)          56.9       338.6
  Pharm. Industries fell 7.8%, while Abu Dhabi Nat. Energy Co. declined 2.9%.
  Kuwait: The KSE index gained 0.5% to close at 5,950.4. The Technology                                 Gulf Pharm. Industry           Abu Dhabi               2.72     (7.8)          62.9        34.0
  index rose 2.1%, while the Basic Material index was up 1.9%. Zima Holding
                                                                                                        Al Ahli Bank                   Qatar                  51.00     (3.6)             1.0      (2.9)
  Co. surged 15.9%, while Kuwait Foundry Co. gained 9.3%.
  Oman: The MSM index declined 0.1% to close at 5,668.1. Both the Industrial                            Abu Dhabi Nat. Energy          Abu Dhabi               1.35     (2.9)      5,101.1         12.5
  and Services & Insurance indices fell 0.4%. National Finance declined 2.3%,
                                                                                                        ACE Arabia                     Saudi Arabia           86.00     (2.8)         955.5        55.0
  while Oman Oil Marketing was down 2.1%.
                                                                                                      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)

  Qatar Exchange Top Gainers                     Close*       1D%         Vol. ‘000     YTD%            Qatar Exchange Top Losers                     Close*          1D%        Vol. ‘000       YTD%
  Islamic Holding Group                           38.70         1.2               1.3       52.7        Al Ahli Bank                                    51.00         (3.6)             1.0        (2.9)
  Medicare Group                                  37.40         0.5           36.1          53.0        Mazaya Qatar Real Estate Dev.                   10.64         (2.5)           146.9        36.2
  Dlala Brokerage & Inv. Holding Co.              34.90         0.4               4.1    139.9          Gulf International Services                     30.05         (2.1)           106.3        38.6
  Qatar Industrial Manufacturing Co.              52.30         0.4               9.0     (8.2)         Masraf Al Rayan                                 24.89         (2.0)       1,058.5         (10.6)
  Al Meera Consumer Goods Co.                    157.50         0.3               6.8        4.2        Vodafone Qatar                                   8.33         (1.9)            80.9        10.3

  Qatar Exchange Top Vol. Trades                 Close*       1D%         Vol. ‘000     YTD%            Qatar Exchange Top Val. Trades                Close*          1D%        Val. ‘000       YTD%
  Masraf Al Rayan                                 24.89       (2.0)        1,058.5      (10.6)          Masraf Al Rayan                                 24.89         (2.0)      26,467.6         (10.6)
  Qatar Gas Transport Co.                         15.31       (1.2)          335.5      (12.6)          Qatar National Bank                           130.00           0.0       22,291.9          (5.9)
  Barwa Real Estate Co.                           27.15       (1.8)          335.2        (9.3)         Industries Qatar                              155.00          (0.1)      16,604.9          16.5
  Al Khaliji                                      16.85       (0.1)          301.1        (1.9)         Barwa Real Estate Co.                           27.15         (1.8)       9,118.4          (9.3)
  Qatar National Bank                            130.00         0.0          171.6        (5.9)         Commercial Bank of Qatar                        70.90         (0.1)       8,729.9         (15.6)
                                                                                                      Source: Bloomberg (* in QR)

                                                                                                       Exch. Val. Traded                 Exchange Mkt.                                        Dividend
 Regional Indices               Close            1D%          WTD%           MTD%         YTD%                                                                     P/E**         P/B**
                                                                                                                   ($ mn)                   Cap. ($ mn)                                           Yield
  Qatar*                     8,327.38             (0.6)           (1.4)        (0.9)         (5.1)                  36.02                    125,781.2                 9.5         1.6              4.4
  Dubai                      1,603.71               0.6             0.1        (0.3)         18.5                   53.05                     49,273.8                11.6         0.7              3.9
  Abu Dhabi                  2,618.68             (0.4)           (0.0)        (2.1)           9.0                  18.38                     78,851.1                 8.9         1.0              5.0
  Saudi Arabia               6,866.71               0.0           (0.3)          5.1           7.0              1,146.93                     374,861.2                14.2         1.8              3.6
  Kuwait                     5,950.38               0.5           (0.6)          0.1           2.3                  88.04                    104,464.6                30.3         1.1              3.3
  Oman                       5,668.05             (0.1)           (0.3)          2.4         (0.5)                    7.05                    19,924.7                10.7         1.5              4.4
  Bahrain                    1,051.71               1.2             1.6          0.3         (8.0)                    0.34                    18,999.5                11.7         0.8              4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
                                                                                                                                                                                           Page 1 of 5
Qatar Market Commentary
 The QE index fell 0.6% to close at 8,327.4. The Real Estate and
                                                                                                             Overall Activity                    Buy %*          Sell %*                Net (QR)
  Transportation indices led the losses. The index declined on the
  back of selling pressure from non-Qatari shareholders despite                                              Qatari                              78.83%          57.65%             27,781,904.98
  buying support from Qatari shareholders.                                                                   Non-Qatari                          21.16%          42.35%         (27,781,904.98)
 Al Ahli Bank and Mazaya Qatar Real Estate Development were
                                                                                                           Source: Qatar Exchange (* as a % of traded value)
  the top losers, declining 3.6% and 2.5% respectively. Among the
  top gainers, Islamic Holding Group gained 1.2%, while Medicare
  Group rose 0.5%.
 Volume of shares traded on Wednesday rose by 42.0% to 3.3mn
  from 2.3mn on Tuesday. Further, as compared to the 30-day
  moving average of 2.7mn, volume for the day was 20.1% higher.
  Masraf Al Rayan and Qatar Gas Transport Co. were the most
  active stocks, contributing 32.0% and 10.2% to the total volume
  respectively.

  Global Economic Data
Global Economic Data
  Date        Market          Source                              Indicator                                            Period                           Actual        Consensus         Previous

  12/26       US              S&P                                 S&P/CS 20 City MoM% SA                               October                          0.66%              0.48%           0.38%
  12/26       US              S&P                                 S&P/CS Composite-20 YoY                              October                          4.31%              4.00%           2.97%
  12/26       US              S&P                                 S&P/CaseShiller Home Price Ind                       October                          146.08             145.93         146.17
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)


  News
Qatar                                                                                                             certified laboratories with three month validity as well as a
                                                                                                                  signature and seal of the laboratory. (Peninsula Qatar)
 QCB agrees on AUB’s stake sale in ABQ – The Qatar Central
                                                                                                            Realty sector registers decline in transactions – Ezdan Real
  Bank has reportedly agreed on Ahli United Bank (Bahrain)
                                                                                                             Estate Company said Qatar’s realty sector witnessed a decline
  selling its stake in Ahli Bank of Qatar (ABQK) to a number of
                                                                                                             in trade in the third week of December. The value of real estate
  Qatari Investors. (Al-Sharq)
                                                                                                             transactions fell by 44.3% on a week-to-week basis to
 National Leasing to start awarding Lusail Land – National                                                  QR470.3mn and the number of deals by 3.6% to 133 in the third
  Leasing Holding Company will reportedly start distributing 895                                             week of this month. The value of daily rate of transactions of real
  separate parcels of land on a 1mn square meter development in                                              estate was about QR118mn against QR169mn in the previous
  Lusail today. (Al-Sharq)                                                                                   week. Al Rayan Municipality ranked first in terms of trading
                                                                                                             value. It saw QR114.6mn worth deals, accounting for 24.2% of
 Mazaya Qatar studying purchase offer for one of its
                                                                                                             the total transactions of the week. (Gulf-Times.com)
  investment properties – Mazaya Qatar Real Estate
  Development received a purchase offer for one of its investment
                                                                                                           International
  properties for a consideration of QR170mn and the company is
  studying this offer. (QE)                                                                                 Treasury unveils plan to buy time under debt ceiling – The
 QIA ups stake in Tiffany & Co. – According to a regulatory                                                 US Treasury announced the first of a series of measures that
  filing, the Qatar Investment Authority (QIA) has raised its                                                should push back the day when the government will exceed its
  investment stake in Tiffany & Co. to 7.8% from 5.2%.                                                       legal borrowing authority as imposed by Congress by around
  (Bloomberg)                                                                                                two months. Without any action, the government is set to reach
                                                                                                             its $16.4tn debt ceiling on December 31. To cut government
 QNB ATMs to accept China UnionPay cards – QNB will                                                         spending and delay bumping up against the debt ceiling, the
  accept China UnionPay (CUP) cards on its ATMs across Qatar.                                                Treasury will suspend issuance of state and local government
  So far, it has been rolled out to 10 points of sales and all QNB                                           series securities – known as "slugs" – beginning on December
  ATMs across Qatar, with more POS to follow in the coming                                                   28. Investments in a government employee pension fund will
  months. (Gulf-Times.com)                                                                                   also be suspended, along with some other measures, although
 Islamic Holding to hold Ordinary General Assembly meeting                                                  Treasury did not give dates for when these other measures will
  on February 03 – Islamic Holding Group is scheduled to hold its                                            begin. (Reuters)
  Ordinary General Assembly meeting on February 03, 2013. In                                                IMF: France should review 2013 deficit target with EU
  case the required quorum is not maintained, an alternate                                                   partners – The International Monetary Fund (IMF) said France
  meeting will be scheduled on February 06, 2013. (QE)                                                       should worry more about the credibility of its efforts to cut back
 Qatar bans import, trade of steel below grade 500 – Qatar                                                  on flab in public finances than whether or not it meets the EU's
  has banned the import and trade of construction steels below                                               3% of GDP target for the budget deficit immediately. The IMF
  grade 500 to increase the quality of the building materials in the                                         comments are the latest sign that France, hanging on grimly to
  country. The Ministry of Environment has made mandatory a                                                  the last of its top AAA credit ratings, may need - and could
  laboratory test report to import construction steels and                                                   receive - some leeway on targets that are threatened by poor
  announced to accept only those issued by the ISO 17025                                                     growth rates across the euro zone. (Reuters)
                                                                                                                                                                                       Page 2 of 5
 German ministry wants to speed up privatization –                       KBR, AYTB sign Saudi Aramco pact valued at $140mn-
  According to an internal ministry document, German Economy               $170mn – KBR and AYTB have signed 7-year contract to
  Minister Philipp Roesler wants to push the pace of government            provide refinery maintenance services for Saudi Aramco Total
  privatization efforts including in companies such as Deutsche            Refining and Petrochemical Company (Satorp) at a new
  Telekom. According to the document, the ministry will push for           400k/bpd refinery in Jubail, Saudi Arabia. Production at the
  the creation of an expert commission to come up with concrete            refinery is set to begin in 2013. (Bloomberg)
  proposals on where the state can reduce its holdings. The sales
                                                                          Saudi Kayan forms JV with Sadara, SAAC for Butanol
  can help Germany achieve a balanced budget well before the
                                                                           production – Saudi Kayan Petrochemical Company has signed
  2016 target. (Reuters)
                                                                           an agreement with Sadara Chemical Company (Sadara) and
 China warns of financial risks as bank loans soar – The                  Saudi Acrylic Acid Company (SAAC) to establish Saudi Butanol
  Chinese Finance Ministry warned that China’s financial system            Company. The new plant will be established in Jubail Industrial
  is facing increasing risks due to soaring bank loans, with lending       City and will be operated by Tasnee Company. The plant is
  to the property sector and local governments a particular                scheduled to be operational by 1Q2015. The estimated cost of
  concern. Chinese banks extended 7.75tn yuan ($1.2tn) in new              the project is SR1.9bn. The design capacity of the plant will be
  loans in the first 11 months of the year, 919.1bn yuan more than         330 thousand tons per year of normal butanol material and 11
  the same period last year. Lending to the property sector totaled        thousand tons per year of iso butanol. Under this agreement, the
  982.1bn yuan in the first three quarters of the year, 10.2bn yuan        three partners will have equal share in the production, which will
  less than the same period in 2011. (Gulf-Times.com)                      be used for downstream industries and sale in the domestic and
                                                                           global markets. (Tadawul)
Regional
                                                                          Advanced Petrochemical Company pays final installment of
 EC Harris report: Qatar, UAE among world top                             Saudi Industrial Development Fund loan – Advanced
  infrastructure markets – According to a new report by global             Petrochemical Company has paid the final installment of its
  consultancy EC Harris, Qatar and the UAE have been named                 Saudi Industrial Development Fund loan. With this payment, the
  among the world's top four markets for investing in infrastructure       company has fully paid-off the total loan amount of SR400mn.
  projects. The firm's Infrastructure Investment Index ranked 40           The loan amount has obtained by the company in September
  countries, according to the ease in which lenders could secure a         2006 to finance the construction of its plants in Jubail. (Tadawul)
  return on the finance they provide for large scale infrastructure       UAE banks’ bad loan provisions drop for first time since
  schemes within the transportation, power and utilities sectors.          2008 crisis – According to the UAE Central Bank data, UAE
  Qatar was ranked second globally and the UAE was placed                  banks slightly cut bad loan provisions in October for the first time
  fourth while Saudi Arabia stood at 11th position.                        since they launched a provisioning drive to bolster their financial
 GPCA: Gulf petrochem industry set to expand – The Gulf                   position in the wake of the 2008 devastating global financial
  Petrochemicals & Chemicals Association (GPCA) said the Gulf              crisis. From around AED65.4bn at the end of September, the
  petrochemicals industry is bracing to sustain competitiveness.           banks’ provisions edged down to nearly AED65.3bn at the end
  Gulf producers are exploring opportunities to expand capacity,           of October. Total provisions taken by banks stood at around
  diversify production and realize the region’s full potential. Latest     AED6.1bn through 2011, while they surged to around AED10bn
  GPCA data show that regional petrochemicals capacity grew by             in 2012. The combined assets of the 52 banks slipped to
  10% in 2011, reaching 121mn tons per annum. Between 2007                 AED1,762.9bn at the end of October from AED1,763.9bn at the
  and 2011 regional petrochemicals capacity expanded at 13%                end of September. Deposits surged to AED1,262.3bn from
  CAGR. (Peninsula Qatar)                                                  about AED1,143.8bn, while loans remained stagnant at
                                                                           AED1,103.2bn. (GulfBase.com)
 Gulf halal food imports to rise to $53bn by 2020 – The Gulf
  region’s halal food industry is set to grow at a fast pace in the       United Arab Bank obtains $125mn loan – United Arab Bank
  coming years with the total food import to the region expected           has secured a club loan worth $125mn for general corporate
  to double by 2020. According to estimates of the Economist               purposes. The two-year facility, which can be extended to three
  Intelligence Unit, food imports to the Gulf region stood at              years, was signed at a margin of 150 basis points over the
  $25.8bn in 2010, which is set to grow to $53.1bn by 2020. In the         LIBOR. The loan was coordinated by Commerzbank, which also
  UAE, imports are set to grow from $3bn in 2011 to $8.4bn by              acted as lead arranger along with Standard Chartered Bank,
  2020. (GulfBase.com)                                                     Commercial Bank of Qatar, National Bank of Abu Dhabi and
                                                                           Emirates NBD. (Bloomberg)
 Riyad Bank Board recommends distribution of cash
  dividend of SR975mn for 2H2012 – Riyad Bank’s Board has                 Al Habtoor Group: IPO delayed on scarce investment
  recommended SR975mn dividend distribution for 2H2012 at                  prospect – Al Habtoor Group, controlled by billionaire Khalaf Al
  SR0.65 per share, after deduction of Zakat. This brings the total        Habtoor, postponed an initial share sale as it did not see
  distribution of dividends for the year 2012 to SR1,950mn at              sufficient opportunities to invest the proceeds and may consider
  SR1.3 per share, representing 13% of the share nominal value.            reviving the plan in 2014. The company said it will rely on cash
  (GulfBase.com)                                                           from operations to fund projects including a new skyscraper with
                                                                           more than 800 luxury apartments on a canal in Dubai.
 ZAIN announces payment of compensation amounts to                        (Bloomberg)
  non-participant shareholders in the rights issue and the
  refund of proceeds from sale of fractions of shares – Mobile            Al Habtoor sees 2013 order backlog at AED40bn – Al
  Telecommunications Company Saudi Arabia (Zain) has                       Habtoor Group said its JV with Leighton Holdings, Habtoor
  announced the refund of proceeds from the sale of the                    Leighton Group (HLG), expects the order backlog to be at least
  fractional proceeds resulting from the company’s capital                 AED40bn in 2013. The group said it is witnessing increased
  reduction (221,519 shares in total) which amounted to                    demand for building across the Middle East. Al Habtoor also
  approximately SR2.7mn (at SR12.02 per share). (Tadawul)                  said HLG has started seeing an increase in number of contracts,
                                                                           some of them in Qatar, Abu Dhabi, Dubai, Saudi Arabia and
                                                                           Iraq. (Bloomberg)
                                                                                                                                    Page 3 of 5
 Dubai to launch marine transport service – Dubai will launch
  a first of its kind marine transport network with services including
  Ferry Dubai, Water Taxi and Water Bus as part of the upcoming
  New Year’s Eve celebrations. (GulfBase.com)
 Gulf Related acquires land for Abu Dhabi project – Gulf
  Related, a regional real estate development company, has
  bought four key plots on Al Maryah Island in Abu Dhabi from
  Mubadala Real Estate & Infrastructure (MREI) for development
  of a new retail, residential area. Gulf Related said with this
  purchase it will be able to deliver a further 288,200 square
  meters gross floor area to the existing mixed use retail district at
  Sowwah Square. (GulfBase.com)
 GFH seeks to exit investments in India, Tunisia – According
  to Gulf Finance House acting CEO Hisham al-Rayes, GFH is
  seeking to exit assets in India and Tunisia to enter high-yield
  investments. The company and its clients will also seek to
  gradually sell stakes in the Tunis Financial Harbor project from
  next year. al-Rayes added that the investment has a total value
  of $300mn, of which 10% is owned by GFH. (Bloomberg)
 Bank Muscat Director resigns – Bank Muscat’s Director H.E.
  Abdul Salam bin Mohammed bin Abdullah Al Murshidi has been
  appointed as Chief Executive Officer of the State General
  Reserve Fund with Special Grade. As a result of this
  appointment, he has resigned from his position on the Bank’s
  Board of Directors. (MSM)




                                                                         Page 4 of 5
Rebased Performance                                                                                    Daily Index Performance

  140.0                                                                                                    1.8%
                                                                                                                                                                1.2%
  130.0                                                                                                    1.2%
                                                                                       119.7                                                       0.5%                                                       0.6%
  120.0
                                                                                                           0.6%
  110.0                                                                                                               0.0%
                                                                                      108.2
                                                                                                           0.0%
  100.0                                                                               101.1
                                                                                      106.0              (0.6%)                                                            (0.1%)
                                                                                                                                                                                          (0.4%)
   90.0                                                                                                                                  (0.6%)
                                                                                       98.2
                                                                                                         (1.2%)
   80.0




                                                                                                                          Saudi Arabia




                                                                                                                                                    Kuwait


                                                                                                                                                                 Bahrain




                                                                                                                                                                                            Abu Dhabi


                                                                                                                                                                                                               Dubai
                                                                                                                                           Qatar




                                                                                                                                                                             Oman
       Jan-10May-10Sep-10Jan-11May-11Sep-11Jan-12May-12Sep-12
                                                                                         4
                    QE Index               S&P Pan Arab                   S&P GCC


Source: Bloomberg                                                                                     Source: Bloomberg



 Asset/Currency Performance                  Close ($)         1D%        WTD%          YTD%            Global Indices Performance                              Close         1D%          WTD%                    YTD%

 Gold                                         1,659.75           0.1           0.2           6.1        DJ Industrial                                        13,114.59         (0.2)              (0.6)                 7.3
 Silver                                          30.01           0.2           0.0           7.8        S&P 500                                               1,419.83         (0.5)              (0.7)                12.9
 Crude Oil (Brent)                              112.94           1.5           1.3           3.9        NASDAQ 100                                            2,990.16         (0.7)              (1.0)                14.8
 Euro                                              1.32          0.3           0.3           2.0        DAX *                                                 7,636.23              0.0                 0.0            29.5
 Yen                                             85.63           1.0           1.7        11.3          FTSE 100 *                                            5,954.18              0.0                 0.2             6.9
 GBP                                               1.61          0.1         (0.2)           3.8        CAC 40 *                                              3,652.61              0.0           (0.2)                15.6
 CHF                                               1.09          0.3           0.2           2.8        Nikkei                                               10,230.36              1.5                 2.9            21.0
 AUD                                               1.04          0.2         (0.2)           1.7        Shanghai                                              2,219.13              0.2                 3.1             0.9
 USD Index                                       79.62          (0.1)          0.0       (0.7)          BSE Sensex                                           19,417.46              0.8                 0.9            25.6
 RUB                                             30.57          (0.3)        (0.9)       (4.9)          Bovespa                                              60,959.79         (0.1)              (0.1)                 7.4
 BRL                                               0.49          1.5           1.4       (9.0)          RTS                                                   1,526.34              0.8                 0.9            10.5
Source: Bloomberg                                                                                     Source: Bloomberg (* closed on 26 December)




Contacts

  Ahmed M. Shehada                                     Keith Whitney                                     Saugata Sarkar                                                Sahbi Kasraoui
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  Tel: (+974) 4476 6535                                Tel: (+974) 4476 6533                             Tel: (+974) 4476 6534                                         Tel: (+974) 4476 6544
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                                                                            QNB Financial Services SPC
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DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
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investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
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. 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.

COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
                                                                                                                                                                                                         Page 5 of 5

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QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...
 

Daily market report

  • 1. QE Intra-Day Movement Market Indicators 26 Dec 12 25 Dec 12 %Chg. 8,400 Value Traded (QR mn) 131.1 103.9 26.2 Exch. Market Cap. (QR mn) 457,885.9 460,006.4 (0.5) 8,380 Volume (mn) 3.3 2.3 42.0 Number of Transactions 1,990 1,504 32.3 8,360 Companies Traded 40 39 2.6 Market Breadth 7:27 9:20 – 8,340 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 11,269.96 (0.6) (1.4) 1.0 N/A 8,320 All Share Index 2,004.67 (0.6) (1.3) 4.1 10.0 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Banks 1,949.74 (0.8) (1.7) (1.3) 10.9 Qatar Commentary Industrials 2,608.04 (0.2) (0.7) 14.3 10.5 The QE index fell 0.6% to close at 8,327.4. Losses were led by the Real Estate Transportation 1,339.40 (1.0) (1.4) (9.2) 10.7 and Transportation indices, declining 1.2% and 1.0% respectively. Top losers Real Estate 1,585.55 (1.2) (1.3) (5.4) 3.9 were Al Ahli Bank and Mazaya Qatar Real Estate Development, declining 3.6% Insurance 1,900.34 (0.7) (0.6) 8.4 11.4 and 2.5% respectively. Among the top gainers, Islamic Holding Group gained Telecoms 1,055.89 (0.3) (1.4) 10.9 11.8 1.2%, while Medicare Group rose 0.5%. Consumer 4,653.45 (0.1) (0.5) 37.4 12.8 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Arabia: The TASI index rose marginally to close at 6,866.7. Gains were Deyaar Development Dubai 0.34 5.6 30,316.9 59.6 led by the Transport and Media & Publishing indices, rising 1.8% and 1.6% respectively. Saudi Industrial Export Co. gained 7.8%, while Saudi Transport National Industries Co. Kuwait 0.34 4.7 130.4 19.6 and Investment Co. was up 6.7%. Ahli United Bank Bahrain 0.59 4.5 196.4 (7.6) Dubai: The DFM index gained 0.6% to close at 1,603.7. Gains were led by the Real Estate & Construction and Investment & Financial Services indices, both Gulf Cable & Elect. Ind. Kuwait 1.26 3.3 23.5 (11.3) gaining 0.8%. Shuaa Capital jumped 15.0%, while Al Salam Bank - Bahrain Ithmaar Bank Bahrain 0.17 3.0 100.0 161.5 was up 14.9%. ## # Abu Dhabi: The ADX benchmark index fell 0.4% to close at 2,618.7. The GCC Top Losers Exchange Close 1D% Vol. ‘000 YTD% Energy index declined 2.7%, while the Industrial index was down 2.1%. Gulf Amana Coop. Ins. Co. Saudi Arabia 150.00 (9.9) 56.9 338.6 Pharm. Industries fell 7.8%, while Abu Dhabi Nat. Energy Co. declined 2.9%. Kuwait: The KSE index gained 0.5% to close at 5,950.4. The Technology Gulf Pharm. Industry Abu Dhabi 2.72 (7.8) 62.9 34.0 index rose 2.1%, while the Basic Material index was up 1.9%. Zima Holding Al Ahli Bank Qatar 51.00 (3.6) 1.0 (2.9) Co. surged 15.9%, while Kuwait Foundry Co. gained 9.3%. Oman: The MSM index declined 0.1% to close at 5,668.1. Both the Industrial Abu Dhabi Nat. Energy Abu Dhabi 1.35 (2.9) 5,101.1 12.5 and Services & Insurance indices fell 0.4%. National Finance declined 2.3%, ACE Arabia Saudi Arabia 86.00 (2.8) 955.5 55.0 while Oman Oil Marketing was down 2.1%. 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) Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Islamic Holding Group 38.70 1.2 1.3 52.7 Al Ahli Bank 51.00 (3.6) 1.0 (2.9) Medicare Group 37.40 0.5 36.1 53.0 Mazaya Qatar Real Estate Dev. 10.64 (2.5) 146.9 36.2 Dlala Brokerage & Inv. Holding Co. 34.90 0.4 4.1 139.9 Gulf International Services 30.05 (2.1) 106.3 38.6 Qatar Industrial Manufacturing Co. 52.30 0.4 9.0 (8.2) Masraf Al Rayan 24.89 (2.0) 1,058.5 (10.6) Al Meera Consumer Goods Co. 157.50 0.3 6.8 4.2 Vodafone Qatar 8.33 (1.9) 80.9 10.3 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 24.89 (2.0) 1,058.5 (10.6) Masraf Al Rayan 24.89 (2.0) 26,467.6 (10.6) Qatar Gas Transport Co. 15.31 (1.2) 335.5 (12.6) Qatar National Bank 130.00 0.0 22,291.9 (5.9) Barwa Real Estate Co. 27.15 (1.8) 335.2 (9.3) Industries Qatar 155.00 (0.1) 16,604.9 16.5 Al Khaliji 16.85 (0.1) 301.1 (1.9) Barwa Real Estate Co. 27.15 (1.8) 9,118.4 (9.3) Qatar National Bank 130.00 0.0 171.6 (5.9) Commercial Bank of Qatar 70.90 (0.1) 8,729.9 (15.6) Source: Bloomberg (* in QR) Exch. Val. Traded Exchange Mkt. Dividend Regional Indices Close 1D% WTD% MTD% YTD% P/E** P/B** ($ mn) Cap. ($ mn) Yield Qatar* 8,327.38 (0.6) (1.4) (0.9) (5.1) 36.02 125,781.2 9.5 1.6 4.4 Dubai 1,603.71 0.6 0.1 (0.3) 18.5 53.05 49,273.8 11.6 0.7 3.9 Abu Dhabi 2,618.68 (0.4) (0.0) (2.1) 9.0 18.38 78,851.1 8.9 1.0 5.0 Saudi Arabia 6,866.71 0.0 (0.3) 5.1 7.0 1,146.93 374,861.2 14.2 1.8 3.6 Kuwait 5,950.38 0.5 (0.6) 0.1 2.3 88.04 104,464.6 30.3 1.1 3.3 Oman 5,668.05 (0.1) (0.3) 2.4 (0.5) 7.05 19,924.7 10.7 1.5 4.4 Bahrain 1,051.71 1.2 1.6 0.3 (8.0) 0.34 18,999.5 11.7 0.8 4.7 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 5
  • 2. Qatar Market Commentary  The QE index fell 0.6% to close at 8,327.4. The Real Estate and Overall Activity Buy %* Sell %* Net (QR) Transportation indices led the losses. The index declined on the back of selling pressure from non-Qatari shareholders despite Qatari 78.83% 57.65% 27,781,904.98 buying support from Qatari shareholders. Non-Qatari 21.16% 42.35% (27,781,904.98)  Al Ahli Bank and Mazaya Qatar Real Estate Development were Source: Qatar Exchange (* as a % of traded value) the top losers, declining 3.6% and 2.5% respectively. Among the top gainers, Islamic Holding Group gained 1.2%, while Medicare Group rose 0.5%.  Volume of shares traded on Wednesday rose by 42.0% to 3.3mn from 2.3mn on Tuesday. Further, as compared to the 30-day moving average of 2.7mn, volume for the day was 20.1% higher. Masraf Al Rayan and Qatar Gas Transport Co. were the most active stocks, contributing 32.0% and 10.2% to the total volume respectively. Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/26 US S&P S&P/CS 20 City MoM% SA October 0.66% 0.48% 0.38% 12/26 US S&P S&P/CS Composite-20 YoY October 4.31% 4.00% 2.97% 12/26 US S&P S&P/CaseShiller Home Price Ind October 146.08 145.93 146.17 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar certified laboratories with three month validity as well as a signature and seal of the laboratory. (Peninsula Qatar)  QCB agrees on AUB’s stake sale in ABQ – The Qatar Central  Realty sector registers decline in transactions – Ezdan Real Bank has reportedly agreed on Ahli United Bank (Bahrain) Estate Company said Qatar’s realty sector witnessed a decline selling its stake in Ahli Bank of Qatar (ABQK) to a number of in trade in the third week of December. The value of real estate Qatari Investors. (Al-Sharq) transactions fell by 44.3% on a week-to-week basis to  National Leasing to start awarding Lusail Land – National QR470.3mn and the number of deals by 3.6% to 133 in the third Leasing Holding Company will reportedly start distributing 895 week of this month. The value of daily rate of transactions of real separate parcels of land on a 1mn square meter development in estate was about QR118mn against QR169mn in the previous Lusail today. (Al-Sharq) week. Al Rayan Municipality ranked first in terms of trading value. It saw QR114.6mn worth deals, accounting for 24.2% of  Mazaya Qatar studying purchase offer for one of its the total transactions of the week. (Gulf-Times.com) investment properties – Mazaya Qatar Real Estate Development received a purchase offer for one of its investment International properties for a consideration of QR170mn and the company is studying this offer. (QE)  Treasury unveils plan to buy time under debt ceiling – The  QIA ups stake in Tiffany & Co. – According to a regulatory US Treasury announced the first of a series of measures that filing, the Qatar Investment Authority (QIA) has raised its should push back the day when the government will exceed its investment stake in Tiffany & Co. to 7.8% from 5.2%. legal borrowing authority as imposed by Congress by around (Bloomberg) two months. Without any action, the government is set to reach its $16.4tn debt ceiling on December 31. To cut government  QNB ATMs to accept China UnionPay cards – QNB will spending and delay bumping up against the debt ceiling, the accept China UnionPay (CUP) cards on its ATMs across Qatar. Treasury will suspend issuance of state and local government So far, it has been rolled out to 10 points of sales and all QNB series securities – known as "slugs" – beginning on December ATMs across Qatar, with more POS to follow in the coming 28. Investments in a government employee pension fund will months. (Gulf-Times.com) also be suspended, along with some other measures, although  Islamic Holding to hold Ordinary General Assembly meeting Treasury did not give dates for when these other measures will on February 03 – Islamic Holding Group is scheduled to hold its begin. (Reuters) Ordinary General Assembly meeting on February 03, 2013. In  IMF: France should review 2013 deficit target with EU case the required quorum is not maintained, an alternate partners – The International Monetary Fund (IMF) said France meeting will be scheduled on February 06, 2013. (QE) should worry more about the credibility of its efforts to cut back  Qatar bans import, trade of steel below grade 500 – Qatar on flab in public finances than whether or not it meets the EU's has banned the import and trade of construction steels below 3% of GDP target for the budget deficit immediately. The IMF grade 500 to increase the quality of the building materials in the comments are the latest sign that France, hanging on grimly to country. The Ministry of Environment has made mandatory a the last of its top AAA credit ratings, may need - and could laboratory test report to import construction steels and receive - some leeway on targets that are threatened by poor announced to accept only those issued by the ISO 17025 growth rates across the euro zone. (Reuters) Page 2 of 5
  • 3.  German ministry wants to speed up privatization –  KBR, AYTB sign Saudi Aramco pact valued at $140mn- According to an internal ministry document, German Economy $170mn – KBR and AYTB have signed 7-year contract to Minister Philipp Roesler wants to push the pace of government provide refinery maintenance services for Saudi Aramco Total privatization efforts including in companies such as Deutsche Refining and Petrochemical Company (Satorp) at a new Telekom. According to the document, the ministry will push for 400k/bpd refinery in Jubail, Saudi Arabia. Production at the the creation of an expert commission to come up with concrete refinery is set to begin in 2013. (Bloomberg) proposals on where the state can reduce its holdings. The sales  Saudi Kayan forms JV with Sadara, SAAC for Butanol can help Germany achieve a balanced budget well before the production – Saudi Kayan Petrochemical Company has signed 2016 target. (Reuters) an agreement with Sadara Chemical Company (Sadara) and  China warns of financial risks as bank loans soar – The Saudi Acrylic Acid Company (SAAC) to establish Saudi Butanol Chinese Finance Ministry warned that China’s financial system Company. The new plant will be established in Jubail Industrial is facing increasing risks due to soaring bank loans, with lending City and will be operated by Tasnee Company. The plant is to the property sector and local governments a particular scheduled to be operational by 1Q2015. The estimated cost of concern. Chinese banks extended 7.75tn yuan ($1.2tn) in new the project is SR1.9bn. The design capacity of the plant will be loans in the first 11 months of the year, 919.1bn yuan more than 330 thousand tons per year of normal butanol material and 11 the same period last year. Lending to the property sector totaled thousand tons per year of iso butanol. Under this agreement, the 982.1bn yuan in the first three quarters of the year, 10.2bn yuan three partners will have equal share in the production, which will less than the same period in 2011. (Gulf-Times.com) be used for downstream industries and sale in the domestic and global markets. (Tadawul) Regional  Advanced Petrochemical Company pays final installment of  EC Harris report: Qatar, UAE among world top Saudi Industrial Development Fund loan – Advanced infrastructure markets – According to a new report by global Petrochemical Company has paid the final installment of its consultancy EC Harris, Qatar and the UAE have been named Saudi Industrial Development Fund loan. With this payment, the among the world's top four markets for investing in infrastructure company has fully paid-off the total loan amount of SR400mn. projects. The firm's Infrastructure Investment Index ranked 40 The loan amount has obtained by the company in September countries, according to the ease in which lenders could secure a 2006 to finance the construction of its plants in Jubail. (Tadawul) return on the finance they provide for large scale infrastructure  UAE banks’ bad loan provisions drop for first time since schemes within the transportation, power and utilities sectors. 2008 crisis – According to the UAE Central Bank data, UAE Qatar was ranked second globally and the UAE was placed banks slightly cut bad loan provisions in October for the first time fourth while Saudi Arabia stood at 11th position. since they launched a provisioning drive to bolster their financial  GPCA: Gulf petrochem industry set to expand – The Gulf position in the wake of the 2008 devastating global financial Petrochemicals & Chemicals Association (GPCA) said the Gulf crisis. From around AED65.4bn at the end of September, the petrochemicals industry is bracing to sustain competitiveness. banks’ provisions edged down to nearly AED65.3bn at the end Gulf producers are exploring opportunities to expand capacity, of October. Total provisions taken by banks stood at around diversify production and realize the region’s full potential. Latest AED6.1bn through 2011, while they surged to around AED10bn GPCA data show that regional petrochemicals capacity grew by in 2012. The combined assets of the 52 banks slipped to 10% in 2011, reaching 121mn tons per annum. Between 2007 AED1,762.9bn at the end of October from AED1,763.9bn at the and 2011 regional petrochemicals capacity expanded at 13% end of September. Deposits surged to AED1,262.3bn from CAGR. (Peninsula Qatar) about AED1,143.8bn, while loans remained stagnant at AED1,103.2bn. (GulfBase.com)  Gulf halal food imports to rise to $53bn by 2020 – The Gulf region’s halal food industry is set to grow at a fast pace in the  United Arab Bank obtains $125mn loan – United Arab Bank coming years with the total food import to the region expected has secured a club loan worth $125mn for general corporate to double by 2020. According to estimates of the Economist purposes. The two-year facility, which can be extended to three Intelligence Unit, food imports to the Gulf region stood at years, was signed at a margin of 150 basis points over the $25.8bn in 2010, which is set to grow to $53.1bn by 2020. In the LIBOR. The loan was coordinated by Commerzbank, which also UAE, imports are set to grow from $3bn in 2011 to $8.4bn by acted as lead arranger along with Standard Chartered Bank, 2020. (GulfBase.com) Commercial Bank of Qatar, National Bank of Abu Dhabi and Emirates NBD. (Bloomberg)  Riyad Bank Board recommends distribution of cash dividend of SR975mn for 2H2012 – Riyad Bank’s Board has  Al Habtoor Group: IPO delayed on scarce investment recommended SR975mn dividend distribution for 2H2012 at prospect – Al Habtoor Group, controlled by billionaire Khalaf Al SR0.65 per share, after deduction of Zakat. This brings the total Habtoor, postponed an initial share sale as it did not see distribution of dividends for the year 2012 to SR1,950mn at sufficient opportunities to invest the proceeds and may consider SR1.3 per share, representing 13% of the share nominal value. reviving the plan in 2014. The company said it will rely on cash (GulfBase.com) from operations to fund projects including a new skyscraper with more than 800 luxury apartments on a canal in Dubai.  ZAIN announces payment of compensation amounts to (Bloomberg) non-participant shareholders in the rights issue and the refund of proceeds from sale of fractions of shares – Mobile  Al Habtoor sees 2013 order backlog at AED40bn – Al Telecommunications Company Saudi Arabia (Zain) has Habtoor Group said its JV with Leighton Holdings, Habtoor announced the refund of proceeds from the sale of the Leighton Group (HLG), expects the order backlog to be at least fractional proceeds resulting from the company’s capital AED40bn in 2013. The group said it is witnessing increased reduction (221,519 shares in total) which amounted to demand for building across the Middle East. Al Habtoor also approximately SR2.7mn (at SR12.02 per share). (Tadawul) said HLG has started seeing an increase in number of contracts, some of them in Qatar, Abu Dhabi, Dubai, Saudi Arabia and Iraq. (Bloomberg) Page 3 of 5
  • 4.  Dubai to launch marine transport service – Dubai will launch a first of its kind marine transport network with services including Ferry Dubai, Water Taxi and Water Bus as part of the upcoming New Year’s Eve celebrations. (GulfBase.com)  Gulf Related acquires land for Abu Dhabi project – Gulf Related, a regional real estate development company, has bought four key plots on Al Maryah Island in Abu Dhabi from Mubadala Real Estate & Infrastructure (MREI) for development of a new retail, residential area. Gulf Related said with this purchase it will be able to deliver a further 288,200 square meters gross floor area to the existing mixed use retail district at Sowwah Square. (GulfBase.com)  GFH seeks to exit investments in India, Tunisia – According to Gulf Finance House acting CEO Hisham al-Rayes, GFH is seeking to exit assets in India and Tunisia to enter high-yield investments. The company and its clients will also seek to gradually sell stakes in the Tunis Financial Harbor project from next year. al-Rayes added that the investment has a total value of $300mn, of which 10% is owned by GFH. (Bloomberg)  Bank Muscat Director resigns – Bank Muscat’s Director H.E. Abdul Salam bin Mohammed bin Abdullah Al Murshidi has been appointed as Chief Executive Officer of the State General Reserve Fund with Special Grade. As a result of this appointment, he has resigned from his position on the Bank’s Board of Directors. (MSM) Page 4 of 5
  • 5. Rebased Performance Daily Index Performance 140.0 1.8% 1.2% 130.0 1.2% 119.7 0.5% 0.6% 120.0 0.6% 110.0 0.0% 108.2 0.0% 100.0 101.1 106.0 (0.6%) (0.1%) (0.4%) 90.0 (0.6%) 98.2 (1.2%) 80.0 Saudi Arabia Kuwait Bahrain Abu Dhabi Dubai Qatar Oman Jan-10May-10Sep-10Jan-11May-11Sep-11Jan-12May-12Sep-12 4 QE Index S&P Pan Arab S&P GCC Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold 1,659.75 0.1 0.2 6.1 DJ Industrial 13,114.59 (0.2) (0.6) 7.3 Silver 30.01 0.2 0.0 7.8 S&P 500 1,419.83 (0.5) (0.7) 12.9 Crude Oil (Brent) 112.94 1.5 1.3 3.9 NASDAQ 100 2,990.16 (0.7) (1.0) 14.8 Euro 1.32 0.3 0.3 2.0 DAX * 7,636.23 0.0 0.0 29.5 Yen 85.63 1.0 1.7 11.3 FTSE 100 * 5,954.18 0.0 0.2 6.9 GBP 1.61 0.1 (0.2) 3.8 CAC 40 * 3,652.61 0.0 (0.2) 15.6 CHF 1.09 0.3 0.2 2.8 Nikkei 10,230.36 1.5 2.9 21.0 AUD 1.04 0.2 (0.2) 1.7 Shanghai 2,219.13 0.2 3.1 0.9 USD Index 79.62 (0.1) 0.0 (0.7) BSE Sensex 19,417.46 0.8 0.9 25.6 RUB 30.57 (0.3) (0.9) (4.9) Bovespa 60,959.79 (0.1) (0.1) 7.4 BRL 0.49 1.5 1.4 (9.0) RTS 1,526.34 0.8 0.9 10.5 Source: Bloomberg Source: Bloomberg (* closed on 26 December) Contacts Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui Head of Trading Head of Sales Head of Research Manager - HNWI Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, 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. 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. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5