1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.7% to close at 11,258.5. Losses were led by the
Industrials and Real Estate indices, declining 1.4% each. Top losers were
Qatari Investors Group and Al Ahli Bank, falling 3.0% and 2.8% respectively.
Among the top gainers, Zad Holding Co. and Mazaya Qatar Real Estate Dev.
rose 6.7% and 6.6% respectively.
GCC Commentary
Saudi Arabia: The TASI index rose marginally to close at 9,429.2. Gains were
led by the Multi-Invest. and Petrochemical Ind. indices, rising 0.9% and 0.6%
respectively. Saudi Adv. Ind. rose 7.0%, while Al Ahsa Dev. Co. was up 5.6%.
Dubai: The DFM index fell 0.7% to close at 4,318.5. The Inv. & Financial
Services index declined 1.4%, while the Insurance index was down 1.0%. Al
Salam Sudan fell 9.9%, while Gulf Navigation Holding Co. was down 2.9%.
Abu Dhabi: The ADX benchmark index gained 0.2% to close at 4,802.8. The
Consumer index rose 6.5%, while the Inv. & Financial Services index was up
1.1%. Agthia Group gained 8.9%, while RAK White Cement was up 2.8%.
Kuwait: The KSE index rose 0.2% to close at 7,554.1. The Consumer
Services index gained 2.0%, while the Consumer Goods index was up 1.6%.
Al-Nawadi Holding rose 8.8%, while Agility Public Warehousing was up 7.4%.
Oman: The MSM index gained 0.3% to close at 6,937.8. Gains were led by
the Financial and Industrial indices, rising 0.1% each. Gulf Mushroom Products
gained 2.8%, while Oman Fisheries was up 2.1%.
Bahrain: The BHB index fell 1.4% to close at 1,377.7. The Investment index
declined 3.5% while the Commercial Banking index was down 0.9%. Arab
Banking Corporation fell 10.0%, while Al Salam Bank was down 2.7%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 89.20 6.7 119.0 28.3
Mazaya Qatar Real Estate Dev. 13.38 6.6 6,275.5 19.7
Qatar General Ins. & Reins. Co. 40.50 3.8 0.0 1.5
Doha Bank 58.50 1.7 260.0 0.5
Widam Food Co. 45.00 1.0 297.0 (13.0)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 13.38 6.6 6,275.5 19.7
Mesaieed Petrochemical Holding 31.15 (2.2) 2,209.9 212.0
United Development Co. 21.40 (1.9) 1,947.6 (5.4)
Qatar Gas Transport Co. 19.15 (0.8) 743.0 (5.4)
Barwa Real Estate Co. 34.20 (1.9) 703.7 14.8
Source: Bloomberg (* in QR)
Market Indicators 24 Mar 14 23 Mar 14 %Chg.
Value Traded (QR mn) 505.8 440.3 14.9
Exch. Market Cap. (QR mn) 624,831.4 629,839.3 (0.8)
Volume (mn) 15.8 11.7 35.3
Number of Transactions 7,022 8,430 (16.7)
Companies Traded 38 39 (2.6)
Market Breadth 12:24 16:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,646.69 (0.7) (1.0) 12.2 N/A
All Share Index 2,882.20 (0.7) (0.8) 11.4 14.7
Banks 2,733.46 (0.3) (0.0) 11.9 14.3
Industrials 3,948.47 (1.4) (1.9) 12.8 15.3
Transportation 1,952.89 (0.8) (1.6) 5.1 13.6
Real Estate 2,099.53 (1.4) (2.3) 7.5 17.8
Insurance 2,816.07 0.9 (0.3) 20.5 7.7
Telecoms 1,499.49 (0.5) (0.5) 3.1 20.7
Consumer 6,909.48 (0.3) (0.1) 16.2 30.1
Al Rayan Islamic Index 3,452.86 (0.7) (0.9) 13.7 18.2
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Agility Pub. Ware. Co Kuwait 0.73 7.4 12,698.3 5.8
National Real Estate Kuwait 0.15 4.1 8,724.6 0.0
Qatar Gen. Ins. & Rein. Qatar 40.50 3.8 0.0 1.5
Knowledge Eco. City Saudi Arabia 20.75 3.5 6,878.0 17.2
Saudi Kayan Petro. Co Saudi Arabia 16.80 2.8 38,903.9 7.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arab Banking Corp Bahrain 0.54 (10.0) 1,560.0 44.0
MedGulf Saudi Arabia 34.00 (8.6) 4,485.8 (2.6)
IFA Hotels & Resorts Kuwait 0.25 (7.2) 0.0 (13.7)
Bank of Sharjah Abu Dhabi 2.13 (6.6) 377.0 19.0
Com. Bank of Kuwait Kuwait 0.74 (3.9) 0.2 0.0
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 Losers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 54.50 (3.0) 229.4 24.7
Al Ahli Bank 49.00 (2.8) 0.6 15.8
Mesaieed Petrochemical Holding 31.15 (2.2) 2,209.9 212.0
Doha Insurance Co. 22.51 (2.1) 0.8 (10.0)
Dlala' Brokerage & Invest. Holding 22.40 (2.0) 68.0 1.4
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 13.38 6.6 85,115.8 19.7
Mesaieed Petrochemical Holding 31.15 (2.2) 68,906.2 212.0
Industries Qatar 175.00 (1.7) 54,831.5 3.6
United Development Co. 21.40 (1.9) 42,172.7 (5.4)
QNB Group 176.90 (0.6) 29,716.5 2.8
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,258.51 (0.7) (1.0) (4.4) 8.5 138.89 171,578.7 15.1 1.9 4.3
Dubai 4,318.48 (0.7) 0.3 2.3 28.2 430.37 86,988.5 18.9 1.6 2.2
Abu Dhabi 4,802.84 0.2 0.4 (3.1) 11.9 184.69 127,614.8 13.8 1.7 3.8
Saudi Arabia 9,429.21 0.0 1.3 3.5 10.5 2,098.91 512,571.8 19.3 2.4 3.2
Kuwait 7,554.09 0.2 (0.0) (1.8) 0.1 104.37 112,509.7 16.1 1.2 3.7
Oman 6,937.78 0.3 0.1 (2.5) 1.5 12.04 24,902.2 11.1 1.6 3.7
Bahrain 1,377.65 (1.4) (0.6) 0.4 10.3 3.52 51,827.0 9.6 0.9 3.9
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,200
11,250
11,300
11,350
11,400
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 QE index declined 0.7% to close at 11,258.5. The Industrials
and Real Estate indices led the losses. The index fell on the back
of selling pressure from Qatari shareholders despite buying
support from non-Qatari shareholders.
 Qatari Investors Group and Al Ahli Bank were the top losers,
falling 3.0% and 2.8% respectively. Among the top gainers, Zad
Holding Co. and Mazaya Qatar Real Estate Dev. rose 6.7% and
6.6% respectively.
 Volume of shares traded on Monday rose by 35.3% to 15.8mn
from 11.7mn on Sunday. Further, as compared to the 30-day
moving average of 14.1mn, volume for the day was 12.5%
higher. Mazaya Qatar Real Estate Dev. and Mesaieed
Petrochemical Holding Co. were the most active stocks,
contributing 39.6% and 13.9% to the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Commercial Bank of
Qatar
CI Qatar FSR a a-  Stable –
Qatar International
Islamic Bank
CI Qatar FSR A- A- – Positive 
Source: News reports ( FSR- Financial Strength Rating)
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
Agility Public Warehousing
Co.*
Dubai KD 4.2 NA – – 46.2 37.1%
National Marine Dredging
Co. (NMDC)*
Abu Dhabi AED 2546.0 -18.1% 217.4 -38.9% 206.8 -39.0%
Emirates Driving Co. (EDC)* Abu Dhabi AED 157.8 13.0% – – 42.5 27.1%
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/24 US Markit Markit US Manufacturing PMI March 55.5 56.5 57.1
03/24 EU Markit Markit Eurozone Composite PMI March 53.2 53.2 53.3
03/24 EU Markit Markit Eurozone Manufacturing PMI March 53.0 53.0 53.2
03/24 EU Markit Markit Eurozone Services PMI March 52.4 52.6 52.6
03/24 France Markit Markit France Manufacturing PMI March 51.9 49.7 49.7
03/24 France Markit Markit France Services PMI March 51.4 47.5 47.2
03/24 France Markit Markit France Composite PMI March 51.6 – 47.9
03/24 Germany Markit Markit/BME Ger. Manufacturing PMI March 53.8 54.5 54.8
03/24 Germany Markit Markit Germany Services PMI March 54.0 55.5 55.9
03/24 Germany Markit Markit/BME Germany Composite PMI March 55.0 – 56.4
03/24 China Markit HSBC China Manufacturing PMI March 48.1 48.7 48.5
03/24 Japan JRA Supermarket Sales YoY February 1.50% – -0.20%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MRDS posts net profit of QR134mn in 2013 – Mazaya Qatar
Real Estate Development Company (MRDS) reported a net
profit of QR134mn in 2013, up 113% compared to QR62.8mn in
2012. The strong growth in net profit was primarily due to the
inclusion of construction profit of QR158.7mn in 2013 as well as
surge in rental income by 81% to QR38.5mn. MRDS' earnings
per share (EPS) amounted to QR1.34 in 2013 as compared to
QR0.63 in 2012. Meanwhile, MRDS' board of directors has
proposed cash dividends of 7.5% subject to the General
Assembly approval or QR0.75 for every share. (QE)
 QFB gets approval for hiking foreign ownership limit to 25%
– Qatar First Bank (QFB), which is planning to list on the local
bourse, has received approval from its shareholders to raise the
foreign ownership limit to 25% from the present 20%. QFB has
also received approval to enhance the authorized capital by
25% to QR2.5bn, which will facilitate further growth in its assets
base and position it for the full operations of commercial
banking. (Gulf-Times.com)
 NDSQ to deliver 8 more Qatar-built vessels in 2014 – Nakilat
Damen Shipyards Qatar (NDSQ), a JV of Nakilat and Damen
Shipyard Group, will deliver 12 indigenously-built vessels to its
Overall Activity Buy %* Sell %* Net (QR)
Qatari 62.63% 67.38% (24,004,974.76)
Non-Qatari 37.37% 32.62% 24,004,974.76

3. Page 3 of 5
Qatari and foreign customers in 2014. NDSQ’s Managing
Director Jam-Wim Dekker said that the company has already
delivered four vessels and eight more vessels will be delivered
to its customers by the end of 2014. He said the company’s
manufacturing units in Ras Laffan have the capacity to build 25
vessels in a year. (Qatar Tribune)
 UDCD trading suspended today – United Development
Company (UDCD) shares are suspended today due to its AGM.
(QE)
 MCCS’ AGM approves 55% cash dividend – Mannai
Corporation’s (MCCS) AGM has approved its board of directors’
proposal to distribute 55% cash dividend (QR5.5 per share) for
the year ended December 31, 2013. (QE)
 QE deposits AKHI’s bonus shares – The Qatar Exchange
(QE) has added the Al Khaleej Takaful Group’s (AKHI) bonus
shares to its shareholders’ accounts. With this, the company’s
new capital stands at QR222mn, which is distributed over
22.2mn shares. Shareholders can begin trading these shares
from March 25, 2014. (QE)
International
 Europe loan disposals reach record €80bn before ECB
review – According to PricewaterhouseCoopers, European
banks will be disposing of a record €80bn of non-core loans this
year as they trim their balance sheets before central bank stress
tests begin. The disposal comes after lenders led by UK and
Irish banks offloaded €64bn of assets in 2013, with commercial
real estate debt and unsecured retail loans being the most
actively-traded. This year, more than €30bn worth of holdings
have been already sold, or are close to a sale. A health check of
European lenders by the European Central Bank is incentivizing
financial firms to get rid of their non-performing assets. They
hold €2.4tn of non-core debt holdings and
PricewaterhouseCoopers predict bank restructuring will continue
over at least the next five years. (Bloomberg)
 China’s urbanization loses momentum as growth slows –
The pace of migration of rural Chinese toward cities is set to
decline by a third in coming years, deepening economic-growth
concerns. A government report has projected a 6.3-point rise in
the share of people living in cities from 2013 to 2020, which is
down from a 9.4-point gain in the previous seven years. Nomura
Holdings Inc. estimates that slower urbanization will slice as
much as half a percentage point from annual GDP growth over
the next half decade. China’s Premier Li Keqiang is under
increasing pressure to take steps to address weakening
economic expansion. Meanwhile, a private report indicated a
fifth straight slowdown in manufacturing in China. The premier,
who has advocated an urbanization-growth strategy for coming
two decades, is up against a shrinking pool of rural workers,
rising local-government debt and unhealthy air pollution in
almost all big cities. Diminishing returns from urbanization make
it tougher to achieve economic goals including this year’s 7.5%
expansion target. (Bloomberg)
 BoJ warns of deflation risk if inflation stays below 1% – The
Bank of Japan’s (BoJ) Deputy Governor Kikuo Iwata warned
that inflation staying below 1% for a long period of time was
dangerous as it heightens the risk of deflation. Iwata said the
central bank has set a price target of 2%, a level deemed
ambitious for a country mired in deflation for the last 15 years,
and pledged to achieve it in roughly two years. However, Iwata
said the price target need not be met strictly in two years. Fears
of Japanese-style deflation have been a major talking point in
the Eurozone, where inflation has been in the danger zone of
below 1% for the past few months. However, the ECB stated
that there is no risk of deflation since inflation expectations are
well-anchored. (Reuters)
 S&P cuts Brazil’s credit rating to BBB- – Standard & Poor's
(S&P) cut Brazil's sovereign debt rating closer to speculative
territory in a blow to the country’s President Dilma Rousseff,
whose efforts to stir the economy from a year-long slump have
eroded the country's finances. Brazil had its long-term debt
rating downgraded to BBB-, the agency's lowest investment-
grade rating. However, S&P changed its outlook to Stable from
Negative, meaning further downgrades are unlikely for now,
which comes as a relief for both policy makers and financial
markets. Brazil has suffered from slow growth that averaged
about 2% in recent years. Rousseff has tried her best to revive
the economy with tax cuts and social spending, but has been
widely criticized for intervening too much and resorting to
opaque accounting moves to meet budget targets. (Reuters)
Regional
 HLG–Al Jaber JV wins QR6.15bn road contract – A JV
between Habtoor Leighton Group (HLG) and Al Jaber
Engineering has been awarded a QR6.15bn contract for the
design and construction of the New Orbital Highway & Truck
Route, Contract 3, being built near Doha. The work will be
carried out for Ashghal, Qatar's Public Works Authority. HLG’s
CEO & Managing Director, Antonio Lopez-Monis said the new
project further strengthens the group's presence in Qatar, where
HLG has worked successfully with government clients such as
Kahramaa since 2009. (Bloomberg)
 Dar Al Arkan buys back 87% of $200m sukuk – Saudi
property developer, Dar Al Arkan Real Estate Development Co
has repurchased 87% of its SR750m ($200m) sukuk, which is
due to mature in April. The firm said the move is in line with its
strategy to manage its liabilities efficiently and to fulfill its
commitments proactively. (Ameinfo.com)
 SFD signs $58mn health deals with Bahrain – The Saudi
Fund for Development (SFD) has signed two agreements in the
field of healthcare with the Kingdom of Bahrain. The first
agreement aims at establishing a dialysis center in Riffa city at a
cost of $21mn. The second agreement is for funding the
establishment of a long-term care center in Muharraq at a cost
of $37mn. (Bloomberg)
 RAK FTZ to build office tower and warehouses – The Ras Al
Khaimah Free Trade Zone (RAK FTZ) will construct a new office
building and warehouses as part of its major expansion to
accommodate new clients. The RAK FTZ is planning to build a
new office tower in its business park that will accommodate
around 700 new clients. It will also construct 100 new
warehouses in its technology park, for clients who do business
in trading and light manufacturing. (GulfBase.com)
 Agility’s BoD proposes 40% dividend, 5% bonus shares –
Agility Public Warehousing Company’s board of directors has
proposed the distribution of 40% cash dividend (40 fils per
share) and 5% bonus shares for the year ended December 31,
2013. (DFM)
 DMCC signs MoU with WDM – The Dubai Multi Commodities
Centre (DMCC) and the World Diamond Mark (WDM) have
signed a MoU to increase consumer appeal and confidence in
diamonds and the jewelry industry. DMCC will support WDM’s
objectives to ensure the health and future growth of the diamond
and jewelry industry in core consumer markets. In turn, WDM
will recognize DMCC as a member of the World Diamond Mark
and its partner for WDM project implementation in the Gulf
region. (GulfBase.com)

4. Page 4 of 5
 Naspers invests $75mn in Souq.com – Dubai-based
Souq.com has secured $75mn in new funding from South
African e-commerce firm, Naspers. The latest investment by
Naspers brings the total money raised by Souq.com to $150mn,
which will use the funds to invest in its technology and mobile
services. As of November 2013, Naspers held a 36% stake in
Souq.com. (Reuters)
 UAE: Insurer blames price war for profit decline – Sharjah-
based Al Buhaira National Insurance (Abnic) has reported a
41% fall in net profit to AED10mn for 2013 as compared to
AED17mn for 2012. It blamed competition and new market
entrants. The insurer also reported premium revenue of
AED520mn for 2013 as compared to AED559mn for 2012, a
drop of 7%. Its underwriting profit more than halved to
AED22mn in 2013 from AED49mn in 2012. Total assets stood at
AED1.95bn as compared to AED1.83bn, while shareholders
equity reached AED608mn from AED609mn. The insurer said
that it posted acceptable results for 2013 despite having to face
severe price competition among insurance companies and in
particular from some new entrants. In addition, it had to deal
with increases in medical fees that continued to undermine
medical business results as well as a significant increase in
spare parts and labour costs for motor insurance. (Bloomberg)
 Ajman Bank appoints Hisham Hammoud as COO – Ajman
Bank has appointed Hisham Hammoud as Chief Operating
Officer. Hisham has about 20 years of experience gained
working in the financial services sector. Most recently he was
the Group Chief Operating Officer at Network International and
previously at Dubai Bank and Citi Bank. (Bloomberg)
 Dubai's Amlak to resume trading in 2H2014 – The UAE's
Economy Minister Sultan bin Saeed al-Mansouri said, Dubai's
indebted mortgage lender Amlak, whose shares have been
suspended since 2008, will resume trading on Dubai's bourse in
2H2014. (Reuters)
 CBI declares 5% share dividend, appoints new chairman –
Commercial Bank International’s (CBI) AGM has approved the
board’s proposal for the distribution of 5% share dividend for
FY2013. Meanwhile, CBI has appointed Mohamed Sultan
AlQadi as the Chairman and Ali Ahmed Kuwari as the Vice
Chairman for a term of three years. (ADX)
 RAKBANK declares 50% dividend – The National Bank of Ras
Al-Khaimah’s (RAKBANK) AGM has approved the board’s
proposal for distributing 50% cash dividend for the year ended
December 31, 2013. (ADX)
 FGB to issue Kangaroo bonds – First Gulf Bank (FGB) is
planning to issue Kangaroo bonds with five-year maturity.
Nomura Holdings is managing the transaction along with ANZ
Banking Group and HSBC. The securities are being marketed at
a yield of about 155 basis points more than the swap rate.
(GulfBase.com)
 Insurance House to buy back 10% shares – Insurance House
has secured the approval of the Securities & Commodities
Authority (SCA) to launch a 10% share buyback program.
Earlier, Insurance House had secured SCA’s approval for a
share buyback program of up to 10% (or 12mn shares) of its
paid-up capital that was valid for one year. (GulfBase.com)
 Etisalat signs content deal with Abu Dhabi Media – Emirates
Telecommunications Corporation (Etisalat) has signed a
strategic partnership with broadcasting firm Abu Dhabi Media to
strengthen its multi-play services offering. The partnership will
help the telecom operator’s customers to gain access to on-
demand content including TV programs and talk shows across
any device. (Bloomberg)
 Gulf Bank posts KD32.2mn profit in 2013 – The Gulf Bank
reported a net profit of KD32.2mn for FY2013, up 4.1% over
KD30.9mn in FY2012. The bank’s earnings per share went up
from 11 fils in 2012 to 12 fils in 2013. The bank’s total assets
during this period amounted to KD5,064.8mn, while deposits
stood at KD4,086.1mn. The total shareholders’ equity stood at
KD483.1mn and total liabilities amounted to KD4,581.6mn.
Meanwhile, the bank’s shareholders approved the distribution of
5% bonus shares on the outstanding issued share capital as on
December 31, 2013. Net interest income rose to KD121.4mn,
driven by a decline in funding costs, while fee income was lower
at KD26.2mn from KD28.5mn in 2012, reflecting the muted
economic activity in the Kuwaiti corporate sector. (Gulf-
Base.com)
 Dhofar Beverages declares 8.5% dividend – Dhofar
Beverages & Foodstuff Company’s AGM has approved the
board’s proposal for the distribution of 8.5% cash dividend for
the year ended December 31, 2013. (MSM)
 ONEIC wins OMR1.6mn contract from MZEC – Oman
National Engineering & Investment Company (ONEIC) has won
a contract worth OMR1.6mn from Mazoon Electricity Company
(MZEC). The nine-month contract is for constructing a 33KV
feeder line from Al Mudhiarib Primary Station to Wadi Al Taeen
Substation and a step-up transformer station at North Sharqyia
Province. (MSM)
 Al Jazeera Steel declares 20% dividend – Al Jazeera Steel
Products Company has announced the distribution of 20% cash
dividend for FY2013. (GulfBase.com)
 Ubar Hotels declares 15% dividend – Ubar Hotels & Resorts’
AGM has approved the distribution of 15% cash dividend for the
shareholders. (Bloomberg)
 SICO declares 7.5% dividend, appoints new CEO – The
Securities & Investment Company’s (SICO) AGM has approved
the distribution of 7.5% cash dividend (7.5 fils per share) to its
shareholders. Meanwhile, SICO has appointed Najla M. Al
Shirawi as the new Chief Executive Officer to replace Anthony
Mallis from April 2014. (Bahrain Bourse)
 DEPCO declares 20% dividend – Delmon Poultry Company’s
(DEPCO) AGM has approved the distribution of 20% cash
dividend (20 fils per share) to its shareholders. (Bahrain Bourse)
 BKIC completes sale of BKIC House – Bahrain Kuwait
Insurance Company (BKIC) announced that it has completed
the sale of its building, BKIC House, located in Diplomatic Area
on March 12, 2014. The building was sold for a value of
BHD1.7mn, generating a profit of BHD1.5mn. (Bahrain Bourse)
 Nass Mechanical signs $4mn supply contracts – Nass
Corporation’s wholly-owned subsidiary Nass Mechanical
Contracting, has signed two supply contracts with Korea-based
Hyundai Heavy Industries Company. The contracts are for the
Az Zour North IWPP Project, Kuwait, which include supply of
inlet ducts worth $2.15mn and bypass stack worth $1.85mn.
(Bahrain Bourse)

5. Contacts
Saugata Sarkar Keith Whitney Sahbi Kasraoui
Head of Research Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
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
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
0.0%
(0.7%)
0.2%
(1.4%)
0.3%
0.2%
(0.7%)
(1.6%)
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,308.76 (1.9) (1.9) 8.6 DJ Industrial 16,276.69 (0.2) (0.2) (1.8)
Silver/Ounce 19.95 (1.8) (1.8) 2.5 S&P 500 1,857.44 (0.5) (0.5) 0.5
Crude Oil (Brent)/Barrel (FM
Future)
106.81 (0.1) (0.1) (3.6) NASDAQ 100 4,226.39 (1.2) (1.2) 1.2
Natural Gas (Henry
Hub)/MMBtu
4.41 2.2 2.2 1.6 STOXX 600 324.39 (1.1) (1.1) (1.2)
North American Spot LPG
Propane Price
103.25 (0.5) (0.5) (18.4) DAX 9,188.77 (1.7) (1.7) (3.8)
North American Spot LPG
Normal Butane Price
121.25 1.3 1.3 (10.7) FTSE 100 6,520.39 (0.6) (0.6) (3.4)
Euro 1.38 0.3 0.3 0.7 CAC 40 4,276.34 (1.4) (1.4) (0.5)
Yen 102.24 (0.0) (0.0) (2.9) Nikkei 14,475.30 1.8 1.8 (11.1)
GBP 1.65 0.1 0.1 (0.4) MSCI EM 953.90 0.9 0.9 (4.9)
CHF 1.14 0.2 0.2 1.4 SHANGHAI SE Composite 2,066.28 0.9 0.9 (2.3)
AUD 0.91 0.6 0.6 2.4 HANG SENG 21,846.45 1.9 1.9 (6.3)
USD Index 79.93 (0.2) (0.2) (0.1) BSE SENSEX 22,055.48 1.4 1.4 4.2
RUB 36.12 (0.3) (0.3) 9.9 Bovespa 47,993.42 1.3 1.3 (6.8)
BRL 0.43 0.1 0.1 1.8 RTS 1,131.60 (0.4) (0.4) (21.6)
161.8
147.1
134.2