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11 September Daily market report

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11 September Daily market report

  1. 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE Index rose 0.4% to close at 14,088.8. Gains were led by the Industrials and Banks and Financial Services indices, gaining 0.7% each. Top gainers were Widam Food Co. and Dlala Brokerage & Investments Holding Co., rising 5.4% and 2.7%, respectively. Among the top losers, Gulf Warehousing Co. and Mannai Corp. declined 1.1% each. GCC Commentary Saudi Arabia: The TASI Index fell 0.6% to close at 11,063.1. Losses were led by the Industrial Invest. and Petrochemical Industries indices, falling 1.1% and 0.9%, respectively. Arabia Insurance declined 4.4%, while Alujain fell 3.0%. Dubai: The DFM Index gained 1.0% to close at 4,961.0. Financial Services & Investment index rose 2.2%, while the Services index was up 1.7%. Al Salam Bank - Bahrain gained 6.2%, while Shuaa Capital was up 4.4%. Abu Dhabi: The ADX benchmark index rose 1.3% to close at 5,180.2. The Energy index gained 2.8%, while the Real Estate index was up 2.6%. Oman & Emirates Inv. Holding surged 14.5%, while Arkan Building Mat. was up 8.6%. Kuwait: The KSE Index gained 0.1% to close at 7,488.0. The Financial Serv. index rose 0.5%, while the Industrials index was up 0.4%. Kuwait Packing Materials Manu. rose 9.6%, while Gulf Investment House gained 7.9%. Oman: The MSM Index fell marginally to close at 7,545.0. Losses were led by the Services indicex, falling 0.1%, while other indices ended in green. Al Anwar Holding declined 2.4%, while Al Madina Investment fell 2.1%. Bahrain: The BHB Index gained 0.5% to close at 1,467.9. The Services index rose 0.9%, while the Commercial Banks index was up 0.8%. Bahrain Tourism Co. gained 9.5%, while Al-Ahli United Bank was up 1.9%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Widam Food Co. 65.90 5.4 1,340.8 27.5 Dlala Brokerage & Inv. Holding Co. 63.80 2.7 123.3 188.7 QNB Group 207.80 1.9 307.5 20.8 Qatari Investors Group 59.20 1.5 84.4 35.5 Industries Qatar 194.00 1.5 463.8 14.9 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Widam Food Co. 65.90 5.4 1,340.8 27.5 Ezdan Holding Group 19.50 0.4 1,087.1 14.7 Qatar Gas Transport Co. 25.10 0.4 919.6 24.0 Salam International Investment Co. 20.00 (0.4) 876.1 53.7 Masraf Al Rayan 56.30 0.4 665.7 79.9 Market Indicators 11 Sep 14 10 Sep 14 %Chg. Value Traded (QR mn) 656.5 735.5 (10.7) Exch. Market Cap. (QR mn) 747,640.6 743,177.7 0.6 Volume (mn) 10.9 15.7 (30.3) Number of Transactions 6,146 7,468 (17.7) Companies Traded 40 42 (4.8) Market Breadth 21:15 20:17 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 21,013.34 0.4 0.7 41.7 N/A All Share Index 3,559.12 0.5 0.7 37.5 17.4 Banks 3,456.50 0.7 (0.4) 41.4 16.9 Industrials 4,688.91 0.7 1.6 34.0 19.0 Transportation 2,382.41 0.4 3.0 28.2 15.2 Real Estate 2,983.12 (0.0) 3.5 52.7 15.9 Insurance 4,164.17 0.1 0.6 78.2 13.2 Telecoms 1,657.32 (0.3) (0.2) 14.0 23.5 Consumer 7,505.97 0.4 0.8 26.2 28.1 Al Rayan Islamic Index 4,768.98 0.2 1.1 57.1 20.5 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Drake & Scull Int. Dubai 1.34 3.9 12,360.8 (6.9) Deyaar Development Dubai 1.25 3.3 38,136.3 23.8 Nat. Bank Of Abu Dhabi Abu Dhabi 14.60 3.2 968.5 15.5 Abu Dhabi National Ins. Abu Dhabi 6.60 3.1 150.0 11.9 Dana Gas Abu Dhabi 0.70 2.9 8,271.4 (23.1) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Abu Dhabi National Hotels Abu Dhabi 3.25 (4.4) 1.9 4.8 Dar Al Arkan Real Estate Saudi Arabia 14.78 (2.4) 32,603.1 50.1 Al Mouwasat Medical Ser. Saudi Arabia 122.79 (2.2) 76.2 33.5 Agility Kuwait 0.89 (2.2) 901.1 35.4 Co. for Cooperative Ins. Saudi Arabia 65.87 (2.1) 941.4 87.1 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 Losers Close* 1D% Vol. ‘000 YTD% Gulf Warehousing Co. 52.40 (1.1) 85.4 26.3 Mannai Corp. 116.30 (1.1) 76.2 29.4 Commercial Bank of Qatar 73.50 (0.9) 293.3 24.6 Qatar International Islamic Bank 89.30 (0.8) 233.7 44.7 Gulf International Services 126.10 (0.7) 125.0 158.4 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 194.00 1.5 89,685.7 14.9 Widam Food Co. 65.90 5.4 86,686.7 27.5 QNB Group 207.80 1.9 62,994.6 20.8 Masraf Al Rayan 56.30 0.4 37,274.4 79.9 Al Meera Consumer Goods Co. 190.00 0.0 24,327.3 42.5 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* 14,088.82 0.4 0.7 3.6 35.7 180.30 205,302.1 17.6 2.3 3.6 Dubai 4,961.03 1.0 (3.1) (2.0) 47.2 334.96 96,079.8 20.6 1.8 1.9 Abu Dhabi 5,180.23 1.3 0.8 1.9 20.7 75.15 140,226.4 14.6 1.8 3.2 Saudi Arabia 11,063.14 (0.6) (0.1) (0.4) 29.6 3,063.26 599,503.3 21.3 2.7 2.6 Kuwait 7,487.95 0.1 0.5 0.8 (0.8) 73.06 112,932.0 18.8 1.2 3.7 Oman 7,545.02 (0.0) 0.9 2.4 10.4 14.59 27,628.5 11.4 1.7 3.7 Bahrain 1,467.90 0.5 (0.3) (0.3) 17.5 2.46 54,342.6 11.4 1.0 4.6 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 13,95014,00014,05014,1009:3010:0010:3011:0011:3012:0012:3013:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QE Index rose 0.4% to close at 14,088.8. The Industrials and Banks and Financial Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Widam Food Co. and Dlala Brokerage & Investments Holding Co. were the top gainers, rising 5.4% and 2.7%, respectively. Among the top losers, Gulf Warehousing Co. and Mannai Corp. declined 1.1% each.  Volume of shares traded on Thursday fell by 30.3% to 10.9mn from 15.7mn on Wednesday. Further, as compared to the 30-day moving average of 17.5mn, volume for the day was 37.5% lower. Widam Food Co. and Ezdan Holding Group were the most active stocks, contributing 12.2% and 9.9% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Islamic Development Bank's (IDB) S&P Saudi Arabia LT ICR AAA AAA – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency, ICR – Issuer Credit Rating) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 09/11 US Department of Labor Initial Jobless Claims 6-September 315K 300K 304K 09/11 US Department of Labor Continuing Claims 30-August 2,487K 2,490K 2,478K 09/11 US Bloomberg Bloomberg Consumer Comfort 7-September 36.5 – 37.7 09/11 US US Dept. of Energy EIA Natural Gas Storage Change 5-September 92.0 85.0 79.0 09/11 US US Treasury Monthly Budget Statement August -$128.7B -$130.0B -$147.9B 09/12 US US Census Bureau Retail Sales Advance MoM August 0.60% 0.60% 0.30% 09/12 US Bureau of Labor Stat. Import Price Index MoM August -0.90% -1.00% -0.30% 09/12 US Bureau of Labor Stat. Import Price Index YoY August -0.40% -0.60% 0.80% 09/12 EU Eurostat Industrial Production SA MoM July 1.00% 0.70% -0.30% 09/12 EU Eurostat Industrial Production WDA YoY July 2.20% 1.40% 0.20% 09/12 EU Eurostat Employment QoQ 2Q2014 0.20% – 0.10% 09/12 EU Eurostat Employment YoY 2Q2014 0.40% – 0.10% 09/11 France Banque De France Current Account Balance July -2.2B – -7.2B 09/11 Germany Destatis Wholesale Price Index MoM August -0.20% – 0.10% 09/11 Germany Destatis Wholesale Price Index YoY August -0.60% – -0.70% 09/11 UK London Gold Market Fix. London Gold Market PM Fix 11-September 1,241.3 – 1,251.0 09/12 UK London Gold Market Fix. London Gold Market PM Fix 12-September 1,231.5 – 1,241.3 09/11 Spain INE House transactions YoY July 10.70% – 8.80% 09/12 Spain INE CPI MoM August 0.20% 0.20% -0.90% 09/12 Italy ISTAT Industrial Production MoM July -1.00% -0.20% 0.80% 09/12 Italy ISTAT Industrial Production WDA YoY July -1.80% 0.10% 0.30% 09/12 Italy ISTAT Industrial Production NSA YoY July -1.90% – 0.30% 09/12 Italy Banca D'Italia General Government Debt July 2,168.6B – 2,168.4B 09/12 China NBS Fixed Assets Ex Rural YTD YoY August 16.50% 16.90% 17.00% 09/12 China NBS Retail Sales YTD YoY August 12.10% 12.20% 12.10% 09/12 China NBS Retail Sales YoY August 11.90% 12.10% 12.20% 09/12 China NBS Industrial Production YTD YoY August 8.50% 8.80% 8.80% 09/12 China NBS Industrial Production YoY August 6.90% 8.80% 9.00% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted News Qatar  QNBK: Qatar crude output set to stabilize to 700,000 bpd – QNB Group (QNBK), in its latest Qatar Economic Insight report, said that Qatar’s crude oil production is expected to stabilize to 700,000 barrels per day (bpd) on the back of Qatar Petroleum’s (QP) oilfield redevelopment plans. The country’s crude oil production has fallen from a peak annual average of 845,000 bpd in 2007 to 716,000 bpd in the first five months of 2014. In Overall Activity Buy %* Sell %* Net (QR) Qatari 64.69% 70.19% (36,103,260.28) Non-Qatari 35.31% 29.81% 36,103,260.28
  3. 3. Page 3 of 6 recent years, QP has implemented a redevelopment program to keep the production steady at its oilfields. In 2008-09, QP signed a number of technical service agreements with international oil majors to appraise fields and reassess their long-term production prospects. QNBK said that a $3bn project to sustain production at the Idd al-Shargi field is expected to be tendered later in 2014. In its 2010-14 plans, QP budgeted $6.6bn for investing in crude oil projects. Qatar’s proven reserves of crude oil condensates and natural gas liquids (NGLs) were estimated at 25.1bn barrels at the end of 2013, about 1.5% of global proven reserves. Qatar accounted for 2% of world oil production in 2013. Going forward, condensate and NGLs production are likely to continue rising as the Barzan gas project comes on stream. (Gulf Times)  QNBK: Qatar labor force to reach 1.7mn by 2014-end – According to QNB Group (QNBK), Qatar’s labor force is expected to reach 1.7mn by the end of 2014, with the economy projected to add another 120,000 jobs in 2014. The labor force reached 1.6mn in 1Q2014. The private sector currently accounts for 74.5% of the total jobs and expatriates make up 94.1% of the labor force. QNBK said that among working Qataris, 80.8% hold jobs in the public sector. The proportion of white-collar workers has risen since 2010, accounting for about 18.3% of the total labor force in 2013, as compared to 16% in 2010. Construction is the largest employer of expatriates owing to the large infrastructure investment program. Almost 40% of the expatriate labor force works in the construction sector. Although oil & gas contributes more to GDP than any other sector, it only employs only 6% of the expatriate labor force. Similarly, most manufacturing is capital-intensive, rather than labor-intensive, and its share of the expatriate labor force (8.2%) is lower than its contribution to GDP. (Gulf Times)  Ashghal awards 74 major contracts to local firms – The Public Works Authority (Ashghal) has awarded 74 major road and sewage development projects across the country to local firms, including Qatari proprietorship firms owned 100% by Qataris and limited liability companies (LLCs) where Qataris hold 51% share. The contracts awarded since the beginning of 2014 to Qatari proprietorship firms were valued at QR3.5bn and those to LLCs stood at QR11.4bn. (Zawya)  QDB funding for projects reaches QR3.5bn – The Qatar Central Bank (QCB) Governor and the Chairman of the board of directors of Qatar Development Bank (QDB) HE Sheikh Abdullah Bin Saud Al-Thani revealed that QDB has funded projects worth QR3.5bn as part of its efforts to promote economic diversification. HE Sheikh Abdullah said that the bank’s support for export promotion under Al Dhameen program has reached QR500mn, while the funding under portfolio program for small & medium enterprises (SMEs) has also touched about QR500mn. He also highlighted that QDB is providing all the possible assistance to SMEs, including a basket of tools and funding that is required to establish new projects. QDB offers its financial assistance and loans under three different schemes: Direct Lending, Al Dhameen and Housing Loans. (Peninsula)  QBIC aims to give Qatar startups a boost – The newly- launched QR100mn Qatar Business Incubation Centre (QBIC) is expected to give a big boost to entrepreneurship in the country. QBIC, the largest incubator in the Middle East & North Africa, was launched by HE the Prime Minister and the Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani on September 11, 2014. Located at a 20,000 square meters site in the New Industrial Area, QBIC is a flagship project in the government’s wider effort to encourage entrepreneurs in Qatar to establish businesses. QBIC, which is a joint initiative between the Qatar Development Bank and Social Development Centre, announced in May 2014 that it would incubate around 15 projects of entrepreneurs who participated in its Lean Startup program. This is in addition to initial conditional seed funding worth QR100,000. Additionally, four scale-up projects will be offered two years of QBIC’s services with potential funding opportunities. (Gulf-Times.com)  Q-Post plans to open five new branches – Qatar Postal Services Company (Q-Post) has announced that five more post offices will be opened across the country. The new branches will be located in the Eastern area, Al Khouri, the Industrial Area, Al Shahania and Al Rayyan. Q-Post is currently choosing the sites for the new branches and finalizing designs to reflect developments in postal services across the world. Q-Post also announced that it will open two smaller post offices for residents in the Industrial Area. Q-Post currently operates more than 30 post offices. (Peninsula Qatar) International  QNBK: Draghinomics introduces quantitative easing to the Eurozone – According to QNB Group (QNBK), the European Central Bank (ECB) surprised markets on September 4 by announcing its first dose of Quantitative Easing (QE) for the moribund Eurozone economy. Policy rates were cut by 10 basis points, taking the deposit rate further into the negative territory (- 0.2%). In addition, the ECB has belatedly joined other major central banks in announcing QE in the form of private sector asset purchases. It remains to be seen whether the new set of measures, which have started to become known as Draghinomics (after Mario Draghi, President of the ECB), will be enough to combat the Eurozone’s problems of slow growth, high unemployment and near zero inflation. However, the new policy is already leading to a further depreciation of the euro, which could boost exports and avoid deflation. (QNB Group)  US retail sales move higher; consumer spirits rise – Retail sales in the US rose broadly in August 2014 and consumer sentiment reached a 14-month high in September, supporting expectations for a sturdy economic growth in 3Q2014. The latest data helped ease concerns about soft consumer spending, which had lagged behind other fairly upbeat economic data from manufacturing, services and housing sectors. Based on this, several big Wall Street firms revised up their GDP growth forecasts. The Commerce Department said retail sales, which account for a third of consumer spending, increased 0.6% last month after an upwardly revised 0.3% gain in July, as Americans stepped up purchases of automobiles and a range of other goods. The only decline was seen at gasoline stations, but that reflected declining prices at the pump, which should free up income to support spending in the months ahead. In a sign of underlying strength, core retail sales increased 0.4% in August. Core retail sales exclude purchases of automobiles, gasoline, building materials and food services, and correspond most closely with the consumer spending component of GDP. (Reuters)  IMF: Markets could fall if Scotland votes to leave UK; construction output in UK flat in July as house building slows – The International Monetary Fund said a decision by Scotland to break away from the United Kingdom could prompt negative market reaction in the short-term due to uncertainty over the country's future economic policies. Bill Murray, IMF spokesman said the immediate effect is likely to be uncertainty over the transition to potentially new and different monetary, financial and fiscal frameworks in Scotland, while longer-term effects would depend on the decisions being made during the transition. Meanwhile, construction output in the UK stagnated in
  4. 4. Page 4 of 6 July as a rapid expansion in house building started to level off, causing the annual growth to sink to an eight-month low. However, orders for new work rose at the fastest rate in a year, leaving economists confident that the coming months would bring robust growth, particularly as earlier private-sector surveys have also pointed toward a continued strength. The Office for National Statistics said construction output remained unchanged in July, compared with 1.2% growth in June. However, annual growth more than halved to an eight-month low of just 2.6%. But orders looked more upbeat, rising by 3.8% QoQ in 2Q2014, the biggest rise in a year. (Reuters)  Draghi promises big ABS program but says reforms key; Eurozone output jumps in July – The European Central Bank (ECB) President Mario Draghi promised that the ECB's planned asset purchase program would be big, but stressed that only structural reforms by governments could revive the moribund Eurozone economy. The ECB has committed to buy asset- backed securities (ABS) and covered bonds as well as offering cheaper loans to banks targeted at boosting lending to companies. Draghi declined to give an estimate on the size of the ABS program, saying ECB knows it is going to be big, but is hesitant to give a figure right now. Draghi reiterated that the ECB, which last week cut its main refinancing rate to a record low of 0.05%, is ready to take more measures to fend off the threat of deflation. Meanwhile, the economy of the 18-nation currency bloc stagnated in 2Q2014, while inflation in August fell to a five-year year low of 0.3%. Industrial output in the Eurozone jumped twice as much as expected in July, breaking a two- month trend of contraction and raising hopes that the zone may start growing again in 3Q2014. Industrial production in the 18 countries sharing the euro jumped by 1.0% MoM in July, and was 2.2% higher on the year, well above expectations of economists polled by Reuters. The EU statistics office Eurostat said the annual expansion showed the strongest rise since November 2013 when production increased 2.7%. (Reuters)  China factory growth slows to near six-year low, calls grow for more stimulus – Factory output in China grew at the weakest pace in nearly six years in August 2014, while growth in other key sectors also cooled, raising fears the economy may be at risk of a sharp slowdown, unless Beijing takes fresh stimulus measures. The output data, combined with weaker readings in retail sales, investment and imports, pointed to a further loss of momentum, as the cooling housing market increasingly drags on other sectors right from cement to steel and saps consumer confidence. Industrial output rose 6.9% in August from a year earlier – the lowest since 2008 when the economy was buffeted by the global financial crisis – slowing sharply from 9.0% in July. (Reuters)  S&P raises Greece by one notch in latest ratings boost – Standard & Poor's (S&P) raised credit rating for Greece by one notch on September 12, and said it expected Athens to continue reporting budget surpluses before interest payments in the next few years. Two years after nearly going bankrupt, Greece has staged a turnaround by getting its finances back on track. It ended a four-year exile from the bond markets in April 2014. S&P said the upgrade reflects their view that risks to fiscal consolidation in Greece have abated, raising Greece’s rating to 'B' from 'B-'. The outlook is stable, balancing S&P’s view of Greece's progress in fiscal consolidation against the still-weak economic recovery and political resolve to continue with structural and institutional reforms. S&P said it expected Greece to post primary budget surpluses of 2% of GDP through 2017 and that funds held by the country's bank bailout fund would be enough to cover any new recapitalizations. (Reuters) Regional  IDC: MEA PC market returns to growth – According to a report by International Data Corporation (IDC), the Middle East & Africa (MEA) PC market brought the seven successive quarters of YoY declines to a halt in 2Q2014, posting an annual growth of 2.2% to reach a total of 4.5mn units. The figures showed growth in both the desktop and portable product categories, with the former growing 2.9% YoY to reach 1.8mn units and the latter expanding 1.7% over the same period to total 2.7mn units. (GulfBase.com)  IFFI picks banks for debut Sukuk issue – The International Finance Facility for Immunization Co. (IFFI), for which the World Bank acts as a treasury manager, has picked four banks for a potential US dollar-denominated Sukuk issue. Rated AA by S&P and AA+ by Fitch, IFFI has mandated Barwa Bank, National Bank of Abu Dhabi, National Commercial Bank and Standard Chartered to arrange investor meetings in the Middle East, Europe and Asia. (Reuters)  Saudi Arabia reports oil cutback – Saudi Arabia has told the OPEC that it reduced its oil output in August 2014 by 400,000 barrels per day (bpd), a cutback coinciding with a drop in oil prices toward Saudi Arabia’s preferred level of $100 a barrel. According to a monthly report, the OPEC said Saudi Arabia reported a production of 9.597mn bpd in August, down from 10.005mn bpd in July 2014. OPEC also publishes production figures from secondary sources, a legacy of past OPEC disagreements about countries’ reported output figures. According to these, Saudi Arabia cut output by 55,000 bpd to 9.86mn bpd in August, but the overall OPEC output rose to 30.35mn bpd, due to recovery in Libya and higher exports from Angola. (GulfBase.com)  ANB Insurance gets SAMA approval for its insurance products – MetLife AIG ANB Cooperative Insurance Company (ANB Insurance) has obtained the Saudi Arabian Monetary Agency’s (SAMA) final approval using its group medical insurance product. Now, the company shall submit the group medical product to CCHI for qualification. Additionally, ANB Insurance has also received SAMA's final approval using its group life insurance product. (Tadawul)  KAEC seeks to woo Chinese investors – Saudi Arabia is planning to create an industrial city in the desert, an idea borrowed from China, to woo Chinese investors for setting up plants there. Emaar Economic City’s CEO, Fahd Al Rasheed, said Chinese companies should make up at least 20% of those investing in King Abdullah Economic City (KAEC). So far, two of the 80 companies that have agreed to invest in the Red Sea area are from China. About 80 companies such as drug makers Pfizer, Sanofi and French energy producer Total have already leased land to build plants. Saudi Arabia is building four economic cities to attract foreign investment and create jobs. (Bloomberg)  Emaar mall IPO price range announced – Dubai’s Emaar Properties has set a price range of AED2.50 to AED2.90 per share for its mall unit IPO. The company added that it expects to offer 2 billion shares in the IPO. (Reuters)  Park Investments launches AED270mn Park Villas project – Park Investments has entered into the Dubai realty market through the launch of AED270mn exclusive Park Villas project at Jumeirah Village Circle. The project spans over a total area of 365,000 square feet. Park Investments is a newly formed specialized real estate lifecycle investments company in the UAE, and a part of leading multi-faceted business conglomerate in Korea and the US. (GulfBase.com)
  5. 5. Page 5 of 6  Emirates NBD the first UAE bank to enable eIPO platform – Emirates NBD has become the first bank in the UAE to enable the eIPO platform, allowing customers to subscribe to IPOs via the bank's ATM or online banking channels. The brand new electronic subscription platform will be available with the launch of the upcoming Emaar Malls IPO starting September 14, 2014. (GulfBase.com)  MENA Infrastructure looks to Turkey for $500mn fund – MENA Infrastructure, a private equity firm jointly owned by HSBC, Fajr Capital and Waha Capital, is planning to raise $500mn for its second Shari’ah-compliant fund, MENA Infrastructure Fund II. The fund, which will primarily invest in energy and infrastructure firms in the Gulf and Turkey, has identified four potential deals in Turkey, in which it will invest up to 20% of its total fund size. The new fund hopes to land its first transaction shortly after securing a first round of investors in March 2015. The company's first fund, the $300mn MENA Infrastructure Fund, has bought stakes in firms across Egypt, Oman and Saudi Arabia. (Reuters)  Dafza expands to enhance business opportunities – Dubai Airport Freezone Authority (Dafza) has announced its expansion plans to invest in a number of properties that belong to Al Wasl Real Estate Corporation. In order to meet the growing demand from global companies eager to start their business in the freezone, Dafza will initiate construction on the new complex in the coming few months, which will be completed within 21 months. The project is allocated to build light industrial units for companies operating out of the freezone. (GulfBase.com)  Dubai SME launches H2I to promote entrepreneurial ideas – Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the SME sector, has announced the launch of the Hamdan Innovation Incubator (H2I), a complete support environment to foster innovative entrepreneurial projects among the nation’s youth. H2I is a vital step in line with the goal of Dubai to promote entrepreneurship and the role of young Emiratis in overall economic activity. (GulfBase.com)  Jebel Ali port ranked world’s 9th largest – According to latest container ports’ rankings from Lloyd’s List, Containerisation International and The Journal of Commerce, DP World’s flagship Jebel Ali port is the ninth-largest in the world. DP World’s Chairman, Sultan Ahmed Bin Sulayem said Jebel Ali has consistently maintained its top ten ranking since 1997 thanks to Dubai and the UAE’s position as the centre for trade in the region, which the port has supported through constant investment in infrastructure to stay ahead of demand. (GulfBase.com)  RSG International unveils new Dubai commercial property – RSG International has launched its new commercial boutique building project at Bay Square in Dubai. The new Building No. 4 project has 60% commercial and 40% retail space, which makes it the smallest commercial freehold building in the Dubai’s property market. Bay Square is set in the surroundings of scintillating water bodies and picturesque skyline of Dubai. Specially. Building No. 4 is the only commercial building within the portfolio of Dubai Properties Group that is allowed to sell retail spaces. (GulfBase.com)  Ithmar Capital sells 7.3% stake in Al Noor Hospitals – Ithmar Capital, a private equity firm, has sold a 7.3% stake in Al Noor Hospitals in a deal worth £87.55mn (£10.3 per share). Following the transaction, Ithmar will hold a 20% stake in the healthcare firm. The sale was managed by Deutsche Bank, which was one of the banks that helped arrange the original flotation last year. (Reuters)  P&O Maritime buys majority stake in Spain's Repasa – P&O Maritime, a subsidiary of DP World, has bought a majority stake in Spain's Remolcadores de Puerto y Altura (Repasa), a provider of marine support services to the offshore energy industry. The deal will create a new joint venture under the P&O Maritime brand. The JV will expand P&O Maritime's presence in the Mediterranean and West African region, and enhance its capabilities regarding liquefied natural gas (LNG). (Reuters)  Marka to list shares on September 25 – Dubai retailing & restaurants group, Marka will list its shares on the Dubai Financial Market (DFM) on September 25, 2014, which is the market's first flotation in five years. The company intends to spend the proceeds of the share sale for opening fashion retail outlets, restaurants and cafes across the Gulf region. (Reuters)  Aldar Properties hotel portfolio revenues soar 13% – Aldar Properties announced that the revenues from its hotel portfolio reached AED283mn for 1H2014, an increase of 13.1% as compared to 1H2013. The average occupancy rates at the end of June 2014 stood at 82% as compared to 78% during the same period in 2013. In addition, food & beverage (F&B) revenues across the portfolio were up 11.4% in 1H2014, reaching AED113.9mn from AED102.2mn in 1H2013. Key components to this growth were corporate meetings, incentives, conferences, and exhibitions, and leisure segments that made up 60% of rooms occupied. (GulfBase.com)  Al Jaber plans unit sale to help repay loan – According to sources, Al Jaber Group, a family-owned Abu Dhabi company, which restructured its debt in June 2014, is planning a sale of its transportation and lifting unit to help repay loans. Al Jaber has hired Barclays to find potential suitors for the unit, known as Al Jaber Heavy Lift. (Bloomberg)  Kuveyt Turk plans debut Sukuk issue – Turkish participation bank, Kuveyt Turk is planning to issue Sukuk in Malaysia, aiming to raise as much as $625.3mn. This is the bank’s first foray into the Southeast Asian Islamic debt capital market. Owned 62% by Kuwait Finance House, Kuveyt Turk will sell its Sukuk to qualified investors through its asset-leasing company, KT Kira Sertifikalari Varlik Kiralama. (Bloomberg)  Renaissance Services to revive listing plans for TEM – According to sources, Oman's Renaissance Services has rekindled plans to list its oilfield services business, Topaz Energy & Marine (TEM) more than three years after pulling a share sale in London. TEM, an oil services company in the Middle East, dropped its $500mn London listing plans in March 2011, citing market volatility as the reason. Reportedly, Renaissance is now looking to push ahead with the listing of TEM again, after having restructured the business. (Reuters)  HJB to invest $700mn in Cote d’Ivoire dry port project – Oman-based Hasan Juma Backer Trading & Contracting (HJB) has unveiled plans to invest around $700mn in the establishment of a major dry port development project in Cote d’Ivoire (Ivory Coast) in West Africa. HJB is one of a number of Gulf-based investors who have pledged a total of around $19bn in the development of a large portfolio of major infrastructure projects across eight countries that are members of the West Africa Economic and Monetary Union (UEMOA). (Bloomberg)  Investcorp to postpone Icopal IPO – According to sources, Investcorp Bank is planning to postpone an initial public offering of its Danish roofing manufacturer, Icopal. Investcorp may decide against selling shares this year and instead wait until 2015. An IPO of 25% of Icopal could have raised about €500mn. (Bloomberg)
  6. 6. Contacts Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025 sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg, *$ adjusted returns. 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 190.0 200.0 210.0 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 QE Index S&P Pan Arab S&P GCC (0.6%) 0.4% 0.1% 0.5% (0.0%) 1.3% 1.0% (1.2%) (0.6%) 0.0% 0.6% 1.2% 1.8% Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,229.70 (0.9) (3.1) 2.0 DJ Industrial 16,987.51 (0.4) (0.9) 2.5 Silver/Ounce 18.64 (0.4) (2.9) (4.3) S&P 500 1,985.54 (0.6) (1.1) 7.4 Crude Oil (Brent)/Barrel (FM Future) 97.11 (1.0) (3.7) (12.4) NASDAQ 100 4,567.60 (0.5) (0.3) 9.4 Natural Gas (Henry Hub)/MMBtu 3.80 (3.1) (0.9) (12.4) STOXX 600 344.27 0.3 (0.8) (1.3) LPG Propane (Arab Gulf)/Ton 108.25 0.2 3.1 (14.3) DAX 9,651.13 (0.2) (0.8) (5.0) LPG Butane (Arab Gulf)/Ton 125.50 0.4 2.9 (8.1) FTSE 100 6,806.96 0.3 (0.9) (1.0) Euro 1.30 0.3 0.1 (5.7) CAC 40 4,441.70 0.28 (0.8) (2.7) Yen 107.34 0.2 2.1 1.9 Nikkei 15,948.29 (0.0) (0.2) (4.0) GBP 1.63 0.1 (0.4) (1.7) MSCI EM 1,061.53 (0.7) (3.2) 5.9 CHF 1.07 0.3 (0.2) (4.3) SHANGHAI SE Composite 2,331.95 0.8 0.3 8.7 AUD 0.90 (0.7) (3.6) 1.4 HANG SENG 24,595.32 (0.3) (2.6) 5.6 USD Index 84.24 (0.1) 0.6 5.3 BSE SENSEX 27,061.04 0.0 (1.0) 29.7 RUB 37.75 0.6 1.9 14.9 Bovespa 56,927.81 (4.2) (9.7) 12.1 BRL 0.43 (1.8) (4.0) 1.1 RTS 1,213.27 (0.4) (3.5) (15.9) 202.4 168.8 151.4