1. QE Intra-Day Movement
Market Indicators
10,080
10,060
10,040
10,020
9:30
12 Nov 13
11 Nov 13
%Chg.
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
343.2
543,161.1
10.4
5,298
38
22:14
472.7
541,481.6
14.7
4,998
39
26:9
(27.4)
0.3
(28.9)
6.0
(2.6)
–
Market Indices
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.3% to close at 10,072.1. Gains were led by the Real
Estate and Banking & Financial Services indices, gaining 0.5% and 0.4%
respectively. Top gainers were Qatar Cinema & Film Dist. Co. and Doha Ins.
Co., rising 3.8% and 2.2% respectively. Among the top losers, Vodafone Qatar
fell 2.2%, while Qatar German Co. for Med. Dev. declined 0.9%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,390.65
2,518.75
2,406.15
3,287.49
1,869.66
1,869.49
2,348.61
1,434.99
5,890.76
2,879.11
0.3
0.3
0.4
0.3
(0.3)
0.5
0.3
0.0
(0.1)
0.1
1.0
1.0
1.9
0.3
(0.1)
1.2
0.6
0.6
(0.2)
1.1
27.2
25.0
23.4
25.1
39.5
16.0
19.6
34.7
26.1
15.7
N/A
12.7
12.9
11.9
12.7
12.8
9.6
19.8
22.3
15.0
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Vol. „000
Saudi Arabia: The TASI index rose 0.7% to close at 8,329.5. Gains were led
by the Cement and Petrochem. Ind. indices, rising 2.0% and 1.8%
respectively. South. Province Cement gained 9.2%, while Nat. Ind. rose 4.4%.
South. Province Cement
Saudi Arabia
122.25
9.2
338.3
22.3
National Ind. Co.
Saudi Arabia
30.70
4.4
7,240.2
10.8
Dubai: The DFM index declined 0.8% to close at 2,800.7. The Transportation
index fell 3.6%, while the Services index was down 3.4%.Takaful Emarat Insurance declined 8.8%, while Air Arabia was down 5.4%.
Qassim Cement
Saudi Arabia
91.00
4.3
919.1
13.0
Yanbu Nat. Petrochem.
Saudi Arabia
68.00
3.4
1,055.4
43.8
Abu Dhabi: The ADX benchmark index fell 0.8% to close at 3,781.9. The
Investment & Financial Ser. index declined 2.7%, while the Services index was
down 2.4%. Nat. Marine Dredging fell 9.9%, while BILDCO was down 9.4%.
Saudi Telecom Co.
Saudi Arabia
56.00
2.8
3,544.5
29.3
GCC Top Losers
Exchange
1D% Vol. „000
YTD%
Kuwait: The KSE index rose 0.2% to close at 7,943.3. The Oil & Gas index
gained 1.3%, while the Technology index was up 1.1%.Credit Rating &
Collection Co. rose 8.2%, while Real Estate Trade Centers Co. was up 7.7%.
Nat. Marine Dredging
Abu Dhabi
9.00
(9.9)
4.3
(10.0)
IFA Hotels & Resorts
Kuwait
0.31
(7.5)
136.5
(12.6)
Oman: The MSM index declined marginally to close at 6,763.9. The Banking &
Investment index fell 0.1%, while all other indices ended in green. The National
Detergent Co. declined 9.8%, while Global Financial Inv. was down 1.8%.
Air Arabia
Dubai
1.39
(5.4)
31,821.0
66.5
Bank of Sharjah
Abu Dhabi
1.64
(4.1)
100.0
28.1
Boubyan Petrochem.
Kuwait
0.65
(3.0)
37.7
12.1
Bahrain: The BHB index fell 0.1% to close at 1,204.0. The Hotel & Tourism
index declined 1.9%, while the Investment index was down 0.4%. Gulf Finance
House and Gulf Hotel Group fell 3.1% each.
##
1D%
Vol. „000
YTD%
Qatar Exchange Top Losers
41.00
3.8
2.7
(27.9)
Vodafone Qatar
2.2
63.5
4.7
Qatar German Co. for Med. Dev.
163.00
1.5
28.8
23.1
Qatar Navigation
Barwa Real Estate Co.
27.35
1.1
2,514.4
(0.4)
Al Meera Consumer Goods Co.
Gulf Warehousing Co.
40.15
0.9
117.8
19.9
Dlala Brok. & Inv. Holding Co.
Qatar Electricity & Water Co.
Close*
1D%
Vol. „000
YTD%
9.62
Close*
Qatar Cinema & Film Dist. Co.
25.70
Close
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
Doha Insurance Co.
#
YTD%
(2.2)
601.3
15.2
14.82
(0.9)
1.0
0.3
40.1
88.40
(0.7)
24.7
134.00
(0.7)
44.4
9.5
20.06
(0.6)
38.9
(35.5)
Close*
1D%
Vol. „000
YTD%
Close*
1D%
Val. „000
YTD%
Barwa Real Estate Co.
27.35
1.1
2,514.4
(0.4)
Barwa Real Estate Co.
27.35
1.1
68,805.3
(0.4)
Masraf Al Rayan
31.05
0.6
1,987.9
25.3
Masraf Al Rayan
31.05
0.6
61,867.4
25.3
Qatari Investors Group
32.65
0.2
1,700.2
42.0
Qatari Investors Group
32.65
0.2
55,634.5
42.0
United Development Co.
22.85
(0.3)
846.4
28.4
QNB Group
170.00
0.6
26,052.8
29.9
9.62
(2.2)
601.3
15.2
United Development Co.
22.85
(0.3)
19,376.0
28.4
Qatar Exchange Top Vol. Trades
Vodafone Qatar
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
10,072.05
2,800.69
3,781.94
8,329.48
7,943.34
6,763.90
1,204.02
0.3
(0.8)
(0.8)
0.7
0.2
(0.0)
(0.1)
1.0
(3.4)
(1.8)
0.8
0.0
0.1
(0.2)
2.4
(4.2)
(1.7)
3.5
(0.0)
1.3
0.2
20.5
72.6
43.8
22.5
33.9
17.4
13.0
Exch. Val. Traded
($ mn)
94.26
175.56
83.74
1,643.13
71.84
21.68
6.34
Exchange Mkt.
Cap. ($ mn)
149,206.4
67,939.1
109,663.5
452,240.9
110,349.4
24,071.8
16,863.5
P/E**
P/B**
12.9
14.9
10.5
17.0
18.4
10.9
8.1
1.8
1.1
1.3
2.1
1.3
1.6
0.8
Dividend
Yield
4.6
3.2
4.8
3.6
3.5
3.8
4.0
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 6

2. Qatar Market Commentary
 The QE index rose 0.3% to close at 10,072.1. The Real Estate
and Banking & 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.
Overall Activity
Sell %*
Net (QR)
Qatari
75.50%
80.98%
(18,806,643.63)
Non-Qatari
 Qatar Cinema & Film Dist. Co. and Doha Insurance Co. were the
top gainers, rising 3.8% and 2.2% respectively. Among the top
losers, Vodafone Qatar fell 2.2%, while Qatar German Co. for
Med. Dev. declined 0.9%.
Buy %*
24.50%
19.01%
18,806,643.63
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Tuesday declined by 28.9% to
10.4mn from 14.7mn on Monday. However, as compared to the
30-day moving average of 6.9mn, volume for the day was 51.8%
higher. Barwa Real Estate Co. and Masraf Al Rayan were the
most active stocks, contributing 24.1% and 19.0% to the total
volume respectively.
Earnings and Global Economic Data
Earnings Releases
Company
Revenue
(mn) 3Q2013
% Change
YoY
Operating Profit
(mn) 3Q2013
% Change
YoY
AED
26.5
75.2%
–
–
1.2
N/A
AED
1,895.7
42.3%
–
–
307.1
97.3%
Dubai
AED
375.0
42.2%
–
–
44.8
-42.9%
Dubai
AED
56.1
4.2%
–
–
7.8
N/A
Abu Dhabi
AED
166.1
36.8%
–
–
14.5
50.3%
Abu Dhabi
AED
31.8
6.5%
–
–
2.2
-63.8%
Abu Dhabi
AED
230.1
13.1%
–
–
-31.1
43.0%
Abu Dhabi
AED
342.6
-3.1%
–
–
54.5
7.7%
Abu Dhabi
AED
19.3
6.8%
–
–
0.03
N/A
Oman
OMR
112.3
3.6%
–
–
29.1
3.9%
Oman
OMR
208.7
10.3%
35.1
6.4%
17.2
112.3%
Oman
OMR
1.8
-61.4%
–
–
1.4
-66.9%
Bahrain
BHD
2.6
-5.6%
–
–
0.02
-90.5%
Bahrain
USD
–
–
–
–
-3.2
N/A
Bahrain
BHD
3.5
0.4%
–
–
0.4
-14.3%
Market
Currency
Dar Al Takaful
Dubai
Union Properties (UP)*
Dubai
Oman Insurance Co. (OIC)
Al Sagr National Insurance
Co. (ASNIC)
National Corporation for
Tourism & Hotels (NCT&H)
Al Dhafra Insurance Co.
Abu Dhabi National Hotels
(ADNH)
Abu Dhabi National
Insurance Co. (ADNIC)
Green Crescent Insurance
Co. (GCIC)
Oman Telecommunications
Co. (Omantel)
Renaissance Services*
Global Financial Investments
Holding (GFIH)*
United Paper Industries
(UPI)
Inovest
Bahrain National Holding
Co. (BNH)
Net Profit (mn)
3Q2013
% Change
YoY
Source: Company data, DFM, ADX, MSM (*9M2013)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
11/12
France
Bank of France
Bank of France Bus. Sentiment
11/12
Germany
Destasis
Wholesale Price Index MoM
11/12
Germany
Destasis
11/12
Germany
Destasis
11/12
Germany
11/12
Previous
October
99
97
97
October
-1.00%
–
0.70%
Wholesale Price Index YoY
October
-2.70%
–
-2.20%
CPI MoM
October
-0.20%
-0.20%
0.00%
Destasis
CPI YoY
October
1.20%
1.20%
1.10%
Germany
Destasis
CPI EU Harmonized MoM
October
-0.30%
-0.20%
0.00%
11/12
Germany
Destasis
CPI EU Harmonized YoY
October
1.20%
1.30%
1.60%
11/12
UK
RICS
RICS House Price Balance
October
57%
58%
53%
11/12
UK
ONS
PPI Input NSA MoM
October
-0.60%
-0.70%
-1.00%
11/12
UK
ONS
PPI Input NSA YoY
October
-0.30%
0.10%
0.90%
11/12
UK
ONS
PPI Output NSA MoM
October
-0.30%
0.00%
0.00%
11/12
UK
ONS
PPI Output NSA YoY
October
0.80%
1.00%
1.20%
11/12
UK
ONS
PPI Output Core NSA MoM
October
0.10%
0.10%
0.00%
11/12
UK
ONS
PPI Output Core NSA YoY
October
0.90%
0.70%
0.80%
11/12
UK
ONS
ONS House Price YoY
September
3.80%
–
3.70%
11/12
UK
ONS
CPI MoM
October
0.10%
0.30%
0.40%
11/12
UK
ONS
CPI YoY
October
2.20%
2.50%
2.70%
Page 2 of 6

3. 11/12
UK
ONS
CPI Core YoY
October
1.70%
2.00%
11/12
UK
ONS
Retail Price Index
October
251.9
252.8
2.20%
251.9
11/12
UK
ONS
RPI MoM
October
0.00%
0.40%
0.40%
11/12
UK
ONS
RPI YoY
October
2.60%
2.90%
3.20%
11/12
Japan
ESRI
Consumer Confidence Index
October
41.2
45.5
45.4
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar‟s PPI in 2Q2013 declines 6.1% QoQ – According to the
data released by the Ministry of Development Planning &
Statistics (MDPS), the Producer Price Indices (PPIs) for the
industrial sector for 2Q2013 stood at 166.2, showing a decline of
6.1% QoQ. In the mining group, the PPI declined by 6.1% QoQ
primarily due to the price fall in the crude oil & natural gas group.
The PPI for the manufacturing group fell by 6.7% QoQ due to
declining prices of refined petroleum products by 9.9% QoQ,
dairy products 3.9% QoQ and basic chemicals by 3.3% QoQ.
On the other hand, the prices in basic metals rose by 2.7% QoQ
and glass products by 0.6% QoQ. The data showed that the PPI
for the electricity & water group increased 1.2% QoQ. (QSA)
 QE welcomes S&P Dow Jones‟ upgrade of Qatar to
emerging market – The Qatar Exchange (QE) has welcomed
the decision of S&P Dow Jones to upgrade the Qatari market
from a frontier market to an emerging market, describing this
decision as a positive step that will attract further foreign
investments to the Qatari stock market. QE’s CEO Rashid Bin
Ali Al Mansoori expressed his satisfaction about the upgrade of
the Qatari market, which clearly indicates the recognition for the
positive steps taken by the Qatar Exchange over the past years.
(QE)
 IMF: Qatar world leader in gross national savings –
According to the latest data released by the IMF, Qatar is the
world’s top-saving country, leading a list dominated by
petroleum powers in the Middle East and emerging nations in
the Far East. Qatar’s gross national savings, a measure that
accounts for both private and public savings, stood at 59% of its
GDP. Two other countries, Kuwait and China, also save over
half of their GDP. Of the top 15 countries, 11 have economies
based on oil. (Peninsula Qatar)
 QA fleet will move to HIA next year – Qatar Airways’ CEO
Akbar al-Baker said its entire fleet will move to the new Hamad
International Airport (HIA) in 2014. HIA will open with a capacity
of 24mn passengers a year, rising to around 50mn, when it
reaches full operational capacity in 2015. This represents an
increase in HIA’s aircraft movement from 137,000 to 360,000
each year. HIA’s annual cargo capacity is also set to double,
from 0.8mn tons to 1.4mn tons. (Gulf-Times.com)
 CBQK to hold EGM on November 27 – The Commercial Bank
of Qatar (CBQK) will hold its shareholders’ extraordinary general
meeting (EGM) on November 27, 2013. (QE)
International
 OECD indicator finds improvement in developed economies
– The Organization for Economic Cooperation & Development
(OECD) said the growth outlook among developed economies
has improved further in September 2013, with a fledgling
recovery gaining momentum in the Eurozone. The OECD’s
leading indicator (CLI) covering its 33-member countries pointed
to a growth in line with its long-term trend. The CLI rose to 100.7
in September from 100.6 in August, moving further above the
long-term average of 100. The reading for the US dipped
slightly, to 100.8 in September from 100.9 in the two preceding
months. Likewise, activity remained above trend in Japan with a
figure of 101.1 in September after staying two months at 101.0.
The Eurozone saw its growth gaining momentum with a reading
of 100.7, up from 100.6 in August. Among the other major
emerging economies, India's reading eased to 96.7 from 96.9,
while China's reading rose to 99.4 from 99.2, which the OECD
described as a tentative positive change in momentum.
(Reuters)
 IEA: US set to become world‟s biggest oil producer in 2015
– The International Energy Agency (IEA) said the US will stride
past both Saudi Arabia and Russia to become the world’s
leading oil producer by 2015. However, the IEA also said the
oilfields of Texas and North Dakota will be past their prime by
2020, and the Middle East will regain its dominance —
especially as a supplier to Asia. The IEA said oil prices would
continue to rise and spur development of unconventional
resources such as the light, tight oil that has fuelled the US
shale oil boom, oil sands in Canada, deepwater production in
Brazil and natural gas liquids. (Gulf-Times.com)
 Bank of France sees 4Q2013 French growth at 0.4% –
According to the Bank of France, the country’s economy is set to
gain momentum towards the end of 2013 and will post a
marginal growth of 0.4% in 4Q2013. Both the French central
bank and economists polled by Reuters expect a first official
reading for 3Q2013 to show that growth slowed to 0.1% from
0.5% in the previous quarter. The Bank of France based its
4Q2013 estimate on the results of its monthly business
sentiment survey, which showed the industrial sector’s index
rising to 99 in October from 97 in September, just below the
long-term average of 100. (Reuters)
 China vows decisive role for markets and results by 2020 –
China’s ruling party pledged to let markets play a decisive role in
allocating resources as it unveiled a reform agenda for the next
decade, in an effort to overhaul the world’s second-largest
economy. After the conclave of its 205-member Central
Committee, the ruling Communist Party stated that China aims
to achieve decisive results in its reform push by 2020, with
economic changes as a central focus of its overall reforms.
(Reuters)
Regional
 IMF: GCC‟s energy exporting countries will face fiscal
deficit in 2016 – The IMF has warned that the Arab world's
energy exporting states are not saving enough of their oil
revenues and they may run into a fiscal deficit by 2016 if their
current policies do not change. The IMF said together with
substantial oil revenue risks, this prospect underscores the need
for countries to strengthen their fiscal and external buffers. The
total state spending among GCC members rose 9.7% in 2012,
which is much less than 17.7% in 2011. The IMF expects growth
in the GCC region’s state spending to slow further in coming
years, forecasting an annual average rise of 4% during 20132018. The fund said this spending restraint will not be enough to
prevent state budgets in many countries from going into the red.
Currently, Bahrain is the only GCC country in red, which is
expected to be followed by Oman by 2015 and Saudi Arabia in
2018. Meanwhile, the IMF said that 1mn GCC nationals may
remain jobless or seek careers in the bloated public sector by
Page 3 of 6

4. 2018, unless measures are taken to create more private sector
jobs. Private companies in the GCC region are expected to
generate 600,000 jobs, which is 1mn less than needed.
(Reuters, Bloomberg)
 Al Waseen agrees to sell 75% stake to IDB – Al Waseen
Trading Company has reached an agreement to sell its 75%
shareholding to the Irish Dairy Board Cooperative Ltd (IDB).
This deal involves an investment of more than SR100mn in the
Kingdom, which includes the development of a new state-of-theart fresh white cheese manufacturing plant at Al Wazeen’s
facility in Riyadh. This new investment will further strengthen Al
Wazeen’s position in the Saudi market, where it markets a range
of dairy products to retailers and wholesaler customers.
(GulfBase.com)
 SPCC signs SR713mn plant construction contract – The
Southern Province Cement Company (SPCC) has signed
SR713mn contract to construct a second production line with a
capacity to produce 5,000 tons of clinker per day at its Bisha
Cement plant. Experimental production will begin after 20
months, while commercial production will begin after 23 months.
The Bisha project and the proposed third production line at
Tihama plant will raise SPCC’s production capacity to 33,000
tons of clinker per day or 35,000 tons of cement by the end of
2014. (GulfBase.com)
 HGISC completes procedures to transfer EMS‟ 20% shares
– The Al Hassan Ghazi Ibrahim Shaker Company (HGISC) has
completed the required procedures to transfer 20% shares of
the Energy Management Services (EMS) to HGISC. The capital
of EMS has also been increased from AED1.5mn to
AED3.375mn, which is divided into 225 shares. Out of these
shares, 45 shares worth AED0.68mn have been allocated to
HGISC. The balance amount of AED1.8mn will be paid by EMS’
partners based on each partners’ share interest and will be
recorded as part of company’s equity. (Tadawul)
 IMF: Fundamentals must drive Dubai‟s property market not
speculation – The IMF’s Director for the Middle East & North
Africa (MENA) Masood Ahmed said the Dubai government has
to ensure that its property market is driven by fundamental
factors, not speculation and be ready to act if it sees rapid
increases in asset prices. House prices in the Emirate have
increased over 20% in 2013, which had prompted the IMF to
warn of the risk of another bubble forming in July foreseeing
another crash similar to Dubai's inflated property market in
2008-2010, which nearly caused state-linked companies to
default. (Reuters)
 Moody‟s revised UAE bank system outlook to Stable from
Negative – Moody's Investors Service has revised the outlook
for the UAE's banking system to Stable from Negative. The
outlook change reflects the continued improvements in the
operating environment, as well as the ongoing recovery of the
local real-estate market, which Moody's believes will lead to a
decline in problem loan levels and an increase in profitability
over the next 12 to 18 months. In addition, the rating agency
expects that banks will continue to maintain high liquidity and
capital buffers that were built up since the onset of the global
financial crisis. Moody's expects real GDP to grow by 3.6% in
2013 and 3.7% in 2014, supported by continued public sector
spending, particularly in Abu Dhabi; and strong signs of recovery
in Dubai's more diversified private sector. This economic growth,
combined with increasing confidence and the ongoing real
estate market recovery, will support credit growth of 7-10% in
2014. (Bloomberg)
 High fuel costs, currency swings curb Emirates first-half
profits – The Emirates Airline reported a near-flat net profit of
AED1.75bn for the six months ended September 30 compared
with AED1.7bn in the prior-year period, despite a 15% rise in
passengers to 21.5mn. High fuel costs and weak currencies in
some key markets flattened first-half profit growth. Meanwhile,
the Emirates Airline and French carrier Corsair International
have signed an interline agreement that will connect travelers
from Senegal to Paris. Under this agreement, customers will be
able to purchase joint Emirates-Corsair itineraries and
conveniently connect between Paris and West Africa.
(GulfBase.com, Bloomberg)
 Al Ain Dairy to invest AED400mn in new farm & factory – Al
Ain Dairy is set to boost its production with AED400mn
investment on a new farm and factory in Al Ain. This new facility
will be operational by 2016, but the dairy producer does not
expect profits from it until 2017. (Bloomberg)
 DFM accredits Mashreq Securities to provide DMA for
global brokers – The Dubai Financial Market (DFM) has
accredited Mashreq Securities to provide direct market access
(DMA) for global brokers, lifting the number of DMA service
providers to five. DMA allows brokerage companies to mandate
a global broker to use its access point to place buy and sell
orders on DFM through electronic trading. (DFM)
 GEMS sets initial price on hybrid sukuk – Dubai-based
Global Education Management Systems (GEMS) has set the
initial pricing thought of 11.75-12% profit rate for its debut sale of
hybrid Islamic bond. GEMS has appointed Morgan Stanley,
Credit Suisse and Abu Dhabi Islamic Bank to arrange for this
sukuk sale, which will use a mudaraba structure and will be
callable after five years. (Reuters)
 Abu Dhabi introduces new crude blend “Das” to improve
shipping flexibility – The Abu Dhabi Marine Operating
Company’s (ADMA-OPCO) CEO Ali R. Al Jarwan said that the
Emirate has introduced a new crude blend named ―Das‖ to
improve shipping flexibility. The Das crude will go on sale in July
2014 and replace Abu Dhabi’s Umm Shaif and Lower Zakum
grades. Meanwhile, the Abu Dhabi National Oil Company’s
(ADNOC) Marketing & Refining Director Sultan Al Mehairi said
that this new crude will sell at about the same price as Lower
Zakum. (Bloomberg)
 NDC signs AED1bn deal with CPTDC to obtain 9 land rigs –
The National Drilling Company (NDC) has recently entered into
an agreement worth AED1bn with the China Petroleum
Technology & Development Corporation (CPTDC) to obtain nine
new land rigs. These new rigs will join NDC’s fleet by 2015 and
are in addition to the 11 land rigs that were manufactured by
CPTDC. (GulfBase.com)
 ADNOC plans to sell Murban crude to western oil majors in
2014 – According to sources, ADNOC is planning to sell its
year's supply of Murban crude without a pre-determined
destination to a group of western oil majors in 2014. This move
ensures that the Murban crude will remain available for trade in
the spot market and could help ADNOC earn more revenue by
selling its cargoes at a premium. (Reuters)
 ADCB sets initial price for dollar denominated floating rate
note – The Abu Dhabi Commercial Bank (ADCB) has set an
initial price talk of 135 basis points over the three-month LIBOR
for the January 2017 issue of a dollar-denominated floating rate
note. ADCB has appointed Deutsche Bank, JP Morgan and
Standard Chartered as joint book runners for this issue, which is
expected to have a benchmark size. (Reuters)
 OCHL to set up chlorine-alkali JV plant in Abu Dhabi –
Oman Chlorine (OCHL) will set up a joint venture chlorine-alkali
plant worth $70mn in Abu Dhabi to cater to the oil & gas sector
Page 4 of 6

5. in the Gulf region. Union Chlorine, a JV between OCHL and Abu
Dhabi-based Horizon Energy will produce 70 tons per day of
caustic soda, hydrochloric acid and sodium hypochlorite. The
plant will begin commercial production by 3Q2015. (Reuters)
 Salah Nooruddin acquires 5.71% stake in GFH – Gulf
Finance House (GFH) has announced that Nooruddin’s family
consortium led by Salah Nooruddin has acquired a 5.71% stake
in GFH. (Bahrain Bourse)
 Bahrain Bourse to be closed on November 13-14 – Bahrain
Bourse will be officially closed on November 13 and 14, 2013 on
the occasion of Ashoura for the Hijri year 1435. The bourse will
resume trading on November 17, 2013. (Bahrain Bourse)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
150.0
1.2%
0.7%
144.7
140.0
0.6%
130.0
0.3%
130.1
120.0
118.3
110.0
0.2%
0.0%
(0.1%) (0.0%)
(0.6%)
90.0
QE Index
S&P Pan Arab
S&P GCC
Source: Bloomberg
Asset/Currency Performance
1D%
WTD%
YTD%
Global Indices Performance
1,268.00
(1.2)
(1.6)
(24.3)
DJ Industrial
20.73
(3.0)
(3.6)
(31.7)
105.81
(0.6)
0.7
(4.8)
3.69
2.0
4.3
7.8
118.13
(0.3)
0.0
32.0
140.75
(0.8)
0.3
(18.6)
Euro
1.34
0.2
0.5
1.8
Yen
99.64
0.5
0.6
14.9
Nikkei
GBP
1.59
(0.5)
(0.7)
(2.2)
MSCI EM
CHF
1.09
0.2
0.5
(0.2)
SHANGHAI SE Composite
AUD
0.93
(0.6)
(0.9)
(10.5)
USD Index
81.19
0.1
(0.1)
RUB
32.90
0.2
0.8
BRL
0.43
(0.0)
(0.7)
(12.1)
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Dubai
Source: Bloomberg
Close ($)
Gold/Ounce
Oman
Jul-13
Bahrain
May-12 Dec-12
Kuwait
Oct-11
Qatar
Jan-10 Aug-10 Mar-11
(0.8%) (0.8%)
Saudi Arabia
(1.2%)
80.0
Abu Dhabi
100.0
Close
1D%
WTD%
YTD%
15,750.67
(0.2)
(0.1)
20.2
S&P 500
1,767.69
(0.2)
(0.2)
23.9
NASDAQ 100
3,919.92
0.0
0.0
29.8
321.68
(0.6)
(0.3)
15.0
DAX
9,076.48
(0.3)
(0.0)
19.2
FTSE 100
6,726.79
(0.0)
0.3
14.1
STOXX 600
CAC 40
4,263.78
(0.6)
0.1
17.1
14,588.68
2.2
3.6
40.3
991.45
(0.2)
(0.4)
(6.0)
2,126.77
0.8
1.0
(6.3)
HANG SENG
22,901.41
(0.7)
0.7
1.1
1.8
BSE SENSEX
20,281.91
(1.0)
(1.9)
4.4
7.8
Bovespa
51,804.33
(1.6)
(0.9)
(15.0)
1,437.37
0.7
0.2
(5.9)
Source: Bloomberg
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@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
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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
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