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19 March Daily market report

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19 March Daily market report

  1. 1. Page 1 of 5 QE Intra-Day Movement Qatar Commentary The QE index declined 0.3% to close at 11,388.1. Losses were led by the Industrials and Real Estate indices, declining 0.8% and 0.6% respectively. Top losers were Qatar Gas Transport Co. and Gulf International Services, falling 6.0% and 5.8% respectively. Among the top gainers, Doha Bank and Mazaya Qatar Real Estate Dev. rose 3.7% and 3.3 respectively. GCC Commentary Saudi Arabia: The TASI index fell 0.1% to close at 9,318.6. Losses were led by the Telecom. & Info. Tech. and Banking & Fin. Ser. indices, declining 0.6% each. Etihad Atheeb fell 5.5%, while Alinma Tokio Marine was down 3.0%. Dubai: The DFM index gained 0.5% to close at 4,255.6. The Real Estate & Construction and Banking indices rose 0.7% each. Arab Insurance Group surged 14.7%, while Al Salam Sudan was up 6.6%. Abu Dhabi: The ADX benchmark index declined 0.2% to close at 4,836.4. The Services index fell 2.4%, while the Inv. & Fin. Services index was down 1.9%. Emirates Driving Co. declined 8.8%, while Union Cement Co. was down 5.2%. Kuwait: The KSE index rose 1.0% to close at 7,535.9. The Technology index gained 2.3%, while Insurance index was up 1.8%. Kuwait Hotels Co. rose 7.8%, while Wethaq Takaful Insurance Co. was up 7.4%. Oman: The MSM index declined 0.3% to close at 6,999.7. Losses were led by the Services and Industrial indices, declining 0.5% & 0.3% respectively. Port Services Corporation fell 7.3%, while Financial Services was down 6.5%. Bahrain: The BHB index fell 0.2 to close at 1,371.6. The Investment index declined 0.5%, while Services index was down 0.2%. Seef Properties Co. fell 2.6%, while Arab Banking Corporation was down 1.8%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Doha Bank 59.30 3.7 307.2 1.9 Mazaya Qatar Real Estate Dev. 12.99 3.3 3,330.0 16.2 Masraf Al Rayan 38.45 2.3 1,836.7 22.8 Widam Food Co. 46.25 1.5 418.5 (10.5) Qatar & Oman Investment Co. 12.43 1.5 20.1 (0.7) Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 12.99 3.3 3,330.0 16.2 Masraf Al Rayan 38.45 2.3 1,836.7 22.8 Mesaieed Petrochemical Holding 35.50 (1.7) 1,414.0 255.0 Qatar Gas Transport Co. 19.84 (6.0) 986.9 (2.0) Barwa Real Estate Co. 35.30 (1.4) 950.9 18.5 Source: Bloomberg (* in QR) Market Indicators 19 Mar 14 18 Mar 14 %Chg. Value Traded (QR mn) 619.9 779.9 (20.5) Exch. Market Cap. (QR mn) 636,389.0 638,289.2 (0.3) Volume (mn) 14.7 15.4 (4.5) Number of Transactions 9,092 9,805 (7.3) Companies Traded 41 40 2.5 Market Breadth 14:22 17:18 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,838.36 (0.0) 0.8 13.5 N/A All Share Index 2,912.18 (0.0) 0.9 12.5 14.9 Banks 2,752.88 0.6 (0.3) 12.7 14.4 Industrials 4,022.69 (0.8) 2.5 14.9 15.6 Transportation 1,985.14 (0.4) (0.9) 6.8 13.8 Real Estate 2,153.75 (0.6) (0.9) 10.3 19.4 Insurance 2,801.92 0.1 3.5 19.9 7.7 Telecoms 1,497.70 (0.3) 1.4 3.0 20.6 Consumer 6,905.98 (0.3) 3.2 16.1 30.1 Al Rayan Islamic Index 3,481.83 0.1 1.2 14.7 18.8 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Tihama Saudi Arabia 181.75 10.0 705.5 65.6 National Investments Kuwait 0.15 5.6 1,055.5 (5.0) Arabtec Holding Co. Dubai 5.55 5.1 178,236.3 93.4 Nat. Mobile Telecom. Kuwait 1.90 4.4 12.0 8.0 IFA Hotels & Resorts Kuwait 0.27 3.9 17.3 (7.0) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Qatar Gas Transport Qatar 19.84 (6.0) 986.9 (2.0) Gulf International Serv. Qatar 79.50 (5.8) 602.1 62.9 Etihad Atheeb Tele. Saudi Arabia 16.25 (5.5) 21,687.2 12.8 Abu Dhabi Nat. Hotels Abu Dhabi 3.70 (5.1) 5.0 19.4 Sharjah Islamic Bank Abu Dhabi 2.11 (3.2) 397.9 37.0 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% Qatar Gas Transport Co. 19.84 (6.0) 986.9 (2.0) Gulf International Services 79.50 (5.8) 602.1 62.9 Mesaieed Petrochemical Holding 35.50 (1.7) 1,414.0 255.0 Barwa Real Estate Co. 35.30 (1.4) 950.9 18.5 Dlala' Brokerage & Inv. Holding 23.00 (1.3) 53.7 4.1 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 38.45 2.3 71,055.3 22.8 QNB Group 178.70 (0.2) 67,517.0 3.9 Qatari Investors Group 55.30 0.0 50,891.1 26.5 Mesaieed Petrochemical Holding 35.50 (1.7) 50,458.0 255.0 Gulf International Services 79.50 (5.8) 49,367.9 62.9 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* 11,388.14 (0.3) 0.4 (3.3) 9.7 170.23 174,752.4 15.2 1.9 4.3 Dubai 4,255.57 0.5 6.9 0.8 26.3 689.98 86,330.9 18.0 1.6 2.2 Abu Dhabi 4,836.43 (0.2) 1.7 (2.5) 12.7 187.40 130,029.4 13.8 1.7 3.6 Saudi Arabia 9,318.63 (0.1) (0.7) 2.3 9.2 1,982.23 505,899.5 18.8 2.3 3.2 Kuwait 7,535.89 1.0 1.1 (2.0) (0.2) 168.87 112,177.7 15.9 1.2 3.8 Oman 6,999.68 (0.3) (0.9) (1.6) 2.4 21.54 25,189.5 11.1 1.6 3.7 Bahrain 1,371.64 (0.2) (0.2) (0.1) 9.8 2.64 51,855.1 9.7 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) 11,380 11,390 11,400 11,410 11,420 11,430 11,440 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 5 Qatar Market Commentary  The QE index declined 0.3% to close at 11,388.1. The Industrials and Real Estate indices led the losses. The index fell on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari shareholders.  Qatar Gas Transport Co. and Gulf International Services were the top losers, falling 6.0% and 5.8% respectively. Among the top gainers, Doha Bank and Mazaya Qatar Real Estate Dev. rose 3.7% and 3.3 respectively.  Volume of shares traded on Wednesday fell by 4.5% to 14.7mn from 15.4mn on Tuesday. However, as compared to the 30-day moving average of 14.2mn, volume for the day was 3.5% higher. Mazaya Qatar Real Estate Dev. and Masraf Al Rayan were the most active stocks, contributing 22.6% and 12.5% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 03/19 US BMA MBA Mortgage Applications 14-March -1.20% – -2.10% 03/19 US Federal Reserve Fed QE3 Pace March $55 $55 $65 03/19 US Federal Reserve Fed Pace of Treasury Pur March $30 $30 $35 03/19 US Federal Reserve Fed Pace of MBS Purchases March $25 $25 $30 03/19 US Federal Reserve FOMC Rate Decision 19-March 0.25% 0.25% 0.25% 03/19 EU Eurostat Construction Output MoM January 1.50% – 1.30% 03/19 EU Eurostat Construction Output YoY January 8.80% – -0.10% 03/19 EU Eurostat Labour Costs YoY 4Q2013 1.40% – 1.10% 03/19 Japan Ministry of Finance Exports YoY February 9.8 12.5 9.5 03/19 Japan Ministry of Finance Imports YoY February 9.0 7.2 25.1 03/19 Japan METI All Industry Activity Index MoM January 1.00% 1.10% -0.30% 03/19 Japan ESRI Leading Index CI January 113.1 – 112.2 03/19 Japan ESRI Coincident Index January 115.2 – 114.8 03/19 Japan Japan Dep. Store Asso. Nationwide Dept Sales YoY February 3.00% – 2.90% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  MEED: Tenders for 10 new stadiums to be issued in 2014 – Qatar, whose projects market witnessed a 21% growth in 2013 and is slated to see new deals worth $140bn-150bn in 2014, will soon invite tenders for some 10 projects related to hosting the 2022 World Cup. According to the MEED Insight Report, with an average yearly $16bn outlay during 2008-13, Qatar accounted for 12% ($96bn) of the total projects awarded in the GCC region. Yasser al-Mulla, Project Manager at Al-Rayyan Precinct for Supreme Committee for Delivery & Legacy said Qatar will issue some 10 tenders in 2014 for project managers and design consultants on the stadiums being built for the games. Doha expects to spend an additional $4bn for building stadiums and related sporting infrastructure for the World Cup. The largest new stadium planned is „Lusail Iconic‟, which will have a capacity of around 86,000 people and is to be used for the opening match and the finals. (Gulf-Times.com)  Qatar issues $2.2bn tender for Doha Metro phase one – Qatar has issued a new tender for phase one of the Doha Metro, a key infrastructure project in the Gulf country as it prepares to host the 2022 World Cup. According to sources, the tender, issued earlier this month, is for the rolling stock, systems, depot facilities, track work and other aspects of Doha Metro. The tender, which could cross $2.2bn, would be the final one for the metro‟s phase one and the contract is expected to be awarded in the next five months. Last year, Qatar awarded four design & build contracts worth about $8.2bn for phase one of the Doha Metro. These contracts were given to local and international companies including Italian construction firm Impregilo and France‟s Vinci Construction among others. (Gulf-Times.com)  DSI Qatar is looking to consolidate plans – Drake & Scull Qatar (DSI Qatar) outlined its expansion plans and is aiming to consolidate its position in Qatar. Qatar is a dynamic market with its total infrastructure spending expected to reach $24bn in 2014. DSI Qatar‟s Area General Manager Karem Akawi said that the company expects an influx of large-scale projects to be unveiled soon, in line with the long-term national goals associated with the FIFA 2022 World Cup and the Qatar National Vision 2030. Akawi said the company is aiming to consolidate its position as a leader in the engineering & construction sector by winning projects in newer segments in 2014. Further, he added that the hospitality sector is also making rapid strides, and several mega projects are in the pipeline by 2016. (Gulf-Times.com)  Sheikh Abdullah elected as CBQK’s Chairman – The Commercial Bank of Qatar (CBQK) announced that Sheikh Abdullah bin Ali bin Jabor al-Thani has been elected as the Chairman of its board of directors. Hussein Alfardan was elected Overall Activity Buy %* Sell %* Net (QR) Qatari 58.11% 56.88% 7,611,786.45 Non-Qatari 41.89% 43.11% (7,611,786.45)
  3. 3. Page 3 of 5 Vice-Chairman as well as Managing Director. Meanwhile, CBQK‟s shareholders approved all resolutions at the AGM and EGM. (Gulf-Times.com)  QEERI to produce 1,000MW from solar energy by 2020 – The Qatar Foundation Research & Development (QFRD) will have at least 500 top quality scientists working for its various research projects, including Qatar Energy & Environment Research Institute (QEERI) projects, by 2018. According to the QEERI‟s Research Director Said Mansour, Qatar Foundation is developing additional facilities to meet the demand for its research and related programs. Mansour said the institute is working toward its goal to turn Qatar into a knowledge-based economy in line with the Qatar National Vision 2030. Further, he added that QEERI is working on plans to generate 1,000 MW of solar energy by 2020 and the number of scientists working for QFRD projects would reach 2,000 by then. (Gulf-Times.com)  QA plans 50-Airbus fleet for new Saudi unit – Qatar Airways (QA) plans to build a fleet of 50 Airbus aircraft for a new airline in Saudi Arabia named „Al Maha‟, which is slated to start operations this year with a focus on domestic and regional flights. QA‟s CEO Akbar Al Baker said Al Maha will fly with 10 aircraft in the first year, before adding 10 to 15 planes annually until it reaches strength of 50 Airbus planes. He said the fleet will be a combination of Qatar owned planes as well as leased aircraft. (Bloomberg)  VFQS, Advanced Technologies & Solutions sign deal – Vodafone Qatar (VFQS) and Advanced Technologies & Solutions have signed a partnership agreement to deliver vehicle tracking solutions and software development services to businesses across the country. (GulfBase.com) International  US Fed revamps rates guidance, trims bond buys further – The US Federal Reserve dropped the country‟s unemployment rate as its definitive yardstick for gauging the US economy's strength, and made clear it would rely on a wide range of measures in deciding when to raise interest rates. At the same time, the Fed said that dropping a promise to hold rates steady well past the time the US unemployment rate falls below 6.5% did not indicate any change in the Fed's policy intentions. Meanwhile, the central bank proceeded with the planned reduction of its massive bond-buying stimulus, announcing it would cut its monthly purchases of US Treasuries and mortgage-backed securities to $55 billion from $65 billion. (Reuters, ET)  Mark Carney announces complete restructuring of BoE – The Bank of England (BoE) governor Mark Carney announced a complete overhaul of the UK's central bank, both in its operations and management. In a radical departure from his predecessors, the governor said the almost exclusive focus on inflation targets in the past contributed to the central bank‟s failure to maintain financial stability. He stated the reductionist vision of a central bank's role that was adopted around the world was fatally flawed. Carney said that given a low interest regime, the bank will come under increasing pressure to maintain financial stability, and there is a need to bring its monetary policy and bank regulation activities closer together to maintain its oversight of the markets and banks. (ET)  BoJ: China's job conditions could improve as it rebalances economy – The Bank of Japan (BoJ) Governor Haruhiko Kuroda said that China's employment conditions could improve even as its growth slows, with the economy undergoing a huge rebalancing in order to focus toward domestic demand-led growth. Kuroda said Japan, too, is benefiting from a domestic demand-led growth, which has led to a tighter labor market. Kuroda further added that the Japanese economy, like the US, is becoming a more service sector-oriented economy in the medium to long-term. (Reuters) Regional  SHB’s EGM approves SR396.9mn dividend, capital increase – Saudi Hollandi Bank‟s (SHB) EGM has approved the board of directors‟ recommendation for the distribution of 10% dividend (SR1 per share), amounting to SR396.9mn. Further, the EGM has approved the board‟s recommendation to increase the bank‟s capital from SR3,969mn to SR4,762.8mn by issuing one bonus share for every five existing shares. This increase will be paid by transferring SR793.8mn from the retained earnings account to the company‟s capital. Consequently, the company's outstanding shares will increase from 396.9mn to 476.28mn shares. (Tawadul)  JODI: Kingdom boosts oil shipments in January – According to the Joint Organisations Data Initiative (JODI), Saudi Arabia boosted its crude oil exports by 5.6% in January 2014. According to JODI statistics, the Kingdom shipped 7.5mn bpd in January 2014, up from 7.1mn a year ago, but exports remained unchanged from December 2013. As per the latest data from the Energy Information Administration (EIA), the US imported 1.52mn bpd of Saudi crude in December 2013, up from 1.03mn bpd a year earlier. (Bloomberg)  Tadawul deposits SHB’s bonus shares – The Saudi Stock Exchange (Tadawul) announced the addition of Saudi Hollandi Bank‟s bonus shares into its investors‟ portfolios. The fluctuation limits for SHB shares on March 19, 2014 will be based on a stock price of SR41. (Tadawul)  GE expands Manufacturing Technology Center – General Electric will begin manufacturing its high efficiency gas turbines at the GE Manufacturing Technology Center located at Dammam Industrial City-II. GE will manufacture its most advanced gas turbines at the center, which is expected to roll out in 2016. The expanded facility will create several direct and indirect jobs, and will have the capability to produce 8-10 gas turbines per year. (GulfBase.com)  Nakheel inks AED563mn worth of project deals – Nakheel has confirmed the awarding of three contracts with a combined value of AED563mn for projects at two of its communities – Al Furjan and the International City. Two contracts worth AED526mn are for the construction of 401 villas and terraced houses at the Al Furjan development. As per the contract terms, construction is due for completion in 18 months. Meanwhile, Nakheel has also awarded a contract for AED36.8mn to Metac General Contracting Co to build a new retail center at the International City. Construction of the 79,000-square foot shopping and dining facility is scheduled to be completed in 12 months. (Bloomberg)  DED: Dubai may set up Shari’ah-compliant exim bank – The Department of Economic Development (DED) said that Dubai‟s government will consider establishing the world‟s first Shari‟ah- compliant export-import bank to promote the Emirate‟s foreign trade. DED said that the bank would provide financing to companies involved in trade, while helping them to reduce their risks and gain market access. Further, DED said that the Noor Investment Group, which is affiliated to Investment Corp of Dubai, will advise on the project. (Gulf-Times.com)  NGI declares 20% cash dividend – The National General Insurance Company‟s (NGI) AGM has approved its board of directors‟ recommendation to distribute 20% cash dividend to the shareholders. (DFM)
  4. 4. Page 4 of 5  Arabtec’s BoD recommends 10% dividend, 30% bonus shares – Arabtec Holding‟s board of directors has recommended the distribution of 10% dividend and 30% bonus shares for the year ended December 31, 2013. (DFM)  Two Abu Dhabi banks vie for Barclays UAE retail unit – According to sources, two Abu Dhabi lenders have emerged as frontrunners to buy most of Barclays‟ retail banking operations in the UAE. Sources said that Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank are vying to take control of the assets, after the British lender said in September it would offload its retail portfolio in the Arab state including credit cards, mortgages, personal lending and deposit-taking operations. A final decision is expected in April 2014 after completing the competitive bidding process. Barclays plans to retain two branches in the UAE, while its wealth management business would not be part of the sale. (Gulf-Times.com)  Etihad raises stake in Aer Lingus to 4.1% – Etihad Airways has raised its stake in Aer Lingus to 4.1% after acquiring more shares in the open market last week. Etihad has now increased its stake to 22mn shares from 16.1mn. (GulfBase.com)  NBF declares AED137.5mn cash dividend – The National Bank of Fujairah‟s (NBF) AGM has approved the board‟s recommendation for distribution of 12.5% cash dividend, amounting to AED137.5mn to the shareholders. (ADX)  Finance House receives approval for share buyback – Finance House has secured an approval from the UAE Central Bank and the Securities & Commodities Authority for a share buyback program of up to 10% (30.25mn shares) of its paid-up capital. (ADX)  Al Hosn Gas achieves 93% progress on Shah Gas Project – Abu Dhabi Gas Development Company‟s (Al Hosn Gas) CEO, Saif Ahmed Al Ghafli, said that the company has achieved a cumulative progress of 93% in Shah Gas Development Project in 2013. The drilling program is about five months ahead of the baseline schedule with 15 of the initial 20 wells ready for production at end of 2013. (GulfBase.com)  Oman's GDP expands 3% in 2013 – The Minister of Commerce & Industry said that Oman‟s GDP expanded by 3% to $80.1bn in 2013. The minister said non-oil exports increased by 6% to $9.8bn in 2013. The value of re-exports soared 42%, increasing from $6.4bn in 2012 to $9.1bn in 2013. (Bloomberg)  Bank Muscat expands EMTN plan – Bank Muscat increased the amount of the Euro Medium Term Note (EMTN) program to $2bn from $800mn, which was approved at the bank's EGM in 2011. The EMTN program involves issuing negotiable bonds in the international markets through public subscription or private placement. The shareholders at the EGM also approved the setting up of OMR500mn, or its equivalent in other currencies, Meethaq Sukuk Program for the issuance of sukuk by Meethaq in various tranches in the Muscat Securities Market and international markets through public subscription or private placement. The shareholders also granted approval for the setting up of SR1bn sukuk program by the bank's branch in Saudi Arabia through public subscription or private placement. The board of directors' recommendation to issue convertible bonds at the rate of 15% per share of the issued share capital of the bank, as part of the dividend for 2013, also received the endorsement of shareholders. For the year 2013, the bank will give 40% dividend, 25% in cash and 15% in the form of mandatory convertible bonds. (Bloomberg)  ONEIC declares 15% cash dividend – Oman National Engineering & Investment Company‟s (ONEIC) AGM has approved its board‟s recommendation for distributing 15% cash dividend (15 baizas per share) to the shareholders. (MSM)  GFH eyes share capital reduction, convertible sukuk – Bahrain-based Gulf Finance House (GFH) will seek its shareholders‟ approval later this month for a potential reduction in share capital and to issue a convertible sukuk of up to $500mn to restructure debt and fund new projects. The Islamic investment firm has been repeatedly forced into restructuring its debt after the firm struggled during the global financial crisis. Under the proposal, GFH will reduce the nominal value of its shares by 13.8% to $0.265 per share from $0.3075. As a result, its paid-up capital will be reduced to $837mn from $972mn. Meanwhile, GFH, through its Dubai subsidiary GFH Capital, has agreed to sell 75% stake in English soccer club, Leeds United to Italian Massimo Cellino last month. (Reuters)  WTTC: Bahrain travel & tourism to grow 7.6% in 2014 – According to a report by the World Travel & Tourism Council (WTTC), Bahrain's travel and tourism industry is expected to grow 7.6% in 2014, contributing BHD1.23bn or 10.2% of the country‟s GDP. The total contribution of travel & tourism to the country's employment, including jobs indirectly supported by the sector, rose to 73,740, about 10% of total employment. Similarly, the sector‟s investment surged to BHD154.5mn or 6.8% of total investment. It is projected to rise by 6.6% in 2014. (GulfBase.com)  KHCB appoints new Chairman, Vice Chairman – Khaleeji Commercial Bank (KHCB) has appointed Dr. Ahmed Al Mutawa as the Chairman and Abdul Rahman Jamsheer as the Vice Chairman for the next three years. (Bahrain Bourse)  ABG declares $82.2mn dividends – Al Baraka Banking Group‟s (ABG) has approved the distribution of 7.85% dividends worth $82.2mn for 2013. These dividends will be distributed in terms of 3.5% cash dividend, amounting to $36.7mn and 4.35% stock dividend, amounting to $45.5mn. (Bahrain Bourse)
  5. 5. 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 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 (0.1%) (0.3%) 1.0% (0.2%) (0.3%) (0.2%) 0.5% (0.4%) 0.0% 0.4% 0.8% 1.2% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,329.63 (1.9) (3.9) 10.3 DJ Industrial 16,222.17 (0.7) 1.0 (2.1) Silver/Ounce 20.61 (1.0) (3.9) 5.9 S&P 500 1,860.77 (0.6) 1.1 0.7 Crude Oil (Brent)/Barrel (FM Future) 105.85 (0.9) (2.5) (4.5) NASDAQ 100 4,307.60 (0.6) 1.5 3.1 Natural Gas (Henry Hub)/MMBtu 4.44 0.0 1.4 2.3 STOXX 600 327.63 (0.1) 1.7 (0.2) North American Spot LPG Propane Price 104.00 (1.8) (1.8) (17.8) DAX 9,277.05 0.4 2.4 (2.9) North American Spot LPG Normal Butane Price 119.75 (0.2) (1.0) (11.8) FTSE 100 6,573.13 (0.5) 0.7 (2.6) Euro 1.38 (0.7) (0.6) 0.7 CAC 40 4,308.06 (0.1) 2.2 0.3 Yen 102.32 0.9 0.9 (2.8) Nikkei 14,462.52 0.4 0.9 (11.2) GBP 1.65 (0.3) (0.6) (0.1) MSCI EM 950.59 (0.2) 1.4 (5.2) CHF 1.14 (0.9) (1.0) 1.4 SHANGHAI SE Composite 2,021.73 (0.2) 0.9 (4.5) AUD 0.90 (0.9) 0.2 1.4 HANG SENG 21,568.69 (0.1) 0.1 (7.5) USD Index 80.00 0.7 0.7 (0.0) BSE SENSEX 21,832.86 0.0 0.1 3.1 RUB 35.96 (0.8) (1.8) 9.4 Bovespa 46,567.23 0.9 3.6 (9.6) BRL 0.43 (0.4) 0.1 0.7 RTS 1,155.81 (0.5) 8.8 (19.9) 163.6 146.0 133.3