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24 June Daily market report

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24 June Daily market report

  1. 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index gained 0.6% to close at 12,162.0. Gains were led by the Banks & Financial Services and Industrials indices, rising 0.7% and 0.6%, respectively. Top gainers were Zad Holding Co. and Gulf International Services, rising 2.3% and 1.2%, respectively. Among the top losers, Qatar German Co for Medical Devices fell 1.3%, while Al Khalij Commercial Bank was down 0.9%. GCC Commentary Saudi Arabia: The TASI Index rose 0.4% to close at 9,313.1. Gains were led by the Media & Publishing and Hotel & Tourism indices, rising 3.5% and 2.4%, respectively. Tihama Adv. & Pub. rose 9.9%, while Malath Insur. was up 6.8%. Dubai: The DFM Index gained 0.5% to close at 4,164.5. The Services index rose 10.2%, while the Consumer Staples index gained 1.4%. Amanat Holdings surged 15.0%, while Amlak Finance was up 5.6%. Abu Dhabi: The ADX benchmark index rose 1.4% to close at 4,821.5. The Telecommunication index gained 5.1%, while the Industrial index rose 1.4%. Abu Dhabi Ship Building gained 7.4%, while Arkan Building Mat. was up 5.8%. Kuwait: The KSE Index fell 0.1% to close at 6,231.3. The Health Care index declined 1.4%, while the Telecommunication index fell 1.1%. Al-Nawadi Holding Co. declined 9.1%, while Kuwait Real Estate Holding was down 8.3%. Oman: The MSM Index fell marginally to close at 6,449.1. Losses were led by the Financial and Services indices, falling 0.1% each. Al Sharqia Investment Holding declined 3.1%, while Majan Glass was down 2.9%. Bahrain: The BHB Index gained marginally to close at 1,364.3. The Commercial Bank index rose 0.1%, while the other indices ended flat. Al Salam Bank – Bahrain gained 2.2%, while BBK was up 0.9%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Zad Holding Co. 101.40 2.3 0.7 20.7 Gulf International Services 82.00 1.2 356.9 (15.6) QNB Group 186.00 1.1 421.8 (12.6) Industries Qatar 141.50 1.0 82.6 (15.8) Ezdan Holding Group 18.50 0.9 1,038.8 24.0 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 18.50 0.9 1,038.8 24.0 Mazaya Qatar Real Estate Dev. 19.00 0.1 594.9 4.2 Barwa Real Estate Co. 52.70 (0.2) 533.5 25.8 QNB Group 186.00 1.1 421.8 (12.6) Vodafone Qatar 16.85 0.2 375.3 2.4 Market Indicators 24 June 15 23 June 15 %Chg. Value Traded (QR mn) 260.6 363.8 (28.4) Exch. Market Cap. (QR mn) 643,816.3 640,338.2 0.5 Volume (mn) 5.2 8.4 (37.5) Number of Transactions 2,822 3,926 (28.1) Companies Traded 38 40 (5.0) Market Breadth 22:11 21:15 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,900.45 0.6 2.2 3.1 N/A All Share Index 3,244.22 0.5 1.8 3.0 13.7 Banks 3,163.54 0.7 1.0 (1.3) 14.3 Industrials 3,948.55 0.6 2.2 (2.3) 13.9 Transportation 2,464.93 (0.0) 0.4 6.3 13.6 Real Estate 2,819.26 0.5 4.8 25.6 9.9 Insurance 4,727.72 0.0 0.4 19.4 21.8 Telecoms 1,172.74 (0.1) 1.2 (21.1) 23.6 Consumer 7,392.25 0.2 (0.0) 7.0 28.7 Al Rayan Islamic Index 4,742.78 0.4 2.6 15.6 14.4 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Tihama Adv. & Public Saudi Arabia 99.00 9.9 174.0 9.4 United Real Estate Co. Kuwait 0.10 5.4 37.0 (2.0) Emirates Telecom Corp. Abu Dhabi 14.50 5.1 13,769.1 45.7 Abu Dhabi Nat. Energy Abu Dhabi 0.70 4.5 57.7 (12.5) Co. for Coop. Ins. Saudi Arabia 94.74 4.0 489.4 89.7 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Nat. Bank of Fujairah Abu Dhabi 4.06 (10.0) 20.0 (10.0) Banque Saudi Fransi Saudi Arabia 34.87 (2.2) 480.9 11.3 HSBC Bank Oman Oman 0.13 (2.2) 5.5 (7.1) Dana Gas Abu Dhabi 0.46 (2.1) 7,474.3 (8.0) Mabanee Co. Kuwait 0.98 (2.0) 274.2 17.4 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) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Qatar German Co for Med. Dev. 16.45 (1.3) 255.9 62.1 Al Khalij Commercial Bank 22.50 (0.9) 2.8 2.0 Gulf Warehousing Co. 75.70 (0.8) 7.4 34.2 Qatar National Cement Co. 120.20 (0.7) 8.4 0.2 Widam Food Co. 63.20 (0.3) 20.6 4.6 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% QNB Group 186.00 1.1 77,892.2 (12.6) Gulf International Services 82.00 1.2 29,321.4 (15.6) Barwa Real Estate Co. 52.70 (0.2) 28,190.5 25.8 Ezdan Holding Group 18.50 0.9 19,132.5 24.0 Industries Qatar 141.50 1.0 11,656.4 (15.8) 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* 12,162.04 0.6 2.2 0.9 (1.0) 71.57 176,792.0 12.8 2.0 4.2 Dubai 4,164.48 0.5 2.5 6.1 10.3 333.88 101,672.0 9.6 1.5 5.2 Abu Dhabi 4,821.52 1.4 5.5 6.5 6.5 108.26 131,679.5 12.2 1.5 4.6 Saudi Arabia 9,313.05 0.4 (2.0) (3.9) 11.8 1,142.23 548,485.1 19.5 2.2 2.9 Kuwait 6,231.25 (0.1) (0.1) (1.0) (4.7) 49.38 97,113.8 15.5 1.0 4.3 Oman 6,449.07 (0.0) (0.1) 1.0 1.7 23.83 25,282.5 9.8 1.5 3.9 Bahrain 1,364.34 0.0 (0.2) 0.0 (4.4) 0.23 21,337.7 8.8 0.9 5.1 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 12,080 12,100 12,120 12,140 12,160 12,180 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QSE Index gained 0.6% to close at 12,162.0. The Banks & Financial Services and Industrials indices led the gains. The index rose on the back of buying support from non-Qatari and GCC shareholders despite selling pressure from Qatari shareholders.  Zad Holding Co. and Gulf International Services were the top gainers, rising 2.3% and 1.2%, respectively. Among the top losers, Qatar German Co for Medical Devices fell 1.3%, while Al Khalij Commercial Bank was down 0.9%.  Volume of shares traded on Wednesday fell by 37.5% to 5.2mn from 8.4mn on Tuesday. Further, as compared to the 30-day moving average of 15.2mn, volume for the day was 65.5% lower. Ezdan Holding Group and Mazaya Qatar Real Estate Development were the most active stocks, contributing 19.8% and 11.3% to the total volume, respectively. Source: Qatar Stock 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 National Bank of Kuwait (NBK) Moody’s Kuwait LT CRA/ST CRA – Aa2/Prime-1 – – – Kuwait Finance House Moody’s Kuwait LT CRA/ST CRA – A1/Prime-1 – – – Al Ahli Bank of Kuwait (ABK) Moody’s Kuwait LT CRA/ST CRA – A1/Prime-1 – – – Ahli United Bank (AUBK) Moody’s Kuwait LT CRA/ST CRA – A1/Prime-1 – – – Commercial Bank of Kuwait (CBK) Moody’s Kuwait LT CRA/ST CRA – A2/Prime-1 – – – Gulf Bank (GBK) Moody’s Kuwait LT CRA/ST CRA – A3/Prime-2 – – – Boubyan Bank (BB) Moody’s Kuwait LT CRA/ST CRA – A3/Prime-2 – – – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency, CRA – Counterparty Risk Assessments) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/24 US Mortgage Bankers Asso. MBA Mortgage Applications 19-June 1.60% – -5.50% 06/24 US Bureau of Eco. Analysis GDP Annualized QoQ 1Q2015 -0.20% -0.20% -0.70% 06/24 US Bureau of Eco. Analysis Personal Consumption 1Q2015 2.10% 1.90% 1.80% 06/24 US Bureau of Eco. Analysis GDP Price Index 1Q2015 0.00% -0.10% -0.10% 06/24 US Bureau of Eco. Analysis Core PCE QoQ 1Q2015 0.80% 0.80% 0.80% 06/24 Germany IFO Institute IFO Business Climate June 107.4 108.1 108.5 06/24 Germany IFO Institute IFO Current Assessment June 113.1 114.1 114.3 06/24 Germany IFO Institute IFO Expectations June 102.0 102.4 103.0 06/24 UK British Bankers' Associa. BBA Loans for House Purchase May 42,530 43,350 42,020 06/24 Italy ISTAT Hourly Wages MoM May 0.00% – 0.20% 06/24 Italy ISTAT Hourly Wages YoY May 1.10% – 1.20% 06/24 China Deutsche Boerse Westpac-MNI Consumer Sentiment June 112.3 – 111.1 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Overall Activity Buy %* Sell %* Net (QR) Qatari 50.03% 64.53% (37,799,949.00) GCC 16.45% 3.29% 34,298,371.40 Non-Qatari 33.52% 32.17% 3,501,577.60
  3. 3. Page 3 of 6 News Qatar  QATI to disclose financials on July 12 – Qatar Insurance Company (QATI) will disclose its reviewed financial reports for the period ending June 30, 2015 on July 12, 2015. (QSE)  ORDS awards contract to MMG for facilities management – MMG, one of the Middle East’s leading facility management companies, has been awarded a multi-million dollar contract by Ooredoo (ORDS) to carry out maintenance of all its facilities for the next three years. This is one of MMG’s largest-ever contracts and one of the “most complex” maintenance contracts in Qatar till date. Initially running for three years, the contract has a provision for an additional two-year extension and is worth over $20mn. The contract was awarded after a competitive tender. It covers the “provision of hard services” to over 1,500 premises across Qatar. (GulfBase.com)  QP is expanding overseas; to exit MIC management, land allocation – Qatar Petroleum (QP) plans to expand overseas after a restructuring that included the takeover of its foreign investment arm and relieving of some foreign workers. Unspecified job cuts resulting from a rightsizing plan are part of an eight-month reorganization that has witnessed QP take over Qatar Petroleum International, divest non-energy units, including a catering company, and impose stricter conditions on foreign partners. Meanwhile, QP has announced its decision to do away with the management of Mesaieed Industrial City (MIC) and the land allocation business in the area. QP has been managing the MIC since 1996 through its ‘MIC Management Directorate’ as a single point authority. Outside the MIC, QP has a small industrial area, where private sector companies have set up their facilities. QP will continue to own the land. However, the management of this land will also be handed over to a government entity. (Gulf- Times.com, Peninsula Qatar)  Draft law seeks to phase out ozone-depleting substances; new body for civil defense – The weekly Cabinet meeting presided over by HE the Prime Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani issued a draft law to implement a Unified Regulation on Substances, which deplete the ozone layer within the jurisdiction of the Gulf Cooperation Council (GCC). In accordance with the provisions of the Montreal Protocol, the regulation aims to completely phase out use of ozone-depleting substances and establish safer alternatives. Meanwhile, the Cabinet also decided to issue a draft law to set up a Supreme Council for Civil Defense, which will be entrusted with the responsibility of drawing up the general policy of civil defense and declaring a state of emergency in the event of a disaster. (Gulf-Times.com)  Ministry finalizes plans to set up nine livestock farms – According to sources, the Ministry of Environment (MoE) has adopted a comprehensive plan to develop nine livestock farms in Qatar. MoE organizing committee for farms affairs head Abdulaziz Ajlan al-Muraikhi said the ministry is coordinating with the Ministry of Economy & Commerce and the Qatar Development Bank to provide the farms with services such as groceries, eateries, salons and outlets to sell items required for keeping livestock. There is also a suggestion to create new marketplaces to display and sell livestock and the products of local farms. Another suggestion is to establish a slaughterhouse and veterinary centre in each farm. (Gulf-Times.com)  Advisory Council expected to complete sponsorship law – Qatari lawyer Yousuf Ahmed Al Zaman has said that the Advisory Council is expected to complete its study of the draft sponsorship law very soon. The law regulates the entry, exit and residence of foreign workers, despite its disagreement on some of the key articles. The Council discussed the draft law and returned it to its Internal and External Affairs committee for further study. The Council members disagree with the provisions of some articles of the draft law, especially those related to transfer of sponsorship and grant of the exit permit. (Peninsula Qatar)  Ashghal to close service road for repair works – The Public Works Authority (Ashghal) will close the service road from the Al Asiri Interchange to the Khalifa Bin Abdullah Al Attiya Interchange for 45 days from Friday until August 6 to repair longitudinal cracks. (Peninsula Qatar)  HIA imposes fees for long-duration parking – The Hamad International Airport (HIA) has started levying charges at its 2,540-car capacity long-duration parking area. According to its website http://dohahamadairport.com, the charges of QR45 per day (for every completed 24 hours) or QR2 per hour (or any part thereof) will be applicable. The daily fee for long-term parking at the old Doha International Airport was QR50. (Gulf-Times.com) International  US economy contracts mildly in 1Q2015, but growth rebounding – The US economy contracted in 1Q2015 but less than previously estimated as it struggled with bad weather, a strong dollar, spending cuts in the energy sector and disruptions at West Coast ports. However, the growth, has since rebounded in 2Q2015 as the temporary drag from unusually heavy snowfalls and the ports dispute faded. Retailers reported strong sales in May and employers stepped up hiring. Housing is also strengthening and manufacturing activity is beginning to stabilize. A steadily firming economy could encourage the Federal Reserve to raise interest rates later in 2015. The Commerce Department said the GDP shrank at a 0.2% annual rate in 1Q2015 quarter instead of the 0.7% pace of contraction it reported in May. A fairly stronger pace of consumer spending and inventory accumulation than previously estimated accounted for the upward revision to GDP. Business investment spending was less weak than the government had estimated in May. (Reuters)  US, China to exchange new offers in investment treaty talks – The US and China committed to exchange new offers in talks for a bilateral investment treaty (BIT) that would further entwine the world's two largest economies. US Treasury Secretary Jack Lew said both sides have reaffirmed that the negotiation on a high-standard BIT is a top priority in their economic relationship, committing to intensify negotiations and exchange improved negative list offers in early September. Chinese Vice Premier Wang Yang also praised plans to exchange improved treaty offers, which comprise lists of economic sectors which will continue to be shielded from foreign investment. Sectors not on the "negative lists" would be open to direct investment. Lew said the talks also yielded a commitment to China to limit its intervention in currency markets to "disorderly market conditions." China also agreed to further liberalize interest rates, open capital markets and expand access to foreign financial service firms, which Lew said these commitments would help China shift to a more consumer-driven economy. (Reuters)  Spain sees GDP reaching pre-crisis level by 2016-end – Spanish Economy Minister Luis de Guindos said the country’s economy grew at close to 4% in 1H2015, putting it on course to return to pre-crisis levels of output by the end of 2016. GDP fell around 8% between 1Q2008 and 2Q2013, when it began emerging from a long downturn, and the extent of that recovery will be pivotal in a national election due in November. The return to growth offers endorsement of the Germany-inspired pursuit of
  4. 4. Page 4 of 6 austerity measures that international creditors are currently pressing Greece to follow in return for fresh funds. However, there is still little to choose between the sky-high unemployment rates of both countries, with nearly one in four still out of a job in Spain's labor market. De Guindos said he expected the economy to register a higher growth rate in 2Q2015 than the 0.9% of 1Q2015. (Reuters)  IMF: Greek plan cannot be based only on tax pledges – The International Monetary Fund (IMF) chief Christine Lagarde said Greece must present credible reform plans and they cannot be built only on promises of more tax revenues. Lagarde said a Greek economic recovery would require not only Greek reforms but also steps by European creditors to make the country's debt sustainable. However, she said the Greek plan had to be credible. Lagarde said she did not want Greece to leave the Eurozone and did not believe in any Eurozone "explosion". She also said Greek Prime Minister Alexis Tsipras was well aware that Greece's pension system was not sustainable and needed to be reformed, adding there was no question of cutting small pensions. (Reuters)  China's CITIC to invest $113bn for 'Silk Road'; to scrap commercial banks’ loan-to-deposit ratio – China's CITIC Ltd. the state-owned conglomerate, said that its banking, securities, trust and construction divisions will jointly invest more than $112.79bn to support China's "One Belt, One Road" initiative. The investments will involve about 300 projects extending from Singapore to Turkmenistan. Under its so-called "One Belt, One Road" initiative, China aims to create a modern trade route known as the Silk Road Economic Belt and the 21st Century Maritime Silk Road. Projects under the plan include a network of railways, highways, oil & gas pipelines, power grids, internet networks, maritime and other infrastructure links across central, west and south Asia to as far as Greece, Russia and Oman, increasing China's connections to Europe and Africa. Meanwhile, China is to scrap the country's long-standing loan- to-deposit ratio requirement, the latest in a series of measures to reform the country's commercial banking sector and get more lending into a slowing economy. China's cabinet, the State Council, published its decision as part of a draft amendment to the country's 20-year-old commercial banking law. Chinese banks at present are prohibited from lending more than 75% of their deposits, limiting their ability to offer loans and engage in other commercial activity. The move comes as the country's economic growth continues to slow, and as the government hastens financial reforms that have included the liberalization of interest rates and the implementation of a deposit insurance scheme. The State Council said the removal of the restriction will strengthen ability of financial institutions to lend more to the agriculture sector and small businesses. (Reuters) Regional  MEED: Turkey offers projects worth $350bn – According to a report by MEED Projects, the value of major active projects in Turkey is worth around $350bn, representing an excellent new opportunity for GCC contractors and consultants impacted by falling oil prices. As a result of a booming economy and fast- growing population, Turkey has accelerated its nationwide infrastructure program in recent years. For active projects worth over $100mn, the largest individual sector is transport, with $135bn worth of projects either planned or under construction, mainly in the form of new roads, railways and airports. (GulfBase.com)  Egypt-based Qalaa to sell off non-core assets in deals with FHI – Egypt-based Qalaa Holdings has signed an agreement with Financial Holdings International (FHI) to acquire additional stakes in FHI's subsidiaries. The move is designed to divest multiple non-core platforms and reduce consolidated debt. Under the terms of the agreements, Qalaa will simultaneously sell to FHI, one of its major co-investors, its holdings in several non-core business units. The transaction will entail Qalaa selling to FHI its stakes in MENA Homes, Grandview and Dina Farms Land Companies; the latter are to be spun-off from existing investments. Qalaa will at the same time acquire FHI’s stakes in ASEC Holding (Cement), TAQA Arabia and Mashreq (Energy), Nile Logistics (Transportation), Dina Farms Supermarkets (Food Retail Chain), and United Foundries (Metallurgy). The transaction is expected to be closed in December 2015 subject to certain conditions, precedent and customary termination rights. (Reuters, GulfBase.com)  Sipchem to acquire Kuwait-based Ikarus equities in affiliates – Saudi International Petrochemical Company (Sipchem) has signed a deal with Kuwait-based Ikarus Petroleum Industries Company to acquire more stakes in two of Sipchem’s affiliates – 11% in International Acetyl Company and 11% in International Vinyl Acetate Company – for an estimated value of SR375.8mn. The process of acquisition and financial impact of such equities investment is targeted to be completed during 3Q2015. Sipchem plans to finance the acquisition through its own resources in addition to Islamic financing facilities. Sipchem currently owns 76% of International Acetyl and International Vinyl Acetate. Following the deal, Sipchem's equity in both companies would increase to 87% each. (Tadawul)  CDSI: Saudi non-oil exports dropped 14.5% YoY to SR47bn in 1Q2015 – According to the Central Department of Statistics & Information (CDSI), Saudi Arabia’s non-oil exports dropped by 14.5% YoY to SR47bn in 1Q2015. However, the imports rose by 6.88% YoY to SR162.5bn. Plastic and rubber products topped the Kingdom’s list of exports in 1Q2015 and registered 31.6% of non-oil exports valued at SR15bn. As per the report, equipment, machinery and electrical utensils captured the highest value of Saudi Arabia’s imports in 1Q2015 at SR45bn or 27.71% of the total value of imports, followed by transport materials at the value of SR29bn, or 17.93% and ordinary metals and their products at SR17.5bn or 10.76%. The UAE topped the list of major importers of Saudi Arabia’s non-oil products by 13.19% of the total value of exports in 1Q2015, while China remained the biggest exporter to Saudi Arabia and captured 15.18% of the total Saudi imports. (GulfBase.com)  World’s lowest debt-to-GDP ratio to help Saudi debt sales – Saudi Arabia has the world’s lowest debt-to-economic output ratio – for now. With oil prices tumbling and the Kingdom losing currency reserves at a record pace, economists from Bank of America, Merrill Lynch and Abu Dhabi Commercial Bank expect the authorities to start raising money through the local bond market to cover a widening budget deficit. According to data compiled by Bloomberg, the potential sales will help create a benchmark for corporate borrowers. They may also be a boon for investment bankers after bond issuances in the six-nation GCC dropped by 34% in 2015 to $15.2bn. (GulfBase.com)  France, Saudi Arabia to sign contracts worth $12bn – French Foreign Minister Laurent Fabius has said that Saudi Arabia and France are planning to sign deals worth $12bn. The contracts include 23 Airbus H145 helicopters worth $500mn. He said Saudi Arabia is also planning to sign a feasibility study for the two EPR reactors built by Areva. (Reuters)  QIBL, Palma Capital launch aircraft leasing fund with Airbus – Quantum Investment Bank Limited (QIBL) and Palma Capital Limited, both based at the Dubai International Financial Centre,
  5. 5. Page 5 of 6 have been retained as the exclusive placement agents for the launch of a Shari’ah-compliant aircraft leasing fund (ALIF Fund) to be managed by the International Airfinance Corporation (IAFC) with Airbus and the Islamic Development Bank (IDB) as anchor investors and strategic partners. With a targeted size of $5bn from a combination of equity and debt, the fund will focus exclusively on Airbus aircraft. The objective of the Fund is to achieve a risk-adjusted medium to long-term capital appreciation while generating a quarterly cash dividend to investors. The Fund will operate according to Shari’ah principles and will purchase brand new and secondhand Airbus aircraft to be leased to airline companies in the GCC region and Organization of Islamic Conference (OIC) member countries. (GulfBase.com)  NBF expects double-digit loan growth in 2015 – National Bank of Fujairah (NBF) CEO Vince Cook has said that the bank expects to outperform its rivals with a double-digit loan growth in 2015 as buoyant demand in sectors such as trade finance, services, manufacturing and education offset slight softness in the infrastructure market. He said NBF is one of the smaller players in the UAE banking sector, which allows it to be more selective on business sectors than some of its larger rivals. (GulfBase.com)  EFC signs purchase agreement worth AED110mn for four Phenom 100E jets – Etihad Flight College (EFC), a wholly- owned subsidiary of Etihad Airways, has signed a purchase agreement for four Phenom 100E jets, and options for three additional aircraft of the same model. The deal, including options, is valued at around AED110mn. The first aircraft will be delivered to EFC by 1Q2016. The delivery of the four new Embraer Phenom 100E jets will bring to 20, the number of aircraft in the trainer fleet, which is currently composed of 16 single-engine propeller airplanes. (GulfBase.com)  Etisalat inclusion in MSCI index likely in 2015 – Emirates Telecommunication Corporation (Etisalat) could be included in the influential MSCI Emerging Markets Index as early as August 2015, after the UAE’s biggest listed company was opened up to foreign investments. Etisalat on June 22, 2015 said that the Federal Government would allow non-Emirati shareholders to own up to 20% of its share capital. EFG-Hermes in its strategy note said that Etisalat’s inclusion in the MSCI Emerging Markets Index would result in the company representing 0.14% of the index, boosting the UAE’s overall weighting in the index to about 0.87% from its current level of 0.73%. (GulfBase.com)  BMI: Solar EOR to help Oman sustain low oil prices – According to a report by the Business Monitor International (BMI), cost savings will be crucial if Omani oil projects are to remain competitive. The country needs to opt for solar steam generation in enhanced oil recovery (EOR) projects. Oman employs a number of technologies, including miscible gas injection, thermal and chemical recovery to boost output. Thermal EOR is the most widely used, though polymer injection projects are witnessing more attention. The report noted that around 200,000 barrels per day (bpd) of Oman’s 950,000 bpd production is sourced from EOR. With oil prices remaining at a much weaker level, profitability of many of the projects is considerably reduced. (GulfBase.com)  OAB Islamic banking arm gets nod for new products – Al Yusr, the Islamic banking arm of Oman Arab Bank (OAB), has obtained approval for new products and services at the seventh Sharia Supervisory Board (SSB) meeting. One such key product deliberated at the Shari’ah board meeting was ‘Al Yusr Running Musharakah product’, a Shari’ah-compliant solution to cater to business requirements of regular operating & overhead expenses, and to fulfil the cash-flow demand of the customers. (GulfBase.com)  BisB appoints CEO – Bahrain Islamic Bank (BisB) has appointed Mr. Hassan Jarrar as its Chief Executive Officer (CEO), with effect from July 1, 2015. He has an experience of 26 years, gained from his numerous leadership positions in major banking institutions inside and outside of Bahrain. Some of these are Standard Chartered Bank, Abu Dhabi Commercial Bank, Al Mashreq Bank, Union Bank in Jordan, and Bank of America - California. (GulfBase.com)
  6. 6. Contacts Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC Head of Research Head of HNI Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025 saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment 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. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in part without permission from QNBFS 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) 80.0 100.0 120.0 140.0 160.0 180.0 May-11 May-12 May-13 May-14 May-15 QSE Index S&P Pan Arab S&P GCC 0.4% 0.6% (0.1%) 0.0% (0.0%) 1.4% 0.5% (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% 2.0% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,175.47 (0.3) (2.1) (0.8) MSCI World Index 1,785.70 (0.6) 0.6 4.4 Silver/Ounce 15.90 0.2 (1.2) 1.3 DJ Industrial 17,966.07 (1.0) (0.3) 0.8 Crude Oil (Brent)/Barrel (FM Future) 63.49 (1.5) 0.7 10.7 S&P 500 2,108.58 (0.7) (0.1) 2.4 Crude Oil (WTI)/Barrel (FM Future) 60.27 (1.2) 1.1 13.1 NASDAQ 100 5,122.41 (0.7) 0.1 8.2 Natural Gas (Henry Hub)/MMBtu 2.77 (2.2) (1.5) (7.6) STOXX 600 397.32 (0.3) 1.6 7.2 LPG Propane (Arab Gulf)/Ton 39.75 5.6 14.4 (18.9) DAX 11,471.26 (0.5) 2.5 7.6 LPG Butane (Arab Gulf)/Ton 49.00 5.4 7.7 (21.9) FTSE 100 6,844.80 (0.1) 0.8 4.9 Euro 1.12 0.3 (1.3) (7.4) CAC 40 5,045.35 (0.1) 3.3 9.2 Yen 123.85 (0.1) 0.9 3.4 Nikkei 20,868.03 0.1 2.3 15.2 GBP 1.57 (0.1) (1.1) 0.8 MSCI EM 993.31 0.3 1.9 3.9 CHF 1.07 0.0 (1.7) 6.5 SHANGHAI SE Composite 4,690.15 2.5 4.8 45.0 AUD 0.77 (0.4) (0.9) (5.8) HANG SENG 27,404.97 0.3 2.4 16.1 USD Index 95.26 (0.2) 1.3 5.5 BSE SENSEX 27,729.67 (0.2) 1.4 0.4 RUB 54.46 1.1 0.8 (10.3) Bovespa 53,842.54 0.4 (0.1) (7.8) BRL 0.32 (0.7) 0.0 (14.4) RTS 951.45 (1.3) (1.6) 20.3 142.4 121.0 117.3