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QE Intra-Day Movement

Market Indicators

9,740
9,720

9,700
9,680
9,660

28 Oct 13

%Chg.

348.9
527,524.3
8.2
2,610
39
2...
Qatar Market Commentary
 The QE index rose 0.9% to close at 9,733.2. The Banking &
Financial Services and Industrials ind...
10/29

US

Bureau of Labor Stat.

PPI Ex Food and Energy YoY

September

1.20%

1.20%

1.10%

10/29

US

US Census Bureau
...
and will have a cargo handling capacity of 1.4mn tons per year
by 2015. It can handle 5,700 cargo shipments at a time. (Gu...
value of their first home. The central bank has also capped the
limit for homes that are worth more than AED5mn at 65% for...
Rebased Performance

Daily Index Performance

150.0

1.6%

130.0

0.9%
0.8%

115.4

110.0

0.1%

0.1%

0.0%
(0.8%)

Mar-11...
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29 October Daily Market Report

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29 October Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 9,740 9,720 9,700 9,680 9,660 28 Oct 13 %Chg. 348.9 527,524.3 8.2 2,610 39 23:13 267.4 523,835.6 6.0 2,372 38 13:20 30.5 0.7 36.2 10.0 2.6 – Market Indices 9,640 9,620 9:30 29 Oct 13 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.9% to close at 9,733.2. Gains were led by the Banking & Financial Services and Industrials indices, gaining 1.0% each. Top gainers were Qatar Electricity & Water Co. and Qatar Gas Transport Co., rising 2.0% and 1.8% respectively. Among the top losers, Qatar Industrial Manufacturing Co. fell 2.0%, while Dlala Brok. & Inv. Holding Co. declined 1.9%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 13,906.50 2,440.63 2,321.69 3,153.20 1,809.02 1,794.84 2,284.47 1,446.77 5,877.76 2,786.70 0.9 0.8 1.0 1.0 0.8 0.5 (0.3) 0.5 0.3 0.4 0.8 0.7 1.1 1.0 0.2 (0.6) (1.7) 1.2 0.2 0.2 22.9 21.1 19.1 20.0 35.0 11.4 16.3 35.8 25.8 12.0 N/A 12.1 12.2 11.5 12.3 13.0 9.4 15.2 21.9 14.6 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index fell 1.1% to close at 7,972.6. Losses were led by the Retail and Agriculture & Food Industries indices, declining 3.2% and 2.5% respectively. Herfy Food Ser. fell 8.2%, while Fawaz A Alhokair was down 7.4%. Boubyan Petrochem. Dubai: The DFM index declined 0.8% to close at 2,888.4. The Insurance index fell 4.4%, while the Telecommunication index was down 1.6%. Oman Insurance Co. declined 10.0%, while Nat. General Insurance was down 9.9%. Close# 1D% Kuwait 0.66 4.8 1,858.7 13.8 Abu Dhabi Nat. Hotels Abu Dhabi 2.40 4.3 400.0 35.6 Arriyadh Development Saudi Arabia 26.70 3.5 2,797.8 16.8 Invest Bank Abu Dhabi 2.35 2.2 175.6 45.1 157.20 2.0 35.5 18.7 Qatar Elec. & Water Co. Qatar Vol. ‘000 YTD% Abu Dhabi: The ADX benchmark index fell 0.7% to close at 3,856.7. The Energy index declined 2.2%, while the Inv. & Fin. Services index was down 2.0%. Int. Fish Farming Holding fell 9.7%, while Nat. Takaful was down 9.5%. GCC Top Losers Exchange Close 1D% Vol. ‘000 Kuwait: The KSE index gained 0.2% to close at 7,955.0. The Basic Material index rose 1.3%, while the Industrial index was up 0.7%. ACICO Industries Co. gained 7.1%, while Bayan Investment Co. was up 6.4%. Herfy Food Services Saudi Arabia 112.00 (8.2) 304.7 17.3 Fawaz A Alhokair & Co. Saudi Arabia 125.00 (7.4) 1,081.9 80.3 Jazeera Airways Kuwait 0.50 (4.8) 2,706.7 54.7 Aswak Al Othaim Saudi Arabia 127.50 (4.1) 75.3 55.0 United Electronics Co. Saudi Arabia 103.50 (3.9) 192.6 24.7 Oman: The MSM index rose 0.1% to close at 6,656.4. Gains were led by the Services & Insurance and Ind. indices, rising 0.3% and 0.2% respectively. Sweets of Oman rose 5.1%, while National Finance Co. was up 3.2%. Bahrain: The BHB index gained 0.1% to close at 1,199.4. The Commercial Banking index rose 0.3%. BMMI and Al Salam Bank gained 1.9% each. ## # YTD% 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 Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 Qatar Electricity & Water Co. 157.20 2.0 35.5 18.7 Qatar Industrial Manufacturing Co. 50.00 (2.0) 39.2 (5.8) 20.60 (1.9) 22.0 (33.7) Qatar Exchange Top Losers YTD% 18.99 1.8 558.7 24.4 Dlala Brok. & Inv. Holding Co. QNB Group 163.00 1.7 149.6 24.5 Ezdan Holding Group 17.20 (1.6) 72.5 (5.5) Doha Bank 55.30 1.7 27.2 19.3 Qatar General Ins. & Rein. Co. 53.20 (1.5) 2.2 15.7 United Development Co. 21.50 1.5 2,131.6 20.8 Qatar German Co. for Med. Dev. 14.98 (1.4) 60.2 1.4 Qatar Gas Transport Co. Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Medicare Group 48.60 0.6 2,356.2 36.1 Medicare Group 48.60 0.6 113,651.4 36.1 United Development Co. 21.50 1.5 2,131.6 20.8 United Development Co. 21.50 1.5 45,188.6 20.8 Qatar Gas Transport Co. 18.99 1.8 558.7 24.4 Industries Qatar 154.90 1.1 38,045.4 9.9 Qatari Investors Group 31.50 1.3 405.0 37.0 QNB Group 163.00 1.7 23,987.0 24.5 Qatar Islamic Insurance 55.60 (0.4) 354.6 (10.3) 55.60 (0.4) 19,739.6 (10.3) Qatar Exchange Top Vol. Trades Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Islamic Insurance Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 9,733.19 2,888.40 3,856.69 7,972.59 7,954.97 6,656.40 1,199.37 0.9 (0.8) (0.7) (1.1) 0.2 0.1 0.1 0.8 (0.7) (0.7) (2.4) 0.0 (0.2) (0.3) 1.3 4.6 0.4 0.1 2.4 0.1 0.5 16.4 78.0 46.6 17.2 34.1 15.5 12.6 Exch. Val. Traded ($ mn) 95.82 161.20 91.21 1,258.82 112.07 36.00 1.62 Exchange Mkt. Cap. ($ mn) 144,858.2 69,652.6 111,112.9 426,507.4 136,976.2 23,685.0 17,772.1 P/E** P/B** 12.2 16.2 10.8 16.3 19.1 10.8 8.4 1.7 1.1 1.4 2.1 1.3 1.6 0.8 Dividend Yield 4.7 3.1 4.7 3.7 3.5 3.9 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. 2. Qatar Market Commentary  The QE index rose 0.9% to close at 9,733.2. The Banking & Financial Services and Industrials indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders.  Qatar Electricity & Water Co. and Qatar Gas Transport Co. were the top gainers, rising 2.0% and 1.8% respectively. Among the top losers, Qatar Industrial Manufacturing Co. fell 2.0%, while Dlala Brok. & Inv. Holding Co. declined 1.9%. Overall Activity Buy %* Sell %* Net (QR) Qatari 79.17% 75.90% 11,421,851.66 Non-Qatari 20.83% 24.11% (11,421,851.66) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday rose by 36.2% to 8.2mn from 6.0mn on Monday. Further, as compared to the 30-day moving average of 6.8mn, volume for the day was 20.5% higher. Medicare Group and United Development Co. were the most active stocks, contributing 28.7% and 25.9% to the total volume respectively. Earnings and Global Economic Data Earnings Releases % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY – – -3.5 -22.1% -2.9 26.9% 0.1 52.5% – – – – – – 1,741.0 11.0% 1,687.0 11.6% SR – – -1.0 -9.8% -1.4 -7.4% Saudi Arabia SR 125.0 10.6% – – – – Saudi Arabia SR 76.6 -36.9% – – – – Saudi Arabia SR 203.4 92.1% – – – – Saudi Arabia SR 984.6 46.4% – – – – Saudi Arabia SR – – – – -227.0 125.1% Saudi Arabia SR – – 1.2 76.5% 3.1 408.4% Saudi Arabia SR – – 11.3 -24.1% 15.3 66.2% Saudi Arabia SR 45.4 -20.5% – – – – Saudi Arabia SR – – 2.7 106.1% -4.9 -29.4% Saudi Arabia Company SR – – 90.8 95.7% 57.0 436.9% Saudi Arabia SR – – 27.2 -39.9% 26.6 -26.6% Saudi Arabia SR 232.9 141.2% – – – – Saudi Arabia SR – – 66.1 7.4% 60.4 19.0% Saudi Arabia SR – – 21.9 -2.2% 21.8 -8.8% Saudi Arabia SR – – 9.2 -5.2% 9.1 2.2% Saudi Arabia SR – – 361.2 13.7% 219.9 1.0% Oman OMR 222.4 5.2% – – 7.5 11.2% Oman OMR – – 0.4 NA 0.6 NA Oman OMR 4.6 2.3% – – 0.5 -11.6% Bahrain BHD – – – – 2.2 13.4% Market Currency Qassim Agriculture Co. Gulf Union Cooperative Insurance Co. Etihad Etisalat Co. (Mobily) Al-Baha Investment & Development Co. (ABDICO) Al Rajhi Co. for Cooperative Insurance (ARCCI) Arabia Insurance Cooperative Co. (AICC) United Cooperative Assurance Co. (UCA) The Mediterranean & Gulf Cooperative Insurance & Reinsurance Co. (MEDGULF Saudi Arabia) Sadara Basic Services Co. National Agriculture Marketing Co. (Thimar) Middle East Specialized Cables Co. (MESC) Arabian Shield Cooperative Insurance Co. Arabian Pipes Co. (APC) Saudi Arabia SR Saudi Arabia SR Saudi Arabia SR Saudi Arabia Alujain Corporation Najran Cement Co. (NCC) AXA Cooperative Insurance Co. Saudi Chemical Co. (SCC) Dallah Healthcare Holding Co. (DHC) Saudi Industrial Development Co. (SIDC) Kingdom Holding Co. (KHC) Oman Oil Marketing Co. (OOMC)* The Financial Corporation Co. (FINCORP)** Gulf Mushroom Products Co. (GMPCO)* Gulf Hotels Group (GHG) Revenue (mn) 3Q2013 Source: Company data, DFM, ADX, MSM (* Nine month ended on September 30, 2013; **Six months ended on September 30, 2013) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 10/29 US Bureau of Labor Stat. PPI MoM September -0.10% 0.20% 0.30% 10/29 US Bureau of Labor Stat. PPI Ex Food and Energy MoM September 0.10% 0.10% 0.00% 10/29 US Bureau of Labor Stat. PPI YoY September 0.30% 0.60% 1.40% Page 2 of 6
  3. 3. 10/29 US Bureau of Labor Stat. PPI Ex Food and Energy YoY September 1.20% 1.20% 1.10% 10/29 US US Census Bureau September 0.40% 0.50% 0.10% 10/29 US S&P/Case-Shiller August 164.53 – 162.39 10/29 US US Census Bureau Retail Sales Ex Auto and Gas S&P/CaseShiller Home Price Index NSA Business Inventories August 0.30% 0.30% 0.40% 10/29 US Conference Board Consumer Confidence Index October 71.2 75.0 80.2 10/29 France INSEE Consumer Confidence October 85 86 85 10/29 UK Bank of England Net Consumer Credit September 0.4B 0.7B 0.6B 10/29 UK Bank of England Money Supply M4 MoM September 0.60% 0.50% 0.70% 10/29 UK Bank of England M4 Money Supply YoY September 2.60% 2.50% 2.10% 10/29 Spain INE Retail Sales YoY September 2.20% – -4.40% 10/29 China National Bureau of Stat. Leading Index September 99.64 – 99.89 10/29 Japan MIC Jobless Rate September 4.00% 4.00% 4.10% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  KCBK’s weak 3Q2013 profitability due to muted gains from investment securities – KCBK posted a net profit of QR107.7mn in 3Q2013, dropping by 32.3% QoQ (-7.6% YoY). Net profit declined primarily on the back of a significant drop in investment gains. Gains from investment securities (representing 33% of net operating income) was the thrust of profitability in 2Q2013, expanding by 365.5% QoQ (-10.3% YoY) to reach QR93.9mn vs. QR20.2mn in 1Q2013 (QR104.6mn in 2Q2012). However, in 3Q2013 gains plunged by 81.8% QoQ (71.1% YoY). The bank’s net interest income dropped by 10.6% QoQ (+8.5% YoY). Moreover, TTM NIMs was flattish in 9M2013, reaching 1.99% vs. ~2.04% in 1H2013 (1.79% at the end of 2012). Net fees and commissions remained under pressure, dropping by 21.8% QoQ (+62.9% YoY) likely due to heavy competition in the corporate sector. Nevertheless, KCBK’s RoAE marginally deteriorated in 9M2013 to 9.7% vs. 10.2% in 1H2013 (9.3% at the end of 2012). Loans significantly expanded QoQ and YTD. Al Khaliji’s loan book grew by 7.2% QoQ (+22.6% YTD). On the other hand, deposits receded by 4.7% QoQ (+2.4% YTD). As such, the LDR rested at 89.9% vs. 79.9% in 2Q2013 (75.1% at the end of 2012). Moreover, KCBK’s investment portfolio expanded by 12.1% QoQ (-9.3% YTD). Asset quality remains healthy. KCBK’s NPL ratio improved QoQ to 0.37% vs. 0.40% in 2Q2013 (0.45% at the end of 2012). Moreover, the bank remains more than adequately capitalized with a Tier-1 ratio and CAR of 17.5% and 18.9%, respectively. We maintain our target price of QR18.40/share and rate the stock a Market Perform. (QNBFS Research, QE)  ZHCD reports net profit declines 70.6% QoQ in 3Q2013 – Zad Holding Company (ZHCD) has reported a net profit of QR13.2mn in 3Q2013, reflecting a decline of 70.6% QoQ (48.4% YoY). Earnings per share amounted to QR4.81 for nine months period ended September 30, 2013 versus QR4.15 for the corresponding period in 2012. Revenue of the company fell by 15.3% QoQ (+30.5% YoY) to QR152.1mn. (QE)  QE: More foreign investment to boost IPOs – The Qatar Exchange (QE) has submitted proposals to the government for higher limits on foreign ownership of listed stocks. This could in turn encourage more companies to make initial public offers of their shares. QE’s Chief Executive Rashid bin Ali al-Mansoori said the exchange believes increased exposure to international investments might lead to an increase in initial public offerings over the medium term, thus helping in the much-needed deepening of the equity market. He cited analysts’ estimates that Qatar would gain a weight of about 0.45% points in MSCI’s emerging markets index, which would cause global fund managers to funnel around $500mn to $1bn more funds to the market. Al-Mansoori added that Qatari companies that were most likely to enter MSCI’s emerging market index would have to consider whether changing their foreign ownership limit would maximize the benefits of inclusion. (Gulf-Times.com)  Qatar FM: 2014 budget to focus on development – Qatar’s Finance Minister HE Ali Sherif al-Emadi said the country’s budget for 2014 will lay strong emphasis on implementing the country’s strategy for development. He said the proposed budget for 2014 was sent to all the ministries three weeks ago to enable them to study it carefully. (Gulf-Times.com)  QE to become full member of WFE – Qatar Exchange is slated to become a full member of the World Federation of Exchanges (WFE), a leading international securities market organization. It is expected that the Qatar bourse will be granted full membership in the WFE during the meetings of the general assembly that are currently underway. QE, Bahrain bourse and the Dubai Financial Market are affiliates; while other Gulf bourses such as Abu Dhabi and Saudi Arabia are full members. (Gulf-Times.com)  QCB’s real estate price index rises in September – The Qatar Central Bank’s (QCB) real estate price index for 3Q2013 indicates that the real estate market is on a recovery path. After reporting a drop for two successive months, the index rose to a new high of 178.6 points in September 2013. The index reached a peak in 2013 with 183.9 points and 190.4 points in April and May respectively, before dropping to 178.8 points in June. The index further slipped to 174.3 points in July and rose marginally to 176.9 in August. According to the Ministry of Justice, the value of real estate transactions between July 29 and August 25 stood at QR1.46bn. (Peninsula Qatar)  Mowasalat to have 2,000 more taxis in two years – According to the new CEO of Mowasalat, Khaled al-Hail, at least 2,000 new taxis will hit the roads in the next two years, apart from the 2,500 taxis that are currently in service. Referring to the fleet strengthening program, al-Hail said “Al Million”, Qatar’s first Karwa franchisee, would add 150 new cars to its 500-strong fleet. He said one of the three companies short listed for taxi franchisee operations in 2012 did not meet the terms and Mowasalat terminated the pact. He said the tenders for selecting three new franchisees were floated earlier this month and the process will be completed in three months. Meanwhile, Mowasalat is planning to set up a unified call center for all taxis in Qatar. (Gulf-Times.com, Peninsula Qatar)  Cargo operations at HIA from December 1 – Qatar Airways CEO Akbar al-Baker said cargo operations at Hamad International Airport (HIA) will begin on December 1. The terminal spreads over 77,000 square meters across two levels Page 3 of 6
  4. 4. and will have a cargo handling capacity of 1.4mn tons per year by 2015. It can handle 5,700 cargo shipments at a time. (GulfTimes.com)  QA joins oneworld global alliance – Qatar Airways has joined oneworld, a premier global alliance of airlines, which will significantly expand the carrier’s worldwide reach and strengthen its competitive offering. QA will be offering oneworld’s full range of services and benefits, which include frequent flyer privileges and rewards across the global alliance. (Gulf-Times.com)  QA expects delivery of A350 aircraft by 2H2014 – Qatar Airlines’ (QA) CEO Akbar al Baker said the company expects Airbus to start delivering 80 A350 aircraft by 2H2014. The A350, designed to compete with Boeing's 787 Dreamliner and the larger Boeing 777, staged its maiden flight in June 2013. (Reuters) International  Britain aims to be first Western country to issue sovereign sukuk – British Prime Minister David Cameron made a bid to position London as a leading hub for Islamic finance, by announcing plans for Britain to become the first Western country to issue a sovereign sukuk, (Islamic bond). The planned issue worth around £200mn is expected next year, which is much smaller than an originally planned sukuk, but would provide the much-needed liquidity management tool for Britain's six Islamic lenders and could encourage local firms to consider issuing sukuk. Britain's efforts to promote itself as a leading Islamic finance hub come as competition heats up among other financial centers in Asia, led by Malaysia. Britain first announced plans for a sovereign sukuk five years ago but that issue never materialized as the country's Debt Management Office decided the structure was too expensive. The new proposal is less than a fifth of the size of the original one. (Reuters)  IMF: BoJ’s policy working, still has room to boost stimulus – The International Monetary Fund's Mission Chief to Japan Jerry Schiff said the Bank of Japan's massive stimulus is working. Schiff said there is still room to increase purchases of government bonds and exchange-traded funds if a further boost was needed. Schiff said there is no need for the central bank to offer additional stimulus for now with the Japan’s economy in good shape. (Reuters)  IMF: Tighter global funding to weigh on emerging Asia – The IMF said tightening external funding conditions will likely weigh on growth in emerging Asia, although weaker currencies and robust domestic demand may offset some of the pain. IMF Asia-Pacific Department Director Anoop Singh said a faster than expected tightening of global funding conditions could substantially affect Asia, with a larger impact on economies with weaker fundamentals and higher exposures. Singh said countries like India and Indonesia, which are reliant on foreign capital inflows and already experiencing elevated inflationary pressures, will likely need to tighten monetary policy further. (Reuters)  China rates stabilize as central bank resumes injecting cash – China's money rates stabilized after the central bank resumed open market operations on Tuesday morning for the first time since October 15, easing worries that the authorities were preparing to dramatically tighten monetary policy. The central bank injected 13bn yuan into the markets via open market operations. It leaves the People's Bank of China (PBOC) on track to inject a net 13.1bn yuan into money markets this week barring any offsetting drains at the next open market operations on Thursday. (Reuters)  RBI raises repo rate by 25 bps – The Reserve Bank of India (RBI) raised its policy interest rate for the second time in two months, warning that inflation is likely to remain elevated, and rolled back an emergency measure put in place to support the slumping rupee. The central bank lifted its policy repo rate by 25 basis points (bps) to 7.75%, in line with the expectations of most analysts in a recent Reuters’ poll, despite the risks to an economy beset by sluggish growth. (Times of India) Regional  Construction of Gulf Rail Network to begin in late 2014 – World Bank's Resident Advisor to GCC Secretariat Ramiz Al Assar said that the construction of the $15.5bn rail network linking six Gulf Arab states will begin by late 2014. An overseeing authority for this project has been set up. He said that detailed engineering & design (DED) work will be completed by early 2014. (Reuters)  GS: OPEC crude production to decline in 2013 due to Libya disruptions – Goldman Sachs Group (GS) said that the crude production of the Organization of Petroleum Exporting Countries (OPEC) will decline in 2013 higher than its previous estimates due to renewed disruptions in Libya. GS expects OPEC’s output in 2013 to decline by 760,000 barrels per day (bpd) over 2012, as compared to its previous projection of an annual loss of 570,000 bpd. The supply reduction will keep Brent futures well supported at $110 per barrel despite accumulating oil inventories amid weaker-than-expected fuel demand. (Bloomberg)  Bahri receives new vessel from Hyundai MIPO – The National Shipping Company of Saudi Arabia (Bahri) has received its new vessel “Bahri Jazan”, which is specialized ship to carry general cargo. Built by Hyundai MIPO in South Korea, the ship has a capacity of 26,000 deadweight tonnage (DWT). This is the fourth vessel delivered among the six ordered by Bahri in 2011 for a total value of SR1.5bn. The financial impact of this delivered vessel will materialize in 4Q2013. Bahri expects the remaining two general cargo vessels to be delivered during 1H2014. (Tadawul)  SVCP’s BoD recommends SR22.5mn dividends – Saudi Vitrified Clay Pipe Company’s (SVCP) board of directors has recommended the distribution of dividends worth SR22.5mn (SR1.5 per share). SVCP’s shareholders who are registered with the Securities Depository Center as on October 31, 2013 will be eligible for this dividend. (Tadawul)  SSPC wins two contacts from Saudi Aramco – The Saudi Steel Pipe Company (SSPC) has won two pipe production contracts from Saudi Aramco, which are to be completed by 2H2014. The first contract includes the supply of oil country tubular goods steel pipes worth SR168mn, while the second contract is for supplying induction bending worth SR6mn. These pipes will be produced at SSPC’s factories in Dammam Second Industrial City and the raw material will be supplied by the Saudi Iron & Steel Company. The financial impact will be positive for these contracts during the 4Q2014 and 1Q2015. (Tadawul)  Saudi Hollandi gets shareholder nod for capital-boosting sukuk – Saudi Hollandi Bank has received approval from shareholders to issue an Islamic bond for boosting its capital. (Reuters)  UAE Central Bank caps mortgages to cool property market – The Central Bank of the UAE has capped the size of mortgages that banks can offer to avoid a repeat of a property bubble that caused values to plummet after 2008. Foreigners can borrow 75% of the value of their first home, which has to be worth AED5mn or less, while UAE nationals can get 80% of the Page 4 of 6
  5. 5. value of their first home. The central bank has also capped the limit for homes that are worth more than AED5mn at 65% for foreign nationals and 70% for UAE nationals. The regulator capped mortgages for second homes and investment properties at 60% of the value regardless of the price. (Bloomberg)  DIA’s passenger traffic rises 13.1% in September – According to the figures released by the Dubai Airports Company (DAC), passenger traffic at Dubai International Airport (DIA) in September 2013 rose 13.1% YoY to 5.4mn. Further, the traffic surged 16% YoY to 49.3mn passengers for the nine months ended on September 30, 2013. Aircraft movements totaled 30,746 in September, indicating a rise of 10.2% YoY. Meanwhile, the passengers per aircraft movement stood at 193. The September figures also showed that the air freight volumes rose 1.8% YoY at 196,823 tons, while the cargo traffic during the first nine months totaled at 1.78mn tons, up 6.6% YoY. (GulfBase.com)  Emirates NBD seeks acquisition targets in Turkey – Emirates NBD’s CEO Rick Pudner said the bank is seeking acquisition targets in Turkey as the lender scouts for opportunities beyond its home market. Emirates NBD plans 20% of its revenues to come from overseas markets over the next five years. (Reuters)  DSI’s German unit wins two water treatment projects in Romania, Turkey – Germany-based Passavant Roediger, a wholly-owned subsidiary of Drake & Scull International (DSI), has obtained two major water treatment projects worth AED152mn in Romania and Turkey. Passavant Roediger will undertake engineering, procurement, construction & commissioning works for the extension and modernization of waste water treatment plants in Campina and Plopeni in Romania. The company will also undertake the development of an activated sludge plant with chemical removal and anaerobic stabilization capabilities in Adiyaman, Turkey. (DFM)  GEMS plans to raise $500mn from debut sale of perpetual Islamic bonds – Global Education Management Systems (GEMS) is planning to raise $500mn from the debut sale of perpetual Islamic bonds to fund its expansion and tap demand for Shari’ah-compliant assets. Morgan Stanley, Abu Dhabi Islamic Bank and Credit Suisse Group will help GEMS to manage the sale of these bonds, which have no maturity date. The company will begin meetings with fixed-income investors this week. (Bloomberg)  Air Arabia to begin flights to China in 2014 – Air Arabia’s CEO Adel Abdullah Ali said that the airline will begin flights from Sharjah to several cities in China in 2014. (Bloomberg)  NBAD reports AED1bn net profit in 3Q2013 – The National Bank of Abu Dhabi (NBAD) has reported a net profit of AED1bn in 3Q2013, reflecting a fall of 8% YoY. EPS stood at AED0.8 for the nine months ended on September 30, 2013 as compared to AED0.7 for the nine months ended on September 30, 2012. The bank’s net interest income rose by 5.1% YoY to AED1.6bn. Total assets at the end of September 2013 stood at AED345.1bn, reflecting a YTD increase of 14.8%. Loan & advances rose by 10.9% YTD to AED182.5bn, while customer deposits were up 20.6% YTD to AED229.5bn. (ADX)  Finance House reports AED80.2mn net profit for 9M2013 – The Finance House (FH) has reported a consolidated net profit of AED80.2mn for the nine months ended on September 30, 2013, indicating an increase of 10.4% YoY. FH’s net interest income for this period stood at AED92.7mn. Net loans & advances rose by 5.2% YoY to AED1.4bn, while customer deposits were up 16% YoY to AED1.89bn. (ADX)  ADNOC likely to skip term diesel exports in 2014 – According to sources, the Abu Dhabi National Oil Company (ADNOC) is likely skip its term diesel exports in 2014 for a second consecutive year. ADNOC could instead make offers in the spot market since domestic demand is taking up most of its available diesel supply. (Reuters)  Aldar eyes rentals, smaller projects post-merger – Aldar Properties’ Chief Development Officer Gurjit Singh said the company will focus on rental income and smaller projects instead of large developments in order to avoid the risk of becoming overstretched again. Gurjit Singh said the postmerger firm will focus more on earning income from malls, hotels and other rental properties which it owns, along with building small phased developments. He said the company is looking at a larger and more expansionary recurring income theme. (Reuters)  Abu Dhabi hotel guest numbers grow by 14% YoY during 9M2013 – According to the data released by Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi), the Emirate has seen hotel guest numbers grow by 14% YoY during JanuarySeptember 2013. Abu Dhabi has attracted 2mn guests during January-September and 226,002 guests in September 2013, indicating an increase of 19% YoY. Hotel revenues rose by 18% YoY to AED3.7bn, while food & beverage income has contributed AED1.5bn during January-September 2013. The data also showed that the revenue per available room (RevPAR) increased 6% YoY to AED285. Meanwhile, the average room rates for January-September declined 2% YoY to AED419. Moreover, the data showed that guest nights stood at 6.2mn, reflecting an increase of 25% YoY, while the average length of stay was up 10% to 3.13 nights, and hotel occupancy rose 8% to 68% from January-September 2013. (Bloomberg)  Oman appoints Bank Muscat to sell 19% stake in Omantel – Oman’s Ministry of Finance has appointed Bank Muscat to arrange a secondary share sale of its 19% stake held in the Oman Telecommunications Company (Omantel). The government is planning to sell this stake to raise around $600mn, which will help boost its non-oil income and fund its rising public expenditure. (Reuters)  TS&RB obtains OMR2.1mn contract from Simplex Infrastructures – The Technical Services & Rock Blasting Company (TS&RB) has obtained a subcontract worth OMR2.1mn from Simplex Infrastructures to undertake drilling & blasting works at Batinah Expressway’s Package 3. This project has to be completed in 24 months from the date of work order. (GulfBase.com)  BBK reports BHD9.3mn net profit in 3Q2013 – The Bank of Bahrain & Kuwait (BBK) has reported a net profit of BHD9.3mn in 3Q2013, indicating 6.4% rise YoY. Net interest income declined 0.4% YoY to BHD16.9mn in 3Q2013. EPS for the nine months ended September 30, 2013 stood at BHD0.037 as compared to BHD0.035 for the corresponding period in 2012. Total assets at the end of September 2013 rose 6.1% YTD to BHD3.3bn. Loans & advances rose by 7.4% YTD to BHD1.6bn, while customer deposits were up 4.3% YTD to BHD2.3bn. (Bahrain Bourse)  Capinnova Investment Bank disinvests from Oasis Mall – Bahrain-based Capinnova Investment Bank has disinvested its investment in the Oasis Mall after earning a total return on invested capital of 37%. (GulfBase.com) Page 5 of 6
  6. 6. Rebased Performance Daily Index Performance 150.0 1.6% 130.0 0.9% 0.8% 115.4 110.0 0.1% 0.1% 0.0% (0.8%) Mar-11 QE Index Oct-11 May-12 Dec-12 S&P Pan Arab Jul-13 S&P GCC Source: Bloomberg Asset/Currency Performance Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance 1,345.05 (0.6) (0.4) (19.7) DJ Industrial 22.53 0.1 (0.1) (25.7) 109.01 (0.5) 1.9 (1.9) 3.56 (1.6) (3.1) 3.9 116.50 (0.1) 1.1 30.2 143.00 (1.8) (1.3) (17.3) Euro 1.37 (0.3) (0.4) 4.2 Yen 98.19 0.5 0.8 13.2 Nikkei GBP 1.60 (0.6) (0.7) (1.3) MSCI EM 1,036.76 CHF 1.11 (0.3) (0.7) 1.8 SHANGHAI SE Composite 2,128.86 AUD 0.95 (1.0) (1.1) (8.8) HANG SENG 22,846.54 USD Index 79.61 0.5 0.5 (0.2) BSE SENSEX RUB 32.07 0.4 0.8 5.1 Bovespa BRL 0.46 (0.2) 0.2 (6.1) Gold/Ounce 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 Oman Aug-10 Bahrain 80.0 (0.7%) (0.8%) (1.1%) Kuwait (1.6%) Qatar 90.0 Saudi Arabia 100.0 Jan-10 0.2% 126.1 120.0 Dubai 139.9 Abu Dhabi 140.0 Source: Bloomberg Close 1D% WTD% YTD% 15,680.35 0.7 0.7 19.7 S&P 500 1,771.95 0.6 0.7 24.2 NASDAQ 100 3,952.34 0.3 0.2 30.9 320.77 0.4 0.2 14.7 DAX 9,022.04 0.5 0.4 18.5 FTSE 100 6,774.73 0.7 0.8 14.9 4,278.09 0.6 0.1 17.5 14,325.98 (0.5) 1.7 37.8 0.2 0.9 (1.7) (0.2) (0.2) (6.2) 0.2 0.7 0.8 20,929.01 1.7 1.2 7.7 54,538.80 (1.0) 0.7 (10.5) 1,491.56 (0.1) (0.0) (2.3) STOXX 600 CAC 40 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 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

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