1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 2.4% to close at 13,221.3. Losses were led by the
Banking & Financial Services and Telecoms indices, declining 3.1% and 2.8%
respectively. Top losers were Qatar Islamic Bank and Qatar National Cement
Co., falling 7.6% and 4.7% respectively. Among the top gainers, Gulf
Warehousing Co. and Qatar & Oman Investment Co. rose 1.1% each.
GCC Commentary
Saudi Arabia: The TASI index fell 0.3% to close at 9,838.9. The Telecom. &
Info. Tech. index declined 1.6%, while Real Est. Dev. index was down 0.8%.
National Agr. Marketing Co. fell 9.9%, while Sagr Insurance was down 3.3%.
Dubai: The DFM index declined 1.5% to close at 5,072.9. The Real Estate &
Const. index fell 2.8%, while the Investment & Fin. Services index was down
2.5%. Oman Insurance Co. declined 9.9%, while Ajman Bank was down 6.8%.
Abu Dhabi: The ADX benchmark index fell 1.4% to close at 5064.0. The
Industrial index declined 3.2%, while the Real Estate index was down 2.7%.
Arkan Building Materials fell 9.3%, while Int. Fish Farming Co. was down 6.6%.
Kuwait: The KSE index fell marginally to close at 7,368.4. The Consumer
Goods index declined 0.6%, while the Basic Material index was down 0.4%.
Hilal Cement fell 13.4%, while Flex Resorts & Real Estate was down 9.1%.
Oman: The MSM index rose 0.6% to close at 6,951.6. Gains were led by the
Financial index rising 1.0%, while other indices ended in red. Al Batinah Dev.
Inv. Holding gained 9.4%, while Bank Dhofar was up 3.3%.
Bahrain: The BHB index gained marginally to close at 1,458.5. The Services
index rose 0.7%, while the Investment index was up 0.1%. United Gulf
Investment Corporation gained 5.6%, while Nass Corporation was up 2.3%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf Warehousing Co. 54.80 1.1 6.9 32.0
Qatar & Oman Investment Co. 14.88 1.1 1,206.2 18.8
Mannai Corp. 116.40 0.9 186.6 29.5
Mazaya Qatar Real Estate Dev. 19.29 0.4 1,960.1 72.5
Al Meera Consumer Goods Co. 183.50 0.2 28.2 37.7
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 20.89 (3.7) 5,528.7 95.1
Masraf Al Rayan 59.40 (3.4) 5,259.2 89.8
Salam International Investment Co. 15.02 (1.2) 3,613.7 15.4
Barwa Real Estate Co. 42.00 (1.1) 3,123.7 40.9
Mazaya Qatar Real Estate Dev. 19.29 0.4 1,960.1 72.5
Market Indicators 03 Jun 14 02 Jun 14 %Chg.
Value Traded (QR mn) 1,689.8 1,706.9 (1.0)
Exch. Market Cap. (QR mn) 717,304.7 732,162.4 (2.0)
Volume (mn) 35.6 39.1 (8.9)
Number of Transactions 13,842 13,125 5.5
Companies Traded 42 41 2.4
Market Breadth 6:34 17:20 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,715.80 (2.4) (3.5) 32.9 N/A
All Share Index 3,319.46 (2.2) (3.0) 28.3 15.9
Banks 3,197.72 (3.1) (5.3) 30.9 15.9
Industrials 4,375.82 (1.9) (2.5) 25.0 17.0
Transportation 2,289.61 (0.9) 4.1 23.2 14.7
Real Estate 2,788.97 (0.7) (1.9) 42.8 14.0
Insurance 3,287.48 (0.7) (2.1) 40.7 8.6
Telecoms 1,851.62 (2.8) (0.4) 27.4 25.5
Consumer 6,648.28 (0.4) (0.7) 11.8 26.1
Al Rayan Islamic Index 4,444.48 (2.1) (4.2) 46.4 19.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Dana Gas Abu Dhabi 0.88 4.8 310,609.1 (3.3)
Bank Dhofar Muscat 0.38 3.3 1,061.1 15.3
City Cement Co Saudi Arabia 30.46 3.1 1,984.6 32.7
Saudi Public Transport Saudi Arabia 34.16 2.9 5,407.5 26.1
Agility Kuwait 0.87 2.4 1,912.9 26.1
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Qatar Islamic Bank Qatar 97.00 (7.6) 1,334.5 40.6
Ajman Bank Dubai 3.17 (6.8) 273.4 27.8
Qatar Nat. Cement Co. Qatar 136.30 (4.7) 60.4 14.5
Vodafone Qatar Qatar 20.89 (3.7) 5,528.7 95.1
Masraf Al Rayan Qatar 59.40 (3.4) 5,259.2 89.8
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 Islamic Bank 97.00 (7.6) 1,334.5 40.6
Qatar National Cement Co. 136.30 (4.7) 60.4 14.5
Vodafone Qatar 20.89 (3.7) 5,528.7 95.1
Masraf Al Rayan 59.40 (3.4) 5,259.2 89.8
Qatar Electricity & Water Co. 191.90 (3.2) 539.6 16.0
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 59.40 (3.4) 309,307.9 89.8
Qatar Islamic Bank 97.00 (7.6) 132,355.5 40.6
Barwa Real Estate Co. 42.00 (1.1) 129,704.1 40.9
Vodafone Qatar 20.89 (3.7) 114,688.0 95.1
QNB Group 178.30 (2.6) 114,215.3 3.7
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* 13,221.29 (2.4) (3.5) (3.5) 27.4 464.15 197,043.6 16.5 2.2 3.8
Dubai 5,072.92 (1.5) (0.3) (0.3) 50.5 448.12 95,268.3 20.4 2.0 2.1
Abu Dhabi 5,063.96 (1.4) (3.6) (3.6) 18.0 268.72 141,142.6 15.0 1.9 3.4
Saudi Arabia 9,838.86 (0.3) 0.2 0.2 15.3 2,636.66 531,354.3 20.1 2.5 2.9
Kuwait 7,368.40 (0.0) 1.1 1.1 (2.4) 70.26 115,105.6 15.3 1.2 3.8
Oman 6,951.59 0.6 1.4 1.4 1.7 31.60 25,223.0 12.8 1.7 3.8
Bahrain 1,458.47 0.0 (0.1) (0.1) 16.8 3.66 53,896.0 10.5 1.0 4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
13,000
13,100
13,200
13,300
13,400
13,500
13,600
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QE index declined 2.4% to close at 13,221.3. The Banking &
Fin. Services and Telecoms indices led the losses. The index fell
on the back of selling pressure from Qatari shareholders despite
buying support from non-Qatari shareholders.
 Qatar Islamic Bank and Qatar National Cement Co. were the top
losers, falling 7.6% and 4.7% respectively. Among the top
gainers, Gulf Warehousing Co. and Qatar & Oman Investment
Co. rose 1.1% each.
 Volume of shares traded on Tuesday fell by 8.9% to 35.6mn
from 39.1mn on Monday. However, as compared to the 30-day
moving average of 29.1mn, volume for the day was 22.3%
higher. Vodafone Qatar and Masraf Al Rayan were the most
active stocks, contributing 15.5% and 14.8% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Gulf Bank Moody’s Kuwait LTDR/BFSR/ ST
Baa2/D-/
Prime-2
Baa1/D/
Prime-2  Positive –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, LTDR – Long Term Deposit Rating, BFSR – Bank Financial Strength Rating, IFS & CCR – Insurer Financial Strength & Counterparty Credit Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/03 US Bloomberg IBD/TIPP Economic Optimism June 47.7 47.0 45.8
06/03 EU Eurostat Unemployment Rate April 11.70% 11.80% 11.80%
06/03 EU Eurostat CPI Estimate YoY May 0.50% 0.60% 0.70%
06/03 EU Eurostat CPI Core YoY May 0.70% 0.80% 1.00%
06/03 UK NBS Nationwide House PX MoM May 0.70% 0.60% 1.20%
06/03 UK NBS Nationwide House Px NSA YoY May 11.10% 10.90% 10.90%
06/03 UK Markit Markit/CIPS UK Construction PMI May 60.0 61.0 60.8
06/03 Spain Spanish Labor Ministry Unemployment MoM Net ('000s) May -111.9 -112.5 -111.6
06/03 Italy ISTAT Unemployment Rate April 12.60% 12.80% 12.60%
06/03 Italy ISTAT Unemployment Rate Quarterly 1Q2014 12.70% 12.70% 12.50%
06/03 China CFLP Non-manufacturing PMI May 55.5 – 54.8
06/03 China Markit HSBC China Manufacturing PMI May 49.4 49.7 49.4
06/03 Japan Bank of Japan Monetary Base YoY May 45.60% – 48.50%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QCB auctions T-bills worth QR4bn – The Qatar Central Bank
(QCB) auctioned treasury bills worth QR4bn on June 3, 2014,
for which it received bids totaling QR12.665bn. T-bills worth
QR2bn with a maturity period of three months were auctioned at
a yield of 0.68%. T-bills with six-month maturity worth QR1bn
were sold at 0.85% yield, while T-bills with nine-month maturity
worth QR1bn were auctioned at 0.90% yield. (QCB)
 BRES achieves 100% bookings for Dara project – Barwa
Real Estate Company (BRES) announced that it has
accomplished 100% bookings of all the units of its ‘Dara’ project
in Lusail. The project, which started reservations at the ongoing
‘Cityscape Qatar 2014’ exhibition, managed to lure
buyers/investors, who booked units that vary from one to three-
bedrooms and penthouses. BRES also announced the signing
of an agreement with Waseef, its property management arm, for
the Barwa Al Baraha project, the upcoming workers city in the
Industrial Area. (Peninsula Qatar)
 UDCD bags two awards at Cityscape 2014 – The United
Development Company (UDCD) emerged as the star performer
in Cityscape Qatar 2014 Awards. The company won the
Commercial & Mixed Use Project Award and the Residence
Project Award for The Pearl Qatar. Meanwhile, the Leisure &
Tourism Project Award Panorama was given to First Qatar Real
Estate Development Company for the Panorama Hilton
Residence. (Peninsula Qatar)
 QR5bn luxury lifestyle project at Lusail by 3Q2017 – Four
prominent Qatari investors are supporting a QR5bn mixed-used
development project ‘Place Vendôme’ in the upcoming Lusail
City, which is expected to be inaugurated by 3Q2017. Project
Director Sean Kelly stated that the project was being developed
by United Developers, and is led by local investors with
expertise in retail, real estate, construction and contracting.
Situated 11km from the centre of Doha, the mixed-use
development will host two 5-star hotels, serviced apartments,
around 400 retail outlets, a central entertainment component,
showcasing permanent attractions and technologically-
advanced installations. (Gulf-Times.com)
 Moody's withdraws QREIC’s Baa2 rating – Moody's Investors
Service has withdrawn its Baa2 issuer rating for Qatar Real
Estate Investment Company (QREIC) for business reasons.
Overall Activity Buy %* Sell %* Net (QR)
Qatari 56.14% 61.06% (83,050,190.14)
Non-Qatari 43.85% 38.94% 83,050,190.14

3. Page 3 of 5
QREIC provides housing and related facilities in industrial cities
under long-term contracts to Qatar's hydrocarbon sector.
Earnings are predominantly generated from long-term rental
contracts with government and quasi-government tenants.
QREIC is 100% directly owned by Barwa Real Estate Company
and 45% indirectly owned by Qatari Diar. (Moody’s)
International
 US factory orders, auto sales buoy growth outlook – The US
Commerce Department has reported that new orders for US-
made factory goods increased 0.7%, for a third straight month in
April 2014 and automakers reported robust vehicle sales in May,
boosting the outlook for the second-quarter economic growth.
March’s order data was also revised upward at 1.5% advance,
which had previously been reported as 0.9%. Surprisingly,
strong domestic sales from automakers in May bolstered the
upbeat view on the factory sector and suggested that
manufacturing was poised for further growth. According to
research firm Autodata, automotive sales surged 11.4% from a
year earlier to a seasonally adjusted annual 16.77mn units, the
strongest pace since February 2007. Unfilled orders recorded
their largest gain since November, indicating factories will be
busy in the months ahead. (Reuters)
 ECB poised to act on disappearing Eurozone inflation –
Inflation in the Eurozone fell unexpectedly in May 2014, sealing
the case for the European Central Bank (ECB) to act this week
with a bunch of measures to stimulate the economy and keep it
from the clutches of deflation. The EU's statistics office Eurostat
said that annual consumer inflation in the 18 countries sharing
the euro fell to 0.5% in May from 0.7% in April. Economists
polled by Reuters had expected inflation to remain steady. The
weak May inflation reading, which was the lowest level since
November 2009, bolsters the case for action and will undermine
any resistance by hawkish members of the Governing Council.
Another Eurostat data showed that the bloc's unemployment
dipped marginally to 11.7% in April from 11.8%, but still near the
record high of 12% registered a year ago. Around 18.75mn
people are without jobs in the Eurozone –76,000 less than in
March. (Reuters)
 WB approves first Russia investment since crisis – The
World Bank (WB) approved an investment in Russia for the first
time since President Vladimir Putin annexed Crimea, overriding
opposition from Canada and lack of support from the US. WB
spokeswoman Serene Jweied said that the International
Finance Corp., the lender’s private-sector arm, approved parts
of a €250mn package, enabling French grocery retailer Groupe
Auchan to expand in Russia, Vietnam and other emerging
markets. The deal thrusts the Washington-based lender into the
debate over how to use economic sanctions to punish Russia for
its actions in Ukraine. The WB’s planned investment – its first in
Russia since February – forced countries that have slapped
sanctions on Putin’s inner circle to consider withholding
development aid as part of their toolkit of penalties. (Bloomberg)
 Barclays to start cutting jobs in investment banking –
Barclays Plc, the UK’s second-biggest lender by assets, will
start cutting hundreds of jobs across its investment bank this
week. About 100 jobs will go in Asia, and reductions will also be
made at Barclays’s markets and investment-banking units in
London and New York. These eliminations are part of the 7,000
jobs CEO Antony Jenkins said the bank will cut by 2016.
Jenkins is trying to revive profitability by cutting costs and
targeting fewer clients amid a decline in income from trading
fixed income, currencies and commodities – traditionally
Barclays’s biggest source of revenue. The reductions follow a
series of senior departures from the bank including Robert
Morrice, Asia-Pacific Chairman and CEO, Hugh McGee, CEO of
the Americas division, and Larry Wieseneck, Co-head of
securities. (Bloomberg)
 Moody's lowers ratings for Citigroup's Banamex over
alleged fraud – Moody's lowered its baseline credit and local
currency ratings for Citigroup’s Mexican banking unit Banamex,
while warning that Banamex's standalone bank financial-
strength rating could be next, as the institution faces
investigations into bad loans given to an oil-services company.
Moody’s said that Banamex's baseline rating was cut one notch,
to Baa2, which implies moderate credit risk, to take into account
uncertainty stemming from a number of ongoing investigations
by federal and financial authorities both in Mexico and the US,
as well as Citigroup's and Banamex's internal reviews. (WSJ)
Regional
 PineBridge raises $140mn for GCC real estate fund – A US-
based asset management company, PineBridge Investments
has raised $140mn for a Shari’ah-compliant fund that would
invest in income-producing real estate assets in GCC countries.
PineBridge’s Middle East's fund will acquire existing real estate
assets that generate stable returns, with a focus on the logistics,
social infrastructure and community retail sectors. (Reuters)
 SHB appoints HR head – Saudi Hollandi Bank (SHB) has
appointed May bint Mohammed Al-Hoshan as the GM for the
organization’s HR department. Al-Hoshan was previously head
of human capital management at NCB Capital. (GulfBase.com)
 JLL: Lending licenses to boost Saudi real estate market –
According to Jones Lang LaSalle’s (JLL) 1Q2014 Riyadh and
Jeddah Real Estate Overview report, an increase in lending to
real estate end-users will contribute to raised levels of credit and
confidence in the country. Major Saudi cities are forecast to see
strong demand for both residential and commercial real estate
as local banks look to improve access to property lending.
(GulfBase.com)
 ICD, Saudi firms sign investment deal – The Islamic
Corporation for the Development of the Private Sector (ICD) and
the Saudi-Egyptian Business Council have signed a MoU for
cooperation between ICD and the Saudi companies willing to
invest in Egypt. The MoU will serve as a framework for future
cooperation on supporting Saudi companies and agricultural
projects in Egypt. (GulfBase.com)
 UAE-IAA signs MoU with Hawkamah – The UAE Internal
Audit Association (UAE-IAA) has signed a MoU with Hawkamah
Institute For Corporate Governance, to improve corporate
governance practices among public and private sector entities in
the UAE, GCC and the MENA region. The MoU will highlight
Hawkamah and UAE-IAA’s collaboration on increasing
awareness about the role of internal auditors in enhancing
corporate governance practices and collaborating on developing
globally integrated frameworks to be implemented by companies
in the region. (GulfBase.com)
 Dubai auto parts trade records AED40bn in 2013 – According
to Dubai Customs’ statistics, automotive spare parts trade in
Dubai grew 8% to AED40bn during 2013 as compared to
AED37bn in 2012. The growth reflects 4% rise of imports to
AED23bn and a 13% upswing in exports and re-exports to
AED17bn. (GulfBase.com)
 FlyDubai, NATS sign MoU – Flydubai has signed a MoU with
UK-based air traffic service provider, NATS to examine how
flydubai’s operations can benefit from the extensive operations
and global air traffic management knowledge of NATS. The
agreement will aim to deliver measurable improvements in the

4. Page 4 of 5
safety, capacity and efficiency of flydubai’s flights, in addition to
enhancing the airline’s productivity and growth capabilities,
which are part of flydubai’s seven focal pillars of program
improvement. (Bloomberg)
 Tabreed wins AED6bn MSA contract from UAEAF – The
National Central Cooling Company (Tabreed) has renewed its
master services agreement (MSA) worth AED6bn with the
United Arab Emirates Armed Forces (UAEAF). Under the new
agreement, Tabreed will continue to supply the UAEAF’s
existing and prospective facilities with district cooling services
for the next 20 years. Additionally, new projects are currently
under discussion between Tabreed and the UAEAF. (DFM)
 Etihad expands codeshare deal with Jet Airways – Etihad
Airways has announced a major expansion of its codeshare
agreement with India-based Jet Airways, offering travelers
enhanced connections across India, and linking India with many
more destinations worldwide. The two airlines have obtained
regulatory approval for codeshare on 43 additional routes,
bringing the total number of services in their codeshare
agreement to 71. (GulfBase.com)
 NBAD, Celer Technologies to develop e-commerce
applications – The National Bank of Abu Dhabi (NBAD) has
partnered with UK-based Celer Technologies to develop global
market e-commerce applications to offer its global clients a
range of electronic trading capabilities. This agreement will
enhance NBAD’s existing electronic platform NBADiTrade and
allow its clients greater access to regional products, including
foreign exchange, money market deposits, fixed income and
NBAD research capabilities. (GulfBase.com)
 ADT, Borouge sign packaging services contract – Abu Dhabi
Terminals (ADT) has been awarded a contract by Borouge to
design, construct and operate a packaging facility for Borouge’s
export products at Khalifa Port. ADT and Borouge have a long-
term relationship with Khalifa Port receiving the first shipment of
polyethylene for export from Borouge in October 2012, which
was only one month after the port was launched. The new
packaging facilities and services in Port Khalifa will give
Borouge more flexibility to better serve its customers.
(GulfBase.com)
 SCAD: Abu Dhabi economy grew 5.2% in 2013 – According
to Statistics Centre–Abu Dhabi (SCAD), the Emirate’s economy
expanded an inflation adjusted 5.2% in 2013, which is a much
slower rate than the estimated by the government but still higher
than 4.8% in 2012. The contribution of the hydrocarbon sector to
Abu Dhabi's GDP edged down to 51.4% in 2013 from 52.4% in
2013. SCAD figures were much lower than an estimate in
February by the emirate's Department of Economic
Development, which said real GDP grew 7.4% last year
compared with 5.6% in 2012. (GulfBase.com)
 TDIC secures financing to repay $2bn bonds in 2014 – Abu
Dhabi-based Tourism Development & Investment Company
(TDIC) has secured financing to repay $2bn in maturing bonds
in 2014. TDIC, which is building iconic museums such as the
Louvre and Guggenheim in Abu Dhabi, has a $1bn conventional
bond repayable on July 2, 2014 and a $1bn sukuk due for
payment in October 2014. TDIC has begun negotiations to sell
some of its assets at a price of $338mn, which includes a five-
star hotel, residential apartments, villas and a retail district as
well as a beach plot. The financing enables TDIC to extend the
duration of its debt considerably, while capitalizing on financing
rates that are near historic lows. (Reuters)
 TCA: visitors to Abu Dhabi up 29% in April 2014 – According
to Abu Dhabi Tourism & Culture Authority (TCA), Abu Dhabi's
153 hotels and hotel apartments have continued their upward
momentum in attracting guests. The figures show that 304,637
people checked into the Emirate’s accommodation during April
2014, a 29% rise as compared to April 2013. Guest nights
increased 26% to 933,809 with occupancy levels rising 10% to
79% and revenues climbing 23% to AED577mn. (GulfBase.com)
 Burgan Bank arranges $190mn facility for UASC – Burgan
Bank's Corporate Banking Group has successfully completed a
bilateral finance deal with the United Arab Shipping Company
(UASC). The bank will provide UASC with a loan worth $190mn
to finance the acquisition of two 14,000 TEU vessels from
UASC's new building order of 17 vessels. (GulfBase.com)
 Renaissance to invest OMR100mn in Duqm PAC project –
Renaissance Services will invest OMR100mn in the Duqm
Permanent Accommodation for Contractors (PAC) project, to
establish permanent accommodation facilities for contractors in
the Duqm Special Economic Zone (DSEZ). It will house over
16,000 people, principally blue-collar workforce, along with
accommodation for supervisors and managers. (GulfBase.com)

5. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 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
190.0
200.0
210.0
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
(0.3%)
(2.4%)
(0.0%)
0.0%
0.6%
(1.4%) (1.5%)
(3.2%)
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,244.97 0.1 (0.4) 3.3 DJ Industrial 16,722.34 (0.1) 0.0 0.9
Silver/Ounce 18.81 0.3 (0.0) (3.4) S&P 500 1,924.24 (0.0) 0.0 4.1
Crude Oil (Brent)/Barrel (FM
Future)
108.82 (0.0) (0.5) (1.8) NASDAQ 100 4,234.08 (0.1) (0.2) 1.4
Natural Gas (Henry
Hub)/MMBtu
4.59 1.5 2.4 5.7 STOXX 600 343.48 (0.5) (0.2) 4.6
LPG Propane (Arab Gulf)/Ton 103.75 0.5 (0.7) (18.0) DAX 9,919.74 (0.3) (0.2) 3.8
LPG Butane (Arab Gulf)/Ton 123.13 0.7 (0.1) (9.3) FTSE 100 6,836.30 (0.4) (0.1) 1.3
Euro 1.36 0.2 (0.1) (0.8) CAC 40 4,503.69 (0.3) (0.4) 4.8
Yen 102.51 0.1 0.7 (2.7) Nikkei 15,034.25 0.7 2.7 (7.7)
GBP 1.67 0.0 (0.0) 1.2 MSCI EM 1,035.95 0.6 0.8 3.3
CHF 1.12 0.3 (0.1) (0.4) SHANGHAI SE Composite 2,038.31 (0.0) (0.0) (3.7)
AUD 0.93 0.2 (0.5) 3.9 HANG SENG 23,291.04 0.9 0.9 (0.1)
USD Index 80.55 (0.1) 0.2 0.6 BSE SENSEX 24,858.59 0.7 2.6 17.4
RUB 35.06 0.4 0.5 6.7 Bovespa 52,032.38 0.8 1.5 1.0
BRL 0.44 (0.2) (1.7) 3.7 RTS 1,324.03 0.1 2.2 (8.2)
190.0
155.5
141.2