1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 1.9% to close at 9,356.3. Losses were led by the
Telecoms and Consumer Goods & Services indices, declining 3.5% and 2.5%
respectively. Top losers were Qatar Islamic Insurance and Qatar Meat &
Livestock Co., falling 4.3% and 4.2% respectively. Among the top gainers, Qatar
General Ins. & Rein. Co. rose 10.0%, while Qatar Industrial Mnf. gained 2.7%.
GCC Commentary
Saudi Arabia: The TASI index fell 2.2% to close at 7,663.0. Losses were led
by the Agriculture & Food Industries and Hotel & Tourism indices, declining
3.9% and 3.8% respectively. Arabian Shield Cooperative Insurance Co. fell
6.4%, while Bank AlJazira was down 6.3%.
Dubai: The DFM index declined 3.7% to close at 2,396.8. The Services index
fell 6.3%, while the Transportation index was down 5.6%. Ekttitab Holding Co.
declined 9.2%, while Takaful Emarat was down 7.0%.
Abu Dhabi: The ADX benchmark index fell 2.3% to close at 3,648.3. The Real
Estate index declined 7.4%, while the Energy index was down 3.0%. Nat. Bank
of Umm Al Qaiwain fell 9.9%, while Methaq Takaful Ins. Co. was down 9.3%.
Kuwait: The KSE index declined 2.6% to close at 7,267.8. The Real Estate
index fell 4.5%, while the Technology index was down 2.7%. National Ranges
Co. declined 10.6%, while Investors Holding Group Co. was down 10.0%.
Oman: The MSM index fell 2.8% to close at 6,504.0. Losses were led by the
Banking & Investment and Ind. indices, declining 3.4% and 2.2% respectively.
Al Anwar Holdings fell 8.4%, while Oman Inv. & Fin. Co. was down 8.0%.
Bahrain: The BHB index gained marginally to close at 1,184.9. The
Commercial Banking index rose 0.1%. Ahli United Bank was up 0.7%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Rein. Co. 50.60 10.0 0.7 10.0
Qatar Industrial Manufacturing Co. 50.20 2.7 3.7 (5.5)
Qatar National Cement Co. 103.50 2.4 4.4 (3.3)
Al Khaleej Takaful Group 39.95 2.2 3.5 8.9
Salam International Investment Co. 12.28 0.7 290.1 (3.0)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 20.30 (2.7) 1,164.8 14.0
Al Khalij Commercial Bank 17.90 (3.8) 1,128.8 5.4
Qatar Gas Transport Co. 18.50 (2.3) 689.7 21.2
Masraf Al Rayan 28.25 (1.4) 613.4 14.0
QNB Group 163.90 (2.4) 428.3 25.2
Market Indicators 04 Sep 13 03 Sep 13 %Chg.
Value Traded (QR mn) 343.4 241.7 42.1
Exch. Market Cap. (QR mn) 514,365.8 523,808.5 (1.8)
Volume (mn) 7.4 7.6 (2.5)
Number of Transactions 4,436 4,002 10.8
Companies Traded 39 38 2.6
Market Breadth 5:33 4:32 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,368.03 (1.9) (2.7) 18.2 N/A
All Share Index 2,364.64 (1.7) (2.5) 17.4 12.5
Banks 2,293.38 (1.9) (2.3) 17.7 12.1
Industrials 3,024.68 (0.9) (1.9) 15.1 11.1
Transportation 1,707.55 (2.1) (3.1) 27.4 11.7
Real Estate 1,661.94 (1.8) (3.2) 3.1 12.5
Insurance 2,219.44 1.0 (0.7) 13.0 9.2
Telecoms 1,377.62 (3.5) (4.1) 29.4 14.5
Consumer 5,657.36 (2.5) (3.7) 21.1 23.7
Al Rayan Islamic Index 2,673.77 (1.9) (2.6) 7.5 13.8
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Qatar Gen. Ins. & Rein. Qatar 50.60 10.0 0.7 10.0
Abu Dhabi Nat. Hotels Abu Dhabi 2.45 8.9 441.5 38.4
Comm. Facilities Co. Kuwait 0.30 3.5 40.5 (14.5)
Qatar Industrial Manu. Qatar 50.20 2.7 3.7 (5.5)
Abu Dhabi Nat. Energy Abu Dhabi 1.27 2.4 1,522.7 (6.6)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Aldar Properties Abu Dhabi 2.24 (7.8) 79,483.4 76.4
IFA Hotels & Resorts Kuwait 0.63 (7.4) 0.0 43.2
Abu Dhabi Islamic Bank Abu Dhabi 4.50 (6.8) 586.2 41.5
Dana Gas Abu Dhabi 0.55 (6.8) 15,480.8 22.2
Bank Al Jazira Saudi Arabia 30.00 (6.3) 2,680.5 14.9
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 Insurance Co. 55.50 (4.3) 8.9 (10.5)
Qatar Meat & Livestock Co. 50.30 (4.2) 203.8 (14.5)
Al Khalij Commercial Bank 17.90 (3.8) 1,128.8 5.4
Ooredoo 132.80 (3.8) 84.6 27.7
Gulf Warehousing Co. 39.50 (3.2) 45.9 17.9
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
QNB Group 163.90 (2.4) 70,507.3 25.2
Industries Qatar 150.30 (1.2) 51,488.2 6.6
United Development Co. 20.30 (2.7) 23,670.9 14.0
Al Khalij Commercial Bank 17.90 (3.8) 20,359.4 5.4
Qatar Fuel Co. 272.00 (2.8) 18,098.8 23.6
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* 9,356.32 (1.9) (2.7) (2.7) 11.9 94.30 141,244.8 11.8 1.6 4.9
Dubai 2,396.79 (3.7) (5.0) (5.0) 47.7 188.37 60,912.4 13.9 1.0 3.7
Abu Dhabi 3,648.32 (2.3) (2.3) (2.3) 38.7 73.72 106,124.8 10.4 1.3 4.9
Saudi Arabia 7,662.96 (2.2) (1.3) (1.3) 12.7 1,584.98 406,529.5 16.0 2.0 3.8
Kuwait 7,267.82 (2.6) (4.8) (4.8) 22.5 77.76 106,224.3 17.3 1.1 3.9
Oman 6,504.00 (2.8) (2.8) (2.8) 12.9 37.40 22,852.8 10.7 1.6 4.0
Bahrain 1,184.92 0.0 (0.3) (0.3) 11.2 27.32 21,719.8 8.3 0.8 4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,300
9,350
9,400
9,450
9,500
9,550
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 1.9% to close at 9,356.3. The Telecoms
and Consumer Goods & Services indices led the losses. The
index declined on the back of selling pressure from non-Qatari
shareholders despite buying support from Qatari shareholders.
Qatar Islamic Insurance and Qatar Meat & Livestock Co. were
the top losers, falling 4.3% and 4.2% respectively. Among the
top gainers, Qatar General Ins. & Rein. Co. rose 10.0%, while
Qatar Industrial Manufacturing Co. gained 2.7%.
Volume of shares traded on Wednesday declined by 2.5% to
7.4mn from 7.6mn on Tuesday. Further, as compared to the 30-
day moving average of 8.0mn, volume for the day was 7.6%
lower. United Development Co. and Al Khalij Commercial Bank
were the most active stocks, contributing 15.7% and 15.3% to
the total volume respectively.
Source: Qatar 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
Burgan Bank Moody's Kuwait GLC/ FCDR/ BFSR Ba2/Ba2/D- Ba2/Ba2/E+ #
Stable –
Source: News reports (* LT – Long Term, ST – Short Term, BFSR - Bank Financial Strength Rating, GLC - Global Local Currency, FCDR - Foreign Currency Deposit Rating) (
#
Rating downgrade for BFSR)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/04 US MBA MBA Mortgage Applications 30-August 1.30% – -2.50%
09/04 US US Census Bureau Trade Balance July -$39.1B -$38.6B -$34.5B
09/04 US NAPM ISM New York August 60.5 – 67.8
09/04 US Bloomberg IBD/TIPP Economic Optimism September 46.0 46.0 45.1
09/04 EU Markit PMI Services August 49.8 51.0 51.0
09/04 EU Markit PMI Composite August 50.5 51.7 51.7
09/04 EU Eurostat GDP SA QoQ 2Q2013 0.30% 0.30% 0.30%
09/04 EU Eurostat GDP SA YoY 2Q2013 -0.50% -0.70% -0.70%
09/04 EU Eurostat Govt. Expend QoQ 2Q2013 0.40% 0.30% 0.00%
09/04 EU Eurostat Retail Sales MoM July 0.10% 0.20% -0.70%
09/04 EU Eurostat Retail Sales YoY July -1.30% -0.30% -1.10%
09/04 France INSEE PPI MoM July 0.70% 0.20% -0.20%
09/04 France INSEE PPI YoY July 0.30% -0.20% 0.20%
09/04 France Markit PMI Services August 48.6 47.7 47.7
09/04 Germany Markit PMI Services August 51.3 52.4 52.4
09/04 UK BRC BRC Shop Price Index YoY August -0.50% – -0.50%
09/04 UK Markit PMI Services August 60.5 59.7 60.2
09/04 Italy Markit PMI Services August 48.8 49.9 48.7
09/04 China HSBC HSBC/Markit Services PMI August 52.8 – 51.3
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
Qatar banking sector can meet $100bn projects boom –
According to a report by MEED, Qatar's banking sector, the
fastest growing in the world in the past decade, is ready to rise
to the challenge of financing a $100bn boom in the country’s
projects industry until 2022. (Qatar Tribune)
Hamad Airport to open soon – Qatar Airways CEO Akbar al
Baker said the long-awaited opening of Qatar's new Hamad
International Airport is expected by the end of 2013 or early
2014. (Qatar Tribune)
Qatar, Moldova ink air transport deal – Qatar and the
Republic of Moldova have entered into an air transport
agreement in Doha. According to this agreement, the national
carriers of the two countries would be able to operate unlimited
passenger and cargo flights via any intermediate points in the
two countries. (Peninsula Qatar)
Silah Gulf eyes Saudi-Qatar operations in key push –
Bahrain-based Silah Gulf is seeking to position itself as the
leading customer service solution provider in the GCC region
with new operations lined up in Saudi Arabia and Qatar. Silah
Gulf has recently begun its operations in Kuwait and the UAE,
and expects to start operations in Qatar and Saudi Arabia by
early next year. (Bloomberg)
International
Fed: US economy growing at modest pace – According to the
latest US Federal Reserve report, the US economy has
expanded at a modest-to-moderate pace between early July and
late August. The Beige Book report, which is compiled from
Overall Activity Buy %* Sell %* Net (QR)
Qatari 57.60% 56.60% 3,468,934.92
Non-Qatari 42.39% 43.40% (3,468,934.92)
3. Page 3 of 5
conversations with Fed business contacts, pointed to firming up
of residential real estate activity, which confirms this year's
rebound in the housing market. Updates from several districts
suggested that rising home prices and mortgage interest rates
may have spurred a pickup in the recent market activity, as
many fence sitting investors were prompted to commit to
purchases. (Reuters)
IMF finds emerging economies vulnerable to US tapering –
The IMF said advanced economies led by the US will
increasingly drive global growth, while emerging countries are at
risk of a slowdown due to tighter US monetary policy. The IMF
urged for a strengthened global action to revitalize growth and
better manage risks, warning that some downside risks have
become more prominent. The fund said policy makers should
allow exchange rates to respond to changing fundamentals, but
may need to guard against risks of disorderly adjustment,
including intervention to smoothen excessive volatility. However,
with advanced economies picking up speed, the IMF said it still
expected global growth to accelerate in 2014 over this year,
helped by highly accommodative monetary conditions. (Reuters)
BoJ leaves policy unchanged as Japan makes moderate
recovery – The Bank of Japan (BoJ) has maintained its
unprecedented monetary easing, as signs of strength in the
Japanese economy and price gains point to steady progress in
its effort to end 15 years of deflation. The central bank said it will
expand the monetary base at an annual pace of 60-70tn yen. All
32 economists in a Bloomberg News survey forecast a similar
outcome. The BoJ raised its assessment of the economy, saying
a moderate recovery is underway. (Bloomberg)
Spain to revise 2014 growth projections upward – Spain’s
Economy Minister Luis de Guindos said the country’s
government is revising its growth target for 2014 upward due to
an export-led recovery after a prolonged recession. He said the
government is slightly revising the 2014 growth forecast up from
the current 0.5% projection. De Guindos added that Spain would
start creating jobs on a sustained basis in the second or third
quarter next year, and that unemployment figures at the end of
2013 would be better than the forecasted 27.1%. He said that
Spain's current account was expected to show a surplus of
about 2% of its GDP this year. (Reuters)
Regional
IATA: Middle East airlines lead global passenger, capacity
growth – According to the International Air Transport
Association’s (IATA) figures, carriers in the Middle East continue
to experience the strongest rates of YoY increase in terms of
passenger traffic and capacity in July 2013. IATA’s data showed
that international revenue per kilometer for the Middle Eastern
carriers was up 7.8% YoY in July, higher than the international
average of 5.1%. However, it was down from 12.1% recorded in
June, which was partly due to the Ramadan season. Although
the region has witnessed strong growth in international travel so
far this year (11.9% YTD), capacity has been increasing at a
faster pace (12.6% YTD). As a result, international load factors
for Middle Eastern carriers have averaged at 77.8%, which is
below the industry average of 79.2%. (Gulf-Times.com)
SABIC to shut its cracker in Netherlands for maintenance –
Saudi Basic Industries Corporation (SABIC) is preparing to shut
one of the two crackers at its Netherlands plant for maintenance
in September 2013. The Olefins 4 cracker at SABIC's Geleen
plant will be closed for six weeks from September 15 for routine
maintenance work as well as a planned $178mn upgrade. This
upgrade will reduce the cracker's energy consumption by 8%
and increase its production by 2%. (GulfBase.com)
Almarai picks banks for hybrid sukuk sale – Almarai
Company has mandated banks including Banque Saudi Fransi,
BNP Paribas, HSBC Saudi Arabia and Standard Chartered to
arrange for a sale of its SR1.7bn sukuk. The mandated banks
will hold investor meetings over the next two weeks. The issue
will have a perpetual maturity. The offering, part of a SR15.7bn
five-year capital funding program, will be denominated in Saudi
riyals and sold to investors residing in Saudi Arabia.
(Bloomberg)
Alhokair to open 250 retail stores – Saudi-based retailer
Fawaz Abdulaziz Alhokair & Company (Alhokair) is planning to
expand its operations by opening around 250 new stores in
Saudi Arabia and abroad in FY2013. Out of the proposed 250
stores, around 170 will be in Saudi market. (Reuters)
DDF chooses banks for $750mn loan – Dubai Duty Free
(DDF) has picked three banks to arrange a $750mn loan to fund
the company's expansion at Dubai International Airport and
improve its capital structure. The loan facility (with no lifespan)
will be arranged by Abu Dhabi Commercial Bank, Emirates NBD
and Standard Chartered Bank. The new loan would be priced at
225 basis points (bps) above LIBOR. This is 25bps within the
revised pricing on the dollar tranche of the previous loan.
(GulfBase.com)
UAB appoints new retail banking head – The United Arab
Bank (UAB) has appointed Tony Graham as the new Head of
Retail Banking with immediate effect. Tony Graham earlier
headed the retail banking businesses for HSBC Middle East in
Qatar and Lebanon as well as HSBC Canada’s Head of Contact
Centre. (GulfBase.com)
ADPC awards AED2.5mn contract to develop Delma Port –
The Abu Dhabi Ports Company (ADPC) has awarded a contract
worth AED2.5mn to US-based Parsons Corporation for the
development of Delma Port in the western region of the Emirate.
(Bloomberg)
Caparol Group wins AED3bn paint contract from BIDC –
Germany-based Caparol Group has obtained a contract worth
AED3bn from Baniyas Investment & Development Company
(BIDC) to provide interior & exterior paints for the Bawabat Al
Sharq project on Yas Island in Abu Dhabi. This project includes
residential, commercial, retail & entertainment buildings,
educational facilities, a medical centre, health club & sporting,
community and recreational areas. It also includes a fully-
fledged mall including 339 high-end retail outlets covering
70,000 square meters. (AME Info)
Etihad increases flights to Kathmandu – Etihad Airways has
increased flights to Kathmandu in Nepal from seven flights per
week to two daily flights, which will start from November 1, 2013.
The new service will be operated on A320 aircraft. (AME Info)
KUFPEC seeks acquisitions in Southeast Asia – Kuwait
Foreign Petroleum Exploration Company’s (KUFPEC) CEO
Sheikh Nawaf Saud Al-Sabah said the company seeks to
acquire companies in Southeast Asia to meet its output targets.
The company is also planning to increase its reserves to 650mn
barrels by 2020 from just under 400mn barrels. (Bloomberg)
GIH appoints new head for wealth management business –
Gulf Investment House (GIH) has appointed Raul Biancardi as
the Executive Vice President to head its Asset & Wealth
Management businesses. He brings around 25 years of
experience to GIH, where he will lead the asset & wealth
management businesses. Raul Biancardi has served as the top
executive for several international financial institutions including
NCB Capital, Lehman Brothers, Deutsche Bank, and Morgan
Stanley. (GulfBase.com)
4. Page 4 of 5
Al Madina Insurance to issue IPO in November – The Al
Madina Real Estate Company’s (Al Madina) CEO Abdul
Rahman Awadh Barham said that Al Madina Insurance
Company (AMGI) is planning to float an initial public offering
(IPO) in the range of OMR6.5mn-7mn in November 2013. This
issue will be a premium issue, which is an attempt to change its
status to a Sharia’ah-compliant Takaful firm. The promoters of
AMGI will disinvest 40% of their holding in the company in favor
of investing public through this IPO. He further said that Tilal
Development, a group firm of Al Madina, is also planning to
come out with an IPO. These shares will be floated after the
AMGI’s IPO is issued. (GulfBase.com)
AHEC subsidiary obtains $6.75mn EPC contract – Al Hassan
Engineering Company’s (AHEC) Abu Dhabi subsidiary has
obtained an EPC work contract worth $6.75mn from Abu Dhabi
Gas Industries (GASCO) for Ruwais – surge drum protection
and battery limit ESD valves at train 1&2 at Abu Dhabi. This
EPC work is expected to be completed by May 2015 and the
company expects reasonable income from this project. (MSM)
CBB’s monthly T-bills oversubscribed by 203% – The
Central Bank of Bahrain’s (CBB) this month’s issue of BHD30mn
treasury bills has been oversubscribed by 203%. These bills
carry a maturity of 182 days, which will mature on March 9,
2014. The weighted average rate of interest is 0.93% as
compared to 0.80% for the previous issue in August 2013.
(GulfBase.com)
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
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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
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&PPan Arab S&P GCC
(2.2%)
(1.9%)
(2.6%)
0.0%
(2.8%)
(2.3%)
(3.7%)
(4.5%)
(3.5%)
(2.5%)
(1.5%)
(0.5%)
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,391.63 (1.5) (0.3) (16.9) DJ Industrial 14,930.87 0.7 0.8 13.9
Silver/Ounce 23.49 (3.2) (0.1) (22.6) S&P 500 1,653.08 0.8 1.2 15.9
Crude Oil (Brent)/Barrel (FM
Future)
114.91 (0.7) 0.8 3.4 NASDAQ 100 3,649.04 1.0 1.6 20.8
Natural Gas (Henry
Hub)/MMBtu
3.68 1.1 3.2 7.4 STOXX 600 302.34 0.2 1.7 8.1
North American Spot LPG
Propane Price
118.13 (0.7) 0.7 32.0 DAX 8,195.92 0.2 1.1 7.7
North American Spot LPG
Normal Butane Price
139.38 (1.0) (0.8) (19.4) FTSE 100 6,474.74 0.1 1.0 9.8
Euro 1.32 0.3 (0.1) 0.1 CAC 40 3,980.42 0.2 1.2 9.3
Yen 99.74 0.2 1.6 15.0 Nikkei 14,053.87 0.5 5.0 35.2
GBP 1.56 0.4 0.8 (3.9) MSCI EM 937.79 0.4 0.9 (11.1)
CHF 1.07 0.1 (0.6) (2.1) SHANGHAI SE Composite 2,127.62 0.2 1.4 (6.2)
AUD 0.92 1.2 3.1 (11.7) HANG SENG 22,326.22 (0.3) 2.7 (1.5)
USD Index 82.17 (0.2) 0.1 3.0 BSE SENSEX 18,567.55 1.8 (0.3) (4.4)
RUB 33.32 (0.6) 0.1 9.1 Bovespa 51,716.16 0.2 3.4 (15.2)
BRL 0.42 0.1 1.0 (13.1) RTS 1,298.53 0.4 0.6 (15.0)
134.4
120.6
109.0