1. QE Intra-Day Movement
Market Indicators
10,850
10,800
10,750
Market Indices
10,700
10,650
9:30
06 Jan 14
770.4
570,202.0
17.0
7,248
41
28:9
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 1.1% to close at 10,784.5. Gains were led by the Insurance
and Telecoms indices, gaining 4.1% and 1.4% respectively. Top gainers were
Qatar Insurance Co. and Qatari Investors Group, rising 5.3% and 4.5%
respectively. Among the top losers, Qatar National Cement Co. fell 2.2%, while
Qatar Islamic Insurance declined 1.0%.
05 Jan 14
503.8
566,143.7
13.0
6,120
40
26:11
%Chg.
52.9
0.7
30.6
18.4
2.5
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
15,408.56
2,671.73
2,519.01
3,613.83
1,923.49
2,038.15
2,483.98
1,487.42
6,088.14
3,174.82
1.1
1.0
0.8
0.6
0.7
1.3
4.1
1.4
0.9
0.7
2.3
1.9
1.9
1.3
2.1
1.8
5.5
2.6
1.0
2.2
3.9
3.3
3.1
3.2
3.5
4.4
6.3
2.3
2.4
4.6
N/A
13.5
13.5
13.1
13.0
14.0
10.2
20.2
23.1
16.5
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Saudi Arabia: The TASI index fell 0.3% to close at 8,611.8. Losses were led
by the Petrochem. Industries and Multi-Inv. indices, declining 1.2% and 1.1%
respectively. SAICO fell 3.2%, while Saudi Int. Petrochem. was down 3.0%.
Sharjah Islamic Bank
Abu Dhabi
1.90
11.1
17,693.0
23.4
Nat. Bank of Abu Dhabi
Abu Dhabi
15.00
5.3
1,118.2
7.9
Dubai: The DFM index declined 1.1% to close at 3,428.1. The Investment &
Financial Ser. index fell 2.2%, while the Services index was down 1.6%. Nat.
Industries Group declined 10.0%, while Gulf Navigation was down 6.9%.
Qatar Insurance Co.
Qatar
72.10
5.3
169.7
8.4
Qatari Investors Group
Qatar
55.20
4.5
1,751.4
26.3
Abu Dhabi: The ADX benchmark index rose 1.6% to close at 4,456.0. The
Banking index gained 2.8%, while the Telecomm. index was up 0.4%. Fujairah
Building Ind. rose 13.3%, while Sharjah Islamic Bank was up 11.1%.
First Gulf Bank
Abu Dhabi
20.00
4.4
1,604.1
6.4
GCC Top Losers
Exchange
#
Kuwait: The KSE index gained 0.7% to close at 7,607.7. The Technology
index rose 2.6%, while the Health Care index was up 1.9%. Kuwait & Middle
East Financial Inv. gained 7.8%, while Al Mudon Int. Real Estate was up 6.6%.
Nat. Marine Dredging
Abu Dhabi
Saudi Int. Petrochem.
Oman: The MSM index rose 0.5% to close at 6,931.9. Gains were led by the
Financial and Industrial indices, gaining 0.5% each. United Finance rose 4.0%,
while Voltamp Energy was up 2.9%.
Bahrain: The BHB index gained 0.1% to close at 1,250.0. The Industrial index
rose 1.9%, while the Services index was up 0.1%. Aluminum Bahrain gained
1.9%, while BMMI was up 1.2%.
Qatar Insurance Co.
Close*
1D%
Vol. ‘000
YTD%
72.10
Qatar Exchange Top Gainers
5.3
169.7
8.4
##
Close
Vol. ‘000
1D% Vol. ‘000
YTD%
YTD%
8.31
(7.7)
12.5
(3.4)
Saudi Arabia
31.80
(3.0)
267.3
0.0
Nat. Petrochemical Co.
Saudi Arabia
26.30
(2.6)
1,488.5
2.7
Saudi Kayan Petro.
Saudi Arabia
15.60
(2.5)
15,120.8
(0.6)
Arabtec Holding Co.
Dubai
2.88
(2.4)
38,017.0
0.3
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 National Cement Co.
117.90
(2.2)
21.6
(0.9)
Qatar Islamic Insurance
57.00
(1.0)
75.6
(1.6)
Qatari Investors Group
55.20
4.5
1,751.4
26.3
Al Ahli Bank
59.40
4.2
0.5
8.0
Masraf Al Rayan
33.45
(0.6)
1,427.5
6.9
Qatar General Ins. & Rein. Co.
49.45
3.5
6.9
3.2
Al Khaleej Takaful Group
38.20
(0.5)
7.8
4.7
Widam Food Co.
53.30
3.3
445.9
3.1
Industries Qatar
171.00
(0.3)
348.8
1.2
Qatar Exchange Top Val. Trades
YTD%
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
Barwa Real Estate Co.
31.55
2.3
4,064.7
5.9
Barwa Real Estate Co.
31.55
2.3
127,669.5
5.9
Qatari Investors Group
55.20
4.5
1,751.4
26.3
Qatari Investors Group
55.20
4.5
99,091.9
26.3
Masraf Al Rayan
33.45
(0.6)
1,427.5
6.9
Industries Qatar
171.00
(0.3)
59,638.6
1.2
Vodafone Qatar
10.90
0.0
1,215.4
1.8
Commercial Bank of Qatar
72.80
2.1
53,946.4
2.8
Qatar Gas Transport Co.
20.70
1.0
1,060.6
2.2
Masraf Al Rayan
33.45
(0.6)
48,189.1
6.9
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Close
1D%
WTD%
MTD%
YTD%
10,784.49
3,428.06
4,456.00
8,611.81
7,607.71
6,931.91
1,250.03
1.1
(1.1)
1.6
(0.3)
0.7
0.5
0.1
2.3
(1.3)
2.2
(0.1)
0.8
0.6
0.2
3.9
1.7
3.9
0.9
0.8
1.4
0.1
3.9
1.7
3.9
0.9
0.8
1.4
0.1
Exch. Val. Traded
($ mn)
211.57
218.39
283.62
1,666.33
125.37
23.23
0.41
Exchange Mkt.
Cap. ($ mn)
156,577.5
71,369.2
122,725.2
470,876.3
109,250.4
24,890.0
50,316.6
P/E**
P/B**
13.8
20.2
12.4
17.5
16.9
10.9
8.1
1.9
1.4
1.5
2.2
1.2
1.6
0.9
Dividend
Yield
4.2
2.6
4.0
3.4
3.7
3.7
3.9
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 6

2. Qatar Market Commentary
 The QE index rose 1.1% to close at 10,784.5. The Insurance and
Telecoms indices led the gains. The index rose on the back of
buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Qatar Insurance Co. and Qatari Investors Group were the top
gainers, rising 5.3% and 4.5% respectively. Among the top
losers, Qatar National Cement Co. fell 2.2%, while Qatar Islamic
Insurance declined 1.0%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
63.98%
79.33%
(118,266,590.27)
Non-Qatari
36.01%
20.67%
118,266,590.27
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Monday rose by 30.6% to 17.0mn
from 13.0mn on Sunday. Further, as compared to the 30-day
moving average of 12.7mn, volume for the day was 33.9%
higher. Barwa Real Estate Co. and Qatari Investors Group were
the most active stocks, contributing 23.9% and 10.3% to the total
volume respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
Agency
Market
Type*
Fitch
Saudi
Arabia
Proposed domestic
sukuk#
Saudi Electricity Co.
(SEC)
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
–
AA-(EXP)
–
–
–
Source: News reports (* LT – Long Term, ST – Short Term) (#Expected Rating Assigned)
Earnings Releases
Company
Market
Saudi Arabia
Yanbu Cement Co.
Currency
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
–
–
158.0
-26.5%
162.0
-20.2%
SR
Source: Company data, Tadawul
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
01/06
US
Institute for Supply Mgmt
ISM Non-Manuf. Composite
December
53.0
54.7
53.9
01/06
US
US Census Bureau
Factory Orders
November
1.80%
1.70%
-0.50%
01/06
EU
Markit
PMI Composite
December
52.1
52.1
51.7
01/06
EU
Markit
PMI Services
December
51.0
51.0
51.2
01/06
EU
Sentix Behavioral Ind.
Sentix Investor Confidence
January
11.9
9.5
8.0
01/06
France
Markit
PMI Services
December
47.8
47.4
48.0
01/06
Germany
Markit
PMI Services
December
53.5
54.0
48.0
01/06
Germany
German Federal Stat.
CPI MoM
December
0.40%
0.40%
0.20%
01/06
Germany
German Federal Stat.
CPI YoY
December
1.40%
1.40%
1.30%
01/06
Germany
German Federal Stat.
CPI EU Harmonized MoM
December
0.50%
0.70%
0.20%
01/06
Germany
German Federal Stat.
CPI EU Harmonized YoY
December
1.20%
1.40%
1.60%
01/06
UK
Markit
PMI Services
December
58.8
60.3
60.0
01/06
Italy
Markit
PMI Services
December
47.9
48.5
47.2
01/06
China
Markit
HSBC/Markit Services PMI
December
50.9
–
52.5
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 ABCC: Qatar second largest Arab fertilizer supplier to Brazil
– Qatar supplied fertilizers worth QR1.18bn to Brazil in the first
nine months of 2013, making the country the second largest
supplier to the South American country. According to the ArabBrazilian Chamber of Commerce (ABCC), the Brazilian market
spent over $1.6bn to buy fertilizers from Arab countries during
9M2013, reflecting a 41.07% increase over 9M2012. ABCC
named Morocco as the top supplier of fertilizers to Brazil with a
spending of QR3.4bn during 9M2013. (Gulf-Times.com)
 ictQATAR issues guidelines for telecom operators – The
telecom regulatory authority ictQATAR under the Ministry of
Information & Communications Technology has issued a new
set of guidelines for telecom service providers in the country.
These guidelines cover advertising, sales and information
transparency under the Telecommunications Consumer
Protection Policy. (Gulf-Times.com)
 DOHI receives approval from QCB, MEC to increase its
capital – Doha Insurance Company’s (DOHI) Chairman Sheikh
Nawaf Bin Nasser Bin Khaled Al Thani announced that the
company has received the written approval from both QCB and
MEC to increase its capital. DOHI can now raise its capital from
QR257.4mn to QR500.0mn by issuing 24,260,000 new shares
to its shareholders through a rights issue offered at QR18 per
share, QR10 being par value and a premium of QR8. The
company is currently in the process of arranging to convene the
next EGM on February 17, 2014 to seek shareholders’ approval
for the capital increase. Al Thani said this step comes as part of
Page 2 of 6

3. DOHI’s vision to increase financial solvency and further improve
its credit rating, which would enable the company to compete for
mega projects both locally and internationally. (QE)
 MPHC clarifies on beneficiary shares under Emiri grant –
Mesaieed Petrochemical Holding Company (MPHC) gave a
clarification to address certain ambiguities regarding shares
provided to beneficiaries under the Emiri grant for the
underprivileged. MPHC stated that 100% of the shares as part
of the Emiri grant of 750 shares shall be blocked. The statement
said shares of minors who are not beneficiaries of the Emiri
grant to the less fortunate, whose subscriptions are made on
their behalf by their parents or legal guardians will be as follows:
50% of the shares subscribed for on behalf of such minors in the
IPO shall be blocked until the minor is of legal age. Once the
minor is of legal age, he/she is entitled to deal with those
blocked shares. As for the remaining 50% of the shares held by
a minor, the minor's guardian is entitled to deal with these
shares on the first day of MPHC's listing. The statement noted
that if a minor is still under 18 years on the date on which he/she
receives shares under MPHC's Incentive Shares program, such
shares shall be blocked until the minor attains the age of 18.
(Qatar Tribune)
 CMC to build biggest mall for Bani Hajer – The Central
Municipal Council’s (CMC) member Mohammad bin Saleh Al
Khayarin said the biggest mall in the country called the Qatar
Mall will be built in Bani Hajer as part of a development plan.
The project includes building a shopping center that houses
several shops and commercial centers. A tower will also come
up as part of this project that will cater to the residents of Bani
Hajer, Gharrafat Al Rayyan and Rawdat Khail, among other
areas. Al Khayarin added that a part of the project is to build a
highway to connect the north of Bani Hajer to Gharrafat Al
Rayyan and other areas including Al Refa and Al Shahaniyya
streets. (Peninsula Qatar)
 VFQS opens store at Al Meera Lagoon Mall – Vodafone Qatar
(VFQS) has opened its 22nd store in Qatar. The new store
located at Al Meera Lagoon Mall will benefit residents in Al
Qutaifah and the nearby areas. (Gulf-Times.com)
International
 Osborne: Britain faces more cuts and austerity – The UK’s
Chancellor of the Exchequer George Osborne has warned about
cuts worth another £25bn after the next election, targeting
housing benefit for the better-off and under-25s, before free
television licenses and bus passes for pensioners also face the
chop. He said he expected the bulk of the savings to come from
welfare, as it would be odd to leave this enormous budget
untouched. (Gulf-Times.com)
 Yellen confirmed by US Senate to become Fed Chairman –
Janet Yellen has obtained the US Senate confirmation to
become the 15th chairman of the Federal Reserve and the first
woman to head the central bank in its 100-year history. Yellen
will replace Ben S. Bernanke, whose second term as chairman
expires January 31, 2014. (Bloomberg)
 Bundesbank’s Lautenschlaeger nears appointment to
ECB’s board – Bundesbank Vice President Sabine
Lautenschlaeger’s appointment to the European Central Bank
Executive Board will be fast-tracked after no Euro-Area country
challenged Germany’s claim to the seat. Dutch Finance Minister
Jeroen Dijsselbloem said European Union finance chiefs are set
to endorse Lautenschlaeger’s candidacy, after Euro-Area
ministers signed off. Lautenschlaeger will replace Joerg
Asmussen, who quit last month for a job in the German Labor
Ministry. (Bloomberg)
 HSBC: Emerging markets' output growth slows in
December – Business activity in emerging markets expanded at
a lower rate in December, hit particularly by a slowdown in the
service sector. The composite HSBC emerging markets index of
manufacturing and services purchasing managers' surveys fell
to 51.6 in December from 52.1 in November. But the index
remained firmly above the 50 threshold which denotes
expansion. Among the BRIC emerging markets - Brazil, Russia,
India and China - Brazil continued to post the strongest
optimism about output growth this year, but those levels of
optimism have fallen in the past two months. HSBC pointed to
buoyant manufacturing output levels in Taiwan, the United Arab
Emirates and Saudi Arabia, however. High-deficit countries such
as Brazil, India and Indonesia, in contrast, have been hit by the
US Federal Reserve's plans to wind down its monetary stimulus.
(ET)
 China’s Cabinet imposes new rules in shadow banking fight
– According to sources, China’s Cabinet imposed new controls
on the multi-trillion-dollar shadow-banking industry with an order
that targets off-the-books loans and shores up enforcement of
current rules. The rules include a ban on transactions designed
to avoid regulations, such as moving interbank loans off balance
sheets to reduce reported levels of lending. Such operations are
part of shadow finance, a term that describes lending outside
the banking system. In a separate step to reform the system, the
bank regulator said it will let as many as five privately owned
lenders start operating this year. (Bloomberg)
 Flaherty: Canada may see big surplus with weak dollar –
Canada’s Finance Minister Jim Flaherty said the country may
post a bigger budget surplus than forecast in the FY2015-16 and
its manufacturers will be aided by a currency that the central
bank head says may weaken. The finance department projected
in November a budget gap of 17.9bn Canadian dollar for the
fiscal year that started April 1, narrowing to 5.5bn Canadian
dollar next year and swinging to a 3.7bn Canadian dollar surplus
the following year. Flaherty also said recent weakness in the
Canadian dollar was good for the country’s factories, and that
Bank of Canada Governor Stephen Poloz had told him and his
provincial counterparts that they may see more currency
depreciation. (Bloomberg)
Regional
 Saudi PMI hits 3-month high as output growth accelerates –
According to the SABB HSBC Saudi Arabia Purchasing
Managers’ Index (PMI) for December 2013, the headline PMI
rose from 57.1 in November to 58.7 in December, signaling a
steady improvement in operating conditions in the Kingdom’s
non-oil producing private sector. The latest improvement was
the best in three months. December’s data signals a sharp rise
in activity among non-oil producing private sector firms, with the
pace of expansion reaching the highest in eight months. Exactly
29% of panelists reported output growth, while only 5%
indicated a decline. (Bloomberg)
 Kingdom introduces unemployment insurance – The Saudi
Government said that it will introduce compulsory
unemployment insurance in 2014 for all citizens without jobs.
The Kingdom has been trying to push more of its citizens into
work to tackle long-term unemployment that officials see as
unsustainable in light of high population growth and uncertainty
over future oil revenue. The unemployment insurance has been
introduced to make it more attractive for young Saudis to seek
jobs in private companies, where the starting salary and other
benefits are less generous than in government jobs. While the
official unemployment rate is around 12%, economists say only
Page 3 of 6

4. 30-40% of working age adults participate in the labor force.
(Gulf-Times.com)
 SEC awards $1mn contract to Instant Upright – Instant
Upright has secured a contract from the Saudi Electricity
Company (SEC)/PEMCO for two quick erect boiler systems to
be used in the Ghazlan power plant. The $1mn deal marks the
first time a quick erect boiler system has been commissioned in
the Middle East and Ghazlan will be a reference site. Located on
the coast of the Arabian Gulf, 80km north of Damman, Ghazlan
is an oil-fired power plant with eight power-generating units and
a total capacity of 3200MW. SEC plans to spend $80bn over the
next 10 years to meet Saudi Arabia's rising demand for
electricity. (GulfBase.com)
 Petro Rabigh ships first cargo export from King Abdullah
Port – Rabigh Refining & Petrochemical Company (Petro
Rabigh) has exported the first shipment of petrochemical
products from King Abdullah Port, located in King Abdullah
Economic City, Rabigh. The cargo consisting of 54 containers of
polymer material was shipped on board a carrier heading to
Singapore. (GulfBase.com)
 GE keen to invest in Saudi power projects – GE has
reiterated its support for Saudi Arabia’s plans to enhance power
generation to meet the growing needs of industrial, commercial
and domestic consumers. GE’s Power Generation, Products &
Services Sales, Middle East CEO Mohammed Mohaisen said
the company is eager to increase its support for Saudi Arabia's
efforts to boost the share of renewable energy in electricity
generation. Further, Mohaisen said Saudi Arabia represents one
of the largest markets in the globe for GE, which has 800
employees in the power and water business to support the
Saudi-based fleet operating out of the three cities — Riyadh,
Dammam and Jeddah. (GulfBase.com)
 AAH’s realty investment crosses SR500mn in 2013 –
Abdulaziz Alsaghyir Holding (AAH) has announced that the
company’s investments in the real estate sector for 2013
exceeded SR500mn. The investment deals concluded by the
company last year were mainly concentrated in three major
countries – Saudi Arabia, the US and the UK. (GulfBase.com)
 UAE’s December PMI slows, but output growth at 32-month
high – According to a survey of purchasing managers, growth in
the overall business activity in the UAE’ non-oil private sector
slowed slightly in December, but output expanded at the fastest
rate in 32 months. The HSBC UAE Purchasing Managers’
Index, measuring the performance of both manufacturing and
services, declined to 57.4 points last month from 58.1 in
November, which was the highest level since the survey was
launched in 2009. However, the output growth climbed to 60.1
points in December, the highest since April 2011. Around 23%
of 400 firms responding to the survey said they have boosted
their output. (Gulf-Times.com)
 Dubai non-oil trade reaches AED1tn in 3Q2013 – According
to the data released by the Dubai Customs, Dubai's non-oil
foreign trade crossed the AED1tn milestone during the first nine
months in 2013. The Emirate’s trade reached AED1tn at the end
of 3Q2013 as compared to AED918bn for the same period in
2012. This growth was the result of rising imports that reached
AED610bn during the period, as compared to AED546bn in the
same period last year. In addition, exports and re-exports rose
to AED399bn as compared to AED372bn earlier. (Bloomberg)
 Gulf Navigation’s shareholders approve continuation of
firm’s business; reduction of its capital – Gulf Navigation
Holding’s shareholders have approved that the company will
continue its business as a going concern and will not be
dissolved. The shareholders also approved the board’s proposal
to reduce its capital by way of writing off the accumulated losses
in the amount of AED1.1bn, to become AED551.7mn after
reduction. The shareholders approved the proposal of selling the
two VLCC's Gulf Sheba and Gulf Eyadah. They also approved
the proposal to increase the company's capital through the
issuance of convertible bonds into shares up to $130mn. (DFM)
 Oasis expects 20% increase in sales during 2014 DSF –
Oasis Centre – a part of the Landmark Group – expects its sales
to increase by almost 20% during this year’s Dubai Shopping
Festival (DSF), which runs from January 2 to February 2, 2014.
DSF has drawn over 47mn visitors since its launch in 1996 and
has generated around AED114bn for Dubai’s economy.
According to a recent study by Dubai Events & Promotion
Establishment, the shopping festival contributed AED14.7bn to
the Emirate’s economy in 2012. (GulfBase.com)
 Nakheel expects 15% growth in 2013 – According to the
Nakheel’s Chairman Ali Rashid Lootah, the company expects
around 15% growth in its annual profits for 2013. The Dubaibased property developer declared AED2bn in profits for 2012
and is likely to earn more than AED2.3bn for 2013. Strong
recovery in the Dubai real estate market helped the developer to
earn significant profit growth in the recent quarters. The
company posted 58% YoY growth in profit for the first nine
months of 2013 and it may declare AED530mn earnings for
4Q2013. Meanwhile, the company is developing four hotels with
1,200 rooms that will come on stream in 2014. (GulfBase.com)
 Department of Finance appoints Customs DG – The Crown
Prince of Abu Dhabi General Shaikh Mohamed bin Zayed Al
Nahyan has issued a declaration appointing Mohammed Khalifa
Al Fahad Al Muhairi as the Director General of Customs at the
Department of Finance. (GulfBase.com)
 Etihad achieves double-digit growth in 2013 – The UAE’s
national carrier Etihad Airways has achieved double-digit
growth, the highest ever passenger and cargo volumes in 2013.
Nearly 12 million people flew with Etihad in 2013, an increase of
16% over 10.3mn in 2012. Bangkok was the airline’s busiest
route, with a total of 742,759 passengers flying to Thailand’s
capital city, up 7% YoY. Manila was the second busiest route,
followed by London, Jeddah and Paris. About 73% of the
16.4mn passengers, who travelled through the Abu Dhabi
airport in 2013, were carried by Etihad. The airline also reported
an increase of 32% in cargo volumes, as compared to 2012,
having flown 486,753 tons of freight, which accounted for 89%
of cargo trade at Abu Dhabi airport last year. (GulfBase.com)
 Kuwaiti PM reshuffles cabinet – The Kuwaiti Prime Minister
Sheikh Jaber Mubarak Al Sabah reshuffled his five-month old
cabinet by replacing seven members and raising the number of
Islamists to four. The new cabinet line-up includes a new Oil
Minister, Ali Al Omair, who is a senior member of the Islamist
Salaf Alliance. He replaces Mustafa Al Shamali, who served in
the post for just five months after serving several years as
finance minister earlier. Similarly, the Commerce & Industry
Minister Anas Al Saleh has been moved to the finance portfolio
to replace Sheikh Salem Abdulaziz Al Sabah, the former chief of
the central bank after just five months in office. (Peninsula
Qatar)
 Oman posts 0.5% inflation in November 2013 – According to
the National Statistics & Data Centre, the inflation rate in Oman
stood at 0.5% in November 2013 as compared to 2.7% in
November 2012, rose 0.3% as compare to October 2013. The
foodstuff group’s prices rose the highest by 2.9% in November
2013, followed by the education services group (9.9%), the
house rental, electricity, water & fuel group (1.2%), transport &
Page 4 of 6

5. communication group (0.5%), and ready to wear, textile & shoes
group (1.3%). On the contrary, the personal commodities and
other services declined by 13.2%, while the culture and
recreational services group prices also fell by 0.6%. Oman’s
November 2013 inflation rate was the lowest in the GCC region.
The inflation rate recorded in Bahrain stood at 3.6%, followed by
Saudi Arabia (3.1%), Qatar (2.8%), Kuwait (2.6%), and the UAE
(1.4%) when compared to November 2012. (GulfBase.com)
 Sohar Poultry appoints GM – Dr. Vidyasagar Kanthapp
Ajalady Punja has been appointed as the General Manager of
Sohar Poultry Company effective from January 8, 2014. (MSM)
 MZEC awards contract to ONEIC – Mazoon Electricity
Company (MZEC) has awarded the Oman National Engineering
& Investment Company (ONEIC) a contract for the construction
of a 33/11 KV substation at Firq-Nizwa at a capital expenditure
of OMR1.05mn. (MSM)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
136.6
123.8
1.1%
1.3%
0.7%
0.6%
0.5%
0.1%
0.0%
(0.6%)
(0.3%)
(1.3%)
S&P Pan Arab
Dec-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
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*
Euro
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,238.07
0.1
0.1
2.7
DJ Industrial
16,425.10
(0.3)
(0.3)
(0.9)
20.19
0.1
0.1
3.7
S&P 500
1,826.77
(0.3)
(0.3)
(1.2)
106.73
(0.1)
(0.1)
(3.7)
NASDAQ 100
4,113.68
(0.4)
(0.4)
(1.5)
4.50
3.7
3.7
3.6
326.98
(0.2)
(0.2)
(0.4)
124.00
0.8
0.8
(2.0)
DAX
9,428.00
(0.1)
(0.1)
(1.3)
136.25
0.0
0.0
0.4
FTSE 100
6,730.73
0.0
0.0
(0.3)
STOXX 600
1.36
0.3
0.3
(0.8)
CAC 40
104.22
(0.6)
(0.6)
(1.0)
Nikkei
GBP
1.64
(0.1)
(0.1)
(0.9)
MSCI EM
CHF
1.11
0.1
0.1
(1.2)
SHANGHAI SE Composite
AUD
0.90
0.2
0.2
0.6
USD Index
80.65
(0.2)
(0.2)
RUB
33.23
0.1
0.1
BRL
0.42
0.2
0.2
(0.6)
Yen
Dubai
May-13
Oman
Oct-12
Abu Dhabi
QE Index
Mar-12
Bahrain
Aug-11
Kuwait
Jan-11
(1.1%)
Qatar
(1.9%)
Saudi Arabia
Jun-10
1.6%
1.9%
155.0
4,227.54
(0.5)
(0.5)
(1.6)
15,908.88
(2.3)
(2.3)
(2.3)
972.42
(0.7)
(0.7)
(3.0)
2,045.71
(1.8)
(1.8)
(3.3)
HANG SENG
22,684.15
(0.6)
(0.6)
(2.7)
0.8
BSE SENSEX
20,787.30
(0.3)
(0.3)
(1.8)
1.1
Bovespa
50,973.62
(0.0)
(0.0)
(1.0)
1,388.28
(3.8)
(3.8)
(3.8)
Source: Bloomberg (*Market closed)
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
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