1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.2% to close at 12,961.6. Gains were led by the Insurance
and Banking & Financial Services indices, gaining 1.8% and 0.6% respectively.
Top gainers were Ezdan Holding Group and Doha Bank, rising 10.0% and
5.9% respectively. Among the top losers, Al Khalij Commercial Bank fell 8.4%,
while United Development Co. declined 3.3%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.6% to close at 9,546.3. Losses were led
by Tele. & Info. and Hot. & Tou. indices, falling 1.9% and 1.7% respectively.
Saudi Paper Man. fell 4.3%, while United Wire Factories was down 3.9%.
Dubai: The DFM index gained 2.3% to close at 5,135.0. The Real Estate &
Construction index rose 4.1%, while the Banking index was up 1.7%. Dubai
National Ins. & Reins. Co. gained 11.1%, while Arabtec Holding was up 10.7%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 5,211.9. The
Consumer index gained 2.6%, while Banking index was up 1.5%. Commercial
Bank International rose 9.5%, while Al Wathba National Ins. Co. was up 8.9%.
Kuwait: The KSE index fell 0.4% to close at 7,453.6. The Consumer Goods
index declined 1.3%, while the Tele. index was down 0.9%. Kuwait Gypsum
Manu. & Trad. fell 26.1%, while Kuwait Build. Materials Manu. was down 8.6%.
Oman: The MSM index declined 0.5% to close at 6,781.2. Losses were led by
the Financial and Industrial indices, falling 0.7% and 0.2% respectively.
Bank Muscat declined 2.0%, while Takaful Oman Insurance was down 1.9%.
Bahrain: The BHB index gained 0.1% to close at 1,398.7. The Commercial
Banking index rose 0.8%, while other indices remained unchanged or ended in
red. Ithmaar Bank gained 6.3%, while Bahrain Islamic Bank was up 4.7%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 45.75 10.0 815.2 169.1
Doha Bank 67.70 5.9 1,344.6 16.3
Medicare Group 86.50 5.1 721.5 64.8
Qatar Cinema & Film Distribution 42.50 4.7 3.3 6.0
Dlala' Brokerage & Inv. Holding Co 32.15 3.4 1,389.2 45.5
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 18.20 (2.9) 4,173.4 69.9
Qatar Gas Transport Co. 24.18 (0.5) 3,885.2 19.4
Barwa Real Estate Co. 39.00 (0.6) 3,668.6 30.9
United Development Co. 24.05 (3.3) 3,031.1 11.7
Mazaya Qatar Real Estate Dev. 21.50 (1.6) 2,494.5 92.3
Market Indicators 23 Apr 14 22 Apr 14 %Chg.
Value Traded (QR mn) 1,454.0 1,881.1 (22.7)
Exch. Market Cap. (QR mn) 782,474.4 770,268.3 1.6
Volume (mn) 35.8 56.9 (37.2)
Number of Transactions 14,409 18,755 (23.2)
Companies Traded 42 41 2.4
Market Breadth 17:23 32:9 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,328.48 0.2 3.3 30.3 N/A
All Share Index 3,332.69 0.1 2.9 28.8 16.0
Banks 3,195.73 0.6 3.7 30.8 15.9
Industrials 4,406.92 (0.4) 1.2 25.9 16.2
Transportation 2,386.41 0.4 6.0 28.4 15.7
Real Estate 2,612.66 (1.3) 6.0 33.8 16.7
Insurance 3,366.58 1.8 3.4 44.1 8.9
Telecoms 1,740.59 (0.6) 1.7 19.7 24.7
Consumer 7,541.63 0.2 0.3 26.8 30.5
Al Rayan Islamic Index 4,280.07 (0.3) 4.4 41.0 19.5
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 8.71 10.7 150307.1 203.5
Ezdan Holding Group Qatar 45.75 10.0 815.2 169.1
Saudi Printing & Pack. Saudi Arabia 27.75 7.2 5620.4 16.4
Ithmaar Bank Bahrain 0.17 6.3 58.0 (26.1)
Doha Bank Qatar 67.70 5.9 1344.6 16.3
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Al Khalij Com. Bank Qatar 23.69 (8.4) 1417.8 18.5
Nat Mar. Dredging Co. Abu Dhabi 9.00 (7.9) 2.3 4.7
Com. Facilities Co. Kuwait 0.28 (6.7) 70.1 1.8
Salhia Real Estate Co Kuwait 0.37 (3.9) 15.0 (8.8)
Saudi Enaya Coop. Ins. Saudi Arabia 43.50 (3.6) 2717.1 7.9
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%
Al Khalij Commercial Bank 23.69 (8.4) 1,417.8 18.5
United Development Co. 24.05 (3.3) 3,031.1 11.7
Qatari Investors Group 66.90 (3.0) 304.9 53.1
Al Ahli Bank 52.40 (3.0) 10.2 23.8
Vodafone Qatar 18.20 (2.9) 4,173.4 69.9
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 39.00 (0.6) 144,948.6 30.9
Qatar Gas Transport Co. 24.18 (0.5) 95,035.5 19.4
Doha Bank 67.70 5.9 89,011.6 16.3
Vodafone Qatar 18.20 (2.9) 77,303.2 69.9
Masraf Al Rayan 49.75 (0.4) 76,496.1 58.9
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 12,961.56 0.2 3.3 11.4 24.9 399.39 214,867.5 16.3 2.1 3.9
Dubai 5,134.95 2.3 7.8 15.4 52.4 1,027.83 99,076.7 21.8 1.9 1.9
Abu Dhabi 5,211.89 0.4 1.1 6.5 21.5 268.4 135,960.3 15.8 1.9 3.3
Saudi Arabia 9,546.27 (0.6) 0.2 0.8 11.8 3,254.26 516,811.4 19.8 2.5 2.9
Kuwait 7,453.61 (0.4) 0.0 (1.6) (1.3) 112.87 116,325.6 16.9 1.2 4.0
Oman 6,781.22 (0.5) (0.9) (1.1) (0.8) 21.20 24,402.3 11.7 1.6 3.9
Bahrain 1,398.69 0.1 0.7 3.1 12.0 0.99 53,000.6 9.8 0.9 4.9
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,860
12,880
12,900
12,920
12,940
12,960
12,980
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 rose 0.2% to close at 12,961.6. The Insurance and
Banking & Financial Services indices led the gains. The index
rose on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
 Ezdan Holding Group and Doha Bank were the top gainers,
rising 10.0% and 5.9% respectively. Among the top losers, Al
Khalij Commercial Bank fell 8.4%, while United Development Co.
declined 3.3%.
 Volume of shares traded on Wednesday fell by 37.2% to 35.8mn
from 56.9mn on Tuesday. However, as compared to the 30-day
moving average of 25.8mn, volume for the day was 38.7%
higher. Vodafone Qatar and Qatar Gas Transport Co. were the
most active stocks, contributing 11.7% and 10.9% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Dubai Financial Market
(DFM)
Dubai AED 255.6 NA – – 215.1 696.7%
Al Madina for Finance &
Investment Co.*
Dubai KD 7.7 -2.7% – – -8.2 NA
Kuwait Oil Company(KOC)* Kuwait KD – – – – 1,130.0 NA
Port Services Corporation
(PSC)
Oman OMR 6.6 2.9% – – 1.9 15.8%
Oman Refreshment
Company (ORC)
Oman OMR 15.4 1.6% – – 1.6 -1.1%
Seef Properties Bahrain BHD 3.1 2.9% 2.9 6.1% 1.6 5.3%
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/23 US MBA MBA Mortgage Applications 18 April -3.30% – 4.30%
04/23 US U.S. Census Bureau New Home Sales March 384K 450K 449K
04/23 US U.S. Census Bureau New Home Sales MoM March -14.50% 2.30% -4.50%
04/23 UK ONS Public Finances (PSNCR) March 15.7B 17.0B 0.0B
04/23 UK ONS PSNB ex Interventions March 6.7B 11.0B 8.8B
04/23 UK ONS Public Sector Net Borrowing March 4.9B 8.5B 7.0B
04/23 UK CBI CBI Trends Total Orders April -1 7 6
04/23 UK CBI CBI Trends Selling Prices April 9 10 12
04/23 UK CBI CBI Business Optimism April 33 25 21
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MARK posts 8% gain in 1Q2014 profit to QR432.27mn –
Masraf Al Rayan (MARK) has reported an 8% growth in net
profit to QR432.3mn in 1Q2014 vs. our estimate of QR418.6mn.
Total expenses grew much faster than total income. Net income
from financing and investments was up a mere 0.59% to
QR618.96mn, but that from net fees and commissions jumped
97% to QR62.77mn. Net foreign exchange gains grew 41% to
QR18.2mn and other income more than doubled to QR3.07mn;
even as share of results of associate and joint venture dropped
by 54% to QR4.94mn. MARK’ CEO Adel Mustafawi said total
assets grew 11% to QR69.36bn with loans and advances at
QR45.64bn, which was up 10% YoY. Customers’ deposits
increased 15% to QR52.34bn. (Gulf-Times.com)
 QIIK's 1Q2014 net profit jumps 10.2% to QR204mn – Qatar
International Islamic Bank (QIIK) posted 1Q2014 net profit of
QR204mn (inline with our estimate of QR201.1mn), up 10.2%
on the same period last year. QIIK’s CEO Abdulbasit A. al-
Shaibei said the bank's total income in the first quarter of 2014
reached QR362.2mn compared with QR335.9mn in the
corresponding period last year. Total assets reached QR34bn in
the first quarter compared with QR29.3bn in 1Q2013. Financing
assets grew by 27.5 YoY, reaching QR19.9bn . Deposits totaled
QR24.7bn in 1Q2014, a growth of 21% over the corresponding
period in 2013. (Gulf-Times.com)
 WDAM reports net profit of QR19.4mn for 1Q2014 – Widam
Food Company (WDAM) reported a net profit of QR19.4mn for
1Q2014 in comparison to QR20.7mn for the corresponding
period in 2013. The Earnings per Share (EPS) amounted to
QR1.08 as of March 31, 2014 vs. QR1.15 in the same period in
2013. (QE)
 MCCS reports profit of QR150m in 1Q2014 – Mannai
Corporation (MCCS) reported a net profit of QR150.1mn in
1Q2014, reflecting a YoY increase of 73% compared to
Overall Activity Buy %* Sell %* Net (QR)
Qatari 66.42% 75.35% (129,920,811.82)
Non-Qatari 33.59% 24.64% 129,920,811.82

3. Page 3 of 5
QR86.6m in 1Q2013. Revenue increased to QR1.4bn in
1Q2014, up by 4% compared to QR1.3bn during the same
period in 2013. Earnings per share (EPS) stood at QR3.29 in
1Q2014 vs. QR1.90 in 1Q2013. (QE, Peninsula Qatar)
 MCGS posts profit of QR34.1mn in 1Q2014 – Medicare Group
(MCGS) posted a net profit of QR34.1mn in 1Q2014 as
compared to QR24.3mn in 1Q2013. The Earnings per Share
(EPS) amounted to QR1.21 as of 1Q2014 vs. QR0.87 in
1Q2013. (QE)
 AKHI reports QR24.3mn net profit in 1Q2014 – Al Khaleej
Takaful Group (AKHI) reported a net profit of QR24.3mn in
1Q2014, reflecting a QoQ fall of 26.5%. On a YoY basis, AKHI’s
net profit increased by 47.0%. EPS amounted to QR1.10 in
1Q2014 vs. QR0.97 in 1Q2013. Total investment & other
incomes declined by 26.1% QoQ and increased by 43.5% YoY
to QR37.3mn. (QE)
 MRDS eyes Europe for projects in 2014 – Mazaya Qatar Real
Estate Development’s (MRDS) CEO, Hamad bin Ali al-Hedfa
said that in 2014 the company is seeking to secure infrastructure
projects in European countries, particularly in Turkey, Spain and
Bosnia. Besides Europe, the company is also in the process of
bidding for projects in Qatar and other GCC countries.
(GulfBase.com)
 KCBK opens new branch in Umm Lukhba – Al Khalij
Commercial Bank (KCBK) has opened a new full-service branch
in Umm Lukhba close to the Landmark shopping mall. (QE)
 ORDS, Rocket Internet form partnership for online business
– Ooredoo (ORDS) has announced a partnership with Rocket
Internet to jointly develop eCommerce and other digital services
in Asia. ORDS and Rocket Internet will become equal partners
in Asia Internet Holding, a joint venture that will develop online
businesses in the region. Asia Internet Holding will cover 15
markets in Asia including Pakistan, Myanmar, Thailand,
Malaysia, Singapore, Indonesia, Vietnam, the Philippines and
Australia, with ventures ranging from online retail and
marketplaces to payment services. (ADX)
International
 Markit: US, Eurozone factory activity up; China decline
slows – The US manufacturing sector expanded in April and the
Eurozone private sector started the second quarter on its
strongest footing since 2011, while the pace of decline in
Chinese factory activity slowed. Financial data firm Markit found
that factory activity in the US continued to expand, but the pace
of growth stalled and came in below expectations. However,
output growth hit its fastest in three years. Markit’s preliminary or
flash US Manufacturing Purchasing Managers Index dipped to
55.4 in April 2014 from 55.5 in March 2014. Economists polled
by Reuters expected a reading of 56.0. This report suggests that
the US manufacturing is gaining more orders and has bounced
back from the bad winter weather. The data highlights
expectations for a strong second quarter after the first one saw
colder temperatures and massive snowstorms weigh on the US
economic activity. Meanwhile, data showed that China's HSBC-
Markit flash PMI for April rose to 48.3 from March's final reading
of 48.0, but was still below the 50 level that separates expansion
from contraction. (Reuters)
 BoE: UK economy picking up speed – Britain's economic
recovery is gaining momentum, but the Bank of England’s (BoE)
policymakers held different views about the amount of slack in
the economy and the medium-term inflation outlook. Minutes
from the recent meeting of the Monetary Policy Committee
showed that the bank expects the UK economy to have grown
by 1% in 1Q2014 from the fourth quarter of 2013, up slightly
from a previous growth forecast of 0.9%. Committee members
also thought it was possible that a sustainable rise in real
wages, consistent with a durable recovery, was on the way.
However, the committee members were unsure on how much
scope Britain's economy had to grow without generating
inflation. Britain's inflation dropped to 1.6% in March from 1.7%
in February – the lowest level since October 2009. (Reuters)
 ECB would not rule out QE, but don't need it yet – The
European Central Bank’s (ECB) policymaker Ewald Nowotny
said he would not rule out quantitative easing (QE) program to
buy sovereign bonds, but the time for such a step has not yet
come. Seeking to head off a drop in inflation expectations, the
ECB Governing Council said it was unanimous in its
commitment to use unconventional tools to counter a protracted
period of low inflation. Nowotny said that purchases of
government bonds on the secondary market would be
compatible with the EU law. Eurozone inflation is now running at
0.5%, well below the ECB's target of around 2% over the
medium term. The central bank wants to avert any drop in
inflation expectations that could lead to a prolonged period of
so-called "low-flation", or even a drop into outright deflation.
(Reuters)
 China rules out need for short-term stimulus measures – A
senior Chinese official stated that China will not use forceful
stimulus measures to fight any short-term dips in economic
growth, reiterating the government's official stance. Li Pumin,
Secretary of the National Development & Reform Commission,
was quoted as saying that macroeconomic policies would not
change as long as inflation was under control, and employment
and economic growth stayed above a minimum level. His
remarks echoed comments made by Chinese Premier Li
Keqiang earlier this month, when he ruled out the need for
aggressive policy easing to combat any temporary slowdown
and stated that China's economy has to grow at around 7.2%
annually to support a healthy labor market. China's economy
grew at its slackest pace in 18 months in the first quarter as
investment and factory output declined to multi-year lows. (ET)
Regional
 TUV Rheinland gets SASO approval as certifying body –
The Saudi Standards, Metrology & Quality Organization (SASO)
has given approval to TÜV Rheinland Arabia, a subsidiary of
Germany-based TÜV Rheinland Group, to issue certificates for
shipment of imported products to Saudi Arabia. TÜV Rheinland
Arabia has signed a recognition program with SASO, which
allows it to issue certificates of conformity for products that
Saudi companies import from other countries. This certificate is
a mandatory requirement by Saudi customs to release
shipments at ports. (GulfBase.com)
 STC picks banks for debut Sukuk issue – According to
sources, the Saudi Telecom Company (STC) has selected JP
Morgan Chase, Standard Chartered and the investment banking
arm of the National Commercial Bank to manage its debut
Islamic bond offer. (GulfBase.com)
 DSI wins AED147mn Algerian construction contract – Drake
& Scull International (DSI) has won an AED147mn project to
build a mixed-use development in the capital of Algeria. DSI will
undertake the civil construction portion of the project in Algiers,
covering a total built-up area of about 66,500 square meters.
(DFM)
 DI raises foreign ownership to 35%, declares dividend,
bonus shares – Dubai Investments (DI) has raised the foreign
ownership limit in the company from the existing 20% to 35%.
Further, the company approved a proposal to distribute 7% cash

4. Page 4 of 5
dividend and 7% bonus shares for the year ended December
31, 2013. (DFM)
 Noor Bank’s 1Q2014 profit rises to AED85mn – Noor Bank
has reported net income of AED85mn for 1Q2014, up from
AED31mn for 1Q2013. The bank’s total assets grew 9% to
AED25.2bn as compared to AED23.2bn, at the start of the year.
Total customer financing increased by 14% to AED16.3bn, while
customer deposits grew by 11%, reaching AED20.7bn.
(GulfBase.com)
 DHCOG to early repay $319mn debt – Dubai Holding
Commercial Operations Group (DHCOG) will repay $319mn of
debt more than 18 months earlier than required. DHCOG will
use available funds to repay this sum on May 13, 2014 out of
the outstanding $555mn loan due to mature in December 2015.
(Reuters)
 NBF earns AED115.3mn net profit in 1Q2014 – The National
Bank of Fujairah (NBF) recorded a net profit of AED115.3mn in
1Q2014 as compared to AED90.7mn in 1Q2013, an increase of
27.1% YoY. Net interest income grew by 24.0% and operating
income grew by 20.2% as compared to the corresponding
period of 2013. Total assets stood at AED22.7bn, up 5.7% from
AED21.5bn at December 31, 2013. Loans & advances stood at
AED15.5bn, up 8.1% from AED14.3bn at 2013-end. Customer
deposits were up 6.0% to AED15.9bn from AED15.0bn at 2013-
end. (ADX)
 NBQ reports AED95.3mn net profit for 1Q2014 – The
National Bank of Umm Al-Qaiwain (NBQ) has reported a net
profit of AED95.3mn for 1Q2014, registering an increase of 9%
as compared to AED87.7mn in 1Q2013. The bank’s net interest
income stood at AED104mn as compared to AED103.7mn in
1Q2013. Total assets stood at AED12.6bn at March 31, 2014 as
compared to AED12.5bn at March 31, 2013. EPS amounted to
AED0.06 as compared to AED0.05 a year earlier. Net loans &
advances for 1Q2014 improved to AED7.11bn as against
AED7.07bn for 1Q2013. Customer deposits amounted to
AED7.48bn as compared to AED7.44bn a year ago. (ADX)
 UAB’s net profit surges by 34% in 1Q2014 – The United Arab
Bank (UAB) has reported a net profit of AED161.3mn for
1Q2014 as compared to AED120.2mn for 1Q2013, reflecting an
increase of 34%. The bank’s net interest income grew to
AED239.9mn in 1Q2014 as against AED168.7mn in 1Q2013.
EPS amounted to AED0.141 as compared to AED0.105 a year
ago. Total assets stood at AED23.6bn at the end of 1Q2014 as
compared to AED21.5bn at the end of 1Q2013. Loans &
advances grew by 12% to AED17.2bn from AED15.3bn at
December 31, 2013. Customer deposits grew by 9% to
AED16.4bn from December 31, 2013. (ADX)
 FGB’s 1Q2014 net profit rises 27% – First Gulf Bank (FGB)
posted a net profit of AED1.33bn in 1Q2014, up 27% from
AED1.05bn in 1Q2013. The bank’s net interest income has
increased by 17% YoY. Loans & advances rose 7% to stand at
AED123.4bn, while deposits grew 9% to AED119.2bn at the end
of March 31, 2014. (Reuters)
 Ahli Bank earns OMR6.1mn net profit for 1Q2014 – Ahli Bank
has reported a net profit of OMR6.1mn for 1Q2014 as compared
to OMR6.2mn for 1Q2013. The bank’s operating income grew
by 4% from OMR11.8mn on March 31, 2013 to OMR12.3mn on
March 31, 2014. Net loans improved by 20% to reach
OMR1,170mn in 1Q2014 from OMR976mn in 1Q2013. Further,
customer deposits also improved by 16% to reach OMR978mn
in 1Q2014 from OMR843mn in 1Q2013. (GulfBase.com)
 VIVA in partnership with BT to develop GIPX exchange –
British telecom company BT announced that it has signed an
agreement with VIVA Bahrain to build a Global Internet Protocol
Exchange (GIPX) interoperability hub in Bahrain. To be
launched in 1Q2015, the hub will provide end-users in the
Middle-East and beyond with more choice, better service and
higher quality communication services. VIVA Bahrain will deliver
hosting and connectivity, while providing a new route to market
for BT's global Internet Protocol exchange voice and
interoperability services in the region. (GulfBase.com)
 Alba sees output rise after technology upgrade – Aluminium
Bahrain (Alba) stated that its potline four has been upgraded to
AP36 technology following an increase in the line current from
355 kA to 360 kA. This technological upgrade will enable it to
boost output by an additional 4,000 tons a year. (Bahrain
Bourse)

5. Contacts
Saugata Sarkar Keith Whitney Sahbi Kasraoui
Head of Research Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@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 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
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
(0.6%)
0.2%
(0.4%)
0.1%
(0.5%)
0.4%
2.3%
(1.5%)
0.0%
1.5%
3.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,283.90 0.0 (0.8) 6.5 DJ Industrial 16,501.65 (0.1) 0.6 (0.5)
Silver/Ounce 19.45 0.2 (0.8) (0.1) S&P 500 1,875.39 (0.2) 0.6 1.5
Crude Oil (Brent)/Barrel (FM
Future)
109.11 (0.1) (0.4) (1.5) NASDAQ 100 4,126.97 (0.8) 0.8 (1.2)
Natural Gas (Henry
Hub)/MMBtu
4.79 1.1 4.9 10.2 STOXX 600 335.05 (0.6) 0.8 2.1
LPG Propane (Arab Gulf)/Ton 111.75 1.0 (0.9) (11.7) DAX 9,544.19 (0.6) 1.4 (0.1)
LPG Butane (Arab Gulf)/Ton 125.63 0.1 (0.7) (7.5) FTSE 100 6,674.74 (0.1) 0.7 (1.1)
Euro 1.38 0.1 0.0 0.5 CAC 40 4,451.08 (0.7) 0.4 3.6
Yen 102.54 (0.1) 0.1 (2.6) Nikkei 14,546.27 1.1 0.2 (10.7)
GBP 1.68 (0.2) (0.1) 1.4 MSCI EM 1,003.79 (0.5) (0.8) 0.1
CHF 1.13 0.2 0.0 1.1 SHANGHAI SE Composite 2,067.38 (0.3) (1.4) (2.3)
AUD 0.93 (0.8) (0.5) 4.2 HANG SENG 22,509.64 (1.0) (1.1) (3.4)
USD Index 79.86 (0.1) 0.0 (0.2) BSE SENSEX 22,876.54 0.5 1.1 8.1
RUB 35.68 (0.0) 0.3 8.5 Bovespa 51,569.69 (0.8) (1.0) 0.1
BRL 0.45 0.6 0.6 6.3 RTS 1,171.99 (0.6) (2.4) (18.8)
186.3
155.8
141.4