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QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.9% to close at 9,871.7. Losses were led by the Real Estate and
Industrials indices, falling 1.8% and 1.6%, respectively. Top losers were Qatari Investors
Group and Medicare Group, falling 3.5% and 2.7%, respectively. Among the top gainers,
Qatar Navigation gained 2.9%, while Al Khaleej Takaful Group was up 1.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 2.1% to close at 6,663.3. Gains were led by the Media
& Publishing and Telecom. & IT indices, rising 9.9% and 3.6%, respectively.
Mediterranean & Gulf Ins. & Reins. Co. rose 9.9%, while United Int. Trans. Co. was up
9.8%.
Dubai: The DFM Index declined 1.3% to close at 3,232.9. The Financial & Investment
Services index fell 3.5%, while the Consumer Staples index declined 2.5%. SHUAA
Capital fell 8.5%, while Dubai Nat. Ins. & Reins. was down 8.2%.
Abu Dhabi: The ADX benchmark index fell 1.1% to close at 4,235.7. The Real Estate
index declined 2.8%, while the Investment & Financial Services index fell 2.1%. Arkan
Building Materials declined 8.3%, while Int. Fish Farming was down 7.9%.
Kuwait: The KSE Index rose marginally to close at 5,481.1. The Health Care index
gained 1.4%, while the Insurance index rose 0.6%. Real Estate Trade Centers Co. gained
8.6%, while Credit Rating & Collection was up 8.3%.
Oman: The MSM Index fell marginally to close at 5,417.0. The Financial and Industrial
indices were declined marginally. Global Financial Investment fell 2.8%, while Al
Madina Investment was down 1.9%.
Bahrain: The BHB Index gained 0.1% to close at 1,162.3. The Industrial index rose 1.8%,
while the Services index gained 0.3%. Ithmaar Bank rose 4.3%, while Aluminum
Bahrain was up 1.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Navigation 89.40 2.9 4.5 (5.9)
Al Khaleej Takaful Group 20.49 1.9 5.2 (32.8)
Zad Holding Co. 77.00 0.9 0.7 (9.2)
United Development Co. 19.17 0.6 29.3 (7.6)
Masraf Al Rayan 33.80 0.3 205.2 (10.1)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 10.28 (0.2) 2,320.4 (19.1)
Qatar Islamic Insurance Co. 49.10 (1.6) 1,021.2 (31.8)
Ezdan Holding Group 15.45 (2.2) 979.7 (2.8)
Qatari Investors Group 55.20 (3.5) 629.9 46.4
Ooredoo 95.00 0.0 499.3 26.7
Market Indicators 13 Nov 16 10 Nov 16 %Chg.
Value Traded (QR mn) 269.8 361.3 (25.3)
Exch. Market Cap. (QR mn) 531,801.5 535,804.6 (0.7)
Volume (mn) 7.8 8.7 (10.0)
Number of Transactions 3,173 3,820 (16.9)
Companies Traded 40 41 (2.4)
Market Breadth 5:31 20:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,971.81 (0.9) (0.9) (1.5) 14.3
All Share Index 2,722.73 (0.8) (0.8) (1.9) 13.4
Banks 2,757.33 (0.3) (0.3) (1.7) 11.9
Industrials 3,002.89 (1.6) (1.6) (5.8) 16.7
Transportation 2,419.58 0.5 0.5 (0.5) 12.3
Real Estate 2,211.02 (1.8) (1.8) (5.2) 18.1
Insurance 4,368.17 (0.9) (0.9) 8.3 11.3
Telecoms 1,158.52 (0.0) (0.0) 17.4 21.0
Consumer 5,660.25 (0.7) (0.7) (5.7) 11.2
Al Rayan Islamic Index 3,640.16 (1.2) (1.2) (5.6) 15.8
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Mediterranean & Gulf Ins. Saudi Arabia 20.59 9.9 2,293.8 (26.0)
United Int. Trans. Co. Saudi Arabia 31.08 9.8 780.8 (13.8)
Saudi Res. & Mark. Saudi Arabia 25.20 9.8 598.1 (56.4)
Saudi Print. & Pack. Co. Saudi Arabia 15.50 9.7 2,174.6 (41.0)
Saudi Real Estate Co. Saudi Arabia 20.30 9.3 926.7 (11.7)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Aldar Properties Abu Dhabi 2.49 (4.2) 8,667.1 7.3
Commercial Facilities Co. Kuwait 0.16 (3.7) 684.6 (10.3)
Agility Kuwait 0.52 (3.7) 809.7 8.3
National Mobile Telecom. Kuwait 1.06 (3.6) 20.4 (3.6)
Qatari Investors Group Qatar 55.20 (3.5) 629.9 46.4
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)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 55.20 (3.5) 629.9 46.4
Medicare Group 61.10 (2.7) 53.7 (48.8)
Qatar First Bank 9.11 (2.7) 290.1 (39.3)
Aamal Co. 13.06 (2.5) 4.8 (6.6)
Dlala Brokerage & Inv. Holding 20.72 (2.3) 0.9 12.1
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Islamic Insurance Co. 49.10 (1.6) 49,931.1 (31.8)
Ooredoo 95.00 0.0 47,975.3 26.7
Qatari Investors Group 55.20 (3.5) 35,340.0 46.4
Vodafone Qatar 10.28 (0.2) 23,893.1 (19.1)
QNB Group 153.00 0.0 19,740.7 4.9
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* 9,871.73 (0.9) (0.9) (3.0) (5.3) 74.10 146,085.9 14.3 1.5 4.1
Dubai 3,232.94 (1.3) (1.3) (3.0) 2.6 230.57 85,506.2 11.7 1.2 4.3
Abu Dhabi 4,235.68 (1.1) (1.1) (1.5) (1.7) 101.58 112,058.2 10.9 1.3 5.8
Saudi Arabia 6,663.31 2.1 2.1 10.8 (3.6) 1,527.49 412,439.5 15.8 1.5 3.5
Kuwait 5,481.12 0.0 0.0 1.5 (2.4) 58.06 82,677.1 18.9 1.0 4.3
Oman 5,416.96 (0.0) (0.0) (1.2) 0.2 2.63 22,137.3 10.2 1.0 5.3
Bahrain 1,162.26 0.1 0.1 1.2 (4.4) 2.81 18,092.8 9.4 0.4 4.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,850
9,900
9,950
10,000
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Page 2 of 5
Qatar Market Commentary
 The QSE Index declined 0.9% to close at 9,871.7. The Real Estate and
Industrials indices led the losses. The index fell on the back of selling
pressure from Qatari and GCC shareholders despite buying support from
non-Qatari shareholders.
 Qatari Investors Group and Medicare Group were the top losers, falling
3.5% and 2.7%, respectively. Among the top gainers, Qatar Navigation
gained 2.9%, while Al Khaleej Takaful Group was up 1.9%.
 Volume of shares traded on Sunday fell by 10.0% to 7.8mn from 8.7mn on
Thursday. However, as compared to the 30-day moving average of 6.3mn,
volume for the day was 24.8% higher. Vodafone Qatar and Qatar Islamic
Insurance Co. were the most active stocks, contributing 29.7% and 13.1% to
the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2016
% Change
YoY
Operating Profit
(mn) 3Q2016
% Change
YoY
Net Profit
(mn) 3Q2016
% Change
YoY
Al Firdous Holdings Dubai AED 0.8 -42.7% – – -2.5 N/A
Amanat Holdings* Dubai AED – – – – 36.8 418.3%
Shuaa Capital Dubai AED 48.7 42.0% – – -35.3 N/A
Fujairah National Insurance Co. Abu Dhabi AED 49.8 1.6% – – 5.6 40.2%
AL Khaleej Investment Abu Dhabi AED 7.0 11.0% – – 3.3 71.6%
United Insurance Co.* Abu Dhabi AED – – – – -6.1 N/A
Umm Al Qaiwain General Inv. Abu Dhabi AED – – -1.8 N/A -2.0 N/A
AXA Green Crescent Insurance Co. Abu Dhabi AED 13.1 -5.4% – – -6.4 N/A
Bahrain Car Parks Co. Bahrain BHD 0.2 -12.4% 0.9 N/A 0.9 N/A
Al Baraka Banking Group Bahrain BHD – – – – – –
Arab Insurance Group* Bahrain USD 227.5 7.0% – – 3.4 142.9%
Aluminum Bahrain Bahrain BHD 174.3 -5.5% – – 14.3 64.4%
Methaq Takaful Insurance Co. Abu Dhabi AED 56.1 -3.6% – – -1.7 N/A
Source: Company data, DFM, ADX, MSM (*9M2016 results)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 25.39% 16.37% 24,338,885.68
Qatari Institutions 24.93% 50.25% (68,318,016.16)
Qatari 50.32% 66.62% (43,979,130.48)
GCC Individuals 1.40% 0.11% 3,479,179.72
GCC Institutions 3.86% 5.27% (3,813,544.07)
GCC 5.26% 5.38% (334,364.35)
Non-Qatari Individuals 5.26% 5.67% (1,100,931.69)
Non-Qatari Institutions 39.16% 22.33% 45,414,426.52
Non-Qatari 44.42% 28.00% 44,313,494.83
Page 3 of 5
News
Qatar
 QIIK to hold its EGM November 29 – The Board of Directors of
Qatar International Islamic Bank (QIIK) invites its Shareholders to
Extraordinary General Assembly Meeting (EGM) which will be
held on November 29, 2016. If the quorum is not met the next
meeting will be held on December 5, 2016. (QSE)
 Qatar’s planned PPP law seen to support wider economic growth –
According to market experts, Qatar’s proposed law on public
private partnerships (PPP) is expected to have a “synergistic”
effect on the corporate sector and may pave way for infrastructure
and project-specific bonds, but transparent arbitration clauses
need to be unambiguously chalked out. Although the broad
contours of the proposed law is still not known, they have
expressed the hope that it could turn to be a catalyst for the much-
needed funding, given that the low oil price scenario has led to a
reduced cash flow from the sovereign. Expectations are that a
macro PPP framework is expected to create an ecosystem that not
only enhances capacity creation of individual stakeholders in each
of the pillars, but also optimally allocates risks across
stakeholders. (Gulf-Times.com)
 QDB services benefit 5,000 entrepreneurs in Qatar – Over 5,000
Qatari entrepreneurs have benefited from strategic services
provided by Qatar Development Bank, said (QDB) CEO Abdulaziz
bin Nasser al-Khalifa, who reiterated QDB’s role in encouraging the
youth to pursue innovative business ideas to transform the
country into a knowledge-based economy. Speaking at the opening
of the ‘2nd Global Entrepreneurship Week (GEW) Qatar’ at the
Doha Exhibition and Convention Center, Abdulaziz bin Nasser al-
Khalifa reiterated HH the Emir Sheikh Tamim bin Hamad al-
Thani’s resolve to tap the potential of Qatari youth to meet the
objectives of the Qatar National Vision 2030. (Gulf-Times.com)
 2022 World Cup stadiums to follow green building practices – All
stadiums for the 2022 FIFA World Cup Qatar will be built by
making use of the green building practices. “Qatar, by hosting the
2022 FIFA World Cup, is committed that all of its stadiums will be
green, including building stadiums that work on solar energy,” said
HE Abdullah bin Hamad al-Attiyah, Chairman of Abdullah Bin
Hamad Al Attiyah International Foundation for Energy &
Sustainable Development and former Deputy Prime Minister and
Minister of Energy & Industry. Delivering the keynote address at
the inaugural session of the second edition of the Qatar Green
Building Conference, HE al-Attiyah explained that Qatar has
adopted a strategy to establish a national awareness on the
concept of sustainability in various aspects. (Gulf-Times.com)
 Qatar's retailers upbeat about growth prospects – Retailers in the
country are upbeat about the growth of this sector in the coming
years due to several measures taken by the authorities. Video
Home & Electronic Center Director & CEO CV Rappai said, "The
sector is set to witness atleast 10% growth with the increase in
population and with more people expected to come in the coming
future, we are very upbeat about our sales growth." According to
Rappai, the recent announcement by Qatar to offer 96-hour transit
visa is also going to boost sales volumes. He added, "When we have
more visitors coming to the country, it will definitely give boost to
all retailers, be it electronics, garments or any other segment."
Rappai's comment comes in the backdrop of a recent report by
Alpen Capital which stated that Qatar is one of the fastest growing
retail markets in the region, with retail sales expected to grow by
7.3% annually by 2018 reaching total revenue of $284.5bn. (Qatar
Tribune)
 Vodafone shares its expertise in tackling cyber warfare – Vodafone
shared its global expertise in tackling cyber warfare at the Qatar
Central Bank’s (QCB) recent 3rd annual ‘Information Security
Conference’ for the financial sector. This is also the second time
that Vodafone participates as a sponsor of the event. Vodafone
Qatar’s Director (Information Security) Shaik Abdulkhader
delivered a presentation on cyberwarfare and showcased
Vodafone’s cyber security portfolio for both the consumer and
enterprise segments such as its DDoS Mitigation Service and
Secure Device Management. (Gulf-Times.com)
International
 CIPD: UK firms see slower hiring, weak pay growth on Brexit fears –
The Chartered Institute of Personnel Development (CIPD) said
fewer British employers expect to hire staff in late 2016 and will
raise pay by less than inflation next year as the effects of the
decision to leave the European Union set in. CIPD said more
employers expected to hire staff than cut them in 4Q2016, but the
net employment balance slowed to +22 in its latest survey from
+27 in the previous quarter. The CIPD also said wages in real
terms were likely to fall in 2017 because, for the second quarter
running, employers expected to make basic pay settlements of just
1.1% while inflation is rising. Annual inflation rose to 1.0% in
September and is expected to climb toward 3.0%by 2017-end,
reflecting the fall in the value of the pound since the decision by
voters in June to leave the European Union. So far, Britain's labor
market and the broader economy have largely weathered the
initial shock of the referendum result. (Reuters)
 Japan third-quarter GDP growth accelerates on exports, domestic
outlook weak – Japan's economic growth handily beat expectations
in the July-September period, expanding for a third straight
quarter as exports recovered, but weak domestic activity cast
doubt on hopes for a sustainable economic recovery. Government
data issued underscored a potentially fragile export-reliant
economic recovery just as Republican Donald Trump's shock
victory in the US presidential election was adding to uncertainty
over the global economic outlook. Cabinet Office data showed that
the economy expanded by an annualized 2.2% in the third quarter,
faster than the 0.9% increase markets had expected, following a
0.7% increase in April-June. The preliminary reading for GDP
translated into a quarterly expansion of 0.5% in the third quarter,
versus a 0.2% gain expected by economists. External demand - or
exports minus imports - added 0.5 percentage point to GDP, due to
a bounce in exports from the prior quarter, and falling imports
caused by yen gains, oil price declines and weak domestic demand.
(Reuters)
 China October investment growth quickens; retail sales, factory
output disappoint – China's fixed-asset investment rose 8.3% YoY
in January-October from the same period a year earlier, slightly
higher than market expectations, but industrial output and retail
sales growth were weaker than forecast. Analysts polled by
Reuters had expected an increase of 8.2% in investment, the same
pace as in the first nine months of the year. While fears of a hard
landing for China have eased in 2016, recent data have highlighted
growing imbalances in the world's second-largest economy, with
growth increasingly dependent on government spending and
ballooning debt as private investment hovers around record lows.
The National Bureau of Statistics said fixed-asset investment by
state firms rose 20.5% in January-October, though it eased from
21.1% in the first nine months. Growth of private investment
quickened to 2.9% from 2.5% in January-September, which picked
up from a record low of 2.1% in the first eight months. Private
investment accounts for about 60% of overall investment in China.
(Reuters)
 China Oct government spending down 12.5% YoY – The Ministry of
Finance said government spending in China dropped 12.5% YoY in
October, while revenue rose 5.9%. Government spending in the
Page 4 of 5
first 10 months of the year was up 10% YoY, while revenues rose
5.9%. China has relied on government spending to stabilize growth
this year as private companies pull back, but concerns about the
country's debt load are increasing. (Reuters)
Regional
 A.T Kearney: GCC e-commerce on cusp of becoming world’s fastest
growing e-commerce market – Global management consulting firm
A.T. Kearney said that GCC has the potential to become the world’s
fastest growing e-commerce playground. Despite strong economic
fundamentals, GCC is one of the most underpenetrated e-
commerce markets in the world. However, with high levels of
disposal income, world-leading Internet and smartphone
penetration, and changing consumer preferences, there is robust
potential in the region, and some companies are beginning to seize
the opportunities. (Gulf-Times.com)
 GOIC: Investments in GCC glass sector touch $2.4bn – Gulf
Organization for Industrial Consulting (GOIC) said investments in
the manufacture of glass and glass products in the GCC countries
reached $2.6bn in 2015. The report, published by GOIC’s Gulf
Industrial Knowledge Centre, said that the manufacture of glass
and glass products represented approximately 7% of the total
factories, 6.4% of the total investments and 7.3% of the total labor
force in building materials manufacture in 2015. The number of
factories operating in this industrial activity increased from 151 in
2011 to 203 in 2015 (7.7% CAGR), and during the same period of
time, investments jumped from $2204mn to $2440mn (2.6%
CAGR) and the labor force expanded from 15,406 to 20,107
workers (6.9% CAGR). (Gulf-Times.com)
 Zain Saudi told to pay rival Mobily $58.5mn by arbitration panel –
Saudi Arabia's third-biggest telecom operator Zain Saudi has been
ordered to pay Etihad Etisalat (Mobily) $58.51mn following an
arbitration award. The Kingdom's second-biggest operator, Mobily
asked for arbitration in December 2014 over money it owed
related to services to Zain Saudi, an affiliate of Kuwait's Zain
Group, which included domestic roaming and site sharing.
(Bloomberg)
 Tourism sector creates 1.3mn jobs for KSA – Statistical and survey
studies conducted by the Tourism Information and Research
Center of the Saudi Commission for Tourism and National Heritage
(SCTNH) showed that the tourism sector is one of the largest job-
generating economic sectors. It ranks second in terms of providing
jobs to Saudi Arabia after the banking sector. Job nationalization
ratios in the sector exceeded 28%, indicating that the direct job
opportunities in the tourism sector until the end of 2015
amounted to 841,000 jobs, while indirect jobs amounted to
420,000, bringing the total to 1.261mn jobs. The studies forecast,
according to the working paper submitted by Nasser bin Abdulaziz
Al-Nashmi, Director General of the National Center for Tourism
Human Resources Development (Takamul) in Jeddah that jobs will
reach more than 1.182mn direct jobs and 591,000 indirect ones, a
total 1,773,546 jobs by the end of 2020. (Bloomberg)
 Alabbar, Saudi PIF to set up $1bn Middle East E-Commerce firm – A
group of investors led by Emaar Properties Chairman Mohamed
Alabbar and Saudi Arabia’s sovereign wealth fund will each
contribute $500mn to an e-commerce venture to tap the Middle
East’s fast-growing online retail market. E-commerce firm Noon
will go live in January and provide 20mn items for customers.
Saudi Arabia’s Public Investment Fund (PIF) will provide half of
Noon’s capital and will be an active participant in its board, while
Alabbar and about 60 other Gulf-area investors will contribute the
other half of its capital. (Bloomberg)
 Al Khodari renews SR276mn deal with Riyad Bank – Abdullah
Abdul Mohsen Al Khodari Sons signed a renewal of the existing
Islamic Facilities Agreement with Riyad Bank worth SR276.05mn.
The credit facilities aim at providing bonding commitments and
funding capital requirements and working capital needs for the
company specific projects and general businesses. The modes of
utilization are tawarroq, progress payment, multi bonds,
documentary credit and Murabaha financing. The duration of the
agreement ranges between two and five years. (Tadawul)
 UAE’s MoF announces AED5.8bn revenue from e-Dirham in 9M2016
– Government revenues from the e-Dirham system during 9M2016
stood at AED5.8bn. According to Ministry of Finance (MoF), the
number of e-Dirham transactions rose by 20% YoY, to reach 15mn
transactions during 9M2016 as compared to around 12.5mn
transactions during 9M2015. The number of electronic services
carried out through the e-Dirham system during Q1 to Q3 grew by
5.8% YoY. The system saw 28.9mn electronic services in 9M2016,
as compared to 27.3mn transactions during 9M2015. (Bloomberg)
 ENBD expects retail lending growth to fall to around 5% in 2017 –
Emirates NBD (ENBD), Dubai's largest bank, expects loan growth
within its retail business to halve in 2017 to around 5% as the
market slows. The bank's consumer lending book has grown by
10% since the end of 2015. ENBD is aiming for full-year loan
growth of mid to high single digits in 2017 across the bank.
(Reuters)
 Telecom sector to witness many changes in 2017 – Changes in
regulatory framework and entry of a third mobile network
operator are expected to bring many changes in Oman’s telecom
market in 2017. This is in addition to the impact of the oil price
malaise on the consumer and enterprise spending behavior. A set
of substantial changes in the regulatory framework including the
introduction of a third mobile network operator, the new access
and interconnection regulation and the new telecom law are
expected to come into effect in 2017. Omantel, which is the
primary service provider in the country, has already started its
own IPTV solutions, further driving broadband speed and
bandwidth demand, both for mobile and fixed services.
(GulfBase.com)
Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. WLL One Person Company
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS accepts no liability
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged
investment 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. 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. For reports dealing with Technical Analysis, expressed opinions and/or
recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume).
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. This report may not be reproduced in whole or in part without permission from QNBFS.
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 (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Oct-12 Oct-13 Oct-14 Oct-15 Oct-16
QSE Index S&P Pan Arab S&P GCC
2.1%
(0.9%)
0.0% 0.1%
(0.0%)
(1.1%) (1.3%)(1.8%)
(0.9%)
0.0%
0.9%
1.8%
2.7%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,227.85 (2.5) (5.9) 15.7 MSCI World Index 1,696.99 (0.3) 2.2 2.1
Silver/Ounce 17.38 (6.6) (5.7) 25.4 DJ Industrial 18,847.66 0.2 5.4 8.2
Crude Oil (Brent)/Barrel (FM Future) 44.75 (2.4) (1.8) 20.0 S&P 500 2,164.45 (0.1) 3.8 5.9
Crude Oil (WTI)/Barrel (FM Future) 43.41 (2.8) (1.5) 17.2 NASDAQ 100 5,237.11 0.5 3.8 4.6
Natural Gas (Henry Hub)/MMBtu 2.03 (2.4) (7.5) (12.3) STOXX 600 337.50 (0.7) 0.3 (7.8)
LPG Propane (Arab Gulf)/Ton 52.00 (1.0) (4.6) 35.5 DAX 10,667.95 0.1 1.6 (1.2)
LPG Butane (Arab Gulf)/Ton 68.63 (0.7) (4.2) 24.5 FTSE 100 6,730.43 (1.0) 1.4 (7.8)
Euro 1.09 (0.3) (2.6) (0.1) CAC 40 4,489.27 (1.2) 0.2 (3.2)
Yen 106.65 (0.2) 3.4 (11.3) Nikkei 17,374.79 0.3 (0.5) 3.3
GBP 1.26 0.3 0.6 (14.5) MSCI EM 849.10 (3.0) (3.5) 6.9
CHF 1.01 (0.1) (1.9) 1.5 SHANGHAI SE Composite 3,196.04 0.9 1.5 (13.9)
AUD 0.75 (0.9) (1.7) 3.6 HANG SENG 22,531.09 (1.4) (0.5) 2.7
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QNBFS Daily Market Report November 14, 2016

  • 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.9% to close at 9,871.7. Losses were led by the Real Estate and Industrials indices, falling 1.8% and 1.6%, respectively. Top losers were Qatari Investors Group and Medicare Group, falling 3.5% and 2.7%, respectively. Among the top gainers, Qatar Navigation gained 2.9%, while Al Khaleej Takaful Group was up 1.9%. GCC Commentary Saudi Arabia: The TASI Index rose 2.1% to close at 6,663.3. Gains were led by the Media & Publishing and Telecom. & IT indices, rising 9.9% and 3.6%, respectively. Mediterranean & Gulf Ins. & Reins. Co. rose 9.9%, while United Int. Trans. Co. was up 9.8%. Dubai: The DFM Index declined 1.3% to close at 3,232.9. The Financial & Investment Services index fell 3.5%, while the Consumer Staples index declined 2.5%. SHUAA Capital fell 8.5%, while Dubai Nat. Ins. & Reins. was down 8.2%. Abu Dhabi: The ADX benchmark index fell 1.1% to close at 4,235.7. The Real Estate index declined 2.8%, while the Investment & Financial Services index fell 2.1%. Arkan Building Materials declined 8.3%, while Int. Fish Farming was down 7.9%. Kuwait: The KSE Index rose marginally to close at 5,481.1. The Health Care index gained 1.4%, while the Insurance index rose 0.6%. Real Estate Trade Centers Co. gained 8.6%, while Credit Rating & Collection was up 8.3%. Oman: The MSM Index fell marginally to close at 5,417.0. The Financial and Industrial indices were declined marginally. Global Financial Investment fell 2.8%, while Al Madina Investment was down 1.9%. Bahrain: The BHB Index gained 0.1% to close at 1,162.3. The Industrial index rose 1.8%, while the Services index gained 0.3%. Ithmaar Bank rose 4.3%, while Aluminum Bahrain was up 1.9%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Navigation 89.40 2.9 4.5 (5.9) Al Khaleej Takaful Group 20.49 1.9 5.2 (32.8) Zad Holding Co. 77.00 0.9 0.7 (9.2) United Development Co. 19.17 0.6 29.3 (7.6) Masraf Al Rayan 33.80 0.3 205.2 (10.1) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 10.28 (0.2) 2,320.4 (19.1) Qatar Islamic Insurance Co. 49.10 (1.6) 1,021.2 (31.8) Ezdan Holding Group 15.45 (2.2) 979.7 (2.8) Qatari Investors Group 55.20 (3.5) 629.9 46.4 Ooredoo 95.00 0.0 499.3 26.7 Market Indicators 13 Nov 16 10 Nov 16 %Chg. Value Traded (QR mn) 269.8 361.3 (25.3) Exch. Market Cap. (QR mn) 531,801.5 535,804.6 (0.7) Volume (mn) 7.8 8.7 (10.0) Number of Transactions 3,173 3,820 (16.9) Companies Traded 40 41 (2.4) Market Breadth 5:31 20:18 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15,971.81 (0.9) (0.9) (1.5) 14.3 All Share Index 2,722.73 (0.8) (0.8) (1.9) 13.4 Banks 2,757.33 (0.3) (0.3) (1.7) 11.9 Industrials 3,002.89 (1.6) (1.6) (5.8) 16.7 Transportation 2,419.58 0.5 0.5 (0.5) 12.3 Real Estate 2,211.02 (1.8) (1.8) (5.2) 18.1 Insurance 4,368.17 (0.9) (0.9) 8.3 11.3 Telecoms 1,158.52 (0.0) (0.0) 17.4 21.0 Consumer 5,660.25 (0.7) (0.7) (5.7) 11.2 Al Rayan Islamic Index 3,640.16 (1.2) (1.2) (5.6) 15.8 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Mediterranean & Gulf Ins. Saudi Arabia 20.59 9.9 2,293.8 (26.0) United Int. Trans. Co. Saudi Arabia 31.08 9.8 780.8 (13.8) Saudi Res. & Mark. Saudi Arabia 25.20 9.8 598.1 (56.4) Saudi Print. & Pack. Co. Saudi Arabia 15.50 9.7 2,174.6 (41.0) Saudi Real Estate Co. Saudi Arabia 20.30 9.3 926.7 (11.7) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Aldar Properties Abu Dhabi 2.49 (4.2) 8,667.1 7.3 Commercial Facilities Co. Kuwait 0.16 (3.7) 684.6 (10.3) Agility Kuwait 0.52 (3.7) 809.7 8.3 National Mobile Telecom. Kuwait 1.06 (3.6) 20.4 (3.6) Qatari Investors Group Qatar 55.20 (3.5) 629.9 46.4 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) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Qatari Investors Group 55.20 (3.5) 629.9 46.4 Medicare Group 61.10 (2.7) 53.7 (48.8) Qatar First Bank 9.11 (2.7) 290.1 (39.3) Aamal Co. 13.06 (2.5) 4.8 (6.6) Dlala Brokerage & Inv. Holding 20.72 (2.3) 0.9 12.1 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Qatar Islamic Insurance Co. 49.10 (1.6) 49,931.1 (31.8) Ooredoo 95.00 0.0 47,975.3 26.7 Qatari Investors Group 55.20 (3.5) 35,340.0 46.4 Vodafone Qatar 10.28 (0.2) 23,893.1 (19.1) QNB Group 153.00 0.0 19,740.7 4.9 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* 9,871.73 (0.9) (0.9) (3.0) (5.3) 74.10 146,085.9 14.3 1.5 4.1 Dubai 3,232.94 (1.3) (1.3) (3.0) 2.6 230.57 85,506.2 11.7 1.2 4.3 Abu Dhabi 4,235.68 (1.1) (1.1) (1.5) (1.7) 101.58 112,058.2 10.9 1.3 5.8 Saudi Arabia 6,663.31 2.1 2.1 10.8 (3.6) 1,527.49 412,439.5 15.8 1.5 3.5 Kuwait 5,481.12 0.0 0.0 1.5 (2.4) 58.06 82,677.1 18.9 1.0 4.3 Oman 5,416.96 (0.0) (0.0) (1.2) 0.2 2.63 22,137.3 10.2 1.0 5.3 Bahrain 1,162.26 0.1 0.1 1.2 (4.4) 2.81 18,092.8 9.4 0.4 4.8 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,850 9,900 9,950 10,000 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 QSE Index declined 0.9% to close at 9,871.7. The Real Estate and Industrials indices led the losses. The index fell on the back of selling pressure from Qatari and GCC shareholders despite buying support from non-Qatari shareholders.  Qatari Investors Group and Medicare Group were the top losers, falling 3.5% and 2.7%, respectively. Among the top gainers, Qatar Navigation gained 2.9%, while Al Khaleej Takaful Group was up 1.9%.  Volume of shares traded on Sunday fell by 10.0% to 7.8mn from 8.7mn on Thursday. However, as compared to the 30-day moving average of 6.3mn, volume for the day was 24.8% higher. Vodafone Qatar and Qatar Islamic Insurance Co. were the most active stocks, contributing 29.7% and 13.1% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases Earnings Releases Company Market Currency Revenue (mn) 3Q2016 % Change YoY Operating Profit (mn) 3Q2016 % Change YoY Net Profit (mn) 3Q2016 % Change YoY Al Firdous Holdings Dubai AED 0.8 -42.7% – – -2.5 N/A Amanat Holdings* Dubai AED – – – – 36.8 418.3% Shuaa Capital Dubai AED 48.7 42.0% – – -35.3 N/A Fujairah National Insurance Co. Abu Dhabi AED 49.8 1.6% – – 5.6 40.2% AL Khaleej Investment Abu Dhabi AED 7.0 11.0% – – 3.3 71.6% United Insurance Co.* Abu Dhabi AED – – – – -6.1 N/A Umm Al Qaiwain General Inv. Abu Dhabi AED – – -1.8 N/A -2.0 N/A AXA Green Crescent Insurance Co. Abu Dhabi AED 13.1 -5.4% – – -6.4 N/A Bahrain Car Parks Co. Bahrain BHD 0.2 -12.4% 0.9 N/A 0.9 N/A Al Baraka Banking Group Bahrain BHD – – – – – – Arab Insurance Group* Bahrain USD 227.5 7.0% – – 3.4 142.9% Aluminum Bahrain Bahrain BHD 174.3 -5.5% – – 14.3 64.4% Methaq Takaful Insurance Co. Abu Dhabi AED 56.1 -3.6% – – -1.7 N/A Source: Company data, DFM, ADX, MSM (*9M2016 results) Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 25.39% 16.37% 24,338,885.68 Qatari Institutions 24.93% 50.25% (68,318,016.16) Qatari 50.32% 66.62% (43,979,130.48) GCC Individuals 1.40% 0.11% 3,479,179.72 GCC Institutions 3.86% 5.27% (3,813,544.07) GCC 5.26% 5.38% (334,364.35) Non-Qatari Individuals 5.26% 5.67% (1,100,931.69) Non-Qatari Institutions 39.16% 22.33% 45,414,426.52 Non-Qatari 44.42% 28.00% 44,313,494.83
  • 3. Page 3 of 5 News Qatar  QIIK to hold its EGM November 29 – The Board of Directors of Qatar International Islamic Bank (QIIK) invites its Shareholders to Extraordinary General Assembly Meeting (EGM) which will be held on November 29, 2016. If the quorum is not met the next meeting will be held on December 5, 2016. (QSE)  Qatar’s planned PPP law seen to support wider economic growth – According to market experts, Qatar’s proposed law on public private partnerships (PPP) is expected to have a “synergistic” effect on the corporate sector and may pave way for infrastructure and project-specific bonds, but transparent arbitration clauses need to be unambiguously chalked out. Although the broad contours of the proposed law is still not known, they have expressed the hope that it could turn to be a catalyst for the much- needed funding, given that the low oil price scenario has led to a reduced cash flow from the sovereign. Expectations are that a macro PPP framework is expected to create an ecosystem that not only enhances capacity creation of individual stakeholders in each of the pillars, but also optimally allocates risks across stakeholders. (Gulf-Times.com)  QDB services benefit 5,000 entrepreneurs in Qatar – Over 5,000 Qatari entrepreneurs have benefited from strategic services provided by Qatar Development Bank, said (QDB) CEO Abdulaziz bin Nasser al-Khalifa, who reiterated QDB’s role in encouraging the youth to pursue innovative business ideas to transform the country into a knowledge-based economy. Speaking at the opening of the ‘2nd Global Entrepreneurship Week (GEW) Qatar’ at the Doha Exhibition and Convention Center, Abdulaziz bin Nasser al- Khalifa reiterated HH the Emir Sheikh Tamim bin Hamad al- Thani’s resolve to tap the potential of Qatari youth to meet the objectives of the Qatar National Vision 2030. (Gulf-Times.com)  2022 World Cup stadiums to follow green building practices – All stadiums for the 2022 FIFA World Cup Qatar will be built by making use of the green building practices. “Qatar, by hosting the 2022 FIFA World Cup, is committed that all of its stadiums will be green, including building stadiums that work on solar energy,” said HE Abdullah bin Hamad al-Attiyah, Chairman of Abdullah Bin Hamad Al Attiyah International Foundation for Energy & Sustainable Development and former Deputy Prime Minister and Minister of Energy & Industry. Delivering the keynote address at the inaugural session of the second edition of the Qatar Green Building Conference, HE al-Attiyah explained that Qatar has adopted a strategy to establish a national awareness on the concept of sustainability in various aspects. (Gulf-Times.com)  Qatar's retailers upbeat about growth prospects – Retailers in the country are upbeat about the growth of this sector in the coming years due to several measures taken by the authorities. Video Home & Electronic Center Director & CEO CV Rappai said, "The sector is set to witness atleast 10% growth with the increase in population and with more people expected to come in the coming future, we are very upbeat about our sales growth." According to Rappai, the recent announcement by Qatar to offer 96-hour transit visa is also going to boost sales volumes. He added, "When we have more visitors coming to the country, it will definitely give boost to all retailers, be it electronics, garments or any other segment." Rappai's comment comes in the backdrop of a recent report by Alpen Capital which stated that Qatar is one of the fastest growing retail markets in the region, with retail sales expected to grow by 7.3% annually by 2018 reaching total revenue of $284.5bn. (Qatar Tribune)  Vodafone shares its expertise in tackling cyber warfare – Vodafone shared its global expertise in tackling cyber warfare at the Qatar Central Bank’s (QCB) recent 3rd annual ‘Information Security Conference’ for the financial sector. This is also the second time that Vodafone participates as a sponsor of the event. Vodafone Qatar’s Director (Information Security) Shaik Abdulkhader delivered a presentation on cyberwarfare and showcased Vodafone’s cyber security portfolio for both the consumer and enterprise segments such as its DDoS Mitigation Service and Secure Device Management. (Gulf-Times.com) International  CIPD: UK firms see slower hiring, weak pay growth on Brexit fears – The Chartered Institute of Personnel Development (CIPD) said fewer British employers expect to hire staff in late 2016 and will raise pay by less than inflation next year as the effects of the decision to leave the European Union set in. CIPD said more employers expected to hire staff than cut them in 4Q2016, but the net employment balance slowed to +22 in its latest survey from +27 in the previous quarter. The CIPD also said wages in real terms were likely to fall in 2017 because, for the second quarter running, employers expected to make basic pay settlements of just 1.1% while inflation is rising. Annual inflation rose to 1.0% in September and is expected to climb toward 3.0%by 2017-end, reflecting the fall in the value of the pound since the decision by voters in June to leave the European Union. So far, Britain's labor market and the broader economy have largely weathered the initial shock of the referendum result. (Reuters)  Japan third-quarter GDP growth accelerates on exports, domestic outlook weak – Japan's economic growth handily beat expectations in the July-September period, expanding for a third straight quarter as exports recovered, but weak domestic activity cast doubt on hopes for a sustainable economic recovery. Government data issued underscored a potentially fragile export-reliant economic recovery just as Republican Donald Trump's shock victory in the US presidential election was adding to uncertainty over the global economic outlook. Cabinet Office data showed that the economy expanded by an annualized 2.2% in the third quarter, faster than the 0.9% increase markets had expected, following a 0.7% increase in April-June. The preliminary reading for GDP translated into a quarterly expansion of 0.5% in the third quarter, versus a 0.2% gain expected by economists. External demand - or exports minus imports - added 0.5 percentage point to GDP, due to a bounce in exports from the prior quarter, and falling imports caused by yen gains, oil price declines and weak domestic demand. (Reuters)  China October investment growth quickens; retail sales, factory output disappoint – China's fixed-asset investment rose 8.3% YoY in January-October from the same period a year earlier, slightly higher than market expectations, but industrial output and retail sales growth were weaker than forecast. Analysts polled by Reuters had expected an increase of 8.2% in investment, the same pace as in the first nine months of the year. While fears of a hard landing for China have eased in 2016, recent data have highlighted growing imbalances in the world's second-largest economy, with growth increasingly dependent on government spending and ballooning debt as private investment hovers around record lows. The National Bureau of Statistics said fixed-asset investment by state firms rose 20.5% in January-October, though it eased from 21.1% in the first nine months. Growth of private investment quickened to 2.9% from 2.5% in January-September, which picked up from a record low of 2.1% in the first eight months. Private investment accounts for about 60% of overall investment in China. (Reuters)  China Oct government spending down 12.5% YoY – The Ministry of Finance said government spending in China dropped 12.5% YoY in October, while revenue rose 5.9%. Government spending in the
  • 4. Page 4 of 5 first 10 months of the year was up 10% YoY, while revenues rose 5.9%. China has relied on government spending to stabilize growth this year as private companies pull back, but concerns about the country's debt load are increasing. (Reuters) Regional  A.T Kearney: GCC e-commerce on cusp of becoming world’s fastest growing e-commerce market – Global management consulting firm A.T. Kearney said that GCC has the potential to become the world’s fastest growing e-commerce playground. Despite strong economic fundamentals, GCC is one of the most underpenetrated e- commerce markets in the world. However, with high levels of disposal income, world-leading Internet and smartphone penetration, and changing consumer preferences, there is robust potential in the region, and some companies are beginning to seize the opportunities. (Gulf-Times.com)  GOIC: Investments in GCC glass sector touch $2.4bn – Gulf Organization for Industrial Consulting (GOIC) said investments in the manufacture of glass and glass products in the GCC countries reached $2.6bn in 2015. The report, published by GOIC’s Gulf Industrial Knowledge Centre, said that the manufacture of glass and glass products represented approximately 7% of the total factories, 6.4% of the total investments and 7.3% of the total labor force in building materials manufacture in 2015. The number of factories operating in this industrial activity increased from 151 in 2011 to 203 in 2015 (7.7% CAGR), and during the same period of time, investments jumped from $2204mn to $2440mn (2.6% CAGR) and the labor force expanded from 15,406 to 20,107 workers (6.9% CAGR). (Gulf-Times.com)  Zain Saudi told to pay rival Mobily $58.5mn by arbitration panel – Saudi Arabia's third-biggest telecom operator Zain Saudi has been ordered to pay Etihad Etisalat (Mobily) $58.51mn following an arbitration award. The Kingdom's second-biggest operator, Mobily asked for arbitration in December 2014 over money it owed related to services to Zain Saudi, an affiliate of Kuwait's Zain Group, which included domestic roaming and site sharing. (Bloomberg)  Tourism sector creates 1.3mn jobs for KSA – Statistical and survey studies conducted by the Tourism Information and Research Center of the Saudi Commission for Tourism and National Heritage (SCTNH) showed that the tourism sector is one of the largest job- generating economic sectors. It ranks second in terms of providing jobs to Saudi Arabia after the banking sector. Job nationalization ratios in the sector exceeded 28%, indicating that the direct job opportunities in the tourism sector until the end of 2015 amounted to 841,000 jobs, while indirect jobs amounted to 420,000, bringing the total to 1.261mn jobs. The studies forecast, according to the working paper submitted by Nasser bin Abdulaziz Al-Nashmi, Director General of the National Center for Tourism Human Resources Development (Takamul) in Jeddah that jobs will reach more than 1.182mn direct jobs and 591,000 indirect ones, a total 1,773,546 jobs by the end of 2020. (Bloomberg)  Alabbar, Saudi PIF to set up $1bn Middle East E-Commerce firm – A group of investors led by Emaar Properties Chairman Mohamed Alabbar and Saudi Arabia’s sovereign wealth fund will each contribute $500mn to an e-commerce venture to tap the Middle East’s fast-growing online retail market. E-commerce firm Noon will go live in January and provide 20mn items for customers. Saudi Arabia’s Public Investment Fund (PIF) will provide half of Noon’s capital and will be an active participant in its board, while Alabbar and about 60 other Gulf-area investors will contribute the other half of its capital. (Bloomberg)  Al Khodari renews SR276mn deal with Riyad Bank – Abdullah Abdul Mohsen Al Khodari Sons signed a renewal of the existing Islamic Facilities Agreement with Riyad Bank worth SR276.05mn. The credit facilities aim at providing bonding commitments and funding capital requirements and working capital needs for the company specific projects and general businesses. The modes of utilization are tawarroq, progress payment, multi bonds, documentary credit and Murabaha financing. The duration of the agreement ranges between two and five years. (Tadawul)  UAE’s MoF announces AED5.8bn revenue from e-Dirham in 9M2016 – Government revenues from the e-Dirham system during 9M2016 stood at AED5.8bn. According to Ministry of Finance (MoF), the number of e-Dirham transactions rose by 20% YoY, to reach 15mn transactions during 9M2016 as compared to around 12.5mn transactions during 9M2015. The number of electronic services carried out through the e-Dirham system during Q1 to Q3 grew by 5.8% YoY. The system saw 28.9mn electronic services in 9M2016, as compared to 27.3mn transactions during 9M2015. (Bloomberg)  ENBD expects retail lending growth to fall to around 5% in 2017 – Emirates NBD (ENBD), Dubai's largest bank, expects loan growth within its retail business to halve in 2017 to around 5% as the market slows. The bank's consumer lending book has grown by 10% since the end of 2015. ENBD is aiming for full-year loan growth of mid to high single digits in 2017 across the bank. (Reuters)  Telecom sector to witness many changes in 2017 – Changes in regulatory framework and entry of a third mobile network operator are expected to bring many changes in Oman’s telecom market in 2017. This is in addition to the impact of the oil price malaise on the consumer and enterprise spending behavior. A set of substantial changes in the regulatory framework including the introduction of a third mobile network operator, the new access and interconnection regulation and the new telecom law are expected to come into effect in 2017. Omantel, which is the primary service provider in the country, has already started its own IPTV solutions, further driving broadband speed and bandwidth demand, both for mobile and fixed services. (GulfBase.com)
  • 5. Contacts Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535 saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa QNB Financial Services Co. WLL One Person Company Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment 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. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in part without permission from QNBFS. 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 (*$ adjusted returns) 80.0 100.0 120.0 140.0 160.0 180.0 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 QSE Index S&P Pan Arab S&P GCC 2.1% (0.9%) 0.0% 0.1% (0.0%) (1.1%) (1.3%)(1.8%) (0.9%) 0.0% 0.9% 1.8% 2.7% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,227.85 (2.5) (5.9) 15.7 MSCI World Index 1,696.99 (0.3) 2.2 2.1 Silver/Ounce 17.38 (6.6) (5.7) 25.4 DJ Industrial 18,847.66 0.2 5.4 8.2 Crude Oil (Brent)/Barrel (FM Future) 44.75 (2.4) (1.8) 20.0 S&P 500 2,164.45 (0.1) 3.8 5.9 Crude Oil (WTI)/Barrel (FM Future) 43.41 (2.8) (1.5) 17.2 NASDAQ 100 5,237.11 0.5 3.8 4.6 Natural Gas (Henry Hub)/MMBtu 2.03 (2.4) (7.5) (12.3) STOXX 600 337.50 (0.7) 0.3 (7.8) LPG Propane (Arab Gulf)/Ton 52.00 (1.0) (4.6) 35.5 DAX 10,667.95 0.1 1.6 (1.2) LPG Butane (Arab Gulf)/Ton 68.63 (0.7) (4.2) 24.5 FTSE 100 6,730.43 (1.0) 1.4 (7.8) Euro 1.09 (0.3) (2.6) (0.1) CAC 40 4,489.27 (1.2) 0.2 (3.2) Yen 106.65 (0.2) 3.4 (11.3) Nikkei 17,374.79 0.3 (0.5) 3.3 GBP 1.26 0.3 0.6 (14.5) MSCI EM 849.10 (3.0) (3.5) 6.9 CHF 1.01 (0.1) (1.9) 1.5 SHANGHAI SE Composite 3,196.04 0.9 1.5 (13.9) AUD 0.75 (0.9) (1.7) 3.6 HANG SENG 22,531.09 (1.4) (0.5) 2.7 USD Index 99.06 0.3 2.1 0.4 BSE SENSEX 26,818.82 (3.4) (2.9) 0.5 RUB 65.84 0.2 2.2 (9.2) Bovespa 59,183.51 (4.2) (9.0) 59.0 BRL 0.29 (0.1) (4.6) 16.8 RTS 970.15 (2.4) (0.1) 28.2 115.8 99.3 95.5