SlideShare uma empresa Scribd logo
1 de 6
Baixar para ler offline
Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.4% to close at 9,479.8. Losses were led by the
Telecoms and Transportation indices, declining 2.1% and 0.9% respectively.
Top losers were Qatar Electricity & Water Co. and Qatar Telecom, falling 2.4%
and 2.3% respectively. Among the top gainers, Qatar Cinema & Film Dist. Co.
rose 6.9%, while Dlala Brok. & Inv. Holding Co. gained 5.9%.
GCC Commentary
Saudi Arabia: The TASI index declined 4.3% to close at 7,294.4. Losses were
led by the Real Estate Development and Insurance indices, declining 8.1%
and 7.4% respectively. Saudi Industrial Development Co. and SABB Takaful
fell 10.0% each.
Dubai: The DFM index rose 0.2% to close at 2,399.6. The Services index
gained 8.2%, while the Transportation index was up 1.7%. National Central
Cooling Co. rose 8.2%, while Shuaa Capital was up 3.9%.
Abu Dhabi: The ADX benchmark index gained marginally to close at 3,661.4.
The Real Estate index rose 6.1%, while the Consumer index was up 1.8%.
Green Crescent Insurance Co. gained 11.9%, while Sorouh Real Estate Co.
was up 8.3%.
Kuwait: The KSE index fell 0.5% to close at 7,931.1. Losses were led by the
Technology and Banking indices, declining 1.7% and 1.4% respectively. City
Group Co. fell 11.5%, while Danah Alsafat Foodstuff Co. was down 8.3%.
Oman: The MSM index declined 0.9% to close at 6,558.5. The Banking &
Investment index fell 1.3%, while the Services & Insurance index was down
0.7%. Financial Services declined 3.5%, while Al Anwar Holding was down
3.4%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Dist. Co. 57.00 6.9 2.1 0.2
Dlala Brok. & Inv. Holding Co. 28.70 5.9 797.4 (7.7)
Qatar Islamic Bank 70.90 2.3 553.4 (5.5)
Al Khaleej Takaful Group 45.10 2.0 125.4 23.0
Doha Insurance Co. 27.50 1.9 45.3 12.0
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 24.03 0.8 4,270.1 35.0
Qatar Gas Transport Co. 18.50 (1.9) 1,077.4 21.2
Barwa Real Estate Co. 27.80 (1.2) 910.4 1.3
Dlala Brok. & Inv. Holding Co. 28.70 5.9 797.4 (7.7)
Masraf Al Rayan 27.85 0.4 718.0 12.3
Market Indicators 13 June 13 12 June 13 %Chg.
Value Traded (QR mn) 654.1 987.5 (33.8)
Exch. Market Cap. (QR mn) 519,959.2 522,219.0 (0.4)
Volume (mn) 14.9 17.9 (16.8)
Number of Transactions 6,776 6,648 1.9
Companies Traded 40 40 0.0
Market Breadth 14:22 23:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,544.46 (0.4) 2.0 19.7 N/A
All Share Index 2,396.81 (0.4) 1.8 19.0 13.0
Banks 2,240.81 (0.0) 2.9 15.0 12.1
Industrials 3,208.81 (0.5) 1.8 22.1 11.9
Transportation 1,713.47 (0.9) (0.9) 27.8 12.1
Real Estate 1,929.67 (0.4) 3.0 19.7 12.3
Insurance 2,330.98 0.3 0.3 18.7 15.3
Telecoms 1,316.08 (2.1) 0.7 23.6 15.0
Consumer 5,578.58 (0.2) (0.5) 19.4 22.8
Al Rayan Islamic Index 2,885.97 0.1 1.8 16.0 14.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Sorouh Real Estate Co Abu Dhabi 2.99 8.3 78,975.7 139.2
Aldar Properties PJSC Abu Dhabi 2.42 4.3 175,530.6 90.6
Air Arabia Dubai 1.14 2.7 31,753.2 36.5
Qatar Islamic Bank Qatar 70.90 2.3 553.4 (5.5)
Dubai Financial Market Dubai 2.01 1.5 56,581.6 97.1
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Boubyan Petrochem. Kuwait 0.64 (8.6) 121.2 10.3
Investbank Abu Dhabi 2.40 (5.9) 43.9 48.1
Al Ahli Bank of Kuwait Kuwait 0.48 (4.0) 72.5 (8.3)
Albaraka Banking Bahrain 0.77 (3.8) 22.9 3.4
Kuwait Int. Bank Kuwait 0.31 (3.2) 2,337.0 3.4
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)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Electricity & Water Co. 153.30 (2.4) 53.2 15.8
Qatar Telecom 125.00 (2.3) 294.0 20.2
Qatar Gas Transport Co. 18.50 (1.9) 1,077.4 21.2
Islamic Holding Group 38.90 (1.8) 51.7 2.4
Aamal Co. 14.68 (1.5) 339.5 7.9
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 166.50 0.2 114,019.5 18.1
United Development Co. 24.03 0.8 102,487.4 35.0
QNB Group 153.60 (1.2) 54,625.5 17.3
Commercial Bank of Qatar 72.00 1.0 46,600.4 1.6
Qatar Islamic Bank 70.90 2.3 38,977.1 (5.5)
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* 9,479.80 (0.4) 2.0 2.6 13.4 179.63 142,780.8 12.0 1.7 4.9
Dubai 2,399.58 0.2 (0.9) 1.4 47.9 197.79 61,672.0 15.4 1.0 3.5
Abu Dhabi 3,661.39 0.0 1.7 2.8 39.2 226.32 105,259.4 11.2 1.3 4.8
Saudi Arabia 7,294.38 (4.3) (4.3) (1.5) 7.3 2,578.06 391,776.6 15.5 1.9 3.8
Kuwait 7,931.09 (0.5) (1.2) (4.5) 33.6 115.00 108,771.1 24.7 1.4 3.4
Oman 6,558.49 (0.9) 0.9 2.2 13.8 20.75 22,913.8 11.2 1.7 4.2
Bahrain 1,198.61 (0.4) (0.2) 0.2 12.5 1.70 21,297.4 8.7 0.8 4.1
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,460
9,480
9,500
9,520
9,540
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Page 2 of 6
Qatar Market Commentary
 The QE index declined 0.4% to close at 9,479.8. The Telecoms
and Transportation indices led the losses. The index declined on
the back of selling pressure from Qatari shareholders despite
buying support from non-Qatari shareholders.
 Qatar Electricity & Water Co. and Qatar Telecom were the top
losers, falling 2.4% and 2.3% respectively. Among the top
gainers, Qatar Cinema & Film Dist. Co. rose 6.9%, while Dlala
Brok. & Inv. Holding Co. gained 5.9%.
 Volume of shares traded on Thursday declined by 16.8% to
14.9mn from 17.9mn on Wednesday. However, as compared to
the 30-day moving average of 12.3mn, volume for the day was
21.0% higher. United Development Co. and Qatar Gas Transport
Co. were the most active stocks, contributing 28.7% and 7.2% to
the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Arab Orient
Insurance Co.
(AOIC)
A.M. Best Dubai FSR/ICR B++/bbb+ B++/bbb+ – Stable –
Gulf Insurance
Company (GIC)
A.M. Best Kuwait FSR/ICR A-/a- A-/a- – Stable –
Gulf Life Insurance
Co. (GLIC)
A.M. Best Kuwait FSR/ICR A-/a- A-/a- – Stable –
MB Holding Co.
(MB)
S&P Oman
LT corporate credit
ratings
B B – Negative 
MB
Petroleum Service
(MBPS)
S&P Oman
LT corporate credit
ratings/MBPS’s senior
unsecured $320mn
bond
B/B- B/B- – Negative 
HSBC Bank Middle
East (HBME)
Fitch
Middle
East
Region
LT IDR/ ST IDR/ VR/
SR/ EMTN Program:
Senior unsecured
notes/ HBME Sukuk
Company Limited’s
Senior unsecured trust
certificates
AA-/ F1+/ bbb/
1/ (AA-/F1+)/
AA-
AA-/ F1+/
bbb/ 1/ (AA-
/F1+)/ AA-
– Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, IDR –Issuer Default Rating,
VR – Viability Rating, SR – Support Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/13 US US Census Bureau Advance Retail Sales May 0.60% 0.40% 0.10%
06/13 US Department of Labor Initial Jobless Claims 8-June 334K 346K 346K
06/13 US Department of Labor Continuing Claims 1-June 2973K 2978K 2971K
06/13 US Bureau of Labor Stat. Import Price Index (MoM) May -0.60% 0.00% -0.70%
06/13 US Bureau of Labor Stat. Import Price Index (YoY) May -1.90% -1.40% -2.70%
06/13 US Bloomberg Bloomberg Consumer Comfort 9-June -31.3 – -29.7
06/14 US Bureau of Labor Stat. Producer Price Index (MoM) May 0.50% 0.10% -0.70%
06/14 US Bureau of Labor Stat. Producer Price Index (YoY) May 1.70% 1.40% 0.60%
06/14 US Federal Reserve Industrial Production May 0.00% 0.20% -0.40%
06/14 EU Eurostat Euro-Zone CPI (MoM) May 0.10% 0.10% -0.10%
06/14 EU Eurostat Euro-Zone CPI (YoY) May 1.40% 1.40% 1.20%
06/14 EU Eurostat Euro-Zone CPI - Core (YoY) May 1.20% 1.20% 1.00%
06/14 EU Eurostat Eurozone Employment (QoQ) 1Q2013 -0.50% – -0.30%
06/14 EU Eurostat Eurozone Employment (YoY) 1Q2013 -1.00% – -0.80%
06/13 Germany Destasis Wholesale Price Index (MoM) May -0.40% – -0.20%
06/13 Germany Destasis Wholesale price Index (YoY) May -0.10% – -0.40%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 59.05% 59.70% (4,263,256.54)
Non-Qatari 40.96% 40.30% 4,263,256.54
Page 3 of 6
News
Qatar
 QCB sets cap for bank investments in securities – Qatar
Central Bank (QCB) has set the cap for bank investments in
equity and debt securities at 25% of lenders’ capital and
reserves. Further, the QCB has set a limit for investing in
individual companies at 5% of lenders’ capital and reserves,
whereas, the limit of total securities investment outside Qatar is
set at 15%. The QCB has set the limit of total unlisted securities
at 10% inside Qatar and 5% abroad. Meanwhile, QCB has
exempted debt instruments issued by the Qatari government,
central bank, licensed national banks from these limits.
Moreover, QCB has set limit on property investment for Islamic
banks at 10% of capital, reserves, and limits on investments in
associates is set at 35%, including investments, financing, all
risk exposure and limit on investment in single associate
company at 25%. (Bloomberg)
 Ooredoo withdraws bid for Vivendi stake in Maroc Telecom
– Ooredoo (formerly QTEL) has withdrawn its bid for Vivendi’s
53% stake in Moroccan telecom operator, Maroc Telecom,
leaving Emirates Telecommunications Corporation as the only
remaining bidder. Meanwhile, Vivendi is reportedly in talks to
sell its stake in Maroc Telecom to Emirates Telecommunications
Corp (Etisalat) after Ooredoo withdrew its offer. (Bloomberg,
GulfBase.com)
 Qatar Airways to plan Dreamliner order during Paris Air
Show – Qatar Airways is set to place an order for more 787
Dreamliners from the Boeing Company at the Paris Air Show
next week. Qatar Airways is planning to purchase up to 30 new
787s, which the carrier had previously agreed to buy.
(Bloomberg)
 PHCC to open 10 new health centers – Qatar’s Primary
Health Care Corporation’s (PHCC) Managing Director Dr
Mariam Ali Abdulmalik said the corporation would establish 10
new health centers in 2014-2015 besides revamping six existing
ones. (Gulf-Times.com)
 QISI’s EGM to be held on June 30 – The Qatar Islamic
Insurance Company (QISI) has invited its shareholders for its
EGM scheduled to be held on June 30, 2013. (QE)
International
 World Bank cuts global growth outlook to 2.2% – The World
Bank has cut its outlook for global economic growth, stating that
it will expand more slowly in 2013 than in 2012 due to a deeper-
than-expected recession in Europe and a recent slowdown in
some emerging markets. In its half-yearly Global Economic
Prospects report, the bank warned that large developing
economies, which have driven global growth in recent years, will
not experience the same boom as they did before the global
financial crisis and will have to focus on structural reforms to
revive growth. The bank forecast the world's GDP to grow 2.2%
in 2013, slightly below last year's growth of 2.3%. In its last
forecast in January, the World Bank had estimated the global
economy would expand 2.4% this year. After this year's trough,
the bank estimates the global economy to expand to 3% in 2014
and to 3.3% in 2015. (Bloomberg)
 IMF urges repeal of ill-designed US cuts – The IMF urged the
US to repeal sweeping government spending cuts and
recommended that the US Federal Reserve should continue its
bond-buying program through at least the end of the year. In its
annual health check, the IMF forecast the US economy’s growth
to be a sluggish 1.9% this year. The IMF estimates that growth
would be as much as 1.75% higher if not for a rush to cut the
government's budget deficit. The IMF cut its outlook for
economic growth in 2014 to 2.7%, below its 3% forecast
published in April. The fund said in April, that it assumed the
deep government spending cuts would be repealed, but it has
now dropped that assumption. (Reuters)
 G8 draft finds risks to economy lower, but reforms needed
– According to a draft copy of the communiqué being prepared
for leaders at the annual G8 summit to be held on June 17-18,
actions taken by policymakers in the US, the Eurozone and
Japan had reduced risks to the global economy. According to
the draft, while countries have taken steps to avoid the worst
risks that faced the world economy in 2012, many of these
vulnerabilities remain in 2013, highlighting the need for countries
to press ahead with necessary reforms for restoring sustainable
growth. (Reuters)
 Japan approves economic growth steps – Japan's cabinet
has approved a set of measures to boost economic growth,
which includes creation of special economic zones, incentives to
boost private investment and participation of women in the
workforce as well as steps for deregulation in some sectors. A
government official said details on how to achieve those targets
will be laid out probably in August in a medium-term fiscal plan,
which could include new ceilings on bond issuance and
spending, and budget guidelines for the next fiscal year.
(Reuters)
 Egypt about to verify reform plan with IMF – Egypt’s central
bank Governor Hisham Ramez said Egypt's government is in
the final stages of verifying its economic reform program with the
IMF before obtaining a $4.8bn loan. The loan, which is needed
to help stabilize Egypt's balance of payments and state
finances, has been under discussion for two years, but an
agreement had been repeatedly postponed due to political
unrest and the government's reluctance to commit to austerity
measures. (Reuters)
Regional
 QNB Group: MENA region to grow 4% in 2013, 5% in 2014 –
According to a report by QNB Group, the MENA region is
expected to grow around 3.5-4% in 2013 and 4.5-5% in 2014,
notwithstanding significant headwinds from the global economy
and domestic political uncertainty in a number of countries in the
region. The report said that the GCC region countries will
continue to invest heavily in infrastructure and diversify their
economies, thus boosting non-oil GDP growth. The report also
said that most oil importing countries will continue on their path
to recovery, although with significant downside risks associated
with fluctuating global demand and domestic political
uncertainty. The report stated that, overall, the MENA region
remains one of the major contributors to global economic
growth, which is expected to be in the range of 2.5-3% in 2013
and 3.5-4% in 2014. (Gulf-Times.com)
 South Korea urged to take part in $2.5tn GCC region
projects – The Federation of GCC Chambers has insisted
South Korea to make use of the huge investment prospects
worth $2.5tn in the GCC region countries. New opportunities are
emerging especially in the vital sectors of oil & gas,
petrochemicals, water & electricity, real estate, and tourism.
(GulfBase.com)
 Bilateral trade between GCC and India up 9% in 2012-13 –
The bilateral trade between India and the GCC countries has
increased from $145bn in 2011-12 to $158bn to 2012-13,
reflecting a YoY growth of 9%. (Qatar Tribune)
Page 4 of 6
 SAMA: Saudi banks earn SR12.4bn in first four months of
2013 – According to the data released by the Saudi Arabian
Monetary Agency (SAMA), 12 commercial banks in Saudi
Arabia earned revenues of nearly SR12.4bn in the first four
months of 2013. The data also showed that net profits of the
banks stood at around SR3.25bn in January 2013, growing to
SR2.99bn in February, SR3.05bn in March and reaching around
SR3.13bn in April. (GulfBase.com)
 Spanish firms target Saudi solar sector – A group of Spanish
companies have expressed their willingness to enter into
partnership with their Saudi counterparts to set up power plants
for production of solar energy to supply for both local demand as
well as export to neighboring countries. (GulfBase.com)
 IDB provides $1.2bn funding to Tunisia – Saudi-based
Islamic Development Bank (IDB) has provided $1.2bn funding to
Tunisia, aimed at backing industrial, agricultural and trade
projects in the country. (Reuters)
 Satorp to open in December – Saudi Aramco Total Refinery &
Petrochemicals Company’s (Satorp) CEO Fawwaz Nawwab
said it expects its new SR52.5bn refinery at Jubail Industrial City
to be fully operational in December 2013. He added that the
overall engineering, procurement & construction work at the
refinery is 68% complete. He also said that although the refinery
was designed to process 400,000 bpd, Saudi Aramco had
committed to supply it with up to 440,000 bpd. (GulfBase.com)
 Marafiq to set up saline water plant – The Power & Water
Utility Company for Jubail & Yanbu (Marafiq) has signed a
contract deal with French Sidem and Sidem Saudi Arabia, which
are both affiliated to Veolia Water Company. Sidem Saudi
Arabia will undertake the engineering, construction and
operation works at the new saline water plant at SADARA
Petrochemical Complex in Jubail. The project is expected to
produce water in commercial quantities by 3Q2015 and will work
on build, operate, and own basis. The contract will cover 20
years and is extendable for another 10 years. (GulfBase.com)
 KEFI finds new gold prospect in Saudi Arabia – KEFI
Minerals has discovered another gold prospect at its Jibal
Qutman project in Saudi Arabia, describing the early stage
trenching results as exceptional. KEFI’s new find has been
named “3K Hill” and lies three kilometers north of the current
drilling at Jibal Qutman. (GulfBase.com)
 Kingston Holdings acquires conduit factory from Schneider
Electric – UAE-based diversified group Kingston Holdings has
acquired the PVC conduits manufacturing plant at Saif Zone
from Schneider Electric. (AME Info)
 Takween to commence production of SAAF Line 3 project
in 4Q2013 – Takween Advanced Industries has announced that
the commercial production of its SAAF line 3 project at the
Plastic Complex on Rabigh is expected to commence in 4Q2013
due to the rescheduling of the some infrastructure jobs to meet
the highest standards. (Tadawul)
 AlAhli Takaful renews insurance license from SAMA – AlAhli
Takaful Company has renewed its insurance license from the
Saudi Arabian Monetary Agency (SAMA), which is valid for three
years beginning from July 8, 2013. (Tadawul)
 Tadawul adds AIG-ANB Cooperative Insurance’s IPO to
investor portfolio – The Saudi Stock Exchange (Tadawul) has
announced that AIG-ANB Cooperative Insurance Company’s
IPO shares have been deposited into applicable investor’s
portfolios. (Tadawul)
 IEA: UAE’s May oil output up 1.1% MoM in May – According
to the data released by the International Energy Agency (IEA),
the UAE’s oil output rose 1.1% MoM in May 2013 to 2.7mn bpd.
IEA said the crude oil supply from the Organization of Petroleum
Exporting Countries (OPEC) rose to its highest level in seven
months in May due to increased output from Saudi Arabia and,
to some extent, Iran, Kuwait, and the UAE. IEA also said that
May OPEC output was up by around 135,000 bpd to 30.9mn
bpd, with higher output from the Gulf producers only partially
offsetting the reduced supplies from Iraq, Libya and Nigeria,
where militant activity continued to undermine production levels.
Bloomberg)
 Moody's upgrades JAFZ's ratings to Ba3; review for
upgrade – Moody's Investors Service has upgraded Jebel Ali
Free Zone’s (JAFZ) Corporate Family Rating to Ba3 from B1,
Probability of Default Rating to Ba3-PD, and the rating on the
US dollar-denominated trust certificates (sukuk) issued by JAFZ
Sukuk (2019) Limited to Ba3. JAFZ's baseline credit
assessment has been raised to B1 from B2. At the same time,
the ratings have been placed on review for upgrade.
(Bloomberg)
 Aldar, Sorouh expect merger closure by June 30 – Abu
Dhabi-based developers Aldar Properties and Sorouh Real
Estate said the two companies expect to close their state-
backed merger by June 30, 2013 pending a ministerial
resolution approving the deal. The two companies also said that
a three-month period for Sorouh’s creditors to object to the
proposed merger has expired without any objections. The two
companies expect that resolution is to be issued between June
20 and June 30, 2013. (ADX)
 India defers decision on Jet Airways’ stake sale plan to
Etihad – India has deferred taking a decision on the Jet
Airways’ proposal to sell its 24% stake to UAE-based Etihad
Airways, saying it would seek more details about the transaction
agreement between the two carriers. (Gulf-Times.com)
 Unatrac completes upsized syndicated loan for $700mn –
Unatrac Holding Limited has signed a new $700mn syndicated
three-year revolving credit facility. The joint global coordinators
and book-runners for the facility were Barclays Bank, Citigroup,
and JP Morgan. The funds from this facility will be used to
finance Unatrac’s working capital requirements and to refinance
existing debt facilities, while supporting its operational growth for
the next three years. (AME Info)
 Emirates A380 to fly to Los Angeles – Emirates Airlines has
announced an upgrade to its service from Dubai to Los Angeles
with the introduction of the flagship A380 starting from
December 2, 2013. (AME Info)
 IFM, Abu Dhabi Group’s unit sign AUD2bn loan for Australia
Port deal – A group including Industry Funds Management
(IFM) and a unit of Abu Dhabi Investment Authority has signed a
loan worth 2bn Australian dollars with 10 banks backing its
purchase of the leases of two Australian ports: Port Botany and
Port Kembla. (Bloomberg)
 Oman’s overseas investment rose 36.5% YoY in 2011 –
According to the data released by the National Centre for
Information & Statistics, Oman’s foreign investments rose 36.5%
YoY to OMR5.5bn by the end of 2011. (GulfBase.com)
 Oman awards tenders for projects worth OMR95.3mn –
Oman’s tender board has awarded four tenders for projects
worth OMR95.3mn. The projects includes dualization of
Mahdha-Al Rawdha road in Al Buraimi Governorate, provision of
catering service for SQU students for three years, construction
of the main transformer station for Oman Conventions &
Exhibition Centre, and expansion of the equipment’s capacity
Page 5 of 6
that supports the operation system for radio package services.
(Bloomberg)
 OAB gearing up to unveil Al Yusr – Oman Arab Bank (OAB)
is set to launch its Islamic banking services through an Islamic
banking window named “Al Yusr”. (GulfBase.com)
 Omran awards a construction contract to Carillion Alawi –
Omran has awarded the construction of Package 2 at the Oman
Convention & Exhibition Centre in Al Irfan area to Carillion Alawi
with a total value of OMR78mn. (AME Info)
 Moody’s puts Bahrain debt on watch – Moody’s has placed
debt issued by Bahrain on watch, warning of a possible
downgrade since the country could face strains over its debt
given the weak outlook for oil prices. The rating agency has
placed Bahrain’s Baa1 government issuer rating on review for
possible downgrade. (GulfBase.com)
 Trust Re increases paid-up capital to $140mn – The Trust
International Insurance & Reinsurance Company (Trust Re) has
increased its paid-up capital from $100mn to $140mn, and has
also increased its authorized capital to $200mn. (GulfBase.com)
Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@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 6 of 6
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
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13
QE Index S&P Pan Arab S&P GCC
(4.3%)
(0.4%) (0.5%) (0.4%)
(0.9%)
0.0% 0.2%
(6.0%)
(4.6%)
(3.2%)
(1.8%)
(0.4%)
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold 1,390.74 0.3 0.6 (17.0) DJ Industrial 15,070.18 (0.7) (1.2) 15.0
Silver 22.09 1.0 2.0 (27.2) S&P 500 1,626.73 (0.6) (1.0) 14.1
Crude Oil (Brent) 105.95 1.2 1.4 (6.1) NASDAQ 100 3,423.56 (0.6) (1.3) 13.4
Euro 1.33 (0.2) 1.0 1.2 DAX 8,127.96 0.4 (1.5) 6.8
Yen 94.31 (1.1) (3.3) 8.7 FTSE 100 6,308.26 0.1 (1.6) 7.0
GBP 1.57 (0.1) 1.0 (3.4) CAC 40 3,805.16 0.2 (1.7) 4.5
CHF 1.09 0.1 1.6 (0.6) Nikkei 12,686.52 1.9 (1.5) 22.0
AUD 0.96 (0.7) 0.8 (7.9) Shanghai 2,162.04 0.6 (2.2) (4.7)
USD Index 80.67 (0.1) (1.2) 1.1 BSE Sensex 19,177.93 1.9 (1.3) (1.3)
RUB 31.72 (0.8) (1.4) 3.9 Bovespa 49,332.34 (2.1) (4.4) (19.1)
BRL 0.47 (1.3) (0.7) (4.6) RTS 1,293.88 2.6 (1.6) (15.3)
136.2
120.6
109.6

Mais conteúdo relacionado

Mais de QNB Group

QNBFS Daily Market Report November 29, 2023
QNBFS Daily Market Report November 29, 2023QNBFS Daily Market Report November 29, 2023
QNBFS Daily Market Report November 29, 2023QNB Group
 
QNBFS Daily Technical Trader Qatar - November 14, 2023 التحليل الفني اليومي ل...
QNBFS Daily Technical Trader Qatar - November 14, 2023 التحليل الفني اليومي ل...QNBFS Daily Technical Trader Qatar - November 14, 2023 التحليل الفني اليومي ل...
QNBFS Daily Technical Trader Qatar - November 14, 2023 التحليل الفني اليومي ل...QNB Group
 
QNBFS Daily Technical Trader Qatar - November 06, 2023 التحليل الفني اليومي ل...
QNBFS Daily Technical Trader Qatar - November 06, 2023 التحليل الفني اليومي ل...QNBFS Daily Technical Trader Qatar - November 06, 2023 التحليل الفني اليومي ل...
QNBFS Daily Technical Trader Qatar - November 06, 2023 التحليل الفني اليومي ل...QNB Group
 
QNBFS Daily Market Report October 30, 2023
QNBFS Daily Market Report October 30, 2023QNBFS Daily Market Report October 30, 2023
QNBFS Daily Market Report October 30, 2023QNB Group
 
QNBFS Daily Technical Trader Qatar - October 25, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 25, 2023 التحليل الفني اليومي لب...QNBFS Daily Technical Trader Qatar - October 25, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 25, 2023 التحليل الفني اليومي لب...QNB Group
 
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...QNB Group
 
QNBFS Daily Technical Trader Qatar - October 11, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 11, 2023 التحليل الفني اليومي لب...QNBFS Daily Technical Trader Qatar - October 11, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 11, 2023 التحليل الفني اليومي لب...QNB Group
 
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...QNB Group
 
QNBFS Daily Market Report October 04, 2023
QNBFS Daily Market Report October 04, 2023QNBFS Daily Market Report October 04, 2023
QNBFS Daily Market Report October 04, 2023QNB Group
 
QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...QNB Group
 
QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...QNB Group
 
QNBFS Daily Market Report September 24, 2023
QNBFS Daily Market Report September 24, 2023QNBFS Daily Market Report September 24, 2023
QNBFS Daily Market Report September 24, 2023QNB Group
 
QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...QNB Group
 
QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...QNB Group
 
QNBFS Daily Market Report September 17, 2023
QNBFS Daily Market Report September 17, 2023QNBFS Daily Market Report September 17, 2023
QNBFS Daily Market Report September 17, 2023QNB Group
 
QNBFS Weekly Market Report September 07, 2023
QNBFS Weekly Market Report September 07, 2023QNBFS Weekly Market Report September 07, 2023
QNBFS Weekly Market Report September 07, 2023QNB Group
 
QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...QNB Group
 
QNBFS Daily Technical Trader Qatar - September 06, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 06, 2023 التحليل الفني اليومي ...QNBFS Daily Technical Trader Qatar - September 06, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 06, 2023 التحليل الفني اليومي ...QNB Group
 
QNBFS Daily Technical Trader Qatar - August 31, 2023 التحليل الفني اليومي لبو...
QNBFS Daily Technical Trader Qatar - August 31, 2023 التحليل الفني اليومي لبو...QNBFS Daily Technical Trader Qatar - August 31, 2023 التحليل الفني اليومي لبو...
QNBFS Daily Technical Trader Qatar - August 31, 2023 التحليل الفني اليومي لبو...QNB Group
 
QNBFS Daily Technical Trader Qatar - August 24, 2023 التحليل الفني اليومي لبو...
QNBFS Daily Technical Trader Qatar - August 24, 2023 التحليل الفني اليومي لبو...QNBFS Daily Technical Trader Qatar - August 24, 2023 التحليل الفني اليومي لبو...
QNBFS Daily Technical Trader Qatar - August 24, 2023 التحليل الفني اليومي لبو...QNB Group
 

Mais de QNB Group (20)

QNBFS Daily Market Report November 29, 2023
QNBFS Daily Market Report November 29, 2023QNBFS Daily Market Report November 29, 2023
QNBFS Daily Market Report November 29, 2023
 
QNBFS Daily Technical Trader Qatar - November 14, 2023 التحليل الفني اليومي ل...
QNBFS Daily Technical Trader Qatar - November 14, 2023 التحليل الفني اليومي ل...QNBFS Daily Technical Trader Qatar - November 14, 2023 التحليل الفني اليومي ل...
QNBFS Daily Technical Trader Qatar - November 14, 2023 التحليل الفني اليومي ل...
 
QNBFS Daily Technical Trader Qatar - November 06, 2023 التحليل الفني اليومي ل...
QNBFS Daily Technical Trader Qatar - November 06, 2023 التحليل الفني اليومي ل...QNBFS Daily Technical Trader Qatar - November 06, 2023 التحليل الفني اليومي ل...
QNBFS Daily Technical Trader Qatar - November 06, 2023 التحليل الفني اليومي ل...
 
QNBFS Daily Market Report October 30, 2023
QNBFS Daily Market Report October 30, 2023QNBFS Daily Market Report October 30, 2023
QNBFS Daily Market Report October 30, 2023
 
QNBFS Daily Technical Trader Qatar - October 25, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 25, 2023 التحليل الفني اليومي لب...QNBFS Daily Technical Trader Qatar - October 25, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 25, 2023 التحليل الفني اليومي لب...
 
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...
 
QNBFS Daily Technical Trader Qatar - October 11, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 11, 2023 التحليل الفني اليومي لب...QNBFS Daily Technical Trader Qatar - October 11, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 11, 2023 التحليل الفني اليومي لب...
 
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 10, 2023 التحليل الفني اليومي لب...
 
QNBFS Daily Market Report October 04, 2023
QNBFS Daily Market Report October 04, 2023QNBFS Daily Market Report October 04, 2023
QNBFS Daily Market Report October 04, 2023
 
QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...
QNBFS Daily Technical Trader Qatar - October 04, 2023 التحليل الفني اليومي لب...
 
QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 28, 2023 التحليل الفني اليومي ...
 
QNBFS Daily Market Report September 24, 2023
QNBFS Daily Market Report September 24, 2023QNBFS Daily Market Report September 24, 2023
QNBFS Daily Market Report September 24, 2023
 
QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 24, 2023 التحليل الفني اليومي ...
 
QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 19, 2023 التحليل الفني اليومي ...
 
QNBFS Daily Market Report September 17, 2023
QNBFS Daily Market Report September 17, 2023QNBFS Daily Market Report September 17, 2023
QNBFS Daily Market Report September 17, 2023
 
QNBFS Weekly Market Report September 07, 2023
QNBFS Weekly Market Report September 07, 2023QNBFS Weekly Market Report September 07, 2023
QNBFS Weekly Market Report September 07, 2023
 
QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 07, 2023 التحليل الفني اليومي ...
 
QNBFS Daily Technical Trader Qatar - September 06, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 06, 2023 التحليل الفني اليومي ...QNBFS Daily Technical Trader Qatar - September 06, 2023 التحليل الفني اليومي ...
QNBFS Daily Technical Trader Qatar - September 06, 2023 التحليل الفني اليومي ...
 
QNBFS Daily Technical Trader Qatar - August 31, 2023 التحليل الفني اليومي لبو...
QNBFS Daily Technical Trader Qatar - August 31, 2023 التحليل الفني اليومي لبو...QNBFS Daily Technical Trader Qatar - August 31, 2023 التحليل الفني اليومي لبو...
QNBFS Daily Technical Trader Qatar - August 31, 2023 التحليل الفني اليومي لبو...
 
QNBFS Daily Technical Trader Qatar - August 24, 2023 التحليل الفني اليومي لبو...
QNBFS Daily Technical Trader Qatar - August 24, 2023 التحليل الفني اليومي لبو...QNBFS Daily Technical Trader Qatar - August 24, 2023 التحليل الفني اليومي لبو...
QNBFS Daily Technical Trader Qatar - August 24, 2023 التحليل الفني اليومي لبو...
 

Último

Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...mwangimwangi222
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfMichael Silva
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxPrecize Formely Leadoff
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI360factors
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent PreferencesGRAPE
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...Antonis Zairis
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklosbeduinpower135
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources PresentationAdnet Communications
 
Stock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfStock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfMichael Silva
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxsonamyadav7097
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?Stephen Perrenod
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneurabcisahunter
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxOffice for National Statistics
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Matthews Bantsijang
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfAdnet Communications
 

Último (20)

Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdf
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptx
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent Preferences
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklos
 
Effects & Policies Of Bank Consolidation
Effects & Policies Of Bank ConsolidationEffects & Policies Of Bank Consolidation
Effects & Policies Of Bank Consolidation
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation
 
Stock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfStock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdf
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
 
Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
 

13 June Technical Market Report

  • 1. Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index declined 0.4% to close at 9,479.8. Losses were led by the Telecoms and Transportation indices, declining 2.1% and 0.9% respectively. Top losers were Qatar Electricity & Water Co. and Qatar Telecom, falling 2.4% and 2.3% respectively. Among the top gainers, Qatar Cinema & Film Dist. Co. rose 6.9%, while Dlala Brok. & Inv. Holding Co. gained 5.9%. GCC Commentary Saudi Arabia: The TASI index declined 4.3% to close at 7,294.4. Losses were led by the Real Estate Development and Insurance indices, declining 8.1% and 7.4% respectively. Saudi Industrial Development Co. and SABB Takaful fell 10.0% each. Dubai: The DFM index rose 0.2% to close at 2,399.6. The Services index gained 8.2%, while the Transportation index was up 1.7%. National Central Cooling Co. rose 8.2%, while Shuaa Capital was up 3.9%. Abu Dhabi: The ADX benchmark index gained marginally to close at 3,661.4. The Real Estate index rose 6.1%, while the Consumer index was up 1.8%. Green Crescent Insurance Co. gained 11.9%, while Sorouh Real Estate Co. was up 8.3%. Kuwait: The KSE index fell 0.5% to close at 7,931.1. Losses were led by the Technology and Banking indices, declining 1.7% and 1.4% respectively. City Group Co. fell 11.5%, while Danah Alsafat Foodstuff Co. was down 8.3%. Oman: The MSM index declined 0.9% to close at 6,558.5. The Banking & Investment index fell 1.3%, while the Services & Insurance index was down 0.7%. Financial Services declined 3.5%, while Al Anwar Holding was down 3.4%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Cinema & Film Dist. Co. 57.00 6.9 2.1 0.2 Dlala Brok. & Inv. Holding Co. 28.70 5.9 797.4 (7.7) Qatar Islamic Bank 70.90 2.3 553.4 (5.5) Al Khaleej Takaful Group 45.10 2.0 125.4 23.0 Doha Insurance Co. 27.50 1.9 45.3 12.0 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 24.03 0.8 4,270.1 35.0 Qatar Gas Transport Co. 18.50 (1.9) 1,077.4 21.2 Barwa Real Estate Co. 27.80 (1.2) 910.4 1.3 Dlala Brok. & Inv. Holding Co. 28.70 5.9 797.4 (7.7) Masraf Al Rayan 27.85 0.4 718.0 12.3 Market Indicators 13 June 13 12 June 13 %Chg. Value Traded (QR mn) 654.1 987.5 (33.8) Exch. Market Cap. (QR mn) 519,959.2 522,219.0 (0.4) Volume (mn) 14.9 17.9 (16.8) Number of Transactions 6,776 6,648 1.9 Companies Traded 40 40 0.0 Market Breadth 14:22 23:14 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,544.46 (0.4) 2.0 19.7 N/A All Share Index 2,396.81 (0.4) 1.8 19.0 13.0 Banks 2,240.81 (0.0) 2.9 15.0 12.1 Industrials 3,208.81 (0.5) 1.8 22.1 11.9 Transportation 1,713.47 (0.9) (0.9) 27.8 12.1 Real Estate 1,929.67 (0.4) 3.0 19.7 12.3 Insurance 2,330.98 0.3 0.3 18.7 15.3 Telecoms 1,316.08 (2.1) 0.7 23.6 15.0 Consumer 5,578.58 (0.2) (0.5) 19.4 22.8 Al Rayan Islamic Index 2,885.97 0.1 1.8 16.0 14.4 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Sorouh Real Estate Co Abu Dhabi 2.99 8.3 78,975.7 139.2 Aldar Properties PJSC Abu Dhabi 2.42 4.3 175,530.6 90.6 Air Arabia Dubai 1.14 2.7 31,753.2 36.5 Qatar Islamic Bank Qatar 70.90 2.3 553.4 (5.5) Dubai Financial Market Dubai 2.01 1.5 56,581.6 97.1 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Boubyan Petrochem. Kuwait 0.64 (8.6) 121.2 10.3 Investbank Abu Dhabi 2.40 (5.9) 43.9 48.1 Al Ahli Bank of Kuwait Kuwait 0.48 (4.0) 72.5 (8.3) Albaraka Banking Bahrain 0.77 (3.8) 22.9 3.4 Kuwait Int. Bank Kuwait 0.31 (3.2) 2,337.0 3.4 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) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Electricity & Water Co. 153.30 (2.4) 53.2 15.8 Qatar Telecom 125.00 (2.3) 294.0 20.2 Qatar Gas Transport Co. 18.50 (1.9) 1,077.4 21.2 Islamic Holding Group 38.90 (1.8) 51.7 2.4 Aamal Co. 14.68 (1.5) 339.5 7.9 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 166.50 0.2 114,019.5 18.1 United Development Co. 24.03 0.8 102,487.4 35.0 QNB Group 153.60 (1.2) 54,625.5 17.3 Commercial Bank of Qatar 72.00 1.0 46,600.4 1.6 Qatar Islamic Bank 70.90 2.3 38,977.1 (5.5) 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* 9,479.80 (0.4) 2.0 2.6 13.4 179.63 142,780.8 12.0 1.7 4.9 Dubai 2,399.58 0.2 (0.9) 1.4 47.9 197.79 61,672.0 15.4 1.0 3.5 Abu Dhabi 3,661.39 0.0 1.7 2.8 39.2 226.32 105,259.4 11.2 1.3 4.8 Saudi Arabia 7,294.38 (4.3) (4.3) (1.5) 7.3 2,578.06 391,776.6 15.5 1.9 3.8 Kuwait 7,931.09 (0.5) (1.2) (4.5) 33.6 115.00 108,771.1 24.7 1.4 3.4 Oman 6,558.49 (0.9) 0.9 2.2 13.8 20.75 22,913.8 11.2 1.7 4.2 Bahrain 1,198.61 (0.4) (0.2) 0.2 12.5 1.70 21,297.4 8.7 0.8 4.1 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,460 9,480 9,500 9,520 9,540 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 6 Qatar Market Commentary  The QE index declined 0.4% to close at 9,479.8. The Telecoms and Transportation indices led the losses. The index declined on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Qatar Electricity & Water Co. and Qatar Telecom were the top losers, falling 2.4% and 2.3% respectively. Among the top gainers, Qatar Cinema & Film Dist. Co. rose 6.9%, while Dlala Brok. & Inv. Holding Co. gained 5.9%.  Volume of shares traded on Thursday declined by 16.8% to 14.9mn from 17.9mn on Wednesday. However, as compared to the 30-day moving average of 12.3mn, volume for the day was 21.0% higher. United Development Co. and Qatar Gas Transport Co. were the most active stocks, contributing 28.7% and 7.2% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Arab Orient Insurance Co. (AOIC) A.M. Best Dubai FSR/ICR B++/bbb+ B++/bbb+ – Stable – Gulf Insurance Company (GIC) A.M. Best Kuwait FSR/ICR A-/a- A-/a- – Stable – Gulf Life Insurance Co. (GLIC) A.M. Best Kuwait FSR/ICR A-/a- A-/a- – Stable – MB Holding Co. (MB) S&P Oman LT corporate credit ratings B B – Negative  MB Petroleum Service (MBPS) S&P Oman LT corporate credit ratings/MBPS’s senior unsecured $320mn bond B/B- B/B- – Negative  HSBC Bank Middle East (HBME) Fitch Middle East Region LT IDR/ ST IDR/ VR/ SR/ EMTN Program: Senior unsecured notes/ HBME Sukuk Company Limited’s Senior unsecured trust certificates AA-/ F1+/ bbb/ 1/ (AA-/F1+)/ AA- AA-/ F1+/ bbb/ 1/ (AA- /F1+)/ AA- – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, IDR –Issuer Default Rating, VR – Viability Rating, SR – Support Rating) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/13 US US Census Bureau Advance Retail Sales May 0.60% 0.40% 0.10% 06/13 US Department of Labor Initial Jobless Claims 8-June 334K 346K 346K 06/13 US Department of Labor Continuing Claims 1-June 2973K 2978K 2971K 06/13 US Bureau of Labor Stat. Import Price Index (MoM) May -0.60% 0.00% -0.70% 06/13 US Bureau of Labor Stat. Import Price Index (YoY) May -1.90% -1.40% -2.70% 06/13 US Bloomberg Bloomberg Consumer Comfort 9-June -31.3 – -29.7 06/14 US Bureau of Labor Stat. Producer Price Index (MoM) May 0.50% 0.10% -0.70% 06/14 US Bureau of Labor Stat. Producer Price Index (YoY) May 1.70% 1.40% 0.60% 06/14 US Federal Reserve Industrial Production May 0.00% 0.20% -0.40% 06/14 EU Eurostat Euro-Zone CPI (MoM) May 0.10% 0.10% -0.10% 06/14 EU Eurostat Euro-Zone CPI (YoY) May 1.40% 1.40% 1.20% 06/14 EU Eurostat Euro-Zone CPI - Core (YoY) May 1.20% 1.20% 1.00% 06/14 EU Eurostat Eurozone Employment (QoQ) 1Q2013 -0.50% – -0.30% 06/14 EU Eurostat Eurozone Employment (YoY) 1Q2013 -1.00% – -0.80% 06/13 Germany Destasis Wholesale Price Index (MoM) May -0.40% – -0.20% 06/13 Germany Destasis Wholesale price Index (YoY) May -0.10% – -0.40% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Overall Activity Buy %* Sell %* Net (QR) Qatari 59.05% 59.70% (4,263,256.54) Non-Qatari 40.96% 40.30% 4,263,256.54
  • 3. Page 3 of 6 News Qatar  QCB sets cap for bank investments in securities – Qatar Central Bank (QCB) has set the cap for bank investments in equity and debt securities at 25% of lenders’ capital and reserves. Further, the QCB has set a limit for investing in individual companies at 5% of lenders’ capital and reserves, whereas, the limit of total securities investment outside Qatar is set at 15%. The QCB has set the limit of total unlisted securities at 10% inside Qatar and 5% abroad. Meanwhile, QCB has exempted debt instruments issued by the Qatari government, central bank, licensed national banks from these limits. Moreover, QCB has set limit on property investment for Islamic banks at 10% of capital, reserves, and limits on investments in associates is set at 35%, including investments, financing, all risk exposure and limit on investment in single associate company at 25%. (Bloomberg)  Ooredoo withdraws bid for Vivendi stake in Maroc Telecom – Ooredoo (formerly QTEL) has withdrawn its bid for Vivendi’s 53% stake in Moroccan telecom operator, Maroc Telecom, leaving Emirates Telecommunications Corporation as the only remaining bidder. Meanwhile, Vivendi is reportedly in talks to sell its stake in Maroc Telecom to Emirates Telecommunications Corp (Etisalat) after Ooredoo withdrew its offer. (Bloomberg, GulfBase.com)  Qatar Airways to plan Dreamliner order during Paris Air Show – Qatar Airways is set to place an order for more 787 Dreamliners from the Boeing Company at the Paris Air Show next week. Qatar Airways is planning to purchase up to 30 new 787s, which the carrier had previously agreed to buy. (Bloomberg)  PHCC to open 10 new health centers – Qatar’s Primary Health Care Corporation’s (PHCC) Managing Director Dr Mariam Ali Abdulmalik said the corporation would establish 10 new health centers in 2014-2015 besides revamping six existing ones. (Gulf-Times.com)  QISI’s EGM to be held on June 30 – The Qatar Islamic Insurance Company (QISI) has invited its shareholders for its EGM scheduled to be held on June 30, 2013. (QE) International  World Bank cuts global growth outlook to 2.2% – The World Bank has cut its outlook for global economic growth, stating that it will expand more slowly in 2013 than in 2012 due to a deeper- than-expected recession in Europe and a recent slowdown in some emerging markets. In its half-yearly Global Economic Prospects report, the bank warned that large developing economies, which have driven global growth in recent years, will not experience the same boom as they did before the global financial crisis and will have to focus on structural reforms to revive growth. The bank forecast the world's GDP to grow 2.2% in 2013, slightly below last year's growth of 2.3%. In its last forecast in January, the World Bank had estimated the global economy would expand 2.4% this year. After this year's trough, the bank estimates the global economy to expand to 3% in 2014 and to 3.3% in 2015. (Bloomberg)  IMF urges repeal of ill-designed US cuts – The IMF urged the US to repeal sweeping government spending cuts and recommended that the US Federal Reserve should continue its bond-buying program through at least the end of the year. In its annual health check, the IMF forecast the US economy’s growth to be a sluggish 1.9% this year. The IMF estimates that growth would be as much as 1.75% higher if not for a rush to cut the government's budget deficit. The IMF cut its outlook for economic growth in 2014 to 2.7%, below its 3% forecast published in April. The fund said in April, that it assumed the deep government spending cuts would be repealed, but it has now dropped that assumption. (Reuters)  G8 draft finds risks to economy lower, but reforms needed – According to a draft copy of the communiqué being prepared for leaders at the annual G8 summit to be held on June 17-18, actions taken by policymakers in the US, the Eurozone and Japan had reduced risks to the global economy. According to the draft, while countries have taken steps to avoid the worst risks that faced the world economy in 2012, many of these vulnerabilities remain in 2013, highlighting the need for countries to press ahead with necessary reforms for restoring sustainable growth. (Reuters)  Japan approves economic growth steps – Japan's cabinet has approved a set of measures to boost economic growth, which includes creation of special economic zones, incentives to boost private investment and participation of women in the workforce as well as steps for deregulation in some sectors. A government official said details on how to achieve those targets will be laid out probably in August in a medium-term fiscal plan, which could include new ceilings on bond issuance and spending, and budget guidelines for the next fiscal year. (Reuters)  Egypt about to verify reform plan with IMF – Egypt’s central bank Governor Hisham Ramez said Egypt's government is in the final stages of verifying its economic reform program with the IMF before obtaining a $4.8bn loan. The loan, which is needed to help stabilize Egypt's balance of payments and state finances, has been under discussion for two years, but an agreement had been repeatedly postponed due to political unrest and the government's reluctance to commit to austerity measures. (Reuters) Regional  QNB Group: MENA region to grow 4% in 2013, 5% in 2014 – According to a report by QNB Group, the MENA region is expected to grow around 3.5-4% in 2013 and 4.5-5% in 2014, notwithstanding significant headwinds from the global economy and domestic political uncertainty in a number of countries in the region. The report said that the GCC region countries will continue to invest heavily in infrastructure and diversify their economies, thus boosting non-oil GDP growth. The report also said that most oil importing countries will continue on their path to recovery, although with significant downside risks associated with fluctuating global demand and domestic political uncertainty. The report stated that, overall, the MENA region remains one of the major contributors to global economic growth, which is expected to be in the range of 2.5-3% in 2013 and 3.5-4% in 2014. (Gulf-Times.com)  South Korea urged to take part in $2.5tn GCC region projects – The Federation of GCC Chambers has insisted South Korea to make use of the huge investment prospects worth $2.5tn in the GCC region countries. New opportunities are emerging especially in the vital sectors of oil & gas, petrochemicals, water & electricity, real estate, and tourism. (GulfBase.com)  Bilateral trade between GCC and India up 9% in 2012-13 – The bilateral trade between India and the GCC countries has increased from $145bn in 2011-12 to $158bn to 2012-13, reflecting a YoY growth of 9%. (Qatar Tribune)
  • 4. Page 4 of 6  SAMA: Saudi banks earn SR12.4bn in first four months of 2013 – According to the data released by the Saudi Arabian Monetary Agency (SAMA), 12 commercial banks in Saudi Arabia earned revenues of nearly SR12.4bn in the first four months of 2013. The data also showed that net profits of the banks stood at around SR3.25bn in January 2013, growing to SR2.99bn in February, SR3.05bn in March and reaching around SR3.13bn in April. (GulfBase.com)  Spanish firms target Saudi solar sector – A group of Spanish companies have expressed their willingness to enter into partnership with their Saudi counterparts to set up power plants for production of solar energy to supply for both local demand as well as export to neighboring countries. (GulfBase.com)  IDB provides $1.2bn funding to Tunisia – Saudi-based Islamic Development Bank (IDB) has provided $1.2bn funding to Tunisia, aimed at backing industrial, agricultural and trade projects in the country. (Reuters)  Satorp to open in December – Saudi Aramco Total Refinery & Petrochemicals Company’s (Satorp) CEO Fawwaz Nawwab said it expects its new SR52.5bn refinery at Jubail Industrial City to be fully operational in December 2013. He added that the overall engineering, procurement & construction work at the refinery is 68% complete. He also said that although the refinery was designed to process 400,000 bpd, Saudi Aramco had committed to supply it with up to 440,000 bpd. (GulfBase.com)  Marafiq to set up saline water plant – The Power & Water Utility Company for Jubail & Yanbu (Marafiq) has signed a contract deal with French Sidem and Sidem Saudi Arabia, which are both affiliated to Veolia Water Company. Sidem Saudi Arabia will undertake the engineering, construction and operation works at the new saline water plant at SADARA Petrochemical Complex in Jubail. The project is expected to produce water in commercial quantities by 3Q2015 and will work on build, operate, and own basis. The contract will cover 20 years and is extendable for another 10 years. (GulfBase.com)  KEFI finds new gold prospect in Saudi Arabia – KEFI Minerals has discovered another gold prospect at its Jibal Qutman project in Saudi Arabia, describing the early stage trenching results as exceptional. KEFI’s new find has been named “3K Hill” and lies three kilometers north of the current drilling at Jibal Qutman. (GulfBase.com)  Kingston Holdings acquires conduit factory from Schneider Electric – UAE-based diversified group Kingston Holdings has acquired the PVC conduits manufacturing plant at Saif Zone from Schneider Electric. (AME Info)  Takween to commence production of SAAF Line 3 project in 4Q2013 – Takween Advanced Industries has announced that the commercial production of its SAAF line 3 project at the Plastic Complex on Rabigh is expected to commence in 4Q2013 due to the rescheduling of the some infrastructure jobs to meet the highest standards. (Tadawul)  AlAhli Takaful renews insurance license from SAMA – AlAhli Takaful Company has renewed its insurance license from the Saudi Arabian Monetary Agency (SAMA), which is valid for three years beginning from July 8, 2013. (Tadawul)  Tadawul adds AIG-ANB Cooperative Insurance’s IPO to investor portfolio – The Saudi Stock Exchange (Tadawul) has announced that AIG-ANB Cooperative Insurance Company’s IPO shares have been deposited into applicable investor’s portfolios. (Tadawul)  IEA: UAE’s May oil output up 1.1% MoM in May – According to the data released by the International Energy Agency (IEA), the UAE’s oil output rose 1.1% MoM in May 2013 to 2.7mn bpd. IEA said the crude oil supply from the Organization of Petroleum Exporting Countries (OPEC) rose to its highest level in seven months in May due to increased output from Saudi Arabia and, to some extent, Iran, Kuwait, and the UAE. IEA also said that May OPEC output was up by around 135,000 bpd to 30.9mn bpd, with higher output from the Gulf producers only partially offsetting the reduced supplies from Iraq, Libya and Nigeria, where militant activity continued to undermine production levels. Bloomberg)  Moody's upgrades JAFZ's ratings to Ba3; review for upgrade – Moody's Investors Service has upgraded Jebel Ali Free Zone’s (JAFZ) Corporate Family Rating to Ba3 from B1, Probability of Default Rating to Ba3-PD, and the rating on the US dollar-denominated trust certificates (sukuk) issued by JAFZ Sukuk (2019) Limited to Ba3. JAFZ's baseline credit assessment has been raised to B1 from B2. At the same time, the ratings have been placed on review for upgrade. (Bloomberg)  Aldar, Sorouh expect merger closure by June 30 – Abu Dhabi-based developers Aldar Properties and Sorouh Real Estate said the two companies expect to close their state- backed merger by June 30, 2013 pending a ministerial resolution approving the deal. The two companies also said that a three-month period for Sorouh’s creditors to object to the proposed merger has expired without any objections. The two companies expect that resolution is to be issued between June 20 and June 30, 2013. (ADX)  India defers decision on Jet Airways’ stake sale plan to Etihad – India has deferred taking a decision on the Jet Airways’ proposal to sell its 24% stake to UAE-based Etihad Airways, saying it would seek more details about the transaction agreement between the two carriers. (Gulf-Times.com)  Unatrac completes upsized syndicated loan for $700mn – Unatrac Holding Limited has signed a new $700mn syndicated three-year revolving credit facility. The joint global coordinators and book-runners for the facility were Barclays Bank, Citigroup, and JP Morgan. The funds from this facility will be used to finance Unatrac’s working capital requirements and to refinance existing debt facilities, while supporting its operational growth for the next three years. (AME Info)  Emirates A380 to fly to Los Angeles – Emirates Airlines has announced an upgrade to its service from Dubai to Los Angeles with the introduction of the flagship A380 starting from December 2, 2013. (AME Info)  IFM, Abu Dhabi Group’s unit sign AUD2bn loan for Australia Port deal – A group including Industry Funds Management (IFM) and a unit of Abu Dhabi Investment Authority has signed a loan worth 2bn Australian dollars with 10 banks backing its purchase of the leases of two Australian ports: Port Botany and Port Kembla. (Bloomberg)  Oman’s overseas investment rose 36.5% YoY in 2011 – According to the data released by the National Centre for Information & Statistics, Oman’s foreign investments rose 36.5% YoY to OMR5.5bn by the end of 2011. (GulfBase.com)  Oman awards tenders for projects worth OMR95.3mn – Oman’s tender board has awarded four tenders for projects worth OMR95.3mn. The projects includes dualization of Mahdha-Al Rawdha road in Al Buraimi Governorate, provision of catering service for SQU students for three years, construction of the main transformer station for Oman Conventions & Exhibition Centre, and expansion of the equipment’s capacity
  • 5. Page 5 of 6 that supports the operation system for radio package services. (Bloomberg)  OAB gearing up to unveil Al Yusr – Oman Arab Bank (OAB) is set to launch its Islamic banking services through an Islamic banking window named “Al Yusr”. (GulfBase.com)  Omran awards a construction contract to Carillion Alawi – Omran has awarded the construction of Package 2 at the Oman Convention & Exhibition Centre in Al Irfan area to Carillion Alawi with a total value of OMR78mn. (AME Info)  Moody’s puts Bahrain debt on watch – Moody’s has placed debt issued by Bahrain on watch, warning of a possible downgrade since the country could face strains over its debt given the weak outlook for oil prices. The rating agency has placed Bahrain’s Baa1 government issuer rating on review for possible downgrade. (GulfBase.com)  Trust Re increases paid-up capital to $140mn – The Trust International Insurance & Reinsurance Company (Trust Re) has increased its paid-up capital from $100mn to $140mn, and has also increased its authorized capital to $200mn. (GulfBase.com)
  • 6. Contacts Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui Head of Trading Head of Sales Head of Research Manager - HNWI Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@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 6 of 6 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 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 QE Index S&P Pan Arab S&P GCC (4.3%) (0.4%) (0.5%) (0.4%) (0.9%) 0.0% 0.2% (6.0%) (4.6%) (3.2%) (1.8%) (0.4%) 1.0% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold 1,390.74 0.3 0.6 (17.0) DJ Industrial 15,070.18 (0.7) (1.2) 15.0 Silver 22.09 1.0 2.0 (27.2) S&P 500 1,626.73 (0.6) (1.0) 14.1 Crude Oil (Brent) 105.95 1.2 1.4 (6.1) NASDAQ 100 3,423.56 (0.6) (1.3) 13.4 Euro 1.33 (0.2) 1.0 1.2 DAX 8,127.96 0.4 (1.5) 6.8 Yen 94.31 (1.1) (3.3) 8.7 FTSE 100 6,308.26 0.1 (1.6) 7.0 GBP 1.57 (0.1) 1.0 (3.4) CAC 40 3,805.16 0.2 (1.7) 4.5 CHF 1.09 0.1 1.6 (0.6) Nikkei 12,686.52 1.9 (1.5) 22.0 AUD 0.96 (0.7) 0.8 (7.9) Shanghai 2,162.04 0.6 (2.2) (4.7) USD Index 80.67 (0.1) (1.2) 1.1 BSE Sensex 19,177.93 1.9 (1.3) (1.3) RUB 31.72 (0.8) (1.4) 3.9 Bovespa 49,332.34 (2.1) (4.4) (19.1) BRL 0.47 (1.3) (0.7) (4.6) RTS 1,293.88 2.6 (1.6) (15.3) 136.2 120.6 109.6