13 March Daily market report

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Information about 13 March Daily market report

Published on March 16, 2014


Source: slideshare.net

Page 1 of 7 QE Intra-Day Movement Qatar Commentary The QE index declined 0.1% to close at 11,343.4. Losses were led by the Telecoms and Insurance indices, declining 1.2% and 1.1% respectively. Top losers were Qatar Islamic Insurance and Medicare Group, falling 9.1% and 6.9% respectively. Among the top gainers, Barwa Real Estate Co rose 10.0%, while Qatari Investors Group was up 1.8%. GCC Commentary Saudi Arabia: The TASI index rose 0.4% to close at 9,386.1. Gains were led by the Agri. & Food Ind. Index and Banking & Fin. Serv. index, rising 1.1% and 0.8% respectively. Atheeb Tele. rose 4.7%, while Bank Al Bilad was up 3.9%. Dubai: The DFM index gained 1.1% to close at 3,980.9. The Invest. & Fin. Serv. index rose 3.5%, while the Real Estate & Con. index was up 2.5%. Gulf General Inv. Co. surged 14.7%, while Al-Madina For Fin. & Inv. was up 4.5%. Abu Dhabi: The ADX benchmark index rose 2.2% to close at 4,753.8. The Banking index gained 3.1%, while the Investment & Fin. Services index was up 2.7%. Eshraq Properties Co. rose 8.1%, while First Gulf Bank was up 5.3%. Kuwait: The KSE index declined 0.7% to close at 7,454.5. The Parallel Market index fell 2.9%, while the Insurance index was down 1.5%. Flex Resorts & Real Estate Co. declined 42.9%, while First Takaful Ins. Co. was down 9.1%. Oman: The MSM index declined 0.1% to close at 7,062.9. Losses were led by the Financial Index, which declined 0.3%, while the Industrial index was down 0.2%. Al Anwar Holding declined 3.4%, while Muscat Finance was down 3.0%. Bahrain: The BHB index rose marginally to close at 1,374.8. The Commercial Bank index gained 1.0%, while other indices remained unchanged or ended in red. Bahrain Islamic Bank rose 3.4%, while Al Salam Bank was up 2.9%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Barwa Real Estate Co. 35.80 10.0 6,833.0 20.1 Qatari Investors Group 52.00 1.8 2,432.3 19.0 Vodafone Qatar 12.20 1.8 689.0 13.9 United Development Co. 22.07 1.2 1,231.6 (2.4) Al Khaliji 20.74 1.2 115.4 3.8 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Barwa Real Estate Co. 35.80 10.0 6,833.0 20.1 Mesaieed Petrochemical Holding 38.20 (3.0) 2,518.7 282 Qatari Investors Group 52.00 1.8 2,432.3 19.0 Mazaya Qatar Real Estate Dev. 12.46 0.8 1,369.4 11.4 United Development Co. 22.07 1.2 1,231.6 (2.4) Source: Bloomberg (* in QR) Market Indicators 13 Mar 14 12 Mar 14 %Chg. Value Traded (QR mn) 829.7 807.5 2.7 Exch. Market Cap. (QR mn) 637,717.7 641,456.6 (0.6) Volume (mn) 19.8 15.7 25.6 Number of Transactions 9,539 8,991 6.1 Companies Traded 41 39 5.1 Market Breadth 9:28 10:29 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,705.26 (0.1) (1.2) 12.6 N/A All Share Index 2,886.37 (0.1) (1.8) 11.5 14.5 Banks 2,760.71 (0.3) (3.2) 13.0 14.2 Industrials 3,923.26 (0.9) (1.1) 12.1 15.2 Transportation 2,003.81 0.2 (0.7) 7.8 13.9 Real Estate 2,172.23 6.4 8.0 11.2 19.5 Insurance 2,706.20 (1.1) (4.2) 15.8 6.5 Telecoms 1,476.87 (1.2) (1.2) 1.6 20.4 Consumer 6,692.20 (0.2) (4.8) 12.5 29.2 Al Rayan Islamic Index 3,440.66 0.6 2.0 13.3 18.5 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% United Arab Bank Abu Dhabi 8.49 14.9 7.5 51.4 Barwa Real Estate Co. Qatar 35.80 10.0 6,833.0 20.1 Boubyan Bank Kuwait 0.54 7.0 101.6 3.2 First Gulf Bank Abu Dhabi 16.00 5.3 1,979.9 10.7 Union National Bank Abu Dhabi 6.65 4.7 8,199.9 13.3 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Abu Dhabi Nat. Ins. Co. Abu Dhabi 6.50 (7.1) 0.8 10.2 Mannai Corp. Qatar 102.20 (3.6) 0.0 13.7 Arab Banking Corp Bahrain 0.54 (3.6) 15.6 44.0 Ajman Bank Dubai 3.39 (3.1) 194.0 36.7 Emirates NBD Dubai 7.80 (3.1) 1,853.9 22.8 Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Islamic Insurance 60.00 (9.1) 127.1 3.6 Medicare Group 62.20 (6.9) 184.5 18.5 Islamic Holding Group 56.10 (4.9) 245.4 22.0 Mannai Corp. 102.20 (3.6) 0.0 13.7 Qatar Cinema & Film Distribution 40.50 (3.6) 0.4 1.0 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Barwa Real Estate Co. 35.80 10.0 240,355.3 20.1 Qatari Investors Group 52.00 1.8 128,693.8 19.0 Mesaieed Petrochemical Holding 38.20 (3.0) 96,937.5 282 Industries Qatar 175.20 (1.6) 46,059.8 3.7 Commercial Bank of Qatar 75.50 (0.3) 42,455.8 6.6 Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 11,343.38 (0.1) (2.3) (3.6) 9.3 227.85 175,117.3 15.0 1.9 4.6 Dubai 3,980.94 1.1 (4.2) (5.7) 18.1 362.63 81,151.9 17.1 1.5 2.4 Abu Dhabi 4,753.79 2.2 (2.9) (4.1) 10.8 121.84 128,010.3 13.5 1.7 3.7 Saudi Arabia 9,386.08 0.4 1.5 3.1 10.0 2,137.50 509,682.3 18.8 2.3 3.2 Kuwait 7,454.50 (0.7) (0.7) (3.1) (1.3) 63.47 109,999.0 16.1 1.2 3.8 Oman 7,062.88 (0.1) (0.8) (0.7) 3.3 13.40 25,388.9 11.2 1.6 3.7 Bahrain 1,374.80 0.0 0.1 0.2 10.1 1.28 51,899.9 9.8 0.9 3.9 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 11,300 11,320 11,340 11,360 11,380 11,400 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

Page 2 of 7 Qatar Market Commentary  The QE index declined 0.1% to close at 11,343.4. The Telecoms and Insurance indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Qatar Islamic Insurance and Medicare Group were the top losers, falling 9.1% and 6.9% respectively. Among the top gainers Barwa Real Estate Co rose 10.0%, while Qatari Investors Group was up 1.8%.  Volume of shares traded on Thursday rose by 25.6% to 19.8mn from 15.7mn on Wednesday. Further, as compared to the 30-day moving average of 13.7mn, volume for the day was 43.9% higher. Barwa Real Estate Co. and Mesaieed Petrochemical Holding Co. were the most active stocks, contributing 34.5% and 12.7% 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 National Takaful Co. AM Best UAE FSR/ICR B+/ bbb- B+/bbb- – 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, SR – Support Rating, LC – Local Currency) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 03/13 US US Census Bureau Retail Sales Advance MoM February 0.30% 0.20% -0.60% 03/13 US BLS Import Price Index MoM February 0.90% 0.50% 0.40% 03/13 US BLS Import Price Index YoY February -1.10% -1.90% -1.20% 03/13 US Bloomberg Bloomberg Consumer Comfort 9-March -27.6 – -28.5 03/13 US US Treasury Monthly Budget Statement February -$193.5B -$195.0B -$203.5B 03/14 US BLS PPI Final Demand MoM February -0.10% 0.20% 0.20% 03/14 US BLS PPI Ex Food and Energy MoM February -0.20% 0.10% 0.20% 03/14 US BLS PPI Final Demand YoY February 0.90% 1.20% 1.20% 03/14 US BLS PPI Ex Food and Energy YoY February 1.10% 1.40% 1.30% 03/14 EU Eurostat Employment QoQ 4Q2013 0.10% – 0.00% 03/14 EU Eurostat Employment YoY 4Q2013 -0.50% – -0.80% 03/13 France INSEE CPI MoM February 0.60% 0.50% -0.60% 03/13 France INSEE CPI YoY February 0.90% 1.00% 0.70% 03/13 France INSEE CPI Ex-Tobacco Index February 125.71 125.79 125.04 03/14 Germany Destatis CPI MoM February 0.50% 0.50% 0.50% 03/14 Germany Destatis CPI YoY February 1.20% 1.20% 1.20% 03/14 UK ONS Visible Trade Balance GBP/Mn January -£9793 -£8600 -£7662 03/14 UK ONS Trade Balance Non EU GBP/Mn January -£3990 -£2600 -£2321 03/14 UK ONS Trade Balance January -£2565 -£2200 -£668 03/14 UK ONS Construction Output SA MoM January 1.80% 1.50% 2.00% 03/14 UK ONS Construction Output SA YoY January 5.40% 5.20% 4.90% 03/13 Spain INE Retail Sales YoY January -0.20% – -0.10% 03/13 Spain INE Retail Sales SA YoY January 0.50% -0.80% -1.00% 03/14 Spain INE House transactions YoY January -23.20% – -3.60% 03/13 Italy ISTAT CPI FOI Index Ex Tobacco February 107.2 – 107.3 03/14 Italy Banca D'Italia General Government Debt January 2089.5B – 2069.0B 03/13 Japan ESRI Machine Orders MoM January 13.40% 7.10% -15.70% 03/13 Japan ESRI Machine Orders YoY January 23.60% 18.90% 6.70% 03/14 Japan METI Industrial Production MoM January 3.80% – 4.00% 03/14 Japan METI Industrial Production YoY January 10.30% – 10.60% 03/14 Japan METI Capacity Utilization MoM January 5.90% – 2.20% 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 73.66% 73.67% (58,670.35) Non-Qatari 26.34% 26.32% 58,670.35

Page 3 of 7 News Qatar  QNB Group: Gas demand growth set to benefit Qatar – Natural gas is expected to be the fastest growing energy source until 2035, according to the latest BP Energy Outlook 2035. Between 2012 and 2035, natural gas demand is expected to grow by an average 1.9% per year, outpacing all other energy sources. LNG exports are expected to grow more than twice as fast as gas consumption, at an average of 3.9% per year, and accounting for 26% of growth in global gas supply to 2035. Such large demand is likely to put upward pressure on natural gas prices, including LNG, and as a result Qatar is likely to benefit significantly from these developments. (QNB Group, Gulf- Times.com)  Qatar’s headline inflation rate edged up to 2.7% year-on- year in February from 2.3% year-on-year in January – A combination of higher rents (up 5.8% year-on-year) and food inflation (up 1.8% year-on-year) edged Qatar‟s overall Consumer Price Index (CPI) higher in February (2.7% year-on- year, 0.5% month-on-month). Going forward, QNB Group expects the expected acceleration in population growth to drive consumer demand, leading to a modest rise in inflation. Indeed, planned heavy investments in major projects in 2014 are likely to accelerate economic growth, which could lead to certain supply bottlenecks, pushing up prices somewhat. Separately, the International Monetary Fund (IMF) had said that inflationary pressures in Qatar appear contained at the moment, but policymakers need to remain vigilant. The IMF said that if signs of overheating emerge, the authorities should smoothen fiscal spending, and deploy further macro-prudential measures and liquidity withdrawal operations. (QNB Group, Gulf-Times.com)  QA cargo to start Doha–Stansted service – According to Shipping Gazette, Qatar Airways (QA) is launching a new five- times-weekly cargo service from Doha to the UK's Stansted Airport in May 2014. Operated by a Boeing 777 freighter, the new operation is QA's first scheduled freighter operation in the UK. Located in the southeast, Stansted is the UK's third busiest cargo port and base to an international cargo operation that transports 210,000 tons of cargo and 30,000 tons of mail across the globe. (Bloomberg)  MCGS’ AGM approves agenda, 30% cash dividend – Medicare Group‟s (MCGS) AGM has approved the board of directors‟ recommendation for distributing 30% cash dividend, representing QR3 per share. (QE)  QISI’s AGM approves 37.5% cash dividend – Qatar Islamic Insurance Company‟s (QISI) AGM has approved the board‟s recommendation to distribute 37.5% cash dividend (QR3.75 per share) for the year ended December 31, 2013. (QE)  ERES’ AGM scheduled on April 1 – Ezdan Holding Group‟s (ERES) AGM is scheduled to be held on April 1, 2014 at Ezdan Towers. In case of lack of quorum, another meeting will be held on April 9, 2014 at the same place. The AGM‟s agenda includes approving the board‟s recommendation to distribute a cash dividend of 31 dirhams per share, among others. (QE)  QE deposits GISS’ bonus shares – The Qatar Exchange (QE) announced the addition of bonus shares to the shareholder accounts of Gulf International Services (GISS). With this, the company‟s new capital stands at QR1,858.4mn distributed over 185.84mn shares. Shareholders can begin trading these shares from March 16, 2014. (QE)  QE suspends trading in QGRI, CBQK shares on March 16 – The Qatar Exchange (QE) announced a suspension in the trading of the shares of Qatar General Insurance & Reinsurance Company (QGRI) and the Commercial Bank of Qatar (CBQK) on March 16, 2014 due to their AGMs and EGMs being scheduled on that day. (QE)  DIA named Airport of the Year – The Doha International Airport (DIA) was honored with the “Airport of the Year” award by Air Transport News (10-30mn passengers category). Winners were chosen by a combination of more than 4,200 votes from Air Transport News‟ readers and the verdict of a jury of well known industry experts. (Bloomberg)  QA to launch flights to Haneda – Qatar Airways will launch Dreamliner flights to Haneda Airport in Japan. This will be QA‟s third route to Japan following Osaka and Tokyo Narita, which are currently non-stop daily operations. QA will begin operations to and from Haneda on June 18, 2014. The airline will operate a Boeing 787 Dreamliner to Haneda Airport in a two-class configuration with 22 business-class and 232 economy-class seats. (Bloomberg) International  US consumer sentiment slips due to bad weather – Consumer sentiment in the US weakened in early March as an unusually harsh winter appeared to dim views on the economy's prospects. A recent survey showed the preliminary Thomson Reuters/University of Michigan index of consumer sentiment fell to 79.9 in March from 81.6 the prior month. While analysts had expected sentiment to improve, the report‟s weak tone could be a sign that severe weather had put consumers in the doldrums. That backs the view that the US economy was only temporarily stuck in a soft patch and would resume stronger growth once the weather improves. (Reuters)  ECB hawks play down deflation risk – Bundesbank Chief Jens Weidmann said the European Central Bank (ECB) is running out of conventional policy tools and any new action would quickly take it into territory where legal questions about some options would arise. A day after a batch of ECB policymakers underlined their readiness to take policy action if needed, Weidmann and Dutch Central Bank Chief Klaas Knot highlighted the barriers to the ECB adopting unconventional policy measures. Stressing that he saw no need for further policy action at the moment, Weidmann said the ECB nonetheless had policy instruments available if necessary. Knot said the Eurozone is unlikely to need further unconventional monetary policy measures as stability is returning. (Reuters)  ONS: UK trade deficit widens in Jan as exports hit 19-month low – Official data showed that Britain's goods trade deficit widened more than expected in January as exports fell to their lowest level in more than a year and a half. The Office for National Statistics said the goods deficit was £9.793bn in January. That compared with a deficit of £7.662bn in December, when one-off items helped push the shortfall to its lowest level in nearly a year-and-half. Economists in a Reuters poll had forecast a shortfall of £8.6bn. Good exports fell 4% to £24.248bn, their lowest level since June 2012. (Reuters)  Moody's raises EU outlook to stable – Moody's has raised its rating outlook for the European Union (EU) to Stable from Negative, citing improvement of its members' finances and falling risks from the Eurozone debt crisis. Moody's affirmed the EU's top „Aaa‟ rating and said the main reason for the outlook change is the improvement in the credit standing of the largest shareholders that the EU relies on in crises. It pointed to the improved ratings of Belgium, Germany, Italy, the Netherlands and Spain, countries whose ratings outlook has recently turned stable or positive. It also said the EU faced less risk on its own

Page 4 of 7 loans after improvements in the ratings of Ireland and Portugal, which underwent joint IMF-EU rescue. (The Telegraph)  PBoC doubles Yuan trading band, seen as sign of confidence – The People's Bank of China (PBoC) loosened its grip on the Chinese Yuan on Saturday by doubling the daily trading range for the currency, adding teeth to its promise that it would allow market forces to play a greater role in the economy. Analysts said the move was a sign of confidence that the central bank had successfully fought off a plague of currency speculators, and at the same time signaled that regulators believe the economy is stable enough to handle more reforms. PBoC said the exchange rate will be allowed to rise or fall 2% from a daily midpoint rate it sets each morning. However, as far as Beijing's project to encourage the international usage of the Yuan is concerned, there is less consensus, with some warning that more volatility could discourage firms from using the Yuan in the short run. (Reuters) Regional  IEA: OPEC output surges as Iraq pumps highest in 35 years – According to the International Energy Agency (IEA), crude oil production in the OPEC rose above its target for the first time in five months as Iraq pumped the most in 35 years. The IEA said that the OPEC‟s 12 members produced 30.49mn bpd in February 2014, up from 29.99mn in January. That is 300,000 bpd higher than the average level required in 2H2014. Iraqi crude output jumped by 530,000 bpd to 3.62mn, driven by upgraded infrastructure in the country‟s southern oil-producing region and the reduction of bottlenecks at its Gulf export facilities. Exports soared by 572,000 bpd to 2.8mn, which were the highest since 1979. The IEA said increased export capacity and the start-up of new production in the south holds promise for higher output in 2014. Meanwhile, Saudi Arabia raised its production to 9.85mn bpd in February versus 9.76mn in the previous month, reflecting increased demand from the nation‟s new 400,000 bpd Jubail refinery. The IEA further said that global imports of Iranian oil hit a one-year high in January and February. (Gulf-Times.com)  GPCA: GCC petrochemical R&D on the rise – An official at Gulf Petrochemicals & Chemicals Association (GPCA) said that the petrochemical producers in the GCC region are ramping up their research and development (R&D) funding despite a global slowdown in investments. In 2012, GCC chemical producers spent an estimated $380mn on R&D initiatives, which is just 0.8% of the global R&D spending. However, that figure also highlights a 30% growth in R&D investments over $266mn spent in 2011. With global R&D expenditure rising by just 10% in the same period, the Gulf‟s increasing focus on R&D is clearly evident. GCC petrochemical companies have already stepped up their efforts in developing R&D facilities with Tasnee and SABIC launching products development research centers in the recent past. Sipchem in Saudi Arabia, and Borouge in the UAE, are also setting up their own facilities in the near future. (GulfBase.com)  ATTG renews contract with Flydubai – Al Tayyar Travel Group Holding Company (ATTG) has renewed its GSA agreement with Flydubai as its exclusive agent throughout the Kingdom for three years as of March 12, 2014. This agreement renewal falls within ATTG‟s long-term deal with Fly Dubai through which the group will provide technical & logistic support of Flydubai tickets from its 350 sales channels and outlets in addition to its website and contact center. (Tadawul)  Al Hokair to invest AED150mn in UAE – Saudi-based Al Hokair Group is planning to invest AED150mn over the next three years to expand its operations in the UAE. Al Hokair said this investment will be a mix of internal cash and externally raised capital. (GulfBase.com)  CSC, USCC sign trade cooperation deal – The Council of Saudi Chambers (CSC) signed a MoU with the US Chamber of Commerce (USCC) to enhance trade cooperation between the two sides and promote investment in both countries for mutual benefits. The agreement was signed by the CSC on behalf of the Saudi business sector representing the various chambers of commerce and industry of the Kingdom. The USCC is the largest trade organization that represents around 3mn American companies. The MoU included several key trade issues such as exchanging information, exploring opportunities, transferring technology and facilitating business deals and arbitration matters between the two countries. (GulfBase.com)  UAE, Albania sign deal on double taxation avoidance – The UAE‟s Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan and Albania‟s Foreign Minister, Ditmir Bushati, have signed an agreement on avoidance of double taxation on income. They also signed two other MoUs on establishment of a joint UAE– Albania committee on cooperation in higher education and scientific research. (GulfBase.com)  Accor opens hotel chain in Fujairah – Leading hotel operator Accor Middle East announced the opening of its Novotel, Ibis and Adagio Fujairah chain of hotels. The property is built by Fujairah National Group and is located on Sheikh Mohammed bin Abdullah Street in the heart of Fujairah‟s commercial business district. The four-star Novotel Fujairah offers 182 rooms, of which 113 are luxury double rooms. The Ibis hotel has 180 modern rooms, while the Adagio hotel has 72 studios that are fully-equipped. (GulfBase.com)  Bank of Sharjah approves 9.116% cash dividend – The Bank of Sharjah‟s AGM has approved the distribution of 9.116% cash dividend and 60mn shares from the treasury shares worth close to AED135mn, representing a 6.9% return on the outstanding shares. (Bloomberg)  Emaar to raise up to $2.45bn in malls listing; BoD proposes 15% cash dividend – Emaar Properties said that it expects to raise as much as $2.45bn in a public offering of a 25% stake in its shopping malls and retail businesses after revenue surged. The estimated AED8-9bn generated from the secondary public offering in the Emaar malls and retail units will primarily be distributed to the company‟s shareholders as a dividend. Meanwhile, Emaar‟s board of directors has proposed the distribution of 15% cash dividend (15 fils per share) and 10% bonus shares to the shareholders. ((Bloomberg, DFM)  Emirates to raise $2bn loans to buy planes; launches Dubai–Oslo route – Emirates is seeking to raise about $2bn from four banks to fund the purchase of planes with 12 year tenure. The carrier will pay interest of less than 200 basis points, or 2% points, above the London interbank offered rate (LIBOR) on the 12-year amortising loans. The carrier will take delivery of nine Boeing 777-300ER planes and 10 Airbus Group NV A380- 800 superjumbos during the 2014-15 fiscal year. Meanwhile, the airline will launch a daily service to Oslo in Norway. The service will be operated by a Boeing 777-300ER and will offer three cabin classes with 8 seats in first class, 42 seats in business class and 310 seats in economy class. (Bloomberg, GulfBase.com)  Dubai launches two massive road projects – Dubai announced two more massive road projects providing easy access to the International City and the Bluewaters Island – a new tourist attraction off the coast of Jumeirah Beach Residence (JBR). The projects costing AED700mn have been approved by

Page 5 of 7 HH Sheikh Mohammad Bin Rashid Al Maktoum, the Ruler of Dubai. According to the Dubai Roads & Transport Authority (RTA), one of the road projects is the Entrance Project for the Bluewaters Island. The second road project is to provide additional access to the International City, which is a low-cost residential area spanning across 800 hectares comprising several residential communities as well as Dragon Mart. (Bloomberg)  Expanding Emirates could outgrow Dubai hub – The Emirates Airline said it is expanding so rapidly that it may outgrow its hub at Dubai International Airport. The Emirates President Tim Clark said that Dubai International will not be able to accommodate all of its aircraft. Emirates is in the process of aggressively expanding its fleet. Over the past two years, the company has taken on 45 new aircraft, many of which are large Airbus A380 planes and expects to take delivery of another 22 in 2014. At the Dubai Airshow in November 2013, the airline placed an order worth $76bn for 150 Boeing 777X aircraft. The company‟s rapid expansion has already prompted Dubai International‟s authorities to begin building a fourth concourse at Terminal 1 as well as enlarge the Terminal 2, which will increase capacity to 90 million passengers by 2018. (Bloomberg)  ADCB to buy back 3% shares – Abu Dhabi Commercial Bank‟s (ADCB) CEO, Ala'a Eraiqat said that the bank is planning to buy back a further 3% of its shares in 2014, as it seeks to enhance its stock value. Meanwhile, ADCB declared cash dividend of AED0.3 dirhams per share for 2013. (GulfBase.com)  Finance House declares 25% cash dividend – Finance House‟s AGM has approved the distribution of 25% cash dividend to its shareholders for 2013. (ADX)  DoF-Abu Dhabi signs MoU with Ajman counterpart – Abu Dhabi‟s Department of Finance (DoF-Abu Dhabi) has signed a MoU with the Department of Finance of Ajman to enhance mutual cooperation and strengthen strategic partnership between the two Emirates. The MoU will create coordination mechanisms for sharing DoF-Abu Dhabi‟s expertise with DoF- Ajman in order to promote a culture of excellence between both parties by identifying best practices, in addition to cooperation in joint activities. (GulfBase.com)  Etihad doubles daily Abu Dhabi–Moscow flight – Etihad Airways will increase its Abu Dhabi–Moscow service from one flight per day to two per day from June 1, 2014 and then to three flights per day from October 1, 2014. Etihad plans to operate a two-cabin Airbus A320 aircraft between Abu Dhabi and Moscow for the triple daily service, which will mean 5,712 seats a week, 672 in business class and 5,040 in economy class. (GulfBase.com)  Moodys affirms Kuwait's Aa2 government bond rating with stable outlook – The short-term foreign currency ceilings are P- 1. These ceilings act as a cap on ratings that can be assigned to the foreign and local-currency obligations of entities domiciled in the country. Kuwait's Aa2 rating is primarily underpinned by its substantial hydrocarbon resource base, which is reflected by its position as the eighth-largest oil producer globally, with production of oil reaching 3.1mn barrels per day (bpd) in 2012. Although production began in the 1940s, hydrocarbon reserves remain plentiful and Kuwait ranks first globally in per capita terms, with about 26,800 barrels per capita. Moreover, at the current rate of production, proven oil reserves would last 89 years, similar to the United Arab Emirates (Aa2 stable) and higher than oil producers in the Commonwealth of Independent States. (Gulfbase.com)  CBK: GCC banks can implement Basel III before deadline – The Central Bank of Kuwait (CBK) Governor, Dr. Mohammad Youssof Al-Hashel said that GCC banks face no problem in implementing Basel III norms. GCC banks, particularly Kuwaiti banks, will be able to implement the reforms envisaged in Basel III before the set deadline due to their strong financial positions and high solvency rates. (GulfBase.com)  Kuwait: Credit growth steady at 8% in January – The monthly gain was a relatively modest KD51mn, less than a third of the KD180mn average monthly gain seen in 2013. Weakness came largely from the non-financial business sector which saw its third consecutive monthly drop in credit. Household debt remained the most dynamic part of bank credit gaining KD89mn, though growth did slow slightly to 16.0% YoY. The sector is expected to continue to see growth moderate in 2014, a trend seen since the middle of 2013. Consistent healthy growth in this sector, however, has pushed its share of total bank credit up by 2% points in the last 12 months to account for almost 30%. Non- bank financials deleveraged further during the month following an unusual gain in December. Credit to the sector was down by another KD20mn in January, bringing the YoY decline to 12.8%. This trend is likely to continue in 2014, though at a slowing pace as the health of investment sector improves. All remaining credit was down KD18mn, with growth mostly steady at 6.7% YoY. (GulfBase.com)  SMN Barka Power declares 706% cash dividend for FY2013 – SMN Barka Power Company‟s AGM has approved the board‟s proposal to distribute 706% cash dividend (OMR7.06 per share) for the year ended December 31, 2013. The AGM also authorized the board of directors to approve the payment of an interim dividend not exceeding 590.7% per share (OMR5.907 per share) for 1H2014 to its shareholders. (MSM)  Al Rusail Power declares 41.8% cash dividend for 2013 – Al Rusail Power Company‟s AGM has approved the board‟s proposal to distribute 41.8% cash dividend (418 baizas per share) for the year ended December 31, 2013. The AGM has further authorized the board of directors to approve the payment of an interim dividend not exceeding 197.1% per share (OMR1.971 per share) for 1H2014 to the shareholders. (MSM)  Oman Cables declares 88% cash dividend – Oman Cables Industry‟s (OCI) AGM has approved the distribution of 88% cash dividend (88 baizas per share) for the financial year ended December 31, 2013 to the shareholders. (MSM)  Galfar wins $17mn contract from BP – Galfar Engineering & Contracting Company has won a contract for Khazzan Project from BP Exploration valued at $17mn. The contract is for Early Civil Works Pack 2: General Civil Works procurement and construction. (GulfBase.com)  Oman Oil to develop Yanqul copper project – The Oman Oil Company (OOC) has signed a MoU with Mawarid Mining and Oman Mining Company to develop the Yanqul copper project. The project is located in Al Dhahira governorate, 50km north of Ibri. OOC's investment will be an equity stake of 41% after the completion of a definitive feasibility study, with 49% stake for Mawarid Mining and the remaining equity for Oman Mining Company. The Yanqul project‟s development will support metal- based industrial projects in Oman and further support OOC's diversification strategy to boost long-term investment opportunities in the infrastructure, power and mining sectors. (GulfBase.com)  Oman’s budget surplus falls to OMR270m in January – The budget surplus of Oman government fell 35.5% to OMR269.7mn in January 2014, from OMR417.9mn for the same month of

Page 6 of 7 2013, mainly on account of a fall in total revenue and soaring expenditure. According to monthly statistics released by the National Centre for Statistics & Information (NCSI), the total revenue fell 7.9% to OMR973.3mn from OMR1,056.9mn during the period, while net oil revenue was down 10.4% to OMR829.5mn from OMR926.1mn. The average price of Omani crude marginally fell by 1.1% to $105.97 a barrel from $107.14 a barrel a year ago. However, the total crude oil production in January edged up 2% to 29.72mn barrels from 29.12mn barrels in January 2013. The report also said that total public expenditure rose by 10.1% to OMR703.6mn in January 2014, from OMR639mn for the same period last year. (Bloomberg)  BNH declares 18% cash dividend – Bahrain National Holding Company‟s (BNH) AGM has approved the board‟s proposal to distribute 18% cash dividend (18 fils per share) for 2013. (Bahrain Bourse)  Investcorp to hire UniCredit for CEME Group sale – According to sources, Investcorp Bank is planning to sell Italy- based pump-maker CEME in a deal that may be valued at $487mn. Investcorp has hired UniCredit to auction the Italian company with information to be sent to potential bidders later in March. Investcorp had bought CEME in 2008, which is best known in Italy for making components for espresso machines, from Equistone Partners Europe for an undisclosed sum. (Bloomberg)

Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar 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 7 of 7 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 QE Index S&P Pan Arab S&P GCC 0.4% (0.1%) (0.7%) 0.0% (0.1%) 2.2% 1.1% (1.2%) (0.6%) 0.0% 0.6% 1.2% 1.8% 2.4% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,383.05 0.9 3.2 14.7 DJ Industrial 16,065.67 (0.3) (2.4) (3.1) Silver/Ounce 21.45 1.2 2.6 10.2 S&P 500 1,841.13 (0.3) (2.0) (0.4) Crude Oil (Brent)/Barrel (FM Future) 108.57 1.1 (0.4) (2.0) NASDAQ 100 4,245.40 (0.4) (2.1) 1.6 Natural Gas (Henry Hub)/MMBtu 4.38 (0.2) (8.2) 0.8 STOXX 600 322.23 (0.7) (3.3) (1.8) North American Spot LPG Propane Price 105.63 (2.4) (3.1) (16.3) DAX 9,056.41 0.4 (3.1) (5.2) North American Spot LPG Normal Butane Price 127.63 0.2 (0.8) (6.5) FTSE 100 6,527.89 (0.4) (2.8) (3.3) Euro 1.39 0.3 0.3 1.2 CAC 40 4,216.37 (0.8) (3.4) (1.9) Yen 101.36 (0.5) (1.9) (3.8) Nikkei 14,327.66 (3.3) (6.2) (12.1) GBP 1.66 0.1 (0.4) 0.5 MSCI EM 937.69 (0.6) (3.0) (6.5) CHF 1.15 0.3 0.7 2.4 SHANGHAI SE Composite 2,004.34 (0.7) (2.6) (5.3) AUD 0.90 (0.0) (0.4) 1.2 HANG SENG 21,539.49 (1.0) (4.9) (7.6) USD Index 79.45 (0.2) (0.3) (0.7) BSE SENSEX 21,809.80 0.2 (0.5) 3.0 RUB 36.63 0.2 0.5 11.4 Bovespa 44,965.66 (1.1) (2.8) (12.7) BRL 0.43 0.7 (0.4) 0.6 RTS 1,062.47 (1.4) (8.3) (26.4) 163.0 145.2 132.5

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