18 March Daily market report

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Information about 18 March Daily market report

Published on March 19, 2014


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Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE index rose 0.2% to close at 11,418.8. Gains were led by the Insurance and Industrials indices, gaining 2.0% and 1.6% respectively. Top gainers were Islamic Holding Group and Gulf International Services, rising 10.0% and 7.1% respectively. Among the top losers, Mesaieed Petrochemical Holding Co. fell 4.1%, while Commercial Bank of Qatar declined 3.1%. GCC Commentary Saudi Arabia: The TASI index fell 0.4% to close at 9,331.7. Losses were led by the Cement and Agri. & Food Industries indices, declining 1.5% and 1.0% respectively. Saudi Cement fell 5.7%, while Nat. Med. Care was down 2.5%. Dubai: The DFM index gained 2.7% to close at 4,234.4. The Real Estate & Construction index rose 4.1%, while the Inv. & Fin. Ser. index was up 2.7%. Al Salam Sudan surged 14.7%, while Agility was up 7.3%. Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,848.3. The Inv. & Fin. Ser. index gained 1.9%, while the Real Estate index was up 1.8%. Comm. Bank Int. rose 10.1%, while Abu Dhabi Ship Building Co. was up 8.4%. Kuwait: The KSE index gained 0.7% to close at 7,457.9. The Parallel Market and Real Estate indices rose 1.1% each. Future Kid Entertainement and Real Estate Co. gained 9.3%, while Kuwait Hotels Co. was up 8.5%. Oman: The MSM index rose 0.3% to close at 7,017.9. Gains were led by the Financial and Industrial indices, gaining 1.0% and 0.2% respectively. Oman & Emirates Inv. Hold. rose 7.7%, while Al Batinah Dev. Inv. Hold. was up 6.6%. Bahrain: The BHB index gained 0.2 to close at 1,373.8. The Commercial Banking index rose 0.7%, while the Investment index was up 0.1%. Khaleeji Commercial Bank gained 6.0%, while Inovest was up 3.6%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Islamic Holding Group 68.50 10.0 397.3 48.9 Gulf International Services 84.40 7.1 714.5 73.0 Widam Food Co. 45.55 6.8 763.5 (11.9) Qatari Investors Group 55.30 5.3 1,777.3 26.5 Qatar General Ins. & Reins. Co. 39.50 4.9 5.6 (1.1) Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Mesaieed Petrochemical Holding 36.10 (4.1) 2,694.6 261.0 Barwa Real Estate Co. 35.80 (0.4) 2,400.8 20.1 Qatari Investors Group 55.30 5.3 1,777.3 26.5 Vodafone Qatar 12.30 0.7 1,183.3 14.8 Mazaya Qatar Real Estate Dev. 12.57 (0.1) 863.8 12.4 Source: Bloomberg (* in QR) Market Indicators 18 Mar 14 17 Mar 14 %Chg. Value Traded (QR mn) 779.9 689.6 13.1 Exch. Market Cap. (QR mn) 638,289.2 640,323.4 (0.3) Volume (mn) 15.4 14.6 5.1 Number of Transactions 9,805 9,441 3.9 Companies Traded 40 40 0.0 Market Breadth 17:18 25:10 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,846.17 0.3 0.8 13.6 N/A All Share Index 2,913.32 0.3 0.9 12.6 14.9 Banks 2,735.41 (0.5) (0.9) 11.9 14.4 Industrials 4,054.31 1.6 3.3 15.8 15.7 Transportation 1,993.10 (0.2) (0.5) 7.2 13.8 Real Estate 2,166.16 (0.2) (0.3) 10.9 19.5 Insurance 2,799.09 2.0 3.4 19.8 7.7 Telecoms 1,501.48 0.1 1.7 3.3 20.7 Consumer 6,926.59 0.5 3.5 16.5 30.2 Al Rayan Islamic Index 3,478.24 0.2 1.1 14.6 18.7 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Tihama Saudi Arabia 165.25 10.0 369.8 50.6 Gulf International Serv. Qatar 84.40 7.1 714.5 73.0 Al Tayyar Travel Group Saudi Arabia 138.25 5.5 692.8 29.2 Emaar Properties Dubai 9.75 5.4 58,313.2 27.6 Qatari Investors Group Qatar 55.30 5.3 1,777.3 26.5 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Cement Saudi Arabia 108.00 (5.7) 339.9 6.4 Boubyan Bank Kuwait 0.52 (3.7) 313.0 (7.1) Comm. Bank of Qatar Qatar 61.00 (3.1) 622.1 3.4 Nat. Bank Of Bahrain Bahrain 0.71 (2.7) 12.2 2.2 National Medical Care Saudi Arabia 59.25 (2.5) 902.9 8.7 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% Mesaieed Petrochemical Holding 36.10 (4.1) 2,694.6 261.0 Commercial Bank of Qatar 61.00 (3.1) 622.1 3.4 Medicare Group 65.20 (2.7) 557.2 24.2 QNB Group 179.10 (1.3) 534.9 4.1 Gulf Warehousing Co. 41.50 (1.2) 21.4 0.0 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mesaieed Petrochemical Holding 36.10 (4.1) 97,805.5 261.0 Qatari Investors Group 55.30 5.3 97,738.4 26.5 QNB Group 179.10 (1.3) 96,593.6 4.1 Barwa Real Estate Co. 35.80 (0.4) 85,802.7 20.1 Gulf International Services 84.40 7.1 60,479.5 73.0 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* 11,418.76 0.2 0.7 (3.0) 10.0 214.18 175,274.2 15.3 1.9 4.2 Dubai 4,234.39 2.7 6.4 0.3 25.7 572.59 85,912.4 18.0 1.6 2.3 Abu Dhabi 4,848.29 0.5 2.0 (2.2) 13.0 219.12 130,217.0 13.8 1.7 3.6 Saudi Arabia 9,331.69 (0.4) (0.6) 2.5 9.3 2,393.64 506,802.6 18.8 2.3 3.2 Kuwait 7,457.87 0.7 0.0 (3.1) (1.2) 119.80 110,832.0 15.8 1.2 3.8 Oman 7,017.93 0.3 (0.6) (1.3) 2.7 32.64 25,242.8 11.2 1.6 3.7 Bahrain 1,373.80 0.2 (0.1) 0.1 10.0 2.40 51,887.1 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) 11,350 11,400 11,450 11,500 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 rose 0.2% to close at 11,418.8. The Insurance and Industrials indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders.  Islamic Holding Group and Gulf International Services were the top gainers, rising 10.0% and 7.1% respectively. Among the top losers, Mesaieed Petrochemical Holding Co. fell 4.1%, while Commercial Bank of Qatar declined 3.1%.  Volume of shares traded on Tuesday rose by 5.1% to 15.4mn from 14.6mn on Monday. Further, as compared to the 30-day moving average of 14.2mn, volume for the day was 8.7% higher. Mesaieed Petrochemical Holding Co. and Barwa Real Estate Co. were the most active stocks, contributing 17.5% and 15.6% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Ratings, Earnings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Tourism Development & Investment Co. Fitch Abu Dhabi LT IDR / ST IDR – AA/F1+ – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency) Earnings Releases Company Market Currency Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY Arabtec Holding (ARTC) Dubai AED 2290.0 38.5% – – 122.0 281.3% Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 03/18 US BLS CPI MoM February 0.10% 0.10% 0.10% 03/18 US BLS CPI Ex Food and Energy MoM February 0.10% 0.10% 0.10% 03/18 US BLS CPI YoY February 1.10% 1.20% 1.60% 03/18 US BLS CPI Ex Food and Energy YoY February 1.60% 1.60% 1.60% 03/18 US BLS CPI Core Index SA February 236.12 236.20 235.84 03/18 US BLS CPI Index NSA February 234.78 234.74 233.92 03/18 US US Census Bureau Housing Starts February 907K 910K 909K 03/18 EU Eurostat Trade Balance NSA January 0.9B – 13.8B 03/18 Germany Destatis Wholesale Price Index MoM February -0.10% – -0.10% 03/18 Germany Destatis Wholesale Price Index YoY February -1.80% – -1.70% 03/18 Spain INE Labour Costs YoY 4Q2013 2.10% – 0.20% 03/18 Italy ISTAT Trade Balance Total January 365M – 3610M 03/18 Japan JMTBA Machine Tool Orders YoY February 26.10% – 26.00% 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 65.27% 64.49% 6,081,616.15 Non-Qatari 34.73% 35.51% (6,081,616.15)

Page 3 of 6 News Qatar  Deposit growth outpaced loan growth in the month of February 2014 – Loans climbed by 1.0% month-over-month (MoM) in February 2014. This is after a strong performance of 2.3% MoM in January 2014. However, deposits expanded by 3.9% MoM in the month of February 2014 (+1.0% MoM in January 2014). Hence, the banking sector’s loan-to-deposit ratio (LDR) decreased to 104% at the end of February 2014 vs. 107% in January 2014. Going forward, we expect activity in the banking sector to pick up in the coming months with the public sector leading the way. (QCB, QNBFS Research)  QCB: Qatar to sign construction projects worth $50bn – The Qatar Central Bank (QCB) Governor HE Sheikh Abdullah bin Saud Al Thani said that Qatar’s government is expected to sign various contracts for construction projects worth as much as $50bn in 2014 as it builds infrastructure needed to host the soccer World Cup in 2022. HE Sheikh Abdullah said that these projects will be in transport, energy and other sectors. He stated that this reflected the rapid development of the Qatari economy and the extended growth expected in the next few years for achieving the Qatar National Vision (QNV) 2030. He mentioned that in order to achieve the QNV 2030 goals, various QCB initiatives, including the strategy of supervisory and regulatory bodies have been launched. (Gulf-Times.com, Peninsula Qatar)  $6.5bn Al Karaana petchem project eyes Asian markets – The new Al Karaana petrochemicals project – a 80:20 JV of Qatar Petroleum and Shell – is eyeing Asian markets to a great extent for its products. Al Karaana’s CEO designate Stijn van Els said that the estimated $6.5bn project, which is now in the middle of the FEED phase, will embark on the next stage of engineering, procurement & construction (EPC) and is considering a mix of conventional bank loans and Islamic financing. In March 2013, Qatar had awarded the plant’s front- end engineering & design (FEED) contract to Fluor. The project is slated for completion by 2018. Upon commissioning, the project is expected to contribute an additional 25% to Qatar’s petrochemicals production capacity. Els said that the plant’s total production capacity would be 2mn tons per year of petrochemicals, including 1.5mn tons of mono ethylene glycol, 300,000 tons of linear alpha olefin and 250,000 tons of oxo alcohol. (Gulf-Times.com)  Foundation stone for $1.5bn Laffan Refinery 2 to be laid next month – The foundation stone for the $1.5bn Laffan Refinery 2 (LR-2), the second condensate refinery at Ras Laffan Industrial City, will be laid next month as part of Qatar’s efforts to achieve petrochemical output of 23mn tons per annum by 2020. Qatar Petroleum’s (QP) Director of Downstream Ventures, Mohamed Nasser al-Hajri said Qatar is also constructing another Al Sejeel Petrochemical Complex at Ras Laffan, a mixed feed steam cracker in the country and the first one to produce polypropylene. Al-Hajri said the new LR-2 adds another 146,000 bpd capacity, which will double the production of LR-1. The LR-2 will be operated by Qatargas Operating Company, which is also operating the existing LR-1 since its production began in September 2009. (Gulf-Times.com)  QR962 realty transactions last week in Qatar – Real estate transactions worth QR962.2mn in Qatar were registered at the Ministry of Justice during March 9-13, 2014. In its weekly report, the real estate registration department at the Ministry said that the list of traded properties includes open plots of land, two- storey villas, annexes and residential buildings. Most of the sales were registered in the municipalities of Umm Salal, Al- Khor, Doha, Al-Rayyan, Al-Shamal, Al-Daayen and Al-Wakra. (Peninsula Qatar)  QC: Qatar may invest in Tunisian auto sector – The Qatar Chamber (QC) stated that Qatar is contemplating an investment in the Tunisian automotive sector. QC's Chairman HE Sheikh Khalifa bin Jassim al Thani said that a proposal has been received from Tunisia to start a car manufacturing unit in the North African country. Sheikh Khalifa said that QC is also focused on boosting economic and trade cooperation between the two countries. (Qatar-Tribune.com)  Malaysia Trade Centre to enhance ties with Qatar – Qatari and Malaysian traders will now find it easier to do business with the opening of the Malaysia Trade Centre (MTC) in Doha at The Gate Mall. The Malaysia External Trade Development Corporation's (Matrade) CEO Dr Wong Lai Sum said this is a platform to bring the business community of the two countries closer together. Using touch screens linked to a specially designed database at the MTC, visitors can conduct direct trade inquiries with leading Malaysian companies. These include construction services, building materials, electrical and electronics, oil & gas, healthcare and sporting materials. (Gulf- Times.com)  WDAM’s AGM to be held on April 2 – Widam Food Company’s (WDAM) AGM is scheduled to be held on April 2, 2014. The AGM’s agenda includes approving the board's recommendation for distribution of 21% cash dividend (QR2.1 per share), among others. (QE)  DOHI to disclose 1Q2014 results on April 16 – The Doha Insurance Company (DOHI) announced that the company will be disclosing its 1Q2014 results on April 16, 2014. (QE) International  Inflation in US shows little pickup as Fed meets – The cost of living in the US has changed little in February, indicating that inflation remains well below the US Federal Reserve’s (Fed) goal as policy makers meet to decide on the path of interest rates. According to figures from the Labor Department, the consumer price index increased 0.1%, matching the advance in January and pushing the gain over the past 12 months down to 1.1%, the smallest since October. Another report showed homebuilding was stabilizing after the harsh winter curbed the construction industry activity. Gap Inc. and Express Inc. are among the retailers who are cutting prices to lure shoppers and help customers overcome soaring home-heating and grocery bills. Low inflation makes it likely that the Fed policy makers meeting will maintain a pledge to keep interest rates low, even as unemployment declines. (Bloomberg)  Carney Fuses BoE departments after McKinsey review – The Bank of England (BoE) Governor Mark Carney unveiled plans to fuse various BoE departments and integrate its monetary policy, financial stability, markets supervision roles in the biggest overhaul of the institution. The governor, who joined the BoE in July as it gained unprecedented authority to oversee financial institutions, said these changes will create one bank to avoid inefficiency due to overlap. The measures follow a six- month strategy review by McKinsey & Co, deepening a revamp by the first foreign governor to run the 320-year-old institution. (Bloomberg)  PBoC says it didn’t join Emergency meeting on developer – China’s central bank said it did not participate in an emergency meeting on the collapse of a developer with 3.5bn Yuan ($565 million) of debt. The People’s Bank of China said it is not involved in dealing with risks from the collapse of Zhejiang

Page 4 of 6 Xingrun Real Estate Co. According to sources, officials from PBoC and China Banking Regulatory Commission’s branches in the eastern city of Ningbo joined meetings on how to contain risks from the collapse. (Bloomberg)  Japan trade deficit exceeds forecasts as tax rise looms – Japan’s trade deficit exceeded analysts’ estimates in February, underscoring drags on the nation’s recovery ahead of a sales- tax increase in April that will weigh on domestic demand. The 800bn yen ($7.9 billion) shortfall reported by the Japanese Finance Ministry was more than the 600bn yen median estimate by a Bloomberg survey. Imports expanded 9% from a year earlier, while exports rose 9.8%. Sustained trade deficits and limited gains in exports after the yen’s decline make it harder for Prime Minister Shinzo Abe to steer the nation through the economic turbulence that is likely after the tax increase. According to a Bloomberg survey, Japan’s GDP is set to contract in the coming quarter and the Bank of Japan may be forced to add to stimulus this year. (Bloomberg) Regional  SEC: Switch to efficient power plants to save 200mn barrels crude – The Saudi Electricity Company’s (SEC) Head Ziyad Al Shiha said that the Saudi Arabia will save 200mn barrels a year of liquid fuel by switching its power stations to more efficient combined cycle turbines. However, Ziyad Al Shiha did not provide details on when the move toward more efficient turbines would be completed, or whether fuel saving was compared with now or 2009, when SEC started converting its power stations. SEC expects that once completed, these conversion plans will save approximately 200mn barrels of fuel annually (equivalent to almost 550,000 bpd). (Bloomberg)  Saudi Cement to stop operations at 3 Kilns – The Saudi Cement Company’s (SCC) board of directors have resolved to permanently stop operating kilns 1, 2, 3 in Hofuf plant due to their old age, higher operating costs and lower environmental efficacy. These old kilns with a total daily capacity of 1,325 tons of clinker were re-operated on December 22, 2012 due to rising demand and market pressures at the time. Since the production from these kilns has been used to support inventory levels, this closure will have a financial effect with an expected reduction of about SR35mn in inventory value by end of 2014. (GulfBase.com)  Sharaco awards SR35.5mn renewal & development contract – Saudi Hotels & Resorts Areas Company (Sharaco) has awarded the contract of renewal & development work for Makarim Annakheel Village Resort and Hotel in Jeddah to Projects Furniture Company. The work includes the hotel, villas, apartments, lobby, restaurant and the banquet halls at a total cost of SR35.5mn. The project is expected to start from March 20, 2014 and will be accomplished on April 30, 2015. The project will be funded through bank facilities. The village is owned by Annakheel Resorts Company, where Sharaco owns 98.7% capital. (GulfBase.com)  Tadawul deposits ANB’s bonus shares – The Saudi Stock Exchange (Tadawul) has announced the addition of Arab National Bank’s (ANB) bonus shares into its investors’ portfolios. Earlier, ANB’s EGM had approved increasing the bank’s capital via bonus shares. The fluctuation limits on March 18, 2014 for ANB shares will be based on a stock price of SR29. (Tadawul)  GASCO’s BoD recommends SR30mn dividend for 1Q2014 – National Gas & Industrialization Company’s (GASCO) board of directors has recommended the distribution of 4% dividend, amounting to SR30mn for 1Q2014. The dividend per share will be SR0.4. (Tadawul)  Al Alamiya not to distribute dividends – Al Alamiya for Cooperative Insurance Company's board of directors has recommended not distributing any dividends for the year ended on December 31, 2013, since the company did not earn any profits. (Tadawul)  Saudi CMA approves capital increase request for Emirates NBD Capital – The CMA board has issued a resolution approving the Emirates NBD Capital's request to increase its capital from SR75mn to SR80mn.(Tadawul)  SaudiGulf buys 4 Airbus A320s worth $375mn – Saudi-based aviation company, SaudiGulf, has ordered to purchase four A320 aircraft worth $375mn from Airbus. The aircraft will be delivered at the beginning of 2015. The company is a subsidiary of the Abdul Hadi Al Qahtani Group, which hopes to start operating early in 2015 from Dammam and then to extend to Jeddah and Riyadh. The four aircraft will be equipped with sharklets, which are fin-like features that help reduce fuel consumption by around 4%. (GulfBase.com)  HSBC: UAE business confidence at all-time high – According to the HSBC Trade Confidence Index, the confidence among businesses in the UAE on the short-term outlook has reached an all-time high since 2009, jumping 9 points to 141. The UAE scored the highest among all countries surveyed across the globe. An overwhelming 83% of respondents expect trade volumes to increase over the next six months, of which 49% expect a significant pick up in trade. The positive sentiment has been primarily fuelled by a general increase in global demand and in particular key markets of the UAE. (GulfBase.com)  DTCM: Dubai plans to double hotel rooms by 2020 – Dubai plans to almost double the number of hotel rooms by 2020 as it expects a surge of visitors during the World Expo. The Dubai Tourism & Commerce Marketing’s (DTCM) Director General Helal Saeed Almarri said that the Emirate has spent around $110bn to transform itself into a Middle Eastern commercial and entertainment center and to attract 20mn tourists annually by the end of the decade. Almarri said in order to achieve that, Dubai needs to raise the number of hotel rooms to as many as 160,000, many of them not in the luxury category that Dubai is known for. However, Almarri said that none of these hotels are being built specifically for the expo or any one event. (Gulf- Times.com)  Emaar to build Dubai Opera, plans listing in Dubai, London – Emaar Properties announced plans for building Dubai Opera, a 2,000-seat multi-format venue for opera, theatre and concerts in The Opera District in Dubai. Dubai Opera will feature state-of- the-art audio-visual technology and support systems. It will serve as a venue for art exhibitions, orchestra, film, sports events and seasonal programs. Meanwhile, the company's Chairman Mohamed Alabbar Emaar said that the company is planning a dual listing of its shopping mall & retail unit in both Dubai and London markets. In Dubai, the listing will occur on Nasdaq Dubai. (GulfBase.com)  Gulf Bank appoints new CEO – Gulf Bank has appointed Cesar Gonzalez-Bueno as its CEO effective from March 16, 2014. Gonzalez-Bueno will replace Michel Accad who resigned in October 2013. Gonzalez-Bueno was formerly the CEO of Spain-based Novagalicia Banco. (GulfBase.com)  SHRQ declares 15.3% cash dividend – Sharqiyah Desalination Company’s (SHRQ) AGM has approved the distribution of 15.3% cash dividend (153 baizas per share) for the year ended December 31, 2013. (MSM)

Page 5 of 6  PSCS declares 60% cash dividend – Port Services Corporation’s (PSCS) AGM has approved the board of directors’ recommendation to distribute 60% cash dividend (60 baiza per share) for the year ended December 31, 2013. (MSM)  SHCS declares 15% cash dividend – Salalah Beach Resort’s (SHCS) AGM has approved the distribution of 15% cash dividend (150 baizas per share) for the year ended December 31, 2013. (MSM)  BP plans $1bn petchem plant in Duqm – BP is negotiating with the Oman government to build a large petrochemical plant in Duqm, with an investment of around $1bn, for manufacturing acetic acid. BP has already signed a MoU with the Ministry of Oil & Gas to build the project, which will be of strategic importance to Oman's economy. (GulfBase.com)  Omantel’s 71.25mn IPO expected in March – According to Oman Ministry of Finance, Oman Telecommunications Company’s (Omantel) IPO is expected to be listed by the end of March 2014. This is the second part of government's disinvestment program. The opening date of offering 71.25mn shares to Omani citizens will be announced shortly in consultation with the Oman Capital Market Authority. (GulfBase.com)  SEZAD to float new investment firm – The Special Economic Zone Authority of Duqm (SEZAD) plans to establish a holding company shortly to support its investment and commercial activities in the undertaking. According to SEZAD's Investment Services Manager Saleh Hamood al Hasni, the proposed Oman Company for Duqm Development will be a wholly-owned entity of SEZAD. Al Hasni said that the entity will serve as the investment arm of the authority. (Bloomberg)  Ithmaar Bank seeks $35m annual savings – Ithmaar Bank, a Bahrain-based Islamic bank, has initiated several measures aimed at turning it around this year, which include a combination of increased revenue, improved margins and cost reduction activities across the group. In particular, the cost reduction initiatives are expected to result in savings of around $25-35mn annually. Ithmaar Bank’s Chief Executive Ahmed Abdul Rahim stated that the bank must leverage its existing resources and share information technology systems and infrastructure with its subsidiaries, mainly Faysal Bank in Pakistan in order to maximize cost efficiencies and realize its full potential. (Bloomberg)  KHCB is open to merger with Alkhair – Khaleeji Commercial Bank (KHCB) has completed due diligence on the proposed merger with Islamic wholesale bank, Bank Alkhair. However, KHCB’s Chairman Dr Fuad Al Omar informed the bank’s shareholders during the AGM that the matter is under discussion and no decision has been taken yet. Further, Al Omar said despite the tough market scenario last year, the bank achieved considerable growth including opening of new branches, launching of new retail banking products and expanding consumer finance business. (Bloomberg)  BCFC declares 40% cash dividend – Bahrain Commercial Facilities Company’s (BCFC) AGM has approved the board’s proposal for distributing 40% cash dividend (40 fils per share) to its shareholders. (Bahrain Bourse)

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 6 of 6 Rebased Performance Daily Index Performance 3Source: 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%) 0.2% 0.7% 0.2% 0.3% 0.5% 2.7% (0.8%) (0.4%) 0.0% 0.4% 0.8% 1.2% 1.6% 2.0% 2.4% 2.8% 3.2% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,355.72 (0.8) (2.0) 12.4 DJ Industrial 16,336.19 0.5 1.7 (1.5) Silver/Ounce 20.83 (1.7) (2.9) 7.0 S&P 500 1,872.25 0.7 1.7 1.3 Crude Oil (Brent)/Barrel (FM Future) 106.79 0.5 (1.6) (3.6) NASDAQ 100 4,333.31 1.2 2.1 3.8 Natural Gas (Henry Hub)/MMBtu 4.44 (3.2) 1.4 2.3 STOXX 600 327.93 0.6 1.8 (0.1) North American Spot LPG Propane Price 105.88 0.8 0.0 (16.3) DAX 9,242.55 0.7 2.1 (3.2) North American Spot LPG Normal Butane Price 120.00 0.8 (0.8) (11.6) FTSE 100 6,605.28 0.6 1.2 (2.1) Euro 1.39 0.1 0.1 1.4 CAC 40 4,313.26 1.0 2.3 0.4 Yen 101.44 (0.3) 0.1 (3.7) Nikkei 14,411.27 0.9 0.6 (11.5) GBP 1.66 (0.3) (0.3) 0.2 MSCI EM 952.48 1.0 1.6 (5.0) CHF 1.15 0.0 (0.1) 2.3 SHANGHAI SE Composite 2,025.20 0.1 1.0 (4.3) AUD 0.91 0.4 1.1 2.4 HANG SENG 21,583.50 0.5 0.2 (7.4) USD Index 79.41 0.0 (0.0) (0.8) BSE SENSEX 21,832.61 0.1 0.1 3.1 RUB 36.25 (0.1) (1.1) 10.3 Bovespa 46,150.96 2.3 2.6 (10.4) BRL 0.43 0.4 0.4 1.0 RTS 1,161.26 4.2 9.3 (19.5) 164.1 145.8 133.1

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