27 March Daily market report

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Information about 27 March Daily market report

Published on March 30, 2014


Source: slideshare.net

Page 1 of 7 QE Intra-Day Movement Qatar Commentary The QE index rose 1.3% to close at 11,482.3. Gains were led by the Industrials and Banks & Financial Services indices, gaining 1.9% each. Top gainers were Qatar Gen. Ins. and Reins. Co. and Qatar Cinema & Film Distr. Co., rising 4.7% and 3.9% respectively. Among the top losers, Zad Holding Co. fell 8.7%, while Mannai Corp. declined 4.8%. GCC Commentary Saudi Arabia: The TASI index declined 0.3% to close at 9,423.1. Losses were led by the Real Estate Dev. and Hotel & Tourism indices, falling 1.3% each. WAFA Insurance declined 10.0%, while Petro Rabigh fell 3.6%. Dubai: The DFM index fell 0.1% to close at 4,380.7. Losses were led by the Insurance and Transportation indices, declining 2.1% and 1.5% respectively. NGI fell 9.6%, while GGICO declined 4.1%. Abu Dhabi: The ADX benchmark index rose marginally to close at 4,855.1. The Industrial index gained 1.3%, while the Insurance index 1.2%. National Bank of Umm Al-Qaiwain and Green Crescent Insurance surged 14.9%, each. Kuwait: The KSE index declined 0.1% to close at 7,584.8. The Real Estate index fell 1.0%, while the Telecom. index was down 0.7%. Alargan Int. Real Estate declined 10.3%, while FLEX Resorts & Real Estate was down 7.1%. Oman: The MSM index fell 0.1% to close at 6,921.8. The Financial Index declined 0.2%, while all other sub indices ended in green. Al Madina Takaful fell 3.9%, while National Aluminium Products was down 2.9%. Bahrain: The BHB index declined 1.0% to close at 1,341.0. The Commercial Banks index fell 2.2%, while other indices remained positive or unchanged. Ahli United Bank declined 3.3%, while Nat. Bank of Bahrain was down 2.8%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Gen. Ins. and Reins. Co. 41.90 4.7 0.1 5.0 Qatar Cinema & Film Distr. Co. 42.95 3.9 1.6 7.1 Commercial Bank of Qatar 62.80 3.8 724.4 6.4 National Leasing 29.20 3.7 833.6 (3.2) Doha Bank 60.90 3.6 681.0 4.6 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% United Development Co. 20.48 0.5 3,645.4 (4.9) Mesaieed Petrochemical Holding 36.95 0.7 2,744.0 270.0 Barwa Real Estate Co. 36.25 (0.1) 1,330.0 21.6 Mazaya Qatar Real Est. Develop. 13.75 0.7 1,209.3 23.0 National Leasing 29.20 3.7 833.6 (3.2) Market Indicators 27 Mar 14 26 Mar 14 %Chg. Value Traded (QR mn) 856.8 716.9 19.5 Exch. Market Cap. (QR mn) 643,530.9 634,804.2 1.4 Volume (mn) 18.2 16.7 8.7 Number of Transactions 9,490 9,634 (1.5) Companies Traded 43 38 13.2 Market Breadth 33:9 22:13 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17,040.36 1.7 1.4 14.9 N/A All Share Index 2,946.58 1.5 1.4 13.9 14.9 Banks 2,794.10 1.9 2.2 14.3 14.7 Industrials 4,074.56 1.9 1.2 16.4 15.8 Transportation 2,024.19 1.3 2.0 8.9 14.1 Real Estate 2,217.69 1.7 3.2 13.5 14.4 Insurance 2,808.22 1.3 (0.6) 20.2 7.8 Telecoms 1,495.56 0.1 (0.7) 2.9 20.6 Consumer 6,889.54 0.0 (0.4) 15.8 30.0 Al Rayan Islamic Index 3,533.01 1.1 1.4 16.4 17.7 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% NBQ Abu Dhabi 3.55 14.9 16.5 7.6 Comm. Bank of Dubai Dubai 6.05 5.2 0.1 40.4 Saudi Inter. Petro. Co. Saudi Arabia 32.40 5.2 5,346.6 1.9 Qatar Gen. Ins & Rein. Qatar 41.90 4.7 0.1 5.0 Kuwait Finance House Kuwait 0.95 4.4 6,790.3 18.8 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Nat Mobile Tele. Co. Kuwait 1.74 (7.4) 1.8 (1.1) Comm. Real Estate Co. Kuwait 0.10 (5.8) 3,396.1 6.5 Mannai Corp. Qatar 90.00 (4.8) 10.3 0.1 Bank of Sharjah Abu Dhabi 2.02 (4.7) 663.5 12.8 Al Meera Consumer Qatar 151.00 (4.4) 76.7 13.3 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% Zad Holding Co. 71.30 (8.7) 257.1 2.6 Mannai Corp. 90.00 (4.8) 10.3 0.1 Al Meera Consumer Goods Co. 151.00 (4.4) 76.7 13.3 Qatar Navigation 90.70 (3.3) 73.4 9.3 Qatar & Oman Investment Co. 11.76 (1.6) 61.4 (6.1) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% QNB Group 181.50 2.3 109,221.6 5.5 Industries Qatar 183.00 3.0 102,455.5 8.3 Mesaieed Petrochemical Holding 36.95 0.7 101,500.4 270.0 United Development Co. 20.48 0.5 74,935.5 (4.9) Barwa Real Estate Co. 36.25 (0.1) 48,107.9 21.6 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* 11,482.34 1.3 1.0 (2.5) 10.6 235.28 176,713.6 15.0 1.9 4.3 Dubai 4,380.67 (0.1) 1.8 3.8 30.0 342.68 87,904.6 19.1 1.6 2.2 Abu Dhabi 4,855.10 0.0 1.5 (2.1) 13.2 219.24 128,591.4 14.6 1.7 3.8 Saudi Arabia 9,423.08 (0.3) 1.3 3.5 10.4 2,122.68 512,153.4 19.3 2.4 3.2 Kuwait 7,584.76 (0.1) 0.4 (1.4) 0.5 129.01 115,797.1 16.4 1.2 3.8 Oman 6,921.78 (0.1) (0.2) (2.7) 1.3 25.44 24,844.1 11.4 1.6 3.6 Bahrain 1,341.01 (1.0) (3.3) (2.3) 7.4 2.32 51,328.9 9.3 0.9 5.1 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 11,250 11,300 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 7 Qatar Market Commentary  The QE index rose 1.3% to close at 11,482.3. The Industrials and Banks & Financial Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.  Qatar Gen. Ins. and Reins. Co. and Qatar Cinema & Film Distr. Co. were the top gainers, rising 4.7% and 3.9% respectively. Among the top losers, Zad Holding Co. fell 8.7%, while Mannai Corp. declined 4.8%.  Volume of shares traded on Thursday rose by 8.7% to 18.2mn from 16.7mn on Wednesday. Further, as compared to the 30-day moving average of 16.4mn, volume for the day was 10.8% higher. United Development Co. and Mesaieed Petrochemical Holding were the most active stocks, contributing 20.0% and 15.1% 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 National Bank of Fujairah Moody's Saudi Arabia LT / LLT / FLT / FSR / ST – Baa1/ Baa1/ Baa1/ D+/P-2 – Stable – Sharjah Islamic Bank Fitch Saudi Arabia Viability bb bb+  – – Takaful International Co. AM Best Bahrain – – – – 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, LLT – Local LT Bank Deposits, FLT – Foreign LT Bank Deposits) Earnings Releases Company Market Currency Revenue (mn) 2Q2013 % Change YoY Operating Profit (mn) 2Q2013 % Change YoY Net Profit (mn) 2Q2013 % Change YoY AI Khazna Insurance Company* Abu Dhabi AED 95.4 -31.7% – – -162.9 NA Methaq Takaful Insurance Company* Abu Dhabi AED 238.0 478.3% – – 2.6 NA GULF GENERAL INVESTMENTS CO.* Dubai AED 1719.5 -10.9% – – 70.7 NA Global Investment House* Bahrain KD 0.0 NA – – 1.9 NA Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 03/27 US BEA GDP Annualized QoQ 4Q2013 2.60% 2.70% 2.40% 03/27 US BEA GDP Price Index 4Q2013 1.60% 1.60% 1.60% 03/27 US BEA Core PCE QoQ 4Q2013 1.30% 1.30% 1.30% 03/27 US Department of Labor Continuing Claims 15-March 2823K 2882K 2876K 03/27 US Bloomberg Bloomberg Consumer Comfort 23-March -31.5 – -29 03/28 US BEA Personal Income February 0.30% 0.30% 0.30% 03/28 US BEA Personal Spending February 0.30% 0.30% 0.20% 03/28 US BEA PCE Deflator MoM February 0.10% 0.10% 0.10% 03/28 US BEA PCE Deflator YoY February 0.90% 0.90% 1.20% 03/28 US BEA PCE Core MoM February 0.10% 0.10% 0.10% 03/27 EU European Central Bank M3 Money Supply YoY February 1.30% 1.30% 1.20% 03/27 EU European Central Bank M3 3-month average February 1.20% 1.20% 1.20% 03/28 EU European Commission Economic Confidence March 102.4 101.4 101.2 03/28 EU European Commission Industrial Confidence March -3.3 -3.5 -3.5 03/28 EU European Commission Consumer Confidence March -9.3 – -9.3 03/28 EU European Commission Services Confidence March 4.2 3.7 3.3 03/28 EU European Commission Business Climate Indicator March 0.39 0.38 0.36 03/27 France INSEE Consumer Confidence March 88.0 85.0 85.0 03/28 France INSEE Consumer Spending YoY February -0.30% 0.70% -0.50% 03/28 France INSEE Consumer Spending MoM February 0.10% 0.80% -2.10% 03/28 France INSEE PPI YoY February -1.70% -1.40% -1.20% 03/28 France INSEE PPI MoM February -0.10% 0.30% -0.60% Overall Activity Buy %* Sell %* Net (QR) Qatari 55.29% 63.65% (71,611,148.35) Non-Qatari 44.71% 36.35% 71,611,148.35

Page 3 of 7 03/28 Germany Destatis Import Price Index MoM February -0.10% 0.20% -0.10% 03/28 Germany Destatis Import Price Index YoY February -2.70% -2.40% -2.30% 03/28 Germany Destatis CPI MoM March 0.30% 0.40% 0.50% 03/28 Germany Destatis CPI YoY March 1.00% 1.10% 1.20% 03/28 UK GfK NOP (UK) GfK Consumer Confidence March -5.0 -6.0 -7.0 03/28 UK Lloyds Bank Lloyds Business Barometer March 44.0 – 53.0 03/28 UK ONS GDP QoQ 4Q2013 0.70% 0.70% 0.70% 03/28 UK ONS GDP YoY 4Q2013 2.70% 2.70% 2.70% 03/28 UK ONS Total Business Investment QoQ 4Q2013 2.40% 2.40% 2.40% 03/28 UK ONS Total Business Investment YoY 4Q2013 8.70% 8.50% 8.50% 03/27 Spain INE Total Mortgage Lending YoY January -25.80% – -26.30% 03/28 Spain INE Retail Sales YoY February -0.40% – -0.30% 03/28 Spain INE Retail Sales SA YoY February -0.50% -0.50% 0.50% 03/28 Spain INE CPI YoY March -0.20% 0.00% 0.00% 03/27 Italy ISTAT Business Confidence March 99.2 99.5 99.1 03/28 Italy ISTAT PPI MoM February 0.00% – 0.00% 03/28 Italy ISTAT PPI YoY February -1.70% – -1.50% 03/27 China NBS Industrial Profits YTD YoY February 9.40% -- -- 03/28 Japan Ministry of Int. Affairs a Natl CPI YoY February 1.50% 1.50% 1.40% 03/28 Japan METI Retail Trade YoY February 3.60% 3.50% 4.40% 03/28 Japan METI Retail Sales MoM February 0.30% -0.10% 1.60% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Net profit of Qatar Exchange companies up 11.11% to QR42bn for 2013 – The combined net profit of all listed companies on the Qatar Exchange (QE) amounted to QR42bn for the financial year ended December 31, 2013, which is a 11.11% increase over QR37.8bn reported for the corresponding period in 2012. Vodafone Qatar's financials are not included since its financial year starts on April 1 and ends on March 31. (QE)  Qatar to allocate more to non-oil sectors – Qatar's general budget for 2014-15 will have a higher allocation for infrastructure, logistics, education and health sectors, as it diversifies its economy away from hydrocarbons. The Finance Minister Ali Shareef Al-Emadi stated that ample allocations have also been made for sports-related activities given the fact that the country is hosting the 2022 FIFA World Cup. He added that the higher allocations will encourage the private sector in a big way and contribute to Qatar's economy. (Bloomberg)  MEED: 3 local firms among 10 winning most contracts in Qatar in 2013 – According to the Middle East Economic Digest (MEED) report, three Qatari companies - Gulfar al Misnad, HBK Contracting and Qatar Building Company- are among the top ten firms that won most contracts in the country in 2013. Galfar al Misnad - a sister company of Galfar Engineering & Contracting (GECS) - won major projects at the Dukhan Field as well as a huge $2.2bn contract on the Doha Metro Red Line North in JV with two other contractors. Hamad bin Khalid Contracting Company (HBK Contracting) got engaged in Qatar's biggest projects like Doha Metro Green Line, phase 3 of the Msheireb central Doha renovation project and the New Doha port project. Qatar Building Company (QBC) bagged contracts to build two landmark metro stations at Education City and Msheireb through its JV with Spain's OHL and South Korea's Samsung C&T. According to the MEED report, the work won in Qatar last year was split equally between local and international contractors. (Qatar Tribune)  Barwa Bank’s net profit jumps 46% to QR504 in 2013 – Barwa Bank posted a net profit of nearly QR504mn in 2013, up 46% over the same period in 2012. The bank’s total assets jumped 33% to reach QR33.6bn in 2013 on account of a 26% growth in its financing portfolio, which went up from QR15.3bn to QR19.3bn. Customer deposits rose from QR14.8bn to QR21.2bn. EPS rose from QR1.17 to QR1.68 in 2013, which indicates a 43% gain. (Gulf-Times.com)  QGTS eyes expansion – Qatar Gas Transport Company (QGTS) is looking to expand investments both within the country and abroad by further increasing its fleet of LNG carriers and raising stake in Greece’s Maran Gas. The company’s current investments are to the tune of QR54.6bn. QGTS – a listed shipping company established by Qatar to own, operate and manage LNG vessels as well as provide shipping and marine- related services to a range of participants within the Qatari hydrocarbon sector, will have a fleet of 58 carriers by 2014-end. The company’s Managing Director Abdullah Fadhalah al-Sulaiti said that QGTS intends to increase its fleet of LNG carriers and it was already holding talks with a number of European and Asian countries. He noted that a part of that strategy was raising the company’s stake in Greece’s Maran Gas. QGTS has upped its stake by 10-40%. The new four carriers will take the company’s fleet strength to 58. He added that the four new carriers costing $900mn would be delivered in 2014. (Gulf- Times.com)  IQ to focus on maximizing current operating assets, explore international opportunities – Industries Qatar’s (IQ) Chairman and HE the Minister of Energy & Industry, Dr. Mohamed bin Saleh Al-Sada said that the company is expecting minimal organic expansion in the coming five years and will focus on maximizing its current operating assets as well as exploring international opportunities and selective products diversification. Al-Sada added that with the conclusion of a QR12.8bn capital expenditure & investment program in 2012 and the nascent stage of IQ’s most-recently announced projects, its profits will be primarily determined by international product prices and facility utilization rates. He stated that during this intervening period, before the launch of IQ’s next phase of major projects in Algeria and Qatar, it will continue to focus on maximizing the value of its current operating assets, exploring opportunities to replicate its

Page 4 of 7 existing business model beyond Qatar and diversifying into specialized products on a selective basis. Meanwhile, Al-Sada stated that the company’s net assets increased more than three fold over the last 10 years, registering an annual average growth of 16% in its net profit. He added that the group by investing over QR20bn in building and improving facilities has laid the foundation for continuation of its impressive growth story in 2013. (Gulf-Times.com, Bloomberg)  Ooredoo launches new disaster recovery solution for businesses – Ooredoo has announced the launch of a new Smart Solution - Out of Country Disaster Recovery - for enterprises and other major companies as part of its ongoing plans to enhance data security for all businesses across Qatar. Ooredoo said the Out of Country Disaster Recovery service provides businesses with peace of mind, linking their data centers with managed hosting and co-location support to three global sites in East Asia (Singapore), Europe (London), and America (Santa Clara). By providing companies with an instant link to top-tier data centers around the world, companies through this service can be rest assured that they will always have access to their systems and the capacity to recover all data - even if their own data center is damaged by fire, flood or natural disaster. (Gulf-Times.com)  Doha airport passenger traffic increases by 12.45% in February – Doha International Airport (DIA) announced that its passenger footfall increased by 12.45% to 1,973,823 in February 2014 as compared to the same period in 2013. The February cargo traffic also increased by 12.69% at DIA. DIA’s Senior Public Relations & Communications Manager Abdulaziz Al Mass said DIA is witnessing continuous growth across its entire portfolio from passenger numbers and aircraft movements, to its mail and cargo traffic. (Peninsula Qatar)  IBQ selects Fiserv to manage money-laundering and fraud prevention strategy – Fiserv has announced that the International Bank of Qatar (IBQ) has selected its Financial Crime Risk Management (FCRM) Platform to manage its money-laundering and fraud prevention strategy. IBQ’s Head of Compliance Basil Falah said the bank is growing rapidly and a comprehensive as well as an adaptable fraud & compliance solution is vital towards achieving sustainable growth & satisfying regulatory requirements. Fiserv offers IBQ a single solution with a single database to manage all financial crime risk. (Bloomberg)  DOHI receives approval to extend capital subscription period – The Doha Insurance Company (DOHI) has received the Ministry of Economy’s approval for extending the company’s capital subscription period for one additional week from April 1, 2014 to April 7, 2014. (QE)  QE announces trading suspension of ORDS’ shares on March 30 – The Qatar Exchange (QE) announced trading suspension of Ooredoo’s (ORDS) shares on March 30, 2014 due to the company’s scheduled AGM on that day. (QE) International  The Eurozone took another important step two weeks ago to create a banking union. Eurozone leaders agreed to delegate the responsibility of supervising banks to the European Central Bank (ECB) starting next year and create a unified system for handling banking crises. Going forward, this will ensure that the risk of another Eurozone financial crisis is reduced and the link between the resolution of banking crises and sovereign debt is diminished. In sum, the agreement to move to a Eurozone banking union is a welcome step. The banking union will finally create a Eurozone-wide level playing field for banks to compete under a single regulatory environment. National governments will no longer be able to interfere in the supervision of banks. More importantly, the establishment of the Euro Bank Resolution Fund will finally break the deadly embrace that caused so much harm to the Eurozone in the last few years. Overall, the creation of a banking union represents another important step to strengthen the credibility of the Euro. (QNB Group)  US banks await next regulation bombshell – With the latest Fed stress tests out of the way, US banks and investors are now weighing up the potential impact of the next major regulatory move - the Orderly Liquidation Authority resolution rules, which could see the eight largest US banks having to issue at least US$83bn of subordinated bonds in the coming years. Banks were hopeful that the Fed would release a so-called Notice of Proposed Rulemaking as early as the second quarter, which would outline just how much debt and equity as a percentage of risk-weighted assets the eight largest US firms would need. (Reuters)  US consumers lift spending, but sentiment slips – US consumers stepped up spending a bit in February as incomes increased for the second straight month, offering hope that the economy was regaining its footing after being slammed by an unusually cold winter. The Commerce Department data took the sting out of a separate report that showed dipping consumer sentiment in March. Economists said they expected household morale to perk up with warmer weather in the spring. Consumer spending rose 0.3 percent last month after a downwardly revised gain of 0.2 percent in January. Separately, the Thomson Reuters/University of Michigan's consumer sentiment index dipped to 80.0 in March from 81.6 in February. It changed little from a preliminary reading earlier this month. A combination of bad weather, an effort by business to work off bloated inventories, the expiration of long-term unemployment benefits and cuts to food stamps is expected to hold back growth to around a 1.5% annual pace in the first quarter. But a rebound is expected as those factors fade. The economy grew at a 2.6% rate in the fourth quarter. (Reuters)  Bundesbank, PBOC sign accord to make Frankfurt Yuan hub – The Frankfurt-based Bundesbank said Germany’s Bundesbank and the People’s Bank of China have agreed to cooperate in the clearing and settling of payments in renminbi, paving the way for Frankfurt to corner a share of the offshore market. The central banks have signed a memorandum of understanding in Berlin, when Chinese President Xi Jinping met German Chancellor Angela Merkel. According to the Society for Worldwide Interbank Financial Telecommunication, Germany’s financial capital prevailed over Paris and Luxembourg in a Euro zone race to win trade in renminbi, which overtook the Euro to become the second-most used currency in global trade finance in October. The UK Treasury said that the Bank of England would sign an initial agreement with the PBOC on March 31 to clear and settle Yuan transactions in London. China is loosening exchange rate controls in an overhaul of its $9tn economy. The accord follows the establishment of a 350bn Yuan ($56bn) and a €45bn ($62 bn) bilateral swap line between the PBOC and the ECB in October, bolstering access to trade finance in the Euro zone. (Bloomberg)  Japan to speed up spending as consumers flash warning – Japan will speed up deployment of government cash in the coming months as a surprise drop in consumer spending in February triggered concerns that the nation’s long-awaited inflation is now damaging purchasing power. Finance Minister Taro Aso told that data showing a slump in household expenditure two months before the first sales-tax increase since

Page 5 of 7 1997 was a problem, and Prime Minister Shinzo Abe’s administration will pour 40% of its outlays for the next fiscal year into the April-June quarter. He has already pledged to fast-track stimulus spending. Data also showed inflationary pressures are spreading even before the 3% point sales-tax increase takes effect on April 1, as durable goods prices soared the most since the early 1980s. With officials striving to prevent a repeat of the recession that followed the rise in the levy 17 years ago, the central bank also may face calls for action. (Bloomberg)  ECB's Weidmann: Euro zone not in deflationary cycle – Bundesbank President Jens Weidmann said the Euro zone is not in a deflationary cycle and the European Central Bank (ECB) should not overreact to a slowdown in inflation caused largely by cyclical factors which should prove temporary. The comments from the head of Germany's central bank, also a member of the ECB's governing council, follow remarks last week which investors interpreted as a softening of long-held German resistance to more radical action to support growth. The ECB is running official interest rates at a record low but unlike other major central banks has resisted calls to follow that move with outright "quantitative easing" to pump more money into the economy. Weidmann said that about two thirds of the falloff in Euro zone inflation to 0.7%, the lowest since the economy was deep in recession in 2009, could be attributed to falls in energy and food prices. (Reuters)  Euro zone banks slow crisis loan returns as extra cash falls – The pace at which Euro zone banks are repaying their crisis loans to the European Central Bank(ECB) has slowed significantly as extra cash in the system reaches critically low levels. Banks will return €1.558bn ($2.14bn) to the ECB on April 2, a lot less than this week's repayments of €18.909bn and also far below the €9bn forecast in a Reuters poll. Banks have repaid in total around €40bn over the past three weeks, driven in part by the expiry of some of the sovereign bonds that they had bought with the cheap money. Lenders have also been shaping up their balance sheets for the ECB review of their assets before it takes over banking supervision. This meant that excess liquidity - the amount of money banks have beyond what they need for their day-to-day operations - fell to €104bn, the lowest since late 2011. It peaked in early 2012 at around €800bn. Overnight bank-to-bank borrowing costs are expected to move up once excess liquidity drops below a certain level, seen between €80bn and €100bn. (Reuters) Regional  Oil Movements: OPEC to cut oil exports on falling Asian demand – According to Oil Movements, the OPEC will curtail exports through mid-April 2014 in response to lower seasonal demand from refiners in Asia. OPEC, which is responsible for 40% of global oil supplies, will reduce shipments by 620,000 bpd, or 2.5%, to 23.78mn a day in the four weeks to April 12, 2014. The figures exclude two of OPEC’s 12 members, Angola and Ecuador. The global oil consumption typically ebbs at the end of 1Q2014 as heating fuel demand tapers off and refiners start performing routine overhauls. Oil Movements said the Middle Eastern exports will average 17.43mn bpd in the four weeks to April 12 as compared to 17.93mn bpd in the period to March 15. Oil Movements data showed that these figures include non-OPEC nations Oman and Yemen. Crude on board tankers will drop by 1.6% to 489.21mn barrels in the four weeks to April 12, from 496.93mn in the previous period. (Gulf- Times.com)  Moody’s assigns credit positive to Gulf telecom operators – Moody’s has given a credit positive to Gulf telecom operators who have signed deals to share their mobile networks. On March 18, Etisalat (Aa3 stable) signed a MoU with six other mobile telephony companies active in the Middle East and Africa – Ooredoo (A2 stable) and Saudi Telecom Company (STC, A1 stable) are among them. The pact is credit positive because the telecom operators within GCC countries – Etisalat, Ooredoo and STC – will benefit from lower operating costs and more efficient uses of capital owing to the infrastructure-sharing agreement. Moody’s Vice President – Senior Analyst Martin Kohlhase said the reduced costs will help operating profitability, which has been declining for a number of years. He added that the three operators’ capital expenditures have been high as compared with group sales and relative to European telcos, averaging 21% in 2013, up from 17% in 2012 and 2011, which is more in line with the average for European telecom operators. (Bloomberg)  SCTA: Saudi tourism sector set to create 1.7mn jobs – According to a report released by the Saudi Commission on Tourism and Antiquities (SCTA), Saudi Arabia’s tourism sector is set to create 1.7mn jobs over the coming six years, as the President of the Saudi Commission for Tourism and Antiquities (SCTA) Prince Sultan Bin Salman told. The tourism sector contributes to 2.6% of the Saudi economy. In line with this, Elaf Group of Companies’ President and a member of the Makkah Tourism Development Council Ziyad Bin Mahfouz, said that the country’s rapidly developing tourism industry is on the right track to achieve success registering a continuous YoY growth with the prospects of gaining better results in the next few years. (Gulf- Base.com)  SEC’s planned sukuk sale poised to jump-start dollar- denominated Islamic bond issuance in GCC countries – Saudi Electricity Company’s (SEC) planned sukuk sale is poised to jump-start dollar-denominated Islamic bond issuance in the GCC countries after the slowest 1Q2014 in five years. The company said it has hired banks for a proposed sukuk sale, which would be the second dollar issuance from the six GCC nations in 2014 after Dubai Investments’ $300mn sale in January. According to data compiled by Bloomberg, there were four sales worth a record $3.6bn in 1Q last year. SEC could be joined in the sukuk sell process by Damac Real Estate Development Ltd, which received a preliminary rating from Standard & Poor’s. According to data compiled by Bloomberg, the company’s $1bn sukuk due April 2043 is the best returning corporate Islamic bond from the GCC in 2014. (Gulf-Times.com)  Saudi CMA approves offering of investment fund – The Saudi CMA board of commissioners issued its resolution approving involving its approval for Saudi Kuwaiti Finance House Company to offer Baitk IPO Fund. (Tadawul)  Saudi CMA approves offering of investment fund – The Saudi CMA board of commissioners issued its resolution involving its approval for Alawwal Capital Company to offer AL AWWAL Food and Health Care Fund. (Tadawul)  ADIB's AGM approves 50% of 2013 net profits as cash dividend – Abu Dhabi Islamic Bank (ADIB) announced the distribution of 30.66% cash dividend and 26.87% bonus shares for the year 2013 to shareholders registered with the Abu Dhabi Securities Market. The cash dividends represent 50% of the full year net profits for 2013. (ADX)  RAK Insurance proposes 15% cash dividend – RAK Insurance Company’s board of directors proposed a 15% (AED15mn) cash dividend of its profits for the year ending December 31, 2013. (ADX)  Nakheel wins AED700mn contract – Nakheel has won a contract worth AED700mn for the construction of its Warsan Village Community to Ginco General Contracting. The Dubai

Page 6 of 7 developer said the contract covers the construction of 936 townhouses at Warsan Village, its new, gated community located south-west of International City. Spanning 47.5 hectares, the Warsan Village will also feature a recreation center, mosque and 250 apartments set above a retail plaza with 365 outlets. The construction contracts for these will be awarded at a later date. (Bloomberg)  Damac plans to raise $500mn through five-year sukuk – According to Standard & Poor’s (S&P), which has assigned a preliminary rating of BB to the issue, Dubai-based Damac Real Estate is expected to raise $500mn through the five-year note. The company will begin a three-day roadshow in Singapore, before moving to the UAE and London. (Gulf-Times.com)  AXA expands in GCC region, opens new outlet in Sharjah – AXA Insurance Gulf, continuing its expansion strategy across the GCC countries, has announced the opening of its new AXA outlet at Sahara Centre in Sharjah. The outlet offers products, including home, motor, travel, healthcare as well as SME insurance solutions. Jérôme Droesch, CEO of AXA Insurance Gulf, said: “Over the last few months, we have spread our presence across strategic locations in the UAE and across the wider Gulf. This is part of our strategy to make our AXA outlets accessible to our customers. Our new outlet at the iconic Sahara Centre helps customers to choose their preferred insurance products with added ease and convenience.” (Gulfbase.com)  NBK: Kuwait's oil exports fell to $109bn in 2013 – The National Bank of Kuwait (NBK) report showed that Kuwait's oil exports edged down to KHD30.8bn in 2013, a slight dip of 3% as compared with the earlier year's figures. The drop is a result of dwindling oil prices following a fall in international oil prices in 2013, triggered by huge oil production by non-OPEC members and moderate global oil demand. (Bloomberg)  Kuwait investments to spur bank lending – According to the country’s biggest bank and Moody’s Investors Service, Kuwait bank lending is poised to increase at the fastest pace since 2009 after investment firms cut debt and the government implemented projects. National Bank of Kuwait’s senior economist Nemr Kanafani sees credit growth continuing to accelerate in 2014 to around 9 to 10%. The Gulf nation is pouring billions of dollars into projects that include an oil refinery, a power station and a causeway linking the capital with the north of the country. Moody’s expects credit growth in OPEC’s third-biggest producer at as much as 14% in 2014 as compared to about 10% in the UAE. (Gulf-Times.com)  Six Oman projects bag 2014 MEED awards – Six Oman projects bagged the Middle East Economic Digest (MEED) awards for 2014, the highest in the GCC region. According to MEED, Duqm Frontier Town project, Salalah Gardens, PDO’s Saih Nihayda Depletion Compression & Solar EOR, APR Energy’s Oman 32MW peak shaving power project and Oman Educational Service’s GUtech were selected in the national round of the MEED Quality Awards for Projects 2014, in association with Mashreq. (Bloomberg)  Oman’s foreign exchange reserves increases to OMR6.221bn – Oman’s foreign exchange reserves increased to OMR6.221bn in January 2014 from OMR6.133bn during the same period last year. According to the Central Bank of Oman, the foreign exchange reserves averaged OMR3,488.35mn from 2002 until 2014, reaching an all-time high of OMR6,628.10mn in May of 2013 and a record low of OMR1,167.30mn in January of 2003. In Oman, the foreign exchange reserves are the foreign assets held or controlled by the country’s central bank. The reserves are made of gold or a specific currency. Last month the central bank said that the Sultanate may have to start selling foreign assets or borrow in international markets in the coming years if the government spending rises during a period of lower oil prices and economic growth. (Bloomberg)  NBO approves 15% cash dividend – National Bank of Oman’s (NBO) AGM has approved the distribution of 15% cash dividend on the paid-up capital (OMR0.015 per one share) and the distribution 10% stock dividend on the paid-up capital (10 shares for every one hundred shares). The bank also approved the distribution of remuneration of OMR120,700 to the members of the board of directors for FY2013. (MSM)  AACT approves 20% cash dividend – Al Anwar Ceramic Tiles Company’s (AACT) AGM has approved the cash dividend of 20% on the paid-up capital (OMR020 baiza’s) per share and stock dividend of 5% on the paid-up capital (5 shares for every 100 shares) for the year 2013. The company’s AGM also approved the distribution of OMR100,000/- as remuneration to the members of the board for the year ended December 31, 2013. (MSM)  Renaissance Services wins $96mn hospital services contract from Oman Ministry of Health – The contract services arm of Renaissance Services has bagged a $96mn contract from Oman’s Ministry of Health (MOH) to provide catering, cleaning, laundry and pest control services at 34 hospitals. The three-year contract will be operated by the firm’s Oman unit, Tawoos Industrial Services Company (TISCO). The company had previously operated some 65% of the services for MOH, but this new contract constitutes an increase of over 85% of the tendered work. The new contracts shall mobilize in June 2014. Meanwhile, the company’s AGM has approved the distribution of 10% cash dividend on the paid-up capital (10 baisas per share). (MSM)  AMIC approves 5% cash dividend – Al Madina Insurance Company’s (AMIC) AGM has approved the distribution of 5% cash dividend (5 baizas per share) to its shareholders, who are on the shareholders’ list as of the General Meeting date, prior to the share capital increase for the financial year ended December 31, 2013, and after the Capital Market Authority’s requirements were met, while authorizing the board of directors to take necessary action. Meanwhile, AMIC has appointed Mr. Usama Bin Issa Al Barwani as Deputy Chief Executive Officer of the Company as of April 1, 2014. Usama Al Barwani, was the General Manager HR & Admin., Board Secretary, Shari’ah Board Secretary. He has over 21 years of experience in HR and Administration. (MSM)  NGC wins contract worth $216,000 in Saudi Arabia – National Gas Company (NGC) has won a contract worth $216,000 by Al Forsan Global Industrial Complex for supply of 3 nos of 104 WC each LPG Tanks to CIF Jeddah in Saudi Arabia. Further, the company announced that it has entered into a franchisee agreement with Engineering & Contracting Kuwait Company for introduction of its revolutionary metal cutting gas "NC+" in the Kuwaiti market. The company expects reasonable income from these projects. (MSM)  NHOTEL AGM & EGM approve 10% cash dividend, 5% bonus share – National Hotels Company’s (NHOTEL) AGM & EGM have approved the distribution of 10% cash dividend on the paid-up capital amounting to 10 fils per share, and bonus share of 5%. Hence, the company’s share shall trade ex- dividend and ex-bonus starting from March 30, 2014 and the adjusted price after the distribution of bonus share will be BHD0.352. (Bahrain Bourse)

Contacts Saugata Sarkar Keith Whitney Sahbi Kasraoui Head of Research Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 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 (0.3%) 1.3% (0.1%) (1.0%) (0.1%) 0.0% (0.1%) (1.5%) (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold/Ounce 1,295.27 0.3 (3.0) 7.4 DJ Industrial 16,323.06 0.4 0.1 (1.5) Silver/Ounce 19.83 0.6 (2.4) 1.9 S&P 500 1,857.62 0.5 (0.5) 0.5 Crude Oil (Brent)/Barrel (FM Future) 108.07 0.2 1.1 (2.5) NASDAQ 100 4,155.76 0.1 (2.8) (0.5) Natural Gas (Henry Hub)/MMBtu 4.48 2.2 3.9 3.2 STOXX 600 333.76 0.7 1.8 1.7 LPG Propane (Arab Gulf)/Ton 106.50 1.2 1.7 (15.6) DAX 9,587.19 1.4 2.6 0.4 LPG Butane (Arab Gulf)/Ton 121.00 (5.7) (6.1) (11.4) FTSE 100 6,615.58 0.4 0.9 (2.0) Euro 1.38 0.1 (0.3) 0.1 CAC 40 4,411.26 0.7 1.8 2.7 Yen 102.83 0.6 0.6 (2.4) Nikkei 14,696.03 0.5 3.3 (9.8) GBP 1.66 0.2 0.9 0.5 MSCI EM 984.91 1.0 4.2 (1.8) CHF 1.13 (0.0) (0.5) 0.7 SHANGHAI SE Composite 2,041.71 (0.2) (0.3) (3.5) AUD 0.92 (0.1) 1.8 3.7 HANG SENG 22,065.53 1.1 2.9 (5.3) USD Index 80.18 0.1 0.1 0.2 BSE SENSEX 22,339.97 0.6 2.7 5.5 RUB 35.76 0.4 (1.3) 8.8 Bovespa 49,768.06 0.2 5.0 (3.4) BRL 0.44 (0.1) 2.7 4.5 RTS 1,186.28 0.6 4.4 (17.8) 165.0 148.3 134.9

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