29 September Daily market report

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Information about 29 September Daily market report
Economy & Finance

Published on September 30, 2014

Author: QNBGROUP

Source: slideshare.net

Page 1 of 6 QE Intra-Day Movement Qatar Commentary The QE Index rose 0.1% close at 13,844.1. The Banks & Financial Services gained 0.3%, while the other indices ended in negative. Top gainers were Qatar Islamic Bank and Qatari Investors Group, rising 1.8% and 1.7%, respectively. Among the top losers, Qatar General Insurance and Reinsurance Co. fell 3.2%, while Dlala Brokerage & Investments Holding Co. declined 1.8%. GCC Commentary Saudi Arabia: The TASI Index rose 0.8% to close at 10,757.4. Gaines were led by the Banks & Fin. Ser. and Build. & Const. indices, rising 1.5% and 1.3%, respectively. Alahli Takaful gained 5.7%, while AXA-Cooperative rose 5.6%. Dubai: The DFM Index gained 0.1% to close at 4,997.9. The Transportation and Insurance indices rose 1.5% each. Islamic Arab Insurance Co. and Takaful Al-Emarat Insurance gained 3.3% each. Abu Dhabi: The ADX benchmark index rose 0.5% to close at 5,102.3. The Consumer index gained 3.2%, while the Energy index was up 1.7%.Fujairah Cement Industries surged 14.5%, while Abu Dhabi Ship Building rose 5.1%. Kuwait: The KSE Index declined 0.7% to close at 7,608.6. The Oil & Gas index fell 2.0%, while the Financial Services index was down 1.3%. National Ranges Co. fell 7.1%, while Hilal Cement Co. was down 6.7%. Oman: The MSM Index rose 0.1% to close at 7,463.3. Gaines were led by the Financial and Industrial indices, rising 0.2% and 0.1%, respectively. Dhofar University gained 9.4%, while SMN Power Holding rose 3.8%. Bahrain: The BHB Index gained 0.1% to close at 1,476.6. The Industrials index rose 1.9%, while the Services index was up 0.1%. Aluminium Bahrain was up 1.9%, while Seef Properties gained 1.0%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Islamic Bank 115.00 1.8 412.6 66.7 Qatari Investors Group 59.00 1.7 79.5 35.0 Qatar Islamic Insurance Co. 88.90 0.8 39.8 53.5 Qatar International Islamic Bank 90.10 0.7 104.0 46.0 Vodafone Qatar 21.33 0.6 792.5 99.2 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 19.99 0.4 3,992.5 17.6 Masraf Al Rayan 55.60 0.4 1,055.0 77.6 Doha Bank 58.30 (1.0) 958.6 0.2 Vodafone Qatar 21.33 0.6 792.5 99.2 Barwa Real Estate Co. 40.70 0.4 723.4 36.6 Market Indicators 29 Sep 14 28 Sep 14 %Chg. Value Traded (QR mn) 605.6 277.7 118.1 Exch. Market Cap. (QR mn) 737,800.6 738,296.5 (0.1) Volume (mn) 12.1 6.1 98.1 Number of Transactions 5,507 3,204 71.9 Companies Traded 41 41 0.0 Market Breadth 13:21 13:20 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 20,648.32 0.1 (0.2) 39.2 N/A All Share Index 3,497.81 (0.0) (0.2) 35.2 17.1 Banks 3,392.26 0.3 0.2 38.8 16.6 Industrials 4,601.84 (0.1) (0.4) 31.5 18.6 Transportation 2,324.98 (0.3) (0.5) 25.1 14.9 Real Estate 2,879.54 (0.1) (0.4) 47.4 15.3 Insurance 4,064.30 (0.6) (0.6) 74.0 12.8 Telecoms 1,681.26 (0.8) (2.2) 15.6 23.8 Consumer 7,491.04 (0.2) (0.3) 25.9 28.0 Al Rayan Islamic Index 4,686.24 0.2 (0.2) 54.3 20.2 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% National Real Estate Co. Kuwait 0.17 5.0 16,612.1 14.5 Bank Albilad Saudi Arabia 54.36 5.0 784.1 55.3 Aseer Saudi Arabia 35.22 3.7 1,810.8 51.5 Saudi Investment Bank Saudi Arabia 30.40 3.1 222.9 15.6 Dana Gas Abu Dhabi 0.69 3.0 15,763.6 (24.2) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Com. Bank of Kuwait Kuwait 0.67 (4.3) 55.0 0.5 Qatar General Ins. & Re. Qatar 45.00 (3.2) 32.3 12.7 National Investments Co. Kuwait 0.18 (3.2) 10,164.3 12.5 Ajman Bank Dubai 2.60 (1.9) 149.5 4.8 Burgan Bank Kuwait 0.54 (1.8) 1,304.7 5.1 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 General Ins. and Reins. Co. 45.00 (3.2) 32.3 12.7 Dlala Brokerage & Inv Holding Co. 61.70 (1.8) 29.3 179.2 Doha Insurance Co. 33.40 (1.5) 64.7 33.6 Zad Holding Co. 88.70 (1.4) 2.9 27.6 Ooredoo 134.30 (1.3) 62.8 (2.1) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 190.00 (0.5) 82,516.2 12.5 Ezdan Holding Group 19.99 0.4 79,606.4 17.6 QNB Group 204.00 0.0 60,971.2 18.6 Masraf Al Rayan 55.60 0.4 58,535.6 77.6 Doha Bank 58.30 (1.0) 56,016.3 0.2 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* 13,844.08 0.1 (0.2) 1.8 33.4 166.31 202,600.0 17.3 2.3 3.6 Dubai 4,997.91 0.1 (1.1) (1.3) 48.3 150.96 96,739.4 20.8 1.8 1.9 Abu Dhabi 5,102.32 0.5 (0.5) 0.4 18.9 80.81 139,085.1 14.5 1.8 3.3 Saudi Arabia 10,757.41 0.8 (0.1) (3.2) 26.0 1,675.04 585,262.0 20.7 2.6 2.6 Kuwait 7,608.56 (0.7) (0.6) 2.4 0.8 116.07 112,969.7 19.5 1.2 3.6 Oman 7,463.26 0.1 0.1 1.3 9.2 34.85 27,494.2 11.3 1.7 3.7 Bahrain 1,476.62 0.1 0.5 0.3 18.2 2.46 54,475.2 11.4 1.0 4.6 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 13,70013,75013,80013,85013,9009:3010:0010:3011:0011:3012:0012:3013:00

Page 2 of 6 Qatar Market Commentary  The QE Index rose 0.1% close at 13,844.1. Banks & Financial Services index led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders.  Qatar Islamic Bank and Qatari Investors Group were the top gainers, rising 1.8% and 1.7%, respectively. Among the top losers, Qatar General Insurance and Reinsurance Co. fell 3.2%, while Dlala Brokerage & Investments Holding Co. declined 1.8%.  Volume of shares traded on Monday rose by 98.1% to 12.1mn from 6.1mn on Sunday. However, as compared to the 30-day moving average of 15.4mn, volume for the day was 21.5% lower. Ezdan Holding Group and Masraf Al Rayan were the most active stocks, contributing 33.1% and 8.8% to the total volume respectively. Source: Qatar Exchange (* as a % of traded value) Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 09/29 US Bureau of Eco. Analysis Personal Income August 0.30% 0.30% 0.20% 09/29 US Bureau of Eco. Analysis Personal Spending August 0.50% 0.40% 0.00% 09/29 US Nat. Assoc. of Realtors Pending Home Sales MoM August -1.00% -0.50% 3.20% 09/29 US Nat. Assoc. of Realtors Pending Home Sales YoY August -4.10% -1.40% -2.80% 09/29 EU European Commission Economic Confidence September 99.9 99.9 100.6 09/29 EU European Commission Industrial Confidence September -5.5 -5.8 -5.3 09/29 EU European Commission Services Confidence September 3.2 2.5 3.1 09/29 Germany Destatis CPI MoM September 0.00% -0.10% 0.00% 09/29 Germany Destatis CPI YoY September 0.80% 0.80% 0.80% 09/29 UK Bank of England Net Consumer Credit August 0.9B 0.8B 1.1B 09/29 UK Bank of England Net Lending Sec. on Dwellings August 2.3B 2.1B 2.3B 09/29 UK Bank of England Mortgage Approvals August 64.2K 65.0K 66.1K 09/29 UK Bank of England Money Supply M4 MoM August 0.30% – 0.20% 09/29 UK Bank of England M4 Money Supply YoY August -1.50% – -1.00% 09/29 Spain INE Retail Sales YoY August -0.90% – -0.20% 09/29 Spain INE Retail Sales SA YoY August 0.40% -0.80% -0.20% 09/29 Spain INE CPI EU Harmonised YoY September -0.30% -0.30% -0.50% 09/29 Spain INE CPI YoY September -0.20% -0.20% -0.50% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted News Qatar  MARK to disclose results on October 21 – Masraf Al Rayan (MARK) will disclose its 3Q2014 financial statements on October 21, 2014. (QE)  QFLS to announce results on October 28 – Woqod (QFLS) will announce its 3Q2014 financial statements on October 28, 2014. (QE)  MDPS: Qatar’s trade surplus touches QR31.5bn in August – Qatar’s trade balance recorded a surplus of QR31.5bn in August 2014, down QR1.3bn (-3.9% on a YoY basis). According to preliminary figures released by the Ministry of Development Planning & Statistics (MDPS), the total exports in August 2014 reached QR40.8bn, showing an increase of 0.3% as compared to August 2013. On the other hand, the imports of goods in August amounted to QR9.3bn, reflecting an increase of 17.5% as compared to August 2013. The YoY rise in total exports is mainly due to higher export of ‘Other Groups of Commodities’ such as polymers of ethylene in primary forms, unwrought aluminum, acyclic hydrocarbons, reaching QR5.3bn in August 2014 (an increase of 29.2% as compared to August 2013). Re- exports reached QR0.7bn. However, the increase in total exports is partially offset by the drop in exports of petroleum, gases and other hydrocarbons including LNG, condensates, propane and butane. Petroleum oils and oils from bituminous minerals (not crude) reached QR2.1bn (-11.6% YoY), and petroleum oils and oils from bituminous minerals (crude) reached QR6.6bn (-12.8% YoY). In August 2014, Japan was the top destination of exports from Qatar with QR10.1bn, a share of 24.8% of the total exports. South Korea came next with QR6.0bn (14.8% share), followed by India with QR5.6bn (13.6% share). Cars and other automobiles were at the top of the imports with QR0.8bn, indicating an increase of 9.6% as compared to August 2013. (Peninsula Qatar)  Reuters: Qatar to outperform GCC states with 6.7% growth – According to a Reuters poll of analysts, Qatar’s economy is expected to keep outperforming the other five GCC states with a 6.7% growth in 2015, much faster than the 6.0% forecasted in April, as the country spends billions of dollars on infrastructure as it gears up to host the 2022 FIFA World Cup. However, the higher growth forecast also means that the price pressures in the world’s top liquefied natural gas exporter are expected to Overall Activity Buy %* Sell %* Net (QR) Qatari 67.66% 54.83% 77,685,139.04 Non-Qatari 32.35% 45.18% (77,685,139.04)

Page 3 of 6 intensify, taking the inflation rate to 4.0% in 2015 and 4.5% in 2016, the highest among the Gulf countries. Masraf Al Rayan’s (MARK) Senior Economist Farah Ahmed Hersi said that the capital investment into the economy is expanding, population is growing at a double-digit rate and projects are getting fully underway. Despite all these infrastructure-building activity, the construction inflation in the country is still remarkably low. The poll showed that Gulf Arab economies are likely to grow slightly faster in 2015, driven by strong private business activity despite further falls in oil prices. (Reuters)  CBQK denies news about discussing financing real estate project with Kuwaiti firm – The Commercial Bank of Qatar (CBQK) denies the news published on the “Mubasher” website about a Kuwaiti Company discussing the financing of a big real estate project in Doha with the bank. CBQK confirmed that no such discussion has taken place. (QE)  Kahramaa: Peak water demand to rise 56.5% by 2022 – Qatar General Electricity & Water Corporation (Kahramaa) said that the peak water demand in the run-up-to the 2022 FIFA World Cup is forecasted to increase up to 482mn imperial gallons per day (MIGD), including an additional demand of 32MIGD for up to three months during the games. Kahramaa’s Manager, Water Operation and Control Department Abdulmonem Ahmed Al Darwish said that the normal peak demand for water for 2022 is about 450MIGD and about 32MIGD is expected to be added during the World Cup for up to 3 months. Qatar’s daily water consumption is currently about 308MIGD, which is expected to increase consistently over the next eight years by 56.5%. Separately, Kahramaa is planning to conduct a survey to take feedback about the quality of water distributed to its customers which will be initiated in 4Q2014. (Peninsula Qatar) International  US Treasury doesn't see student loans leading to meltdown; Consumers step up spending, but home market weakens – The Obama administration said the country's giant load of student loan debt would not lead to a financial meltdown, but warned that too many Americans were being held back by their education borrowing. US Treasury Deputy Secretary Sarah Bloom Raskin noted that the country currently has about $1.1tn in outstanding college loans, which is higher than anywhere else in the world. Raskin said delinquency rates have risen in recent years and this sobering reality has consequences not just for the indebted individual students, but for the economy as a whole. Still, Raskin said most borrowers are current on their bills and the increase in borrowing represented an investment in human capital. Meanwhile, the US government said consumer spending accelerated in August, which is a positive sign for an economy that appears to be firing on nearly all cylinders. The housing sector remains an exception, however, with a report showing Americans signed fewer contracts in August to purchase pre- owned homes. Nevertheless, the rise in household spending offered the latest suggestion that years of exceptionally low interest rates have finally pushed the economy into a higher gear. The US Commerce Department said consumer spending rose 0.5% last month after remaining unchanged in July. (Reuters)  GfK: UK consumer confidence slips on cloudier outlook – A survey by GfK showed British consumer morale edged down from a recent nine-year high, as households became slightly less upbeat about the outlook for the economy and their personal finances. GfK's headline Consumer Confidence Index fell slightly more than expected to -1 in September from +1 in August. Nick Moon, GfK's Managing Director for Social Research, said the index is likely to continue hovering around this level, partly because the strong economic data was not translating into improved living standards, since wage growth remains weak. Moon further added that many people are not themselves feeling any better off despite the growth in GDP, and this may be tempering the impact of positive media coverage of the economy. (Reuters)  Eurozone sentiment worsens in September, inflation expectations fall – Economic sentiment in the Eurozone deteriorated in September to levels seen in late 2013 and inflation expectations continued to fall. The European Commission said that economic sentiment among the 18 Eurozone countries fell to 99.9 this month from 100.6 in August. The index was weighed down by less optimistic consumers, retailers and industry. Services and construction were the only sectors where sentiment improved slightly in September. The declining optimism was mirrored by a fall in the business climate indicator for the Eurozone, which stood at 0.07 in September down from 0.16 in August, the lowest level since October 2013. Consumer inflation expectations – measured as anticipated price trends over the next 12 months – fell to 4.0 this month from 6.6 in August, continuing a steady decline since December 2013, when they stood at 15.1. Similarly, selling price expectations among manufacturers, which is the equivalent of producer price inflation expectations, also fell to -1.8 from -0.7 in August. (Reuters)  BoJ: Easy policy affects financial stability; Abe to cautiously watch on tax hike's impact – The Bank of Japan’s (BoJ) Governor Haruhiko Kuroda said that its monetary policy has a substantial impact not only on prices, but also on the financial system’s stability by affecting various asset prices. Kuroda said investment in high-risk assets such as high-yield bonds and emerging economy bonds has been expanding considerably against a backdrop of declining volatility in interest rates, stock prices, and foreign exchange rates. Kuroda further added that the burst of Japan's asset bubble in the 1990s is evidence that an economic downturn and problems in the banking sector could combine together to create substantial imbalances in the economy. Meanwhile, Japanese Prime Minister Shinzo Abe said that he will carefully watch the impact of April's sales tax hike and rising fuel prices on the Japanese economy, as he decides by year-end whether Japan can cope with a second tax increase next year. Abe reiterated his pledge to put top priority on economic policy aimed at beating deflation, saying that he is still at the halfway point in carrying out regulatory reforms. (Reuters)  China final HSBC PMI steady in September but risks remain – The final HSBC/Markit Manufacturing Purchasing Managers' Index (PMI) hovered at 50.2 in September, unchanged from the reading in August which was a three-month low. A sub-index measuring new export orders – a gauge of external demand – expanded to a 4-1/2-year-high of 54.5, though domestic demand appeared soft. More worrisome issue is the survey showed further weakness in the job market, with the sub-index for manufacturing employment shrinking for the 11th consecutive month, which is bound to post concerns for Chinese leaders. The world's second-largest economy has stumbled this year with a slowdown in the housing market further weighing down on the softening domestic demand. With the property market expected to cool further, economists believe policymakers will have to roll out more stimulus measures in coming months to meet the government's 2014 growth target of around 7.5%. (Reuters) View slide

Page 4 of 6 Regional  Ashmore appoints Sfakianakis as regional director for GCC – UK-based fund manager, Ashmore Group has appointed investment strategist John Sfakianakis to establish its first Middle East office in Riyadh, months before Saudi Arabia opens its stock market to direct foreign investment. Sfakianakis was appointed to the new post of Regional Director for the six Gulf Cooperation Council (GCC) countries. (Reuters)  Tasnee to acquire additional 13% stake in Cristal – National Industrialization Company (Tasnee) is planning to raise its majority stake in its Cristal subsidiary by a further 13% for a purchase consideration of SR1.8bn. Tasnee has submitted an offer to the Gulf Investment Corporation to buy the additional stake in the firm which makes titanium dioxide, thus raising its overall holding to 79%. The transaction, which is expected to be completed in 4Q2014, will be paid in installments and will be financed through Tasnee's own cash reserves and a Shari’ah- compliant Murabaha facility. (GulfBase.com)  Sedco launches first in-house managed Islamic fund – Sedco Capital has launched the first fund managed by its own in-house team, looking to bulk up its asset management capabilities. The Gulf equities fund, domiciled in Luxembourg, has an initial $30mn in assets and is Sedco's 14th fund overall. It is part of Sedco's strategy to source two-thirds of its assets under management from outside Saudi Arabia in four to five years. (Reuters)  Alkhabeer Capital acquires majority stake in Al-Ajaji Group – Alkhabeer Capital, a major asset management and investment firm, has acquired a majority stake in Dr. Omar Suliman Al-Ajaji Medical Company (Al-Ajaji Group). Al-Ajaji Group owns and operates four polyclinics and five pharmacies in the capital. (GulfBase.com)  APC to supply propylene to SATORP from October – Advanced Petrochemical Company (APC) has announced that the effective supply of propylene, as per the short term sales agreement signed between APC and Saudi Aramco Total Refining and Petrochemicals (SATORP) on August 1, 2013, will start from October 1, 2014. The supply will increase APC’s revenue from the sale of the additional polypropylene and the financial impact of this supply will be reflected in the company's financials from 4Q2014 up to the duration of the agreement. (Tadawul)  NCB Capital: Saudi retail sector outlook remains positive – According to an update report by NCB Capital, the Saudi Arabian retail sector outlook remains positive, led by strong earnings growth from store expansions, strong organic growth, margin stability, and easing of Saudization pressures. The report stated that the opening of the Saudi stock exchange to international investors has led to the sector expanding YTD gains to 50%. NCB expects a significant inflow of foreign capital to the market and believes that the retail sector will be a beneficiary due to the strong macroeconomic outlook, rising disposable income and growing population. The report expects this move to reduce the risk premium assumed, resulting in re- rating and multiple expansion. (GulfBase.com)  Dana Gas awarded two onshore concessions in Nile Delta – Dana Gas Egypt, a wholly owned subsidiary of UAE-based Dana Gas has been awarded two onshore concessions in the Nile Delta as part of the 2014 EGAS bidding round held recently in Egypt. The concessions include the North El Salhiya (Block 1) and El Matariya (Block 3). Dana Gas Egypt will operate the Block 1 Concession Area on a 100% basis. Dana Gas Egypt will participate in the Block 3 Concession Area on a 50% basis with BP as a partner and operator. Under the terms of the agreement, BP will fund all of the cost (including Dana Gas’s share) of one exploration well up to an agreed maximum limit. In the event that the well proves commercial, BP has the option to back into 50% of the deep potential of Dana Gas’ adjacent development leases. BP also has the option to back into 50% of the deep potential of Dana Gas Egypt’s other Development Leases and Block 1 Concession Area by drilling and funding all of the costs of a second exploration well in either the Development Leases or Block 1 up to an agreed maximum limit. (ADX)  DHL to raise prices in UAE from January 2015 – DHL Express, the letter and parcel delivery arm of Deutsche Post DHL has set another inflation-busting price hike for its UAE customers. DHL announced that the average price increase for customers from January 1 would be 4.9%. (GulfBase.com)  UAE MoF signs MoU with Abu Dhabi DoF– UAE’s Ministry of Finance (MoF) has entered into a MoU with Abu Dhabi’s Department of Finance (DoF) to strengthen the exchange of professional experience and information between both parties. The MoU stipulates both parties’ commitment to exchange information, experience and expertise, and review best joint work practices such as legislation development and financial systems, budget preparation and its implementation, the preparation of closing accounts and financial statements, financial applications, promoting technical cooperation as well as organizing workshops and training sessions on employee’s professional performance in different areas of government financial work. (GulfBase.com)  Pro Ecuador collaborates with Dubai DED for investment opportunities – Pro Ecuador, the trade and Investment promotion organization of Ecuador, in a bid to attract investments from the UAE for its promising tourism and mining sectors, has collaborated with the Department of Economic Development – Government of Dubai (DED) in organizing the ‘Connecting with Ecuador’ trade forum. According to sources, the mining sector of Ecuador has strategic mining projects, which are within the ranges of mining on a large scale with an investment value worth US$8bn. Meanwhile, Ecuador’s tourism sector, which is famous for its biodiversity and natural tourism attractions, has been a key driving force behind the country’s 4.9% GDP growth rate registered in 1Q2014. (GulfBase.com)  Emirates NBD lists $500mn bond on Nasdaq Dubai – Emirates NBD listed a $500mn conventional bond on September 28, 2014 on the Nasdaq Dubai. The bank is now the largest issuer of conventional bonds on the region’s international exchange, with three listings totaling $2.25bn. Nasdaq Dubai’s total conventional bond listings, from all issuers, have reached $6.74bn. (GulfBase.com)  EMG prices IPO shares at AED2.90 per share – Emaar Properties has confirmed that the initial sale of shares at its malls unit is priced at the top of the proposed range amid massive demand from investors, making it the largest stock offer in a Gulf Arab economy since 2008. Shares in the IPO of Emaar Malls Group (EMG) were priced at AED2.90 per share, giving an overall sale value of AED5.8bn. With a market value of AED37.7bn upon listing, it will become the third-largest stock on the Dubai Financial Market (DFM) when it begins trading on October 2, 2014. (GulfBase.com)  Emaar plans hotel IPO after Dubai’s biggest sale since 2007 – Emaar Properties is planning to sell shares in its hotel business after its malls unit became the emirate’s biggest public offering since 2007. Emaar’s Chairman, Mohamed Alabbar said View slide

Page 5 of 6 that the company will announce the hotel sale in the next few months. (Bloomberg)  UP plans new projects worth AED3.5bn in three years – Union Properties (UP) has confirmed the news on the Dubai Financial Market that it is planning to launch AED3.5bn worth of new projects over the next three years. (GulfBase.com)  Amlak’s EGM approves issue of convertible Islamic financial instrument – Amlak Finance (Amlak) announced that its shareholders have approved BoD’s proposal to issue an Islamic finance instrument convertible into shares up to a maximum of AED2.1bn at an Extraordinary General Meeting (EGM) held on September 28. Consequently, the board has also approved the increase in the company’s share capital by a maximum of AED2.1bn from time to time to facilitate the conversion of the instrument into shares. (DFM)  NBO sets IPT for five-year bond – National Bank of Oman (NBO) will price a five-year, US dollar benchmark bond after releasing the price guidance for the transaction. The bank set initial price thoughts (IPT) at the mid-100s over midswaps, in basis points. (Reuters)  OOC inks $1.85bn RCF agreement – Oman Oil Company (OOC) has signed a $1.85bn revolving credit facility (RCF) with 16 local, regional and international banks. The transaction was well received by the market and OOC observed strong demand from banks to participate reaching oversubscription of $3.75bn. OOC’s CEO, Isam Al Zadjali said that the success of this inaugural facility is based on OOC's strategy to invest for the future of Oman by building a diversified portfolio of operating companies, investments and projects both locally and internationally. (GulfBase.com)  Al Fajar shareholders approve cash dividend, consider interim dividend for 2013-2014 – Al Fajar Al Alamia’s (Al Fajar) shareholders considered and approved a cash dividend of 5% of the company’s paid-up share capital equivalent to baiza 5 for each share in the Annual General Meeting held on September 28. Additionally, the shareholders considered and authorized BoD to declare an interim dividend from the available profit for the year 2013-2014 up to a maximum of 10% of the company’s paid-up share capital equivalent to baizas 10 for each share. (MSM)  MoTC ceases negotiations with PSC – Port Services Corporation (PSC), with reference to its previous declarations in the reports of the board of directors about negotiation with the concerned authorities for managing and operating the Dry Port at South Al Batinah Logistic Area, disclosed that it has received a letter from the Ministry of Transport Communications (MoTC) , informing that the government has decided to cease negotiation with PSC on the proposed MOU and will proceed with the request for qualifications (RFQ) from a selection of potential bidders, including PSC, following which closed invitation to tender will be issued. (MSM)  Investcorp Bank postpones sale of Esmalglass until 2015 – According to sources, Investcorp Bank has postponed the sale of Spanish ceramics-products maker Esmalglass until 2015, while Esmalglass introduces new products. Investcorp has hired JPMorgan Chase & Company to run the sale of the company, which was to start in September. The original transaction may have reportedly valued Esmalglass at about €800mn, and the price will probably increase once the new products are ready. (Bloomberg)

Contacts Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025 sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg, *$ adjusted returns. 80.0 100.0 120.0 140.0 160.0 180.0 200.0 220.0 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 QE Index S&P Pan Arab S&P GCC 0.8% 0.1% (0.7%) 0.1% 0.1% 0.5% 0.1% (1.2%) (0.6%) 0.0% 0.6% 1.2% Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,215.82 (0.2) (0.2) 0.8 DJ Industrial 17,071.22 (0.2) (0.2) 3.0 Silver/Ounce 17.50 (0.8) (0.8) (10.1) S&P 500 1,977.80 (0.3) (0.3) 7.0 Crude Oil (Brent)/Barrel (FM Future) 97.20 0.2 0.2 (12.3) NASDAQ 100 4,505.85 (0.1) (0.1) 7.9 Natural Gas (Henry Hub)/MMBtu 4.02 2.9 2.9 (7.5) STOXX 600 340.99 (0.3) (0.3) (4.3) LPG Propane (Arab Gulf)/Ton 103.88 0.4 0.4 (17.9) DAX 9,422.91 (0.7) (0.7) (9.2) LPG Butane (Arab Gulf)/Ton 121.50 (0.3) (0.3) (10.5) FTSE 100 6,646.60 0.1 0.1 (3.3) Euro 1.27 0.0 0.0 (7.7) CAC 40 4,358.07 (0.77) (0.8) (6.6) Yen 109.50 0.2 0.2 4.0 Nikkei 16,310.64 0.5 0.5 (3.8) GBP 1.62 (0.1) (0.1) (1.9) MSCI EM 1,009.43 (1.4) (1.4) 0.7 CHF 1.05 0.0 0.0 (6.1) SHANGHAI SE Composite 2,357.71 0.1 0.1 9.7 AUD 0.87 (0.5) (0.5) (2.2) HANG SENG 23,229.21 (2.0) (2.0) (0.5) USD Index 85.59 (0.1) (0.1) 6.9 BSE SENSEX 26,597.11 (0.3) (0.3) 26.2 RUB 39.45 0.7 0.7 20.0 Bovespa 54,625.35 (5.5) (5.5) 2.3 BRL 0.41 (1.3) (1.3) (3.6) RTS 1,126.21 (2.6) (2.6) (21.9) 198.9 165.1 148.8

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