6 March Daily market report

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Information about 6 March Daily market report

Published on March 9, 2014


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QE Intra-Day Movement Market Indicators 11,700 11,600 11,500 Market Indices 11,400 11,300 9:30 6 Mar 14 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 2.3% to close at 11,607.0. Gains were led by the Consumer Goods & Services and Banks & Financial Services indices, gaining 3.9% and 3.1% respectively. Top gainers were Islamic Holding Group and Zad Holding Co., rising 10.0% and 9.6% respectively. Among the top losers, Qatar General Ins. & Rein. Co. fell 4.1%, while Salam Int. Investment Co. declined 0.4%. 5 Mar 14 %Chg. 992.6 662,160.80 17.2 10,775 42 38:3 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 1,209.2 646,339.2 26.6 15,444 42 4:37 (17.9) 2.4 (35.1) (30.2) 0.0 – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 16,911.92 2,940.33 2,851.27 3,966.23 2,017.21 2,010.70 2,826.24 1,494.18 7,027.46 3,372.15 2.3 2.3 3.1 1.2 0.7 2.1 1.6 1.8 3.9 1.9 (0.7) (0.6) (0.6) 0.0 0.0 (0.4) 0.5 (6.5) 2.4 (0.1) 14.0 13.6 16.7 13.3 8.5 3.0 21.0 2.8 18.1 11.1 N/A 14.8 14.7 15.1 14.0 19.9 6.8 20.6 30.6 18.5 Close# 1D% GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index gained 1.0% to close at 9,248.8. Gains were led by the Real Estate Development and Retail, indices rose 1.7% each. Makkah Const. and Dev. Co. gained 9.9%, while Pharmaceutical was up 9.7%. Makkah Cons. & Dev. Saudi Arabia 78.00 9.9 2,588.2 20.9 SPIMACO Saudi Arabia 73.50 9.7 4,189.4 13.1 Dubai: The DFM index gained 1.3% to close at 4,153.6. The Real Estate & Construction rose 1.7%, while the Banking index was up 1.2%. Commercial Bank of Dubai gained 3.7%, while Almadina was up 3.5%. Nat. Marine Dredging Abu Dhabi Abdullah Al Othaim Saudi Arabia Abu Dhabi: The ADX benchmark index fell 0.8% to close at 4,896.9. The Banking index declined 1.9%, while the Energy index was down 1.0%. Ooredoo fell 9.9%, while Invest Bank was down 5.4%. Ezdan Holding Group Qatar GCC Top Losers Exchange Kuwait: The KSE index gained 0.4% to close at 7,507.4. The Technology index rose 2.3%, while the Telecommunication index was up 1.2%. Contracting & Marine Services Co. gained 6.3%, while Al Mudon was up 5.9%. Investbank Abu Dhabi 3.31 (5.4) 2.6 23.0 Gulf Cable & Elect. Ind. Kuwait 0.75 (5.1) 300.5 (11.8) Oman: The MSM index declined 0.2% to close at 7,118.1. Losses were led by the Financial and Industrial indices, fell 0.3% each. Oman Textile Holding declined 3.6%, while Oman and Emirates Inv. Holding was down 3.2%. First Gulf Bank Abu Dhabi 16.80 (4.2) 6,177.3 16.2 Qatar Gen. Ins. & Rein. Qatar 47.00 (4.1) 2.5 (1.9) Atheeb Telecom Saudi Arabia 14.75 (3.0) 9,022.1 2.4 Bahrain: The BHB index gained 0.3% to close at 1,373.3. The Services index rose 1.7%, while the Industrial index was up 0.8%. Bahrain Telecom. Co. gained 3.8%, while Nass Corporation was up 3.3%. ## Vol. ‘000 YTD% 9.99 8.0 4.3 16.2 180.00 6.0 422.2 44.3 16.33 5.4 44.3 (3.9) # Close 1D% Vol. ‘000 YTD% 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) Islamic Holding Group Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% 48.40 Qatar Exchange Top Gainers 10.0 411.4 5.2 Qatar General Ins. & Rein. Co. 47.00 (4.1) 2.5 (1.9) 2.0 1.9 Salam Int. Investment Co. 12.05 (0.4) 620.5 (7.4) Gulf Warehousing Co. 41.60 (0.2) 2.2 0.2 Zad Holding Co. 70.80 9.6 Ezdan Holding Group 16.33 5.4 44.3 (3.9) Mesaieed Petrochemical Holding 40.70 4.4 3,613.4 307 Qatar International Islamic Bank 76.50 4.1 174.2 Qatar Exchange Top Losers 24.0 Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mesaieed Petrochemical Holding 40.70 4.4 3,613.4 307 Qatar National Bank 191.00 3.2 149,412.8 11.0 Barwa Real Estate Co. 32.05 2.4 1,385.3 7.6 Mesaieed Petrochemical Holding 40.70 4.4 144,915.5 307 Masraf Al Rayan 38.60 3.8 1,243.1 23.3 Industries Qatar 194.90 1.0 77,462.1 15.4 Doha Bank 61.50 3.5 1,132.7 5.7 Qatar Fuel Co. 258.50 0.6 73,169.4 18.3 Qatar Insurance Co. 65.40 3.0 918.6 22.9 61.50 3.5 69,080.4 5.7 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Doha Bank Close 1D% WTD% MTD% YTD% 11,607.03 4,153.64 4,896.87 9,248.82 7,507.43 7,118.12 1,373.27 2.3 1.3 (0.8) 1.0 0.4 (0.2) 0.3 (1.4) (1.6) (1.2) 1.6 (2.4) 0.1 0.0 (1.4) (1.6) (1.2) 1.6 (2.4) 0.1 0.0 11.8 23.3 14.1 8.4 (0.6) 4.1 10.0 Exch. Val. Traded ($ mn) 272.57 309.46 142.35 2,584.72 95.91 28.06 3.44 Exchange Mkt. Cap. ($ mn) 181,829.4 84,868.0 130,981.1 503,704.9 109,777.4 25,557.7 51,762.9 P/E** P/B** 15.3 17.8 13.9 18.5 15.8 10.9 9.8 1.9 1.5 1.7 2.3 1.2 1.6 0.9 Dividend Yield 4.2 2.0 3.6 3.2 3.8 3.6 3.7 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6

Qatar Market Commentary  The QE index rose 2.3% to close at 11,607.0. The Consumer Goods & Services 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.  Islamic Holding Group and Zad Holding Co. were the top gainers, rising 10.0% and 9.6% respectively. Among the top losers, Qatar General Ins. & Rein. Co. fell 4.1%, while Salam Int. Investment Co. declined 0.4%. Overall Activity Buy %* Sell %* Net (QR) Qatari 51.17% 54.68% (34,771,659.89) Non-Qatari 48.82% 45.31% 34,771,659.89 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Wednesday fell by 35.1% to 17.2mn from 26.6mn on Thursday. However, as compared to the 30-day moving average of 12.8mn, volume for the day was 34.9% higher. Mesaieed Petrochemical Holding and Barwa Real Estate Co. were the most active stocks, contributing 21.8% and 8.0% to the total volume respectively. Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 03/06 US IPSOS Public Affairs RBC Consumer Outlook Index March 03/06 US Bloomberg Bloomberg Consumer Comfort 2-March 51.8 – 50.4 -28.5 – -28.6 03/06 US Federal Reserve Household Change in Net Worth 4Q2013 $2954B – $2276B 03/07 US US Census Bureau Trade Balance January -$39.1B -$38.5B -$39.0B 03/07 US BLS Average Hourly Earnings MoM February 0.40% 0.20% 0.20% 03/07 US BLS Average Hourly Earnings YoY February 2.20% 2.00% 2.00% 03/07 US BLS Average Weekly Hours All Employees February 34.2 34.4 34.3 03/07 US BLS Labor Force Participation Rate February 63.00% – 63.00% 03/08 US Federal Reserve Consumer Credit January $13.698B $14.000B $15.904B 03/06 EU European Central Bank ECB Announces Interest Rates 6-March 0.25% 0.25% 0.25% 03/06 EU European Central Bank ECB Marginal Lending Facility 6-March 0.75% 0.75% 0.75% 03/06 EU European Central Bank ECB Deposit Facility Rate 6-March 0.00% 0.00% 0.00% 03/06 France INSEE ILO Unemployment Rate 4Q2013 10.20% 11.00% 10.30% 03/06 France INSEE ILO Mainland Unemployment Rate 4Q2013 9.80% 10.60% 9.90% 03/07 France Ministry of the Economy Budget Balance YTD January -12.7B – -74.9B 03/07 France Ministry of the Economy Trade Balance January -5732M -4950M -5213M 03/07 Germany Destatis Wholesale Price Index MoM January -0.10% – 0.30% 03/07 Germany Destatis Wholesale Price Index YoY January -1.70% – -1.30% 03/07 Germany Deutsche Bundesbank Industrial Production SA MoM January 0.80% 0.80% 0.10% 03/07 Germany Bundesministerium Industrial Production WDA YoY January 5.00% 3.90% 3.40% 03/06 UK Bank of England Bank of England Bank Rate 6-March 0.50% 0.50% 0.50% 03/06 UK Bank of England BOE Asset Purchase Target March 375B 375B 375B 03/07 UK Bank of England BoE/GfK Inflation Next 12 Mths February 2.80% – 3.60% 03/07 Spain INE INE House Price Index QoQ 4Q2013 -1.30% – 0.70% 03/07 Spain INE INE House Price Index YoY 4Q2013 -7.80% – -7.90% 03/07 Italy ISTAT PPI MoM January -0.20% – -0.10% 03/07 Italy ISTAT PPI YoY January -1.70% – -2.10% 03/08 China NBS Exports YoY February -18.10% 7.50% 10.60% 03/08 China NBS Imports YoY February 10.10% 7.60% 10.00% 03/07 Japan Ministry of Finance Official Reserve Assets February $1288.2B – $1277.1B 03/07 Japan ESRI Leading Index CI January 112.2 112.4 111.7 03/07 Japan ESRI Coincident Index January 114.8 114.6 112.3 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 6

News Qatar  Interest rates may remain low in Qatar – According to a report by QNB Group, interest rates in Qatar are likely to remain low as the country‟s policy rates tend to track those of the US due to its pegged exchange rate. QNB Group said that any increase in short-term interest rates in the Eurozone or the US is still some way off. With weak growth expected in Europe and the recent disappointing economic data from the US, the risk of deflation remains high, which present a strong case for the US Fed and the European Central Bank (ECB) to refrain from tightening their monetary policies. Further, QNB Group said that global inflation was also unlikely to pick up in the short term as weak demand holds back global energy and food prices. Inflation remains dangerously low both in the Eurozone and the US, lying well below the 2% central bank targets. The ECB expects inflation to be 1.3% over the next year, which gives the ECB reason to take policy action, but there are a number of additional factors that add further impetus. The ECB expects real GDP growth to be just 1.1% in the Eurozone over the next year. Unemployment is high at around 12% on average, with youth unemployment above 50% in some peripheral countries. (Gulf-Times.com)  IMF: Qatar’s GDP growth to remain at 6%; inflation at 3-4% in 2014 – According to the IMF, Qatar‟s GDP growth could stay at around 6% in 2014 as the pickup in the public investment program is roughly offset by a modest decline in its hydrocarbon output. Public investments are expected to keep growth roughly 6-7% over the medium term, with non-hydrocarbon growth remaining at about 10%. The fund projected Qatar‟s inflation to remain benign at 3-4% going forward – a modest increase over recent years. The anticipated gradual decline in commodity prices (including food) should help reduce price pressures from strong economic activity. Fiscal and external balances are projected to taper down over time due to flat LNG production, falling crude oil output, expected lower hydrocarbon prices, and growing nominal expenditures. (Peninsula Qatar)  ERES reports QR1.07bn net profit in 2013 – Ezdan Holding Group (ERES) posted a net profit of 1.1 QR billion for 2013, compared with 275.1 million Qatari Riyals in 2012. EPS was QR0.40 for the year 2013, compared to QR0.10 in 2012. The Group also announced that it had recommended a cash dividend of QR0.31 per share. (QE)  QNB Group signs three-year sponsorship with AFC – Qatar National Bank (QNB Group) and the Asian Football Confederation (AFC) have signed a three-year sponsorship agreement that sees the Qatari financial institution becoming the latest AFC Commercial Partner. The agreement between the two organizations was completed at the start of the 2014 season, which will see QNB Group join the select band of companies sponsoring events such as the AFC Asian Cup, the AFC Cup and the AFC Champions League. (Peninsula Qatar)  Woqod sells 4.8mn LPG metal cylinders in 2013 – Woqod distributed more than 4.8mn LPG cylinders in 2013, up 200,000 on the previous year, which reflects the rising demand for metal LPG cylinders due to population growth. Woqod plans to replace its metal cylinders of 12kg capacity, which are filled with butane gas for domestic use, with transparent Shafaf cylinders made of plastic polymers. However, Woqod said it will be implemented only gradually without affecting the market. According to Woqod, a large number of customers in Qatar have already moved from metal to Shafaf cylinders, which are safer and light weight. Total butane gas sales in Qatar reached 106,746 metric tons (mt) in 2013 compared with 92,435mt in 2012. (Gulf-Times.com)  QPI acquires stake in Greek power plant – Qatar Petroleum International (QPI) has completed the acquisition of 25% of Gek Terna‟s share in Heron II power plant located in Greece. This marks the first stage of the partnership between QPI and Gek Terna. In the next stage, QPI will join Gek Terna and GDF Suez in owning and operating the Greek power plant. The acquisition marks the first time that a Qatari state-owned company has invested in a Greek energy asset. (GulfBase.com)  Qatar Steel signs lighterage contract with EOL – Industries Qatar‟s (IQCD) subsidiary Qatar Steel has signed a five-year contract with Eships Oldendorff Logistics (EOL), for lighterage of capesize vessels for shipping iron ore consignments. (QE)  Hilton Worldwide plans expansion in Qatar – Hilton Worldwide has signed a management agreement with First Qatar Real Estate Development Company (FQREDC) to open a new hotel, named „Hilton Doha The Pearl Residences‟. The 41storey new hotel with 445 rooms will be located at the exclusive man-made island, the Pearl-Qatar. The hotel is expected to open in 2017, which will be the second residence-style property planned by Hilton Worldwide in the Gulf state. (GulfBase.com)  GDI doubles its assets in three years – Gulf International Services‟ (GISS) subsidiary, Gulf Drilling International (GDI), said that it has doubled its operations from 9 to 18 rigs in three years. All of these assets are expected to be under contract in 2014, keeping the company‟s utilization rate at 100%. The company is planning to start operations of three more assets later in 2014. (GulfBase.com)  MCCS’ shareholding in Damas reaches 100% – Mannai Corporation (MCCS) announced that it has acquired another 22.35% share in its subsidiary Zahabi Ltd, a holding company for Damas incorporated in the Cayman Islands. With this, MCCS has increased its indirect shareholding in Damas from 81% to 100%. (QE)  ORDS’ AGM to be held on March 30 – Ooredoo‟s (ORDS) AGM is scheduled to be held on March 30, 2014 at the Four Seasons Hotel. In case of lack of quorum, another meeting will be held on April 6, 2014 at the same place. The AGM‟s agenda includes discussing the board of directors‟ recommendation of distributing dividends worth QR4.00 per share for the year 2013, among others. (QE) International  US job growth offers positive sign for weather-beaten economy – Job growth in the US accelerated sharply in February despite the icy weather that gripped much of the nation, easing fears of an abrupt economic slowdown and keeping the US Federal Reserve on track to continue reducing its monetary stimulus. The Labor Department said employers added 175,000 jobs to their payrolls last month after creating 129,000 new positions in January 2014. The unemployment rate, however, rose to 6.7% from a five-year low of 6.6% as Americans flooded back into the labor market to search for work. The report also showed the largest increase in average hourly earnings in eight months and the payrolls count for December and January was revised up to show 25,000 more jobs created during those months than previously reported. (Reuters)  Banks to return €11.4bn of crisis loans to ECB – European Banks will return €11.4bn in crisis loans to the European Central Bank (ECB) next week, more than six times than the amount that was expected, accelerating the drain of extra cash out of the Eurozone financial system. The amount banks will repay on March 12, 2014 beats this week's repayments of €3.0bn. It is the largest repayment since the end of last year, when banks Page 3 of 6

returned large chunks of the long-term loans they took from the ECB to ride out a credit crunch in late 2011. This came ahead of the ECB‟s assessment of banks' balance sheets and in the run up to the asset-quality review. The speed with which banks have been repaying back their three-year loans has picked up over recent weeks as confidence returned and banks began to rely less on central bank funding. (Reuters)  ABB wins $30mn order from SEC – ABB has won an order worth around $30mn from the Saudi Electricity Company (SEC) to refurbish the flexible alternating current transmission systems in the eastern operating area. ABB will refurbish two 380 kV static var compensators located at the existing Shedgum and Faras Substations, about 300 km east of Riyadh. The project is scheduled to be completed by 2016. (GulfBase.com)  China inflation slows to 13-month low – China‟s inflation slowed to a 13-month low in February, which was more than estimated, while its factory-gate deflation deepened. The National Bureau of Statistics found that the consumer price index rose 2% from a year earlier, compared with the 2.1% median estimate in a Bloomberg survey. The producer-price index fell 2%, extending the longest decline since 1999 to 24 months. Decelerating inflation and falling producer prices may give leaders more impetus to push ahead with the broadest economic-policy changes since the 1990s, while also allowing them to loosen credit. China‟s Premier Li Keqiang set an inflation target of about 3.5% this year, the same goal as in 2013. Meanwhile, China‟s exports fell 18.1% in February from a year earlier, the biggest drop since the global financial crisis, while imports rose 10.1%. (Bloomberg)  IDB to issue short-dated sukuk – The Islamic Development Bank (IDB) is planning to issue short-dated sukuks of 30, 60 and 90 days maturity in 2014, that are Shari‟ah-compliant. The bank has also plans to issue 6 and 12 month bonds. (GulfBase.com)  Oil Movements: OPEC to cut exports as Asian demand slows – According to Oil Movements, the OPEC will reduce crude exports this month as refiners in Asia prepare for seasonal maintenance. The OPEC, which is responsible for 40% of global oil supplies, will decrease its shipments by 400,000 bpd to 24.2mn barrels in the four weeks to March 22. These figures exclude two of OPEC‟s 12 members, Angola and Ecuador. According to Oil Movements, exports climbed from January through early March due to winter demand in the northern hemisphere and stockpile-building in China. (Bloomberg) Regional  Fitch upgrades Saudi Arabia to 'AA' – Fitch Ratings has upgraded Saudi Arabia's long-term foreign and local currency Issuer Default Ratings (IDR) to 'AA' from 'AA-'. The outlook for both ratings is Stable. The country ceiling has been upgraded to 'AA+' from 'AA' and the short-term foreign currency IDR has been affirmed at 'F1+'. The upgrade of Saudi Arabia's IDRs reflects the key rating drivers such as the strong sovereign and external balance sheets. (Gulfbase.com)  Saudi CMA approves SPMC’s capital increase – The Saudi CMA‟s board has approved the Saudi Paper Manufacturing Company‟s (SPMC) request to increase its capital from SR375mn to SR450mn by issuing one bonus share for every five existing shares. This increase will be paid by transferring SR75mn from the retained earnings account to the company‟s capital. Consequently, the company's outstanding shares will increase from 37.5mn to 45mn shares. The bonus shares‟ eligibility is limited to those shareholders who are registered in the shareholders registry at the close of trading on the day of the extraordinary general assembly, which will be determined later. (Tawadul)  Saudi Aramco awards subsea cable contract – Saudi Aramco has awarded a contract to McDermott International‟s subsidiary to provide the electrical power supply system in the Abu Ali and Khursaniyah fields in the Arabian Gulf. The project includes the installation of two 20-kilometer 230kV subsea circuits routed offshore to connect land-based facilities. The cables weigh approximately 95 kilograms per meter. The project, including hookup and commissioning, is expected to be completed in 3Q2015. (GulfBase.com)  Arabsat, Telesat sign deal to utilize Ku-band payload – Arab Satellite Communications Organization (Arabsat) and Telesat Canada (Telesat) have signed a strategic commercial agreement under which Telesat will utilize a lifetime Ku-band payload on the new satellite Hellas-sat-4. Hellas-sat-4 is expected to be launched in 2017 and will be located at 39 degrees east. Under the terms of the agreement, Telesat has acquired the exclusive use of a high powered Ku-band payload providing coverage of Europe and the Mediterranean region. (Ameinfo)  du Telecom joins consortium to build SEA-ME-WE 5 Cable System – The Emirates Integrated Telecommunications Company (du Telecom) has signed an agreement to join an international consortium of several telecom companies to build South East Asia–Middle East–Western Europe 5 (SEA-ME-WE 5) cable system. SEA-ME-WE 5 is an undersea cable system with an approximate length of 20,000km from Southeast Asia to Europe. This mega project will connect 15 countries, which will branch out to the UAE with a landing station for du Telecom in Fujairah. (GulfBase.com)  ANC to invest AED9bn for power plants in Pakistan – UAEbased Arab National Company (ANC) has signed a MoU with the Private Power & Infrastructure Board (PPIB) to set up two 660 megawatt coal power plants with an investment of AED9.175bn in Pakistan. According to sources, ANC would also construct a jetty along with the construction of the power projects in Gaddani, Baluchistan, which are expected to be completed in three years. (GulfBase.com)  DFM declares 5% cash dividend – The Dubai Financial Market‟s (DFM) AGM has approved its board‟s recommendation to distribute 5% cash dividends to the shareholders. (DFM)  Marka set to be DFM’s first new listing in 5 years – The Dubai Financial Market is about to get its first new listing in five years after Marka announced its plans to launch a Dh500 million initial public offering. The UAE-based retailer company would soon become the country‟s first publicly listed retailer. CAPM Investment, the lead manager of the IPO, said that the issue will be a success, given the company's significant growth prospects and the return of confidence to the financial markets. The UAE has been starved of fresh listings in recent years. The last IPO on the DFM was by Drake & Scull, which began trading in March 2009. (Reuters)  Waha Capital targets acquisitions in UAE healthcare – Waha Capital is seeking acquisitions in the UAE healthcare market after Dubai announced mandatory health insurance. Companies are seeking to capitalize on the rising demand for healthcare services amid an increase in obesity-related diseases such as diabetes in the Gulf. According to Booz & Co., obesity-related diseases may cost the six-nation GCC region $68bn a year by 2022 due to lost output and treatment costs, almost double the 2013 figure. (Gulf-Times.com) Page 4 of 6

 CBD declares AED612mn cash dividend, 10% bonus shares – The Commercial Bank of Dubai‟s (CBD) AGM has approved the distribution of 30% cash dividend, amounting to AED612mn. The AGM also approved the distribution of 10% bonus shares of the bank's capital amounting to AED204mn for 2013. (DFM)  MASQ reports AED1.8bn net profit – Mashreq Bank (MASQ) has reported a net profit of AED1.8bn in 2013 as compared to AED1.3bn in 2012. The net interest income grew to AED2.4bn in 2013 from AED1.9bn in 2012. Total assets of the bank stood at AED89.65bn at the end of 2013 as compared to AED76.38bn a year earlier. EPS amounted to AED10.68 as of December 31, 2013 as compared to AED7.76 a year earlier. Customer deposits stood at AED54.2bn at the end of 2013 as compared to AED42.4bn at the end of 2012, while loans & advances stood at AED44.3bn against AED36.2bn. Meanwhile, the bank‟s AGM has approved the board‟s recommendation to distribute 40% cash dividends to its shareholders. (DFM) around $2bn of gas gathering and water pipelines, wellhead production facilities and export pipelines for the development of the southern sector of Block 61. (GulfBase.com)  SISCO appoints new Chairman, Vice Chairman – Al Shurooq Investment Services Holding Company (SISCO) has appointed Mohammed Ali Abdul Amir Sultan as the company‟s new Chairman and Bader Abdullah Al Sumait as the new Vice Chairman. (MSM)  OFO declares 50% dividends – The Oman Fiber Optic Company‟s (OFO) AGM has approved the distribution of 35% cash dividend (i.e. OMR350 per share) and 15% stock dividend for 2013. (MSM)  SMNP’s BoD recommends 20% cash dividend – SMN Power Holding‟s (SMNP) board of directors has recommended the distribution of 20% cash dividend (200 baiza per share) for 2013. (MSM)  FGB to issue $1.07bn sukuk in Malaysia – According to RAM Ratings, the First Gulf Bank‟s (FGB) funding unit, FGB Sukuk Company II Ltd., will issue $1.07bn sukuk program in Malaysia. RAM rated the program at 'AAA' with a stable outlook, based on the bank's size and the likelihood of government support, as the Abu Dhabi ruling family owns 64% of the firm. FGB follows numerous other institutions seeking to find funding in Malaysia's sukuk market. Funds from the program will go toward expanding the bank's day-to-day business. (GulfBase.com)  Abu Dhabi, Serbia sign $1bn loan deal – The Department of Finance in Abu Dhabi (DoF) and the Republic of Serbia have signed an agreement to provide the latter with a loan of $1bn. The deal will contribute toward strengthening cooperation ties between the UAE and Serbia. It will also encourage private and public sectors within the UAE to look for investment opportunities in Serbia. (GulfBase.com)  Kuwaiti exports jump 9.1% to KD8.5bn – According to the provisional foreign trade statistics, Kuwait recorded exports worth KD8.5bn with a 9.1% increase and imports worth KD2.1bn with a 10.4% increase in July-September 2013 as compared to July-September 2012. The country‟s balance of trade stood at KD6.4bn, while it was KD5.8bn in July-September 2012, indicating 8.7% increase. In the same period, volume of trade increased 9.4% over 3Q2012. (GulfBase.com)  Kuwaitis lead GCC property purchases in Oman – According to a report, Kuwaiti nationals stood first with the acquisition of 1,850 properties in Oman, in a huge rush among GCC nationals to buy real estate in the Sultanate. The Emiratis were second with 1,211 properties, followed by Qataris with 261, Bahrainis with 117 and Saudi nationals with 82. The properties bought in the North Batinah governorate represented half of that owned by GCC nationals. It was followed by Dhofar governorate, Muscat, South Sharqiyah, South Batinah and Dhakilyah. (GulfBase.com)  Kuwait-US trade volumes reach $15.2bn in 2013 – The outgoing US Ambassador to Kuwait, Matthew Tueller said that Kuwait-US trade volumes have grown by 167% from $5.7bn in 2009 to $15.2bn in 2013. Over this period, exports from the US have grown by 33%. This development has translated into more than 13,000 American jobs, and represents better healthcare, infrastructure, and higher education opportunities for Kuwaitis. (GulfBase.com)  BP awards contract for Khazzan gas project – BP has awarded Jacobs Engineering a contract for process and infrastructure work on the Greenfield Khazzan project in Oman. Under the contract terms, Jacobs will provide engineering, procurement & construction management services in relation to Page 5 of 6

Rebased Performance Daily Index Performance 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 144.9 1.8% 1.2% 132.0 2.3% 2.4% 1.3% 1.0% 0.4% 0.6% 0.3% 0.0% (0.6%) S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Source: Bloomberg Close ($) 1D% WTD% YTD% 1,339.98 (0.8) 1.0 11.1 20.91 (2.7) (1.5) 7.4 109.00 0.8 (0.1) (1.6) 4.77 (2.7) 1.6 9.9 109.00 2.3 (2.9) (13.7) 128.63 1.2 (0.6) (5.8) Global Indices Performance Close 1D% WTD% YTD% 16,452.72 0.2 0.8 (0.7) S&P 500 1,878.04 0.1 1.0 1.6 NASDAQ 100 4,336.22 (0.4) 0.7 3.8 333.06 (1.3) (1.5) 1.5 DAX 9,350.75 (2.0) (3.5) (2.1) FTSE 100 6,712.67 (1.1) (1.4) (0.5) DJ Industrial STOXX 600 1.39 0.1 0.5 1.0 103.28 0.2 1.5 (1.9) GBP 1.67 (0.2) (0.2) 0.9 MSCI EM CHF 1.14 0.3 0.2 1.7 SHANGHAI SE Composite AUD 0.91 (0.2) 1.6 1.7 USD Index 79.72 0.1 0.0 RUB 36.45 0.7 1.6 BRL 0.43 (0.7) 0.1 1.0 Yen (0.8%) Dubai Dec-13 Oman May-13 Bahrain Oct-12 Abu Dhabi QE Index Mar-12 Kuwait Aug-11 Qatar (1.2%) Jan-11 (0.2%) Saudi Arabia Jun-10 3.0% 166.8 CAC 40 Nikkei 4,366.42 (1.1) (0.9) 1.6 15,274.07 0.9 2.9 (6.2) 966.72 (0.4) 0.0 (3.6) 2,057.91 (0.1) 0.1 (2.7) HANG SENG 22,660.49 (0.2) (0.8) (2.8) (0.4) BSE SENSEX 21,919.79 1.9 3.8 3.5 10.9 Bovespa 46,244.07 (1.8) (1.8) (10.2) 1,158.87 (0.5) (8.6) (19.7) Source: Bloomberg RTS Source: Bloomberg Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6

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