9 March Daily market report

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Information about 9 March Daily market report

Published on March 10, 2014


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QE Intra-Day Movement Market Indicators 11,660 11,640 11,620 Market Indices 11,600 11,580 9:30 9 Mar 14 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.3% to close at 11,642.0. Gains were led by the Real Estate and Insurance indices, gaining 1.5% and 0.8% respectively. Top gainers were Islamic Holding Group and Al Khaleej Takaful Group, rising 9.9% and 5.3% respectively. Among the top losers, Zad Holding Co. fell 3.7%, while Al Ahli Bank declined 3.3%. 6 Mar 14 %Chg. 929.5 664,393.7 15.8 8,712 42 21:15 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 992.6 662,160.80 17.2 10,775 42 38:3 (6.4) 0.3 (8.3) (19.1) 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 16,962.93 2,946.27 2,850.44 3,984.08 2,008.39 2,040.21 2,849.98 1,501.06 6,997.81 3,393.40 0.3 0.2 (0.0) 0.5 (0.4) 1.5 0.8 0.5 (0.4) 0.6 0.3 0.2 (0.0) 0.5 (0.4) 1.5 0.8 0.5 (0.4) 0.6 14.4 13.9 16.6 13.8 8.1 4.5 22.0 3.3 17.6 11.8 N/A 14.8 14.7 15.2 13.9 20.2 6.9 20.7 30.5 18.6 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index rose 1.1% to close at 9,350.6. Gains were led by the Energy & Utilities and Real Estate Dev. indices, rising 3.0% and 2.7% respectively. Trade Union rose 9.9%, while Nat. Agri. Marketing was up 9.8%. Makkah Cons. & Dev. Saudi Arabia IFA Hotels & Resorts Kuwait Dubai: The DFM index fell 0.3% to close at 4,140.7. The Services index declined 1.35%, while the Investment & Financial Services index was down 0.9%. Arig fell 6.8%, while Al Salam Sudan was down 2.7%. Mobile Telecomm. Co. Saudi Arabia Investbank Abu Dhabi Abu Dhabi: The ADX benchmark index declined 0.4% to close at 4,878.2. The Telecommunication and Services indices fell 1.2% each. Green Crescent Insurance Co. declined 9.4%, while Emirates Driving Co. was down 6.7%. Al Meera Consumer GCC Top Losers Exchange Kuwait: The KSE index gained 0.1% to close at 7,515.7. The Telecommunication index and Consumer Services indices rose 0.9% each. IFA Hotels & Resorts Co. gained 8.9%, while Zima Holding Co. was up 8.8%. Nat. Marine Dredging Abu Dhabi Qassim Cement Oman: The MSM index declined 0.4% to close at 7,087.3. The Financial Index fell 0.6% while the Services index was down 0.3%. National Gas declined 8.9%, while AL Batinah Dev. Inv. Holding was down 3.5%. Bahrain: The BHB index fell 0.2% to close at 1,370.7. The Industrial Index declined 2.0% while the Hotels & Tourism index was down 1.6%. Gulf Hotel Group fell 2.5%, while Aluminum Bahrain was down 2.0%. ## Close# 9.6 3,021.5 32.6 0.27 8.9 52.5 (5.3) 10.30 8.4 125,859.9 10.8 3.55 7.3 165.1 32.0 162.00 Qatar 1D% 85.50 5.1 268.7 21.5 # Close Vol. ‘000 1D% Vol. ‘000 YTD% YTD% 9.45 (5.4) 1.0 9.9 Saudi Arabia 91.50 (4.2) 212.9 2.2 Al Ahli Bank Qatar 49.10 (3.3) 5.0 16.0 United Real Estate Co. Kuwait 0.12 (3.2) 150.8 1.7 Abu Dhabi Nat. Energy Abu Dhabi 1.43 (2.7) 1,761.9 (2.7) Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Islamic Holding Group Al Khaleej Takaful Group Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% 53.20 Qatar Exchange Top Gainers 9.9 299.8 15.7 Zad Holding Co. 68.20 (3.7) 0.3 (1.9) 19.7 Al Ahli Bank 49.10 (3.3) 5.0 16.0 43.70 5.3 484.8 Qatar Exchange Top Losers 162.00 5.1 268.7 21.5 Qatar Gas Transport Co. Dlala Brok. & Inv. Holding Co. 21.50 4.6 547.6 (2.7) Qatar Fuel Co. Widam Food Co. 42.00 3.3 140.5 (18.8) Al Meera Consumer Goods Co. 21.34 (1.6) 378.5 5.4 255.00 (1.4) 83.8 16.7 Qatar Industrial Manufacturing Co. 43.90 (1.1) 146.1 4.1 Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Mesaieed Petrochemical Holding 40.30 (1.0) 2,831.9 303 Industries Qatar 196.00 0.6 134,907.3 16.0 Barwa Real Estate Co. 32.65 1.9 1,349.9 9.6 Mesaieed Petrochemical Holding 40.30 (1.0) 115,533.7 303 Vodafone Qatar 11.82 (0.9) 1,264.6 10.4 191.60 0.3 82,920.1 11.4 Doha Bank 61.00 (0.8) 1,118.8 4.8 Commercial Bank of Qatar 77.00 (0.3) 76,236.7 8.8 Masraf Al Rayan 38.60 0.0 1,061.5 23.3 Doha Bank 61.00 (0.8) 68,090.1 4.8 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain QNB Group Close 1D% WTD% MTD% YTD% 11,642.04 4,140.65 4,878.23 9,350.60 7,515.68 7,087.25 1,370.72 0.3 (0.3) (0.4) 1.1 0.1 (0.4) (0.2) 0.3 (0.3) (0.4) 1.1 0.1 (0.4) (0.2) (1.1) (1.9) (1.6) 2.7 (2.3) (0.4) (0.1) 12.2 22.9 13.7 9.5 (0.4) 3.7 9.8 Exch. Val. Traded ($ mn) 255.24 166.58 85.50 3,004.51 61.34 11.40 26.65 Exchange Mkt. Cap. ($ mn) 182,442.5 84,639.7 130,441.3 509,140.9 110,083.1 25,450.4 51,725.2 P/E** P/B** 15.4 17.8 13.8 18.7 15.8 10.8 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 3.7 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 5

Qatar Market Commentary  The QE index rose 0.3% to close at 11,642.0. The Real Estate and Insurance indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders.  Islamic Holding Group and Al Khaleej Takaful Group were the top gainers, rising 9.9% and 5.3% respectively. Among the top losers, Zad Holding Co. fell 3.7%, while Al Ahli Bank declined 3.3%. Overall Activity Buy %* Sell %* Net (QR) Qatari 67.15% 60.96% 57,562,472.78 Non-Qatari 32.85% 39.04% (57,562,472.78) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Sunday fell by 8.3% to 15.8mn from 17.2mn on Thursday. However, as compared to the 30-day moving average of 12.9mn, volume for the day was 22.3% higher. Mesaieed Petrochemical Holding and Barwa Real Estate Co. were the most active stocks, contributing 17.9% and 8.5% to the total volume respectively. Earnings Earnings Releases Company Gulf Live Stock * Al Fujairah National Insurance Co. * Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY AED 50.8 43.9% – – 42.9 45.4% AED 116.7 1.8% – – 18.9 1.8% Market Currency Abu Dhabi Abu Dhabi Source: Company data, DFM, ADX, MSM (*FY2013 results) News Qatar  IMF urges caution on inflation in Qatar – The International Monetary Fund (IMF) has cautioned that although inflationary pressures in Qatar appear to be contained at the moment, policymakers need to remain vigilant. The authorities intend to phase in investment projects gradually, keeping in mind Qatar's 2006-08 experience with double-digit inflation. However, if signs of overheating emerge, the authorities need to smoothen out fiscal spending, and deploy further macro-prudential measures such as liquidity withdrawal operations in case of excessive credit growth. IMF said that this strategy can be supplemented by the authorities' efforts to identify and remove bottlenecks in the supply chain. (Gulf-Times.com)  Qatar's budget surplus to reach QR40bn – Qatar's budget surplus is expected to reach QR40bn by the end of the current fiscal year. According to sources, the surplus stood QR27bn during the second quarter. The country's GDP is expected to touch QR200bn for the fourth quarter of the current fiscal year. In the second and third quarters, it reached QR180bn and QR185bn, respectively. Oil prices rose to $105 per barrel against the budget assumption of $65 per barrel, which has led to the significant surge in the surplus. The Ministry of Finance is giving final touches to the 2014-15 budget. The ministry has already received reports from various ministries and government bodies regarding their projects for the new financial year. (Peninsula Qatar)  ZHCD’s BoD to meet on March 25 – Zad Holding Company (ZHCD) has announced that its board will meet on March 25, 2014 to discuss the company’s financial results ending December 31, 2013. (QE)  MRDS’ BoD to meet on March 23 – Mazaya Qatar Real Estate Development (MRDS) has announced that its board will meet on March 23, 2014 to discuss the company’s financial statements ending December 31, 2013. (QE)  Trading suspension in IQCD’s shares on March 10 – The Qatar Exchange (QE) has announced suspension in the trading of Industries Qatar Company’s (IQCD) shares on March 10, 2014 due to the company’s AGM being held on that day. (QE)  Barwa Bank names Subeai as acting CEO – Barwa Bank has appointed Khalid Yousef al-Subeai as Acting Chief Executive Officer. Khalid Al Subeai graduated from the University of Arizona with a BA in Finance and has gone on to hold several key positions within the finance sector in Qatar. Khalid has been a Senior Financial Advisor at Qatar Petroleum (QP) for more than six years. As part of the Project Finance team, he was directly involved in the execution of over $15bn in landmark debt capital market transactions for QP, its subsidiaries and the State of Qatar. Subsequent to this, he moved on to hold the position of Morgan Stanley Qatar Manager, where he was responsible for Qatar Client Coverage. Khalid joined The First Investor (TFI) as Deputy CEO in January 2013, and was then appointed acting CEO of Barwa Bank Group in March 9, 2014. He brings with him over nine years of Investment Banking experience with knowledge of the local and international markets. (Barwa Bank, Reuters)  MRDS appoints KEMCO to manage Tala Residence – Mazaya Qatar Real Estate Development (MRDS) has appointed KEMCO Maintenance & Services to manage their first project, Tala Residence. The 346-unit Tala Residence housing project has been developed for the employees of the Qatar National Convention Centre under a MoU signed between MRDS and Qatar Foundation for Education, Science & Community Development. (Peninsula Qatar) International  Collapse in exports, producer prices threaten China’s growth target – The biggest drop in China’s exports since 2009 and a deepening factory-gate deflation highlight the challenges faced by Chinese Premier Li Keqiang in achieving this year’s economic growth target of 7.5%. Overseas shipments unexpectedly declined 18.1% in February from a year earlier as compared to analysts’ median estimate for a 7.5% increase. Similarly, producer prices fell 2%, the most since July 2013, extending the longest decline since 1999. Distortions from the Page 2 of 5

Lunar New Year holiday and false invoices that inflated trade numbers last year, along with a larger-than-projected increase in imports, make it harder to assess the true picture of the global and domestic demand for Chinese goods. Slowing consumerprice gains may give leaders more space to support growth as they gauge the effects of the nation’s first onshore corporatebond default. (Bloomberg)  BIS: Global debt exceeds $100tn as governments binge – The Bank for International Settlements (BIS) stated that the amount of debt globally has soared 40% to reach $100tn since the financial crisis, as governments borrowed to pull their economies out of recession and companies took advantage of record low interest rates. According to data compiled by Bloomberg, the $30tn increase in debt since mid-2007, is in contrast with a $3.86tn decline in the value of equities to $53.8tn in the same period. The jump in debt as measured by Swissbased BIS in its quarterly review is almost twice the US' GDP. Borrowing has soared as central banks suppress benchmark interest rates to spur growth after the US subprime mortgage market collapsed and Lehman Brothers Holdings Inc.'s bankruptcy caused the worst financial crisis since the Great Depression. As per the Bank of America Merrill Lynch's Global Broad Market Index, yields on all types of bonds, from governments to corporate and mortgages, average about 2%, down from more than 4.8% in 2007. (Bloomberg)  BCC: UK economy to return to pre-recession peak soon – According to the British Chambers of Commerce (BCC), Britain's economy should exceed its pre-recession growth peak in the next few months. BCC upgraded its forecasts for the fullyear GDP growth to reach 2.8% in 2014 and 2.5% in 2015, a slight upgrade from its December forecasts. Unlike most its developed economy peers, Britain's economy in 2013 was still 1.4% smaller than its pre-recession peak reached in early 2008. The BCC said the economy will finally exceed that level in the second quarter of this year. So far, the UK’s economic recovery has been led by consumers and the housing market, and the Bank of England has said business investment and exports need to pick up for the recovery to be sustained. The BCC expects 6.6% growth in business investment this year, followed by 5.7% in 2015, but it warned that growth will remain below pre-crisis levels for some time. (Reuters)  Japan’s economy expands less than initially estimated in 4Q2013 – Japan’s economy expanded less than estimated in 4Q2013 and its current account deficit widened to a record high in January, highlighting risks to Abenomics as a sales-tax increase looms. The Cabinet Office said that GDP grew at an annualized 0.7% over the previous quarter, less than a preliminary estimate of 1%. The finance ministry said the current account deficit widened to $15.4bn, the highest since 1985. While growth is set to surge this quarter before the bump in the sales tax next month, Prime Minister Shinzo Abe’s task is to steer the nation through a projected contraction in April-June 2014. The prime minister is due to publish detailed growth measures in June, while economists forecast the Bank of Japan to add to the unprecedented easing to keep the Japan’s economy on track for a 2% inflation target. According to recent data, business investment rose 0.8% from the previous quarter, while onsumer spending increased 0.4%. (Bloomberg) Regional  GCC insurance growth tops other economies, focus on profit needed – According to insurance rating agency AM Best, growth in the GCC insurance industry has outpaced that of other developed and emerging economies, but insurers ought to focus on profits than top line. Gross premiums written (GPW) in the GCC had a CAGR of 21% during 2002-12, the same as Brazil and China, while Russia was at 18% and India at 16%. AM Best said a market growth of 21% enables companies to more easily sustain the shocks associated with emerging markets. Growth in the GCC will remain higher than in other developed markets but lower than in the recent past, with a big portion of the premiums still coming from motor and medical insurance. The rating agency said that insurers will now have to focus on profitability rather than top-line growth. (Gulf-Times.com)  DHC signs SR5.8mn deal for constructional excavation in west Riyadh – Dallah Healthcare Holding Company (DHC) has signed an agreement worth SR5.8mn for the constructional excavation in its location in west Riyadh. This constructional excavation is considered to be the beginning of the construction of a new hospital in West Riyadh at a total cost of SR508mn. Started on March 6, 2014, the project is expected to be completed in two months from the signing of the agreement. The company expects that construction will be completed, and the hospital to begin operation in 2Q2016,. (Tadawul)  Almarai purchases farm land in Arizona for SR178.1mn – Almarai Company has completed the purchase of farm land spread over 9,834 acres in Vicksburg, in the US state of Arizona, through its subsidiary Fondomonte, Arizona. The land composes of 3,604 acres of freehold land, 3,080 acres of agriculture lease-hold land and 3,150 acres of grazing leasehold land. The total consideration for this transaction amounts to SR178.1mn, which will be financed from the company's own resources. The resulting increase in property, plant and equipment will be reflected in Almarai’s interim consolidated financial statements for 1Q2014. (Tadawul)  Citymax plans 100 stores in Kingdom by mid-2014 – Citymax is increasing its investment in the Saudi Arabian market, with the opening of four stores in the first three months of 2014. Aiming to have over 100 stores in Saudi Arabia by mid-2014, Citymax’s investment plans reflect the company's confidence in the Saudi retail sector. The new Citymax stores will feature the refurbished Citymax branding with an updated design and interior layout. The new stores will be located at Qatif & Dammam Corniche, Abqaiq Mall, Aswak Al Qariah in Dammam, and at Max Yanbu, Sabt Al Alaya, Red Sea Mall in Jeddah. In addition to the four brand new stores, three existing stores in Jeddah and Dammam will be relaunched with the new layout. (GulfBase.com)  Arabtec undertakes $40.23bn housing project in Egypt – Arabtec Holding has been awarded a contract worth $40.23bn by the Egyptian army to build 1mn houses across the country. The project is seen as a major boost to the country of 85mn, which has been struggling to attract tourists and foreign investors, amid political turmoil, and saw its foreign reserves drop to a critical low last year. The housing project to house lower income individuals will cover 160mn square meters across 13 sites in Egypt. The company said it expects the project work to start in 3Q2014 and be completed before 2020. (Reuters)  RTA awards AED100mn contract for Al Barsha roads – The Roads & Transport Authority (RTA) has awarded a contract worth about AED100mn to construct internal roads at Al Barsha South 1, and collector roads at Al Barsha South 2. The project is part of Phase II of the Five-Year Plan (2012-2016) endorsed by the Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, for constructing internal roads at several residential districts in Dubai. The RTA’s Chairman & Executive Director Mattar Al Tayer explained that the Five-Year Plan for constructing internal roads in residential communities in Dubai spans across 16 districts where urbanisation rate ranges from 20% to 80%. (GulfBase.com) Page 3 of 5

 Dubai’s trade growth moderates in 2013 – According to Dubai customs data, Dubai’s non-oil trade expanded 7.6% in 2013, slowing from 13% growth in 2012, but the Emirate’s trade with Iran stabilized despite the US economic sanctions. Dubai’s nonoil foreign trade rose to AED1.329tn in 2013, while it exported small amounts of oil and imported natural gas. Dubai’s non-oil exports and re-exports climbed 4% to AED518bn, while imports surged 10% to AED811bn. The Emirate saw its economy pick up strongly last year as billions of dollars worth of new real estate projects were announced following a lull after the 20082010 property market crash. Tourist numbers rose 10% to 11mn people in 2013, while new trade licences recorded an increase of 12%. The total value of real estate transactions jumped 53% to AED236bn. (Gulf-Times.com)  Strata increases production in 2013 – Strata Manufacturing, a subsidiary of Mubadala, increased its production quantity in 2013, albeit without any profit. The aerospace parts manufacturing company, based in Al Ain, delivered 301 ship sets to aircraft manufacturers in 2013, a 62.7% rise over 185 ship sets delivered in 2012. The production increase follows last month’s release of the 2013 financial results where the company reported revenue of AED20mn as compared to AED110mn in 2012. Strata stated that it invested AED1.2bn in 2013, 28% more than the previous year, but the increase in revenue and investment does not correlate to a profit margin. The company's Chief Executive Badr Al Olama said that Strata has targeted to be profitable by 2016-2017. For 2014, Strata stated that it is targeting a revenue “in excess” of AED300mn and is looking to deliver more than 400 ship sets. (Gulfbase.com) of deposit (CDs) with an allotted amount of OMR698mn for the issue No 587. CBO stated that the average interest rate of these certificates was 0.12%, while the maximum accepted interest rate was 0.13%. The tenor of these certificates is 28 days and their maturity date is on April 2. The repo rate during March 5-11 stood at 1%. (GulfBase.com)  NCSI: Oman’s revenue drops 7.9% in January – According the statistics released by the National Centre for Statistics & Information (NCSI), the Omani government’s revenues fell by 7.9% at the end of January 2014 to OMR973.3mn against OMR1,056.9mn recorded in January 2013. The statistics attributed this to a 10.4% decline in Oman’s net oil revenues, which stood at OMR829.5mn against OMR926.1mn. Gas revenues rose by 14.1% to OMR105.5mn in January 2014 against OMR92.5mn in January 2013. Capital revenues remained unchanged at OMR0.1mn. Similarly, other revenues stood at OMR38.2mn during January 2014 as compared to January 2013. (GulfBase.com)  NBAD to boost lending in Latin America by 20% – The National Bank of Abu Dhabi (NBAD) plans to expand corporate loans in Latin America by about 20% in 2014. The bank’s Chief Representative in Brazil Angela Martins said that NBAD will boost lending and offer other types of financial products to Latin American companies that do business in countries that are considered a priority, including those in the Far East, and the MENA region. Martins said loans linked to Latin America are expected to cross $720mn by the end of 2014. NBAD’s business includes hedging, providing exchange-rate transactions for currencies with low trading volume and distributing Latin American loans and bonds in the Middle East. (Bloomberg)  Masirah Oil strikes oil at second well – Masirah Oil, an associate of Malaysia-based Hibiscus Petroleum, said its second exploration well has achieved a light oil flow rate of up to 3,000bpd in the Block 50 offshore concession area east of Oman. Masirah Oil said that during a 48-hour test, hydrocarbons flowed up to the surface and the well achieved oil flow with any water production. The company said the test flow rates were quite encouraging and that this was the first offshore oil discovery in the east of Oman after more than 30 years of exploration. (GulfBase.com)  KOTC gets delivery of two new tankers – Kuwait Oil Tankers Company (KOTC) has received the delivery of two new oil tankers as part of its revamping plan for its current fleet. The delivery of the new tankers “Fintas” and “Burgan” fulfills the company's third phase toward having a new fleet of at least nine new tankers. Al-Fintas is the first of five tankers delivered by the South Korean company Daewoo Shipbuilding & Marine Engineering. The new tanker has a capacity of 2.2mn barrels of oil, whereas Burgan’s capacity is approximately 340,000 barrels. With the addition of the two new tankers, KOTC’s total fleet size stands at 23. (GulfBase.com)  CBO declares result of OMR698mn CDs – The Central Bank of Oman (CBO) has declared results of the tender for certificates Page 4 of 5

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 80.0 167.3 145.8 1.1% 0.8% 0.3% 0.4% 0.1% 132.7 0.0% May-13 S&P Pan Arab Dec-13 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 0.0 0.0 11.1 20.91 0.0 0.0 7.4 109.00 0.0 0.0 (1.6) 4.77 0.0 0.0 9.9 109.00 0.0 0.0 (13.7) 128.63 0.0 0.0 (5.8) Global Indices Performance Close 1D% WTD% YTD% 16,452.72 0.0 0.0 (0.7) S&P 500 1,878.04 0.0 0.0 1.6 NASDAQ 100 4,336.22 0.0 0.0 3.8 333.06 0.0 0.0 1.5 DAX 9,350.75 0.0 0.0 (2.1) FTSE 100 6,712.67 0.0 0.0 (0.5) DJ Industrial STOXX 600 1.39 0.0 0.0 1.0 103.28 0.0 0.0 (1.9) GBP 1.67 0.0 0.0 0.9 MSCI EM CHF 1.14 0.0 0.0 1.7 SHANGHAI SE Composite AUD 0.91 0.0 0.0 1.7 USD Index 79.72 0.0 0.0 RUB 36.45 0.0 0.0 BRL 0.43 0.0 0.0 1.0 Yen Dubai Oct-12 Abu Dhabi QE Index Mar-12 (0.3%) (0.4%) (0.4%) Oman Aug-11 Kuwait Jan-11 Qatar (0.8%) Bahrain (0.2%) (0.4%) Saudi Arabia Jun-10 1.2% CAC 40 Nikkei 4,366.42 0.0 0.0 1.6 15,274.07 0.0 0.0 (6.2) 966.72 0.0 0.0 (3.6) 2,057.91 0.0 0.0 (2.7) HANG SENG 22,660.49 0.0 0.0 (2.8) (0.4) BSE SENSEX 21,919.79 0.0 0.0 3.5 10.9 Bovespa 46,244.07 0.0 0.0 (10.2) 1,158.87 0.0 0.0 (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 5 of 5

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