1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.6% to close at 13,020.7. Losses were led by the
Transportation and Banking & Financial Services indices, declining 1.3% and
0.7% respectively. Top losers were Ahli Bank and Dlala Brokerage & Inv. Hold.
Co. falling 3.6% and 2.3% respectively. Among the top gainers, Ezdan Holding
Group rose 7.8%, while Aamal Co. gained 3.9%.
GCC Commentary
Saudi Arabia: The TASI index rose marginally to close at 9,809.8. Gains
were led by Med.&Pub. and Real Est. indices, rising 7.4% & 0.5% respectively.
Tihama Advt.&Pub. gained 10.0%, while Saudia Dairy and Food. was up 7.0%.
Dubai: The DFM index declined 0.9% to close at 5,136.0. The Insurance index
fell 3.8%, while the Investment & Fin. Serv. Index was down 1.7%. Islamic
Arab Insurance Co. declined 7.3%, while Ajman Bank was down 4.5%.
Abu Dhabi: The ADX benchmark index fell 0.7% to close at 4,986.1. The Real
Estate index declined 3.1%, while Industrial index was down 1.7%. Al Khazna
Insurance Co. fell 10.0%, while Abu Dhabi Shipbuild. Co. was down 7.3%.
Kuwait: The KSE index gained marginally to close at 7,404.9. The Consumer
Services and Con. Goods indices rose 1.3% and 1.1% respectively. Al-Nawadi
Holding Co. rose 7.7%, while Gulf Cable & Elect. Ind. Co. was up 6.7%.
Oman: The MSM index rose 0.1% to close at 6,744.9. Gains were led by the
Financial indices, rising 0.6%, while other indices ended in red. National
Securities gained 10.0%, while National Gas was up 4.5%.
Bahrain: The BHB index fell marginally to close at 1,463.2. The Services and
Commercial Banking indices declined 0.1% each. Seef Properties Co. fell
1.0%, while Bahrain Maritime & Mercantile International Co. was down 0.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 30.40 7.8 5,278.1 78.8
Aamal Co. 18.46 3.9 2,215.2 23.1
National Leasing 31.70 1.4 1,109.7 5.1
Al Khaleej Takaful Group 39.00 1.0 113.0 38.9
Salam International Investment Co. 14.38 0.9 410.9 10.5
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 30.40 7.8 5,278.1 78.8
United Development Co. 25.65 (1.3) 2,971.7 19.1
Aamal Co. 18.46 3.9 2,215.2 23.1
Vodafone Qatar 18.73 0.0 1,962.2 74.9
Barwa Real Estate Co. 39.00 0.6 1,294.3 30.9
Market Indicators 18 May 14 15 May 14 %Chg.
Value Traded (QR mn) 787.4 982.0 (19.8)
Exch. Market Cap. (QR mn) 736,380.6 734,345.9 0.3
Volume (mn) 22.0 23.3 (5.5)
Number of Transactions 9,240 9,598 (3.7)
Companies Traded 43 42 2.4
Market Breadth 9:29 15:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,416.70 (0.6) (0.6) 30.9 N/A
All Share Index 3,313.49 (0.5) (0.5) 28.1 15.9
Banks 3,160.05 (0.7) (0.7) 29.3 15.7
Industrials 4,480.84 (0.5) (0.5) 28.0 17.5
Transportation 2,353.09 (1.3) (1.3) 26.6 15.1
Real Estate 2,651.74 (0.1) (0.1) 35.8 13.3
Insurance 3,291.43 (0.3) (0.3) 40.9 8.7
Telecoms 1,724.41 (0.2) (0.2) 18.6 24.1
Consumer 7,094.92 0.0 0.0 19.3 27.8
Al Rayan Islamic Index 4,318.46 (0.3) (0.3) 42.2 18.8
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tihama Saudi Arabia 302.00 10.0 559.3 1.8
Ezdan Holding Group Qatar 30.40 7.8 5,278.1 0.8
Saudi Dairy & Food.Co. Saudi Arabia 109.50 7.0 450.4 26.5
Gulf Cable & Elect. Ind Kuwait 0.80 6.7 1,025.5 (5.9)
Aamal Co. Qatar 18.46 3.9 2,215.2 23.1
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ajman Bank Dubai 3.00 (4.5) 2,371.2 21.0
Al Ahli Bank Qatar 51.00 (3.6) 22.3 20.6
Omani Qatari Telecom. Oman 0.55 (3.5) 1,062.1 (8.0)
Deyaar Development Dubai 1.40 (3.5) 21,285.7 38.6
United Arab Bank Abu Dhabi 7.00 (3.5) 1.9 24.8
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%
Ahli Bank 51.00 (3.6) 22.3 20.5
Dlala Brokerage & Inv. Hold. Co. 39.90 (2.3) 863.5 80.5
Qatar Navigation 96.50 (1.5) 16.1 16.3
United Development Co. 25.65 (1.3) 2,971.7 19.1
Al Khalij Commercial Bank 22.98 (1.3) 364.6 15.0
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 30.40 7.8 160,114.8 78.8
United Development Co. 25.65 (1.3) 75,658.7 19.1
Masraf Al Rayan 50.50 (0.6) 51,287.8 61.3
Barwa Real Estate Co. 39.00 0.6 50,243.9 30.9
Industries Qatar 186.50 (1.1) 41,793.5 10.4
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* 13,020.72 (0.6) (0.6) 2.7 25.4 216.31 202,283.7 16.2 2.2 3.8
Dubai 5,135.95 (0.9) (0.9) 1.5 52.4 419.90 95,108.3 20.6 2.0 2.0
Abu Dhabi 4,986.09 (0.7) (0.7) (1.2) 16.2 138.71 137,431.0 14.6 1.8 3.4
Saudi Arabia 9,809.81 0.0 0.0 2.3 14.9 3,259.38 532,367.7 19.5 2.4 2.9
Kuwait 7,404.89 0.0 0.0 (0.0) (1.9) 60.74 115,030.9 15.5 1.2 3.8
Oman 6,744.92 0.1 0.1 0.3 (1.3) 16.08 24,507.3 12.3 1.7 3.9
Bahrain 1,463.22 (0.0) (0.0) 2.5 17.2 0.20 53,968.7 10.6 1.0 4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
13,000
13,050
13,100
13,150
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QE index declined 0.6% to close at 13,020.7. The
Transportation and Banking & Financial Services indices led the
losses. The index fell on the back of selling pressure from Qatari
shareholders despite buying support from non-Qatari
shareholders.
 Ahli Bank and Dlala Brokerage & Inv. Hold. Co. were the top
losers, falling 3.6% and 2.3% respectively. Among the top
gainers, Ezdan Holding Group rose 7.8%, while Aamal Co.
gained 3.9%.
 Volume of shares traded on Sunday fell by 5.5% to 22.0mn from
23.3mn on Thursday. However, as compared to the 30-day
moving average of 31.0mn, volume for the day was 29.0% lower.
Ezdan Holding Group and United Development Co. were the
most active stocks, contributing 24.0% and 13.5% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings and Earnings
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Qatar Gas Transport
Company (QGTS)
Moody’s Qatar Senior secured debt Aa3 Aa3 – Stable –
Qatar Gas Transport
Company (QGTS)
S&P Qatar AA- AA- – Stable –
Al Ahli Bank of
Kuwait (ABK)
Capital
Intelligence
(CI)
Kuwait
FSR / LT FCR /ST
FCR/SR
a-/ a/a2 /2 a-/ a/ a2/ 2 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency)
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Depa Limited (DEPA) Dubai AED 461.0 3.4% – – 14.0 27.3%
Islamic Arab Insurance Co.
(Salama)
Dubai AED – – 5.1 -83.1% -21.3 NA
Source: Company data, DFM, ADX, MSM
News
Qatar
 Deposit and loans both grew by 0.6% MoM in the month of
April 2014 – After posting a flat performance (down 0.1%
month-over-month [MoM] in March 2014), loans grew by 0.6%
MoM in April 2014 primarily due to pick-up in credit off-take from
the private sector which posted a growth of 2.2% MoM. On the
other hand, deposits continued with its gradual growth (+0.6%
MoM) and are up 6.5% year-to-date (YTD) vs. 3.8% growth in
the loan book. Hence, the banking sector’s loans-to-deposits
ratio (LDR) stood at 103% at the end of April 2014 vs. 105% at
the end of 2013. On the loan book front, total domestic public
sector loans declined by 1.3% MoM but are still up 1.4% YTD.
The government segment’s loan book declined by 0.3% MoM
after a 5.5% MoM growth in March 2014 (+18.6% YTD 2014).
Furthermore, government institutions’ segment (represents
~60% of public sector loans) declined by 2.3% MoM and is still
down 3.7% YTD. Private sector loans grew by 2.2% MoM and
are up 5.0% YTD. The Contractors segment posted a 0.7%
decline MoM. Despite this, contractors remain the best
performing segment in the private sector, posting a growth
12.7% in the first four months of 2014. The General Trade
segment (contributes ~13% to private sector loans) loan book
grew by 1.1% MoM (+11.2% YTD). However, two other
segments, real estate and consumption & others have posted
modest growth in the first four months of 2014. Consumption &
Others (contributes ~29% to private sector loans) increased by
1.2% MoM (+3.5 YTD). Real Estate (contributes ~28% to private
sector loans) inched up by 0.7%. (QCB, QNBFS)
 Qatari investor to buy €1.75bn stake in Deutsche Bank –
Germany’s largest bank Deutsche Bank (DB) said it would raise
€8bn in new capital, with a stake worth €1.75bn already placed
with an investment vehicle owned by a private Qatari investor.
The bank plans to raise another €6.3bn in a rights issue to
existing shareholders. Earlier, the bank had raised €10.2bn in
equity in 2010 and another €3bn in 2013, but that has not been
enough to assuage investor concerns about its capital position
as it faces increased regulatory demands. (Gulf-Times.com)
 QFCRA withdraws Concordia Capital license – The Qatar
Financial Centre Regulatory Authority (QFCRA) has withdrawn
the license granted to Concordia Capital, due to the company’s
failure to meet its capital and financial resource requirements,
despite being provided with reasonable time to correct its non-
compliance. As a result, Concordia will no longer be authorized
to conduct financial services in or from the Qatar Financial
Centre. (Gulf-Times.com)
International
 Economists await ECB stimulus measures in June – The
European Central Bank (ECB) President Mario Draghi has left
little room for doubt, with economists predicting that he will ease
monetary policy in June after giving clear indication on May 8.
While that allows investors to prepare for added stimulus and a
weaker euro, it also sets them up for a bigger disappointment if
Overall Activity Buy %* Sell %* Net (QR)
Qatari 69.81% 70.57% (5,921,983.43)
Non-Qatari 30.18% 29.43% 5,921,983.43

3. Page 3 of 5
Draghi fails to deliver. Almost a year after Draghi pledged to
support the Eurozone recovery with low interest rates, the
central bank is faced with mediocre economic growth and
inflation at less than half its goal. That has increased the odds
for policy makers to step up their response with radical
measures that could range from negative deposit rates to asset
purchases. In the Bloomberg survey, 47 of the 52 economists
said the ECB will ease its policy when the Governing Council
meets on June 5 in Frankfurt. (Bloomberg)
 Reuters: No sign of major central banks tightening the reins
– Government bond yields have tumbled on the basis that the
world's major central banks will continue to maintain their easy
monetary policy and in some cases loosen further. Economic
data in the week ahead – most notably purchasing managers
surveys for May 2014 (PMIs) from the US, China and the
Eurozone – will be used by investors to test that thesis. Sources
have told Reuters that the European Central Bank is preparing a
package of policy options during its June meeting, including cuts
in all its interest rates and targeted measures aimed at boosting
lending to small and mid-sized firms. Meanwhile, minutes of the
US Federal Reserve's recent policy meeting, at which it reduced
its monthly bond purchases to $45bn from $55bn, will be
released shortly. At the April 30 meeting, the Fed stuck to its
assessment that the economy would need near-zero interest
rates for a considerable time even after its asset purchases are
fully wound down by year-end. The US economy hardly grew in
the first quarter but has gathered pace since. (Reuters)
 Japan machinery orders soar in March, tax hike pain seen
temporary – Core machinery orders in Japan surged in March
2014 and Japanese firms expect orders to rise in the current
quarter in a sign that capital spending is picking up. The record
19.1% MoM rise in core orders, a leading indicator of capital
spending in the coming six to nine months, blew past a 6.0%
gain forecast by a Reuters poll. Japanese companies had
forecast that core orders will rise 0.4% in April-June from the
previous quarter, which would mark the fifth straight quarter of
gains. In January-March, core orders rose 4.2%. These readings
bode well for the BoJ’s argument that the economy can weather
the tax hike, likely easing pressure for fresh monetary stimulus.
The BoJ is set to stick to its upbeat view of the economy at its
upcoming policy review this week and may raise its view on
capital expenditure, suggesting that no immediate expansion of
monetary stimulus is forthcoming. (Reuters)
 NDRC: Faster economic reforms needed in China – China’s
top economic planning agency said the country will try to
quicken the pace of economic reforms this year as part of the
government's efforts to arrest a slowdown in the world's second-
largest economy. The National Development & Reform
Commission (NDRC) reaffirmed nine reform priorities for 2014,
including deepening reforms in the power and oil & gas
industries as well as cutting red tape for investment approvals.
The NDRC stated that the country needs to try boldly to quicken
the reform not only for reform draft planning, but also to solve
the problems of the current economy. The statement followed a
batch of economic data that showed across-the-board
weaknesses in the Chinese economy, sparking calls for Beijing
to ease policies to shore up growth. (Reuters)
Regional
 Saudi Aramco’s downstream investments to cross $100bn
next decade – Saudi Aramco stated that its downstream
investments would exceed $100bn over the next decade, as the
global demand for oil rises by a quarter in the next 25 years.
Saudi Aramco's CEO Khalid Al-Falih said the company's refining
capacity would be between 8mn to 10mn bpd in the coming
years, a figure exceeding the 8mn bpd goal cited in 2012.
(Reuters)
 Bank AlJazira plans SR1bn capital increase – Bank
AlJazira’s board of directors has invited its shareholders to
attend the company’s EGM to discuss an increase in the bank’s
capital from SR3bn to SR4bn by issuing one bonus share for
every three existing shares. This increase will be paid by
transferring SR500mn from the retained earnings account to the
bank’s capital and SR500mn from the statutory reserve account.
Consequently, the bank’s outstanding shares will be raised from
300mn shares to 400mn shares. The bank intends to use the
proceeds to expand its capital base to promote its business.
(Tadawul)
 SR500bn municipal projects launched in Taif – Makkah’s
Governor Prince Mishaal bin Abdullah inaugurated a number of
developmental projects in Taif recently. The new projects
include the headquarters for the Higher Committee for Taif
Development as well as new municipal projects that are under
construction in the governorate. Taif’s Mayor Muhammad Al-
Mokhrej said the prince laid foundation stones for 26 municipal
projects worth SR500bn. The mayor said the new projects
include the National Joy Garden, Al-Jal Bridge, Gardens Street,
Bani Saad branch municipality office, and vegetable and meat
markets in Al-Mowaih. (Zawya)
 HSBC sees UAE’s growth enhancing Sukuk outlook in
2Q2014 – According to HSBC Holdings, borrowers in the UAE
will help revive regional Sukuk sales this year from the slowest
start since 2011 as the economy gains strength. Dubai-based
Global Head of Sukuk Financing for HSBC Mohammed Dawood
said that the UAE will be the biggest contributor to Sukuk
issuance by the end of the 2Q2014. He said full-year sales in
the six-nation GCC region could match or exceed last year’s
$21.2bn. Recoveries in real estate, trade and tourism sectors in
the second-biggest Arab economy are fuelling a rebound in
growth, leading the International Monetary Fund to consider
raising its 2014 forecast. (Gulf-Times.com)
 Flydubai adds 10 weekly flights to India – Dubai-based
Flydubai is adding 10 new flights to India with four weekly flights
to Delhi and three weekly flights to cities in Kerala state from
June. The expansion follows a recent change done to an air
services agreement that will add 11,000 more seats on the
Dubai-India route. Earlier this month, Flydubai announced the
new destinations and confirmed that the Delhi flights will start on
June 1, 2014 and flights to Kochi and Thiruvananthapuram on
June 2 and 3, 2014, respectively. (Bloomberg)
 Steady progress in DEWA’s 67km water transmission
project – The Dubai Electricity & Water Authority (DEWA) has
recorded significant progress in the 67-kilometer long new water
transmission line. DEWA has completed the extension of 40
kilometer of water pipes for the project covering several areas of
Dubai, which include Dubai-Al Ain road, Dubai bypass road,
Doha Street, and the camel racetrack. The project is expected to
be worth AED360mn. (GulfBase.com)
 STG appoints CEO, Chairman – Sudatel Telecom Group’s
(STG) board of directors has appointed Tariq Hamza
Zainelabdeen as its CEO and Abdelrahman Mohammed Dirar
as the Chairman of the board, effective from May 17, 2014.
(ADX)
 Aldar’s Al Hadeel units completely sold – Aldar Properties
has sold all the units at its new Al Hadeel residential community
in Abu Dhabi on the first day of its sales launch. Al Hadeel is
located at Al Raha Beach and offers studios, bedroom
apartments, as well as townhouses with panoramic views. Aldar

4. Page 4 of 5
has experienced a strong start to 2014, with its sales and
leasing activity increasing significantly across its entire portfolio.
(GulfBase.com)
 ADIB Securities joins Nasdaq Dubai – The brokerage
subsidiary of Abu Dhabi Islamic Bank, ADIB Securities has
become an equities member of Nasdaq Dubai, thereby
connecting its customers to new trading opportunities in the
region. The membership will enable ADIB Securities to extend
the reach of its Shari'ah-compliant trading platform, giving
clients access to an exchange that is increasingly becoming an
active marketplace for Islamic securities. (GulfBase.com)
 UAE CB approves ADIB-Barclays deal – Abu Dhabi Islamic
Bank (ADIB) is expected to conclude its retail business deal with
Barclays in 2H2014 as it has received regulatory approval from
the UAE Central Bank (UAE CB). Earlier, ADIB had signed an
agreement to acquire the retail banking business of Barclays in
the country. The transaction will result in around 110,000
Barclays customers joining ADIB’s strong network of 80
branches, 602 ATMs and an internet and mobile banking
platform. (GulfBase.com)
 Etihad acquires HIFA from Mubadala – Etihad Airways has
acquired Horizon International Flight Academy (HIFA) from
Mubadala Development Company. HIFA is a training provider
for helicopter rotary wing and airplane fixed wing, which
currently has 210 trainees enrolled in its program. The academy
has been training Etihad’s cadet pilots for the past seven years.
(Bloomberg)
 ICBC to open branch in Kuwait – Major Chinese bank the
Industrial & Commercial Bank of China (ICBC) has received
approval to open a branch in Kuwait. Allowing foreign banks to
expand in Kuwait will encourage competition and the
development of banking products and services. (Reuters)
 Metco, NEC in network deal with Zain Kuwait – The Middle
East Telecommunications Company (Metco) and NEC
Corporation (NEC) have announced a new contract with Zain
Kuwait that will enable Zain Kuwait to increase its LTE, 3G and
2G network capacity. Metco’s mobile network expertise,
combined with NEC’s iPasolink series of advanced microwave
radio solutions and network management system, will upgrade
Zain Kuwait’s backhaul transmission network to meet growing
mobile broadband demand. The project is expected to be
completed by the end of 2014. (Bloomberg)
 Kuwait eases rules for listing joint-stock companies –
Kuwait’s Capital Markets Authority (CMA) has eased the capital
rules for joint-stock companies (JSCs) for listing on the stock
exchange in order to encourage firms to raise funds and
broaden their shareholder base. JSCs will now need annual
profits of 5% of their capital, instead of the previous 7.5%, while
shareholders' equity needs to be 110% of the capital instead of
115%. Companies also need to have operating income equal to
75% of total revenues. These new regulations are part of a
series of rulings this year from the CMA, which is trying to boost
activity on the sluggish market as well as clamp down on any
suspicious dealings. (Reuters)
 FRI completes seismic interpretation of Block 38 in Oman –
Frontier Resources International (FRI) has completed studying
legacy data of its Block 38 in Oman, and has identified numbers
of possible exploration targets. These potentially attractive
exploration targets include formations within Precambrian-
Cambrian units, many of which contain hydrocarbon deposits at
the analog Khazzan Makarem Field in central Oman, which is
currently under development by BP. (GulfBase.com)
 Al Nab'a partners with NBCC for infrastructure projects – Al
Nab'a Group has partnered with an Indian infrastructure
development company to explore project opportunities across
the wider GCC region. Through its alliance with National
Buildings Construction Corporation (NBCC), a company under
India's Ministry of Urban Development, Al Nab'a aims to
enhance its stake across all segments of the infrastructure and
civil construction markets in and around the Sultanate. This new
agreement takes Al Nab'a to a new phase of its future growth as
a well-diversified Omani corporation with interests spanning over
a number of key trading, contracting, and services sectors.
(Bloomberg)
 FBREDC appoints new Chairman – First Bahrain Real Estate
Development Company (FBREDC) has appointed Waleed
Ahmed Al Khaja as its new Chairman for a term of three years.
(GulfBase.com)
 GFH Capital to acquire Dubai private school for $34mn –
Gulf Finance House’s (GFH) subsidiary, GFH Capital has signed
an agreement to acquire a Dubai-based private school offering
K-12 education. The school is valued at $34mn and serves a
fast growing base with capacity of 1,900 students. (Bahrain
Bourse)
 AmCham partners with FinMark – The American Chamber of
Commerce, Bahrain (AmCham) has partnered with FinMark
Communications to support ongoing efforts to further strengthen
its channels of communications and reach out to member
companies. The organizations will work together to enhance
participation at various AmCham events in the Kingdom and
abroad, which are focused on providing member companies and
individuals a platform for business development, networking and
the sharing of insight on key economic opportunities.
(Bloomberg)
 Gulf Air extends partnership with VIVA Bahrain – Gulf Air
has signed an agreement with VIVA Bahrain extending the
airline’s partnership with most innovative telecommunications
provider to include acquiring 355 iPad devices as part of Gulf
Air’s proposed roll-out of iPad Electronic Flight Bags.
(Bloomberg)

5. 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 5 of 5
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
190.0
200.0
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
0.0%
(0.6%)
0.0%
(0.0%)
0.1%
(0.7%)
(0.9%)
(1.2%)
(0.9%)
(0.6%)
(0.3%)
0.0%
0.3%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,293.46 0.0 0.0 7.3 DJ Industrial 16,491.31 0.0 0.0 (0.5)
Silver/Ounce 19.37 0.0 0.0 (0.5) S&P 500 1,877.86 0.0 0.0 1.6
Crude Oil (Brent)/Barrel (FM
Future)
109.75 0.0 0.0 (0.9) NASDAQ 100 4,090.59 0.0 0.0 (2.1)
Natural Gas (Henry
Hub)/MMBtu
4.43 0.0 0.0 1.9 STOXX 600 338.99 0.0 0.0 3.3
LPG Propane (Arab Gulf)/Ton 102.25 0.0 0.0 (19.0) DAX 9,629.10 0.0 0.0 0.8
LPG Butane (Arab Gulf)/Ton 114.62 0.0 0.0 (16.0) FTSE 100 6,855.81 0.0 0.0 1.6
Euro 1.37 0.0 0.0 (0.4) CAC 40 4,456.28 0.0 0.0 3.7
Yen 101.50 0.0 0.0 (3.6) Nikkei 14,096.59 0.0 0.0 (13.5)
GBP 1.68 0.0 0.0 1.5 MSCI EM 1,031.95 0.0 0.0 2.9
CHF 1.12 0.0 0.0 0.0 SHANGHAI SE Composite 2,026.50 0.0 0.0 (4.2)
AUD 0.94 0.0 0.0 5.0 HANG SENG 22,712.91 0.0 0.0 (2.5)
USD Index 80.04 0.0 0.0 0.0 BSE SENSEX 24,121.74 0.0 0.0 13.9
RUB 34.75 0.0 0.0 5.7 Bovespa 53,975.76 0.0 0.0 4.8
BRL 0.45 0.0 0.0 6.7 RTS 1,262.01 0.0 0.0 (12.5)
187.1
154.8
141.0