1. QE Intra-Day Movement
Market Indicators
11,160
11,140
11,120
11,100
Market Indices
11,080
11,060
9:30
21 Jan 14
432.2
587,937.0
9.2
5,030
41
17:20
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.7% to close at 11,147.4. Gains were led by the Telecoms
and Real Estate indices, gaining 2.1% and 2.0% respectively. Top gainers were
Qatar Islamic Insurance and Barwa Real Estate Co., rising 3.4% and 3.3%
respectively. Among the top losers, Zad Holding Co. fell 2.9%, while Islamic
Holding Group declined 2.2%.
20 Jan 14
423.7
583,970.7
8.9
4,698
42
12:28
%Chg.
2.0
0.7
2.7
7.1
(2.4)
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
15,927.06
2,754.84
2,642.16
3,665.19
1,960.14
2,083.55
2,553.29
1,554.82
6,027.87
3,214.15
0.7
0.6
0.3
0.7
0.1
2.0
(0.1)
2.1
(0.4)
0.5
0.4
0.2
0.6
(1.0)
(0.0)
1.7
2.5
1.8
(1.0)
(0.4)
7.4
6.5
8.1
4.7
5.5
6.7
9.3
6.9
1.3
5.9
N/A
13.8
13.6
13.3
13.3
14.3
10.3
21.1
22.9
16.6
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Saudi Arabia: The TASI index rose 0.1% to close at 8,734.5. Gains were led
by the Hotel & Tour. and Telecom. & Inf. Tech. indices, rising 2.4% and 1.6%
respectively. Allied Coop. Ins. rose 9.8%, while Dallah Health was up 9.5%.
Investbank
Abu Dhabi
3.10
14.0
819.7
15.2
Abu Dhabi Nat. Hotels
Abu Dhabi
3.40
9.7
13.9
9.7
Dubai: The DFM index declined 0.1% to close at 3,665.4. The Transportation
index fell 1.3%, while the Investment & Financial Services index was down
0.7%. Agility declined 9.8%, while National Industries Group was down 6.7%.
Dallah Health.Holding
Saudi Arabia
77.50
9.5
2,311.7
11.1
Comm. Bank of Dubai
Dubai
4.88
8.4
33.0
3.0
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,581.0. The
Services index gained 3.6%, while the Telecom. index was up 0.4%. Invest
Bank surged 14.0%, while Ras Al Khaimah Poultry & Feeding gained 13.4%.
Saudi Telecom Co.
Saudi Arabia
62.00
5.5
8,801.5
15.9
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.2% to close at 7,756.1. The Telecom. index
rose 1.6%, while the Financial Services index was up 0.8%. Al-Madina for
Finance & Inv. gained 8.2%, while Pearl Of Kuwait Real Estate was up 6.8%.
Ithmaar Bank
Bahrain
Saudi Real Estate Co.
Oman: The MSM index rose 0.2% to close at 7,176.3. The Financial Index
gained 0.2%, while all other sub indices ended in red. National Securities rose
6.7%, while Al Sharqia Investment Holding was up 4.4%.
Bahrain: The BHB index declined 0.3% to close at 1,276.7. The Services
index fell 1.1%, while the Commercial Banking index was down 0.9%. Ithmaar
Bank declined 4.2%, while Nass Corporation was down 3.3%.
Qatar Islamic Insurance
Close*
1D%
Vol. ‘000
YTD%
64.00
Qatar Exchange Top Gainers
3.4
56.1
10.5
##
#
Close
Vol. ‘000
1D% Vol. ‘000
YTD%
YTD%
0.23
(4.2)
3,637.0
0.0
Saudi Arabia
32.90
(3.8)
2,819.2
(4.9)
SADAFCO
Saudi Arabia
78.25
(3.7)
229.3
(9.3)
United Int. Transp. Co.
Saudi Arabia
85.00
(3.7)
498.9
18.5
Air Arabia
Dubai
1.54
(3.1)
51,309.6
(0.6)
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)
Close*
1D%
Vol. ‘000
Zad Holding Co.
69.90
(2.9)
0.6
0.6
45.00
(2.2)
16.8
(2.2)
Qatar Exchange Top Losers
YTD%
Barwa Real Estate Co.
32.50
3.3
2,624.7
9.1
Islamic Holding Group
Al Khaleej Takaful Group
39.30
2.3
3.5
7.7
Widam Food Co.
52.00
(1.5)
46.6
0.6
146.70
2.2
70.1
6.9
Gulf Warehousing Co.
40.40
(1.3)
22.1
(2.7)
11.47
1.2
1,199.3
7.1
Aamal Co.
14.71
(1.3)
175.8
(1.9)
Close*
1D%
Val. ‘000
YTD%
32.50
3.3
85,219.7
9.1
Ooredoo
Vodafone Qatar
Close*
1D%
Vol. ‘000
YTD%
Barwa Real Estate Co.
32.50
3.3
2,624.7
9.1
Barwa Real Estate Co.
Vodafone Qatar
11.47
1.2
1,199.3
7.1
QNB Group
182.30
1.1
56,731.1
6.0
Doha Bank
64.90
(0.8)
678.3
11.5
Doha Bank
64.90
(0.8)
44,404.9
11.5
Masraf Al Rayan
35.05
0.1
489.2
12.0
Industries Qatar
179.00
1.2
42,339.1
6.0
Mazaya Qatar Real Estate Dev.
12.10
(0.8)
452.6
8.2
74.50
(0.7)
21,171.3
8.0
Qatar Exchange Top Vol. Trades
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Qatar Islamic Bank
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
11,147.39
3,665.42
4,580.97
8,734.49
7,756.11
7,176.27
1,276.66
0.7
(0.1)
0.2
0.1
0.2
0.2
(0.3)
0.4
1.6
1.3
(0.3)
1.2
0.5
0.6
7.4
8.8
6.8
2.3
2.7
5.0
2.2
7.4
8.8
6.8
2.3
2.7
5.0
2.2
Exch. Val. Traded
($ mn)
118.68
691.39
428.47
1,928.81
181.91
31.98
2.42
Exchange Mkt.
Cap. ($ mn)
161,447.5
74,318.1
129,944.1
479,872.6
110,575.3
25,530.5
50,827.8
P/E**
P/B**
14.1
21.6
12.8
17.5
17.1
11.2
8.3
1.9
1.5
1.6
2.2
1.2
1.7
0.9
Dividend
Yield
4.1
2.4
3.9
3.4
3.7
3.6
3.8
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
2. Qatar Market Commentary
The QE index rose 0.7% to close at 11,147.4. The Telecoms and
Real Estate indices led the gains. The index rose on the back of
buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
Qatar Islamic Insurance and Barwa Real Estate Co. were the top
gainers, rising 3.4% and 3.3% respectively. Among the top
losers, Zad Holding Co. fell 2.9%, while Islamic Holding Group
declined 2.2%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
52.08%
70.65%
(80,208,228.25)
Non-Qatari
47.91%
29.35%
80,208,228.25
Source: Qatar Exchange (* as a % of traded value)
Volume of shares traded on Tuesday rose by 2.7% to 9.2mn
from 8.9mn on Monday. However, as compared to the 30-day
moving average of 11.4mn, volume for the day was 19.6% lower.
Barwa Real Estate Co. and Vodafone Qatar were the most
active stocks, contributing 28.6% and 13.1% to the total volume
respectively.
Earnings and Global Economic Data
Earnings Releases
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
SR
43.9
59.2%
–
–
1.2
82.5%
Saudi Arabia
SR
–
–
-66.1
19.9%
-66.4
21.3%
Saudi Arabia
SR
–
–
-11.9
-6.7%
-14.1
0.4%
Saudi Arabia
SR
–
–
-18.5
NA
-31.0
NA
Saudi Arabia
SR
72.0
-58.8%
–
–
1.6
-61.2%
Saudi Arabia
SR
21.9
178.5%
–
–
23.9
11466.7%
Saudi Arabia
SR
43.1
344.8%
–
–
7.6
44.3%
Al-Ahlia Insurance Co.
Qassim Agriculture Co.
(Gaco)
Saudi Cable Co. (SCC)
Saudi Arabian Mining Co.
(MA'ADEN)
Al-Ahsa Development Co.
Tihama Advertising & Public
Relations Co.
National Agriculture
Marketing Co. (THIMAR)
Al Jouf Cement Co.
National Metal
Manufacturing and Casting
Co. (MAADANIYAH)
Allianz Saudi Fransi
Cooperative Insurance Co.
Filing & Packing Materials
Manufacturing Co. (FIPCO)
Sadara Basic Services Co.
Saudi Arabia
SR
47.7
102.3%
–
–
0.1
23.2%
Saudi Arabia
SR
–
–
-6.3
46.8%
-5.6
54.4%
Saudi Arabia
SR
–
–
-60.7
64.2%
-74.7
60.3%
Saudi Arabia
SR
–
–
111.8
-83.8%
-29.2
NA
Saudi Arabia
SR
–
–
14.0
NA
10.7
NA
Saudi Arabia
SR
–
–
-12.3
-1437.5%
-15.3
-537.5%
Saudi Arabia
SR
–
–
3.3
226.0%
5.6
516.3%
Saudi Arabia
SR
–
–
8.4
-74.6%
6.1
-74.6%
Saudi Arabia
SR
–
–
3.2
NA
1.7
NA
Saudi Arabia
SR
101.8
22.0%
–
–
1.0
-41.1%
Saudi Arabia
SR
–
–
6.7
6.7%
6.2
25.1%
Saudi Arabia
SR
–
–
-0.4
-25.7%
-0.4
-26.5%
Nama Chemicals Co.
Saudi Arabia
SR
–
–
-12.8
NA
-16.3
NA
SABB Takaful
Saudi Indian Company for
Co- operative Insurance
Saudi Paper Manufacturing
Co.
Mohammad Al Mojil Group
Co. (MMG)
Dallah Healthcare Holding
Co.
Abdullah A. M. Al-Khodari
Sons Co. (ALKHODARI)
Gulf General Cooperative
Insurance Co. (GGI)
Gulf Union Cooperative
Insurance Co.
Oman National Engine.
Invt.*
Saudi Arabia
SR
43.7
34.4%
–
–
1.5
8.6%
Saudi Arabia
SR
37.2
17.1%
–
–
1.2
13455.6%
Saudi Arabia
SR
–
–
16.2
24.6%
7.2
-72.6%
Saudi Arabia
SR
–
–
-6.5
99.0%
-18.0
97.2%
Saudi Arabia
SR
–
–
46.3
43.8%
50.4
46.5%
Saudi Arabia
SR
–
–
21.4
53.0%
8.5
-68.9%
Saudi Arabia
SR
26.0
21.6%
–
–
2.6
4085.5%
Saudi Arabia
SR
30.2
-2.8%
–
–
0.3
-66.6%
Oman
OMR
–
–
–
–
1.8
-17.7%
Company
Salama Cooperative
Insurance Co. (Salama)
Etihad Atheeb Telecomm.
Co. (GO)
Saudi Fisheries Co.
(alasmak)
Al Hassan Ghazi Ibrahim
Shaker (SHAKER)
Arabia Insurance
Cooperative Co. (AICC)
Amana Cooperative
Insurance Co.
Solidarity Saudi Takaful Co.
Market
Currency
Saudi Arabia
Page 2 of 6
3. Port Ser. Corporation*
Oman
OMR
–
–
9.4
4.2%
6.3
11.5%
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date
Market
Source
Indicator
Period
01/21
EU
ZEW
ZEW Survey Expectations
January
01/21
Germany
ZEW
ZEW Survey Current Situation
January
01/21
Germany
ZEW
ZEW Survey Expectations
01/21
UK
CBI
01/21
UK
01/21
UK
Actual
Consensus
Previous
73.3
–
68.3
41.2
35.0
32.4
January
61.7
64.0
62.0
CBI Trends Total Orders
January
-2.0
10.0
12.0
CBI
CBI Trends Selling Prices
January
20.0
12.0
11.0
CBI
CBI Business Optimism
January
21.0
25.0
24.0
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
Qatar PPI falls 0.3% in October 2013 on lower crude, LNG
prices – According to data released by the Ministry of
Development Planning & Statistics (MDPS), lower prices for
crude, natural gas, basic metals and refined petroleum goods
resulted in Qatar’s producer price index (PPI) to fall 0.3% in
October from the previous month. The PPI for mining, which
carries the maximum weight of 77% in the basket, was down
0.4% in October, mainly due to a 0.4% fall in the price of crude
petroleum and gas. However, the manufacturing sector, with a
weight of 21% in the PPI basket, reported 0.3% gain in October
over September 2013 due to a 2.5% rise in the price of basic
chemicals. However, basic metals prices were lower by 1%;
refined petroleum products, beverages, dairy products and grain
mill products by 0.3% each, and glass and glass products by
0.1%. The electricity and water group, which has a 2% weight in
the PPI basket, saw its index fall 0.4% in October against
September 2013. Electricity prices decreased 1.6%, while water
prices rose 1.7%. (Gulf-Times.com)
Qatar water reserves get big boost – HE the Prime Minister
and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa alThani has launched projects with a total value of QR3.2bn,
intended to boost Qatar’s water reserves by 126%. The projects
include new water reservoirs & pumping stations at Duhail,
Umm Qarn, Mesaimeer, South Doha and Muathier, and
reservoirs at existing stations. This is the largest expansion of
Qatar’s water reserves, which will take its total capacity to
561mn gallons. (Gulf-Times.com)
DHBK eyes 50% assets from global operations in 5 years –
Doha Bank (DHBK) is aiming to have 50% of its total assets
from international operations over the next five years. DHBK’s
CEO R Seetharaman said at present, its international assets
allocation is 10% of total, but the bank plans to scale it up to
50% in the next five years with more international presence.
Seetharaman said he expects loans & advances to grow in the
range of 15-20% this year. Meanwhile, Doha Bank will start a
full-fledged branch in India this year and will adopt a GCCbanking model tailored to domestic needs to differentiate it from
numerous other banks in the Asian country. Further, the bank
cautioned that the return on equity and net interest margins are
likely to shrink this year owing to investment caps and
heightened competition in the domestic space. (Gulf-Times.com)
Gulf Helicopters signs order for 15 AgustaWestland aircraft
– Gulf Helicopters, owned by Gulf International Services, has
signed a firm order with AgustaWestland for 15 AW189
helicopters. Under the contract, the first two aircrafts are
planned to be delivered in 2014 and all helicopters will be in
operation by 2017. (Gulf-Times.com)
Fitch affirms Dolphin Energy’s bonds A+ rating – Fitch has
affirmed Dolphin Energy Limited’s (DEL) $1,250mn 5.888%
bonds at “A+”; outlook Stable. The Ratings Agency has also
affirmed DEL’s $1,300mn 5.5% secured bonds at “A+”; outlook
Stable. The $1,250mn bond is due June 15, 2019 and the
$1,300mn bond is due December 15, 2021. (Peninsula Qatar)
IHGS’ AGM to be held on February 18 – The Islamic Holding
Group (IHGS) announced that its AGM will be held on February
18, 2014 at Ezdan Towers. The AGM’s agenda includes
approving the board’s recommendation to distribute cash
dividends of 1.7% of the capital (QR1.7 per share). In the
absence of required quorum, the second meeting will be
organized on March 17, 2014 at the same place. (QE)
Westin Doha Hotel & Spa to open in 2015 – Starwood Hotels
& Resorts Worldwide announced that it has begun work on the
372-room Westin Doha Hotel & Spa in Qatar, which is
scheduled to open in 2015. The Westin brand has two
properties in the UAE currently, and four more hotels are
planned in the region. (Gulf-Times.com)
QA gets Best Business Class award – Qatar Airways (QA)
has received the Best Business Class award at the 25th Annual
Best in Business Travel Awards held in Los Angeles. The airline
was additionally recognized as the Best Business Class in the
Middle East and named the Best Airline in the World for
International Travel for the fifth consecutive year. (GulfTimes.com)
International
IMF raises global growth forecast – The International
Monetary Fund (IMF) has raised its global economic growth
outlook for the year, with expansion to be fueled by the US,
Eurozone and Japanese growth, though deflation and financialsector risks threaten a full recovery. IMF Chief Economist Olivier
Blanchard said the recovery is strengthening, though it is still
weak and uneven. The IMF has raised its 2014 global growth
forecast to 3.7%, up 0.1 percentage point from its last outlook in
October. Blanchard said the financial system is slowly healing,
uncertainty among investors is abating and the drag from budget
belt-tightening around the globe is decreasing. The IMF raised
its forecast for the US economic growth this year by 0.2
percentage point to 2.8%, though it downgraded its 2015 outlook
by 0.4 percentage point to 3% amid the fights in Congress over
the federal balance sheet and spending. The fund said the
Federal Reserve's plans to exit its easy-money policies are
broadly appropriate, and it expects an increase in the Fed's
policy rate in 2015. (WSJ)
IMF sees up to 20% chance of prices falling in Europe – The
International Monetary Fund's (IMF) Chief Economist Olivier
Blanchard said there is a one-in-five chance that prices could
Page 3 of 6
4. start to fall in the Eurozone. He said their model gives a 10-20%
probability to inflation turning negative (in the Eurozone), adding
that the IMF still sees positive price growth in its baseline
forecasts. He called on the European Central Bank to do all it
can to anchor price expectations and boost demand in the euro
currency bloc, where southern countries like Portugal and
Greece continue to face weak demand. (Reuters)
EBRD cuts Turkey outlook, but sees improving euro zone
steadying region – The European Bank for Reconstruction &
Development (EBRD) has cut its economic growth projections
for Turkey but otherwise barely trimmed its overall view for its
regional emerging markets. The EBRD has trimmed 0.1
percentage points off its 2014 forecast for the overall bloc to
leave it at a relatively unspectacular 2.7%. It said the improved
situation in the Eurozone, a driver for much of its region, should
help counterbalance rising pressures elsewhere. (Reuters)
China eases credit squeeze with lots of cash and surprising
transparency – China's central bank moved to head off another
destabilizing cash squeeze with a big injection of cash - flagged
in advance in a surprising act of transparency to relieve anxious
markets. The People's Bank of China (PBOC) announced it had
provided an unspecified amount of emergency cash directly to
some banks through its short-term lending facility (SLF). It also
committed to injecting money into the financial system during
regularly scheduled open market operations - an unusual
behavioral change for the central bank, which usually remains
cagey about such plans. The PBOC dumped 255bn yuan into
the interbank market, the first injection since December 24 and
the largest amount in one day in 11 months. The central bank
also set up a lending facility specifically for smaller banks, who
often complain they are squeezed out of the interbank market by
bigger players. (Reuters)
BoJ sticks to record easing as inflation picks up – The Bank
of Japan (BOJ) refrained from boosting unprecedented easing
as accelerating inflation marks progress in its bid to stamp out
15 years of falling prices in its economy. Governor Haruhiko
Kuroda’s board stuck to its pledge to expand the monetary base
by an annual 60tn to 70tn yen. The BOJ maintained its forecast
that core consumer prices will rise 1.9% in the year starting April
2015, excluding the effect of sales-tax increases, and scrapped
a reference to the economy facing uncertainty. (Bloomberg)
IEA: Oil demand to rise faster in 2014 as global economy
picks up – The International Energy Agency (IEA) said the
global oil demand will rise more quickly this year as economic
growth in industrialized countries accelerates, absorbing more
supply even as the US shale oil production reaches record
highs. IEA said the world oil consumption would increase by
1.3mn bpd in 2014, 50,000 bpd higher than previously forecast.
The report said most OECD economies have largely exited
recession, with strong gains made in manufacturing and
petrochemical sectors in some countries. Oil demand growth
has been boosted by a robust economic rebound in the US,
where the IEA has revised up its 2013 demand estimate by
180,000 bpd to 18.9mn bpd. The US oil production is increasing
rapidly and is forecast to rise by 780,000 bpd this year, but the
OPEC will also have to pump more to meet increasing demand.
The IEA has raised its demand forecast for OPEC oil this year
by 200,000 bpd to 29.4mn bpd. (Qatar Tribune)
Regional
Fitch: Saudi Banks to perform strongly in 2014 – According
to a report by Fitch Ratings, Saudi banks would continue to see
strong performance with ample lending opportunities provided
by a favorable economic outlook. The prospects for Saudi
Arabia’s economy are strong due to high oil prices, significant
government spending on infrastructure projects and an
expanding non-oil private sector. Fitch’s outlook on the banking
sector is positive, while its rating outlook on the sector and on all
rated banks is Stable. The financial performance of Saudi banks
remains sound, driven by business growth and declining loan
impairment charges. The banks expanded their loan portfolios in
9M2013 by an annualized 12.4% and Fitch expects credit
growth to remain strong in 2014. (GulfBase.com)
ARC plans sukuk push, sees better year for IPOs – Al Rajhi
Capital’s (ARC) CEO Gaurav Shah said the bank is planning to
expand its sukuk business, tapping into the heavy demand for
Shari’ah-compliant products in the Kingdom. He added that
corporate enterprises and state-owned entities in Saudi Arabia
raised around $15bn from sukuk sales in 2013, compared with
$11bn in 2012 and just $2.8bn in 2011. Shah said ARC plans to
play a central role in underwriting, arranging and investing
activities in sukuk. (Reuters)
RSH to increase its capital through bonus shares – The Red
Sea Housing Services Company’s (RSH) board of directors has
recommended an increase in the company’s capital through
bonus shares. The company’s capital is to be raised from
SR400mn to SR600mn. The total number of issued shares will
increase by 50% to 60mn from 40mn shares. The capital
increase will be financed from retained earnings through the
transfer of SR200mn. The bonus shares will be allotted for
registered shareholders on the day of the EGM. (Tadawul)
Saudi CMA approves capital raise request for APTSCO –
The Saudi Capital Market Authority (Saudi CMA) has approved
Aldrees Petroleum & Transport Services Company’s (APTSCO)
request to increase its capital from SR300mn to SR400mn by
issuing one bonus share. This increase will be paid by
transferring SR93.6mn from the retained earnings account and
SR6.4mn from the statutory reserve account to the company's
capital. Consequently, the company's outstanding shares will be
increased from 30mn shares to 40mn shares. Those
shareholders who are registered in the shareholders registry at
the close of trading on the day of the EGM will be eligible for
these dividends. (Tadawul)
RSH declares SR75mn dividends for 2013 – The Red Sea
Housing Services Company’s board of directors has
recommended the distribution of dividends worth SR75mn
(SR1.25 per share), representing 12.5% of the company share
capital after the increase for 2013 to its shareholders.
Shareholders registered on the day of the EGM will be eligible
for these dividends. (Tadawul)
MA’ADEN recommends no dividends for FY2013 – The
Saudi Arabian Mining Company’s (MA’ADEN) board of directors
has decided not to distribute any dividends for FY2013 to its
shareholders, since MA’ADEN is still in the process of
developing and financing major projects. (Tadawul)
Dubai reduces hotel pre-approval process to 2 months –
Dubai announced a number of new regulations that will reduce
the hotel construction pre-approval process to two months, as
the Emirate prepares to welcome 20mn annual visitors by 2020.
Dubai also announced a range of attractive offers for three and
four-star hotels. According to the directives issued by Dubai
Ruler Sheikh Mohammed bin Rashid Al Maktoum, the period of
the pre-approval process for hotel construction will be reduced
to two months. Currently, the approval process for private
developers ranges from three to six months. A single
streamlined system will be managed by the Dubai Municipality
to help reduce red-tape and ensure the new reduced approval
timeframes are met. In addition, the approval process of
Page 4 of 6
5. planning permission for all hotel establishments in Dubai will be
standardized through the Dubai Municipality. (GulfBase.com)
Invest Bank reports AED328.1mn net profit in 2013 – Invest
Bank has reported a net profit of AED328.1mn in 2013,
reflecting an increase of 1.0% YoY. Net interest income
amounted to AED439.9mn, rising by 3.6% YoY. EPS for 2013
stood at AED0.25 as compared to AED0.247 in 2012. Total
assets increased by 7.8% YoY to AED12.3bn as on December
31, 2013. Loans & advances rose by 0.3% YoY to AED8.2bn,
while customer deposits were up by 5.7% YoY to AED9bn.
(ADX)
TAQA eyes investments in water projects in MENA, India –
Abu Dhabi National Energy Company’s (TAQA) is planning to
grow its water business through new projects and acquisitions
across the MENA region as well as India by way of creating an
independent operation. TAQA’s Global Water Operations Head
Ahmed bin Abbod al Adawi said the company may also invest in
Ghana's water sector after the African state sought the UAE's
expertise in this field. The state-owned utility has investments in
the energy and power sector across the Middle East, India,
Africa, the UK and North America. However, its desalination
assets are all located in the UAE. (Qatar Tribune)
Zain seeks new loan as $867mn facility nears maturity –
Kuwait-based Zain Group has sought proposals from banks for
a loan worth millions of dollars, as the telecom company raises
cash before its existing debt facility of $867mn matures. The
telecom operator has invited lenders to participate in the deal
and has sought their views on the likely interest rate for the new
loan, which will be self-arranged by Zain and is expected to be
completed by 1Q2014. (Qatar Tribune)
NBB registered an 8.1% YoY increase in net profit – National
Bank of Bahrain (NBB) has registered an 8.1% YoY increase in
net profit to BHD51.36mn in 2013. For 4Q2013, net profit grew
7.6% to BHD11.27mn from BHD10.47mn for the corresponding
period of the previous year. EPS improved from 50.5 fils in 2012
to 54.6 fils in 2013. Net interest income for 2013 amounted to
BHD59.82mn which decreased 3.4% YoY. Customers' deposits
stood at BHD2.1bn as of December 31, 2013. Meanwhile, the
board has recommended cash dividend of 35% for FY2013.
(Bloomberg)
Bank Sohar’s net profit rise 16.8% YoY in 2013 – Bank Sohar
has reported a net profit of OMR26.9mn in 2013, reflecting an
increase of 16.8% YoY. Total assets stood at OMR1.9bn as on
December 31, 2013, indicating an increase of 5.5% YoY. Net
loans & advances rose by 11.5% YoY to OMR1.3bn, while
customer deposits were up by 3.4% YoY to OMR1.4bn. (MSM)
Page 5 of 6
6. Rebased Performance
Daily Index Performance
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
0.7%
0.6%
0.2%
(0.1%)
S&P Pan Arab
Dec-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Yen
Dubai
May-13
Kuwait
Oct-12
Abu Dhabi
QE Index
Mar-12
(0.3%)
Qatar
(0.6%)
Aug-11
0.2%
0.0%
(0.3%)
Jan-11
0.2%
0.1%
Oman
126.5
0.3%
Bahrain
139.0
Saudi Arabia
Jun-10
0.9%
160.2
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,241.41
(1.1)
(1.0)
3.0
DJ Industrial
16,414.44
(0.3)
(0.3)
(1.0)
19.88
(2.2)
(2.2)
2.1
S&P 500
1,843.80
0.3
0.3
(0.2)
106.73
0.4
0.2
(3.7)
NASDAQ 100
4,225.76
0.7
0.7
1.2
4.58
4.3
4.3
5.5
335.76
0.1
(0.0)
2.3
148.00
7.4
7.4
17.0
DAX
9,730.12
0.1
(0.1)
1.9
156.00
4.5
4.5
14.9
FTSE 100
6,834.26
(0.0)
0.1
1.3
1.36
0.1
104.30
0.1
0.1
(1.3)
CAC 40
(0.0)
(1.0)
Nikkei
STOXX 600
GBP
1.65
0.3
0.3
(0.5)
MSCI EM
CHF
1.10
(0.0)
(0.0)
(1.9)
SHANGHAI SE Composite
AUD
0.88
(0.1)
0.3
(1.2)
USD Index
81.10
(0.2)
(0.2)
RUB
33.94
0.5
1.1
BRL
0.42
(0.7)
(0.6)
0.0
4,323.87
0.0
(0.1)
0.6
15,795.96
1.0
0.4
(3.0)
970.75
(0.0)
(0.2)
(3.2)
2,008.31
0.9
0.2
(5.1)
HANG SENG
23,033.12
0.5
(0.4)
(1.2)
1.3
BSE SENSEX
21,251.12
0.2
0.9
0.4
3.3
Bovespa
48,542.07
(0.3)
(1.3)
(5.8)
1,395.87
0.1
0.0
(3.2)
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,
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Page 6 of 6