1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 1.3% to close at 12,939.8. Gains were led by the
Transportation and Real Estate indices, gaining 5.0% and 2.4% respectively.
Top gainers were Al Khalij Commercial Bank and Ezdan Holding Group, rising
10.0% and 9.9% respectively. Among the top losers, Widam Food Co. fell
3.8%, while Gulf International Services declined 3.2%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.1% to close at 9,606.6. Losses were led
by Telecom. & Info. Tech. and Agri. & Food Ind. indices, falling 2.0% and 0.7%
respectively. Saudi Telecom fell 4.8%, while Al-Babtain Co. was down 3.4%.
Dubai: The DFM index gained 0.7% to close at 5,019.0. The Banking index
rose 2.3%, while the Telecommunication index was up 2.2%. Al-Mazaya
Holding Co. surged 14.5%, while Arab Insurance Group was up 4.9%.
Abu Dhabi: The ADX benchmark index fell marginally to close at 5,189.8. The
Ind. index declined 1.7%, while Inv. & Fin. Ser. index was down 0.9%. Abu
Dhabi Shipbuild. fell 7.9%, while Umm Al Qaiwain Cement was down 7.7%.
Kuwait: The KSE index fell marginally to close at 7,483.9. The Telecom. index
declined 1.9%, while the Consumer Services index was down 1.3%. Future Kid
Ent. & Real Estate Co. fell 8.9%, while Alrai Media Group Co. was down 7.3%.
Oman: The MSM index declined 0.3% to close at 6,814.8. Losses were led by
the Financial and Services indices, falling 0.4% and 0.2% respectively.
ONIC Holding Issue declined 4.1%, while Con. Materials Ind. was down 3.1%.
Bahrain: The BHB index gained 0.3% to close at 1,397.2. The Services index
rose 0.7%, while the Investment index was up 0.6%. Bahrain Islamic Bank
gained 2.8%, while Arab Banking Corporation was up 1.7%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khalij Commercial Bank 25.85 10.0 581.3 29.3
Ezdan Holding Group 41.60 9.9 759.1 144.7
Dlala' Brokerage & Invest. Holding 31.10 9.9 1,217.2 40.7
Qatar Gas Transport Co. 24.30 8.6 8,624.4 20.0
Doha Insurance Co. 25.80 4.7 181.7 3.2
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 24.30 8.6 8,624.4 20.0
Vodafone Qatar 18.75 4.2 7,732.9 75.1
United Development Co. 24.86 1.5 5,846.9 15.5
Salam International Investment Co. 15.02 1.8 5,754.6 15.4
Barwa Real Estate Co. 39.25 3.3 5,399.5 31.7
Market Indicators 22 Apr 14 21 Apr 14 %Chg.
Value Traded (QR mn) 1,881.1 1,718.3 9.5
Exch. Market Cap. (QR mn) 770,268.3 752,317.1 2.4
Volume (mn) 56.9 58.5 (2.7)
Number of Transactions 18,755 18,630 0.7
Companies Traded 41 42 (2.4)
Market Breadth 32:9 25:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,296.03 1.3 3.1 30.1 N/A
All Share Index 3,327.98 1.2 2.8 28.6 16.0
Banks 3,177.10 1.4 3.0 30.0 15.8
Industrials 4,423.76 0.2 1.6 26.4 16.2
Transportation 2,376.02 5.0 5.5 27.9 15.6
Real Estate 2,647.45 2.4 7.4 35.6 17.0
Insurance 3,306.84 0.0 1.6 41.5 8.7
Telecoms 1,751.72 1.1 2.3 20.5 24.8
Consumer 7,526.70 (0.5) 0.1 26.5 30.4
Al Rayan Islamic Index 4,292.34 1.2 4.7 41.4 19.5
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Ins. Abu Dhabi 7.20 14.3 9.7 22.0
Al Khalij Com. Bank Qatar 25.85 10.0 581.3 29.3
Ezdan Holding Group Qatar 41.60 9.9 759.1 144.7
Saudi Enaya Coop. Ins. Saudi Arabia 45.13 9.6 5107.5 12.0
Qatar Gas Transport Qatar 24.30 8.6 8624.4 20.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ifa Hotels & Resorts Kuwait 0.24 (6.2) 255.2 (14.4)
Saudi Telecom Co. Saudi Arabia 67.99 (5.1) 3055.3 27.1
Aviation Lease & Fin. Kuwait 0.26 (3.7) 632.4 (8.8)
Jazeera Airways Kuwait 0.43 (3.4) 320.9 (13.1)
Gulf Inter. Services Qatar 89.00 (3.2) 443.8 82.4
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%
Widam Food Co. 63.60 (3.8) 584.7 23.0
Gulf International Services 89.00 (3.2) 443.8 82.4
Qatar General Ins. & Reins. Co. 45.05 (2.9) 49.7 12.9
Masraf Al Rayan 49.95 (2.1) 3,185.7 59.6
Aamal Co. 20.50 (0.9) 2,241.9 36.7
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 39.25 3.3 210,434.0 31.7
Qatar Gas Transport Co. 24.30 8.6 204,279.0 20.0
Masraf Al Rayan 49.95 (2.1) 159,900.8 59.6
Vodafone Qatar 18.75 4.2 145,223.6 75.1
United Development Co. 24.86 1.5 143,662.8 15.5
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* 12,939.80 1.3 3.1 11.2 24.7 516.75 211,592.7 16.3 2.1 3.9
Dubai 5,018.98 0.7 5.4 12.8 48.9 732.65 97,595.3 21.7 1.9 2.0
Abu Dhabi 5,189.77 (0.0) 0.6 6.0 21.0 270.50 135,553.6 15.7 1.9 3.3
Saudi Arabia 9,606.58 (0.1) 0.8 1.4 12.5 2,781.93 519,624.4 20.0 2.5 2.9
Kuwait 7,483.94 (0.0) 0.4 (1.2) (0.9) 84.00 116,563.5 16.9 1.2 4.0
Oman 6,814.84 (0.3) (0.4) (0.6) (0.3) 12.89 24,522.8 11.7 1.6 3.9
Bahrain 1,397.22 0.3 0.6 3.0 11.9 2.91 52,979.6 9.8 0.9 4.9
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any; Value as of April 23, 2014)
12,700
12,750
12,800
12,850
12,900
12,950
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QE index rose 1.3% to close at 12,939.8. The
Transportation 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.
 Al Khalij Commercial Bank and Ezdan Holding Group were the
top gainers, rising 10.0% and 9.9% respectively. Among the top
losers, Widam Food Co. fell 3.8%, while Gulf International
Services declined 3.2%.
 Volume of shares traded on Tuesday fell by 2.7% to 56.9mn
from 58.5mn on Monday. However, as compared to the 30-day
moving average of 24.4mn, volume for the day was 133.1%
higher. Qatar Gas Transport Co. and Vodafone Qatar were the
most active stocks, contributing 15.2% and 13.6% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Emaar Properties Co. Dubai AED 2256.0 6.9% – – 863.0 55.2%
Jazeera Airways Kuwait KD 13.8 NA 2.8 NA 2.1 NA
National Mobile
Telecommunications Co.
(Wataniya)
Kuwait KD 182.7 0.8% – – 19.8 1.5%
Oman Fiber Optic Co. (OFO) Oman OMR 5.6 NA – – 0.3 NA
United Finance Co. (UFC) Oman OMR 3.0 5.2% – – 1.1 23.7%
Sembcorp Salalah Power &
Water Co.
Oman OMR 14.9 4.3% – – 2.5 600.0%
Gulf Hotels Group
(BHOTEL)
Bahrain BHD 9.0 11.2% 4.3 24.3% 3.9 37.7%
Esterad Investment Co.
(ESTERAD)
Bahrain BHD 1.0 -32.1% – – 0.7 -44.2%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/22 US FHFA FHFA House Price Index MoM February 0.60% 0.50% 0.40%
04/22 US Richmond Fed Richmond Fed Manufact. Index April 7.0 2.0 -7.0
04/22 EU Eurostat Construction Output MoM February 0.10% – 1.60%
04/22 EU Eurostat Construction Output YoY February 6.70% – 8.00%
04/22 EU European Commission Consumer Confidence April -8.7 -9.3 -9.3
04/22 Japan ESRI Leading Index CI February 108.9 – 108.5
04/22 Japan ESRI Coincident Index February 113 – 113.4
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 71.99% 78.31% (119,066,640.16)
Non-Qatari 28.01% 21.68% 119,066,640.16

3. Page 3 of 6
News
Qatar
 QGTS expands LNG fleet with 3 new joint venture vessels;
deal falls in line with our thesis – Qatar Gas Transport
Company (QGTS) has added three new LNG vessels to its fleet
through Maran Nakilat Co. Ltd., its joint venture with Greek
shipping company Maran Ventures Inc. These vessels, which
would be used in international trade, will take Maran Nakilat's
total fleet from 8 vessels to 11. Due to this, QGTS’ LNG fleet will
increase from 58 vessels to 61. Maran Nakilat closed $807.4mn
worth of refinancing provided by Qatar Islamic Bank and Barwa
Bank in order to complete this deal. This deal is in line with our
view on Nakilat. We have previously stated, “We note Nakilat
retains the ability to further expand its fleet targeting
international customers without expending substantial capex
(much like the Maran Nakilat deal, which allows QGTS to double
JV fleet size to 8 LNG tankers, while upping its stake to 40%
through a $1.33bn refinancing). We view this recent deal
positively and it falls in line with our thesis. (QNBFS Research,
QGTS Press Release)
 KCBK 1Q2014 net profit drops QoQ and YoY – Al Khalij
Commercial Bank (KCBK) reported a net profit of QR109.2mn in
1Q2014 (vs. our estimate of QR125.4mn), dropping by 28.5%
and 16.9% QoQ and YoY, respectively. Weak QoQ results were
due to muted investment income (QR9.1mn vs. QR43.4mn in
4Q2013). The bank’s net interest income grew by 12.4% QoQ
(+6.7% YoY) to QR165.9mn. Fees and commissions grew by
11.3% QoQ (down 20.0% YoY) to QR37.8mn. On the other
hand, operating expenses increased by 5.0% and 7.3% QoQ
and YoY, respectively to QR104.5mn. As such, the cost-to-
income ratio deteriorated to 48.9% in 1Q2014 vs. 40.7% in
4Q2013 (42.1% in 1Q2013). The YoY drop in profitability was
mainly due to a sharp drop in fees and commissions (down
20.0%) and muted investment income. KCBK’s loans and
deposits expanded by 10.9% and 8.8% YTD, respectively. Thus
the LDR rested at 106% vs. 104% at the end of 2013. (QNBFS
Research, QE)
 SIIS reports net profit of QR26.6mn in 1Q2014 – Robust
gains in investment earnings and other income helped Salam
International Investments (SIIS) to post a net profit of QR26.6mn
(+129% YoY), an increase of 298% QoQ. The Earnings per
Share (EPS) stood at QR0.23 in 1Q2014 Vs. QR0.10 in
1Q2013. Operating income fell by 8.5% QoQ to QR569.3mn in
1Q2014, but increased by 14.1% on a YoY basis. Investment
income surged 67% YoY to QR36.9mn, while other income
almost quadrupled to QR10.76mn. In addition, the company also
booked QR2.03mn as share of results from joint venture (nil in
1Q2013). (QE, Gulf Times)
 QISI posts net profit of QR22.8mn in 1Q2014 – Qatar Islamic
Insurance Company (QISI) posted a net profit of QR22.8mn in
1Q2014 reflecting a QoQ increase of 12.5% (+32.1% YoY).
Earnings per share (EPS) stood at QR1.52 in 1Q2014 vs.
QR1.15 in 1Q2013. Gross income increased by 8.1% QoQ to
QR28.7mn in 1Q2014. (+24.5% YoY). (QE)
 MPHC posts QR463.76mn net profit in first quarter –
Mesaieed Petrochemical Holding Company (MPHC) has
reported a net profit of QR463.76mn for the first three months of
this year. MPHC’s share of profit from its joint ventures (Q-Chem
I, Q-Chem II and Qatar Vinyl Company) stood at QR453.08mn,
about 98% of the parent’s net profit. MPHC has 49% stake each
in Q-Chem I and Q-Chem II, and 55.2% in Qatar Vinyl
Company. This is the first result announced by MPHC since
listing on the Qatar Exchange in February this year. The
company has booked QR13.22mn as tax refund and a net other
income of QR0.58mn. Total assets are valued at QR13.74bn,
comprising current assets of QR0.53bn and non-current assets
of QR13.21bn, which are its investments in joint ventures. Total
equity stood at QR13.64bn on a capital base of QR12.56bn and
EPS was QR0.37 at the end of 1Q2014. (Gulf-Times.com)
 QGTS expands LNG fleet with 3 new vessels – Qatar Gas
Transport Company (QGTS) has added three new LNG vessels
to its fleet through Maran Nakilat Co. Ltd., its joint venture with
Greek shipping company Maran Ventures Inc. These vessels,
which would be used in international trade, will take Maran
Nakilat's total fleet from 8 vessels to 11. Due to this, QGTS’
LNG fleet will increase from 58 vessels to 61. Meanwhile, Maran
Nakilat has closed $807.4mn worth of refinancing provided by
Qatar Islamic Bank and Barwa Bank. (GulfBase.com)
 Ezdan Holding buys 20.16% of Widam shares – Ezdan
Holding Group announced the acquisition of 20.16% shares of
Widam Food Co (previously Mawashi), in a step to promote the
group’s investments and diversification strategy. Sheikh
Abdullah bin Thani bin Abdullah Al Thani, Deputy Chairman of
the Board of Directors, said that the group’s strategy in the
coming years will be to gradually dissociate from the real estate
sector and allocate the group’s returns in other sectors through
the purchase of shares of companies listed on Qatar Exchange.
(Peninsula Qatar)
 Mazaya eyes Qatari education sector – Mazaya Qatar Real
Estate Development is planning to foray into the education
sector in Qatar, by constructing schools for international firms
who are interested to set up schools in Qatar. Mazaya’s CEO,
Eng. Hamad bin Ali Al Hedfa said the company has been
approached by international school operators who would like to
have presence in Qatar. Education is a booming sector in Qatar
and demand for schools is increasing due to rising population.
Meanwhile, the real estate major is also planning to bid for
projects outside Qatar in order to pursue growth. Al Hedfa said
the company is looking for joint ventures in countries like
Turkey, Spain, Bosnia and others. (Peninsula Qatar)
 Qatar to open $17bn Hamad airport after 6-year delay –
Qatar plans to open its new $17 bn Hamad International Airport
next week, six years behind schedule. Ten discount airlines,
including FlyDubai, will move from the current airport to Hamad
on April 30. The remaining airlines, including Qatar Airways will
start using the new airport from May 27, once the business-class
lounges are ready. Way back in 2004, Bechtel Group Inc. was
awarded a $5bn contract to build the airport, with the first of
three phases of construction scheduled to be completed by
2008. Since then, the opening date has been repeatedly pushed
back and the existing airport has been expanded with new first-
class and arrival terminals. The new Hamad airport will be able
to accommodate the A380, the largest passenger plane ever
built. (Bloomberg)
 QA boosts capacity on Vienna route – Qatar Airways (QA) is
adding more than 1,700 seats on its Doha-Vienna route from
September 1. The airline stated that it will upgrade the existing
service from an Airbus A320 to an A330 due to rising passenger
demand. The larger aircraft will add 168 seats in business class
and 1,624 seats in economy, bringing the total weekly capacity
to 3,640 seats. QA operates daily services on the Doha-Vienna
route. (Bloomberg)
 QE suspends trading of QGMD’s shares on April 23 – The
Qatar Exchange (QE) has announced trading suspension of the
Qatari German Company for Medical Devices’ (QGMD) shares
on April 23, 2014 due to the company’s AGM scheduled on that
day. (QE)

4. Page 4 of 6
International
 ELFA: US business borrowing for equipment rises 3% in
March – Washington-based trade association, the Equipment
Leasing & Finance Association (ELFA) said US companies'
borrowing to spend on capital investment rose in March 2014.
US Companies signed up for $7bn worth of new loans and lines
of credit last month, up 3% from a year earlier. Further, their
borrowing rose 30% from February. ELFA’s Chief Executive
William Sutton said the Federal Reserve recently hinted at
continuing a monetary policy that will promote a sustained low
interest rate environment, which gives the business community
a reason to feel confident about the US economy. ELFA, which
reports economic activity for the $827bn equipment finance
sector in the US, said credit approvals have totaled 77.8% in
March, up from 75.3% in February. (Reuters)
 Eurozone consumer confidence improves in April – The
European Commission said in its first estimate that the
consumer confidence in the Eurozone rose 0.6 points month-on-
month to -8.7 in April, beating market expectations. Economists
polled by Reuters had expected an improvement to 9.0. The
Commission said consumer confidence for the whole of the 28-
nation EU group improved by 0.8 points to -5.8 in April against
March. (Reuters)
 France treads fine line on EU deficit-cutting targets – The
French government is set roll out its roadmap for deficit
reduction in order to meet European budget standards by using
optimistic growth forecasts considered risky by its own fiscal
watchdog. Europe's second-biggest economy is a laggard in
terms of recovery and public finances, which has already been
granted a two-year extension to bring its deficit below the EU's
treaty limit of 3% of GDP. Its partners fear that the country may
miss the deadline again next year, while its unpopular Socialist
government struggles to sell painful cuts to rebellious
lawmakers. New Prime Minister Manuel Valls has to try to bridge
the gap between those positions. The government is expected
to raise the official deficit forecast for this year to 3.8% and the
next year to 3.0% of GDP, leaving no margin for error if growth
fails to meet these projections. (Reuters)
 BoJ: Japan can withstand tax hike pain – The Bank of
Japan’s (BoJ) Deputy Governor Hiroshi Nakaso said the
Japanese economy is resilient enough to absorb the harmful
effects of the sales tax hike unveiled this month. Nakaso said he
believes that the country’s economy as a whole is strong
enough to withstand the effects of the consumption tax hike. He
further added that the major reason for this are continued
improvement in employment and income conditions, as well as
the absence of problems that existed in the previous 1997 tax
hike. (Reuters)
 HSBC PMI: China manufacturing signals persisting
weakness – A Chinese manufacturing gauge signaled a fourth
month of contraction, indicating that government efforts to
counter an economic slowdown have had only a limited impact.
The preliminary Purchasing Managers’ Index from HSBC and
Markit stood at 48.3 in April, matching the median estimate of
analysts surveyed by Bloomberg News. Although this was
higher than the final figure of 48 in March, the reading remains
well below 50, which is the dividing line between expansion and
contraction. Sustained weakness in manufacturing would
pressurize Chinese Premier Li Keqiang to expand efforts to
support growth beyond the so-called mini stimulus package of
railway spending and tax relief. Recent data showed that
China’s expansion moderated to the slowest pace in six quarters
and property construction has plunged as well, testing
commitment of leaders to keep reining in credit. (Bloomberg)
Regional
 SAAC’s BoD recommends SR123mn dividends – The Saudi
Arabian Airlines Catering Company’s (SAAC) board of directors
has recommended distributing 15% dividend (SR1.5 per share),
amounting to SR123mn for 1Q2014. (Tadawul)
 STC’s BoD approves SR1.5bn dividend – The Saudi Telecom
Company’s (STC) board of directors has approved the
distribution of cash dividend of SR0.75 per share, amounting to
SR1.5bn for 1Q2014. (GulfBase.com)
 Al Tayyar, Travelport enhance partnership – Al Tayyar Travel
Group and Travelport have signed a new multi-year agreement,
which will see both companies significantly enhance their
businesses. As part of the renewed three-year partnership, Al
Tayyar will take advantage of Travelport’s new generation
technology to expand its online business. In addition, the two
companies will continue to work closely to develop the expertise
of travel professionals in the Kingdom, drive recruitment of
young Saudis and promote tourism initiatives on a global level.
(GulfBase.com)
 Benzine consumption hits record-high in February –
According to the monthly statistics for February 2014, the car
petrol, called benzine, has recorded highest local demand over
the last 12 years. Benzine imports have reached 160,000 bpd in
February, its highest level for the last nine months. Local
consumption during February has reached 542,000 bpd, up from
515,000 bpd in January and 512,000 bpd in February 2013.
(GulfBase.com)
 Dubai's trade with LATAM countries grows 26% in 2013 –
According to the figures released by Dubai Customs, Dubai’s
trade with Latin American countries (LATAM), such as Mexico,
Brazil, Argentina and Chile, has increased by 26% to
AED17.3bn in 2013 from AED13.8bn in 2012. (GulfBase.com)
 Fajr Capital-led consortium acquires NPS – A consortium of
investors led by Fajr Capital has acquired the National
Petroleum Services (NPS) in a transaction valued over $500mn.
The consortium comprises the Arab Petroleum Investments
Corporation (APICORP) and other regional institutional
investors. The deal is expected to be completed in 2Q2014.
(GulfBase.com)
 Dubai sells 15-year sukuk worth $750mn – Dubai has sold
$750mn sukuk with a lifespan of 15 years as the Emirate seeks
to repay debt and finance its budget. According to sources, the
Islamic bond’s pricing is set at 5%. The banks arranging the
transaction are: Dubai Islamic Bank, Emirates NBD, HSBC, the
National Bank of Abu Dhabi and Standard Chartered. The sukuk
offering is Dubai’s first since it raised $1.25bn from the sale of
10-year and 30-year bonds in January 2013. (Bloomberg)
 ADCB’s net profit climbs 15% in 1Q2014 – Abu Dhabi
Commercial Bank (ADCB) reported a 15% increase in its net
profit for the first quarter. The lender posted a net profit
attributable to shareholders of AED953mn in the opening three
months of 2014, up from AED829.5mn in the prior-year period.
(Reuters)
 ADCB, NIC sign AED950mn deal – Abu Dhabi Commercial
Bank (ADCB) has signed AED950mn term facility to provide the
National Investment Corporation (NIC) with working capital for
the development of the new Fairmont Hotel complex. The
tourism complex will encompass 45-floor twin towers
accommodating a five star hotel and residential apartments with
sea views. The 10-year loan is the first such facility agreed
between ADCB and NIC. ADCB is the main lender for the
project. (GulfBase.com)

5. Page 5 of 6
 Oman pins hopes on 4-5% growth this year – The head of
the Oman’s central bank Hamood Sangour al-Zadjali said the
country’s economy should grow 4-5% this year, underpinned by
stable oil prices and the huge investment spent on major
projects over the past two years. He said Oman is spending
billions of dollars on infrastructure to diversify its economy, and it
hopes to attract more private investment. Projects include a
$1.8bn terminal at Muscat International Airport due to be
completed this year. (Gulf-Times.com)
 Sembcorp Salalah declares 78 baizas dividend – Sembcorp
Salalah Power & Water Company’s AGM has approved the final
dividend of 78 baizas per share for the year ended December
31, 2013. (MSM)
 Investcorp to acquire Totes lsotoner Corporation –
Investcorp has entered into a definitive agreement to acquire
US-based Totes lsotoner Corporation. The Company will be
purchased from MidOcean Partners and Bruckmann Rosser
Sherrill & Co in a joint partnership with Freeman Spogli & Co.
The terms of the transaction were not disclosed. (Bahrain
Bourse)

6. 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 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (*Market closed on April 22, 2014) 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
(0.1%)
1.3%
(0.0%)
0.3%
(0.3%)
(0.0%)
0.7%
(0.5%)
0.0%
0.5%
1.0%
1.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,283.79 (0.5) (0.8) 6.5 DJ Industrial 16,514.37 0.4 0.6 (0.4)
Silver/Ounce 19.42 (0.1) (1.0) (0.3) S&P 500 1,879.55 0.4 0.8 1.7
Crude Oil (Brent)/Barrel (FM
Future)
109.27 (0.6) (0.2) (1.4) NASDAQ 100 4,161.46 1.0 1.6 (0.4)
Natural Gas (Henry
Hub)/MMBtu
4.74 (0.6) 3.7 9.0 STOXX 600 337.03 1.4 1.4 2.7
LPG Propane (Arab Gulf)/Ton 110.63 (1.3) (1.9) (12.5) DAX 9,600.09 2.0 2.0 0.5
LPG Butane (Arab Gulf)/Ton 125.50 (0.8) (0.8) (7.6) FTSE 100 6,681.76 0.9 0.9 (1.0)
Euro 1.38 0.1 (0.1) 0.5 CAC 40 4,484.21 1.2 1.2 4.4
Yen* 102.62 0.0 0.2 (2.6) Nikkei 14,388.77 (0.9) (0.9) (11.7)
GBP 1.68 0.2 0.2 1.6 MSCI EM 1,008.72 (0.2) (0.3) 0.6
CHF* 1.13 0.0 (0.2) 0.9 SHANGHAI SE Composite 2,072.83 0.3 (1.2) (2.0)
AUD 0.94 0.4 0.4 5.0 HANG SENG 22,730.68 (0.1) (0.1) (2.5)
USD Index 79.91 (0.1) 0.1 (0.2) BSE SENSEX 22,758.37 (0.0) 0.6 7.5
RUB 35.69 (0.0) 0.3 8.6 Bovespa 51,976.86 (0.3) (0.3) 0.9
BRL 0.45 (0.0) (0.0) 5.6 RTS 1,178.81 (0.8) (1.8) (18.3)
185.9
155.6
141.4