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QE Intra-Day Movement

Market Indicators

11,920

11,900
11,880

24 Feb 14

%Chg.

722.6
623,820.6
13.2
5,065
39
12:25

598.6
625,256.2
13.4
5,623
38
13:20

20.7
(0.2)
(1.5)
(9.9)
2.6
–

Market Indices

11,860
11,840
9:30

25 Feb 14

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 declined 0.4% to close at 11,855.9. Losses were led by the
Transportation and Banking & Financial Services indices, declining 1.2% and
0.2% respectively. Top losers were Salam International Investment Co. and
Qatar Islamic Bank, falling 9.4% and 6.2% respectively. Among the top gainers,
Qatar Insurance Co. rose 2.4%, while Gulf Warehousing Co. gained 2.1%.

Close

Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index

1D%

WTD%

YTD%

TTM P/E

17,107.59
2,964.84
2,861.98
3,988.11
2,047.92
2,076.14
2,788.61
1,617.03
6,757.51
3,378.17

(0.1)
(0.0)
(0.2)
0.3
(1.2)
0.2
0.9
(0.1)
0.2
(0.4)

0.2
0.1
(0.0)
1.8
(2.7)
0.0
(2.9)
(0.7)
(0.4)
(0.2)

15.4
14.6
17.1
13.9
10.2
6.3
19.4
11.2
13.6
11.3

N/A
14.4
14.6
14.8
14.1
14.2
6.8
21.8
25.9
17.4

GCC Commentary

GCC Top Gainers##

Exchange

Close#

1D%

Saudi Arabia: The TASI index rose 0.1% to close at 9,061.9. Gains were led
by the Retail and Real Estate Development, rising 1.0% and 0.4%
respectively. Alkhaleej Training and Education Co. rose 9.7%, while Halwani
Bros was up 5.7%.

Gulf Pharma. Industry

Abu Dhabi

3.52

7.0

18.4

7.6

Aldar Properties

Abu Dhabi

3.40

6.3

62,434.6

23.2

RAKBANK

Abu Dhabi

8.28

6.0

772.5

16.0

Saudi Enaya Coop. Ins.

Saudi Arabia

44.90

4.7

5,700.1

11.4

Abdullah Al Othaim

Saudi Arabia

163.50

4.6

1,052.3

31.1

Dubai: The DFM index gained 1.8% to close at 4,196.9. The Real Estate &
Construction index rose 2.7%, while the Investment & Financial Services index
was up 2.3%. GGICO surged 15.0%, while Union Properties gained 5.0%.
Abu Dhabi: The ADX benchmark index rose 1.6% to close at 4,958.7. The
Real Estate index gained 6.0%, while the Investment & Financial Services
index was up 3.7%. Al Ain Al Ahlia Insurance Co. surged 14.9%, while Green
Crescent Insurance Co. gained 14.7%.

##

Vol. ‘000

YTD%

#

1D%

Vol. ‘000

9.00

(10.0)

2.4

4.7
10.1

GCC Top Losers

Exchange

Nat. Marine Dredging

Abu Dhabi

Kuwait: The KSE index was closed on February 25, 2014.

Qatar Islamic Bank

Qatar

76.00

(6.2)

187.1

Oman: The MSM index declined 0.1% to close at 7,100.7. Losses were led by
the Financial and Services indices, falling 0.2% and 0.1% respectively. Sweets
of Oman declined 9.4%, while Dhofar Cattle Feed was down 8.5%.

Kingdom Holding Co.

Saudi Arabia

22.45

(3.9)

1,664.7

(8.4)

Qatar Gen. Ins. & Rein.

Qatar

47.10

(3.8)

9.9

(1.7)

National Leasing

Qatar

29.45

(3.4)

407.0

(2.3)

Bahrain: The BHB index fell marginally to close at 1,386.5. The Investment
index declined 0.7%, while the Commercial Banking index was down 0.1%.
Arab Banking Corporation fell 2.6%, while Al Salam Bank was down 0.1%.

Qatar Insurance Co.

Close*

1D%

Vol. ‘000

YTD%

64.70

Qatar Exchange Top Gainers

2.4

189.7

21.6

Close

YTD%

Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)

Close*

1D%

Vol. ‘000

YTD%

Salam International Investment

12.69

(9.4)

739.4

(2.5)

76.00

(6.2)

187.1

10.1

Qatar Exchange Top Losers

Gulf Warehousing Co.

42.90

2.1

1.2

3.4

Qatar Islamic Bank

United Development Co.

22.87

1.4

1,363.6

1.1

Qatar General Ins. & Rein. Co.

47.10

(3.8)

9.9

(1.7)

Al Khaliji

20.78

1.4

43.7

4.0

National Leasing

29.45

(3.4)

407.0

(2.3)

Qatar Cinema & Film Dist. Co.

41.00

1.2

1.4

2.2

Qatar German Co. for Med. Dev.

13.70

(3.2)

18.9

(1.1)

Qatar Exchange Top Val. Trades

Close*

1D%

Val. ‘000

YTD%

Industries Qatar

198.10

0.6

160,198.8

17.3

75.30

(0.1)

111,563.3

6.4

Close*

1D%

Vol. ‘000

YTD%

Vodafone Qatar

12.19

(1.1)

2,036.3

13.8

Commercial Bank of Qatar

75.30

(0.1)

1,481.2

6.4

Commercial Bank of Qatar

United Development Co.

22.87

1.4

1,363.6

1.1

QNB Group

196.30

(0.1)

66,362.0

14.1

21.85

(2.2)

1,130.9

7.9

Doha Bank

67.00

0.0

35,298.9

15.1

198.10

0.6

812.1

17.3

Gulf International Services

89.00

1.1

33,692.9

45.9

Qatar Exchange Top Vol. Trades

Qatar Gas Transport Co.
Industries Qatar

Source: Bloomberg (* in QR)

Source: Bloomberg (* in QR)

Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait#
Oman
Bahrain

Close

1D%

WTD%

MTD%

YTD%

11,855.94
4,196.85
4,958.74
9,061.93
7,692.75
7,100.72
1,386.54

(0.4)
1.8
1.6
0.1
(0.5)
(0.1)
(0.0)

(0.1)
0.3
0.9
0.8
(0.6)
(0.9)
1.5

6.3
11.3
6.1
3.4
(0.8)
0.2
7.1

14.2
24.5
15.6
6.2
1.9
3.9
11.0

Exch. Val. Traded
($ mn)
198.44
637.10
184.24
2,328.77
93.35
27.68
5.70

Exchange Mkt.
Cap. ($ mn)
171,301.1
84,398.0
137,439.6
494,443.0
111,758.5
25,437.3
51,957.1

P/E**

P/B**

15.1
18.0
13.4
18.2
15.7

2.0
1.6
1.7
2.2
1.2

Dividend
Yield
3.9
1.9
3.6
3.3
3.7

11.0
9.7

1.6
0.9

3.6
3.5

Source: Bloomberg, Qatar Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) (# Data as of February 24, 2014)

Page 1 of 5
Qatar Market Commentary
 The QE index declined 0.4% to close at 11,855.9. The
Transportation and Banking & Financial Services indices led the
losses. The index rose on the back of buying support from nonQatari shareholders despite selling pressure from Qatari
shareholders.

Overall Activity

Buy %*

Sell %*

Net (QR)

Qatari

42.66%

51.09%

(60,971,128.63)

Non-Qatari

57.34%

48.91%

60,971,128.63

Source: Qatar Exchange (* as a % of traded value)

 Salam International Investment Co. and Qatar Islamic Bank were
the top losers, falling 9.4% and 6.2% respectively. Among the
top gainers, Qatar Insurance Co. rose 2.4%, while Gulf
Warehousing Co. gained 2.1%.
 Volume of shares traded on Tuesday fell by 1.5% to 13.2mn
from 13.4mn on Monday. However, as compared to the 30-day
moving average of 13.0mn, volume for the day was 2.1% higher.
Vodafone Qatar and Commercial Bank of Qatar were the most
active stocks, contributing 15.4% and 11.2% to the total volume
respectively.

Earnings and Global Economic Data
Earnings Releases
Company

Market

Astra Industrial Group *

Currency

Revenue
(mn) 4Q2013
–

% Change
YoY
–

Operating Profit
(mn) 4Q2013

% Change
YoY

Net Profit (mn)
4Q2013

% Change
YoY

Nass Corporation (NASS) *

Saudi Arabia

SR

683.8

10.7%

253.1

4.3%

Oman

Dhofar Poultry *

OMR

–

–

–

–

0.4

39.3%

Bahrain

BHD

80.2

-32.9%

–

–

4.1

2.9%

Source: Company data, DFM, ADX, MSM (*FY2013 Results)

Global Economic Data
Date

Market

Source

Indicator

Period

Actual

Consensus

Previous

02/25

US

FHFA

House Price Index MoM

December

0.80%

0.30%

-0.10%

02/25

US

FHFA

House Price Purchase Index QoQ

4Q2013

1.20%

1.00%

1.83%

02/25

US

S&P/Case-Shiller

S&P/CS 20 City MoM SA

December

0.76%

0.60%

0.88%

02/25

US

S&P/Case-Shiller

S&P/CS Composite-20 YoY

December

13.42%

13.40%

13.72%

02/25

US

S&P/Case-Shiller

S&P/CaseShiller Home Price Index

December

165.69

165.5

165.82

02/25

US

S&P/Case-Shiller

S&P/Case-Shiller US HPI NSA

4Q2013

150.39

–

150.88

02/25

US

S&P/Case-Shiller

S&P/Case-Shiller US HPI YoY

4Q2013

11.30%

–

11.15%

02/25

US

Conference Board

Consumer Confidence Index

February

78.1

80

79.4

02/25

US

Richmond Fed

Richmond Fed Manufact. Index

February

-6

5

12

02/25

France

INSEE

Production Outlook Indicator

February

-6

-7

-4

02/25

France

INSEE

Manufacturing Confidence

February

100

100

100

02/25

France

INSEE

Business Confidence

February

94

95

94

02/25

Germany

Destatis

GDP SA QoQ

4Q2013

0.40%

0.40%

0.30%

02/25

Germany

Destatis

GDP WDA YoY

4Q2013

1.40%

1.40%

0.60%

02/25

Germany

Destatis

GDP NSA YoY

4Q2013

1.30%

1.30%

1.10%

02/25

Germany

Destatis

Government Spending QoQ

4Q2013

0.00%

0.20%

1.20%

02/25

Germany

Destatis

Capital Investment QoQ

4Q2013

1.40%

0.80%

1.30%

02/25

Germany

Destatis

Construction Investment QoQ

4Q2013

1.40%

0.80%

2.10%

02/25

Germany

Destatis

Domestic Demand QoQ

4Q2013

-0.70%

0.20%

0.60%

02/25

Germany

Destatis

Exports QoQ

4Q2013

2.60%

1.70%

0.20%

02/25

Germany

Destatis

Imports QoQ

4Q2013

0.60%

1.30%

0.80%

02/25

UK

BBA

BBA Loans for House Purchase

January

49972

47150

47086

02/25

Spain

INE

PPI MoM

January

-1.30%

–

1.10%

02/25

Spain

INE

PPI YoY

January

-1.80%

–

0.60%

02/25

Italy

ISTAT

Retail Sales MoM

December

-0.30%

0.00%

0.00%

02/25

Italy

ISTAT

Retail Sales YoY

December

-2.60%

0.20%

0.20%

02/25

Italy

ISTAT

Consumer Confidence Index

February

97.5

98.5

98

02/25

Japan

Shoko Chukin Bank

Small Business Confidence

February

50.6

–

51.3

Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)

News

Page 2 of 5
Qatar
 MPHC to debut on QE today – The Qatar Exchange (QE) will
list Mesaieed Petrochemical Holding Company (MPHC) – a unit
of Qatar Petroleum (QP) – on February 26, 2014. The share will
be listed in the Industrial sector with a symbol „MPHC‟. With the
listing of MPHC, the total number of listed companies on QE will
rise to 43. The bourse has asked brokers and investors not to
place unpriced orders in the trading system during the preopening of MPHC, from 8.30am to 9.30am, on its first day of
trading. However, this limitation only applies to MPHC on its first
day of trading. (Peninsula Qatar)
 Ooredoo to go for $1bn refinancing loan – According to
sources, Ooredoo has approached banks for a syndicated loan
of up to $1bn that will refinance its existing debt. The telecom
company has sent out a request for proposals to 15 banks last
week and awaits responses this week. The deal is expected to
have a five-year maturity. Ooredoo‟s last loan was a $1bn, fouryear facility that was signed with 14 international lenders in April
2013. That deal paid an interest margin of 85 basis points over
Libor. (Peninsula Qatar)
 Ahlibank Qatar to venture into bancassurance – Ahlibank
Qatar is all set to venture into the bancassurance segment as
part of its strategy to boost fee-based income and diversify its
income sources. The bank has lined up programs to develop the
private investment and property sector in the UK, and has kept
options open on tapping Islamic debt, but ruled out mergers &
acquisitions. The bank‟s shareholders agreed to the board‟s
proposal to foray into bancassurance, which is slated to be one
of the fastest growing distribution channels of insurance in the
Gulf region over the next two years. In its GCC Insurance
Industry report, Alpen Capital said the regional insurance sector
will expand at 18.7% annually during 2012-2017, while
economic development, population expansion and an improved
regulatory environment will encourage bancassurance providers
to step in and capitalize on growing opportunities. (GulfTimes.com)
 QInvest earns 40% higher revenue in 2013 – Qatar-based
investment bank QInvest reported a significant increase in
revenue of 40%, a reduction in costs of 30% and an increase of
$60mn in net profit in 2013. Last year also saw significant capital
deployment by the company across various financing and real
estate transactions. QInvest‟s balance sheet risk was
significantly reduced with a collection of outstanding receivables
and a reduction of foreign currency exposure. (Bloomberg)
 Trading suspension in QIGD’s shares on February 26 – The
Qatar Exchange (QE) announced a suspension in the trading of
Qatari Investors Group‟s (QIGD) shares on February 26, 2014
due to the company‟s AGM being held on that day. (QE)
 QA eyes deeper ties with Oneworld partners, signs deal
with Cathay Pacific – Qatar Airways (QA) is open to revenuesharing partnerships with other airlines that are part of the
Oneworld global airline alliance. QA‟s CEO Akbar Al Baker said
the airline is in talks with British Airways – one of the founding
members of the Oneworld alliance – on a codesharing
agreement through which the airlines would share some of their
flights and open up to stronger partnerships in the future. Cathay
Pacific Airways and QA, members of Oneworld alliance,
announced a strategic agreement on services operated by them
between Hong Kong and Doha, effective from March 30. Both
airlines will operate one flight between Hong Kong and Doha
daily, offering premium products and services to travelers to and
from both cities (Reuters, Peninsula Qatar)

International
 IMF finds G20 policy makers on right track for growth – The
International Monetary Fund‟s (IMF) Managing Director Christine
Lagarde said that the recent meeting of the Group of 20
countries convinced her that policy makers are working in the
right direction to boost growth. Finance chiefs and central
bankers from the world‟s largest economies pledged to maintain
accommodative policies and pay heed to international
repercussions of their actions. G20 will also aim to lift the
collective GDP by more than 2% above the trajectory implied by
current policies over the coming five years. Lagarde said that
policy makers are broadly on the right track despite many risks
that could undermine the recovery. Lagarde added that
insufficient employment and rising inequality could have harmful
effects by undermining economic, social and political stability.
With more than 200 million people without jobs currently,
Lagarde said the total number of unemployed people formed the
fifth largest country in the world. (Bloomberg)
 EC: Italy, France to lag Germany in Eurozone recovery –
The European Commission (EC) stated that Germany is set to
accelerate away from France and Italy in 2014 as the
fragmented Eurozone economy gradually recovers from its
worst crisis. In a departure from the gloom of recent years, EC
slightly increased its growth prediction for the €9tn economy to
1.2% in 2014 from an earlier 1.1%, which is mainly boosted by
an expected 1.8% jump in the Eurozone's biggest economy,
Germany. These statistics also clearly emphasized the
challenges facing Italy in turning around the bloc's third-largest
economy. The commission predicts meager growth of 0.6% for
Italy this year. Meanwhile, the second largest economy France
is expected to grow 1% in 2014. (Reuters)
 China faces major restructuring due to $12tn corporate debt
– Corporate debt in China has hit record levels and is likely to
trigger a wave of domestic restructuring and defaults, as credit
repayment problems increase steadily. According to S&P,
Chinese non-financial companies together held a total
outstanding bank borrowing and bond debt of about $12tn at the
end of 2013 – equal to over 120% of the country‟s GDP. Growth
in the Chinese corporate debt has been unprecedented. A
Thomson Reuters analysis of 945 listed non-financial firms
showed that the total debt soared by 260%, from 1.82tn yuan to
4.74tn yuan, between December 2008 and September 2013.
(Reuters)
Regional
 SAAC signs technical service deal with Newrest, renews
contract with Saudia – Saudi Arabian Airlines Catering
Company‟s (SAAC) board has signed a technical service
agreement with Newrest Holding Group, which is valid until
December 31, 2016. As per this agreement, Newrest will provide
technical & operational support for the company's activities,
specifically by improving the revenues, profitability, quality and
recourses, as well as help in expanding into new activities in the
future. The fee of the contract is dependent on Newrest
achieving the financial and productivity goals for SAAC in each
business sector individually. Meanwhile, SAAC has extended its
existing catering contract with the Saudi Arabian Airlines
(Saudia). The contract has been renewed for five years starting
from January 1, 2015 till December 31, 2019. The value of the
contract depends on the variety of services as well as the
number of meals provided. SAAC is expected to benefit from the
ongoing expansion of Saudia‟s fleet, which will lead to an
increase in the number of flights as well as an increase in the
number of passengers. (Tadawul)

Page 3 of 5
 Al-Khodari Sons wins SR145.9mn city cleaning contract for
Hafr Al Batin – Abdullah A. M. Al-Khodari Sons Company has
been awarded a contract from the Ministry of Municipal & Rural
Affairs for city cleaning of the Municipality of Hafr Al Batin for a
period of 1,825 days. A further announcement will be after
signing the contract worth SR145.9mn, which would indicate the
expected start of the financial impact. (Tadawul)
 Saudi firm plans $100mn resort in Maldives – Saudi-based
Best Choice Real Estate Development plans to develop a tourist
property worth $100mn in Maldives, which promises to offer
lucrative investment opportunities for Saudi investors. The
company plans to build a tourist resort in Vadinolhu Island,
located in Laamu Atoll in Maldives, which will be ready in 2017.
The premium resort will feature 100 beach villas, including water
bungalows and luxury suites. (GulfBase.com)

 Nass declares 15 fils cash dividend – Nass Corporation‟s
(NASS) board of directors has recommended a cash dividend of
15 fils per share to its shareholders registered on the date of the
AGM. (Bahrain Bourse)
 TIC declares 5% cash dividend – Takaful International
Company‟s (TIC) board of directors has recommended a cash
dividend of 5 fils per share, representing 5% of the company‟s
total capital to its shareholders registered on the date of the
AGM. (Bahrain Bourse)

 Deyaar registers robust growth in its property portfolio –
Deyaar Development announced the addition of 2,600 new
properties to its property portfolio in 2013, bringing the total tally
to 20,369 units. A majority of the new contracts has been
secured in Abu Dhabi, Dubai, Sharjah and Ajman, while growing
interest of landlords in Al Ain, Ras Al Khaimah and Fujairah
areas has also contributed to the upturn in Deyaar‟s portfolio.
The rental earnings from these properties have crossed over
AED650mn in 2013. (DFM)
 EIB appoints new CFO, investment head – Emirates
Investment Bank (EIB) has appointed Gaurav Agarwal as its
Chief Finance Officer and Biswajit Dasgupta as its Chief
Investment Officer–Treasury. (GulfBase.com)
 Royal Jet to spend AED2.57bn for aircraft in 2Q2014 – Royal
Jet‟s President & CEO Shane O‟Hare said that the airline will
announce its AED2.57bn purchase order of seven new aircraft
in 2Q2014. The company announced the tender at the 2013
Dubai Airshow to replace its six Boeing business jets, two shortrange Gulfstream G350s and a medium range Learjet 60.
(Bloomberg)
 Centurion plans IPO for CSEH – According to sources, Abu
Dhabi-based Centurion Investment is planning an IPO of
healthcare provider, CosmeSurge & Emirates Hospital Clinics
(CSEH). Centurion is seeking to list CSEH on the Dubai
Financial Market as soon as possible. Emirates NBD is the
adviser on the stake sale, from which Centurion plans to raise
as much as $500mn. Last month, Centurion had acquired CSEH
as part of its purchase of the healthcare group, CSH
Investments for an undisclosed amount. (Bloomberg)
 Markaz posts KD7.46mn net profit – The Kuwait Financial
Centre (Markaz) announced a net profit of KD7.46mn for 2013
as compared to a net profit of KD4.04mn in 2012. EPS
amounted to 13 fils in 2013 vs. 8 fils during 2012. Meanwhile,
the company‟s board of directors recommended distribution of a
cash dividend of 10 fils per share to its shareholders registered
on the date of the general assembly. (Gulfbase.com)
 Haya Water to manage wastewater infrastructure in Oman–
Oman Wastewater Services Company (Haya Water) has been
given the approval to operate and manage the Sultanate‟s
sewage treatment infrastructure in a major expansion of the
utility‟s capacity. All 57 STPs currently under the jurisdiction of
the Ministry of Regional Municipalities & Water Resources will
revert to Haya Water‟s control tentatively by the end of this year.
Haya Water‟s General Manager–Project Said al Asmi said the
company recently received the government‟s nod to expand its
footprint beyond Muscat Governorate as well, paving the way for
the takeover of existing wastewater treatment assets across
Oman, except for those in Sohar and Salalah. (Bloomberg)
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

144.4
131.6

1.8%

1.6%

1.6%

1.2%
0.8%

0.4%

0.1%

0.0%

0.0%
(0.0%) (0.1%)

(0.4%)

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, (*Market Closed on February 25, 2014)

Close ($)

1D%

WTD%

YTD%

Global Indices Performance

Close

1D%

WTD%

YTD%

1,340.64

0.3

1.2

11.2

DJ Industrial

16,179.66

(0.2)

0.5

(2.4)

21.86

(0.5)

0.0

12.3

S&P 500

1,845.12

(0.1)

0.5

(0.2)

109.51

(1.0)

(0.3)

(1.2)

NASDAQ 100

4,287.59

(0.1)

0.6

2.7

5.22

(16.1)

(16.0)

20.2

STOXX 600

338.39

0.1

0.7

3.1

121.25

(6.0)

(10.4)

(4.2)

DAX

9,699.35

(0.1)

0.4

1.5

123.00

(1.0)

(4.3)

(9.4)

FTSE 100

6,830.50

(0.5)

(0.1)

1.2

1.37

0.1

(0.0)

0.0

102.24

(0.3)

(0.3)

(2.9)

GBP

1.67

0.2

0.4

0.7

MSCI EM

CHF

1.13

0.2

0.1

0.7

SHANGHAI SE Composite

AUD

0.90

(0.2)

0.5

1.1

USD Index

80.14

(0.1)

(0.1)

RUB

35.67

0.6

0.4

BRL*

0.43

0.0

0.2

0.9

Yen

Dubai

May-13

Oman

Oct-12

Abu Dhabi

QE Index

Mar-12

Bahrain

Aug-11

Kuwait *

Jan-11

(0.4%)

Qatar

(0.8%)

Saudi Arabia

Jun-10

2.0%
170.4

CAC 40
Nikkei

4,414.55

(0.1)

0.8

2.8

15,051.60

1.4

1.3

(7.6)

955.54

(0.3)

(0.4)

(4.7)

2,034.22

(2.0)

(3.8)

(3.9)

HANG SENG

22,317.20

(0.3)

(1.1)

(4.2)

0.1

BSE SENSEX

20,852.47

0.2

0.7

(1.5)

8.5

Bovespa

46,715.91

(1.4)

(1.4)

(9.3)

1,306.37

(1.0)

(0.7)

(9.5)

Source: Bloomberg (*Market closed on February 25, 2014)

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.

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25 February Daily market report

  • 1. QE Intra-Day Movement Market Indicators 11,920 11,900 11,880 24 Feb 14 %Chg. 722.6 623,820.6 13.2 5,065 39 12:25 598.6 625,256.2 13.4 5,623 38 13:20 20.7 (0.2) (1.5) (9.9) 2.6 – Market Indices 11,860 11,840 9:30 25 Feb 14 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 declined 0.4% to close at 11,855.9. Losses were led by the Transportation and Banking & Financial Services indices, declining 1.2% and 0.2% respectively. Top losers were Salam International Investment Co. and Qatar Islamic Bank, falling 9.4% and 6.2% respectively. Among the top gainers, Qatar Insurance Co. rose 2.4%, while Gulf Warehousing Co. gained 2.1%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 17,107.59 2,964.84 2,861.98 3,988.11 2,047.92 2,076.14 2,788.61 1,617.03 6,757.51 3,378.17 (0.1) (0.0) (0.2) 0.3 (1.2) 0.2 0.9 (0.1) 0.2 (0.4) 0.2 0.1 (0.0) 1.8 (2.7) 0.0 (2.9) (0.7) (0.4) (0.2) 15.4 14.6 17.1 13.9 10.2 6.3 19.4 11.2 13.6 11.3 N/A 14.4 14.6 14.8 14.1 14.2 6.8 21.8 25.9 17.4 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index rose 0.1% to close at 9,061.9. Gains were led by the Retail and Real Estate Development, rising 1.0% and 0.4% respectively. Alkhaleej Training and Education Co. rose 9.7%, while Halwani Bros was up 5.7%. Gulf Pharma. Industry Abu Dhabi 3.52 7.0 18.4 7.6 Aldar Properties Abu Dhabi 3.40 6.3 62,434.6 23.2 RAKBANK Abu Dhabi 8.28 6.0 772.5 16.0 Saudi Enaya Coop. Ins. Saudi Arabia 44.90 4.7 5,700.1 11.4 Abdullah Al Othaim Saudi Arabia 163.50 4.6 1,052.3 31.1 Dubai: The DFM index gained 1.8% to close at 4,196.9. The Real Estate & Construction index rose 2.7%, while the Investment & Financial Services index was up 2.3%. GGICO surged 15.0%, while Union Properties gained 5.0%. Abu Dhabi: The ADX benchmark index rose 1.6% to close at 4,958.7. The Real Estate index gained 6.0%, while the Investment & Financial Services index was up 3.7%. Al Ain Al Ahlia Insurance Co. surged 14.9%, while Green Crescent Insurance Co. gained 14.7%. ## Vol. ‘000 YTD% # 1D% Vol. ‘000 9.00 (10.0) 2.4 4.7 10.1 GCC Top Losers Exchange Nat. Marine Dredging Abu Dhabi Kuwait: The KSE index was closed on February 25, 2014. Qatar Islamic Bank Qatar 76.00 (6.2) 187.1 Oman: The MSM index declined 0.1% to close at 7,100.7. Losses were led by the Financial and Services indices, falling 0.2% and 0.1% respectively. Sweets of Oman declined 9.4%, while Dhofar Cattle Feed was down 8.5%. Kingdom Holding Co. Saudi Arabia 22.45 (3.9) 1,664.7 (8.4) Qatar Gen. Ins. & Rein. Qatar 47.10 (3.8) 9.9 (1.7) National Leasing Qatar 29.45 (3.4) 407.0 (2.3) Bahrain: The BHB index fell marginally to close at 1,386.5. The Investment index declined 0.7%, while the Commercial Banking index was down 0.1%. Arab Banking Corporation fell 2.6%, while Al Salam Bank was down 0.1%. Qatar Insurance Co. Close* 1D% Vol. ‘000 YTD% 64.70 Qatar Exchange Top Gainers 2.4 189.7 21.6 Close YTD% Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Close* 1D% Vol. ‘000 YTD% Salam International Investment 12.69 (9.4) 739.4 (2.5) 76.00 (6.2) 187.1 10.1 Qatar Exchange Top Losers Gulf Warehousing Co. 42.90 2.1 1.2 3.4 Qatar Islamic Bank United Development Co. 22.87 1.4 1,363.6 1.1 Qatar General Ins. & Rein. Co. 47.10 (3.8) 9.9 (1.7) Al Khaliji 20.78 1.4 43.7 4.0 National Leasing 29.45 (3.4) 407.0 (2.3) Qatar Cinema & Film Dist. Co. 41.00 1.2 1.4 2.2 Qatar German Co. for Med. Dev. 13.70 (3.2) 18.9 (1.1) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 198.10 0.6 160,198.8 17.3 75.30 (0.1) 111,563.3 6.4 Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 12.19 (1.1) 2,036.3 13.8 Commercial Bank of Qatar 75.30 (0.1) 1,481.2 6.4 Commercial Bank of Qatar United Development Co. 22.87 1.4 1,363.6 1.1 QNB Group 196.30 (0.1) 66,362.0 14.1 21.85 (2.2) 1,130.9 7.9 Doha Bank 67.00 0.0 35,298.9 15.1 198.10 0.6 812.1 17.3 Gulf International Services 89.00 1.1 33,692.9 45.9 Qatar Exchange Top Vol. Trades Qatar Gas Transport Co. Industries Qatar Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait# Oman Bahrain Close 1D% WTD% MTD% YTD% 11,855.94 4,196.85 4,958.74 9,061.93 7,692.75 7,100.72 1,386.54 (0.4) 1.8 1.6 0.1 (0.5) (0.1) (0.0) (0.1) 0.3 0.9 0.8 (0.6) (0.9) 1.5 6.3 11.3 6.1 3.4 (0.8) 0.2 7.1 14.2 24.5 15.6 6.2 1.9 3.9 11.0 Exch. Val. Traded ($ mn) 198.44 637.10 184.24 2,328.77 93.35 27.68 5.70 Exchange Mkt. Cap. ($ mn) 171,301.1 84,398.0 137,439.6 494,443.0 111,758.5 25,437.3 51,957.1 P/E** P/B** 15.1 18.0 13.4 18.2 15.7 2.0 1.6 1.7 2.2 1.2 Dividend Yield 3.9 1.9 3.6 3.3 3.7 11.0 9.7 1.6 0.9 3.6 3.5 Source: Bloomberg, Qatar Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) (# Data as of February 24, 2014) Page 1 of 5
  • 2. Qatar Market Commentary  The QE index declined 0.4% to close at 11,855.9. The Transportation and Banking & Financial Services indices led the losses. The index rose on the back of buying support from nonQatari shareholders despite selling pressure from Qatari shareholders. Overall Activity Buy %* Sell %* Net (QR) Qatari 42.66% 51.09% (60,971,128.63) Non-Qatari 57.34% 48.91% 60,971,128.63 Source: Qatar Exchange (* as a % of traded value)  Salam International Investment Co. and Qatar Islamic Bank were the top losers, falling 9.4% and 6.2% respectively. Among the top gainers, Qatar Insurance Co. rose 2.4%, while Gulf Warehousing Co. gained 2.1%.  Volume of shares traded on Tuesday fell by 1.5% to 13.2mn from 13.4mn on Monday. However, as compared to the 30-day moving average of 13.0mn, volume for the day was 2.1% higher. Vodafone Qatar and Commercial Bank of Qatar were the most active stocks, contributing 15.4% and 11.2% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Market Astra Industrial Group * Currency Revenue (mn) 4Q2013 – % Change YoY – Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY Nass Corporation (NASS) * Saudi Arabia SR 683.8 10.7% 253.1 4.3% Oman Dhofar Poultry * OMR – – – – 0.4 39.3% Bahrain BHD 80.2 -32.9% – – 4.1 2.9% Source: Company data, DFM, ADX, MSM (*FY2013 Results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 02/25 US FHFA House Price Index MoM December 0.80% 0.30% -0.10% 02/25 US FHFA House Price Purchase Index QoQ 4Q2013 1.20% 1.00% 1.83% 02/25 US S&P/Case-Shiller S&P/CS 20 City MoM SA December 0.76% 0.60% 0.88% 02/25 US S&P/Case-Shiller S&P/CS Composite-20 YoY December 13.42% 13.40% 13.72% 02/25 US S&P/Case-Shiller S&P/CaseShiller Home Price Index December 165.69 165.5 165.82 02/25 US S&P/Case-Shiller S&P/Case-Shiller US HPI NSA 4Q2013 150.39 – 150.88 02/25 US S&P/Case-Shiller S&P/Case-Shiller US HPI YoY 4Q2013 11.30% – 11.15% 02/25 US Conference Board Consumer Confidence Index February 78.1 80 79.4 02/25 US Richmond Fed Richmond Fed Manufact. Index February -6 5 12 02/25 France INSEE Production Outlook Indicator February -6 -7 -4 02/25 France INSEE Manufacturing Confidence February 100 100 100 02/25 France INSEE Business Confidence February 94 95 94 02/25 Germany Destatis GDP SA QoQ 4Q2013 0.40% 0.40% 0.30% 02/25 Germany Destatis GDP WDA YoY 4Q2013 1.40% 1.40% 0.60% 02/25 Germany Destatis GDP NSA YoY 4Q2013 1.30% 1.30% 1.10% 02/25 Germany Destatis Government Spending QoQ 4Q2013 0.00% 0.20% 1.20% 02/25 Germany Destatis Capital Investment QoQ 4Q2013 1.40% 0.80% 1.30% 02/25 Germany Destatis Construction Investment QoQ 4Q2013 1.40% 0.80% 2.10% 02/25 Germany Destatis Domestic Demand QoQ 4Q2013 -0.70% 0.20% 0.60% 02/25 Germany Destatis Exports QoQ 4Q2013 2.60% 1.70% 0.20% 02/25 Germany Destatis Imports QoQ 4Q2013 0.60% 1.30% 0.80% 02/25 UK BBA BBA Loans for House Purchase January 49972 47150 47086 02/25 Spain INE PPI MoM January -1.30% – 1.10% 02/25 Spain INE PPI YoY January -1.80% – 0.60% 02/25 Italy ISTAT Retail Sales MoM December -0.30% 0.00% 0.00% 02/25 Italy ISTAT Retail Sales YoY December -2.60% 0.20% 0.20% 02/25 Italy ISTAT Consumer Confidence Index February 97.5 98.5 98 02/25 Japan Shoko Chukin Bank Small Business Confidence February 50.6 – 51.3 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Page 2 of 5
  • 3. Qatar  MPHC to debut on QE today – The Qatar Exchange (QE) will list Mesaieed Petrochemical Holding Company (MPHC) – a unit of Qatar Petroleum (QP) – on February 26, 2014. The share will be listed in the Industrial sector with a symbol „MPHC‟. With the listing of MPHC, the total number of listed companies on QE will rise to 43. The bourse has asked brokers and investors not to place unpriced orders in the trading system during the preopening of MPHC, from 8.30am to 9.30am, on its first day of trading. However, this limitation only applies to MPHC on its first day of trading. (Peninsula Qatar)  Ooredoo to go for $1bn refinancing loan – According to sources, Ooredoo has approached banks for a syndicated loan of up to $1bn that will refinance its existing debt. The telecom company has sent out a request for proposals to 15 banks last week and awaits responses this week. The deal is expected to have a five-year maturity. Ooredoo‟s last loan was a $1bn, fouryear facility that was signed with 14 international lenders in April 2013. That deal paid an interest margin of 85 basis points over Libor. (Peninsula Qatar)  Ahlibank Qatar to venture into bancassurance – Ahlibank Qatar is all set to venture into the bancassurance segment as part of its strategy to boost fee-based income and diversify its income sources. The bank has lined up programs to develop the private investment and property sector in the UK, and has kept options open on tapping Islamic debt, but ruled out mergers & acquisitions. The bank‟s shareholders agreed to the board‟s proposal to foray into bancassurance, which is slated to be one of the fastest growing distribution channels of insurance in the Gulf region over the next two years. In its GCC Insurance Industry report, Alpen Capital said the regional insurance sector will expand at 18.7% annually during 2012-2017, while economic development, population expansion and an improved regulatory environment will encourage bancassurance providers to step in and capitalize on growing opportunities. (GulfTimes.com)  QInvest earns 40% higher revenue in 2013 – Qatar-based investment bank QInvest reported a significant increase in revenue of 40%, a reduction in costs of 30% and an increase of $60mn in net profit in 2013. Last year also saw significant capital deployment by the company across various financing and real estate transactions. QInvest‟s balance sheet risk was significantly reduced with a collection of outstanding receivables and a reduction of foreign currency exposure. (Bloomberg)  Trading suspension in QIGD’s shares on February 26 – The Qatar Exchange (QE) announced a suspension in the trading of Qatari Investors Group‟s (QIGD) shares on February 26, 2014 due to the company‟s AGM being held on that day. (QE)  QA eyes deeper ties with Oneworld partners, signs deal with Cathay Pacific – Qatar Airways (QA) is open to revenuesharing partnerships with other airlines that are part of the Oneworld global airline alliance. QA‟s CEO Akbar Al Baker said the airline is in talks with British Airways – one of the founding members of the Oneworld alliance – on a codesharing agreement through which the airlines would share some of their flights and open up to stronger partnerships in the future. Cathay Pacific Airways and QA, members of Oneworld alliance, announced a strategic agreement on services operated by them between Hong Kong and Doha, effective from March 30. Both airlines will operate one flight between Hong Kong and Doha daily, offering premium products and services to travelers to and from both cities (Reuters, Peninsula Qatar) International  IMF finds G20 policy makers on right track for growth – The International Monetary Fund‟s (IMF) Managing Director Christine Lagarde said that the recent meeting of the Group of 20 countries convinced her that policy makers are working in the right direction to boost growth. Finance chiefs and central bankers from the world‟s largest economies pledged to maintain accommodative policies and pay heed to international repercussions of their actions. G20 will also aim to lift the collective GDP by more than 2% above the trajectory implied by current policies over the coming five years. Lagarde said that policy makers are broadly on the right track despite many risks that could undermine the recovery. Lagarde added that insufficient employment and rising inequality could have harmful effects by undermining economic, social and political stability. With more than 200 million people without jobs currently, Lagarde said the total number of unemployed people formed the fifth largest country in the world. (Bloomberg)  EC: Italy, France to lag Germany in Eurozone recovery – The European Commission (EC) stated that Germany is set to accelerate away from France and Italy in 2014 as the fragmented Eurozone economy gradually recovers from its worst crisis. In a departure from the gloom of recent years, EC slightly increased its growth prediction for the €9tn economy to 1.2% in 2014 from an earlier 1.1%, which is mainly boosted by an expected 1.8% jump in the Eurozone's biggest economy, Germany. These statistics also clearly emphasized the challenges facing Italy in turning around the bloc's third-largest economy. The commission predicts meager growth of 0.6% for Italy this year. Meanwhile, the second largest economy France is expected to grow 1% in 2014. (Reuters)  China faces major restructuring due to $12tn corporate debt – Corporate debt in China has hit record levels and is likely to trigger a wave of domestic restructuring and defaults, as credit repayment problems increase steadily. According to S&P, Chinese non-financial companies together held a total outstanding bank borrowing and bond debt of about $12tn at the end of 2013 – equal to over 120% of the country‟s GDP. Growth in the Chinese corporate debt has been unprecedented. A Thomson Reuters analysis of 945 listed non-financial firms showed that the total debt soared by 260%, from 1.82tn yuan to 4.74tn yuan, between December 2008 and September 2013. (Reuters) Regional  SAAC signs technical service deal with Newrest, renews contract with Saudia – Saudi Arabian Airlines Catering Company‟s (SAAC) board has signed a technical service agreement with Newrest Holding Group, which is valid until December 31, 2016. As per this agreement, Newrest will provide technical & operational support for the company's activities, specifically by improving the revenues, profitability, quality and recourses, as well as help in expanding into new activities in the future. The fee of the contract is dependent on Newrest achieving the financial and productivity goals for SAAC in each business sector individually. Meanwhile, SAAC has extended its existing catering contract with the Saudi Arabian Airlines (Saudia). The contract has been renewed for five years starting from January 1, 2015 till December 31, 2019. The value of the contract depends on the variety of services as well as the number of meals provided. SAAC is expected to benefit from the ongoing expansion of Saudia‟s fleet, which will lead to an increase in the number of flights as well as an increase in the number of passengers. (Tadawul) Page 3 of 5
  • 4.  Al-Khodari Sons wins SR145.9mn city cleaning contract for Hafr Al Batin – Abdullah A. M. Al-Khodari Sons Company has been awarded a contract from the Ministry of Municipal & Rural Affairs for city cleaning of the Municipality of Hafr Al Batin for a period of 1,825 days. A further announcement will be after signing the contract worth SR145.9mn, which would indicate the expected start of the financial impact. (Tadawul)  Saudi firm plans $100mn resort in Maldives – Saudi-based Best Choice Real Estate Development plans to develop a tourist property worth $100mn in Maldives, which promises to offer lucrative investment opportunities for Saudi investors. The company plans to build a tourist resort in Vadinolhu Island, located in Laamu Atoll in Maldives, which will be ready in 2017. The premium resort will feature 100 beach villas, including water bungalows and luxury suites. (GulfBase.com)  Nass declares 15 fils cash dividend – Nass Corporation‟s (NASS) board of directors has recommended a cash dividend of 15 fils per share to its shareholders registered on the date of the AGM. (Bahrain Bourse)  TIC declares 5% cash dividend – Takaful International Company‟s (TIC) board of directors has recommended a cash dividend of 5 fils per share, representing 5% of the company‟s total capital to its shareholders registered on the date of the AGM. (Bahrain Bourse)  Deyaar registers robust growth in its property portfolio – Deyaar Development announced the addition of 2,600 new properties to its property portfolio in 2013, bringing the total tally to 20,369 units. A majority of the new contracts has been secured in Abu Dhabi, Dubai, Sharjah and Ajman, while growing interest of landlords in Al Ain, Ras Al Khaimah and Fujairah areas has also contributed to the upturn in Deyaar‟s portfolio. The rental earnings from these properties have crossed over AED650mn in 2013. (DFM)  EIB appoints new CFO, investment head – Emirates Investment Bank (EIB) has appointed Gaurav Agarwal as its Chief Finance Officer and Biswajit Dasgupta as its Chief Investment Officer–Treasury. (GulfBase.com)  Royal Jet to spend AED2.57bn for aircraft in 2Q2014 – Royal Jet‟s President & CEO Shane O‟Hare said that the airline will announce its AED2.57bn purchase order of seven new aircraft in 2Q2014. The company announced the tender at the 2013 Dubai Airshow to replace its six Boeing business jets, two shortrange Gulfstream G350s and a medium range Learjet 60. (Bloomberg)  Centurion plans IPO for CSEH – According to sources, Abu Dhabi-based Centurion Investment is planning an IPO of healthcare provider, CosmeSurge & Emirates Hospital Clinics (CSEH). Centurion is seeking to list CSEH on the Dubai Financial Market as soon as possible. Emirates NBD is the adviser on the stake sale, from which Centurion plans to raise as much as $500mn. Last month, Centurion had acquired CSEH as part of its purchase of the healthcare group, CSH Investments for an undisclosed amount. (Bloomberg)  Markaz posts KD7.46mn net profit – The Kuwait Financial Centre (Markaz) announced a net profit of KD7.46mn for 2013 as compared to a net profit of KD4.04mn in 2012. EPS amounted to 13 fils in 2013 vs. 8 fils during 2012. Meanwhile, the company‟s board of directors recommended distribution of a cash dividend of 10 fils per share to its shareholders registered on the date of the general assembly. (Gulfbase.com)  Haya Water to manage wastewater infrastructure in Oman– Oman Wastewater Services Company (Haya Water) has been given the approval to operate and manage the Sultanate‟s sewage treatment infrastructure in a major expansion of the utility‟s capacity. All 57 STPs currently under the jurisdiction of the Ministry of Regional Municipalities & Water Resources will revert to Haya Water‟s control tentatively by the end of this year. Haya Water‟s General Manager–Project Said al Asmi said the company recently received the government‟s nod to expand its footprint beyond Muscat Governorate as well, paving the way for the takeover of existing wastewater treatment assets across Oman, except for those in Sohar and Salalah. (Bloomberg) Page 4 of 5
  • 5. Rebased Performance Daily Index Performance 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 144.4 131.6 1.8% 1.6% 1.6% 1.2% 0.8% 0.4% 0.1% 0.0% 0.0% (0.0%) (0.1%) (0.4%) S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Source: Bloomberg, (*Market Closed on February 25, 2014) Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,340.64 0.3 1.2 11.2 DJ Industrial 16,179.66 (0.2) 0.5 (2.4) 21.86 (0.5) 0.0 12.3 S&P 500 1,845.12 (0.1) 0.5 (0.2) 109.51 (1.0) (0.3) (1.2) NASDAQ 100 4,287.59 (0.1) 0.6 2.7 5.22 (16.1) (16.0) 20.2 STOXX 600 338.39 0.1 0.7 3.1 121.25 (6.0) (10.4) (4.2) DAX 9,699.35 (0.1) 0.4 1.5 123.00 (1.0) (4.3) (9.4) FTSE 100 6,830.50 (0.5) (0.1) 1.2 1.37 0.1 (0.0) 0.0 102.24 (0.3) (0.3) (2.9) GBP 1.67 0.2 0.4 0.7 MSCI EM CHF 1.13 0.2 0.1 0.7 SHANGHAI SE Composite AUD 0.90 (0.2) 0.5 1.1 USD Index 80.14 (0.1) (0.1) RUB 35.67 0.6 0.4 BRL* 0.43 0.0 0.2 0.9 Yen Dubai May-13 Oman Oct-12 Abu Dhabi QE Index Mar-12 Bahrain Aug-11 Kuwait * Jan-11 (0.4%) Qatar (0.8%) Saudi Arabia Jun-10 2.0% 170.4 CAC 40 Nikkei 4,414.55 (0.1) 0.8 2.8 15,051.60 1.4 1.3 (7.6) 955.54 (0.3) (0.4) (4.7) 2,034.22 (2.0) (3.8) (3.9) HANG SENG 22,317.20 (0.3) (1.1) (4.2) 0.1 BSE SENSEX 20,852.47 0.2 0.7 (1.5) 8.5 Bovespa 46,715.91 (1.4) (1.4) (9.3) 1,306.37 (1.0) (0.7) (9.5) Source: Bloomberg (*Market closed on February 25, 2014) 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