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6 September Daily market report

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6 September Daily market report

  1. 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.6% to close at 11,277.7. Losses were led by the Consumer Goods & Services and Transportation indices, falling 1.4% each. Top losers were Doha Insurance Co. and Widam Food Co., falling 3.2% and 2.9%, respectively. Among the top gainers, Al Khalij Commercial Bank gained 4.6%, while Qatar General Insurance & Reinsurance Co. was up 1.8%. GCC Commentary Saudi Arabia: The TASI Index rose 0.6% to close at 7,428.8. Gains were led by the Hotel & Tourism and Insurance indices, rising 2.0% and 1.9%, respectively. SABB Takaful Co. and Wataniya Insurance Co. were up 9.8% each. Dubai: The DFM Index declined 0.8% to close at 3,542.1. The Telecommunication index fell 1.6%, while the Real Estate & Construction index declined 1.2%. National Industries Group fell 9.8%, while National Central Cooling Co. was down 4.8%. Abu Dhabi: The ADX benchmark index rose 0.7% to close at 4,409.0. The Telecommunication index gained 4.3%, while the Consumer index rose 1.5%. Methaq Takaful Insur. gained 5.8%, while Emirates Telecom. Group was up 4.3%. Kuwait: The KSE Index fell 1.6% to close at 5,666.2. The Telecommunication and Basic Material indices declined 2.6% each. Gulf Glass Manufacturing Co. and Kuwait Building Materials Manufacturing Co. were down 9.1% each. Oman: The MSM Index declined 0.1% to close at 5,746.3. Losses were led by the Industrial and Financial indices, falling 0.4% and 0.3%, respectively. Construction Materials Ind. declined 5.6%, while Voltamp Energy was down 2.8%. Bahrain: The BHB Index fell 0.2% to close at 1,296.8. The Insurance index declined 0.6%, while the Commercial Bank index fell 0.4%. Khaleeji Commercial Bank declined 3.4%, while Arab Insurance Group was down 2.3%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Al Khalij Commercial Bank 21.97 4.6 3.8 (0.4) Qatar General Ins. & Reinsur. Co. 56.00 1.8 7.0 9.2 Qatar Islamic Bank 112.00 0.8 460.3 9.6 United Development Co. 23.00 0.7 53.2 (2.5) Islamic Holding Group 115.20 0.6 2.4 (7.5) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatar Gas Transport Co. 21.00 (1.5) 605.1 (9.1) Vodafone Qatar 13.51 (1.9) 492.4 (17.9) Barwa Real Estate Co. 41.85 (1.4) 474.7 (0.1) Qatar Islamic Bank 112.00 0.8 460.3 9.6 Masraf Al Rayan 42.50 (0.1) 385.2 (3.8) Market Indicators 6 Sep 15 3 Sep 15 %Chg. Value Traded (QR mn) 221.8 218.3 1.6 Exch. Market Cap. (QR mn) 595,839.2 598,911.7 (0.5) Volume (mn) 4.9 5.7 (14.4) Number of Transactions 3,364 3,490 (3.6) Companies Traded 41 40 2.5 Market Breadth 6:32 15:24 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17,529.50 (0.6) (0.6) (4.3) 11.6 All Share Index 3,001.89 (0.6) (0.6) (4.7) 12.2 Banks 3,077.35 0.0 0.0 (4.0) 13.1 Industrials 3,426.58 (0.8) (0.8) (15.2) 11.9 Transportation 2,312.25 (1.4) (1.4) (0.3) 11.8 Real Estate 2,604.17 (0.9) (0.9) 16.0 8.6 Insurance 4,573.73 (0.5) (0.5) 15.5 12.0 Telecoms 928.49 (1.3) (1.3) (37.5) 27.0 Consumer 6,601.16 (1.4) (1.4) (4.4) 15.4 Al Rayan Islamic Index 4,279.54 (0.7) (0.7) 4.3 12.5 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Fisheries Saudi Arabia 18.17 7.3 3,074.9 (34.2) Al Khalij Comm. Bank Qatar 21.97 4.6 3.8 (0.4) Emirates Telecom Group Abu Dhabi 13.25 4.3 4,996.3 33.1 Saudi Enaya Coop. Ins. Saudi Arabia 17.68 4.1 736.1 (31.8) Al Tayyar Travel Group Saudi Arabia 76.53 2.8 371.1 (14.2) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Nat. Marine Dredging Co. Abu Dhabi 4.73 (9.9) 4.6 (31.4) Boubyan Petrochemicals Kuwait 0.47 (5.1) 35.3 (24.1) National Investments Co. Kuwait 0.10 (4.8) 846.7 (34.9) Kuwait Food Co. Kuwait 2.14 (4.5) 13.4 (23.6) F. A. Alhokair & Co. Saudi Arabia 74.48 (4.1) 201.2 (24.8) Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Doha Insurance Co. 24.00 (3.2) 16.0 (17.2) Widam Food Co. 51.00 (2.9) 24.2 (15.6) National Leasing 16.53 (2.8) 195.4 (17.4) Qatar International Islamic Bank 72.60 (2.4) 43.8 (11.1) Qatar Islamic Insurance Co. 73.10 (2.4) 5.6 (7.5) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Qatar Islamic Bank 112.00 0.8 51,492.8 9.6 Barwa Real Estate Co. 41.85 (1.4) 19,886.1 (0.1) Gulf International Services 57.50 (1.4) 19,676.2 (40.8) Masraf Al Rayan 42.50 (0.1) 16,216.2 (3.8) Qatar Gas Transport Co. 21.00 (1.5) 12,788.8 (9.1) 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 11,277.66 (0.6) (0.6) (2.5) (8.2) 60.92 163,677.0 11.6 1.7 4.5 Dubai 3,542.14 (0.8) (0.8) (3.3) (6.1) 56.14 92,812.2 11.4 1.1 7.3 Abu Dhabi 4,408.98 0.7 0.7 (1.9) (2.6) 45.57 119,739.4 11.8 1.4 5.1 Saudi Arabia 7,428.78 0.6 0.6 (1.2) (10.9) 991.03 445,693.5 15.6 1.7 3.6 Kuwait 5,666.20 (1.6) (1.6) (2.7) (13.3) 36.72 87,744.9 14.5 1.0 4.5 Oman 5,746.30 (0.1) (0.1) (2.1) (9.4) 4.42 23,396.3 10.5 1.3 4.5 Bahrain 1,296.81 (0.2) (0.2) (0.2) (9.1) 0.33 20,283.7 8.2 0.8 5.3 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 11,200 11,250 11,300 11,350 11,400 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QSE Index declined 0.6% to close at 11,277.7. The Consumer Goods & Services and Transportation indices led the losses. The index fell on the back of selling pressure from GCC shareholders despite buying support from Qatari and non-Qatari shareholders.  Doha Insurance Co. and Widam Food Co. were the top losers, falling 3.2% and 2.9%, respectively. Among the top gainers, Al Khalij Commercial Bank gained 4.6%, while Qatar General Insurance & Reinsurance Co. was up 1.8%.  Volume of shares traded on Sunday fell by 14.4% to 4.9mn from 5.7mn on Thursday. Further, as compared to the 30-day moving average of 6.5mn, volume for the day was 24.9% lower. Qatar Gas Transport Co. and Vodafone Qatar were the most active stocks, contributing 12.5% and 10.1% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) News Qatar  QSE suspends trading of QGTS shares on September 7 – The Qatar Stock Exchange (QSE) has suspended trading of Qatar Gas Transport Company’s (QGTS) shares on September 7, 2015 due to the company’s EGM being held during the day. (QSE)  A.M. Best ranks Qatar Re among 50 top reinsurers – Credit rating agency, A.M. Best has ranked Qatar Reinsurance Company (Qatar Re) among the top fifty reinsurers. Qatar Re is a global multi-line reinsurer and a reinsurance subsidiary of Qatar Insurance Company (QATI). Authorized and regulated by the Qatar Financial Centre Regulatory Authority (QFCRA), Qatar Re is backed by full parental guarantee from QATI and had net shareholders’ equity of $287mn as of June 30, 2015. The company is ranked among the top 50 global reinsurers on the basis of unaffiliated gross written premium in 2014. Besides having a strong track record of operational performance and robust underwriting, the company had also wrote non-life reinsurance premiums worth $536mn in 2014. The ranking primarily reflects Qatar Re’s strong capital base and well diversified portfolio, which coupled with global business diversification are serving the global reinsurance markets. (QSE)  Qatar proposes joint-stock food company with Bulgaria – According to a statement issued by the Bulgarian government, Qatar’s Environment Minister Ahmed Amer Mohamed al Humaidi has proposed Sofia and Doha setting up a joint venture involving leading food producers. A Qatari delegation led by Humaidi is on a visit to Sofia until September 8, 2015. A preliminary agreement was reportedly reached and as per the agreement the joint-stock company will include 15-20 of the best Bulgarian companies producing meat, fruit and vegetables. (Qatar Tribune)  New Ericsson technology for CRA initiative – Ericsson has been selected by Qatar’s Communications Regulatory Authority (CRA) to provide the required solution and services to support the implementation and management of the new telecommunication ducts infrastructure in the country in line with an agreement that was signed recently. The main scope of the partnership is to implement Ericsson Network Engineer Solution and to provide the related services to the CRA. Established as the independent regulatory body in 2014, CRA regulates the communications sector, postal services, and access to digital media. (Gulf- Times.com)  Msheireb Properties launches QA Msheireb in Downtown Doha – Msheireb Properties launched its first building in the QR20bn Msheireb Downtown Doha (MDD), the world’s first sustainable downtown project designed to regenerate and preserve the historical heart of Doha. The opening of Qatar Academy Msheireb (QA Msheireb) marks a significant milestone in the development of MDD, and reflects Msheireb Properties’ objective of creating an environment that caters to the needs of all its residents. Both Msheireb Properties and Qatar Academy are establishments functioning under Qatar Foundation for Education, Science & Community Development (QF). (Gulf-Times.com)  ORDS offers cash back on money transfers – Ooredoo (ORDS) said that its Mobile Money service will give QR10 cash back on all international transfers to a host of African countries including Ghana, Uganda, Nigeria, Cameroon and Kenya. ORDS said that the QR1 MoneyGram Money Transfer Fee promotion will be continued for rest of the African, Arab, South Asian countries and the Philippines until September 30, 2015. With the offer, all customers transferring money to Ghana, Uganda, Nigeria, Cameroon and Kenya will receive QR10 instantly into their mobile wallet after completion of the successful transfer. (Peninsula Qatar) International  Trade association: Germany to achieve export record despite China worries – German trade association said the Europe's largest economy will set another export record in 2015 despite recent worries of an economic slowdown in China. China is Germany’s fourth biggest export market, accounting for 6.6% of its exports. Anton Boerner, Head of the BGA trade association said that German exports to China might grow at a slower pace, but would not decline. Boerner expects German companies to trump 2014’s record trade performance. Germany exported €1.13tn worth of goods and services in 2014, indicating a 3.7% increase over 2013, despite sluggish global growth and the sanctions imposed on Russia over the Ukraine crisis. However, weaker demand from abroad was reflected in a sharper-than-expected drop in industrial orders in July. Fresh data for July industrial output is due to come on Monday. (Reuters)  Italy urges banks to grow, strengthen capital – Italy’s Economy Minister, Pier Carlo Padoan urged the country’s banks to grow and strengthen their capital, hoping to see the sort of mergers that a government reform of the sector has so far failed to produce. In a bid to counter the fragmented nature of Italy’s banking system, where most banks are small and local, the government passed a law in March to make it easier for large cooperative lenders to be taken over. As a result, banks have begun discussing defensive mergers but fears of losing local influence and top jobs have so far hindered progress. Padoan said banks should see as “opportunities and not problems” the need for capital-raising and consolidation brought about by deeper global financial integration and the European Central Bank’s (ECB) new role as the Eurozone’s banking supervisor. Italian banks have raised around €15bn from shareholders since early 2014 to strengthen their balance sheets, Overall Activity Buy %* Sell %* Net (QR) Qatari 65.01% 62.39% 5,824,387.16 GCC 5.63% 13.23% (16,853,552.10) Non-Qatari 29.36% 24.38% 11,029,164.94
  3. 3. Page 3 of 6 but bankers say new cash calls may be needed due to individual capital requirements the ECB will communicate in the coming weeks. Padoan said Italy was still trying to win the European Union's approval for measures to help banks shed problematic loans, which are nearly a fifth of the total after a three-year recession. (Reuters)  CSRC plans to deepen reforms, says markets more stable – The China Securities Regulatory Commission (CSRC) said it plans to deepen reforms and bolster supervision of the market, including looking into a stock index “circuit breaker” system that would halt trading in response to substantial drops. The stocks regulator said that the country’s markets were more stable and risks associated with high levels of leverage have eased following a period of high volatility. The CSRC added that state margin lender China Securities Finance Corp. would continue to support market stability through various means. Meanwhile, the National Development & Reform Commission (NDRC) said the country’s power usage, train freight and property market have all shown improvement since August, indicating that the economy is stabilizing. The state planner said it expects China’s economy will continue to grow steadily, and meet the government’s annual growth target, as the effects of supportive policies, including local government debt swaps, rate cuts and real estate market stimulus feeds into the economy over the next few months. The National Bureau of Statistics on Monday revised China’s annual economic growth rate in 2014 to 7.3% from the previously released figure of 7.4%. (Reuters)  Presidential Chief of Staff: Brazil needs temporary tax hike – Brazil’s Presidential Chief of Staff, Aloizio Mercadante said the nation needs a temporary tax increase to reduce a budget deficit that threatens the country’s debt rating. Mercadante said a tax hike would help the government avoid the reais 30.5bn deficit penciled in next year’s budget bill. Other measures should include passing bills to reduce earmarked expenditures and simplify sales taxes. President Dilma Rousseff said on Friday the government has been discussing alternative sources of revenue to avoid a budget deficit in 2016. Failure to run a budget surplus could convince ratings agencies to strip Brazil of its investment-grade rating, worsening the political and economic crisis. Brazil is headed to its worst recession in 25 years in 2015, with economic growth expected to return only in 2017. (Reuters) Regional  IATA: Middle East and Africa buck trend of fall in air freight volumes – According to the International Air Transport Association (IATA), the Middle East and Africa bucked a global trend for air freight decline in July 2015. Overall air freight volumes measured in freight ton kilometers (FTK) fell 0.6% in July 2014, in line with weaker global economic growth. However, Middle East carriers experienced the strongest growth with demand expanding by 10.8% and capacity rising 18.3%. (GulfBase.com)  Tadawul deposits new ATMC shares – The Saudi Stock Exchange (Tadawul) has deposited new shares of the Alinma Tokio Marine Company (ATMC) into the shareholders’ portfolios on September 6, 2015, based on their allocation. (Tadawul)  Ma’aden’s MPC resumes operations at ammonia plant in Ras Al Khair city – Saudi Arabian Mining Company (Ma’aden) has announced that its subsidiary Ma’aden Phosphate Company (MPC) has completed technical repairs of the heat exchanger and successfully resumed operations at the ammonia plant located in the Ma’aden complex at Ras Al Khair city as of September 4, 2015. The shutdown had no impact on production at the DAP plant due to the availability of sufficient inventory of ammonia. Consequently, this shutdown has neither affected the company’s ability to meet its obligations toward its customers nor resulted in significant financial impact. MPC is a limited liability company co- owned by Ma’aden (70%) and Saudi Basic Industries Corporation (SABIC) (30%). (Tadawul)  Tadawul announces Go-Live date for X-Stream INET trading platform – The Saudi Stock Exchange (Tadawul) has announced that September 13, 2015 will be the ‘Go-Live’ date for the new X- Stream INET trading platform by NASDAQ. The new platform is NASDAQ’s latest in trading solutions and is the fastest recorded trading engine in the world. The new platform will handle the trading of Equities, Sukuk and Bonds and ETFs. (Tadawul)  NCB: Saudi credit growth slows on lower deposits – The National Commercial Bank (NCB), in its “Saudi Economic Review” for August 2015, has said that consolidated balance sheet of Saudi banks for June 2015 showed that the total bank credit to private and public sectors (excluding T-bills and government bonds) reached SR1.32bn, rising by an annualized 8.9%. This rate of growth marks the largest deceleration since September 2011, and is due to a single-digit growth in private sector credit, which accounts for 96.9% of the total bank credit. Bank credit extended to the private sector rose by 9.8% YoY in June 2015, standing at SR1.28tn whereas public sector credit contracted by 9.2% in the same period. The Kingdom is expected to pass a short-term moderation phase owing to the fiscal challenges stemming from lower oil returns. Internal dynamics related to household spending as indicated by the value of retail loans (excluding finance leasing and margin lending), credit card loans, and real estate loans register moderation to 8.1% YoY in 1H2015 as compared to 10.9% YoY in 1H2014. Retail loans, which include loans for renovation and home improvement, vehicles and transport means, extended by Saudi banks in 2015 totaled SR627.8bn by 2Q2015- end, up by 4.7% YoY. Bank credit classified by economic activity showed that 20.5% of credit in 1H2015 was commerce-related, while 12.5% was related to manufacturing and processing, and 7.2% went into building and construction. Banks loan portfolios continue to move in response to the expansion in their depositary base, which has been in deceleration since the beginning of 2015, falling to lower double-digit growth. The annual growth in deposits recorded a 10.1% YoY upturn in June, below 2014 average of 13.7%. Growth in deposits is largely influenced by growth in demand deposits, which account for 65.8% of deposits in Saudi banks, standing at SR1.1tn. The second largest deposit type is time and savings, which constitute 22.7% of deposits at SR373bn. (GulfBase.com)  Al Watan: Saudis may follow UAE and cut fuel subsidies – Local Arabic daily ‘Al Watan’ has reported that Saudi Arabia was looking more closely at cutting gasoline subsidies, a move it has been studying for years, after the UAE did so in August 2015, with both states trying to save money in an era of cheaper oil prices. Saudi domestic gasoline prices are some of the lowest in the world. Allowing them to rise would be one of the biggest economic reforms in the country for years and a highly politically sensitive one as many Saudis rely on cheap fuel. The UAE let gasoline prices rise 24% in August 2015. (Reuters)  Temasek joins Savola in bid for Americana – According to sources, Singapore-based Temasek Holdings has teamed up with Saudi- based Savola Group to bid for Kuwait Food Company (Americana) in a deal that could be valued at $4-5bn. Reportedly, talks among the three companies are on and a deal could be reached before 2015-end. JPMorgan Chase & Company is advising Savola on the transaction. Americana is the franchise operator of restaurants such as KFC, TGI Friday’s Inc. and Pizza Hut in the Middle East and North Africa region. It posted a net income of $183mn for the fiscal year ending 2013 on sales of $3.2bn. The Al-Kharafi family, which has interests in the construction, telecommunications and financial sectors, owns 66.8% of Americana. (Bloomberg)
  4. 4. Page 4 of 6  Finance Minister: Saudi Arabia is trimming expenses, slowing some projects – Saudi Arabian Finance Minister Ibrahim Alassaf has said that the government is cutting unnecessary expenses and delaying some projects to compensate for low oil prices, though projects that are important for the economy would go ahead. He said Saudi Arabia is well-prepared to cope with the plunging crude prices since 2014 and that the Saudi policymakers are taking it seriously. The International Monetary Fund (IMF) and private analysts have estimated that Saudi Arabia may run a huge budget deficit of $120bn or more in 2015 because of cheap oil. Its financial reserves, which total over $600bn, mean it is in no danger of running out of money for several years. (Bloomberg)  KSA to allow full foreign ownership in businesses – The Saudi Arabian General Investment Authority (SAGIA) has announced that Saudi Arabia will ease restrictions on foreign investors to let them own 100% of retail and wholesale businesses. The reform is Kingdom’s new drive to attract investment and diversify its economy, and is subject to conditions, which would be revealed at a later stage. The increase in maximum foreign ownership from the present level of up to 75% for retail and wholesale businesses comes after tumbling oil prices have slashed Saudi government revenues. The official added that there might also be new opportunities for foreign banks to enter the Kingdom, as most banks already operating there were nearing maximum credit limits imposed by the central bank. (Reuters)  Saudi Aramco cuts October crude pricing to US as demand falls – State-owned Saudi Arabian Oil Company (Saudi Aramco) has cut its pricing for all October oil sales to the US, widening the discount on its medium grade for the first time in eight months, with refining demand plunging after the end of the summer driving season. The company cut its official selling price for October Arab Medium sales to US buyers by 50 cents a barrel, to 55 cents less than the regional benchmark. Light crude would sell at a premium of 95 cents a barrel to the regional benchmark, 60 cents below the differential in September. Crude demand at US plants fell below 2014 levels last week for the first time since March. Oil inventories rose the most in four months as wells are still producing near the highest level in 40 years. Saudi Aramco also cut all pricing to Northwest Europe and reduced the premium on its main Light grade to Asia by 30 cents a barrel. (Gulf-Times.com)  Deyaar opens online registrations for Afnan District in Midtown – Deyaar Development has opened the online registration for the recently launched Afnan District in Midtown. The Afnan District is the first part of the grand 1.2mn square feet (sq ft) mega Midtown development to come on stream. Within the Midtown project, Afnan includes seven residential developments ranging from G+6 to G+16 buildings comprising a total of 659 apartment units in varying sizes. The property offers studio, one, two and three bedroom apartments, and would be showcased at a launch event on September 12-13, 2015 at its sales center, during which time Deyaar will offer flexible payment plans and prices starting from AED397,000. (DFM)  DIB Pakistan plans listing on KSE by 1Q2016 – Dubai Islamic Bank Pakistan Limited (DIB Pakistan) is planning to list its shares on the Karachi Stock Exchange (KSE) by 1Q2016 as the Pakistan economy is expected to sustain a positive growth trend in coming years. The KSE is among best performing frontier markets in the world and recorded 8.6% increase in its benchmark KSE-100 index in 2015 with market capitalization swelled to Pakistani Rupee 7.5tn. DIB Pakistan is a wholly-owned subsidiary of Dubai Islamic Bank. (GulfBase.com)  DIFC reports impressive growth in 1H2015 – Dubai International Financial Centre (DIFC) has recorded impressive growth in 1H2015. The number of active companies registered at DIFC grew 8.3%, while the number of people employed within DIFC jumped around 5% to over 18,500. A total of 1,327 active registered companies now operate within the Centre as compared to 1,225 firms at the end of 2014, and 1,113 in 1H2014, representing an increase of 8.3% and 19.2%, respectively. About 140 new companies licensed during 1H2015. DIFC’s 1H2015 results data is further evidence of its appeal as a global financial hub, with a majority of registered companies originating from the Middle East (53%), followed by Europe (19%), North America (8%) and Asia (6%), with the rest of the world accounting for 14%. (GulfBase.com)  Etisalat Group BoD approves foreign ownership controls – Emirates Telecommunications Group Company’s (Etisalat Group) board of directors (BoD) has approved the controls and procedures governing foreign ownership based on the company’s new articles of association. Trading in Etisalat Group’s shares on the Abu Dhabi Securities Exchange (ADX) by non-UAE individuals (foreign individuals, foreign corporate entities, UAE free zone entities and UAE incorporated entities) will start on September 15, 2015. Etisalat Group added that foreign ownership as defined by its articles of association will be limited to 20% of the share capital. (ADX)  NBK: Kuwait’s non-oil economy slows in 2014 – According to a report released by the National Bank of Kuwait (NBK), growth in Kuwait’s non-oil economy slowed to 2.1% in real terms in 2014. The Central Statistical Bureau (CSB) reported that real growth in overall GDP declined by 1.6%, pulled down by the oil sector. Growth in domestic demand also slowed during the year, though to a still very decent 4.4%. As per the report, there was a notable slowdown in investment expenditures, though this is likely to be temporary. Private consumption growth also slowed for a second consecutive year, as the sector has been moderating. According to NBK, the oil output has been declining gradually since 2012, after seeing a large hike in 2011. Meanwhile, a larger 16% decline was recorded in refining activity during 2014. While 2014 saw oil prices plunge, this is not reflected in the real GDP figures, which are computed at constant 2010 prices. Oil GDP in nominal terms was down by 10.6% during 2014, most of it a result of the decline in oil prices. (GulfBase.com)  NGC signs distributorship agreement with Gulf Petrochem – National Gas Company (NGC), through its UAE-based wholly- owned subsidiary, has signed an exclusive distributorship agreement with Gulf Petrochem to distribute their full range of Industrial lubricants in Oman and the UAE. Gulf Petrochem is a Sharjah-based manufacturer of lube and grease with business interests in the UAE, Oman, India and Western African region. The company also has substantial presence in terminalling and bunkering operations in the UAE. NGC aims to establish itself as a preferred supplier of full range of quality industrial lubricants in Oman and the UAE with able support of Gulf Petrochem. (MSM)  Omantel appoints CFO – Oman Telecommunications Company (Omantel) has appointed Mr. Martial Caratti as its Chief Financial Officer (CFO) in Oman. Mr. Martial Caratti brings around 30 years of experience, most of which as CFO for international telecom groups. (MSM)  TIPCO to execute $214mn Liwa City infrastructure in Oman – Towell Infrastructure Projects Company (TIPCO) has been awarded a contract worth around $214mn to build the infrastructure for the new Liwa City project being established by the Omani government in North Al Batinah Governorate. The contract represents Phase II of an ambitious initiative to build an integrated urban development designed to provide alternative housing to residents displaced or impacted by the establishment of Sohar Port and Freezone. The Ministry of Housing is investing
  5. 5. Page 5 of 6 around $1.3bn in the establishment of the landmark project. When fully completed by early 2018, Liwa City is expected to be home to around 30,000 people. (Zawya)  NCSI: Real estate trade in Oman reaches OMR2.5bn in July 2015 – According to the National Centre for Statistics and Information (NCSI), total traded value of real estate activity in Oman reached OMR2.5bn by July 2015-end with a 47.7% hike as compared to the value recorded in 2014. The fees collected from all the legal transactions reached OMR30.6mn, reflecting an increase of 20%. The traded value of selling contracts also increased 12.1% to record OMR782.7mn. The number of selling contracts decreased 3.4% to 47,287 as compared to 48,964 in the same period of 2014. The traded value of mortgage contracts increased 72.6% totaling OMR1.7bn as compared to OMR986.4mn during 2014. The number of exchange contracts also recorded an increase of 7.7% to reach 781 by July 2015- end as compared to 725 during 2014. Statistics also revealed that 141,814 title deeds were issued by July 2015- end, registering an increase of 6.9% as compared to 2014, when 132,620 title deeds were registered. (GulfBase.com)  Major dairy project in Oman to come on stream before mid-2016 – Oman is about to witness a joint venture (JV) to produce long-shelf life milk, yogurt and fresh juice. The 100,000-litre per day dairy project will commence production sometime before mid-2016 to meet growing local demand. The JV is investing OMR4mn, which will be met by way of equity capital brought in by the promoters and term loans from financial institutions. The JV firm, which will sell its products under an Omani brand name, is setting up a fully- automated project in Sumail, almost 50 kilometers from Muscat. Sumail Industrial Estate has allotted 23,000 square meters of land and orders have been placed for machinery from Turkey and the plant design is ready. The project will be funded through 40% equity, and the remaining 60% will be term lending from financial institutions. (GulfBase.com)  GFH BoD approves voluntary delisting from KSE – GFH Financial Group’s board of directors (BoD) has decided to voluntarily delist from the Kuwait Stock Exchange (KSE). The decision followed the mandate granted by the GFH’s shareholders at the extraordinary general meeting (EGM) on April 12, 2015. This delisting will enable GFH to focus on Dubai Financial Market as the main secondary market holding more than 85% of GFH’s traded share as well to protect the group from falling into any violation of directives and regulations of Kuwait’s Capital Market Authority (CMA), which may contradict with regulation of other market authorities, including GFH’s home market, Bahrain. This move will reduce the cost incurred by GFH related to fees and other expenses associated with a continued listing on the KSE. The delisting will also allow higher market capitalization for the group by eliminating arbitrage opportunities between Kuwait and Dubai markets and be present in markets with higher liquidity levels. (Bahrain Bourse)  BBK signs deal with Naseej to finance home buyers – BBK has confirmed the news regarding its MoU with Naseej to provide housing loans for villas offered within the latter’s Yasmeenat Saar project. As per the MoU, BBK will offer financing plans with special rates to prospective home buyers wishing to purchase their homes within the project. With an area of 17,000 square meters and valued at BHD6mn, Yasmeenat Saar comprises 27 villas located opposite Saar Mall and strategically situated among several retail, commercial and services amenities within the area. Moreover, BBK said it has partnered with Naseej’s previous project ‘Jumana’ in Al Madina Al Shamaliya and providing financing solutions for home buyers. The agreements are part of BBK’s ongoing business activities to provide financing solutions. (Bahrain Bourse, GulfBase.com)
  6. 6. Contacts Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC Head of Research Head of HNI Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025 saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment 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. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in part without permission from QNBFS 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 Source: Bloomberg (*$ adjusted returns) 80.0 100.0 120.0 140.0 160.0 180.0 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 QSE Index S&P Pan Arab S&P GCC 0.6% (0.6%) (1.6%) (0.2%) (0.1%) 0.7% (0.8%) (2.0%) (1.5%) (1.0%) (0.5%) 0.0% 0.5% 1.0% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,123.45 (0.2) (0.9) (5.2) MSCI World Index 1,595.71 (1.7) (3.8) (6.7) Silver/Ounce 14.58 (1.0) (0.2) (7.2) DJ Industrial 16,102.38 (1.7) (3.2) (9.7) Crude Oil (Brent)/Barrel (FM Future) 49.61 (2.1) (0.9) (13.5) S&P 500 1,921.22 (1.5) (3.4) (6.7) Crude Oil (WTI)/Barrel (FM Future) 46.05 (1.5) 1.8 (13.6) NASDAQ 100 4,683.92 (1.0) (3.0) (1.1) Natural Gas (Henry Hub)/MMBtu 2.67 (0.1) 0.5 (10.9) STOXX 600 353.11 (2.3) (3.1) (5.1) LPG Propane (Arab Gulf)/Ton 43.25 (2.8) 6.1 (11.7) DAX 10,038.04 (2.5) (2.9) (6.2) LPG Butane (Arab Gulf)/Ton 56.00 (3.4) 9.8 (14.5) FTSE 100 6,042.92 (2.8) (4.5) (10.2) Euro 1.11 0.2 (0.3) (7.8) CAC 40 4,523.08 (2.6) (3.6) (2.5) Yen 118.99 (0.9) (2.2) (0.7) Nikkei 17,792.16 (1.2) (5.1) 2.4 GBP 1.52 (0.6) (1.4) (2.6) MSCI EM 788.59 (1.6) (3.9) (17.5) CHF 1.03 0.2 (0.9) 2.3 SHANGHAI SE Composite 3,160.17 0.0 (1.8) (4.6) AUD 0.69 (1.6) (3.7) (15.5) HANG SENG 20,840.61 (0.4) (3.6) (11.7) USD Index 96.23 (0.2) 0.1 6.6 BSE SENSEX 25,201.90 (3.1) (5.3) (13.2) RUB 68.50 3.1 5.0 12.8 Bovespa 46,497.72 (3.2) (7.9) (35.8) BRL 0.26 (2.7) (6.8) (31.0) RTS 793.65 (1.4) (4.4) 0.4 135.0 114.7 110.5