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QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.1% to close at 9,961.0. Losses were led by the Banks &
Financial Services and Insurance indices, falling 1.4% and 0.7%, respectively. Top
losers were Commercial Bank and Al Khalij Commercial Bank, falling 4.0% and 2.2%,
respectively. Among the top gainers, Islamic Holding Group and Ooredoo were up
3.6% each.
GCC Commentary
Saudi Arabia: The TASI Index rose 2.3% to close at 6,528.1. Gains were led by the
Media & Publishing and Transport indices, rising 9.8% and 4.1%, respectively.
Saudi Res. & Mark. and United Int. Transp. were up 9.9% and 9.8, respectively.
Dubai: The DFM Index declined 0.1% to close at 3,274.1. The Telecommunication
and Real Estate & Construction indices declined 0.8% each. Int. Financial Advisors
fell 5.9%, while Hits Telecom Holding was down 3.8%.
Abu Dhabi: The ADX benchmark index fell 0.9% to close at 4,282.5. The Investment
& Financial Services index declined 2.5%, while the Telecom. index fell 2.4%. Ras
Al Khaimah Ceramics declined 8.7%, while Abu Dhabi Nat. Energy was down 5.0%.
Kuwait: The KSE Index rose 0.5% to close at 5,480.4. The Banks index gained 1.5%,
while the Oil & Gas index rose 1.0%. GFH Financial Group gained 8.5%, while
Agility Public Warehousing Co. was up 8.0%.
Oman: The MSM Index rose 0.2% to close at 5,417.7 Gains were led by the Financial
and Industrial indices, rising 0.5% and 0.1%, respectively. Al Madina Investment
rose 3.9%, while Al Anwar Ceramic Tiles 2.8%.
Bahrain: The BHB Index gained 1.3% to close at 1,160.9. The Industrial index rose
3.8%, while the Investment index gained 1.7%. Ithmaar Bank rose 9.5%, while GFH
Financial Group was up 9.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 57.20 3.6 177.3 (27.3)
Ooredoo 95.00 3.6 260.3 26.7
Qatari Investors Group 57.20 2.7 2,039.3 51.7
Qatar Islamic Insurance Co. 49.90 2.1 60.3 (30.7)
Ezdan Holding Group 15.80 1.9 944.6 (0.6)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 57.20 2.7 2,039.3 51.7
Vodafone Qatar 10.30 (0.7) 1,052.7 (18.9)
Ezdan Holding Group 15.80 1.9 944.6 (0.6)
Commercial Bank 33.40 (4.0) 503.9 (27.2)
Medicare Group 62.80 0.5 503.0 (47.4)
Market Indicators 10 Nov 16 09 Nov 16 %Chg.
Value Traded (QR mn) 361.3 418.2 (13.6)
Exch. Market Cap. (QR mn) 535,804.6 537,587.7 (0.3)
Volume (mn) 8.7 11.2 (22.8)
Number of Transactions 3,820 4,237 (9.8)
Companies Traded 41 42 (2.4)
Market Breadth 20:18 18:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,116.15 (0.1) 0.0 (0.6) 14.4
All Share Index 2,745.30 (0.2) (0.0) (1.1) 13.5
Banks 2,765.52 (1.4) (1.9) (1.4) 11.9
Industrials 3,053.07 0.3 3.2 (4.2) 16.9
Transportation 2,407.63 0.4 0.1 (1.0) 12.3
Real Estate 2,251.28 1.1 (0.1) (3.5) 18.4
Insurance 4,408.89 (0.7) (1.5) 9.3 11.4
Telecoms 1,158.95 2.8 2.6 17.5 21.0
Consumer 5,702.98 0.2 1.5 (5.0) 11.3
Al Rayan Islamic Index 3,686.12 0.2 2.0 (4.4) 16.0
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Res. & Mark. Saudi Arabia 22.95 9.9 2,000.4 (60.3)
United Int. Transp. Saudi Arabia 28.30 9.8 767.8 (21.5)
Saudi Prin. & Pack. Co. Saudi Arabia 14.13 9.8 4,489.8 (46.3)
Ithmaar Bank Bahrain 0.12 9.5 3,363.0 (23.3)
Agility Kuwait 0.54 8.0 7,041.1 12.5
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Energy Abu Dhabi 0.57 (5.0) 287.5 21.3
Commercial Bank Qatar 33.40 (4.0) 503.9 (27.2)
Emirates Telecom Group Abu Dhabi 18.00 (2.4) 2,835.3 11.8
Al Khalij Com. Bank Qatar 17.50 (2.2) 14.5 (2.6)
Abu Dhabi Com. Bank Abu Dhabi 5.82 (2.2) 1,333.2 (11.7)
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%
Commercial Bank 33.40 (4.0) 503.9 (27.2)
Al Khalij Commercial Bank 17.50 (2.2) 14.5 (2.6)
QNB Group 153.00 (1.9) 158.2 4.9
Qatar First Bank 9.36 (1.5) 451.8 (37.6)
Doha Bank 35.20 (1.4) 155.1 (20.9)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatari Investors Group 57.20 2.7 115,875.2 51.7
Medicare Group 62.80 0.5 31,621.1 (47.4)
Industries Qatar 103.00 0.0 26,596.6 (7.3)
Ooredoo 95.00 3.6 24,603.4 26.7
QNB Group 153.00 (1.9) 24,499.7 4.9
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* 9,960.95 (0.1) 0.0 (2.1) (4.5) 99.23 147,185.5 14.4 1.5 4.1
Dubai 3,274.06 (0.1) (0.7) (1.8) 3.9 365.18 86,316.7 11.8 1.2 4.2
Abu Dhabi 4,282.46 (0.9) 0.0 (0.4) (0.6) 141.72 113,379.4 11.0 1.4 5.7
Saudi Arabia 6,528.05 2.3 7.7 8.6 (5.6) 1,736.63 406,175.4 15.5 1.5 3.6
Kuwait 5,480.42 0.5 1.3 1.5 (2.4) 69.06 82,436.0 19.0 1.0 4.3
Oman 5,417.67 0.2 (0.8) (1.2) 0.2 4.89 22,150.2 10.2 1.0 5.3
Bahrain 1,160.94 1.3 1.4 1.1 (4.5) 7.69 18,072.4 9.5 0.4 4.8
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)
9,950
10,000
10,050
10,100
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Page 2 of 5
Qatar Market Commentary
 The QSE Index declined 0.1% to close at 9,961.0. The Banks & Financial
Services and Insurance indices led the losses. The index fell on the back
of selling pressure from Qatari shareholders despite buying support from
GCC & non-Qatari shareholders.
 Commercial Bank and Al Khalij Commercial Bank were the top losers,
falling 4.0% and 2.2%, respectively. Among the top gainers, Islamic
Holding Group and Ooredoo were up 3.6% each.
 Volume of shares traded on Thursday fell by 22.8% to 8.7mn from
11.2mn on Wednesday. However, as compared to the 30-day moving
average of 6.2mn, volume for the day was 39.3% higher. Qatari
Investors Group and Vodafone Qatar were the most active stocks,
contributing 23.5% and 12.1% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Global Economic Data
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2016
% Change
YoY
Operating Profit
(mn) 3Q2016
% Change
YoY
Net Profit
(mn) 3Q2016
% Change
YoY
Dubai Refreshments Co. Dubai AED 263.4 -3.5% 36.1 -12.3% 35.2 -15.8%
Alliance Insurance Dubai AED – – – – 12.0 20.6%
Gulf Navigation Holding Dubai AED 34.8 0.8% 7.3 20.5% 116.8 1973.4%
Abu Dhabi National Insurance Co. Abu Dhabi AED – – – – 36.1 N/A
Oman & Emirates Inv. Holding Co.* Abu Dhabi OMR – – – – 2.6 N/A
Gulf Cement Co. Dubai AED 124.0 -29.4% – – 13.2 -17.7%
Oman Hotels and Tourism* Oman OMR 2.7 -7.9% 0.3 -35.2% 5.3 214.4%
Galfar Engineering & Con. Oman OMR 257.5 1.1% 8.4 46.2% 0.2 N/A
Oman and Emirates Inv. Holding* Oman OMR – – – – 2.6 N/A
Bahrain Ship Rep. & Engineering Co. Bahrain BHD 1.5 -1.6% – – 0.5 -0.3%
United Gulf Bank* Bahrain USD – – – – 5.9 -1.7%
Banader Hotels Co.* Bahrain BHD – – – – -1.1 N/A
Khaleeji Commercial Bank* Bahrain BHD – – – – 4.6 -24.0%
Source: Company data, DFM, ADX, MSM (* 9M2016 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
11/10 US Department of Labor Initial Jobless Claims November 5 254k 260k 265k
11/10 US Department of Labor Continuing Claims October 29 2,023k 2,023k 2,026k
11/10 Germany Federal Statistical Office CPI MoM October F 0.2% 0.2% 0.2%
11/10 Germany Federal Statistical Office CPI YoY October F 0.8% 0.8% 0.8%
11/10 Japan Bank of Japan PPI MoM October -0.1% 0.0% 0.0%
11/10 Japan Bank of Japan PPI YoY October -2.7% -2.6% -3.2%
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 Individuals 20.76% 22.70% (7,003,230.25)
Qatari Institutions 13.38% 47.82% (124,418,758.73)
Qatari 34.14% 70.52% (131,421,988.98)
GCC Individuals 1.04% 0.17% 3,163,100.36
GCC Institutions 6.66% 2.24% 15,991,729.12
GCC 7.70% 2.41% 19,154,829.48
Non-Qatari Individuals 6.58% 4.40% 7,893,047.98
Non-Qatari Institutions 51.56% 22.68% 104,374,111.52
Non-Qatari 58.14% 27.08% 112,267,159.50
Page 3 of 5
News
Qatar
 QP affiliate Ocean LNG signs long term sales deal with Brazil-
based CELSE – Qatar Petroleum (QP) President and CEO Saad
Sherida al-Kaabi hosted a signing ceremony for a long-term
LNG sale and purchase agreement (SPA) between QP’s affiliate,
Ocean LNG Limited, and Brazil-based CELSE-Centrais Elétricas
de Sergipe SA (CELSE), a joint venture between GG Power and
Ebrasil. Under the terms of the agreement, Ocean LNG, which
was established for marketing QP’s future international LNG
supply portfolio sourced outside of Qatar, will supply 1.3mn
tons per annum of LNG to CELSE, on an ex-ship basis. The
shipments, which will begin in 2020, will be for use at CELSE’s
Porto de Sergipe power project near Aracaju in the Brazilian
state of Sergipe. (Gulf-Times.com)
 QNB Group: Qatar crude production drops to 643,000 bpd in
August – QNB Group said in its Monthly Monitor, Qatar’s crude
oil production declined to 643,000 bpd in August compared with
677,000 bpd in July. Brent crude oil prices fell by 1.5% in
October to $48.3 per barrel. The report said, “OPEC’s inability to
agree on production limits has put a damper on oil markets,
with investors wary of its upcoming meeting at the end of
November.” International reserves dipped to $36bn from
$36.5bn the previous month. Qatar has maintained an average
of $36.5bn in reserves in 2016 so far, the monitor said. In terms
of months of import cover, Qatar’s reserves cover 7.1, well over
the minimum of three months for a fixed-exchange rate
recommended by the International Monetary Fund. (Gulf-
Times.com)
 Entrepreneurs urged to invest in mobile phones sales sector –
The Ministry of Economy and Commerce (MEC) said, many
areas in Qatar provide a good investment opportunity for
selling mobile phones. MEC compared the number of active
commercial licenses (in relation to mobile devices sector) with
the country’s population and encouraged investors and
entrepreneurs to invest in the mobile phones sales sector. Data
released by the MEC showed that as of this month the total
number of commercial licenses within mobile devices sales
sector reached 957 in different areas across the country, mostly
in Doha. (Gulf-Times.com)
 Qatar, UAE are world’s most tax-friendly jurisdictions – As
businesses in Qatar prepare for the introduction of value-added
tax (VAT) from January 2018, the country has retained its
leading position as one of the world’s most tax-friendly
jurisdictions, topping the rankings in the ‘2017 World Bank
Doing Business’ report together with the UAE. While many
aspects of the country’s performance remain in the bottom half
of the 190 countries surveyed (it stands in 83rd place for overall
ease of doing business), the country does show a significantly
improved performance for ease of starting a business, up 21
places on last year. (Gulf-Times.com)
 Qatar’s population at 2.61mn – Qatar’s population has reached
2,611,522 on October 31, 2016 with an increase of over 188,000
from January 2016. According to the monthly report posted by
the Ministry of Development Planning and Statistics on its
website, the population recorded on January 31 was 2,423,175.
The latest data comprises 1,973,656 males and 637,866 females
including Qataris and non-Qataris within Qatar. Those who
were outside Qatar on October 31, 2016 are not included in the
figure. In one month the population increased by 58,129 from
2,553,393 recorded by September-end. (Peninsula Qatar)
 Labor ministry working with government, private entities to
nationalize jobs – HE the Minister of Administrative
Development, Labor & Social Affairs Dr Issa Saad al-Jafali al-
Nuaimi said that the Ministry of Administrative Development,
Labor & Social Affairs is working with the government and
private entities to nationalize jobs and create job opportunities
for citizens. The Minister said the executive regulations of the
new human resources law will specify the measures included in
the law to empower Qataris and specify their rights and
obligations, noting that the statute will be issued before the
year end. (Gulf-Times.com)
International
 EU: US trade talks in deep freeze after Trump win – The
European Union (EU) said Donald Trump's election to the White
House has consigned EU/US trade talks to the deep freeze and
they are unlikely to resume for some time. A pause in
negotiations towards the Transatlantic Trade and Investment
Partnership (TTIP) was always expected with the end of Barack
Obama's presidency, but Trump's win brings in a leader hostile
to international trade pacts. Trump has said he will withdraw
from the un-finalized 12-nation Trans-Pacific Partnership (TPP)
and renegotiate the North American Free Trade Agreement.
(Reuters)
 UK construction output weakest in four years in third quarter
after Brexit vote – The Office for National Statistics (ONS) said
Britain's construction industry had its weakest performance in
four years in the first three months after June's vote to leave
the European Union. The ONS said construction volumes fell by
1.1% in 3Q2016 as large falls in repairs were only partly offset
by small rises in infrastructure and public building work.
However, the fall was less severe than an estimated decline of
1.4% which was included in a preliminary reading of overall
British GDP for the quarter announced last month. British
finance minister Philip Hammond is expected to announce an
increase in public spending on infrastructure projects on
November 23 when he is due to give the country's first budget
statement since the Brexit vote. (Reuters)
 Ministry: German economy likely grew in third-quarter despite
Brexit; Trump adds to uncertainty – The Economy Ministry said
the German economy likely expanded moderately in the third
quarter despite the sense of uncertainty created by Britain's
vote to leave the European Union - a sense now added to by
Donald Trump's victory in the US presidential election.
Industrial output steadied in the three months to September,
the labor market remains robust and private consumption
continues to support growth in Europe's largest economy,
which should help to cushion against external shocks. Brexit
and the unexpected victory of protectionist Trump have jolted
politicians, business leaders and markets in Germany and
elsewhere around the world. (Reuters)
 China Oct new Yuan loans 651.3bn Yuan, below forecasts –
Chinese banks extended 651.3bn Yuan ($95.56bn) in new Yuan
loans in October, below analysts' expectations and down
sharply from 1.22tn Yuan in September. The central bank said
Page 4 of 5
broad M2 money supply (M2) grew 11.6% YoY, slightly above
forecasts. Outstanding Yuan loans grew by 13.1% by month-
end on an annual basis. Analysts polled by Reuters had
expected new lending of 700bn Yuan in October, and forecast
11.4% rise in money supply and a 13% rise in outstanding
loans. (Reuters)
 India's industrial output rises 0.7% YoY in September –
Government data showed India's industrial output rose 0.7%
YoY in September, mainly driven by electricity and
manufacturing sectors. Economists surveyed by Reuters had
forecast a 0.5% increase in output compared with a provisional
0.7% YoY contraction in August. (Reuters)
Regional
 $24bn hotel projects under construction in KSA, UAE – GCC
hospitality industry remains firm on its growth trajectory with
projects worth $23.5bn under construction in the key markets
of Saudi Arabia and the UAE. The ongoing projects in the region
have a combined estimated value of $104.4bn, of which 15 are
either in the UAE or Saudi Arabia with a total value of $23.5bn.
The market is expected to grow at 7.6% CAGR from an
estimated $25.4bn in 2015 to $36.7bn in 2020. (Bloomberg)
 KSA Finance Minister very optimistic on 2016 budget gap –
Saudi Arabia’s Finance Minister Mohammed al-Jadaan said that
he was optimistic about efforts to cut the government's budget
deficit. Jadaan also added that the government intended to
make all delayed payments to the private sector as soon as
possible. (Bloomberg)
 Saudi Arabia sets aside $26.7bn to settle delayed private sector
payments – Saudi Arabia's government has set aside $26.7bn to
pay debts that it owes to private sector companies after
payment delays that have lasted for months. To help curb a
huge budget deficit caused by low oil prices, the government of
the world's largest oil exporter has slashed spending and
reduced or suspended payments that it owes to construction
firms, medical establishments and even some of the foreign
consultants who helped to design its economic reforms.
(Bloomberg)
 King Abdullah Port bulk cargo terminal operational early 2017 –
King Abdullah Port’s management expects to finalize the first
phase of bulk cargo terminals with a capacity of 3mn tons, in
addition to the RORO (roll-on/roll-off) terminals with a
capacity of 300,000 CEU by the beginning of 2017. Managing
Director of the Ports Development Company & owner and
developer of King Abdullah Port, Eng. Abdullah Hameedadin
said that King Abdullah Port was able to significantly enhance
its capabilities and is currently moving towards important
achievements in terms of the project’s development in general
and the operations taking place, referring to the increase of the
annual throughput in King Abdullah Port, which reached
1.27mn TEU in 2015 and is expected to be surpassed by the end
of 2016 despite the global trade slowdown. (GulfBase.com)
 Room rates down 6.5% in Dubai hotels – Average room rates in
Dubai’s hotels continued to decline, falling 6.5% YoY in
September 2016 to reach $196, and occupancy rates rose by 5.3
percentage points to reach 82%. According to the latest report
by HotStats, a data provider, hotels in Dubai managed to turn
fortunes and record profit growth in 3Q2016 as they reduced
costs. Hotels also reduced rates to drive demand, and cut costs
to grow profit in 3Q2016. In 3Q2016, profit per room rose by
7.8% to $62. This is in comparison to a 13% YoY decline in profit
per room in 1H2016 due to lower occupancy and lower average
room rates. (Bloomberg)
 CEO: Zain Group expects to finalize KSA tower sale in 1H2017 –
Kuwait's Zain Group Chief Executive, Scott Gegenheimer said
that Zain expects to sell its mobile transmitter towers in Saudi
Arabia for more than $500mn in 1H2017. Zain, which operates
in eight countries in the Middle East and Africa, has been
exploring the sale of its towers in some of its markets since as
early as January 2015. (Bloomberg)
 Muriya inks financing deal with Bank Muscat – Muriya, Oman’s
leading ITC developer, signed an agreement with Bank Muscat,
the flagship financial services provider in the Sultanate, to
provide prospective homeowners and investors with its home
financing solutions when purchasing property at Jebel Sifah’s
newly launched Golf Lake residences. Under the agreement,
Omanis and expatriates interested in the premium real estate
development will be able to avail themselves of the bank’s
home financing products and acquire tailored mortgage terms
from any of its branches in the Sultanate. (GulfBase.com)
 S&P GR revises Oman outlook to negative; affirms 'BBB-/A-3' –
S&P Global Ratings (GR) revised its outlook on the Sultanate of
Oman to negative from stable. At the same time, S&P affirmed
the 'BBB-/A-3' long- and short-term foreign and local currency
sovereign credit ratings on the sovereign. The outlook revision
reflects that Oman's fiscal consolidation could take longer than
expected. (Bloomberg)
Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. WLL One Person Company
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“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 5 of 5
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
Oct-12 Oct-13 Oct-14 Oct-15 Oct-16
QSEI ndex S& PPanA rab S& PGCC
2.3%
(0.1%)
0.5%
1.3%
0.2%
(0.9%)
(0.1%)
(1.3%)
0.0%
1.3%
2.6%
3.9%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,227.85 (2.5) (5.9) 15.7 MSCI World Index 1,696.99 (0.3) 2.2 2.1
Silver/Ounce 17.38 (6.6) (5.7) 25.4 DJ Industrial 18,847.66 0.2 5.4 8.2
Crude Oil (Brent)/Barrel (FM Future) 44.75 (2.4) (1.8) 20.0 S&P 500 2,164.45 (0.1) 3.8 5.9
Crude Oil (WTI)/Barrel (FM Future) 43.41 (2.8) (1.5) 17.2 NASDAQ 100 5,237.11 0.5 3.8 4.6
Natural Gas (Henry Hub)/MMBtu 2.03 (2.4) (7.5) (12.3) STOXX 600 337.50 (0.7) 0.3 (7.8)
LPG Propane (Arab Gulf)/Ton 52.00 (1.0) (4.6) 35.5 DAX 10,667.95 0.1 1.6 (1.2)
LPG Butane (Arab Gulf)/Ton 68.63 (0.7) (4.2) 24.5 FTSE 100 6,730.43 (1.0) 1.4 (7.8)
Euro 1.09 (0.3) (2.6) (0.1) CAC 40 4,489.27 (1.2) 0.2 (3.2)
Yen 106.65 (0.2) 3.4 (11.3) Nikkei 17,374.79 0.3 (0.5) 3.3
GBP 1.26 0.3 0.6 (14.5) MSCI EM 849.10 (3.0) (3.5) 6.9
CHF 1.01 (0.1) (1.9) 1.5 SHANGHAI SE Composite 3,196.04 0.9 1.5 (13.9)
AUD 0.75 (0.9) (1.7) 3.6 HANG SENG 22,531.09 (1.4) (0.5) 2.7
USD Index 99.06 0.3 2.1 0.4 BSE SENSEX 26,818.82 (3.4) (2.9) 0.5
RUB 65.84 0.2 2.2 (9.2) Bovespa 59,183.51 (4.2) (9.0) 59.0
BRL 0.29 (0.1) (4.6) 16.8 RTS 970.15 (2.4) (0.1) 28.2
116.9
98.9
94.9

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QNBFS Daily Market Report November 13, 2016

  • 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.1% to close at 9,961.0. Losses were led by the Banks & Financial Services and Insurance indices, falling 1.4% and 0.7%, respectively. Top losers were Commercial Bank and Al Khalij Commercial Bank, falling 4.0% and 2.2%, respectively. Among the top gainers, Islamic Holding Group and Ooredoo were up 3.6% each. GCC Commentary Saudi Arabia: The TASI Index rose 2.3% to close at 6,528.1. Gains were led by the Media & Publishing and Transport indices, rising 9.8% and 4.1%, respectively. Saudi Res. & Mark. and United Int. Transp. were up 9.9% and 9.8, respectively. Dubai: The DFM Index declined 0.1% to close at 3,274.1. The Telecommunication and Real Estate & Construction indices declined 0.8% each. Int. Financial Advisors fell 5.9%, while Hits Telecom Holding was down 3.8%. Abu Dhabi: The ADX benchmark index fell 0.9% to close at 4,282.5. The Investment & Financial Services index declined 2.5%, while the Telecom. index fell 2.4%. Ras Al Khaimah Ceramics declined 8.7%, while Abu Dhabi Nat. Energy was down 5.0%. Kuwait: The KSE Index rose 0.5% to close at 5,480.4. The Banks index gained 1.5%, while the Oil & Gas index rose 1.0%. GFH Financial Group gained 8.5%, while Agility Public Warehousing Co. was up 8.0%. Oman: The MSM Index rose 0.2% to close at 5,417.7 Gains were led by the Financial and Industrial indices, rising 0.5% and 0.1%, respectively. Al Madina Investment rose 3.9%, while Al Anwar Ceramic Tiles 2.8%. Bahrain: The BHB Index gained 1.3% to close at 1,160.9. The Industrial index rose 3.8%, while the Investment index gained 1.7%. Ithmaar Bank rose 9.5%, while GFH Financial Group was up 9.2%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Islamic Holding Group 57.20 3.6 177.3 (27.3) Ooredoo 95.00 3.6 260.3 26.7 Qatari Investors Group 57.20 2.7 2,039.3 51.7 Qatar Islamic Insurance Co. 49.90 2.1 60.3 (30.7) Ezdan Holding Group 15.80 1.9 944.6 (0.6) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatari Investors Group 57.20 2.7 2,039.3 51.7 Vodafone Qatar 10.30 (0.7) 1,052.7 (18.9) Ezdan Holding Group 15.80 1.9 944.6 (0.6) Commercial Bank 33.40 (4.0) 503.9 (27.2) Medicare Group 62.80 0.5 503.0 (47.4) Market Indicators 10 Nov 16 09 Nov 16 %Chg. Value Traded (QR mn) 361.3 418.2 (13.6) Exch. Market Cap. (QR mn) 535,804.6 537,587.7 (0.3) Volume (mn) 8.7 11.2 (22.8) Number of Transactions 3,820 4,237 (9.8) Companies Traded 41 42 (2.4) Market Breadth 20:18 18:21 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,116.15 (0.1) 0.0 (0.6) 14.4 All Share Index 2,745.30 (0.2) (0.0) (1.1) 13.5 Banks 2,765.52 (1.4) (1.9) (1.4) 11.9 Industrials 3,053.07 0.3 3.2 (4.2) 16.9 Transportation 2,407.63 0.4 0.1 (1.0) 12.3 Real Estate 2,251.28 1.1 (0.1) (3.5) 18.4 Insurance 4,408.89 (0.7) (1.5) 9.3 11.4 Telecoms 1,158.95 2.8 2.6 17.5 21.0 Consumer 5,702.98 0.2 1.5 (5.0) 11.3 Al Rayan Islamic Index 3,686.12 0.2 2.0 (4.4) 16.0 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Saudi Res. & Mark. Saudi Arabia 22.95 9.9 2,000.4 (60.3) United Int. Transp. Saudi Arabia 28.30 9.8 767.8 (21.5) Saudi Prin. & Pack. Co. Saudi Arabia 14.13 9.8 4,489.8 (46.3) Ithmaar Bank Bahrain 0.12 9.5 3,363.0 (23.3) Agility Kuwait 0.54 8.0 7,041.1 12.5 GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% Abu Dhabi Nat. Energy Abu Dhabi 0.57 (5.0) 287.5 21.3 Commercial Bank Qatar 33.40 (4.0) 503.9 (27.2) Emirates Telecom Group Abu Dhabi 18.00 (2.4) 2,835.3 11.8 Al Khalij Com. Bank Qatar 17.50 (2.2) 14.5 (2.6) Abu Dhabi Com. Bank Abu Dhabi 5.82 (2.2) 1,333.2 (11.7) 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% Commercial Bank 33.40 (4.0) 503.9 (27.2) Al Khalij Commercial Bank 17.50 (2.2) 14.5 (2.6) QNB Group 153.00 (1.9) 158.2 4.9 Qatar First Bank 9.36 (1.5) 451.8 (37.6) Doha Bank 35.20 (1.4) 155.1 (20.9) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Qatari Investors Group 57.20 2.7 115,875.2 51.7 Medicare Group 62.80 0.5 31,621.1 (47.4) Industries Qatar 103.00 0.0 26,596.6 (7.3) Ooredoo 95.00 3.6 24,603.4 26.7 QNB Group 153.00 (1.9) 24,499.7 4.9 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* 9,960.95 (0.1) 0.0 (2.1) (4.5) 99.23 147,185.5 14.4 1.5 4.1 Dubai 3,274.06 (0.1) (0.7) (1.8) 3.9 365.18 86,316.7 11.8 1.2 4.2 Abu Dhabi 4,282.46 (0.9) 0.0 (0.4) (0.6) 141.72 113,379.4 11.0 1.4 5.7 Saudi Arabia 6,528.05 2.3 7.7 8.6 (5.6) 1,736.63 406,175.4 15.5 1.5 3.6 Kuwait 5,480.42 0.5 1.3 1.5 (2.4) 69.06 82,436.0 19.0 1.0 4.3 Oman 5,417.67 0.2 (0.8) (1.2) 0.2 4.89 22,150.2 10.2 1.0 5.3 Bahrain 1,160.94 1.3 1.4 1.1 (4.5) 7.69 18,072.4 9.5 0.4 4.8 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) 9,950 10,000 10,050 10,100 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 5 Qatar Market Commentary  The QSE Index declined 0.1% to close at 9,961.0. The Banks & Financial Services and Insurance indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from GCC & non-Qatari shareholders.  Commercial Bank and Al Khalij Commercial Bank were the top losers, falling 4.0% and 2.2%, respectively. Among the top gainers, Islamic Holding Group and Ooredoo were up 3.6% each.  Volume of shares traded on Thursday fell by 22.8% to 8.7mn from 11.2mn on Wednesday. However, as compared to the 30-day moving average of 6.2mn, volume for the day was 39.3% higher. Qatari Investors Group and Vodafone Qatar were the most active stocks, contributing 23.5% and 12.1% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Global Economic Data Earnings Releases Company Market Currency Revenue (mn) 3Q2016 % Change YoY Operating Profit (mn) 3Q2016 % Change YoY Net Profit (mn) 3Q2016 % Change YoY Dubai Refreshments Co. Dubai AED 263.4 -3.5% 36.1 -12.3% 35.2 -15.8% Alliance Insurance Dubai AED – – – – 12.0 20.6% Gulf Navigation Holding Dubai AED 34.8 0.8% 7.3 20.5% 116.8 1973.4% Abu Dhabi National Insurance Co. Abu Dhabi AED – – – – 36.1 N/A Oman & Emirates Inv. Holding Co.* Abu Dhabi OMR – – – – 2.6 N/A Gulf Cement Co. Dubai AED 124.0 -29.4% – – 13.2 -17.7% Oman Hotels and Tourism* Oman OMR 2.7 -7.9% 0.3 -35.2% 5.3 214.4% Galfar Engineering & Con. Oman OMR 257.5 1.1% 8.4 46.2% 0.2 N/A Oman and Emirates Inv. Holding* Oman OMR – – – – 2.6 N/A Bahrain Ship Rep. & Engineering Co. Bahrain BHD 1.5 -1.6% – – 0.5 -0.3% United Gulf Bank* Bahrain USD – – – – 5.9 -1.7% Banader Hotels Co.* Bahrain BHD – – – – -1.1 N/A Khaleeji Commercial Bank* Bahrain BHD – – – – 4.6 -24.0% Source: Company data, DFM, ADX, MSM (* 9M2016 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 11/10 US Department of Labor Initial Jobless Claims November 5 254k 260k 265k 11/10 US Department of Labor Continuing Claims October 29 2,023k 2,023k 2,026k 11/10 Germany Federal Statistical Office CPI MoM October F 0.2% 0.2% 0.2% 11/10 Germany Federal Statistical Office CPI YoY October F 0.8% 0.8% 0.8% 11/10 Japan Bank of Japan PPI MoM October -0.1% 0.0% 0.0% 11/10 Japan Bank of Japan PPI YoY October -2.7% -2.6% -3.2% 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 Individuals 20.76% 22.70% (7,003,230.25) Qatari Institutions 13.38% 47.82% (124,418,758.73) Qatari 34.14% 70.52% (131,421,988.98) GCC Individuals 1.04% 0.17% 3,163,100.36 GCC Institutions 6.66% 2.24% 15,991,729.12 GCC 7.70% 2.41% 19,154,829.48 Non-Qatari Individuals 6.58% 4.40% 7,893,047.98 Non-Qatari Institutions 51.56% 22.68% 104,374,111.52 Non-Qatari 58.14% 27.08% 112,267,159.50
  • 3. Page 3 of 5 News Qatar  QP affiliate Ocean LNG signs long term sales deal with Brazil- based CELSE – Qatar Petroleum (QP) President and CEO Saad Sherida al-Kaabi hosted a signing ceremony for a long-term LNG sale and purchase agreement (SPA) between QP’s affiliate, Ocean LNG Limited, and Brazil-based CELSE-Centrais Elétricas de Sergipe SA (CELSE), a joint venture between GG Power and Ebrasil. Under the terms of the agreement, Ocean LNG, which was established for marketing QP’s future international LNG supply portfolio sourced outside of Qatar, will supply 1.3mn tons per annum of LNG to CELSE, on an ex-ship basis. The shipments, which will begin in 2020, will be for use at CELSE’s Porto de Sergipe power project near Aracaju in the Brazilian state of Sergipe. (Gulf-Times.com)  QNB Group: Qatar crude production drops to 643,000 bpd in August – QNB Group said in its Monthly Monitor, Qatar’s crude oil production declined to 643,000 bpd in August compared with 677,000 bpd in July. Brent crude oil prices fell by 1.5% in October to $48.3 per barrel. The report said, “OPEC’s inability to agree on production limits has put a damper on oil markets, with investors wary of its upcoming meeting at the end of November.” International reserves dipped to $36bn from $36.5bn the previous month. Qatar has maintained an average of $36.5bn in reserves in 2016 so far, the monitor said. In terms of months of import cover, Qatar’s reserves cover 7.1, well over the minimum of three months for a fixed-exchange rate recommended by the International Monetary Fund. (Gulf- Times.com)  Entrepreneurs urged to invest in mobile phones sales sector – The Ministry of Economy and Commerce (MEC) said, many areas in Qatar provide a good investment opportunity for selling mobile phones. MEC compared the number of active commercial licenses (in relation to mobile devices sector) with the country’s population and encouraged investors and entrepreneurs to invest in the mobile phones sales sector. Data released by the MEC showed that as of this month the total number of commercial licenses within mobile devices sales sector reached 957 in different areas across the country, mostly in Doha. (Gulf-Times.com)  Qatar, UAE are world’s most tax-friendly jurisdictions – As businesses in Qatar prepare for the introduction of value-added tax (VAT) from January 2018, the country has retained its leading position as one of the world’s most tax-friendly jurisdictions, topping the rankings in the ‘2017 World Bank Doing Business’ report together with the UAE. While many aspects of the country’s performance remain in the bottom half of the 190 countries surveyed (it stands in 83rd place for overall ease of doing business), the country does show a significantly improved performance for ease of starting a business, up 21 places on last year. (Gulf-Times.com)  Qatar’s population at 2.61mn – Qatar’s population has reached 2,611,522 on October 31, 2016 with an increase of over 188,000 from January 2016. According to the monthly report posted by the Ministry of Development Planning and Statistics on its website, the population recorded on January 31 was 2,423,175. The latest data comprises 1,973,656 males and 637,866 females including Qataris and non-Qataris within Qatar. Those who were outside Qatar on October 31, 2016 are not included in the figure. In one month the population increased by 58,129 from 2,553,393 recorded by September-end. (Peninsula Qatar)  Labor ministry working with government, private entities to nationalize jobs – HE the Minister of Administrative Development, Labor & Social Affairs Dr Issa Saad al-Jafali al- Nuaimi said that the Ministry of Administrative Development, Labor & Social Affairs is working with the government and private entities to nationalize jobs and create job opportunities for citizens. The Minister said the executive regulations of the new human resources law will specify the measures included in the law to empower Qataris and specify their rights and obligations, noting that the statute will be issued before the year end. (Gulf-Times.com) International  EU: US trade talks in deep freeze after Trump win – The European Union (EU) said Donald Trump's election to the White House has consigned EU/US trade talks to the deep freeze and they are unlikely to resume for some time. A pause in negotiations towards the Transatlantic Trade and Investment Partnership (TTIP) was always expected with the end of Barack Obama's presidency, but Trump's win brings in a leader hostile to international trade pacts. Trump has said he will withdraw from the un-finalized 12-nation Trans-Pacific Partnership (TPP) and renegotiate the North American Free Trade Agreement. (Reuters)  UK construction output weakest in four years in third quarter after Brexit vote – The Office for National Statistics (ONS) said Britain's construction industry had its weakest performance in four years in the first three months after June's vote to leave the European Union. The ONS said construction volumes fell by 1.1% in 3Q2016 as large falls in repairs were only partly offset by small rises in infrastructure and public building work. However, the fall was less severe than an estimated decline of 1.4% which was included in a preliminary reading of overall British GDP for the quarter announced last month. British finance minister Philip Hammond is expected to announce an increase in public spending on infrastructure projects on November 23 when he is due to give the country's first budget statement since the Brexit vote. (Reuters)  Ministry: German economy likely grew in third-quarter despite Brexit; Trump adds to uncertainty – The Economy Ministry said the German economy likely expanded moderately in the third quarter despite the sense of uncertainty created by Britain's vote to leave the European Union - a sense now added to by Donald Trump's victory in the US presidential election. Industrial output steadied in the three months to September, the labor market remains robust and private consumption continues to support growth in Europe's largest economy, which should help to cushion against external shocks. Brexit and the unexpected victory of protectionist Trump have jolted politicians, business leaders and markets in Germany and elsewhere around the world. (Reuters)  China Oct new Yuan loans 651.3bn Yuan, below forecasts – Chinese banks extended 651.3bn Yuan ($95.56bn) in new Yuan loans in October, below analysts' expectations and down sharply from 1.22tn Yuan in September. The central bank said
  • 4. Page 4 of 5 broad M2 money supply (M2) grew 11.6% YoY, slightly above forecasts. Outstanding Yuan loans grew by 13.1% by month- end on an annual basis. Analysts polled by Reuters had expected new lending of 700bn Yuan in October, and forecast 11.4% rise in money supply and a 13% rise in outstanding loans. (Reuters)  India's industrial output rises 0.7% YoY in September – Government data showed India's industrial output rose 0.7% YoY in September, mainly driven by electricity and manufacturing sectors. Economists surveyed by Reuters had forecast a 0.5% increase in output compared with a provisional 0.7% YoY contraction in August. (Reuters) Regional  $24bn hotel projects under construction in KSA, UAE – GCC hospitality industry remains firm on its growth trajectory with projects worth $23.5bn under construction in the key markets of Saudi Arabia and the UAE. The ongoing projects in the region have a combined estimated value of $104.4bn, of which 15 are either in the UAE or Saudi Arabia with a total value of $23.5bn. The market is expected to grow at 7.6% CAGR from an estimated $25.4bn in 2015 to $36.7bn in 2020. (Bloomberg)  KSA Finance Minister very optimistic on 2016 budget gap – Saudi Arabia’s Finance Minister Mohammed al-Jadaan said that he was optimistic about efforts to cut the government's budget deficit. Jadaan also added that the government intended to make all delayed payments to the private sector as soon as possible. (Bloomberg)  Saudi Arabia sets aside $26.7bn to settle delayed private sector payments – Saudi Arabia's government has set aside $26.7bn to pay debts that it owes to private sector companies after payment delays that have lasted for months. To help curb a huge budget deficit caused by low oil prices, the government of the world's largest oil exporter has slashed spending and reduced or suspended payments that it owes to construction firms, medical establishments and even some of the foreign consultants who helped to design its economic reforms. (Bloomberg)  King Abdullah Port bulk cargo terminal operational early 2017 – King Abdullah Port’s management expects to finalize the first phase of bulk cargo terminals with a capacity of 3mn tons, in addition to the RORO (roll-on/roll-off) terminals with a capacity of 300,000 CEU by the beginning of 2017. Managing Director of the Ports Development Company & owner and developer of King Abdullah Port, Eng. Abdullah Hameedadin said that King Abdullah Port was able to significantly enhance its capabilities and is currently moving towards important achievements in terms of the project’s development in general and the operations taking place, referring to the increase of the annual throughput in King Abdullah Port, which reached 1.27mn TEU in 2015 and is expected to be surpassed by the end of 2016 despite the global trade slowdown. (GulfBase.com)  Room rates down 6.5% in Dubai hotels – Average room rates in Dubai’s hotels continued to decline, falling 6.5% YoY in September 2016 to reach $196, and occupancy rates rose by 5.3 percentage points to reach 82%. According to the latest report by HotStats, a data provider, hotels in Dubai managed to turn fortunes and record profit growth in 3Q2016 as they reduced costs. Hotels also reduced rates to drive demand, and cut costs to grow profit in 3Q2016. In 3Q2016, profit per room rose by 7.8% to $62. This is in comparison to a 13% YoY decline in profit per room in 1H2016 due to lower occupancy and lower average room rates. (Bloomberg)  CEO: Zain Group expects to finalize KSA tower sale in 1H2017 – Kuwait's Zain Group Chief Executive, Scott Gegenheimer said that Zain expects to sell its mobile transmitter towers in Saudi Arabia for more than $500mn in 1H2017. Zain, which operates in eight countries in the Middle East and Africa, has been exploring the sale of its towers in some of its markets since as early as January 2015. (Bloomberg)  Muriya inks financing deal with Bank Muscat – Muriya, Oman’s leading ITC developer, signed an agreement with Bank Muscat, the flagship financial services provider in the Sultanate, to provide prospective homeowners and investors with its home financing solutions when purchasing property at Jebel Sifah’s newly launched Golf Lake residences. Under the agreement, Omanis and expatriates interested in the premium real estate development will be able to avail themselves of the bank’s home financing products and acquire tailored mortgage terms from any of its branches in the Sultanate. (GulfBase.com)  S&P GR revises Oman outlook to negative; affirms 'BBB-/A-3' – S&P Global Ratings (GR) revised its outlook on the Sultanate of Oman to negative from stable. At the same time, S&P affirmed the 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on the sovereign. The outlook revision reflects that Oman's fiscal consolidation could take longer than expected. (Bloomberg)
  • 5. Contacts Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535 saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa QNB Financial Services Co. WLL One Person Company Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“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 5 of 5 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 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 QSEI ndex S& PPanA rab S& PGCC 2.3% (0.1%) 0.5% 1.3% 0.2% (0.9%) (0.1%) (1.3%) 0.0% 1.3% 2.6% 3.9% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,227.85 (2.5) (5.9) 15.7 MSCI World Index 1,696.99 (0.3) 2.2 2.1 Silver/Ounce 17.38 (6.6) (5.7) 25.4 DJ Industrial 18,847.66 0.2 5.4 8.2 Crude Oil (Brent)/Barrel (FM Future) 44.75 (2.4) (1.8) 20.0 S&P 500 2,164.45 (0.1) 3.8 5.9 Crude Oil (WTI)/Barrel (FM Future) 43.41 (2.8) (1.5) 17.2 NASDAQ 100 5,237.11 0.5 3.8 4.6 Natural Gas (Henry Hub)/MMBtu 2.03 (2.4) (7.5) (12.3) STOXX 600 337.50 (0.7) 0.3 (7.8) LPG Propane (Arab Gulf)/Ton 52.00 (1.0) (4.6) 35.5 DAX 10,667.95 0.1 1.6 (1.2) LPG Butane (Arab Gulf)/Ton 68.63 (0.7) (4.2) 24.5 FTSE 100 6,730.43 (1.0) 1.4 (7.8) Euro 1.09 (0.3) (2.6) (0.1) CAC 40 4,489.27 (1.2) 0.2 (3.2) Yen 106.65 (0.2) 3.4 (11.3) Nikkei 17,374.79 0.3 (0.5) 3.3 GBP 1.26 0.3 0.6 (14.5) MSCI EM 849.10 (3.0) (3.5) 6.9 CHF 1.01 (0.1) (1.9) 1.5 SHANGHAI SE Composite 3,196.04 0.9 1.5 (13.9) AUD 0.75 (0.9) (1.7) 3.6 HANG SENG 22,531.09 (1.4) (0.5) 2.7 USD Index 99.06 0.3 2.1 0.4 BSE SENSEX 26,818.82 (3.4) (2.9) 0.5 RUB 65.84 0.2 2.2 (9.2) Bovespa 59,183.51 (4.2) (9.0) 59.0 BRL 0.29 (0.1) (4.6) 16.8 RTS 970.15 (2.4) (0.1) 28.2 116.9 98.9 94.9