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QE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.2% close at 14,165.1. Gains were led by the Banks &
Financial Services and Telecoms indices, gaining 0.6% and 0.4%, respectively.
Top gainers were Islamic Holding Group and QNB Group, rising 2.5% and
1.6%, respectively. Among the top losers, Qatar Cinema & Film Distribution Co.
fell 7.2%, while Barwa Real Estate Co. declined 1.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.8% to close at 11,080.9. Gains were led by the Agriculture & Food Ind. and Insurance indices, rising 2.2% and 1.7%, respectively. Malath Insurance gained 9.9%, while AXA Coop. Ins. rose 9.8%.
Dubai: The DFM Index declined marginally to close at 4,984.7. The Telecom. index fell 1.2%, while the Transportation index was down 0.4%. Commercial Bank of Dubai declined 5.2%, while Takaful Al-Emarat Ins. was down 2.1%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 5,171.7. The Industrial index gained 3.9%, while the Energy index was up 2.0%. Abu Dhabi National Takaful Co. surged 14.9%, while Arkan Build. Mat. Co. was up 12.5%.
Kuwait: The KSE Index gained 0.2% to close at 7,586.8. The Financial Services index rose 1.5%, while the Banks index was up 1.0%. Kuwait Syrian Holding Co. rose 9.4%, while Gulf North Africa Holding Co. gained 7.3%.
Oman: The MSM Index rose 0.1% to close at 7,497.0. Gains were led by the Industrials and Financial indices, rising 0.2% each. National Mineral Water surged 22.0%, while Al Hassan Engineering was up 2.7%.
Bahrain: The BHB Index gained 0.3% to close at 1,473.0. The Industrial index rose 2.9%, while the Commercial Bank index was up 0.1%. Aluminium Bahrain gained 3.0%, while Ithmaar Bank was up 2.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 117.00 2.5 591.3 154.3
QNB Group 208.40 1.6 68.7 21.2
Qatar Islamic Insurance Co. 90.00 1.1 195.4 55.4
Ahli Bank 54.00 0.7 3.0 27.6
Qatar Islamic Bank 119.20 0.6 139.3 72.8
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 22.22 0.5 1,491.4 107.5
Salam International Investment Co. 20.50 0.3 1,157.0 57.6
Ezdan Holding Group 19.50 0.0 1,125.3 14.7
National Leasing 28.15 0.0 637.6 (6.6)
Islamic Holding Group 117.00 2.5 591.3 154.3
Market Indicators 17 Sep 14 16 Sep 14 %Chg.
Value Traded (QR mn) 470.9 866.5 (45.7)
Exch. Market Cap. (QR mn) 752,205.0 749,349.4 0.4
Volume (mn) 9.8 19.6 (50.2)
Number of Transactions 5,605 8,412 (33.4)
Companies Traded 43 41 4.9
Market Breadth 16:21 23:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 21,127.04 0.2 0.5 42.5 N/A
All Share Index 3,579.24 0.3 0.6 38.3 17.5
Banks 3,481.58 0.6 0.7 42.5 17.0
Industrials 4,717.45 0.3 0.6 34.8 19.1
Transportation 2,363.93 (0.4) (0.8) 27.2 15.1
Real Estate 2,952.76 (0.9) (1.0) 51.2 15.7
Insurance 4,135.63 (0.1) (0.7) 77.0 13.1
Telecoms 1,705.82 0.4 2.9 17.3 24.2
Consumer 7,573.96 (0.3) 0.9 27.3 28.3
Al Rayan Islamic Index 4,801.53 (0.2) 0.7 58.1 20.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Almarai Co. Saudi Arabia 79.52 4.9 2,152.8 51.5
Najran Cement Co. Saudi Arabia 34.90 3.9 985.5 44.2
Kuwait Finance House Kuwait 0.85 3.7 10,810.8 20.1
Saudi Airlines Catering Co. Saudi Arabia 201.84 3.5 179.9 42.6
Co. For Cooperative Ins. Saudi Arabia 70.09 3.2 983.2 99.1
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Salhia Real Estate Co. Kuwait 0.38 (6.3) 10.0 (6.3)
Com. Bank Of Dubai Dubai 6.16 (5.2) 51.1 43.0
Nat. Marine Dredging Co. Abu Dhabi 6.51 (3.6) 0.3 (24.3)
Commercial Facilities Co. Kuwait 0.29 (3.4) 712.5 3.6
Abu Dhabi National Hotels Abu Dhabi 3.00 (3.2) 12.3 (3.2)
Source: Bloomberg (# in Local Currency) (
## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distrib. Co. 44.80 (7.2) 0.0 11.7
Barwa Real Estate Co. 41.75 (1.4) 261.3 40.1
Medicare Group 129.30 (1.1) 6.3 146.3
Gulf Warehousing Co. 52.00 (1.1) 125.3 25.3
Al Khalij Commercial Bank 23.16 (1.0) 293.8 15.9
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Islamic Holding Group 117.00 2.5 69,014.7 154.3
Qatar International Islamic Bank 94.00 0.0 35,697.8 52.4
Vodafone Qatar 22.22 0.5 33,138.0 107.5
Industries Qatar 195.50 0.5 30,452.0 15.7
Masraf Al Rayan 56.50 (0.2) 28,132.0 80.5
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded
($ mn) Exchange Mkt.
Cap. ($ mn) P/E** P/B**
Dividend Yield
Qatar* 14,165.05 0.2 0.5 4.2 36.5 129.32 206,555.5 17.7 2.3 3.5
Dubai
4,984.71 (0.0) 0.5 (1.5) 47.9 150.28 96,046.7 20.7 1.8 1.9
Abu Dhabi
5,171.73 0.4 (0.2) 1.8 20.5 90.25 140,413.4 14.7 1.8 3.2
Saudi Arabia
11,080.92 0.8 0.2 (0.3) 29.8 2,341.09 601,659.4 21.3 2.7 2.5
Kuwait 7,586.75 0.2 1.3 2.1 0.5 175.10 113,901.1 19.5 1.2 3.6
Oman 7,496.97 0.1 (0.6) 1.8 9.7 23.57 27,481.3 11.3 1.7 3.7
Bahrain 1,473.03 0.3 0.3 0.1 17.9 1.74 54,423.0 11.4 1.0 4.6
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
14,100
14,150
14,200
14,250
14,300
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
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Qatar Market Commentary
The QE Index rose 0.2% close at 14,165.1. Banks & Financial Services and Telecoms indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders.
Islamic Holding Group and QNB Group were the top gainers, rising 2.5% and 1.6%, respectively. Among the top losers, Qatar Cinema & Film Distribution Co. fell 7.2%, while Barwa Real Estate Co. declined 1.4%.
Volume of shares traded on Wednesday fell by 50.2% to 9.8mn from 19.6mn on Tuesday. Further, as compared to the 30-day moving average of 17.1mn, volume for the day was 42.9% lower. Vodafone Qatar and Salam International Investment Co. were the most active stocks, contributing 15.3% and 11.9% to the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/17 US US Treasury Net Long-term TIC Flows July -$18.6B $25.0B -$18.7B
09/17 US US Treasury Total Net TIC Flows July $57.7B – -$142.0B
09/17 US Bureau of Labor Stats. CPI MoM August -0.20% 0.00% 0.10%
09/17 US Bureau of Labor Stats. CPI Ex Food and Energy MoM August 0.00% 0.20% 0.10%
09/17 US Bureau of Labor Stats. CPI YoY August 1.70% 1.90% 2.00%
09/17 US Bureau of Labor Stats. CPI Ex Food and Energy YoY August 1.70% 1.90% 1.90%
09/17 US Bureau of Labor Stats. CPI Core Index SA August 238.34 238.59 238.31
09/17 US Bureau of Labor Stats. CPI Index NSA August 237.85 238.26 238.25
09/17 US Bureau of Eco. Analysis Current Account Balance 2Q2014 -$98.5B -$113.4B -$102.1B
09/17 US NAHB NAHB Housing Market Index September 59.0 56.0 55.0
09/17 EU Eurostat Construction Output MoM July 0.00% – -0.40%
09/17 EU Eurostat Construction Output YoY July 0.40% – -1.10%
09/17 EU Eurostat CPI MoM August 0.10% 0.10% -0.70%
09/17 EU Eurostat CPI YoY Aug F 0.40% 0.30% 0.30%
09/17 EU Eurostat CPI Core YoY Aug F 0.90% 0.90% 0.90%
09/17 UK ONS Average Weekly Earnings 3M/YoY July 0.60% 0.50% -0.10%
09/17 UK ONS Weekly Earnings ex Bonus 3M/YoY July 0.70% 0.70% 0.70%
09/17 UK ONS ILO Unemployment Rate 3Mths July 6.20% 6.30% 6.40%
09/17 UK ONS Employment Change 3M/3M July 74.0K 120.0K 167.0K
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted
News
Qatar
Ezdan, Mazaya to be included in QE Index – QE Index, All
Share and QE Al Rayan Islamic Index will be rebalanced effective October 1, 2014. Ezdan Holding Group (ERES) and Mazaya Qatar Real Estate Development (MRDS) will replace Al Khaliji Commercial Bank (KCBK) and Al Meera Consumer Goods Company (MERS) in the Qatar Exchange (QE) Index. ERES joins the QE Index after having recorded a share velocity of 8.41% over the preceding 12 months (the stock hadn’t previously met the 5% QE Index threshold). Aamal Company (AHCS) and ERES will replace Widam Food Company (WDAM) and Zad Holding Company (ZHCD) in the QE Al Rayan Islamic Index. The basket is re-structured based on the ranking of a company’s liquidity adjusted capitalization. The QE also conducted the scheduled review of qualifying stocks for the QE All Share Index, which contains listed stocks with an annual share velocity greater than 1%. ERES, Mannai Corporation (MCCS) and Mesaieed Petrochemical Holding Company (MPHC) will join the QE All Share Index. All 43 listed stocks will
be included in the QE All Share Index and related sector index calculation from October 1, 2014. (QE)
UDCD to borrow from CBQK to repay DHBK loan – United
Development Company (UDCD) is borrowing QR629mn from Commercial Bank of Qatar (CBQK) to repay an existing loan of the same amount from Doha Bank (DHBK). According to the statement on the QE Website, this will help in reducing the interest expense for UDCD. (QE)
ORDS announces date to pay interest to GMTN holders –
Ooredoo (ORDS) has announced that its wholly owned subsidiary, Ooredoo International Finance Limited (OIFL) will pay both principal and interest payments to its global medium-term note (GMTN) holders. OIFL will pay GMTN holders $16.9mn on interest payment, which is due on October 14, 2014, and $18.8mn on interest payment that is due on October 20, 2014. (QE)
Qatar, Hong Kong bourses seek to strengthen ties – The
Qatar Exchange (QE) has received a delegation from the Hong Kong Exchanges & Clearing Ltd (HKEx) headed by James Fok.
Overall Activity Buy %* Sell %* Net (QR)
Qatari 68.83% 70.34% (7,128,844.76)
Non-Qatari 31.17% 29.65% 7,128,844.76
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QE’s CEO, Rashid bin Ali Al Mansoori welcomed the visiting delegation and stressed on QE’s interest in strengthening relationships and exchanging experiences with various global stock markets, with the desire to establish an ongoing dialogue with industry participants from around the world. (QE)
Qatar seeks to diversify economy by attracting foreign investment – Qatar's Ambassador to US, HE Mohammed
Jaham Al Kuwari has stressed that the State of Qatar is seeking to diversify its national economy by attracting foreign investments and developing relations of cooperation with the private sector. Speaking at the Business Council for International Understanding in New York, HE the Ambassador Al Kuwari said Qatar seeks to build a knowledge-based economy rather than rely on its hydrocarbon exports. He added that Qatari authorities have expressed their willingness to provide incentives for investing companies such as customs duty exemption on exports and taxes for a specific period of time. He stated that as part of the ongoing preparations for the FIFA 2022 World Cup, Qatar has allocated around $205bn to develop the country’s infrastructure, particularly transport, electricity and water. He added that Qatar has numerous investment possibilities and invited the international companies to open offices in Doha. (Peninsula Qatar)
International
US inflation weak, Fed keeps low rates pledge, Obama considers removing oil export ban – Consumer prices in the
US fell for the first time in nearly 1-1/2 years in August 2014 and underlying inflation pressures were muted, which could lessen the urgency for the Federal Reserve to raise interest rates. The Labor Department said the Consumer Price Index (CPI) dropped 0.2% last month as a broad decline in energy prices offset increases in food and shelter costs. It was the first decline since April 2013, which comes despite a modest 0.1% gain in July. Meanwhile, the Fed renewed a pledge to keep interest rates near zero for a considerable time at its policy meeting. However, the Fed issued projections that suggested it might raise borrowing costs a bit quicker than it had been thinking a few months ago. The CPI has increased 1.7% over the 12 months through August, the smallest advance in five months, while a core index that strips out food and energy prices was up by the same amount, marking a slowdown from July's 1.9% gain. Meanwhile, the Obama administration is concerned about the legality of a ban on the country’s oil exports and is discussing how to deal with potential challenges from nations that want to buy US crude. Officials in the Office of the US Trade Representative and the National Security Council have held internal talks about potential free-trade challenges. The internal discussions are the clearest sign yet that the Obama administration is weighing options for easing the contentious export ban, a move that could dramatically alter global oil trading flows and boost revenues for US producers. EU's top trade official, Mexico's state-owned oil company and South Korea's president have all pressed Washington to relax the ban, enacted by Congress after the 1970s Arab oil embargo. (Reuters)
IMF warns of risks from excessive financial market bets –
The International Monetary Fund (IMF) said the global economy faces a growing risk from big financial market bets that could quickly unravel if investors get spooked by geopolitical tensions or a shift in the US interest rate policy. The IMF said in a report that it still expects economic growth to pick up in 2H2014 after a rough start to the year. However, it also warned that financial market indicators suggested investor bets funded with borrowed money looked excessive and that markets could quickly deflate, if there were surprises in the US monetary policy or the conflicts in Ukraine and the Middle East flare up. (Reuters)
ECB to dish out first round new ultra-long loans to boost lending – The European Central Bank (ECB) will hand out the
first round of its new four-year loans on September 18, the flagship tool in a new stimulus package that it hopes will stave off deflation and revive the ailing Eurozone economy. The new targeted funds (TLTROs) will be tied to lending to smaller firms that are the Eurozone's economic backbone. Markets will await the total amount of the loans allotted to gauge banks' appetite for the funds, as they try to assess how effective the measure will be. Banks can potentially borrow up to €400bn at tenders this week and in December, at a slight premium to the ECB's regular funding operations, with opportunities to take additional loans running through to mid-2016. A Reuters poll of 20 money market traders expected banks to snap up €133bn on September 18th and a further €200bn on December 11th. (Reuters)
Japanse exports knocked by weak US shipments – Exports
from Japan declined in August as shipments to the US contracted, another sign the economy is struggling to rev up after a deep slump in 2Q2014. A further period of lackluster exports and slackening domestic demand could force the government to find new ways to prop up the economy. Exports fell 1.3% YoY in August, less than the median estimate for a 2.6% annual decline. That followed a 3.9% annual gain in the previous month after having fallen in June and May. The patchy performance has dashed hopes for external demand offsetting a consumer spending slump caused by the April sales tax hike, heaping pressure on policymakers to do more to spur economic growth. Japan's economy shrank an annualized 7.1% in 2Q2014 hit by the tax hike, the biggest contraction since the 2009 global financial crisis. (Reuters)
Regional
S&P: Strong 3Q2014 for Gulf banks – According to a report by
Standard & Poor’s (S&P), improving asset quality and declining credit losses will add up to healthy third-quarter earnings for the region’s banks. S&P predicted that the Gulf banks will sustain their strong performance well into 2016. As per the report, even though interest rates are low, the reductions in banks’ non-performing assets should offset the contraction in net interest margins. S&P said that prospects for economic growth in the Gulf region remain healthy for the next few years. S&P expects most Gulf banks to continue to benefit from robust corporate activity and consumer consumption over the next 18 to 24 months. The numerous infrastructure projects planned in the Gulf region should translate into steady streams of corporate lending. (Bloomberg)
Saudi Aramco awards rig moving services contract to Aqualis – Saudi Aramco has awarded a rig moving services
contract to Aqualis Offshore, a Norway-based offshore marine & engineering consultancy. Under the agreement terms, Aqualis Offshore will provide offshore rig moving services over the next three years for Saudi Aramco's jack-up rigs operating in the Arabian Gulf. Aqualis Offshore will support Saudi Aramco with rig moving services and personnel from its offices in the Middle East region. (Zawya)
Saudi Arabia to allow OTC trade of shares in suspended or delisted firms – Saudi Arabia's securities market regulator said
that it would permit off-market trading of shares in companies that had been suspended or delisted from the stock exchange. The Saudi Capital Market Authority (CMA) has issued rules covering such trade and will immediately start receiving applications from companies to conduct it. Partly in order to prepare the stock market for its opening to direct foreign investment in early 2015, the Saudi CMA has been tightening its
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supervision of the market. The latest rules are designed to help shareholders realize some value from companies caught in the crackdown. (Reuters)
Rufi Properties signs partners to see through revived projects – Dubai-based Rufi Properties has partnered with ETC
Group to assist with its monetary restructuring. The company has also signed up Abyat Capital for the sales management of its Dubai Sports City projects. The developer also nominated Redefine Real Estate Developments to exclusively manage the overall execution of all its projects. Rufi has over 1,500 units under development in Dubai Sports City, all of which are due for release between 2015 and 2017. (GulfBase.com)
Dubai sets up Maritime Arbitration Centre – Dubai has set up
Emirates Maritime Arbitration Centre (EMAC) with international standards to boost the stature of the emirate as a hub of maritime activities in the world. EMAC will be tasked with settling the disputes emanating from marine trade transactions. This move reflects Dubai’s commitment to creation a full-fledged legal environment in the maritime sector with an aim to regulate and develop the Emirate’s competitiveness as a global maritime hub. (GulfBase.com)
DPR completes 30% of infrastructure development – Dubai
Parks & Resorts (DPR), a Meraas Holding company, announced that Phase 1 of its multibillion-dollar entertainment and leisure destination has made significant progress with the engagement of a number of contractors and consultants. With nearly 30% of the infrastructure development already complete, work on the power substation has registered 35% headway, while excavation work for the district cooling facility has also commenced. (Gulfbase.com)
DFM, KSD sign MoU – Dubai Financial Market (DFM) has
signed a MoU with Korea Securities Depository (KSD) to promote close cooperation and further develop the post-trade securities market infrastructure between Dubai and South Korea. This agreement will strengthen collaboration between both sides in the capital markets post-trade related businesses including exchange of information, developing new services and establishment of operational linkage for enhancing efficiency of depository and settlement systems. (DFM)
Mashreq Bank not interested in StanChart’s UAE assets; StanChart to sell $400mn of Mideast Loans – Mashreq
Bank’s CEO Abdul Aziz al-Ghurair said the bank has no interest in purchasing assets of Standard Chartered (StanChart) in the UAE, but is open to acquisitions in Egypt and Turkey. Earlier, Reuters had reported that StanChart is aiming to sell part of its business in the UAE, after it agreed to close some accounts in an anti-money laundering settlement with authorities in the US. Meanwhile, StanChart’s unit in the UAE is seeking to sell $400mn of its small & medium enterprise (SME) loan book to local banks following a review of its business. According to sources, StanChart has signed non-disclosure agreements with about four to five local banks, as it negotiates the sale of about 80% of its SME loan book. (Reuters, Bloomberg)
ICD, Perbadanan TAIB sign MoU – The Islamic Corporation for
the Development of the Private Sector (ICD) has signed a MoU with Perbadanan TabungAmanah Islam Brunei (Perbadanan TAIB) to explore the launch of a Shari’ah-compliant leasing business (Ijarah) in Brunei Darussalam. The partnership plans a number of other collaborations with the support of the Ijarah Management Company (IMC). IMC has successfully managed to set up and operate more than eight leasing companies globally, including the Commonwealth of Independent States, the Middle East & North Africa and West African countries. (Zawya)
GCIC forms strategic alliance with AXA, Kanoo Group –
Green Crescent Insurance Company (GCIC) has entered into a strategic alliance with AXA and Kanoo Group for investing AED100mn in convertible bonds, which will raise GCIC’s capital to AED200mn following the conversion. The bonds are expected to convert within 12 months to 100mn shares at a par value AED1 per share. This investment will pave the way for GCIC to expand its life insurance business, while optimizing its product offering in the health insurance segment. AXA is a one of the world’s largest insurers and Kanoo Group is a leading family-owned business in the Gulf region. (DFM)
Americana says major shareholder reviewing stake – Kuwait
Food Company (Americana) has requested the Kuwait Stock Exchange (KSE) to suspend its shares from trading after its main shareholder said it was reviewing its portfolio, including its stake in the firm. Americana said its majority shareholder, Al Khair National for Stocks & Real Estate Company (66.8% stake) was working with various financial and legal advisers to look at its strategic options, which included action related to its holding in one of the Gulf's largest food firms. Americana is a $4.3bn company operating food chains across the GCC region. (Reuters)
KA mulls offer to buy 10 Boeing 777 planes – Kuwait
Airways’ (KA) CEO Rasha al-Roumi has confirmed that the company is studying an offer buy 10 new Boeing 777 passenger jets. The deal might be valued at about $3.2bn, according to the list prices of the aircraft. Earlier this year, the airline had signed a contract with rival plane maker Airbus to buy 25 aircraft and lease 12 others. (Reuters)
Omani CMA to launch e-insurance gate – The Omani Capital
Market Authority (Omani CMA) has launched a new project called 'e-insurance gate' to help insurance clients bring efficiency and transparency in choosing the best policy. The plan include creating files and forms related to opening a new license register, renewing existing licenses, complaint forms, and also an interactive page that enables companies to feed in financial data and important reports. The initiation will promote competition between insurance companies to offer fair price with quality service, which is in line with the policy of the insurance regulator. (GulfBase.com)
PDO, PASMED signs MoU – Petroleum Development Oman
(PDO) has signed a MoU with the Public Authority for Small & Medium Enterprises Development (PASMED) to assist Omani entrepreneurs. The agreement is aimed at strengthening cooperation between the two authorities on training, business advice and knowledge exchange to help SMEs operate more successfully. (GulfBase.com)
Zain Bahrain extends IPO subscription period – Zain Bahrain
has extended the subscription period for its initial public offering (IPO) until September 30, 2014. The IPO was due to end subscriptions on September 16. Bahrain's Gulf International Bank and Watani Investment Company (NBK Capital), are acting as the joint lead managers, financial advisers and book runners for the offering. (GulfBase.com)
Ibdar Bank appoints new CEO – Bahrain-based Ibdar Bank
has appointed Basel Al-Haj-Issa as the company’s new CEO with effect from September 1, 2014. (GulfBase.com)
Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
[email protected] [email protected] [email protected]
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025 [email protected] [email protected] 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
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg, *$ adjusted returns
80.090.0
100.0110.0120.0130.0140.0150.0160.0170.0180.0190.0200.0210.0
Aug-10 Aug-11 Aug-12 Aug-13 Aug-14
QE Index S&P Pan Arab S&P GCC
0.8%
0.2% 0.2%0.3%
0.1%
0.4%
(0.0%)(0.2%)
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Saud
i Ara
bia
Qata
r
Kuw
ait
Bah
rain
Om
an
Abu D
habi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD%
Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,223.60 (1.0) (0.5) 1.5 DJ Industrial 17,156.85 0.1 1.0 3.5
Silver/Ounce 18.54 (0.9) (0.5) (4.8) S&P 500 2,001.57 0.1 0.8 8.3
Crude Oil (Brent)/Barrel (FM Future)
98.97 (0.1) 1.9 (10.7) NASDAQ 100 4,562.19 0.2 (0.1) 9.2
Natural Gas (Henry Hub)/MMBtu
3.97 3.1 4.3 (8.7) STOXX 600 344.39 0.3 (0.1) (1.5)
LPG Propane (Arab Gulf)/Ton 108.75 (1.8) 0.5 (14.0) DAX 9,661.50 0.2 (0.1) (5.1)
LPG Butane (Arab Gulf)/Ton 127.50 0.3 2.0 (6.1) FTSE 100 6,780.90 0.1 (0.1) (1.1)
Euro 1.29 (0.7) (0.8) (6.4) CAC 40 4,431.41 0.40 (0.4) (3.1)
Yen 108.37 1.2 1.0 2.9 Nikkei 15,888.67 (0.6) (0.8) (4.7)
GBP 1.63 (0.0) 0.0 (1.7) MSCI EM 1,062.39 0.8 0.1 6.0
CHF 1.06 (0.9) (0.8) (5.1) SHANGHAI SE Composite 2,307.89 0.6 (1.1) 7.5
AUD 0.90 (1.5) (0.9) 0.5 HANG SENG 24,376.41 1.0 (0.9) 4.6
USD Index 84.35 0.3 0.1 5.4 BSE SENSEX 26,631.29 0.6 (1.5) 27.8
RUB 38.37 0.3 1.6 16.7 Bovespa 59,108.19 (0.9) 3.0 15.5
BRL 0.42 (1.3) (0.8) 0.3 RTS 1,190.10 (1.0) (1.9) (17.5)
203.5
169.2
151.8
