1. QE Intra-Day Movement
Market Indicators
11,190
11,180
11,170
11,160
Market Indices
11,150
11,140
9:30
02 Feb 14
353.5
589,741.7
11.0
4,458
41
17:19
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.2% to close at 11,174.0. Gains were led by the
Transportation and Industrials indices, gaining 0.8% and 0.4% respectively. Top
gainers were Gulf International Services and Mazaya Qatar Real Estate Dev.
rising 5.0% and 3.2% respectively. Among the top losers, Qatar Cinema & Film
Dist. Co. fell 7.0%, while Qatar General Ins. & Rein. Co. was down 4.2%.
%Chg.
(28.8)
0.1
6.6
(14.6)
(2.4)
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
15,965.04
2,761.52
2,631.44
3,725.85
1,952.28
2,024.03
2,607.31
1,563.43
6,077.59
3,211.50
0.2
0.1
(0.0)
0.4
0.8
0.3
(0.3)
(0.7)
0.1
(0.2)
0.2
0.1
(0.0)
0.4
0.8
0.3
(0.3)
(0.7)
0.1
(0.2)
7.7
6.7
7.7
6.5
5.1
3.6
11.6
7.5
2.2
5.8
N/A
13.7
13.3
13.5
13.2
13.9
10.4
21.0
23.1
16.4
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index rose 0.9% to close at 8,835.1. Gains were led
by the Hotel & Tourism and Real Estate Dev. indices, rising 2.3% and 1.9%
respectively. Nat. Agri. Mark. rose 6.1%, while Saudi Investment was up 5.8%.
Saudi Investment Bank
Saudi Arabia
Ahli United Bank
Dubai: The DFM index declined 0.4% to close at 3,754.4. The Services index
fell 1.7%, while the Investment & Financial Services index was down 1.4%. Al
Salam Sudan declined 6.4%, while Al Salam Bank - Bahrain was down 4.5%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,692.9. The
Services index gained 1.5%, while the Banking index was up 1.2%. Ras Al
Khaimah Cement Co. surged 14.6% and Gulf Med. Projects Co. gained 8.3%.
Abu Dhabi Comm. Bank
Kuwait: The KSE index gained 0.7% to close at 7,810.1. The Consumer
Services and Real Estate indices rose 1.1% each. Amar for Finance & Leasing
Co. gained 8.8%, while Alrai Media Group Co. was up 6.8%.
Oman: The MSM index rose 0.1% to close at 7,092.5. The Financial and
Services indices, gained 0.1% each. Al Madina Takaful rose 5.9%, while Al
Madina Investment was up 4.5%.
Bahrain: The BHB index declined 0.2% to close at 1,291.2. The Industrial
index fell 1.6%, while the Commercial Banking index was down 0.4%. Al
Salam Bank declined 9.3%, while Khaleeji Commercial Bank was down 4.7%.
30 Jan 14
496.7
589,352.1
10.3
5,219
42
10:27
Close#
1D%
30.90
5.8
1,583.4
7.7
Kuwait
0.75
5.6
836.7
4.2
Gulf International Ser.
Qatar
79.30
5.0
443.4
30.0
Alinma Bank
Saudi Arabia
17.40
4.8
78,589.3
16.8
Abu Dhabi
6.88
3.9
3,786.2
5.8
GCC Top Losers
Exchange
#
Gulf Pharma. Industry
Abu Dhabi
3.22
(9.3)
731.7
(1.5)
Atheeb Telecom
Saudi Arabia
14.85
(4.5)
10,583.3
3.1
Qatar Gen. Ins. & Rein.
Qatar
43.10
(4.2)
13.8
(10.0)
Al-Qurain Petrochem.
Kuwait
0.23
(3.4)
119.9
3.6
Deyaar Development
Dubai
1.26
(3.1)
30,511.5
24.8
##
Close
Vol. ‘000
1D% Vol. ‘000
YTD%
YTD%
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Losers
Close*
1D%
Gulf International Services
79.30
5.0
443.4
30.0
Qatar Cinema & Film Dist. Co.
40.00
(7.0)
0.5
(0.2)
Mazaya Qatar Real Estate Dev.
12.59
3.2
2,564.8
12.6
Qatar General Ins. & Rein. Co.
43.10
(4.2)
13.8
(10.0)
Doha Insurance Co.
30.85
2.8
62.9
23.4
Zad Holding Co.
69.50
(3.5)
4.5
0.0
Salam International Investment Co.
13.70
1.5
2,495.3
5.3
Dlala Brok. & Inv. Holding Co.
22.00
(2.7)
42.8
(0.5)
Medicare Group
53.60
1.1
171.1
2.1
Qatari Investors Group
47.00
(2.4)
176.2
7.6
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
Industries Qatar
179.70
(0.1)
38,749.9
6.4
30.0
Qatar Exchange Top Gainers
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
Mazaya Qatar Real Estate Dev.
12.59
3.2
2,564.8
12.6
Salam International Investment Co.
13.70
1.5
2,495.3
5.3
Gulf International Services
79.30
5.0
34,567.8
Qatar Gas Transport Co.
21.00
0.9
1,090.0
3.7
Salam International Investment
13.70
1.5
34,027.0
5.3
United Development Co.
22.71
0.4
820.1
0.4
Mazaya Qatar Real Estate Dev.
12.59
3.2
32,816.1
12.6
Vodafone Qatar
11.31
(1.0)
630.8
5.6
Qatar Navigation
88.90
1.0
25,254.3
7.1
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Source: Bloomberg (* in QR)
Close
1D%
WTD%
MTD%
YTD%
11,173.97
3,754.43
4,692.88
8,835.12
7,810.11
7,092.53
1,291.17
0.2
(0.4)
0.4
0.9
0.7
0.1
(0.2)
0.2
(0.4)
0.4
0.9
0.7
0.1
(0.2)
0.2
(0.4)
0.4
0.9
0.7
0.1
(0.2)
7.7
11.4
9.4
3.5
3.5
3.8
3.4
Exch. Val. Traded
($ mn)
97.06
302.53
277.20
1,914.84
112.99
28.16
1.72
Exchange Mkt.
Cap. ($ mn)
161,943.1
76,442.6
131,486.3
484,819.9
110,752.0
25,471.5
50,487.8
P/E**
P/B**
14.0
19.1
12.9
17.7
17.1
11.0
8.5
1.9
1.4
1.6
2.2
1.2
1.6
0.9
Dividend
Yield
4.1
2.4
3.8
3.3
3.6
3.7
3.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 6

2. Qatar Market Commentary
 The QE index rose 0.2% to close at 11,174.0. The
Transportation and Industrials indices led the gains. The index
rose on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
 Gulf International Services and Mazaya Qatar Real Estate Dev.,
were top gainers, rising 5.0% and 3.2% respectively. Among the
top losers, Qatar Cinema & Film Dist. Co. fell 7.0%, while Qatar
General Ins. & Rein. Co. declined 4.2%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
59.78%
64.74%
(17,540,297.71)
Non-Qatari
40.23%
35.26%
17,540,297.71
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Sunday rose by 6.6% to 11.0mn
from 10.3mn on Thursday. Further, as compared to the 30-day
moving average of 10.4mn, volume for the day was 6.2% higher.
Mazaya Qatar Real Estate Dev. and Salam International
Investment Co. were the most active stocks, contributing 23.3%
and 22.7% to the total volume respectively.
Earnings
Earnings Releases
Company
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
AED
1,511.6
10.5%
140.3
0.1%
235.8
9.9%
AED
850.0
5.2%
–
–
76.4
16.3%
Dubai
AED
310.8
11.9%
–
–
54.5
94.5%
Dubai
AED
1,331.7
18.3%
118.5
-46.5%
241.8
1.0%
Abu Dhabi
AED
303.1
6.7%
–
–
48.8
-1.1%
Abu Dhabi
AED
12.3
-1.6%
–
–
24.5
148.3%
Abu Dhabi
AED
219.9
0.4%
7.6
NA
7.9
NA
Abu Dhabi
AED
2,390.0
3.0%
–
–
571.0
-5.6%
Kuwait
KD
26.0
-22.5%
–
–
6.0
1965.4%
Kuwait
KD
–
–
–
–
9.0
125.0%
Oman
OMR
2.2
8.0%
0.7
5.2%
0.6
175.9%
Oman
OMR
4.4
4541.3%
–
–
–
–
Market
Currency
Orient Insurance Co. (OIC)*
Dubai
Aramex
AI Sagar National Insurance
Co.*
Oman Insurance Co.*
Dubai
Al Dhafra Insurance Co.*
Umm Al Qaiwain Cement
Industries Co.*
Ras AI Khaimah Cement Co.
(RAK Cement)*
Dana Gas Co. *
Al Mazaya Holding Co.*
Qurain Petrochemical
Industries Co. (QPIC)**
Oman Chromite Co. (OCC) *
Packaging Co. Ltd *
% Change
YoY
Source: Company data, DFM, ADX, MSM (*FY2013 results) (**9 months ended December 31, 2013)
News
Qatar
 Qatar posts QR30.9bn trade surplus in November –
According to the preliminary data released by the Ministry of
Development Planning & Statistics, Qatar registered a foreign
trade surplus of QR30.9bn in November 2013. This indicates a
decline of QR1.3bn as compared to November 2012. Qatar‟s
total exports of goods – including exports of domestic origin and
re-exports – amounted to QR39.8bn in November 2013,
showing a drop of 0.9% over November 2012. However, total
imports in November 2013 stood at QR8.9bn, a 12.4% increase
over the value recorded in November 2012. Qatar‟s main
exporting destinations were Japan, with a share of 29% of total
exports, followed by South Korea (17%) and India (9%).
Automobiles, aircraft spare parts, telephone sets, mobiles and
ancillaries were the main items imported by Qatar in November
2013. The US was the leading country exporting to Qatar with a
share of 11% of the total imports, followed by China (9%),
Germany and the UAE (7% each). (Gulf-Times.com)
 QNB Group eyes MENA, Sub-Saharan Africa for expansion
– QNB Group – which now has presence in 26 countries – said
it will continue to invest strategically across the MENA region as
well as Sub-Saharan Africa. Further, QNB Group is also
planning to expand its retail banking operations in selected
markets and to extend its loyalty rewards program for overseas
transactions as well through additional partners. HE the Finance
Minister Ali Sharif al-Emadi said that the group‟s primary focus is
to retain its leading position by diversifying income sources and
expanding the range of activities across the group. Meanwhile,
during its AGM, QNB Group‟s shareholders approved the
board‟s proposal to distribute 70% cash dividend for 2013. (GulfTimes.com)
 QNB expansion plans to focus on global deals – QNB
Group's expansion plans for the next three years will refocus on
global expansions while maintaining its dominant position in
Qatar. By 2017, the bank expects 60% of its net profit
contribution and 55% of net assets contribution from its
international operations, thus positioning QNB as a transactionbanking leader in the MENA region. QNB's Group Corporate &
Institutional Banking (GCI) continued to be the key engine of the
Group's profit and growth in 2013. The corporate banking
department within the GCI provided several bilateral financing
facilities last year for clients such as Nakilat, Halul Offshore and
Gulf LPG. The contracting unit of GCI financed a wide range of
key projects in 2013. These included a 10-year loan facility
agreement with United Development Company (UDC), the
master developer of The Pearl-Qatar, and a term loan financing
the development of the Mall of Qatar, a large mall under
construction near Qatar Foundation. A QNB Group-led
syndicate of banks was mandated for the provision of the full
banking facilities and associated requirements for the new Doha
Page 2 of 6

3. Metro Project-Red Line South package. GCI is highly supportive
of a key pillar of the Qatar National Vision 2030-nurturing growth
of SMEs. In 2013, GCI's Global Structure Finance (GSF)
department was involved in several significant transactions.
Within Qatar, QNB Group supported Ooredoo as general
financial adviser, documentation coordinator, facility agent as
well as initial mandated lead arranger in arranging a $1bn
Revolving Credit Facility, among others. (Peninsula Qatar)
 Brand Finance: QNB Group is Middle East’s most valuable
bank brand – According to an annual study "The Brand Finance
Banking 500" conducted by Brand Finance, Middle East banks
have had an extremely successful year, almost all improving
their global rank with at least double-digit brand value % growth.
QNB Group leads the group for another year with a brand value
of $1.8bn. This is up 38.5% on 2013, an increase of over half a
billion dollars. This puts QNB just outside the global top 100, but
with such impressive growth, it is sure to break into that group
next year. (Bloomberg)
 QFCRA implements changes to Controller Framework for
QFC-authorized firms – The Qatar Financial Centre Regulatory
Authority‟s (QFCRA) board has approved the changes in rules
relating to significant ownership positions in QFC-authorized
firms with effect from February 1, 2014. The implementation
follows a period of consultation with industry in 4Q2013, during
which the QFCRA issued a consultation paper seeking input on
the proposed changes. The amendments to the general rules
include the following: controller band threshold approval, letter of
comfort, and maintain systems & controls. QFCRA has
introduced thresholds for the approval of controller shareholding,
based on propriety and the financial capability of the
shareholder. Similarly, it has stipulated requirements for
significant controller shareholders who cross a 49% or 74%
shareholding threshold to provide a „letter of comfort‟ to QFCRA,
confirming the shareholders‟ capability to support the firm.
Further, QFCRA has stipulated requirements for authorized
firms to submit specific reports and maintain systems & controls
that allow the firm to monitor controller shareholder positions;
make required applications for approval; and prevent
shareholding increases across band thresholds. These
proposals are relevant to all QFC authorized firms and any firms
considering doing business in the QFC. (GulfBase.com)
 ORDS: All buildings in Qatar to be fiber-connected by 2014end – Ooredoo‟s (ORDS) COO Waleed Mohamed al-Sayed
said that all residential and commercial buildings in the country
will be connected through optic fiber before the year-end. In
terms of migration of customers to the fiber network (FTTH),
Ooredoo plans to complete the work by end-2014. ORDS has
already connected around 100,000 customers to its fiber
network. The nationwide rollout of the fiber network is in line with
the country‟s ambitious Qatar National Vision 2030, which aims
to develop a knowledge-based economy built upon a strong
infrastructure foundation. (Gulf-Times.com)
 QIFL to pay GMTN interest payments – Ooredoo (ORDS)
announced that its subsidiary QTEL International Finance
Limited (QIFL) will pay interest payments to its global medium
term note (GMTN) holders on February 18 & 21, 2014. (QE)
 MERS’ BoD to meet on February 17 – Al Meera Consumer
Goods Company‟s (MERS) board of directors will meet on
February 17, 2014 to discuss the company‟s financial results
ending on December 31, 2013. (QE)
 AKHI opens candidacy for board directorship – Al Khaleej
Takaful Group‟s (AKHI) board has announced the opening of
candidacy for its board directorship for the next three years,
which is open for applications from January 26, 2014 until
February 9, 2014. (QE)
 IQCD announces dates for board meeting, AGM – Industries
Qatar Company‟s (IQCD) board will meet on February 16, 2014
to discuss the company‟s financial results ending on December
31, 2013. Meanwhile, IQCD‟s AGM will be held on March 10,
2014. (QE)
 QOIS’ BoD to meet on February 26, AGM on March 24 –
Qatar Oman Investment Company‟s (QOIS) board will meet on
February 26, 2014 to discuss the company‟s financial results
ending on December 31, 2013. Meanwhile, QOIS‟ AGM will be
held on March 24, 2014. (QE)
International
 ECB set to reveal further detail of bank health checks – The
European Central Bank (ECB) will reveal more detail on how it
plans to go about checking that top Eurozone banks have the
risks on their balance sheets under control. The ECB's asset
quality review (AQR) is part of a broader examination that also
includes a stress test to see how banks hold up under shock
scenarios, to avoid nasty surprises once the ECB takes up
responsibility for supervising them from November. It aims to
encourage banks to recognize losses on loans or investments
that have soured over time, allowing them to regain investors'
trust and free up capacity to grant new loans to help along the
euro zone's fragile economic recovery. (Reuters)
 China's January official services PMI falls to 53.4 – Growth
in China's services sector cooled in January to its slowest pace
in at least a year. The official non-manufacturing Purchasing
Managers' Index slipped to 53.4 from December's 54.6, the
lowest reading in at least a year but still above the 50-point level
that indicates growth. (ET)
Regional
 GPCA: GCC petrochemicals set for export surge – The Gulf
Petrochemicals & Chemicals Association (GPCA) stated that the
petrochemical industry in the GCC region is set to record a rapid
increase in exports in 2014 due to the World Trade
Organization's (WTO) Bali Package. According to the WTO, the
benefits accruing to the world economy from the Trade
Facilitation Agreement adopted as part of WTO‟s Bali Package
are estimated to be anywhere between $400bn and $1tn. Costs
of trade are set to decrease by 10-15%, contributing to
increased trade flows and higher revenues while creating a
stable business environment. (GulfBase.com)
 ABCC: Brazilian imports from Arab nations reach $11.4bn
in 2013 – According to the Arab-Brazilian Chamber of
Commerce (ABCC), Brazilian imports from Arab nations in 2013
were recorded at $11.4bn. These imports consisted of
petroleum, fertilizers, plastic, glass and glassware, seafood, and
electric machinery. Arab countries collectively accounted for a
2.72% growth in Brazilian imports in 2013 over the previous
year. Saudi Arabia was the biggest exporter with $3.2bn,
followed by Algeria ($3.1bn), Morocco ($1.4bn), Kuwait
($1.0bn), and Iraq ($691mn). (GulfBase.com)
 SEC raises SR4.5bn from sukuk – The Saudi Electricity
Company (SEC) has raised SR4.5bn from the sale of an Islamic
bond. The sukuk was priced at 70 basis points over the threemonth Saudi Interbank Offered Rate (Saibor). In early January,
SEC stated that it had chosen banks to arrange for the riyaldenominated transaction. (GulfBase.com)
 Al Khodari renews SR290.1mn Islamic credit facilities with
GIB – Abdullah A. M. Al Khodari Sons Company has renewed
its Islamic credit facilities agreement worth SR290.1mn with Gulf
Page 3 of 6

4. International Bank (GIB). These credit facilities provide bonding
commitments and fund the company‟s working capital and
capex requirements. Around 36% of these facilities are funded
under Murabaha modes of financing, whereas 64% limits are for
multipurpose bonds and documentary credits. The credit limits‟
tenor ranges from 6 months to 48 months, depending upon the
purpose of their utilization. (Tadawul)
 Saudi Orix’s BoD recommends SR25.5mn dividends – Saudi
ORIX Leasing Company‟s board of directors has recommended
the distribution of dividends worth SR25.5mn to its shareholders
for FY2013. The dividend per share will be SR0.75, representing
7.5% of the face value of the share. Shareholders registered on
the day of the general assembly meeting will be eligible for this
dividend. (Tadawul)
 SAMA approves UCA’s insurance products – The United
Cooperative Assurance Company (UCA) has obtained SAMA‟s
approval for the extension of its temporary approval for its motor
insurance – all risks both commercial and private and motor
third party liability insurance for three months until April 30,
2014. (Tadawul)
 Knight Frank: Dubai’s prime industrial rents rise – According
to a report by Knight Frank, the prime industrial rents in Dubai
appear to be on a firm path to recovery. In the last six months of
2013, the average rental values for class 1 property rose by
12% semi-annually and were up 18% as compared to the same
period the year before. (GulfBase.com)
 Emaar to launch 98 new villas in Dubai on February 8 –
Emaar Properties is set to launch its first Arabesque-style villa
community named “Yasmin” in Arabian Ranches in Dubai on
February 8, 2014. The Yasmin villa community features 98 villas
to be built in five different types of four-to-six bedrooms and
nestled in landscaped green spaces and private gardens. Emaar
has launched numerous new residential units over the past few
weeks including Vida Residence, The Hills, Lila in Arabian
Ranches, Vida Residence in Downtown Dubai, Rasha in
Arabian Ranches, Boulevard Point in Downtown Dubai.
(GulfBase.com)
 Arqaam becomes Nasdaq Dubai trading member – Arqaam
Capital has become an equities trading member of Nasdaq
Dubai, enabling it to offer its clients any opportunity to trade
shares directly on Nasdaq Dubai. Arqaam is already a member
of NASDAQ Dubai's equity derivatives market, which comprises
futures on the FTSE NASDAQ Dubai UAE 20 index and on 20
companies listed in the UAE. (GulfBase.com)
 DFM proposes 5% cash dividend – The Dubai Financial
Market (DFM) has proposed a cash dividend of 5% of the
capital. Meanwhile, DFM‟s AGM will be held on March 3, 2014.
(DFM)
 Ras Al Khaimah DCA inks partnership deal with Air Arabia –
Ras Al Khaimah‟s Department of Civil Aviation (DCA) has
signed a strategic partnership with Air Arabia for operating
services from Ras Al Khaimah International Airport. This
partnership will increase the number of destinations accessible
to Ras Al Khaimah and neighboring Northern Emirates, and is
expected to support its standing as an attractive tourist
destination. Air Arabia will now become the official carrier for
Ras Al Khaimah Emirate. (DFM)
 Orient’s BoD approves 20% cash dividend, recommends
capital increase – The Orient Insurance Company‟s (Orient)
board of directors has recommended 20% cash dividends for its
shareholders. Orient‟s BoD has also recommended increasing
the company‟s capital from AED405mn to AED500mn by issuing
bonus shares. (DFM)
 UNB reports AED1,748mn profit for FY2013 – Union National
Bank (UNB) has reported a profit of AED1,748mn for FY2013,
an increase of 9% YoY. EPS for 2013 improved to AED0.62
from AED0.56 in 2012. Total assets increased by 1% YoY to
AED87.5bn in 2013. Customer deposits recorded a growth of
3% YoY reaching AED65.1bn as on December 31, 2013, while
loans & advances increased by 5% YoY in 2013 to reach
AED60.0bn. Meanwhile, the bank‟s board has recommended a
15% cash dividend and 5% bonus shares. (ADX)
 Abu Dhabi renews buildings contract with ADCB unit – The
Department of Finance–Abu Dhabi (DoF) has renewed the
management agreement signed with Abu Dhabi Commercial
Properties (ADCP), a subsidiary of Abu Dhabi Commercial Bank
(ADCB). The contract aims to promote further stability across
the Abu Dhabi property market and the overall economy, by
ensuring first-class services for both commercial and residential
buildings. (GulfBase.com)
 Etihad in final stage for Alitalia stake buy – Etihad Airways is
in the final phase of a due diligence process that may result in
an investment in the troubled Italian airline, Alitalia. According to
sources, Alitalia and Etihad have been in talks for several weeks
on a possible investment by the Abu Dhabi-based carrier, which
could involve Etihad buying a 40% stake in Alitalia for
$404.6mn. (GulfBase.com)
 Bank of Sharjah’s BoD approves 12.5% cash dividend – The
Bank of Sharjah‟s board of directors has approved the
distribution of 12.5% cash dividend 60,000,000 buy back shares,
representing 2.86% of the paid-up capital. (ADX)
 QCEM’s BoD recommends 7% cash dividend – Umm Al
Qaiwain Cement Industries Company‟s (QCEM) board of
directors has recommended a cash dividend of 7% of the paidup capital for 2013. (ADX)
 CBK announces implementation of Basel III norms – HE the
Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad
Y. Al Hashel announced the implementation of Basel III capital
adequacy standards by all Kuwaiti banks. CBK is raising the
minimum capital adequacy ratio requirement for Kuwaiti banks
from 12% in two stages: first to 12.5% by 2015 and then to 13%
by 2016. The Basel III norms include an increase in the total
ratio of the regulatory capital and a redefinition of the regulatory
capital. (GulfBase.com)
 Dolphin Village adds 70 more villas, apartments – Yahya
Group has announced an addition of 70 villas and apartments
and a second swimming pool to its Dolphin Village in Bausher.
By August 2014, the Dolphin Village‟s expansion will be
completed with 59 additional homes that are currently under
construction. This will take the total number of luxury housing
units at the Village to 337. (GulfBase.com)
 Investcorp’s net income jumps 53% YoY to $60.1mn 1H
FY2014 – Investcorp Bank‟s net income for 1H FY2014
increased by 53% YoY to $60.1mn. Total assets decreased by
4.8% YoY to $2.357bn. Basic EPS grew to $100 from $66 in 1H
FY2013. (Bahrain Bourse)
 KHCB reports BHD19.21mn net loss in 2013 – Khaleeji
Commercial Bank (KHCB) has reported a loss of BHD19.21mn
in 2013 as compared to the profit of BHD0.75mn a year earlier.
The bank‟s total assets grew by 14.6% YoY to BHD542.2mn.
EPS fell to -17.07 fils from 0.67 fils in 2012. Meanwhile, KHCB‟s
board announced that the bank would not be paying a dividend
for 2013. (GulfBase.com)
 ASSB reports BHD12.4mn net profit – Al Salam Bank-Bahrain
(ASBB) has reported a net profit of BHD12.4mn in 2013,
Page 4 of 6

5. reflecting an increase of 20% YoY. Income from financing
contracts jumped by 27% YoY to BHD26.1mn in 2013 from
BHD20.5mn in 2012. Total assets grew by 15.5% YoY to
BHD1.088bn from BHD0.942bn. EPS stood at 8.3 fils in 2013 as
compared to 6.9 fils in 2012. (Bahrain Bourse)
 Bapco’s output soars to 96.3mn barrels – The Bahrain
Petroleum Company‟s (Bapco) refinery processed 96.3mn
barrels of crude oil in 2013, an increase of 9.6% over the
previous year. Bapco‟s Chairman & Acting Chief Executive Adel
Khalil Almoayyed said that refining activities were once again
the focus of performance optimization efforts, with a number of
notable results last year. (GulfBase.com)
Page 5 of 6

6. Daily Index Performance
0.9%
0.7%
0.8%
0.2%
0.1%
0.0%
(0.4%)
Aug-11
QE Index
Mar-12
Oct-12
May-13
S&P Pan Arab
Dec-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
(0.4%)
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
1,244.55
0.0
0.0
3.2
19.18
0.0
0.0
(1.5)
106.40
0.0
0.0
5.01
0.0
157.00
Global Indices Performance
Close
1D%
WTD%
YTD%
15,698.85
0.0
0.0
(5.3)
S&P 500
1,782.59
0.0
0.0
(3.6)
(4.0)
NASDAQ 100
4,103.88
0.0
0.0
(1.7)
0.0
15.3
STOXX 600
322.52
0.0
0.0
(1.7)
0.0
0.0
24.1
DAX
9,306.48
0.0
0.0
(2.6)
154.00
0.0
0.0
13.4
FTSE 100
6,510.44
0.0
0.0
(3.5)
DJ Industrial
1.35
0.0
0.0
(1.9)
CAC 40
102.04
0.0
0.0
(3.1)
Nikkei
GBP
1.64
0.0
0.0
(0.7)
MSCI EM
CHF
1.10
0.0
0.0
(1.5)
SHANGHAI SE Composite
AUD
0.88
0.0
0.0
(1.8)
USD Index
81.31
0.0
0.0
RUB
35.15
0.0
0.0
BRL
0.41
0.0
0.0
(2.1)
Yen
Kuwait
Jan-11
(0.2%)
Qatar
(0.8%)
Dubai
127.8
0.4%
0.4%
Abu Dhabi
140.6
Saudi Arabia
Jun-10
1.2%
160.6
Oman
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
Bahrain
Rebased Performance
4,165.72
0.0
0.0
(3.0)
14,914.53
0.0
0.0
(8.5)
936.53
0.0
0.0
(6.6)
2,033.08
0.0
0.0
(3.9)
HANG SENG
22,035.42
0.0
0.0
(5.5)
1.6
BSE SENSEX
20,513.85
0.0
0.0
(3.1)
6.9
Bovespa
47,638.99
0.0
0.0
(7.5)
1,301.02
0.0
0.0
(9.8)
Source: Bloomberg
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
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