11 August Daily market report

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QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.5% to close at 13,137.4. Gains were led by the Consumer
Goods and Services and Real Estate indices, gaining 2.4% and 1.1%,
respectively. Top gainers were Islamic Holding Group and Widam Food Co.,
rising 9.0% and 7.3%, respectively. Among the top losers, Mazaya Qatar Real
Estate Dev. fell 3.2%, while Qatar Navigation declined 1.7%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.2% to close at 10,596.6. Gains were led
by the Cement and Real Estate Dev. indices, rising 1.2% and 1.1%,
respectively. Buruj Coop. Ins. gained 9.9%, while Al Hammadi was up 8.9%.
Dubai: The DFM index gained 1.7% to close at 4,819.9. The Real Estate &
Construction index gained 3.1%, while the Investment & Financial Serv. index
rose 2.1%. Int. Financial Advisors rose 14.3%, while Arabtec was up 3.9%.
Abu Dhabi: The ADX benchmark index rose 1.1% to close at 4,997.6. The
Real Estate index gained 2.5%, while the Inv. & Fin. Ser. index was up 1.7%.
Int. Fish Farming Holding Co. rose 9.4%, while BILDCO gained 7.6%.
Kuwait: Kuwait: The KSE index gained 0.5% to close at 7,230.8. The
Technology index rose 1.7%, while Industrial index was up 1.3%. Coast Inv. &
Development Co. gained 9.4%, while Gulf Glass Manuf. Co. was up 9.3%.
Oman: The MSM index declined 0.4% to close at 7,296.3. Losses were led by
the Industrial and Financial indices declining 0.7% and 0.3%, respectively.
Galfar Engineering & Con. fell 6.7%, while Oman Invt. & Fin. was down 3.2%.
Bahrain: Bahrain: The BHB index gained marginally to close at 1,488.2. The
Industrial index rose marginally, while the other indices were flat. Delmon
Poultry Co. was up 1.7%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 85.00 9.0 1,254.9 84.8
Widam Food Co. 60.50 7.3 373.7 17.0
Qatar General Ins. and Reins. Co. 47.70 4.6 0.6 19.5
Qatar National Cement Co. 140.30 4.3 21.3 17.9
Doha Insurance Co. 30.50 3.4 56.1 22.0
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 21.78 (3.2) 3,096.0 94.8
Salam International Investment Co. 20.50 2.0 1,297.0 57.6
Ezdan Holding Group 19.79 (0.1) 1,147.9 16.4
Vodafone Qatar 19.59 0.5 1,065.2 82.9
Market Indicators 11 Aug 14 10 Aug 14 %Chg.
Value Traded (QR mn) 740.9 614.9 20.5
Exch. Market Cap. (QR mn) 698,819.6 693,699.4 0.7
Volume (mn) 15.4 12.8 19.6
Number of Transactions 7,448 6,908 7.8
Companies Traded 40 42 (4.8)
Market Breadth 28:10 18:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,594.35 0.5 0.5 32.1 N/A
All Share Index 3,326.07 0.7 0.6 28.5 16.3
Banks 3,168.64 0.6 0.0 29.7 15.5
Industrials 4,333.33 0.7 1.0 23.8 17.7
Transportation 2,326.62 (0.5) (0.0) 25.2 14.9
Real Estate 2,875.57 1.1 1.5 47.2 15.5
Insurance 3,881.02 0.4 0.9 66.1 12.3
Telecoms 1,596.70 0.4 (0.1) 9.8 22.6
Consumer 7,582.46 2.4 3.2 27.5 28.3
Al Rayan Islamic Index 4,527.90 0.6 1.1 49.1 19.8
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Sharjah Islamic Bank Abu Dhabi 2.05 5.7 3,641.2 33.1
Qatar Gen Ins. & Reins. Qatar 47.70 4.6 0.6 19.5
National Medical Care. Saudi Arabia 79.97 4.4 6,068.9 46.7
Qatar National Cement. Qatar 140.30 4.3 21.3 17.9
National Investments. Kuwait 0.15 4.1 1,637.7 (3.8)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Agility Kuwait 0.81 (2.4) 287.4 23.3
Bank Al-Jazira Saudi Arabia 35.17 (2.1) 1,899.4 24.7
F. A. Alhokair & Co. Saudi Arabia 121.29 (1.7) 508.0 74.5
Qatar Navigation Qatar 93.90 (1.7) 13.8 13.1
Raysut Cement Co. Oman 2.15 (1.6) 30.5 6.5
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 Navigation 93.90 (1.7) 13.8 13.1
Mannai Corp. 116.00 (1.4) 105.0 29.0
Gulf International Services 117.80 (0.8) 87.0 141.4
Qatar Insurance Co. 91.80 (0.8) 20.6 72.6
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 171.50 0.8 77,423.5 1.5
Masraf Al Rayan 54.00 0.2 40,472.2 72.5
QNB Group 180.40 1.3 37,305.4 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* 13,137.43 0.5 0.5 2.0 26.6 203.49 191,895.9 16.2 2.2 3.8
Dubai 4,819.86 1.7 1.8 (0.3) 43.0 184.80 93,694.0 21.3 1.8 2.2
Abu Dhabi 4,997.59 1.1 1.5 (1.1) 16.5 38.70 136,967.0 14.2 1.8 3.3
Saudi Arabia 10,596.55 0.2 0.4 3.7 24.1 2,336.83 577,492.9 20.4 2.6 2.7
Kuwait 7,230.78 0.5 0.6 1.4 (4.2) 43.30 112,685.6 17.2 1.1 3.8
Oman 7,296.30 (0.4) (0.5) 1.3 6.8 13.04 26,864.2 11.3 1.7 3.8
Bahrain 1,488.23 0.0 (0.4) 1.1 19.2 0.33 54,491.0 11.7 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)
12,950
13,000
13,050
13,100
13,150
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 0.5% to close at 13,137.4. The Consumer
Goods and Services and Real Estate 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 Widam Food Co. were the top
gainers, rising 9.0% and 7.3%, respectively. Among the top
losers, Mazaya Qatar Real Estate Dev. fell 3.2%, while Qatar
Navigation declined 1.7%.
 Volume of shares traded on Monday rose by 19.6% to 15.4mn
from 12.8mn on Sunday. Further, as compared to the 30-day
moving average of 15.2mn, volume for the day was 1.3% higher.
Mazaya Qatar Real Estate Dev. and Salam International
Investment Co. were the most active stocks, contributing 20.2%
and 8.4% to the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
International
Petroleum
Investment
Company (IPIC)
Moody’s UAE LT IR/SUMTN/SURB/IR
Aa3/Aa3/Aa3/
P–1
Aa2/Aa2/Aa2/
P–1  Stable –
Mubadala
Development
Company
Moody’s UAE LT IR/SUMTN/SURB/IR
Aa3/Aa3/Aa3/
P–1
Aa2/
Aa2/Aa2/P–1  Stable –
Tourism
Development &
Investment
Company
Moody’s UAE LT IR/SUMTN/SURB A1/A1/A1 Aa2/Aa2/Aa2  Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IR – Issuer Rating, SR – Support Rating, LC – Local
Currency, SUMTN – Senior Unsecured Medium Term Note, Senior Unsecured Regular Bond – SURB)
Earnings Releases
Company Market Currency
Revenue
(mn)2Q2014
% Change
YoY
Operating Profit
(mn) 2Q2014
% Change
YoY
Net Profit (mn)
2Q2014
% Change
YoY
Ras Al Khaimah Ceramics
Co. (RAKCEC)
Abu Dhabi AED 868.5 -6.8% – – 93.3 -4.2%
National Corporation for
Tourism and Hotels (NCTH)
Abu Dhabi AED 192.2 10.6% – – 49.1 85.4%
Kuwait Food Co.
(Americana)
Kuwait KD – – – – 12.8 8.7%
Shurooq Investment
Services Holding Co.
(SISCO)*
Oman OMR 0.2 -14.5% – – -0.1 NA
Renaissance Services* Oman OMR 117.3 -3.4% 27.6 8.2% 10.9 -0.9%
Oman Telecommunications
Co. (Omantel) *
Oman OMR 238.6 -0.3% – – 66.0 9.1%
Source: Company data, DFM, ADX, MSM (*1H2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/11 US US Treasury 3M High Yield Rate 11-Aug 0.03% – 0.03%
08/11 US US Treasury 3M Direct Accepted % 11-Aug 4.80% – 6.40%
08/11 US US Treasury 3M Bid/Cover Ratio 11-Aug 4.5 – 4.6
08/11 US US Treasury 3M Indirect Accepted % 11-Aug 30.30% – 26.00%
08/11 US US Treasury 6M Direct Accepted % 11-Aug 3.40% – 4.40%
08/11 US US Treasury 6M Indirect Accepted % 11-Aug 32.00% – 28.60%
08/11 US US Treasury 6M High Yield Rate 11-Aug 0.05% – 0.05%
08/11 US US Treasury 6M Bid/Cover Ratio 11-Aug 4.7 – 4.9
08/11 France Ministry of the Economy 3M T-Bill Amount Sold 11-Aug EU4196M – EU4190M
08/11 France Ministry of the Economy 3M T-Bill Average Yield 11-Aug 0.00% – 0.01%
08/11 France Ministry of the Economy 3M T-Bill Bid/Cover Ratio 11-Aug 3.6 – 3.2
Overall Activity Buy %* Sell %* Net (QR)
Qatari 61.17% 67.98% (50,472,584.49)
Non-Qatari 38.84% 32.03% 50,472,584.49

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08/11 Germany Deutsche Bundesbank 6M Bill Allotment 11-Aug 1431M – 1992M
08/11 UK Lloyds Bank Lloyds Employment Confidence July 6.0 – 1.0
08/11 UK London Silver Market Fix. London Silver Market Fixing 11-Aug 19.9 – 20.1
08/11 UK London Gold Market Fix. London Gold Market PM Fix 11-Aug 1307.3 – 1309.8
08/11 Japan METI Tertiary Industry Index MoM June -0.10% 0.00% 0.90%
08/11 Japan Bank of Japan Money Stock M2 YoY July 3.00% 3.00% 3.00%
08/11 Japan Bank of Japan Money Stock M3 YoY July 2.40% 2.40% 2.50%
08/11 Japan ESRI Consumer Confidence Index July 41.5 42.0 41.1
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar’s Tasweeq offers first ultra-low sulfur diesel cargo –
According to sources, Qatar International Petroleum Marketing
Company (Tasweeq) has offered its first ultra-low sulfur diesel
cargo for export from a new secondary unit at its Laffan refinery.
Sources said that the product could eventually replace the high
sulfur gasoil the company offers in the spot market, supplies of
which are dwindling swiftly in Asia and the Middle East. The
company will also have to compete with other new refineries in
the Middle East, the majority of which are designed to produce
ultra-low sulfur diesel that meets the European environmental
standards. (Gulf-Times.com)
 Alderley completes Qatar water project – Alderley Process
Technologies has delivered a produced water treatment
package for the Halul Island Produced Water Modification
Project. The contract was awarded by Total Exploration &
Production Qatar (TEPQ). The produced water treatment
package was designed and manufactured at Alderley’s Jebel Ali
facility, before it was installed and operated on Halul Island,
Qatar. Halul Island is situated approximately 80 kilometers off
the Doha coast and is the major storage & export terminal for
the offshore oilfields of Qatar. (Bloomberg)
International
 Fischer: Participation drop may reflect slow growth –
Federal Reserve’s Vice Chairman Stanley Fischer said the
sluggish labor supply growth is a “source of concern” because it
may contribute to a slowdown in longer-run output of the
economy, which also faces a drag from housing and “broad-
based” slowing across emerging markets. Fischer said the
falling labor-force participation largely reflects an aging
population, though there is “considerable uncertainty” about how
much is due to the sluggish economy. The participation rate,
which measures the share of working-age people in the labor
force, is 62.9%, near the lowest since 1978. Fischer said there
are good reasons to believe that some of the surprising
weakness in labor-force participation reflects still poor cyclical
conditions. He further added that many of those who dropped
out of the labor force may be discouraged workers. A further
strengthening of the economy will likely pull some of these
workers back into the labor market, although skills and networks
may have depreciated over the past years. (Bloomberg)
 US jobs rose since '08 crisis, but pay is 23% less –
According to sources, jobs growth in the US since the 2008
recession has been undermined by lower wages, with workers
earning an average 23% less than earnings from jobs which
were lost. According to a report released by the United States
Conference of Mayors (USCM), the average annual salary in
sectors where jobs were lost – particularly manufacturing and
construction – during the 2008-09 financial crisis was $61,637,
which represents cities with populations of more than 30,000.
The report said the job gains through 2Q2014 in comparative
sectors showed average wages of $47,171, implying $93bn in
lower wage income. The report also showed that the majority of
metro areas – 73% - had households earning salaries of less
than $35,000 a year. (Reuters)
 Italy's PM Renzi sees 2014 deficit at 2.9% of GDP –
According to sources, Italian Prime Minister Matteo Renzi said
that Italy will post a budget deficit of 2.9% of GDP in 2014
without the need for additional fiscal tightening. Renzi said that
the country would not breach the European Union's deficit limit
of 3% of GDP despite the fact that the economy fell back into
recession after contracting 0.2% in the second quarter of 2014.
Renzi and Economy Minister Pier Carlo Padoan have repeatedly
said that Italy would respect the EU's deficit limits without the
need for a supplementary budget, but they have not given a
specific new forecast. Italy's current deficit forecast for 2014
issued in April is 2.6%. But the target, as well as the official
growth estimate of 0.8%, is expected to be revised when the
government presents its new financial planning document in
September. (Reuters)
 Europe's fragile economy put to test as Ukraine, Iraq sour
mood – Investors will gauge the strength of the Euro zone's
fragile economy this week as escalating conflicts in Ukraine and
Iraq darken the mood globally. In stark contrast to the US and
Britain, which are growing strongly, the economic output in the
Euro bloc is likely to have all but ground to a halt in the three
months to June. Its star economy, Germany, is losing
momentum and Italy is sliding back into recession. The growing
sanctions fight between Russia and the West over Moscow’s
backing of rebels in Ukraine and US air strikes to block Islamist
militants in Iraq are also upsetting the markets. Recently the
European Union announced the economic output data for the 18
countries in the Euro zone for the April-June quarter, and
Germany will reveal its own GDP for the same period. By these
yardsticks, neither Germany nor the wider Euro zone are
expected to see much improvement in the first three months of
the year. And to compound matters, the tit-for-tat sanctions
between Moscow & the European Union and fears that Russia
could even invade eastern Ukraine are already sapping
business confidence and will eat into paltry economic growth
later this year. Not only does Moscow supply about a third of the
European Union's gas needs, trade ties in other areas between
Russia and Europe run deep. (Reuters)
 Russian economy stalls as Putin reprisal risks spillovers –
Russia’s economic growth slumped to the weakest in five
quarters, underlining the risks to a recovery in the region as
President Vladimir Putin retaliates after penalties imposed over
the deepening conflict in Ukraine. The Federal Statistics Service
said the GDP advanced 0.8% in 2Q2014 from a year earlier
after a 0.9% growth in 1Q2014, citing preliminary data. The
Economy Ministry in Moscow had projected a 1.1% expansion.

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According to analysts surveyed by Bloomberg, the GDP growth
in Poland, Hungary and the Czech Republic probably slowed
during the April-June period on a quarterly basis. The
economies of former Soviet satellites are getting caught up in
the crossfire of sanctions, compounding months of sagging
Russian demand for their exports, after Putin slapped import
bans on an array of foods last week. The fallout is ricocheting,
with Finland, Poland and Lithuania planning to ask the European
Union for compensation to ease the economic pain. (Bloomberg)
 China's biggest reinsurer plans IPO of up to $2bn – China
Reinsurance Corp. (China Re), the country's biggest reinsurer,
is planning a Hong Kong IPO of up to about $2bn in 1H2015, the
latest evidence of Beijing's efforts to reform its state-owned
financial firms. The company is working with UBS AG and HSBC
Holdings Plc on preparations for the IPO. The company, whose
businesses span from life reinsurance to wealth management,
has a near monopoly on the domestic reinsurance market.
China's market also is home to a number of smaller domestic
firms and global reinsurers, including Munich Re, the world's
biggest reinsurer by premium income, and Zurich-based
reinsurer Swiss Re. (WSJ)
Regional
 Egypt GOEIC: Saudi Arabia biggest importer of Egyptian
products – According to Egypt’s General Organization for
Export and Import Control (GOEIC), Saudi Arabia has emerged
as the number one receiver of Egyptian exports during the first
five months of 2014 with exports reaching Egyptian pound
6.38bn. Italy was the second top recipient of Egyptian exports,
while Turkey and the US were placed third and fourth,
respectively. (GulfBase.com)
 Saudi e-commerce market to hit $13bn in 2015 – According
to research carried out by a Dubai-based web design and
development company PixHear, Saudi Arabia’s e-commerce
market will reach $13.3bn in 2015. The research revealed that
the online retail market is considered to be developed if at least
8.5% of the country’s total retail is done online and Saudi Arabia
is getting closer to this target, with its online retail expected to
account for up to 8% of its total retail market in 2015. The profits
are expected to come from 25% of Saudi internet users, who are
already active in e-commerce. (GulfBase.com)
 NCB opens nine money transfer outlets – National
Commercial Bank (NCB) has opened nine new money transfer
outlets all over Saudi Arabia taking the total number of outlets to
66. The transfer transactions have reached 2.5mn in 2014. The
move comes within NCB’s framework to expand its banking
businesses and increase its client database, especially those
interested in money transfer transactions. (GulfBase.com)
 Saudi CMA approves investment fund – The Saudi Capital
Market Authority’s (CMA) board of commissioners issued
approval to Audi Capital Company to offer the Audi IPO Fund.
(Tadawul)
 Vela vessel transferred to Bahri's ownership – National
Shipping Company of Saudi Arabia (Bahri) announced that
Almizan Star, one of the VLCC vessels in the Vela fleet, was
transferred to Bahri's ownership on August 11, 2014 and its
name was changed to Khuzama. The remaining Vela vessels
shall be transferred to Bahri on a staggered basis according to
an agreed upon vessel delivery schedule with Vela and is
expected to be completed before 2014-end. (Tadawul)
 Chemanol’s Paraformaldehyde fire unit has financial impact
of SAR3mn – Further to its earlier announcement about the
limited fire incident at the Paraformaldehyde unit in Jubail
Industrial City, Methanol Chemicals Company (Chemanol) said
the total financial impact resulting from the incident is about
SR3mn, which will be reflected in the financial results of 3Q2014
and 4Q2014. Concerning the insurance coverage, the company
will apply the insurance policy of its plants to cover the losses
occurred from the incident. The temporary shutdown of the
Paraformaldehyde unit during the coming period will have no
effect on the operations of other plants, which are running
normally. (Tadawul)
 Revenues of Saudi’s listed telecom, IT firms hit SR19.3bn in
2Q2014 – According to a report by published by Al-Riyadh daily,
the total revenues of the listed Saudi telecom and IT firms
touched SR19.34bn in 2Q2014, whereas the revenue costs
reached SR8.42bn, thus bringing the gross revenues margin to
SR10.91bn, or 56% of the overall revenues of the sector.
Meanwhile, the telecom and IT sector posted operating profits of
SR4.05 billion in 2Q2014, or 21% of the total revenue. The
1H2014 profits of the sector grew by 44% to SR7.24bn as
compared to SR5.02bn in 1H2013. After deduction of expenses,
the non-operating revenues, and taxes, net profits of the sector
stood at SR3.84bn, or 20% of the quarterly revenues.
(GulfBase.com)
 Gulftainer selects Switzerland-based Nexthink to support
its growth targets – Port management and logistics company,
Gulftainer through its partner Anzema has selected Switzerland-
based Nexthink to support its ambitious growth targets by
enhancing its IT infrastructure. Gulftainer aims to grow its global
footprint to reach 35 terminals across 5 continents and handle
18mn twenty-foot equivalent unit (TEUs) by 2020.
(GulfBase.com)
 UK ONS: UAE-UK trade at AED26.19bn in 1H2014 –
According to the UK Office for National Statistics (ONS), the
total trade exchange between the UAE and the UK stood at
AED26.19bn in 1H2014 as compared to AED27.91bn in
1H2013. UAE’s commodity exports to the UK fell by around 19%
to AED7.33bn in 1H2014 as compared to AED9.06bn in
1H2013. The total value of the UAE imports from the UK in
1H2014 stood at the same level recorded in 1H2013 at around
AED18.86bn. By this, the deficit in the UAE balance of trade
with the UK rose by around 18% to AED11.52bn in 1H2014 as
compared to AED9.8bn in 1H2013. (GulfBase.com)
 Citymax Hotels to add 700 rooms in UAE by 2017 – UAE-
based Citymax Hotels is set to add 700 hotel rooms by 2017
with three new projects currently under development. The first of
the hotels to open will be located in Al Barsha, and will feature
120 rooms. The next will be Citymax Hotels Ras Al Khaimah,
located by the creek in the Al Nakheel area of the emirate, while
the last hotel will be in Dubai’s Business Bay – all these hotels
will set new standards within the budget hotel category.
(Bloomberg)
 Etihad Cargo to launch freight services to Moscow – Etihad
Cargo, the freight business of Etihad Airways will begin twice
weekly freighter services between Abu Dhabi and Moscow from
August 12, 2014. Etihad will operate an Airbus A330-200F
freighter, with a capacity of 64 tones between Abu Dhabi
International and Moscow Domodedovo airports. (Bloomberg)
 DSG enhances direct debit service – Emirates NBD and
Emirates Islamic Bank (EIB) are included by Dubai Smart
Government (DSG) into its direct debit service, which is heavily
used for ePay and settling of Dubai government fees and
services. (GulfBase.com)
 Jafza cuts price on AED2.2bn loan – Jebel Ali Free Zone FZE
(Jafza), a business park operator in Dubai, is cutting the price on
an AED2.2bn Islamic loan by half as funding costs decline. The

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interest rate on the loan for the company will be reduced to 150
basis points, or 1.5% points, over the Emirates interbank offered
rate from 300 basis points over the measure. Jafza raised
AED4.4bn from the eight-year amortizing loan in 2012 at a
margin of 425 basis points over Eibor and has paid down half
the facility. The original margin on the loan was cut by 125 basis
points in 2013. (Bloomberg)
 ACC wins AED147mn Emaar Square project in Jeddah –
Arabian Construction Company (ACC) has been awarded an
AED146.9mn contract to develop the commercial district Emaar
Square in Jeddah. Emaar Middle East, a subsidiary of Emaar
Properties has awarded the contract for the development of its
Jeddah Gate community project. Additionally, ACC had bagged
two new Emaar contracts in the downtown Dubai area. ACC will
construct the three buildings in Jeddah with a total built-up area
of 45,000 square meters. (GulfBase.com)
 RAK Ceramics plans to exit construction business, to focus
on production – Ras Al Khaimah Ceramics Company (RAK
Ceramics) is planning to exit businesses, including construction
as it focuses on its main operations. This divestment will help to
reduce its non-core businesses. (Bloomberg)
 APWC announces results of MRC’s shares acquisition –
Agility Public Warehousing Company (APWC) announced that
after the end of the acquisition offer period on Metal Recycling
Company’s (MRC) shares, the preliminary percentage of the
shareholders who participated in this deal is 9.896%. The
company is currently finalizing the remaining process so that
they can transfer the shares. (DFM)
 Bank Muscat ranked 41st on Arab Forbes list – Bank Muscat
has topped 38 Omani companies ranked in the Forbes Top 500
Companies in the Arab World 2014, way ahead of the second
Omani company, which was ranked 84th among the other top
500 companies. (GulfBase.com)
 TMK GIPI bags PDO order – TMK Gulf International Pipe
Industry (TMK GIPI), a part of TMK was recently awarded a
18,400MT OCTG (threaded and coupled casing pipes) order
from Petroleum Development Oman (PDO). (GulfBase.com)
 Oman Air appoints new CEO – Oman Air has appointed Paul
Gregorowitsch as its new Chief Executive Officer (CEO) to
oversee the airline’s second major phase of expansion. He will
oversee the delivery of the first of 20 aircraft on order including,
six Boeing B787 Dreamliners. (GulfBase.com)
 Oman MoTC floats another tender for building Batinah
Expressway – Oman’s Ministry of Transport and
Communications (MoTC) has floated another tender package
(package tenth) for building the ambitious Batinah Expressway
project. The OMR1bn project is expected to be completed
tentatively by 2016 and will serve as a new all-weather, eight
lane superhighway extending from Muscat to Khatmat Malaha
on Oman's border with the UAE. (GulfBase.com)
 KHCB launches new air miles campaign – Khaleeji
Commercial Bank (KHCB) has launched a consumer finance
campaign with customers set to receive Gulf Air air miles
equivalent to the finance amount. Finance of up to BHD200, 000
is available under the campaign, which will run till September
27, 2014. The finance is fully Shari’ah-compliant and customers
are entitled to a grace period of 120 days. (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
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
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
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
210.0
Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
QE Index S&P Pan Arab S&P GCC
0.2%
0.5% 0.5%
0.0%
(0.4%)
1.1%
1.7%
(0.6%)
0.0%
0.6%
1.2%
1.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,308.55 (0.2) (0.2) 8.5 DJ Industrial 16,569.98 0.1 0.1 (0.0)
Silver/Ounce 20.02 0.6 0.6 2.8 S&P 500 1,936.92 0.3 0.3 4.8
Crude Oil (Brent)/Barrel (FM
Future)
104.68 (0.3) (0.3) (5.5) NASDAQ 100 4,401.33 0.7 0.7 5.4
Natural Gas (Henry
Hub)/MMBtu
3.95 0.8 0.8 (9.1) STOXX 600 329.36 1.4 1.4 0.3
LPG Propane (Arab Gulf)/Ton 103.63 1.0 1.0 (18.1) DAX 9,180.74 1.9 1.9 (3.9)
LPG Butane (Arab Gulf)/Ton 122.13 1.3 1.3 (10.0) FTSE 100 6,632.82 1.0 1.0 (1.7)
Euro 1.34 (0.2) (0.2) (2.6) CAC 40 4,197.70 1.2 1.2 (2.3)
Yen 102.19 0.1 0.1 (3.0) Nikkei 15,130.52 2.4 2.4 (7.1)
GBP 1.68 0.1 0.1 1.4 MSCI EM 1,061.41 1.5 1.5 5.9
CHF 1.10 (0.1) (0.1) (1.5) SHANGHAI SE Composite 2,224.65 1.4 1.4 5.1
AUD 0.93 (0.1) (0.1) 3.9 HANG SENG 24,646.02 1.3 1.3 5.7
USD Index 81.47 0.1 0.1 1.8 BSE SENSEX 25,519.24 0.8 0.8 20.5
RUB 35.94 (0.7) (0.7) 9.3 Bovespa 56,613.32 1.9 1.9 9.9
BRL 0.44 0.3 0.3 3.9 RTS 1,203.67 2.8 2.8 (16.6)
188.8
161.8
145.8

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