1. QE Intra-Day Movement
Market Indicators
10,420
10,400
10,380
10,360
04 Dec 13
%Chg.
471.4
553,978.1
17.9
5,573
40
26:11
287.7
552,029.0
9.9
4,244
39
8:28
63.9
0.4
80.3
31.3
2.6
–
Market Indices
10,340
10,320
9:30
05 Dec 13
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 0.5% to close at 10,389.1. Gains were led by the Real
Estate and Transportation indices, gaining 1.5% each. Top gainers were Qatar
Cinema & Film Dist. Co. and Qatar Navigation, rising 2.4% each. Among the
top losers, Qatar General Ins. & Rein. Co. fell 4.0%, while Widam Food Co.
declined 1.7%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,843.65
2,583.42
2,458.63
3,380.92
1,931.71
1,998.51
2,358.94
1,460.90
5,980.01
3,068.07
0.5
0.5
0.6
0.2
1.5
1.5
(1.2)
(0.1)
0.3
0.8
0.1
0.0
0.5
(0.6)
(0.6)
0.2
(0.3)
0.5
(0.0)
1.2
31.2
28.2
26.1
28.7
44.1
24.0
20.1
37.2
28.0
23.3
N/A
13.1
13.2
12.3
13.1
13.7
9.7
19.9
22.7
15.9
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Vol. ‘000
YTD%
Saudi Arabia: The TASI index rose 0.2% to close at 8,243.7. Gains were led
by the Transport and Multi Inv. indices, rising 2.7% and 1.3% respectively. Gulf
Union Coop. Ins. gained 7.7%, while Saudi Arabia Refineries was up 4.8%.
Sharjah Islamic Bank
Abu Dhabi
1.53
9.3
20,468.4
66.3
Gulf Cable & Electrical
Kuwait
0.90
4.7
195.0
(28.6)
Dubai: The DFM index gained 0.9% to close at 3,013.3. The Insurance index
rose 1.8%, while the Transportation index was up 1.7%. National General
Insurance Co. gained 10.8%, while Emirates NBD was up 3.2%.
Bahri
Saudi Arabia
26.90
4.3
3,323.9
40.5
Aswak Al Othaim
Saudi Arabia
121.75
3.6
102.3
48.0
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 3,939.6. The
Industrial and Investment & Financial Services indices gained 1.4% each. Abu
Dhabi Ship Building Co. rose 14.8%, while Sharjah Islamic Bank was up 9.3%.
Nat. Mobile Telecomm.
1.80
3.4
23.3
(23.1)
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.4% to close at 7,764.9. The Telecomm.
index rose 1.8%, while the Insurance index was up 1.4%. Aayan Leasing &
Investments Co. gained 7.9%, while Metal & Recycling Co. was up 7.5%.
Abu Dhabi Nat. Hotels
Abu Dhabi
2.34
(10.0)
51.2
32.2
Nat. Marine Dredging
Abu Dhabi
8.60
(9.9)
1.2
(14.0)
Oman: The MSM index fell 0.2% to close at 6,769.0. Losses were led by the
Banking & Inv. and Ser. & Ins. indices, declining 0.3% each. Areej Vegetable
Oils & Derivatives fell 5.3%, while Cons. Mat. Ind. & Cont. was down 4.0%.
Qatar Gen. Ins. & Rein.
Qatar
48.00
(4.0)
6.0
4.3
Gulf Pharma. Industry
Abu Dhabi
3.02
(2.6)
2,625.9
9.8
Bank Albilad
Saudi Arabia
35.00
(1.7)
449.2
64.5
Bahrain: The BHB index gained 0.1% to close at 1,197.5. The Services index
rose 0.3%, while the Commercial Banking index was up 0.2%.Khaleeji
Commercial Bank gained 4.4%, while Seef Properties was up 3.3%.
##
Kuwait
#
Close
1D% Vol. ‘000
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)
Qatar Exchange Top Gainers
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
Qatar Cinema & Film Dist. Co.
42.00
2.4
0.3
(26.2)
Qatar General Ins. & Rein. Co.
48.00
(4.0)
6.0
4.3
Widam Food Co.
50.80
(1.7)
103.8
(13.6)
Qatar Navigation
87.00
2.4
247.7
Mazaya Qatar Real Estate Dev.
11.77
2.3
3,425.3
37.9
7.0
Vodafone Qatar
11.85
2.2
5,805.5
41.9
Ooredoo
Barwa Real Estate Co.
30.25
1.9
1,717.4
10.2
Al Ahli Bank
Qatar Insurance Co.
YTD%
67.00
(0.7)
12.0
24.2
135.50
(0.6)
7.5
30.3
56.70
(0.5)
2.6
15.7
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Vodafone Qatar
11.85
2.2
5,805.5
41.9
Vodafone Qatar
11.85
2.2
69,095.4
41.9
Mazaya Qatar Real Estate Dev.
11.77
2.3
3,425.3
7.0
Masraf Al Rayan
34.05
1.2
53,149.3
37.4
Barwa Real Estate Co.
30.25
1.9
1,717.4
10.2
Barwa Real Estate Co.
30.25
1.9
51,507.9
10.2
Masraf Al Rayan
34.05
1.2
1,565.9
37.4
Commercial Bank of Qatar
69.20
0.3
47,872.1
(2.4)
Qatar Gas Transport Co.
21.10
1.0
933.3
38.3
Mazaya Qatar Real Estate Dev.
11.77
2.3
40,196.2
7.0
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
10,389.10
3,013.34
3,939.64
8,243.74
7,764.86
6,769.01
1,197.52
0.5
0.9
0.2
0.2
0.4
(0.2)
0.1
0.1
2.3
2.3
(1.0)
(0.3)
0.6
(0.9)
0.1
2.3
2.3
(1.0)
(0.3)
0.6
(0.9)
24.3
85.7
49.7
21.2
30.8
17.5
12.4
Exch. Val. Traded
($ mn)
185.22
194.71
178.28
1,028.91
81.33
36.16
0.62
Exchange Mkt.
Cap. ($ mn)
152,122.4
71,417.9
112,537.1
448,533.9
109,394.6
24,225.3
49,644.1
P/E**
P/B**
13.3
17.8
11.0
16.9
17.0
10.6
8.0
1.8
1.2
1.4
2.1
1.2
1.6
0.8
Dividend
Yield
4.4
3.0
4.6
3.6
3.6
3.8
4.0
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 0.5% to close at 10,389.1. The Real Estate
and Transportation indices led the gains. The index rose on the
back of buying support from Qatari shareholders despite selling
pressure from non-Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
72.00%
71.51%
2,351,201.13
Non-Qatari
Qatar Cinema & Film Dist. Co. and Qatar Navigation were the
top gainers, rising 2.4% each. Among the top losers, Qatar
General Ins. & Rein. Co. fell 4.0%, while Widam Food Co.
declined 1.7%.
Buy %*
28.00%
28.50%
(2,351,201.13)
Source: Qatar Exchange (* as a % of traded value)
Volume of shares traded on Thursday rose by 80.3% to 17.9mn
from 9.9mn on Wednesday. Further, as compared to the 30-day
moving average of 11.8mn, volume for the day was 51.8%
higher. Vodafone Qatar and Mazaya Qatar Real Estate Dev.
were the most active stocks, contributing 32.4% and 19.1% to
the total volume respectively.
Ratings and Global Economic Data
Ratings Updates
Company
Al Ahli Bank of
Kuwait (ABK)
Industrial Bank of
Kuwait (IBK)
Kuwait Finance
House (KFH)
Gulf Bank
Commercial Bank of
Kuwait (CBK)
Ahli United Bank
(AUB)
Kuwait International
Bank (KIB)
Agency
Market
Fitch
Kuwait
Fitch
Kuwait
Fitch
Kuwait
Fitch
Kuwait
Fitch
Kuwait
Fitch
Kuwait
Fitch
Kuwait
Type*
LT IDR*/ ST IDR*/ VR/
SR/ SR Floor
LT IDR/ ST IDR/
VR*/SR/ SR Floor
LT IDR/ ST IDR/
VR/SR/ SR Floor
LT IDR/ ST IDR/ VR/
SR/ SR Floor
LT IDR/ ST IDR/ VR/
SR/ SR Floor
LT IDR*/ ST IDR*/ VR/
SR/ SR Floor*
LT IDR*/ ST IDR*/ VR/
SR/ SR Floor
Old Rating
A-/F2/ bb+/1/AA+/F1/ bb/1/A+
A+/F1/1/A+
A+/F1/bb-/1/A+
A+/F1/ bb/1/A+
A-/F2/bbb-/1/AA-/F2/b+/1/A-
New Rating
Rating Change
Outlook
Outlook Change
A+*/F1*/bb+/1
/A+*
A+/F1/bb+*/1/
A+
*
Stable
–
*
Stable
–
A+/F1/1/A+
–
Stable
–
A+/F1/ bb/1/A+
A+/F1/bb/1/A+
A+*/F1*/bbb/1/A+*
A+*/F1*/b+/1/
A+*
–
Stable
–
–
Stable
–
*
Stable
–
*
Stable
–
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, VR- Viability Rating) (*– Ratings revised)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
12/05
US
12/05
US
Challenger, Gray &
Christmas
IPSOS Public Affairs
Challenger Job Cuts YoY
RBC Consumer Outlook Index
November
-20.60%
–
-4.20%
December
49.7
–
12/05
US
Department of Labor
Initial Jobless Claims
47.0
30-November
298K
320K
321K
12/05
12/05
US
Department of Labor
US
Bureau of Eco. Analysis
Continuing Claims
23-November
2744K
2800K
2765K
GDP Annualized QoQ
3Q2013
3.60%
3.10%
12/05
US
2.80%
Bureau of Eco. Analysis
Personal Consumption
3Q2013
1.40%
1.50%
12/05
1.50%
US
Bureau of Eco. Analysis
GDP Price Index
3Q2013
2.00%
1.90%
1.90%
12/05
US
Bureau of Eco. Analysis
Core PCE QoQ
3Q2013
1.50%
1.40%
1.50%
12/05
US
Bloomberg
Bloomberg Consumer Comfort
1-December
-31.3
–
-33.7
12/05
US
US Census Bureau
Factory Orders
October
-0.90%
-1.00%
1.80%
12/06
US
Bureau of Labor Stat.
Change in Nonfarm Payrolls
November
203K
185K
200K
12/06
US
Bloomberg
Two-Month Payroll Net Revision
November
8K
–
–
12/06
US
Bureau of Labor Stat.
Change in Private Payrolls
November
196K
180K
214K
12/06
US
Bureau of Labor Stat.
Change in Manufact. Payrolls
November
27K
10K
16K
12/06
US
Bureau of Labor Stat.
Average Hourly Earnings MoM
November
0.20%
0.20%
0.10%
12/06
US
Bureau of Labor Stat.
Change in Household Employment
November
818
735
-735
12/06
US
Bureau of Labor Stat.
Underemployment Rate
November
13.20%
–
13.80%
12/06
US
Bureau of Labor Stat.
Labor Force Participation Rate
November
63.00%
–
62.80%
12/06
US
Bureau of Eco.Analysis
Personal Income
October
-0.10%
0.30%
0.50%
12/06
US
Bureau of Eco.Analysis
Personal Spending
October
0.30%
0.20%
0.20%
12/06
US
Bureau of Eco.Analysis
PCE Deflator MoM
October
0.00%
0.00%
0.10%
12/06
US
Bureau of Eco.Analysis
PCE Deflator YoY
October
0.70%
0.70%
0.90%
12/06
US
Bureau of Eco.Analysis
PCE Core MoM
October
0.10%
0.10%
0.10%
12/06
US
Bureau of Eco.Analysis
PCE Core YoY
October
1.10%
1.10%
1.20%
Page 2 of 6
3. 12/07
US
Federal Reserve
Consumer Credit
October
$18.186B
$14.500B
$16.293B
12/05
EU
European Central Bank
ECB Announces Interest Rates
5-December
0.25%
0.25%
0.25%
12/05
EU
European Central Bank
ECB Deposit Facility Rate
5-December
0.00%
0.00%
0.00%
12/06
France
Ministry of the Economy
Trade Balance
October
-4697M
-5500M
-5636M
12/06
France
Ministry of the Economy
Budget Balance YTD
October
-86.0B
–
-80.8B
12/06
Germany
Factory Orders MoM
October
-2.20%
-1.00%
3.10%
12/06
Germany
Factory Orders WDA YoY
October
1.90%
4.10%
7.80%
12/05
UK
Deutsche Bundesbank
Bundesministerium fur
Wirtscha
Lloyds Bank
Lloyds Employment Confidence
November
-14
–
-11
12/05
UK
Bank of England
BOE Asset Purchase Target
December
375B
375B
375B
12/06
UK
Lloyds TSB
Halifax House Prices MoM
November
1.10%
0.80%
1.30%
12/06
UK
Lloyds TSB
Halifax House Price 3Mths/Year
November
7.70%
7.30%
6.90%
12/05
Spain
INE
Industrial Output WDA YoY
October
-0.70%
-0.10%
1.20%
12/06
Japan
Ministry of Finance
Official Reserve Assets
November
$1275.4B
–
$1276.8B
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
QCB to issue QR4bn bonds, sukuk on December 10 – The
Qatar Central Bank (QCB) is set to issue three-year and fiveyear government bonds and sukuk worth QR4bn on December
10, 2013. Government bonds valued QR3bn and sukuk worth
QR1bn will be issued. (QCB)
QNB holds strategy conference to shape its vision for
MENA – QNB Group convened a strategy conference titled
“Shaping a MENA Icon” in Dubai. Chaired by Ali Ahmed alKuwari, QNB’s Acting Group Chief Executive, the two-day
meeting was attended by QNB’s senior management team,
general managers from relevant countries and CEOs from
subsidiary companies. The purpose of the meeting was to
discuss relevant topics that would enhance the strategic
development of the organization and help secure the bank’s
vision of becoming a MENA icon. (Gult-Times.com)
Tasweeq, JCCP sign MoU for T&D programs – Qatar
International Petroleum Marketing Company (Tasweeq) has
signed a memorandum of understanding (MoU) with Japan
Cooperation Center, Petroleum (JCCP) for exchange of training
& development programs in the oil & gas sector. The agreement
was signed by Saad al-Kuwari, CEO of Tasweeq and Masataka
Sase, JCCP’s Executive Director. The objective of this deal is to
gain access to various technical and non-technical courses
organized by JCCP, exposing participants of both organizations
to industry best practices and expertise. (Gulftimes.com)
Turkey to import LNG worth $350mn from Qatar – Turkey’s
Minister of Energy & Natural Resources Taner Yildiz said the
country will import liquid natural gas worth $350mn from Qatar
to meet its increasing demand. Turkey has placed an order for
five cargoes of LNG from Qatar to meet its energy demand for
December, January and February. (Bloomberg)
Turkey: Qatar interested in Afsin-Elbistan power project –
Turkish energy minister Taner Yildiz said that Qatar is
considering investing in Turkey’s Afsin-Elbistan coal-fired power
plant project, from which the UAE dropped out earlier this year.
These talks could result in a final deal within the next two to
three months. Turkey is keen to make the most of its own coal
resources to reduce dependence on imported natural gas.
(Gulftimes.com)
ORDS closes inaugural $1.25bn sukuk – Ooredoo (ORDS)
has successfully closed its inaugural $1.25bn sukuk under its
Trust Certificate Program. This sukuk that will mature on
December 3, 2018 was issued by Ooredoo Tamweel Ltd. and
has a profit rate of 3.039%. The net proceeds from this sale will
be used by ORDS for general corporate purposes including refinancing of existing indebtedness. (DFM)
Law firm Charles Russell launches office in Qatar – Charles
Russell LLP, a leading international law firm based in Bahrain
has expanded its operations to Qatar by launching a new office
in Doha. The Doha office will provide Qatari clients with
specialized services in real estate, construction, banking and
sports sectors, along with representation in litigation and
arbitration, advice on intellectual property in the region, as well
as corporate work and private client counsel. (The
Peninsula.com)
International
QNB: Chinese economy set for a rebound in 2014 –
According to QNB Group, the Chinese economy seems to be
taking off again though many feared a hard landing for the
country in 2012 and early 2013. Chinese authorities have taken
various measures to mitigate some of the risks earlier this year,
including concerns about excessive credit. QNB Group expects
the Chinese economy to grow at around 8-8.5% in 2014, after
the recent announcement of a major reform package and
positive economic news. QNB Group said the reforms will be
positive for long-term growth, but implementation will be
complex. The relaxation of capital controls and liberalization of
the exchange rate should help encourage foreign investment.
This should also support the continued steady appreciation of
the Chinese currency. Overall, QNB believes the Chinese
economy is ready for growth next year, after a brief slowdown in
2013. This is part of China’s long-term economic transformation
from export-oriented to consumer-based economy. (GulfTimes.com)
WTO signs scaled-down trade pact in Bali – Members of the
World Trade Organization reached a scaled-back deal to
liberalize global commerce, keeping alive foundering talks with a
pact that will still take months, if not years, to fully take effect.
The modest deal agreed to by the WTO's 159 members after
four days of meeting fell far short of the goal set by negotiators
when they launched talks in Doha, way back in 2001. The new
agreement could add billions of dollars to the $65 trillion global
economy by making it easier for goods to pass through customs.
(WSJ)
US Fed’s December tapering odds double in Bloomberg
survey – The share of economists predicting the Federal
Reserve will reduce its bond buying in December 2013 doubled
after a US government report showed back-to-back monthly
payroll gains of 200,000 for the first time in almost a year. About
34% of economists surveyed by Bloomberg expect the Federal
Page 3 of 6
4. Open Market Committee to begin reducing its bond purchases
at its December 17-18 meeting. In November, 53% predicted a
tapering in March 2014, as compared to 40% in yesterday’s poll
of 35 economists. (Bloomberg)
Bloomberg: China reforms may add less than 0.5% to
growth – According to a Bloomberg news survey, China’s latest
economic reforms will add less than half a percentage point to
its annual growth this decade. Fourteen out of 19 economists
surveyed see policies from a Communist Party summit last
month boosting the GDP either by a negligible amount or less
than 0.5% a year. Ten analysts say China will need a small
amount of monetary, fiscal and credit stimulus to meet the
government’s bottom line of 7% growth over the next five years.
These forecasts dovetail with increasing speculation that
policymakers will set the lowest annual growth target since 2004
at a gathering this month. (Bloomberg)
Greek lawmakers approve 2014 budget to map debt-relief
course – Greek legislators approved the country’s budget for
2014, which maps a course for the debt-laden country to secure
additional debt relief from the euro area and the International
Monetary Fund. Under the bailout condition from the European
Commission, the IMF and the European Central Bank, Greece
posting a primary surplus will qualify it for additional debt relief.
The government and lender troika have been locked in talks
since September 2013, with both the sides disagreeing over
fiscal measures needed for achieving the 2014 budget
projections. The lender troika will send a negotiating team back
to Athens in January 2014, though technical discussions will
continue in Athens next week. The government’s surplus before
interest costs will be at €812mn this year, which will rise to
€2.96bn in 2014, or 1.6% of GDP. The country’s GDP is
expected to expand 0.6% in 2014 after contracting 4% this year.
Public debt is seen peaking at 176% of GDP this year.
(Bloomberg)
Regional
S&P affirms Kingdom’s ratings at AA-/A-1+ – S&P has
affirmed Saudi Arabia’s long and short-term foreign and local
currency sovereign credit ratings at “AA-/A-1+” with a Positive
outlook. These ratings are supported by the Kingdom’s strong
external and fiscal position that has been built over several
years. By managing high oil revenues prudently, the government
has virtually eliminated its general government debt, generating
additional fiscal space for countercyclical policies. (Bloomberg)
Saudi bank loans cooling to healthy levels – Saudi Arabian
banks are scaling back their lending as the withdrawal of
domestic stimulus slows down economic growth. Bank loan
growth to the private sector stood at 13% in October 2013, the
slowest rate of expansion since May last year. While it was the
sixth straight monthly drop in growth, credit expansion in the
Kingdom remains faster than in the UAE and Kuwait. According
to a Bloomberg survey, the winding down of almost $800bn in
stimulus measures introduced since 2008 and restrictions on
foreign workers are forecast to trim the economic growth this
year to 4.2%, from 5.1% in 2012. Growth in the Saudi economy
stood 3.1% in the third quarter, as compared to 5.7% a year
earlier. (Gulf-Times.com)
ICD partners with PIF, PIB to launch specialized Ijara Co in
Palestine – The Islamic Corporation for the Development of the
Private Sector (ICD) has partnered with the Palestine
Investment Fund (PIF) and the Palestine Islamic Bank (PIB) to
launch a specialized Ijara company, “Palestine Ijara Company”.
This news company will offer asset-based Ijara financing to
SMEs in various sectors such as agri-business, construction,
education, healthcare and tourism. The financing ranging from
$100,000 to $1mn per transaction, aims to support SME
operations and in turn create new job opportunities in Palestine.
(GulfBase.com)
JEC appoints new CEO, completes piling work for Kingdom
Tower – The Jeddah Economic Company (JEC) has appointed
Mounib Hammoud as the company’s new CEO. Hammoud
brings with him an extensive experience of around 20 years in
urban planning and real estate development in the MENA
region. Meanwhile, JEC has announced the completion of piling
work for the Kingdom Tower. This tower will give Jeddah and
Saudi Arabia a unique modern landmark of a world class
standard. (GulfBase.com)
ATMC obtains SAMA’s approval for insurance products –
The Alinma Tokio Marine (ATMC) has obtained a temporary
approval from the Saudi Arabian Monetary Agency (SAMA) to
use its insurance products for six months. (Tadawul)
Fitch affirms Ras Al Khaimah’s ratings at A – Fitch Ratings
has affirmed its “A” rating for long-term foreign and local
currency issuer default ratings (IDRs) of Ras Al Khaimah with a
Stable outlook. Fitch has also affirmed the Emirate’s short-term
foreign currency IDR at “F1”, while the country ceiling is affirmed
at “AA+”. These ratings balance the advantages of RAK's
membership of the UAE, its low debt and strong fiscal current
surplus against weaknesses in data quality and the
macroeconomic environment. (Reuters)
DED: Dubai’s 4Q2013 business outlook improves
remarkably – According to a survey conducted by Dubai’s
Department of Economic Development (DED), the Emirate’s
overall business outlook for 4Q2013 has improved remarkably,
since many businesses are looking forward to expand over the
next 12 months expecting increased sales volumes and profits.
This quarterly survey covering 508 companies in Dubai has
revealed that the overall Business Confidence Index (BCI) has
increased 17.3 points YoY in 3Q2013. Dubai’s BCI stood at
141.6 points in 3Q2013, indicating a rise of 17.3% QoQ due to
improved economic activity expected in 4Q2013, owing to the
festival season and seasonal tourist inflows. The business
outlook for 4Q2013 has improved remarkably with 58% of
respondents expecting an improvement in business conditions.
Meanwhile, real estate & construction companies are expecting
new projects in the regional market, which will boost the overall
business activity in the Emirate. The survey also showed that
57% of the transportation companies expect better business in
4Q2013 due to higher demand from all major sectors.
(GulfBase.com)
ICD acquires Atlantis Hotel from Istithmar World – The
Investment Corporation of Dubai (ICD) has acquired Atlantis
Hotel from Istithmar World. This hotel was established in 2008
as a JV between Istithmar World and Kerzner International. The
value of acquisition of the 1,539-room iconic hotel located on
Palm Jumeirah Island was not disclosed. (GulfBase.com)
Arabtec wins $1bn construction contract in Al Ain – Dubaibased Arabtec Holding along with its JV partners has won a
contract worth $1bn to build a hospital in Al Ain in the UAE. This
new hospital will be built by 2018 under the AED3.3bn contract
that has been awarded by the Abu Dhabi General Services
Company. (Reuters)
Musanada signs 2 contracts for Abu Dhabi-Dubai Road
project – The Abu Dhabi General Services Company
(Musanada) has signed two contracts for the implementation of
Abu Dhabi-Dubai Road project. This 62-kilometer road is an
extension to the Mohammad bin Zayed Street from Saih Shuaib
area to Khalifa Industrial Zone Abu Dhabi (KIZAD). The project’s
Page 4 of 6
5. phase one includes 34 kilometers of road and three key
junctions to be implemented by Ghantoot Transport & General
Contracting Establishment at a cost of AED1.297bn. The phase
two, which will be implemented by Tristar Engineering &
Construction and Salini Costruttori at a cost of AED840mn,
consists of 28 roads and three key intersections between Al
Ajban Street and Al Sweihan Road. Both the projects will be
completed within a span of 30 months from the date of the
commencement. (Bloomberg)
DFM accredits Al Dhabi BS&IC to provide margin trading –
The Dubai Financial Market (DFM) has accredited Al Dhabi
Brokerage and Securities & Investment Company (Al Dhabi
BS&IC) to provide margin trading, which takes the total number
of DFM brokerage firms providing this service to 11. Margin
trading allows brokerage companies to fund a percentage of the
market value of securities traded. (DFM)
Oman Air signs code share deal with Turkish Airlines –
Oman Air has signed a code share agreement with Turkish
Airlines that will cover all services between Oman and Istanbul.
This agreement will allow passengers to benefit from the
products and services that are offered by both Oman Air and
Turkish Airlines on Muscat-Istanbul routes. (GulfBase.com)
S&P upgrades GIB from BBB- to BBB with Positive outlook
– S&P has upgraded the Gulf International Bank’s (GIB) Stand
Alone Credit Profile (SACP) from “BBB-“to “BBB”. The outlook
on the rating has also been upgraded from Stable to Positive.
Meanwhile, GIB’s long-term and short-term issuer credit ratings
were affirmed at “BBB+/A-2” respectively. (GulfBase.com)
KFED signs framework deal with SFD to boost Egyptian
SMEs – The Khalifa Fund for Enterprise Development (KFED)
has entered into a framework agreement with Egypt’s Social
Fund for Development (SFD) to boost opportunities for small &
micro-sized enterprises (SMEs) in Egypt. Under this agreement,
the UAE will provide AED736mn through KFED to SFD for
catalyzing the establishment of SMEs. This agreement aims to
create a mutually beneficial framework for cooperation between
KFED and SFD through investments in projects. This framework
will develop impoverished areas throughout the country, with a
focus on expanding social funding programs for women and
youth for enhancing job opportunities and generating income.
(GulfBase.com)
Khalifa Port handles 1mn containers – Abu Dhabi’s Khalifa
Port has handled 1mn containers since it began its commercial
operations a year ago. The port has the capacity to handle
2.5mn twenty foot equivalent units (TEUs) with its 6 super
panamax ship-to-shore cranes, 30 automated stacking cranes
and 20 straddle carriers. This capacity will be further developed
as the trade increases and the market demand rises.
(GulfBase.com)
Abu Dhabi Ship Building expects $272mn deal – Abu Dhabi
Ship Building Co, the state-linked builder of commercial and
naval vessels, is expected to sign an AED1bn contract with the
UAE. The contract to build two navy ships may be signed this
year. According to Muhammad Shahid Razzaq Head of Finance,
the company is also negotiating for a higher valued deal that
could be finalized in 2014. (Gulftimes.com)
ADNOC to buy gasoline from BP, Total SA for 2014 – The
Abu Dhabi National Oil Company (ADNOC) has agreed to buy
gasoline from UK-based BP and France’s Total SA for 2014.
ADNOC will buy about 18 cargoes of gasoline from January to
April 2014. (Bloomberg)
Air India signs deal with Etihad to sell five Boeing 777s – Air
India has signed a deal to sell its five wide-body Boeing 777
aircraft to Etihad Airways. These planes have an average age of
six years and are likely to be delivered to Etihad by March 2014.
(Bloomberg)
KPNC awards KD72mn contract to AMEC – The Kuwait
National Petroleum Company (KPNC) has awarded a five-year
contract worth KD72mn to UK-based AMEC to provide for
Kuwait’s Mina Al Ahmadi, Mina Abdullah and Shuaiba refineries.
Under this contract, AMEC will be responsible for services that
include feasibility studies, front-end engineering design (FEED),
project management services and training of Kuwaiti engineers.
The contract follows KNPC’s plans to increase Kuwait’s refining
capacity under Kuwait’s Clean Fuels Project. (Bloomberg)
Page 5 of 6
6. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
0.9%
149.3
0.8%
0.5%
130.4
118.5
0.4%
0.4%
0.2%
0.2%
0.1%
0.0%
S&P Pan Arab
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Yen
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
1,229.05
0.3
(1.9)
(26.6)
DJ Industrial
19.51
0.6
(2.4)
(35.7)
S&P 500
111.61
0.6
1.8
0.5
4.14
4.1
9.3
0.8
9.5
41.1
139.50
0.5
0.5
(21.0)
1.37
0.3
0.8
3.9
102.91
1.1
0.5
1.63
0.1
(0.1)
1.12
0.5
1.6
RUB
BRL
20.9
127.00
CHF
USD Index
Dubai
Source: Bloomberg
GBP
AUD
Oman
Jul-13
Bahrain
May-12 Dec-12
Abu Dhabi
QE Index
Oct-11
Kuwait
Aug-10 Mar-11
(0.2%)
Qatar
(0.4%)
Saudi Arabia
Jan-10
1.2%
18.6
NASDAQ 100
STOXX 600
DAX
FTSE 100
CAC 40
Nikkei
Close
1D%
WTD%
YTD%
16,020.20
1.3
(0.4)
22.3
1,805.09
1.1
(0.0)
26.6
4,062.52
0.7
0.1
34.5
316.50
0.7
(2.7)
13.2
9,172.41
1.0
(2.5)
20.5
6,551.99
0.8
(1.5)
11.1
4,129.37
0.7
(3.9)
13.4
15,299.86
0.8
(2.3)
47.2
0.6
MSCI EM
1,002.20
0.4
(1.6)
(5.0)
2.6
SHANGHAI SE Composite
2,237.11
(0.4)
0.7
(1.4)
HANG SENG
0.91
0.4
(0.1)
(12.4)
23,743.10
0.1
(0.6)
4.8
80.32
0.1
(0.5)
0.7
BSE SENSEX
20,996.53
0.2
1.0
8.1
7.2
Bovespa
50,944.27
0.3
(2.9)
(16.4)
1,390.61
2.1
(0.9)
(8.9)
32.72
0.43
(0.7)
1.3
(1.2)
0.2
(12.0)
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
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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
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