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QNBFS Daily Market Report April 16, 2019

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The QE Index declined 0.1% to close at 10,221.5. Losses were led by the Transportation and Real Estate indices, falling 1.0% and 0.9%, respectively.

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QNBFS Daily Market Report April 16, 2019

  1. 1. Page 1 of 9 QSE Intra-Day Movement Qatar Commentary The QE Index declined 0.1% to close at 10,221.5. Losses were led by the Transportation and Real Estate indices, falling 1.0% and 0.9%, respectively. Top losers were Zad Holding Company and Qatar Electricity & Water Company, falling 2.7% and 2.4%, respectively. Among the top gainers, Al Khaleej Takaful Insurance Company gained 10.0%, while Qatari German Co. for Medical Devices was up 9.9%. GCC Commentary Saudi Arabia: The TASI Index gained 0.4% to close at 9,088.1. Gains were led by the Materials and Retailing indices, rising 0.9% and 0.8%, respectively. Gulf Union Cooperative Insurance Company rose 6.5%, while MEFIC REIT Fund was up 5.3%. Dubai: The DFM Index gained 0.6% to close at 2,805.0. The Insurance index rose 5.4%, while the Invest. & Fin. Services index gained 4.7%. Islamic Arab Insurance Co. rose 10.0%, while Dubai Islamic Insurance and Reinsurance Co. was up 8.3%. Abu Dhabi: The ADX General Index gained 0.9% to close at 5,222.2. The Real Estate index rose 2.8%, while the Services index gained 2.1%. Gulf Cement Company rose 10.3%, while Abu Dhabi National Insurance was up 5.4%. Kuwait: The Kuwait Main Market Index fell 1.7% to close at 4,961.6. The Technology index declined 4.4%, while the Oil & Gas index fell 3.5%. Sanam Real Estate Co. declined 10.0%, while Commercial Bank of Kuwait was down 9.5%. Oman: The MSM 30 Index gained 0.5% to close at 4,011.6. The Financial index gained 0.9%, while the other indices ended in the red. Ominvest rose 5.8%, while Oman Investment and Finance was up 4.8%. Bahrain: The BHB Index fell 0.3% to close at 1,441.3. The Hotels & Tourism index declined 4.8%, while the Commercial Banks index fell 0.3%. Nass Corporation declined 9.9%, while Gulf Hotel Group was down 7.0%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Al Khaleej Takaful Insurance Co. 18.09 10.0 115.2 110.6 Qatari German Co for Med. Devices 6.46 9.9 512.3 14.1 Dlala Brokerage & Inv. Holding Co. 11.70 9.3 662.9 17.0 Salam International Inv. Ltd. 5.32 7.9 1,592.3 22.9 Qatar General Ins. & Reins. Co. 43.50 3.6 0.3 (3.1) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatar First Bank 5.07 (0.4) 2,104.6 24.3 Salam International Inv. Ltd. 5.32 7.9 1,592.3 22.9 United Development Company 14.75 0.6 1,416.4 0.0 Investment Holding Group 5.30 (0.9) 1,057.7 8.4 Ezdan Holding Group 11.20 (1.5) 926.5 (13.7) Market Indicators 15 April 19 14 April 19 %Chg. Value Traded (QR mn) 268.3 245.3 9.4 Exch. Market Cap. (QR mn) 573,262.3 574,730.6 (0.3) Volume (mn) 14.8 16.6 (11.2) Number of Transactions 6,476 4,666 38.8 Companies Traded 44 41 7.3 Market Breadth 19:25 22:19 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,808.45 (0.1) (0.4) 3.7 14.2 All Share Index 3,124.69 (0.2) (0.2) 1.5 14.7 Banks 3,866.67 (0.1) 0.1 0.9 13.6 Industrials 3,287.36 (0.5) (1.3) 2.3 15.2 Transportation 2,385.70 (1.0) (1.2) 15.8 13.1 Real Estate 1,981.99 (0.9) 0.8 (9.4) 16.3 Insurance 3,358.04 1.8 0.8 11.6 20.2 Telecoms 943.77 0.7 0.3 (4.5) 19.2 Consumer 7,897.54 (0.2) (0.2) 17.0 15.4 Al Rayan Islamic Index 4,073.02 (0.2) (0.5) 4.8 13.6 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Ominvest Oman 0.33 5.8 150.0 (4.8) Dubai Investments Dubai 1.58 5.3 19,901.6 25.4 Sohar International Bank Oman 0.12 4.5 4,169.7 4.5 Human Soft Holding Co. Kuwait 3.26 4.3 41.6 (0.6) Aldar Properties Abu Dhabi 1.78 2.9 18,196.8 11.3 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Comm. Bank of Kuwait Kuwait 0.58 (9.5) 16.9 26.5 Nat. Shipping Company Saudi Arabia 28.70 (3.0) 3,077.5 (14.1) Abu Dhabi Comm. Bank Abu Dhabi 9.11 (2.5) 6,039.9 11.6 Al Ahli Bank of Kuwait Kuwait 0.32 (2.4) 234.6 8.5 Qatar Electricity & Water Qatar 166.12 (2.4) 91.6 (10.2) Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC Composite Large Mid Cap Index) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Zad Holding Company 146.00 (2.7) 2.6 40.4 Qatar Electricity & Water Co. 166.12 (2.4) 91.6 (10.2) Qatar Islamic Insurance Company 54.24 (2.2) 9.9 1.0 Ezdan Holding Group 11.20 (1.5) 926.5 (13.7) Widam Food Company 59.21 (1.1) 175.2 (15.4) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% QNB Group 179.50 (0.5) 60,428.2 (7.9) United Development Company 14.75 0.6 20,932.2 0.0 Qatar Electricity & Water Co. 166.12 (2.4) 15,277.9 (10.2) Industries Qatar 123.40 (0.2) 14,520.2 (7.6) Al Khalij Commercial Bank 11.90 (0.4) 10,825.9 3.1 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* 10,221.52 (0.1) (0.4) 1.1 (0.8) 73.33 157,475.2 14.2 1.5 4.3 Dubai 2,805.04 0.6 0.5 6.5 10.9 93.00 99,282.9 10.0 1.0 4.8 Abu Dhabi 5,222.23 0.9 3.4 2.9 6.2 83.81 143,690.4 14.5 1.5 4.7 Saudi Arabia 9,088.13 0.4 0.0 3.0 16.1 827.11 569,932.4 20.5 2.0 3.2 Kuwait 4,961.63 (1.7) (1.0) 0.9 4.7 112.28 34,069.4 14.9 0.9 4.0 Oman 4,011.58 0.5 0.7 0.7 (7.2) 7.80 17,397.4 8.3 0.8 6.8 Bahrain 1,441.27 (0.3) 0.2 2.0 7.8 3.82 22,099.2 9.5 0.9 5.7 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) 10,180 10,200 10,220 10,240 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 9 Qatar Market Commentary  The QE Index declined 0.1% to close at 10,221.5. The Transportation and Real Estate indices led the losses. The index fell on the back of selling pressure from non-Qatari shareholders despite buying support from Qatari and GCC shareholders.  Zad Holding Company and Qatar Electricity & Water Company were the top losers, falling 2.7% and 2.4%, respectively. Among the top gainers, Al Khaleej Takaful Insurance Company gained 10.0%, while Qatari German Company for Medical Devices was up 9.9%.  Volume of shares traded on Monday fell by 11.2% to 14.8mn from 16.6mn on Sunday. However, as compared to the 30-day moving average of 12.0mn, volume for the day was 23.1% higher. Qatar First Bank and Salam International Investment Limited were the most active stocks, contributing 14.3% and 10.8% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) 1Q2019 % Change YoY Operating Profit (mn) 1Q2019 % Change YoY Net Profit (mn) 1Q2019 % Change YoY National Build. and Marketing Co. Saudi Arabia SR 167.1 -0.7% 28.0 22.4% 24.1 -10.0% Al Madina Insurance Company Oman OMR 6.0 -19.5% – – -0.1 N/A Oman International Marketing Company # Oman OMR 6.5 -10.3% – – -5.5 N/A National Aluminium Products Company # Oman OMR 11,396.0 -3.1% – – 60.0 -82.5% Al Batinah Dev. & Investment Holding Company# Oman OMR 331.3 509.3% – – 169.6 -22.0% Sembcorp Salalah# Oman OMR 16,325.3 0.1% – – 3,283.0 -2.9% Oman Finance & Investment Company Oman OMR 5.8 5.8% – – 1.0 9.5% Dhofar Insurance Company Oman OMR 11.7 15.8% – – 0.9 -14.7% Oman Fisheries Oman OMR – – – – -0.8 N/A Salalah Beach Resort # Oman OMR 780.0 44.4% – – 52.0 N/A Dhofar Beverage & Food Stuff Co. Oman OMR 0.9 -7.7% -0.1 – -0.1 N/A Sohar Power Oman OMR 39.0 -4.4% – – -1.7 N/A The National Detergent Company Oman OMR 6.4 2.2% – – 0.3 -28.8% Oman Cement Oman OMR 14.3 -0.8% – – 1.8 -50.6% Ominvest Oman OMR 75.8 11.4% – – 9.2 9.7% National Gas Oman OMR 19.1 -12.0% – – 0.3 -55.8% Taageer Finance Oman OMR 4.3 15.0% – – 0.9 10.3% Oman national engine. Invt. Oman OMR 12.5 47.8% – – 0.4 65.7% Gulf Stones Oman OMR 0.7 -14.4% – – -0.1 N/A Ooredoo Oman OMR 68.6 0.9% – – 8.5 6.3% Financial Services# Oman OMR 136.1 -4.3% – – -43.2 N/A Vision Insurance Oman OMR 8.8 13.9% – – 0.7 -21.4% Gulf Invest Services Holding Oman OMR – – – – -1.7 N/A Asaffa Foods Oman OMR 7.9 -5.1% – – 0.3 -71.6% Oman and Emirates Inv. Holding Oman OMR 2.4 -4.0% – – 1.6 4.4% Global Financial Investment Oman OMR 3.7 -24.2% – – 0.1 -91.5% Galfar Engineering and Con. Oman OMR 64.8 -7.7% – – -0.2 N/A Arabia Falcon Insurance Oman OMR 5.5 -6.3% – – 0.1 85.7% Almaha Petroleum Products Mar. Oman OMR 111.8 -0.4% – – 1.0 -15.3% Takaful Oman Insurance Oman OMR 7.3 20.3% – – 0.7 10.6% Oman Cables Industry Oman OMR 39.3 -24.7% – – 1.7 -22.7% Muscat Insurance Oman OMR 8.1 -1.6% – – 0.6 219.8% Gulf International Chemicals # Oman OMR 586.3 -13.7% – – 31.7 -67.2% Source: Company data, DFM, ADX, MSM, TASI, BHB. (#Values in ‘000) Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 44.95% 34.03% 29,305,926.70 Qatari Institutions 12.88% 22.43% (25,628,874.71) Qatari 57.83% 56.46% 3,677,051.99 GCC Individuals 1.02% 0.68% 917,690.89 GCC Institutions 8.15% 6.48% 4,482,949.32 GCC 9.17% 7.16% 5,400,640.21 Non-Qatari Individuals 12.65% 12.05% 1,601,486.50 Non-Qatari Institutions 20.34% 24.32% (10,679,178.70) Non-Qatari 32.99% 36.37% (9,077,692.20)
  3. 3. Page 3 of 9 Earnings Releases Company Market Currency Revenue (mn) 1Q2019 % Change YoY Operating Profit (mn) 1Q2019 % Change YoY Net Profit (mn) 1Q2019 % Change YoY National Mineral Water # Oman OMR 1,756.8 -3.9% – – 5.9 -82.0% National Life & General Ins Oman OMR 54.8 12.3% – – 2.7 -10.0% Oman United Insurance Oman OMR 10.9 -13.8% – – -0.6 N/A Source: Company data, DFM, ADX, MSM, TASI, BHB. (#Values in ‘000) Earnings Calendar Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status QNCD Qatar National Cement Company 16-Apr-19 0 Due MARK Masraf Al Rayan 17-Apr-19 1 Due QIBK Qatar Islamic Bank 17-Apr-19 1 Due CBQK The Commercial Bank 17-Apr-19 1 Due ABQK Ahli Bank 18-Apr-19 2 Due NLCS Alijarah Holding 18-Apr-19 2 Due QIIK Qatar International Islamic Bank 21-Apr-19 5 Due QISI Qatar Islamic Insurance Company 21-Apr-19 5 Due GWCS Gulf Warehousing Company 21-Apr-19 5 Due QGTS Qatar Gas Transport Company Limited (Nakilat) 21-Apr-19 5 Due WDAM Widam Food Company 22-Apr-19 6 Due DBIS Dlala Brokerage & Investment Holding Company 23-Apr-19 7 Due QFBQ Qatar First Bank 23-Apr-19 7 Due QIGD Qatari Investors Group 23-Apr-19 7 Due QIMD Qatar Industrial Manufacturing Company 24-Apr-19 8 Due UDCD United Development Company 24-Apr-19 8 Due QCFS Qatar Cinema & Film Distribution Company 25-Apr-19 9 Due QAMC Qatar Aluminum Manufacturing Company 28-Apr-19 12 Due QNNS Qatar Navigation (Milaha) 28-Apr-19 12 Due IGRD Investment Holding Group 28-Apr-19 12 Due QFLS Qatar Fuel Company 28-Apr-19 12 Due MERS Al Meera Consumer Goods Company 28-Apr-19 12 Due BRES Barwa Real Estate Company 29-Apr-19 13 Due AHCS Aamal Company 29-Apr-19 13 Due SIIS Salam International Investment Limited 29-Apr-19 13 Due ZHCD Zad Holding Company 29-Apr-19 13 Due QGRI Qatar General Insurance & Reinsurance Company 29-Apr-19 13 Due AKHI Al Khaleej Takaful Insurance Company 29-Apr-19 13 Due MCCS Mannai Corporation 29-Apr-19 13 Due QOIS Qatar Oman Investment Company 29-Apr-19 13 Due DOHI Doha Insurance Group 29-Apr-19 13 Due ORDS Ooredoo 29-Apr-19 13 Due KCBK Al Khalij Commercial Bank 29-Apr-19 13 Due VFQS Vodafone Qatar 30-Apr-19 14 Due QGMD Qatari German Company for Medical Devices 30-Apr-19 14 Due DHBK Doha Bank 30-Apr-19 14 Due Source: QSE
  4. 4. Page 4 of 9 Stock Split Dates for Listed Qatari Companies Source: QSE News Qatar  QSE announced stock split days for listed Qatari companies – Please refer to the table above (QSE)  IHGS reports net loss of ~QR0.1mn in 1Q2019 – Islamic Holding Group (IHGS) reported net loss of ~QR0.1mn in 1Q2019 as compared to net profit of QR0.2mn in 1Q2018 and net profit of QR0.8mn in 4Q2018. Loss per share amounted to QR0.01 in 1Q2019 as compared to earnings per share of QR0.04 in 1Q2018. (QSE)  AHCS to disclose 1Q2019 financial statements on April 29 – Aamal Company (AHCS) announced its intent to disclose 1Q2019 financial statements for the period ended March 31, 2019, on April 29, 2019. (QSE)  Qatar Petroleum issues tender invitation for four LNG mega trains of NFE project – Qatar Petroleum (QP) has issued the invitation to tender package for the engineering procurement and construction (EPC) of the four Liquefied Natural Gas (LNG) mega-trains of its North Field Expansion (NFE) project. The package has been issued to three EPC joint ventures: (i) Chiyoda Corporation and Technip France, (ii) JGC Corporation and Hyundai Engineering and Construction, and (iii) Saipem, McDermott Middle East Inc. and CTCI Corporation. The tender calls for the EPC of the four mega-LNG trains with gas and liquid treating facilities, ethane and liquefied petroleum gas production and fractionation, a helium plant, and utilities and infrastructure to support the processing units. The four mega- LNG trains are part of QP's plans to expand Qatar’s LNG production from 77mn tons per annum (mtpa) to 110mtpa by 2024. "This tender package comes in line with QP’s plan to move into the next significant phase of the NFE project, which will culminate in the award of this EPC contract in January 2020," according to HE Saad Sherida Al-Kaabi, Minister of State for Energy Affairs as well as President and CEO of QP. (Gulf- Times.com)  Strong capital base helped QGRI deliver good performance in 2018; shareholders approve cash dividend of QR1 per share – Qatar General Insurance & Reinsurance Company’s (QGRI) shareholders approved the board of directors’ recommendation to distribute a dividend of QR1 per share. At the company’s Annual General Meeting, Chairman of the board and Managing Director, Nasser bin Ali bin Saud Al Thani said, “We succeeded through our strong capital base and diversified investments portfolio in supporting our group in continuously meeting its strategy and delivering a good performance during the year. Again, such a rating reflects the strength of the company’s risk adjusted capital base and its distinguished record of operational performance, besides to the group’s remarkable capabilities with respect to risk management.” He added, “On top of that, such a rating recognizes QGRI’s highest level of risk-adjusted capitalization that is reinforced by high levels of liquidity, low premium leverage and a largely well-rated reinsurance panel.” Risk management represented a core component in the company’s business. The company has been enforcing a set of policies and procedures covering its activities and encompassing market risks, operational risks, liquidity risks,
  5. 5. Page 5 of 9 credit risks and other risks that are managed effectively. (Qatar Tribune)  Aamal Company sees optimistic 2019 on upbeat Qatari economic outlook – Aamal Company is adopting an optimistic outlook as Qatar’s economy continues to perform well, showing resilience and strength due to the successful implementation of government strategies to drive economic diversification. Aamal Company’s CEO and Managing Director, Sheikh Mohamed bin Faisal Al-Thani made the statement during the company’s Annual General Meeting. The meeting approved the board of directors’ recommendation to distribute cash dividends equaling 6% of the nominal value of each share. Sheikh Mohamed said, “Looking ahead, I remain confident in Aamal Company’s future, with the company’s resilient and diversified business model supported by a clearly defined long-term strategy helping us to achieve sustainable growth for our shareholders. We will continue to explore new opportunities, using our first mover advantage to introduce innovative projects and supporting our beloved country in achieving its National Vision under the wise leadership of His Highness the Amir Sheikh Tamim bin Hamad Al-Thani and the government of Qatar.” (Gulf-Times.com)  Qatar’s CPI inflation declines 1.31% YoY in March – Lower expenses - especially towards the communication, recreation, housing and transport segments - led Qatar’s cost of living, based on Consumer Price Index (CPI), to decline 1.31% YoY in March 2019, according to official data. The CPI-based cost of living was down a marginal 0.03% on a monthly basis, despite increased expenses towards clothing and footwear, according to the Planning and Statistics Authority’s data. Highlighting that headline inflation remains subdued, the International Monetary Fund (IMF), after its officials concluded their visit to Qatar, stated the proposed restructuring in the fiscal space, including taxation, may slightly lift price levels in the future. (Gulf-Times.com)  Mwani Qatar extends free storage period at Al Ruwais Port – Mwani Qatar has started introducing the new free storage period at Al Ruwais Port from Sunday, the company stated. Mwani Qatar stated the move comes within the framework of supporting the private sector, offering new incentives to customers as well as enhancing the role of the port. Al Ruwais Port is Qatar’s northern gateway to trade and one of the most important ports to meet the increasing needs of the domestic market of foodstuff, meat and fresh and chilled produce. Under the new move, the company’s customers will get double the previously free storage days at Al Ruwais Port for general cargo shipments (export and import) as it increased to six days from three for imported cargo and 10 days from five for exported cargo. Containers’ free period has been increased to five days from three for imported containers, and seven days from five for exported containers. The increase of free storage period in Al Ruwais Port comes in conjunction with the start of operations in the second phase of the port, during which around 160,000 square meters of storage space was added to support the port operations. (Qatar Tribune)  Tarsheed helps Qatar save QR1.75bn by reducing electricity, water consumption – National Programme for Conservation and Energy Efficiency (Tarsheed) by General Electricity and Water Corporation (Kahramaa) has helped Qatar save QR1.75bn in 2018 through reduction of electricity and water consumption. According to statistics, Qatar marked a savings of QR1,470mn and QR283mn by reducing electricity consumption by 6,295gwh and water consumption by 33.22mm3 , respectively. In 2018, natural gas consumption was reduced by 60,642mcf due to intervention and awareness by Tarsheed. The year also witnessed reduction of 3.66 tons of carbon emission. The achievements were gained by Kahramaa after it launched a slew of measures including intervention, awareness and enforcement through Tarsheed. The ambitious program was launched in April 2012 as part of Qatar National Vision 2030. (Gulf-Times.com)  Qatar defeated blockade, turned it into benefits – Qatar has managed to defeat the blockade imposed on the country for two years and has changed its repercussions into benefits, Qatar Chamber’s First Vice-Chairman, Mohamed bin Ahmed bin Towar Al Kuwari said, adding that the country has made significant progress in various sectors especially in industry and agriculture. Speaking to a visiting delegation of journalists and bloggers from the Balkan states at the Chamber’s venue, Al Kuwari elaborated on the steps taken by the country to overcome the blockade repercussions, how it transformed it into benefits, role of the private sector in the economic growth and investment climate in the country as well as its National Vision 2030. He said that Qatar has strengthened its relations with world countries and attracted a lot of foreign investments due to its legislative reforms and the investment incentives it offered. Further, Al Kuwari praised the role played by Hamad Port during the siege, affirming that opening new marine lines with many countries contributed to the provision of all goods needed by the local market. (Peninsula Qatar)  Over 25 companies from Azerbaijan seek investment avenues in Qatar – Qatar Chamber officials held a meeting with a delegation from Azerbaijan headed by Azerbaijan Export and Investment Promotion Foundation’s (Azpromo) Acting President, Yusif Abdullayev Ikram Oglu and Azerbaijan Ambassador, Rashad Ismayilov. The delegation comprised representatives of 25 companies specializing in tourism, agriculture, and industry. Qatar Chamber’s First Vice Chairman, Mohamed bin Towar Al-Kuwari said, “Both leaderships have paid reciprocal official visits several times, which saw the signing of many bilateral agreements. Both sides have established an economical commission to promote economy and trade relations and signed several agreements and memorandums of understanding in the fields of economy, trade, and agriculture.” Oglu said the delegation is eager to learn about Qatar’s investment climate, as well as incentives and facilities offered for foreign investors and opportunities available in all sectors. He also noted that several Azpromo members have different investments in Qatar, while others are exporting their products to the Qatari market. (Gulf-Times.com) International  Foreigners buy most US Treasuries since August – Foreigners purchased the most US Treasury securities in six months in February, suggesting some overseas appetite for low-risk government debt due to worries about a slowing US economy, the US Treasury Department showed. They bought $19.91bn in
  6. 6. Page 6 of 9 Treasuries in February, marking their first net purchase in four months. In January, they sold $11.99bn, the latest Treasury data showed. Treasury yields fell most of February on uneasiness about US-China trade friction and disappointing economic data. However, they rose later that month on selling linked to $168 billion of government debt supply and a reading on fourth-quarter gross domestic product that turned out to be not as dismal as some traders feared. Benchmark 10-year Treasury yields fell over 0.07 percentage point to 2.71% at the end of February. In late Monday trading, they were at 2.554%. (Reuters)  Germany sees no need for stimulus to tackle slowdown – The German government sees no need for a stimulus package to reinvigorate Europe’s biggest economy, government Spokesman Steffen Seibert said. He said, “We have a very solid budget policy. And we are coupling solid budgets with an increase in investments and this should in the coming years improve the basis for more growth. The budget stipulates investment spending that is significantly higher than in the previous legislative period and as such we see no need for a stimulus package.” (Reuters)  Japan’s Economy Minister: Confirmed with US that trade talks to be based on September statement – Japanese Economy Minister, Toshimitsu Motegi said that he had confirmed with US Trade Representative, Robert Lighthizer that new bilateral trade talks would proceed based on the two nations’ joint statement issued last September. Speaking to reporters in Washington, D.C., Motegi said he had a frank and good exchange with Lighthizer. (Reuters)  Reuters poll: China’s first-quarter GDP growth seen cooling to 6.3%, but March may suggest rebound – China’s first-quarter economic growth likely cooled to the weakest pace in at least 27 years, a Reuters poll showed, but a flurry of measures to boost domestic demand may have put a floor under slowing activity in March. Analysts polled by Reuters expect China to report gross domestic product (GDP) grew 6.3% in the January-March quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly data on record. That would mark a further loss of momentum from the previous quarter’s 6.4%, but policymakers and investors are more likely to focus on any signs of a turnaround in March activity data. (Reuters)  China’s central bank calls for more policy coordination to support growth – China’s central bank called for more coordination between the country’s monetary policy, fiscal policy and other policies as Beijing seeks to fend off risks and maintain stable economic growth. Some positive changes have occurred in the structural adjustments of the Chinese economy in the first quarter, but deep problems remain amid uncertainties, the People’s Bank of China stated. The central bank reiterated its pledge to continue with a prudent monetary policy that is neither too loose nor too tight, and ensure reasonably ample liquidity in the interbank market. It repeated that Beijing will not resort to flood-like stimulus. (Reuters) Regional  ALBI posts 23.6% YoY rise in net profit to SR316.5mn in 1Q2019 – Bank Albilad (ALBI) recorded net profit of SR316.5mn in 1Q2019, an increase of 23.6% YoY. Total operating profit rose 16.5% YoY to SR921.4mn in 1Q2019. Total revenue for special commissions/investments rose 28.4% YoY to SR769.7mn in 1Q2019. Total assets stood at SR72.9bn at the end of March 31, 2019 as compared to SR65.8bn at the end of March 31, 2018. Loans and advances stood at SR51.4bn, while customer deposits stood at SR57.6bn at the end of March 31, 2019. EPS came in at SR0.53 in 1Q2019 as compared to SR0.43 in 1Q2018. (Tadawul)  Saudi Arabian regulator approves IPO of Alhokair's Arabian Centres Company – The Saudi Arabian regulator, Capital Market Authority (CMA), stated that it has approved the Initial Public Offering (IPO) of Shopping malls operator Arabian Centres Company, owned by the Fawaz Alhokair Group. Arabian Centres will offer 95mn shares representing a 20% stake in the company. Reuters reported in February that Arabian Centres is seeking $1bn from a public share listing in the second quarter. Arabian Centres is a developer, owner and operator of 19 malls across 10 cities in Saudi Arabia. Saudi Arabia is encouraging more family-owned companies to list in a bid to deepen its capital markets under a reform push aimed at reducing the Kingdom’s reliance on oil revenues. (Reuters)  Hyundai Heavy says Saudi Aramco buys 17% stake in South Korean refiner unit for $1.24bn – The biggest shareholder in South Korean oil refiner Hyundai Oilbank stated that state- owned Saudi Aramco has agreed to buy a 17% stake in its oil processing operations for $1.24bn. Hyundai Heavy Industries Holdings stated in a regulatory filing that it has signed a sales agreement with Saudi Aramco that included an option for Saudi Aramco to buy an additional 2.9% stake in Hyundai Oilbank. The agreement, reached with a Saudi Aramco subsidiary, Aramco Overseas Co B.V (AOC), will support the mother company’s crude oil placement strategy by providing a dedicated outlet for Arabian crude oil to South Korea, Saudi Aramco stated. (Reuters)  UAE’s 2018 current account surplus at 9.1% of GDP on higher oil – UAE’s 2018 current account surplus stood at 9.1% of GDP due to higher oil prices as compared to 7.3% YoY, according to the Central Bank of the UAE (CBUAE). The current account surplus in 2018 came in at AED139bn. (Bloomberg)  UAE's Brooge Petroleum to list on Nasdaq after merger – The UAE’s Brooge Petroleum and Gas Investment Company (BPGIC) has stated that it will list on the Nasdaq Stock Exchange after merging with US-based firm Twelve Seas Investment Company. The $1bn deal is expected to be finalized before July 1, Brooge stated. The move is part of the UAE-based oil storage company’s expansion strategy. BPGIC, which was set up in 2013, is one of the largest holders of storage assets in Fujairah. The company originally planned to float 40% of its capital on the London Stock Exchange last year and had engaged HSBC and First Abu Dhabi Bank as advisors to work on the public share sale, however the plan has now been shelved, sources told Reuters. BPGIC has completed the first phase of 400,000 cubic meters of storage across 14 tanks for middle distillates and fuel oil in October and began operations in January 2018. The company is working on the second phase of its storage terminal, which will add 600,000 cubic meters of capacity for crude oil across eight tanks, it stated. (Reuters)
  7. 7. Page 7 of 9  Dubai seen reaping $16.9bn after next year's world expo – Dubai is seen reaping $16.9bn after the next year's World Expo. Dubai’s much-touted World Expo fair next year will contribute $33.4bn to the Emirate’s economy from 2013 to 2031, according to auditing firm, Ernst & Young (EY). EY breaks down the impact in three stages, which are as follows: i) Pre-expo: Contribution to the economy of AED37.7bn, job creation equivalent to about 37,500 full-time jobs per year, the sectors which will be impacted include Transport, storage and communication (AED2.2bn), events organization and business services (AED7bn), construction (AED25.7bn), ii) During the Expo: Contribution to the economy of AED22.7bn, job creation equivalent to about 94,400 full-time jobs per year, the sectors which will be impacted include restaurants and hotels (AED8.9bn), events organization and business services (AED7.7bn), transport, storage and communication (AED2.6bn), and iii) Post-Expo: Contribution to the economy of AED62.2bn, job creation equivalent to about 53,800 full-time jobs per year, the top three impacted sectors include events organization and business services (AED54.2bn), retail (AED2.5bn), restaurants and hotels (AED2bn). (Bloomberg)  NBK's Group Deputy CEO reiterates plans to raise Boubyan Bank stake – National Bank of Kuwait (NBK) has reiterated its intention to take full ownership of its local affiliate Boubyan Bank. “We would love to boost shareholding in Boubyan Bank because it’s one of the successful investments that we have,” Group Deputy CEO, Shaikha Al-Bahar said. “So far, we have the approval to acquire 60% and we are almost there,” she added. Boubyan Bank will shortly carry out a rights issue that may allow NBK to increase its stake in the lender, she said. (Bloomberg)  Kuwait's South Ratqa oil field to pump 11k bpd in August – Kuwait's South Ratqa oil field will pump 11k bpd of oil in August. The first phase of development of the South Ratqa heavy oil project will reach 60K bpd in January, state-run Kuwait News Agency reported, citing Kuwait Oil Company. The output will gradually increase to 230K bpd by 2031 and over 325k bpd in subsequent development phases. Another heavy oil field, Umm Niqa, will pump 15K bpd in the first phase, 50K bpd by 2026 and 80K bpd by 2031. (Bloomberg)  BKSB posts 14.0% YoY rise in net profit to OMR10.2mn in 1Q2019 – Bank Sohar (BKSB) recorded net profit of OMR10.2mn in 1Q2019, an increase of 14.0% YoY. Operating profit rose 11.2% YoY to OMR13.8mn in 1Q2019. Total assets stood at OMR3.1bn at the end of March 31, 2019 as compared to OMR2.9bn at the end of March 31, 2018. Net loans and advances stood at OMR2.3bn, while deposits from customers stood at OMR1.8bn at the end of March 31, 2019. (MSM)  BKMB posts 2.2% YoY rise in net profit to OMR45.8mn in 1Q2019 – Bank Muscat (BKMB) recorded net profit of OMR45.8mn in 1Q2019, an increase of 2.2% YoY. Net interest income and income from Islamic financing rose 9.6% YoY to OMR78.8mn in 1Q2019. Operating profit rose 14.0% YoY to OMR67.7mn in 1Q2019. Net loans and Islamic financing stood at OMR9.2bn, while Customer deposits and Islamic deposits stood at OMR8.0bn at the end of March 31, 2019. (MSM)  ABOB posts 5.1% YoY rise in net profit to OMR7.4mn in 1Q2019 – Ahli Bank (ABOB) recorded net profit of OMR7.4mn in 1Q2019, an increase of 5.1% YoY. Operating income rose 14.7% YoY to OMR17.1mn in 1Q2019. Total assets stood at OMR2.4bn at the end of March 31, 2019 as compared to OMR2.1bn at the end of March 31, 2018. Net loans & advances and financing stood at OMR2.0bn, while customer deposits stood at OMR1.7bn at the end of March 31, 2019. (MSM)  NBOB's net profit falls 1.1% YoY to OMR12.5mn in 1Q2019 – National Bank of Oman (NBOB) recorded net profit of OMR12.5mn in 1Q2019, registering decrease of 1.1% YoY. Operating profit fell 1.8% YoY to OMR16.7mn in 1Q2019. Net interest income and income from Islamic financing fell 5.7% YoY to OMR23.0mn in 1Q2019. Total assets stood at OMR3.56bn at the end of March 31, 2019 as compared to OMR3.57bn at the end of March 31, 2018. Loans, advances and financing activities for customers (net) stood at OMR2.8bn, while customers’ deposits and unrestricted investment accounts stood at OMR2.5bn at the end of March 31, 2019. (MSM)  BKDB's net profit falls 7.3% YoY to OMR12.6mn in 1Q2019 – Bank Dhofar (BKDB) recorded net profit of OMR12.6mn in 1Q2019, registering decrease of 7.3% YoY. Profit from operations rose 4.4% YoY to OMR17.3mn in 1Q2019. Total assets stood at OMR4.4bn at the end of March 31, 2019 as compared to OMR4.2bn at the end of March 31, 2018. Net loans and advances to customers stood at OMR3.1bn, while deposits from customers stood at OMR3.0bn at the end of March 31, 2019. (MSM)  BKIZ posts 46.6% YoY rise in net profit to OMR0.5mn in 1Q2019 – Alizz Islamic Bank (BKIZ) recorded net profit of OMR0.5mn in 1Q2019, an increase of 46.6% YoY. Net operating income rose 13.9% YoY to OMR4.8mn in 1Q2019. Total assets stood at OMR0.7bn at the end of March 31, 2019 as compared to OMR0.6bn at the end of March 31, 2018. Financing receivables stood at OMR0.6bn and total deposits also stood at OMR0.6bn at the end of March 31, 2019. (MSM)  Oman’s March consumer prices rise 0.43% YoY but fall 0.04% MoM – National Centre for Statistics & Information in Muscat published Oman's consumer price indices which showed that consumer prices in the month of March rose 0.43% YoY and 0.18% in February. Consumer prices fell 0.04% MoM in March, as compared to a fall of 0.1% in February. (Bloomberg)  Overseas Oil & Gas aims Bontang refinery completion in 2025- 26 – Overseas Oil & Gas aims to complete the Bontang refinery in 2025-26. Investment for refinery is seen at $15bn, according to the Chairman of Oman’s Overseas Oil & Gas LLC, Khalfan Al Riyami. The refinery will be able to process 300,000 barrels of crude oil per day, he said. The refinery is located in Bontang in Indonesia’s East Kalimantan province. Overseas Oil & Gas has 90% stake in the refinery, while Indonesia’s state energy firm Pertamina controls rest 10%. The company is still conducting feasibility study to determine financing scheme. It is seeking partnership with other oil firms for refinery, including Japan’s Cosmo Energy. It will buy crude oil from other countries. It has also signed up to $3bn memorandum of understanding (MoU) with Indonesian construction firms Meta Epsi and Sanurhasta Mitra to build refinery’s supporting facilities, such as power station, piping and water treatment. (Bloomberg)
  8. 8. Page 8 of 9  Interserve JV wins contracts worth GBP39.2mn for Duqm refinery – Douglas OHI, a joint venture part-owned by Interserve, has won contracts worth GBP39.2mn to work on the development of the Duqm Oil Refinery in Oman, it has stated. Técnicas Reunidas Daewoo (TRD) has selected Douglas to deliver process units at the new Duqm Refinery in a contract worth GBP32.2mn. The contract includes civil and underground piping to support the installation of equipment, pipe-racks and specialist structures and networks. The company has also been awarded a GBP7mn contract by TRD to deliver the building integration work on the site. Duqm Refinery will have the capacity to process around 230,000 barrels of crude oil per day. Douglas is a joint venture between Interserve and Oman Holdings International Company. (Bloomberg)
  9. 9. Contacts Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535 saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6589 PO Box 24025 mehmet.aksoy@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNB FS 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. QNB FS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNB FS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNB FS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNB FS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNB FS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNB FS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNB FS. Page 9 of 9 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg (#Market was closed on April 15, 2019) Source: Bloomberg (*$ adjusted returns) 45.0 70.0 95.0 120.0 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 QSE Index S&P Pan Arab S&P GCC 0.4% (0.1%) (1.7%) (0.3%) 0.5% 0.9% 0.6% (2.0%) (1.0%) 0.0% 1.0% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,287.92 (0.2) (0.2) 0.4 MSCI World Index 2,161.14 0.1 0.1 14.7 Silver/Ounce 14.99 0.1 0.1 (3.2) DJ Industrial 26,384.77 (0.1) (0.1) 13.1 Crude Oil (Brent)/Barrel (FM Future) 71.18 (0.5) (0.5) 32.3 S&P 500 2,905.58 (0.1) (0.1) 15.9 Crude Oil (WTI)/Barrel (FM Future) 63.40 (0.8) (0.8) 39.6 NASDAQ 100 7,976.01 (0.1) (0.1) 20.2 Natural Gas (Henry Hub)/MMBtu 2.69 (2.2) (2.2) (15.6) STOXX 600 388.10 0.2 0.2 13.5 LPG Propane (Arab Gulf)/Ton 64.38 (3.2) (3.2) 0.6 DAX 12,020.28 0.2 0.2 12.5 LPG Butane (Arab Gulf)/Ton 67.38 (0.6) (0.6) (3.1) FTSE 100 7,436.87 0.2 0.2 13.7 Euro 1.13 0.0 0.0 (1.4) CAC 40 5,508.73 0.2 0.2 15.0 Yen 112.04 0.0 0.0 2.1 Nikkei 22,169.11 1.4 1.4 9.2 GBP 1.31 0.2 0.2 2.7 MSCI EM 1,086.22 (0.3) (0.3) 12.5 CHF 1.00 (0.2) (0.2) (2.2) SHANGHAI SE Composite 3,177.79 (0.4) (0.4) 30.6 AUD# 0.72 0.0 0.0 1.8 HANG SENG 29,810.72 (0.3) (0.3) 15.2 USD Index 96.94 (0.0) (0.0) 0.8 BSE SENSEX 38,905.84 0.1 0.1 8.3 RUB 64.28 (0.1) (0.1) (7.8) Bovespa 93,082.97 1.0 1.0 6.1 BRL 0.26 0.3 0.3 0.3 RTS 1,246.99 (0.5) (0.5) 16.7 102.0 95.4 82.1

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