QNBFS Daily Market Report November 22, 2016
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The QSE Index rose marginally to close at 9,782.8.
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QNBFS Daily Market Report November 22, 2016
- 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index rose marginally to close at 9,782.8. Gains were led by the Industrials and Banks & Financial Services indices, gaining 0.5% and 0.3%, respectively. Top gainers were Commercial Bank and Qatar General Insurance & Reinsurance Co., rising 5.5% and 3.1%, respectively. Among the top losers, Qatar German Co. for Medical Devices fell 4.4%, while Al Khalij Commercial Bank was down 3.9%. GCC Commentary Saudi Arabia: The TASI Index fell 1.1% to close at 6,496.7. Losses were led by the Media & Publishing and Real Estate Development indices, falling 2.7% and 2.4%, respectively. Saudi British Bank fell 5.0%, while Samba Financial Group was down 4.3%. Dubai: The DFM Index gained 0.1% to close at 3,306.2. The Services rose 2.4%, while the Financial & Investment Services index gained 2.0%. SHUAA Capital rose 10.8%, while GFH Financial Group was up 10.2%. Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,229.7. The Consumer Staples index gained 2.6%, while the Real Estate index rose 1.7%. Ras Al Khaimah Cement Co. gained 5.6%, while Eshraq Properties Co. was up 5.3%. Kuwait: The KSE Index rose 0.2% to close at 5,517.8. The Health Care index gained 1.5%, while the Technology index rose 1.3%. Automated Systems Co. gained 8.0%, while Yiaco Medical Co. was up 7.9%. Oman: The MSM Index fell 0.5% to close at 5,495.5. Losses were led by the Industrial and Financial indices, falling 0.6% and 0.5%, respectively. Oman Textile Holding fell 3.1%, while Al Batinah Dev. Inv. Holding was down 2.3%. Bahrain: The BHB Index gained 0.9% to close at 1,192.1. The Investment index rose 1.8%, while the Commercial Bank index gained 1.1%. GFH Financial Group rose 8.3%, while Al Salam Bank was up 5.6%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Commercial Bank 34.80 5.5 109.1 (24.2) Qatar General Ins. & Reinsurance 46.00 3.1 0.4 (1.0) Qatar Industrial Manufacturing 43.20 2.9 6.0 8.4 Qatar National Cement Co. 84.00 2.1 8.1 (9.4) Zad Holding Co. 76.80 1.1 2.9 (9.4) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 9.25 (3.6) 2,033.0 (27.2) Qatar First Bank 10.00 0.7 1,387.5 (33.3) Ezdan Holding Group 15.00 (0.3) 806.5 (5.7) Barwa Real Estate Co. 29.80 (0.7) 238.7 (25.5) QNB Group 153.10 0.3 228.9 5.0 Market Indicators 21 Nov 16 20 Nov 16 %Chg. Value Traded (QR mn) 158.6 81.2 95.2 Exch. Market Cap. (QR mn) 529,278.1 529,063.1 0.0 Volume (mn) 6.3 2.9 118.0 Number of Transactions 3,102 1,600 93.9 Companies Traded 41 37 10.8 Market Breadth 16:25 15:15 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15,827.96 0.0 0.1 (2.4) 14.2 All Share Index 2,703.09 (0.0) 0.1 (2.7) 13.3 Banks 2,756.24 0.3 0.6 (1.8) 11.9 Industrials 3,045.70 0.5 0.6 (4.4) 16.9 Transportation 2,403.18 (0.4) (0.9) (1.1) 12.3 Real Estate 2,150.53 (0.4) (0.1) (7.8) 17.6 Insurance 4,258.78 (0.3) (0.7) 5.6 11.0 Telecoms 1,090.97 (2.2) (2.1) 10.6 19.8 Consumer 5,625.84 (0.6) (0.3) (6.2) 11.1 Al Rayan Islamic Index 3,608.47 (0.3) (0.2) (6.4) 15.6 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Commercial Bank Qatar 34.80 5.5 109.1 (24.2) Nat. Mobile Telecom. Kuwait 1.14 3.6 3.4 3.6 Combined Group Cont. Kuwait 0.63 3.3 19.5 (12.3) Deyaar Development Dubai 0.55 3.2 52,616.1 7.0 Qatar Gen. Ins. & Reins. Qatar 46.00 3.1 0.4 (1.0) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi British Bank Saudi Arabia 22.46 (5.0) 401.5 (9.3) Gulf Pharmaceutical Ind. Abu Dhabi 2.14 (4.9) 20.0 (11.0) Samba Financial Group Saudi Arabia 21.91 (4.3) 726.3 (6.1) Saudi Ind. Investment Saudi Arabia 14.43 (4.0) 948.1 4.5 Al Khalij Com. Bank Qatar 17.28 (3.9) 10.9 (3.8) 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) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Qatar German Co. for Medical Dev. 9.66 (4.4) 18.3 (29.6) Al Khalij Commercial Bank 17.28 (3.9) 10.9 (3.8) Vodafone Qatar 9.25 (3.6) 2,033.0 (27.2) Al Meera Consumer Goods Co. 161.00 (2.7) 35.1 (26.8) Al Khaleej Takaful Group 19.50 (2.2) 11.4 (36.1) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% QNB Group 153.10 0.3 35,136.5 5.0 Vodafone Qatar 9.25 (3.6) 19,155.9 (27.2) Industries Qatar 105.00 0.9 17,757.4 (5.5) Qatar First Bank 10.00 0.7 13,917.1 (33.3) Ezdan Holding Group 15.00 (0.3) 12,147.8 (5.7) 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* 9,782.83 0.0 0.1 (3.8) (6.2) 43.56 145,392.7 14.2 1.5 4.1 Dubai 3,306.19 0.1 (0.1) (0.8) 4.9 325.92 86,226.5 10.9 1.2 4.2 Abu Dhabi 4,229.65 0.2 (1.5) (1.6) (1.8) 115.38 111,857.8 10.9 1.3 5.8 Saudi Arabia 6,496.74 (1.1) (2.0) 8.1 (6.0) 962.62 402,729.7 15.4 1.5 3.6 Kuwait 5,517.75 0.2 0.1 2.2 (1.7) 53.09 83,758.0 18.4 1.0 4.3 Oman 5,495.51 (0.5) (0.0) 0.3 1.7 11.57 22,372.5 10.4 1.1 5.2 Bahrain 1,192.12 0.9 1.0 3.8 (2.0) 1.56 18,563.3 9.8 0.4 4.7 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,760 9,780 9,800 9,820 9,840 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
- 2. Page 2 of 5 Qatar Market Commentary The QSE Index rose marginally to close at 9,782.8. The Industrials and Banks & Financial Services indices led the gains. The index rose on the back of buying support from GCC and non-Qatari shareholders despite selling pressure from Qatari shareholders. Commercial Bank and Qatar General Insurance & Reinsurance Co. were the top gainers, rising 5.5% and 3.1%, respectively. Among the top losers, Qatar German Co. for Medical Devices fell 4.4%, while Al Khalij Commercial Bank was down 3.9%. Volume of shares traded on Monday rose by 118.0% to 6.3mn from 2.9mn on Sunday. However, as compared to the 30-day moving average of 6.8mn, volume for the day was 7.8% lower. Vodafone Qatar and Qatar First Bank were the most active stocks, contributing 32.3% and 22.1% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Global Economic Data Earnings Releases Company Market Currency Revenue (mn) 3Q2016 % Change YoY Operating Profit (mn) 3Q2016 % Change YoY Net Profit (mn) 3Q2016 % Change YoY International Financial Advisors Kuwait KD 8.0 61.3% – – -0.5 N/A Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 11/21 Japan Ministry of Finance Japan Exports YoY October -10.3% -8.5% -6.9% 11/21 Japan Ministry of Finance Japan Imports YoY October -16.5% -16.1% -16.3% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar QSE suspends the trading of IHGS shares on November 22 – Qatar Stock Exchange (QSE) announced trading suspension of Islamic Holding Group (IHGS) shares on November 22, 2016 due to its EGM being held on that day. (QSE) QSE suspends the trading of MCGS shares on November 22 – Qatar Stock Exchange (QSE) announced trading suspension of Medicare Group (MCGS) shares on November 22, 2016 due to its EGM being held on that day. (QSE) CEO: QIIK expects to receive license for Moroccan JV before year- end – Qatar International Islamic Bank’s (QIIK) CEO Abdulbasit A. al-Shaibei said QIIK expects to secure the license from the Moroccan authorities for its joint-venture bank in the Kingdom before the year-end. In 2015, QIIK had signed a joint venture agreement with Morocco’s CIH Bank (Credit Immobilier et Hotelier) for the establishment of a bank in the Kingdom. This step followed a detailed feasibility study that was conducted by QIIK taking into consideration all factors such as the expected returns on investment and other market factors. Al-Shaibei said QIIK firmly believed that Morocco presented a good opportunity for the bank. (Gulf-Times.com) QSE seen having higher weight potential in MSCI – The Qatar Stock exchange (QSE), which has witnessed “tremendous” capital inflows from the passive fund managers after its upgrade to emerging market, has potential for a higher weightage in the MSCI compared to the present 0.8%. QSE listing Director Abdulaziz al- Emadi said moreover, active funds, which are still significantly underweight on Qatar, could act as a trigger towards Qatar achieving a higher weightage in the global index compiler’s emerging market portfolio. The active fund manager’s community, which is not compelled to follow the index, is currently “significantly underweight” on Qatar, “less underweight” on the UAE and “overweight” on Egypt, he said, highlighting that Qatar and Dubai are presently 90% and 50% underweight respectively, while Egypt is 10% overweight. (Gulf-Times.com) QIBK implements ‘Operational Risk Management’ system – Qatar Islamic Bank (QIBK) has implemented a state-of-the-art Operational Risk Management system provided by MetricStream to consolidate operational risk data and convert it into actionable risk intelligence that can support better decision-making and improved business performance. The initiative, which is part of QIBK’s Board of Directors ‘strategic direction’ to invest in technology to maintain QIBK’s leadership in the banking sector, is in line with Qatar’s vision to advance the country’s financial services sector in terms of technology. The system will capture and analyze operational risk data across multiple business lines, products, and processes in an efficient, consistent, and integrated manner supporting the bank to achieve sustainable profitability and strong governance of operational risks. QIBK said that considering the increasing operations of the bank, it is essential for Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 32.08% 45.69% (21,588,751.22) Qatari Institutions 19.29% 11.54% 12,295,265.60 Qatari 51.37% 57.23% (9,293,485.62) GCC Individuals 1.10% 0.90% 326,116.77 GCC Institutions 8.09% 4.45% 5,766,467.98 GCC 9.19% 5.35% 6,092,584.75 Non-Qatari Individuals 11.56% 7.29% 6,769,618.79 Non-Qatari Institutions 27.88% 30.13% (3,568,717.92) Non-Qatari 39.44% 37.42% 3,200,900.87
- 3. Page 3 of 5 senior managers to assess operational risks when formulating business strategy and making decisions. (Gulf-Times.com) Woqod board discusses ‘strategic issues and future projects’ – Woqod Board of Directors discussed “strategic issues and future projects” at their fifth ordinary meeting in Doha. The meeting was chaired by Woqod Vice-Chairman Ahmed Saif al-Sulaiti. Woqod CEO Ibrahim Jaham al-Kuwari said, “The meeting discussed the current and future strategy of the company on various issues, Board’s committees, and adopted some of the policies and procedures to be applied in the next phase. Some of the projects relating to fuel stations and other activities were also discussed. The Board provided its wise guidance regarding all the issues discussed in the meeting.” (Gulf-Times.com) QPMC unveils new bulk materials handling system – Qatar Primary Materials Company (QPMC) unveiled the Bulk Materials Handling System (BHMS), an operational strategy aimed at reducing costs and increasing efficiency in the supply of raw materials for Qatar’s construction industry. QPMC Chief Executive Officer Eisa al- Hammadi described the BHMS as QPMC’s “national vision,” which took three years of “consecutive and diligent work,” adding that the company’s goals “are in full alignment with the national vision for sustainability and development.” The unveiling ceremony was also highlighted by a contract signing between QPMC and Belgian firm, Rent-A-Port, which will operate the BHMS. (Gulf-Times.com) Twenty-six Qatari SMEs shortlisted for business opportunities – Twenty-six Qatari Small and Medium Enterprises (SMEs) have been shortlisted to tender for six business opportunities offered by Qatar Development Bank (QDB) and Qatar Shell. Initially, 43 companies expressed interest to bid and submit documents for qualifications. In addition, 18 companies submitted formal bids. The successful SMEs will become part of the supply chain for Pearl GTL, the world’s largest gas-to-liquids plant developed in partnership between Qatar Petroleum and Qatar Shell. The successful SMEs will be announced at an awarding ceremony on December 5, 2016. The shortlisted SMEs will tender for the following business opportunities: Compressor Dry Gas Seals Refurbishment and Testing Services; CO and Industrial Gases – Manufacturing; Plastic and Glass Sample Bottles – Manufacturing; White Metal Bearing Refurbishment – Services; Active and Healthy Lifestyle, CSR Program Delivery; and Translation Services. (Peninsula Qatar) International ELFA: US business borrowing for equipment rises 6% YoY in October – The Equipment Leasing and Finance Association (ELFA) said borrowings by US companies for capital investment rose 6% YoY in October. The Washington-based trade group said companies signed up for $8.2bn in new loans, leases and lines of credit last month. The ELFA reports economic activity for the $1tn equipment finance industry in the US. ELFA Chief Executive Ralph Petta said, "The equipment finance sector continues to benefit from the Fed's favorable monetary policy, keeping long-term interest rates low. ELFA said “Total new borrowings in the first 10 months of the year fell 3%. Credit approvals in October rose to 77.3% of all applications submitted from 76.6% in September. ELFA's leasing and finance index tracks the volume of commercial equipment financed in the United States. The index complements the US Commerce Department's durable goods orders report, which it precedes by a few days. (Reuters) UK inflation expectations rise at fastest rate since 2011 – According to a quarterly survey by Barclays, public expectations for inflation in Britain in one year's time have risen at their sharpest rate in more than five years following the sharp fall in sterling since June's Brexit vote. Barclays said expectations for inflation in one year's time rose to 2.2% in its latest survey conducted in November up from 1.7% in the previous survey three months earlier. The Bank of England forecast in November that consumer price inflation will rise to 2.7% in a year's time from 0.9% in October, largely due to sterling's fall of over 15% against the US dollar since Britain voted to leave the European Union in June. Many economists think it could rise faster and the central bank is concerned that expectations of a persistent period of above-target inflation do not get entrenched. (Reuters) UK wealth falls $1.5tn after Brexit FX moves – According to a Credit Suisse study on global wealth, Britain is $1.5tn poorer in US dollar terms due to the fall in pound since Britain voted to leave the European Union. Since the referendum on June 23, the pound has weakened by around 16% against the US dollar, meaning UK wealth is sharply lower expressed in US dollar. The Credit Suisse study also predicted that around 945 billionaires will be minted around the world in the next five years, bringing their number to nearly 3,000. Many banks, including Zurich-based Credit Suisse, are banking on continued growth in Chinese wealth to help pick up the slack from European markets. (Reuters) Bundesbank: German growth to pick up significantly in fourth quarter – Germany's central bank said in a monthly report manufacturing is expected to drive a rebound in German economic growth in the fourth quarter after several lackluster months. The Bundesbank said with sentiment improving and new orders rising, employment growth is expected to continue, boosting the euro zone's biggest economy after several relatively modest quarters. It added, "In the last quarter of 2016, growth in the Germany economy is likely to be significantly stronger after the temporary slowdown in the summer." "Sentiment in the economy has improved considerably. This is particularly the case in manufacturing, where capacity utilization has continued to rise significantly and new orders are up." German growth slowed to a quarterly 0.2% in the third quarter from 0.4% three months earlier and 0.7% in the first quarter, putting growth at half the European Union's 0.4% pace. The Bundesbank was upbeat, however, arguing that the foundations of growth remained intact. Germany's government raised its 2016 growth forecast to 1.8% from 1.7% last month, forecasting the strongest rate of expansion in half a decade, on robust consumption and increased spending on refugees. But growth will then slow to 1.4% next year, the government predicted, reflecting in part weaker global trade and the expected fallout from Britain's decision to leave the European Union. (Reuters) China's spending on R&D rises to 2.07% of GDP – According to a report by the Ministry of Science and Technology China's spending on research and development (R&D) increased to 2.07% of GDP last year, up by 0.05% points, as policy to promote more innovation led companies to up their investment in research. China spent a total of 1.42tn Yuan ($206.05bn) on R&D in 2015, up 8.9% over the previous year. Of that, companies spent 1.09tn Yuan, showed the report, up by 8.2% YoY. China this year revised up the size of its economy by adding R&D spending into its calculations for GDP. The world's No. 2 economy wants to boost its R&D spending as a share of GDP to 2.5% by 2020. (Reuters) Brazil cuts 2017 growth forecast as recession continues – The finance ministry's secretary of economic policy Fabio Kanczuk said that the Brazilian government lowered its 2017 economic growth estimate to 1% from 1.6%. The downward revision shows the difficulties the government faces to turn around an economy in the second year of what is its deepest recession since the Great Depression. (Reuters) Regional Oil jumps, at three-week high ahead of OPEC output decision – Oil prices surged 4% to a three-week high, bolstered by growing
- 4. Page 4 of 5 conviction that major oil producing countries would agree next week to limit output. Brent crude briefly touched $49 a barrel. The London benchmark has risen 11% in a week since Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), started a diplomatic charm offensive to persuade more reluctant members to join its proposed output plan. OPEC members are due to agree to a world oil freeze pact on November 30 at a meeting in Vienna, Austria. In recent days, several OPEC members including Iran, along with non-member Russia, have suggested they were leaning toward a deal to limit output. Goldman Sachs analysts said in a note that chances of an OPEC cut succeeding have increased, and they believe the global oil surplus will shift into a deficit by the middle of next year, which would support prices. (Reuters) Saudi Arabia makes SR40bn payment to contractors – Saudi Arabia has made payments totaling SR40bn it owed to private companies within the last two weeks, after Deputy Crown Prince Mohammed bin Salman, Chairman of the Council for Economic and Development Affairs, announced a settlement of dues to the contractors. The government is likely to disburse another SR100bn in December to pay up to 80% of the total dues to contractors in December. (GulfBase.com) Saudi Aramco and Rowan to form JV to operate offshore drilling rigs – Rowan Companies said it was forming a joint venture (JV) with Saudi Aramco to operate offshore drilling rigs in the country. Rowan said it would provide three jack-up rigs and Saudi Aramco two when the joint venture begins operations in 2Q2017. Both companies would contribute $25mn as working capital. Rowan will supply two more rigs in late 2018 and Saudi Aramco will make matching cash contribution. Rowan said the rigs would receive contracts for an aggregate 15 years, renewed and re-priced every three years, provided that the rigs meet the technical and operational requirements of Saudi Aramco. (GulfBase.com) Abu Dhabi Commercial Bank closes $600mn syndicated loan – According to a statement Abu Dhabi Commercial Bank (ADCB) has closed a $600mn three-year syndicated loan, Wells Fargo, the bank that coordinated the debt transaction. The facility, which was syndicated to Asian banks, offers an interest rate of 95 basis points over the London Interbank Offered Rate (Libor). The loan initially closed at $220mn after a limited syndication which saw the participation of seven banks. It was then launched to general syndication, with the target of reaching a total size of $500mn involving a wider group of Asian investors. The facility was eventually oversubscribed and ADCB decided to increase the final amount to $600mn. (Reuters) Saudi Arabia October inflation falls to lowest in 2016 – According to Saudi Arabia's Central Department of Statistics, Saudi Arabia’s Inflation in October fell 2.6% YoY, over 3.0% YoY in September. Transport costs rose 7.3% YoY after the government increased gasoline prices in December as an austerity measure. Prices of housing and utilities climbed 6.5% after utility fees were raised in December, but food and beverage prices fell 2.1%. (Reuters) Mobily unveils new postpaid packages for business sector – Mobily Business launched its new postpaid packages for business sector with unprecedented features and prices start from SR40 monthly. (GulfBase.com) Saudi developers invited to build 5,000 units in housing scheme – According to sources, Saudi Arabia has invited developers to build 5,000 houses in Eastern Port of Dammam as part of a mass housing programmed for citizens. The project is second to be approved by the Housing Ministry in the area following plans to build 4,800 apartments in Dammam and Qatif. (Bloomberg) Banks give initial pricing for Etihad Airways' $500mn Sukuk issue – According to initial price guidance, Etihad Airways' planned five- year Islamic bond issue will be at least $500mn and priced in the low-to-mid 200 basis points above midswaps. HSBC, JP Morgan and National Bank of Abu Dhabi are the arrangers. They are joined by Abu Dhabi Islamic Bank, Dubai Islamic Bank and First Gulf Bank as book runners. (Reuters) Dubai’s Arqaam sees Abu Dhabi Commercial Bank buying rival UNB – Arqaam Capital Ltd. said that Abu Dhabi Commercial Bank (ADCD) will probably buy smaller rival Union National Bank (UNB) in the next 12 to 18 months as the planned merger of Abu Dhabi’s two biggest banks boosts consolidation in the UAE’s banking industry. Arqaam is pretty confident that ADCB and UNB looked at the possibility of a merger. (Bloomberg) Oman to divest 49% stake in Muscat Electricity – Oman government plans to disinvest 49% stake in state-owned Muscat Electricity Distribution Company (MEDC) by way of a combination of private placement and Initial Public Offering (IPO). According to a press release from Nama Holding, which is the holding company of power distribution firm MEDC, has appointed a transaction advisor to manage the disinvestment, which is in line with the privatization policy of the government. (GulfBase.com) Eskan Bank REIT’s IPO opens on November 21 – The Initial Public Offering of the Eskan Bank Realty Income Trust opened on November 21 and will be closed on December 6. The BHD14.4mn offering represents 72.9% of the trust’s total size of BHD19.8mn and has a target of 6.5% in net distributable income payable semi- annually. (Bahrain Bourse)
- 5. Contacts Saugata Sarkar 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 QNB Financial Services Co. WLL One Person Company Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS 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 QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in part without permission from QNBFS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg (*$ adjusted returns) 80.0 100.0 120.0 140.0 160.0 180.0 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 QSEI ndex S& PPanA r ab S& PGCC (1.1%) 0.0% 0.2% 0.9% (0.5%) 0.2% 0.1% (1.4%) (0.7%) 0.0% 0.7% 1.4% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,214.31 0.5 0.5 14.4 MSCI World Index 1,710.49 0.8 0.8 2.9 Silver/Ounce 16.59 0.2 0.2 19.7 DJ Industrial 18,956.69 0.5 0.5 8.8 Crude Oil (Brent)/Barrel (FM Future) 48.90 4.4 4.4 31.2 S&P 500 2,198.18 0.7 0.7 7.5 Crude Oil (WTI)/Barrel (FM Future) 47.49 3.9 3.9 28.2 NASDAQ 100 5,368.86 0.9 0.9 7.2 Natural Gas (Henry Hub)/MMBtu 2.80 8.4 8.4 21.0 STOXX 600 340.23 0.4 0.4 (9.2) LPG Propane (Arab Gulf)/Ton 54.13 2.6 2.6 38.3 DAX 10,685.13 0.4 0.4 (3.3) LPG Butane (Arab Gulf)/Ton 72.50 3.6 3.6 26.1 FTSE 100 6,777.96 1.2 1.2 (8.0) Euro 1.06 0.4 0.4 (2.1) CAC 40 4,529.58 0.8 0.8 (4.7) Yen 110.82 (0.1) (0.1) (7.8) Nikkei 18,106.02 0.5 0.5 3.3 GBP 1.25 1.2 1.2 (15.2) MSCI EM 847.40 0.3 0.3 6.7 CHF 0.99 0.1 0.1 (0.7) SHANGHAI SE Composite 3,218.15 0.7 0.7 (14.4) AUD 0.74 0.4 0.4 1.1 HANG SENG 22,357.78 0.1 0.1 1.9 USD Index 101.05 (0.2) (0.2) 2.5 BSE SENSEX 25,765.14 (1.6) (1.6) (4.3) RUB 63.98 (1.5) (1.5) (11.8) Bovespa 61,070.27 3.0 3.0 66.4 BRL 0.30 0.9 0.9 18.1 RTS 1,014.88 2.4 2.4 34.1 114.8 98.3 94.7