QNBFS Daily Market Report April 13, 2016

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1. Page 1 of 8 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.9% to close at 10,246.3. Gains were led by the Real Estate and Industrials indices, gaining…
  • 1. Page 1 of 8 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.9% to close at 10,246.3. Gains were led by the Real Estate and Industrials indices, gaining 3.3% and 1.4%, respectively. Top gainers were Qatar Cinema & Film Distribution Co. and Gulf International Services, rising 10.0% and 4.1%, respectively. Among the top losers, Doha Insurance Co. fell 2.6%, while the Gulf Warehousing Co. was down 1.2%. GCC Commentary Saudi Arabia: The TASI Index rose 1.5% to close at 6,403.6. Gains were led by the Cement and Transport indices, rising 5.3% and 2.6%, respectively. Najran Cement Co. rose 10.0%, while Amana Cooperative Insurance Co. was up 9.9%. Dubai: The DFM Index gained 1.5% to close at 3,473.8. The Consumer Staples index rose 2.9%, while the Banks index gained 2.6%. Emirates NBD gained 5.0%, while Dubai Parks & Resorts was up 3.1%. Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,408.2. The Banks index gained 1.0%, while the Investment & Financial Services index rose 0.9%. Abu Dhabi National Co. for B & M gained 10.0%, while Al Khazna Ins. Co. was up 6.1%. Kuwait: The KSE Index declined 0.2% to close at 5,275.0. The Telecommunications and Financial Services indices fell 1.2% each. Mena Real Estate Co. plunged 10.2%, while National Investments Co. was down 8.1%. Oman: The MSM Index rose 0.8% to close at 5,728.7. Gains were led by the Financial and Industrial indices, rising 1.3% and 1.2%, respectively. Oman Textile Holding rose 8.1%, while Galfar Engineering & Con. was up 7.5%. Bahrain: The BHB Index gained 0.5% to close at 1,121.8. The Commercial Bank index rose 0.8%, while the Services index gained 0.7%. Al-Ahli United Bank rose 1.7%, while Bahrain Telecommunication Co. was up 1.4%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Cinema & Film Dist. Co. 32.45 10.0 0.5 (4.6) Gulf International Services 37.25 4.1 2,497.4 (27.7) Qatar German Co for Medical Dev. 12.88 3.1 506.2 (6.1) Mazaya Qatar Real Estate Dev. 15.25 2.8 6,900.2 12.8 Qatar Industrial Manufact. Co. 39.50 2.6 22.5 (0.9) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Mazaya Qatar Real Estate Dev. 15.25 2.8 6,900.2 12.8 Gulf International Services 37.25 4.1 2,497.4 (27.7) National Leasing 18.75 0.3 1,751.6 33.0 Vodafone Qatar 12.70 1.0 1,377.1 0.0 Aamal Co. 13.43 2.5 936.9 (4.0) Market Indicators 12 Apr 16 11 Apr 16 %Chg. Value Traded (QR mn) 496.6 374.7 32.5 Exch. Market Cap. (QR mn) 547,440.5 543,562.7 0.7 Volume (mn) 18.7 13.2 41.9 Number of Transactions 7,382 5,912 24.9 Companies Traded 41 38 7.9 Market Breadth 29:9 23:14 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,577.81 1.3 1.2 2.3 12.4 All Share Index 2,860.37 1.1 1.2 3.0 12.3 Banks 2,747.52 0.6 0.3 (2.1) 11.6 Industrials 3,174.84 1.4 1.7 (0.4) 13.8 Transportation 2,539.74 0.0 (0.2) 4.5 11.8 Real Estate 2,542.92 3.3 2.9 9.0 12.3 Insurance 4,566.58 (0.5) 1.3 13.2 11.5 Telecoms 1,157.30 0.1 (1.1) 17.3 21.2 Consumer 6,725.19 0.2 2.6 12.1 13.9 Al Rayan Islamic Index 4,056.88 1.4 2.3 5.2 14.2 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Najran Cement Co. Saudi Arabia 14.35 10.0 6,520.8 (1.7) Saudi Enaya Coop. Ins. Saudi Arabia 12.54 9.9 3,052.5 (24.5) Al Jouf Cement Saudi Arabia 9.65 9.7 7,080.4 (8.9) Tabuk Cement Co. Saudi Arabia 16.78 8.6 1,206.8 15.9 Northern Region Cement Saudi Arabia 13.08 8.5 6,014.6 (12.4) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% National Investments Co. Kuwait 0.11 (8.1) 9,869.4 29.5 Nat. Mobile Telecomm. Kuwait 1.06 (7.0) 0.2 (3.6) Aseer Trading Tourism Saudi Arabia 21.98 (3.6) 277.6 (6.3) Gulf Bank Kuwait 0.23 (3.3) 3,440.2 (10.0) Gulf Cable & Elect. Ind. Kuwait 0.36 (2.7) 88.1 (5.3) 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% Doha Insurance Co. 19.00 (2.6) 0.0 (9.5) Gulf Warehousing Co. 59.40 (1.2) 251.6 4.4 Qatar General Ins. & Reins. Co. 51.00 (1.0) 0.7 9.8 Medicare Group 118.00 (0.8) 160.7 (1.1) Qatar Navigation 90.30 (0.7) 28.3 0.3 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Mazaya Qatar Real Estate Dev. 15.25 2.8 105,683.0 12.8 Gulf International Services 37.25 4.1 92,445.0 (27.7) National Leasing 18.75 0.3 33,519.1 33.0 Islamic Holding Group 76.30 2.4 27,424.7 (3.0) Widam Food Co. 61.50 2.5 24,184.0 16.5 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* 10,246.29 0.9 0.8 (1.3) (1.8) 136.37 150,327.2 12.4 1.6 4.2 Dubai 3,473.82 1.5 2.6 3.5 10.2 271.08 90,469.8 11.8 1.3 3.5 Abu Dhabi 4,408.15 0.4 1.3 0.4 2.3 70.35 124,299.3 11.3 1.4 5.6 Saudi Arabia 6,403.60 1.5 2.3 2.9 (7.4) 1,569.73 390,778.7 14.7 1.5 4.1 Kuwait 5,275.04 (0.2) 0.9 0.9 (6.1) 59.95 81,506.9 15.8 1.0 4.7 Oman 5,728.72 0.8 2.1 4.8 6.0 21.33 22,867.0 13.0 1.2 4.6 Bahrain 1,121.82 0.5 0.4 (0.8) (7.7) 0.31 17,658.4 8.6 0.6 4.9 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) 10,140 10,160 10,180 10,200 10,220 10,240 10,260 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 8 Qatar Market Commentary  The QSE Index rose 0.9% to close at 10,246.3. The Real Estate and Industrials indices led the gains. The index rose on the back of buying support from Qatari and non-Qatari shareholders despite selling pressure from GCC shareholders.  Qatar Cinema & Film Distribution Co. and Gulf International Services were the top gainers, rising 10.0% and 4.1%, respectively. Among the top losers, Doha Insurance Co. fell 2.6%, while the Gulf Warehousing Co. was down 1.2%.  Volume of shares traded on Tuesday rose by 41.9% to 18.7mn from 13.2mn on Monday. Further, as compared to the 30-day moving average of 11.4mn, volume for the day was 64.9% higher. Mazaya Qatar Real Estate Development and Gulf International Services were the most active stocks, contributing 36.8% and 13.3% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases, Global Economic Data and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) 1Q2016 % Change YoY Operating Profit (mn) 1Q2016 % Change YoY Net Profit (mn) 1Q2016 % Change YoY National Agricultural Development Co. Saudi Arabia SR – – 39.6 7.6% 25.2 -3.5% Sharqiyah Desalination Co. Oman OMR 2.4 -7.3% – – 0.1 -25.9% Sohar Poultry* Oman OMR 6.2 4.0% – – 0.3 19.6% Nat. Pharmaceutical Industries Co.** Oman OMR 2.9 16.2% – – – – Source: Company data, DFM, ADX, MSM (*9M2015-16 results, **FY2015-16 results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 04/12 US Nat'l Fed. of Ind. Business NFIB Small Business Optimism March 92.6 93.5 92.9 04/12 US Bureau of Labor Statistics Import Price Index MoM March 0.20% 1.00% -0.40% 04/12 US Bureau of Labor Statistics Import Price Index YoY March -6.20% -4.80% -6.50% 04/12 Germany Destatis Wholesale Price Index MoM March 0.30% – -0.50% 04/12 Germany Destatis Wholesale Price Index YoY March -2.60% – -1.90% 04/12 UK ONS CPI MoM March 0.40% 0.30% 0.20% 04/12 UK ONS CPI YoY March 0.50% 0.40% 0.30% 04/12 UK ONS CPI Core YoY March 1.50% 1.30% 1.20% 04/12 UK ONS Retail Price Index March 261.1 260.8 260.0 04/12 UK ONS RPI MoM March 0.40% 0.30% 0.50% 04/12 UK ONS RPI YoY March 1.60% 1.40% 1.30% 04/12 UK ONS RPI Ex Mort Int.Payments (YoY) March 1.60% 1.50% 1.40% 04/12 UK ONS PPI Input NSA MoM March 2.00% 2.30% 0.10% 04/12 UK ONS PPI Input NSA YoY March -6.50% -6.20% -8.20% 04/12 UK ONS PPI Output NSA MoM March 0.30% 0.20% 0.10% 04/12 UK ONS PPI Output NSA YoY March -0.90% -1.00% -1.10% 04/12 UK ONS PPI Output Core NSA MoM March 0.10% 0.10% 0.10% 04/12 UK ONS PPI Output Core NSA YoY March 0.20% 0.30% 0.10% 04/12 UK ONS ONS House Price YoY February 7.60% – 7.90% 04/12 China National Bureau of Statistics Foreign Direct Investment YoY CNY March 7.80% 2.40% 1.80% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 57.07% 51.75% 26,440,330.31 Qatari Institutions 11.52% 13.22% (8,416,321.16) Qatari 68.59% 64.97% 18,024,009.15 GCC Individuals 1.26% 1.31% (267,238.66) GCC Institutions 2.15% 6.46% (21,398,530.52) GCC 3.41% 7.77% (21,665,769.18) Non-Qatari Individuals 20.72% 22.10% (6,849,782.54) Non-Qatari Institutions 7.27% 5.16% 10,491,542.57 Non-Qatari 27.99% 27.26% 3,641,760.03
  • 3. Page 3 of 8 Earnings Calendar Tickers Company Name Date of reporting 1Q2016 results No. of days remaining Status QIBK Qatar Islamic Bank 13-Apr-16 0 Due DHBK Doha Bank 18-Apr-16 5 Due CBQK Commercial Bank 19-Apr-16 6 Due KCBK Al Khaliji 19-Apr-16 6 Due QEWS Qatar Electricity & Water Company 19-Apr-16 6 Due QATI Qatar Insurance Company 19-Apr-16 6 Due MARK Masraf Al Rayan 19-Apr-16 6 Due MRDS Mazaya Qatar 19-Apr-16 6 Due QGTS Qatar Gas Transport Company (Nakilat) 19-Apr-16 6 Due IHGS Islamic Holding Group 19-Apr-16 6 Due DOHI Doha Insurance 20-Apr-16 7 Due QIMD Qatar Industrial Manufacturing Company 20-Apr-16 7 Due ABQK Al Ahli Bank 20-Apr-16 7 Due MCCS Mannai Corp. 20-Apr-16 7 Due GWCS Gulf Warehousing Company 20-Apr-16 7 Due MCGS Medicare Group 20-Apr-16 7 Due QNNS Qatar Navigation (Milaha) 23-Apr-16 10 Due QCFS Qatar Cinema & Film Distribution Company 24-Apr-16 11 Due UDCD United Development Company 25-Apr-16 12 Due QOIS Qatar & Oman Investment 25-Apr-16 12 Due QFLS Qatar Fuel Company 26-Apr-16 13 Due ORDS Ooredoo 27-Apr-16 14 Due QGRI Qatar General Insurance & Reinsurance 27-Apr-16 14 Due MERS Al Meera Consumer Goods Company 27-Apr-16 14 Due AHCS Aamal Company 28-Apr-16 15 Due ERES Ezdan Real Estate Company 28-Apr-16 15 Due NLCS National Leasing (Alijarah) 28-Apr-16 15 Due Source: QSE
  • 4. Page 4 of 8 News Qatar  QCB sets new regulations for bank foreign currency holdings – According to Reuters, a circular issued by the Qatar Central Bank (QCB) to banks last week stated the new maximum limits on open positions that banks can hold in foreign currency. The circular set the maximum limit for dollar open positions – surplus and deficit – at 25% of capital and reserves, while the limit set for all other foreign currencies was set at 5%. The circular stated the aggregate open positions for all foreign currencies combined was set at 30% of bank capital and reserves. In its brief circular, the QCB said that it was “keen to limit the risks of foreign currency open positions”. It did not elaborate further and central bank officials could not be reached for comments. Banks have a 12-month grace period to comply with the new regulations, the circular said. Traders said under the previous regulations, lenders’ foreign currency assets must be at least equal to their liabilities. (Gulf-Times.com)  37% of Doha Metro is complete – According to a senior Qatar Rail official, over 37% of work on the ~80km first phase of Doha Metro is now complete. Doha Metro will commence services between 4Q2019 and 1Q2020. Work on the concrete roof of 17 of the more than 40 stations is progressing. Stressing that 85% of tunneling work is complete at this stage. The official said that 55% of work on the elevated routes of the three lines is also complete. Over 70% of the entire work is taking place underground. The entire tunneling work of the ongoing phase would be complete by 2016- end. The first and second phases of Doha Metro would have total of about 100 stations, covering nearly 215km. (Gulf-Times.com)  QIGD net profit increased by 13.5% QoQ in 1Q2016 – Qatari Investors Group (QIGD) net profit surged 13.5% QoQ (+18.7% YoY) to QR74.85mn in 1Q2016 as compared to QR65.96mn in 4Q2015. (QSE)  NLCS to disclose 1Q2016 financial results on April 28 – Alijarah Holding (NLCS) will disclose its 1Q2016 financial results on April 28, 2016. (QSE)  IHGS to disclose 1Q2016 financial results on April 19 – Islamic Holding Group (IHGS) will announce its 1Q2016 financial results on April 19, 2016. (QSE)  WDAM to disclose 1Q2016 financial results on April 17 – Widam Food Company (WDAM) will disclose its 1Q2016 financial results on April 17, 2016. (QSE)  QISI to disclose 1Q2016 financial results on April 20 – Qatar Islamic Insurance (QISI) will disclose its 1Q2016 financial results on April 20, 2016. (QSE)  QISI AGM endorses all items on agenda – Qatar Islamic Insurance Company’s (QISI) ordinary general assembly meeting (AGM) endorsed all items on its agenda. Shareholders at the AGM approved the reports of the Shari'ah Supervisory Board and Independent Auditors on the company’s financial statement for the year ended December 31, 2015. The meeting also approved QISI’s report of the governance for 2015. Meanwhile, due to lack of quorum QISI’s extraordinary general assembly meeting (EGM) was postponed to April 20, 2016. (QSE)  ERES AGM, EGM endorse items on agenda – Ezdan Holding Group’s (ERES) ordinary and extraordinary general assembly meetings (AGM & EGM) approved the Board of Directors’ (BoD) report on the group activities and financial position for the year ended December 31, 2015, as well as the future plan of the group for the year 2016. Shareholders approved ERES’ corporate governance for 2015, as well as elected members of the BoD for the next three years, for the period from 2016 until 2019. Meanwhile, the company’s EGM approved amending ERES’ Article of Association (AoA) to reconcile the group conditions in accordance with the provisions of the new Companies Act No. 11 of 2015 and the adoption of the standardized form of the AoA for public stock companies issued by the Ministry of Economy & Trade and authorize the chairman or vice-chairman of the board or a person authorized by the board to sign the amended AoA and complete necessary procedures in this regard. (QSE)  ORDS’ OGS signs MoU with Sparkle – Ooredoo Global Services (OGS) and Sparkle signed a Memorandum of Understanding (MoU) for new telecommunication services and knowledge transfer. The strategic agreement will see the two companies collaborate on a range of joint initiatives and services in the voice, data, cloud, multimedia, and digital spaces. OGS is the wholesale arm of Ooredoo (ORDS), while Sparkle is an international services arm of Telecom Italia Group and a leading global operator. (Peninsula Qatar)  ORDS, Arabsat in deal on satellite communications – Ooredoo (ORDS) and Arab Satellite Communication Organization (Arabsat) entered into a major strategic partnership agreement that will see the two leading companies work together to develop new satellite services for customers. Under the terms of the agreement, ORDS and Arabsat will review the current satellite projects they have in progress, with a view to collaborating on technology and design, and will aim to work together on future projects to deliver cutting- edge satellite services. In particular, they will look to collaborate on new VSAT (Very Small Aperture Terminal) services, as demand rises for the innovative technology in Qatar and across the region. VSAT services, which provide Internet services via a small satellite dish, are being increasingly deployed for a wide range of applications, including point-of-sales transactions, data processing and high-speed Internet access for sites and offices in remote locations. (Gulf-Times.com)  Qatar tops Middle East in penetration of Islamic insurance – According to a global insurance rating agency A M Best, the Islamic insurance penetration in Qatar far exceeded that in the Middle East, where lack of differentiation and associated pricing pressure, along with poor distribution networks, emerge key challenges for the takaful companies, though the region made early moves to establish Islamic insurance than Malaysia. A M Best, in its report “Takaful Life and Nonlife Issue Review”, said the overall penetration figures for the Middle East mask underlying differences between various countries in the region with Bahrain and Qatar both enjoying good takaful penetration rates of 22% and 13%, respectively, as compared to the Middle Eastern average of 8% in 2014. However, A M Best said both these markets (Qatar and Bahrain) are relatively small as compared to the UAE, which whilst having the largest takaful market in the region, has the lowest penetration rate (6%), which brought down the overall average for the Middle East. (Gulf-Times.com)  ERES appoints new COO – Ezdan Holding Group (ERES) announced the appointment of Dr Mousa al-Awwad as the Chief Operating Officer (COO) of the group and the latest member within its senior management. Al-Awwad was hired in the framework of the group’s ongoing managerial development process and operational capacity enhancement as the group aims to reinforce its internal operations management, productivity capacity, and operational revenues. (Gulf-Times.com)  Dr Ibrahim: Qatar moving to decentralized urban development – Dr Hossam Ibrahim, Deputy Group Leader, the Municipality Master Planning Group at the Ministry of Municipality and Environment, stated that Qatar is moving towards a decentralized urban development to change people’s perception of the country as a city state. Dr Ibrahim said, “If you ask anyone who visits the country, they think Qatar is Doha and there’s nothing outside of Doha.” He added that “It is a centralized development at the moment, so we
  • 5. Page 5 of 8 need to move to a decentralized one”. Dr Ibrahim was addressing the fifth Arab Future Cities Summit at The Ritz-Carlton Doha on the topic “Towards Sustainable Urban Living in Qatar: From Planning to Implementation.” (Gulf-Times.com)  MEC builds strategic stock of ration items, fodder – The Ministry of Economy and Commerce (MEC) announced that the first phase of providing a strategic stock of ration items and animal fodder has been accomplished. The MEC had announced the initiative in November 2015. During the first phase, MEC has built up a strategic stock of rice enough for 10 months’ consumption, sugar for nine months, and powdered milk and cooking oil for four and a half months. As for animal fodder, the MEC has stocked enough quantity for six months consumption and three months for other types. Towards this end, the ministry has provided adequate storage spaces, some for fodder and others for ration items, with an overall space of 107,446 square meters . The MEC has also been keen to take into consideration current and future needs of such items and the expiry dates of these products, besides their high quality according to the global standards. The second phase would guarantee the increase of the stock and storage space, besides encouraging more investors to enter the distribution business of these items. Currently, there are 94 distributors of ration and fodder products across the country. These include 82 distributors of ration products and seven for fodder and four for both. (Gulf- Times.com)  QA Cargo Express launched – Qatar Airways (QA) Cargo announced the launch of QR Express, a solution to deliver airport-to-airport air freight service for time-critical shipments. It is the latest addition to the cargo airline’s expanding portfolio of specialized services and products. QR Express provides customers with the opportunity to book time-sensitive shipments via a quick and simple system that offers high boarding priority and rapid handling, ensuring speedy delivery of their cargo. Other key features include short and flexible close-outs, quick and dedicated ramp transfer (for express transit), as well as priority loading at origin and unloading at final destination and speedy retrieval at the final destination (approximately 90 minutes). (Gulf- Times.com) International  US import prices rise below expectations; petroleum costs ju
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