QNBFS Daily Market Report January 21, 2018

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1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.5% to close at 9,200.1. Gains were led by the Consumer Goods & Services and Banks &…
  • 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.5% to close at 9,200.1. Gains were led by the Consumer Goods & Services and Banks & Financial Services indices, gaining 0.9% each. Top gainers were Widam Food Company and Zad Holding Company, rising 8.2% and 2.7%, respectively. Among the top losers, United Development Company fell 3.6%, while Doha Insurance Group was down 2.4%. GCC Commentary Saudi Arabia: The TASI Index fell marginally to close at 7,539.0. Losses were led by the Media and Real Estate Mgmt indices, falling 1.6% and 1.4%, respectively. Dar Alarkan Real Estate Dev. fell 7.3%, while Al-Jouf Agricultural Dev. was down 4.3%. Dubai: The DFM Index declined 0.3% to close at 3,531.1. The Consumer Staples index fell 2.9%, while the Banks index declined 0.5%. DXB Entertainments fell 3.3%, while Dar Al Takaful was down 2.3%. Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,625.4. The Banks index declined 0.5%, while the Telecom. index fell 0.3%. Nat. Bank of Umm Al Qaiwain declined 10.0%, while Abu Dhabi National Co. for Building was down 4.9%. Kuwait: The KSE Index rose 0.5% to close at 6,639.4. The Insurance index gained 1.9%, while the Financial Services index rose 0.8%. Kuwait Cable Vision gained 20.0%, while Kuwait & Gulf Link Transport Co. was up 19.4%. Oman: The MSM Index fell 0.2% to close at 5,024.1. Losses were led by the Financial and Industrial indices, falling 0.5% and 0.1% respectively. Al Hassan Engineering fell 9.1%, while National Aluminium Products was down 7.2%. Bahrain: The BHB Index gained 0.1% to close at 1,333.2. The Investment index rose 0.3%, while the Commercial Banks index gained 0.2%. Nass Corporation rose 3.2%, while Ithmaar Holding was up 2.9%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Widam Food Co. 71.44 8.2 426.6 14.3 Zad Holding Co. 75.00 2.7 1.0 (7.4) Al Khalij Commercial Bank 13.38 2.7 28.2 (5.8) Qatar First Bank 7.02 2.3 3,010.7 7.5 Medicare Group 85.80 2.1 265.2 22.8 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatar First Bank 7.02 2.3 3,010.7 7.5 Investment Holding Group 6.34 1.0 2,465.9 3.9 Ezdan Holding Group 12.20 (1.1) 744.5 1.0 Vodafone Qatar 7.73 (1.3) 629.6 (3.6) Mazaya Qatar Real Estate Dev. 8.20 (2.1) 462.6 (8.9) Market Indicators 18 Jan 18 17 Jan 18 %Chg. Value Traded (QR mn) 242.5 346.5 (30.0) Exch. Market Cap. (QR mn) 504,693.4 502,892.4 0.4 Volume (mn) 11.1 13.7 (19.3) Number of Transactions 4,013 5,003 (19.8) Companies Traded 44 40 10.0 Market Breadth 24:15 12:25 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15,428.02 0.5 0.7 7.9 15.4 All Share Index 2,612.09 0.3 (0.3) 6.5 14.8 Banks 2,867.58 0.9 0.8 6.9 12.9 Industrials 2,841.66 0.1 1.3 8.5 18.9 Transportation 1,888.88 (0.1) (1.1) 6.8 14.1 Real Estate 1,990.56 (0.8) (2.9) 3.9 13.8 Insurance 3,624.33 (0.4) (6.7) 4.2 24.4 Telecoms 1,161.39 0.5 0.6 5.7 21.5 Consumer 5,327.80 0.9 1.5 7.3 12.7 Al Rayan Islamic Index 3,662.90 0.5 (0.7) 7.0 17.2 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Rabigh Refining & Petro. Saudi Arabia 20.90 4.2 8,490.4 27.1 Al Ahli Bank of Kuwait Kuwait 0.32 3.9 0.5 9.3 Middle East Healthcare Saudi Arabia 58.90 2.4 153.5 9.4 Al Tayyar Travel Group Saudi Arabia 29.15 2.1 2,503.5 7.9 Qatar Int. Islamic Bank Qatar 59.00 1.9 91.6 8.1 GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% Dar Al Arkan Real Estate Saudi Arabia 10.28 (7.3) 100,889.5 (28.6) Ominvest Oman 0.44 (4.8) 525.0 (5.6) Nat. Mobile Telecom. Kuwait 1.10 (2.4) 5.1 1.9 Emaar Economic City Saudi Arabia 13.87 (2.0) 2,338.1 2.8 Bahrain Telecom. Co. Bahrain 0.20 (2.0) 193.0 (2.0) 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% United Development Co. 15.65 (3.6) 451.8 8.8 Doha Insurance Group 14.06 (2.4) 0.4 0.4 Mazaya Qatar Real Estate Dev. 8.20 (2.1) 462.6 (8.9) Qatar General Ins. & Reins. Co. 47.10 (1.4) 0.2 (3.9) Vodafone Qatar 7.73 (1.3) 629.6 (3.6) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Widam Food Co. 71.44 8.2 29,907.1 14.3 Medicare Group 85.80 2.1 22,879.2 22.8 Qatar First Bank 7.02 2.3 21,164.1 7.5 Industries Qatar 110.00 (0.2) 19,128.1 13.4 QNB Group 137.89 0.6 17,950.9 9.4 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* 9,200.10 0.5 0.7 7.9 7.9 240.60 138,639.3 15.4 1.3 4.2 Dubai 3,531.05 (0.3) 1.0 4.8 4.8 153.10 111,544.8 22.0 1.3 3.9 Abu Dhabi 4,625.39 (0.2) 0.7 5.2 5.2 56.20 120,242.0 16.6 1.3 4.3 Saudi Arabia 7,539.02 (0.0) 2.7 4.3 4.3 921.17 471,169.9 17.7 1.7 3.2 Kuwait 6,639.38 0.5 1.2 3.6 3.6 66.01 95,870.2 16.0 1.1 5.2 Oman 5,024.06 (0.2) (1.2) (1.5) (1.5) 4.87 20,964.4 11.6 1.0 5.2 Bahrain 1,333.17 0.1 1.2 0.1 0.1 3.70 20,683.2 7.9 0.8 5.9 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,120 9,140 9,160 9,180 9,200 9,220 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 6 Qatar Market Commentary  The QSE Index rose 0.5% to close at 9,200.1. The Consumer Goods & Services and Banks & Financial Services indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari and GCC shareholders.  Widam Food Company and Zad Holding Company were the top gainers, rising 8.2% and 2.7%, respectively. Among the top losers, United Development Company fell 3.6%, while Doha Insurance Group was down 2.4%.  Volume of shares traded on Thursday fell by 19.3% to 11.1mn from 13.7mn on Wednesday. Further, as compared to the 30-day moving average of 12.9mn, volume for the day was 14.1% lower. Qatar First Bank and Investment Holding Group were the most active stocks, contributing 27.2% and 22.2% 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) 4Q2017 % Change YoY Operating Profit (mn) 4Q2017 % Change YoY Net Profit (mn) 4Q2017 % Change YoY Aldrees Petroleum and Transport Services Co. Saudi Arabia SR – – 17.6 10.0% 12.4 -16.2% Source: Company data, DFM, ADX, MSM, TASI, BHB. Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 01/18 US Department of Labor Initial Jobless Claims 13-January 220k 249k 261k 01/18 US Department of Labor Continuing Claims 6- January 1,952k 1,900k 1,876k 01/19 Germany German Federal Statistical Office PPI MoM December 0.2% 0.2% 0.1% 01/19 Germany German Federal Statistical Office PPI YoY December 2.3% 2.3% 2.5% 01/18 Japan Ministry of Economy Trade and Industry Industrial Production MoM November F 0.5% – 0.6% 01/18 Japan Ministry of Economy Trade and Industry Industrial Production YoY November F 3.6% – 3.7% 01/18 China National Bureau of Statistics GDP YoY 4Q2017 6.8% 6.7% 6.8% 01/18 China National Bureau of Statistics Retail Sales YoY December 9.4% 10.2% 10.2% 01/18 China National Bureau of Statistics Industrial Production YoY December 6.2% 6.1% 6.1% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Earnings Calendar Tickers Company Name Date of reporting 4Q2017 results No. of days remaining Status MCGS Medicare Group 23-Jan-18 2 Due QATI Qatar Insurance Company 23-Jan-18 2 Due DHBK Doha Bank 23-Jan-18 2 Due QIIK Qatar International Islamic Bank 24-Jan-18 3 Due ERES Ezdan Holding Group 24-Jan-18 3 Due IHGS Islamic Holding Group 24-Jan-18 3 Due KCBK Al Khalij Commercial Bank 24-Jan-18 3 Due QIGD Qatari Investors Group 25-Jan-18 4 Due CBQK The Commercial Bank 29-Jan-18 8 Due QEWS Qatar Electricity & Water Company 31-Jan-18 10 Due SIIS Salam International Investment Limited 4-Feb-18 14 Due QOIS Qatar Oman Investment Company 4-Feb-18 14 Due DOHI Doha Insurance Group 5-Feb-18 15 Due QNCD Qatar National Cement Company 5-Feb-18 15 Due BRES Barwa Real Estate Company 6-Feb-18 16 Due NLCS Alijarah Holding 8-Feb-18 18 Due ORDS Ooredoo 11-Feb-18 21 Due AKHI Al Khaleej Takaful Insurance Company 12-Feb-18 22 Due QISI Qatar Islamic Insurance Company 18-Feb-18 28 Due Source: QSE Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 39.45% 53.70% (34,574,483.97) Qatari Institutions 17.13% 14.42% 6,554,920.53 Qatari 56.58% 68.12% (28,019,563.44) GCC Individuals 1.47% 2.43% (2,349,783.25) GCC Institutions 1.25% 4.02% (6,718,725.65) GCC 2.72% 6.45% (9,068,508.90) Non-Qatari Individuals 15.23% 14.14% 2,648,157.34 Non-Qatari Institutions 25.48% 11.28% 34,439,915.00 Non-Qatari 40.71% 25.42% 37,088,072.34
  • 3. Page 3 of 6 News Qatar  QNB Group: Strong demand is main driver of recent rise in global oil prices – All has been well in the global oil market lately. Prices briefly crossed the $70 per barrel mark last week, their highest level in three years, and had been rising throughout most of the previous quarter, QNB Group stated in its recent report. QNB Group added that this caps what was an impressive year for global oil. The market switched from being oversupplied by 0.9mn bpd in 2016 to undersupply by 0.3mn bpd in 2017. Driving this change was robust global demand and the Organization of Petroleum Exporting Countries (OPEC) production cut agreement, which constrained supply growth. In assessing the recent rise in oil prices, both demand and supply factors have been supportive of prices but demand has had a larger role in driving prices higher. (Gulf-Times.com)  QNB Group plans expansion after absorbing blockade shock – QNB Group has absorbed the shock of last year’s Saudi Arabia- led blockade on Qatar and plans to push ahead with its expansion strategy. The Middle East’s biggest bank by assets expects that profit will increase by 5% to 7% this year, QNB Group’s CEO, Ali Al Kuwari said. QNB Group will continue to diversify earnings by targeting Southeast Asia, while focusing on its main markets in Qatar, Egypt and Turkey. Al Kuwari said, “Some business people who were thinking of investing somewhere else are bringing their investment to Qatar. We see many opportunities in food supply, logistics and transport.” (Gulf-Times.com)  Qatar weathers ‘blockade shock’ with ease – Qatar has been able to ride out the ‘blockade impact’ on its economy better than expected, Arqaam Capital Research noted in its ‘MENA Banks Outlook.’ In its latest research note, Arqaam Capital stated it has added QNB to its core portfolio. It had already upgraded QNB stock to a Buy from Hold following the bank’s strong 3Q2017 performance. Qatar’s latest GDP data shows 3.6% YoY expansion, while latest trade data also shows resilience, with imports in particular now higher than pre- blockade levels having risen by 11.5% YoY in October, after dipping over 30% in June and July. The 2018 Qatar budget should provide further support as it pencils in 16% higher spending, while Arqaam Capital calculates 3.7% fiscal surplus at $65 per barrel oil price. Qatari Riyal is stabilizing after it moved away from the peg towards the latter part of the year. Foreign outflows have already slowed down significantly, with continued deposit outflows from foreign sources offset by higher borrowing from foreign banks and cheaper funding from the PSE sector. Qatar’s budget for 2018 expects $55.4bn in spending versus $47.7bn budgeted for 2017 (+16.1% YoY) and with $25bn of the spending earmarked for major projects (45% of total spend). The budget assumes an oil price of $45 per barrel. (Peninsula Qatar)  Qatar’s e-commerce market seen reaching $3.2bn by 2020 – Qatar’s e-commerce market is expected to grow from $1.2bn in 2017 to $3.2bn in 2020, according to Moayed Siddiq, an industry expert at the Ministry of Transport and Communications (MoTC). Moayed said Qatar’s e-commerce market is growing at a rate of 17% per year. He added that to boost e-commerce in Qatar, the MoTC will launch a set of policies for e-commerce best practice for the local industry. (Gulf-Times.com)  Qatari businessmen to visit Kuwait to boost trade ties – A trade delegation from Qatar Chamber, which includes 55 businessmen representing various economic and business sectors, is slated to visit Kuwait for a two-day business trip. Qatar Chamber’s Chairman, Sheikh Khalifa Bin Jassim Al Thani will lead the delegation, a statement from the Chamber stated. It added that on the sidelines of the visit, the Qatari-Kuwaiti Business Forum will be held to strengthen cooperation relations between the two countries. The forum also aims to increase trade exchange, explore investment opportunities on both sides and to discuss the possibility of establishing trade and business alliances between Qatari businessmen and their counterparts from Kuwait. The forum, which will be jointly inaugurated by Sheikh Khalifa and Kuwait Chamber of Commerce and Industry’s Chairman, Ali Mohamed Al Ghanim, includes a series of dialogue and B2B meetings between businessmen of both countries. It will also deliver presentations that would highlight the Kuwait Vision 2035, Qatar National Vision 2030, public- private projects and investment opportunities in both countries. (Gulf-Times.com)  Stronger Qatar-Turkey ties good for region’s stability – Qatar and Turkey have recently held a series of high-level meetings, including an economic forum and a three-day expo aimed at further enhancing the bilateral and economic relations of both countries, which, according to a Turkish trade official, would be good for the region’s stability and economic prosperity. A delegation from the Republic of Turkey Prime Ministry Investment Support and Promotion Agency (ISPAT), led by its President, Arda Ermut, was in Qatar recently and held dialogue with private companies, Qatari institutions, and policymakers to promote investment opportunities in Turkey. While majority of Turkey’s foreign direct investments (FDI) are from Europe, Ermut said the agency is seeking to attract FDI from the GCC region, which had witnessed a steady increase in previous years. (Gulf-Times.com)  UDCD to hold board meeting on February 7 to discuss the financial statements – United Development Company (UDCD) announced that its board of directors will hold a board meeting on February 7, 2018 to discuss and approve the draft of the audited financial statements for the period ending December 31, 2017. (QSE)  NLCS to hold board meeting on February 8 to discuss the financial statements – Alijarah Holding (NLCS) announced that its board of directors will hold a meeting on February 8, 2018 to discuss and approve the audited financial statements for the period ending December 31, 2017. (QSE)  BRES to hold board meeting on February 6 to discuss the financial statements – Barwa Real Estate Company (BRES) announced that its board of directors will hold a meeting on February 6, 2018 to discuss and approve the audited financial statements for the period ending December 31, 2017. (QSE) International  US jobless claims hit 45-year low; housing starts fall in December – US home-building fell more than expected in
  • 4. Page 4 of 6 December, recording its biggest drop in just over a year, amid a steep decline in the construction of single-family housing units following two months of hefty gains. Other data showed the number of Americans filing for unemployment benefits dropped to 45-year low last week. The decline in claims for jobless benefits, however, probably exaggerated the health of the labor market as data for seven states, including California, were estimated. Housing starts decreased 8.2% to a seasonally adjusted annual rate of 1.192mn units, the Commerce Department stated. (Gulf-Times.com)  UK’s retail sales slide in December – British shop sales slid by much more than expected in December, capping off the weakest year for retail since 2013 as consumers squeezed by the Brexit hit to prices continued to keep a tight grip on spending. Retail sales volumes dropped 1.5% from November, the Office for National Statistics (ONS) stated, well below economists’ forecasts of a monthly dip of 0.6% in a Reuters poll, and more than reversing 1.0% rise in November. (Reuters)  Germany’s construction sales to grow by 4% this year – German construction companies expect sales to grow by 4% this year, reaching their highest level since 1995, industry associations stated, suggesting the sector will continue to propel growth in Europe’s biggest economy this year. Germany is enjoying a construction boom due to higher state spending on roads and bridges, increased company investment in buildings, and a real estate bonanza. The construction boom has been encouraged by the European Central Bank’s ultra-low interest rates, a growing urban population and high immigration over the past five years. (Reuters)  Japanese government upgrades economic view for the first time in seven months – Japanese government raised its assessment of the economy in January for the first time in seven months due to rising consumer spending, an encouraging sign that inflation could start to pick up this year. Japan’s economy is gradually recovering, the Cabinet Office stated in its monthly economic report. That marked an upgrade from December, when the Cabinet Office stated the economy was on a recovery path. The government also raised its assessment of consumer spending for the first time since June after retail sales, household spending, and new car sales gained momentum towards the end of 2017. Consumer spending is recovering, which is an upgrade from the phrase gradual recovery used in last month’s report. (Reuters)  Japan’s December core inflation likely steady, BoJ policy seen unchanged – Japan’s consumer prices are expected to have posted 12th straight month of gains in December, a Reuters poll found, although the persistently modest inflation will pressure the central bank to maintain its stimulus to meet its 2% target. Economists project the Bank of Japan (BoJ) will keep its short- term interest rate at minus 0.1% and ten-year government bond yield target at around zero percent next week, the poll showed. Data next week also includes exports for December, which was seen growing for a 13th straight month, due to overseas demand for semiconductor manufacturing equipment, steel and cars. The nationwide core consumer price index (CPI), which includes oil products but excludes volatile fresh food prices, likely grew 0.9% in December from a year ago, the same rate as November, the poll of 20 economists showed. (Reuters)  China’s 2017 GDP growth accelerates for first time in seven years – China’s economy grew faster than expected in the fourth quarter of 2017, as an export recovery helped the country post its first annual acceleration in growth in seven years, defying concerns that intensifying curbs on industry and credit would hurt expansion. China’s GDP grew 6.8% in the October to December period from a year earlier. That was better than 6.7% growth forecast by analysts in a Reuters poll and unchanged from the previous quarter. (Reuters)  China’s 2017 fixed asset investment grows 7.2% – China’s fixed-asset investment rose 7.2% in 2017, more than expected but the slowest annual pace since 1999. Analysts polled by Reuters had predicted full-year investment growth of 7.1%, cooling from 7.2% in the first 11 months of the year and 8.1% growth in 2016. Private sector fixed-asset investment rose 6.0% in 2017, up from an increase of 5.7% in the first 11 months of the year and compared with 3.2% growth in 2016. Industrial output rose 6.2% in December from a year earlier, the National Bureau of Statistics stated, higher than analysts’ estimates for a rise of 6.0%. (Reuters) Regional  CB&I enters joint development agreement with Saudi Aramco – CB&I entered into a Joint Development Agreement with Saudi Aramco that includes Chevron Lummus
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