QNBFS Daily Market Report June 05, 2016

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1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.4% to close at 9,532.6. Losses were led by Telecoms and Consumer Goods & Services…
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  • 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.4% to close at 9,532.6. Losses were led by Telecoms and Consumer Goods & Services indices, falling 1.1% and 0.9%, respectively. Top losers were Medicare Group and Al Khaleej Takaful Group, falling 5.3% and 3.1%, respectively. Among the top gainers, Dlala Brokerage & Investments Holding Co. rose 4.7%, while Qatar Industrial Manufacturing Co. was up 3.3%. GCC Commentary Saudi Arabia: The TASI Index rose 0.5% to close at 6,488.8. Gains were led by the Hotel & Tourism and Transport indices, rising 1.8% each. Al Ahlia Insurance Co. rose 5.2%, while United Coop. Assurance Co. was up 5.0%. Dubai: The DFM Index declined 1.6% to close at 3,263.0. The Insurance index fell 2.7%, while the Banks index declined 2.0%. Almadina for Finance & Investment Company fell 8.6%, while Islamic Arab Insurance Company was down 6.8%. Abu Dhabi: The ADX benchmark index fell 0.7% to close at 4,254.8. The Insurance and Banks indices declined 1.3% each. Abu Dhabi National Ins. Co. declined 9.7%, while Arkan Building Materials Co. was down 5.7%. Kuwait: The KSE Index rose marginally to close at 5,377.1. The Technology index gained 2.0%, while the Oil & Gas index rose 1.4%. National Mobile Telecommunications Co. gained 9.1%, while Automated Systems Co. was up 7.7%. Oman: The MSM Index fell marginally to close at 5,819.8. The Financial index declined 0.4%, while the other indices ended in green. Construction Materials Ind. fell 6.3%, while the Al Batinah Dev. Inv. Holding was down 2.3%. Bahrain: The BHB Index gained 1.0% to close at 1,116.3. The Commercial Bank index rose 2.0%, while the other indices ended flat. National Bank of Bahrain rose 7.7%, while Al-Ahli United Bank was up 0.8%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Dlala Brokerage & Inv. Holding Co. 22.13 4.7 94.6 19.7 Qatar Industrial Manufacturing Co. 41.30 3.3 26.0 3.6 Qatar Insurance Co. 74.00 1.8 388.5 6.4 Aamal Co. 12.88 0.8 66.8 (7.9) Qatar Oman Investment Co. 10.94 0.3 1.4 (11.1) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 10.61 (2.1) 876.6 (16.5) Qatar Islamic Bank 92.20 (0.8) 401.2 (13.6) Qatar Insurance Co. 74.00 1.8 388.5 6.4 Masraf Al Rayan 32.75 (0.3) 243.7 (12.9) Qatar First Bank 12.05 0.1 237.0 (19.7) Market Indicators 02 June 16 01 June 16 %Chg. Value Traded (QR mn) 222.7 202.2 10.2 Exch. Market Cap. (QR mn) 517,142.8 519,254.1 (0.4) Volume (mn) 4.8 5.2 (7.3) Number of Transactions 3,084 2,820 9.4 Companies Traded 42 40 5.0 Market Breadth 10:26 20:16 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15,423.11 (0.4) (1.9) (4.9) 13.0 All Share Index 2,672.29 (0.4) (1.8) (3.8) 12.7 Banks 2,585.29 (0.5) (1.5) (7.9) 11.0 Industrials 2,983.11 (0.2) (2.5) (6.4) 13.7 Transportation 2,442.84 (0.9) (1.6) 0.5 11.3 Real Estate 2,340.82 (0.5) (1.2) 0.4 21.2 Insurance 4,084.17 1.2 (0.6) 1.3 10.6 Telecoms 1,040.31 (1.1) (4.0) 5.5 16.5 Consumer 6,390.17 (0.9) (2.0) 6.5 13.1 Al Rayan Islamic Index 3,721.77 (0.7) (2.3) (3.5) 16.3 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% National Mobile Telecom. Kuwait 1.20 9.1 39.4 9.1 National Bank of Bahrain Bahrain 0.63 7.7 2.4 (1.0) Solidarity Saudi Takaful Co. Saudi Arabia 9.18 4.0 5,964.9 23.6 Savola Saudi Arabia 39.08 3.4 638.0 (22.2) Aramex Dubai 3.38 3.4 3,322.0 7.0 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Abu Dhabi National Ins. Abu Dhabi 2.15 (9.7) 10.0 (25.3) National Investments Co. Kuwait 0.09 (5.4) 2,065.9 0.0 Kuwait Food Co. Kuwait 2.14 (4.5) 0.0 7.0 Ajman Bank Dubai 1.65 (4.1) 335.4 (6.2) Kuwait Cement Co. Kuwait 0.38 (3.8) 1.6 (5.1) 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% Medicare Group 98.00 (5.3) 193.0 (17.9) Al Khaleej Takaful Group 23.51 (3.1) 0.0 (22.9) Vodafone Qatar 10.61 (2.1) 876.6 (16.5) Commercial Bank 35.60 (2.1) 203.4 (22.4) Qatar Gas Transport Co. 22.85 (1.9) 172.0 (2.1) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Qatar Islamic Bank 92.20 (0.8) 37,152.2 (13.6) Qatar Insurance Co. 74.00 1.8 28,682.2 6.4 Industries Qatar 95.20 (0.9) 22,293.7 (14.3) Medicare Group 98.00 (5.3) 18,923.9 (17.9) QNB Group 134.20 0.0 16,384.2 (8.0) 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* 9,532.60 (0.4) (1.9) (0.1) (8.6) 61.19 142,059.1 13.0 1.5 4.3 Dubai 3,262.97 (1.6) (2.6) (1.5) 3.6 113.45 88,803.3 11.0 1.2 4.3 Abu Dhabi 4,254.76 (0.7) (0.7) 0.1 (1.2) 29.14 112,229.2 11.3 1.4 5.7 Saudi Arabia 6,488.79 0.5 0.1 0.6 (6.1) 909.67 396,922.1 15.0 1.5 3.8 Kuwait 5,377.05 0.0 (0.4) (0.4) (4.2) 39.89 81,341.2 17.7 1.0 4.6 Oman 5,819.81 (0.0) (1.6) 0.2 7.7 8.23 23,130.1 11.0 1.3 4.4 Bahrain 1,116.25 1.0 1.6 0.4 (8.2) 0.97 17,626.4 9.3 0.4 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) 9,520 9,540 9,560 9,580 9,600 9,620 9,640 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 declined 0.4% to close at 9,532.6. The Telecoms and Consumer Goods & Services indices led the losses. The index fell on the back of selling pressure from Qatari and non-Qatari shareholders despite buying support from GCC shareholders.  Medicare Group and Al Khaleej Takaful Group were the top losers, falling 5.3% and 3.1%, respectively. Among the top gainers, Dlala Brokerage & Investments Holding Co. rose 4.7%, while Qatar Industrial Manufacturing Co. was up 3.3%.  Volume of shares traded on Thursday fell by 7.3% to 5.2mn from 4.8mn on Wednesday. Further, as compared to the 30-day moving average of 7.8mn, volume for the day was 38.3% lower. Vodafone Qatar and Qatar Islamic Bank were the most active stocks, contributing 18.2% and 8.3% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/02 US Automatic Data Processing, Inc ADP Employment Change May 173k 173k 166k 06/02 US Department of Labor Initial Jobless Claims 28-May 267k 270k 268k 06/02 US Department of Labor Continuing Claims 21-May 2,172k 2,150k 2,160k 06/03 US Markit Markit US Services PMI May F 51.3 51.4 51.2 06/03 US Markit Markit US Composite PMI May F 50.9 – 50.8 06/02 EU Eurostat PPI MoM April -0.30% 0.10% 0.30% 06/02 EU Eurostat PPI YoY April -4.40% -4.10% -4.10% 06/03 EU Markit Markit Eurozone Services PMI May F 53.3 53.1 53.1 06/03 EU Markit Markit Eurozone Composite PMI May F 53.1 52.9 52.9 06/02 UK Markit Markit/CIPS UK Construction PMI May 51.2 52.0 52.0 06/03 UK Markit Markit/CIPS UK Services PMI May 53.5 52.5 52.3 06/03 UK Markit Markit/CIPS UK Composite PMI May 53.0 52.3 51.9 06/03 France Markit Markit France Services PMI May F 51.6 51.8 51.8 06/03 France Markit Markit France Composite PMI May F 50.9 51.1 51.1 06/03 Germany Markit Markit Germany Services PMI May F 55.2 55.2 55.2 06/03 Germany Markit Markit/BME Germany Composite PMI May F 54.5 54.7 54.7 06/03 China Markit Caixin China PMI Services May 51.2 – 51.8 06/03 China Markit Caixin China PMI Composite May 50.5 – 50.8 06/03 Japan Nikkei Japan Composite Nikkei Japan PMI Services May 50.4 – 49.3 06/03 Japan Nikkei Japan Composite Nikkei Japan PMI Composite May 49.2 – 48.9 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 31.46% 31.33% 308,201.61 Qatari Institutions 34.16% 34.49% (737,676.59) Qatari 65.62% 65.82% (429,474.98) GCC Individuals 2.27% 1.73% 1,189,082.27 GCC Institutions 10.22% 5.20% 11,188,783.17 GCC 12.49% 6.93% 12,377,865.44 Non-Qatari Individuals 8.48% 9.04% (1,238,196.75) Non-Qatari Institutions 13.40% 18.21% (10,710,193.71) Non-Qatari 21.88% 27.25% (11,948,390.46)
  • 3. Page 3 of 6 News Qatar  Moody’s: Qatar real GDP growth would average 3.6% until 2019 – According to international credit rating agency Moody’s, Qatar’s real gross domestic product (GDP) growth would average at 3.6% until 2019, but is constrained by “very high” inflation volatility. Highlighting that economic diversification continues, with the non- hydrocarbon sector growing a robust 7.7% in 2015; Moody’s said the sector has benefited from the country’s accelerated infrastructure investment in the run-up to the 2022 FIFA World Cup and as part of Qatar National Vision 2030 development plan. It added that the state-owned entities had driven this growth by undertaking capital investments for infrastructure projects such as a metro network, port and rail freight lines, and a new airport. (Gulf-Times.com)  Qatar’s population touches all-time high – According to the preliminary figures released by the Ministry of Development Planning and Statistics (MDPS), Qatar’s population has touched an all-time high of 2.58mn on May 31, 2016. There were 195,6424 males and 631,140 females in the country, totaling 258,7564. This is 28,297 more than the population on April 30, which also was a record figure. The latest figure does not include Qataris as well as expatriates, with residency permits, who were outside the country on May 31. The growth in Qatar’s population between May 31, 2015 and 2016 has been 212,704. The population increase between May 31, 2015 and May 31, 2014, was 413,529. Between May 31, 2014 and May 31, 2013 Qatar’s population went up by 624,440. (Gulf-Times.com)  QA hails holding in BA-owner as strategic cost saver – Qatar Airways (QA) said that its 15% stake in British Airways-owner IAG was a strategic one rather than financial investment, which helped purchasing and network planning, but it was not seeking a board seat. The Gulf carrier said in May that it had increased its stake in International Consolidated Airlines Group to 15% from 12% amid a rapid global expansion. Meanwhile, QA has cancelled its first Airbus A320neo jet and remains at an impasse with the European planemaker over delays in deliveries caused by engine problems. Chief Executive Akbar Al Baker said the delays are having an impact on QA’s bottom-line, but the carrier said it is not seeking compensation. Meanwhile, Akbar al-Baker expects expansion to start at Doha’s state-of-the-art Hamad International Airport (HIA) by the 2016-end. (Reuters, Gulf-Times.com)  CEO: ORDS to launch 5G services as soon as it is standardized – Ooredoo (ORDS) invested over $1bn in infrastructure upgrades to provide 5G services in Qatar much before its expected commercial launch in 2020 globally. The telecom major is also building a 5G R&D Centre in Doha, the first-of-its-kind in the Middle East, to speed up the process of 5G standardization across the globe. ORDS CEO Waleed al Sayed spoke to Qatar Tribune's Satyendra Pathak about initiatives that the company is taking to provide latest telecom services in Qatar. (Qatar-Tribune)  Novatek eyes tie-up with Qatargas – Russian Energy Minister Alexander Novak said that the Russia’s second largest gas producer Novatek would be interested in a tie-up with Qatargas, the world’s biggest LNG exporter, as it seeks to expand its gas trading business. Novatek plans to start its own liquefied natural gas production next year at its plant in Russia’s Yamal peninsula, which it is building with France Total and China’s CNPC and Silk Road Fund. (Peninsula Qatar)  New national Health strategy to be launched soon – Public Health Director, Dr Sheikh Mohamed bin Hamad al-Thani announced that the National Public Health Strategy 2017-2022 will be launched this month. He expected it to be launched on June 19. He added, “The new strategy, which will also support occupational health, aims at lowering accidents by 3% every year for the next six years.” (Gulf-Times.com)  Al Hajri: Over 121 GW renewable energy installed across globe in 2015 – Qatar Solar Technologies Chairman and CEO of a member of Qatar Foundation, Dr Khalid Klefeekh Al Hajri said that over 121 gigawatts (GW) of new renewable energy capacity was installed in 2015 across the world, setting a new record of achievement for this flourishing energy sector, with almost half of this coming from the emerging markets. Delivering the keynote address at the Energy Security Summit 2016 in Germany, Dr Al Hajri lauded the record investment in the international renewable energy sector in 2015, reaching $321bn globally. (Gulf-Times.com) International  US trade deficit increases less than expected in April – According to the Commerce Department the US trade deficit increased less than expected in April as exports of goods rebounded strongly, suggesting that trade would be a boost to economic growth in the 2Q2016. The Commerce Department said that the trade gap rose 5.3% to $37.4bn. March's trade deficit was revised down to $35.5bn, which was the smallest since December 2013, from the previously reported $40.4bn. The government revised trade data going back to 2013. Economists polled by Reuters had forecast the trade deficit rising to $41.3bn in April. When adjusted for inflation, the deficit widened to $57.6bn from $56.1bn in March. The trade deficit for April was smaller than the monthly average for the 1Q2016; suggesting trade will probably contribute to GDP in the April-June period. Trade has been a drag on GDP growth over the last three quarters. (Reuters)  Weak US employment report dims prospect of Fed rate hike – The Labor Department said that the US economy created the fewest number of jobs in more than 5-1/2-years in May as manufacturing and construction employment fell sharply, which could make it harder for the Federal Reserve to raise interest rates. Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010. Employment gains were also restrained by a month-long strike by Verizon workers, which depressed information sector payrolls by 34,000 jobs. Underscoring the report's weakness, employers hired 59,000 fewer workers in March and April than previously reported. While the unemployment rate fell three-tenths of a percentage point to 4.7% in May, the lowest level since November 2007 that was because 458,000 Americans gave up the search for work. The Fed has signaled its intention to raise rates soon if job gains continue and economic data remain consistent with a pickup in growth in the 2Q2016. (Reuters)  Eurostat: Eurozone retail sales stable in April, below expectations – The European Union's statistics office (Eurostat) said that the Eurozone retail sales were unchanged in April against March and growth slowed down YoY, mostly due to timid consumers in Germany and Belgium in the month following the Brussels attacks. Eurostat said retail sales, a proxy for household spending, were flat in April MoM in the 19-country currency bloc, despite market expectations of a more robust rebound after the drop recorded in March. Economists polled by Reuters had forecast a monthly increase of 0.3%. Yearly figures were also lower than expected, with sales up 1.4%, below market forecasts of a 1.9% rise. The April reading was lower than the 1.8% rise recorded in March, and half the 2.8% surge in sales recorded in February. (Reuters)  Japan's 1Q2016 GDP seen revised up on smaller capex falls – Japan's economy was expected to grow faster than initially estimated in the 1Q2016 as capital spending fell less than expected, a Reuters poll found, but even a GDP revision is unlikely to change the impression of a lethargic economy. The economy is
  • 4. Page 4 of 6 expected to have expanded an annualized 1.9% in January-March, the poll of 23 analysts showed, after 1.7% growth shown in the preliminary data. That would be 0.5% growth from the previous quarter, revised up from 0.4% initially announced, the poll showed. The poll found that capital expenditure, a major component of GDP, was thought likely to fall 0.3% over the quarter - substantially more robust than the 1.4% decline seen in the preliminary reading. The poll found core machinery orders, regarded as a useful though volatile leading indicator of capital spending in the coming six to nine months fell 3.8% MoM in April. From a year earlier, core orders, which exclude orders for ships and electrical equipment, were seen to have declined 2.3% in April after a 3.2% gain in March. (Reuters)  Japan's services sector returns to modest growth in May, PMI at 50.4 – Japan's services sector activity expanded in May, bouncing back from a contraction in the previous month due to a modest increase in new orders. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to 50.4 in May from 49.3 in April on a seasonally adjusted basis. The index returned above the 50 threshold that separates expansion from contraction and showed activity expanded at the fastest since February, though the rate of change signaled only a mild improvement in business conditions. (Reuters) Regional  Ewers: World entering a period of more volatile oil prices – BCG Middle East Partner & Managing Director Bjorn Ewers has said that over the past two years, the slump in oil prices has caused a ripple effect along the entire oil & gas value chain. The world is now entering a period of even more volatile oil prices. In the midst of these unsettling times, the Oilfield Services and Equipment (OFSE) industry has taken a particularly strong hit. He said this is largely due to the fact that many major oil producers have planned, introduced, and set in motion cost-cutting initiatives. (GulfBase.com)  Saudi’s deputy crown prince to visit US for talks – According to sources, Saudi Arabia’s deputy crown prince is expected to visit Washington in mid-June for talks with top US officials, possibly including President Barack Obama, amid growing friction between the longtime allies. Mohammed bin Salman, son of Saudi Arabia’s King Salman, has been leading a drive to end the Kingdom’s dependence on oil and liberalize its economy. He also serves as the defense minister and his discussions with US Defense Secretary Ash Carter and other top US officials are expected to include the conflict in Yemen, where a Saudi-led coalition last year began a military campaign against Houthi rebels, who are receiving Iranian support. (Reuters)  SADAFCO concludes SR16.5mn deal – Saudi Dairy and Foodstuff Company (SADAFCO) announced that it has completed the transaction of lease rights of land and the purchase of buildings in the Jeddah First Industrial City from Saudi Factory for Electrical Appliances Company (SELECT). The deal worth up to SR16.5mn and aims to develop a new manufacturing and logistics facility to provide a long-term infrastructure solution for future growth and cost savings. The Saudi Industrial Property Authority (MODON) has approved transfer of the lease rights from SELECT to SADAFCO, with a down payment of SR1mn paid on January 27, 2016, and the second payment of SR7.7mn paid on May 31, 2016. The final payment was agreed to be matured on or before July 31, 2016. (Bloomberg)  Buruj Insurance gets SAMAs final approval for its insurance product – Buruj Cooperative Insurance Company announces obtaining of the Saudi Arabian Monetary Agency (SAMA) letter No. 371000095183 containing SAMAs final approval to use of insurance products for the following products. (Tadawul)  Alinma gets SAMA's temporary approval for its insurance products – Alinma Tokio Marine Company announces obtaining of the Saudi Arabian Monetary Agency (SAMA) letter No. 371000094662 containing SAMA's temporary approval to use of insurance products for 6 Months starting from the date of SAMA letter. (Tadawul)  Kingdom considering sale o
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