QNBFS Daily Market Report June 21, 2016

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1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.2% to close at 9,825.3. Gains were led by the Industrials and Real Estate indices, gaining…
  • 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.2% to close at 9,825.3. Gains were led by the Industrials and Real Estate indices, gaining 0.5% and 0.4%, respectively. Top gainers were Dlala Brokerage & Investments Holding Co. and Qatar Islamic Insurance Co., rising 4.8% and 2.6%, respectively. Among the top losers, Qatar Industrial Manufacturing Co. fell 1.5%, while Gulf Warehousing Co. was down 1.0%. GCC Commentary Saudi Arabia: The TASI Index rose 0.3% to close at 6,558.9. Gains were led by the Real Estate Development and Transport indices, rising 1.6% and 1.2%, respectively. Basic Chemical Industries rose 4.1%, while Al Sagr Co. for Coop. Insurance was up 3.4%. Dubai: The DFM Index gained 0.3% to close at 3,305.9. The Telecommunication index rose 1.1%, while the Consumer Staples index gained 0.7%. Ajman Bank rose 2.4%, while Al Salam Group Holding was up 2.2%. Abu Dhabi: The ADX benchmark index fell 1.0% to close at 4,481.0. The Banks index declined 2.0%, while the Investment & Financial Services index fell 1.0%. Abu Dhabi Ship Building declined 6.0%, while Gulf Medical Projects Co. was down 4.9%. Kuwait: The KSE Index declined 0.5% to close at 5,431.7. The Insurance index fell 1.4%, while the Banks index declined 1.0%. Mena Real Estate Co. fell 8.9%, while Kuwait Real Estate Holding Co. was down 7.8%. Oman: The MSM Index fell 0.4% to close at 5,784.5. Losses were led by the Financial and Industrial indices, falling 0.7% and 0.4%, respectively. Construction Materials Ind. fell 3.2%, while Al Hassan Engineering was down 2.4%. Bahrain: The BHB Index gained 0.2% to close at 1,115.4. The Investment index rose 1.1%, while the other indices ended flat or in red. GFH Financial Group was up 9.1%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Dlala Brokerage & Inv. Holding Co. 21.17 4.8 52.4 14.5 Qatar Islamic Insurance Co. 59.50 2.6 0.4 (17.4) Mannai Corp. 89.00 1.5 0.1 (6.6) Widam Food Co. 61.50 1.2 33.7 16.5 Qatar National Cement Co. 85.90 1.1 4.9 (7.4) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Gulf International Services 37.70 0.8 646.8 (26.8) Ezdan Holding Group 17.65 0.3 246.6 11.0 Qatar Islamic Bank 95.60 0.1 233.2 (10.4) Masraf Al Rayan 33.55 (0.1) 229.6 (10.8) National Leasing 18.05 0.8 214.3 28.0 Market Indicators 20 June 16 19 June 16 %Chg. Value Traded (QR mn) 119.6 91.6 30.5 Exch. Market Cap. (QR mn) 531,910.6 530,410.4 0.3 Volume (mn) 2.9 2.4 19.8 Number of Transactions 2,053 1,557 31.9 Companies Traded 41 41 0.0 Market Breadth 25:13 23:16 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15,896.61 0.2 0.3 (1.9) 13.5 All Share Index 2,740.65 0.2 0.4 (1.3) 13.1 Banks 2,655.09 0.3 0.5 (5.4) 11.3 Industrials 3,052.57 0.5 0.7 (4.2) 14.0 Transportation 2,463.01 (0.3) 0.2 1.3 11.4 Real Estate 2,454.90 0.4 (0.0) 5.2 22.5 Insurance 3,989.17 (0.2) 0.2 (1.1) 10.4 Telecoms 1,106.80 (0.7) 0.2 12.2 17.5 Consumer 6,385.33 0.1 (0.2) 6.4 13.1 Al Rayan Islamic Index 3,815.69 0.2 0.1 (1.0) 16.7 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Kuwait Food Co. Kuwait 2.30 9.5 2.1 15.0 National Investments Co. Kuwait 0.11 7.1 20,424.0 20.5 Nat. Bank of Abu Dhabi Abu Dhabi 9.60 4.3 5,404.3 20.6 Salhia Real Estate Co. Kuwait 0.38 4.2 118.1 1.4 Gulf Bank Kuwait 0.24 3.4 11,569.1 (6.2) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Gulf Cable & Electrical Ind. Kuwait 0.41 (4.7) 635.9 8.0 Abu Dhabi Islamic Bank Abu Dhabi 3.73 (4.4) 1,831.7 (5.3) Sharjah Islamic Bank Abu Dhabi 1.50 (3.8) 100.3 0.0 Abu Dhabi Nat. Energy Co. Abu Dhabi 0.52 (3.7) 1,061.9 10.6 First Gulf Bank Abu Dhabi 12.65 (3.4) 5,138.0 0.0 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 Industrial Manufact. Co. 40.40 (1.5) 4.8 1.4 Gulf Warehousing Co. 58.40 (1.0) 0.5 2.6 Qatar Oman Investment Co. 10.91 (0.8) 0.4 (11.3) Ooredoo 89.30 (0.8) 90.8 19.1 Commercial Bank 37.10 (0.5) 37.9 (19.2) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Gulf International Services 37.70 0.8 24,386.8 (26.8) Qatar Islamic Bank 95.60 0.1 22,340.5 (10.4) Industries Qatar 99.90 0.9 8,566.5 (10.1) Ooredoo 89.30 (0.8) 8,133.0 19.1 Masraf Al Rayan 33.55 (0.1) 7,767.4 (10.8) 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* 9,825.25 0.2 0.3 3.0 (5.8) 32.84 146,115.8 13.5 1.5 4.2 Dubai 3,305.94 0.3 (0.1) (0.2) 4.9 37.51 89,234.5 11.1 1.2 4.2 Abu Dhabi 4,481.04 (1.0) 3.7 5.4 4.0 47.05 118,529.1 11.9 1.5 5.4 Saudi Arabia 6,558.92 0.3 0.2 1.7 (5.1) 799.74 403,834.5 15.1 1.5 3.8 Kuwait 5,431.68 (0.5) 0.7 0.6 (3.3) 68.57 81,652.6 18.5 1.0 4.4 Oman 5,784.47 (0.4) (0.4) (0.5) 7.0 4.06 23,023.1 11.0 1.3 4.5 Bahrain 1,115.42 0.2 (0.1) 0.3 (8.3) 6.37 17,613.3 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) 9,780 9,800 9,820 9,840 9,860 9,880 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 0.2% to close at 9,825.3. The Industrials and Real Estate indices led the gains. The index rose on the back of buying support from non-Qatari and GCC shareholders despite selling pressure from Qatari shareholders.  Dlala Brokerage & Investments Holding Co. and Qatar Islamic Insurance Co. were the top gainers, rising 4.8% and 2.6%, respectively. Among the top losers, Qatar Industrial Manufacturing Co. fell 1.5%, while Gulf Warehousing Co. was down 1.0%.  Volume of shares traded on Monday rose by 19.8% to 2.9mn from 2.4mn on Sunday. However, as compared to the 30-day moving average of 5.7mn, volume for the day was 48.7% lower. Gulf International Services and Ezdan Holding Group were the most active stocks, contributing 22.3% and 8.5% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Ratings, Global Economic Data and Earnings Calendar Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Qatar Insurance Co. S&P Qatar CCR/FSR A A – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, CCR – Counterparty Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/20 EU Eurostat Construction Output MoM April -0.20% – -1.00% 06/20 EU Eurostat Construction Output YoY April -0.40% – 0.50% 06/20 Germany Destatis PPI MoM May 0.40% 0.30% 0.10% 06/20 Germany Destatis PPI YoY May -2.70% -2.90% -3.10% 06/20 Japan Ministry of Finance Japan Exports YoY May -11.3 -10 -10.1 06/20 Japan Ministry of Finance Japan Imports YoY May -13.8 -13.8 -23.3 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 2Q2016 results No. of days remaining Status AKHI Al Khaleej Takaful Group 2-Aug-16 42 Due Source: QSE Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 31.42% 39.39% (9,529,101.95) Qatari Institutions 27.17% 26.14% 1,224,014.46 Qatari 58.59% 65.53% (8,305,087.49) GCC Individuals 0.92% 3.03% (2,519,930.97) GCC Institutions 9.90% 5.94% 4,732,970.87 GCC 10.82% 8.97% 2,213,039.90 Non-Qatari Individuals 10.95% 11.37% (509,551.57) Non-Qatari Institutions 19.65% 14.13% 6,601,599.16 Non-Qatari 30.60% 25.50% 6,092,047.59
  • 3. Page 3 of 6 News Qatar  AKHI to disclose semi-annual financials on August 2 – Al Khaleej Takaful Group (AKHI) announced its intent to disclose the reviewed financial reports for the period ending June 30, 2016 on August 2, 2016. (QSE)  MARK postpones AGM to June 26 – Masraf Al Rayan (MARK) postponed its AGM to June 26, 2016, due to the lack of legal quorum. (QSE)  S&P affirms QATI 'A' Ratings; Outlook Stable – S&P Global Ratings said it has affirmed its 'A' counterparty credit and financial strength ratings on Qatar Insurance Co. (QATI) and its guaranteed subsidiaries. The outlook is stable. (Bloomberg)  MDPS: Qatar’s import demand may see moderation during 2016- 2018 – According to the Ministry of Development Planning and Statistics (MDPS), Qatar’s import demand may see moderation during 2016-2018 as the country’s projects’ capital equipment needs are scaled down. The MDPS added, “Import demand may see some further reduction as projects’ capital-equipment needs are scaled down, but should stay supported by demand for materials and by the consumption demand of a still increasing population.” With the retreat in the current account surplus, capital and financial outflows will also be pared back, adding with tightening liquidity, ongoing activity by the government and banks to raise funds abroad will increase foreign liabilities. The current account of the balance of payments is expected to register a small deficit of 0.4% of GDP in 2016, but modest surpluses seem likely in 2017 and 2018. (Gulf-Times.com)  MDPS: Non-oil sector leading Qatar's growth – According to the Ministry of Development Planning and Statistics (MDPS), non- hydrocarbon sector is leading economic expansion in Qatar. The report said continuing the trend established the year before, the non-hydrocarbon sector directed economic expansion in 2015, growing at 7.8%, with all subsectors showing growth. As in 2014, services were the major driver of growth, contributing 2.5 percentage points. Construction contributed 1.1, and manufacturing 0.3 percentage points. The fastest-growing components of the non-oil & gas sector in 2015 were construction (17.8%), agriculture (8%), services (7.4%) and electricity & water 7%. (Qatar-Tribune)  BMI: Moderate acceleration in economic expansion from 2017 to support Qatar healthcare sector – BMI Research stated in a report that moderate acceleration in economic expansion from 2017 would support continuous investments into Qatar’s healthcare sector, providing greater opportunities for multinational drug makers in the process. It further reported that on the back of ongoing massive investments in infrastructure projects for the 2022 FIFA World Cup, health infrastructure projects in Qatar would be increasingly subject to lengthy construction delays. (Gulf-Times.com)  Qatar research aims to reduce solar costs – The Qatar Environment & Energy Research Institute (Qeeri) is engaged in intensive efforts to increase the efficiency of photovoltaics (PV) and to produce solar energy at a significantly low cost. Qeeri is one of the three research institutes of the Hamad Bin Khalifa University under the aegis of the Qatar Foundation for Education, Science and Community Development. The aim is to demonstrate a new type of thin-film solar cell of conversion-efficiency in the region of 20%, and capable of environmentally acceptable large-scale production at a manufacturing cost of below $0.50 per watt. (Gulf-Times.com)  Qatar second largest exporter of fertilizer to Brazil – The Arab region witnessed an unprecedented rise in fertilizer exports to Brazil for 1Q2016 with a total of 1.14mn tons. Qatar’s share alone accounted for over 305,000 tons, or more than one-fourth of the total, emerging as the second largest exporter of fertilizer to the South American country from the Arab world. Among the Arab nations, Qatar and Saudi Arabia led the market, with share growth soaring up to 26.8% and 55.9%, respectively. Overall, Brazil posted 21.82% import growth from 2015. (Peninsula Qatar)  Starwood closes sale of St Regis Florence and Westin Excelsior – Starwood Hotels & Resorts Worldwide, Inc. announced to close the sale of the St. Regis Florence and The Westin Excelsior Florence to Nozul Hotels & Resorts, the owner of The Gritti Palace, Venice and W Doha Hotel, and a wholly owned subsidiary of “Jaidah Holdings” for $213mn. Starwood will continue to operate the hotels under the St. Regis and Westin brand flags as per new long-term management agreements. (Peninsula Qatar) International  ECB's Makuch: Brexit could lead to political instability in EU – European Central Bank (ECB) Governing Council member Jozef Makuch said that Britain's departure from the European Union (EU) could lead to political instability within the bloc and slow down further integration. He said the referendum on June 23 could also lead to financial market instability but the ECB will act to reduce market volatility as it has "done many times in the past." (Reuters)  Germany expects growth to slow after strong 1Q2016 – The Finance Ministry and central bank said that the German economic growth is likely to slow after a robust start to the year, expanding at a slower pace for the rest of 2016 as foreign trade cools. Europe's largest economy grew 0.7% between January and March, its strongest quarterly rate in two years, as soaring private consumption, higher construction investment and state spending on migrants more than offset weak foreign trade. The government expects domestic demand to drive an overall economic expansion of 1.7% in 2016, on a par with 2015. The Bundesbank in its monthly report said, economic growth is likely to slow sharply in 2Q2016 before rebounding later in the year. The Finance Ministry took a slightly more positive view of the March-June period. (Reuters)  IMF: Japan needs bold reforms to spark economic revival – The International Monetary Fund (IMF) said the Japanese government's quest to revitalize its economy faces a long slog in the absence of 'bold' structural reforms, and urged Tokyo to move income policies and labor market reform to the forefront. The global lender called for a more flexible monetary policy framework with the Bank of Japan (BoJ) abandoning a specific calendar date for achieving its 2% inflation target. IMF said "Under current policies, the high nominal growth goal, the inflation target, and the primary budget surplus objective all remain out of reach within the timeframe set by the authorities." The IMF's sober assessment comes as the effectiveness of Prime Minister Shinzo Abe's reflationary policies dubbed Abenomics face renewed doubts as inflation has ground to a virtual halt and growth has remained anaemic. While unprecedented monetary expansion and fiscal stimulus met with some initial success, Abe's 'third arrow' of structural reforms has been slow to make headway. (Reuters)  Modi: India now most open economy in world for FDI – Indian Prime Minister Narendra Modi hailed a sweeping liberalization of rules on foreign direct investment, saying they would make Asia's third-largest economy the most open in the world. He said "Key reform decisions were taken at a high level meeting chaired by the PM, which makes India the most open economy in the world for FDI." He said that the changes would provide a "major impetus to employment and job creation in India." (Reuters)  Brazil annual inflation rate seen easing in mid-June – Brazil's annual inflation rate is seen softening in mid-June but will still be
  • 4. Page 4 of 6 strong enough to diminish the prospects of the central bank hitting its inflation target range in 2016. According to survey, consumer prices, as measured by the index, probably rose 9.10% in the 12 months through mid-June, easing from 9.62% in mid-May. The monthly comparison, prices probably rose 0.52%, down from an increase of 0.86% in mid-May. A smaller increase in food prices, falling airfares and the recent strengthening of the Brazilian currency probably helped inflation slow down in the second half of May and first half of June. The official inflation target is Brazil is 4.5%, a goal last achieved in August 2010. The central bank has pledged to slow price increases at least to the top end of the tolerance range, at 6.5%, but polls of economists have shown inflation expectations on the rise in recent weeks, following an increase in medicine prices and utility rates. The longer inflation takes to fall closer to the target, the more investors will probably have to wait for interest rate cuts by the central bank. Brazil's benchmark interest rate is currently at its highest in nearly 10 years at 14.25%, despite a severe recession. Meanwhile, Brazil offered its state government’s 50bn reais ($15bn) of emergency debt relief over the next three years in an effort to shore up public services and extended an emergency loan to Rio de Janeiro before the Olympics amid the worst recession since the 1930s. Finance Minister Henrique Meirelles announced after a meeting among state governors and interim President Michel Temer that states would receive a six-month grace period on debt to the federal government, followed by a year and a half of reduced payments. According to sources, the federal government also agreed to extend $850mn loan to the state of Rio de Janeiro. (Reuters) Regional  Mezzan Holding in talks with Al Faisaliah Group on JV – Mezzan Holding has said that it is in talks with Saudi Arabia’s Al Faisaliah Group, a leading diversified business group, for the establishment of a joint venture (JV) in Saudi Arabia’s food manufacturing and distribution sector. (GulfBase.com)  Arabian Pipes awards project to Saudi Aramco for supply of steel pipes – Arabian Pipes Company awarded a contract valued at SR383mn to Saudi Aramco for supplying welded steel pipes. The supplying of the project pipes will be during the period from December 2016 till July 2017 from Jubail factory and the financial impact will appear during year 2017. (Tadawul)  Arabian Aramco announces partial redemption of AATSC Sukuk – Arabian Aramco Total Services Company announced a partial redemption of AATSC Sukuk that is scheduled every six months, which took place on 20 December, 2015, whereby a fixed distribution payment of SR89.6mn, or 2.39% of the aggregate face amount of AATSC Sukuk, was made in accordance with the redemption schedule included on page 76 of the prospectus dated 10 September, 2011 and approved by the CMA. Accordingly, the face amount of each AATSC certificate becomes SR93,090 and the aggregate face amount becomes SR3.5bn. (GulfBase.com)  Saudi Arabia’s crude oil exports fell in April despite high output – Saudi Arabia’s crude oil exports in April fell despite high production levels, while more crude was consumed domestically for power generation and to feed rising demand from local refineries. According to sources, crude exports in April fell to 7.444mn barrels per day from 7.541mn barrels per day in March. (Reuters)  Six Flags Entertainment plans to open Saudi theme parks – US theme park company Six Flags Entertainment Corp’s Chief Executive has said that it plans to expand to Saudi Arabia, bringing roller coasters and bumper cars to the ultra-conservative Kingdom. He said, “We’re very honored to be provided with an opportunity to enter into a partnership to bring Six Flags to the Kingdom. Our parks can provide the entertainment, to which the Saudis aspire.” (Reuters)  Saudi March imports plunge 26% YoY, non-oil exports down – According to Central Department of Statistics and Information data, Saudi Arabia’s imports shrank 25.6% YoY in March 2016, while non-oil exports dropped 9.1%. (Reuters)  Health insurance industry earns SR800mn profit – The health insurance sector made a profit of SR801mn following the regulatory changes of 2015 that required insurance companies to allocate reserves and to apply the actuarial standards. Besides, the total underwritten health insurance premiums increased to SR18.9bn at 2015-end with a YoY growth rate of 21%. (Bloomberg)  IAFC to seeks about $700
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