QNBFS Daily Market Report June 22, 2016

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1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 1.0% to close at 9,919.3. Gains were led by the Real Estate and Insurance indices, gaining 1.9%…
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  • 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 1.0% to close at 9,919.3. Gains were led by the Real Estate and Insurance indices, gaining 1.9% and 0.9%, respectively. Top gainers were Qatar Industrial Manufacturing Co. and Doha Insurance Co., rising 4.0% and 3.6%, respectively. Among the top losers, Ahli Bank fell 3.7%, while Ooredoo was down 0.4%. GCC Commentary Saudi Arabia: The TASI Index fell 0.1% to close at 6,553.0. Losses were led by the Energy & Utilities and Hotel & Tourism indices, falling 2.3% and 1.7%, respectively. United Coop. Assurance fell 7.3%, while Nat. Gas & Industrialization was down 2.4%. Dubai: The DFM Index gained 1.1% to close at 3,343.4. The Consumer Staples index rose 2.1%, while the Banks index gained 1.5%. Dar Al Takaful rose 6.0%, while Emaar Malls was up 4.0%. Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,503.5. The Industrial index gained 1.6%, while the Energy index rose 1.5%. Foodco Holding gained 14.7%, while National Bank of Umm Al Qaiwain was up 4.8%. Kuwait: The KSE Index rose 0.1% to close at 5,437.6. The Consumer Goods index gained 1.0%, while the Industrial index rose 0.6%. Commercial Facilities Co. gained 5.6%, while Refrigeration Industries Co. was up 5.3%. Oman: The MSM Index rose 0.1% to close at 5,788.4. The Services index gained marginally, while the other indices ended in red. Ahli Bank rose 3.0%, while Bank Dhofar was up 1.3%. Bahrain: The BHB Index remained flat at 1,115.4. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Industrial Manufact. Co. 42.00 4.0 14.7 5.4 Doha Insurance Co. 20.00 3.6 1.3 (4.8) Islamic Holding Group 63.00 3.3 60.1 (19.9) Dlala Brokerage & Inv. Holding Co. 21.80 3.0 51.7 17.9 Mazaya Qatar Real Estate Dev. 13.65 2.2 278.9 0.9 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Gulf International Services 38.00 0.8 969.6 (26.2) Barwa Real Estate Co. 33.10 1.8 397.0 (17.3) Vodafone Qatar 10.54 0.5 368.1 (17.0) Qatar First Bank 11.67 0.4 281.0 (22.2) Mazaya Qatar Real Estate Dev. 13.65 2.2 278.9 0.9 Market Indicators 21 June 16 20 June 16 %Chg. Value Traded (QR mn) 174.8 119.6 46.2 Exch. Market Cap. (QR mn) 535,752.3 531,910.6 0.7 Volume (mn) 4.6 2.9 59.5 Number of Transactions 2,354 2,053 14.7 Companies Traded 41 41 0.0 Market Breadth 37:3 25:13 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,048.80 1.0 1.3 (1.0) 13.6 All Share Index 2,763.77 0.8 1.2 (0.5) 13.2 Banks 2,671.20 0.6 1.1 (4.8) 11.3 Industrials 3,074.02 0.7 1.4 (3.5) 14.1 Transportation 2,479.51 0.7 0.9 2.0 11.5 Real Estate 2,501.18 1.9 1.9 7.2 23.0 Insurance 4,024.01 0.9 1.1 (0.2) 10.4 Telecoms 1,103.92 (0.3) (0.0) 11.9 17.5 Consumer 6,428.01 0.7 0.4 7.1 13.2 Al Rayan Islamic Index 3,856.84 1.1 1.2 0.0 16.9 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Arriyadh Development Co. Saudi Arabia 19.04 6.7 801.3 3.9 Commercial Facilities Co. Kuwait 0.19 5.6 30.7 8.0 NBQ Abu Dhabi 3.30 4.8 20.0 0.0 Union National Bank Abu Dhabi 3.90 4.6 756.3 (16.7) Kuwait Food Co. Kuwait 2.40 4.3 0.1 20.0 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Comm. Bank of Kuwait Kuwait 0.41 (4.7) 3.8 (13.1) Gulf Bank Kuwait 0.23 (4.1) 1,278.6 (10.0) Salhia Real Estate Co. Kuwait 0.36 (4.0) 2.0 (2.7) Ahli Bank Qatar 40.20 (3.7) 18.7 (8.3) Saudi Electricity Co. Saudi Arabia 19.36 (2.3) 3,005.1 23.2 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% Ahli Bank 40.20 (3.7) 18.7 (8.3) Ooredoo 88.90 (0.4) 29.3 18.5 Doha Bank 35.00 (0.1) 56.5 (21.3) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Gulf International Services 38.00 0.8 36,905.2 (26.2) Qatar International Islamic Bank 62.10 0.5 13,939.2 (3.4) Barwa Real Estate Co. 33.10 1.8 13,168.7 (17.3) QNB Group 140.40 0.8 12,300.3 (3.7) Gulf Warehousing Co. 58.90 0.9 11,648.4 3.5 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* 9,919.32 1.0 1.3 4.0 (4.9) 48.01 147,171.1 13.6 1.5 4.1 Dubai 3,343.43 1.1 1.1 0.9 6.1 50.34 90,274.0 11.2 1.2 4.2 Abu Dhabi 4,503.49 0.5 4.2 6.0 4.6 21.33 119,133.6 11.9 1.5 5.4 Saudi Arabia 6,553.01 (0.1) 0.2 1.6 (5.2) 783.06 403,653.5 15.1 1.5 3.8 Kuwait 5,437.62 0.1 0.8 0.7 (3.2) 39.57 81,704.0 18.5 1.0 4.4 Oman 5,788.38 0.1 (0.3) (0.4) 7.1 4.07 23,035.2 11.0 1.3 4.5 Bahrain 1,115.42 0.0 (0.1) 0.3 (8.3) 0.36 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) 9,820 9,840 9,860 9,880 9,900 9,920 9,940 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 1.0% to close at 9,919.3. The Real Estate and Insurance indices led the gains. The index rose on the back of buying support from GCC shareholders despite selling pressure from Qatari and non-Qatari shareholders.  Qatar Industrial Manufacturing Co. and Doha Insurance Co. were the top gainers, rising 4.0% and 3.6%, respectively. Among the top losers, Ahli Bank fell 3.7%, while Ooredoo was down 0.4%.  Volume of shares traded on Tuesday rose by 59.5% to 4.6mn from 2.9mn on Monday. However, as compared to the 30-day moving average of 5.5mn, volume for the day was 16.1% lower. Gulf International Services and Barwa Real Estate Co. were the most active stocks, contributing 20.9% and 8.6% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Global Economic Data and Earnings Calendar Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/21 Japan Ministry of Economy Trade All Industry Activity Index MoM April 1.30% 1.20% 0.20% 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 BRES Barwa Real Estate Company 4-Jul-16 12 Due AKHI Al Khaleej Takaful Insurance 2-Aug-16 41 Due Source: QSE Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 42.70% 48.78% (10,611,805.64) Qatari Institutions 17.90% 12.55% 9,358,042.92 Qatari 60.60% 61.33% (1,253,762.72) GCC Individuals 1.41% 1.17% 411,308.59 GCC Institutions 11.32% 8.49% 4,949,527.70 GCC 12.73% 9.66% 5,360,836.29 Non-Qatari Individuals 9.99% 9.46% 925,654.26 Non-Qatari Institutions 16.67% 19.55% (5,032,727.83) Non-Qatari 26.66% 29.01% (4,107,073.57)
  • 3. Page 3 of 5 News Qatar  BRES to disclose semi-annual financials on July 4 – Barwa Real Estate Company (BRES) announced to disclose the reviewed semi- annual financial reports for the period ending June 30, 2016 on July 04, 2016 instead of July 03, 2016. (QSE)  QIBK forges strategic partnership with Jaidah Equipment – Qatar Islamic Bank (QIBK) announced that it will be the preferred financing partner of Jaidah Equipment under the terms of the strategic partnership, which QIBK forged with the Qatar-based equipment dealer. As part of the agreement, customers of Jaidah Equipment, who would like to purchase new equipment, are entitled to use the bank’s Fleet and heavy equipment financing scheme, which was introduced in 2015 as part of QIBK’s Aamaly program, a collection of products & services designed specifically for small & medium-sized enterprises (SMEs). (Gulf-Times.com)  MDPS: Qatar's money supply down to 6.1% in 2015 as against 11.8% in 2014 – The Ministry of Development Planning and Statistics (MDPS) stated in its latest Qatar Economic Outlook (QEO) report that the YoY expansion of money supply (M2) receded by almost half to 6.1% in 2015 from an average of 11.8% in 2014. The report cited falling public sector foreign currency deposits and demand deposits as the main reason for slow monetary growth in 2015. The public sector, holding over 66% of the total foreign currency deposits in December 2015, had drawn them down by QR19bn over the year. Public sector Qatari riyal- denominated demand deposits fell by 12.7% in 2015. The report said with the government collecting fewer oil & gas revenues in 2015, there was immediate pressure to draw on existing deposits. The report added that it is also possible that a rebalancing of the government’s asset portfolio noted in 2014-2015 has kept growth of government foreign currency deposits in check. (Qatar-Tribune)  Labor Minister: 1.5mn workers in Qatar now under WPS – HE the Minister for Administrative Development and Labor & Social Affairs, Dr Issa Saad al-Juffali al-Nuaimi said that seven months since the implementation of a new salary payment scheme in 2015, as many as 1.5mn of the 1.7mn laborers in Qatar are now receiving their salaries under the state’s Wage Protection System (WPS). (Gulf-Times.com)  HIA achieves top ranking on Huffington Post’s World’s Coolest Airports list – The Hamad International Airport (HIA) has been ranked number one on Huffington Post’s list of the World’s Coolest Airports. The ranking compiled by the news outlet lists the best airports in the world that make the journey as enjoyable as reaching the destination. (Bloomberg)  QTA’s grading system raises service standards – The new hotel grading and classification system introduced by Qatar Tourism Authority (QTA) earlier this year contributed to raising the standards of hotel services in the country. QTA is now inspecting over 80 hotel establishments in Qatar, which have completed the self-inspection stage recently. It involves evaluating the services and amenities provided by the hotels to their customers using several criteria listed in the Hotel Classification Manual. (Gulf- Times.com) International  ECB chief highlights growth risks, uncertainty – European Central Bank (ECB) President Mario Draghi said that Eurozone growth is gaining momentum but uncertainty is high, partly due to Britain's June 23 vote on EU membership, so the ECB stands ready to act with all instruments if necessary. The ECB has provided unprecedented stimulus over the past few years, cutting its rates deep into negative territory and buying €1.7tn worth of sovereign and corporate debt to revive growth and inflation. (Reuters)  CBI: UK factory orders defy Brexit nerves, improve in June – According to an industry survey, the British factory orders improved in the three months to June, a latest sign that a slowdown in the economy before Thursday's European Union (EU) referendum might not be as sharp as some forecasts. The Confederation of British Industry (CBI) said the factory order book balance rose to -2 from -8 in May while a measure of export orders held steady at -14. The CBI said the survey of 482 manufacturers showed the slight improvement was led by the food and drink and the motor vehicles and transport sectors. The CBI's chief economist Rain Newton-Smith said the recent fall in the value of the pound appeared to have been of little help for exporters. (Reuters)  S&P: Eurozone reform efforts have 'fallen by the wayside' with ECB easing – Global ratings agency Standard & Poor's (S&P) said that Eurozone governments have eased up on efforts to overhaul their struggling economies because the ECB's ultra-easy monetary policy has pushed their borrowing costs to record lows. S&P's top EMEA analyst Moritz Kraemer said there was a strong relationship between government bond yields an indicator of how many countries must pay to borrow and their willingness to undertake structural reforms. The ECB’s €1.7tn asset purchase scheme has helped push yields lower across the Eurozone, with yields on German bonds maturing in eight years or less now in negative territory. (Reuters)  Greece's bailout funds released; current account gap shrinks in April on lower trade deficit – The Head of the Eurozone's bailout fund said Greece got more than €7bn in bailout funds after a review of the country's progress in implementing economic reforms. Greece needs the money to pay off growing state arrears, maturing ECB bonds and International Monetary Fund loans. Talks with its foreign creditors over Greece's efforts to implement a reform program have dragged on for six months. The Managing Director of the fund, Klaus Regling said the European Stability Mechanism disbursed €7.5bnto Greece. Athens will use €5.6bn of the amount to pay debts and €1.8bn for state arrears. Regling said the ESM, Greece's largest creditor, will continue to loan Athens money under favorable conditions. Interest rates charged on Greek loans are at 0.8% currently and the average maturity of the loans is 32 years. Meanwhile, the Bank of Greece said Greece's current account deficit shrank in April from the same month a year earlier, helped by a lower trade gap and an income account surplus. The central bank said the goods balance deficit fell by €276mn YoY as a result of a lower net oil bill. Net payments for purchases of ships rose. The data showed the deficit reached €822mn from €1.038bn in April 2015. Tourism revenues fell slightly to €443mn from €477mn in the same month a year earlier. In 2015 as a whole, Greece posted a current account deficit of €7.5mn, helped by higher tourism revenues - its biggest foreign currency earner. (Reuters)  PBoC: China's economy faces relatively large downward pressure – The central bank in its 2015 annual report revealed that China's economy still faces relatively large downward pressure, adding that it hopes to keep economic growth within a reasonable range. The People's Bank of China (PBoC) said in the report, which also contained the outlook for China's economic conditions, that it would keep monetary policy prudent and pledged to strictly control additional industrial capacity. The central bank expects mild acceleration of inflation, but the inflation outlook faces uncertainty due to rising housing prices and volatility in agricultural product prices. (Reuters)  Brazil agrees to $15bn in state debt relief through 2018 – Brazil offered its state governments $15bn of emergency debt relief over the next three years in an effort to shore up public services and
  • 4. Page 4 of 5 extended an emergency loan to Rio de Janeiro before the Olympics amid the worst recession since the 1930s. Finance Minister Henrique Meirelles announced 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 an $850mn loan to the state of Rio de Janeiro. The funds will be paid next week, adding that details on making the transaction were still being decided. Rio originally asked for a loan of 6bn reais. Rio declared a state of financial emergency and requested funds to pay for public services during the Games and the completion of a subway line needed to carry fans to Olympic venues. (Reuters) Regional  Alghanim Industries unveils plan for Wendy’s entry into Saudi Arabia – Alghanim Industries, one of the largest private companies in the region, announced plans to expand the Wendy’s(r) brand into the Kingdom of Saudi Arabia, with the opening of the first restaurant scheduled in spring 2017. (GulfBase.com)  Saudi Industrial Development Fund signs a contract worth of SR1.2bn – Saudi Industrial Development Fund General Manager Abdul Karim Ibrahim Al-Nafea has signed a contract to establish the largest sugar refinery in the Middle East at a cost of SR1.2bn in Jazan Economic City. Al-Reef Sugar Refinery Chairman Abdul Khaleeq Saeed said the project will be constructed in a 150,000 square meters area, and will start with a production capacity of 3,000 tons daily, and an annual production capacity of one million tons which can be increased according to plans. (Bloomberg)  KSA to issue SR20bn of domestic bonds – According to sources, the Saudi Arabian government will sell about SR20bn of domestic bonds to banks on June 27. Since August 2015, the government has been selling about SR20bn of domestic bonds to banks every month. This month’s domestic debt sale will comprise five, seven and 10-year bonds in fixed- and floating-rate tranches. (GulfBase.com)  Zain KSA activates open line validity for prepaid – Zain Saudi Arabia (Zain KSA) has announced the activation of the open line validity feature on its prepaid packages, allowing subscribers to enjoy automatic extension to the line validity upon any kind of usage. The new feature of prepaid lines’ balance will be extended for a further 90 days when the customer recharges, conducts a call, browses the internet, or sends an SMS. The feature is available for all new and existing customers with no need to subscribe. (GulfBase.com)  Sadara increased its capital by loan from shareholders – Sadara Basic Services Company, being indirectly owned 100% by Sadara Chemical Company (Sadara), announces that Sadara amended its articles of association to reflect an increase in its capital, as recommended and approved by the shareholders of Sadara. Sadara increased its capital by around 22.9%, from SR19,687,500,000 to SR24,187,500,000. The number of shares valued at SR10, increased from 1,968,750,000 to 2,418,750,000. The increase represents a contribution of loans, and was undertaken to counteract losses resulting from an increase in the operational activities of Sadara. (Tadawul)  KSA renewable energy plans would save 18mn barrels fuel – King Abdullah City for Atomic and Renewable Energy plans to provide 3,450 megawatts of electric power to the Kingdom of Saudi Arabia through the use of plants of wind power, solar thermal power, solar photovoltaic energy and energy from waste transformation. This is equivalent to about 4% of the national energy mix and comes within the initiative of the Custodian of Two Holy Mosques for renewable energy that was adopted in the National Transformation Program 2020. It will result in the creation of 7,000 jobs for Saudi citizens and a provision of up to 18mn barrels of equivalent fuel. (Bloomberg)  New tax expected to cut property prices by 40% – According to sources, introduction of the 2.5% annual tax on unused land will result in prices dropping by up to 40% outside the country’s main cities. The new tax is also expected to increase investment in the property sector, stabilize the market and see major developments over the next two years. (Bloomberg)  UAE apartment rentals see marginal growth in May – According to sources, the real estate market of the UAE was stable in May. Despite some fluctuations, it managed to post positive figures overall. Apartment rents in the two main Emirates, Dubai and Abu Dhabi, exhibited marginal growths in the outgoing month, though the increase was more pronounced in Dubai. Average apartment rents in Dubai grew 1.57% in May 2016 as compared to April 2016, while average rental yields remained at 5.3%. (Bloomberg)  Dubai property firm intends to invest $500mn in Pakistan – According to sources, a leading property development firm in the Middle East has expressed its interest in investing over $500mn to provide affordable housing units in Pakistan. (GulfBase.com)  Dubai SME teams up with Neuron, Nasco – Dubai SME, an agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, has signed a Memorandum of Understanding (MoU) with Neuron and Nasco France to enable businesses registered in Dubai to provide competitive health insurance packages for their employees. (Bloomberg)  Ooredoo submarine cable to speed up access for customers – Omani Qatari Telecommunications Company (Ooredoo) has successfully laid a submarine cable that will speed up access for its customers to online TV and gaming.
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