QNBFS Daily Market Report June 28, 2016

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1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.3% to close at 9,816.8. Losses were led by Real Estate and Industrials indices, falling…
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  • 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.3% to close at 9,816.8. Losses were led by Real Estate and Industrials indices, falling 0.5% and 0.3%, respectively. Top losers were Qatar Islamic Insurance Co. and Commercial Bank, falling 1.5% and 1.4%, respectively. Among the top gainers, Dlala Brokerage & Investments Holding Co. rose 6.4%, while Qatar German Co. for Medical Devices was up 1.7%. GCC Commentary Saudi Arabia: The TASI Index fell 0.2% to close at 6,464.8. Losses were led by the Transport and Energy & Utilities indices, falling 2.0% and 0.8%, respectively. Arabian Pipes Co. fell 4.2%, while Saudi Indian Co. for Cooperative Insurance was down 3.9%. Dubai: The DFM Index gained 0.8% to close at 3,285.8. The Consumer Staples index rose 4.6%, while the Transportation index gained 1.2%. Ekttitab Holding Co. and Almadina for Finance & Investment Co. were up 15.0% each. Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,434.2. The Real Estate index gained 1.8%, while the Telecommunication index rose 0.5%. Eshraq Properties Co. and Methaq Takaful Insurance Co. were up 4.0% each. Kuwait: The KSE Index rose 0.3% to close at 5,366.1. The Real Estate index gained 1.0%, while the Telecommunication index rose 0.7%. International Financial Advisers gained 9.6%, while Ajwan Gulf Real Estate Co. was up 8.3%. Oman: The MSM Index rose marginally to close at 5,763.8. Gains were led by the Industrial and Financial indices, rising 0.8% and 0.1%, respectively. Galfar Engineering & Con. rose 3.9%, while Al Jazeera Steel Products was up 3.7%. Bahrain: The BHB Index gained 0.1% to close at 1,112.7. The Commercial Bank index rose 0.6%, while the other indices ended flat or in red. National Bank of Bahrain and Al- Ahli United Bank were up 0.8% each. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Dlala Brokerage & Inv. Holding Co. 23.51 6.4 310.2 27.1 Qatar German Co. for Medical Dev. 11.20 1.7 125.5 (18.4) Qatar Oman Investment Co. 10.77 1.5 11.5 (12.4) Medicare Group 92.50 1.3 48.4 (22.5) Salam International Inv. Ltd 11.15 0.8 44.4 (5.7) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Dlala Brokerage & Inv. Holding Co. 23.51 6.4 310.2 27.1 Gulf International Services 36.40 (0.3) 286.9 (29.3) Vodafone Qatar 10.35 0.5 202.7 (18.5) Masraf Al Rayan 33.90 (0.4) 166.6 (9.8) Qatar First Bank 11.35 0.4 145.9 (24.3) Market Indicators 27 June 16 26 June 16 %Chg. Value Traded (QR mn) 91.7 136.2 (32.7) Exch. Market Cap. (QR mn) 529,787.9 530,523.2 (0.1) Volume (mn) 2.6 4.8 (45.6) Number of Transactions 1,697 2,447 (30.6) Companies Traded 38 40 (5.0) Market Breadth 22:12 2:34 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15,882.85 (0.3) (1.5) (2.0) 13.5 All Share Index 2,733.02 (0.2) (1.4) (1.6) 13.0 Banks 2,645.21 (0.1) (1.2) (5.7) 11.2 Industrials 3,025.83 (0.3) (1.7) (5.1) 13.9 Transportation 2,452.90 0.1 (0.8) 0.9 11.4 Real Estate 2,468.38 (0.5) (2.6) 5.8 22.7 Insurance 4,022.08 0.2 0.9 (0.3) 10.4 Telecoms 1,098.85 0.0 (1.1) 11.4 17.4 Consumer 6,333.28 0.4 (1.0) 5.5 13.0 Al Rayan Islamic Index 3,800.29 (0.2) (1.8) (1.4) 16.6 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Gulf Cable & Electrical Ind. Kuwait 0.40 3.9 21.3 5.3 Sharjah Islamic Bank Abu Dhabi 1.59 3.9 440.6 6.0 United Real Estate Co. Kuwait 0.09 3.3 14.9 (2.1) Bank of Sharjah Abu Dhabi 1.26 3.3 1,320.0 (18.2) Salhia Real Estate Co. Kuwait 0.37 2.8 554.8 0.0 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Dar Al Arkan Real Estate Saudi Arabia 6.06 (3.3) 54,634.0 (2.3) National Shipping Co. Saudi Arabia 39.01 (2.8) 3,063.4 (16.1) Al Rajhi Bank Saudi Arabia 56.39 (2.6) 2,122.5 8.3 Kuwait Cement Co. Kuwait 0.38 (2.6) 12.1 (5.1) Saudi Arabian Fertilizer Co. Saudi Arabia 59.63 (1.7) 355.2 (27.4) 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 Islamic Insurance Co. 58.00 (1.5) 32.5 (19.4) Commercial Bank 36.35 (1.4) 33.1 (20.8) Industries Qatar 99.00 (1.0) 62.3 (10.9) Ezdan Holding Group 17.76 (0.8) 129.1 11.7 Doha Bank 34.90 (0.7) 53.8 (21.6) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Gulf International Services 36.40 (0.3) 10,487.1 (29.3) QNB Group 139.40 0.3 9,171.8 (4.4) Dlala Brokerage & Inv. Holding Co. 23.51 6.4 7,195.1 27.1 Industries Qatar 99.00 (1.0) 6,171.1 (10.9) Masraf Al Rayan 33.90 (0.4) 5,652.4 (9.8) 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* 9,816.75 (0.3) (1.5) 2.9 (5.9) 25.17 145,532.7 13.5 1.5 4.2 Dubai 3,285.76 0.8 (2.4) (0.8) 4.3 100.53 88,813.1 11.0 1.2 4.3 Abu Dhabi 4,434.23 0.4 (1.5) 4.3 2.9 27.92 117,965.0 11.7 1.5 5.5 Saudi Arabia 6,464.84 (0.2) (1.3) 0.3 (6.5) 1,129.11 399,437.4 14.9 1.5 3.8 Kuwait 5,366.14 0.3 (0.8) (0.6) (4.4) 33.39 80,246.3 18.3 1.0 4.4 Oman 5,763.82 0.0 (0.6) (0.8) 6.6 18.51 22,932.5 11.0 1.3 4.5 Bahrain 1,112.69 0.1 (0.6) 0.1 (8.5) 1.15 17,570.4 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) 9,800 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 5 Qatar Market Commentary  The QSE Index declined 0.3% to close at 9,816.8. The Real Estate and Industrials indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari and GCC shareholders.  Qatar Islamic Insurance Co. and Commercial Bank were the top losers, falling 1.5% and 1.4%, respectively. Among the top gainers, Dlala Brokerage & Investments Holding Co. rose 6.4%, while Qatar German Co. for Medical Devices was up 1.7%.  Volume of shares traded on Monday fell by 45.6% to 2.6mn from 4.8mn on Sunday. Further, as compared to the 30-day moving average of 4.7mn, volume for the day was 45.0% lower. Dlala Brokerage & Investments Holding Co. and Gulf International Services were the most active stocks, contributing 11.9% and 11.0% 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 06/27 US Markit Markit US Services PMI June P 51.3 52 51.3 06/27 US Markit Markit US Composite PMI June P 51.2 – 50.9 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 6 Due QNBK QNB Group 12-Jul-16 14 Due QEWS Qatar Electricity & Water Company 13-Jul-16 15 Due QGTS Qatar Gas Transport Company (Nakilat) 13-Jul-16 15 Due UDCD United Development Company 18-Jul-16 20 Due DHBK Doha Bank 20-Jul-16 22 Due ORDS Ooredoo 26-Jul-16 28 Due AKHI Al Khaleej Takaful Insurance 2-Aug-16 35 Due Source: QSE Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 43.34% 48.25% (4,497,817.11) Qatari Institutions 13.10% 17.71% (4,220,014.21) Qatari 56.44% 65.96% (8,717,831.32) GCC Individuals 2.61% 1.61% 915,941.12 GCC Institutions 9.25% 8.11% 1,042,175.40 GCC 11.86% 9.72% 1,958,116.52 Non-Qatari Individuals 15.48% 15.74% (236,437.40) Non-Qatari Institutions 16.22% 8.59% 6,996,152.20 Non-Qatari 31.70% 24.33% 6,759,714.80
  • 3. Page 3 of 5 News Qatar  QP-Total to operate Al Shaheen offshore oil field – Qatar’s giant Al Shaheen offshore oil field, with a production capacity of 300,000 barrels per day, will be jointly developed and operated by a new 70:30 joint venture of Qatar Petroleum (QP) and Total from 2017. In this regard, ‘North Oil Company has been established, where the partners will invest over $2bn during 2017-22 to further develop Al Shaheen, which is located in Qatari waters 80 kilometers North of Ras Laffan. Beginning production in 1994, the existing development consists of 30 platforms and 300 wells. Meanwhile, QP assured employees at the Al-Shaheen oilfield that their employment is not at risk, though a new joint venture will operate and manage it, following the expiry of the present contract with Maersk Oil in 2017. (Gulf-Times.com)  QGTS to disclose semi-annual financials on July 13 – Qatar Gas Transport Company (QGTS) has announced to disclose the reviewed financial reports for the period ending June 30, 2016 on July 13, 2016. (QSE)  QEWS board meeting for approval of semi-annual financials on July 13 – Qatar Electricity and Water Company (QEWS) announced its Board Meeting to approve the reviewed financial reports for the period ending June 30, 2016 on July 13, 2016. (QSE)  DHBK to disclose semi-annual financials on July 20 – Doha Bank (DHBK) has announced to disclose the reviewed financial reports for the period ending June 30, 2016 on July 20, 2016. (QSE)  MARK announces results of EGM – The Extra-Ordinary General Assembly (EGM) of Masraf Al Rayan (MARK) approved the amendments introduced to the Articles of Association of MARK, which is authenticated under No. 3170/2016 on January 19, 2016, in order to comply with the provisions of the Commercial Companies Law No. (11) for 2015. The EGM also approved the amended copy of the Articles of Association of MARK, which was approved by the Ministry of Economy & Commerce and Qatar Central Bank. (QSE)  QIGD discloses issuance of appeal of verdict no. 402 of 2016 – Qatari Investors Group (QIGD) has disclosed the issuance of the appeal of verdict No. 402 of 2016, which confirms the validity of the Extra-ordinary General Assembly Meeting (EGM) procedure held on March 1, 2015 with the exception of the clause pertinent to transferring the ownership of the shares of one of the shareholders to the parent company (Al Misnad Holding), due to the fact that the representatives of those companies concerned were present during the discussion of the aforesaid clause in the EGM. However, the same clause referred to have been voted on again, in accordance with the applied rules and regulations required by the EGM held on April 12, 2016, on the request of the shareholders representing 10% of the company’s capital and in the absence of the shareholders representing the mother company (Al Misnad Holding). Accordingly, the aforesaid clause was approved in accordance with the decision of the EGM held on April 12, 2016. (QSE)  MDPS: Qatar exports up 13.4% MoM to QR17bn in May – According to the Ministry of Development Planning and Statistics (MDPS), Qatar has registered a 13.4% MoM growth in total exports of goods, which amounted to QR17bn in May. The total exports of goods include exports of goods of domestic origin and re-exports. The export figures in May, however, were 31.4% YoY lower. The imports of goods in May dropped by 7.2% MoM to QR9.5bn. As compared to the same period last year, it showed a decrease of 1.1%. In May, the foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR7.5bn, a decrease of about QR7.7bn, or 50.4% YoY. MDPS said the foreign merchandise trade balance increased by nearly QR2.7bn, or 57.3%, as compared to April 2016. The YoY (May 2016 on May 2015) decrease in total exports was mainly due to low exports of petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.). (Gulf-Times.com)  S&P affirms 'AA' ratings on QP – S&P Global Ratings affirmed its 'AA' foreign and local currency long-term issuer credit ratings on Qatar Petroleum (QP). The outlook is stable. (Bloomberg)  MEC initiative to maintain price stability of consumer goods – The Ministry of Economy and Commerce (MEC) signed a Memorandum of Understanding (MoU) with major retailers in the country to maintain price stability of consumer goods all year round. The MoU is part of MEC’s Ramadan initiative and aims at preventing any unjustifiable hike in such items, including edible and non- edible goods. (Gulf-Times.com) International  Fitch cuts UK credit rating by one notch to AA after Brexit vote – Fitch Ratings cut Britain's credit rating and warned more downgrades could follow, joining Standard & Poor's (S&P) in judging vote to leave the EU will hurt the economy. Fitch downgraded the United Kingdom's (UK) sovereign rating to "AA" from "AA+" and said the outlook was negative - meaning that it could further cut its judgment of the country's creditworthiness. Earlier, S&P stripped Britain of its last remaining top-notch credit rating, slashing it by two notches and similarly warning that more downgrades could follow. (Reuters)  Market's long-term Eurozone inflation expectations fall below 1.28% – A key market measure of the Eurozone's long term inflation expectations extended its falls to a new record low, as concerns about the outlook for growth and inflation rise in the wake of UK Brexit vote. The five-year, five-year breakeven forward the European Central Bank's (ECB) favored measure of market inflation expectations fell to 1.276%, a record low. It is has tumbled from above 1.40% just before UK referendum on EU membership and is well below the ECB's inflation target of near 2%. (Reuters)  Japan FY2015-16 tax revenue undershoots earlier estimate on yen rises – Japan's national tax revenue for the last fiscal year that ended in March has been confirmed at 56.3tn yen, undershooting the government's earlier estimate as yen rises hurt corporate profits. Lower tax receipts will likely affect funding for the additional spending the government is planning to compile later this year to support the economy, which is struggling with weak domestic demand, a stronger yen and external risks such as Brexit. In recent years the government has tapped bigger-than-expected tax revenues for financing extra stimulus budgets. The confirmed tax revenue for last fiscal year compares with the earlier estimate of 56.4tn yen. (Reuters)  PBoC: Debt, financial risks under control – People's Bank of China (PBoC) said that the China's debt and financial risks were under control, and it would continue to implement prudent monetary policy and proactive fiscal policy. In its 2016 financial stability report, the PBoC said that it would also keep Yuan interest rates at a reasonable level. The PBoC said it would also "comprehensively" use monetary policy tools, including open market operations, reserve requirement ratios and re-lending to keep liquidity ample. Global investors are increasingly worried that Beijing's continued efforts to stimulate economic activity and hit growth targets are driving debt up to unsustainable levels, raising risks to the banking system. (Reuters)  China's Li: Brexit has increased global uncertainty – Chinese Premier Li Keqiang said that Britain's vote to leave the EU has increased uncertainty in the global economy, and China hopes for a
  • 4. Page 4 of 5 united and stable EU and a prosperous United Kingdom. He said Britain's vote "has showed its impact on the international market and further increased uncertainties in the global economy." He said China is able to keep economic growth stable in 2016 and in the long term. The country cannot ignore changes in the global economy as well as risks in the domestic economy. Li reiterated that China has policy tools to cope with challenges and can step up fiscal policy support for the economy. (Reuters) Regional  KSA’s oil storage declines as exports exceed production – According to sources, Saudi Arabia oil inventories have declined for six consecutive months, the longest period of contraction since data collection began 15 years ago. KSA oil inventories have drawn down by 38.6mn barrels since October, taking storage down to 290.9mn barrels, a two-year low. The Saudi Arabia Energy Minister Khalid Al-Falih earlier said that he sees “a balanced market.” He also said that Saudi Arabia has “started inventory drawdowns that will continue for the foreseeable future.” (Bloomberg)  Saudi Arabia to exempt some stalled projects from land fees – According to sources, some stalled projects that have problems with government agencies will be exempt from annual fees on undeveloped urban property. (Bloomberg)  IIF bullish on UAE growth – The International Institute of Finance (IIF) has reported that the nation's economy would grow 3% in 2016, forecasting a more bullish outlook than the latest projections made by the World Bank for the UAE. IIF indicates that the UAE's growth rate will be 1% higher than the recent World Bank's forecast of 2% on the backdrop of a global growth of 2.6% in 2016. The IIF's Global Economic Monitor pegs the UAE's growth in 2017 at 3.1% as it predicts inflation in the second-largest Arab economy to slow down to 1.7% in 2016 from 4% in 2015, and the current account balance to drop below 1% of the GDP. The IIF pegged UAE growth in 2015 at 3.5%. For Saudi Arabia, IIF forecast was less upbeat at 1.4% in 2016 and 1.8% in 2017 vis-a-vis the World Bank's recently revised projection of 1.9%. (GulfBase.com)  MoE: UAE markets are well-controlled – The Ministry of Economy (MoE) has affirmed that all of the UAE markets are well-controlled and that the Ministry will continue its declared and surprise inspections. The MoE continues its series of announced inspections for markets and retail stores across the UAE during the holy month of Ramadan in its efforts to control prices and ensure the honoring of sales offers and initiatives launched ahead of the holy month. (GulfBase.com)  Afkar Capital launches first UAE ETF – Afkar Capital Limited, the Abu Dhabi-based asset management firm, has launched the Afkar S&P UAE UCITS ETF, the first liquid, fully fungible, fully tradable and transparent exchange-traded fund (ETF) listed in the Middle East region under the UAE’s new regulations. The ETF will be listed on the Dubai Financial Market (DFM) on June 29 under the symbol “UAETF” and has been designed to replicate the S&P UAE BMI Liquid 20/35 Capped Index. The index includes the largest stocks by capitalization in the UAE, providing exposure to the UAE economy. There are no entry or exit fees in the secondary market. (GulfBase.com)  Chairman: DP World lists $1.2bn Sukuk on Nasdaq Dubai – DP World Group Chairman and CEO Sultan Ahmed bin Sulayem said that DP world has listed a $1.2bn Sukuk on Nasdaq Dubai on June 27. The listing by DP World reinforces Dubai's status as the global leader for Islamic bond listings, with a total nominal value of $44.56bn. (GulfBase.com)  Emaar awards contract worth AED1bn for Phase 2 of Mira townhouses in Dubai – According to sources, Dubai-based master developer Emaar Properties has awarded a contract worth AED1bn for building around 1,400 townhouses for Abu Dhabi- based Trojan General Contracting (TGC). The contract covers construction of 1,393 Mira Oasis townhouses, part of the second phase of Emaar’s Reem development, located near Arabian Ranches at the crossroads of Al Qudra Road and Emirates Road. (GulfBase.com)  Dubai-based RKN Global scraps plans for Slovakia plant – Dubai- based secure printing specialist RKN Global has scrapped plans for $98mn factory in Slovakia, blaming hostility from the Slovakian opposition and media, as well as increased uncertainty after Britain's vote to leave the European Union. The company said the factory, which was to have manufactured secure ID and e-cards, would have created more than 1,200 jobs in Banska Bystrica, a central Slovak region where unemployment is around 14%, against the 9.5% national average. (Reuters)  Masdar-led consortium in ta
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