QNBFS Daily Market Report May 10, 2016

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1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 1.3% to close at 9,855.3. Gains were led by the Telecoms and Insurance indices, gaining 3.8% and…
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  • 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 1.3% to close at 9,855.3. Gains were led by the Telecoms and Insurance indices, gaining 3.8% and 2.8%, respectively. Top gainers were Islamic Holding Group and Medicare Group, rising 10.0% and 9.9%, respectively. Among the top losers, Qatar First Bank fell 1.5%, while the Qatar National Cement Co. was down 1.3%. GCC Commentary Saudi Arabia: The TASI Index rose 0.3% to close at 6,693.9. Gains were led by the Insurance and Energy & Utilities indices, rising 2.0% and 1.9%, respectively. Al-Ahlia Insurance Co. and Amana Cooperative Insurance Co. were up 9.9% each. Dubai: The DFM Index declined 0.3% to close at 3,316.0. The Consumer Staples index fell 1.5%, while the Real Estate & Construction index declined 0.9%. Damac Properties fell 4.0%, while Al Salam Bank –Bahrain was down 2.5%. Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,476.5. The Consumer Staples index gained 1.6%, while the Telecommunication index rose 0.8%. Int. Fish Farming Holding Co. gained 14.7%, while Abu Dhabi Ship Building was up 11.1%. Kuwait: The KSE Index declined 0.1% to close at 5,364.2. The Financial Services index fell 0.9%, while the Telecommunication index declined 0.7%. The Energy House Holding Co. fell 8.3%, while Sanam Real Estate Co. was down 6.9%. Oman: The MSM Index rose 0.4% to close at 6,019.5. Gains were led by the Industrial and Financial indices, rising 0.6% and 0.2%, respectively. National Gas rose 9.4%, while Raysut Cement was up 3.3%. Bahrain: The BHB Index fell 0.5% to close at 1,105.9. The Investment index declined 2.4%, while the Commercial Bank index fell 0.4%. Arab Banking Corporation declined 8.9%, while Al-Ahli United Bank was down 0.8%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Islamic Holding Group 70.40 10.0 475.7 (10.5) Medicare Group 97.30 9.9 464.2 (18.4) Doha Insurance Co. 20.20 6.3 1.0 (3.8) Ooredoo 90.00 4.4 170.8 20.0 Qatar Insurance Co. 77.00 3.5 111.1 10.8 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatar First Bank 13.50 (1.5) 1,063.9 (10.0) Gulf International Services 34.15 3.5 537.4 (33.7) Qatar Gas Transport Co. 22.55 1.0 488.5 (3.4) Qatari Investors Group 52.10 2.8 487.0 38.2 Islamic Holding Group 70.40 10.0 475.7 (10.5) Market Indicators 09 May 16 08 May 16 %Chg. Value Traded (QR mn) 308.5 112.3 174.8 Exch. Market Cap. (QR mn) 531,311.9 525,569.3 1.1 Volume (mn) 7.8 3.9 102.6 Number of Transactions 5,241 2,328 125.1 Companies Traded 41 42 (2.4) Market Breadth 29:9 18:18 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15,945.25 1.3 1.1 (1.6) 13.4 All Share Index 2,752.79 1.2 0.9 (0.9) 13.1 Banks 2,660.59 0.7 0.6 (5.2) 11.3 Industrials 3,056.32 0.8 0.9 (4.1) 14.0 Transportation 2,463.18 0.8 0.1 1.3 11.4 Real Estate 2,436.07 1.7 1.2 4.4 22.5 Insurance 4,171.66 2.8 0.6 3.4 10.5 Telecoms 1,132.85 3.8 3.5 14.8 17.2 Consumer 6,495.35 1.1 1.2 8.2 13.6 Al Rayan Islamic Index 3,852.91 1.4 1.1 (0.1) 16.8 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Drake & Scull Int. Dubai 0.57 8.6 79,132.4 37.0 Solidarity Saudi Takaful Saudi Arabia 10.51 6.4 12,538.9 41.5 Nat. Bank of Abu Dhabi Abu Dhabi 8.70 4.8 249.3 9.3 Ooredoo Qatar 90.00 4.4 170.8 20.0 Mouwasat Med. Services Saudi Arabia 131.87 4.4 53.8 8.3 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Arab Banking Corp Bahrain 0.36 (8.9) 150.0 (15.3) Kuwait Cement Co. Kuwait 0.37 (5.2) 58.1 (7.6) Bank of Sharjah Abu Dhabi 1.29 (4.4) 43.0 (16.2) Nat. Mobile Telecom. Kuwait 1.10 (3.5) 2.7 0.0 Saudi Fisheries Saudi Arabia 13.83 (3.1) 2,285.0 (14.6) 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 First Bank 13.50 (1.5) 1,063.9 (10.0) Qatar National Cement Co. 86.10 (1.3) 3.3 (7.1) Al Meera Consumer Goods Co. 211.00 (1.2) 9.8 (4.1) Al Khalij 16.68 (0.7) 2.0 (7.2) Dlala' Brokerage & Inv. Hold. Co. 22.00 (0.6) 134.6 19.0 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Medicare Group 97.30 9.9 43,663.7 (18.4) Islamic Holding Group 70.40 10.0 32,599.0 (10.5) Qatari Investors Group 52.10 2.8 25,385.8 38.2 Industries Qatar 99.90 0.4 18,880.7 (10.1) Gulf Warehousing Co. 60.00 1.7 18,373.4 5.4 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* 9,855.32 1.3 1.1 (3.2) (5.5) 84.73 145,951.4 13.4 1.5 4.2 Dubai 3,315.98 (0.3) 0.3 (5.0) 5.2 96.48 88,479.1 11.2 1.2 4.3 Abu Dhabi 4,476.48 0.6 1.1 (1.5) 3.9 48.69 126,293.3 11.7 1.5 5.4 Saudi Arabia 6,693.91 0.3 0.6 (1.6) (3.2) 1,490.61 410,275.6 15.5 1.6 3.7 Kuwait 5,364.23 (0.1) (0.2) (0.5) (4.5) 43.58 81,828.4 17.4 1.0 4.8 Oman 6,019.51 0.4 0.7 1.3 11.3 13.36 23,663.8 11.5 1.4 4.3 Bahrain 1,105.93 (0.5) (0.6) (0.4) (9.0) 0.92 17,408.9 9.2 0.6 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) 9,700 9,750 9,800 9,850 9,900 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 1.3% to close at 9,855.3. The Telecoms and Insurance 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.  Islamic Holding Group and Medicare Group were the top gainers, rising 10.0% and 9.9%, respectively. Among the top losers, Qatar First Bank fell 1.5%, while the Qatar National Cement Co. was down 1.3%.  Volume of shares traded on Monday rose by 102.6% to 7.8mn from 3.9mn on Sunday. However, as compared to the 30-day moving average of 9.3mn, volume for the day was 15.5% lower. Qatar First Bank and Gulf International Services were the most active stocks, contributing 13.6% and 6.9% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) 1Q2016 % Change YoY Operating Profit (mn) 1Q2016 % Change YoY Net Profit (mn) 1Q2016 % Change YoY Damac Properties Dubai AED 160.0 -34.2% – – 105.0 -14.6% Air Arabia Dubai AED 946.0 6.8% – – 114.0 34.1% Emirates Insurance Co. Abu Dhabi AED 134.7 2.9% 24.0 -45.6% 38.5 -35.2% Abu Dhabi National Hotels Abu Dhabi AED – – – – 92.2 4.0% Ras Al Khaimah Poultry & Feeding Co. Abu Dhabi AED 10.0 -38.7% – – 3.8 -15.3% Agthia Abu Dhabi AED 485.9 11.7% – – 67.5 14.4% Seef Properties Bahrain BHD – – – – 2.2 10.7% Banader Hotels Co. Bahrain BHD – – – – -1.1 NA Source: Company data, DFM, ADX, MSM Earnings Calendar Tickers Company Name Date of reporting results No. of days remaining Status VFQS Vodafone Qatar 17-May-16 7 Due Source: QSE Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 48.69% 48.27% 1,297,423.59 Qatari Institutions 11.87% 18.54% (20,585,614.47) Qatari 60.56% 66.81% (19,288,190.88) GCC Individuals 0.90% 3.17% (6,998,728.37) GCC Institutions 4.46% 5.96% (4,630,477.58) GCC 5.36% 9.13% (11,629,205.95) Non-Qatari Individuals 15.89% 13.90% 6,121,276.65 Non-Qatari Institutions 18.21% 10.17% 24,796,120.18 Non-Qatari 34.10% 24.07% 30,917,396.83
  • 3. Page 3 of 6 News Qatar  QSE suspends trading of DHBK shares on May 10 – The Qatar Stock Exchange (QSE) suspended trading of Doha Bank’s (DHBK) shares on May 10, 2016 due to its AGM being held on that day. (QSE)  NLCS postpones EGM to May 11 – National Leasing Holding Company (NLCS) announced that its extraordinary general assembly (EGM) meeting was not held on May 8, 2016 due to lack of quorum. The alternate EGM will be held on May 11, 2016. (QSE)  DOHI, QISI, AKHI boards approve stake hike in Qatari Unified Bureau Insurance – Doha Insurance Company (DOHI), Qatar Islamic Insurance Company (QISI) and Al-Khaleej Takaful Group (AKHI) announced that their boards have approved increasing their respective share in the Qatari Unified Bureau Insurance W.L.L from 20% to 25% for QR6.75mn. QISI is currently in the process of completing the final signing procedures of the contract. Qatari Unified Bureau Insurance is a limited liability company established in 1999, and it provides insurance on vehicles entering the country as well as sell insurance cards for vehicles traveling outside the country. (QSE)  ABQK to raise $250mn three-year loan – According to sources, Ahli Bank (ABQK) started talks to raise a $250mn three-year loan. The loan will be partially used to refinance an existing $200mn facility the bank had signed in September 2014 and is due to mature in 2017. ABQK completed a $500mn debut bond issue in April with five-year tenure. The sale was arranged by Barclays, HSBC and QNB Capital. (Reuters)  Al-Thani: Qatar emerges as important investment destination – HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani said Qatar has become one of the world’s important investment destinations across a wide range of sectors, particularly in the construction industry, amid the ongoing major infrastructure projects. The minister, who inaugurated the 13th edition of Project Qatar, emphasized that Qatar’s investment atmosphere is promising and the economic growth continues to move forward. Project Qatar 2016, the 13th International Construction Technology and Building Materials Exhibition, will run until May 12 at the Doha Exhibition and Convention Center (DECC). It features 900 companies in the building and construction industry from 37 countries. Citing the “Global Competitive Index” prepared by the World Economic Forum (WEF), the minister stressed that Qatar led the MENA region at 14th position globally. (Gulf-Times.com)  QOC strategies in line with Qatar National Vision 2030 – Qatar Olympic Committee Secretary General HE Dr Thani Abdulrahman al-Kuwari said the country has achieved success due to the wise directives of HH the Emir Sheikh Tamim bin Hamad al-Thani. In an interview with Qatar News Agency (QNA), Al-Kuwari said QOC has prepared plans and strategies to be adopted soon in order to achieve more successes that reflect the leadership’s great support and the attention of HE the President of the Qatar Olympic Committee Sheikh Joaan bin Hamad al-Thani. Al-Kuwari said QOC’s strategies are in line with the Qatar National Vision 2030, which considers the development of the sports sector as a top priority and gives special attention to the overall development process in the country, including the sports sector. He highlighted QOC’s keenness to promote community sports through events and activities organized throughout the year to encourage the community to exercise and promote the concept of sport for all and sport for life. (Gulf-Times.com)  Minister visits newly-constructed Doha North Sewage Treatment Plant – HE the Minister of Municipality and Environment, Mohamed bin Abdullah al-Rumaihi visited the newly-constructed Doha North Sewage Treatment Plant (STP). He was accompanied by infrastructure affairs director Jalal Yousef al-Salhi and other senior officials at Ashghal. The minister was briefed about the progress of the project, engineering & construction techniques in its implementation, components, and advantages of the new treatment plant, thermal drying plant, the plants’ advanced systems and also the status of the ongoing works. The Doha North STP uses advanced treatment techniques such as ultra-filtration and ultra-violet technologies to produce high quality treated water, which can be used in irrigation. (Gulf-Times.com)  Ministry issues 78 consumer violations for local retailers and service providers in April – The Ministry of Economy and Commerce (MEC) issued 78 different consumer violations for local retailers and service providers during April. The violations were registered in breach of law no 8 on consumer protection, enforced by MEC inspectors during their inspection campaigns to monitor and control the local market, aimed at controlling prices of commodities and services as well as to spot any manipulation or fraud. Most of these violations were regarding not posting the price tags for items on display or services, other spotted violations include fraud in describing items & services, issuance of incomplete & non-standard purchase invoices and posting incomplete information about the items on display, in addition to other related issues. The violating outlets were issued violation reports and incurred penalties ranging from a fine of QR5,000- 30,000 to administrative closure of the outlet for a certain period of time. (Gulf-Times.com)  QA receives 50th Boeing 777 – Qatar Airways (QA) received its 50th Boeing 777 recently, taking the total count of aircraft in operation to more than 180 single-aisle and wide-body aircraft. The global carrier operates the Boeing 777 to a host of destinations – including Houston, Buenos Aires and Los Angeles, which are a few of QA’s longest destinations as measured by flight hours. QA Group Chief Executive Akbar al-Baker said the company places passenger comfort and flying experience at the forefront of its aircraft program, and added that with the introduction of the Boeing 777 into the fleet just under a decade ago, its crew and passengers have come to know how comfortable and spacious its cabins are. (Gulf-Times.com)  Qatar Chamber signs MoU with QBIC – Qatar Chamber (QC) signed a Memorandum of Understanding (MoU) with Qatar Business Incubation Center (QBIC) to coordinate among them training programs, exchange related information & experiences, and provide due consultations. The MoU aims at supporting small and medium enterprises (SMEs) in the country. It was signed by QC Director General Hamad Saleh al-Sharqi and the CEO of QBIC Aysha al-Mudahka. According to the MoU, QC and QBIC would cooperate at the related events organized by both parties, whether inside or outside Qatar. (Gulf-Times.com)  QNBK holds annual strategy conference – QNB Group (QNBK) held its annual strategy conference, which was attended by the Group’s Executive Management, General Managers and CEOs from across the Group’s international network. The conference was also attended by the Chairman and top officials of Finansbank, which is considered the fifth largest private sector bank in Turkey, in addition to the Group’s Executive Management and Heads of the Group’s branches and subsidiary companies. The attendees discussed a number of points listed on this year’s strategy conference agenda, including but not limited to asset & wealth management, global market updates & trends, and the Group’s global expansion strategy. The conference also discussed a number of important topics such as QNBK’s vision to become a Middle East and Africa (MEA) icon by 2017 as well as focusing on the best practices necessary for the enhancement of the Group’s strategy, both locally and internationally. (Peninsula Qatar)
  • 4. Page 4 of 6  KNOMAD: Remittances from Qatar and GCC countries continue to grow in 3Q2015 – According to a report released by the World Bank Group’s Global Knowledge Partnership on Migration and Development (KNOMAD), remittances from Qatar and GCC countries have continued to grow despite the sharp drop in oil prices. Total remittances by expatriates from Qatar were around $11.2bn in 2014. However, the remittance outflow from the region is likely to witness a slowdown due to low oil prices and other factors. Globally, Qatar is ranked 11th among top remittance sending countries while the US is on top with an estimated $56.3bn recorded outflows in 2014. “More recent data from the fourth quarter, however, indicate a slowdown in remittances from the GCC countries. If lower oil prices persist, remittance outflows from GCC countries are likely to slow further,” said the report. (Peninsula Qatar)  Kharji: Qatar's traffic mortality rate far below global average – According to Director of the General Directorate of Traffic Brig. Mohammed Saad al Kharji, the traffic-related death rate in Qatar is below the global average, thanks to a rise in traffic awareness and close coordination among various authorities. Kharji said the traffic mortality rate was 8.2 per 100,000 populations in 2015, which is less than the global average that ranges between 10 and 15 per 100,000 populations. (Qatar-Tribune)  Abercrombie & Fitch Co expects to open first store in Qatar in 1Q2017 – Abercrombie & Fitch Co expects to open its first store in Qatar in 1Q2017, and in the Kingdom of Saudi Arabia in 2H2017. The firm expanded its existing relationship with Majid Al Futtaim fashion through a franchise development agreement. (Reuters)  HMC opens Home Healthcare Services’ branch in Al Khor – Hamad Medical Corporation (HMC) has opened Home Healthcare Services’ branch office in Al Khor to serve patients in the north of Qatar. It will provide administrative support for patients and families from Al Khor and the surrounding region as well as serve as a base from which healthcare teams will conduct home visits. (Peninsula Qatar) International  Eurozone looks to help Greece on debt from 2018 upon reform completion – Eurozone Finance Ministers offered to grant Greece debt relief by giving it longer grace periods and bond maturities from 2018 if the country delivers by then on all reforms agreed under its latest bailout. The offer, to be worked out in detail by Deputy Finance Ministers by May 24, appears to be a compromise between Germany, which does not believe Greece needs additional debt relief, and the International Monetary Fund, which insists it is necessary. Meanwhile the document, prepared by the European Stability Mechanism (ESM) for talks of Eurozone Finance Ministers, says that under the main scenario, Greece's economic growth would be 3.1% in 2018, 2.8% in 2019, 2.5% in 2020, 1.5% in 2025 and 1.3% from 2030 to 2060. Under this base scenario, Athens would maintain a 3.5% of GDP primary budget surplus from 2018 until 2025. After that it would start declining to stay at 1.5% in 2040-2060. Based on the ESM document, Eurozone deputy finance ministers will work on various debt relief steps for Greece over the next two weeks and present their findings to Eurozone Finance Ministers on May 24, 2016. (Reuters)  IMF more upbeat on Germany outlook as factory orders rise – International Monetary Fund (IMF) said German industrial orders rose more than expected in March and "a bit more optimistic" about the outlook for Europe's largest economy, which is heading into 2Q2016 on a solid footing. The surprisingly strong economic data, published by the Economy Ministry, and the upbeat comments made by a senior IMF official in Berlin were the latest signs that the German economy's solid start to the year may extend into the summer. Contracts for "Made in Germany" goods were up 1.9% MoM, the biggest increase since last June, beating Reuter’s consensus forecast of 0.7%. In April, the IMF forecast German growth of 1.5% GDP in 2016. In 2015, the economy grew by 1.7%, the strongest rate in four years, driven mainly by strong private consumption and higher state spending on refugees. Germany's domestic industrial orders fell by 1.2% in March, but foreign demand rose by 4.3%, with bookings from countries outside the Eurozone soaring by 6.2%. For the whole 1Q2016, industrial orders rose by 0.5% QoQ, with bookings from abroad increasing by 2.0% and domestic orders falling by 1.3%. The surprisingly strong March figure suggests that industrial output is likely to pick up in the coming months. (Reuters)  Japanese regulator banks should keep role in determining lending risks – A senior Japanese regulator said a move by banking regulators to curb the ability of banks to assess for themselves their lending risks could backfire if as a result they lose the i
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