QNBFS Daily Market Report November 13, 2017

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1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.1% to close at 7,875.6. Losses were led by the Consumer Goods & Services and…
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  • 1. Page 1 of 5 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.1% to close at 7,875.6. Losses were led by the Consumer Goods & Services and Industrials indices, falling 0.9% and 0.4%, respectively. Top losers were Qatar National Cement Co. and Medicare Group, falling 5.9% and 4.8%, respectively. Among the top gainers, Qatar Industrial Manufacturing Co. gained 6.3%, while Al Khalij Commercial Bank was up 2.7%. GCC Commentary Saudi Arabia: The TASI Index fell 0.3% to close at 6,933.1. Losses were led by the Media and Consumer Services indices, falling 3.1% and 2.6%, respectively. Saudi Industrial Export Co fell 10.0%, while Makkah Construction & Dev. was down 6.4%. Dubai: The DFM Index gained 0.4% to close at 3,464.7. The Services index rose 1.3%, while the Financial & Investment Services index gained 0.8%. Ekttitab Holding Company and National Central Cooling Co. were up 2.0% each. Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,373.7. The Telecom. index declined 1.2%, while the Industrial index fell 0.3%. Al Khazna Insurance Co. declined 6.7%, while Arkan Building Materials Co. was down 3.2%. Kuwait: The KSE Index declined 1.3% to close at 6,176.1. The Insurance index fell 4.8%, while the Telecommunications index declined 3.9%. Al Ahleia Insurance Co. fell 20.0%, while Amar Finance & Leasing Co. was down 19.2%. Oman: The MSM Index rose 0.2% to close at 5,067.2. Gains were led by the Services and Financial indices, rising 1.1% and 0.3%, respectively. Renaissance Services rose 7.5%, while Al Anwar Holding was up 5.4%. Bahrain: The BHB Index fell 0.3% to close at 1,264.2. The Service index declined 0.9%, while the Commercial Bank index fell 0.7%. Bahrain Telecommunication Company declined 2.0%, while National Bank of Bahrain was down 1.6%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Industrial Manufacturing Co 39.34 6.3 3.2 (11.6) Al Khalij Commercial Bank 12.31 2.7 8.9 (27.6) Qatar Insurance Co. 39.60 1.6 21.5 (46.3) Al Meera Consumer Goods Co. 137.00 1.5 2.0 (21.9) Ooredoo 85.00 1.2 50.5 (16.5) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatar Navigation 47.00 (1.1) 452.0 (50.8) Qatar First Bank 5.45 (2.2) 306.2 (47.1) Qatar Gas Transport Co. Ltd. 14.10 0.1 299.6 (38.9) Aamal Co. 6.37 (2.7) 211.6 (53.3) Vodafone Qatar 6.15 (1.6) 199.7 (34.4) Market Indicators 12 Nov 17 09 Nov 17 %Chg. Value Traded (QR mn) 91.8 145.1 (36.7) Exch. Market Cap. (QR mn) 425,604.2 426,361.1 (0.2) Volume (mn) 3.0 5.3 (43.1) Number of Transactions 1,893 2,778 (31.9) Companies Traded 39 41 (4.9) Market Breadth 13:22 29:8 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,206.97 (0.1) (0.1) (21.8) 12.6 All Share Index 2,176.55 (0.2) (0.2) (24.1) 12.2 Banks 2,514.98 (0.1) (0.1) (13.6) 12.9 Industrials 2,408.57 (0.4) (0.4) (27.2) 16.0 Transportation 1,523.84 (0.3) (0.3) (40.2) 11.4 Real Estate 1,456.42 (0.3) (0.3) (35.1) 10.1 Insurance 2,733.84 1.0 1.0 (38.4) 18.4 Telecoms 998.99 0.8 0.8 (17.2) 18.5 Consumer 4,331.25 (0.9) (0.9) (26.6) 10.4 Al Rayan Islamic Index 3,001.08 (0.8) (0.8) (22.7) 13.5 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Dar Al Arkan Real Estate Saudi Arabia 9.53 6.4 59,735.3 54.7 Kingdom Holding Co. Saudi Arabia 8.61 4.1 1,072.7 (28.3) Union National Bank Abu Dhabi 4.10 2.2 63.1 (9.7) Oman Telecom. Co. Oman 1.16 2.2 49.7 (23.4) Dubai Financial Market Dubai 1.12 1.8 1,374.1 (10.4) GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% Mabanee Co. Kuwait 0.72 (8.3) 904.6 (11.7) Nat. Mobile Telecom. Kuwait 1.06 (7.8) 161.8 (11.7) Makkah Const. & Dev. Saudi Arabia 63.28 (6.4) 457.0 (30.2) Al Tayyar Travel Group Saudi Arabia 25.36 (5.3) 6,716.3 (30.8) VIVA Kuwait Telecom Kuwait 0.72 (5.3) 115.1 (22.6) Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC Composite Large Mid Cap Index) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Qatar National Cement Co. 58.23 (5.9) 1.5 (25.5) Medicare Group 56.99 (4.8) 9.7 (9.4) Investment Holding Group 5.55 (3.6) 158.2 (44.5) Aamal Co. 6.37 (2.7) 211.6 (53.3) Gulf International Services 15.18 (2.7) 97.0 (51.2) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Qatar Navigation 47.00 (1.1) 21,279.0 (50.8) QNB Group 120.70 (0.7) 13,485.5 (18.5) Industries Qatar 94.50 0.3 6,473.3 (19.6) Qatar Electricity & Water Co. 177.00 0.2 6,395.4 (22.0) Qatar International Islamic Bank 45.00 0.1 6,032.1 (28.3) 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* 7,875.63 (0.1) (0.1) (3.5) (24.5) 23.91 116,913.5 12.6 1.2 5.0 Dubai 3,464.74 0.4 0.4 (4.7) (1.9) 85.85 100,292.5 20.8 1.3 4.1 Abu Dhabi 4,373.73 (0.1) (0.1) (2.4) (3.8) 20.34 114,307.5 15.9 1.3 4.6 Saudi Arabia 6,933.09 (0.3) (0.3) (0.0) (3.8) 902.28 439,156.6 16.3 1.6 3.4 Kuwait 6,176.06 (1.3) (1.3) (5.2) 7.4 44.61 89,144.6 15.5 1.1 5.6 Oman 5,067.21 0.2 0.2 1.1 (12.4) 4.95 20,722.0 11.5 1.0 5.2 Bahrain 1,264.24 (0.3) (0.3) (1.0) 3.6 5.57 19,879.1 7.0 0.8 6.2 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) 7,820 7,840 7,860 7,880 7,900 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 0.1% to close at 7,875.6. The Consumer Goods & Services and Industrials indices led the losses. The index fell on the back of selling pressure from Qatari and GCC shareholders despite buying support from non-Qatari shareholders.  Qatar National Cement Co. and Medicare Group were the top losers, falling 5.9% and 4.8%, respectively. Among the top gainers, Qatar Industrial Manufacturing Co. gained 6.3%, while Al Khalij Commercial Bank was up 2.7%.  Volume of shares traded on Sunday fell by 43.1% to 3.0mn from 5.3mn on Thursday. Further, as compared to the 30-day moving average of 6.8mn, volume for the day was 55.6% lower. Qatar Navigation and Qatar First Bank were the most active stocks, contributing 14.9% and 10.1% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases Company Market Currency Revenue (mn) 3Q2017 % Change YoY Operating Profit (mn) 3Q2017 % Change YoY Net Profit (mn) 3Q2017 % Change YoY DXB Entertainments Dubai AED 115.2 N/A – – -284.1 N/A Al Firdous Holdings Dubai AED 0.8 -5.5% 1.3 -28.5% 2.4 -0.6% Gulf Pharmaceutical Industries Abu Dhabi AED 353.4 15.4% 27.9 -7.6% 22.1 -11.6% National Takaful Company Abu Dhabi AED 65.0 51.7% – – 3.1 888.9% Ras Al Khaimah Poultry and Feeding Abu Dhabi AED 8.1 -1.9% – – -1.6 N/A Ras Al Khaimah co. for White Cement & Cont.Materials Abu Dhabi AED 64.3 -9.6% – – -2.0 N/A Fujairah Cement Industries Abu Dhabi AED 136.7 -2.6% – – 6.2 -50.0% United Paper Industries Bahrain BHD 3.2 3.0% – – 0.1 -50.5% Bahrain & Kuwait Insurance Co. Bahrain BHD 11.3 28.0% – – 1.2 242.9% Source: Company data, DFM, ADX, MSM, TASI, BHB. News Qatar  Al Sada: Global oil market moves in right direction – Qatar’s Energy and Industry Minister, HE Mohammed Bin Saleh Al Sada said that the global oil market is heading in the right direction, stressing that the current oil reserves are close to what they have been in the past five years, which has been the target of the Organization of Petroleum Exporting Countries (OPEC). Speaking on the sidelines of the opening function of the 12th edition of ‘Enriching the Middle East’s Economic Future Conference’, the Minister said that the world’s consumption of oil exceeds the current production. This confirms the fact that the decision taken by OPEC to cut production in December last year, in coordination with several major oil producing countries outside the OPEC was right, Al Sada said expressing pleasure that this decision was taken during Qatar’s chairmanship of OPEC, QNA reported. The Minister said OPEC’s next meeting would be an opportunity to examine the official reports of the organization regarding information on the oil market, and these reports will help the Organization’s members to take the right decision. (Peninsula Qatar)  Al Sada underlines government’s support for local products – Qatar’s Energy and Industry Minister HE Mohamed Bin Saleh Al Sada underlined government efforts aimed at encouraging Qatari producers and supporting the production of local companies. Citing the follow-up of HE the Prime Minister and Minister of Interior Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani, Al Sada said the government is ready to address the “difficulties and obstacles” that may affect Qatar’s industries and investment climate. Al Sada also lauded the government for its initiatives to achieve self-sufficiency in important sectors, citing the “significant increase” in investments, factories, and production capacity. He also praised the significant role played by Qatari producers in supporting the economy through increasing the number of small and medium factories and multiplying the production quantity several times in some factories. (Gulf-Times.com)  Qatari building permits issued in October witnesses 82% rise – Qatar witnessed 82% increase in new building permits issued in October compared to that in the previous month with three municipalities witnessing more than doubled permits, according to official statistics. The country saw a total of 858 building permits being issued in October, the bulk of which were in Al Rayyan, Doha, Wakrah and Al Daayen municipalities, according to the Ministry of Development Planning and Statistics (MDPS). On geographical basis, the MDPS found that Al Rayyan came at the top of the municipalities where the number of building permits issued were 239 permits or 28% of the total issued permits, followed by Doha 171 permits (20%), Al Wakrah 141 permits (16%), Al Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 34.18% 49.80% (14,341,090.43) Qatari Institutions 33.65% 24.70% 8,216,567.53 Qatari 67.83% 74.50% (6,124,522.90) GCC Individuals 0.92% 0.66% 234,995.41 GCC Institutions 0.22% 1.42% (1,107,875.25) GCC 1.14% 2.08% (872,879.84) Non-Qatari Individuals 9.12% 8.54% 529,823.57 Non-Qatari Institutions 21.91% 14.87% 6,467,579.17 Non-Qatari 31.03% 23.41% 6,997,402.74
  • 3. Page 3 of 5 Daayen 137 permits (16%), Umm Slal 58 permits (7%), Al Shahaniya 54 permits (6%), Al Khor 42 permits (5%), and Al Shamal 16 permits (2%). (Gulf-Times.com)  Al Jaida: Rule of law key to advancing financial inclusion – Rule of law plays a major part in global financial inclusion, ensuring safety in businesses. Latest fintech advancements are also helping close the global financial inclusion gap, according to QFC Authority’s CEO, Yousuf Mohammed Al Jaida. Al Jaida said, “The rule of law is a critical component in advancing financial inclusion globally; it can help protect human rights, facilitate equality and enable citizens and businesses to safely and freely fulfill their goals.” He further added, “In order to achieve the ambitious agenda of advancing financial inclusion and closing the global financial inclusion gap, cross-sector collaboration and public-private partnerships to successfully implement, measure and advance rule of law over time in developed and developing markets are necessary.” (Peninsula Qatar)  Spain’s ‘Almeria agro model’ coming to Qatar – Qatar is set to adopt Spain’s time-tested ‘Álmeria agro model’, converting desert into an intensive production area of vegetables and fruits using cutting-edge technology, as part of the country’s ongoing efforts to make Qatar ‘food secure’. Almeria, the south-eastern province of Spain is the European area with almost similar climate of Qatar. Once an arid land, today, with 50,000 hectares of greenhouses, Almeria is the most important intensive production area in the world, as well as the largest supplier of vegetables and fruits to Europe, Spain’s Ambassador to Qatar Ignacio Escobar said. (Peninsula Qatar)  Qatar, Morocco bilateral trade cooperation on the upswing – Qatar and the Kingdom of Morocco have substantial economic cooperation between the two countries, with Qatar being one of the largest foreign investors in Morocco. The bilateral trade between Qatar and Morocco stood at $70mn in 2015. In 2016, Qatar ranked fifth in direct foreign investments in Morocco. Qatar is seeking to increase its investments in Morocco. In May of this year a joint meeting between Moroccan and Qatari investors in Doha concluded that the Kingdom is a promising investment market. The Qatar Chamber said at the time that Morocco offers attractive opportunities for Qatari investors due to its tourism market potential as well as economic privileges granted to foreign investors. The agriculture, industry, trade, services and renewable energy sectors were the key segments emerged in the meeting as potential sectors for investments. Currently, Qatari and Moroccan businessmen are involved in the investment projects in plastic products, aluminum, foodstuffs and furniture. Some of the prominent Qatari institutions that are actively engaged in Morocco include the national carrier, Qatar Airways, Qatar Rail and Qatar International Islamic Bank. (Gulf-Times.com)  Qatar-Turkey relations reach new heights – HH the Prime Minister of Turkey, Binali Yildirim, expressed his country’s sorrow over the outbreak of the current crisis among the Gulf countries, stressing that there is no other way to resolve this crisis rather than diplomatic means, but sitting for dialogue to resolve the crisis requires full lifting of the blockade imposed on the State of Qatar. He stressed that his country is linked to the State of Qatar with friendly and cooperative relations, which resulted in the signing of 30 agreements, half of which are related to economic cooperation, while the remaining ones cover various fields of political, cultural, scientific, security and military cooperation. (Peninsula Qatar)  Ooredoo announces date to pay profits to Sukuk holders – Ooredoo announced that Ooredoo Tamweel Limited (OTL), its wholly owned subsidiary, pursuant to the terms and conditions of the notes and the final terms, will pay its Sukuk holders’ periodic payment on December 4, 2017. (QSE)  Ooredoo announces major network expansion in Myanmar – Ooredoo announced that Ooredoo Myanmar will significantly expand its network and infrastructure to offer the widest and fastest 4G network in the country. By the end of 2017, Ooredoo’s superfast 4G network is expected to reach more than 15mn people across 200 towns, which will significantly enhance their data experience and allow them to enjoy the Internet even more. (Peninsula Qatar) International  UK shoppers cut spending by most in more than four years – British shoppers reined in their spending by the most in more than four years in October, according to a survey by payments company Visa which added to other signs that the squeeze on incomes is hitting the high street. Consumer spending, adjusted for inflation and seasonal effects, fell by 2.0% in October compared with the same month last year, Visa said, based on its credit and debit card data. It was the fifth fall in the last six months. In monthly terms, spending was down 0.9% from September. (Reuters)  CIPD: Outlook for UK pay growth improves – British employers expect to raise pay for their workers only a little despite strong demand for staff and already low unemployment, according to an industry survey that suggested no immediate respite for the country’s squeezed households. The Chartered Institute for Personnel and Development (CIPD) said its gauge of pay intentions for the private and public sector rose 2% in the latest quarter from 1% previously. CIPD said planned pay rises in the private sector were clustering around 2%, the median for the last five years. Last week the Bank of England raised interest rates for the first time since 2007 and predicted wage growth will pick up next year to 3%, up from a range of 1.8% to 2.2% seen in recent months. However, CIPD said 38% of private sector firms faced no pressure at all to raise wages for the majority of their workforce, compared with only 24% that said they did. (Reuters) Regional  OPEC: Middle East’s oil demand to grow by 0.1mn bpd in 2018 – Oil demand growth in the Middle East is expected to rise by 0.1mn bpd in 2018, same as that of this year. OPEC stated, “Expectations for the region for the remainder of 2017 appear skewed to the downside as the high level of substitution as well as possible subsidy reduction in Saudi Arabia should subdue demand growth. In 2018, oil demand growth is expected to be at similar levels to the current year as the introduction of substitution programs, efficiency gains and economic reforms are assumed to moderate oil demand growth in the short term.” (Gulf-Times.com)  Saudi Aramco CEO: No decision yet on venue of international listing – Preparations to float shares of Saudi Aramco next year
  • 4. Page 4 of 5 are proceeding, but no decision has been taken yet on the venue for the international listing, according to the CEO of Saudi Aramco. (Reuters)  Saudi Arabia launches $1.6bn infrastructure projects – Saudi Arabia’s King Salman Bin Abdulaziz Al Saud launched 21 infrastructure development projects worth $1.6bn in the Madinah region. These projects will cover the key sectors of electricity, agriculture, water, education and transportation. (GulfBase.com)  Bahri to sell part of its stake in Petredec Limited – The National Shipping Company of Saudi Arabia (Bahri) announced the commencement of the process to sell part of its 30.3% stake in Petredec Limited, a company based in Bermuda specialized in transporting and trading liquefied petroleum gas. As part of the deal, Haydock Holdings Limited, the other partner in Petredec Limited, will also sell part of its 69.7% stake in Petredec Limited, bringing the total ownership of the new investor to (13%) of Petredec Limited. (GulfBase.com)  NPCC awarded contract to Saudi Aramco worth AED1.2bn – UAE’s National Petroleum Constructions Company (NPCC) has been awarded AED1.2bn Engineering, Procurement and Construction (EPC) contract for an offshore platform and two pipelines for Saudi Aramco’s Al Safaniya oilfields. The recently awarded contract brings the total number of contracts to five which NPCC had signed with Saudi Aramco, at a total value of AED3bn. (GulfBase.com)  DIFC Governor: Dubai to get spill over boost from Saudi Aramco’s listing – Dubai is set to benefit from the spillover effect of Saudi Aramco listing and other market reforms underway in Saudi Arabia, according to Dubai International Financial Center’s (DIFC) Governor, Essa Kazim. He added that the planned listing of Saudi Aramco and the opening of financial markets in Saudi Arabia will “increase the pie” of financial services in the GCC region. (GulfBase.com)  Oman receives OMR8bn foreign direct investment – Oman received OMR8,013mn in foreign direct investment in 1H2017, a growth of OMR619.4mn over the same period last year. The oil and gas sector constituted bulk of foreign investment, at OMR3,859bn, according to National Centre for Statistics and Information (NCSI). This was followed by financial brokerage, with OMR1,510mn, the industry sector with OMR1,028mn, real estate activities at OMR643.6mn and other activities of OMR972mn. (GulfBase.com)  Ominvest to sell stake in three companies to Al Anwar Holding – Oman International Development and Investment Co. (Omnivest) agreed to sell stake of 15.11% in Oman Chlorine, 20.94% in national Detergent, 28.92% in National Biscuit Industries to Al Anwar Holding. Omnivest said to sell stakes in three companies for total consideration of OMR11.6mn. (Reuters)  Omantel completes 12% stake buy in Zain – Oman Telecommunications (Omantel) will pay $1.35bn to buy a further 12.1% stake in Mobile Telecommunications Company (Zain) in a deal that will expand its re
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