QNBFS Daily Market Report October 31, 2017

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1. Page 1 of 7 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.8% to close at 8,196.5. Gains were led by the Telecoms and Real Estate indices, gaining 2.5%…
  • 1. Page 1 of 7 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.8% to close at 8,196.5. Gains were led by the Telecoms and Real Estate indices, gaining 2.5% and 1.5%, respectively. Top gainers were Ooredoo and Masraf Al Rayan, rising 3.0% and 2.5%, respectively. Among the top losers, Salam International Investment Ltd fell 4.3%, while Qatar German Co. for Medical Devices was down 4.0%. GCC Commentary Saudi Arabia: The TASI Index fell 0.2% to close at 6,945.3. Losses were led by the Pharma, Biotech & Life Sci. and Food & Beverages indices, falling 1.3% and 0.9%, respectively. Tabuk Cement Co. fell 7.2%, while Yanbu Cement Co. was down 4.2%. Dubai: The DFM Index declined 0.3% to close at 3,629.9. The Real Estate & Construction index fell 1.0%, while the Insurance index declined 0.6%. Takaful Emarat fell 2.5%, while Al Salam Sudan was down 2.1%. Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,456.7. The Real Estate index declined 0.9%, while the Banks index fell 0.3%. Sudan Telecommunication Co. declined 1.6%, while Ras Al-Khaimah Cement Co. was down 1.3%. Kuwait: The KSE Index declined 0.7% to close at 6,561.6. The Insurance index fell 1.2%, while the Oil & Gas index declined 1.1%. Warba Insurance Company fell 12.5%, while The Energy House Holding Company was down 8.6%. Oman: The MSM Index rose 0.3% to close at 4,982.3. Gains were led by the Services and Industrial indices, rising 0.7% and 0.4%, respectively. Al Anwar Ceramic Tiles rose 4.1%, while Ooredoo was up 3.8%. Bahrain: The BHB Index fell marginally to close at 1,276.5. The Insurance index declined 0.6%, while the Investment index fell 0.3%. Arab Insurance Group declined 2.0%, while GFH Financial Group was down 1.1%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Ooredoo 87.99 3.0 71.5 (13.6) Masraf Al Rayan 36.40 2.5 238.3 (3.2) Islamic Holding Group 34.80 2.4 4.7 (43.0) Widam Food Co. 61.80 2.1 4.1 (9.1) Qatari Investors Group 28.59 2.0 13.3 (51.1) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Investment Holding Group 6.66 (2.9) 1,444.5 (33.4) Ezdan Holding Group 9.78 2.0 1,259.1 (35.3) Qatar First Bank 6.17 0.2 996.6 (40.1) Vodafone Qatar 7.03 (0.4) 397.2 (25.0) Commercial Bank 26.20 (1.1) 293.1 (15.4) Market Indicators 30 Oct 17 29 Oct 17 %Chg. Value Traded (QR mn) 133.2 169.5 (21.4) Exch. Market Cap. (QR mn) 446,227.3 443,850.0 0.5 Volume (mn) 6.6 9.3 (29.5) Number of Transactions 2,400 1,782 34.7 Companies Traded 39 41 (4.9) Market Breadth 21:16 21:19 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13,745.12 0.8 0.8 (18.6) 13.0 All Share Index 2,298.76 0.6 1.1 (19.9) 12.8 Banks 2,573.12 0.5 0.6 (11.6) 13.1 Industrials 2,528.17 0.7 0.5 (23.5) 16.8 Transportation 1,667.98 (0.6) 0.4 (34.5) 12.5 Real Estate 1,634.14 1.5 4.0 (27.2) 11.3 Insurance 3,006.86 (0.4) 1.4 (32.2) 20.2 Telecoms 1,048.82 2.5 2.4 (13.0) 19.5 Consumer 4,821.63 (0.8) (0.8) (18.2) 11.6 Al Rayan Islamic Index 3,199.56 0.8 0.5 (17.6) 13.8 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Ooredoo Oman Oman 0.55 3.8 2,539.1 (16.7) Ooredoo Qatar 87.99 3.0 71.5 (13.6) Dallah Healthcare Co. Saudi Arabia 110.97 2.8 86.0 16.9 Dar Al Arkan Real Estate Saudi Arabia 8.00 2.7 25,704.1 29.9 Masraf Al Rayan Qatar 36.40 2.5 238.3 (3.2) GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD% Agility Public Ware. Co. Kuwait 0.79 (4.9) 2,376.7 40.7 Yanbu Cement Co. Saudi Arabia 26.16 (4.2) 4,246.4 (35.4) Middle East Healthcare. Saudi Arabia 50.68 (2.9) 282.0 (30.9) Doha Bank Qatar 28.66 (2.8) 103.8 (15.0) Mobile Telecom. Co. Kuwait 0.49 (2.6) 9,431.3 18.5 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% Salam International Inv. Ltd. 7.19 (4.3) 192.3 (34.9) Qatar German Co. for Med. Dev. 6.72 (4.0) 7.6 (33.5) Qatar Islamic Insurance Co. 50.00 (3.6) 2.5 (1.2) Al Khaleej Takaful Group 11.40 (3.5) 17.2 (46.0) Doha Insurance Co. 14.00 (3.4) 0.4 (23.1) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% QNB Group 121.75 (0.2) 23,703.1 (17.8) Ezdan Holding Group 9.78 2.0 12,360.6 (35.3) Investment Holding Group 6.66 (2.9) 9,738.7 (33.4) Qatar Islamic Bank 97.00 1.6 9,560.7 (6.6) Qatar International Islamic Bank 47.89 0.8 8,740.6 (23.7) 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* 8,196.54 0.8 0.8 (1.4) (21.5) 35.01 122,578.6 13.0 1.2 4.8 Dubai 3,629.86 (0.3) (0.6) 1.8 2.8 59.78 103,268.0 23.4 1.3 3.9 Abu Dhabi 4,456.65 (0.1) (0.2) 1.3 (2.0) 23.62 116,893.7 16.3 1.3 4.5 Saudi Arabia 6,945.28 (0.2) 0.5 (4.6) (3.7) 961.73 439,027.0 16.5 1.6 3.4 Kuwait 6,561.55 (0.7) (0.9) (1.8) 14.2 54.69 96,315.1 18.1 1.2 5.3 Oman 4,982.30 0.3 0.5 (3.0) (13.8) 14.44 20,487.0 11.4 1.0 5.3 Bahrain 1,276.48 (0.0) (0.1) (0.5) 4.6 1.13 20,086.8 7.1 0.8 6.1 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) 8,100 8,120 8,140 8,160 8,180 8,200 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 7 Qatar Market Commentary  The QSE Index rose 0.8% to close at 8,196.5. Telecoms and Real Estate indices led the gains. The index rose on the back of buying support from GCC and non-Qatari shareholders despite selling pressure from Qatari shareholders.  Ooredoo and Masraf Al Rayan were the top gainers, rising 3.0% and 2.5%, respectively. Among the top losers, Salam International Investment Ltd fell 4.3%, while Qatar German Co. for Medical Devices was down 4.0%.  Volume of shares traded on Monday fell by 29.5% to 6.6mn from 9.3mn on Sunday. Further, as compared to the 30-day moving average of 8.6mn, volume for the day was 23.9% lower. Investment Holding Group and Ezdan Holding Group were the most active stocks, contributing 22.0% and 19.2% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Global Economic Data Earnings Releases Company Market Currency Revenue (mn) 3Q2017 % Change YoY Operating Profit (mn) 3Q2017 % Change YoY Net Profit (mn) 3Q2017 % Change YoY Yanbu Cement Co. Saudi Arabia SR – – 19.0 -80.6% 18.0 -80.4% Al-Rajhi Company for Cooperative Insurance Saudi Arabia SR 742.3 71.2% – – 2.6 N/A United Electronics Company Saudi Arabia SR 27.7 130.8% 26.1 321.0% Walaa Cooperative Ins. Co. Saudi Arabia SR 284.4 5.9% – – -3.7 N/A Saudi Re for Cooperative Reinsurance Co. Saudi Arabia SR 302.6 267.0% – – 11.3 1,102.6% CHUBB Arabia Cooperative Insurance Co. Saudi Arabia SR 41.9 0.6% – – 0.6 N/A Malath Cooperative Insurance Co. Saudi Arabia SR 62.1 -88.3% – – 0.1 -96.4% Arabian Pipes Co. Saudi Arabia SR – – 14.8 34.5% 6.6 49.5% Tabuk Agricultural Development Co. Saudi Arabia SR – – -9.9 N/A -14.4 N/A Al Hammadi Company for Development and Investment Saudi Arabia SR – – 34.3 29.4% 23.6 13.7% National Medical Care Co. Saudi Arabia SR – – 29.7 -3.2% 27.0 -2.0% Salama Cooperative Insurance Co. Saudi Arabia SR 159.0 20.4% – – 0.8 N/A Filling & Packing Materials Mfg. Co. Saudi Arabia SR – – 1.5 22.4% 0.5 264.3% Northern Region Cement Co. Saudi Arabia SR – – 22.3 -38.2% 12.5 -58.4% Jazan Development Co. Saudi Arabia SR – – 6.8 2.6% 6.7 2.6% Arkan Building Materials Co. Abu Dhabi AED 218.0 18.1% – – 11.2 -23.6% Abu Dhabi Aviation Co.* Abu Dhabi AED 1,204.8 -12.4% 295.5 -19.5% 221.6 -3.0% BMMI Bahrain BHD 26.0 4.6% 1.8 29.2% 2.1 -26.0% Bahrain Family Leisure Company# Bahrain BHD – – 43.6 -16.0% 793.9 N/A Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financial for 9M2017; # Values in ‘000) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 10/30 UK Bank of England Mortgage Approvals September 66.2k 66.0k 67.2k 10/30 EU European Commission Economic Confidence October 114.0 113.3 113.1 10/30 EU European Commission Industrial Confidence October 7.9 7.1 6.7 10/30 EU European Commission Services Confidence October 16.2 15.0 15.4 10/30 EU European Commission Consumer Confidence October -1 -1 -1 10/30 Germany German Federal Statistical Office CPI MoM October 0.0% 0.1% 0.1% 10/30 Germany German Federal Statistical Office CPI YoY October 1.6% 1.7% 1.8% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 39.07% 57.29% (24,272,210.67) Qatari Institutions 18.44% 20.87% (3,229,357.77) Qatari 57.51% 78.16% (27,501,568.44) GCC Individuals 1.00% 0.91% 124,216.55 GCC Institutions 5.81% 0.82% 6,655,918.17 GCC 6.81% 1.73% 6,780,134.72 Non-Qatari Individuals 5.47% 4.82% 860,581.24 Non-Qatari Institutions 30.21% 15.30% 19,860,852.48 Non-Qatari 35.68% 20.12% 20,721,433.72
  • 3. Page 3 of 7 News Qatar  MCCS' bottom line rises 44.4% QoQ in 3Q2017 – Mannai Corporation's (MCCS) net profit rose 44.4% QoQ to QR110.3mn in 3Q2017. However, on YoY basis net profit fell 10.5%. The company's revenue came in at QR2,122.87mn in 3Q2017, which represents an increase of 89.8% QoQ (+104.5% YoY). EPS amounted to QR6.07 in 9M2017 as compared to QR7.52 in 9M2016. In 9M2017, MCCS recorded group revenue of QR4.4bn, up 26% from a year ago. The gross profit increased by 24% to QR1.0bn. During the year the company continued with its strategy of diversifying geographically by acquiring controlling interests in GFI Informatique, a French publicly listed major IT company operating in France, and 16 other countries in Europe, Africa and Latin America. The increase in the gross profit is mainly due to the acquisition of controlling interests in GFI Informatique. With this acquisition the company now employs over 20,000 employees of 42 different nationalities in 20 countries. The pre-tax profits showed a decline of 15% (QR294mn) compared to the previous year, partly due to increase in finance cost incurred for funding the acquisition and the general market condition in the region. However, the company is optimistic of improving the performance in the long term on the back of overseas investments made in the recent past and other opportunities in Qatar as the country embarks on major infrastructure projects for hosting FIFA World Cup in 2022. (Company financials, QSE, Peninsula Qatar)  AHCS' net profit declines 10.6% QoQ in 3Q2017 – Aamal Company's (AHCS) net profit declined 10.6% QoQ to QR112.50mn in 3Q2017. However, on YoY basis net profit rose 11.2%. The company's revenue came in at QR275.18mn in 3Q2017 as compared to QR143.71mn in 2Q2017. However, on YoY basis revenue fell 54.4%. EPS amounted to QR0.56 in 9M2017 as compared to QR0.57 in 9M2016. (Company financials, QSE)  ERES' bottom line rises 22.7% QoQ in 3Q2017 – Ezdan Holding Group's (ERES) net profit rose 22.7% QoQ to QR256.06mn in 3Q2017. However, on YoY basis net profit fell 30%. The company's rental income came in at QR358.71mn in 3Q2017, which represents a decrease of 3.8% QoQ (-6.5% YoY). EPS amounted to QR0.10 in 3Q2017 as compared to QR0.08 in 2Q2017. (Company financials, QSE)  Doha Bank, Centrum Wealth Management ink deal – Doha Bank has entered into an agreement with Centrum Wealth Management Limited, to offer its customers wealth management services in India. The exclusive partnership in Qatar and one of its kinds in Kuwait will enable Doha Bank’s high net-worth customers to invest in various asset classes in the Indian markets under the specialist guidance of Centrum. All residents and non-resident Indians (NRIs), including persons of Indian origin (PIOs), with an account in Doha Bank in India and a net worth of INR10mn will be offered with Centrum’s Wealth Management Services. (Peninsula Qatar)  GWCS gets shareholders’ nod to amend AoA – The shareholders’ of Gulf warehousing company (GWCS) gave their nod to all the items on the agenda of the Extraordinary General Assembly Meeting (EGM), including approval for the change in company’s Articles of Association (AoA). The amendment of portions of its AoA and its by-laws were required to comply with the newly updated regulations stated in the Corporate Governance Regulations issued by Qatar Financial Markets Authority (QFMA). The EGM was chaired by GWCS’ Chairman Sheikh Abdullah Bin Fahad Bin Jassem Bin Jabor Al Thani, and was attended by representatives of the Ministry of Economy and Commerce, GWCS’ external auditors KPMG, and the company’s shareholders. Sheikh Abdulla said, “We gather here today following a year that has proven the strong capabilities of the nation, and its ability to deal with any challenge it comes across.” He added, “GWCS is maintaining its position as the leading logistics provider in Qatar, and has proven itself a reliable partner to the nation, capable of handling all situations the nation faces.” (Peninsula Qatar)  ASTAD set to develop theme park in Qatar – ASTAD, leading project development solution provider, announced that it signed a Memorandum of Understanding (MoU) with the global leader at the forefront of theme park project management, Cumming. Cumming has been using its steadfast commitment for over 20 years to support theme park owners and their development projects around the world. Their portfolio comprises the most successful projects in this specialized sector worth tens of billions of dollars including the likes of Disney and Universal Studios. (Peninsula Qatar)  IMF: Qatari economy adjusts to blockade – After the initial shock of the June 5 measures, the Qatari economy and financial markets are adjusting to the impact of the diplomatic rift, International Monetary Fund (IMF) noted. “The initial concern that trade disruptions could affect the implementation of key infrastructure projects has been mitigated by the availability of an inventory of construction materials and of alternative, and competitive, sources of imports. In addition, Qatar is accelerating efforts to further diversify sources of imports and external financing and to enhance domestic food processing”, IMF stated in its Middle East and Central Asia Regional Economic Outlook released. Qatar’s exports to these countries have been broadly maintained, including large volumes of gas supplied to Oman and the United Arab Emirates. Reactions in GCC financial markets have also been benign, with initial spillovers rapidly dissipating. Over the longer term, a protracted rift could slow progress toward greater GCC integration and cause a broader erosion of confidence, reducing investment and growth and increasing funding costs in Qatar and possibly the rest of the GCC, the IMF document noted. (Peninsula Qatar)  QFC attracts key Asia Pacific firms in 2016 – Over 22% of the firms registered under the Qatar Financial Centre in 2016 were from the Asia Pacific region. These include the Sumitomo Mitsui Banking Corporation, the Industrial and Commercial Bank of China, the Japanese Society in Doha, Hanwha Techwin and many more, revealed Qatar Financial Centre’s CEO, Yousuf Al Jaida. The major presence of Asian firms in QFC highlights the close ties between Qatar and its partners in Asia which QFC hopes to continue to strengthen in the years to come. Al Jaida’s keynote address came as part of the QFC’s outreach program to increase awareness of the platform and the benefits it provides international businesses to expand to Qatar and beyond. (Peninsula Qatar)
  • 4. Page 4 of 7  Spain posts 43% jump in food exports to Qatar – Spain’s food exports to Qatar have increased by 43% in the first eight months of 2017, Ambassador Ignacio Escobar said. “In terms of bilateral relations with Qatar, the exports of agro-food products have been rising steadily since 2015 in very high terms, around 26% every year. We are setting a record, because from January to August 2017, our food exports to Qatar have risen to 43%, and for the first time we have exceeded €23mn,” Escobar told Gulf Times on the sidelines of the ‘3rd Hospitality Qatar’ press conference held. Escobar said Spanish products are already in the Qatari market but he also underlined the “lack of variety” of these products in the Qatari market compared to other countries in the region. (Gulf-Times.com)  ‘Hospitality Qatar’ attracts more players in food and food services sector – Many international companies in the food and food services sector have identified growth and investment opportunities in Qatar despite the current political situation in the region, according to organizers of the upcoming ‘3rd Hospitality Qatar’. IFP Qatar’s General Manager, George Ayache said many countries represented by their respective companies in the food and food services sector continue to express heightened interest in Qatar. “At least 80% of the new participants in the third installment of Hospitality Qatar are from the food and food services sector,” Ayache told Gulf Times on the sidelines of a press conference on Hospitality Qatar, which is slated on November 7 to 9 at the Doha Exhibition and Convention Center. Asked if the economic blockade had any impact on Qatar’s hospitality sector, Ayache said, “It had a positive impact on the exhibition. Also, there are continuous investment opportunities in the country regardless of the political situation in the region. We see new countries entering the Qatari market and they are using Hospitality Qatar as a platform or a gateway to penetrate the Qatari market.” (Gulf- Times.com)  Canadian trade delegation to visit Qatar in November – Atlantic Trading Corporation (ATC) is leading a trade delegation to Qatar to help bring Newfoundland and Canadian products to markets in the Middle East. This month-long venture will commence next month and will feature various meetings and market research with key members in the region. The mission is headed by Douglas C Power, President, Atlantic Trading Corporation, with the support of Wanda Cuff Young, CEO, White Rock Consulting & Communications. Joining Power is Phil Barnes, General Manager, Fogo Island Co-Op Society; and Ken Budden, corporate sales and production manager. As part of the mission, their joint goal will be to explore export opportunities to provide fresh frozen cod and other seafood products to the Qatari market and to seek out interested buyers in the region, namely upscale restaurants. According to Power, ATC’s mission will help introduce select Canadian food producers to markets and contacts that they otherwise would have difficulty accessing. (Gulf-Times.com)  Forum to push for sales of local products – The Ministry of Energy and Industry will organize a forum to support the local products, in cooperation with the Ministry of Finance. Director of the Department of Industrial Zones at the Ministry of Energy and Industry Engineer, Yousef Al Emadi said in a press conference held that the Ministry is organizing this forum within the policies of the State of using and buying local products if they abide to the approved standards, giving them priority. Al Emadi said this step saves money for factories and supports the competing local product. In addition, he called on all local entities to work on improving the quality of their products to comply with the approved specifications and standards, saying it will contribute to meeting the needs of the local market and a move towards exporting outside the country. (Peninsula Qatar)  Maritime transport crucial for global economy – Speaking at seminar on ‘Maritime Navigation and Maritime Transport Contracts’ in Qatar organized by Qatar International Center for Conciliation and Arbitration (QICCA) at Qatar Chamber, QICCA member, Thani Bin Ali Al Thani said that maritime transport is very important for the global economy as 90% of the world’s total trade volume happen through it. The seminar also discussed shipping contracts for the export of liquefied natural gas, Nakilat’s role in securing Qatar’s maritime exports and the legal regulatio
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