QNBFS Daily Market Report - Sept 4

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QE Intra-Day Movement Market Indicators Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth Market Indices Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer GCC Top Gainers## Investbank Allianz SF AlAbdullatif Boubyan Bank Com. Facilities Co GCC Top Losers Al Ahli Bank SPPC BBK Kingdom Holding Co. Jabal Omar Dev. Co. ## 3 Sep 12 1,143.2 466,278.8 52.8 3,495 39 13:20 1D% 0.1 0.1 0.1
    Page 1 of  5   QE Intra-Day MovementQatar Commentary The QE index rose 0.1% to close at 8,462.6. Gains were led by the Real Estateand Insurance indices, gaining 1.2% and 0.2% respectively. Top gainers wereEzdan Real Estate Co. and United Development Co., rising 3.0% and 2.3%respectively. Among the top losers, Al Ahli Bank fell 9.9%, while MedicareGroup declined 1.9%. GCC CommentarySaudi Arabia: The TASI index declined 0.2% to close at 7,078.5. Losses wereled by the Multi-Investment and Media & Publishing indices, both falling 1.7%. Amana Cooperative Insurance Co. declined 8.3%, while Saudi Printing &Packaging Co. fell 6.1%. Dubai: The DFM index gained 0.1% to close at 1,547.7. Gains were led by theInvestment & Financial Services and Banking indices, increasing 0.5% and0.2% respectively. Ajman Bank was up 6.3% and Dubai Investment rose 1.4%. Abu Dhabi: The ADX benchmark index decreased marginally to close at2,556.8. Losses were led by the Real Estate and Banking indices, declining0.5% and 0.2% respectively. Ras Al Khaimah Cement Co. fell 1.5%, while FirstGulf Bank was down 1.2%. Kuwait: The KSE index gained 0.2% to close at 5,908.5. Gains were led bythe Banking and Basic Material indices, rising 0.8% and 0.7% respectively. AlSafat Real Estate Co. surged 11.4%, while National Intern. Co. rose 8.7%. Oman: The MSM index increased 0.3% to close at 5,523.4 . The Services &Insurance index rose 0.4%, while the Banking & Investment index gained0.3%. Nat. Aluminum Products increased 6.1%, while Al Sharqia Inv. Hold.was up 3.7%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Ezdan Real Estate Co. 20.60 3.0 46,307.9 (7.2)United Development Co. 19.20 2.3 1,412.3 9.8Qatar Meat & Livestock Co. 67.60 2.1 357.3 112.2 Aamal Co. 16.38 2.0 119.1 13.4 Al Khaleej Takaful Group 47.25 1.7 141.6 4.7 Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Ezdan Real Estate Co. 20.60 3.0 46,307.9 (7.2)United Development Co. 19.20 2.3 1,412.3 9.8Qatari Investors Group 25.75 (0.8) 864.3 68.0National Leasing 49.25 (0.5) 656.6 19.9Islamic Holding Group 37.75 (0.8) 487.4 48.9 Market Indicators 3 Sep 12 2 Sep 12 %Chg. Value Traded (QR mn) 1,143.2 1,099.7 4.0Exch. Market Cap. (QR mn) 466,278.8 465,188.5 0.2Volume (mn) 52.8 51.1 3.4Number of Transactions 3,495 2,875 21.6Companies Traded 39 40 (2.5)Market Breadth 13:20 17:21  –   Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 11,452.96 0.1 (0.2) 2.7 N/A All Share Index 2,044.95 0.1 (0.3) 6.2 9.5Banks 2,046.25 0.1 (0.2) 3.6 11.3Industrials 2,507.37 0.1 (0.5) 9.9 10.6Transportation 1,345.75 (0.3) (0.1) (8.8) 10.6Real Estate 1,696.38 1.2 1.4 1.2 3.0Insurance 1,973.98 0.2 0.3 12.6 11.5Telecoms 1,097.00 (0.4) (1.2) 15.2 14.0Consumer 4,648.22 (0.3) (0.4) 37.2 13.1 GCC Top Gainers ## Exchange Close # 1D% Vol. ‘000 YTD% Investbank Abu Dhabi 1.77 9.3 200.0 19.6 Allianz SF Saudi Arabia 98.50 5.3 1,616.4 259.5 AlAbdullatif Saudi Arabia 29.70 4.2 1,292.4 11.7Boubyan Bank Kuwait 620.00 3.3 200.9 5.1Com. Facilities Co Kuwait 320.00 3.2 205.8 23.1 GCC Top Losers ## Exchange Close # 1D% Vol. ‘000 YTD%  Al Ahli Bank Qatar 59.80 (9.9) 3.5 13.9SPPC Saudi Arabia 36.90 (6.1) 471.0 89.2BBK Bahrain 0.38 (6.0) 11.4 (9.2)Kingdom Holding Co. Saudi Arabia 12.75 (5.6) 2,173.6 44.1Jabal Omar Dev. Co. Saudi Arabia 20.10 (2.9) 3,488.5 65.4 Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%  Al Ahli Bank 59.80 (9.9) 3.5 13.9Medicare Group 40.30 (1.9) 29.1 64.8Dlala Brokerage & Inv. Hold. Co. 43.00 (1.1) 20.6 195.5Qatar Industrial Manufacturing Co 55.00 (1.1) 4.8 (3.5)Mazaya Qatar Real Estate Dev. 11.63 (0.9) 263.0 48.9 Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Ezdan Real Estate Co. 20.60 3.0 926,213.6 (7.2)National Leasing 49.25 (0.5) 32,425.6 19.9United Development Co. 19.20 2.3 26,913.2 9.8Qatar Meat & Livestock Co. 67.60 2.1 24,108.2 112.2Qatari Investors Group 25.75 (0.8) 22,207.9 68.0 Source: Bloomberg (* in QR) Regional IndicesClose 1D% WTD% MTD% YTD%Exch. Val. Traded($ mn)Exchange Mkt.Cap. ($ mn)P/E** P/B**DividendYield Qatar* 8,462.60 0.1 (0.2) (0.2) (3.6) 61.31 128,040.2 9.0 1.7 4.4Dubai 1,547.66 0.1 (0.0) (0.0) 14.4 17.17 48,855.3 14.1 0.7 4.1 Abu Dhabi 2,556.82 (0.0) (0.2) (0.2) 6.4 16.16 76,689.0 8.9 1.0 4.8Saudi Arabia 7,078.53 (0.2) (0.8) (0.8) 10.3 1,677.40 374,090.3 14.6 1.9 3.3Kuwait 5,908.51 0.2 0.8 0.8 1.6 46.14 100,705.0 31.1 1.1 3.4Oman 5,523.42 0.3 0.8 0.8 (3.0) 12.29 19,177.0 10.6 1.5 4.5Bahrain 1,072.37 (0.5) (1.3) (1.3) (6.2) 1.22 19,529.6 10.1 0.8 4.6 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 8,4308,4408,4508,4608,4708,4809:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00    Page 2 of  5   Qatar Market Commentary  The QE index rose 0.1% to close at 8,462.6. The Real Estateand Insurance indices were the major contributors to the gains.The index rose on the back of buying support from non-Qatarishareholders despite selling pressure from Qatari shareholders.  Ezdan Real Estate Co. and United Development Co. were thetop gainers, increasing 3.0% and 2.3% respectively. Among thetop losers, Al Ahli Bank fell 9.9%, while Medicare Group declined1.9%.  Volume of shares traded on Monday increased by 3.4% to52.8mn from 51.1mn on Sunday. Further, as compared to the30-day moving average of 5.1mn (excluding shares traded onspecial market), volume for the day was 937.3% higher asvolumes continued to be boosted by special trades in EzdanReal Estate Co. United Development Co. and Ezdan Real EstateCo. were the most active stocks, contributing 2.7% and 87.7% tothe total volume. Source: Qatar Exchange (* as a % of traded value)   Earnings and Global Economic Data Earnings Releases Company Market CurrencyRevenue(mn) 1H12% ChangeYoYOperating Profit(mn) 1H12% ChangeYoYNet Profit (mn)1H12% ChangeYoY Depa Limited (DEPA) Dubai AED 825 10.1%  –    – (110.0) NA Source: Company data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 09/03 EU Markit PMI Manufacturing August 45.1 45.3 4409/03 France Markit PMI Manufacturing August 46 46.2 43.409/03 Germany Markit PMI Manufacturing August 44.7 45.1 4309/03 UK Lloyds Bank Lloyds Business Barometer August 10  – -809/03 UK Markit PMI Manufacturing August 49.5 46.1 45.209/03 Italy Markit PMI Manufacturing August 43.6 45 44.309/03 China Markit Non-manufacturing PMI August 56.3  – 55.609/03 China HSBC HSBC Manufacturing PMI August 47.6  – 49.3 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar    Qatar to set up national reinsurance company  – Qatar isplanning to set up a national reinsurance company, which will bemajority-owned by the government with the participation of localinsurance companies. (Bloomberg)    Al Meera Consumer Goods Company postpones EGM  – AlMeera Consumer Goods Company has postponed the ExtraOrdinary General Assembly Meeting due to lack of quorum. Themeeting will be held after one month from September 02, 2012.(QE)    Al Meera plans to set up branches in Egypt, Libya  – The AlMeera chain of consumer co-operative stores is planning to setup branches abroad, initially in Egypt and Libya. Al Meera storesDeputy Board Chairman Dr Saif Saeed al-Suweidi said thecompany is studying the feasibility of entering into the Egyptianand Libyan markets in co-operation with local developers andinternational retail traders. He added that the possibility of setting up branches in Jordan and Tunisia is also beingexplored. (Gulf-Times.com)    Etihad Cargo announces freighter operations to Doha  –  Etihad Cargo announced a new weekly freighter operation from Abu Dhabi to Doha, beginning from September 3. The newcargo service will operate every Monday using an Airbus A300-600F freighter, with a capacity of 42 metric tons. Etihad Cargooperates freights to 86 international destinations. (AME Info)    Doha Bank launches overseas money transfer services inDubai  – Doha Bank has launched its new electronic overseasmoney transfer service in Dubai. (AME Info)    Qatar to see surge in water storage capacity  – The water storage capacity in Qatar is set to be augmented by 79mngallons within one year with the construction of 10 newreservoirs and pumping stations. The project comprises ninenew 6mn gallon reservoirs at Umm Qarn and one 25mn gallonreservoir at Al Duhail for the Qatar General Electricity and Water Corporation (Kahramaa). (Gulf-Times.com)    Ezdan Real Estate Company’s shares traded on Special Market  –   Ezdan Real Estate Company’s 46mn shares were traded on the Special Market on September 3. (QE) International    Moody's downgrades EU outlook to Negative  – Moody'sInvestors Service has changed its outlook on the EU’s  Aaarating to Negative. It has warned of a possible downgrade for the bloc if it decides to cut the ratings on the member states withlarge contributions to the EU budget  – Germany, France, UKand Netherlands. The agency also changed the outlook of theEuropean Atomic Energy Community (Euratom) to Negative, on Overall Activity Buy %* Sell %* Net (QR) Qatari 94.65% 94.93% (3,323,079.35)Non-Qatari 5.36% 5.07% 3,323,079.35    Page 3 of  5   whose behalf the European Commission is also empowered toborrow. (Reuters)    Draghi: ECB can buy three-year bonds  – European CentralBank (ECB) President Mario Draghi told ECB would becomfortable buying bonds with maturities of up to about threeyears. Draghi said purchasing short-dated bonds does notconstitute state financing. (Bloomberg)    Reserve Bank of Australia holds key rate  – Reserve Bank of  Australia Governor Glenn Stevens and his board left theovernight cash-rate target at 3.5%. Australia has maintained thehighest benchmark interest rate among major developedeconomies as domestic demand weathers a global slowdown that’s driving down the price of iron ore, the nation’s biggest commodity export. (Bloomberg)    China’s repo rate drops most in six months as PBOC injects cash  –   China’s benchmark money -market rate fell themost in six months as the Central Bank pumped money into the financial system, helping ease a cash shortage. The People’s Bank of China conducted 55bn yuan of seven-day reverse-repurchase operations today at 3.40%. It also injected 40bnyuan using 14-day contracts at 3.50%, down from 3.55% lasttime. (Bloomberg)    UK keeps deficit plan as coalition eyes quicker investment  – UK Prime Minister David Cameron said his government willcontinue with its deficit-reduction plans amid calls fromopposition lawmakers for a rethink as the economy struggles toexit a double-dip recession. (Bloomberg)    Spain finds $126bn enough for its banks  – Spain's EconomyMinister Luis de Guindos said Spain's ailing banks are not likelyto tap the entire $125.7bn fund that is made available by thecountry's Eurozone partners. De Guindos also insisted that noadditional austerity measures will be needed to meet theSpanish government's deficit-reduction target. Meanwhile, twoindebted Spanish regions appealed for emergency funding todeal with a crippling liquidity crunch. Luis de Guindos said Spainis committed to meeting its EU-agreed deficit target of 6.3% of its Gross Domestic Product (GDP) in 2012 despite thediscouraging data for the first seven months of the year. Thecountry's central government deficit was 4.6% of GDP for theJanuary to July period. (Reuters)    Bankia to receive €4.5bn Spanish loan – Spain's state-backedbank restructuring fund said it had decided to inject  €4.5bn intorescued lender, Bankia. The governing board of the Fund for Orderly Bank Restructuring's agreed to proceed with immediate effect to the injection of €4.5bn into the BFA -Bankia group torestore the group's capital levels. (Financial-Times.com) Regional    M&A activity in Middle East up led by Qatar, Abu Dhabi  –   Makram Azar, Global Vice-Chairman for investment banking atBarclays said Middle Eastern deal activity has been picking upafter a subdued period. Cash-rich Gulf Arabs and governmentsare buying European assets. He added that there is a pick-up inM&A activity in the MENA region, led mainly by Qatar and AbuDhabi. Barclays leads M&A advisory rankings in MENA with$4.7bn of deals this year, followed by Goldman Sachs at $3.7bnand Credit Suisse on $3.5bn. (GulfBase.com)    Consumers in MENA region most brand loyal  – According toan Ernst and Young survey, consumers in the MENA region areamong the most brand-loyal in the world. It said 29% of respondents in Saudi Arabia, 31% in the UAE, 33% in Bahrain,34% in Jordan and 35% in Oman stated that brand influencestheir purchasing decision against 25% of respondents in the UKand the US. (Gulf-Times.com)    Saudi home loans surge amid new law impetus  –   Saudi Arabian home lending grew at the fastest pace in at least four years in 2Q2012. Real estate financing jumped 83% YoY toSR48bn, the highest on record. In the UAE, home loans bybanks grew less than 1% in the year to March, while credit to Qatar’s real estate industry rose 34% in 2Q2012. Saudi lendershave been anticipating approval of the nation’s first mortgage law, which happened on July 2 after more than a decade of debate. The law may give banks greater confidence to offer home loans to a wider spectrum of the population because itdefines the rights of borrowers and banks. (Bloomberg)      Saudi Arabia’s August PMI inches up –   The SABB HSBCSaudi Arabia Purchasing Managers' Index stood at 58.31 pointsin August against 58.09 in July. The seasonally adjusted indexwas well above the 50-point mark separating growth fromcontraction. New order growth increased in August to 68.66points from 66.27 in July. Growth of overall input prices climbedto 56.64 points from 55.75, while output price growth fell sharplyto 48.48 from 51.59, recording the first sub-50 level since datacollection began three years ago. (Reuters)    Saudi Credit & Saving Bank to start financing SMEs  – SaudiCredit & Saving Bank has begun receiving applications on itswebsite from citizens to finance Small and Medium Enterprises(SMEs). The bank will finance projects with costs ranging fromSR300,000 to SR8mn. (GulfBase.com)    Zain signs agreement with Vodafone to provide commercialservices and consulting  –   Mobile TelecommunicationCompany (Zain) has entered into a commercial cooperationagreement with Vodafone Sales & Services Limited (Vodafone).Through this agreement Zain KSA will get an access to in-depthknowledge transfer on a range of operational issues, along withbranding and procurement support from Vodafone. (Tadawul)    Gulf Union Cooperative Insurance Company obtains SAMAapproval to sell and market insurance product  – The Gulf Union Cooperative Insurance Company has obtained the Saudi  Arabian Monetary Agency’ s temporary approval to sell andmarket one insurance product. (Tadawul)    Walaa receives SAMA approval to open three new branches  – Saudi United Cooperative Insurance (Walaa) has received aletter of approval from the Saudi Arabian Monetary Agency(SAMA) to open three new branches at Macca, Jubail and Al- Ahsaa. (Tadawul)    UAE emerges as top financial hub in GCC  –    According to asurvey conducted by the Middle East Investor Relations Society(MEIRS), the UAE has emerged as the leading financial center in the GCC region. The financial hubs in Abu Dhabi and Dubaiscored 35.5 out of a possible 50 points. With a score of 34points, Saudi Arabia stood second in the ratings, narrowly aheadof Qatar which scored 32.5. (Gulf-Times.com)    DEWA increases electricity production, networks demandlevels in 2Q2012  –   Dubai Electricity and Water Authority(DEWA) announced an increase in the production and networksdemand levels of electricity by 3% and 3.8% respectively during2Q2012 compared to the same period of last year. Theelectricity production has reached 9,605 GW/hour. Meanwhilethe electricity peak demand reached a total of 6,165 MWcompared to 5,941 MW in 2011. (AME Info)    HSBC, BNP Paribas extend profit-sharing loan to Drydocks  – HSBC Holdings and BNP Paribas are among the banksextending a $1.5bn profit participating loan to Dubai-basedDrydocks World as it restructures debt. The facility which is part    Page 4 of  5   of $2.25bn existing 15-year loan will pay Drydocks World’s creditors profit or cash from asset sales. Dubai World-controlledDrydocks also agreed on a new $800mn five-year term loan witha market interest rate. (Bloomberg)    Dunia Finance reports AED29.1mn net profits for 1H2012  –   UAE-based Government-owned Dunia Finance has reported netprofits of AED29.1mn for 1H2012 as compared to a loss of  AED0.4mn in 1H2011. Net revenues increased by 44% YoY to AED131.1mn. Deposit balances were up 84% YoY to AED313mn, while customer loans and receivables surged by45.2% YoY to AED662mn. (AME Info)    Etihad Rail said to identify banks for $1.3bn loan this month  –    Abu Dhabi-based Etihad Rail, which is building the UA E’s firstrail network, will take a decision this month on a $1.3bn loan tofund the first phase of the project. The loan will have a maturityof five or ten years and payments will be backed by Abu DhabiNational Oil Company, the major user of the railway.(Bloomberg)    Etihad Airways   not interested in Virgin ’s majorityshareholding  – Etihad Airways President and CEO JamesHogan said the company is not interested in becoming amajority shareholder or taking control of Virgin Australia. Etihad Airways confirmed that its stake in Virgin Australia Holdings hasnow reached the 10% threshold. (GulfBase.com)    Dubai Properties Group restarts work on MudonDevelopment  – Dubai Properties Group (DPG), a member of Dubai Holding, has announced plans to complete 348 villas andtownhouses in the Mudon Development, located in Dubai'sgrowing DUBAILAND district. (AME Info)    The National Bank of Abu Dhabi to foray into new markets  –   The National Bank of Abu Dhabi (NBAD), which currentlyoperates in 13 countries on four continents, is on track to makeforays into Lebanon, Iraq, South Sudan and India in the near future, while other markets like Morocco, Tunisia and Algeria arealso under study. (GulfBase.com)    Zain Iraq’s bank funds seized for unpaid fine –   Iraq’s Communications and Media Commission said Zain Iraq, a unitof Kuwait-based Mobile Telecommunications Co. (NMTC), hashad its funds seized in all Iraqi banks until it pays a $262mn finefor selling 5mn SIM cards without permission. (Bloomberg)    Nine international companies to bid for Oman’s OMR60mn rail design project  –   Nine international groups plan to bid for acontract that could be worth OMR60mn to design and consult onthe construction of Oman's first major railway. Oman plans tobuild a 1,000 kilometer railway at an estimated cost of aroundOMR5bn, to be completed by 2018. (Reuters)    Central Bank of Bahrain Treasury bills oversubscribed  –  The Central Bank of Bahrain (CBB) announced that a BHD35mnissue of Government Treasury Bills has been oversubscribed by123%. The bills have a maturity of 91 days and a weightedaverage interest rate of 1.20% as compared to 1.26% for theprevious issue on August 22, 2012. (AME Info)
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