GCC Daily Market Update - 28 April

Transcription

1. DAILY MARKET UPDATE April 28 , 2016 GLOBAL MARKETS MARKET COMMENTARY Change Performance Value (%) MTD (%) YTD (%) Closing Level Indices Global S&P 500 Dow Jones Ind. Average Nasdaq FTSE 100 DAX 30 CAC 40 BIST 100 Nikkei Hang Seng Shanghai Composite BSE Sensex GCC QE Index Saudi Arabia (TASI) UAE (ADX) UAE (DFM) Kuwait (KSE) Oman (MSM) Bahrain (BAX) S&P GCC Dow Jones Islamic Commodity Brent (USD/bbl) WTI (USD/bbl) Natural Gas (USD/mmBTU) Gold Spot (USD/t oz.) Copper (USD/lb) 2,095.2 18,041.6 4,416.6 6,319.9 10,299.8 4,559.4 85,374.2 17,290.5 21,361.6 2,953.7 26,064.1 3.5 51.2 (36.3) 35.4 40.2 26.2 (382.2) (62.8) (45.7) (11.0) 56.8 0.2 0.3 (0.8) 0.6 0.4 0.6 (0.5) (0.4) (0.2) (0.4) 0.2 1.7 2.0 (1.5) 2.3 3.4 4.0 2.5 3.2 2.8 (1.7) 2.9 2.5 3.5 (3.8) 1.2 (4.1) (1.7) 19.0 (9.2) (2.5) (16.5) (0.2) 10,159.5 6,820.3 4,588.2 3,507.0 5,429.4 5,939.1 1,112.2 1,518.1 2,865.7 (18.0) 63.2 3.4 (56.3) 26.1 (21.5) (0.1) (0.5) (0.7) (0.2) 0.9 0.1 (1.6) 0.5 (0.4) (0.0) (0.0) (0.0) (2.1) 9.6 4.5 4.5 3.8 8.6 (1.7) 2.0 1.7 (2.6) (1.3) 6.5 11.3 (3.3) 9.9 (8.5) 4.9 2.5 47.2 45.3 2.0 1,249.2 221.7 1.4 1.3 (0.0) 7.0 (2.6) 3.2 2.9 (1.8) 0.6 (1.1) 18.5 17.7 9.1 1.3 1.6 25.9 21.8 (8.6) 17.9 3.9 Source: Bloomberg Global Global markets ended on a mixed note on Wednesday. US indices advanced, after Fed left interest rates unchanged and indicated no hurry to raise it. Gains in US crude prices boosted Energy shares; however Technology stocks capped gains, after tech major Apple Inc. reported discouraging results, indicating signs of weakness in the sector. Tech heavy NASDAQ bucked the positive trend, closing 0.8% in red. European equities closed marginally higher supported by Energy stocks as oil reached USD 45 a barrel. Most Asian markets closed lower, expressing caution ahead of Fed and BoJ meet. Japan’s Nikkei closed 0.4% lower, while Shanghai Composite also ended in red with early gains wiped out by a positive reading on Chinese industrial firms' profits for March that lowered the chances of authorities adding to their stimulus program. GCC Gulf markets closed on a mixed note. Saudi Arabia’s index outperformed its peer GCC benchmark, adding 0.9%, supported by gains in oil prices. Petrochemical sector led the gains, with sector major SABIC closing 1.5% higher. Saudi Kayan, the heaviest traded stock during the session also rallied 5.4%, boosted by crude prices. Al Tayyar Travel jumped 7.7% in unusually heavy trade after the Saudi reform plan unveiled this week emphasized the need to develop the Tourism sector. Other gulf markets were subdued. Dubai’s index closed 1.6% lower, dragged by Emaar Properties, which lost 1.7% as it went ex-dividend. Qatar QE index closed 0.2% lower, majorly due to net profit booking by domestic and Gulf institutions. The losses were however capped after Qatar First Bank, saw its shares settle 36% higher than its book value, on the first day of trade. The stock constituted about 64% of the total trading volume. Profit booking was witnessed majorly in Insurance and Transportation sector. Out of 44 companies listed, 42 exchanged hands or which 17 advanced, 22 declined and 3 remained unchanged. QATAR MARKET OVERVIEW P/E (x) P/B (x) Dividend Yield (%) Value Traded (USD mn) Qatar All share 12.3 1.3 4.2 74.8 10,400 DSM 20 12.4 1.2 4.3 50.9 9,900 Saudi Arabia (TASI) 15.7 1.6 3.8 1,932.1 9,400 UAE (ADX) 12.0 1.5 5.4 41.8 8,900 UAE (DFM) 11.9 1.3 3.5 141.2 Kuwait (KSE) 17.7 1.0 4.7 40.4 Oman (MSM) 13.5 1.3 4.4 10.8 Bahrain (BAX) 8.8 0.6 4.9 0.2 1D Change Performance Value (%) YTD (%) YoY (%) Vol. P/E (‘000) TTM GCC Fundamentals Source: Bloomberg Qatar Trading Activity Top Gainers MERS Al Ahli Bank Doha Insurance Co QOIS Mannai Corporation Top Losers National Leasing Qatari Investors Group MRDS Dlala Holding Barwa Real Estate Co Source: Bloomberg; Close Price 208.5 44.5 20.4 11.3 90.5 5.5 1.0 0.3 0.2 1.0 2.7 2.2 1.6 1.4 1.1 (5.2) 1.4 (3.1) (8.5) (5.0) (12.7) (3.8) (20.4) (29.0) (19.3) 26.5 25.3 1.9 13.2 1.6 9.4 128.3 19.3 0.6 8.4 16.8 53.2 14.3 20.5 32.2 (1.2) (1.8) (0.4) (0.5) (0.8) (6.8) (3.3) (2.7) (2.4) (2.4) 19.2 41.1 6.0 10.8 (19.5) (23.1) 9.7 (23.4) (29.8) (36.7) 656.6 NA 388.1 25.1 730.0 14.1 642.6 NA 347.6 4.1 Note: Prices are in local currency. Qatar DSM Index 10,900 8,400 31/Jan 20.0 10,159.52 10.0 0.0 14/Feb 28/Feb 13/Mar Index Volume (mn) 27/Mar 10/Apr 24/Apr Index Value Source: Bloomberg QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation Closing Level 2,745.2 6,522.7 3,142.6 4,322.5 2,529.7 1,155.7 2,525.8 1D Change (%) 0.5 0.9 (0.2) (1.7) (0.9) (0.2) (1.1) Buy (%) 52.6 14.4 67.0 18.3 14.7 33.0 Sell (%) 47.8 21.4 69.2 14.2 16.6 30.8 Source: Qatar Exchange Qatar Trading Summary Qatari Individuals Qatari Institutions Qatari – Total Foreign Individuals Foreign Institutions Foreign – Total Source: Qatar Stock Exchange, Bloomberg 1
2. DAILY MARKET UPDATE April 28 , 2016  As expected, US Federal Reserve made no change to monetary policy in light of disappointing recent economic data. Federal Open Market Committee said that economic activity appears to have slowed. The benchmark interest rate is kept unchanged in a range of 0.25% to 0.50%. (Source: RTT) Oman has set a target to attract over 5mn international visitors a year by 2040, up from 2.6mn visitors last year. It is also aiming to increase the percentage tourism contributes to GDP to 6%, from 2.5% at present, over the same period. (Source: Zawya)  US Homebuyers stepped up their purchases in March-16, signing contracts to buy existing homes at the highest pace in nearly a year. A monthly index measuring pending sales increased 1.4% MOM in March-16, and is also 1.4% higher than March-15, according to National Association of Realtors. (Source: CNBC) Bahrain’s economy is expected to slow further in 2016 and 2017, weighed down by weak investor sentiment and fiscal adjustments, with financial outflows expected to continue, according to the IMF. IMF expected Bahrain’s fiscal deficit to touch 19.5% of GDP this year and sees it remaining high over the medium term. (Source: Gulf News)  The bilateral trade between Bahrain and Russia had reached USD 1mn in January-16. (Source: Arabian Business)  Bahrain launched its new tourism identity under the slogan of 'Ours. Yours' as part of plans to further diversify the national economy away from its dependence on oil. Bahrain’s tourism sector contributed around USD 700mn - 3.6% of GDP in 2015, and is expected to increase to USD 1bn by 2020. (Source: Arabian Business)  Greenland Hong Kong Holdings Ltd has signed a deal to set up an USD 8bn real estate fund with Kuwait Strategic Investor’s Al Waseet International and to take a stake in a luxury New York City development in exchange. The company said that it would issue 459.0mn convertible preferred shares to Al Waseet International. GLOBAL NEWS    UK economy expanded at a slower pace in Q1-16 as the service sector alone made positive contribution to growth. GDP grew 0.4% QoQ, when the economy expanded 0.6% QoQ, according to the National Statistics. (Source: RTT)  Italy's consumer confidence weakened unexpectedly in April-16, while business sentiment improved. The consumer confidence index fell to 114.2 in April-16 from 114.9 in March-16. At the same time, the confidence index in manufacturing rose to 102.7 in April-16 from 102.2 in March-16.The overall economic sentiment index climbed from 100.2 in March-16 to 102.7 in April-16. (Source: LSE) (Source: Arabian Business)  GCC NEWS  Real estate prices in UAE are likely to continue declining this year mainly due to the oil slump which has in turn dampened the hiring and expansion plans of energy firms besides the softening of non-oil private companies' business activities, according to S&P's. (Source: Trade Arabia)  UAE’s Etihad Airways has announced a net profit of USD 103mn for 2015 compared with USD 73mn a year ago. Revenues rose by 22% to USD 9.0bn, compared to USD 7.6bn in 2014. (Source: Arabian Business)  Abu Dhabi state-owned investment fund Mubadala has chosen banks to arrange a dollar-denominated bond issue. The planned transaction would be of benchmark size - traditionally understood to mean upwards of USD 500mn. (Source: Arabian Business)  National Bank of Abu Dhabi posted a fall 10.7% fall in Q1-16 net profit to AED 1.3bn (USD 345.8mn) as compared to AED 1.4bn in Q115. Customer loans stood at AED 199.6bn as on 31 March-16, 0.3% YoY down from AED 200.2bn. Deposits dipped 6.6% YoY to reach AED 233.3bn in Q1-16. (Source: Zawya)  National Bank of Abu Dhabi is confident of its ability to deliver singledigit earnings growth in 2016, said the bank's CFO. (Source: Zawya)  Dubai Islamic Bank posted a 7.2% increase in Q1-16 net profit to AED 875.3mn (USD 238.3mn) as compared to AED 816.7mn in the corresponding period of 2015. Total lending rose 5.9% YoY to AED 102.9bn while deposits gained 11.4% YoY to AED 122.5bn. (Source: QATAR NEWS  Qatar’s foreign merchandise trade surplus stood at QAR 6.3bn in March-16, a decline of 15.3% MoM or QR1.1bn compared to February-16. The total exports of goods increased by 0.4% MoM in March-16. (Source: The Peninsula)  Qatar is working on setting up a specialized center to combat money laundering and terrorism financing in order to raise awareness and raise the level of operation of different stakeholders locally, regionally and globally in combating these crimes, the Minister of Finance stated. (Source: The Peninsula)  Fitch Ratings has affirmed International Bank of Qatar’s (IBQ) Longterm issuer default ratings at ‘A+’ with a stable outlook. The agency also upgraded IBQ’s Viability Rating to ‘bbb-’ from ‘bb+’. (Source: The Peninsula)  Ezdan Holding Group has launched its QAR 4.5bn Ezdan Oasis project in Al Wukair, a residential-cum-commercial development, which includes as many as 8,679 apartments. More than 60% of the project is ready and the first phase is set for commissioning early next year, group’s CEO said. (Source: Zawya)  Ooredoo Group revenue reached QAR 7.9bn in Q1-16. The Group’s net profit to shareholders rose sharply by 75% to QAR 879mn mainly due to positive foreign exchange impact in Indonesia and Myanmar. Zawya)   Dubai International Financial Centre (DIFC) has announced the launch of Gate Avenue at DIFC, a USD 130mn mixed use project for the financial hub. The project is set to emerge as a premium lifestyle destination offering amenities including 150 retail outlets and a mosque. Construction is expected to begin this year and set for completion by the end of 2017. (Source: Arabian Business) Dubai’s Atlantis on Palm Jumeirah is about to spend USD 100mn or even more on renovations, the President and MD of Atlantis has said. (Source: Arabian Business)  Quilter Cheviot expects its Dubai office to turn a profit within two to three years after opening its first base outside the United Kingdom and Ireland in the Gulf Emirate, the company’s CEO said. (Source: Arabian Business) Kuwait-based Jazeera Airways announced 33% YoY rise in Q1-16 net profit to KWD 4mn (USD 13.2mn). The operating revenue fell 8% YoY to KWD 11.9mn in Q1-16, while passenger numbers rose by 5.1% YoY and load factor increased by 2.4% YoY. (Source: Arabian Business) (Source: The Peninsula)  Al Meera has announced an increase of 14.6% in Q1-16 net profit to QAR 49.4mn from QAR 43.0mn in Q1-15. EPS reached QAR 2.5 in Q116 from QAR 2.2 in Q1-15. (Source: QSE)  Qatar's Barwa Real Estate reported an 80% fall in Q1-16 net profit. Barwa made a net profit of QAR 651mn (USD 178.82mn) in Q1-16 compared to QAR 3,255mn in Q1-15. (Source: Zawya)  Qatar office vacancy rose in Q1-16 as government spending cuts began to impact the market, according to a report. Recent government budget cuts, due to the prolonged period of low oil prices has resulted in a significant drop in the overall demand for office space since early 2015. (Source: Zawya) 2
3. DAILY MARKET UPDATE April 28 , 2016 FX RATES Currencies Value Currencies Value EUR/USD 1.1352 USD/QAR 3.6411 111.4600 EUR/QAR 4.1334 USD/JPY GBP/USD 1.4573 JPY/QAR 0.0327 USD/CHF 0.9711 GBP/QAR 5.3062 USD/CAD 1.2599 CHF/QAR 3.7495 AUD/USD 0.7591 CAD/QAR 2.8900 NZD/USD 0.6846 AUD/QAR 2.7640 USD/INR 65.9525 INR/QAR 0.0552 USD/TRY 2.8189 TRY/QAR 1.2917 USD/ZAR 14.4078 ZAR/QAR 0.2527 USD/BRL 3.5271 BRL/QAR 1.0323 FX Commentary The US dollar plunged yesterday against the euro, hitting a nearly one week low. The USD rallied briefly, before pulling back after a statement by the Federal Reserve strengthened the expectations that the US central bank would go slow on rate hikes and there would be just two interest rate increases this year. The US Fed left the interest rate unchanged while keeping the option of a hike in June. However, the USD slightly edged up against the JPY. The USD-JPY trade activity remained subdued as traders waited for the Bank of Japan’s policy statement to be released today. Analysts are expecting the Japanese central bank to increase its stimulus measures in an effort to weaken its currency. The US dollar index, which measures the strength of the greenback against a basket of currencies, was trading about 0.11% down at 94.474 towards the end. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 1 Month 3 Month 1 Year 0.38 0.40 0.44 0.63 1.24 (0.39) (0.36) (0.34) (0.25) (0.01) QAIBOR 1.07 1.16 1.31 1.45 1.77 SAIBOR NA NA 1.73 2.03 2.24 EIBOR 0.24 0.37 0.64 1.07 1.61 BMIBOR 0.45 0.65 0.93 1.33 1.80 KIBOR 0.75 NA 1.00 1.31 1.69 LIBOR EURIBOR Qatar vs US Treasuries Yields 4.19% 5.0% 2.5% 0.0% 2.14% 2.45% 2.45% 1.19% 5 Yrs 1.50% 1.80% 7 Yrs 10 Yrs US 0.96% 2.68% 0.62% 2 Yrs Qatar 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 20.0 3.1 Turkey 238.6 (11.3) UK 38.2 21.7 Brazil 338.5 (108.2) Germany 18.2 5.3 Egypt 480.5 81.6 France 37.5 7.4 Abu Dhabi 90.5 16.7 120.9 17.8 Bahrain 353.2 32.3 2.53% 1.86% 1.57% 2.0% 2.12% 2.22% 0.93% 1.0% 0.80% 1.71% 1.47% 1.27% Italy Greece 0.0% 2 Yrs 5 Yrs 7 Yrs Current 10 Yrs Last Year 30 Yrs Spreads 6M Change 1,134.4 5 Years CDS Spread 6M Change 1.6 Dubai 215.0 13.7 Russia 251.1 (39.9) Qatar 93.7 20.6 Japan 36.0 (4.0) Saudi Arabia 153.5 10.3 Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event 9:00 UK Nationwide House PX MoM 10:55 Germany Unemployment Change (000's) 15:00 Germany CPI YoY 15:30 US Initial Jobless Claims 15:30 US GDP Annualized QoQ 16:00 Russia Gold and Forex Reserve Period Survey Prior Apr 0.40% 0.80% Apr 0k 0k Apr P 0.10% 0.30% Apr-23rd 259k 247k 1Q A 0.60% 1.40% Apr-22nd -- 386.2b Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) NA NA NA 1,332.0 (6.0) (22.5) National Bank Of Abu Dhabi 3,560.2 5.3 4.9 1,270.6 (10.7) 22.6 Abu Dhabi Commercial Bank 2,735.0 4.1 6.2 1,020.3 (18.2) (14.3) Ooredoo Qsc 7,888.1 (1.9) (1.0) 878.6 75.3 144.0 Dubai Islamic Bank 1,990.3 20.0 6.0 875.3 7.2 1.2 43.4 First Gulf Bank National Bank Of Fujairah Al Meera Consumer Goods Co Warba Bank Kscp NA NA NA 150.5 0.7 641.2 13.7 (0.4) 49.4 14.6 96.6 NA NA NA 0.1 - (130.7) Source: Bloomberg 3
4. DAILY MARKET UPDATE April 28 , 2016 QSE MAIN FINANCIAL INDICATORS Company Ahli Bank Comm. Bank of Qatar Dlala Doha Bank Islamic Holding Al khalij Commercial Bank Rayan National Leasing Qatar First Bank Qatar Islamic Bank Intl. Islamic Bank QNB Qatar Oman Banks & Financial Services Medicare Al Meera Cinema Qatar Fuel Qatar German Co. Med Salam International Widam Zad Holding Company Consumer Goods & Services Aamal Gulf International Industries Qatar Mannai Corp. Mesaieed Qatar Electricity & Water The Investors Ind. Manf. Co. National Cement Co. Industrials Al Kaleej Takaful Doha Insurance Qatar Insurance General Insurance Islamic Insurance Insurance Barwa Ezdan Holding Mazaya Qatar United Dev. Company Real Estate Ooredoo Vodafone Qatar Telecoms Gulf warehousing Co Nakilat Qatar Navigation Transportation Market Dividend Yield (%) 3.3 7.9 0.0 8.1 1.5 5.7 5.2 N/A (‫)غ‬ N/A (‫)غ‬ 4.3 6.3 2.0 5.4 3.5 5.4 4.4 4.2 4.9 N/A (‫)غ‬ 8.9 4.3 N/A (‫)غ‬ 4.8 N/A (‫)غ‬ 2.9 4.8 5.6 N/A (‫)غ‬ 3.6 2.3 7.7 3.8 3.3 3.9 5.0 2.8 N/A (‫)غ‬ 6.3 2.6 N/A (‫)غ‬ N/A (‫)غ‬ 1.9 7.9 0.8 N/A (‫)غ‬ N/A (‫)غ‬ 0.0 1.9 5.2 5.6 4.9 3.0 P/B Ratio (x) 1.9 0.9 2.3 1.1 2.8 1.1 2.3 N/A (‫)غ‬ N/A (‫)غ‬ 1.8 1.9 2.0 1.1 1.8 2.7 3.3 1.8 2.2 N/A (‫)غ‬ 0.8 3.9 N/A (‫)غ‬ 2.3 N/A (‫)غ‬ 1.7 2.0 1.8 N/A (‫)غ‬ 3.4 2.9 1.3 1.9 2.8 1.2 1.0 2.9 N/A (‫)غ‬ 3.2 3.1 N/A (‫)غ‬ N/A (‫)غ‬ 1.2 0.6 5.9 N/A (‫)غ‬ N/A (‫)غ‬ N/A (‫)غ‬ 2.7 1.7 0.8 1.2 2.4 P/E Ratio (x) 12.9 9.9 (M) (‫)س‬ 7.3 (H) (‫)م‬ 9.9 12.1 N/A (‫)غ‬ N/A (‫)غ‬ 11.5 12.1 10.5 26.4 10.9 18.0 24.1 16.9 11.3 N/A (‫)غ‬ 11.1 14.5 N/A (‫)غ‬ 13.9 N/A (‫)غ‬ 12.1 15.1 8.3 N/A (‫)غ‬ 15.3 25.9 10.0 11.1 18.8 19.7 9.3 15.4 N/A (‫)غ‬ 13.5 18.2 N/A (‫)غ‬ N/A (‫)غ‬ 14.3 9.9 88.1 N/A (‫)غ‬ N/A (‫)غ‬ N/A (‫)غ‬ 19.2 13.2 9.5 12.0 16.2 EPS (QR) 3.4 3.9 (M) (‫)س‬ 5.1 0.5 1.8 2.8 N/A (‫)غ‬ N/A (‫)غ‬ 8.7 5.3 13.6 0.4 5.9 5.2 8.4 2.1 13.8 N/A (‫)غ‬ 1.0 4.3 N/A (‫)غ‬ 5.9 N/A (‫)غ‬ 2.8 6.9 10.8 N/A (‫)غ‬ 13.7 2.1 3.9 7.8 2.5 1.3 2.2 5.3 N/A (‫)غ‬ 4.7 3.4 N/A (‫)غ‬ N/A (‫)غ‬ 1.0 1.9 0.2 N/A (‫)غ‬ N/A (‫)غ‬ 0.0 3.3 1.8 9.5 3.1 2.7 BV/Share (QR) 23.2 43.4 9.4 34.0 24.5 15.9 15.0 N/A (‫)غ‬ N/A (‫)غ‬ 54.2 34.1 70.9 10.0 35.8 34.4 62.4 20.4 71.0 N/A (‫)غ‬ 15.0 15.9 N/A (‫)غ‬ 35.8 N/A (‫)غ‬ 20.6 51.7 50.5 N/A (‫)غ‬ 62.4 18.8 29.2 46.3 16.6 21.5 21.0 27.8 N/A (‫)غ‬ 20.0 19.8 N/A (‫)غ‬ N/A (‫)غ‬ 12.8 29.8 3.4 N/A (‫)غ‬ N/A (‫)غ‬ 0.0 23.3 13.9 114.2 30.3 18.0 Stock Price (QR) 43.5 38.1 21.0 37.0 69.5 17.6 33.9 18.0 15.0 99.8 63.3 142.7 11.1 93.0 203.0 36.2 155.4 12.3 11.3 62.7 85.0 13.0 34.1 104.9 89.5 19.6 209.0 55.0 39.0 86.2 25.6 20.0 81.0 49.0 63.8 33.0 18.6 14.7 19.1 91.2 12.0 62.6 23.6 89.8 Company ‫االهلي‬ ‫التجاري‬ ‫داللة‬ ‫بنك الدوحة‬ ‫اإلسالمية القابضة‬ ‫الخليجي‬ ‫الريان‬ ‫االجارة‬ ‫ األو ل‬QFC ‫المصرف‬ ‫الدولي‬ ‫الوطني قطر بنك‬ ‫قطروعمان‬ ‫البنوك والخدمات المالية‬ ‫الرعاية‬ ‫الميرة‬ ‫السينما‬ ‫قطر للوقود‬ ‫الطبية‬ ‫السالم‬ ‫ودام‬ ‫زاد‬ ‫البضائع والخدمات االستهالكية‬ ‫أعمال‬ ‫الخليج الدولية‬ ‫صناعات قطر‬ ‫مجمع المناعي‬ ‫مسيعيد‬ ‫كهرباء وماء‬ ‫المستثمرين‬ ‫التحويلية‬ ‫االسمنت‬ ‫الصناعات‬ ‫الخليج‬ ‫الدوحة‬ ‫قطر‬ ‫العامة‬ ‫االسالمية‬ ‫التأمين‬ ‫بروة‬ ‫إزدان القابضة‬ ‫مزايا قطر‬ ‫المتحدة للتنمية‬ ‫العقارات‬ ‫كيوتل‬ ‫فودافون قطر‬ ‫االتصاالت‬ ‫مخازن‬ ‫ناقالت‬ ‫المالحة‬ ‫النقل‬ Source: Qatar Exchange; Note: The above mentioned indicators were calculated according to the latest reliable financial data. DISCLAIMER It is understood that any opinions expressed by Commercial Bank or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of Commercial Bank or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this materials or for any delays, inaccuracies, errors in, or omissions of the said information. 4