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Qatar: Daily Market Report - 27 May

Majed Salah
By Majed Salah
4 years ago
Qatar: Daily Market Report - 27 May


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  1. QSE Intra-Day Movement Market Indicators Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 9,800 9,750 9,700 9,650 9:30 Market Indices 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE Index declined 0.3% to close at 9,697.3. Losses were led by the Consumer Goods & Services and Transportation indices, falling 1.5% and 1.1%, respectively. Top losers were Qatar Oman Investment Company and Islamic Holding Group, falling 5.1% and 4.0%, respectively. Among the top gainers, Qatar Islamic Insurance Company gained 2.5%, while Qatar International Islamic Bank was up 1.7%. Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 26 May 19 23 May 19 %Chg. 297.2 537,359.7 10.3 6,927 41 8:31 292.0 538,194.3 8.9 7,558 42 14:22 1.8 (0.2) 15.1 (8.3) (2.4) – Close 1D% WTD% YTD% TTM P/E 17,843.86 2,886.54 3,585.88 3,191.56 2,305.01 1,591.23 3,031.43 874.79 7,684.53 3,846.09 (0.3) (0.3) (0.3) 0.5 (1.1) (0.5) (0.2) (0.6) (1.5) (0.2) (0.3) (0.3) (0.3) 0.5 (1.1) (0.5) (0.2) (0.6) (1.5) (0.2) (1.7) (6.3) (6.4) (0.7) 11.9 (27.2) 0.8 (11.4) 13.8 (1.0) 13.6 13.7 12.5 16.1 12.4 13.3 17.5 18.0 15.0 13.2 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 Saudi Arabia: The TASI Index fell 2.0% to close at 8,360.2. Losses were led by the Food & Beverages and Banks indices, falling 3.9% and 2.4%, respectively. Savola Group declined 6.2%, while Arabian Centres Co. was down 4.7%. Comm. Bank of Kuwait Emaar Malls Dubai: The DFM Index fell 0.3% to close at 2,581.8. The Consumer Staples and Disc. index declined 1.8%, while the Real Estate & Const. index fell 1.7%. International Financial Advisors declined 9.7%, while Arabtec Holding was down 5.3%. Kuwait 0.52 2.0 2,821.9 14.0 Dubai 1.87 1.1 2,436.3 4.5 Abu Dhabi Comm. Bank Abu Dhabi 8.84 1.0 1,044.9 8.3 Dubai Islamic Bank Dubai 5.02 1.0 3,740.0 0.4 Industries Qatar Qatar 110.49 1.0 26.2 (17.3) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 Kuwait: The Kuwait Main Market Index fell marginally to close at 4,720.5. The Basic Materials index declined 2.3%, while the Cons. Goods index fell 1.6%. Comm. Facilities declined 10.0%, while Livestock Transport & Trading was down 7.7%. Savola Group Saudi Arabia 29.65 (6.2) 531.2 Saudi Int. Petrochemical Saudi Arabia 21.08 (4.2) 2,294.5 5.6 Oman: The MSM 30 Index fell 0.1% to close at 3,870.9. Losses were led by the Services and Industrial indices, falling 0.4% and 0.3%, respectively. Muscat Finance fell 3.0%, while Galfar Engineering & Contracting was down 2.5%. Boubyan Petrochem. Co. Kuwait 0.91 (3.9) 745.5 (7.2) Alinma Bank Saudi Arabia 24.00 (3.6) 13,676.7 4.4 Saudi British Bank Saudi Arabia 38.20 (3.5) 585.7 17.0 Abu Dhabi: The ADX General Index fell 0.1% to close at 4,774.7. The Investment & Fin. Services index declined 0.5%, while the Telecommunication index fell 0.4%. Eshraq Investments declined 3.2%, while Abu Dhabi Islamic Bank was down 0.7%. Bahrain: The BHB Index gained 0.1% to close at 1,410.3. The Commercial Banks index rose 0.4%, while the other indices ended flat or in red. Ahli United Bank rose 0.6%. YTD% 10.6 Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC Composite Large Mid Cap Index) QSE Top Gainers Qatar Islamic Insurance Company Qatar International Islamic Bank Qatar Industrial Manufacturing Co Mesaieed Petrochemical Holding Industries Qatar Close* 52.90 64.99 38.50 28.19 110.49 1D% 2.5 1.7 1.0 1.0 1.0 Vol. ‘000 1.5 76.9 10.8 4,043.6 26.2 YTD% (1.5) (1.7) (9.8) 87.6 (17.3) QSE Top Losers QSE Top Volume Trades Close* 28.19 7.99 4.05 203.00 7.87 1D% 1.0 (0.5) (1.5) (2.2) 0.8 Vol. ‘000 4,043.6 1,952.8 1,273.5 446.7 423.5 YTD% 87.6 (38.4) (0.7) 22.3 (11.0) QSE Top Value Trades Mesaieed Petrochemical Holding Ezdan Holding Group Qatar First Bank Qatar Fuel Company Aamal Company YTD% Qatar Oman Investment Co. Islamic Holding Group Qatari Investors Group Qatar Cinema & Film Distribution Qatar Fuel Company Mesaieed Petrochemical Holding Qatar Fuel Company QNB Group Ezdan Holding Group Qatar First Bank Close* 5.60 20.17 22.10 18.10 203.00 1D% (5.1) (4.0) (3.0) (2.7) (2.2) Vol. ‘000 1.8 9.9 92.8 0.5 446.7 YTD% 4.9 (7.7) (20.5) (4.8) 22.3 Close* 28.19 203.00 166.80 7.99 4.05 1D% 1.0 (2.2) (0.1) (0.5) (1.5) Val. ‘000 115,443.1 91,984.7 21,617.4 15,613.9 5,177.1 YTD% 87.6 22.3 (14.5) (38.4) (0.7) P/E** P/B** 13.6 11.3 13.9 19.1 14.3 8.1 10.3 1.5 1.0 1.4 1.9 0.9 0.8 0.9 Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Close 1D% WTD% MTD% YTD% 9,697.30 2,581.80 4,774.75 8,360.19 4,720.51 3,870.93 1,410.32 (0.3) (0.3) (0.1) (2.0) (0.0) (0.1) 0.1 (0.3) (0.3) (0.1) (2.0) (0.0) (0.1) 0.1 (6.5) (6.7) (9.2) (10.1) (2.2) (1.9) (1.6) (5.8) 2.1 (2.9) 6.8 (0.4) (10.5) 5.5 Exch. Val. Traded ($ mn) 81.41 32.23 17.57 792.54 62.17 2.15 0.83 Exchange Mkt. Cap. ($ mn) 147,612.7 93,964.5 133,705.0 524,683.4 32,712.1 16,910.9 21,848.1 Dividend Yield 4.5 5.2 5.2 3.6 4.0 7.1 5.4 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6
  2. Qatar Market Commentary  The QE Index declined 0.3% to close at 9,697.3. The Consumer Goods & Services and Transportation 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 Oman Investment Company and Islamic Holding Group were the top losers, falling 5.1% and 4.0%, respectively. Among the top gainers, Qatar Islamic Insurance Company gained 2.5%, while Qatar International Islamic Bank was up 1.7%.  Volume of shares traded on Sunday rose by 15.1% to 10.3mn from 8.9mn on Thursday. However, as compared to the 30-day moving average of 13.2mn, volume for the day was 22.1% lower. Mesaieed Petrochemical Holding Company and Ezdan Holding Group were the most active stocks, contributing 39.3% and 19.0% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 43.86% 36.85% 20,837,943.51 Qatari Institutions 11.26% 35.91% (73,257,465.88) Qatari 55.12% 72.76% (52,419,522.37) GCC Individuals 1.11% 0.78% 980,015.74 GCC Institutions 2.07% 2.49% (1,256,729.49) GCC 3.18% 3.27% (276,713.75) Non-Qatari Individuals 10.45% 10.17% 847,061.19 Non-Qatari Institutions 31.26% 13.81% 51,849,174.93 Non-Qatari 41.71% 23.98% 52,696,236.12 Source: Qatar Stock Exchange (* as a % of traded value) Stock Split Dates for Listed Qatari Companies Source: QSE Page 2 of 6
  3. News Qatar  Saudi Arabia’s King invites the Amir to GCC Summit – HH the Amir Sheikh Tamim bin Hamad Al-Thani has received an invitation from Saudi Arabia’s King Salman bin Abdulaziz to attend the GCC’s emergency summit, scheduled to take place in Mecca on May 30, state-run Qatar News Agency reported. (Bloomberg)  QGRI to close Sofitel branch from June 27 – Pursuant to Qatar General Insurance & Reinsurance Company’s (QGRI) board of directors’ resolution and Qatar Central Bank’s approval to that respect, QGRI announced its intention to close its branch located in Musheireb (Sofitel branch) as at June 27, 2019. In addition, QGRI affirmed its commitment towards all operations of this closed branch and any other liabilities resulting there from and informs its valued clients that their respective files shall be transferred to the company’s headquarter, without any change or impact on the services being provided to them. (QSE)  MRDS announces date to collect dividends for year 2012 and 2013 – Mazaya Qatar Real Estate Development (MRDS) announced the last date to collect dividends from Masraf Al Rayan for financial year ending December 31, 2012 and December 31, 2013 will be May 28, 2019. Onwards of May 29, 2019, Masraf Al Rayan is not responsible anymore for dividends distribution of MRDS for financial year ending December 31, 2012 and December 31, 2013 that can be claimed directly from the company’s premises. Dividends for the financial year 2018 will be distributed through Masraf Al Rayan, as informed earlier through a detailed publication in the newspaper on May 9, 2019. (QSE)  QIA takes stake in Severn Trent – Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA), has taken a GBP200mn stake in UK’s water company Severn Trent, the Financial Times reported. (Bloomberg)  Al-Shaibei: QCB’s prudent monetary policy helps Qatari banks stay healthy – Qatari banks have been able to maintain a very healthy balance sheet in the first quarter, due to the Qatar Central Bank’s (QCB) prudent monetary policy and the overall growth momentum in the country, according to Qatar International Islamic Bank’s (QIIK) CEO, Abdulbasit Ahmad AlShaibei. Besides achieving growth in their balance sheet, the Qatari banks have been able to do well in containing nonperforming loans. Post-blockade, QCB injected funds into the local banking system. That was done to help local banks pay off their liabilities and tide over the crisis due to the unjustified blockade on Qatar that was imposed on June 5, 2017. “It was done very smoothly, without shaking the banking system. And the Qatari financial system has thus earned a lot of trust from international banks,” Al-Shaibei emphasized. He said many Qatari banks have also succeeded in tapping other sources of funding including bonds and Sukuk from abroad. Post-blockade, Al-Shaibei said, the economy got further diversified in terms of either production (across various sectors) or finding alternative routes for exports and imports. The non-oil economy in particular has enhanced its contribution to the national economy. (Gulf-Times.com)  CEO: QIIK stays focused on digitalization, utilizing fintech – Qatar International Islamic Bank (QIIK) remains focused on digitalization and utilizing financial technology (fintech), which is rapidly emerging, according to QIIK’s CEO, Abdulbasit Ahmad Al-Shaibei. Al-Shaibei said, “This is the future of banking. We cannot afford to miss out. With fintech, we will see greater competition from outside. From outside, they (fintech) can compete with us using technology. We are looking at ways to partner with fintech companies. We are also looking closely at the block-chain technology. And as a bank, we are investing significantly on the IT infrastructure. Cyber security is a top priority for us as we adopt technology in a big way.” Qatar Central Bank’s Governor, HE Sheikh Abdulla bin Saoud Al-Thani had already stated that Qatar recognized fintech as a primary tool for achieving long-term development goals for the financial sector. This, the governor noted, would require the right regulatory environment, competitive operating costs, government support, funding and a robust financial services sector. (Gulf-Times.com)  QFMA and QSE to hold seminar on stock split – Qatar Financial Markets Authority (QFMA) and Qatar Stock Exchange (QSE) will hold a seminar on Tuesday on splitting the stock of companies and legal entities listed at QSE. The seminar will explain how to implement the splitting process and its schedule, as well as its objectives and advantages for each of the listed companies and investors and the financial market in general. (Qatar Tribune)  Mannai Trading Company and UiPath announce strategic partnership – Mannai Trading Company, the largest Systems Integrator & leading provider for Business Process Management (BPM) automation in Qatar and UiPath, the leading enterprise Robotic Process Automation (RPA) software company, announced a technological partnership to drive a new level of integration of RPA to organizations in Qatar. By harnessing Mannai Trading Company’s extensive experience in delivering digital business process automation projects, the partnership with UiPath will provide customers in Qatar with access to best-of-breed implementation and management services along with industry leading RPA and Intelligent Automation technology, the company stated. (Peninsula Qatar)  China seeks enhanced ties with Qatar in several fields – ChinaArab Economic Cooperation Committee (CAECC), a sovereign non-profit entity that is promoting the Belt and Road Initiative, is in discussions with Qatar's Supreme Council for Delivery and Legacy (SC) to promote Chinese visitors and business ties at the 2022 FIFA World Cup. Moreover, China is keen to enhance its relations with Qatar especially in the areas of technology such as fintech, Artificial Intelligence and block-chain as well as agriculture, infrastructure and tourism sectors in a big way, Snow Feinan Li, Chairperson of CAECC of China Association for Promoting International Economic and Technical Cooperation. Highlighting that CAECC could collaborate (with SC) in securing visitors from China; she said it could also cooperate in joint promotional activities and recommend opportunities for Chinese sponsors for the 2022 World Cup. The visit of HH the Emir Sheikh Tamim bin Hamad Al-Thani to China in April this year opened up wider horizons for cooperation and strengthening of strategic partnership, where bilateral relations were strengthened. (Gulf-Times.com) Page 3 of 6
  4. International  UK ever more polarized as Brexit Party storms to EU vote win – Nigel Farage’s Brexit Party stormed to victory in a European election, riding a wave of anger at the failure of Prime Minister Theresa May to take the UK out of the European Union. A European Parliament election that the UK only took part in because May delayed Brexit showed a country even more polarized over the EU divorce nearly three years since a 2016 referendum in which it voted 52% to 48% to leave. The UK was supposed to have left on March 29 but it remains a member of the EU and its politicians are still arguing over how, when or even whether the country will leave the club it joined in 1973. May announced she was stepping down, saying it was a matter of deep regret that she could not deliver Brexit. The Conservative Party was on course for one of its worst results in a nationwide election ever. (Reuters)  ECB's Weidmann sees no need for policy action – European Central Bank’s (ECB) Policymaker and Presidential hopeful Jens Weidmann said he saw no need for the ECB to change its policy at present, despite a weaker Eurozone’s economy. ECB’s Governing Council is due to meet on June 5-6 and decide on the terms of its third round of cheap loans to banks - one of several measures it has deployed to stimulate lending in the bloc. “This isn’t a situation where prices are falling and we have to react now,” the Head of Germany’s central bank told members of the public at the Bundesbank’s open days. (Reuters)  Japan to add IT, telecom sectors to foreign ownership restriction – Japan’s government stated it will add from August the information-technology and telecommunication sectors to a list of industries for which restrictions on foreign ownership of Japanese firms apply. The new rule comes amid heightening US pressure in dealing with cyber-security risks and technological transfers involving China. (Reuters)  China's industrial profits shrink in April, add to pressure on economy – Profits for China’s industrial firms dropped in April on slowing demand and manufacturing activity, suggesting the previous month’s rebound may have been a one-off and adding pressure for policymakers to step up support for a cooling economy. Industrial profits declined 3.7% YoY to 515.4bn Yuan in April, according to the National Bureau of Statistics (NBS). That compared with a 13.9% surge in March, which was the biggest gain in eight months. For the first four months, industrial firms notched up profits of 1.81tn Yuan, down 3.4% from a year earlier, compared with a 3.3% drop in the first quarter this year. The profit decline in April was due to the timing of the government’s planned cuts in value-added tax that kicked in at the start of April, bringing forward pent-up demand for some industrial goods and boosting profits in March. (Reuters) Regional  Middle East HNI wealth to grow 6% annually over the next five years – The wealth of high-net worth individuals (HNIs) in the Middle East and Africa (MEA) region is likely to grow at 6% annually over the next five years, according to a report. The wealth of HNIs grew to $70tn globally in 2018, albeit at a decelerated rate of 4% on the back of challenging equity markets, the new Oliver Wyman and Deutsche Bank Report stated. The strongest growth rates were observed in Emerging Markets at 7%-8%, while Developed Markets trailed behind at 2%-3%. "We anticipate this growth divergence to continue over the coming years. Wealth managers looking to achieve above average growth rates must take a look at their Emerging Markets footprint and strategy to best position themselves to capture this growth," the report stated. (Zawya)  Saudi Arabian Mining Company to weigh rights issue of as much as $5bn – Saudi Arabian Mining Company is weighing a plan to raise as much as $5bn through a rights offering to finance potential acquisitions, according to sources. Maaden is working with HSBC Holding’s Saudi Arabia unit on the possible offering that could happen later this year, sources said. The size of the rights issue has not been finalized and could end up being smaller than $5bn, they said. The Public Investment Fund (PIF), which owns a 65% stake in the mining firm, will also participate in the rights issue through a debt-for-equity swap and exchange its loans to Maaden subsidiaries into equity, sources added. Maaden, a so-called national champion in the Kingdom’s economic diversification plan, has been looking for possible takeover targets, CEO, Darren Davis said. The company is working with financial advisers including Michael Klein and JPMorgan Chase & Company as it scouts for potential acquisitions, sources said in July. (Bloomberg)  Saudi Oger considering filing for bankruptcy – Saudi Oger is considering options, including filing for bankruptcy, Al Arabiya reported, citing unidentified sources. The construction company faces up to 45,000 claims amounting to $8bn, Al Arabiya reported. (Bloomberg)  Dubai's Emaar Properties hires advisors for sale of district cooling unit – Dubai’s Emaar Properties has hired advisors including Standard Chartered for the sale of its district cooling business, sources said, as part of a broader plan to offload noncore activities. Emaar Properties’ Chairman, Mohammed Alabbar has said in an interview with CNBC Arabia in July last year that the group, which is 32% owned by the Emirate’s government, is seeking to sell assets beyond its main businesses. The developer of the world’s tallest skyscraper, the Burj Khalifa, last year hired London-headquartered Standard Chartered to advise on the disposal of five hospitality assets, which were sold to Abu Dhabi National Hotels. Established in 2004, Emaar District Cooling provides services to key projects in the UAE, though it gave no further detail on the size of the business. Emaar’s core businesses focus on property development, retail and hospitality. (Reuters)  Finablr to spend $200mn of IPO money on expansion – Payments and foreign exchange company Finablr plans to use $200mn from its share sale in London earlier this month to expand both organically and via acquisitions, its CEO, Promoth Manghat said. The UAE-based company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, raised $400mn in an Initial Public Offering (IPO) on the London Stock Exchange. Half of that amount was raised selling new shares. “This money will strengthen our balance sheet and give us more fire power to execute our expansion strategy,” he said. Expansion plans also include acquisitions focused on intellectual property and technology and across payments and foreign exchange, he said. The investment, over the next two to three years will be made in its existing businesses across the Page 4 of 6
  5. Middle East , Asia and Africa as well as in the payments business in Europe and the US, he added. (Reuters)  Kuwait's KIPCO has no imminent issuance plans after upgrading bond program – Kuwait Projects Company (KIPCO), the Gulf state’s largest listed investment company, has no imminent plans to issue US Dollar-denominated bonds, however, will keep monitoring the market closely, a company executive said. KIPCO last week updated its bond program, under which it may issue bonds worth up to $3bn. HSBC has been hired as arranger and dealer for the program, with other dealers including Emirates NBD Capital, First Abu Dhabi Bank (FAB), JPMorgan, KAMCO Investment Company and MUFG. “We are not looking at an imminent bond issue,” Director, group financial control at KIPCO, Anuj Rohtagi said. “We will keep monitoring the market closely,” he added. KIPCO, rated ‘BBB-’ by S&P and ‘Baa3’ by Moody’s, have total assets of $34.2bn as of the end of last year. Its portfolio includes commercial banking, asset management, investment banking and real estate operations. It has three international bonds outstanding, each amounting to $500mn and maturing in 2020, 2023 and 2027. (Reuters) Page 5 of 6
  6. Rebased Performance Daily Index Performance 1 .0% 120.0 0.1% 0.0% (2.0%) 60.0 Apr-15 Apr-16 Apr-17 QSE Index Apr-18 S&P Pan Arab Saudi Arabia 80.0 Apr-19 S&P GCC Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Gold/Ounce 1,284.75 0.1 0.6 0.2 Silver/Ounce 14.57 (0.2) 1.1 (6.0) DJ Industrial Crude Oil (Brent)/Barrel (FM Future) 68.69 1.4 (4.9) 27.7 Crude Oil (WTI)/Barrel (FM Future) 58.63 1.2 (6.6) 29.1 2.68 0.0 2.7 (15.9) STOXX 600 LPG Propane (Arab Gulf)/Ton 53.75 3.9 (8.1) (15.4) DAX LPG Butane (Arab Gulf)/Ton 51.25 3.8 (4.7) (26.8) 1.12 0.2 0.4 (2.3) Yen 109.31 (0.3) (0.7) GBP 1.27 0.5 (0.1) CHF 1.00 0.2 AUD 0.69 0.4 USD Index 97.61 RUB BRL Natural Gas (Henry Hub)/MMBtu Euro Dubai (3.0%) Abu Dhabi 84.1 (0.1%) (0.1%) (0.3%) Oman (2.0%) (0.0%) Bahrain 95.6 (0.3%) Kuwait (1.0%) Qatar 100.0 102.6 Close 1D%* WTD%* YTD%* 2,095.03 0.4 (1.0) 11.2 25,585.69 0.4 (0.7) 9.7 S&P 500 2,826.06 0.1 (1.2) 12.7 NASDAQ 100 7,637.01 0.1 (2.3) 15.1 375.89 0.8 (1.1) 8.9 12,011.04 0.7 (1.5) 11.4 FTSE 100 7,277.73 0.9 (1.1) 7.9 CAC 40 5,316.51 0.9 (1.9) 10.0 (0.3) Nikkei 21,117.22 (0.0) (0.1) 6.5 (0.3) MSCI EM 986.65 0.2 (1.0) 2.2 0.9 (2.0) SHANGHAI SE Composite 2,853.00 0.2 (0.8) 14.0 0.9 (1.7) HANG SENG 27,353.93 0.3 (2.1) 5.6 (0.2) (0.4) 1.5 BSE SENSEX 39,434.72 2.0 5.4 9.8 64.47 (0.6) (0.5) (7.5) Bovespa 93,627.80 0.1 6.1 2.5 0.25 0.4 1.8 (3.5) 1,279.11 0.3 1.9 19.7 Source: Bloomberg Global Indices Performance MSCI World Index RTS Source: Bloomberg (*$ adjusted returns) Contacts Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535 saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6589 PO Box 24025 mehmet.aksoy@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNB FS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNB FS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNB FS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNB FS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNB FS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNB FS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNB FS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNB FS. Page 6 of 6