Qatar: Weekly Market Report - 14 March

Transcription

1. ` QSE Index and Volume Regional Indices Qatar (QSE)* Dubai Abu Dhabi Saudi Arabia# Kuwait Oman Bahrain Close WTD% MTD% YTD% 9,970.55 2,574.21 4,997.56 8,526.68 4,744.59 4,074.98 1,409.06 1.9 (0.8) 1.7 0.6 (0.6) (0.9) 0.0 (1.4) (2.3) (2.7) 0.4 (0.6) (1.7) (0.3) (3.2) 1.8 1.7 8.9 0.1 (5.8) 5.4 9,761.69 9,769.04 21,000,000 9,765.88 9,744.22 9,400 0 10-Mar 11-Mar 12-Mar 13-Mar Volume Market Indicators Value Traded (QR mn) Exch. Market Cap. (QR mn) QSE Index Week ended Mar 14, 2019 2,483.6 Week ended Mar 07, 2019 961.8 561,068.2 556,069.8 0.9 75.6 33.1 128.8 31,056 23,348 33.0 46 45 2.2 24:21 13:31 – Volume (mn) Number of Transactions Companies Traded Market Breadth Market Indices Total Return ALL Share Index Banks and Financial Services Industrials Transportation Real Estate Insurance Telecoms Consumer Goods & Services Al Rayan Islamic Index Market Indices Weekly Index Performance 1.9% Close 18,107.18 3,015.97 3,729.33 3,210.23 2,225.41 1,961.43 2,972.61 948.40 7,436.23 3,937.10 WTD% 2.3 0.7 1.3 2.6 0.9 (6.4) 0.7 5.9 3.9 1.9 MTD% (0.0) (2.0) (1.5) (0.5) (0.4) (10.1) 2.2 1.0 1.8 (0.2) Chg. % 158.2 YTD% (0.2) (2.0) (2.7) (0.1) 8.1 (10.3) (1.2) (4.0) 10.1 1.3 1.7% 0.6% 0.0% (0.6%) (0.8%) (0.9%) Weekly Exchange Traded Value ($ mn) 680.08 354.03 368.60 3,582.02 989.32 23.33 30.03 Exchange Mkt. Cap. ($ mn) 154,069.3 94,298.2# 132,310.7 539,323.7 32,763.1 17,695.3 21,592.8 TTM P/E** 13.9 8.2 14.0 18.9 15.1 8.5 9.0 Oman 2.4% 1.6% 0.8% 0.0% (0.8%) (1.6%) (2.4%) 14-Mar Dubai Foreign institutions turned bullish with net buying of QR436.6mn vs. net selling of QR42.7mn in the prior week. Qatari institutions turned bearish with net selling of QR161.5mn vs. net buying of QR56.2mn in the week before. Foreign retail investors remained bearish with net selling of QR36.4mn vs. net selling of QR13.9mn in the prior week. Qatari retail investors turned bearish with net selling of QR238.7mn vs. net buying of QR432.8 thousand the week before. Foreign institutions have bought (net basis) ~$423mn worth of Qatari equities in 2019. 9,800 Kuwait Trading volume increased by 128.8% to reach 75.6mn shares versus 33.1mn shares in the prior week. The number of transactions increased by 33.0% to 31,056 transactions versus 23,348 transactions in the prior week. The Industrials sector led the trading volume, accounting for 43.9%, followed by the Real Estate sector which accounted for 19.2% of the overall trading volume. Mesaieed Petrochemical Holding Company (MPHC) was the top volume traded stock during the week with 23.9mn shares. 9,970.55 Bahrain Trading value during the week increased by 158.23% to QR2.5 billion (bn) versus QR961.8mn in the prior week. The Industrials sector led the trading value during the week, accounting for 29.1% of the total trading value. The Consumer Goods and Services sector was the second biggest contributor to the overall trading value, accounting for 23.8% of the total. Woqod (QFLS) was the top value traded stock during the week with total traded value of QR541.1mn. 42,000,000 Saudi Arabia Ooredoo (ORDS), Qatar Fuel Co. (QFLS) and Commercial Bank of Qatar (CBQK) were the primary contributors to the weekly index gain. ORDS was the biggest contributor to the index’s weekly increase, adding 38.3 points to the index. QFLS was the second biggest contributor to the mentioned gain, contributing 33.9 points to the index. Moreover, CBQK tacked on 33.8 points to the index. On the other hand, Qatar International Islamic Bank (QIIK) deleted 9.0 points from the index. 10,200 Abu Dhabi The Qatar Stock Exchange (QSE) Index increased by 189.37 points or 1.94% during the trading week to close at 9,970.55. Market capitalization gained by 0.9% to QR561.1billion (bn) versus QR556.1bn the previous trading week. Of the 46 listed companies, 24 companies ended the week higher, while 21 declined and one remained unchanged. Ooredoo (ORDS) was the best performing stock for the week with a gain of 10.3% on a trading volume of 1.4mn shares. On the other hand, Ezdan Holding Group (ERES) was the worst performing stock for the week with a decline of 11.1% on 2.2mn shares traded. Qatar (QSE)* Market Review and Outlook P/B** Dividend Yield 1.5 0.9 1.4 1.9 0.9 0.8 0.9 4.4 5.4 4.9 3.3 4.4 6.4 5.8 # Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; Data as of March 13, 2019) Page 1 of 7
2. News Economic & Market News  Cabinet nod to areas where non-Qataris can own real estate – The Cabinet has given its nod to a draft resolution of the Council of Ministers that determined the areas where nonQataris are allowed to own and use real estate. The resolution paves the way for implementation of Law No. 16 of 2018 on the regulation of non-Qatari ownership and use of real estate, the official Qatar News Agency (QNA) reported. After HE the Prime Minister Sheikh Abdullah bin Nasser bin Khalifa AlThani chaired the Cabinet's regular meeting, HE the Minister of Justice and Acting Minister of State for Cabinet Affairs Issa bin Saad Al-Jafali Al-Nuaimi said the Cabinet gave approvals pertaining to the following: allow the ownership of real estate for non-Qatari individuals and non-Qatari commercial companies and real estate investment funds; determine 10 areas where non-Qataris can own real estate; determine 16 areas for the use of real estate by non-Qataris for 99 years; allow non-Qatari ownership of residential villas within residential complexes; allow non-Qatari ownership of shops within commercial complexes; and grant residence to nonQatari owners of real estate whether for the purpose of housing or investment throughout the period of ownership of real estate. In December last year, the Cabinet had approved a draft decision to form a committee to regulate non-Qatari ownership and use of real estate and determine the committee's work system and remuneration. (Gulf-Times.com)  Qatar’s CPI falls 1.55% YoY and rises 0.18% MoM in February – Qatar’s CPI, the measure of inflation in the country, of February 2019 reached 107.76 points (base year is 2013), showing an increase of 0.18% when compared to the previous month. On an annual basis, it showed a decrease of 1.55%. On monthly basis, there were four main groups, where respective indices in this month have increased, namely: ‘Clothing and Footwear’ by 3.69%, followed by ‘Food and Beverages’ by 1.13%, ‘Miscellaneous Goods and Services’ by 0.45%, and ‘Housing, Water, Electricity and Gas’ by 0.28%. Compared to the same month of the previous year, the decrease was primarily due to the decreasing prices seen in the seven groups, namely: ‘Communication’ by 11.45%, followed by ‘Recreation and Culture’ by 6.49%, ‘Transport’ by 2.85%, ‘Housing, Water, Electricity and other Fuel’ by 2.66%, ‘Food and Beverages’ by 1.16%, ‘Clothing and Footwear’ by 0.66%, and ‘Restaurants and Hotels’ by 0.13%. Also, there has been an increase in price levels in five groups, namely: ‘Tobacco’ by 127.19%, ‘Education’ by 9.25%, ‘Furniture and Household Equipment’ by 1.31%, ‘Miscellaneous Goods and Services’ by 0.26%, and ‘Health’ by 0.10%. (Qatar Tribune)  Qatar posts $52bn trade surplus in 2018 – Qatar’s trade surplus stood at $52bn in 2018, HE the Minister of Commerce and Industry Ali bin Ahmed Al-Kuwari said during the QatarPakistan Trade and Investment Conference held in Doha. The Minister also announced that last year’s foreign trade witnessed a 40% growth over 2017, with exports increasing by 25% and non-oil sector contribution to GDP rising 52% in 2017. Al-Kuwari said the World Bank expects the Qatari economy to grow by 2.7% in 2019 and a further 3% in 2020. He stressed that Qatar’s international ranking remains high. He said Qatar ranked first in the Arab world and 22nd globally in the 2018 Global Entrepreneurship Index issued by the US-based Global Entrepreneurship Development Institute. Similarly, Al-Kuwari said Qatar ranked number one globally in terms of low inflation, sixth globally in lack of tax impact on competitiveness, and the eighth globally in the abundance of investment capital. (Gulf-Times.com)  Real estate trading volume exceeds QR320mn in the week ended March 7 – The trading volume of registered real estates in between March 3 to March 7 at the Ministry of Justice’s real estate registration department stood at over QR320mn. The department’s weekly report stated that the trading included empty lands, residential units, residential buildings, residential tower and a multipurpose building. Most of the trading took place in Al Rayyan, Doha, Al Daayen, Umm Salal, Al Wakra, Al Shamal, Al Khor and Al Thakhira. The trading volume of registered real estates in between February 24 to February 28 was over QR323mn. (Peninsula Qatar)  QE Index, QE Al Rayan Islamic Index and QE All Share Index announce changes in constituents as of April 1, 2019 – QE Index, QE Al Rayan Islamic Index and QE All Share Index announced the changes in their constituents as of April 1, 2019. For QE Index, there is no change in its constituents. QE Al Rayan Islamic Index announced that Qatar First Bank will be removed from the index. QE All Share Index & Sectors announced Qatar Cinema & Film Distribution Company will join both ‘QE All Share Index’ and ‘QE Consumer Goods and Services Index’. Qatar General Insurance & Reinsurance will be removed from both ‘QE All Share Index’ and ‘Insurance Index’. (QSE)  Barwa Bank’s CEO: Merger with International Bank of Qatar to be completed by April – Barwa Bank’s CEO, Khalid Al Subaie, said that Barwa Bank’s legal merging with International Bank of Qatar is expected to take place in April, following the approval of Qatar Central Bank, followed by the operational merger which is expected to be by the end of this year. Al Subaie said that there will be a new strategy for the bank as it will double its assets to nearly QR80bn, and there will be a strategy for the new joint entity legal integration under the name of Barwa Bank. He said that the procedure will double the number of branches and in terms of opening the new branches, the decision will be made in a timely manner, but for existing customers, the number of branches will double. (Peninsula Qatar)  GISS building capabilities to cash in on Qatar’s oil, gas sector expansion – Gulf International Services (GISS) started building capabilities of its drilling and aviation subsidiaries to capture business opportunities arising from expansion activities in the country’s oil and gas sector, the company’s top official said. Addressing shareholders during the company’s AGM, GISS’ Chairman, Khalid bin Khalifa Al Thani said, “Given that our strategy rollout is in full swing, the future performance of GISS in the medium and long run would be improved. There are a number of opportunities, which are most likely, available to GISS in the immediate future. The expansion activities in the country’s oil and gas sector will provide significant opportunities for our drilling and aviation subsidiaries.” He Page 2 of 7
3. added , “The drilling segment is aggressively focusing on implementing the previously identified strategy. These strategies currently being implemented are at different stages with the full benefit to be seen over the coming years. Our aviation subsidiary Gulf Helicopters Company (GHC) has actively engaged in market development, including overseas expansions. This will help GHC in utilizing its fleet more efficiently and entering new profitable markets.” The aviation segment will continue to focus on maintaining its current market share and penetrating new markets in Asia and Africa. Meanwhile, he said, given the potential opportunities present to the group and the need to remain financially flexible, the board of directors believes that a dividend payment in 2018 will be a burden to the group’s liquidity position and will place several bottlenecks for future strategy deployment. “GISS will deploy the retained funds to invest and capture the present and future opportunities,” he said. (Qatar Tribune)  Nebras Power’s A M Solar Project in Jordan to be operational in June – The commercial operation of A M Solar Project in Jordan, one of the key global projects of Doha-based Nebras Power, is expected to start in June 2019. A M Solar is Nebras Power’s fourth project in the Kingdom of Jordan. Nebras Power is Qatar Electricity & Water Company’s (QEWS) foreign investment arm and serving its global expansion. The A M Solar Project in Jordan aims to establish a power plant in Jordan with photoelectric solar power with a capacity of 40MW. Nebras Power’s share in the project is 24%. Elaborating on its global future projects, the QEWS in its 2018 report submitted before the AGM recently noted the construction of Sumbagot 134-800 MW Power project in Sumatra, Indonesia is expected to commence in the second quarter of 2019. The project is expected to be completed in the third quarter of 2021. (Peninsula Qatar)  QIIK approves cash dividend of QR4 per share – Qatar International Islamic Bank’s (QIIK) shareholders approved the recommendation forwarded by its board of directors to distribute 40% cash dividend to shareholders, which translates into QR4 per share. QIIK’s CEO, Abdulbasit Ahmad Al-Shaibei said that banks will be in better shape when there is a stable interest regime. He was speaking to the media after the bank’s AGM. He said QIIK does not have plans to raise more debt in the short term. “We don’t need liquidity. The whole idea was to tap new markets – to have funding with a longer tenor and to test the market in general,” Al-Shaibei said referring to QIIK’s $500mn Sukuk, which was recently listed on the London Stock Exchange. The Sukuk was oversubscribed nearly seven times. He also said QIIK did not have plans to close down any of its branches in Qatar. Al-Shaibei added, “We are in the process of relocating some of our branches to places such as popular malls, where we can serve our customers better. It is an ongoing process.” (Gulf-Times.com) holding entity of Qatar Petrochemicals, Qatar Fertiliser, and Qatar Steel, Industries Qatar is currently looking at projects across the globe, including many efficiency projects in terms of facilities expansion and capacity increase across the group, AlSulaiti said. “Our international investments, if any, are going to be limited to either petrochemicals or fertilizers,” he told reporters on the sidelines of Industries Qatar’s Annual General Assembly. In terms of steel production, Al-Sulaiti said the Qatari demand currently accounts for 60% of the capacity of Qatar Steel, while the remainder of the capacity is exported in the region and in some Southeast Asian markets. “When you look at Qatar Steel, this is where we are. We’re not expanding further in steel; our main focus is in petrochemicals and fertilizers,” he pointed out. (Gulf-Times.com)  QAMC’s strict business plan focuses on cost optimization – Qatar Aluminum Manufacturing Company (QAMC), which owns 50% interest in Qatalum, has put in a strict business plan with special emphasis on cost optimization as part of its efforts to enhance efficiency. The company will announce an interim dividend next month along with its 2019 first quarter results. The dividend to be declared will pertain to the six-month period from July 1, 2018 to December 31, 2018, in line with the company’s Initial Public Offering prospectus and the founder’s (Qatar Petroleum) economic rights waiver. It has obtained the necessary no objection from the Ministry of Commerce and Industry to amend the company’s Articles of Association to have the first financial year to end on December 31, 2019. Qatalum does not envisage any increase in production at present but its focus is now on enhancing efficiency, according to Mohamed Jaber A Al-Sulaiti, QAMC’s board member. Qatalum’s operations have been ranked among the most efficient smelters in terms of cash cost in US Dollar per metric ton. It aims to continue to improve processes throughout the organization to optimize costs. The company benchmarks ‘cash cost’ to track its progress as it implements best practices. It utilizes benchmarks to measure its performance and evaluate results. The Qatalum Improvement Programme (QIP) seeks to continuously optimize processes throughout the organization resulting in reduced business costs. (GulfTimes.com)  QIBK mandates banks for USD Sukuk – Qatar Islamic Bank (QIBK) has mandated Barclays, Boubyan Bank, Crédit Agricole CIB, QInvest, QNB Capital and Standard Chartered Bank as joint lead managers and joint bookrunners to arrange a series of fixed income investor meetings in Singapore, Hong Kong and London, commencing on March 14, 2019. A benchmark fixed rate USD Regulation S five-year senior unsecured Sukuk offering under QIBK’s $4,000,000,000 Trust Certificate Issuance Programme will follow subject to market conditions. FCA/ ICMA stabilization applied. (QSE)  Expansion possible in petrochemicals, fertilizers, says Industries Qatar’s official – Industries Qatar’s investments abroad, if any, will be in petrochemicals or fertilizers according to a senior official. Qatar Petroleum’s Privatized Companies Affairs Manager, Mohamed Jaber A. Al-Sulaiti said petrochemicals or fertilizers may form the bulk of Industries Qatar’s investments abroad as part of the group’s plans to selectively invest in capital investment projects. As the Page 3 of 7
4. Qatar Stock Exchange Top Gainers Top Decliners 0 .0% 12.0% 10.3% 8.0% 6.9% -4.0% 6.6% 6.1% 5.6% -5.5% -6.0% 4.0% -8.0% -7.6% -8.6% 0.0% Ooredoo Qatar Navigation The Commercial Bank Qatar Fuel Company Mesaieed Petrochemical Holding Co. Source: Qatar Stock Exchange (QSE) -12.0% -11.1% Ezdan Holding Group Qatar International Qatar Cinema & Islamic Bank Film Distribution Co. Qatar Industrial Gulf International Manufacturing Co. Services Source: Qatar Stock Exchange (QSE) Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million) 600.0 24.0 541.1 23.9 444.9 400.0 16.0 246.4 8.7 200.0 175.9 141.9 8.0 4.4 0.0 0.0 Qatar Fuel Company Mesaieed Petrochemical Holding Co. Qatar Insurance Company QNB Group Industries Qatar Source: Qatar Stock Exchange (QSE) Mesaieed Petrochemical Holding Co. United Qatar Insurance Qatar Development Company Aluminium Company Manufacturing Company 400 41.46% Non-Qatari 1,186 59.04% 1,586 6.28% 60% 4.82% 20% Doha Bank Net Traded Value by Nationality (QR Million) 100% 40% 3.1 Source: Qatar Stock Exchange (QSE) Investor Trading Percentage to Total Value Traded 80% 7.1 25.99% (400) 19.48% 16.66% 26.27% Qatari 1,298 898 0% Buy Sell Qatari Individuals Qatari Institutions Non-Qatari Individuals Non-Qatari Institutions Source: Qatar Stock Exchange (QSE) (500) - 500 Net Investment 1,000 Total Sold 1,500 2,000 Total Bought Source: Qatar Stock Exchange (QSE) Page 4 of 7
5. TECHNICAL ANALYSIS OF THE QSE INDEX Source : Bloomberg The QE Index managed to close up by 1.94% from the week before, and closed at 9,970.55. We remain on the view of the corrective side of the Index as we wait for opportunities of possible reversals. We keep our weekly support level at the 9,250 level and our resistance at the 10,400 level. DEFINITIONS OF KEY TERMS USED IN TECHNICAL ANALYSIS RSI (Relative Strength Index) indicator – RSI is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between 0 to 100. The index is deemed to be overbought once the RSI approaches the 70 level, indicating that a correction is likely. On the other hand, if the RSI approaches 30, it is an indication that the index may be getting oversold and therefore likely to bounce back. MACD (Moving Average Convergence Divergence) indicator – The indicator consists of the MACD line and a signal line. The divergence or the convergence of the MACD line with the signal line indicates the strength in the momentum during the uptrend or downtrend, as the case may be. When the MACD crosses the signal line from below and trades above it, it gives a positive indication. The reverse is the situation for a bearish trend. Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a security. The ‘body’ of the chart is portion between the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use a one-day candlestick chart (every candlestick represents one trading day) in our analysis. Doji candlestick pattern – A Doji candlestick is formed when a security's open and close are practically equal. The pattern indicates indecisiveness, and based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal. Shooting Star/Inverted Hammer candlestick patterns – These candlestick patterns have a small real body (open price and close price are near to each other), and a long upper shadow (large intraday movement on the upside). The Shooting Star is a bearish reversal pattern that forms after a rally. The Inverted Hammer looks exactly like a Shooting Star, but forms after a downtrend. Inverted Hammers represent a potential bullish trend reversal. Page 5 of 7
6. Com pany Nam e Price March 14 % Change WTD % Change YTD Market Cap. QR Million TTM P/E P/B Div. Yield Qatar National Bank 179.00 0.00 (8.21) 165,332 12.8 2.5 3.4 Qatar Islamic Bank 149.00 2.91 (1.97) 35,208 13.8 2.3 3.4 Commercial Bank of Qatar 43.69 6.56 10.92 17,682 12.4 1.1 2.3 Doha Bank 18.90 (3.87) (14.86) 5,860 9.6 0.7 5.3 Al Ahli Bank 29.00 2.65 13.93 6,710 10.1 1.2 3.1 Qatar International Islamic Bank 63.90 (8.57) (3.36) 9,672 11.7 1.7 6.3 Masraf Al Rayan 37.30 3.32 (10.51) 27,975 13.1 2.1 5.4 Al Khaliji Bank 10.87 0.83 (5.81) 3,913 7.1 0.7 6.9 Qatar First Bank 3.98 (1.00) (2.45) 796 N/A 0.8 N/A National Leasing 7.92 (4.00) (9.90) 392 52.3 0.5 6.3 Dlala Holding 9.87 3.68 (1.30) 280 N/A 1.3 N/A Qatar & Oman Investment Islamic Holding Group 5.60 (1.75) 4.87 176 38.4 0.6 5.4 21.50 4.37 (1.60) 122 290.2 0.9 N/A 122.00 1.67 17.31 1,755 14.9 1.9 4.8 6.52 3.49 15.19 75 N/A 1.6 N/A Banking and Financial Services Zad Holding Qatar German Co. for Medical Devices Salam International Investment 274,120 4.22 (2.09) (2.54) Medicare Group 65.02 (1.48) 3.04 Qatar Cinema & Film Distribution 17.33 (7.57) (8.89) 193.70 6.14 Qatar Meat and Livestock 62.07 Mannai Corp. Qatar Fuel Al Meera Consumer Goods 482 N/A 0.4 N/A 1,830 21.6 1.8 2.8 109 12.8 0.8 5.8 16.69 19,259 16.6 2.4 4.1 0.93 (11.33) 1,117 10.3 3.1 7.2 50.43 2.86 (8.23) 2,301 5.6 0.9 8.0 153.51 (0.90) 3.72 3,070 16.8 2.2 5.5 Consum er Goods and Services 29,999 Qatar Industrial Manufacturing 38.15 (6.03) (10.66) 1,813 9.1 1.1 6.6 Qatar National Cement 63.00 5.04 5.88 4,117 11.8 1.3 7.9 122.00 1.93 (8.69) 73,810 14.7 2.1 4.9 25.22 5.08 (9.31) 3,136 15.2 1.1 3.0 170.00 (0.14) (8.11) 18,700 12.2 1.8 4.6 9.74 3.84 10.18 6,136 13.9 0.8 6.2 Gulf International Services 13.60 (5.49) (20.00) 2,527 N/A 0.7 N/A Mesaieed Petrochemical Holding 18.99 5.56 26.35 23,857 17.2 1.6 4.2 5.05 (0.59) 3.27 419 10.1 0.5 5.0 11.25 (1.14) (15.73) 6,278 N/A N/A N/A Qatar Insurance 34.60 1.23 (3.62) 11,034 19.7 1.4 4.3 Doha Insurance 12.15 (1.62) (7.18) 608 10.1 0.6 6.2 Qatar General Insurance & Reinsurance 39.70 (0.75) (11.54) 3,474 14.2 0.6 5.5 9.05 2.84 5.36 231 31.9 0.4 5.5 55.90 0.63 4.08 839 13.3 2.3 6.3 7.7 Industries Qatar Qatari Investors Group Qatar Electricity and Water Aamal Invesment Holding Group Qatar Aluminum Manufacturing Industrials Al Khaleej Takaful Insurance Qatar Islamic Insurance 140,794 Insurance 16,185 United Development 12.91 (3.51) (12.47) 4,571 9.1 0.4 Barw a Real Estate 39.65 2.45 (0.65) 15,429 8.1 0.8 6.3 Ezdan Real Estate 11.00 (11.08) (15.25) 29,177 38.2 0.9 N/A 7.09 0.71 (9.10) 821 25.2 0.5 N/A Mazaya Qatar Real Estate Development Real Estate Ooredoo Vodafone Qatar 49,998 69.50 10.32 (7.33) 22,262 14.2 1.0 5.0 7.70 (0.65) (1.41) 6,510 55.5 1.4 3.2 Telecom s 28,772 Qatar Navigation (Milaha) 67.90 6.93 2.86 7,776 14.9 0.5 5.2 Gulf Warehousing 40.00 (3.61) 3.98 2,344 9.9 1.4 4.7 Qatar Gas Transport (Nakilat) 20.00 (1.67) 11.54 11,081 12.4 1.6 5.0 Transportation 21,201 Qatar Exchange 561,068 Source: Bloomberg Page 6 of 7
7. 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 7 of 7