Qatar: Weekly Market Report - 15 June

Transcription

1. `` QSE Index and Volume Regional Indices Qatar (QSE)* Dubai Abu Dhabi Saudi Arabia# Kuwait Oman Bahrain Close WTD% MTD% YTD% 9,257.90 3,459.44 4,501.77 6,853.54 6,810.68 5,248.41 1,327.02 0.2 1.7 0.6 (0.2) 0.4 (2.0) 0.3 (6.5) 3.6 1.7 (0.3) 0.4 (3.2) 0.6 (11.3) (2.0) (1.0) (4.9) 18.5 (9.2) 8.7 15,000,000 9,135.16 9,095.45 9,059.93 8,950 0 11-Jun 12-Jun 13-Jun 14-Jun Volume Market Indicators Value Traded (QR mn) QSE Index Week ended June 15 , 2017 1,928.7 Week ended June 08 , 2017 2,926.3 500,654.7 495,346.8 1.1 82.3 104.4 (21.2) 21,494 31,011 (30.7) 43 44 (2.3) 26:15 2:41 – Exch. Market Cap. (QR mn) 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 2.4% 15-Jun Close 15,524.95 2,630.83 2,813.35 2,876.77 1,967.92 2,003.34 4,176.14 1,146.70 5,421.52 3,663.43 WTD% 0.2 1.1 (0.3) 0.2 2.6 4.2 4.6 (0.1) 1.7 0.3 MTD% (6.5) (5.0) (7.8) (6.2) (6.9) 5.1 1.8 (8.4) (7.0) (7.7) Chg. % (34.1) YTD% (8.1) (8.3) (3.4) (13.0) (22.7) (10.7) (5.8) (4.9) (8.1) (5.7) 1.7% 0.6% 1.2% 0.4% 0.3% 0.2% 0.0% (0.2%) (1.2%) (2.4%) Weekly Exchange Traded Value ($ mn) 621.39 663.93 422.62 2,932.74 99.44 27.43 14.12 Exchange Mkt. Cap. ($ mn) 137,479.8 97,775.3# 118,396.8 432,079.5 90,606.4 21,230.9 21,210.7 TTM P/E** 15.4 16.6 16.3 16.2 18.5 12.0 8.3 Oman (2.0%) Saudi Arabia Foreign institutions remained bearish with net selling of QR284.9mn vs. net selling of QR653.2mn in the prior week. Qatari institutions remained bullish with net buying of QR340.4mn vs. net buying of QR675.1mn the week before. Foreign retail investors remained bearish with net selling of QR5.7mn vs. net selling of QR156.8mn in the prior week. Qatari retail investors turned bearish with net selling of QR49.8mn vs. net buying of QR134.9mn the week before. In 2017 YTD, foreign institutions bought (on a net basis) ~$700mn worth of equities. 9,125 Qatar (QSE)* Trading volume decreased by 21.16% to reach 82.32mn shares versus 104.42mn shares in the prior week. The number of transactions decreased by 30.69% to reach 21,494 transactions versus 31,011 transactions in the prior week. The Banks and Financial Services sector led the trading volume, accounting for 37.94%, followed by the Telecoms sector which accounted for 33.82% of the overall trading volume. Vodafone Qatar (VFQS) was the top volume traded stock during the week with total traded volume of 26.8mn shares. 9,189.98 Bahrain Trading value during the week decreased by 34.09% to reach QR1.93bn versus QR2.93bn in the prior week. The Banks and Financial Services sector led the trading value during the week, accounting for 45.74% of the total trading value. The Telecoms sector was the second biggest contributor to the overall trading value, accounting for 16.43% of the total trading value. QNBK was the top value traded stock during the week with total traded value of QR261.6 million (mn). 30,000,000 9,257.90 Kuwait Qatar Insurance Co. (QATI), Qatar Electricity & Water (QEWS) and Qatar Islamic Bank (QIBK) were the primary contributors to the weekly index gain. QATI was the biggest contributor to the index’s weekly decrease, adding 27.5 points to the index. QEWS was the second biggest contributor to the increase, tacking on 15.8 points to the index. Moreover, QIBK contributed 9.7 points to the index. On the other hand, Masraf al Rayan (MARK) contributing negatively, deleting 35.0 points from the index. 9,300 Abu Dhabi The Qatar Stock Exchange (QSE) Index gained 20.2 points, or 0.22% during the trading week to close at 9,257.90. Market capitalization increased by 1.1% to QR500.7 billion (bn) versus QR495.3bn at the end of the previous week. Of the 44 listed companies, 26 companies ended the week higher, while 15 fell and 3 remained unchanged. Gulf Warehousing Co. (GWCS) was the best performing stock for the week with a gain of 11.0% on 793,820 shares traded. On the other hand, Qatari Investors Group (QIGD) was the worst performing stock with a decline of 7.2% on 347,270. Dubai Market Review and Outlook P/B** Dividend Yield 1.6 1.3 1.3 1.6 1.2 1.1 0.8 3.7 4.1 4.6 3.3 3.8 5.5 5.9 # Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; Data as of June 14, 2017) Page 1 of 7
2. News Economic & Corporate News  CBQK’s Deputy CEO, COO leave – Commercial Bank’s (CBQK) Deputy Chief Executive Officer (CEO), Colin Macdonald, and Chief Operating Officer (COO) Samir El Sheikh left, as the Doha-based lender restructures. Leonie Lethbridge will replace El Sheikh, who left the bank to pursue his own interests, according to a statement from CBQK. Macdonald’s role is no longer required amid the restructuring, as the bank has more CBQK executives on the board of its Turkish unit and associate banks. CBQK, Qatar’s third largest bank by assets, is restructuring after completing a QR1.5bn rights offering in 1Q2017. The bank expects provisions to remain elevated for the next few quarters, CEO Joseph Abraham said in April, after the bank’s 1Q2017 net income slumped 68%. (Bloomberg)  QATI planning stock split to enhance liquidity – Qatar Insurance Company (QATI) is considering 1:10 stock split, whereby each share will be subdivided into 10 shares, a move that ought to enhance the liquidity of the scrip and thus help in price discovery. The face value of QATI shares which stood at QR10 per piece will be reduced to QR1 after the split. The lower price would entice more day traders and smaller investors to participate in the trading activity, thereby increasing the liquidity of QATI’s stock; improved liquidity will prompt international and large investors to invest more in QATI’s equity, thereby improving the price and valuation of QATI’s stock further. QATI is the first listed entity to announce the move, almost two years after Article 152 of the new Commercial Companies Act No 11 of 2015 allowed the nominal value of a share to be between QR1 and QR100. (GulfTimes.com)  Fitch places Qatar's 'AA' IDR on Rating Watch Negative – Fitch Ratings has placed Qatar's 'AA' Long-Term Foreign and LocalCurrency Issuer Default Ratings (IDRs) on Rating Watch Negative (RWN). The Short-Term Foreign and Local-Currency IDRs of 'F1+' and the issue ratings of 'AA' on Qatar's long-term foreign-currency senior unsecured bonds have also been placed on RWN. Fitch has affirmed the country ceiling at 'AA+'. The RWN on Qatar's ratings reflects the heightened uncertainty resulting from the decision of Saudi Arabia, the UAE, Bahrain, Egypt and some other Arab countries to sever diplomatic and logistical ties with Qatar. (Reuters)  FM: Blockade of Qatar a violation of international law – HE the Foreign Minister, Sheikh Mohamed bin Abdulrahman al-Thani said blockade of Qatar by neighboring Gulf nations have clear violations of international law and international humanitarian law. He added that this will not have a positive impact on the region but a negative one. Separately, he added that the Gulf Co-operation Council (GCC) is the most appropriate framework for finding solutions to disputes in the region and reaffirmed Qatar’s commitment to the approach of dialogue in resolving differences with some neighboring countries. (Reuters, GulfTimes.com)  QP: Business as usual despite diplomatic rift – Qatar Petroleum (QP) has said that it was conducting business as usual throughout its upstream, midstream and downstream operations, despite rising diplomatic tensions with its Gulf neighbors. QP added that it was prepared to take any necessary decisions and measures, should the need arise, to ensure that it honored commitments to customers and partners. (Reuters)  Qatar’s balance sheet shows it could defend currency for long – Qatar’s balance sheet suggests it could defend its currency for years in the face of economic sanctions by other Gulf states, so the riyal’s peg to the US dollar is unlikely to fall victim to the region’s diplomatic crisis. S&P puts the government’s liquid external assets at 170% of GDP, or about $295bn, based on the International Monetary Fund’s (IMF) estimate of Qatar’s GDP. Moreover, before the crisis, the IMF had predicted that firm oil and gas prices would help Qatar run a current account surplus of $1.2bn in 2017, rising gradually to $4.7bn in 2020, against a deficit of $3.5bn in 2016. (Reuters)  Moody’s: Qatar’s credit quality to decline if GCC tensions persist – Ratings agency Moody’s said credit quality of Qatar would decline if tensions with its Gulf neighbors continue for much longer, raising the country’s debt ratio and hurting banks’ liquidity. Moody’s added that total external debt of Qatar was 150% of its GDP. Currently, Moody’s rates Qatar at ‘Aa3’ with a ‘stable’ outlook. (Reuters)  S&P: External funding not a problem for banks – S&P Global Ratings said the size of Qatar’s external funding cannot be seen as an imminent threat to the country’s banking system. S&P’s credit analyst Mohamed Damak said, “The banks (in Qatar) have managed to attract a significant amount of external funding, mostly denominated in US dollars and mostly shortterm debt of about six months, according to our understanding. On the other hand, Qatari banks have used a large portion of this funding to finance typically long term local projects denominated in Qatari riyal, resulting in a significant open position in US dollars.” There are several factors that are protecting Qatar banks from the risks of significant external funding, including the expected stability of the peg between the Qatari riyal and the US dollar, which could otherwise inflate the value of external debt. (Peninsula Qatar)  Qatar Airways flies high as FY 2017 profit jumps 22% – Qatar Airways has registered a 21.7% YoY increase in its net profit for FY 2017 (April 1, 2016 to March 31, 2017). In its annual report for FY 2017 released in Doha, Qatar Airways showed an annual revenue increase of 10.4%. Qatar Airways’ available seat kilometers (ASK) increased by 21.9% to 185,208mn. Qatar Airways’ Group Chief Executive Akbar Al-Baker said that the annual results once again reflect the success of the expansion and growth strategy that has seen the Qatar Airways Group grow from a small regional airline into an aviation powerhouse over the last two decades. The Hamad International Airport’s third-phase development plan is underway, and this will add significant capacity to the airport and allow Qatar Airways to continue its upward growth trajectory. (Gulf-Times.com)  FIFA’s President confident of Qatar 2022 despite diplomatic crisis – The Fédération Internationale de Football Association’s (FIFA) President, Gianni Infantino said that the diplomatic crisis sweeping Qatar will normalize and not threaten the 2022 World Cup. He said that FIFA was closely watching the Page 2 of 7
3. evolving situation and it is in regular contact with the highest authorities in Qatar . (Peninsula Qatar)  New direct service launched between Hamad Port and Sohar Port in Oman – Qatar Ports Management Company (Mwani Qatar) has launched a new direct service between Hamad Port and Sohar Port in Oman under Milaha’s DMJ service, which will operate three times a week. This new service is part of the efforts of Ministry of Transport and Communications to build new partnerships to meet the growing needs of the local market and to strengthen Hamad Port as a vital business hub in the region. (Peninsula Qatar)  QCB: Qatar’s banking sector is functioning normally – HE Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saoud Al-Thani affirmed that Qatar's banking sector is functioning normally and without disruption to any domestic or international transactions. Al-Thani affirmed that liquidity in Qatar's banking sector remains strong and meets all customer requirements, noting that Qatari banks have an extensive international presence that includes key financial centers in Asia and Europe, giving them additional flexibility and capacity to carry out all banking transactions whether domestic or international. He said that QCB has a range of monetary and financial tools that are adequate and capable of ensuring that the banking sector in the State continues to function normally without disruption. (Qatar Tribune) currency deposits grew 8% in April from -0.5% in March. The report showed that overnight interbank rates picked up to 1.52% in April from 1.36% in March; the 3-month interbank rate rose to 1.92% from 1.7% while the 1-year interbank rate stayed flat at 2.35%. (Gulf-Times.com)  Qatar-India maritime line launched – To counter the impact of blockade imposed by three Gulf countries, the Ministry of Transport and Communications has launched a new maritime line between Qatar and India named ‘India Qatar Express Service’ (IQX). The line links Hamad Port in Qatar and Mundra and Nhava Sheva Ports in India. The ministry stated that the vessels of the new line will visit Hamad Port every Friday and the first shipment will have 710 containers. The express service has readiness to receive larger shipments as needed. Hamad Port’s chief, Abdel Aziz Al-Yafie said new lines would also be added to Europe and South- East Asia. A new line linking Hamad Port with Oman’s Salalah port has also been established. (Peninsula Qatar, Bloomberg)  Ali Sharif Al-Emadi: Sanctions will not harm economy – Qatari Finance Minister Ali Sharif Al-Emadi said that Qatar can easily defend its economy and currency against sanctions by other Arab states. He said that the countries that had imposed sanctions on Qatar would also lose money because of the damage to business in the region. Al-Emadi said the energy sector and economy of the world's top liquefied natural gas exporter were essentially operating as normal and that there had not been a serious impact on bank operations and supplies of food or other goods. (Gulf-Times.com)  Hamad Port-Industrial Area road opens partially – Public Works Authority (Ashghal) said a 14km road linking Hamad Port with the Industrial Area has been opened partially to traffic. The vital link, a part of the under construction massive New Orbital Highway and Truck Route project, provides a direct road connection from the Hamad Port road to Doha through G-Ring Road. It is expected to enhance the movement of goods and materials. Only the four northbound lanes from Hamad Port to the Industrial Area have been opened while the southbound lanes are expected to be ready within the next two months. (Gulf-Times.com)  QNB Group: Qatar’s international reserves rise to $34.8bn in April – QNB Group said in its latest ‘Qatar monthly monitor’ that Qatar’s international reserves stood at $34.8bn in April compared to $34.3bn in March. QNB Group expects months of import cover to average 5.7 months for the year, which is above the IMF recommended minimum of three months for a fixed-exchange rate regime. Qatar’s oil production picked up to 621,000 barrels per day (bpd) in March from 545,000 bpd in February. Broad money supply (M2) expanded for a third consecutive month, growing at 5.7% in April from 2.4% in March. This was helped by foreign currency deposits, which posted positive growth for the first time in 20 months; foreign Page 3 of 7
4. Qatar Stock Exchange Top Gainers 12 .0% Top Decliners 11.0% 0.0% 10.4% 8.9% 8.3% 7.8% 8.0% -2.1% -3.0% -2.6% -3.4% 4.0% -5.2% -6.0% 0.0% Gulf Warehousing Doha Insurance Qatar & Oman Vodafone Qatar Investment -7.2% Al Ahli Bank -9.0% Qatari Investors Group Islamic Holding Group Masraf Al Rayan United Development Dlala Holding Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE) Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million) 300.0 30.0 261.6 26.8 218.7 200.0 20.0 169.6 99.6 100.0 98.1 9.8 10.0 8.3 5.7 0.0 0.0 QNB Group Vodafone Qatar Masraf Al Rayan Ezdan Real Estate Source: Qatar Stock Exchange (QSE) 100% 20.21% 80% 10.39% 60% 30.51% Vodafone Qatar Qatar First Bank Ooredoo National Leasing Masraf Al Rayan Net Traded Value by Nationality (QR Million) (291) 34.98% Non-Qatari 881 590 10.69% 12.86% 40% 38.89% Ezdan Real Estate Source: Qatar Stock Exchange (QSE) Investor Trading Percentage to Total Value Traded 20% 4.3 291 41.48% Qatari 1,048 1,339 0% Buy Sell Qatari Individuals Qatari Institutions Non-Qatari Individuals Non-Qatari Institutions Source: Qatar Stock Exchange (QSE) (500) Net Investment 500 Total Sold 1,000 1,500 Total Bought Source: Qatar Stock Exchange (QSE) Page 4 of 7
5. TECHNICAL ANALYSIS OF THE QSE INDEX Source : Bloomberg The Index closed at 9,257.90; up 0.22% from the week before. The stability above the 9,000 is important for market; that could be a strong support level to bounce off. The next support level is at 8,300 and our expected resistance is around the 10,000 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 June 15 % Change WTD % Change YTD Market Cap. QR Million TTM P/E P/B Div. Yield Qatar National Bank 134.40 (0.96) (9.24) 124,138 9.9 2.1 Qatar Islamic Bank 93.50 1.63 (10.01) 22,093 10.8 1.6 5.1 Commercial Bank of Qatar 30.35 2.19 (1.95) 12,283 96.2 0.7 N/A Doha Bank 31.00 1.64 (8.01) 8,010 9.7 0.9 9.3 Al Ahli Bank 34.50 7.81 (7.12) 6,912 10.9 1.4 2.8 Qatar International Islamic Bank 55.90 3.14 (10.99) 8,462 10.6 1.2 7.2 Masraf Al Rayan 39.60 (3.41) 29,700 14.6 2.5 5.1 Al Khalij Commercial Bank 13.02 0.15 (23.41) 4,687 10.8 0.7 5.8 Qatar First Bank 7.90 0.00 (23.30) 1,580 N/A 0.9 N/A National Leasing 14.09 (1.88) (8.03) 697 184.8 0.7 3.5 Dlala Holding 21.94 (2.05) 2.09 623 46.0 2.4 N/A Qatar & Oman Investment 5.32 2.4 8.82 8.89 (11.36) 278 24.9 0.9 5.7 Islamic Holding Group Banking and Financial Services 55.00 (5.17) (9.84) 311 59.7 2.3 1.8 Zad Holding 78.70 4.93 (11.77) 1,029 10.3 1.1 5.9 7.70 1.99 (23.76) 89 N/A 1.2 N/A Qatar German Co. for Medical Devices Salam International Investment 219,774 9.53 (0.21) (13.76) 1,089 10.6 0.7 8.4 Medicare Group 81.30 (1.57) 29.25 2,288 33.1 2.4 2.2 Qatar Cinema & Film Distribution 27.90 0.00 1.64 175 45.7 1.3 3.6 113.00 3.20 (15.29) 11,235 13.8 1.7 5.7 Widam Food Co. 55.00 0.00 (19.12) 990 N/A 3.8 6.4 Mannai Corp. 69.50 1.61 (13.13) 3,171 6.3 1.3 5.8 134.00 (0.74) (23.65) 2,680 14.1 2.1 6.7 Qatar Fuel Al Meera Consumer Goods Consum er Goods and Services 22,747 Qatar Industrial Manufacturing 43.90 3.78 (1.35) 2,086 10.5 1.4 6.8 Qatar National Cement 65.80 (1.35) (15.84) 4,300 9.9 1.5 5.5 Industries Qatar 98.90 (0.10) (15.83) 59,835 18.8 1.9 4.0 Qatari Investors Group 49.00 (7.20) (16.24) 6,092 21.2 2.4 2.0 198.00 3.77 (12.78) 21,780 14.1 2.7 3.8 Aamal 11.80 1.81 (13.43) 7,434 16.6 0.9 5.1 Gulf International Services 20.80 2.11 (33.12) 3,865 1246.6 1.1 4.8 Mesaieed Petrochemical Holding Industrials 12.85 (1.23) (18.67) 16,144 16.2 1.2 4.7 Qatar Insurance Doha Insurance 70.00 4.48 (5.07) 19,412 18.8 2.0 1.9 15.95 10.38 (12.36) 798 10.3 0.7 3.8 Qatar General Insurance & Reinsurance 35.05 5.26 (25.43) 3,067 14.7 0.5 4.3 Al Khaleej Takaful Insurance 17.10 4.91 (18.96) 437 34.0 0.8 3.5 Qatar Islamic Insurance Insurance 60.00 0.84 18.58 900 14.1 2.9 5.8 United Development 17.38 (2.63) (15.84) 6,154 10.4 0.6 7.2 Barw a Real Estate 33.20 1.37 (0.15) 12,919 9.0 0.7 7.5 Ezdan Real Estate 12.30 6.96 (18.60) 32,626 14.9 1.1 4.1 Mazaya Qatar Real Estate Development Real Estate 10.84 0.56 (20.90) 1,255 23.7 0.9 N/A Ooredoo 94.10 (1.67) (7.56) 30,142 15.9 1.4 3.7 8.65 8.26 (7.68) 7,313 N/A 1.6 N/A Qatar Navigation (Milaha) 67.60 4.00 (29.29) 7,742 12.9 0.5 5.2 Gulf Warehousing Qatar Gas Transport (Nakilat) 46.60 10.95 (16.79) 2,731 13.0 1.9 3.4 17.15 (0.52) (25.73) 9,502 10.5 1.9 5.8 Qatar Electricity and Water Vodafone Qatar Telecom s Transportation Qatar Exchange 121,536 24,613 52,954 37,455 19,974 500,655 Source: Bloomberg Page 6 of 7
7. Contacts Saugata Sarkar 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 Mohamed Abo Daff QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6589 PO Box 24025 mohd.abodaff@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS 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 QNBFS 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. QNBFS 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 QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS 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 QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS 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 QNBFS COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 7 of 7