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Qatar: Weekly Market Report - 25 May

Majed Salah
By Majed Salah
6 years ago
Qatar: Weekly Market Report - 25 May

Ard, Islam, Mal, Commenda

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  1. ` QSE Index and Volume Regional Indices Qatar (QSE)* Dubai Abu Dhabi Saudi Arabia# Kuwait Oman Bahrain Close WTD% MTD% YTD% 10,060.52 3,327.13 4,516.84 6,901.43 6,687.53 5,403.14 1,314.22 (0.4) (1.5) (1.4) (0.5) (0.6) (0.2) 0.4 (0.0) (2.6) (0.1) (1.6) (2.3) (2.0) (1.6) (3.6) (5.8) (0.6) (4.3) 16.3 (6.6) 7.7 10,087.35 10,080 8,000,000 10,060.52 10,050.70 10,000 0 21-May 22-May 23-May 24-May Volume Market Indicators Value Traded (QR mn) Exch. Market Cap. (QR mn) QSE Index Week ended May 25 , 2017 1,245.6 Week ended May 18 , 2017 1,021.2 540,864.1 537,494.8 47.5 44.3 7.2 14,735 13,033 13.1 44 43 2.3 16:27 19:23 – 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 1.0% 25-May Close 16,870.90 2,853.81 3,052.53 3,130.86 2,124.92 2,206.04 4,294.18 1,261.78 5,890.75 4,012.33 WTD% (0.4) (0.1) 2.6 1.2 0.4 (7.8) 0.6 (1.2) (0.8) (0.5) MTD% (0.0) (0.4) 1.8 (0.4) (2.4) (5.2) 0.7 0.1 (2.8) (0.5) Chg. % 22.0 0.6 YTD% (0.1) (0.5) 4.8 (5.3) (16.6) (1.7) (3.2) 4.6 (0.1) 3.3 0.4% 0.0% (0.2%) (1.0%) (0.4%) (0.5%) (0.6%) Weekly Exchange Traded Value ($ mn) 342.06 408.27 136.08 3,531.48 126.94 31.05 23.75 Exchange Mkt. Cap. ($ mn) 148,521.3 98,589.0# 118,643.0 434,481.8 91,376.7 21,744.7 20,987.0 TTM P/E** 15.1 15.9 16.4 16.3 18.5 12.3 8.2 Dubai (1.4%) (1.5%) (2.0%) Abu Dhabi Foreign institutions turned bearish with net selling of QR17.2mn vs. net buying of QR13.6mn in the prior week. Qatari institutions remained bullish with net buying of QR100.1mn vs. net buying of QR58.7mn the week before. Foreign retail investors remained bearish with net selling of QR20.8mn vs. net selling of QR7.3mn in the prior week. Qatari retail investors remained bearish with net selling of QR62.1mn vs. net selling of QR65.0mn the week before. In 2017 YTD, foreign institutions bought (on a net basis) ~$791mn worth of equities. 10,123.00 Kuwait Trading volume increased by 7.21% to reach 47.48mn shares versus 44.29mn shares in the prior week. The number of transactions increased by 13.06% to reach 14,735 transactions versus 13,033 transactions in the prior week. The Banks and Financial Services sector led the trading volume, accounting for 45.13%, followed by the Real Estate sector which accounted for 22.54% of the overall trading volume. QFBK was the top volume traded stock during the week with total traded volume of 11.3mn shares. 10,134.90 Saudi Arabia Trading value during the week increased by 21.98% to reach QR1.25bn versus QR1.02bn in the prior week. The Banks and Financial Services sector led the trading value during the week, accounting for 46.81% of the total trading value. The Real Estate sector was the second biggest contributor to the overall trading value, accounting for 17.42% of the total trading value. Masraf Al Rayan (MARK) was the top value traded stock during the week with total traded value of QR164.1mn. 16,000,000 Qatar (QSE)* Ezdan Holding Group (ERES), Barwa Real Estate (BRES), and Ooredoo (ORDS) were the primary contributors to the weekly index decline. ERES was the biggest contributor to the index’s weekly decrease, deleting 153.1 points from the index. BRES was the second biggest contributor to the decline, shedding 7.7 points from the index. Moreover, ORDS shaved off 6.6 points from the index. On the other hand, QNB Group (QNBK) added 64.0 points. 10,160 Oman The Qatar Stock Exchange (QSE) Index decreased 42.83 points, or 0.42% during the trading week to close at 10,060.52. Market capitalization increased by 0.63% to QR540.9 billion (bn) versus QR537.5bn at the end of the previous week. Of the 44 listed companies, 16 companies ended the week higher, while 27 fell and 1 remained unchanged. Qatar First Bank (QFBQ) was the best performing stock for the week with a gain of 6.8% on 11.3 million (mn) shares traded. On the other hand, Ezdan Holding Group (ERES) was the worst performing stock with a decline of 11.15% on 5.5mn shares traded. Bahrain Market Review and Outlook P/B** Dividend Yield 1.5 1.2 1.3 1.6 1.1 1.2 0.8 3.8 4.3 4.5 3.3 4.4 5.4 6.0 # Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; Data as of May 24, 2017) Page 1 of 7
  2. News Economic & Corporate News  ERES gets ‘in principle’ nod for delisting from the QSE – Ezdan Holding Group Company (ERES), a mid-cap public shareholding entity, has received ‘in principle’ approval from shareholders to convert it into a private company and subsequent delisting from the Qatar Stock Exchange (QSE). The shareholders accorded their approval at the Extra-Ordinary General Assembly Meeting (EGM), which was held on May 24, 2017. Major shareholders are Al Tadawul Holding Group, Waqf of Sheikh Thani A J al-Thani and Imtilak Trading and Contracting. The EGM has authorized the board to appoint a consultant to evaluate the company’s assets and liabilities as well as the ‘fair value’ of the share as on April 30, 2017. It also authorized the board to prepare a draft amendment to its Articles of Association to reflect the proposed transformation, which would be taken up at the next meeting. Shareholders having objection to the proposed change have 60 days to approach the company from the date of issuance of the initial approval. (Gulf-Times.com)  Nakilat assumes full management of ‘Al Ghashamiya’ – Qatar Gas Transport Company (Nakilat) has assumed full ship management and operations of Q-Flex liquefied natural gas (LNG) carrier ‘Al Ghashamiya’ from Shell Trading and Shipping Company with effect from May 24, 2017. Al Ghashamiya is the eighth wholly-owned LNG vessel that will come under the management of Nakilat Shipping Qatar, bringing the total number of vessels managed by it to 16, comprising 12 LNG and four liquefied petroleum gas carriers. With a cargo carrying capacity of 217,591 cubic meters, Al Ghashamiya is whollyowned by Nakilat and chartered by Qatargas. The vessel built in South Korea by Samsung Heavy Industries was delivered in 2009 and has been in service ever since. (Gulf-Times.com)  Qatar's public debt stands at QR464.4bn – Qatar’s total public debt has reached QR464.4bn in April, up QR27.2bn from the previous month. This includes the issuance by government, government institutions, quasi-governmental institutions, bills and bonds. The balance of Qatar government bonds and bills with banks increased QR24bn to reach QR142.8bn during the month, the Group Securities noted in its reading of Qatar Central Bank (QCB) data. The Group analysts who focus on explaining changes in the position of the QCB, the government, public sector and private sector in its reading, stated Qatar banks assets (and liabilities) increased by the end of April by QR25.6bn to QR1.30tn, compared with QR1.28bn by the end of March. The banks’ total deposits at QCB increased by QR3.5bn to QR46.8bn. The breakdown shows QR35.1bn as the obligatory reserve balance. This reserve is set by QCB at the rate of 4.75% of the total customers' deposits at each bank. The obligatory reserve is deposited permanently and with no interest. (Peninsula Qatar)  MDPS: Foreign investment flows into Qatar jump 11% YoY to QR537.3bn – Foreign investments into Qatar grew by 11% YoY to QR537.3bn with foreign direct investments alone accounting for about one-fourth of them, according to the Ministry of Development Planning and Statistics (MDPS). Of the total inward foreign investments, foreign other investment (excluding financial derivatives) stood at QR332.4bn, FDI at QR133bn and foreign portfolio investments at QR71.9bn, MDPS said in its updated ‘Qatar Foreign Investment Survey, 2015’. The objective of the survey, conducted in collaboration with the Qatar Central Bank, was to cover all major enterprises (private and public) operating in the national economy. However, data could be obtained only from privately owned companies and public corporations. International financial transactions made by individuals and by the government were not covered. About 90% of inward FDI was accounted for by the oil and gas and associated downstream manufacturing and other activities such as transportation and marketing. In terms of the book value of investments, manufacturing activities accounted for 56% of the total value of FDI, followed by mining and quarrying (33%) and financial and insurance activities (6%) at the end of 2015. Manufacturing saw QR74.5bn worth FDI, followed by mining and quarrying QR43.3bn and finance and insurance QR7.5bn, MDPS said. (Gulf-Times.com)  Qatar's power generation capacity to rise by 50% in two years – Qatar’s power generation capacity is projected to increase by 50% in the next two years. Plans are in place to increase the country’s power capacity to 13.1 gigawatts (GW) by 2018. Qatar needs $9bn investment in its power sector from 2016 to 2020, Middle East and North Africa (MENA) project tracker ventures onsite noted in its ‘GCC Power Market’ report. Qatar’s current capacity is 8.8 GW and demand is around 8.2 GW. With the completion of ongoing projects, including the Umm Al Houl plant, the estimated installed capacity is expected to exceed about 11,000 megawatt (MW) of electricity and 490 million imperial gallons per day (MIGD) of water by the end of 2018. Located between Al Wakrah and Mesaieed, Umm Al Houl will be home to the country’s largest plant and is anticipated to be among the biggest in the Middle East. Along with a second plant at Ras Laffan, it will add 4.5 GW of power in the medium term. (Peninsula Qatar)  Alpen Capital: Qatar’s wholesale, retail trade hit $15.3bn in 2016 – Qatar’s wholesale and retail trade grew to $15.3bn in 2016, accounting for nearly 10% of the country’s GDP in 2016, a report by Alpen Capital showed. This represents a compound annual growth rate (CAGR) of 11.7% between 2012 and 2016, the report showed. Revenue diversification efforts and the consequent development of massive infrastructures and tourist attractions are drawing migrant workers and tourists to Qatar. In the last five years, population and international tourist arrivals in the country have risen at the respective CAGRs of 8.6% and 7.2%. Qatar’s growing population is also the wealthiest in the world, with the country’s GDP per capita (in PPP terms) recorded at $129,727 in 2016. Such favorable macroeconomic factors have enticed several international and regional retailers to establish presence in Qatar, Alpen Capital said in its report titled ‘GCC Retail Industry’. Although the pace of growth decelerated in 2016 owing to an adverse economic climate, the wholesale and retail trade contribution to GDP has increased over the years, indicating the growing prominence of the industry, the report showed. (Gulf-Times.com)  Qatar to add 500,000 sqm office space by 2017-end – An estimated 500,000 square meters (sqm) office space will be Page 2 of 7
  3. added in Qatar by the end of 2017 and at least 80 % of the expected supply is concentrated in Lusail, according to a report by ValuStrat on Qatar's real estate market. As of 1Q2017, the estimated Gross Leasable Area (GLA) of Qatar’s office supply was 3.6mn sqm and approximately 40% of the office stock is concentrated in West Bay, the report showed. It adds, Msheireb Downtown, considered as the new ‘Financial District’, which will house Qatar Financial Center (QFC) and non-QFC center companies in approximately 100 mixed-use buildings. Phase 1 of these offices is expected to be released in 2Q2017. (Peninsula Qatar)  New housing units to increase by 5,800 in Qatar by year-end – A report by ValuStrat on Qatar's real estate market said that nearly 1,500 units comprising about 17% villas and 83% apartments have been added in Qatar in first quarter of 2017 while an estimated 5,800 units will be added by the end of 2017. The report has said that an estimated 5,800 units will be added by the end of 2017, assuming minimum construction delays. These include apartments in 5 buildings to be completed in The Pearl and 10 buildings in Lusail. (Peninsula Qatar)  Qatar sees merits of extending oil supply cut into 1Q2018 – HE Minister of Energy and Industry Dr. Mohammed bin Saleh Al Sada confirmed that the oil market is returning to a balance, after three years of buildup in oil stocks. HE the Minister said that commitment from OPEC members since January 1 has been unprecedented. The participating non-OPEC members also showed considerable commitment to cutting production, he added. Al Sada expressed optimism that extending the production cuts to the second half of 2017 will have a positive impact on market stability. Further, he added that he sees merit in extending production cuts to the first quarter of 2018, as demand is seasonally lower in the first quarter. (Peninsula Qatar) driven primarily by substantial public investment in its transport and commercial construction building sectors as the market prepares to host the FIFA 2022 World Cup. The government aims to spend QR198.4bn in 2017 and generate some QR170.1bn in revenue, opening a fiscal deficit of QR28.3bn that will be covered by issuing debt in the international financial markets. (Gulf-Times.com)  BRES signs contract for construction of Madinat Al Mawater (Phase II) – Barwa Real Estate Company (BRES) announced the signing of construction contract for phase two of Madinat Al Mawater with 'Insha Contracting and Trading Co' that has also developed phase one of the project. The contract value amounts to QR112,500,000 with construction duration of 12 months so as to meet the growing leasing demands on the project. The total built up area of phase two is 35,607 square meters and comprises of 59 used car showrooms, 176 residential units, 10 commercial shops and 5 workshops, in addition to the necessary infrastructure. (Qatar Tribune)  Nakilat assumes management of LNG carrier 'Onaiza' – Nakilat assumed full ship management and operations of Q-Flex liquefied natural gas (LNG) carrier 'Onaiza' from STASCo (Shell Trading and Shipping Company), as part of its planned and phased transition. Onaiza is the seventh wholly-owned LNG vessel that will come under the management of Nakilat Shipping Qatar, bringing the total number of vessels managed by it to 15, comprising 11 LNG and 4 liquefied petroleum gas carriers. With a cargo carrying capacity of 210,150 cubic meters, 'Onaiza' is wholly-owned by Nakilat and chartered by Qatargas. (Gulf-Times.com)  QNB Group: Qatar’s non-hydrocarbon growth pick-up likely on higher oil prices – QNB Group said that higher oil prices and positive fiscal outlook should provide a lift to Qatar’s economy, particularly in the non-hydrocarbon sector. Despite the halving of oil prices from their 2014 highs, Qatar’s economy continued to grow robustly in 2016, particularly in the non-hydrocarbon sector, where key infrastructure projects maintained progress. Going forward, QNB Group expects higher oil prices over 201719 to have two key effects. First, they will help boost government income and ease fiscal constraints. Second, higher oil prices will help support the government’s continued investment spending program which will be one of the key drivers to underpin growth in non-hydrocarbon sector. Overall, QNB Group expects headline real GDP growth to accelerate to 2.6% in 2017 and 3.6% in 2018 before slowing to 2.7% in 2019. (Gulf-Times.com)  Qatar’s construction market set to record double-digit growth – Qatar will be among the fastest-growing construction markets globally over the next five years up to 2021, recording doubledigit growth as the government works to tackle its significant infrastructure needs, according to a new report. BMI Research said that Qatar’s construction market, with projected 12.1% growth between 2017 and 2021, will benefit from investment into preparations for the hosting of the FIFA World Cup 2022. Qatar's growth outperformance over the next five years will be Page 3 of 7
  4. Qatar Stock Exchange Top Gainers Top Decliners 9 .0% 0.0% 6.8% 6.3% -2.4% 6.0% -3.4% -4.0% 4.3% 3.5% 3.0% -4.2% 3.0% -6.3% -8.0% 0.0% Qatar First Bank Qatar General Insurance & Reinsurance QNB Group Widam Food Co. Industries Qatar -11.2% -12.0% Ezdan Real Estate Medicare Group Qatar Cinema & Film Distribution Qatar Islamic Insurance National Leasing Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE) Most Active Shares by Value (QR Million) 180.0 Most Active Shares by Volume (Million) 12.0 164.1 11.3 9.8 120.0 112.6 8.0 98.7 93.7 88.0 60.0 5.5 3.7 4.0 0.0 Masraf Al Rayan QNB Group Barwa Real Estate Qatar First Bank Vodafone Qatar Source: Qatar Stock Exchange (QSE) 80% 14.96% 0.0 Qatar First Bank Vodafone Qatar Ezdan Real Estate Masraf Al Rayan Barwa Real Estate Source: Qatar Stock Exchange (QSE) Investor Trading Percentage to Total Value Traded 100% 2.9 Net Traded Value by Nationality (QR Million) (38) 16.34% 7.65% 9.32% 30.83% 22.80% 46.55% 51.54% Non-Qatari 320 282 60% 40% 20% 38 Qatari 926 964 0% Buy Sell Qatari Individuals Qatari Institutions Non-Qatari Individuals Non-Qatari Institutions Source: Qatar Stock Exchange (QSE) (200) - 200 400 Net Investment 600 Total Sold 800 1,000 1,200 Total Bought Source: Qatar Stock Exchange (QSE) Page 4 of 7
  5. TECHNICAL ANALYSIS OF THE QSE INDEX Source : Bloomberg The Index closed slightly down by just over 0.4% but managed to stay above the 10,000; the current drop has not been as significant. As a result, we remain neutral on the Index on weekly basis. Our support stays at the 9,700 mark and resistance at the 11,500 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 May 25 Qatar National Bank 146 .00 Qatar Islamic Bank % Change WTD % Change YTD Market Cap. QR Million TTM P/E P/B 4.29 (1.41) 134,852 10.8 2.2 Div. Yield 2.2 102.80 1.18 (1.06) 24,291 11.8 1.8 4.6 Commercial Bank of Qatar 31.10 (0.32) 0.48 12,587 98.6 0.7 N/A Doha Bank 31.10 (1.58) (7.71) 8,035 9.7 0.9 9.3 Al Ahli Bank 33.00 1.54 (11.15) 6,611 10.4 1.4 2.9 Qatar International Islamic Bank 61.10 0.66 (2.71) 9,249 11.6 1.3 6.5 Masraf Al Rayan 44.45 2.77 18.22 33,338 16.3 2.8 4.5 Al Khalij Commercial Bank 14.50 1.40 (14.71) 5,220 12.0 0.7 5.2 Qatar First Bank 8.62 6.82 (16.31) 1,724 N/A 1.0 N/A National Leasing 16.40 (2.38) 7.05 811 228.2 0.8 3.0 Dlala Holding 25.25 (0.59) 17.50 718 52.9 2.7 N/A Qatar & Oman Investment 9.08 (0.77) (8.74) 286 25.6 0.9 5.5 Islamic Holding Group Banking and Financial Services 65.40 2.03 7.21 370 70.9 2.7 1.5 Zad Holding 75.60 2.02 (15.25) 989 9.9 1.1 6.0 9.00 (0.22) (10.89) 104 N/A 1.4 N/A Salam International Investment 10.27 (1.25) (7.06) 1,174 11.4 0.7 7.8 Medicare Group 89.10 (6.31) 41.65 2,508 36.3 2.6 2.0 Qatar Cinema & Film Distribution 31.00 (4.17) 12.93 195 50.8 1.5 3.2 121.00 0.75 (9.29) 12,030 14.7 1.8 5.3 Widam Food Co. 62.90 3.45 (7.50) 1,132 N/A 4.3 5.6 Mannai Corp. 77.00 (2.16) (3.75) 3,513 7.0 1.4 5.2 153.50 (0.97) (12.54) 3,070 16.1 2.4 5.9 Qatar German Co. for Medical Devices Qatar Fuel Al Meera Consumer Goods Consum er Goods and Services 238,092 24,715 Qatar Industrial Manufacturing 43.25 0.46 (2.81) 2,055 10.3 1.4 6.9 Qatar National Cement 70.60 (1.26) (9.70) 4,614 10.6 1.6 5.2 105.10 3.04 (10.55) 63,586 20.0 2.0 3.8 58.20 (0.51) (0.51) 7,236 25.2 2.9 1.7 215.60 1.70 (5.02) 23,716 15.4 3.0 3.5 Aamal 13.06 (1.95) (4.18) 8,228 18.4 1.0 4.6 Gulf International Services 23.56 (0.67) (24.24) 4,378 1412.0 1.2 4.2 Mesaieed Petrochemical Holding Industrials 14.30 (0.76) (9.49) 17,965 18.0 1.3 4.2 Qatar Insurance Doha Insurance 71.00 0.00 (3.71) 19,689 19.1 2.0 1.8 16.00 (1.54) (12.09) 800 10.3 0.8 3.7 Qatar General Insurance & Reinsurance 38.95 6.28 (17.13) 3,408 16.3 0.5 3.9 Al Khaleej Takaful Insurance 19.25 (1.28) (8.77) 491 38.3 0.9 3.1 Qatar Islamic Insurance Insurance 62.20 (3.42) 22.92 933 14.6 3.0 5.6 United Development 18.97 (0.78) (8.14) 6,717 11.3 0.6 6.6 Barw a Real Estate 33.90 (1.74) 1.95 13,191 9.2 0.7 7.4 Ezdan Real Estate 13.95 (11.15) (7.68) 37,002 16.9 1.2 3.6 Mazaya Qatar Real Estate Development Real Estate 12.09 (0.17) (11.78) 1,400 26.4 1.0 N/A 105.00 (1.22) 3.14 33,634 17.7 1.5 3.3 8.85 (1.23) (5.55) 7,482 N/A 1.6 N/A Qatar Navigation (Milaha) 68.60 (0.29) (28.24) 7,856 13.1 0.6 5.1 Gulf Warehousing Qatar Gas Transport (Nakilat) 50.90 (1.17) (9.11) 2,983 14.1 2.0 3.1 19.30 1.31 (16.41) 10,693 11.8 2.2 5.2 Industries Qatar Qatari Investors Group Qatar Electricity and Water Ooredoo Vodafone Qatar Telecom s Transportation Qatar Exchange 131,778 25,322 58,310 41,115 21,532 540,864 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