Qatar: Weekly Market Report

Transcription

1. ` QSE Index and Volume Regional Indices Qatar (QSE)* Dubai Abu Dhabi Saudi Arabia# Kuwait Oman Bahrain Close WTD% MTD% YTD% 7,825.77 3,460.21 4,327.58 6,912.35 6,309.31 5,105.67 1,269.90 (0.8) 0.3 (1.1) (0.6) 0.8 1.0 0.2 (4.2) (4.8) (3.4) (0.3) (3.1) 1.9 (0.5) (25.0) (2.0) (4.8) (4.1) 9.8 (11.7) 4.1 4,000,000 7,761.25 7,700 0 12-Nov 13-Nov 14-Nov 15-Nov Volume Market Indicators Value Traded (QR mn) QSE Index Week ended Nov 16 , 2017 818.2 Week ended Nov 09 , 2017 893.2 420,538.8 426,361.1 (1.4) 27.2 32.4 (16.1) 12,980 14,279 (9.1) 44 44 0.0 12:31 4:38 – 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 1.0% Close 13,123.35 2,136.80 2,507.78 2,390.59 1,479.42 1,306.83 2,791.18 992.81 4,256.06 2,945.48 WTD% (0.8) (2.0) (0.4) (1.2) (3.2) (10.6) 3.1 0.2 (2.6) (2.6) (8.4) YTD% (22.3) (25.5) (13.9) (27.7) (41.9) (41.8) (37.1) (17.7) (27.8) (24.1) 0.8% 0.3% 0.2% (0.6%) Weekly Exchange Traded Value ($ mn) 212.73 710.04 136.16 4,561.76 236.80 98.10 26.07 MTD% (4.2) (6.6) (2.1) (5.9) (11.4) (18.8) (6.6) (3.3) (10.7) (8.3) Chg. % Exchange Mkt. Cap. ($ mn) 115,480.0 100,101.3# 113,228.3 439,550.1 91,608.7 20,883.2 19,873.5 TTM P/E** 12.5 22.0 15.5 16.3 15.4 12.2 7.0 (0.8%) (1.1%) Abu Dhabi 1.5% 1.0% 0.5% 0.0% (0.5%) (1.0%) (1.5%) 16-Nov Qatar (QSE)* Foreign institutions remained bullish with net buying of QR23.7mn vs. net buying of QR97.3mn in the prior week. Qatari institutions turned bullish with net buying of QR15.2mn vs. net selling of QR5.3mn the week before. Foreign retail investors turned bullish with net buying of QR0.1mn vs. net selling of QR12.8mn in the prior week. Qatari retail investors remained bearish with net selling of QR38.9mn vs. net selling of QR79.2mn the week before. In 2017 YTD, foreign institutions bought (on a net basis) ~$727mn worth of equities. 7,825.77 7,800 Saudi Arabia Trading volume decreased by 16.13% to reach 27.2mn shares versus 32.4mn shares in the prior week. The number of transactions fell by 9.10% to reach 12,980 transactions versus 14,279 transactions in the prior week. The Banks and Financial Services sector led the trading volume, accounting for 30.07%, followed by the Real Estate sector which accounted for 19.10% of the overall trading volume. Vodafone Qatar (VFQS) was the top volume traded stock during the week with 3.9mn shares. 7,873.84 7,856.99 Bahrain Trading value during the week decreased by 8.40% to reach QR818.2 million (mn) versus QR893.2mn in the prior week. The Banks and Financial Services sector led the trading value during the week, accounting for 42.29% of the total trading value. The Industrials sector was the second biggest contributor to the overall trading value, accounting for 20.56% of the total trading value. QNB Group (QNBK) was the top value traded stock during the week with total traded value of QR162.4mn. 8,000,000 7,875.63 Dubai Medicare (MCGS), Masraf Al Rayan (MARK) and Qatar Navigation (QNNS) were the primary contributors to the weekly index decline. MCGS was the biggest contributor to the index’s weekly decrease, deleting 16.99 points from the index. MARK was the second biggest contributor to the decline, shedding 15.93 points from the index. Moreover, QNNS deleted 15.21 points from the index. Alternatively, Industries Qatar (IQCD) added 22.37 points to the index. 7,900 Kuwait The Qatar Stock Exchange (QSE) Index decreased by 59.73 points or 0.76% during the trading week to close at 7,825.77. Market capitalization decreased by 1.37% to QR420.5 billion (bn) versus QR426.4bn at the end of the previous trading week. Of the 45 listed companies, 12 companies ended the week higher, while 31 declined and 2 remained unchanged. Qatar Insurance (QATI) was the best performing stock for the week with a gain of 5.2% on 639,889 shares traded. On the other hand, Medicare (MCGS) was the worst performing stock for the week with a decline of 24.9% on 180,086 shares traded. Oman Market Review and Outlook P/B** Dividend Yield 1.2 1.2 1.3 1.6 1.0 1.0 0.8 5.0 4.1 4.6 3.5 5.5 5.1 6.2 # Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; Data as of November 15, 2017) Page 1 of 7
2. News Economic & Corporate News  Emir: Qatar thousand times better off without Saudi Arabia led bloc – The Emir HH Sheikh Tamim Bin Hamad Al Thani said the Saudi Arabia led bloc that has imposed blockade on Qatar has no desire to end the ongoing Gulf crisis. Addressing the Shura Council’s 46th session, the Emir said the neighboring countries have shunned dialogue and do not want to resolve the dispute. “I am talking to you with all transparency. We mean what we say when we say we are ready for agreements through dialogue based on mutual respect for sovereignty and shared commitments but on the other hand, we know that the indications we receive say siege countries don’t want a solution,” the Emir said. Qatar has nonetheless put in place contingency plans as the bitter political dispute with neighbors’ and former allies was expected to drag on, he added. “We do not fear the boycott by these countries against us. We are a thousand times better off without them. But vigilance is required. Their claims that they will only limit themselves to a boycott are not true, as they continue to interfere in the internal affairs of our country and take collective punitive measures against Qatari people, and practice incitement everywhere against Qatar, thus wasting energies and resources of their people although these efforts hurt them the most. The continuation of the dispute will dent the reputation and harm interests of all the GCC countries,” the Emir said. (Qatar Tribune)  NBK: Qatar non-oil economy to see moderate growth – Qatar’s non-oil economy looks set to comfortably avoid a recession as the initial shock to the system via disrupted trade and financial flows has eased, National Bank of Kuwait (NBK) stated in its latest report. The second quarter 2017 GDP data incorporate nearly one full month of crisis-affected data, and show that non-oil growth slipped to just 3.9% YoY, NBK stated. If all of the slowdown in 1Q2017 was attributed to the diplomatic dispute, then this would equate (hypothetically) to non-oil growth slowing to just 1.3% YoY over a full quarter. But it is also possible that the hit to growth will be smaller in subsequent months, as the initial disruption to activity wanes, NBK said. Although there are downside risks from an intensification of the crisis, NBK for now is maintaining its view that non-oil growth slowing to 4% this year and next, from 5.6% in 2016. According to NBK, fears of a major inflation-busting spike in food prices due to restricted imports from neighboring Saudi Arabia have so far not materialized, likely helped by the recovery in imports. (Gulf-Times.com)  Qatar allocates QR2.5bn for ‘Own Your Factory’ initiative – The government has allotted QR2.5bn for 63 Qatar-based and international companies selected for the ‘Own Your Own Factory in Qatar in 72 Hours’, an initiative aimed at fasttracking the establishment of more manufacturing companies and factories in Qatar. Ahmed Zidan, team member of the ‘Own Your Factory in Qatar in 72 Hours’ project, said aside from the QR2.5bn investment, the government has allotted more than 500,000 square meter of land across Manateq’s Um Ahloul Special Economic Zone and the New Industrial Area for the initiative. “Of these 63 companies, 13 are Qatari firms that have factories in surrounding GCC countries. They are now returning to Qatar to set up their presence here,” Zidan told reporters on the sidelines of a press conference led by Salman Mohamed Kaldari, the Chairman of the coordinating committee for the Single Window System Management. Launched in mid-June this year, the ‘Own Your Factory in Qatar in 72 Hours’ project aims to encourage industrial investments and motivate the private sector towards boosting the economic procession in the State of Qatar, Kaldari said. (Gulf-Times.com)  Finance Minister: Around 65% of 2022 World Cup-related projects over – Around 65% of projects related to the hosting of the 2022 FIFA World Cup in Qatar have been completed and the rest will be accomplished within the next two-three years, HE the Minister of Finance Ali Shareef Al Emadi has said. In an interview with Al Jazeera, he stressed that Qatar has completed more World Cup-related works in the five months of the siege than it had done during the six months that preceded it. He also pointed out that a number of projects, including those pertaining to roads and infrastructure, have been opened in Qatar ahead of schedule. (Gulf-Times.com)  Qatar Petroleum signs deal for Block 52 in offshore Oman – Qatar Petroleum entered into an agreement to acquire a 30% participating interest in the contractor’s interest under the exploration and production sharing agreement (EPSA) for Block 52 offshore, Sultanate of Oman. The parties under the EPSA are the Government of the Sultanate of Oman and the contractor, which - upon satisfaction of all Omani Governmental approvals will comprise of Qatar Petroleum with a participating interest of 30%, Eni with a participating interest of 55%, and Oman Oil Company with a participating interest of 15%. Block 52, which is largely underexplored, has an area of more than 90,000 km2 (square kilometers) and is located in water depths ranging from 10 meters to over 2,000 meters. The contractor parties will soon embark upon executing an exploration program involving the acquisition and processing of 3D seismic, which will be followed by exploration drilling. Eni is the designated Operator of the block, through its subsidiary Eni Oman B.V, Qatar Petroleum stated. (Gulf-Times.com)  Qatar’s inflation edges up; housing slips – Qatar’s CPI-based inflation has edged up 0.3% in October, from a month ago. The inflation rate, with a 2013 base year calculation, also inched up to 0.2% in October on YoY. On MoM, restaurants and hotels group increased the most by 2.0%. Furniture and household equipment; and Health groups were costlier by 1.0% each in October, while food and beverages group rose 0.9%. Clothing and Footwear and Transport increased 0.8% and 0.5%, respectively. Housing, water, electricity and gas group; and miscellaneous goods and services group became cheaper by 0.4% each. Tobacco, Communication, and Education group have remained flat at the last month’s price level. The YoY increase was mainly driven by transport (7.8%), food and beverages (4.9%), health (3.6%) and education (0.4%). Housing, Water, Electricity and other Fuel group was cheaper by 5.4% compared to October 2016. While recreation and culture group slipped by 2.0%, communications and miscellaneous goods and services group declined by 1.1%, Page 2 of 7
3. each . Clothing and footwear group was cheaper by 0.5% and furniture and household group declined by 0.3%. No changes recorded in tobacco and restaurants & hotels groups. (Peninsula Qatar)  Qatar continues to attract investments despite siege – Despite the siege imposed on Qatar in June this year, the country remains as an attractive destination for many international investors, according to a senior official of the Qatar Chamber. Speaking on the sidelines of Index Qatar, Qatar Chamber’s Chairman, Sheikh Khalifa Bin Jassim Al Thani said Qatar continues to enjoy the confidence of international countries despite the economic blockade. Citing the large turnout of international exhibitors at the three-day Index Qatar being held at the Doha Exhibition and Convention Centre (DECC), Sheikh Khalifa said the number of participating exhibitors is an example of the international community’s “trust in the Qatari economy.” He added, “Even after the siege on Qatar and the economic blockade, we still see many people participating in various exhibitions being held in the country, and many people have a lot of trust in the Qatari market, which has a large potential for further growth.” He added, “I would like to thank the Qatar Tourism Authority (QTA) for bringing Index to Qatar, which is being held for the first time. We are hoping that next year, there would be a larger participation of international companies.” (Gulf-Times.com)  Al Faisal Holding launches initiatives to diversify business portfolio – Al Faisal Holding, one of Qatar’s largest privately held diversified industry groups, has signed a memorandum of understanding with Kugu Logistics, a leading Turkish logistics services company, to cooperate across a number of investments. These include a poultry farm, a fruit and vegetable production farm, a fresh juice production factory, a factory for dairy products, a factory for vegetable oils, and a rice milling factory. Production estimates for the initial phase of the poultry farm located in Al Shahaniya, are 3.5mn chickens a year producing 80,000 eggs daily. The fruit and vegetable production farm will use the most advanced scientific farming techniques with an estimated daily production capacity of 50 tons of fresh fruit and vegetables. Farming land will cover an area of 150,000 m2 during the initial phase and production of consumer goods will commence by the end of 2018. (Peninsula Qatar) confirms the fact that the decision taken by OPEC to cut production in December last year, in coordination with several major oil producing countries outside the OPEC was right, Al Sada said expressing pleasure that this decision was taken during Qatar’s chairmanship of OPEC, QNA reported. The Minister said OPEC’s next meeting would be an opportunity to examine the official reports of the organization regarding information on the oil market, and these reports will help the Organization’s members to take the right decision. (Peninsula Qatar)  Hamad Port posts strong performance – Hamad Port continues to post strong performance, despite the ongoing siege imposed on Qatar. The port, the largest port in the Middle East, saw a 44% YoY rise in cargo movement in September this year, while, 120% rise was seen in tonnage in the same month. The port harbored 150 vessels in September this year compared to 104 vessels in same month last year, while, net tonnage at the port rose to 143,750 tons in September against 65,470 tons in September 2016. The strong movement at the port is result of proactive steps taken by the Mwani Qatar in the past few months. The YoY growth in cargo traffic has continued in every month, after the siege was imposed on June 5, blockading countries. (Peninsula Qatar)  HR experts: Qatar's job market buoyant despite siege – The blockade imposed on Doha has failed to have any negative impact on the dynamics of Qatar's job market, which is seeing an upward trend, human resources experts have said. According to the experts, there is a buoyant outlook due to the large-scale projects being undertaken by Qatar for the 2022 World Cup. “There's an upward trend in the recruitment sector in the country,” Human Resource & Administrative Manager at QDVC-Qatar, Abdulaziz Al Marri told Qatar Tribune on the sidelines of an event pertaining to the HR & Recruitment Strategies seminar organized by Bayt.com. Despite the blockade, he said, Qatar managed to retain its talent pool by making it much more accessible to recruiters in the country. (Qatar Tribune)  Disclosure of the official opening of Al-Ahli Heart Center at AlAhli Hospital – Medicare Group disclosed the official opening of Al Ahli Heart Center on November 12, 2017. The opening ceremony was attended by HE Sheikh Abdullah Bin Thani Bin Abdullah Al Thani, Chairman of the Board, the honorable Board Members, Executive Management, Head of Al-Ahli Heart Center and a number of the senior medical staff. (QSE)  Al Sada: Global oil market moves in right direction – Qatar’s Energy and Industry Minister, HE Mohammed Bin Saleh Al Sada said that the global oil market is heading in the right direction, stressing that the current oil reserves are close to what they have been in the past five years, which has been the target of the Organization of Petroleum Exporting Countries (OPEC). Speaking on the sidelines of the opening function of the 12th edition of ‘Enriching the Middle East’s Economic Future Conference’, the Minister said that the world’s consumption of oil exceeds the current production. This Page 3 of 7
4. Qatar Stock Exchange Top Gainers Top Decliners 0 .0% 6.0% 5.2% -10.0% 4.0% 3.3% 3.2% 2.9% 1.9% 2.0% -18.5% -20.0% -24.9% 0.0% Qatar Insurance Commercial Bank of Qatar Qatar Industrial Manufacturing Zad Holding Industries Qatar -30.0% Medicare Group Source: Qatar Stock Exchange (QSE) Ezdan Real Estate Qatar First Bank Qatari Investors Group Islamic Holding Group Source: Qatar Stock Exchange (QSE) Most Active Shares by Value (QR Million) 180.0 -9.3% -10.2% -11.7% Most Active Shares by Volume (Million) 4.5 162.4 3.9 120.0 3.0 72.9 68.5 67.2 60.0 1.9 QNB Group Qatar Electricity and Water Milaha Masraf Al Rayan Industries Qatar Source: Qatar Stock Exchange (QSE) 1.5 0.0 Vodafone Qatar Masraf Al Rayan Ezdan Real Estate Milaha Net Traded Value by Nationality (QR Million) 24 33.07% 30.18% 7.18% 7.17% 80% 27.21% Non-Qatari 32.55% 306 329 25.35% 40% 20% Investment Holding group Source: Qatar Stock Exchange (QSE) Investor Trading Percentage to Total Value Traded 60% 1.8 1.5 0.0 100% 1.9 63.3 37.30% (24) Qatari 513 489 0% Buy Sell Qatari Individuals Qatari Institutions Non-Qatari Individuals Non-Qatari Institutions Source: Qatar Stock Exchange (QSE) (100) - 100 200 Net Investment 300 Total Sold 400 500 600 Total Bought Source: Qatar Stock Exchange (QSE) Page 4 of 7
5. TECHNICAL ANALYSIS OF THE QSE INDEX Source : Bloomberg The Index closed marginally down (0.76%) from last week and reached 7,825.77. As we mentioned last week, the Index may move around the 8,000. Volumes (based on the General Index’s constituents) have been decreasing, which supports the idea that the selling pressure may be easing soon. Furthermore, the MACD and the RSI are at extreme oversold levels, which suggest the strong possibility for relief rallies. 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 Novem ber 16 % Change WTD % Change YTD Market Cap. QR Million TTM P/E P/B Div. Yield Qatar National Bank 120.95 (0.44) (18.33) 111,715 8.9 1.7 Qatar Islamic Bank 94.00 0.00 (9.53) 22,212 10.2 1.5 5.1 Commercial Bank of Qatar 26.85 3.27 (13.25) 10,867 56.1 0.6 N/A Doha Bank 26.95 (1.28) (20.03) 8,356 8.6 0.8 10.7 Al Ahli Bank 28.04 0.00 (24.51) 5,618 8.7 1.1 3.4 Qatar International Islamic Bank 45.50 1.22 (27.55) 6,887 8.4 1.2 8.8 Masraf Al Rayan 34.49 (1.46) (8.27) 25,868 12.4 2.0 5.8 Al Khalij Commercial Bank 12.00 0.08 (29.41) 4,320 9.5 0.7 6.3 4.92 (11.67) (52.23) 984 N/A 0.6 N/A Qatar First Bank National Leasing Dlala Holding Qatar & Oman Investment 2.6 8.00 (2.44) (47.78) 396 N/A 0.4 6.3 15.49 (1.96) (27.92) 440 23.6 1.9 N/A 6.64 (7.78) (33.27) 209 18.6 0.7 7.5 Islamic Holding Group Banking and Financial Services 25.59 (9.32) (58.05) 145 47.2 1.1 3.9 Zad Holding 70.00 2.94 (21.52) 916 8.8 1.0 6.4 5.30 (8.30) (47.52) 61 N/A 0.9 N/A Qatar German Co. for Medical Devices Salam International Investment 198,015 6.00 (7.69) (45.70) 686 17.0 0.4 13.3 Medicare Group 45.00 (24.86) (28.46) 1,266 19.2 1.3 4.0 Qatar Cinema & Film Distribution 23.99 (4.04) (12.60) 151 35.9 1.2 4.2 Qatar Fuel 86.95 1.16 (34.82) 8,645 11.5 1.3 7.4 Widam Food Co. 52.99 (4.47) (22.07) 954 9.1 3.0 6.6 Mannai Corp. 57.97 1.70 (27.54) 2,645 5.6 0.9 6.9 132.20 (2.09) (24.67) 2,644 13.3 2.0 6.8 Al Meera Consumer Goods Consum er Goods and Services 17,967 Qatar Industrial Manufacturing 38.20 3.24 (14.16) 1,815 9.4 1.2 7.9 Qatar National Cement 57.50 (7.09) (26.45) 3,758 10.4 1.2 6.3 Industries Qatar 96.00 1.92 (18.30) 58,080 22.5 1.7 4.2 Qatari Investors Group 22.99 (10.20) (60.70) 2,858 11.5 1.1 4.3 174.00 (1.53) (23.35) 19,140 11.8 2.2 4.3 6.14 (6.26) (54.95) 3,868 8.5 0.5 9.8 Gulf International Services 14.30 (8.33) (54.02) 2,658 N/A 0.7 7.0 Mesaieed Petrochemical Holding 10.91 (2.15) (30.95) 13,706 12.6 1.0 5.5 5.27 (8.51) N/A 437 N/A 0.5 5.7 Qatar Electricity and Water Aamal Invesment Holding Group Industrials 106,321 Qatar Insurance Doha Insurance 40.99 5.21 (44.41) 11,367 17.3 1.2 3.2 13.60 (4.90) (25.27) 680 8.8 0.7 4.4 Qatar General Insurance & Reinsurance 39.99 (0.03) (14.91) 3,499 54.2 0.6 3.8 Al Khaleej Takaful Insurance 11.19 (1.32) (46.97) 286 25.4 0.6 5.4 Qatar Islamic Insurance Insurance 44.98 (4.30) (11.11) 675 10.6 2.0 7.8 United Development 12.68 (0.63) (38.60) 4,490 7.4 0.4 9.9 Barw a Real Estate 28.60 1.06 (13.98) 11,129 8.4 0.6 8.7 Ezdan Real Estate 6.85 (18.45) (54.67) 18,170 9.3 0.6 7.3 Mazaya Qatar Real Estate Development Real Estate 6.55 (6.43) (52.21) 758 42.3 0.5 N/A 84.50 0.60 (16.99) 27,067 14.1 1.2 4.1 6.10 (2.40) (34.90) 5,157 N/A 1.1 N/A Qatar Navigation (Milaha) 44.00 (7.37) (53.97) 5,039 15.8 0.4 8.0 Gulf Warehousing Qatar Gas Transport (Nakilat) 38.13 0.32 (31.91) 2,235 10.5 1.4 4.2 13.87 (1.56) (39.93) 7,684 9.5 1.4 7.2 Ooredoo Vodafone Qatar Telecom s Transportation Qatar Exchange 16,507 34,547 32,224 14,958 420,539 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 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