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% 9,207.01 3,412.26 4,612.33 7,650.12 6,685.23 5,035.23 1,357.68 (2.7) (1.6) (0.7) 1.7 0.5 0.5 1.2 0.0 0.5 0.2 5.9 (0.0) 0.7 0.5 8.0 1.3 4.9 5.9 4.3 (1.3) 2.0 9,328.24 9,300 5,000,000 9,204.62 9,207.01 9,100 0 28-Jan 29-Jan 30-Jan 31-Jan Volume Market Indicators Value Traded (QR mn) Exch. Market Cap. (QR mn) QSE Index Week ended Feb 01 , 2018 969.0 Week ended Jan 25 , 2018 1,508.6 501,803.6 514,419.2 (2.5) 37.3 60.2 (38.1) 16,903 21,887 (22.8) 43 45 (4.4) 11:32 26:16 – 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 2.2% 1.7% 1.2% Close 15,439.62 2,590.87 2,846.10 2,831.29 2,014.11 1,968.64 3,391.24 1,098.89 5,445.36 3,638.12 0.5% 1.1% 1-Feb WTD% (2.7) (2.4) (2.7) (3.5) 2.6 (1.5) (3.2) (4.2) (1.0) (2.9) MTD% 0.0 0.0 0.4 (0.5) 0.8 (0.8) (0.1) 0.3 0.4 0.2 Chg. % (35.8) YTD% 8.0 5.6 6.1 8.1 13.9 2.8 (2.5) 0.0 9.7 6.3 0.5% 0.0% (1.1%) (0.7%) (2.2%) (1.6%) (3.3%) Weekly Exchange Traded Value ($ mn) 265.10 464.16 159.41 5,549.76 256.80 46.31 50.64 Exchange Mkt. Cap. ($ mn) 137,795.3 109,847.8# 128,831.1 477,717.5 94,578.1 21,074.2 20,967.8 TTM P/E** 15.2 22.7 16.0 18.0 16.3 11.7 7.9 Qatar (QSE)* (2.7%) Dubai Foreign institutions turned bearish with net selling of QR93.0mn vs. net buying of QR13.4mn in the prior week. Qatari institutions remained bullish with net buying of QR39.4mn vs. net buying of QR114.6mn in the week before. Foreign retail investors turned bullish with net buying of QR7.1mn vs. net selling of QR1.7mn in the prior week. Qatari retail investors turned bullish with net buying of QR46.5mn vs. net selling of QR126.3mn the week before. Foreign institutions bought (on a net basis) ~$29.5mn worth of Qatari equities since the beginning of 2018. 9,450.07 Abu Dhabi Trading volume decreased by 38.05% to reach 37.3mn shares versus 60.2mn shares in the prior week. The number of transactions fell by 22.77% to reach 16,903 transactions versus 21,887 transactions in the prior week. The Banks and Financial Services sector led the trading volume, accounting for 36.8%, followed by the Real Estate sector which accounted for 23.3% of the overall trading volume. Qatar First Bank (QFBQ) was the top volume traded stock during the week with 5.3mn shares. 9,411.53 Oman Trading value during the week decreased by 35.77% to reach QR969.0bn versus QR1.51bn in the prior week. The Banks and Financial Services sector led the trading value during the week, accounting for 41.6% of the total trading value. The Industrials sector was the second biggest contributor to the overall trading value, accounting for 22.1% of the total trading value. QNBK was the top value traded stock during the week with total traded value of QR95.2mn. 10,000,000 Kuwait Industries Qatar (IQCD), Masraf Al Rayan (MARK) and QNB Group (QNBK) were the primary contributors to the weekly index decline. IQCD was the biggest contributor to the index’s weekly decline, deleting 46.97 points from the index. MARK was the second biggest contributor to the mentioned decline, deleting 46.38 points from the index. Moreover, QNBK shaved off 42.82 points from the index. However, Qatar Navigation (QNNS) added 17.43 points to the index. 9,500 Bahrain The Qatar Stock Exchange (QSE) Index declined 252.60 points or 2.67% during the trading week to close at 9,207.1. Market capitalization fell by 2.45% to QR501.8 billion (bn) versus QR514.4bn at the end of the previous trading week. Of the 45 listed companies, 11 companies ended the week higher, while 32 declined and 2 companies remained unchanged. Doha Insurance (DOHI) was the best performing stock for the week with a gain of 6.76% on 25,805 shares traded. On the other hand, Qatari Investors Group (QIGD) was the worst performing stock for the week with a decline of 10.1% on 480.9k shares traded. Saudi Arabia Market Review and Outlook P/B** Dividend Yield 1.3 1.2 1.3 1.7 1.1 1.0 0.8 4.2 5.1 4.4 3.2 5.2 5.2 5.8 # Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; Data as of January 31, 2018) Page 1 of 7
2. News Economic & Corporate News  QCB's reserves, liquidity rise in December – Qatar Central Bank’s (QCB) international reserves and foreign currency liquidity rose slightly in December, official data showed, as capital outflows caused by sanctions imposed by other Arab states eased. The reserves and liquidity, a measure of the QCB’s ability to support the Qatari Riyal currency, increased to $37.6bn last month from $36.9bn in November. (Reuters)  PwC: Qatar expected to record 3.1% GDP expansion in 2018 – Qatar is expected to record a 3.1% annual gross domestic product (GDP) expansion this year amidst rising inflation, according to PricewaterhouseCoopers (PwC). The country’s expected growth this year is higher than the 2.5% projected for the entire GCC but a tad below the estimate for the Middle East, PwC stated in a report. On the growth front, Saudi Arabia is expected to register 1.6% expansion this year, Bahrain 1.7%, the UAE 3.4%, Oman 3.7% and Kuwait 4.1%. Qatar is expected to show a fiscal surplus of 0.5% of GDP this year compared with a fiscal deficit of 1% the previous year. The country’s fiscal position in 2018 is vis-à-vis fiscal deficit of 4.6% in the GCC and 5.5% in the Middle East. The fiscal deficit of the GCC is expected to see improvement to 4.6% in 2018 compared to 6.1% in the previous year and that of the Middle East is forecast at 5.5% this year and 7.2% in 2017. On inflation, which had been muted in the Gulf countries in 2017; it is expected to stay high at 4.8% in Qatar in this year compared to mere 0.4% in the previous year. The average inflation in the GCC and Middle East is expected to be 4.1% and 7.2% this year against 0.8% and 6.4% in 2017 respectively. Saudi Arabia is expected to see 5% inflation this year, followed by Qatar at 4.8%, 3.5% in Bahrain, 3.2% in Oman, 2.9% in the UAE and 2.7% in Kuwait. (Gulf-Times.com)  Qatar-US trade reaches $6bn – Praising the historic ties between Qatar and the US, the Minister of Economy and Commerce HE Sheikh Ahmed Bin Jassim Bin Mohamed Al Thani said US is Qatar’s sixth largest trading partner with a trade volume of $6bn. Qatar has been working on increasing its investments in the US for many years, with those investments helping create millions of jobs. Some of those investments involved partnerships with a number of American companies such as Exxon Mobil, Conoco Phillips, and Raytheon. The Minister said that international trade and investment represent a main component of Qatar’s economic diversification policy. The US was Qatar’s biggest source of imports in 2017, representing 16% of the country’s total imports. Trade balance was $5bn in favor of the US. He added that the number of American companies operating in Qatar with Qatari partners were 505. The number of companies that were owned 100% by Americans and operating in Qatar was around 102. Around 20 companies were working in the field of oil and gas, with 40 companies licensed by Qatar Financial Center. (Peninsula Qatar)  Qatari banks’ credit to real estate sector stands at QR145.7bn – Qatar banks’ credit facilities to the real estate sector stood at QR145.7bn in December 2017. Total domestic private sector deposits at local banks increased by QR8.2bn to QR356.5bn by the end of December, which is QR8.8bn higher than a year ago or 2.5% up, a reading of Qatar banks’ consolidated balance sheet for the month of December by The Group Securities noted. Total loans & credit facilities to the local private sector entities has increased by QR0.5bn to QR461.5bn, of which real estate sector accounted for the biggest share. The credit for individual’s consumer loans stood at QR123.4bn, which the facilities to trade sector touched QR64.5bn and loans availed by the services sector stood at QR63.6bn in December. The non-banking financial sector availed loans and facilities amounting to QR17.5bn. The banks’ assets (and liabilities) increased by QR40.9bn to QR1,363.6bn by the end of December, 4.8% higher than a year earlier, which represents an increase of QR60.9bn. Government and public sector deposits have increased by QR7.4bn to QR315.4bn. Government deposits recorded QR97.1bn, while the deposits of government institutions settled at QR188.8bn. (Peninsula Qatar)  Study shows significant growth in Qatar’s health sector – A study by the Ministry of Economy and Commerce (MEC) highlights the growing role of the health sector in the development of the country’s economy. The study was conducted in the framework of the MEC’s efforts to enhance the efficiency of economic sectors and increase their competitiveness by analyzing the performance of different sectors, the ministry stated in a report. The study indicated that between 2012 and 2016, the health sector saw considerable growth in added value, which increased from about QR7.5bn in 2012 to around QR11.4bn in 2016. This amounted to a total increase rate of 52% for the whole period. This resulted in an increase in the contribution of this sector to the GDP at current prices from 1% in 2012 to about 2.1% in 2016. The study revealed that the health sector witnessed significant growth between 2012 and 2016 in its real output, ranging from 11.2% in 2012 to 14.5% in 2013 and reaching 6.3% in 2016. This exceeded the average annual growth rate in other economic sectors, the report observed. This also resulted in a rise in the contribution of the health sector to real GDP from 1 percentage point to about 1.43 percentage points in 2016. (Gulf-Times.com)  Lack of demand and plentiful supply spell strain for Qatar property – Qatar’s real estate sector is heading for another difficult year in 2018, as both rental and sale prices are expected to continue to fall, before stabilizing towards the second half of the year. Anurag Gupta, Director and Head of real estate advisory at KPMG Qatar said that the residential and commercial office segments will continue to be under pressure (in terms of rental as well as occupancy) in the coming months across Doha, due to potential oversupply in the market coupled with limited demand. He added, “After a continuous correction in real estate prices across asset categories over the last three quarters of 2017, we expect the real estate market in Qatar to stabilize gradually towards the second half of 2018.” (Zawya)  Qatar’s industrial producers’ earnings display robust performance YoY in December 2017 – Qatar’s industrial producers’ earnings displayed robust performance YoY in December 2017, mainly on higher prices for hydrocarbons, refined petroleum products, basic metals and chemicals and Page 2 of 7
3. other chemical products and fibers , official data suggest. Qatar’s producer price index (PPI) grew 2.5% MoM during the review period, according to the Ministry of Development Planning and Statistics (MPDS). MDPS had released a new PPI series in late 2015. With a base of 2013, it draws on an updated sampling frame and new weights. The previous sampling frame dates from 2006, when the Qatari economy was much smaller than today and the range of products made domestically much narrower. The PPI for mining, which carries the maximum weight of 72.7%, saw 15.4% increase YoY in December 2017 due to 15.4% increase in the price of crude petroleum and natural gas and 3.1% in stone, sand and clay. The mining PPI had seen 3.7% expansion on a monthly basis as crude petroleum and natural gas prices rose 3.7%. The manufacturing sector, which has a weight of 26.8% in the PPI basket, witnessed 20.5% increase YoY in December last year. The manufacturing sector PPI had seen a marginal 0.2% gain MoM in December 2017. (Gulf-Times.com)  CEO: The Commercial Bank has sufficient potential to grow in Qatar – The Commercial Bank (CBQK) has sufficient potential to grow significantly in Qatar over the next few years, according to CBQK’s CEO, Joseph Abraham. Abraham said, “Our primary focus will remain on Qatar. Qatar is an ‘AA’ rated economy; the country’s macro fundamentals are robust and strong. The Commercial Bank is a solid franchise built on more than 40 years of innovation and customer service.” Abraham said CBQK would continue to drive costs lower through reduced waste, while simultaneously investing in new technology and branches. Abraham noted, “There has been a significant decrease in our operating expenses of 19% YoY, in line with our strategy to drive efficiencies across the business, streamline processes and reduce costs. Consequently, we have reported a healthy consolidated cost of income ratio of 37.5% last year, down from 45.7% in 2016.” (Gulf-Times.com, Zawya)  Doha Bank’s attributable net income expected to achieve 10% growth – Doha Bank is expected to achieve 10% growth in attributable net income for 2018, QNB Financial Services (QNBFS) has stated in its company report. Maintaining its ‘market perform’ rating on the bank, QNBFS stated it was pleased with Doha Bank's improvement in revenue generation and costs control despite an overall challenging macro environment. Improvement in 2017 bottom-line was driven by stronger revenue generation against the previous year, the report noted. Doha Bank's attributable net profit increased to QR862.3mn, adding that the improvement in the bottom-line was due to a recovery in net interest income, non-funded income and cost containment. Going forward in 2018, QNBFS stated, it maintained its net income estimate of QR947.5mn. QNBFS stated, “We expect margin pressure in the first quarter of 2018 as the deposits flow took place in the fourth quarter of 2017 and the interest expense associated with it may not have impacted the income statement.” (Qatar Tribune) FY2017, total assets of CBQK stood at QR138.4bn up 6.2% on the previous year. Customer loans and advances amounted to QR89.1bn in FY2017, up 14.6% YoY, while customer deposits totaled QR77.6bn in FY2017, up 9.5% YoY. The non-performing loan (NPL) ratio increased to 5.65% in FY2017 compared to 5.01% for the same period in FY2016. The loan coverage ratio increased to 81% in FY2017 compared to 78.9% for the same period in FY2016. CBQK’s CEO, Joseph Abraham said, “Commercial Bank’s results for 2017 demonstrate the impact of strong execution of our strategic plan which called for building a strong diversified business whilst provisioning legacy loans and improving cost efficiency. Despite market conditions, Commercial Bank continued to grow its business with the right sector mix underpinned by faster than market growth of 14.6% in loans and advances to customers and 9.5% in customer deposits. Consolidated net interest income increased 7.6% YoY to QR2.52bn. Consolidated operating profit increased 13.5% YoY to QR2.21bn, driven by overall balance sheet growth and stable margins which reflected the actions taken on the management of liquidity and funding costs. I am also pleased to report a significant decrease in our operating expenses of 19% YoY, in line with our strategy to drive efficiencies across the business, streamline processes and reduce costs. Consequently, the bank reported a healthy consolidated cost of income ratio of 37.5%, down from 45.7% in 2016. As part of our strategy, we strengthened our balance sheet and made additional provisions on legacy assets, increasing provisioning by 33.8% YoY to QR1.7bn. Consolidated net profit was QR604mn in 2017.” (QNBFS Research, QSE, Gulf-Times.com)  QEWS’ net profit narrows to QR304.79mn in 4Q2017 missing our estimate, DPS of QR7.75 in-line– Qatar Electricity & Water Company (QEWS) reported net profit of QR304.79mn in 4Q2017 as compared to QR500.82mn in 3Q2017, missing our estimate of QR425.63mn. EPS increased to QR14.69 in FY2017 from QR14.02 in FY2016. QEWS’ board recommended to the General Assembly to approve the distribution of cash dividends to shareholders, equivalent to 77.5% of the nominal value of the shares as compared to previous year’s 75%. We note the miss vs our estimate is mostly due to softer-thanexpected revenue of QR706.37mn vs. our estimate of QR800.06mn. JV income was also around 10% lower than expected contributing to the miss. We await more details about the decline in the top-line but maintain our TP of QR230 and Outperform rating. (QNBFS Research, QSE, Peninsula Qatar)  QIGD’s bottom line rises 45.7% QoQ in 4Q2017 – Qatari Investors Group’s (QIGD) net profit rose 45.7% QoQ (+5.4% YoY) to QR59.81mn in 4Q2017. EPS amounted to QR2.04 in FY2017 as compared to QR2.23 in FY2016. The board recommended distribution of cash dividends of 7.5% of the share par value, i.e. QR0.75 for each share, subject to the approval of the General Assembly Meeting. (QSE)  CBQK reports QR344.67mn net profit in 4Q2017, beating our estimate – The Commercial Bank (CBQK) reported net profit of QR344.67mn in 4Q2017 as compared to QR79.39mn in 3Q2017, beating our estimate of QR160.22mn (variation of +115%). EPS increased to QR0.90 in FY2017 from QR0.78 in FY2016. CBQK’s board of directors recommended, for approval at AGM on March 21, 2018, a cash dividend of 10% i.e. QR1.0 per share. In Page 3 of 7
4. Qatar Stock Exchange Top Gainers Top Decliners 0 .0% 9.0% 6.8% 6.3% -4.0% 6.0% -4.8% 4.3% -6.2% 3.0% 3.0% 2.5% -5.5% -6.0% -8.0% -10.1% 0.0% Doha Insurance Milaha Qatar & Oman Investment Qatar National Cement Mesaieed Petrochemical Holding Company Source: Qatar Stock Exchange (QSE) -12.0% Qatari Investors Group Islamic Holding Qatar Electricity and Gulf Warehousing Salam International Group Water Investment Source: Qatar Stock Exchange (QSE) Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million) 120.0 6.0 5.3 95.2 79.8 80.0 74.6 4.0 66.7 3.8 3.4 64.2 2.7 40.0 2.0 0.0 QNB Group Doha Bank Masraf Al Rayan Barwa Real Estate United Development Source: Qatar Stock Exchange (QSE) 80% 60% 23.19% 0.0 Qatar First Bank United Development Non-Qatari 452 366 13.87% 40.30% Doha Bank (86) 32.79% 14.60% 21.91% Gulf International Services Net Traded Value by Nationality (QR Million) 17.84% 40% 20% Vodafone Qatar Source: Qatar Stock Exchange (QSE) Investor Trading Percentage to Total Value Traded 100% 2.4 86 35.50% Qatari 517 603 0% Buy Sell Qatari Individuals Qatari Institutions Non-Qatari Individuals Non-Qatari Institutions Source: Qatar Stock Exchange (QSE) (200) (100) - 100 200 Net Investment 300 Total Sold 400 500 600 700 Total Bought Source: Qatar Stock Exchange (QSE) Page 4 of 7
5. TECHNICAL ANALYSIS OF THE QSE INDEX Source : Bloomberg The Index may have started a corrective wave on the weekly chart. It closed down 2.67% from the week before and marked the 9,207.01 level. The current weakness has created a candlestick formation named “Harami”, which is a bearish reversal formation. If the Index moves below the current levels, then we might see further weakness to come. Our expected support level remains at 8,000 points and the resistance at 10,000. 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 February 01 % Change WTD % Change YTD Market Cap. QR Million TTM P/E P/B Div. Yield Qatar National Bank 135.70 (3.00) 7.69 125,338 10.0 1.8 Qatar Islamic Bank 99.10 (2.75) 2.16 23,417 11.2 1.5 4.8 Commercial Bank of Qatar 28.44 (0.52) (1.59) 11,510 31.4 0.7 N/A Doha Bank 32.85 (0.54) 15.26 10,185 10.0 0.9 8.8 Al Ahli Bank 33.50 0.00 (14.08) 6,711 10.4 1.3 2.8 Qatar International Islamic Bank 61.00 (2.01) 11.72 9,233 11.1 1.6 6.6 Masraf Al Rayan 40.25 (4.03) 6.62 30,188 14.9 2.3 5.0 Al Khalij Commercial Bank 13.28 0.91 (6.48) 4,781 9.6 0.8 5.6 7.00 (1.96) 7.20 1,400 N/A 0.8 N/A 9.86 (2.47) (7.94) 488 N/A 0.5 5.1 14.50 (0.68) (1.36) 412 22.1 1.7 N/A Qatar First Bank National Leasing Dlala Holding Qatar & Oman Investment 2.3 8.10 4.25 2.53 255 22.7 0.9 6.2 Islamic Holding Group Banking and Financial Services 30.50 (6.15) (18.67) 173 N/A 1.3 3.3 Zad Holding 73.01 0.01 (9.86) 955 9.2 1.1 6.2 6.28 (3.24) (2.79) 73 N/A 1.0 N/A Qatar German Co. for Medical Devices Salam International Investment 224,092 6.95 (4.79) 0.87 794 19.7 0.5 11.5 Medicare Group 76.99 (3.76) 10.22 2,167 27.0 2.2 2.3 Qatar Cinema & Film Distribution 21.10 0.00 (15.60) 133 31.6 1.0 4.5 115.80 0.70 13.46 11,513 15.4 1.7 5.5 Widam Food Co. 70.51 (4.72) 12.82 1,269 11.7 3.7 5.0 Mannai Corp. 66.39 (1.64) 11.58 3,029 6.5 1.1 6.0 153.00 (1.03) 5.59 3,060 15.4 2.3 5.9 Qatar Fuel Al Meera Consumer Goods Consum er Goods and Services 22,993 Qatar Industrial Manufacturing 44.00 (0.50) 0.69 2,091 10.8 1.4 6.8 Qatar National Cement 68.00 3.03 8.11 4,444 12.3 1.5 5.3 109.70 (3.35) 13.09 66,369 25.7 2.0 3.6 33.32 (10.07) (8.96) 4,143 16.4 1.6 3.0 188.00 (6.00) 5.62 20,680 12.8 2.3 4.0 8.50 (2.52) (2.07) 5,355 11.7 0.7 7.1 Gulf International Services 19.00 (4.04) 7.34 3,531 N/A 1.0 5.3 Mesaieed Petrochemical Holding 14.65 2.45 16.36 18,405 17.0 1.3 4.1 6.19 (1.90) 1.48 514 N/A 0.6 4.8 Industries Qatar Qatari Investors Group Qatar Electricity and Water Aamal Invesment Holding Group Industrials 125,531 Qatar Insurance Doha Insurance 51.00 (4.67) (1.94) 14,143 33.4 1.5 2.6 13.90 6.76 (0.71) 695 9.0 0.7 4.3 Qatar General Insurance & Reinsurance 46.00 0.66 (6.12) 4,025 62.3 0.7 3.3 Al Khaleej Takaful Insurance 13.25 (3.99) 0.08 338 30.1 0.7 4.5 Qatar Islamic Insurance Insurance 56.30 (2.93) 2.42 845 13.3 2.5 6.2 United Development 16.98 0.47 18.08 6,012 9.9 0.6 7.4 Barw a Real Estate 37.93 (1.48) 18.53 14,759 11.1 0.8 6.6 Ezdan Real Estate 11.44 (1.80) (5.30) 30,345 17.7 1.0 4.4 7.96 (2.33) (11.56) 921 51.4 0.6 N/A 95.87 (4.13) 5.64 30,709 16.0 1.3 3.7 7.05 (4.34) (12.09) 5,960 N/A 1.3 N/A Qatar Navigation (Milaha) 67.50 6.32 20.67 7,730 24.3 0.6 5.2 Gulf Warehousing Qatar Gas Transport (Nakilat) 42.00 (5.51) (4.52) 2,461 11.4 1.5 3.8 18.49 2.15 14.84 10,244 12.6 1.9 5.4 Mazaya Qatar Real Estate Development Real Estate Ooredoo Vodafone Qatar Telecom s Transportation Qatar Exchange 20,046 52,038 36,669 20,436 501,804 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