GCC Daily Market Update - 23 February

Transcription

1. DAILY MARKET UPDATE February 23 , 2017 GLOBAL MARKETS MARKET COMMENTARY Change Performance Value (%) MTD (%) YTD (%) Closing Level Indices Global S&P 500 Dow Jones Ind. Average Nasdaq FTSE 100 DAX 30 CAC 40 BIST 100 Nikkei Hang Seng Shanghai Composite BSE Sensex GCC QE Index Saudi Arabia (TASI) UAE (ADX) UAE (DFM) Kuwait (KSE) Oman (MSM) Bahrain (BAX) S&P GCC Dow Jones Islamic Commodity Brent (USD/bbl) WTI (USD/bbl) Natural Gas (USD/mmBTU) Gold Spot (USD/t oz.) Copper (USD/lb) 2,362.8 20,775.6 5,352.1 7,302.3 11,998.6 4,895.9 88,531.3 19,379.9 24,202.0 3,261.2 28,864.7 (2.6) 32.6 1.4 27.4 31.1 7.1 (433.9) (1.6) 238.3 7.9 103.1 (0.1) 0.2 0.0 0.4 0.3 0.2 (0.5) (0.0) 1.0 0.2 0.4 3.7 4.6 4.6 2.9 4.0 3.1 2.6 1.8 3.6 3.2 4.4 5.5 5.1 10.0 2.2 4.5 0.7 13.3 1.4 10.0 5.1 8.4 10,952.7 7,062.9 4,637.5 3,646.1 6,792.7 5,867.5 1,342.8 1,662.2 3,083.9 19.0 5.1 29.8 86.0 26.4 15.4 22.7 2.2 (0.6) 0.2 0.1 0.7 2.4 0.4 0.3 1.7 0.1 (0.0) 3.4 (0.5) 1.9 0.1 (0.6) 1.6 3.0 1.3 3.3 4.9 (2.0) 2.0 3.3 18.2 1.5 10.0 6.5 6.1 55.8 53.6 2.6 1,232.0 273.3 (0.8) (0.5) 0.0 (5.5) (1.3) (1.5) (0.9) 1.1 (0.4) (0.5) 1.2 2.5 (16.1) 1.9 (0.2) (0.8) 0.7 (29.8) 7.0 8.6 Source: Bloomberg Global Most of the global indices rose on Wednesday. S&P 500 fell marginally weighed by Energy stocks, which led decliners, tracking drop in oil prices. Dow Jones gained 0.2% as DuPont rose after reports that EU antitrust regulators will clear its merger with Dow Chemical. Fed minutes for January meeting, reaffirmed the recent hawkish narrative by Fed officials, and hence had little impact on stocks. The Stoxx Europe 600 fell marginally as losses in Mining and Energy shares were offset by upbeat earning reports. Unilever share prices surged 5.7% after it said that it has launched a strategic review of its operation to bring out more value for its shareholders. In Asia, Nikkei ended in red mainly due to stronger yen. Hang Seng was up 1.0% with Real Estate shares gaining after data showed home prices in mainland Chinese cities continued its upward trajectory. GCC Most Gulf stocks rose on Wednesday. Dubai’s benchmark index gained 2.4% after construction company, Arabtec rebounded sharply upon receiving initial approval from the stock market regulator for its recapitalization program. Abu Dhabi’s main index rose 0.7% with Dana Gas up 4.7% for the day. Saudi Arabia’s TASI ended 0.1% in green, as Petrochemical stocks benefitted from improved Brent prices in the trading session. Saudi's National Industrialization (Tasnee) ended in green after announcing the sale of its titanium dioxide business, Cristal to American chemicals maker Tronox. Qatar QE index rose 0.2% mainly due to strong buying support from foreign and Gulf institutions. The investors turned bullish particularly on Realty, Consumer Goods and Industrial sectors. Trade turnover and volumes expanded, where the Real Estate, Banking and Industrials sectors together accounted for about 74% of the total volumes. The Commercial Bank of Qatar however, fell 4.3% after it reported a fall in net profit for 2016. Out of 39 stocks traded, 22 rose, 14 fell and 3 remained unchanged. QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 15.4 1.6 3.7 134.1 11,000 DSM 20 15.9 1.6 3.7 99.1 10,500 Saudi Arabia (TASI) 17.5 1.6 3.3 962.5 UAE (ADX) 13.0 1.4 5.3 35.1 UAE (DFM) 15.3 1.3 3.7 184.6 Kuwait (KSE) 22.9 1.2 3.5 97.9 Oman (MSM) 11.1 1.2 4.9 8.0 Source: Bloomberg Bahrain (BAX) 8.9 0.5 4.4 1.9 1D Change Performance Value (%) YTD (%) YoY (%) Vol. P/E (‘000) TTM QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Source: Bloomberg Qatar Trading Activity Top Gainers Medicare Group Islamic Holding Group Qatar Islamic Insurance Dlala Holding Ezdan Holding Group Top Losers Qatar Islamic Bank Commercial Bank Qsc National Leasing Al Khaleej Takaful Grp Qatar Navigation Close Price 87.2 61.0 63.4 20.5 16.1 6.7 3.5 2.0 0.5 0.4 8.3 6.1 3.3 2.5 2.4 38.6 0.0 25.3 (4.6) 6.4 102.0 31.3 15.2 20.1 91.8 (4.8) (1.4) (0.4) (0.5) (0.7) (4.5) (4.3) (2.6) (2.5) (0.8) (1.8) (3.7) (0.8) (4.6) (4.0) Source: Bloomberg; Note: Prices are in local currency. (6.1) 533.0 8.0 177.1 (4.8) 219.5 56.5 9.3 10.3 2,985.3 3.0 (24.7) 22.5 (19.5) (6.3) 307.2 686.9 358.4 20.6 18.3 37.7 83.3 15.0 149.4 24.4 11.8 24.3 149.2 17.4 11.7 Qatar DSM Index 40.0 10,952.7 20.0 10,000 9,500 27/Nov 0.0 11/Dec 25/Dec 8/Jan Index Volume (mn) 22/Jan 5/Feb 19/Feb Index Value Closing Level 3,071.0 6,484.9 3,406.9 4,519.4 2,472.2 1,318.6 2,524.1 1D Change (%) (0.0) 1.4 0.8 (0.0) 1.8 (0.4) (0.3) Buy (%) 29.4 19.3 48.7 14.2 37.1 51.3 Sell (%) 47.3 25.6 72.9 12.6 14.5 27.1 sSource: Qatar Exchange Qatar Trading Summary Qatari Individuals Qatari Institutions Qatari – Total Foreign Individuals Foreign Institutions Foreign – Total Source: Qatar Stock Exchange, Bloomberg 1
2. DAILY MARKET UPDATE February 23 , 2017 well, marking a milestone as the company moves toward greater localization of drilling services. (Source: Trade Arabia) GLOBAL NEWS    A global agreement to boost trade by cutting red tape and streamlining border checks came into force on Wednesday, promising a 0.5% lift to the world economy by 2030 even as it faces renewed protectionism from the United States. (Source: BBC) Many Federal Reserve policymakers said it may be appropriate to raise interest rates again fairly soon should jobs and inflation data come in line with expectations, according to the minutes of the Fed's last policy meeting. (Source: Reuters) US seasonally adjusted home resales surged 3.3% MoM to 5.69mn units in January-17, the highest level since February-07, as buyers shrugged off higher prices and mortgage rates. (Source: Reuters)  None of the Eurozone’s 19 members was in deflation during January17. Consumer prices in the currency area were higher at 1.8% YoY in January-17, a jump from the 1.1% YoY inflation rate in December-16 and within touching distance of the ECB’s target of 2% YoY. (Source: WSJ)  Britain's economy sped up at the end of 2016, as the GDP rose by 0.7% in Q4-16, faster than the preliminary reading of 0.6% majorly due to improvement in manufacturing sector. (Source: Reuters) GCC NEWS  UAE’s energy performance contracting market is poised to grow at a CAGR of 15%-17% by 2021-22, driven by a major push in the region for development of both renewable energy and energy efficient policies, according to Frost & Sullivan. (Source: Trade Arabia)  Gross assets of UAE's conventional banks rose 4.9% YoY to AED 2,101.9bn while that of Islamic banks increased 6.5% YoY to AED 508.2bn in January-17. (Source: Central bank of UAE)  Dubai Land Department issued stricter guidelines for brokers marketing overseas properties in the emirate, warning of legal action against those failing to follow the set rules. (Source: Arabian business)  Bourse Dubai and Nasdaq signed a new landmark agreement to bolster the technological infrastructure and improve post-trade practices of Dubai’s stock exchanges, which include Dubai Financial Market and Nasdaq Dubai. (Source: Trade Arabia)  Dubai contractor Arabtec received approval in principle from the stock market regulator for its recapitalization program. The approval is subject to the completion of Arabtec's 2016 full-year financial audit and final approval from the regulator. (Source: Arabian business)  Dubai based KBW Investments announced the formation of a new portfolio company, Crestmount Capital, which will target sharia compliant investments. The company’s first fund entitled Crestmount Fund 1, already reached its full commitment of AED 267mn (USD 73mn). (Source: Arabian business)  National Bank of Abu Dhabi and First Gulf Bank, which are set to merge, have jointly reported a pro forma net profit of AED 11.4bn (USD 3.1bn) in 2016. (Source: Arabian business)   The Abu Dhabi National Oil Company signed a deal with Netherlands based energy company, Vitol for the supply of 528,000 tons per year of liquefied petroleum gas over the next 10 years. The long-term agreement backdates to January-17 and will expire on 31st December26. (Source: Arabian business) Saudi Arabia will see a record 68 new hotels and 29,033 hotel rooms open across its major cities in 2017, according to a report by Top Hotel Projects. The report said Riyadh, Jeddah, Al Khobar and Makkah are set to be the Kingdom’s busiest areas for hospitality development. (Source: Arabian business)  A new drilling rig designed by Saudi Aramco engineers and built according to the company’s specifications, has started drilling its first  Saudi Aramco, gearing up for what may be the world’s biggest initial public offering, is considering discounted shares for local investors. (Source: Bloomberg)  SABIC's revenue declined 10% YoY to SAR 132.83bn in 2016 due to lower average sales prices. Net profit fell 5% YoY to SAR 17.84bn due to subdued top line and increase in Zakat provision. (Source: Tadawul)  Malaysia's state oil firm Petronas and Saudi Aramco are expected to sign an agreement to collaborate in Malaysia's Refinery and Petrochemical Integrated Development (RAPID) project. (Source: Reuters)  Bahri Dry Bulk Company, a subsidiary of Saudi based Bahri Group has signed a JV agreement with Koninklijke Bunge, a unit of US based agribusiness company, Bunge Ltd, to establish an ocean freight supplier for dry bulk import and export flows in and out of the Middle East region. (Source: Arabian business)  The total investment in Oman’s tourism and hospitality sector is estimated to hit USD 1.17bn by 2026, according to the World Travel and Tourism Council (WTTC). The WTTC also said the total contribution of travel and tourism in the country set to rise to USD 785mn over the same period. (Source: Arabian business)  VATs in the GCC are expected to be set around 5% and the annual contribution of VAT to Oman’s GDP is likely to be OMR 400mn (USD 1.04bn), according to Ministry of Finance. (Source: Oman Daily Observer)  Bahrain’s FDI doubled to USD 280mn in 2016 from 40 new companies, including Ikea as compared to USD 142mn invested by 22 companies in 2015. The tourism sector accounted for 75% of the investments while manufacturing and logistics accounted for 15% and financial services accounted for 9%. (Source: Arabian business)  Bahrain Telecommunications Co (Batelco’s) net profit plunged 40.2% YoY to BHD 5.1mn (USD 13.5mn) in Q4-16. The full year 2016 net profit was down to BHD 37.6mn, from BHD 49.5mn in 2015. (Source: Arabian Business) QATAR NEWS  The contribution of tourism sector to Qatar's GDP has grown from 3.3% in 2011 to 5.4% in 2015, the Ministry of Economy and Commerce said in a report. (Source: Qatar Tribune)  Ooredoo Qatar's net profit increased 4.0% YoY to QAR 2.2bn in 2016 while revenue grew 1.0% YoY to QAR 8bn. Customer base increased by 19.0% YoY to reach 138mn. (Source: Gulf Times)  Qatar Ports Management Company, a major developer of the country's seaports, is set to construct more than 1,000 berths at four upcoming harbours across the country in its bid to encourage marine transportation in the private sector. (Source: Trade Arabia)  Real estate transactions in Qatar during the week ending 6th February17, were worth QAR 743.06mn. The types of real estate traded included plots of land, houses, villas and multi-purpose buildings. (Source: Qatar Tribune)  Qatar International Islamic bank (QIIB) is expected to start its operations in Morocco by Q1-17. The bank is likely to begin operations with four branches, said Abdulbasit Ahmad Al Shaibei, CEO of QIIB. (Source: The Peninsula)  Al Meera Consumer Goods Company reported a net profit of QAR 199.2mn in 2016 compared to QAR 162.1mn in 2015. The board has recommended a dividend distribution of QAR 9 per share. (Source: Qatar Tribune)  Qatar Islamic Bank announced the official opening of a new branch at the Ministry of Endowment and Islamic Affairs (Awqaf) Tower in West Bay. (Source: The Peninsula) 2
3. DAILY MARKET UPDATE February 23 , 2017 FX RATES Currencies Value Currencies Value EUR/USD 1.0588 USD/QAR 3.6413 113.3100 EUR/QAR 3.8554 USD/JPY GBP/USD 1.2480 JPY/QAR 0.0321 USD/CHF 1.0103 GBP/QAR 4.5443 USD/CAD 1.3164 CHF/QAR 3.6042 AUD/USD 0.7703 CAD/QAR 2.7661 NZD/USD 0.7189 AUD/QAR 2.8049 USD/INR 66.4700 INR/QAR 0.0548 USD/TRY 3.5799 TRY/QAR 1.0172 USD/ZAR 12.9735 ZAR/QAR 0.2807 USD/BRL 3.0646 BRL/QAR 1.1882 FX Commentary USD closed lower, with dollar index down 0.2%, as investors were disappointed after Fed voting members showed no urgency to hike rates. A cautious stance adopted by Fed amidst uncertainty about US President’s fiscal policies, also weighed on the greenback. The CAD hit a two-week low against the USD pressured by lower oil prices and a drop in domestic retail sales. It pared some losses after Fed minutes fell short of an expected hawkish tone. EUR gained after anti-EU French presidential candidate Marine Le Pen's perceived chances of winning fell. The common currency further benefitted from upbeat Eurozone inflation numbers and improved German business sentiments. GBP closed lower, weighed by weaker GDP growth on a calendar basis. JPY gained after BoJ Governor negated possibilities of further lowering interest rates. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.69 0.71 0.78 1.05 1.75 (0.42) (0.38) (0.37) (0.33) (0.11) LIBOR EURIBOR 1 Month 3 Month 1 Year QAIBOR 1.22 1.37 1.56 1.85 2.59 SAIBOR NA 1.00 1.50 1.83 2.25 EIBOR 0.64 0.72 0.98 1.39 2.06 BMIBOR 0.55 0.73 1.23 1.70 2.18 NA NA 1.19 1.44 2.06 KIBOR Qatar vs US Treasuries Yields 4.0% 3.43% 3.04% 2.66% 4.49% 1.82% 2.0% 1.91% 1.22% 2.22% 2.41% 7 Yrs 10 Yrs US 3.03% 0.0% 2 Yrs 5 Yrs Qatar 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 24.7 (2.0) Turkey 238.8 (4.7) UK 30.3 (2.7) Brazil 224.3 (31.1) Germany 25.2 8.7 Egypt 392.7 (40.7) France 70.1 40.4 Abu Dhabi 197.3 60.7 2.02% 2.0% 2.39% 2.20% 2.66% 1.57% 2.11% 1.0% 0.0% 0.81% 2 Yrs 1.61% 1.36% 1.15% Italy Greece 5 Yrs 7 Yrs Current 10 Yrs Last Year 30 Yrs Spreads 6M Change 1,047.5 5 Years CDS Spread 6M Change 50.3 (24.4) Bahrain 230.8 (161.7) 40.9 Dubai 125.1 (33.2) Russia 174.7 (55.0) Qatar 74.3 (14.4) Japan 23.6 (9.9) Saudi Arabia 101.1 (50.6) Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event 16:30 US Initial Jobless Claims Period Survey Feb-18th 240k 16:30 Germany GDP SA QoQ 16:30 Italy Retail Sales MoM 16:30 Germany GDP NSA YoY 16:30 France Manufacturing Confidence 16:30 Italy 16:30 16:30 Prior 239k 4Q F 0.40% 0.40% Dec 0.20% (0.70%) 4Q F 1.20% 1.20% Feb 106 106 Retail Sales YoY Dec 0.90% 0.80% Germany GfK Consumer Confidence Mar 10.1 10.2 US FHFA House Price Index MoM Dec 0.50% 0.50% Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) Bahrain Telecom Co 94.1 1.4 4.4 5.2 (39.7) (47.0) Salalah Port Services 13.5 7.1 (0.5) 1.8 (9.8) 39.6 4.3 8.9 (11.4) 0.8 22.0 (24.7) Bahrain National Holding Albaraka Banking Group 313.0 11.5 15.0 35.1 (15.7) 0.3 Seef Properties 4.7 27.3 12.1 3.8 27.9 45.0 Alimtiaz Investment Co Kscc NA NA NA 6.7 310.6 159.7 Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE February 23 , 2017 QSE MAIN FINANCIAL INDICATORS Company Ahli Bank Comm. Bank of Qatar Dlala Doha Bank Islamic Holding Al khalij Commercial Bank Rayan National Leasing First Bank (QFC) Qatar Islamic Bank Intl. Islamic Bank QNB Qatar Oman Banks & Financial Services Medicare Mannai Corp. Al Meera Cinema Qatar Fuel Qatar German Co. Med Salam International Widam Zad Holding Company Consumer Goods & Services Aamal Gulf International Industries Qatar Mesaieed Qatar Electricity & Water The Investors Ind. Manf. Co. National Cement Co. Industrials Al Kaleej Takaful Doha Insurance Qatar Insurance General Insurance Islamic Insurance Insurance Barwa Ezdan Holding Mazaya Qatar United Dev. Company Real Estate Ooredoo Vodafone Qatar Telecoms Gulf warehousing Co Nakilat Qatar Navigation Transportation Market Dividend Yield (%) 2.7 0.0 0.0 7.8 1.6 4.8 4.8 3.3 N/A (‫)غ‬ 4.7 5.8 2.1 4.8 3.0 3.4 N/A (‫)غ‬ 4.9 3.7 4.4 N/A (‫)غ‬ 6.7 5.3 N/A (‫)غ‬ 3.7 N/A (‫)غ‬ 3.3 3.3 3.9 3.3 1.8 6.1 4.2 3.2 N/A (‫)غ‬ 3.3 1.7 3.5 5.5 2.1 6.0 N/A (‫)غ‬ N/A (‫)غ‬ 5.7 2.1 N/A (‫)غ‬ 0.0 0.0 2.8 4.3 N/A (‫)غ‬ 2.4 2.7 P/B Ratio (x) 1.5 0.8 2.3 1.1 2.4 0.9 2.5 0.7 N/A (‫)غ‬ 1.7 1.8 2.4 1.1 1.9 2.4 N/A (‫)غ‬ 2.6 1.2 2.1 N/A (‫)غ‬ 0.8 4.0 N/A (‫)غ‬ 2.5 N/A (‫)غ‬ 1.5 2.2 1.4 3.1 2.8 1.5 1.8 2.2 N/A (‫)غ‬ 0.8 2.5 0.6 2.8 1.7 0.9 N/A (‫)غ‬ N/A (‫)غ‬ 0.7 2.3 N/A (‫)غ‬ 1.6 9.3 2.2 1.5 N/A (‫)غ‬ 2.7 2.2 P/E Ratio (x) 11.2 24.1 (H) (‫)م‬ 9.5 84.1 13.2 15.0 (H) (‫)م‬ N/A (‫)غ‬ 11.2 13.3 11.5 24.4 12.3 37.7 N/A (‫)غ‬ 18.4 39.3 16.6 N/A (‫)غ‬ 11.9 13.1 N/A (‫)غ‬ 21.1 N/A (‫)غ‬ 83.0 24.9 19.6 16.5 25.1 12.0 11.8 22.8 N/A (‫)غ‬ 12.5 20.1 17.1 15.0 19.4 10.1 N/A (‫)غ‬ N/A (‫)غ‬ 12.4 30.6 N/A (‫)غ‬ (M) (‫)س‬ (M) (‫)س‬ 16.3 13.4 N/A (‫)غ‬ 23.0 18.3 EPS (QR) 3.3 1.3 0.1 4.1 0.7 1.2 2.8 0.1 N/A (‫)غ‬ 9.1 5.2 13.4 0.4 5.6 2.3 N/A (‫)غ‬ 10.0 0.7 9.7 N/A (‫)غ‬ 1.0 5.1 N/A (‫)غ‬ 3.9 N/A (‫)غ‬ 0.4 4.9 0.8 14.0 2.2 4.1 8.0 2.2 N/A (‫)غ‬ 1.4 3.7 2.5 4.2 3.1 4.1 N/A (‫)غ‬ N/A (‫)غ‬ 1.8 0.6 N/A (‫)غ‬ (M) (‫)س‬ (M) (‫)س‬ 3.5 1.7 N/A (‫)غ‬ 1.6 2.5 BV/Share (QR) 25.5 39.7 9.1 36.3 25.2 16.8 16.9 20.6 N/A (‫)غ‬ 60.3 37.5 65.0 9.8 36.4 36.1 N/A (‫)غ‬ 70.1 21.6 77.0 N/A (‫)غ‬ 14.7 16.8 N/A (‫)غ‬ 33.2 N/A (‫)غ‬ 20.4 55.4 11.4 75.2 20.4 32.7 52.0 22.2 N/A (‫)غ‬ 21.5 29.7 72.8 23.0 35.2 46.9 N/A (‫)غ‬ N/A (‫)غ‬ 30.8 8.3 N/A (‫)غ‬ 5.6 4.1 25.9 15.4 N/A (‫)غ‬ 13.8 21.0 Stock Price (QR) 37.0 31.3 20.5 38.6 61.0 15.7 41.6 15.2 9.6 102.0 68.7 154.0 10.4 87.2 86.0 183.0 26.9 160.5 9.9 11.9 66.2 84.0 15.3 29.9 121.5 15.5 231.0 56.0 48.9 94.6 20.1 18.1 74.9 42.8 63.4 41.7 16.1 14.7 21.8 113.6 9.2 57.1 23.1 91.8 Company ‫االهلي‬ ‫التجاري‬ ‫داللة‬ ‫بنك الدوحة‬ ‫اإلسالمية القابضة‬ ‫الخليجي‬ ‫الريان‬ ‫االجارة‬ ‫ األو ل‬QFC ‫المصرف‬ ‫الدولي‬ ‫الوطني قطر بنك‬ ‫قطروعمان‬ ‫البنوك والخدمات المالية‬ ‫الرعاية‬ ‫مجمع المناعي‬ ‫الميرة‬ ‫السينما‬ ‫قطر للوقود‬ ‫الطبية‬ ‫السالم‬ ‫ودام‬ ‫زاد‬ ‫البضائع والخدمات االستهالكية‬ ‫أعمال‬ ‫الخليج الدولية‬ ‫صناعات قطر‬ ‫مسيعيد‬ ‫كهرباء وماء‬ ‫المستثمرين‬ ‫التحويلية‬ ‫االسمنت‬ ‫الصناعات‬ ‫الخليج‬ ‫الدوحة‬ ‫قطر‬ ‫العامة‬ ‫االسالمية‬ ‫التأمين‬ ‫بروة‬ ‫إزدان القابضة‬ ‫مزايا قطر‬ ‫المتحدة للتنمية‬ ‫العقارات‬ ‫كيوتل‬ ‫فودافون قطر‬ ‫االتصاالت‬ ‫مخازن‬ ‫ناقالت‬ ‫المالحة‬ ‫النقل‬ Source: Qatar Exchange; Note: The above mentioned indicators were calculated according to the latest reliable financial data. DISCLAIMER It is understood that any opinions expressed by Commercial Bank or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of Commercial Bank or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this materials or for any delays, inaccuracies, errors in, or omissions of the said information. 4