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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Chg Indicators (USD Bn) Close (%) MENA Markets Saudi (TASI) 351 6,734 1.05 Turkey ISE National 100 196 60,148 0.16 Kuwait SE WT.INDEX 107 405 -0.15 Qatar(QE Index) 95 8,636 0.77 Abu Dhabi (ADI) 73 2,477 0.43 Morocco (CAI) 63 11,361 0.84 Dubai (DFMGI) 48 1,436 -1.21 Egypt (Hermes) 55 460 -2.07 Jordan (Amman) 23 4,414 -0.13 Bahrain (BAX) 17 1,137 -0.02 Oman(Muscat SM) 14 5,564 0.06 Lebanon (BSE) 12 1,167 0.06 Emerging Markets MSCI EM Index 4,186 1,035 0.46 MSCI BRIC Index 1,877 1,037 0.84 Shanghai A Share Index 2,459 2,441 0.77 SENSEX Index (India) 595 17,605 0.99 S&P GCC Composite 238 95 0.66 Developed Markets MSCI WORLD Index 32,312 825 1.04 US (S&P 500) 12,613 1,345 1.46 UK (FTSE) 2,628 5,901 1.81 Japan (Nikkei 225) 2,263 8,832 -0.51 France (CAC) 1,168 3,428 1.52 Germany (DAX) 924 6,767 1.67

*

2011 P/E Div. % TTM Yield

05 February, 2012

5 – year CDS (USD) watch (bps)

MTD %

YTD %

1.62 5.21 -0.15 0.80 0.92 1.33 0.02 -1.38 -0.00 -0.28 0.05 0.02

4.92 17.32 -0.27 -1.63 3.09 3.02 6.10 20.55 -5.05 -0.62 -2.30 -0.83

-3 -22 -16 1 -12 -13 -17 -42 -13 -20 -16 -20

13 10 14 9 7 12 10 9 13 8 12 10

3.4 2.5 4.7 4.4 5.0 3.5 4.6 4.8 3.5 5.1 4.9 0.5

Interest rate watch

2.95 3.38 1.65 2.39 1.19

14.46 17.87 5.96 13.91 2.84

-21 -26 -22 -25 -8

12 10 12 15 12*

2.8 2.8 2.2 1.5 3.5*

Yield curve watch

2.81 2.48 3.86 0.33 3.92 4.76

8.98 6.94 5.90 4.45 8.49 14.72

-10 0 -6 -17 -17 -15

14 15 11 16 10 11

2.7 2.5 3.9 2.2 4.6 3.5

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

132.42 129.99 423.04 133.93 196.00 385.55

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 75.40 148.50 75.40 509.90 319.53 146.93 90.16 290.50 137.50 387.62 215.00

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.52 0.45 Saudi 0.60 0.45 UAE 0.31 0.45 Qatar 0.36 0.45 Oman 0.31 0.45 Bahrain 0.36 0.45 Last FOMC Meeting Date: Jan 24-25

Libor (In %)

Diff FY10 Diff 0.07 0.04 0.15 -0.08 -0.14 0.03 -0.09 0.05 -0.14 0.03 -0.09 -0.17 Next FOMC Meet Date: Mar 13

US Treasuries

(In %)

- P/E & Div. Yield for GCC as per Zawya

Fixed Income Watch Barclays US treas. 10 Yr JP Morgan Em Bond Idx HSBC/Nasd. Dub GCC $ T.Ret

Last 231 582 134

Chg (%) MTD % -0.85 -1.01 0.25 0.81 0.00 0.00

YTD % -0.11 2.59 0.51

2011 231.43 567.00 133.00

2011% 15 8 8

2011

2011%

1564.11 27.78 107.38 482.01

10 -10 14 -7

KIBOR yield curve (%)

Commodity/Currency/Volatility Watch Precious Metals Gold $/oz Silver $/oz IPE Brent $/bbl CRB Commodity Index Volatility & Currency CBOE VIX index USD (1 EUR =) Yen (1 USD =) KWD (1 USD =) KWD (1 EUR =)

Blue chip watch M. Cap (USD Companies Bn) Saudi Arabia (SAR) SABIC 76 Al-Rajhi Bank 30 Saudi Telecom 19 Saudi Electricity Co. 16 Samba Fin. Group 12

Close

Chg (%) MTD % YTD %

1,725.02 33.58 114.58 502.54 17.1 1.31 76.55 0.2772 0.3645 * 4Q11 Last

94.8 74.0 34.9 14.0 48.0

-1.95 -2.13 2.24 0.31 -4.89 -0.02 -0.48 0.00 -0.03

-0.81 1.39 3.24 0.71 -12.04 -0.50 -0.42 0.07 -0.44

Pct Chg

% M T D

% Y T D

0.8 2.1 1.7 1.8 2.8

0.3 2.4 1.7 1.8 6.2

-2 6 3 1 3

10.29 20.88 6.71 4.26 -26.92 -1.47 0.48 0.36 -1.10

23.4 1.2955 76.92 0.27825 0.3605

P 2011 / Div % E yield (ttm) -8 -16 -21 -1 -24

10 16 9 26 10

4.2 3.7 6.4 5.0 3.2

32 -3 -5 -1 -4

PAT (Mn) 3Q11 5,237* 1,899* 2,278* -514* 944*

% Gr YoY -9 14 -0 NM 5

Corporate earnings watch Type

Country

Currency

LFY

PFY

% Ch g

IBQ

12M

Qatar

QAR (Mn)

573

458

25

Ajman Bank Dubai Islamic Bank Union Properties

12M

UAE

AED (Mn)

7

4

75

12M

UAE

AED (Mn)

1,010

806

25

12M

UAE

AED (Mn)

-1,570

-1,530

-

Company Name

Earnings

News & Views  A number of Saudi investors have applied for the Kingdom's third domestic air carrier's license officials at Saudi Arabia's GACA.  Saudi officials told IMF Managing Director Christine Lagarde that they want a greater share of voting rights at the Fund in exchange for providing financial help, an official from the kingdom familiar with the matter said.  Dar Al Arkan Real Estate Co. has signed an agreement to rent out

ETISALAT 20 9.5 0.0 0.2 4 -15 10 6.3 1,723 -1 part of its Al Qasr Mall to Al Othaim Real Estate and Development NBAD 9 10.9 1.4 1.4 0 12 9 2.8 724* -1 Co. Under the agreement, Al Othaim will use about 10,700 sqm for First Gulf Bank 7 17.7 2.0 3.2 15 -11 8 5.7 1,022* 18 15 years to set up and operate an amusement park. Emirates NBD 5 3.0 0.7 1.0 3 7 6 6.6 175 -59 Emaar Properties 5 2.8 -0.7 1.5 8 -28 13 3.6 406 -34  IMF said that Qatar's intention to reduce its fiscal dependency on hydrocarbon sector will take a longer time due to increases in Kuwait (KWD) current expenditures and hike in salary and pension for Qataris. 13 0.9 0.0 1.2 -6 -41 12 23.5 70 -13 ZAIN 17 1.2 0.0 0.0 5 -14 15 3.4 77* -0  Qatar Investment Authority has joined hands with Carlyle Group to NBK 8 0.9 0.0 0.0 -4 -16 29 2.3 25 -5 KFH bid for a near 40% stake in Turkish airport operator TAV Gulf Bank 4 0.5 0.0 -1.0 -5 -11 33 0.0 9 9 Havalimanlari Holding. TAV shareholders Tepe Insaat and Akfen 3 0.7 0.0 -1.3 -6 -14 33 2.0 7 -65 Comm. Bk. Kuwait Holding are selling 18% stakes each. Qatar (QAR)  The World Bank has announced that it will open discussions with Industries Qatar 20 134.6 1.5 3.1 1 -4 10 4.1 2,074 46 Egypt on a $1bn loan after receiving a request from Cairo. The loan, 26 133.0 0.8 -0.1 -4 14 11 3.0 2,092* 35 QNB for budget support, will be finalized after an IMF program is in place. 14 19.1 -0.3 -0.3 -14 -27 336 0.0 202 17 Ezdan Real Est. Co. 7 148.0 0.4 1.4 5 -5 11 3.4 567 -13 Q-TEL 6 81.7 -0.2 -1.3 -3 -9 11 8.6 379* 23 Comr’cial Bk of Qatar 1 Note: Weekend Details – Saudi Arabia – Thursday & Friday; Turkey, Morocco & Lebanon – Saturday & Sunday; MENA Ex-Saudi Arabia, Turkey, Morocco & Lebanon – Friday & Saturday; US, European & Emerging Markets – Saturday & Sunday. Markaz Research can now be accessed on Bloomberg. Type “MRKZ” <Go>. This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz), which is regulated by the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz. Any user after obtaining Markaz permission to use this report must clearly mention the source as “Markaz “. This Report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to its accuracy or completeness. Markaz has no obligation to update, modify or amend this report. For further information, please contact ‘Markaz’ at P.O. Box 23444, Safat 13095, Kuwait. Tel: 00965 1804800 Fax: 00965 22450647. Email: research@markaz.com


Daily Morning Brief 05022012  

Daily Morning Brief 05022012

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