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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Indicators (USD Bn) Close MENA Markets Saudi (TASI) 390 7,481 Turkey ISE National 100 188 59,280 Kuwait SE WT.INDEX 106 414 Qatar(QE Index) 97 8,594 Abu Dhabi (ADI) 76 2,562 Morocco (CAI) 62 11,355 Dubai (DFMGI) 51 1,610 Egypt (Hermes) 63 534 Jordan (Amman) 24 4,640 Bahrain (BAX) 17 1,161 Oman(Muscat SM) 14 5,859 Lebanon (BSE) 13 1,212 Emerging Markets MSCI EM Index 4,254 1,050 MSCI BRIC Index 1,890 1,044 Shanghai A Share Index 2,592 2,555 SENSEX Index (India) 587 17,503 S&P GCC Composite 256 102 Developed Markets MSCI WORLD Index 32,634 836 US (S&P 500) 12,815 1,371 UK (FTSE) 2,582 5,887 Japan (Nikkei 225) 2,377 9,930 France (CAC) 1,181 3,487 Germany (DAX) 948 6,880

*

2011 P/E Div. % TTM Yield

11 March, 2012

5 – year CDS (USD) watch (bps)

Chg (%)

MTD %

YTD %

1.44 -0.66 0.19 -0.13 0.33 -0.27 0.17 -1.29 0.56 0.32 0.57 -0.18

4.19 -2.37 1.08 -1.75 -1.89 -0.38 -6.93 0.43 2.66 1.09 0.37 1.32

16.57 15.63 2.03 -2.11 6.64 2.97 19.00 40.03 -0.19 1.52 2.88 2.99

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

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

3.6 2.5 4.6 4.3 5.3 3.5 4.1 3.6 3.5 5.0 5.9 0.5

Interest rate watch

0.72 0.87 0.79 2.09 0.92

-1.63 -2.52 0.44 -1.41 1.57

16.15 18.67 10.90 13.25 10.90

-21 -26 -22 -25 -8

13 10 13 15 12*

2.7 2.7 2.1 1.3 3.5*

Yield curve watch

0.26 0.36 0.47 1.65 0.26 0.67

-0.64 0.38 0.27 2.12 1.01 0.35

10.42 9.01 5.66 17.44 10.37 16.65

-10 0 -6 -17 -17 -15

15 15 11 18 10 11

2.7 2.5 4.1 1.9 4.4 3.5

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

132.02 127.57 374.70 128.54 193.00 371.67

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 94.04 148.50 75.40 509.90 319.53 146.93 90.16 290.50 137.50 387.62 220.22

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.31 0.32 Saudi 0.53 0.32 UAE 0.48 0.32 Qatar 0.30 0.32 Oman 0.48 0.32 Bahrain 0.33 0.32 Last FOMC Meeting Date: Jan 24-25

Libor (In %)

Diff FY10 Diff -0.01 0.04 0.21 -0.08 0.16 0.03 -0.02 0.05 0.16 0.03 0.01 -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 ETF HSBC/Nasd. Dub GCC $ T.Ret

Last 230 113 136

Chg (%) MTD % -0.15 -0.36 0.10 0.50 0.10 0.43

YTD % -0.41 4.37 2.03

2011 231.43 108.36 133.00

2011% 15 2 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

Close 1,712.46 34.21 125.98 501.98 17.11 1.31 82.41 0.2786 0.3655 * 3Q11

Chg (%) MTD % YTD % 0.72 1.03 0.43 0.39 -4.68 1.14 -1.00 -0.29 0.85

1.05 -1.10 2.71 -0.15 -4.73 1.55 -1.44 -0.33 1.04

9.48 23.15 17.32 4.14 -26.88 -1.27 -6.66 -0.11 -1.37

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Arabtec Holding

Earnings Type

12M

Country

UAE

Currency

AED(Mn)

LFY

260.00

PFY

305.88

% Ch

-15

News & Views

 OPEC has trimmed its 2012 global oil demand growth forecast for the M. % % P PAT (Mn) second time in two months and now expects a demand of 88.63mn bpd, Cap Pct M Y 2011 / Div down from its forecast a month ago of 88.76mn bpd. Last % Gr (USD Chg T T % E yield 4Q11 Companies  Saudi Arabia's money supply (M3) was SAR 1.235tn ($329bn) in January, YoY Bn) D D (ttm) up 13.6% YoY, compared with 13.3% in December, while the central Saudi Arabia (SAR) bank's foreign assets surged 21.9% compared with January 2011, data SABIC 84 104.8 2.9 3.2 9 -8 11 4.8 5,266 -8 from SAMA showed. Al-Rajhi Bank 31 77.8 1.3 -1.6 12 -16 16 4.2 1,899 14  An amount of SAR 20bn has been allotted for the execution of the first Saudi Telecom 22 40.4 1.8 5.8 20 -21 10 5.0 2,337 2 phase of a metro network in the holy city of Makkah, Mayor Osama Al-Bar announced. Saudi Electricity Co. 16 14.7 1.0 3.5 5 -1 28 4.8 -522 NM  S&P lowered its long-term issuer credit rating on Dar Al Arkan Real Estate Samba Fin. Group 12 51.0 1.0 -2.4 9 -24 11 3.2 943 5 Development Co from 'BB-' to 'B+'. The rating has been placed on United Arab Emirates (AED) CreditWatch with negative implications. ETISALAT 20 9.3 0.1 -2.2 2 -15 13 6.5 -926 NM  Dubai, Doha and Abu Dhabi added nearly 7.7mn passengers last year NBAD 9 11.3 2.3 -1.3 3 12 9 2.7 724 -1 driven by strength of their home carriers, the Centre for Asia-Pacific First Gulf Bank 8 9.9 -0.2 -50.7 -36 -11 8 10.1 1,022 18 Aviation said. combined average passenger growth was around 10.5% Emirates NBD 5 3.1 3.3 -8.3 5 7 7 6.5 2,531 523 better than the global average of 9%. Emaar Properties 5 2.9 0.7 -9.2 12 -28 13 3.5 716 162  UAE's NMC Health PLC plans to raise $250mn via an IPO on the London Stock Exchange by issue of new ordinary shares to institutional and other Kuwait (KWD) investors. 13 0.9 0.0 0.0 -6 -41 12 23.5 75 -14 ZAIN  Etisalat said it will stop its mobile phone services in India on March 31, as 17 1.2 1.7 3.4 7 -14 16 3.3 77 -0 NBK part of the company's earlier decision to move out of the country. 8 0.9 0.0 4.9 -4 -16 28 1.7 10 10 KFH  Drydocks World said it will build the world's largest turret --a mooring Gulf Bank 4 0.5 0.0 0.0 -5 -11 39 0.0 31 252 system for vessels--for Dutch maritime oil & gas engineer SBM Offshore 3 0.7 -6.7 -1.4 -11 -14 NM 0.0 -7 NM Comm. Bk. Kuwait NV. Qatar (QAR)  Aluminium Bahrain will pay shareholders a dividend of 67 Bahraini fils Industries Qatar 22 143.4 1.0 1.7 8 -4 10 3.8 1,686 19 ($1.78) a share for fiscal year 2011. 26 133.7 0.0 -0.3 -3 14 11 3.0 2,092 35 QNB  Egypt's public debt reached a record EGP 1.363tn ($226bn) at the end of December, while domestic debt amounted to EGP 1.133tn. 14 18.7 -1.1 -1.6 -16 -27 329 0.0 202* 17 Ezdan Real Est. Co. 8 163.7 0.4 0.2 16 -5 11 1.8 603 33 Q-TEL 5 74.5 -0.4 -3.2 -11 -9 10 8.1 379 23 Comr’cial Bk of Qatar Note: 1 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

DMB 11032012  

DMB 11032012

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