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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 365 Turkey ISE National 100 210 Kuwait SE WT.INDEX 99 Qatar(QE Index) 98 Abu Dhabi (ADI) 76 Morocco (CAI) 52 Dubai (DFMGI) 48 Egypt (Hermes) 56 Jordan (Amman) 23 Bahrain (BAX) 16 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 3,969 MSCI BRIC Index 1,661 Shanghai A Share Index 2,316 SENSEX Index (India) 530 S&P GCC Composite 240 Developed Markets MSCI WORLD Index 31,898 US (S&P 500) 13,127 UK (FTSE) 2,525 Japan (Nikkei 225) 2,172 France (CAC) 1,098 Germany (DAX) 871

*

Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

6,987 65,126 393 8,416 2,535 9,924 1,572 500 4,435 1,080 5,465 1,135

0.48 0.97 0.17 0.17 0.81 0.46 1.07 -0.26 0.09 0.47 0.51 -0.44

1.58 8.87 -3 1.35 27.03 -22 -0.55 -3.05 -16 1.42 -4.13 1 1.14 5.51 -12 0.75 -10.01 -13 1.93 16.18 -17 1.96 31.13 -42 1.95 -4.60 -13 -1.83 -5.60 -20 1.99 -4.04 -16 -0.97 -3.57 -20

12 10 15 9 8 15 11 10 12 8 10 10

4.1 2.4 3.5 4.4 6.0 4.0 4.3 3.6 5.0 5.2 4.6 1.2

968 906 2,272 17,558 95

-0.00 -0.18 -0.24 -0.02 0.30

2.78 3.42 3.08 1.87 1.20

6.99 2.89 -1.40 13.61 3.17

-21 -26 -22 -25 -8

12 3.0 9 3.5 11 2.7 15 1.4 12* 3.3*

817 1,406 5,847 8,891 3,436 6,945

0.04 0.22 -0.08 -0.97 -0.61 -0.29

2.29 1.92 3.76 2.26 4.37 2.54

7.90 11.79 4.93 5.16 8.73 17.74

-10 0 -6 -17 -17 -15

14 15 12 15 12 12

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

Barclays US treas. 10 Yr JP Morgan Em Bond ETF HSBC/Nasd. Dub GCC $ T.Ret

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

104.20 107.51 315.51 107.02 188.00 288.92

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 342.35 98.90 342.35 98.12 509.90 111.20 342.35 97.65 342.35 111.20 387.62 111.20

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.40 0.43 Saudi 0.61 0.43 UAE 0.25 0.43 Qatar 0.48 0.43 Oman 0.44 0.43 Bahrain 0.35 0.43 Last FOMC Meeting Date: Jul 31-Aug 1

Yield curve watch Libor (In %)

Diff FY11 Diff -0.03 0.04 0.18 -0.08 -0.18 0.03 0.05 0.05 0.01 0.03 -0.08 -0.17 Next FOMC Mt Date: Sep12-13

US Treasuries

(In %)

2.8 2.5 4.2 2.2 4.1 3.8

KIBOR yield curve (%)

Fixed Income Watch

Last 240 118 143

12 Aug, 2012

5 – year CDS (USD) watch (bps)

Chg (%) MTD % 0.29 -0.85 -0.30 0.20 0.00 0.23

YTD % 0.47 9.10 7.18

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

Commodity/Currency/Volatility Watch Close Chg (%) MTD % YTD % Precious Metals Gold $/oz 1,619.55 0.00 0.39 3.54 Silver $/oz 28.08 0.00 0.61 1.08 IPE Brent $/bbl 112.95 -0.24 7.65 5.19 CRB Commodity Index 487.99 -0.44 1.49 1.24 Volatility & Currency CBOE VIX index 14.74 -3.53 -22.13 -37.01 USD (1 EUR =) 1.23 0.01 0.04 5.43 Yen (1 USD =) 78.24 0.01 -0.28 -1.69 KWD (1 USD =) 0.2815 0.00 -0.71 -1.14 KWD (1 EUR =) 0.3459 0.00 0.09 4.22 Blue chip watch *1Q12. M. % % P Cap Pct M Y 2011 / Last (USD Chg T T % E Companies Bn) D D (ttm) Saudi Arabia (SAR) SABIC 73 91.3 0.3 0.8 -5 -8 11 Al-Rajhi Bank 30 73.8 0.0 1.4 6 -16 14 Saudi Telecom 21 39.5 -0.8 -1.0 17 -21 9 Saudi Electricity Co. 14 13.0 0.4 0.8 -6 -1 22 Samba Fin. Group 12 48.0 1.1 3.2 3 -24 10 United Arab Emirates (AED) ETISALAT 19 9.1 -0.2 -3.2 0 -15 12 NBAD 9 8.8 2.2 4.5 10 12 9 First Gulf Bank 8 9.8 3.7 10.0 26 -11 8 Emirates NBD 5 3.0 1.3 10.7 2 7 10 Emaar Properties 6 3.4 2.1 0.6 33 -28 11 Kuwait (KWD) 10 0.7 0.0 -2.9 -26 -41 9 ZAIN 15 1.0 0.0 0.0 -3 -14 15 NBK 7 0.7 1.5 -1.4 -18 -16 25 KFH Gulf Bank 4 0.4 0.0 1.3 -18 -11 37 3 0.8 5.5 -2.5 -3 -14 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 21 136.5 -0.7 3.4 3 -4 10 26 134.9 1.4 1.4 -2 14 11 QNB Ezdan Real Est. Co. 14 19.8 -1.3 -1.3 -11 -27 82 10 108.9 -2.9 3.8 15 -5 12 Q-TEL Comr’cialBk of Qatar 5 72.3 0.3 3.7 -14 -9 9

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

PAT (Mn)

Div yield

2Q12

% Gr YoY

5.5 4.4 5.1 5.4 3.4

5,303 2,093 2,408 1,360 1,158

-35 14 7 2 5

6.6 3.4 10.3 6.6 2.9

1,866 1,046 1,017 648 1

17 2 14 -13 -100

9.7 4.0 2.2 0.0 0.0

71* 40 22 7* 0.3*

1 -40 -3 -25 -75

5.5 3.0 0.8 2.4 8.3

2,129 2,112 198 641 546

3 17 91 -11 7

Corporate earnings watch Earnings

Company Name

Type

Kuwait Hotels Co Al Safat Energy Yiaco Medical Co Munshaat R.E Projects

PFY

% Ch

6M

Kuwait

KWD(Mn)

0.34

0.02

2041.0

6M

Kuwait

KWD(Mn)

0.59

-1.1

N.M.

6M

Kuwait

KWD(Mn)

3.45

2.83

22.0

6M

Kuwait

KWD(Mn)

-0.31

-2.02

N.M.

Country

Currency

LFY

News & Views 

The value of Saudi non-oil exports stood at SR 14.48 billion for the month of June in 2012, compared to SR 15.70 billion in June 2011, or down by 7.74% : Central Department of Statistics and Information Global oil demand growth will fall next year below already very weak levels of 2012 due to a slow-down in economic activity : International Energy Agency (IEA). Dana Gas and its biggest shareholder and partner, Crescent Petroleum, invested USD963 million in the Kurdish region of Iraq by the end of June. Saudi Arabian Mining Co.'s gold production is expected to rise 30% by 2014 because of the output of two new mines, even as it is set to diversify into aluminum business slated in 2014 with an initial investment of SR40 billion. The Pension Fund has announced plans to launch a giant housing project in the South Obhur, near King Abdulaziz International Airport, in Jeddah. The project aims at providing low-cost housing facilities for the middle class and upper middle class families in the city. Tabreed, an Abu Dhabi district cooling company, has named Jasim Thabet as the new chief executive replacing Sujit Parhar.

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

DMB12082012  

DMB12082012

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