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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) 357 6,832 0.42 Turkey ISE National 100 195 60,557 2.07 Kuwait SE WT.INDEX 108 407 0.73 Qatar(QE Index) 96 8,695 0.09 Abu Dhabi (ADI) 73 2,466 0.40 Morocco (CAI) 63 11,350 -0.03 Dubai (DFMGI) 50 1,522 2.19 Egypt (Hermes) 60 506 3.47 Jordan (Amman) 23 4,467 0.02 Bahrain (BAX) 17 1,143 0.38 Oman(Muscat SM) 14 5,589 -0.22 Lebanon (BSE) 13 1,184 0.30 Emerging Markets MSCI EM Index 4,213 1,042 1.01 MSCI BRIC Index 1,888 1,044 1.30 Shanghai A Share Index 2,483 2,464 -0.01 SENSEX Index (India) 605 17,773 0.14 S&P GCC Composite 240 96 0.47 Developed Markets MSCI WORLD Index 32,451 829 0.81 US (S&P 500) 12,583 1,352 0.68 UK (FTSE) 2,645 5,906 0.91 Japan (Nikkei 225) 2,284 8,999 0.58 France (CAC) 1,155 3,385 0.34 Germany (DAX) 936 6,738 0.68

*

2011 P/E Div. % TTM Yield

14 February, 2012

5 – year CDS (USD) watch (bps)

MTD %

YTD %

3.10 5.92 0.46 1.48 0.49 1.23 5.98 8.53 1.20 0.29 0.50 1.51

6.45 18.12 0.34 -0.96 2.65 2.92 12.43 32.66 -3.90 -0.05 -1.86 0.64

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

13 10 16 10 8 12 10 11 13 8 12 10

3.6 2.5 4.7 4.2 5.0 3.5 4.4 4.5 3.5 4.9 5.0 0.5

Interest rate watch

3.62 4.04 2.58 3.37 2.30

15.20 18.63 6.93 15.00 3.96

-21 -26 -22 -25 -8

12 10 12 16 13*

2.8 2.8 2.2 1.5 3.5*

Yield curve watch

3.26 3.00 3.94 2.23 2.61 4.33

9.45 7.49 5.98 6.43 7.11 14.24

-10 0 -6 -17 -17 -15

14 15 11 16 10 11

2.7 2.5 4.0 2.1 4.7 3.6

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

131.59 129.63 391.45 128.11 202.50 380.91

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 90.16 290.50 137.50 387.62 220.00

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.85 0.31 Saudi 0.45 0.31 UAE 0.31 0.31 Qatar 0.30 0.31 Oman 0.30 0.31 Bahrain 1.00 0.31 Last FOMC Meeting Date: Jan 24-25

Libor (In %)

Diff FY10 Diff 0.54 0.04 0.14 -0.08 0.00 0.03 -0.01 0.05 -0.01 0.03 0.69 -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 231 584 134

Chg (%) MTD % -0.17 -1.07 0.39 1.22 0.00 0.34

YTD % -0.17 3.00 0.86

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 %

1,722.49 33.69 117.93 498.05 19.04 1.32 77.56 0.2774 0.3659 * 4Q11

0.18 0.39 0.53 0.00 -8.42 0.12 -0.03 -0.01 0.11

-0.95 1.72 6.26 -0.19 -2.06 -0.83 -1.71 0.01 -0.82

10.13 21.27 9.82 3.33 -18.63 -1.79 -0.83 0.30 -1.48

Last

Pct Chg

% M T D

% Y T D

2011 %

95.0 74.0 36.5 14.2 49.1

0.0 -0.3 1.4 0.4 0.0

0.5 2.4 6.4 2.9 8.6

-1 6 8 2 5

-8 -16 -21 -1 -24

23.4 1.2955 76.92 0.27825 0.3605

P / Div E yield (ttm) 10 16 10 27 10

4.2 4.4 6.2 4.9 3.2

5,237* 1,899* 2,278* -514* 944*

Company Name

32 -3 -5 -1 -4

PAT (Mn) 3Q11

Corporate earnings watch

Al Maidan Dental Clinic Shuaiba Industrial

Country

12M

Kuwait

12M

Kuwait

Currency

KWD (Mn) KWD (Mn)

LFY

PFY

% Ch

-3.76

-6

NM

1.0

1.2

-16

News & Views 

% Gr YoY -9 14 -0 NM 5

Earnings Type

  

Growth in Kuwait's oil demand will almost double by 2030 due to a growing population and strong economic activities, the head of Kuwait Oil Co said. Kuwait is targeting an output capacity of 4mn bpd in 2020 he said. Kuwait's Boubyan Petrochemical Co. said it expects to receive a combined cash dividend of about $90mn for its 9% stake in Equate Petrochemical Co. and The Kuwait Olefins Co. Emaar Properties plans to expand The Dubai Mall by over 1mn sqft, from the existing 12mn sqft development, to include more retail outlets and hotel rooms. Qatar Railways Co. has signed a QAR 1.95bn ($535mn) contract with Qatari Diar Vinci Construction to implement the second phase of the light rail transit system project in the local Lusail development. Qatar plans to build a $5.5bn petrochemical plant in Ras Laffan by 2018. Qatar Petroleum and Qatar Petrochemical Co, signed an agreement to build a ethane and butane cracker that will produce 1.4MTPA of ethylene. Annual inflation in Qatar fell in January to 1.2% helped by cheaper rents, fuel and transport costs. Saudi Arabia imposed Monday a full ban on cement and clinker exports to meet the rapid rise in domestic demand, the trade ministry said. Annual inflation in Saudi Arabia was flat at 5.3% in January. The cost of living index was almost unchanged at 139.1 points in January, compared with 139.0 points in December 2011. Saudi Arabia's Arab Petroleum Investments Corp. said it has raised SAR 2.5bn ($667mn) in a 3yr, syndicated shariah-compliant facility from four lenders to boost its balance sheet strength.

ETISALAT 20 9.2 -0.1 -2.5 1 -15 10 6.5 704* -65 NBAD 9 10.9 0.5 1.4 0 12 9 2.8 724* -1  First Gulf Bank 7 17.8 1.1 3.5 15 -11 8 5.6 1,022* 18 Emirates NBD 4 3.0 0.0 -2.0 0 7 6 6.8 175 -59  Emaar Properties 5 2.9 2.8 7.3 14 -28 14 3.4 406 -34 Kuwait (KWD)  14 0.9 2.3 4.8 -2 -41 12 22.7 70 -13 ZAIN 17 1.2 0.0 0.0 5 -14 15 3.4 77* -0 NBK  8 0.8 1.2 -2.3 -7 -16 28 2.4 25 -5 KFH Gulf Bank 4 0.5 1.0 0.0 -4 -11 33 0.0 9 9 3 0.7 0.0 -5.3 -10 -14 32 0.0 -7* NM Comm. Bk. Kuwait  Qatar (QAR) Industries Qatar 20 134.4 0.0 2.9 1 -4 9 4.1 2,074 46 26 136.0 0.0 2.2 -2 14 12 2.9 2,092* 35 QNB 14 18.9 0.0 -1.3 -15 -27 332 0.0 202 17 Ezdan Real Est. Co. 7 149.2 0.0 2.2 6 -5 11 3.4 567 -13 Q-TEL 6 80.7 0.0 -2.5 -4 -9 11 8.7 379* 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

Daily Morning Brief14022012  

Daily Morning Brief14022012

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