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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Indicators (USD Bn) Close MENA Markets Saudi (TASI) 377 7,183 Turkey ISE National 100 189 58,873 Kuwait SE WT.INDEX 108 419 Qatar(QE Index) 99 8,536 Abu Dhabi (ADI) 76 2,474 Morocco (CAI) 56 10,244 Dubai (DFMGI) 48 1,488 Egypt (Hermes) 58 505 Jordan (Amman) 23 4,579 Bahrain (BAX) 17 1,160 Oman(Muscat SM) 14 5,736 Lebanon (BSE) 13 1,179 Emerging Markets MSCI EM Index 3,901 963 MSCI BRIC Index 1,655 913 Shanghai A Share Index 2,557 2,508 SENSEX Index (India) 515 16,293 S&P GCC Composite 248 98 Developed Markets MSCI WORLD Index 31,174 799 US (S&P 500) 12,653 1,353 UK (FTSE) 2,505 5,576 Japan (Nikkei 225) 2,155 8,953 France (CAC) 1,050 3,130 Germany (DAX) 876 6,580

*

2011 P/E Div. % TTM Yield

Chg (%)

MTD %

YTD %

-0.69 0.00 -0.05 -0.14 -0.19 0.00 -1.77 1.36 0.03 -0.02 -0.18 0.00

-4.97 -1.90 0.37 -1.92 -1.21 -0.48 -8.75 2.77 -1.40 0.61 -2.27 -0.68

11.92 14.84 3.30 -2.76 2.97 -7.10 9.96 32.35 -1.50 1.41 0.72 0.18

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

13 9 17 9 7 11 10 10 12 8 12 10

3.9 2.6 1.2 4.4 6.1 3.9 4.5 3.9 4.8 5.2 6.2 0.8

Interest rate watch

0.00 0.00 0.00 0.00 -0.54

-5.09 -6.97 -0.05 -5.92 -3.64

6.47 3.77 8.87 5.42 7.06

-21 -26 -22 -25 -8

12 10 12 14 12*

2.9 3.0 2.2 1.6 3.4*

Yield curve watch

0.00 0.00 0.00 0.00 0.00 0.00

-4.14 -3.18 -2.83 -5.96 -2.58 -2.68

5.51 7.62 0.06 5.89 -0.95 11.56

-10 0 -6 -17 -17 -15

15 14 11 15 10 12

2.7 2.6 4.3 2.2 4.5 3.9

- 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

120.00 120.37 363.00 124.00 214.00 356.82

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 94.04 148.50 89.96 509.90 319.53 146.93 90.16 290.50 143.50 387.62 220.22

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.65 0.50 Saudi 0.57 0.50 UAE 0.46 0.50 Qatar 0.40 0.50 Oman 0.50 0.50 Bahrain 0.80 0.50 Last FOMC Meeting Date: Apr 24-25

Libor (In %)

Diff FY11 Diff 0.15 0.04 0.07 -0.08 -0.04 0.03 -0.10 0.05 0.00 0.03 0.30 -0.17 Next FOMC Meet Date: Jun 19-20

US Treasuries

(In %)

KIBOR yield curve (%)

Fixed Income Watch

Last 235 113 138

14 May, 2012

5 – year CDS (USD) watch (bps)

Chg (%) MTD % 0.00 0.80 0.00 -0.64 0.00 0.58

YTD % 1.67 4.05 3.95

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 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 1,578.30 28.85 112.26 480.34 19.89 1.29 79.96 0.2780 0.3582

Chg (%) MTD % YTD % -0.08 -0.07 0.00 0.00 0.00 0.24 -0.05 0.02 0.25

-5.14 -6.79 -6.03 -2.25 15.98 2.77 -0.23 -0.28 2.48

0.91 3.85 4.54 -0.35 -15.00 0.56 -3.80 0.08 0.64

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Earnings Type

Country

Bahrain Car Park Nass Corp

3M

Bah

BHD(Mn)

0.37

3M

Bah

BHD (Mn)

1.94

1.8

6.0

Al Ahlia Insurance Bahrain Flour Mills

3M

Bah

BHD(Mn)

0.32

0.59

-46.0

Currency

LFY

PFY

% Ch

0.13

187

3M Bah BHD (Mn) 0.2 0.30 -18.0 M. % % P PAT (Mn) Cap Pct M Y 2011 / Div Last % Gr News & Views (USD Chg T T % E yield 1Q12 Companies YoY  Bahrain Telecommunications has dropped plans to sell its towers as Bn) D D (ttm) various sale-and-lease-back proposals did not create sufficient long-term Saudi Arabia (SAR) economic value, and will instead focus on sharing infrastructure with SABIC 79 98.3 -0.3 -4.1 2 -8 10 5.1 7,271 -5 other telecom operators to cut costs, the group's CEO said. Al-Rajhi Bank 30 75.3 0.0 -3.5 8 -16 15 4.3 2,011 18  Dubai's GDP is projected to pick up and grow by around 4-5% in 2012, Saudi Telecom 22 40.9 -0.7 -3.8 21 -21 9 4.9 2,521 60 fuelled by strong performance of trade and non-hydrocarbon sectors, Saudi Electricity Co. 15 13.2 -1.1 -4.0 -5 -1 23 5.3 -583 NM chief economist at Dubai's Economic Council said. Samba Fin. Group 12 48.9 0.8 -5.5 5 -24 10 3.4 1,145 2  Lending in the UAE rose 0.3%, while deposits increased by 7.1% in the first three months of the year, according to Central Bank. United Arab Emirates (AED)  Aabar Investments has raised its stake in Arabtec Holding to 53%, a ETISALAT 19 8.7 0.5 0.6 -4 -15 12 6.9 1,809 -0.5 market official said, effectively taking control of Dubai's largest builder NBAD 9 8.9 0.0 1.5 11 12 9 3.4 1,041 12.2 after a failed $1.7bn bid two years ago. First Gulf Bank 7 8.8 -0.2 -1.9 14 -11 7 11.3 935 6.8  Shares in jewellery retailer Damas Limited will be delisted from Nasdaq Emirates NBD 4 2.8 -1.4 -2.5 -6 7 9 7.2 641 -55 Dubai effective June 12 as part of the company's takeover by Qatar's Emaar Properties 5 2.9 -1.3 -10.1 14 -28 9 3.4 606 44.1 Mannai Corporation and funds managed by EFG Hermes. Kuwait (KWD)  More than half the projects at King Abdullah Financial District are 11 0.7 0.0 0.0 -18 -41 11 8.8 71 1 ZAIN complete and the first phase will be delivered by end of this year, an executive at contracting firm Rayadah Investment Co said. The first phase 16 1.1 -1.9 0.0 4 -14 15 3.8 81 0 NBK is more than 85% complete and the second phase is close to 70% 8 0.7 1.4 -1.4 -14 -16 27 2.1 20 -11.4 KFH complete. Gulf Bank 4 0.4 1.2 -2.3 -11 -11 39 0.0 7 -24.6  Kuwait's recent wage hikes have raised concerns about the sustainability 4 0.8 0.0 3.8 3 -14 NM 0.0 0.3 -75.3 Comm. Bk. Kuwait of its public finances, its central bank governor said, citing a preliminary Qatar (QAR) report from the IMF. Industries Qatar 21 141.9 -0.3 -2.8 7 -4 10 5.3 1,907 -9  Oman booked a budget surplus of OMR 768mn ($2bn) in the first two 26 133.5 0.3 0.1 -3 14 11 3.0 2,004 17 QNB months of 2012, finance ministry data showed. 15 20.0 -1.0 4.2 -10 -27 69 0.8 144 291 Ezdan Real Est. Co.  The surplus is equivalent to about 2.7% of 2011's nominal GDP. 11 120.3 -2.4 -14.1 11 -5 12 2.2 711 -12 Q-TEL  Investment Corporation of Dubai and Samsung Life Insurance Co. are set 5 71.8 -0.3 -0.3 -15 -9 9 8.4 471 6 to sign a MOU for sale of life insurance products in the MENA region. 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


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