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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 366 Turkey ISE National 100 206 Kuwait SE WT.INDEX 99 Qatar(QE Index) 97 Abu Dhabi (ADI) 77 Morocco (CAI) 51 Dubai (DFMGI) 48 Egypt (Hermes) 57 Jordan (Amman) 23 Bahrain (BAX) 16 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 3,949 MSCI BRIC Index 1,646 Shanghai A Share Index 2,265 SENSEX Index (India) 531 S&P GCC Composite 241 Developed Markets MSCI WORLD Index 31,857 US (S&P 500) 13,114 UK (FTSE) 2,517 Japan (Nikkei 225) 2,163 France (CAC) 1,101 Germany (DAX) 871

*

Last Close 7,004 64,612 395 8,421 2,557 9,867 1,579 513 4,423 1,080 5,509 1,135

Chg (%)

MTD %

0.51 0.70 0.24 0.03 0.18 -0.38 0.20 0.29 -0.08 0.33 0.10 0.00

YTD %

2011 P/E Div. % TTM Yield

1.83 9.13 -3 0.55 26.03 -22 -0.11 -2.62 -16 1.48 -4.08 1 2.02 6.44 -12 0.17 -10.53 -13 2.36 16.67 -17 4.62 34.55 -42 1.67 -4.85 -13 -1.80 -5.57 -20 2.81 -3.27 -16 -0.98 -3.58 -20

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

4.1 2.5 3.5 4.5 5.9 4.0 4.3 3.5 5.0 5.2 4.6 1.2

963 -0.31 897 -0.52 2,219 -1.10 17,728 0.00 95 0.31

2.26 2.47 0.71 2.85 1.42

6.45 1.95 -3.67 14.71 3.40

-21 -26 -22 -25 -8

12 9 11 15 12*

3.0 3.5 2.7 1.4 3.3*

816 1,406 5,833 8,925 3,449 6,947

2.14 1.90 3.51 2.64 4.79 2.58

7.74 11.76 4.68 5.55 9.16 17.78

-10 0 -6 -17 -17 -15

14 15 12 15 12 13

2.8 2.5 4.2 2.2 4.1 3.8

-0.04 0.11 -0.54 -0.05 -0.03 -0.40

- 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

104.29 108.62 324.24 107.24 186.00 289.14

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 0.38 0.43 Saudi 0.60 0.43 UAE 0.25 0.43 Qatar 0.40 0.43 Oman 0.36 0.43 Bahrain 0.35 0.43 Last FOMC Meeting Date: Jul 31-Aug 1

Yield curve watch Libor (In %)

Diff FY11 Diff -0.05 0.04 0.17 -0.08 -0.18 0.03 -0.03 0.05 -0.07 0.03 -0.08 -0.17 Next FOMC Mt Date: Sep12-13

US Treasuries

(In %)

KIBOR yield curve (%)

Fixed Income Watch

Last 237 117 143

16 Aug, 2012

5 – year CDS (USD) watch (bps)

Chg (%) MTD % -0.57 -1.97 -0.28 -0.45 0.00 0.25

YTD % 2.51 8.39 7.20

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 1,602.88 0.30 -0.65 2.48 Silver $/oz 27.79 0.14 -0.43 0.04 IPE Brent $/bbl 116.25 1.95 10.80 8.26 CRB Commodity Index 488.44 0.17 1.58 1.33 Volatility & Currency CBOE VIX index 14.63 -1.48 -22.72 -37.48 USD (1 EUR =) 1.23 0.37 0.10 5.49 Yen (1 USD =) 79.31 -0.59 -1.63 -3.01 KWD (1 USD =) 0.2824 -0.07 -1.06 -1.48 KWD (1 EUR =) 0.3469 0.29 -0.20 3.92 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 29 73.5 0.3 1.0 6 -16 14 Saudi Telecom 21 38.8 -0.5 -2.8 15 -21 9 Saudi Electricity Co. 14 13.0 0.0 0.4 -7 -1 22 Samba Fin. Group 11 47.6 -0.2 2.4 2 -24 10 United Arab Emirates (AED) ETISALAT 20 9.1 0.2 -2.7 1 -15 12 NBAD 9 8.8 0.0 4.2 10 12 9 First Gulf Bank 8 10.0 0.0 12.9 29 -11 8 Emirates NBD 5 3.0 0.7 11.0 3 7 10 Emaar Properties 6 3.5 0.3 2.1 35 -28 11 Kuwait (KWD) 11 0.7 1.5 0.0 -23 -41 9 ZAIN 15 1.0 1.0 1.0 -2 -14 16 NBK 7 0.7 0.0 0.0 -17 -16 25 KFH Gulf Bank 4 0.4 0.0 1.3 -18 -11 37 3 0.8 0.0 -2.5 -3 -14 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 21 137.4 -0.8 4.1 3 -4 10 26 133.9 0.0 0.7 -3 14 11 QNB -1.0 -11 -27 82 Ezdan Real Est. Co. 14 19.8 0.0 9 105.4 -0.3 0.5 12 -5 11 Q-TEL Comr’cialBk of Qatar 5 73.5 0.1 5.5 -13 -9 9

23.4 1.2955 76.92 0.27825 0.3605

Div yield

Corporate earnings watch Company Name

32 -3 -5 -1 -4

PAT (Mn) 2Q12

% Gr YoY

5.5 4.4 5.1 5.4 3.5

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

-35 14 7 2 5

6.6 3.4 10.0 6.6 2.9

1,866 1,046 1,017 648 1

17 2 14 -13 -100

9.4 4.0 2.2 0.0 0.0

71* 40 22 5 0.3

1 -40 -3 -36 -5

5.5 3.0 0.8 2.5 8.2

2,129 2,112 198 641 546

3 17 91 -11 7

Earnings Type

Country

PFY

% Ch

Hits Telecom National Real Estate Markaz

6M

Kuwait

KWD(Mn)

-0.47

0.04

N.M.

6M

Kuwait

KWD(Mn)

4.21

1.83

130

6M

Kuwait

KWD(Mn)

1.14

0.75

52.0

Intl Fin Advisors

6M

Kuwait

KWD(Mn)

-9.00

-3.82

N.M.

Currency

LFY

News & Views 

Qatar annual inflation was 2.2% until July, the highest this year. Furniture, textiles and home appliances got more expensive. The CPI rose in all major groups except, ‘rent, fuel and energy’.

UAE hires 6 foreign firms for nuclear fuel supply; total contracts are valued at USD 3 bn. The contract will enable the plant to generate upto 450 m MW for 15 years starting 2017.

UAE citizens believe they enjoy a better quality of life than most of their European counterparts: TNS MENA

Saudi Labour Ministry to implement ‘Advanced Nitaqat’ scheme. Companies that pay salaries below specified levels will be identified and will not be permitted to renew their employees’ work permits.

Saudi – most competitive Arab cellular market in 2012: Arab Advisors Group. The ranking takes into account the number of operators, packages and services.

Etihad Airways to consider adding one or two more strategic airline stakes: CEO.

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

DMB16082012  

DMB16082012

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