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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) 341 6,492 -0.04 Turkey ISE National 100 159 51,562 0.00 Kuwait SE WT.INDEX 106 402 0.80 Qatar(QE Index) 95 8,638 -0.70 Abu Dhabi (ADI) 70 2,344 -0.69 Morocco (CAI) 59 10,990 0.00 Dubai (DFMGI) 46 1,314 -0.98 Egypt (Hermes) 49 400 1.45 Jordan (Amman) 22 4,384 -0.87 Bahrain (BAX) 17 1,135 0.16 Oman(Muscat SM) 14 5,644 -0.83 Lebanon (BSE) 12 1,172 0.00 Emerging Markets MSCI EM Index 3,801 940 0.00 MSCI BRIC Index 1,690 934 0.00 Shanghai A Share Index 2,362 2,352 0.00 SENSEX Index (India) 524 16,155 0.00 S&P GCC Composite 232 92 -0.03 Developed Markets MSCI WORLD Index 30,243 772 0.00 US (S&P 500) 12,088 1,289 0.00 UK (FTSE) 2,418 5,637 0.00 Japan (Nikkei 225) 2,171 8,500 0.00 France (CAC) 1,049 3,196 0.00 Germany (DAX) 811 6,143 0.00

*

2011 P/E Div. % TTM Yield

16 January, 2012

5 – year CDS (USD) watch (bps)

MTD %

YTD %

1.16 0.58 -0.88 -1.60 -2.42 -0.34 -2.88 4.82 -5.69 -0.80 -0.90 -0.41

1.16 0.58 -0.88 -1.60 -2.42 -0.34 -2.88 4.82 -5.69 -0.80 -0.90 -0.41

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

12 9 13 10 7 12 8 8 13 8 12 10

3.5 2.9 4.8 4.3 5.3 3.6 4.8 5.4 3.6 5.2 4.8 0.5

Interest rate watch

3.94 6.17 2.06 4.53 -0.04

3.94 6.17 2.06 4.53 -0.04

-21 -26 -22 -25 -8

11 9 12 14 12*

3.0 3.1 2.3 1.5 3.5*

Yield curve watch

1.99 2.50 1.16 0.53 1.16 4.15

1.99 2.50 1.16 0.53 1.16 4.15

-10 0 -6 -17 -17 -15

13 14 10 14 9 10

2.9 2.5 4.0 2.3 4.9 3.9

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

130.93 141.48 461.99 141.48 246.00 384.63

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 132.00 75.40 141.48 75.40 509.90 319.53 141.48 83.00 290.50 137.50 387.62 190.00

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.85 0.56 Saudi 0.47 0.56 UAE 0.33 0.56 Qatar 0.75 0.56 Oman 0.56 0.56 Bahrain 1.00 0.56 Last FOMC Meeting Date: Dec 13

Libor (In %)

Diff FY10 Diff 0.29 0.04 -0.09 -0.08 -0.23 0.03 0.19 0.05 0.00 0.03 0.44 -0.17 Next FOMC Meet Date: Jan 24-25

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 232 564 132

Chg (%) MTD % 0.00 0.33 0.00 -0.53 0.00 -0.50

YTD % 0.33 -0.53 -0.50

2011 231.43 567.00 133.00

2011% 15 8 8

2011

2011%

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 29 Saudi Telecom 18 Saudi Electricity Co. 15 Samba Fin. Group 11

Close

Chg (%) MTD % YTD %

1,639.52 29.72 110.44 481.37

0.00 0.00 0.00 0.00

4.82 6.98 2.85 -0.13

4.82 6.98 2.85 -0.13

1564.11 27.78 107.38 482.01

10 -10 14 -7

20.91 1.26 77.10 0.2792 0.3528 * 4Q11

0.00 0.00 0.00 0.07 0.40

-10.64 2.52 -0.23 -0.33 2.18

-10.64 2.52 -0.23 -0.33 2.18

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Last

94.5 73.5 34.2 13.8 45.4

Pct Chg

% M T D

% Y T D

2011 %

0.3 -0.7 0.6 0.7 0.0

-1.8 5.4 1.2 -1.1 -2.6

-2 5 1 -1 -3

-8 -16 -21 -1 -24

P / Div E yield (ttm) 10 15 9 24 10

4.2 3.7 6.6 5.1 3.4

PAT (Mn) 3Q11

8,185 1,936 1,562 2,175 1,135

% Gr YoY 54 18 -53 -6 3

Corporate earnings watch Earnings Company Name

Type

Saudi Intl’ Petrochem. Co

Country

Currency

LFY

PFY

% Chg

12M

Saudi

SAR (Mn)

705.9

378.1

87

Bank Muscat National Comr’cial Bank

12M

Oman

OMR (Mn)

117.5

101.6

16

12M

Saudi

SAR (Mn)

6,012

4,724

27

Alinma Bank Yanbu National Petrochemicals

3M

Saudi

SAR (Mn)

136.0

67.0

103

3M

Saudi

SAR (Mn)

664.9

554.1

20

News & Views  Saudi Arabia signed a contract worth SAR 30.8bn ($8.2bn) with a Spanish consortium to build a high-speed railway connecting, Makkah and Madinah, with the port city of Jeddah.  Dubai's state utility (DEWA) said installed power generation capacity in the emirate increased 18.4% YoY in 2011, while water desalination capacity rose 21.2%.

ETISALAT 19 9.1 -0.6 -0.5 -1 -15 10 6.6 1,723 -1 NBAD 8 10.5 -1.9 -4.6 -5 12 8 2.9 1,031 12  Annual inflation in Qatar was 2.1% in December. On a monthly First Gulf Bank 6 15.4 -0.3 -0.6 -1 -11 7 3.9 920 8 basis, CPI, edged up 0.1% in December. Emirates NBD 4 2.7 -2.2 -9.9 -10 7 5 7.5 175 -59  Egypt will begin a second phase of investment into the country's Emaar Properties 4 2.4 -2.4 -5.1 -5 -28 11 4.1 406 -34 petchem industry by pumping $9bn into the domestic market, the Kuwait (KWD) minister of petroleum said. 13 0.9 1.2 -3.3 -3 -41 12 23.3 70 -13 ZAIN 16 1.1 1.8 1.8 2 -14 15 3.6 79 -0  Saudi Aramco will increase its refining capacity to 8mn bpd in the NBK 8 0.9 2.3 -2.2 -2 -16 29 2.3 25 -5 next decade through expansion both at home and abroad, its CEO KFH Gulf Bank 4 0.5 1.0 -2.9 -3 -11 34 0.0 9 9 Khalid al-Falih said. 4 0.8 0.0 -3.8 -4 -14 35 1.9 7 -65 Comm. Bk. Kuwait  Economic Zones World, a unit of Dubai World, is looking to sell its Qatar (QAR) U.K.-based warehouse property developer Gazeley in order to repay Industries Qatar 20 131.5 -0.8 -1.1 -1 -4 9 4.2 2,074 46 a portion of debt maturing at Jebel Ali Free Zone. * * 26 147.0 -0.3 -3.3 -3 14 12 2.7 2,084 34 QNB  Etihad Atheeb Telecommunication Co. has secured shareholders' 16 22.0 -0.2 -0.9 -1 -27 387 0.0 202 17 Ezdan Real Est. Co. approval to raise its capital to SAR 1.575bn from SAR 400mn, 7 143.0 0.1 1.6 2 -5 10 3.5 567 -13 Q-TEL through a rights issue. 6 83.6 -0.9 -0.5 0 -9 11 8.4 552 9 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 Brief 16012012