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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 348 Turkey ISE National 100 198 Kuwait SE WT.INDEX 101 Qatar(QE Index) 96 Abu Dhabi (ADI) 75 Morocco (CAI) 50 Dubai (DFMGI) 47 Egypt (Hermes) 54 Jordan (Amman) 22 Bahrain (BAX) 16 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 3,766 MSCI BRIC Index 1,581 Shanghai A Share Index 2,327 SENSEX Index (India) 518 S&P GCC Composite 233 Developed Markets MSCI WORLD Index 30,629 US (S&P 500) 12,718 UK (FTSE) 2,427 Japan (Nikkei 225) 2,130 France (CAC) 1,011 Germany (DAX) 822

*

Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

6,663 62,662 403 8,283 2,461 9,669 1,503 475 4,386 1,113 5,468 1,143

-0.57 0.00 -0.73 -0.02 -0.24 0.00 0.77 -1.80 -0.07 -0.12 0.42 0.00

-0.70 3.82 -3 0.19 22.23 -22 0.23 -0.59 -16 1.97 -5.65 1 0.54 2.43 -12 -3.83 -12.32 -13 3.49 11.02 -17 -0.85 24.43 -42 -0.08 -5.64 -13 -1.25 -2.72 -20 -3.90 -3.99 -16 0.31 -2.90 -20

12 10 15 9 7 11 10 9 12 8 11 10

4.3 2.5 3.4 4.5 6.2 4.1 4.5 3.8 5.0 5.5 4.8 1.1

919 862 2,289 17,214 92

0.00 0.00 0.00 0.00 -0.48

-1.08 -0.70 -1.78 -1.24 -0.62

1.61 -2.07 -0.65 11.38 0.34

-21 -26 -22 -25 -8

12 3.1 9 3.5 11 2.6 14 1.5 11* 3.8*

784 1,357 5,666 8,720 3,181 6,557

0.00 0.00 0.00 -0.05 0.00 0.00

-0.82 -0.39 1.70 -3.18 -0.50 2.19

3.52 7.89 1.68 3.13 0.66 11.17

-10 0 -6 -17 -17 -15

14 14 11 15 10 11

July 16, 2012

5 – year CDS (USD) watch (bps) Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

121.02 121.24 346.21 119.74 210.50 346.60

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 94.04 148.50 89.96 509.90 330.47 146.93 90.16 290.50 160.50 387.62 235.53

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.40 0.46 Saudi 0.61 0.46 UAE 0.46 0.46 Qatar 0.48 0.46 Oman 0.44 0.46 Bahrain 0.31 0.46 Last FOMC Meeting Date: Jun 19-20

Yield curve watch Libor (In %)

Diff FY11 Diff -0.06 0.04 0.15 -0.08 0.00 0.03 0.02 0.05 -0.02 0.03 -0.15 -0.17 Next FOMC Mt Date: Jul 31-Aug 1

US Treasuries

(In %)

2.8 2.6 4.2 2.3 4.4 4.0

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

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

Last 242 116 141

Chg (%) MTD % -0.12 1.24 0.00 2.13 0.00 0.36

YTD % 4.47 7.24 6.11

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

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 =)

Close

Chg (%) MTD % YTD %

1,590.03 27.30 102.40 479.06

0.00 0.00 0.00 0.00

16.74 1.22 79.10 0.2795 0.3445

0.00 0.08 0.10 0.00 0.06

-0.44 -0.66 4.70 0.73 -1.99 3.42 0.85 0.00 2.73

1.66 -1.73 -4.64 -0.61 -28.46 5.84 -2.76 -0.43 4.64

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Blue chip watch M. Cap Last (USD Companies Bn) Saudi Arabia (SAR) SABIC 68 85.3 Al-Rajhi Bank 29 73.5 Saudi Telecom 19 36.5 Saudi Electricity Co. 14 12.9 Samba Fin. Group 11 44.4 United Arab Emirates (AED) ETISALAT 20 9.2 NBAD 9 8.3 First Gulf Bank 7 8.5 Emirates NBD 4 2.7 Emaar Properties 5 3.2 Kuwait (KWD) 11 0.7 ZAIN 16 1.0 NBK 7 0.7 KFH Gulf Bank 4 0.4 3 0.7 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 20 133.9 25 131.7 QNB Ezdan Real Est. Co. 14 19.9 9 105.0 Q-TEL Comr’cialBk of Qatar 5 69.9

Pct Chg

% M T D

% P Y 2011 / Div T % E yield D (ttm)

-1.7 0.3 0.8 -0.4 0.5

-8.1 -0.3 -7.6 0.0 -1.6

-11 6 8 -7 -5

-8 -16 -21 -1 -24

9 14 8 22 9

-0.7 -0.4 0.0 2.7 1.6

-0.3 -0.6 6.4 -0.7 12.5

1 4 10 -8 23

-15 12 -11 7 -28

-1.4 -1.9 -2.8 -1.2 -2.6

-6.8 2.0 -5.4 -4.6 -5.1

-23 2 -16 -15 -6

0.7 0.1 0.0 0.0 -0.3

7.1 0.3 -0.4 1.4 2.2

1 -5 -11 11 -17

PAT (Mn) 1Q12

% Gr YoY

5.9 4.4 5.5 5.4 3.7

7,271 2,011 2,521 -583 1,145

-5 18 60 NM 2

12 9 7 9 10

6.6 3.6 11.8 7.4 3.2

1,809 1,041 935 641 606

0 12 7 -55 44

-41 -14 -16 -11 -14

9 15 26 38 -

9.4 3.8 2.1 0.0 0.0

71 81 20 7 0.3

1 0 -11 -25 -75

-4 14 -27 -5 -9

10 11 154 11 9

5.6 3.0 0.8 2.5 8.6

1,907 2,004 144 711 471

-9 17 291 -12 6

Corporate earnings watch Earnings

Company Name

Taiba Holding Bank Of Bah & Kwt Saudi Mobility Saudi Kayan Petrochem

Type

Country

Currency

LFY

PFY

% Ch

6M

Saudi Arabia Bahrain

SAR (Mn)

311.89

71.21

338.0

BHD (Mn)

23.40

23.1

1.3

SAR (Bn)

1.42

1.16

22.0

SAR(Mn)

-328.3

-16.01

N.M.

6M 3M 3M

Saudi Arabia Saudi Arabia

News & Views 

The United Arab Emirates' annual inflation fell to the lowest level this year in June to 0.35% from 0.81% in May. The drop in inflation is driven mainly by a drop in housing, food and clothing prices. The United Arab Emirates central bank is preparing local lenders for new Basel III banking supervision standards by requiring them to hold 10% of their liabilities in liquid assets starting next year. These new regulations have been posted on the regulator's website. Oman's oil output dropped 4.1% to 27.7 million barrels in June, compared with 28.9 million barrels the month before, according to oil ministry data. An estimated 1.4 million sq m of new office space will be added to the current Dubai office stock of 6.1 million sq m between 20122013,as per a new report released by Jones Lang LaSalle. Saudi Arabia’s June Inflation dipped to its lowest levels this year. Lower housing prices depressed the country’s inflation to less than 5% for the first time in 10 months. Dubai Group, the second-largest shareholder in Bank Muscat has sold its rights to buy into a share offering by the Omani lender at a significant discount.

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

DMB16072012  

DMB16072012

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