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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 355 Turkey ISE National 100 185 Kuwait SE WT.INDEX 100 Qatar(QE Index) 95 Abu Dhabi (ADI) 75 Morocco (CAI) 53 Dubai (DFMGI) 48 Egypt (Hermes) 52 Jordan (Amman) 23 Bahrain (BAX) 17 Oman(Muscat SM) 14 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 3,752 MSCI BRIC Index 1,591 Shanghai A Share Index 2,451 SENSEX Index (India) 511 S&P GCC Composite 234 Developed Markets MSCI WORLD Index 30,233 US (S&P 500) 12,572 UK (FTSE) 2,400 Japan (Nikkei 225) 2,081 France (CAC) 1,011 Germany (DAX) 802

*

Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

6,754 58,468 394 8,251 2,446 10,052 1,464 455 4,420 1,132 5,709 1,152

0.44 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.19 0.14 0.00 0.00

-3.17 6.11 -2.70 -1.97 0.22 -2.28 -0.53 -3.42 0.54 -0.69 -0.80 0.09

5.24 14.05 -2.92 -6.01 1.84 -8.84 8.15 19.17 -4.92 -1.04 0.24 -2.12

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

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

4.2 2.7 3.3 4.6 6.2 3.9 4.7 3.9 5.0 5.4 6.4 1.1

916 868 2,416 16,950 93

0.00 0.00 0.00 0.00 0.25

1.90 1.29 2.47 -1.42 -2.77 4.86 4.51 9.67 -2.67 1.21

-21 -26 -22 -25 -8

12 9 12 13 11*

3.2 3.5 2.4 1.5 3.8*

773 1,343 5,479 8,569 3,088 6,229

0.00 0.00 0.00 0.00 0.00 0.00

2.31 2.48 3.24 0.31 2.34 -0.56

-10 0 -6 -17 -17 -15

14 14 11 15 10 11

2.9 2.7 4.4 2.3 4.6 4.2

2.12 6.78 -1.68 1.35 -2.28 5.61

- 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

Current

2011

124.58 136.06 369.14 133.52 224.00 360.12

123.32 124.89 445.00 125.39 246.00 376.66

Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

52-week High Low 137.30 94.04 148.50 89.96 509.90 328.63 146.93 90.16 290.50 151.50 387.62 225.70

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.65 0.50 Saudi 0.59 0.50 UAE 0.46 0.50 Qatar 0.40 0.50 Oman 0.45 0.50 Bahrain 0.70 0.50 Last FOMC Meeting Date: Apr 24-25

Yield curve watch Libor (In %)

Diff FY11 Diff 0.15 0.04 0.09 -0.08 -0.04 0.03 -0.10 0.05 -0.05 0.03 0.20 -0.17 Next FOMC Meet Date: Jun 19-20

US Treasuries

(In %)

KIBOR yield curve (%)

Fixed Income Watch

Last 240 113 139

June 18, 2012

5 – year CDS (USD) watch (bps)

Chg (%) MTD % 0.00 0.04 0.00 2.83 0.00 0.60

YTD % 3.64 4.36 4.54

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 1,627.79 28.67 97.61 477.46 21.11 1.27 78.89 0.2790 0.3549

Chg (%) MTD % YTD % 0.00 0.00 0.00 0.00 -2.63 -0.66 -0.25 0.07 -0.59

4.43 3.69 -4.18 1.09 -12.26 -2.86 -0.68 0.60 -2.25

4.07 3.20 -9.10 -0.94 -9.79 1.85 -2.50 -0.28 1.58

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Boubyan Intl Ind

Earnings Type

9M

Country

Kwt

Currency

KWD (Mn)

LFY

-8.95

PFY

NA

% Ch

N.M.

News & Views 

IMF expects Kuwait's economic growth to slow to 6.6% in 2012 from 8.25% in 2011, though higher public spending and buoyant oil revenues should keep the economy growing. IMF said high oil revenues have helped Kuwait generate large fiscal surpluses that have fed its growing public spending. Kuwait's CMA has approved National Bank of Kuwait to acquire an additional stake in its 47.29% owned affiliate Boubyan Bank. In April, NBK received Central Bank approval to increase its stake from 47.29% to 60%. Kuwait is planning to spend about $170bn on its energy sector in the next decade, the oil minister said. Kuwait also plans to raise its oil production to 4mn bpd in 2020 and to maintain that level until 2030. Saudi Electricity Co. said it plans to buy back its Islamic bond worth SAR 5bn ($1.33 billion). Trading of the sukuk, issued July 2007, ceased June 17 and the amount due will be paid back by July 15. Abu Dhabi' International Petroleum Investment Co. said it took fair-value losses of $3.42bn last year on investments in car maker Daimler and Italy's Unicredit. Through its Aabar Investments subsidiary, IPIC owns 4.99% of Unicredit and 9.1% of Daimler. First phase of the QAR 37.8bn ($10.4bn) Barzan gas development project being implemented as a JV between Qatar Petroleum and ExxonMobil Qatar will be operational by the end of 2013, an official said. Phase two will be completed in 2015. Qatar Media Services has acquired part of the UAE's Grand Cinemas, which is embarking on a $50mn expansion plan. The company has bought a stake in Gulf Film, which incorporates a film-distribution co. and Grand Cinemas. The Arab Monetary Fund signed a $65mn revolving credit facility with Egypt to help support the country's inter-Arab trade. Investors in an Egyptian petroleum refinery project, led by Citadel Capital and Qatar Petroleum, have secured $3.7bn in financing for the facility. The financing includes a $1.1bn equity investment and is backed by a $2.6bn debt package.

M. % % P PAT (Mn) Cap Pct M Y 2011 / Div Last % Gr  (USD Chg T T % E yield 1Q12 Companies YoY Bn) D D (ttm) Saudi Arabia (SAR) SABIC 72 90.5 0.0 -3.2 -6 -8 9 5.5 7,271 -5  Al-Rajhi Bank 29 72.8 -1.4 0.0 5 -16 14 4.5 2,011 18 Saudi Telecom 21 39.1 0.3 -2.7 16 -21 9 5.1 2,521 60 Saudi Electricity Co. 14 13.0 0.0 -1.9 -7 -1 22 5.4 -583 NM  Samba Fin. Group 11 45.3 -0.4 -3.0 -3 -24 9 3.6 1,145 2 United Arab Emirates (AED)  ETISALAT 20 9.2 0.7 5.6 2 -15 12 6.5 1,809 0 NBAD 9 8.3 0.0 -3.5 4 12 9 3.6 1,041 12 First Gulf Bank 6 8.0 -2.3 -8.4 3 -11 6 12.5 935 7 Emirates NBD 4 2.8 -0.4 3.3 -5 7 9 7.2 641 -55  Emaar Properties 5 2.9 -1.4 -2.1 11 -28 9 3.5 606 44 Kuwait (KWD) 11 0.7 -1.4 -1.4 -23 -41 9 9.4 71 1 ZAIN 16 1.1 5.9 3.8 6 -14 15 3.9 81 0 NBK  7 0.7 -1.4 -8.0 -17 -16 25 2.2 20 -11 KFH Gulf Bank 4 0.4 -2.5 -4.8 -19 -11 37 0.0 7 -25 3 0.7 -1.3 -2.6 -6 -14 0.0 0.3 -75 Comm. Bk. Kuwait  Qatar (QAR) Industries Qatar 20 132.8 0.6 -3.0 0 -4 9 5.6 1,907 -9  25 130.7 -0.3 -1.6 -5 14 11 3.1 2,004 17 QNB 14 19.7 -0.1 -0.4 -11 -27 152 0.8 144 291 Ezdan Real Est. Co. 10 109.5 -1.4 -3.5 16 -5 11 2.4 711 -12 Q-TEL 68.3 0.4 -3.5 -19 -9 9 8.8 471 6 Comr’cial Bk of Qatar 5 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

DMB18062012  

DMB18062012

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