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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Indicators (USD Bn) Close MENA Markets Saudi (TASI) 392 7,514 Turkey ISE National 100 194 60,132 Kuwait SE WT.INDEX 105 417 Qatar(QE Index) 98 8,717 Abu Dhabi (ADI) 74 2,513 Morocco (CAI) 57 10,456 Dubai (DFMGI) 51 1,643 Egypt (Hermes) 55 467 Jordan (Amman) 24 4,705 Bahrain (BAX) 17 1,154 Oman(Muscat SM) 14 6,008 Lebanon (BSE) 13 1,186 Emerging Markets MSCI EM Index 4,105 1,013 MSCI BRIC Index 1,790 988 Shanghai A Share Index 2,543 2,494 SENSEX Index (India) 569 17,392 S&P GCC Composite 256 102 Developed Markets MSCI WORLD Index 32,271 827 US (S&P 500) 13,022 1,385 UK (FTSE) 2,573 5,745 Japan (Nikkei 225) 2,307 9,667 France (CAC) 1,122 3,240 Germany (DAX) 937 6,732

*

2011 P/E Div. % TTM Yield

19 April, 2012

5 – year CDS (USD) watch (bps)

Chg (%)

MTD %

YTD %

0.03 -0.86 0.47 0.04 0.32 0.64 -0.39 -0.12 -0.15 0.84 0.41 -0.35

-4.10 -3.67 -0.73 -0.84 -1.57 -4.49 -0.38 -5.59 0.28 0.11 5.58 -3.16

17.08 17.29 2.84 -0.71 4.61 -5.18 21.37 22.43 1.22 0.87 5.49 0.75

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

13 10 15 9 8 11 10 9 13 8 14 10

3.7 2.5 3.3 4.3 6.0 3.9 4.1 4.2 4.7 5.2 5.9 0.5

Interest rate watch

0.33 0.19 1.97 0.20 0.09

-1.68 -1.45 5.22 -0.07 -3.44

12.03 12.25 8.23 12.54 10.75

-21 -26 -22 -25 -8

12 10 13 15 12*

2.7 2.8 2.2 1.4 3.7*

Yield curve watch

-0.16 -0.41 -0.38 2.14 -1.59 -1.01

-2.09 -1.66 -0.40 -4.13 -5.36 -3.09

9.23 10.14 3.10 14.33 2.55 14.13

-10 0 -6 -17 -17 -15

15 18 11 17 10 12

2.6 2.2 4.2 2.0 4.3 3.7

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

117.87 116.39 360.17 120.36 203.00 358.73

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 90.16 290.50 143.00 387.62 220.22

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.75 0.49 Saudi 0.60 0.49 UAE 0.46 0.49 Qatar 0.70 0.49 Oman 0.30 0.49 Bahrain 0.75 0.49 Last FOMC Meeting Date: Mar 13

Libor (In %)

Diff FY10 Diff 0.26 0.04 0.11 -0.08 -0.03 0.03 0.21 0.05 -0.19 0.03 0.26 -0.17 Next FOMC Meet Date: Apr 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 ETF HSBC/Nasd. Dub GCC $ T.Ret

Last 232 112 137

Chg (%) MTD % 0.20 1.94 -0.16 0.23 0.00 0.34

YTD % 0.30 3.63 3.04

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 =)

Blue chip watch

Close 1,641.28 31.60 117.97 486.82 18.64 1.31 81.24 0.2780 0.3647 *1Q12

Chg (%) MTD % YTD % -0.47 -0.22 -0.68 -0.30 0.98 0.05 -0.47 -0.09 -0.03

-1.60 -1.89 -3.93 -2.08 20.26 1.70 1.91 -0.18 1.54

4.93 13.75 9.86 1.00 -20.34 -1.26 -5.32 0.09 -1.15

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Sdi Indn Co. fr Co-op Ins Sahara Petrochem Saudi Land Transp Co. United Wire Factories

Earnings Type

PFY

% Ch

3M

Saudi

Country

SAR(Mn)

-3.74

-4.94

N.M.

3M

Saudi

SAR(Mn)

42.00

100.0

-58

3M

Saudi

SAR(Mn)

-0.2

-118.8

N.M.

Currency

LFY

M. % % P PAT (Mn) 3M Saudi SAR(Mn) 33 39 -15 Cap Pct M Y 2011 / Div Last % Gr (USD Chg T T % E yield 4Q11 Companies YoY Bn) D D (ttm) News & Views Saudi Arabia (SAR)  The GCC countries will experience robust growth in 2012 on the back of SABIC 82 102.3 0.0 -5.3 6 -8 10 4.9 5,266 -8 high oil revenues which are expected to hit $572bn this year, the IIF said. Al-Rajhi Bank 31 78.0 -0.3 -5.7 12 -16 16 4.2 2,011 21* IIF expects growth to moderate to 4.9% in 2012 and 4.2% in 2013, Saudi Telecom 22 41.3 2.7 1.2 22 -21 11 5.0 2,337 2 compared to 6.9% last year. Saudi Electricity Co. 15 13.7 -1.1 -14.7 -2 -1 26 5.1 -522 NM  Qatar First Investment Bank sold its 41% stake in Qatar Engineering & Construction Company for $77mn, its CEO said. QFIB had bought the Samba Fin. Group 13 53.8 -0.9 -5.3 15 -24 11 3.0 943 5 stake 2009. United Arab Emirates (AED)  Abu Dhabi's Gulf Capital expects to raise more than $500mn from the sale ETISALAT 19 8.7 0.3 -2.0 -4 -15 12 6.9 704 -65 of its 79% stake in Gulf Marine Services before the end of June, the NBAD 9 8.6 -0.1 -0.8 8 12 9 3.5 724 -1 company's CEO said. Gulf Capital has shortlisted six bidders for the sale. First Gulf Bank 8 9.2 -0.2 -5.4 19 -11 7 10.9 1,022 18  Fitch has affirmed Sharjah Islamic Bank's Long-term Issuer Default Rating Emirates NBD 4 2.9 0.7 -5.9 -2 7 6 7.0 2,531 523 at 'BBB+' with a Stable Outlook reflecting Fitch's opinion that there is a Emaar Properties 5 3.2 1.9 5.9 25 -28 11 3.1 717 162 high probability of external support from the UAE authorities, if needed. Kuwait (KWD)  Banque Saudi Fransi has established a $2bn Sukuk programme, a regulatory filing on the London Stock Exchange showed. 11 0.7 1.4 -8.6 -18 -41 11 8.8 75 -14 ZAIN  Dubai Electricity and Water Authority said it has deferred its estimated 17 1.1 -1.9 -1.9 4 -14 15 3.8 77 -0 NBK $1.3bn Hassyan IPP, and will instead focus on raising existing production 8 0.8 2.7 -2.6 -9 -16 27 2.0 10 10 KFH capacity and improving conservation. Gulf Bank 4 0.4 0.0 -6.5 -11 -11 36 0.0 31 252  HSBC Bank Middle East Ltd has entered into an agreement with Oman 4 0.8 0.0 0.0 0 -14 NM 0.0 -7 NM Comm. Bk. Kuwait International Bank to merge its Oman branch with OIB. Following the Qatar (QAR) merger, HSBC will hold 51% of the combined entity which will be reIndustries Qatar 21 141.0 0.9 0.4 6 -4 10 5.3 1,686 19 named HSBC Bank Oman SOAG. 26 134.2 0.0 -0.7 -3 14 11 3.0 2,004 29* QNB  Kuwait's Agility said it has won a contract to transport 420 railway 14 19.0 -3.6 -4.5 -14 -27 146 0.8 144 NM Ezdan Real Est. Co. wagons from Spain to Kazakhstan for Talgo, a Spanish manufacturer of 8 130.0 1.4 -3.7 20 -5 11 2.3 603 33 railway vehicles. Q-TEL 5 75.1 -0.5 -2.2 -11 -9 10 8.0 379 23 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

DMB19042012  

DMB19042012

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