Issuu on Google+

Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 347 Turkey ISE National 100 198 Kuwait SE WT.INDEX 102 Qatar(QE Index) 93 Abu Dhabi (ADI) 75 Morocco (CAI) 53 Dubai (DFMGI) 46 Egypt (Hermes) 55 Jordan (Amman) 17 Bahrain (BAX) 17 Oman(Muscat SM) 14 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 3,805 MSCI BRIC Index 1,592 Shanghai A Share Index 2,371 SENSEX Index (India) 515 S&P GCC Composite 234 Developed Markets MSCI WORLD Index 30,879 US (S&P 500) 12,753 UK (FTSE) 2,406 Japan (Nikkei 225) 2,201 France (CAC) 1,053 Germany (DAX) 827

*

Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

6,710 62,543 402 8,123 2,448 10,054 1,452 479 4,390 1,127 5,690 1,139

1.89 2.83 -0.35 -0.54 -0.90 -0.40 -0.02 1.32 -0.18 0.21 0.66 0.09

-3.80 4.55 13.51 22.00 1.18 -0.82 -3.49 -7.47 0.27 1.89 -2.27 -8.83 -1.33 7.28 1.70 25.49 -0.14 -5.56 -1.13 -1.48 -1.13 -0.09 -1.02 -3.20

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

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

4.3 2.5 3.4 4.6 4.0 3.7 5.4 5.4 1.2

929 868 2,330 17,430 93

3.26 4.06 1.35 2.59 1.19

3.34 2.72 2.52 -1.38 -6.21 1.15 7.47 12.78 -2.91 0.97

-21 -26 -22 -25 -8

12 9 12 14 11*

3.2 3.5 2.6 1.4 3.8*

790 1,362 5,571 9,007 3,197 6,416

3.03 2.49 1.42 1.50 4.75 4.33

4.56 3.96 4.98 5.43 5.95 2.42

-10 0 -6 -17 -17 -15

14 15 11 16 10 11

2.9 2.6 4.3 2.2 4.4 4.1

4.37 8.31 -0.02 6.52 1.17 8.78

July 1, 2012

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

Current

2011

125.64 129.79 366.17 129.80 218.00 346.27

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 94.04 148.50 89.96 509.90 328.63 146.93 90.16 290.50 151.50 387.62 235.38

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.46 0.46 Saudi 0.59 0.46 UAE 0.47 0.46 Qatar 0.47 0.46 Oman 0.45 0.46 Bahrain 0.47 0.46 Last FOMC Meeting Date: Jun 19-20

Yield curve watch Libor (In %)

Diff FY11 Diff 0.00 0.04 0.13 -0.08 0.01 0.03 0.01 0.05 -0.01 0.03 0.01 -0.17 Next FOMC Mt Date: Jul 31-Aug 1

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 239 114 141

Chg (%) MTD % -0.56 -0.40 0.46 3.45 0.10 1.75

YTD % 3.19 5.00 5.73

2011 231.43 108.36 133.00

2011% 15 2 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 =)

Close

Chg (%) MTD % YTD %

1,597.10 27.48 97.80 475.58

-0.07 0.15 7.05 0.85

2.46 -0.61 -4.00 0.69

2.11 -1.08 -8.92 -1.33

1564.11 27.78 107.38 482.01

10 -10 14 -7

17.08 1.27 79.77 0.2795 0.3539

-13.34 -1.74 -0.40 0.29 -0.06

-29.01 -2.39 -1.78 0.45 -1.98

-27.01 2.35 -3.57 -0.43 1.86

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 74 92.8 Al-Rajhi Bank 30 73.8 Saudi Telecom 21 39.5 Saudi Electricity Co. 14 12.9 Samba Fin. Group 11 45.1 United Arab Emirates (AED) ETISALAT 20 9.2 NBAD 9 8.3 First Gulf Bank 7 8.0 Emirates NBD 4 2.7 Emaar Properties 5 2.8 Kuwait (KWD) 11 0.7 ZAIN 16 1.0 NBK 8 0.7 KFH Gulf Bank 4 0.4 4 0.8 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 19 125.0 25 131.3 QNB Ezdan Real Est. Co. 15 19.9 9 103.5 Q-TEL Comr’cialBk of Qatar 5 68.4

Pct Chg

% M T D

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

3.9 2.8 1.5 0.0 2.5

-0.8 1.4 -1.7 -2.3 -3.4

-4 6 17 -7 -3

-8 -16 -21 -1 -24

10 14 9 22 9

5.4 4.4 5.1 5.4 3.7

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

-5 18 60 NM 2

-3.3 0.5 0.3 -0.4 -1.1

5.0 -3.6 -8.0 0.7 -3.8

1 4 3 -7 9

-15 12 -11 7 -28

13 6.5 9 3.6 6 12.5 9 7.4 9 3.6

1,809 1,041 935 641 606

0 12 7 -55 44

1.4 0.0 0.0 3.6 0.0

5.7 -1.9 -1.3 4.8 2.6

-18 0 -11 -10 -1

-41 -14 -16 -11 -14

10 15 27 40 -

8.8 3.9 2.0 0.0 0.0

71 81 20 7 0.3

1 0 -11 -25 -75

-1.2 -0.2 1.2 -3.3 -1.2

-8.7 -1.1 1.0 -8.8 -3.4

-6 -5 -10 10 -19

-4 14 -27 -5 -9

9 11 154 11 9

6.0 3.0 0.8 2.5 8.8

1,907 2,004 144 711 471

-9 17 291 -12 6

PAT (Mn) 1Q12

% Gr YoY

Corporate earnings watch Earnings

Company Name

Grand Real Estate Sahara Hospitality

Type

Country

12M

Kwt

6M

Oman

Currency

KWD(Mn) OMR(Mn)

LFY

PFY

% Ch

-12.24

-23.71

N.M.

0.94

0.8

14.0

News & Views 

 

 

The current and future projects of Saudi Arabia's state-owned National Water Co., in local cities under its supervision are valued at more than 20 billion Saudi riyals (USD5.33 billion), as reported by Al Riyadh daily. Shareholders of three Bahrain-based Islamic investment banks (Capivest, Elaf Bank, Capital Management) have approved their merger, in a move aimed at creating a strong company that will be able to capture larger projects and also diversify its capital sources. Kuwait’s Mena Real Estate Co. has said that it is talks to buy a plot of land in Jordan to set up a tourism and commercial real estate project there, at an estimated cost of USD 15 million. A regulatory Framework for Islamic Finance is taking shape in Oman as government bodies move towards meeting the country’s stated claim of making sharia-compliant products available to the public this year. Dubai’s Nakheel PJSC has said that it is planning to start construction of 1 billion U.A.E. dirhams (USD 272 million) extension of the city-based shopping mall Dragon Mart, after it swung to profit in the first quarter of 2012 amid growing signs that the emirate's embattled real estate market might have found a floor. Bank of Bahrain and Kuwait, is seeking approvals from the country's regulatory authorities to provide a USD 50 million financing to a local food company, Manama-based Al Watan. The Shaw Group Inc. announced on 27 th June that it has been awarded a new contract to implement a fleet wide services program for Saudi Electricity Company’s oil and gas-fired power plants throughout Saudi Arabia.

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


DMB01072012