Issuu on Google+

Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Indicators (USD Bn) Close MENA Markets Saudi (TASI) 398 7,618 Turkey ISE National 100 193 60,123 Kuwait SE WT.INDEX 105 417 Qatar(QE Index) 97 8,639 Abu Dhabi (ADI) 74 2,500 Morocco (CAI) 57 10,378 Dubai (DFMGI) 51 1,638 Egypt (Hermes) 56 470 Jordan (Amman) 24 4,722 Bahrain (BAX) 17 1,159 Oman(Muscat SM) 14 6,004 Lebanon (BSE) 13 1,174 Emerging Markets MSCI EM Index 4,096 1,011 MSCI BRIC Index 1,795 990 Shanghai A Share Index 2,570 2,521 SENSEX Index (India) 561 17,374 S&P GCC Composite 258 103 Developed Markets MSCI WORLD Index 32,223 826 US (S&P 500) 12,915 1,379 UK (FTSE) 2,609 5,772 Japan (Nikkei 225) 2,265 9,561 France (CAC) 1,092 3,189 Germany (DAX) 934 6,750

*

2011 P/E Div. % TTM Yield

22 April, 2012

5 – year CDS (USD) watch (bps)

Chg (%)

MTD %

YTD %

1.39 0.46 -0.08 -0.90 -0.51 -0.17 -0.27 0.69 0.35 0.49 0.00 -0.58

-2.77 -3.68 -0.81 -1.73 -2.07 -5.21 -0.64 -4.94 0.63 0.59 5.52 -4.14

18.70 17.27 2.76 -1.60 4.08 -5.89 21.05 23.28 1.58 1.36 5.43 -0.27

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

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

3.7 2.5 3.3 4.4 6.1 3.9 4.1 4.2 4.7 5.2 5.9 0.5

Interest rate watch

-0.20 0.16 1.19 -0.74 0.89

-1.90 -1.20 6.37 -0.17 -2.70

11.78 12.54 9.42 12.42 11.60

-21 -26 -22 -25 -8

12 10 13 15 12*

2.7 2.8 2.1 1.5 3.7*

Yield curve watch

0.26 0.12 0.48 -0.28 0.46 1.18

-2.24 -2.13 0.06 -5.18 -6.87 -2.83

9.06 9.62 3.59 13.08 0.91 14.44

-10 0 -6 -17 -17 -15

15 17 11 17 10 11

2.6 2.2 4.1 2.0 4.5 3.7

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

117.92 116.45 356.72 121.88 206.00 358.81

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 0.46 0.46 Saudi 0.45 0.46 UAE 0.46 0.46 Qatar 0.70 0.46 Oman 0.31 0.46 Bahrain 0.33 0.46 Last FOMC Meeting Date: Mar 13

Libor (In %)

Diff FY10 Diff 0.00 0.04 -0.01 -0.08 0.00 0.03 0.24 0.05 -0.15 0.03 -0.13 -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 232 113 137

Chg (%) MTD % -0.10 2.04 0.16 0.69 0.00 0.46

YTD % 0.40 4.10 3.16

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 1,641.98 31.66 118.76 487.89 17.44 1.32 81.54 0.2778 0.3672 *1Q12

Chg (%) MTD % YTD % 0.02 -0.19 0.64 0.22 -5.01 -0.66 0.06 0.09 -0.54

-1.55 -1.71 -3.29 -1.87 12.52 0.92 1.53 -0.09 0.84

4.98 13.97 10.60 1.22 -25.47 -2.01 -5.67 0.18 -1.82

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Earnings PFY

% Ch

SOLIDARITY

Type

3M

Saudi

Country

SAR(Mn)

8.69

-7.05

N.M.

Saudi Utd Coop Ins Gassim Agri

3M

Saudi

SAR(Mn)

1.98

0.6

211

3M

Saudi

SAR(Mn)

7.2

-1.9

N.M.

Saudi IAIC

3M

Saudi

SAR(Mn)

-3

4

Currency

LFY

N.M. M. % % P PAT (Mn) Cap Pct M Y 2011 / Div Last % Gr News & Views (USD Chg T T % E yield 4Q11 Companies YoY Bn) D D (ttm)  Saudi Arabia will deposit $1bn at the Egyptian central bank and buy TSaudi Arabia (SAR) bonds worth $750mn by the end of April as part of a $2.7bn package to SABIC 83 104.0 1.7 -3.7 8 -8 11 4.8 72,700 845* support Egypt's battered finances, an Egyptian official said. Al-Rajhi Bank 31 78.8 1.0 -4.8 13 -16 16 4.1 2,011 18*  Saudi Arabian Mining Co. said it is talking with a number of banks for Saudi Telecom 23 42.5 2.9 4.2 26 -21 11 4.7 2,521 60* securing Islamic loans worth up to SAR 7bn ($1.86bn). Kuwait's Saudi Electricity Co. 16 14.0 2.6 -12.5 1 -1 26 5.0 -583 NM* Investment Dar said that the country's CMA has overturned its earlier Samba Fin. Group 13 53.8 0.0 -5.3 15 -24 11 3.1 943 5* decision that forced the company to de-list its shares. United Arab Emirates (AED)  Zain Iraq, a unit of Zain, is looking ramp up its infrastructure spending this year and beyond, as it looks to cement its position as the country's ETISALAT 19 8.7 -0.6 -2.6 -5 -15 12 6.9 704 -65 top mobile operator in terms of subscribers. NBAD 9 8.6 -0.2 -1.0 8 12 9 3.5 724 -1  General Holding Corp. PJSC plans to invest AED 5.8bn ($1.6bn) in the First Gulf Bank 7 9.1 -0.9 -6.3 18 -11 7 11.0 1,022 18 next three to four years as it helps expand the country’s industrial sector. Emirates NBD 4 2.8 -2.4 -8.2 -5 7 6 7.1 2,531 523 Nakheel plans to spend at least AED 1bn ($272mn) on retail projects over Emaar Properties 5 3.2 -0.3 5.6 25 -28 11 3.1 717 162 the next few years, the developer's acting chief executive said. Kuwait (KWD)  Qatar’s sovereign wealth fund has obtained a 5.2% stake in Tiffany & 11 0.7 0.0 -8.6 -18 -41 11 8.8 75 -14 ZAIN Co.- New York-based luxury retailer. Qatar Holding bought nearly 6.6mn 17 1.1 0.0 -1.9 4 -14 15 3.8 81 0 NBK shares, worth about $437mn at current prices.  Qatar’s sovereign wealth fund has increased stake in Xstrata to nearly 8 0.8 -1.3 -3.8 -10 -16 27 2.0 10 10 KFH 6.3% from 5% just 10 days ago and is now the second-largest holder Gulf Bank 4 0.4 1.2 -5.4 -10 -11 37 0.0 31 252 ahead of its proposed $48.4bn merger with Glencore International. 4 0.8 0.0 0.0 0 -14 NM 0.0 -7 NM Comm. Bk. Kuwait  Plans for a new IWPP in Oman's Dhofar Governorate have now been Qatar (QAR) firmed up, with Oman Power & Water Procurement Company launching a Industries Qatar 21 139.8 -0.9 -0.5 5 -4 10 5.4 1,907 -9* process to select consultants. 26 134.2 0.0 -0.7 -3 14 11 3.0 2,004 17* QNB 14 19.3 1.8 -2.8 -13 -27 149 0.8 144 NM Ezdan Real Est. Co. 8 128.7 -1.0 -4.7 19 -5 11 2.3 603 33 Q-TEL 5 74.0 -1.5 -3.6 -12 -9 10 8.1 379 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


Daily Morning Brief 22042012