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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 363 Turkey ISE National 100 228 Kuwait SE WT.INDEX 101 Qatar(QE Index) 98 Abu Dhabi (ADI) 80 Morocco (CAI) 52 Dubai (DFMGI) 49 Egypt (Hermes) 63 Jordan (Amman) 23 Bahrain (BAX) 16 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 4,064 MSCI BRIC Index 1,719 Shanghai A Share Index 2,318 SENSEX Index (India) 575 S&P GCC Composite 242 Developed Markets MSCI WORLD Index 32,585 US (S&P 500) 13,399 UK (FTSE) 2,562 Japan (Nikkei 225) 2,143 France (CAC) 1,157 Germany (DAX) 947

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Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

6,729 70,762 405 8,512 2,653 9,385 1,650 573 4,521 1,062 5,661 1,104

-0.18 -0.64 0.15 -0.30 0.20 0.52 -0.11 -0.29 -0.26 0.24 0.25 -0.43

-1.61 4.86 -3 6.58 38.03 -22 -3.00 -0.04 -16 0.02 -3.04 1 1.84 10.46 -12 -0.91 -14.89 -13 4.53 21.94 -17 -2.83 50.28 -42 -0.67 -2.74 -13 -2.29 -7.10 -20 2.29 -0.60 -16 -1.00 -6.15 -20

12 12 15 10 9 15 11 12 13 8 11 9

4.1 2.4 3.5 4.4 5.7 4.3 4.2 3.1 4.8 5.1 4.4 1.6

999 938 2,214 18,793 94

0.04 -0.95 -0.86 0.00 -0.11

0.47 1.56 2.83 0.16 -1.16

10.45 6.62 -3.90 21.60 2.14

-21 -26 -22 -25 -8

13 2.8 10 3.3 11 2.6 16 1.4 12* 3.3*

833 1,413 5,798 9,014 3,407 7,174

-1.43 -1.44 -1.44 0.04 -2.20 -2.11

-0.84 -1.91 0.97 1.62 1.54 -0.59

9.98 12.37 4.05 6.61 7.81 21.62

-10 0 -6 -17 -17 -15

15 15 12 15 12 13

24 Oct, 2012

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

Current

2011

86.59 102.63 264.04 99.24 165.50 254.85

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 342.35 85.21 342.35 98.12 496.75 111.20 342.35 96.86 342.35 111.20 387.62 111.20

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.60 0.28 Saudi 0.63 0.28 UAE 0.23 0.28 Qatar 0.40 0.28 Oman 0.31 0.28 Bahrain 1.00 0.28 Last FOMC Meeting Date: Sep12-13

Yield curve watch Libor (In %)

Diff FY11 Diff 0.32 0.04 0.35 -0.08 -0.05 0.03 0.12 0.05 0.03 0.03 0.72 -0.17 Next FOMC Mt Date: Oct 23-24

US Treasuries

(In %)

2.8 2.5 4.2 2.2 4.1 3.6

- 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 239 122 145

Chg (%) MTD % -0.25 -0.95 -0.29 1.14 0.00 1.03

YTD % 3.25 12.31 9.15

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 %

1,708.09 31.66 108.25 485.27 18.83 1.30 79.76 0.2810 0.3645

-1.17 -2.25 -1.09 -0.29 13.30 0.56 0.20 -0.04 0.60

-3.54 -8.13 -3.68 -2.42 19.71 -1.23 -2.38 0.00 -1.21

9.21 13.97 0.81 0.68 -19.53 -0.21 -3.56 -0.96 -1.10

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 70 87.8 Al-Rajhi Bank 28 69.5 Saudi Telecom 22 41.3 Saudi Electricity Co. 15 13.7 Samba Fin. Group 10 43.4 United Arab Emirates (AED) ETISALAT 21 9.7 NBAD 10 9.7 First Gulf Bank 8 10.2 Emirates NBD 4 2.9 Emaar Properties 6 3.8 Kuwait (KWD) 11 0.7 ZAIN 15 1.0 NBK 8 0.8 KFH Gulf Bank 4 0.4 3 0.7 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 23 149.3 26 134.6 QNB Ezdan Real Est. Co. 14 19.0 9 105.8 Q-TEL Comr’cialBk of Qatar 5 72.3

Pct Chg

% M T D

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

-1.1 -0.4 -0.5 2.2 -0.9

-3.6 -2.5 4.0 4.6 -2.0

-9 0 22 -1 -7

-8 -16 -21 -1 -24

11 13 9 18 9

0.0 0.0 1.5 0.0 1.1

0.6 6.4 1.6 -1.3 7.8

7 22 31 0 46

-15 12 -11 7 -28

0.0 1.1 1.4 0.0 1.5

0.0 -3.0 -2.6 -8.0 -2.8

-18 -6 -10 -17 -13

-0.7 -0.4 0.3 1.0 -1.0

6.1 -0.9 -3.8 0.3 -3.0

12 -3 -15 12 -14

PAT (Mn) 2Q12

% Gr YoY

5.7 4.7 4.8 5.1 3.8

5,303 2,093 2,408 1,360 1,158

-35 14 7 2 5

12 10 8 8 10

6.2 3.1 9.9 6.8 2.7

1,866 1,046 1,017 648 614

17 2 14 -13 146

-41 -14 -16 -11 -14

10 14 28 42 -

8.8 4.2 2.0 0.0 0.0

71 40 22 5 0.1

1 -40 -3 -36 -5

-4 14 -27 -5 -9

10 11 79 10 9

5.0 3.0 0.8 2.5 8.3

2,129 2,112 198 641 546

3 17 91 -11 -43

Corporate earnings watch Earnings

Company Name

Type

Country

Currency

Etisalat

3M

UAE

AED(Bn)

2.2

1.72

28.0

Bahrain Telecommu Emmar Properties Natl Bank of Abu Dhabi

9M

Bahrain

BHD(Mn)

42.59

56.79

-25.0

9M

UAE

AED(Bn)

1.61

1.08

49.0

9M

UAE

AED(Bn)

3.21

2.97

8.0

LFY

PFY

% Ch

News & Views 

Abu Dhabi government-owned green energy firm Masdar has announced plans to develop a 15-megawatt solar power project in Mauritanian capital Nouakchott that will deliver 10% of the country's electricity capacity.

Oman is pumping an average of 915,000 barrels a day of crude in 2012: Oman's oil minister.

Saudi Aramco has extended the deadline to bid for the upgrade of its 124,000 barrels per day Riyadh refinery by ten weeks to January.

Qatar’s current account surplus shrank to 35.1Bn riyals (USD 9.6 Bn) in the second quarter of 2012, or 20.2% of GDP: Qatar Statistics Authority.

Doha based investment banking and asset management firm Amwal will launch a real estate investment fund in London. The new fund with USD 170Mn will invest in the London property market.

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


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